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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12687 W Caraveo Place Peoria, AZ 85383

$699,000

4 Beds

3.5 Baths

2,990 SqFt

Status Active

MLS # 6754653

Property Type Single Family Residence

Price Type --

Discover the epitome of comfort & style in this stunning 2-story home w/ gorgeous mountain views nestled w/in the coveted Vistancia community. The main level boasts an expansive open layout, perfect for entertaining or relaxing w/ family. The modern kitchen is a chef's dream, featuring a large island, 5-burner gas cooktop, hood & sleek staggered cabinets. The adjacent living room offers a cozy retreat for movie nights or simply unwinding. Open concept den is great for working from home. A versatile bonus room w/ a barn door provides flexibility for a playroom or additional bedroom. The upper level offers a spacious loft ideal for a game room or living area. 3 generously sized guest bedrooms share 2 full bathrooms, including a convenient Jack-and-Jill bathroom. The owner's suite is a true sanctuary, complete w/ dual sinks, a luxurious walk-in shower & a spacious walk-in closet. Step outside to your private backyard oasis, featuring a refreshing 2-year-old pool, artificial turf for easy maintenance & a covered patio perfect for outdoor dining & relaxation. 3-car garage includes a tandem space, EV outlet & convenient backyard access. The community of Vistancia is a master-planned development that includes beautiful homes, parks & hiking trails, award winning community centers & golf courses, commercial & retail shops, along with incredible rolling hills & desert landscape all around! The future 320-acre 5 North at Vistancia commercial core is coming soon. Vistancia has ranked as the #1 Master Planned Community in AZ for 10 years in a row (2014-2023)! Resort-style living at its best. Come & see why!

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1935 W Plum Road Phoenix, AZ 85085

$699,000

4 Beds

3 Baths

2,022 SqFt

Status Active

MLS # 6755607

Property Type Single Family Residence

Price Type --

Welcome home! This remarkable 2020 build by DR Horton features the sought-after Bluebird floorplan, designed for modern living. With 4 spacious bedrooms, 3 well-appointed bathrooms, and a convenient den, this home is perfect for families and professionals alike. Enjoy seamless flow throughout the open kitchen that connects effortlessly to the luxurious living room, creating an ideal space for entertaining or relaxing. Step through the sliding doors from the living room to your private backyard oasis, where you'll find no rear neighbors, ensuring a tranquil atmosphere for gatherings and outdoor enjoyment. Located in the amenity-rich Norterra Fireside community, you'll have access to a heated pool, spa, fitness center, and children's playgrounds, all within a secure, gated environment.

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19817 N 67th Drive Glendale, AZ 85308

$699,000

4 Beds

3 Baths

3,596 SqFt

Status Active

MLS # 6756330

Property Type Single Family Residence

Price Type --

Beautiful Arrowhead Home! Sparkling salt water play pool* assumable VA loan at 2.62%* 3596 sq ft* 4 bedrooms* 2.5 bathrooms* large upstairs bonus room* 3 car garage* 2 newer AC units 2023 & 2019* new solar panels installed in 2022 w/ pigeon proofing* solar is $159.31 a month- fixed rate* pool totally resurfaced 2023* new salt water pool dispenser & pool light 2024* new custom window coverings 2023* roof replaced entirely 2013* all stainless steel kitchen appliances* newer stove and dishwasher* custom stainless steel refrigerator* beautiful walk out balcony off master bedroom* fresh grey epoxy coated garage flooring* close to the new Children's Hospital* Abrazo Hospital* Arrowhead Mall* restaurants* shopping* schools* golf* Thunderbird park w/hiking and walking* top rated Deer valley Schools* highly desirable Arrowhead Ranch community* excellent location* fantastic home!!

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1420 N Wickiup Road Apache Junction, AZ 85119

$699,000

3 Beds

2 Baths

1,786 SqFt

Status Active

MLS # 6756486

Property Type Single Family Residence

Price Type --

The property across the street recently listed at $3.7 million, making this 2.5-acre horse estate, which can be subdivided, an exceptional value and investment opportunity in a prime location. Equestrian Paradise in Apache Junction Nestled between the legendary Superstition and Goldfield Mountains, welcome to your perfect 2.5-acre retreat in the heart of the Valley's most equine-friendly town—Apache Junction. This level, square lot offers breathtaking views in every direction and all the space you need for a true cowboy lifestyle. This sturdy block-constructed home has been beautifully remodeled with a spacious kitchen flowing seamlessly into the great room, featuring updated flooring, lighting, and fixtures. The large primary suite is designed with comfort in mind with his-and-hers closets. The A/C unit has been replaced with a massive, energy-efficient system designed for zone heating and cooling. Best of all, it's large enough to comfortably support an addition to the home, giving you the flexibility to expand if needed. Equestrians, this property is ready for you! With over $20,000 invested in custom stalls and a massive pen and turnout area, you'll find two 16x24 covered stalls, a large round pen with premium sand and dirt and plenty of room for your horses and toys. From your backyard, ride through rural neighborhoods to nearby trails, bars, and shops, this is truly a horse lover's dream! Additional features include a private well (never used by the current owner) and city water, ensuring you have ample water supply. The utility room off the garage is ducted with A/C, making it a versatile space for extra living, work, or storage year-round. The property also has orange and olive trees, adding a touch of charm. Recent updates: Roof replaced in 2019, water heater in 2019, ring security camera installed, and a brand-new septic system replaced in 2024. Bring your horses, toys, and sense of adventurethis property is ready for you to make it your own!

