What’s Ahead For Mortgage Rates This Week – January 9, 2017

2017 started with good news; fixed mortgage rates were lower, but the national unemployment rate ticked upward and labor reports showed fewer openings for public and private sector jobs. Construction spending was higher in November.

Mortgage Rates Lower; Construction Spending Higher

Freddie Mac reported lower average rates for fixed rate mortgages as the average rate for a 5/1 adjustable rate mortgage crept up. The average rate for a 30-year fixed rate mortgage dropped by 12 basis points to 4.20 percent; The average rate for a 15-year mortgage fell 11 basis points to 3.44 percent while the average rate for a 5/1 adjustable rate mortgage gained three basis points to 3.33 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

Construction spending was higher in November according to the Commerce Department and reached the highest level since April 2006. The November reading was 0.90 percent higher as compared to an expected reading of 0.60 percent and October’s original reading of 0.50 percent, which was revised to 0.60 percent. Lower mortgage rates coupled with more construction could help ease low inventories of available homes and provide relief to first-time and moderate-income home buyers who’ve been challenged by rapidly rising home prices and mortgage rates.

Fewer New Jobless Claims: Unemployment Rate Rises

The government’s Non-Farm Payrolls report for December showed lower job openings for government and private sector employers with a reading of 156,000 jobs added against the expected reading of 180,000 job openings and November’s reading of 204,000 job openings.

ADP reported similar results for its December reading on private sector jobs; 153,000 jobs were created against November’s reading of 215,000 jobs created. Analysts said that hiring is increasing, but not as fast as in prior months. On average, 174,000 private-sector jobs were created monthly in 2016 as compared to a monthly average of 209,000 private sector jobs created in 2015.

Weekly jobless claims were lower last week with 235,000 new claims filed; 260,000 new claims were expected based on 263,000 new claims filed the previous week.

December’s national unemployment rate rose to 4.70 percent from 4.60 percent in November. Analysts said that the uptick was likely fueled by employers deleting former workers from their payrolls at year-end.

What‘s Ahead

This week’s scheduled economic reports include readings on job openings, consumer sentiment and weekly readings on new jobless claims and mortgage rates.

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7049 E Cypress Street Scottsdale, AZ 85257

$699,000

4 Beds

2 Baths

1,801 SqFt

Status Active

MLS # 6738639

Property Type Single Family Residence

Price Type --

Welcome to 7049 E. Cypress St., a stunning 4-bedroom, 2-bathroom home nestled in the heart of Scottsdale. This prime location offers unparalleled access to the vibrant Old Town Scottsdale, renowned for its eclectic shops, dining, and nightlife. Just minutes away, you'll find the upscale Scottsdale Fashion Square, as well as the picturesque greenbelt, perfect for outdoor activities and leisurely strolls. For nature enthusiasts, Papago Park and Tempe Town Lake are nearby, offering a wealth of recreational opportunities. With its ideal location, this property is a true gem for those looking to experience the best of Scottsdale living. Don't miss your chance to make this beautiful home yours!

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4500 W Foxglove Lane Show Low, AZ 85901

$699,000

3 Beds

3 Baths

1,844 SqFt

Status Active

MLS # 6752999

Property Type Single Family Residence

Price Type --

YOUR NEW HOME BUILT ON THIS INCREDIBLE GATED .64 ACRE PINE FILLED LOT! Choose the level that best suits your needs. The Getaway-$699K -1844 sqft/3bd-3bth/2c garage/285sqft covered deck The Retreat- $999K -2255 sqft/3bd-2.5bth/2c garage/692sqft covered deck. The Custom-Let us design the home of your dreams This virtual mountain home listing showcases the potential of building in the cool serene pines of Showlow AZ. Each plan includes excellent standard features with options for upgrades. Located within prestigious gated Torreon* community on a .64-acre lot in a cul-de-sac, surrounded by $1M+ homes. Financing options are available, with estimated build times between 8-12 months from permit approval. *Visit Torreon website for additional community info

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3784 E Wisteria Drive Chandler, AZ 85286

$699,000

3 Beds

2 Baths

2,106 SqFt

Status Active Under Contract

MLS # 6747042

Property Type Single Family Residence

Price Type --

Step into a world of luxury with this better-than-new 3-bedroom, 2-bathroom masterpiece located in one of Chandler's most coveted neighborhoods. From the moment you enter, you'll be captivated by the modern elegance and thoughtful design that defines this home. The heart of this residence is its stunning kitchen, a true culinary haven. Adorned with custom cabinetry and polished granite countertops, this space is both a chef's dream and an entertainer's delight. The kitchen seamlessly flows into the expansive great room, where a sophisticated fireplace serves as the perfect focal point for cozy Arizona winter nights. Designed with privacy and comfort in mind, the split floor plan features a master suite that is nothing short of spectacular. Indulge in the spa-like master bathroom, complete with a spacious walk-in shower, a chic makeup vanity, and a walk-in closet that will leave you in awe. The beauty of this home extends to the outdoors, where a massive sliding door in the great room leads to your private oasis. Enjoy Arizona's beautiful weather in your pebbletec pool, surrounded by low-maintenance turf, making this backyard as functional as it is beautiful. This home also boasts a rare 3-car tandem garage, offering ample space for your vehicles, storage, or even a home gym. Whether you're looking for your forever home or a savvy investment, this Chandler gem seamlessly blends style, comfort, and practicality. Don't miss the opportunity to make this exceptional property your own!

