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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21421 E Roundup Way Queen Creek, AZ 85142

$680,000

6 Beds

5 Baths

3,527 SqFt

Status Active

MLS # 6697761

Property Type Single Family Residence

Price Type --

***5,000 Credit towards closing costs!! Welcome Home! This beautiful Richmond American home is ready for you and your family to enjoy and create amazing memories. With 6 bedrooms and 5 bathrooms you will have plenty of room for your family and endless possibilities for working from home or caring for an aging loved one; with two bedrooms and 2 full bathrooms downstairs. Enjoy the new sparkling pool and putting green in the backyard. Granite countertops and upgraded kitchen make it a wonderful environment to cook and enjoy family. Newer exterior paint and Air Conditioning make this home move in ready. Low maintenance yards will allow you to spend time enjoying life.

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8621 E Virginia Avenue Scottsdale, AZ 85257

$680,000

4 Beds

2 Baths

1,416 SqFt

Status Active

MLS # 6749956

Property Type Single Family Residence

Price Type --

Discover a world of modern design with this beautiful fully remodeled in 2023 home featuring a 2-car garage and RV gate! All new plumbing and sewer lines as of 2023. Inside, the harmonious open floor plan is made for entertaining with wood-look flooring, stylish light fixtures, and ceiling fans. The gourmet kitchen displays tile backsplash, an island with a breakfast bar, glossy SS appliances, plenty of dark cabinets with crown moulding, a pantry, and recessed lighting. Enter the main retreat which is equipped with a plush carpet, a well-sized closet, and a window seat where you can relax while reading your favorite novels. This haven has an auto drip system for the front yard. It also includes a bonus flat style casita with a separate entry. It includes enough space for a bedroom and has a sink and toilet. The grassy backyard has a sprinkler system and a covered patio for unwinding. Act now!

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2430 N Sossaman Road Mesa, AZ 85207

$680,000

3 Beds

2 Baths

1,677 SqFt

Status Active

MLS # 6738883

Property Type Single Family Residence

Price Type --

Remodeled Adobe style home on over an acre lot! The home has a fully upgraded kitchen with white quartz countertops, waterfall island/breakfast bar, stainless steel appliances and vent hood, white shaker cabinets, stainless steel modern farm sink, a breakfast room/informal dining room plus an additional formal dining area off the family room, custom wrought iron front door, open concept floor plan, built in entertainment center in family room, modern ceiling fans and fixtures throughout, wood like tile flooring, high vaulted ceilings, 2 car garage and plenty of room to expand or put a detached garage for your boat and other toys, plus NO HOA. There is an extra large 3 panel sliding door that leads to the spacious backyard (See more) that has loads of potential and includes a fenced in private pebble tech pool and covered patio, as well as a canopy over the pool to add extra shade, and mature palm trees! Roof is only 3 months old, one AC is approx 8 months old and the other is approx 3 years old. Sewer tap out front to connect to sewer if buyer prefers instead of current septic. Seller has plans for a 900 sq ft. addition (see semi-private remarks and docs tab).

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3122 W Adobe Dam Road Phoenix, AZ 85027

$680,000

3 Beds

2 Baths

2,704 SqFt

Status Active

MLS # 6748716

Property Type Single Family Residence

Price Type --

Welcome to this amazing 3-bedroom, 2-bathroom home with a spacious office or optional fourth bedroom, sparkling blue pool, and energy-efficient leased solar located in the highly sought-after Adobe Highlands community. Enjoy the convenience of nearby Paseo Highlands Park, scenic hiking trails, and Hurricane Harbor just minutes away, along with easy access to both Loop 101 and I-17 freeways. Once inside, you'll appreciate the vaulted ceilings, soothing neutral color palette, and a versatile formal living and dining area (currently used as a billiards room) that seamlessly flows into the open eat-in kitchen. The kitchen is a chef's delight, featuring stainless steel appliances, gorgeous granite countertops, a large walk-in pantry, and an oversized center island with a breakfast bar open to the casual dining area and the inviting great room. The great room offers a cozy gas fireplace and provides easy access to the backyard pool oasis. Step outside to the extended covered patio and take in the tranquil atmosphere, complete with a sparkling blue pool and a soothing water feature. The backyard offers ample space to relax or entertain family and friends, creating the perfect spot for outdoor enjoyment. Back inside, the primary bedroom is a true retreat, showcasing a luxurious ensuite bathroom with a glass-enclosed walk-in shower, deep soaking tub, dual sinks, a private exit to the patio, and a spacious walk-in closet. The additional two bedrooms, a spacious office with double door entry (currently set up as a fourth bedroom), a guest bathroom with dual sinks, and a well-equipped laundry room with a utility sink (washer and dryer included) complete this fantastic floor plan. Additional highlights include a desirable 3-car garage and an RV gate, offering both convenience and flexibility. This home offers the perfect blend of comfort, style, and functionality - don't miss the chance to make it yours!

