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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8594 E Kelly Road Prescott Valley, AZ 86315

$699,000

4 Beds

3 Baths

2,575 SqFt

Status Active

MLS # 6721065

Property Type Single Family Residence

Price Type --

Motivated seller! Enjoy spectacular sunsets and views from this 4 bed/3 bath home. 5th bedroom accessed through another bedroom. This lovingly built owner constructed home is on a level 10 acre parcel conveniently located close to highway 89A. Super desirable area just off Coyote Springs Rd. The original owner lovingly built this unique house with many special features: a fireplace that heats the entire house, and a basement bunker. 1200 sq ft metal workshop building with a security system which can house 6-8 vehicles and has living quarters with kitchen and bath. Plenty of room for RVs and toys, horse facilities or countless other possibilities! New vinyl plank flooring, new HVAC and newly remodeled kitchen. Only 22 minutes to the heart of Prescott, and a quick ride to Jerome/Phoenix.

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8952 E Palm Ridge Drive Scottsdale, AZ 85260

$699,000

3 Beds

2 Baths

1,602 SqFt

Status Active

MLS # 6685794

Property Type Townhouse

Price Type --

Within in the heart of Eagle Point, the immaculate Townhome features maintenance free living, vaulted ceilings in every room, spacious bedrooms, separate living room and abundant closets. Everything inside is NEW down to the water valves. New roof in 2023. Complete remodel in 2020 of the kitchen, bathrooms, windows, doors and sliders, floors, and paint. HOA covers entire front landscaping including the tree trimming and Community Pool. Home warranty included! This special Scottsdale property won Best Home on Tour! Walkability is a 10+, convenient to parks, freeways, shopping and dining. Move in today and entertain your family and friends this weekend. Embrace the Scottsdale lifestyle you deserve!

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1416 E Don Carlos Avenue Tempe, AZ 85281

$699,000

5 Beds

3 Baths

2,102 SqFt

Status Active

MLS # 6732217

Property Type Single Family Residence

Price Type --

Amazing ASU investment opportunity! Gorgeous top to bottom renovation with FIVE bedrooms and 3 baths on a LARGE cul-de-sac lot. NO HOA. Stainless appliances. GE Profile oven/convection microwave and LG dishwasher. Quartz countertops. Custom tile shower surrounds. Porcelain plank tile flooring. 5 ton AC and 3 additional, 17 SEER Lennox mini-splits. New dual pane/dual UV/Argon gas windows! Newer Roof (2020). Stone accented entry. Newer sewer lines. Ceiling wood accent beams, LED recessed lighting. Huge back yard, massive cool deck patio and storage shed. Heart of Tempe LOCATION - walking/biking distance to ASU, Mill Ave., Gammage performing arts and shopping/dining along the Rio Salado corridor.

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6010 W Arroyo Way Pine, AZ 85544

$699,000

4 Beds

3 Baths

2,571 SqFt

Status Active

MLS # 6707766

Property Type Single Family Residence

Price Type --

Welcome home to this stunning 4 bedroom 3 bath retreat nestled on a peaceful cul-de-sac and backing to the National Forest. Enjoy views of the Rim while relaxing on either of the two completely new decks. From the family room views of the Rim provide a picturesque backdrop to your everyday life. Throughout the house windows give way to nothing but views of the trees and forest. With easy access to the Bearfoot Trail, this is the perfect home for nature lovers and outdoor enthusiasts. This beautiful home is situated on 1.16 acres to provide ample tranquility and privacy. Gourmet kitchen features custom cabinetry, gas stove & granite countertops. Separate dining space provides plenty of space to gather family & friends. Home is being sold furnished so you can move right in and begin enjoying the tranquility and solitude of mountain living.

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36114 N Cerro Blanco Avenue Queen Creek, AZ 85140

$699,000

3 Beds

3 Baths

2,385 SqFt

Status Active

MLS # 6735124

Property Type Single Family Residence

Price Type --

Welcome to this stunning Create plan that offers a 3-bedroom, 3-bath home plus den. This popular floor plan offers dual primary suites, each featuring beautifully tiled showers and upgrade bathrooms. The heart of the home is the gourmet kitchen, where you'll find an expanded countertop bar and sleek stainless steel appliances, making it an ideal space for entertaining or enjoying family meals. Situated on a private homesite, this property offers breathtaking sunset views. The backyard is a true oasis, complete with a custom pergola, perfect for outdoor gatherings or simply unwinding after a long day. Don't miss the opportunity to own this gorgeous home. Book your visit today and experience the lifestyle this beautiful home has to offer at Encanterra.

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37505 N 17th Street Phoenix, AZ 85086

$699,000

3 Beds

2.5 Baths

2,597 SqFt

Status Active

MLS # 6726883

Property Type Single Family Residence

Price Type --

Great home in Desert Hills, North Phoenix! Fenced 1.25 acre lot w/ 8 structural pipe 15' x 50' horse runs with shade. Wonderful mountain views, fenced and heated Pebbletec pool w/waterfall and covered patio for entertaining. Open floor plan with updated gourmet kitchen featuring granite counters and stainless appliances. Bright with lots of natural light throughout and vaulted ceilings. Two fireplaces, built-in entertainment center in family room. Large walk-in closets. Spacious lot features easy access for RVs, boats and horse trailers and safe turnaround. Perfect home in spread out custom home neighborhood with near by equestrian area for trail riding.

