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.

Whats 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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2438 E Indianola Avenue Phoenix, AZ 85016

$649,999
3 Beds
2.5 Baths
1,590 SqFt
Status Active Under Contract
MLS # 6731042
Property Type Single Family Residence
Price Type --
Welcome to 2438 E Indianola, a charming and character-filled home located in South Earl Heights. This beautifully remodeled 3-bedroom, 2.5-bath residence features a stunning addition that includes a primary suite, laundry room, and powder bath, creating the perfect split floor plan for any lifestyle. The kitchen is exquisitely updated with shaker cabinetry and stainless steel appliances. Both the front and backyard have been recently revitalized with a beautiful covered patio, new sprinklers and drip systems, fresh sod, mini olive shrubs, and lady banks roses. The property also boasts an unfinished detached garage, ideal for a workshop or potential ADU conversion. Adjacent to the garage is a fully enclosed dog run with private access to the front of the property, offering the potential to create a separate entrance for the ADU. Significant upgrades include new electrical, plumbing, insulation, sewer line, windows, flooring, and HVAC. Virtually every inch of this home has been updated and permitted, making it the perfect move-in-ready home. Centrally located in the desirable Biltmore corridor with easy access to the 51 freeway, this home is a must-see. Come experience it for yourself!

13325 W Luke Avenue Litchfield Park, AZ 85340

$649,999
3 Beds
2.5 Baths
2,432 SqFt
Status Active
MLS # 6735757
Property Type Single Family Residence
Price Type --
Welcome to this stunning residence in Dreaming Summit! This home boasts fantastic curb appeal with a 3-car garage, an RV gate, and a charming courtyard. Step inside to a welcoming foyer that leads to an immaculate open layout drenched in natural light. Experience true elegance with plantation shutters, soaring ceilings, and soothing paint tones accentuated by wood-style flooring throughout home. The gourmet kitchen is a chef's dream, featuring an electric cooktop, double wall ovens, granite countertops, a stylish tile backsplash, and an island with a breakfast bar. Staggered wood cabinetry with crown molding and a spacious pantry provide ample storage. The main suite is your private sanctuary, direct backyard access, a luxurious ensuite, and a walk-in closet. There's also a dedicated office with built-ins, perfect for remote work or study. The backyard is an entertainer's paradise, offering a covered patio, a pergola, a built-in BBQ, and a sparkling pool. Don't miss out on this modern dream home - act now!

35244 N Barley Street San Tan Valley, AZ 85144

$649,995
3 Beds
2.5 Baths
2,575 SqFt
Status Active
MLS # 6723727
Property Type Single Family Residence
Price Type --
Modern deluxe comfort. The Lillington's inviting covered entry and spacious foyer hallway flow into the expansive great room and casual dining area, revealing the desirable large, covered patio beyond. The well-designed gourmet kitchen is enhanced by a large center island with breakfast bar, plenty of counter and cabinet space, and gigantic walk-in pantry. The stunning primary bedroom suite is highlighted by dual walk-in closets and deluxe primary bath with dual-sink vanity, large soaking tub, luxe shower, and private water closet. Sizable secondary bedrooms feature walk-in closets and shared bath with separate dual-sink vanity area. Additional highlights include a versatile office off the foyer, convenient powder room and drop zone, centrally located laundry, and additional storage.

21747 E Roundup Way Queen Creek, AZ 85142

$649,995
3 Beds
3 Baths
2,630 SqFt
Status Active
MLS # 6674425
Property Type Single Family Residence
Price Type --
Enjoy this beautiful Pomona Opportunity with Guest Suite! This true split floorplan provides space to spread out! Your guests will find the spacious Kitchen/Dining /Great Room area quite comfortable for making memories for years to come. Included features: Timeless Stone Creek Collection Interior Design with cool tones. Upgraded Shaker Cabinets, Quart Kitchen Counters, 6X35 Tile flooring, Carpet in Bedrooms. Matte Black Hardware. Insulated 3 Car Garage with 8' Garage Doors, Gas stub at patio, Gas Range at Kitchen, Gas Dryer Hook up, Paver driveway and courtyard and Tankless water heater included!! Elevate your lifestyle today with the Amazing Pomona Floorplan!

21673 E Roundup Way Queen Creek, AZ 85142

$649,995
3 Beds
2.5 Baths
2,390 SqFt
Status Active
MLS # 6702202
Property Type Single Family Residence
Price Type --
Welcome to Light Sky Ranch and the Pinecrest plan! This 2390 square foot home epitomizes modern luxury and comfort, boasting a well-appointed design that caters to both relaxation and functionality. With three bedrooms, two and a half baths, and a dedicated study, there's ample space for both privacy and gathering. The gourmet kitchen stands as the focal point, featuring quartz counters, upgraded shaker cabinets, and a spacious center island ideal for culinary endeavors or casual meals. The master suite is a tranquil oasis, offering dual closets and a spa-inspired shower for indulgent relaxation. Enhanced by 10-foot ceilings and a multi-slide door, the home is flooded with natural light. Outside, a single-car garage and a 2-car garage offer ample storage for vehicles, outdoor gear, and more. With amenities such as a tankless water heater for efficiency and a charming paver driveway, this home seamlessly blends convenience with sophistication.

21680 E Roundup Way Queen Creek, AZ 85142

$649,995
3 Beds
2.5 Baths
2,390 SqFt
Status Active
MLS # 6721113
Property Type Single Family Residence
Price Type --
This Pinecrest plan is on a generous sized lot with a South facing front and borders a community greenbelt in central Queen Creek. The smart floorplan is a 3 bedroom, 2.5 bath, 3 car garage. Interior finishes include 10' ceilings, Gourmet Kitchen appliances with a gas cooktop and a 36'' vent hood, beautifully designed separate tub and large shower with His and Hers closets in the Primary Bathroom, expansive multi-slide glass door system from the Great Room to the covered patio, and much more! Awesome location close to Queen Creek Marketplace, a brand new Costco and Fry's, and all that Queen Creek has to offer.

