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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8754 S Maple Avenue Tempe, AZ 85284

$685,000

3 Beds

2 Baths

2,340 SqFt

Status Active

MLS # 6743448

Property Type Single Family Residence

Price Type --

Discover your dream home in the highly sought after Pecan Groves of South Tempe! This charming 3-bedroom, 2-bathroom property features an open living space, formal living room, large master suite, and a bonus home office that's perfect for remote work. The private backyard provides space for plenty of future improvements. This home also features a spacious 2-car garage with an expansive bonus attic storage. The roof was also fully replaced in 2019, providing peace of mind for years to come. Located in a highly desirable area, this home offers easy access to scenic parks, a variety of shopping, and dining options. With convenient freeway access, you're just minutes away from everything Tempe has to offer. Don't miss this fantastic opportunity!

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18465 E Raven Drive Queen Creek, AZ 85142

$685,000

3 Beds

2 Baths

2,232 SqFt

Status Active Under Contract

MLS # 6739153

Property Type Single Family Residence

Price Type --

Looking for a turnkey, move in ready single level with a HUGE lot? Search no more! Positioned in a cul de sac, this single level beauty has almost 17,000sf of land to work with! Pool, view fencing, north south exposure, covered patio, and tons of grass to run and play! Featuring 2,232 square feet, 3 oversized bedrooms, office, and 2 full bathrooms. This great room floor plan has tons of room to entertain, and has a great mix of indoor/outdoor spaces to treat your family, friends, and neighbors to a great time! Welcome home!

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10633 E Sheffield Drive Mesa, AZ 85212

$685,000

3 Beds

2.5 Baths

2,475 SqFt

Status Active

MLS # 6726269

Property Type Single Family Residence

Price Type --

Welcome to your oasis in Mesa's Eastmark community! Showcased like a model home by the original owners, this stunning residence offers the opportunity to own a highly desirable floor plan that rarely becomes available. Enjoy the spacious layout featuring 3 bedrooms plus a den, ideal for today's lifestyle. The gourmet kitchen boasts double ovens, gas range, stainless steel appliances, and a large island, complemented by a charming white subway tile backsplash. Relax in the luxurious master suite featuring a huge walk-in shower, dual sinks, and a walk-in closet with direct access to the laundry roomâ€''all enhanced by wood plank-look tile flooring throughout. Outside, entertain effortlessly with a built-in barbecue, bar/counter seating, and an in-ground spa surrounded by travertine, set am set amidst a manicured, low-maintenance backyard. Why wait months for a builder when you can have this like-new beauty complete with modern custom upgrades!

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7507 N Via De La Campana -- Scottsdale, AZ 85258

$685,000

2 Beds

2 Baths

1,201 SqFt

Status Active

MLS # 6733064

Property Type Single Family Residence

Price Type --

MODERNIZED AND REMODELED in the heart of McCORMICK RANCH. Discover this delightful 2-bedroom residence on a quiet cul-de-sac! Amazing, open layout with vaulted ceilings, exposed beams, a soothing palette, and stylish wood-look flooring. The gourmet kitchen boasts quartz counters, flat-panel cabinets, recessed lighting, a tile backsplash, stainless steel appliances, and a peninsula with a breakfast bar. The main bedroom offers plush carpeting, a walk-in closet, and a private bathroom, ensuring comfort and convenience. Outside, the backyard is perfect for enjoying stunning sunsets, complete with a covered patio, low-maintenance artificial turf, a ramada, and a refreshing pool for cooling down on hot summer days. Be sure to check out the upgrade list: AC 2020, POOL 2017,

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5760 E Tyler Road Prescott Valley, AZ 86314

$685,000

3 Beds

2 Baths

2,219 SqFt

Status Active

MLS # 6647869

Property Type Single Family Residence

Price Type --

Better than brand new, this year-old home has gorgeous additions and upgrades throughout. This 3 bedroom/2 bath home ALSO has an office. The light and bright open floor plan boasts a lovely kitchen with an oversized island, granite countertops, custom backsplash and a walk in pantry. The home is adorned with quality interior shutters throughout. The owners suite offers a large bedroom, dual vanities, walk in shower & a large closet with all of the built-in bells & whistles. Down a separate hall you will find two additional bedrooms and a guest bath. The covered back patio and backyard landscaping are perfect for outdoor entertaining. Home also offers a large laundry room w/extra storage, a whole house water filtration system, new high end carpeting in bedrooms, extensive back landscapin

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8245 E Bell Road Unit 209 Scottsdale, AZ 85260

$685,000

3 Beds

2 Baths

1,819 SqFt

Status Active

MLS # 6689032

Property Type Townhouse

Price Type --

Welcome home! This fully furnished, stocked with 5 star amenities, 3 bedroom 2 bath condominium is a rare opportunity you can't miss. Open floor concept with vaulted ceiling, cozy fireplace, and lots of natural lighting. Newer kitchen appliances just installed, as well as new paint. New island window shuttters! Steps away from a heated private community swimming pool and Jacuzzi and separate BBQ area with covered seating. A truly resort like environment. Two car garage with open guest parking available. Located in the highly sought after Montana del Sol, a gated community complex close to the Fairmont Princess, the new Draft Kings & Sportsbook, and TPC Golf course where they host the famous Waste Management Phoenix Open. Minutes away from West World and Gateway Park. Amazing 2nd home or investment property! You don't want to miss this!

