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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3207 E Rosemonte Drive Phoenix, AZ 85050

Open House

$659,000

4 Beds

2 Baths

2,023 SqFt

Status Active

MLS # 6726281

Property Type Single Family Residence

Price Type --

Discover this stunning, move-in-ready, single-level gem—no HOA, freshly painted exterior, and an extra-large private backyard that's an entertainer's dream! Dive into the sparkling pool, gather around the cozy firepit, relax in the spa, or enjoy the expansive grassy play area. With a covered patio, extended pavers, and a storage shed, this backyard has it all! Step inside and be wowed by the soaring vaulted ceilings, brand-new Luxury Vinyl Plank flooring, and plush carpet in the bedrooms. The stylish Great Room leads to a beautifully updated kitchen featuring Granite countertops, chic white cabinetry, modern hardware, a sleek backsplash, single basin undermount stainless steel sink, and a 1-year-old GE refrigerator and Bosch dishwasher. Retreat to the serene primary suite, complete with an upgraded bathroom featuring Granite counters, dual sinks, a separate shower/tub, and a walk-in closet. The second bath also shines with Granite and tasteful touches throughout. Bonus features include security screens on all exterior doors, a pool table, and a newly epoxied garage. This is an absolute must-see! Located in the sought-after Paradise Valley School District, this home offers easy freeway access and is just minutes from Desert Ridge's endless shopping and dining options. Don't waitthis one's a no-brainer!

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902 E Goldenrod Street Phoenix, AZ 85048

Open House

$659,000

3 Beds

2 Baths

1,927 SqFt

Status Active

MLS # 6748472

Property Type Single Family Residence

Price Type --

Don't miss your chance to own in this highly sought after community. This freshly polished gem is nestled at the base of South Mountain, offering resort-like views and a private backyard perfect for sunsets and stargazing. Recent upgrades include a refreshed pool, kitchen and bathroom updates and new flooring throughout. Located in the top-ranked Kyrene School District, this home is just steps from playgrounds and park concerts. This home checks all the boxes.

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2121 W Sonoran Desert Drive Unit 43 Phoenix, AZ 85085

$657,995

3 Beds

3 Baths

2,038 SqFt

Status Active

MLS # 6728548

Property Type Townhouse

Price Type --

This beautiful home was perfectly crafted to fit your lifestyle. The open-concept kitchen flows effortlessly into the great room and dining room, making this floor plan ideal for entertaining. Additional features in this home include quartz countertops, stainless steel appliances and upgraded flooring. Contemporary neutral paint colors throughout makes this home ready for you to add your personal touches.

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5027 E Campo Bello Drive Scottsdale, AZ 85254

$657,990

3 Beds

2.5 Baths

2,143 SqFt

Status Active

MLS # 6747978

Property Type Townhouse

Price Type --

Welcome to Arabella, an exciting community in one of Arizona's most desirable zip codes! Our stunning ''Reno'' floor plan features 3 spacious bedrooms, 2.5 bathrooms, a versatile den, and a loft area perfect for relaxation. Enjoy a 2-car garage and a private yard designed for comfort and style. Inside, you'll find beautiful finishes, including sleek ash brown cabinetry, quartz countertops, and stylish wood-like tile, along with plush carpeting.. This home also includes pre-plumbed soft water, smart home technology, and window blinds. Currently under construction, it's set for completion in Sept. 2024. Minutes from the Loop 101, Scottsdale Quarter, Kierland Commons, Desert Ridge Marketplace, and vibrant dining options in Paradise Valley

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14317 W Country Gables Drive Surprise, AZ 85379

$657,770

6 Beds

4.5 Baths

3,850 SqFt

Status Active Under Contract

MLS # 6750274

Property Type Single Family Residence

Price Type --

BOM! Sold in 5 days LUCKY You found this RARE 4 Car Garage + RV Gate for all the toys- Spacious 6 bed, 4.5 bath home located in the highly sought-after Royal Ranch. In 2020, sellers put on a brand new roof, new water heater, all new interior paint, new wood-grained tile flooring and new carpeting throughout. So Step inside and be greeted by an abundance of natural light thanks to a thoughtful cathedral floorplan and expansive windows. The sparkling chef's kitchen boasts a butler's pantry, upgraded maple cabinets, gleaming luxury granite countertops, island, gas and stainless steel appliances. Entertain effortlessly in the formal dining room, flex room or a luxury office and gather for relaxed evenings in the spacious great room. First floor boasts a large bedroom with full bath, Perfect space for guests, college student or mother-in-law suite. Upstairs is 5 more spacious bedrooms + loft with built in desks and shelving. This home keeps on giving! Enormous and convenient upstairs laundry complete with rods and cabinetry. You will LOVE the custom built in Master closet. Take the party outside! Enjoy the sparkling pool with raised Spa, waterfalls, baja shelf, complete with umbrella shade and the large covered patio perfect for entertaining and watching the Arizona sunset. Easy maintenance yard so you can relax and enjoy your space Don't miss your chance to own this dream home! Minutes away from dining, shopping, cinemas, and freeway for easy access to anywhere you please. Shows like a dream! 10+

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7432 W Quail Track Drive Peoria, AZ 85383