17414 W Carlisle Drive Surprise, AZ 85388

$649,995
4 Beds
3.5 Baths
2,749 SqFt
Status Active
MLS # 6709494
Property Type Single Family Residence
Price Type --
Located in Active Adult, this 4 bedroom, 3.5 bath with den, Eastwood floorplan, offers a spacious feel your looking for in a new home. Two of the secondary bedrooms share a jack-n-jill bathroom, another secondary bedroom has a private bath. Large Primary suite with large primary bath has split dual vanities and step in shower. The kitchen has hardtop counters and stainless steel appliances, upgrade cabinets and a large island for seating and entertaining. Large patio and pool sized yard for those times for larger get togethers. If you are looking for extra space this is the home for you. The club house, fitness center, spa, pools, pickle ball, tennis are just a few amenities we offer. ..it's too good to be true.

5064 E Peak View Road Cave Creek, AZ 85331

$649,995
3 Beds
2.5 Baths
2,141 SqFt
Status Active
MLS # 6650226
Property Type Single Family Residence
Price Type --
3BD 2.5BA 2141 SQ FT HOME WITH PRIVATE POOL IN GREAT LOCATION. LARGE BKYD THAT BACKS TO DESSERT WASH. TILE IN ALL WALK AREAS & CARPET THROUGHOUT.

1438 W Coral Reef Drive Gilbert, AZ 85233

$649,995
3 Beds
3 Baths
2,289 SqFt
Status Active
MLS # 6726941
Property Type Townhouse
Price Type --
PREMIUM WATERFRONT W/EXPANSIVE LAKESIDE VIEWS! One of the best lots; wth extended & private dock to enjoy breathtaking sunsets, evening boat cruises or morning kayak trips, fishing too, and steps from the community pool! Inside, dramatic soaring ceilings greet you. Kitchen w/updated cabinets, , stainless-steel appliances, RO system. Convenient half bath downstairs and under-stair storage. Your oversized main suite features multiple upgrades & Balcony w/ Lake views 2 other upstairs bedrooms have balconies, PLUS loft Acts as a perfect bonus room. ,2 new HVAC, . Abundant community amenities & events. Bike to Downtown Gilbert. COME LIVE THE SWEET LIFE

35721 N Geode Way San Tan Valley, AZ 85144

$649,995
3 Beds
2.5 Baths
2,575 SqFt
Status Active
MLS # 6723598
Property Type Single Family Residence
Price Type --
Modern deluxe comfort. The Lillington's inviting covered entry and spacious foyer hallway flow into the expansive great room and casual dining area, revealing the desirable large covered patio beyond. The well-designed gourmet kitchen is enhanced by a large center island with breakfast bar, plenty of counter and cabinet space, and gigantic walk-in pantry. The stunning primary bedroom suite is highlighted by dual walk-in closets and deluxe primary bath with dual-sink vanity, large soaking tub, luxe shower, and private water closet. Sizable secondary bedrooms feature walk-in closets and shared bath with separate dual-sink vanity area. Additional highlights include a versatile office off the foyer, convenient powder room and drop zone, centrally located laundry, and additional storage.

25829 N 23rd Avenue Phoenix, AZ 85085

$649,990
3 Beds
2.5 Baths
2,567 SqFt
Status Active
MLS # 6683613
Property Type Single Family Residence
Price Type --
Tree-lined streets, pedestrian-friendly sidewalks and a 5,500 sf recreation center with resort style pool an kiddie pool, shaded ramadas, parks, gathering areas, pickelball courts and basketball. Close to I-10, 101 and 303. Walking distance to restaurants, movies, entertainment and shopping. Gourmet style kitchen, with stainless steel appliances, including a side by side refrigerator, gas cooktop, under cabinet hood, dishwasher, and single wall oven and microwave with trim kit. White and silver gray shaker style cabinets, with extras such as a pull out trash can and boxed in refrigerator. Quartz countertops in kitchen with designer backsplash and hardware. 6x24 ceramic floortile throughout first floor, with 12x24 tile at primary bathroom. Upgraded carpet and pad at bedrooms, stairs, and loft. 4-foot gate at front and rear of side yard. 4-panel sliding glass door from great room to covered patio. Gas stub for BBQ at side yard. Pavered entry and walk way. Modified master bathroom; includes walk-in shower with cultured marble surrounds, and clear glass enclosure. Side by side with linen closet. 8' interior doors throughout, with square corner bead drywall, and 4 -1/4 baseboards. Electrical upgrades throughout, including ceiling fan prewires at all bedrooms, and pendant light prewires in kitchen. Low voltage and black plumbing upgrades throughout, including a single basin stainless steel kitchen sink, and much more!

7647 W Nosean Road Peoria, AZ 85383

$649,990
3 Beds
2.5 Baths
1,982 SqFt
Status Active
MLS # 6717910
Property Type Single Family Residence
Price Type --
MLS# 6717910 Ready Now! The Iris is a single-story home offering 1,982 sq. ft. of living space with 3 bedrooms, 2 bathrooms, a 2-car garage, and a versatile flex room. As the only single-story floor plan at Aloravita South Discovery, this home is designed to impress. The foyer leads to a hallway with secondary bedrooms and a full bathroom. Moving further into the home, you'll find the open kitchen, casual dining area, great room, and flex room. Enjoy Arizona's beautiful weather from your private covered patio. The primary suite features a private bathroom with double sinks and a spacious walk-in closet, making it the perfect retreat.

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