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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13226 S 39th Street Phoenix, AZ 85044

$694,900

4 Beds

2 Baths

2,232 SqFt

Status Active Under Contract

MLS # 6751530

Property Type Single Family Residence

Price Type --

Move in ready 4 bedroom, 2 bathroom single level home in Mountain Park Ranch. Great curb appeal with extensive pavers, synthetic grass and courtyard, extended driveway for ease of parking. Fully updated kitchen, two toned shaker cabinetry, subway backsplash, quartz counters, stainless appliances and breakfast room with view of backyard. Light and bright formal living and dining rooms, updated designer lighting throughout. Family room with French door opening to backyard. Split primary with new ensuite bathroom has walk-in shower, dual sinks and updated lighting. Three other bedrooms on other side and full secondary bathroom. Oversized covered patio, carefree landscaping makes this home perfect for families or part time winter visitors wanting lock and leave home. Recent updates include full kitchen, master bathroom, wood plank tile, 2021 AC,2020 water heater, full exterior paint 2023, full security system with cameras 2023, new vanity in secondary bathroom, closet system in guest room 2023, Hunter Douglas automated window treatments, complete remodel of front landscaping with artificial grass and pavers, extended driveway with pavers, all lighting and fans including outside lighting.

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2719 E Sourwood Drive Gilbert, AZ 85298

$694,899

4 Beds

3 Baths

3,292 SqFt

Status Active

MLS # 6721720

Property Type Single Family Residence

Price Type --

Welcome to your new home in the beautiful Freeman Farms community! This stunning two-story house is move-in ready, showcasing numerous upgrades including new carpet throughout, updated cabinets, and gorgeous countertops. The popular floor plan is designed to meet your lifestyle needs, offering spacious living areas and modern amenities. With plenty of sizable bedrooms and a large loft perfect for relaxation or entertaining, there's room for everyone to enjoy. The house is located on a quiet cul-de-sac, with a playground just around the corner, providing a great space for the kids to have fun. A newer hot water heater and upgraded attic insulation are just a few of the thoughtful improvements made to this home. Enjoy the private backyard with a covered porch, surrounded by mature shade trees that provide a sense of seclusion. A separate office downstairs, away from the bedrooms, offers the perfect space for work or study without distractions. This home is located in a peaceful neighborhood, well-maintained by its residents, and situated on a quiet street, not directly off a main road, enhancing the overall safety and tranquility of the area. As part of the Freeman Farms community, you'll have access to 10 parks, walking and biking trails, and beautiful waterfall entrances. Plus, you're just minutes away from plenty of places to shop, numerous dining options, Gilbert Regional Park, and easy access to the San Tan 202 Freeway. Top it off with being in an A+ rated school district, ensuring great educational opportunities for your family! This is a home and community you'll love for years to come.

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6608 N Cima Vista Drive Casa Grande, AZ 85194

$694,000

3 Beds

2.5 Baths

2,393 SqFt

Status Active

MLS # 6710519

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This exquisite 3 bedroom, with a versatile den, 2.5-bathroom residence offers 2,393 square feet of luxurious living space, situated on a sprawling 1-acre lot with no rear neighbors. The stunning natural surroundings offer unparalleled desert, mountain, and sunset vistas, creating a serene and picturesque backdrop for your new home. The interior features a spacious great room that flows seamlessly into a gourmet kitchen, making it perfect for entertaining. The kitchen boasts upgraded stainless steel appliances, granite countertops, 42-inch soft-close cabinets, a walk-in pantry, an island with breakfast bar seating, and elegant pendant lighting. The private owner's retreat serves as a tranquil escape, featuring a large en-suite bathroom with a dual sink vanity, an oversized walk-in tiled shower, and a generous walk-in closet. Additional bedrooms and a den provide ample space for family, guests, or a home office, with luxury vinyl plank flooring in all bedrooms, plus ceiling fans throughout. This home also includes a massive 47x15 ft RV garage, an additional 2-car tandem garage, and a 1-car garage, complete with an RV clean-out located right outside the RV garage. Tons of natural light flood the home, highlighting the upgraded lighting fixtures, door hardware, and the brand new Polywood Plantation Shutters installed throughout. Tile plank flooring in the common areas and stylish 2-tone paint enhance the modern convenience and aesthetic appeal. The exterior of this property is just as impressive, with its expansive 1-acre lot providing privacy and space for outdoor activities. A small section of the backyard is fenced in with Vinyl fencing, plus enjoy the covered patio with ceiling fans installed to help keep you cool! This home is the perfect blend of modern luxury and natural beauty. Please do not show up to the property unannounced!

