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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3021 E Shangri La Road Phoenix, AZ 85028

$679,000

3 Beds

2 Baths

2,310 SqFt

Status Active

MLS # 6757744

Property Type Single Family Residence

Price Type --

Seller Offering Closing Costs! This beautifully renovated home has been transformed from top to bottom, featuring an open floor plan with spacious rooms and modern upgrades throughout. Enjoy brand new luxury vinyl plank flooring, a completely remodeled kitchen, and fully renovated bathrooms. As you step inside, you're greeted by a warm, inviting atmosphere and an airy layout. The gourmet kitchen is perfect for cooking enthusiasts, designed to be the heart of the home. Situated on a large, private lot, this property is conveniently located just minutes from the 51 freeway, Paradise Valley, and Scottsdale.

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15574 W Agua Linda Lane Surprise, AZ 85374

New

$679,000

2 Beds

2 Baths

1,934 SqFt

Status Active

MLS # 6759404

Property Type Single Family Residence

Price Type --

Golf Course Gem on the #1 Tee Box This stunning Cholla floorplan home offers breathtaking panoramic views of Granite Falls North's picturesque golf course. Enjoy the tranquility of water features and the lush greenery of three fairways right from your doorstep Step inside to discover a beautifully appointed interior featuring plank tile flooring, skylights, and designer painted cabinets. The kitchen boasts granite countertops, black appliances, and a convenient breakfast bar. The spacious master suite features a bay window and a luxurious master bath with double sinks and a large walk-in tiled shower. The guest bedroom is extended and includes a tiled walk-in shower. Outside, you'll find an extended covered patio with built-in BBQ, fans, and stunning golf course views. Furniture Avail

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368 S 172nd Drive Goodyear, AZ 85338

$679,000

5 Beds

4 Baths

4,019 SqFt

Status Active

MLS # 6754016

Property Type Single Family Residence

Price Type --

Discover plenty of space and comfort in this stunning 5-bedroom, 4-bathroom Canyon Trails home. It features a gourmet kitchen with stainless steel appliances and center island, perfect for any cook. Enjoy privacy in the attached guest casita with its own living room and entrance. PRE-PAID Solar panels offer eco-friendly living and lowered electric bills for years to come. The backyard is an oasis with a private pool, huge extended covered patio, and BBQ area, all overlooking the community green belt with no neighbors behind. Plus, enjoy community amenities like a recreation room, parks, and community pool.

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654 S Sabrina -- Mesa, AZ 85208

$679,000

6 Beds

3.5 Baths

3,980 SqFt

Status Active

MLS # 6736359

Property Type Single Family Residence

Price Type --

Discover elegance in this exquisite 6-bedroom, 3.5-bath home in Parkwood Ranch, just under 4000 sq ft. The gourmet kitchen boasts granite counters, white cabinets and stainless steel appliances. The master suite features a luxurious walk-in shower. Enjoy the expansive loft, perfect for a playroom. Outside, the sparkling pool, mature landscaping, and RV gate create a private oasis. This home seamlessly blends style and comfort for extraordinary living.

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20925 E Via Del Oro -- Queen Creek, AZ 85142

$679,000

4 Beds

3 Baths

2,402 SqFt

Status Active

MLS # 6744959

Property Type Single Family Residence

Price Type --

This beautifully remodeled home has it all! 4 bedrooms, 3 full baths with a pool, 3-car garage, separate downstairs guest quarters, two living areas, dual walk-in closets & jacuzzi tub in the primary suite, water softener, and an oversized lot with mature fruit trees & putting green. You get all that PLUS access to the community center with community pool, golf course, gym and more! Walk or ride your golf cart on over to the bistro, splash pad, skate park, golf course, playground, doctor's offices, shopping - you name it - all your conveniences are under a mile away! This is truly a gem in the heart of Queen Creek.

