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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32096 N 132nd Drive Peoria, AZ 85383

$690,000

5 Beds

4.5 Baths

3,505 SqFt

Status Active

MLS # 6693915

Property Type Single Family Residence

Price Type --

$20,000 IN BUYER'S CONCESSIONS OFFERED! Enjoy this truly outstanding two-story home with so much to offer located in the North Peoria community of Vistancia! This beautifully maintained home has been upgraded with attention to detail and will impress any buyer. This well-appointed 5 bed, 4.5 bath home offers an expansive family room with a den/office, formal dining area, large open concept kitchen and stainless-steel appliances, with granite countertops. In-law suite downstairs with a full bathroom that would be perfect for multigenerational buyers, sprawling upstairs master bedroom and bathroom, large loft area with new laminate flooring that would make a perfect entertainment room for any occasion. Newer exterior paint, stairwell carpet and upgraded backyard & front yard landscaping.

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1430 E Sheridan Street Phoenix, AZ 85006

$690,000

3 Beds

3 Baths

1,637 SqFt

Status Active

MLS # 6694916

Property Type Single Family Residence

Price Type --

Dream home in the heart of Coronado Historic District recently appraised at $750K so you already have instant equity! This beautifully remodeled property offers the perfect blend of modern and historic charm. Highlighted by 3 bedrooms, 2 bathrooms in the main house, at 1237 SF, the backyard boasts a fully fitted detached 400 SF casita. Main house features include a custom kitchen with double oven, wine fridge, marble counters and stainless steel appliances. An open layout connecting kitchen to family room with a vintage cove ceiling, ideal for entertaining; indoor laundry; dual pane windows; stylish barn doors; recessed lighting; guest bathroom skylight; stained concrete floors throughout; reclaimed wood and Nest smart thermostat. Spacious primary bedroom with huge walk-in closet and deluxe primary bathroom with large walk-in shower. RV gate for convenient storage of recreational vehicles and comfortably situated backyard ideal for entertaining with separate storage/workshop. Don't miss out on this incredible opportunity to live in luxury with urban conveniences. Enjoy nearby parks, restaurants, and events, or take a short bike ride to downtown. Savor the vibrant Coronado neighborhood and enjoy the guest house for extra space or rental income, it has been a profitable short term rental. You'll be soaking up everything central Phoenix.

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10013 E Trent Avenue Mesa, AZ 85212

Open House

$690,000

5 Beds

3 Baths

2,550 SqFt

Status Active

MLS # 6735673

Property Type Single Family Residence

Price Type --

Welcome home to Trent Ave in the highly sought-after Cadence at Gateway community! Boasting all the upgrades of an almost brand new home, this open floor plan concept invites any and all who might enjoy its beauty. Featuring a light and bright kitchen, marble countertops throughout with state of the art stainless steel appliances, a low maintenance backyard, 5 bedrooms, a loft, additional game/living room and sliding glass door, there is plenty of room for all to come and enjoy. Some additions to the home include a gazebo in the backyard to provide some additional space for grilling and relaxing. But wait, there's more! Don't forget that you are not only buying the home, you are also buying the community lifestyle! This resort style community has a it all! Featuring a community pool, tennis court, basketball court, bike path, playground, community center, gym, and a dog park, not to mention close to the freeways, shopping, Legacy Sports Complex, and Mesa airport! Don't miss out on this dream come true of a home!

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11631 N 112th Street Scottsdale, AZ 85259

Open House

$690,000

3 Beds

2 Baths

1,566 SqFt

Status Active

MLS # 6739721

Property Type Single Family Residence

Price Type --

Don't miss this gorgeous and TOTALLY remodeled home situated on an oversized cul-de-sac lot! Soaring ceilings and an open floor plan are just the beginning. A true chef's kitchen features high-end Bosch appliances including an induction cooktop & warming drawer! The large kitchen offers luxurious quartz countertops, 42'' cabinetry, a breakfast bar plus an island! This stylish home has it all... including two stacked-stone fireplaces and a brand NEW energy-efficient Air Conditioner! The resort-quality primary suite boasts a romantic fireplace plus an opulent 16' tall custom marble shower. Totally-remodeled and ready to delight the pickiest of buyers. Situated at the back of a cul-de-sac on one of the largest lots around! Prime N/S exposure. Great location!