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1328 W Medina Avenue Mesa, AZ 85202

$694,000

5 Beds

3 Baths

2,711 SqFt

Status Active Under Contract

MLS # 6668304

Property Type Single Family Residence

Price Type --

PRICE REDUCTION! Take advantage of this opportunity to embrace the joys of home ownership in the sought-after Dobson Ranch community, where affordability meets luxury. Amenities include three recreation centers, serene lakes, pools, parks and courts for tennis and pickleball, offering entertainment options for residents of all ages. Step inside this fully remodeled home and be greeted by an exquisite all white kitchen with shaker cabinets and quartz countertops, creating a welcoming atmosphere from the moment you enter. Three matching themed bathrooms add to the cohesive design. Recent upgrades include a new roof, insulation and ductwork providing enhanced comfort and peace of mind for homeowners. Relax in your easy care yard with turf and a refreshing diving pool.

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10670 E Mescal Street Scottsdale, AZ 85259

Open House

$694,000

4 Beds

2 Baths

2,067 SqFt

Status Active

MLS # 6735852

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this stunning home, tastefully updated with a neutral color paint scheme and new flooring throughout. The kitchen is a chef's dream with a stylish accent backsplash and all stainless steel appliances. The primary bedroom features an expansive walk-in closet and an en-suite bathroom with double sinks. Step outside to a covered patio overlooking a private in-ground pool, enclosed in a fenced backyard. With fresh interior paint and new appliances, this home is ready. Don't miss out on this opportunity to own your dream home.

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3272 E Saddletree Way San Tan Valley, AZ 85140

$693,990

4 Beds

3 Baths

3,024 SqFt

Status Active

MLS # 6750417

Property Type Single Family Residence

Price Type --

This beautiful home features a guest suite with a full kitchen, laundry, and private entrance. Located in San Tan Valley's newest master planned community with a wealth of amenities to enjoy. Conveniently located with easy access to great local attractions and amenities, including shopping and dining at Queen Creek Marketplace, outdoor recreation at San Tan Regional Park, fresh produce at Schnepf Farms and popular sites such as Queen Creek Olive Mill. A copy of the public report is available on the Arizona Department of Real Estate's website.

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10328 W Quail Avenue Peoria, AZ 85382

Open House

$693,552

4 Beds

3.5 Baths

2,655 SqFt

Status Active

MLS # 6739638

Property Type Single Family Residence

Price Type --

Stop the car-this is IT! Finishing the final touches! Experience the charm of Camino A Lago! This community is conveniently located minutes away from shopping, dining, freeway access and more! Our popular 'Oriole' floorplan features 4 full bedrooms (primary on the main floor), plus a loft and game room, 3.5 bathrooms, 2 Car-Garage and a private yard! Designer selected finish includes Flagstone Cabinetry, Granite Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 8' doors, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Photos of actual home are coming soon**Photos display similar spec home to show layout, designer options will vary**

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21298 E Sparrow Drive Queen Creek, AZ 85142

$693,458

4 Beds

3.5 Baths

3,062 SqFt

Status Active

MLS # 6753921

Property Type Single Family Residence

Price Type --

Welcome to this STUNNING home in Ascent at Jorde Farms with over $100k in upgrades! Step inside to discover the expanded GOURMET kitchen, featuring designer cabinets, quartz countertops + Whirlpool stainless steel appliances. The open-concept great room is ideal for entertaining. Head up the staircase with its designer railing to the spacious loft! The private primary bedroom offers an ensuite bath + a BIG walk-in closet. This home includes 3 bedrooms, 3 full baths, a half bath, a flex room, and a loft, with upgraded paint, flooring, and more! Located in the inviting Ascent at Jorde Farms community, future amenities include a pool, walking paths, and parks. Plus, enjoy nearby dining and shopping. Welcome home!