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1734 S 177th Avenue Goodyear, AZ 85338

$685,000

4 Beds

3 Baths

3,361 SqFt

Status Active

MLS # 6693138

Property Type Single Family Residence

Price Type --

Seller Financing Available! Discover country living in the city with this fantastic home set on a fully fenced 1.1-acre lot! Providing a detached car garage, gated entry, and tons of room for extra parking. Inside, you'll find a spacious living & dining room and a family room w/media niche. PLUS! Bonuses include a den, storage room, and a guest quarter with a kitchenette & private bathroom. HUGE side & back yards with an open patio and lush green grass. Ideal for horse lovers or home businesses, this gem has endless potential! No HOA!

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931 N Senate Street Chandler, AZ 85225

$685,000

4 Beds

2 Baths

2,340 SqFt

Status Active

MLS # 6730503

Property Type Single Family Residence

Price Type --

BEAUTIFUL CHANDLER CUL-DE-SAC! This stunning 4-bedroom, 2-bathroom residence boasts a 3-car garage, large lot, fenced pool, and lots of room to enjoy. Enjoy the open and bright living areas with new upgraded back doors, plantation shutters, skylights and custom security iron work on front door and garage windows. Newer AC and roof ensure the big items are taken care of for you. The large primary bedroom includes a fabulous walk-in closet and separate exit to the backyard. The attached bathroom includes a soaking tub, separate shower, and private toilet. This space offers the opportunity for endless relaxation. Outside, you'll love the private fenced pool surrounded by gorgeous tile work, grass and fruit trees. Great space and plenty of room to entertain friends and family! Quiet neighborhood located close to food and shopping - what more could you ask for?

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8152 W Aster Drive Peoria, AZ 85381

$685,000

5 Beds

3 Baths

2,874 SqFt

Status Active

MLS # 6727371

Property Type Single Family Residence

Price Type --

Absolutely Stunning 5 Bedroom, 3 Bath, Single Level Home Located in Highly Desired Almost Half Acre Horse Property in Peoria, Formal Living Room, Upgraded Kitchen w/Granite Countertops, Breakfast Bar, Stainless Steel Appliances, Spacious Dining Room, Oversized Family Room w/Amazing View of the Backyard, Master Bedroom w/Ensuite Remodeled Master Bathroom w/Dual Sinks, Attached Guest House Spacious Bedroom & Bathroom w/Separate Exit,Professional Addition Was Done to Add a 5th Large Bedroom on 2nd Floor, Backyard is Amazing w/ 5 Different Types of Fruit Tress & FLOOD Irrigated Grass Lot, Basketball Court, Firepit, Extended Covered Patio, Got Horses or Other Livestock? They are allowed! RV Gate w/RV Parking & Hook-Ups, NO HOA, 2 Car Garage, Pretty Rare Property! Come Check It Out!

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325 E Caribbean Lane Phoenix, AZ 85022

$685,000

4 Beds

2 Baths

2,599 SqFt

Status Active

MLS # 6694650

Property Type Single Family Residence

Price Type --

Charming home offering comfort and convenience in a peaceful, quiet neighborhood! Inside you'll find a cozy living space, perfect for relaxing or entertaining friends. Kitchen opens to family room accented by a fireplace. Large bonus room with vaulted ceiling makes a great game room with a kitchen passthrough. The primary bedroom boasts a generous layout with French doors to the pool, walk-in closet, and bathroom complete with dual sinks and a walk-in shower. Step outside to your private backyard oasis and discover a fire pit, mature trees, and a sparkling swimming pool, creating a serene setting in your very own backyard! Move In Ready!

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6642 E School House Flats Hereford, AZ 85615

$685,000

4 Beds

3.5 Baths

3,042 SqFt

Status Active

MLS # 6743531

Property Type Single Family Residence

Price Type --

Check out this beautiful custom built home with stunning mountain views and a sparkling private pool in the back yard. Double shower in primary bathroom with four shower heads, walk in closets & kitchen pantry, man cave bonus room, double oven, double HVAC units, guest bedroom with 1/2 bath and 2nd guest bedroom with full bath. 3 car garage with one converted & fully insulated. Home includes water softener, fridge, home security system, fire pit, huge double shed, and solar pool heating system! A must see!

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2720 N Sterling -- Mesa, AZ 85207

Open House

New

$685,000

3 Beds

2 Baths

2,126 SqFt

Status Active

MLS # 6759083

Property Type Single Family Residence

Price Type --

Welcome Home, where comfort meets modern elegance! This expansive 2,100+ sqft residence offers 3 bedrooms, 2 bathrooms, plus a versatile Den/Bonus Room, all set on a generous 9,100 sqft lot. The spacious master suite, located at the rear of the home, serves as a peaceful retreat, complete with an oversized master bath and an expansive walk-in closet. At the heart of the home lies the stunning kitchen, featuring a striking waterfall quartz island, quartz countertops, and upgraded raised-panel cabinetry—perfect for culinary creations and casual dining. Host formal gatherings in the elegant living room or relax in the Den/Bonus Room, both thoughtfully designed for entertaining. Step outside to your serene backyard oasis, highlighted by a crystal-clear PebbleTec pool and a jacuzzi with a soothing waterfall feature, creating the ultimate space for outdoor enjoyment. This home is a true gem, offering a blend of luxury and comfort that's perfect for both everyday living and hosting memorable moments.

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