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13821 N 186th Avenue Surprise, AZ 85388

$689,999

3 Beds

2 Baths

1,623 SqFt

Status Active

MLS # 6729660

Property Type Single Family Residence

Price Type --

COUNTRY LIVING IN THE CITY! Live the life on a stunning 1-acre irrigated lot. Complete with a Sparkling Saltwater Pool & Spa! Incredible views of the majestic White Tank Mountains right from your front porch! 2 RV gates - 1 on each side of the house! Fully fenced Paddocks w. Irrigation & mature trees! Space to store RVs, Boats, Trailers or Rodeo Rigs! Ranchette is move in ready! Updated 2023 with- new Roof, Solar, Tile, Baseboards, Carpeted Bedrooms, Paint (interior/exterior), Horseshoe Driveway, ALL Appliances in Granite Kitchen. 15,000gal. Saltwater Pool/Hot Tub built in 2024. This lot is one of a kind! Get land, views, irrigation rights, horse stalls and a pool- ONLY 2.5 mi from Costco & newly developed shopping centers/restaurants, Westgate/State farm stadium 20 min!

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21867 S 197th Street Queen Creek, AZ 85142

$689,995

4 Beds

3.5 Baths

2,510 SqFt

Status Active

MLS # 6704967

Property Type Single Family Residence

Price Type --

The Dominic home features: an elegant courtyard; an immense great room; a gourmet kitchen showcasing a center island, two roomy pantries and an adjacent nook; a luxurious primary suite boasting a generous walk-in closet and a private bath with double sinks and a walk-in shower; central laundry and powder rooms; three secondary bedrooms; a shared hall bath; and a tranquil covered patio. This home also offers soaring 10' ceilings, white shaker cabinets, quartz countertops throughout and tile flooring in all traffic areas.

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25549 N 21st Avenue Phoenix, AZ 85085

$689,995

3 Beds

2.5 Baths

2,472 SqFt

Status Active

MLS # 6756349

Property Type Single Family Residence

Price Type --

Welcome to this stunning and meticulously designed home, where modern elegance and comfort meet in perfect harmony! With over 2472 sq. ft. of well-appointed living space, this residence offers a seamless blend of contemporary style and functional living. Situated in the desirable neighborhood of Norterra. The gourmet kitchen is a chef's dream and has endless design options, including top-of-the-line stainless steel appliances, custom cabinetry, and exquisite countertops. Whether you're hosting a dinner party or enjoying a quiet family meal, this kitchen will inspire your culinary creativity. Step outside to the Community Union Park at Norterra. (Heated Pool, Tennis, Pickle ball & Basketball Courts. Banquet Room Ping Pong, Fire Pit and Grand Fireplace seating. See doc tab for upgrades.

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2428 W Rowel Road Phoenix, AZ 85085

$689,990

3 Beds

3.5 Baths

2,455 SqFt

Status Active

MLS # 6755372

Property Type Single Family Residence

Price Type --

Welcome to your NEW HOME at Aster in Union Park! 2,455 sq ft of living space with 3 bedrooms, 3.5 bathrooms, Loft and a 2-car garage. All three bedrooms have their own bathroom. Highly upgraded Elite package of upgrades including 42'' white cabinets, marble quartz countertops, custom backsplash, a large island, GE Cafe' stainless-steel Refrigerator & gas appliances & Blanco Valea single bowl sink. Upgraded 8x40'' tile and carpet, 2'' blinds and more! 2 car garage has 18' wide door. Union Park, residents can indulge in amenities including a 5800 sq ft clubhouse, Resort pool, Pickleball courts, playgrounds, basketball courts and 11 Parks. Central Location to nearby shopping, dining and entertainment. Access to 3 different freeways within 15 minutes and be at the airport in 30 minutes.

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7689 W Tether Trail Peoria, AZ 85383

$689,990

3 Beds

2.5 Baths

2,197 SqFt

Status Active

MLS # 6707350

Property Type Single Family Residence

Price Type --

Welcome to Ashton Woods newest community in Peoria -The Sanctuary at Aloravita. This 2,197 Ruby floorplan features a Spanish style elevation and includes 3 bedrooms, 2.5 baths, a den plus 4-car super garage. The impressive kitchen island is perfect for family and friends to gather as it opens to the home's great room for easy entertaining. The kitchen includes stainless steel appliances with a gas cooktop, large undermount sink, under cabinet hood, beautiful stained shaker style cabinets with crown molding, Carrara Breeze quartz countertops, and large pantry. The great room offers a 4 panel center sliding glass door so you can step out into your covered patio to enjoy indoor/outdoor living in your backyard with friends and family. Other features include, 8' interior doors, 6x36 wood plank style floor tile, upgraded carpet/pad, a soft-water loop, and much more! For the car enthusiasts out there, this home includes 4-car super garage. Great location close to dining, freeways, parks, and