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16814 E Palm Beach Drive Queen Creek, AZ 85142

Open House

$693,000

4 Beds

3 Baths

2,313 SqFt

Status Active

MLS # 6729133

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this elegant property featuring a neutral color scheme and a cozy fireplace, RV gate, a three car garage and no HOA. Bring your toys! The kitchen is a chef's dream, with a center island, and stainless steel appliances. Travertine tile in the right places. The primary bedroom includes a walk-in closet and an en-suite bathroom with double sinks, a separate tub, and a shower. Enjoy the outdoors on the covered patio, dip in the private in-ground pool, or relax in the fenced backyard. The home has fresh interior paint and partial flooring replacement, adding to its charm. This property is a perfect blend of comfort and style.

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7704 W Tether Trail Peoria, AZ 85383

$692,990

4 Beds

3 Baths

2,124 SqFt

Status Active

MLS # 6694756

Property Type Single Family Residence

Price Type --

Brand new community in North Peoria! This single-story Opal floorplan home has 4 bedrooms, 3 bathrooms, and a den, spanning 2124 sq ft of luxury living space. The kitchen has white quartz kitchen countertops, white and shale painted shaker style cabinets , stainless steel gas cooktop, hood, and microwave/oven combo. The home has 8ft interior doors and 8x36 wood plank floor tile throughtout. Upgraded carpet and pad in the bedrooms. Satin nickel door hardware and plumbing fixtures and so much more! Don't miss the opportunity to make the Sanctuary at Aloravita your new home.

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7228 E Crimson Sky Trail Scottsdale, AZ 85266

$692,500

2 Beds

2 Baths

1,734 SqFt

Status Active

MLS # 6752863

Property Type Townhouse

Price Type --

GORGEOUS FURNISHED VILLA IN WINFIELD RESORT COMMUNITY available turn key, furniture, kitchenware, linens. This 2 bedroom + office/den Moondance floor plan features great room living, expansive kitchen that opens to the great room w/ a gas fireplace. The kitchen has newer appliances and a breakfast bar. The back patio has incredible VIEWS to Black Mountain, an elevated patio, canterra stone water fountain, fireplace, bar- b-que, mature desert landscape and saltillo tile. Inside you will find a warm and cozy SouthWest design, an office/den that can work as a temporary third bedroom w/ a pull out couch. Winfield offers resort style Clubhouse w/ community heated pool, therapy spa, 8 tennis courts (2 clay), pickleball courts, fitness center, hiking & biking trails, and many social programs.

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2744 N 217th Avenue Buckeye, AZ 85396

$692,412

4 Beds

3.5 Baths

3,549 SqFt

Status Active

MLS # 6701246

Property Type Single Family Residence

Price Type --

MOUNTAIN VIEWS!!! Luxury New Build Appx 6-7mo, Owner's Suite & Office Plus Storage Downstairs, 3 Beds & Loft Upstairs, 3.5 Baths, 4 Car Tandem Garage with 8' Door, 10' side yard with 7' Double Gate, & Pavered Driveway. You will love the feeling of the Grand 10' Ceilings & the Elegance of 8' Doors throughout. Prepare Culinary Masterpieces in the Chef-Inspired Kitchen, Equipped with a Gas Cooktop, Pot Filler, Wall Oven Micro Combo, Large Walk-In Pantry, Premium Countertops, & 42-inch Upper Cabinets. Host Family & Friends in Style by Merging Indoor-Outdoor Living with 12' Multi-Slide Glass Doors. You will love the Spacious Owner's Suite, Huge Closet, & Walk-in Super Shower with Rainhead. Just Minutes from Costco, 1-10, Sienna Hills Swim Park, & Fully Equipped Gym! Pics of model not subject.

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