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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8020 N 72nd Place Scottsdale, AZ 85258

$699,000

2 Beds

2 Baths

2,581 SqFt

Status Active

MLS # 6722733

Property Type Single Family Residence

Price Type --

What a Location! Enjoy Scottsdale pool home or perfect vacation home with front private courtyard nestled between highly desired McCormick Ranch, Gainey Ranch & Paradise Valley near resort hotels, restaurants, golf, shopping & more. 2/2 + large loft. Spacious 2,581sf, soaring ceilings & lots of natural light! 2,295sf on 1st level + 286sf bonus loft (separate AC & skylights). Use loft as optional 3rd bedroom + armoire or office, exercise or craft room. Adjacent to McCormick Ranch entrance & golf courses, hiking/biking trails & lakes. Enjoy unique home with character & prestige for much less than others in area due to $699/mo land lease (.001 X Purchase Price). Several quotes available for personal renovations.

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20219 S 229th Way Queen Creek, AZ 85142

$699,000

4 Beds

3 Baths

2,717 SqFt

Status Active Under Contract

MLS # 6698529

Property Type Single Family Residence

Price Type --

$120+k of upgrades/options. Welcome to Barney Farms! A coveted Queen Creek resort style community. Enjoy sparkling lakes for kayaking, an aquatic center, fishing, sport courts, pickleball, miles of trails with scenic views, a world class playground, & a social clubhouse. This single level home was designed with sophistication & comfort in mind. The heart of the home includes an impressive gourmet kitchen with upgraded stacked, soft close cabinets, crown molding, 6cm quartz counters, tile backsplash, & chiller with full extension racks. Wood plank tile flooring. A dream owner's suite bath includes a floating vanity & spa shower with rain faucet. Designer tile flooring, custom framed mirrors at guest baths Built with energy efficient features throughout. Features list under document tab. Barney Farms includes lakes for catch & release fishing & Kayaking/boating, community pools, pickle ball, bocce ball, cornhole, basketball, clubhouse & playgrounds. Ramadas & BBQ grills for social gatherings. Events & activities are planned throughout the year by CCMC, a premiere lifestyle HOA. Be sure to visit the Barney Farms Barn clubhouse and Aquatic Center with community pools that include a leisure pool, splash pad, sport & lap pools. Be WOWed by the beautifully manicured tree-lined streets and resort-feel throughout the community. This active community has several monthly events for meeting neighbors. A few community events include Halloween Trunk-or-Treats, Fall Festivals, Santa visits, Easter Egg hunts, Spring & Fall Festivals, neighborhood potlucks & socials, bike & boat parades, live music events and so much more. Welcome Home!

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2616 S Extension Road Mesa, AZ 85210

Open House

$699,000

4 Beds

2 Baths

2,094 SqFt

Status Active

MLS # 6752935

Property Type Single Family Residence

Price Type --

Welcome to your beautifully updated oasis, with NO HOA! This stunning home boasts a plethora of recent upgrades, including a brand-new HVAC system installed in May 2022, a new water heater in March 2022, and a complete plumbing overhaul with top-of-the-line Kohler and Moen fixtures. Step into luxury with a remodeled master shower featuring Tanner materials and indulge in the modern convenience of new interior doors throughout. Enjoy the ambiance of new light fixtures, adding elegance to the coffee nook, kitchen island, and bathrooms. The backyard is a paradise with newly installed turf, drip irrigation, and vibrant plants offering privacy and tranquility. Retreat to the pool area, where a NEW heated saltwater pool awaits, complete with a corner table, waterfall, Baja step, and multicolor lights. With interior accent walls, matte black cabinet handles, and a suite of brand-new LG appliances, this home is as stylish as it is functional. Don't miss the chance to make this your dream home - Easy access to Mesa CC, shopping & 60 fwy! 15 minutes from PHX airport and a quick drive from Tempe/ASU!

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7178 W Rue De Lamour -- Peoria, AZ 85381

Open House

$699,000

4 Beds

2 Baths

2,651 SqFt

Status Active

MLS # 6747484

Property Type Single Family Residence

Price Type --

This beautiful 4-bedroom, 2-bathroom ranch-style home features a remodeled kitchen with LG appliances, a Bosch dishwasher, and custom cabinets with granite countertops. The living room includes a custom-built entertainment center, while the family room is perfect for relaxing with its cozy fireplace and adjacent bar. Both bathrooms have been tastefully remodeled, featuring custom cabinets, granite countertops, elegant custom mirrors, and luxurious Jetta tubs with custom shower enclosures. Anderson windows and wood shutters throughout the home provide both style and energy efficiency. A versatile room with custom cabinets, a walk-in closet, and a door to exterior, can be used as an office, second primary bedroom, or hobby room. The freshly painted exterior complements the beautifully landscaped front and back yards, with the backyard offering a fenced Pebble Tec pool and large covered patio, ideal for outdoor living and entertaining. additional highlights include LG washer/dryer in the laundry room and a 2-car garage with epoxy floors, ample storage cabinets, a workbench, and a sink. Located in the Oakwood school district, this home offers the perfect blend of comfort and convenience.

