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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9390 Mead Lane Snowflake, AZ 85937

$675,000

6 Beds

4 Baths

2,624 SqFt

Status Active

MLS # 6731913

Property Type Manufactured Home

Price Type --

Wow! Check out this opportunity! 2 homes on 80 acres fully off grid and self sustaining. The PRIMARY HOME offers 1568 square feet of living space with 3 bedrooms and 2 bathrooms. Floors recently upgraded to vinyl plank throughout. Split bedroom floor plan. Kitchen features hickory cabinets, granite counter tops, large kitchen island, farm sink and NEWER gas stove. Primary home is powered by 30 solar panels which is sustained by banks of lithium batteries. In addition to a 2 car masonry garage, the primary home also features a single car Graceland garage, a 14 X 40 carport and a 10 x 20 Graceland Lofted Barn Cabin for extra storage. The GUEST HOME offers 1056 square feet of living space with 3 bedrooms and 2 bathrooms. See additional description. The living space is bright and airy and features a split bedroom floor plan and breakfast bar. Guest home is powered by 25 solar panels and sustained by banks of 12 AGM Maintenance Free batteries. 1 private well services both homes. Another private well is located on the upper 40 acres and is currently being used for their cattle. Property can be split and has passed a perc test. See document file. Power is also located nearby if you would prefer that option. This property would be perfect for multi-generational housing or could use guest home as rental income! Property is all off-grid but only 10 miles from town. Best of both worlds!

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15236 N 20th Place Phoenix, AZ 85022

$675,000

3 Beds

2 Baths

1,475 SqFt

Status Active

MLS # 6696568

Property Type Single Family Residence

Price Type --

Discover the opportunity of a lifetime - your very own dream vacation rental property is now available for sale! Indulge in the sheer luxury of this fully furnished vacation home, where every detail has been meticulously curated to create an inviting and comfortable ambiance. From the cozy living room to the fully equipped kitchen, this property ensures your guests have all they need for a memorable stay. Luxurious bedrooms and tasteful décor, your guests will find the utmost comfort and relaxation. Rest easy knowing that this vacation rental property has been meticulously maintained.: Pool Heater HVAC and Roof all new in 2022. Turnkey opportunity for the new owner. Not into vacation rentals, this is a perfect family home on a quiet cul-de-sac near Lookout Mountain! No HOA!

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6575 E Rolling Ridge Road San Tan Valley, AZ 85140

$675,000

4 Beds

2.5 Baths

2,410 SqFt

Status Active Under Contract

MLS # 6735166

Property Type Single Family Residence

Price Type --

Escape the hustle and bustle in this stunning custom home on over an acre with NO HOA! This beautiful 4 bedrooms, plus a den and 2.5 bathrooms home features upgraded cabinets, granite countertops, stainless steel appliances, spacious open floor-plan and beautiful mountain views. 2 horse stalls, pastures, and fences in place, this property is perfect for animal lovers. Don't miss out on this one-of-a-kind listing!

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1917 E Tierra Buena Lane Phoenix, AZ 85022

$675,000

3 Beds

2 Baths

2,235 SqFt

Status Active

MLS # 6748788

Property Type Single Family Residence

Price Type --

Gorgeous home ON LOOKOUT MOUNTAIN! This home features southwestern high-end Saltillo Tiles with Coyote Paw Tiles by the front entry. Upon entry the vaulted ceilings add an open bright feel to the formal dining room huge living room. The granite countertop has a custom grill built into it for the perfect chef. A glamorous mirrored backsplash gives the kitchen an extra shimmer!. This 3 bedroom home has a great floorplan with a master bedroom split away from the other two rooms. The back covered patio is screened and opens to the sparkling pool. Views from the backyard are INCREDIBLE! Take a shower by the large Saguaro Cactus by the pool before you take a dip! Outdoor fireplace with pergola. No HOA! Master bath upgraded with a oversized soaking tub & separate shower.

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3023 Portside Drive Prescott, AZ 86301

$675,000

3 Beds

2 Baths

1,936 SqFt

Status Active

MLS # 6754509

Property Type Single Family Residence

Price Type --

Take a look at a newer build & spacious 4-car garage in Willow Hills Sub. This well kept open floor plan with charming & welcoming front porch entry has all the privacy located on cul-de-sac with views of Bill Williams range, Granite Mtn. & peek-a-boo views of Granite Dells. Gorgeous screened-in covered back patio is located off great room & formal dining for easy access. Newer painting in some rooms, all window cov. replaced. Great rm has gas fireplace & is open to eat-in kitchen with island, stainless steel appliances with granite countertops flanked by Espresso stained cabinetry. Separate bedrooms has split plan from primary & gives everyone their own living space. Primary has snail shower, walk-in closet, dual vanities & security giving access to screened-in patio. Text to show

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9449 E Mallory Street Mesa, AZ 85207

$675,000

4 Beds

2 Baths

2,054 SqFt

Status Active Under Contract

MLS # 6744122

Property Type Single Family Residence

Price Type --

Pride of ownership certainly shows in this gorgeous residence in Gated comunity of Boulder Mountain Highlands! Nestled on a desirable corner lot w/ mountain views! Offering an open, light and bright split floorplan,3-car garage, gorgeous backyard, mature landscape, and an inviting front porch. Great room is complemented by a fireplace, making it a perfect setting for relaxing evenings or lively gatherings. The kitchen features a walk-in pantry and a center island. The owner's retreat includes an ensuite with dual sinks and a separate shower & tub. Great closet space a plus. Venture outside to discover the serene backyard, showcasing a covered patio, mountain views, fire pit, and a refreshing pool & spa. This one-of-a-kind property will surely impress you!