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19976 S Mesquite Drive Queen Creek, AZ 85142

$699,000

4 Beds

3 Baths

2,926 SqFt

Status Active Under Contract

MLS # 6756540

Property Type Single Family Residence

Price Type --

This expansive 4-bedroom, 3-bathroom home is located in a vibrant community, offering an incredible 2,926 sqft of living space. With a den, family room, great room, and bonus room, there's plenty of space for both relaxation and entertainment. The home's 9+ ceilings and dual pane windows create an airy, bright atmosphere throughout. The split primary bedroom includes a walk-in closet for added storage. The kitchen features quartz counters, double stack cabinets, a kitchen island, breakfast bar, and pantry. A sliding door in the living room opens to a lush, green turf and a low-maintenance yard with mature trees, perfect for outdoor enjoyment. Located on a huge lot, the home also benefits from community features like a playground and a sparkling community pool!

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4923 N 205th Glen Buckeye, AZ 85396

Open House

$699,000

2 Beds

2.5 Baths

1,825 SqFt

Status Active

MLS # 6756989

Property Type Single Family Residence

Price Type --

GOLF COURSE VIEW, MOUNTAIN VIEW, CITY LIGHTS, POOL, and COVERED PATIO!!! Got your attention now? Nestled in the tree-lined streets of Victory at Verrado (phase 2) is this beautiful 1,825 square foot Promenade floor plan. The cozy front porch is perfect for enjoying the peaceful surroundings or a morning coffee in the shade. Inside, you'll find wood-look tile flooring, and carpet in the bedrooms, adding a touch of elegance to each space. The kitchen features cooktop, double wall ovens, quartz counters, backsplash, and pendant lights. There are extra cabinets in the pantry/laundry room adjacent to the kitchen for ample storage. The light fixtures, sinks, faucets, & ceiling fans throughout the home create an upscale yet warm and inviting atmosphere.

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20416 E Bronco Drive Queen Creek, AZ 85142

$699,000

3 Beds

2 Baths

2,205 SqFt

Status Active

MLS # 6757399

Property Type Single Family Residence

Price Type --

Love horses? This is western living at its finest. Live in a charming neighborhood of custom homes and walk to the stables where you board your horse. Will Rogers Equestrian Ranch caters to horse enthusiasts, however, owning a horse is not a requirement to live here. There are other amenities to enjoy: the club house, sport courts, sparkling community pool, mountain views, and great walkability to shopping, dining and entertainment. This home on Bronco Drive is spectacular! So warm and welcoming with three bedrooms plus an office, two bathrooms, updated kitchen, flooring, HVAC, fabulous yard with private pool, RV gate, room for a garden and a dog run with synthetic grass. Riding arena, scenic trails, even parking for your trailer. There is so much to love about this home & community.

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10297 E Clinton Street Scottsdale, AZ 85260

$699,000

4 Beds

2 Baths

2,048 SqFt

Status Active

MLS # 6759189

Property Type Single Family Residence

Price Type --

**FREE 1% rate buy down available on this home!** Nestled in the sought after Bent Tree neighborhood of central Scottsdale, this home is a rare gem! Surrounded by million-dollar properties, the sense of pride in ownership is unmistakable. Set on a large, private, corner lot, this property offers endless possibilities & No HOA. The home boasts a newer roof, all-new Performance Windows & updated AC & water heater, ensuring comfort & peace of mind. Step inside to find soaring vaulted ceilings w/ skylights that flood the living space w/ natural light. The large eat-in kitchen beckons for cozy meals, while the split master suite promises privacy & retreat. Plus, imagine biking or walking to the nearby Scottsdale Greenbelt & enjoying easy access to top schools, healthcare & freeways. Discover why Bent Tree remains one of Scottsdale's most coveted neighborhoods. Curious? Come see for yourself!

