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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15911 W Montana De Oro Drive Surprise, AZ 85387

$713,891

6 Beds

4 Baths

3,362 SqFt

Status Active

MLS # 6689397

Property Type Single Family Residence

Price Type --

Big Price Correction!!! READY FOR IMMEDIATE OCCUPANCY!! Brand New Home! This 6 br., 4 ba., (4 bed down, 2 up) 3 car garage home has all the designer touches. Truly move in ready. Features include, master BR down, SS appliances,, upgraded kitchen cabinets, deco tile back splash, Plank Vinyl flooring, window blinds, fans in all the rooms, 16' atrium doors, Surround sound, security system, front yard landscaping plus so many more exciting included features - 10' ceilings, 8' doors, Quartz tops in the kitchen, gourmet kitchen, garage service door, tank less water heater, and so much more! 5 Star Resort Style Amenities include, hiking trails, Aquatic Center, 8 select parks, Picnic Ramada's, Basketball, 3 Pickle Ball courts, bocce ball courts, 18 hole disc golf course, and a Zip Line for the kiddos! This home is Energy Star and Indoor Air Plus qualified. Includes full Builder Warranties plus so much More..

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1945 W Bramble Berry Lane Phoenix, AZ 85085

$713,000

3 Beds

2 Baths

2,044 SqFt

Status Active Under Contract

MLS # 6762042

Property Type Single Family Residence

Price Type --

Welcome to your stunning like-new single story home in North Phoenix! This beauty was just built in May 2024 and includes nearly $90K in builder upgrades. The Barletta model features 3 bedrooms, 2 baths, and a versatile den to offer a spacious open floor plan. The primary bedroom includes a show-stopping walk-in glass shower, double sinks, a private toilet room, and huge walk-in closet. Your chef's kitchen boasts a gas cooktop, deluxe appliances, a walk-in pantry, and quartz countertops. Enjoy indoor-outdoor living with a center slider to the covered patio and premium backyard landscaping. The community center offers a pool, basketball, tennis, pickleball, 2 dog parks and more! The perfect combination of a newly constructed home without builder delays - ready for you to move in and enjoy!

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22886 E Alyssa Road Queen Creek, AZ 85142

$712,990

3 Beds

2.5 Baths

2,451 SqFt

Status Active

MLS # 6742073

Property Type Single Family Residence

Price Type --

Madera at Sultana , Aspen ~newest plan for Ashton Woods, brought to you by Americas largest private builder and builder of the year 2023. Madera allows for quiet living with convenient access to the 24 Freeway and Shopping while providing amazing community ammenities. The Aspen Floor Plan gives you spacious living with an open concept that provides the much needed outside storage for your trailers, toys,shop area in the 4 car supersize garage with rear door. Tankless water heater, 4 panel SGD,double gate, larger lot size in Madera. This home features a gourmet kitchen with built in appliances, extended nook cabinets,36'' gas cooktop, and beautiful shaker cabinetry and quartz counters in the kitchen. The main living areas are styled with 8' interior doors, wood plank tile floors and upgraded carpet, oversized spacious bedrooms, and the primary bathroom features an enlarged tiled shower and separate tub. Cabinet upgrades throughout the home, laundryroom with sink and cabinets. The 4 car supersize with rear access door is a must see garage. Stop by to see the newest master plan community in Queen Creek and newest floor plan.

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12613 S 183rd Avenue Goodyear, AZ 85338

$712,000

4 Beds

3 Baths

2,856 SqFt

Status Active

MLS # 6770241

Property Type Single Family Residence

Price Type --

Privacy and Views! This beautiful semi-custom William Ryan home is perfectly situated at the end of a cul-de-sac, offering privacy and stunning views of the Estrella Mountains and Golf Course. Enjoy spectacular sunrises, sunsets, and moonlit nights from the main living space, upstairs loft, or the back balcony and patio. Inside, the home features raised and coffered ceilings, upgraded staggered cabinetry, a marble and tile surround fireplace, updated walk-in primary shower, stainless steel appliances and split floor plan. Thoughtful window placements maximize the views. Enjoy the Estrella lifestyle with two lakes, community centers, state-of-the-art fitness centers and a water park. You must see this in person! Please don't miss the video. Turn up the volume to hear property features.

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1462 E Tiffany Court Gilbert, AZ 85298

Open House

$711,461

5 Beds

3 Baths

2,551 SqFt

Status Active

MLS # 6774770

Property Type Single Family Residence

Price Type --

Exceptional new home in Vireo at Waterston Central, located on a corner cul-de-sac homesite for optimal privacy. The expansive 5-bedroom home boasts designer selections throughout, including a kitchen with a gas cooktop, separate wall oven, microwave, custom backsplash, quartz countertops, and a recycle center. Other features in the home include grey cabinets, upgraded Galeon bath fixtures and accessories, custom ceramic tile shower in the primary bath, cabinets in the laundry room, and metro mission iron maple stair rails. Flooring consists of ceramic tile and upgraded carpet. The home is on a soft water loop system and also includes 8 foot interior doors, structured wiring, and pavers at the driveway.