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2132 Turkey Trail Forest Lakes, AZ 85931

Open House

$699,000

3 Beds

2 Baths

1,736 SqFt

Status Active

MLS # 6751445

Property Type Single Family Residence

Price Type --

Coming Soon! Discover your woodland retreat at 2132 Turkey Trail in the charming Forest Lakes Estates, AZ. This newly listed A-frame cabin, now available for sale, offers a perfect blend of rustic charm and modern comfort. With 1,736 square feet of living space, this three-bedroom, two-bathroom house provides ample room for both relaxation and entertainment. The property's outdoor spaces are a true highlight, featuring multiple areas for entertaining and enjoying the natural surroundings. An elevated deck offers panoramic vistas of the lush landscape, while a pavered patio overlooks a verdant arroyo, providing the perfect spot to observe local wildlife among the ferns. A beautifully designed fire-pit area, enhanced by retaining wall planters, creates an inviting atmosphere for gathering with friends and family to roast marshmallows under the starry sky. Inside, the home boasts timeless features that contribute to its cozy, cabin-like ambiance. The great room on the main level showcases chalet-style windows, allowing natural light to flood the space and offering picturesque views of the surrounding forest. Tongue and groove ceilings and exposed wood beams add character and warmth, while a stunning wood-burning stove serves as both a functional heating source and a captivating focal point. The main level also houses a bedroom, full bathroom, and a well-appointed kitchen. Upstairs, you'll find a private bedroom retreat, perfect for guests or as a master suite. The lower level features a secondary family room, an additional bedroom, an updated bathroom, and a convenient laundry area. The cool basement provides an ideal spot for summer afternoon naps or additional living space. Outside, a one-car garage with additional slab parking ensures ample space for vehicles and outdoor equipment. A storage shed offers extra room for tools and seasonal items, adding to the property's functionality. This Forest Lakes Estates gem is available fully furnished, making it a turn-key opportunity. *Inquire if interested in furnishings on separate bill of sale.* Whether you're looking for a permanent residence or a serene vacation home, this stylish A-frame cabin provides the perfect setting to create lasting memories in the heart of Arizona's picturesque forest landscape. Don't miss the chance to make this exceptional property your own. Come see to experience the magic of 2132 Turkey Trail for yourself.

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4923 N 205th Glen Buckeye, AZ 85396

Open House

$699,000

2 Beds

2.5 Baths

1,825 SqFt

Status Active

MLS # 6756989

Property Type Single Family Residence

Price Type --

GOLF COURSE VIEW, MOUNTAIN VIEW, CITY LIGHTS, POOL, and COVERED PATIO!!! Got your attention now? Nestled in the tree-lined streets of Victory at Verrado (phase 2) is this beautiful 1,825 square foot Promenade floor plan. The cozy front porch is perfect for enjoying the peaceful surroundings or a morning coffee in the shade. Inside, you'll find wood-look tile flooring, and carpet in the bedrooms, adding a touch of elegance to each space. The kitchen features cooktop, double wall ovens, quartz counters, backsplash, and pendant lights. There are extra cabinets in the pantry/laundry room adjacent to the kitchen for ample storage. The light fixtures, sinks, faucets, & ceiling fans throughout the home create an upscale yet warm and inviting atmosphere.

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1700 E Lakeside Drive Unit 58 Gilbert, AZ 85234

Open House

$699,000

3 Beds

3 Baths

2,517 SqFt

Status Active

MLS # 6753691

Property Type Townhouse

Price Type --

Spacious home with courtyard entry in gated resort community of Val Vista Lakes! TWO PRIMARY SUITES plus another bedroom and LOFT! One primary suite w/remodeled bathroom downstairs and other primary suite w/ bathroom upstairs. 3rd bdrm is downstairs next to remodeled hall bath. Vaulted high ceilings as you enter with a spacious living area and views to the back patio. Luxury vinyl wood flooring throughout the downstairs, carpet on stairs and upstairs area. Fresh looking kitchen with white cabinetry & countertops, and farm sink with views to courtyard. Large eat in kitchen area too! This home is ideally located just steps away from the clubhouse and you can walk to the ramada and enjoy views of the lake! Living in Val Vista Lakes is resort style living with all the amenities it offers!