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7729 N Via De Fonda -- Scottsdale, AZ 85258

$699,000

2 Beds

2 Baths

1,812 SqFt

Status Active

MLS # 6760240

Property Type Single Family Residence

Price Type --

Experience the allure of Southwestern living in this 2 bed, 2 bath patio home, ideally situated in the Santa Fe neighborhood of McCormick Ranch, Scottsdale, AZ. This meticulously maintained residence seamlessly blends style and comfort. The welcoming living space boasts a fireplace and rich tile flooring that extends into a well-appointed kitchen. Unwind on the expansive patio, perfect for enjoying Arizona's sunsets. The master suite offers a private retreat with an ensuite bath, while the second bedroom adds versatility for guests or a home office. Community amenities enhance the Scottsdale lifestyle, making this home an ideal desert sanctuary.

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19550 N Grayhawk Drive Unit 1039 Scottsdale, AZ 85255

Open House

$699,000

2 Beds

2.5 Baths

1,645 SqFt

Status Active

MLS # 6760998

Property Type Townhouse

Price Type --

Welcome to Cachet at Grayhawk, nestled in the heart of Scottsdale, Arizona. This neighborhood offers a refined living experience with its exclusive guard-gated entry, ensuring peace of mind for all residents. Stroll or bike along the scenic paths that wind through the community, or start your day with a brisk tennis match followed by a refreshing dip in the community pool. For golf enthusiasts, a beautifully manicured golf course awaits, offering endless rounds of enjoyment. With soaring ceilings, this 1,645 square foot home has 2 spacious bedrooms and a den, 2.5 baths, and 2 car garage with additional storage. Mountain views from a covered patio are sure to delight on that crisp winter morning in Arizona. And the sunset and sunrise...simply amazing. Welcome to your new home!

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1724 N 157th Drive Goodyear, AZ 85395

$699,000

4 Beds

2.5 Baths

2,830 SqFt

Status Active

MLS # 6761317

Property Type Single Family Residence

Price Type --

Situated in the rapidly growing area near City Square at GSQ in Goodyear, this exceptional 3-bedroom, 2.5-bathroom home offers both style and space, perfect for modern living and entertaining. A welcoming open floor plan includes a versatile den/office and a flex room, providing ample space for work or relaxation. The gourmet chef's kitchen is a true highlight, featuring elegant finishes like a pot filler, double ovens, built-in microwave, gas cooktop, and an expansive island with generous counter space, all complemented by a spacious pantry. Large sliding glass doors from the great room lead to an impressive outdoor retreat, where a heated pool, spa, built-in gas BBQ, and 4-hole putting green create an inviting atmosphere for year-round enjoyment. Set on one of the largest lots in the community, this property offers privacy and plenty of room for outdoor gatherings. The oversized primary bedroom serves as a luxurious escape, complete with an en-suite bathroom, an expansive walk-in closet, and direct access to the serene backyard. The secondary bedrooms share a Jack-and-Jill bathroom, while the nearby den provides flexibility for a home office or guest room. A well-appointed laundry room with added cabinetry and a sink enhances the home's functionality. Meticulously maintained, this home includes recent upgrades such as a new HVAC system installed in 2022, a water heater replaced in 2023, and fresh interior paint and upgraded carpet completed in 2024. The home also features surround sound throughout, ensuring a seamless entertainment experience both indoors and outdoors. A newly replaced drip irrigation system and low-maintenance landscaping make this property as practical as it is beautiful. With its close proximity to shopping, dining, and entertainment, this home effortlessly combines luxury, convenience, and modern design. Don't miss your chance to own this impressive home in one of Goodyear's most desirable locations.

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7012 N Via Nueva -- Scottsdale, AZ 85258

Open House

$699,000

3 Beds

2 Baths

2,179 SqFt

Status Active

MLS # 6762452

Property Type Single Family Residence

Price Type --

Whether you're dining out, hitting the trails, or heading into town, this home's prime location ensures you're always connected to the best of Scottsdale living! Perfectly situated in the highly desirable McCormick Ranch, this beautifully updated 3-bedroom home offers the ultimate in convenience and lifestyle. Just steps from Scottsdale's best, you'll enjoy quick access to vibrant dining, boutique shopping, and renowned golf courses, all while being moments from the 101 freeway for easy commuting. Inside, the open and bright layout welcomes you with a spacious family room, cozy fireplace, and French doors leading to an oversized, covered patio—perfect for relaxing or entertaining. The modern kitchen, complete with quartz countertops, stainless steel appliances, and a large island, connects effortlessly to both the dining and family rooms, creating a natural flow for gatherings. The primary suite offers dual sinks, a walk-in shower, and elegant quartz finishes. With no neighbors behind, you'll experience both privacy and proximity to everything McCormick Ranch has to offer. Just outside your door, enjoy biking and walking paths, the McCormick Ranch Golf Course, parks, and so much more.

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