$657,720

3 Beds

2.5 Baths

2,125 SqFt

Status Active

MLS # 6755381

Property Type Single Family Residence

Price Type --

October completion! Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'Barstown' floorplan features 3 full bedrooms, 2.5 bathrooms, 2 Car-Garage and a private yard with views! 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 9' ceilings, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Home is under construction, photos of similar spec to show layout, options may vary**

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8154 N 1st Avenue Phoenix, AZ 85021

$657,000

4 Beds

2 Baths

2,043 SqFt

Status Active Under Contract

MLS # 6733275

Property Type Single Family Residence

Price Type --

Nestled in the lush and verdant classic Central Corridor area, this spacious mid-century ranch home is a rare gem. On the market for the first time in 51 years, this generational property sits on a large 9,000+ square foot lot, offering both privacy and a sense of community. This 4-bedroom, 2-bath home spans over 2,000 square feet, featuring generously sized bedrooms, a large living and dining room, and a roomy family room that adjoins the kitchen with easy access to the cultured stone backyard patio. Whether you're entertaining indoors or out, there is ample space to enjoy the company of family and friends. Located within the Glendale Unified School District, this home includes the highly sought-after Sunnyslope High School, one of the best high schools in Phoenix. The spacious backyard is perfect for setting up practice soccer nets or simply enjoying the outdoors. Recent upgrades include a new 14 SEER HVAC system installed in 2022, a new roof in 2007 with a lifetime manufacturer's warranty on shingles, and fresh carpeting and interior paint in all four bedrooms and the family room. You'll be close to outdoor activities and entertainment such as the Murphy Bridle Path, the new O.H.S.O. Brewery, miles of biking and walking trails along the Arizona Canal and Phoenix Mountain Preserve, public transportation, freeway systems, and shopping. Discover this move-in ready home and make it yours today!

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20931 N 58th Way Phoenix, AZ 85054

Open House

$656,540

3 Beds

2.5 Baths

1,743 SqFt

Status Active

MLS # 6757378

Property Type Townhouse

Price Type --

NO NEIGHBORS DIRECTLY BEHIND YOU!! This new townhome is estimated to be completed at the end of the year so hurry quick! 3 bedrooms, 2.5 bathrooms, and a beautiful loft makes this home a great place for families and entertainers. With a modern design you will see wood-like tile, quartz countertops and white cabinet bringing this floorplan. Directly behind the backyard that has a partial view fence is a natural wash and open space. We are selling fast so get one while you still can!!

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5831 E Rose Garden Lane Phoenix, AZ 85054

Open House

$656,320

3 Beds

2.5 Baths

1,743 SqFt

Status Active

MLS # 6725515

Property Type Townhouse

Price Type --

IGNORE DAYS ON MARKET HOMES ARE ALMOST DONE PICTURES COMING SOON! Like the beaches in Hawaii, this home will ruin all other homes for you with how gorgeous it is. With no neighbors behind and a North/South facing orientation you will be able to enjoy the beautiful sunrises and sunsets every day. But let's not forget about the interior! 3 bedrooms and 2.5 baths with a spacious loft upstairs makes this house a home!! Quartz countertops, white cabinets and wood-like flooring only add to its allure. This home is estimated to be completed in September so do not hesitate! Actual Home photos coming soon

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27248 N 74th Lane Peoria, AZ 85383

$656,005

4 Beds

3 Baths

2,084 SqFt

Status Active

MLS # 6749084

Property Type Single Family Residence

Price Type --

THIS IS IT! September completion-scenic views, no back neighbor. Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'Tamarron' floorplan features 4 full bedrooms with a study, 3 bathrooms, 2 Car-Garage and a private yard with views! Designer selected finish includes Birch Burlap 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, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Photos of model home, options may vary**

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3516 N 103rd Avenue Avondale, AZ 85392

$655,956

4 Beds

2.5 Baths

3,456 SqFt

Status Active

MLS # 6639394

Property Type Single Family Residence

Price Type --

MLS#6639394 Ready Now! Welcome to the innovative 45-5 plan at Parkside Almeria, showcasing a sophisticated and functional design. This striking floor plan boasts 4 bedrooms, 2 full bathrooms, and 1 half bathroom. The 3-car split garage ensures convenience and abundant storage. At the core is the open kitchen, equipped with a GE Cafe gourmet cooktop, 42'' upper cabinets, and exquisite quartz countertops. Experience a blend of modern aesthetics and expansive living in this meticulously designed residence that harmonizes comfort and style. Step into a home that surpasses expectations, setting the standard for contemporary living. Structural options include: garage service door, soft water loop, two tone paint, gas line for future outdoor kitchen and soft water loop. great amenity area with community pool, Basketball court, pickle ball courts, playground and ramada. Fun for everyone!

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27210 N 74th Lane Peoria, AZ 85383

$655,335

3 Beds

2.5 Baths

2,051 SqFt

Status Active

MLS # 6734117

Property Type Single Family Residence

Price Type --

Prime lot, no back neighbor-ready to call home in October 2024. Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'El Dorado' floorplan features 3 full bedrooms, 2.5 bathrooms, 2 Car-Garage and a private yard with views! Designer selected finish includes Burlap Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 9' ceilings, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Photos of similar spec home, options may vary-home is under construction**

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