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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5022 E Anderson Drive Scottsdale, AZ 85254

$664,990

3 Beds

2.5 Baths

2,143 SqFt

Status Active

MLS # 6710889

Property Type Townhouse

Price Type --

Welcome to Arabella, a vibrant and dynamic community in Arizona's magical 85254 zip code. Our ''Reno'' floor plan offers 3 bedrooms, 2.5 bathrooms, downstairs den, huge upstairs loft space, oversized 2-car garage, and private yard. Our professionally designed finishes include white cabinetry, quartz countertops, wood-like tile, and plush bedroom carpet. Home will have pre-plumbed soft water, smart home technology, and window treatments. Photos are of a similar home, options may vary. Under construction with completion in Aug. 2024. Close to Loop 101, Scottsdale Quarter, Kierland Commons, Desert Ridge Marketplace, Paradise Valley's Shopping, Dining, and so much more!

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870 W Flatiron Trail Apache Junction, AZ 85120

$664,990

4 Beds

3.5 Baths

2,664 SqFt

Status Active

MLS # 6730565

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. This elegant 4-bedroom, 3.5-bath home, priced for a quick sale and set for August completion, sits on a prime corner lot by a park. With over $90,000 in upgrades, it features a 2' garage extension, a center slider door, and a luxury shower with dual shower heads. The chef's kitchen includes a 36'' gas cooktop and wall oven, offering the perfect blend of luxury and convenience.

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10308 W Albert Lane Peoria, AZ 85382

$664,990

4 Beds

3.5 Baths

2,679 SqFt

Status Active

MLS # 6728074

Property Type Single Family Residence

Price Type --

Ahh the smell of new-READY NOW! Experience the charm of Camino A Lago! This community is conveniently located minutes away from shopping, dining, freeway access and more! Our popular 'Oriole' floorplan features 4 full bedrooms (primary on the main floor), plus a loft and game room, 3.5 bathrooms, 2 Car-Garage and a private yard! Designer selected finish includes White Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 8' doors, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Photos of actual home!

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2114 E Escuda Road Phoenix, AZ 85024

$664,900

4 Beds

3 Baths

2,580 SqFt

Status Active

MLS # 6656083

Property Type Single Family Residence

Price Type --

Welcome to this well maintained home in the highly coveted Mountain Cove subdivision. Rare 4 bed/3 full bath floor plan in a prime North Phoenix location with beautiful mountain views, N/S exposure, friendly neighborhood ambiance and no HOA. You'll love the soaring vaulted ceilings upon entry and in the formal living and dining areas. The kitchen, complete with upgraded cabinetry, granite counters and a spacious island, seamlessly flows into a second living area with a custom fireplace. Lower level hosts one bedroom and full bath, along with an office featuring a built in workstation that can easily be converted to a 5th bedroom. Upstairs you'll find a bonus loft area. The upstairs primary suite features a balcony for enjoying the scenic views. Step outside to a low maintenance backyard, covered patio and built in BBQ for relaxation and entertaining. New roof March '24. Don't miss this opportunity to live in close proximity to the 51, 101 and I-17 freeways. Enjoy everything that Desert Ridge, High Street and Scottsdale has to offer. Close to hiking trails and in the Paradise Valley School District.

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2408 W Crimson Terrace Phoenix, AZ 85085

$664,900

4 Beds

3 Baths

3,252 SqFt

Status Active

MLS # 6697417

Property Type Single Family Residence

Price Type --

4% LOAN ASSUMPTION AVAILABLE! Fabulous 4 bed (plus den & loft) 3 bath two-story home in the family friendly Carefree Crossing. Low HOA is a plus! Nice curb appeal w/ stacked stone accents, desert landscaping & large, healthy shade tree. Great floor plan w/ neutral paint, soaring ceilings & updated lighting/fixtures. Living room/dining room greet you, along w/ versatile French door entry office to your right. Perfect for home office or game/playroom if desired. Family room w/ built in buffet area makes perfect bar space. Open kitchen has plenty of cabinet space, SS appliances & island w/ raised bar top great for serving or extra seating. Breakfast area w/ bay windows looking out to backyard. Downstairs primary room has private sliders to backyard & bathroom w/ dual sinks, seated vanity, soaking tub, glass shower, private toilet, linen pantry & walk-in closet w/ built-in shelving. Second bedroom downstairs is a plus. Upstairs you will find the massive, versatile loft & the other two bedrooms, (one w/ delightful window seat) & a full bathroom w/ dual sinks. Backyard has large, covered patio w/ extended pavers, shade ramada, grassy area & raised planter perimeter, along w/ another great shade tree. Residents are very close to shopping areas to both the north & south & have quick, easy access to I-17. Come check it out today!

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4349 W Sebastian Lane San Tan Valley, AZ 85144

$664,790

5 Beds

4.5 Baths

3,291 SqFt

Status Active

MLS # 6688571

Property Type Single Family Residence

Price Type --

Brand new home currently under construction! Two-story Slate floorplan with Spanish exterior elevation style. This 5-bedroom, 4.5-bath home features a sizeable kitchen with stainless steel appliances, gas cooktop, a built-in oven and microwave, and a stainless steel dishwasher. Upgraded tile flooring throughout and a walk-in shower in the owner's suite. Home warranty included. Ask about builders lender incentives available!

