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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22560 E Saddle Way Queen Creek, AZ 85142

$654,767

4 Beds

2.5 Baths

3,267 SqFt

Status Active

MLS # 6699276

Property Type Single Family Residence

Price Type --

Includes An Extended Covered Patio, Den With Modern Glass Doors, Upgraded Front Door, Aristokraft Benton Paint Colada Cabinets With Upgraded Hardware, Gourmet Kitchen Appliances With Wall Oven & Microwave And 30'' Gas Cooktop, Stainless Steel Hood And GE Counter Depth French Door Refrigerator. Della Terra Quartz Kitchen Counters In Bianco Pearl, Custom Tile Backsplash At Kitchen And Upgraded Blanco Super Single Bowl Sink. Frameless Walk-In-Shower At Primary Bath With Custom Tile Surrounds, Door From Primary Closet To Laundry Room, Pendant Prewires Over Kitchen Island, Upgraded Flooring Including 12x24'' Avery White Tile At Upstairs Baths And Laundry As well as Polaris Lighthouse Luxury Vinyl Plank Downstairs, And Upgraded Carpet. Pavered Driveway, Walkway And Porch.

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2300 E Concorda Drive Tempe, AZ 85282

$654,000

4 Beds

2 Baths

2,252 SqFt

Status Active

MLS # 6704841

Property Type Single Family Residence

Price Type --

This 4 bedroom, 2 bath large open great room floor plan includes many features: Open kitchen with massive island, lots of counter space, many cabinets, Huge diving pool, Extra large master bedroom, 3 walk in closets, updated bathrooms, corner lot, RV parking with slab and gate, large storage shed, covered patios, North/South exposure, amazing location - close to Freeways, ASU, MCC, Mesa & Tempe Schools, Banner Hospital and Fiesta Mall. Lots of great restaurants close by too! Thank you for showing!!!

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38218 W Camelback Road Tonopah, AZ 85354

$654,000

5 Beds

4 Baths

3,270 SqFt

Status Active

MLS # 6721936

Property Type Single Family Residence

Price Type --

Gorgeous custom home on 5 acres with magnificent mountain views and tons of privacy! This home features 5 bedrooms and 4 baths...yes you read that right! 19 foot ceilings with wood beams, and 2 stone fireplaces. The kitchen boasts beautiful granite counters, and raised panel cherry cabinets as well as SS appliances. Split floorplan with spacious master bedroom down stairs and 4 bedrooms upstairs. This home is a dream for entertaining your family and friends! 4 car garage. 2 large corrals with shade and 5 stall barn with tack room. There is also a 200 amp service for RV Hook up and water. The property has a private well and backyard fencing and an amazing back porch to enjoy your morning cup of coffee with no city noise, just your dogs running around the property enjoying life!

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1679 E Whitten Street Chandler, AZ 85225

$654,000

4 Beds

2 Baths

2,142 SqFt

Status Active

MLS # 6750359

Property Type Single Family Residence

Price Type --

Located at the end of a cul de sac, this updated 4 bedroom 2 bathroom home sits on over 1/2 acre. Kitchen with eating area has beautiful quartz counters , white cabinets, newer Frigidaire and Bosch appliances. Large living room with formal dining area and sliding doors to the backyard. The primary suite and ensuite (dual vanities, soaking tub, walk in shower, large closet) has it's own door to the backyard. The 3 additional bedrooms are on the same side of the home. Sparkling diving pool surrounded by a safety fence PLUS so much more space in the backyard to make your own! RV parking with full hook up onsite. NO HOA! Oversized 2-car garage with shop area close to downtown Chandler and all it has to offer. Chandler Unified School District.