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30108 N 206th Avenue Wittmann, AZ 85361

$710,999

5 Beds

3 Baths

2,818 SqFt

Status Active

MLS # 6747474

Property Type Single Family Residence

Price Type --

Experience the epitome of luxury in this brand-new, 2024-built home! Nestled on a generous 1-acre lot, this stunning 5-bedroom, 3-bathroom residence spans 2,818 square feet. Upon entry, you'll be welcomed by a spacious foyer with soaring 10-foot ceilings. The open-concept design beautifully highlights the gorgeous kitchen, complete with abundant cabinetry, granite countertops, and titanium-leathered 2CM accents in the bathrooms. The kitchen is a chef's dream, featuring gray porcelain tile (15''x30''), stainless steel appliances, a large island, and a walk-in pantry. The great room is a centerpiece with its impressive 12-foot sliding glass door and flooding the space with natural light. The primary suite offers a tranquil retreat, boasting double sinks, a private toilet room, and a walk-in-in closet. Two guest bedrooms (one with a walk-in closet) share a convenient Jack and Jill bathroom. Additional amenities include a laundry room with cabinets and a wet sink, a soft water loop installed the home is equipped with two AC units: a 5-ton, 14 SEER unit, and a 3.5-ton, 14 SEER Goodman unit. Garage has a 240-volt outlet ready and a 400-amp service. This home seamlessly blends modern elegance with practical features, perfect for comfortable living and entertaining.

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16719 E Gloria Lane Scottsdale, AZ 85262

$710,900

4 Beds

2.5 Baths

2,738 SqFt

Status Active

MLS # 6374395

Property Type Single Family Residence

Price Type --

**COMPLETED SPEC** 4 BED, 3 BATH, 2738 SQFT, 4 CAR GARAGE. THERE IS A HUGE OPEN KITCHEN WITH UPGRADED ESPRESSO CABINETS, GRANITE COUNTER TOPS, STAINLESS STEEL APPLIANCES AND A WALK IN PANTRY. OPEN GREAT ROOM WITH GAS FIREPLACE. UPGRADED TILE FLOORING IN ALL THE RIGHT PLACES. THERE IS A FRONT AND REAR COVERED PATIO, 2X6 CONSTRUCTION, TILE ROOF, LOW-E DUAL PANE VINYL FRAME WINDOWS,,

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62 W Elmwood Place Chandler, AZ 85248

$710,900

5 Beds

3 Baths

2,878 SqFt

Status Active

MLS # 6754032

Property Type Single Family Residence

Price Type --

Huge Backyard!!!! Beautiful Home with Private Pool in the gated Ironwood Vistas Community! Nestled in the sought-after Ironwood Vistas community, this home offers it all! Enjoy the luxury of your own private pool on one of the largest lots, plus access to the community pool and jacuzzi. The spacious layout features a full bedroom and bathroom downstairs—perfect for guests or a private retreat. Upstairs, discover a massive bonus room/loft for extra living space. With new living room and dining room tile, a recently serviced AC (new in 2014), and charming touches like a Pygmy orange tree and fresh basil, this home is full of delightful surprises. Come see why this home stands out!

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50134 W Gail Lane Maricopa, AZ 85139

$710,000

3 Beds

2 Baths

1,226 SqFt

Status Active

MLS # 6729907

Property Type Single Family Residence

Price Type --

SPACIOUS, AMPLE LAND WITH PLENTY OF POSSIBILITIES! This equestrian estate sits on 3.3 fenced acres which include a 17-stalls with electricity and water pipes, horse setup, turn out area, ample space for a partially-lit arena, covered RV/trailer parking (RV SPOT WITH 30AMP ) and covered hay storage. The 3 bedroom, 2 bathroom home comes with an updated kitchen and baths. Irrigation, paved roads, private water co. and NO HOA are some of the perks to name a few! Truly an opportunity you can't miss! IT HAS CASITA FULLY RENOVATED THAT COMES A BONUS FOR YOUR GUESTS!!!