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1732 E Kenwood Street Mesa, AZ 85203

$679,000

3 Beds

2.5 Baths

2,628 SqFt

Status Active Under Contract

MLS # 6692758

Property Type Single Family Residence

Price Type --

Seller is offering 6% in concessions with an offer with no contingencies. This well-maintained residence boasts 3 bedrooms plus a den/office, 2.5 baths, a 3 car garage and a low-maintenance yard with desert landscape. The interior of the home was just painted to create a fresh and neutral space throughout. Upon entering, there is a large versatile space with beautiful sliding doors, which can be ideal for a hobby room , home gym, playroom, or a formal sitting/dining area. The kitchen has granite counters, abundant wood cabinetry, recessed lighting, stainless steel appliances, and a center island with a breakfast bar. Just off the kitchen is an enormous laundry room with a walk in pantry. The den provides additional space for work or leisure. The main bedroom offers an en-suite with dual sinks and a huge walk-in closet. The family room has vaulted ceilings and a cozy fireplace. The backyard showcases a covered patio and ample space to create your personal oasis. Gated community close to parks, restaurants, airports, and more

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1350 W Buffalo Run Road Chino Valley, AZ 86323

$679,000

4 Beds

2.5 Baths

2,170 SqFt

Status Active

MLS # 6702074

Property Type Single Family Residence

Price Type --

Escape the hustle and bustle with this exceptional home on 2.5 acres of pristine land. The perfect blend of tranquility and convenience. This home features a spacious kitchen, a cozy stove to enjoy in the winter time and beautiful Mountain View's. Outside, the expansive yard presents endless possibilities, whether you're dreaming of creating your own mini-farm, building a workshop, gardening or simply enjoying the serene surroundings. Don't miss your chance to own this slice of paradise!

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11122 E Sleepy Hollow Trail Gold Canyon, AZ 85118

$679,000

3 Beds

2 Baths

1,854 SqFt

Status Active

MLS # 6679120

Property Type Single Family Residence

Price Type --

This home is in a great location in Gold Canyon a corner acre lot with NO HOA and has incredible views of the Superstition Mountains! The main house has 2 full bedrooms, a den and a loft that could be converted for an additional bedroom if desired! Plus, there is a separate one room Casita with a full bath for added space and the perfect mother-in-law set up! Private pool fully fenced along with the side yard that would be perfect for your pets. Enclosed 29x11 Arizona room allows for you to enjoy the views of the Superstitions right in the comfort of your home. 3 car garage has lots of additional storage and this home is ready for your personal touches and updates. You can paint your vision and improve to your tastes as the bones are good. Call today for your own personal tour.

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6023 N Syncline Ridge Drive Casa Grande, AZ 85194

$679,000

4 Beds

2 Baths

2,441 SqFt

Status Active

MLS # 6677057

Property Type Single Family Residence

Price Type --

Reduced!! Elegant Tuscan style, this 4-bedroom, 2-bath home gracefully sits on a 1-acre plot, boasting panoramic mountain views. Ideally situated just moments from I-10, this residence exudes charm & functionality. Enter a custom iron and glass front door leading to vaulted ceilings & a thoughtfully designed split floor plan encompassing 4 bedrooms, 2 baths, & a spacious family room. Master bath features a double sink vanity & a meticulously crafted tiled shower. A luminous, open kitchen awaits, adorned with quartz countertops, a tiled backsplash, stainless steel appliances & pristine white cabinetry. Revel in the latest wood plank tile flooring & exquisite lighting throughout. Step outside to discover a vast covered patio perfect for entertaining, 2X6, 3-Car Garage and fully fenced in block walls enclosing back yard. Front and back landscaping, this home epitomizes comfort and security. (Washer & Dryer included along with refrigerator in garage. Notably the HOA welcomes RVs. boats and recreational toys, making this property an irresistible find for any homeowner seeking both luxury and convenience.