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1788 E Azafran Trail San Tan Valley, AZ 85140

$680,000

2 Beds

2.5 Baths

2,368 SqFt

Status Active

MLS # 6725928

Property Type Single Family Residence

Price Type --

Experience the pinnacle of Encanterra living! Guests will enjoy the spacious bedroom with a sitting area, en-suite bath, and walk-in closet. The den includes a custom Murphy bed and built-in cabinets. The gourmet kitchen features a gas cooktop, stainless steel appliances, and a large double pantry. The smart space/laundry room is ideal as a home office. The backyard is perfect for entertaining with expanded travertine pavers, a gas fireplace, BBQ grill, and ample space. The pristine garage has an epoxy finish and built-in cabinets. With an 8-year pre-paid solar system, this home ensures low energy costs. Enjoy endless upgrades and exceptional living in this showstopper home.

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21448 N 78th Drive Peoria, AZ 85382

$680,000

5 Beds

3 Baths

3,643 SqFt

Status Active

MLS # 6726837

Property Type Single Family Residence

Price Type --

Located in a vibrant Peoria community, this 2006-built home offers comfort, style, sustainability and energy efficiency! Spanning 3,643 sq ft, it's designed for modern living. Vaulted ceilings and tile-carpet flooring welcome you indoors. The kitchen features granite countertops, maple cabinets, and stainless steel appliances. With five bedrooms and three bathrooms, it accommodates families and guests effortlessly. Constructed with 2x6 framing, Low-E windows, and Tyvek stucco, energy efficiency is paramount. The backyard is an entertainer's paradise with a gazebo, built-in BBQ, fire pit, and covered patio. The three-car garage with a shop area suits hobbyists. Perfectly situated for both serenity and convenience, this home awaits you! Agent is related to sellers.

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3099 E Runaway Bay Place Chandler, AZ 85249

$680,000

4 Beds

2.5 Baths

3,113 SqFt

Status Active Under Contract

MLS # 6734609

Property Type Single Family Residence

Price Type --

PRICE IMPROVEMENT! This BEAUTIFULLY updated 4 bedroom + DEN and LOFT / 2.5 bath property is STUNNING! Enjoy your own PRIVATE BACKYARD OASIS! BOTH AC units replaced in 2023 with TRANE UNITS. Stainless Steel appliances and the $30K kitchen remodel will WOW you! The primary bedroom and bathroom is conveniently located on the MAIN floor. Upstairs, the loft offers additional living space ideal for a playroom. Entertain your friends and family in your BEAUTIFUL backyard complete with a Pebbletec pool, covered patio and an outdoor kitchen which includes an oversized BBQ AND wood burning fireplace. 3 CAR GARAGE and plenty of storage! NEW CARPET BEING INSTALLED ON 8/1. PLEASE SEE DOCUMENTS TAB FOR COMPLETE LIST OF UPGRADES. This home is in close proximity to restaurants, shopping and amenities

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234 E Avenida Sierra Madre -- Gilbert, AZ 85296

$680,000

3 Beds

2 Baths

1,915 SqFt

Status Active

MLS # 6706250

Property Type Single Family Residence

Price Type --

Welcome to this charming Downtown Gilbert abode, a spacious sanctuary boasting 3 bedrooms and 2 baths. RV gate and NO HOA! Step inside to discover a modern haven where every detail exudes elegance. The heart of the home is the updated kitchen, featuring sleek countertops, stainless steel appliances, and an oversized island perfect for culinary creations and casual dining. Natural light pours in through large windows, illuminating the open-concept living and dining areas, creating an inviting atmosphere for gatherings. Retreat to the tranquil master suite, complete with a luxurious ensuite bath and ample closet space. Outside, paradise awaits in the expansive backyard oasis. Dive into the sparkling pool on hot summer days or unwind on the large patio, ideal for al fresco dining and entertaining under the Arizona sky. Located in the vibrant Downtown Gilbert area, this home offers the perfect blend of comfort and convenience, with trendy shops, eateries, and entertainment options just moments away. Embrace the epitome of suburban luxury in this impeccable residence.