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12790 W Desert Vista Trail Peoria, AZ 85383

$710,000

2 Beds

2 Baths

1,925 SqFt

Status Active

MLS # 6777159

Property Type Single Family Residence

Price Type --

Nestled within a quiet cul-de-sac in the prestigious 5-star Trilogy resort community, this meticulously maintained 2-bedroom w/ a den, 2-bathroom home offers the ultimate in relaxed luxury. From the moment you arrive, you'll feel the warmth & charm of this single-level entertainer's dream. The open floor plan welcomes you into an airy space perfect for hosting friends & family, with seamless transitions between living areas. The gourmet kitchen is a chef's delight, featuring premium appliances, ample granite countertops, custom cabinetry, & a spacious center island with seating — ideal for casual dining or socializing while cooking. . Step outside to discover your own private retreat. The beautifully landscaped backyard offers a tranquil setting to unwind or entertain. Backyard boast expansive covered patio, lush greenery, & a well-manicured lawn that requires minimal upkeep. Additional highlights include a luxurious primary suite with en-suite and walk-in closet, a versatile guest room, den and oversized laundry room. Situated w/in Trilogy, you'll have access to a host of amenities, from golf courses and pools to fitness centers and community events, enhancing the vibrant resort lifestyle this community is renowned for. This property is truly a rare find in one of the most desirable locations.

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11033 E Rafael Avenue Mesa, AZ 85212

New

$710,000

4 Beds

2 Baths

2,362 SqFt

Status Active

MLS # 6776298

Property Type Single Family Residence

Price Type --

Why start with a new-build when you can find your own personal paradise MOVE-IN ready next door? Find your ''NEXT'' with all the bells & whistles in the heart of the Mesa Tech Corridor! This 4 BD/ 2 BA split-floorplan offers a private den/office, complete with French doors, a primary suite along one side, three large bedrooms along the other, and sits on an oversized lot with mature landscaping in front and back, providing both privacy and tranquility. A fully updated gourmet kitchen with a large wet island, S/S appliances, and quartz countertops welcomes any chef and guests alike. The kitchen opens to a spacious dining nook and expansive great room, complete with a custom entertainment center, floating shelving, and an electric fireplace with multi-color options for every taste. Newer garage cabinets, storage shelves, an insulated garage door, and an A/C mini-split allow for a gamut of hobbies in comfort, regardless of the weather outdoors. Do you prefer peace & quiet or a mecca for entertainment? The private back yard offers both respite and amenities for any occasion. A private pool with water feature cools any summer day while a personal putting green and half-court basketball area offer options for the athlete in all of us. A pavered patio extends to a covered Ramada and an outdoor built-in barbecue area, perfect for entertaining on all occasions. Close to the 24 Expressway & 202 freeway & nearby all the conveniences of schools, shopping, restaurants, & entertainment throughout the southeast Valley, find your oasis in the desert now and make your offer before it's too late!

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12963 W Andrew Lane Peoria, AZ 85383

$710,000

2 Beds

2 Baths

2,193 SqFt

Status Active Under Contract

MLS # 6765008

Property Type Single Family Residence

Price Type --

Step into this beautifully designed, energy-efficient home in Trilogy at Vistancia and experience the perfect blend of modern luxury and comfort. The moment you enter, you're greeted by a spacious, open layout that flows effortlessly from room to room. The heart of the living room is the 2021 remodel, which transformed the space with a cozy electric fireplace, built-in bookshelves and a striking stacked stone accent wall, perfect for gathering with loved ones or enjoying a quiet evening. Every detail of this home has been thoughtfully designed to create an atmosphere of warmth and sophistication. Imagine stepping into a kitchen that inspires culinary creativity, where soft under-cabinet LED lighting illuminates your workspace, and everything is neatly organized with pantry pullout shelves and custom drawer organizers. It's a space where cooking feels effortless. The recently remodeled master bathroom, completed in 2023, invites relaxation with its sleek quartz countertops, elegant Kohler sinks, and rich Moen oil-rubbed bronze fixtures, creating a spa-like retreat in your own home. The porcelain tile floors, added in 2021, extend through the master and guest bedrooms, offering both style and practicality. As you move outdoors, the backyard beckons for memorable gatherings. Picture yourself around the warmth of a natural gas fire pit, grilling at the built-in prep island while friends and family gather. The soothing breeze from the patio ceiling fans keeps everyone comfortable, and the lush landscaping stays vibrant year-round, thanks to a modern PVC irrigation system. This backyard oasis is designed for easy living and endless enjoyment. This incredible community offers an exceptional lifestyle with three distinct club experiences: the golf clubhouse, Kiva Club, and Mita Club. These feature a range of amenities designed to connect residents with their passions and neighbors. With many member-led clubs, a variety of lifestyle events, and activities from golf to art, there's something for everyone. Residents enjoy resort-style pools, fully-equipped fitness centers, tennis and pickleball courts, and creative spaces like the Artisan Studio. The community's scenic trails and chef's kitchen at Four Sages further enrich the living experience in this stunning desert setting.

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