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29129 N 227th Drive Wittmann, AZ 85361

$679,000

4 Beds

2 Baths

2,301 SqFt

Status Active Under Contract

MLS # 6693792

Property Type Single Family Residence

Price Type --

Welcome to this exquisite home nestled on a spacious 1-acre lot with breathtaking views in every direction! Prepare to be captivated by the charm and versatility of this property, where the possibilities are as endless as the horizon. As you enter through the RV gate and into the expansive backyard, you'll immediately notice the freedom and flexibility this property offers. Whether you're a car enthusiast, an outdoor adventurer with a collection of toys, or a horse lover seeking a place to call home, this property has it all. The centerpiece of this remarkable property is the massive workshop, a true haven for any handyman or DIY enthusiast. With two sections to explore, the main 36x30 shop is a masterpiece of craftsmanship, featuring heating and cooling, complete insulation, sturdy block wall construction, and 2X6 framed interior walls. Two 10-foot bay doors effortlessly accommodate up to six cars, ensuring that your projects are as ambitious as your dreams. The second attached shop, a 24x16 block structure with an 8 foot bay door and Evaporative Cooling, offers even more space for your creative endeavors. Indoors, the open-concept floor plan seamlessly blends elegance and functionality, with a chef's delight kitchen that will inspire culinary masterpieces. Featuring luxurious granite countertops, ample cabinet space, and a layout that invites seamless flow between the dining area and kitchen nook, this is a space where memories are made and culinary creations come to life. Don't miss the opportunity to make this extraordinary property your own - where every day is an adventure waiting to unfold, and every possibility is within reach. Come discover the endless potential of this remarkable home with views that will steal your heart and a workshop that will ignite your passions. Items updated: Roof recoated April 2024 (5 yr warranty); water heater March 2024 (preventative); security doors; dishwasher; carpet (3 yrs); shop exterior paint (3 yrs); landscaping (3 yrs)

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111 E Santa Lucia Lane Queen Creek, AZ 85140

Open House

New

$679,000

2 Beds

2 Baths

1,928 SqFt

Status Active

MLS # 6748591

Property Type Single Family Residence

Price Type --

This popular Refresh plan at Encanterra is ready for you to enjoy. Located on a prime homesite with no backyard neighbors, you'll love the breathtaking mountain views and serene palm trees, just steps away from the Algarve pool and restaurant. This stunning home has endless upgrades, including a gourmet kitchen, upgraded tile throughout, custom window treatments, and tons of built-in cabinetry. The luxurious tile showers, quartz countertops, and exquisite finishes make this home truly unique. Built-in bookshelves, wrought iron front door and stunning light fixtures are a few of the custom features you'll find in this home. The den makes a great home office or 3rd bedroom option. Be sure to book your tour today and start living the Good Life at Encanterra!

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2214 W Paso Trail Phoenix, AZ 85085

$678,990

3 Beds

2.5 Baths

2,567 SqFt

Status Active

MLS # 6715638

Property Type Single Family Residence

Price Type --

Farmhouse style Alta floorplan opens up to an expansive greatroom kitchen with stainless steel appliances includes gas cooktop, under cabinet hood, dishwasher, single wall oven and microwave with trim kit against white shaker style cabinet. Cabinet extras through out including a boxed-in refrigerator, gold cabinet hardware, and more. Luxurious quartz countertops and tile backsplash in kitchen. 8' interior doors, 4-1/4'' baseboards throught. 4-foot gate at rear of sideyard. 4-panel sliding glass door from great room to covered patio. Gas stub for BBQ at sideyard. Pavered corner covered entry. Modified master bath; includes walk-in shower with linen closet and executive height vanities with painted shaker style cabinets. Shower to include clear glass enclosure and cultured marble surrounds. Electrical upgrades include ceiling fan prewires, seperate switch pendant light prewires over kitchen island, upgraded gold vanity lights and more. 6x36 neutral tone wood look tile throughout first floor, and in laundry and secondary bath. Primary bathroom to include 14 white hex tile. Upgraded carpet and pad on stairs, in loft and bedrooms. Low voltage and plumbing upgrades throughout. And so much more! Union park offers tree-lined streets, pedestrian-friendly sidewalks and a 5,500 sf recreation center with resort style pool an kiddie pool, shaded ramadas, parks, gathering areas, pickelball courts and basketball. Close to I-10, 101 and 303. Walking distance to restaurants, movies, entertainment and shopping.

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