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9223 W Running Deer Trail Peoria, AZ 85383

$699,000

3 Beds

2.5 Baths

2,650 SqFt

Status Active

MLS # 6713470

Property Type Single Family Residence

Price Type --

Best value in West Wing. Great split floor plan open kitchen great room with gorgeous upgrades. Large master suite with separate tub and shower double sinks and envious walk-in closet.

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40478 N Wood Lane San Tan Valley, AZ 85140

$699,000

3 Beds

2.5 Baths

2,586 SqFt

Status Active

MLS # 6666935

Property Type Single Family Residence

Price Type --

Price reduced 9/12/24! Your RV is welcome! Discover modern sophistication and high-end upgrades in this spacious 3-bedroom, 2.5 bathroom home with an office, offering 2,585 square feet of comfortable living space on an oversized lot (almost 10,000 square feet!). Inside, upgraded, oversized plank tile flooring flows effortlessly throughout most of the home, leading you into a gourmet kitchen equipped with stainless steel appliances, walk-in pantry, quartz countertops, a gas stove, wall oven, a massive island with custom pendant lighting, RO system, and a gourmet hood. The elegant staggered Skylar maple cabinets in dusk stain (you must see to appreciate!) provide more than ample storage space, complemented by a stylish tile backsplash and oil rubbed bronze finishes. The main suite and bath boast a magnificent bay window, a huge walk-in closet, a luxurious walk-in shower and double vanities. Your expansive great room is an inviting space that exudes comfort and elegance.This room offers limitless possibilities for entertaining and relaxation. Three sliding glass door panels connect the interior to your outdoor oasis, creating a seamless flow between indoor and outdoor living. Step outside onto the covered patio, where you'll find yourself immersed in tranquility, overlooking the sparkling salt water beach pool (UV filtering), and lush surroundings. Your yard is completed with a shaded pergola, and young but eager lemon and lime trees! The gas BBQ stays with the home and a gas stub out for easy outdoor entertaining is quite convenient! Whether you're hosting a gathering or simply unwinding after a long day, the immense openness of this great room and backyard ensures every moment is enjoyed to the fullest. Smart home features allow you to control the garage door opener, yard watering system, thermostat, and Ring doorbell remotely via app. With multiple utility/linen cabinets, walk-in closets in the 2nd/3rd bedrooms, sunscreens and thoughtful details throughout, this home offers both comfort and convenience in every corner. Don't miss out on this opportunity to own a home with these exceptional upgrades. See your home before it's too late!

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3205 E Gemini Court Chandler, AZ 85249

$699,000

4 Beds

2.5 Baths

2,492 SqFt

Status Active

MLS # 6725096

Property Type Single Family Residence

Price Type --

This charming home is located in a desirable gated community, Mesquite Groves Estates. This home is an entertainer's dream with a sparking remodeled pool, water heater that is 4 yo, waterfall, built-in fire pit, seating area, built-in gas BBQ/bar, 4 yo pergola, hot tub, and pavers. The beautiful kitchen is a chef's dream with a center island with upgraded granite countertops that is extra large and seats 7 comfortably. Remodeled tile and flooring. It's perfect for your entertaining needs or large family. Huge master bedroom, walk-in closets, plantation shutters, doorless shower, large laundry room, built-in storage overhead garage, and 10 ft ceilings. Roof is 3 years old AC units are 4 years old. Buyer Agent Friendly.

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28210 N Crook Court Rio Verde, AZ 85263