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2608 N 80th Place Scottsdale, AZ 85257

$699,000

3 Beds

2 Baths

2,000 SqFt

Status Active

MLS # 6740585

Property Type Single Family Residence

Price Type --

*SCOTTSDALE HOME WITH THREE BEDROOMS, TWO BATHROOMS, 2 CAR GARAGE SPARKLING POOL! *Floorplan also includes spacious Living Room, Family Room, Laundry Room and Bonus Room! NEW luxury plank flooring, all NEW Interior & Exterior Paint including NEW baseboards *UPGRADED Electrical panel with 125 amp subpanel and GFCI protection outlets added *NEW hot water heater *UPDATED KITCHEN includes newer cabinets, counters, lighting and fixtures *BATHROOMS are updated and are in great shape *ROOF & AIR CONDITIONING replaced in recent years * *THREE SLIDING glass doors to covered patio and pool (from family room, and two bedrooms) *DUAL PANE WINDOWS *Large dedicated laundry/utility room and BONUS ROOM with vented heating and cooling *Very nice curb appeal with grass lawn, cypress trees & mature citrus * *BACKYARD IS GREAT FOR ENTERTAINING and features covered patio, sparkling pool and mature lawn and flowering bushes and plants *Close to OLD TOWN SCOTTSDALE, Fashion Square Mall, Waterfront, Botanical Gardens, Restaurants and Sports Venues, Golf, Biking, Hiking and MUCH MORE!

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18448 E Paseo Verde Drive Rio Verde, AZ 85263

$699,000

3 Beds

2 Baths

2,731 SqFt

Status Active

MLS # 6556128

Property Type Single Family Residence

Price Type --

This is the perfect lock and leave property in the Rio Verde Country Club. This Alexander home has already been updated for you: New A/C units, New Roof with 10-year warranty! Updated kitchen with new Frigidaire appliances and updated bathrooms. High dramatic vaulted ceilings in Great Room and family room make this home feel very spacious. The great room features wooden beams and beautiful views of lush vegetation, flowers and palm trees. Enjoy the elevated wrap around patio with a sunny or shady part at any time of the day, easy to maintain landscaping. South facing patio for warm winter sun in front of the home. The home has a 2.5 car garage and 2 basements which are fully usable.

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4735 N 24th Street Phoenix, AZ 85016

$699,000

3 Beds

2 Baths

1,723 SqFt

Status Active

MLS # 6672566

Property Type Single Family Residence

Price Type --

Fantastic Biltmore Location! Walk to work, restaurants, entertainment, and luxury shopping! This full remodel is in one of Phoenix's most sought-after areas, just steps away from all the action at Biltmore Fashion Park, AMC Theatres, and LifeTime gym. This single level 3 Bedroom, 2 Bathroom home was completely redeveloped and thoughtfully elevated with dynamic design for modern living. The open floor plan features polished concrete floors throughout, new energy-efficient windows, modern LED lighting, and an extended laundry room with loads of storage. Updated plumbing, electric, water heater & ceiling fans. Black marble walk-in showers, backlit LED sensor mirrors, matte black fixtures, and modern shower systems. H2Xcercise Fitness Therapool Swim Spa included, plus new garage!

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1754 E Cotton Court Gilbert, AZ 85234

$699,000

4 Beds

2.5 Baths

2,903 SqFt

Status Active

MLS # 6698772

Property Type Single Family Residence

Price Type --

Beautifully updated and well-maintained home in beautiful Val Vista Meadows. Enjoy entertaining in this open floor plan. Formal living room and dining room. Large loft upstairs for family fun! Brand new tile, and carpeting! Home fresh custom paint. Travertine tile in the backyard and pathway to the front. Extended patio cover on the back to cover section right outside the master bedroom! New outdoor carpet on the patio. Newer Zoned AC units! The diving pool stays cool in the heat! New upgraded tile on the ground floor with stain-resistant grout. New carpet! New LED fans and light fixtures throughout! The home is located on the street with Cul de sac. This home is pristine!

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10199 N 105th Way Scottsdale, AZ 85258

$699,000

3 Beds

3 Baths

2,104 SqFt

Status Active

MLS # 6696856

Property Type Single Family Residence

Price Type --

Step into a rare opportunity to own a meticulously maintained patio home in the heart of Scottsdale Ranch's exclusive 55+ community. This ready-to-move-in property features 3 bedrms and 3 bathrms, with a thoughtful floor plan that includes 2 master suites. The 3rd bedrm, versatile enough to be transformed into a den, is complete with its own bathroom and shower. Immediately greeted by the evident care and love infused into every corner of the home. The living room is highlighted by vaulted ceilings, creating a spacious and inviting atmosphere, while custom ceilings over nine feet throughout the rest of the home enhance the sense of light and airiness. Recent updates add to the home's appeal, including stylish flooring, contemporary counter finishes, modern baseboards & interior paint. Practical enhancements have also been made, with an HVAC system that is approximately 1.5 years old. Enjoy the convenience of a step-free layout and the added luxury of being just moments away from community tennis courts and a heated pool. This home is not just a residence but a retreat for those seeking comfort and elegance in a vibrant community setting. Experience the blend of relaxation and modern living in this charming Scottsdale Ranch patio home.

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1511 E Luminous Lane Queen Creek, AZ 85140

$699,000

3 Beds

2.5 Baths

2,282 SqFt

Status Active

MLS # 6716533

Property Type Single Family Residence

Price Type --

Beautiful home on one of the largest homesites at Encanterra. The outdoor space is one-of-a-kind at just over 12,000 sq. ft. Step outside past the double rolling walls of glass and enjoy the private backyard with mature trees. You'll find stone pavers, built in BBQ, fire pit and turf grass. Inside the home you will find the perfect space to entertain. The split floorplan creates the ideal space for any friends and family visiting. Step into the primary suite and relax in the sitting room with a good book and glass of wine. Front guest bedroom allows privacy for anyone visiting. The home also offers a ''smart space'' in the laundry room for additional work space and cabinets. The golf cart garage provides more storage as well. Start living the good life at Encanterra today!

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