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1374 S Silverado Street Gilbert, AZ 85296

$664,000

5 Beds

2 Baths

2,500 SqFt

Status Active

MLS # 6683918

Property Type Single Family Residence

Price Type --

SELLER IS OFFERING A $10,000 CREDIT TOWARD THE BUYERS CLOSING COSTS WITH A FULL PRICE OFFER. Beautiful 5 bedroom Gilbert home on a larger than average lot that backs up to an expansive green space with no neighbors behind. Grass has been converted to xeriscape (no watering or mowing!) and a large open area in the back is ready for you to install the pool of your dreams. Desert-friendly landscaping provides a gardener's paradise with wildflowers, multiple raised garden beds, and a variety of edible plants, including Meyer lemon, pomegranate, navel orange, kumquats, passionfruit and more plus two small sheds to store all your gardening tools. The spacious master suite is the only thing on the second floor giving you peace and quiet in your own private retreat. There are 4 bedrooms on the main floor, including a large room with separate access to the backyard perfect for a playroom or media room. A second bedroom makes for a Pinterest-worthy office/craft room. The kitchen features a farmhouse sink, sparkling quartz countertops, large island and breakfast nook and opens to a large great room perfect for entertaining and family gatherings. Almost every surface of the home has been upgraded with tile flooring, custom baseboards and trim, upgraded doors, custom lighting, and so much more. The spacious 3-car garage makes a perfect workshop with lots of cabinets for ample storage, epoxy floors, and an electric car charging port that conveys. HOA fees are low and the green space behind the house is well maintained and features a playground. This is a gem of a home in a great location just 3 miles from San Tan Village Mall, 2 miles from the Gilbert Heritage District, A-rated South Valley Jr. high, and a short walk to the nearest elementary school. This home has it all PLUS seller is willing to negotiate on most of the furnishings and decor. DON'T MISS OUT ON THIS ONE. COME SEE US!

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4252 E Desert Sky Court Cave Creek, AZ 85331

$664,000

3 Beds

2 Baths

1,782 SqFt

Status Active

MLS # 6733020

Property Type Single Family Residence

Price Type --

Your new home in the gated community of Ocotillo at Dove Valley Ranch is sure to check all the boxes! Meticulously maintained, this single-level gem has a private pool, three bedrooms, a versatile den option, a split-great room floor plan, and beautiful desert wash & sunset views from the back. Interior features include neutral tile flooring & carpet in the bedrooms, granite kitchen countertops, stainless appliances, a pantry, and vaulted ceilings. The backyard is perfect for entertaining with a sparkling pool, a covered patio, and views of the natural area open space. The home's exterior was painted April 2024; plus, there are no two-story homes around for ultimate privacy! Beyond your new home, enjoy all Dove Valley Ranch has to offer: one of North Phoenix's finest public golf courses, a clubhouse bar/lounge, and easy access to first-rate schools, parks, hiking, shopping, & more.

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1449 W Saddle Run Apache Junction, AZ 85120

$663,990

4 Beds

3.5 Baths

3,344 SqFt

Status Active

MLS # 6750835

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. The Casoria floor plan presents a sophisticated two-story layout featuring four bedrooms, an upstairs loft, and a versatile flex space perfect for an office, TV room, or study. Enhanced by professionally landscaped front yard, this home will be ready for occupancy in October or November. Ideally situated near community parks, grocery stores, and a variety of restaurants.

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2717 N 216th Avenue Buckeye, AZ 85396

$663,219

4 Beds

3.5 Baths

2,639 SqFt

Status Active

MLS # 6743381

Property Type Single Family Residence

Price Type --

Ready in November!! Brand New Never Lived In! Discover your mountain-view sanctuary in Arizona! This 4-bed, 3.5-bath home with a 2.5-car garage offers a quick move-in. Nestled in The White Tank Mountains, enjoy privacy and stunning views. Energy-efficient home. Welcome to The Juniper Floor Plan, a magnificent single-story haven meticulously designed to offer space, comfort, and versatility. Boasting an expansive 2,639 square feet, this home features 4 bedrooms, 3.5 bathrooms, and a 2-car garage, along with two additional flex rooms.

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18229 E Spring Valley Court Rio Verde, AZ 85263

$663,013

2 Beds

2 Baths

1,678 SqFt

Status Active

MLS # 6592823

Property Type Single Family Residence

Price Type --

This incredible home is located at Trilogy Verde River, a premier 55+ and All Ages Golf Resort Community. This beautiful new home features over $145K in upgrades as well as a $10K homesite premium. With an estimated completion date in August 2023, you won't have to wait long to move right into this brand new home offering 2 bedrooms + den and 2 baths in 1,678 SqFt. The popular Valletta floor plan sits on a premium lot and offers a spacious great room layout with split bedrooms. The gourmet kitchen features gorgeous cabinetry with LED undercabinet lighting, Quartz countertops, and an island with a breakfast bar. A 12-foot multi-panel sliding glass door leads out from the great room to the covered patio and backyard with built-in BBQ, pergola, and water/fire features. Other features include upgraded flooring, quartz countertops throughout, laundry room cabinets, and a 2 car garage. Front and backyard landscaping included. The amenities at Verde River are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickleball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails.

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2432 W Rowel Road Phoenix, AZ 85085

Open House

$662,740

3 Beds

3.5 Baths

2,455 SqFt

Status Active

MLS # 6751330

Property Type Single Family Residence

Price Type --

Welcome to your NEW HOME at Aster! 2,455 sq ft of living space with 3 bedrooms, 3.5 bathrooms, Loft and a 2-car garage. All three bedrooms have their own bathroom. Highly upgraded Elevated package includes 42'' flagstone cabinets, quartz countertops, custom backsplash, a large island, GE Cafe' stainless-steel appliances and Blanco Valea single bowl sink. Upgraded 6x36'' tile and carpet. 2 car paver driveway and 2 car garage has18' wide door. Nestled within Union Park, residents can indulge in amenities including a pool, 5800 sq ft clubhouse, Pickleball courts, playgrounds, basketball courts and 12 Parks. Central Location to nearby shopping, dining and entertainment. Access to 3 different freeways within 10 minutes and be at the airport in under 30 minutes.

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