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18950 W Ocotillo Road Waddell, AZ 85355

Open House

$689,990

4 Beds

3 Baths

2,623 SqFt

Status Active

MLS # 6739881

Property Type Single Family Residence

Price Type --

Topaz floor plan with 4 bedrooms + study, 3 baths. Large multi slide door off the great room and leads out to the extended covered patio. Pavers at drive, walk and entry. Stainless steel 36'' gas cooktop, wall oven, micro, canopy hood. Sonoma Maple Slate (gray) cabinets with pull out trash drawer, 42'' kitchen uppers, and stainless steel under mount single bowl kitchen sink. Himalaya white granite countertops in kitchen and owner's bath. 8' tall interior doors. Upgrade flooring includes EMS Novales 12x24 Astra tile in all areas of the home except beds/closets. 5'' baseboards and 3 1/4 door casings throughout. Dual sinks at bath 2, 8' tall garage door with two controls, garage service door for easy access into the backyard and so much more. Completion in September.

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1918 E Fountain Street Mesa, AZ 85203

$689,990

5 Beds

4 Baths

2,624 SqFt

Status Active

MLS # 6657755

Property Type Single Family Residence

Price Type --

NEW ROOFS on Main House (4/3)(2124sf) & 500sf Guest House, both remodeled in a soft, cool desert palette reflecting its mid-century modern design. Main House is split with 2 ensuite bed/baths w/walk-in closets. Open floor plan allows natural light with new windows & slider door. Chef's kitchen features 42'' tall upper cabinets, granite counters w/ matching backsplash, ''hidden'' & soft-close pullout drawers, Lazy Susan cabinets. Porcelain floor tiles (12'' x 24'') run t/o while all bathrooms redone include tiled showers & 24'' high wainscoting. Covered patio provides privacy to enjoy new ''pebble tech'' pool, tile & filter. Other upgrades include new trim & hardware, new appliances, W/D, hot water heater & recessed lighting. Guest House has new kitchen, bath fixtures, mini-split & own WH Outside, you'll find a supplemental electric breaker box and a 220-volt outlet, perfect for a potential hot tub installation. The large covered patio features a convenient kitchen pass-through window and a granite shelf, ideal for outdoor entertaining. The pristine pool has been resurfaced with mini-pebble and adorned with new tile, offering a refreshing retreat during the Arizona summers. The yard is secured with a gated and locked area, ensuring privacy and safety. The guest house has received its fair share of upgrades, including new kitchen cabinets, sink, countertop, refrigerator, stove, bathroom cabinet, sink, hot water heater, and Mini-split. Additional attic insulation adds comfort and energy efficiency. Location couldn't be better - this sought-after neighborhood boasts seasoned homes and mature landscaping on a curved lot. You'll find convenience in every direction: just half a mile to the elementary and middle schools, one mile to the high school, and within walking distance to food stores, restaurants, dry cleaners, and a hardware store. Commuting is a breeze with easy access - 2.2 miles north to Hwy 202 for Phoenix, Scottsdale, or East Mesa, and 3.2 miles south to Hwy 60 for Tempe and Chandler. Plus, you're only 14.7 miles from Phoenix International Airport. Don't miss this incredible opportunity to own a truly exceptional property that combines modern comfort with a prime location.

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7739 S Balboa Drive Queen Creek, AZ 85142

$689,990

4 Beds

3 Baths

2,762 SqFt

Status Active Under Contract

MLS # 6669467

Property Type Single Family Residence

Price Type --

~~~~ CASH ONLY Pricing $689,990~~~~Ready for Immediate Move-in!!!! Welcome to your dream home where luxury and functionality converge seamlessly. This Jerome plan features 4 bedrooms and 3 baths plus an open flex room ideal for a home office or playroom. The open layout is ideal for comfortable living and entertaining, making this a top seller. Impress your guests with over $125,000 worth of upgrades, including upgraded quartz countertops and elegant White painted maple cabinets in the Gourmet kitchen, all accented by stylish tile work throughout. Don't miss out on this one!!!

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