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1415 W Mountain Sky Avenue Phoenix, AZ 85045

$675,000

4 Beds

3 Baths

2,329 SqFt

Status Active

MLS # 6756713

Property Type Single Family Residence

Price Type --

Nestled in the serene neighborhood of the Foothills Club West Planned Community this enchanting 4-bedroom, 3-bathroom home spans 2,329 sq ft with a large 3 car garage and offers a slice of paradise with breathtaking South Mountain Views. This property, now available for sale, boasts a resort-like backyard designed for luxury and relaxation, featuring a sparkling heated pool, spa, cozy firepit with conversation area, and a BBQ Island set on elegant flagstone. Inside, the home welcomes with an upgraded kitchen adorned with granite countertops, newer fixtures and stainless steel appliances, a family room with a fireplace and wet bar, perfect for entertaining. The main level includes a convenient guest room with a full bathroom, while a hardwood staircase leads to a private primary suite. This suite opens to a balcony showcasing the magnificent mountain views and includes dual his and closets, a soaking tub, double sinks, and updated fixtures. Two additional bedrooms with upgraded flooring, fixtures and window treatments. Experience comfort and style in every corner of this exquisite home.

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10348 E Tupelo Avenue Mesa, AZ 85212

New

$675,000

3 Beds

2.5 Baths

2,319 SqFt

Status Active

MLS # 6759378

Property Type Single Family Residence

Price Type --

Spacious home! Unique circular entrance with an open split floorplan. This is a must see 3 bedroom + den, roomy owners suite with dual vanities & bench shower. The 2 guest bedrooms share a Jack n' Jill bath with each bedroom having their own private vanity. Home also features a den, powder room, granite island kitchen with seating and upgraded cabinets, dining area, separate laundry and a 3 car garage. Floor upgrades and barely lived in, on an oversized lot with room for a pool, this home is located in a desirable location and walking distance to the Encore Club. (WHEW!!!) All this could be yours!

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1432 E Culver Street Phoenix, AZ 85006

$675,000

3 Beds

2 Baths

1,680 SqFt

Status Active

MLS # 6755851

Property Type Single Family Residence

Price Type --

This fully Permited beautiful Spanish style home has been extensively renovated, along with a brand new master suite addition in September 2024. EVERYTHING has been replaced within the home down to the original brick walls. New roof, windows, wiring, electrical panel, Trane AC unit, doors, framing, plumbing, drywall, baseboards, kitchen, bathrooms, stucco, paint, landscaping, and the list goes on. The home is fully insulated with foam insulation, brand new duct work, synthetic stucco system, new gates, everything you see is brand new. Combine this with an excellent central location, and you have a true winner. The master suite is massive with large bathroom and walk in closet. Minutes from Downtown, Roosevelt Row, shopping, restaurant, schools, and hospitals. Home is surrounded by the Coronado and Garfield Historic Districts. Please view photos of foam insulation, new ductwork, and framing. All of the work is now completed, and home is 100% finished and move in ready!

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6285 E Broadway Avenue Apache Junction, AZ 85119

$675,000

3 Beds

2.5 Baths

2,186 SqFt

Status Active

MLS # 6753361

Property Type Single Family Residence

Price Type --

1.1 acre lot at the base of the Superstition Mountains offering stunning mountain views & city light / sunset views out the back. Single level home with 3 bedrooms & 2.5 baths. Knotty alder kitchen cabinets, SS appliances, pantry & granite countertops. Breakfast nook. All newer windows! Formal LR / DR and a huge family room with newer mini split AC and Fireplace. Office area with 1/2 bath. Owners suite with full bath. Two other bedrooms with full bath. Workshop / 6 car detached garage.

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3932 E Shaw Butte Drive Phoenix, AZ 85028

$675,000

4 Beds

2 Baths

2,029 SqFt

Status Active

MLS # 6745223

Property Type Single Family Residence

Price Type --

Gorgeous home, great location and plenty of updates! What's not to like??? This beautiful 4 bedroom, 2 bath home offers a renovated pool, owned solar, updated AC, dual pane Low-E windows, granite throughout, a stunning kitchen and more! Centrally located with easy freeway access. Schools, parks, and abundant shopping nearby. Not to be missed!

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948 W Lookout Circle Prescott, AZ 86303

$675,000

3 Beds

3 Baths

2,270 SqFt

Status Active

MLS # 6748730

Property Type Single Family Residence

Price Type --

Midcentury home in desirable Hassayampa Mountain Club (No HOA), located 5 minutes from downtown Prescott.Remodeled kitchen includes custom cabinets with inserts and pullouts and new appliances. Laundry room includes a new washer and dryer. A new fireplace with thermostat and E-rated Anderson windows have been added for increased efficiency. Owners also just a 3rd bathroom with double-sink vanity and spacious walk-in shower upstairs to serve the 2 guest bedrooms. A new Tankless Water Heater provides endless hot water. Large entertainment/family room offers a great space to play, read or just relax. New Tran HVAC system upstairs and custom garage door. 2 driveways with 10x20 heavy-duty canopy for covered parking in upper driveway

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