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1250 W Golden Ore Pass Apache Junction, AZ 85120

$653,662

5 Beds

3 Baths

2,895 SqFt

Status Active

MLS # 6749047

Property Type Single Family Residence

Price Type --

Discover the exceptional difference in your home-buying experience! Welcome to Mariposa at Blossom Rock, where our single-story Solstice design is under construction now. Courtyard entrance into a welcoming kitchen that flows into the great room with dining area. This space opens up to your private, covered outdoor room - perfect for relaxing or entertaining. 2-car garage that leads directly into the drop zone, making organization a breeze. With 5 spacious bedrooms, 4 luxurious baths and over $35,000 in stunning upgrades to make this home truly special. We're offering special financing now. Home completion is estimated in October 2024

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4574 W Gilbert Lane San Tan Valley, AZ 85144

Open House

$653,645

5 Beds

4.5 Baths

3,291 SqFt

Status Active

MLS # 6664214

Property Type Single Family Residence

Price Type --

This home truly has it all. The SLATE plan is for those who want everything in their new home. The primary bedroom, guest room, and home office are all downstairs. The kids retreat featuring three generous sized bedrooms and a spacious loft are upstairs. This Slate features a desert contemporary exterior with all of the contemporary upgrades on the interior. Features include a gorgeous gourmet kitchen, custom backsplash, satin nickel fixtures and hardware, wood-look tile in all the common areas, and granite countertops.

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27215 N 73rd Lane Peoria, AZ 85383

$653,600

4 Beds

3 Baths

2,084 SqFt

Status Active

MLS # 6748514

Property Type Single Family Residence

Price Type --

No back neighbor-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 'Tamarron' floorplan features 4 full bedrooms with a study, 3 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. Photos of model home, options may vary-home is under construction*

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840 W Flatiron Trail Apache Junction, AZ 85120

$652,990

4 Beds

3.5 Baths

2,664 SqFt

Status Active

MLS # 6750838

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. This elegant single-story Parklane floor plan features four bedrooms and a spacious flex area, perfect for use as an office, TV room, or study. The home includes front yard landscaping and will be move-in ready by Nov/Dec. Conveniently located near community parks, grocery stores, and dining options.

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7444 W Quail Track Drive Peoria, AZ 85383

$652,690

3 Beds

2.5 Baths

1,989 SqFt

Status Active

MLS # 6755375

Property Type Single Family Residence

Price Type --

Ahh the smell of new-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 'Amherst' 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 8' doors, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Interior photos coming soon**

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3514 W Riordan Ranch Road Phoenix, AZ 85083

$652,000

5 Beds

3 Baths

2,780 SqFt

Status Active

MLS # 6734283

Property Type Single Family Residence

Price Type --

Stunning home in the Riordan Ranch community! Situated at the back of a cul-de-sac, this cozy 5 bedroom, 3 bathroom home has it all! One bedroom and full bathroom on the first floor for privacy. Four bedrooms and a loft upstairs makes for an easy use of space for all your comfort and entertaining needs! Enjoy the summer nights in the fabulous pool with water feature and oasis like, east facing backyard. Step out to the front of the home and take a look at the amazing preserve that allows for privacy in your neighborhood! Close to I-17 freeway, shopping and dining, Sandra Day O'Conner High School and many other great amenities makes this a home you will not want to miss!

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5745 S 129th Avenue Tolleson, AZ 85353

$650,000

3 Beds

2 Baths

1,563 SqFt

Status Active

MLS # 6624504

Property Type Single Family Residence

Price Type --

Beautiful horse property with 6 horse stalls available, 3/4 of an acre of land, square shaped lot, and irrigation rights. The home also features tile throughout the home (no carpet) and granite countertops in the kitchen and bathrooms! A new AC was installed in 2022 and a new roof was installed in 2021. The property also features multiple entrances for vehicles, a storage shed, and mature trees. The home has been recently painted, interior and exterior. The kitchen also has a gas hook up for a gas range. Come check out this amazing opportunity and see all the potential this property has!

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3823 N 8th Street Phoenix, AZ 85014

$650,000

4 Beds

3 Baths

1,838 SqFt

Status Active

MLS # 6614730

Property Type Single Family Residence

Price Type --

If you're looking for a short term rental, it's equipped and ready to go. This home is also ideal for the investor that caters to traveling nurses. Minutes away from Phoenix Children's Hospital. The main home has three bedrooms, two baths. With a very private studio apartment one bedroom with a kitchenette along with separate entrance. The property has been remodeled extensively new roof, new windows, fresh paint along with completely remodeled kitchen and bathroom. Flooring in the main house just completely redone with new Sub floor and vinyl plank flooring. Garage set up as a huge game room that can easily be converted back to a double car g Owner to give a credit or paint the themed rooms.

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