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4421 E Jude Lane Gilbert, AZ 85298

Open House

New

$699,000

2 Beds

2 Baths

2,114 SqFt

Status Active

MLS # 6760131

Property Type Single Family Residence

Price Type --

Wonderful ''Agave'' home with open floor plan located in the 55 plus active adult community of Trilogy at Power Ranch. This home features an enclosed front patio with an iron gate as you enter the home through a leaded glass door. This home has been highly upgraded featuring a split floor plan with 2 bedrooms, 2 baths, and DEN plus a kitchen perfect for the person who loves to cook and entertain. The great room has an entertainment center, electric fireplace, and windows overlooking the fenced back yard and pool. There is a formal dining area, adjacent to the office/den. Gorgeous 18'' tile in all the right areas, upgraded carpet in bedrooms, Shutters, Custom window coverings, and neutral paint. In addition, the garage has built-in cabinets and workbench. This home is perfect for entertainment. The back patio and pool with water treatment all flow seamlessly together and allow for plenty of room for friends and family to gather and enjoy. Come enjoy all this community has to offer from golf, tennis, pickleball, pools, workout facility, clubs, and so much more.

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2026 E Balboa Drive Tempe, AZ 85282

Open House

New

$699,000

3 Beds

2 Baths

1,751 SqFt

Status Active

MLS # 6759552

Property Type Single Family Residence

Price Type --

Discover a rare opportunity to own a fully remodeled gem in the heart of Tempe's sought-after Shalimar community. This unique property boasts 3 spacious bedrooms and 2 modern bathrooms, perfect for both comfort and style. The open-concept living space flows seamlessly into the outdoor area, making it an entertainer's paradise. Step outside to your private oasis featuring a sparkling pool—ideal for gatherings or peaceful retreats. Located just minutes from golf courses, Arizona State University, and major freeways (101, 202, 60, and 10), you'll enjoy convenient access to everything Tempe has to offer. Don't miss your chance to make this stunning property your own in a community known for its charm and vibrancy.

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4072 E Yucca Street Phoenix, AZ 85028

Open House

$699,000

3 Beds

2 Baths

1,912 SqFt

Status Active

MLS # 6753091

Property Type Single Family Residence

Price Type --

Beautiful single level home nestled on quiet street in coveted Phoenix location. Charming curb appeal greets you upon arrival at this meticulously maintained property that rests on a prime oversized lot. Stroll through private courtyard into inviting entry of this light & bright residence that features gorgeous LVP flooring and fresh carpeting throughout. Kitchen boasts granite counters, newer cabinetry, and SS appliances. Sensible floor plan with formal dining space, game room/den, & great room with slider that opens to exterior for easy indoor/outdoor lifestyle. Low maintenance backyard is an entertainers dream with covered patio & sparkling pebble tec pool. Longtime owners have made all the updates including newer dual pane windows & a whole home water filtration system. Prime location surrounded by shopping, dining, golf, and the upscale PV Mall redevelopment project. Steps to Cholla Cove Park and easy freeway access. Additional upgrades/bonuses include 2 car garage, RV gate, shed, and fresh interior/exterior paint. A true gem of a property waiting for new owner!

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3125 W Steinbeck Drive Anthem, AZ 85086

Open House

$699,000

3 Beds

2.5 Baths

2,469 SqFt

Status Active

MLS # 6756716

Property Type Single Family Residence

Price Type --

Step into this breathtaking, upgraded property designed to impress from the moment you arrive! Spacious, elegant, paved front courtyard. Enter the cathedral ceiling entry to 24x24in diagonal tile that adds a touch of sophistication. Stunning, custom, kitchen has pendant lighting, glass decor iron pantry door, stylish backsplash, granite counters, extra large copper sink and so much more. Master has high ceilings & private exit to the backyard. Master BA has walk-in glass obscured shower w/ separate bath, double decorative glass sinks. The backyard is on a premium lot adjct to wash, w/ pavers, built-in bbq grill, & built-in seating for outdoor entertaining. Two guest rooms plus versatile bonus room upstairs. Garage has separate exit & mahogany cabinetry. Attention given to every detail!

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15975 W Montana De Oro Drive Surprise, AZ 85387

$698,900

6 Beds

4 Baths

3,362 SqFt

Status Active

MLS # 6701669

Property Type Single Family Residence

Price Type --

BIG PRICE CORRECTION!! READY FOR IMMEDIATE OCCUPANCY!! Brand New Home! This 6 br., 4 ba., (4 bed down, 2 up) 3 car garage home has all the designer touches. Truly move in ready. Features include, master down, SS appliances,, upgraded kitchen cabinets, deco tile back splash, Plank floor tile, window blinds, fans in all the rooms, 16' atrium doors, Surround sound, security system, front yard landscaping plus so many more exciting included features - 10' ceilings, 8' doors, granite tops in the kitchen, gourmet kitchen, garage service door, tank less water heater, and so much more.

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