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842 E Cambridge Avenue Phoenix, AZ 85006

Open House

$680,000

3 Beds

2 Baths

1,823 SqFt

Status Active

MLS # 6752309

Property Type Single Family Residence

Price Type --

Located in the Phoenix Historic District, this 1941 residence offers a perfect blend of classic charm and contemporary upgrades. The bright, open floor plan features rich wood flooring, LED recessed lighting, and oversized windows that invite abundant natural light. The great room, complete with a gas fireplace, seamlessly connects to an upgraded kitchen boasting Thermador appliances, a white tile backsplash, and generous storage. A formal dining area and eat-in kitchen provide elegant spaces for dining and entertaining. The outdoor area includes a landscaped front and back yard, a tranquil patio, and a spacious side lot ideal for pets. Ideally positioned near a park and close to Phoenix Country Club, Sky Harbor Airport, Fashion Square Mall, dining, golfing, and major freeways. This home also includes a two-car garage and additional slab parking, making it an exceptional choice for those seeking a blend of historic character and modern amenities.

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3444 E Manso Street Phoenix, AZ 85044

Open House

$680,000

4 Beds

3 Baths

2,692 SqFt

Status Active

MLS # 6741546

Property Type Single Family Residence

Price Type --

Welcome home! 4 bedroom 3 full bath home - 1 bedroom and full bath downstairs!Remodeled kitchen with VIKING appliances,granite countertops, full height backsplash,solid wood cabinets designed to give an amazing amount of storage. Family room with gas fireplace and sliding glass door to the spacious backyard. The upstairs primary suite has vaulted ceilings, ceiling fan, and remodeled ensuite bath with step in shower with ceiling height tile surround, walk in closet.Two additional bedrooms upstairs - both with vaulted ceilings and ceiling fans,full bath with dual vanities.Sparkling, diving depth pool (safety net included). Covered patio area with saltillo tile.Desirable Ahwatukee neighborhood!Walking distance to Kyrene de la Colina elementary school.Close to trails, shopping, and amenities.

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1934 E Secretariat Drive Tempe, AZ 85284

Open House

$680,000

3 Beds

2 Baths

2,120 SqFt

Status Active

MLS # 6733514

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Tempe! This updated, single-level 3-bedroom, 2-bathroom home is an entertainer's paradise, featuring a pebble-tec pool and an expansive covered patio. Discover modern elegance with shaker-style cabinets and granite countertops in the kitchen, along with a tiled backsplash, stainless steel appliances, and a wine refrigerator. The master suite offers a dual fixture shower with a rain head, while the hall bath features a tub/shower combo. Enjoy the private backyard with a sunken brick patio, fireplace, and synthetic grass. This home includes dual-pane low-E windows, a new roof installed in July 2021, and a brand-new AC installed in 2023. Located in the Kyrene School District, this home offers an unbeatable South Tempe location.

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9821 E Glencove Street Mesa, AZ 85207

Open House

$680,000

4 Beds

2 Baths

2,249 SqFt

Status Active

MLS # 6738100

Property Type Single Family Residence

Price Type --

Nestled in gated community, this home has 9+ceilings. 2023 added new stove, dishwasher, microwave & Italian stone tile (wide wood plank look). Home painted in 2023 white throughout. Pavers in back yard extends from covered patio. Palo Verde trees shade back yard. The side yard has a lemon tree. The owners added electric box/outlet to add hot tub in future. Split floorplan with family and formal living area. Kitchen has granite countertops open into family room. The 2-bathrooms are upgraded. 3- car garage. Community Park, walking trails and green belts add space between homes. Enjoy east Mesa close to salt river, Usery Park 20 mins from Hiking, Kayaking, Fishing, 2 miles from 202 north and 7 miles from the 60. close to shopping and restaurants.

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