$699,000

2 Beds

2 Baths

1,543 SqFt

Status Active

MLS # 6618358

Property Type Single Family Residence

Price Type --

This delightful Desert Retreat entices from arrival with the oversized cul-de-sac homesite. The thoughtfully designed one-level contemporary floor plan emits an abundance of glass that bathes the space in natural light while seamlessly blending indoor and outdoor living. The resort-like back yard is a private oasis, featuring a sleek linear pool, contemporary stacked stone water features and a harmonious mix of desert landscape, artificial turf and citrus trees. The heart-of-the-home is a designer kitchen combining style with functionality. A spacious island with bar seating invites both casual meals and lively gatherings, while the oversized walk-in pantry ensures ample storage space. The attention to detail is evident in every corner enhancing the overall aesthetic. The private primary suite is a sanctuary of comfort, boasting sitting space and a graciously proportioned spa-like bath with generous walk-in closet. The well-appointed guest bedroom and bath are thoughtfully separated from the primary suite, providing privacy and convenience for both residents and visitors. Beyond the allure of the home itself, the Trilogy Verde River Golf and Social Club adds another layer of luxury to the lifestyle. Enjoy breathtaking views of the adjacent Tonto National Forest with panoramic vistas of the Mazatzal Mountains and the iconic Four Peaks. Whether indulging in golf, tennis, pickleball, or unwinding at the spa and fitness center, this community offers a diverse range of amenities. Dining and events further enrich the social fabric, making every day an opportunity to experience the best in contemporary living. Welcome to a home where modern elegance meets Arizona's stunning natural beauty.

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20155 N 264th Avenue Buckeye, AZ 85396

$699,000

2 Beds

2.5 Baths

2,845 SqFt

Status Active Under Contract

MLS # 6707965

Property Type Single Family Residence

Price Type --

This house ''checks all the boxes'' Estate Size Home, Golf Course Lot, Private Pool & Spa and 3-Car Garage. Upon entering the home, you will find an ''Open Floorplan'' with large rooms & high ceilings. The Great Room looks onto the golf course and pool. The large Chef's Kitchen will be great for entertaining guests. The Primary Suite includes 2 walk-in closets and a large Bathroom. The Open Concept Great Room flows into a separate Dining Rm and Living Rm. On the other side of the house, you will find a Guest Suite with a private bathroom, an Office/Den, Powder Rm and large Laundry Rm. The backyard offers a private Oasis with a Pool, Spa, Firepit, large Covered Patio all overlooking the golf course with a water hole and mountain views. The 3-Car Garage will accommodate all your adult toys!

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2061 E Gary Circle Mesa, AZ 85213

$699,000

5 Beds

3 Baths

3,492 SqFt

Status Active

MLS # 6700499

Property Type Single Family Residence

Price Type --

BEAUTIFUL HOUSE WITH BASEMENT FOR EXTRA BEDROOM SPACE, 5+ BEDROOMS, 3 BATHS NESTLED IN A CULDESAC WITH LARGE BACK YARD, BEAUTIFUL SWIMMING POOL, FIRE PIT, AND PIZZA OVEN. ONE BEDROOM DOWN STAIRS, 4 UP STAIRS. LARGE FORMAL LIVING ROOM, FORMAL DINING ROOM, AND VERY FUNCTIONAL KITCHEN. LARGE STORAGE ROOM WITH NEW EXTERIOR PAINT AND PATIO PAVERS, RECENTLY REMODELED. PROPERTY ON 1/4 ACRE. OWNER EAGER TO SELL, WILL LOOK AT ALL OFFERS!

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3935 E Whitton Avenue Phoenix, AZ 85018

$699,000

3 Beds

2 Baths

1,635 SqFt

Status Active

MLS # 6715984

Property Type Single Family Residence

Price Type --

Three bedroom, two bath in Citrus Acres/Arcadia Lite; close to Scottsdale restaurants & shops! Awesome location!! Recently remodeled kitchen & living area. Skylight adds some nice natural light. Spacious bonus room is great for families. House has been well maintained and is ready to sell - come check it out!

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4207 E Vernon Avenue Phoenix, AZ 85008

$699,000

4 Beds

3 Baths

2,029 SqFt

Status Active

MLS # 6700079

Property Type Single Family Residence

Price Type --

Reduced! High demand neighborhood of Rancho Ventura with 4 bdrms 2 baths in the main house. Premium oversized irrigated lot gives you ample space for backyard gatherings with lots of mature trees and shade. There's a covered ramada for games, gatherings and relaxing. Separate office by the ramada is great for storage, studio or a workshop and it even has it's own WC. Sought after 2 car garage, a carport in front and extra gated paved parking in the rear. This is a great remodel opportunity or for someone who wants some sweat equity!

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7413 E Taylor Street Scottsdale, AZ 85257

$699,000

4 Beds

3 Baths

1,443 SqFt

Status Active

MLS # 6732614

Property Type Single Family Residence

Price Type --

NO HOA!!! Impeccably renovated 4 bedroom, 3 bathroom home where modern elegance meets comfort. Every detail of this residence has been thoughtfully upgraded, from the wood-look tile flooring to the tastefully designed bathrooms and kitchen, The open-concept layout creates a seamless flow between the living spaces, perfect for both daily living. The backyard is an entertainer's paradise featuring a pool and a putting green, perfect for leisure and gatherings. Located in a highly desirable neighborhood, close to Old Town Scottsdale, ASU, parks, shopping, dining, and Phoenix Sky Harbor Airport. Don't miss the opportunity to make this stunning property yours!

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