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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13297 W Crimson Terrace Peoria, AZ 85383

$649,499

5 Beds

2.5 Baths

2,631 SqFt

Status Active

MLS # 6728385

Property Type Single Family Residence

Price Type --

*** $13,500 CONSESSION by Seller for Solar Loan pay down *** This home has an open-concept main floor. One bedroom downstairs and four upstairs. The kitchen is an entertainer's dream with modern appliances, an undercounter sink, pantry, backsplash tile and 42'' white cabinetry with upgraded hardware. Quartz countertops in the kitchen, bathroom and laundry rooms. Upgraded floor and surround tile in all bathrooms. Upstairs, a loft offers a versatile common area, and a sprawling master suite includes and upgraded walk-in shower and closet. The home also includes theatre room audio pre-wire. Twin Butte mountain views galore including in the Primary bedroom, loft, stairs and the backyard! Upgraded flooring throughout the house! Over $109k of Options and Gallery selections and 6k lot premium

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1732 W Indian School Road Phoenix, AZ 85015

$649,499

4 Beds

3 Baths

2,021 SqFt

Status Active

MLS # 6701597

Property Type Single Family Residence

Price Type --

Beautiful move in ready 4bed/3bath home in downtown phoenix. includes a 220 sq ft studio apartment with its own access/entry door. Beautiful kitchen with plenty of cabinet space and a big breakfast nook/island. Tile throughout the whole house, no carpet. All rooms have spacious closets with plenty of additional storage in hall linen closets. Property has a massive 1100 sq ft garage with additional parking in front of home. You can park all your toys in this huge garage or even make it into a workshop or business. Property has RV gate at front and back of property and a covered patio with huge back yard. Located in downtown, close city life and venues, including sports, art, restaurants and many other amenities. Great location and great rental potential. ****SELLER WILL CARRY** *************BUYER TO INSPECT AND VERIFY ALL ITEMS OF MATERIAL IMPORTANCE*************

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19797 S 231st Way Queen Creek, AZ 85142

$649,441

3 Beds

2.5 Baths

2,195 SqFt

Status Active

MLS # 6583797

Property Type Single Family Residence

Price Type --

GORGEOUS GREAT ROOM PLAN, GOURMET KITCHEN LAYOUT, SPA SHOWER IN THE PRIMARY, WHITE CABINETS WITH CONTRASTING BLACK HARDWARE, PLANK TILE FLOORS EVERYWHERE, EXCEPT THE BEDROOMS,UPGRADED GRANITE TOPS AND TILE BACKSPLASH., FANS BLINDS INCLUDED,PAVER DRIVE AND WALKWAY AND MORE.. TASTEFUL TOUCHES THROUGHUT THIS HOME!! ALL THIS IN BEAUTIFUL BARNEY FARMS, WHICH OFFERS A 22 ACRE LAKE THAT IS THE CENTERPEICE OF THIS COMMUNITY SURROUNDED BY GREEN PARKS, WALKING TRAILS AROUND THE LAKE WITH BENCHES AND RAMADAS TO ENJOY THE VIEW. PICKLE BALL, BOCCE BALL, LARGE BARN CLUBHOUSE WITH OUTDOOR SEATING OVERLOOKING THE LAKE. 16 SEER RATING ENERGY STAR HOME! ''KMB K-6 School. THIS HOME AND COMMUNITY IS WORTH A VISIT!!

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4703 N 206th Drive Buckeye, AZ 85396

$649,400

2 Beds

2.5 Baths

2,297 SqFt

Status Active

MLS # 6722802

Property Type Single Family Residence

Price Type --

Introducing this highly desirable Lennar NextGen home, which is ONLY available as a resale in the sought-after Victory at Verrado community. Boasting 2 bedrooms, den, 2.5 bathrooms, 2 great rooms, courtyard, covered rear patio with extended pergola, and two add'l rear patio areas. This open-concept home is perfect for those who love to entertain. The gourmet kitchen is equipped with a gas range, hood, and a spacious island, flowing seamlessly into the eat-in breakfast nook. The NextGen suite has a separate entrance and features a full bathroom, bedroom, living room, and kitchen, providing a private retreat for you or your guests. Plantation shutters add a touch of elegance and privacy to this beautiful home.

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25113 W Lowden Road Wittmann, AZ 85361

$649,000

4 Beds

2.5 Baths

2,271 SqFt

Status Active

MLS # 6703959

Property Type Single Family Residence

Price Type --

New Build -completion date END OF July, one-acre property provides plenty of space for outdoor activities and potential expansion Having a large 2-car garage along with a 55 ft RV garage is fantastic for accommodating vehicles and storage needs. The RV cleanout on the west side adds convenience for maintenance and waste disposal. Features like a walk-in shower and walk-in closet in the master bedroom offer comfort and practicality. A large patio is perfect for outdoor gatherings and relaxation. A powder room is always handy for guests, and a walk-in pantry and kitchen island contribute to a functional and spacious kitchen, laundry is designed for stackable washer & dryer, layout tailored for both comfort and functionality, with plenty of space for various activities and hobbies.

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30419 W Mckinley Street Buckeye, AZ 85396

$649,000

3 Beds

2 Baths

1,885 SqFt

Status Active Under Contract

MLS # 6743370

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Buckeye! This stunning 3-bedroom, 2-bathroom residence is situated on over an acre of pristine land, offering you the perfect blend of space, privacy, and modern living. With no HOA restrictions, you have the freedom to make this property truly your own. Property is fenced and zoned for HORSES! Did we mention SOLAR OWNED!! The home features a spacious 3-car garage, providing ample room for vehicles, storage, and hobbies. Inside, you'll find a beautifully designed interior with a neutral gray color scheme that exudes a sense of calm and sophistication. The plank-style flooring throughout adds a touch of elegance and durability, ideal for both everyday living and entertaining. The open-concept layout is flooded with natural light, creating a bright and welcoming atmosphere. The heart of the home is the expansive living area that seamlessly flows into the dining space and gourmet kitchen, perfect for hosting family and friends. With over an acre of land at your disposal, there's plenty of room to create your own outdoor oasis. Whether you dream of a garden, a pool, or simply wide-open spaces to enjoy, this property offers endless possibilities. Don't miss out on this rare opportunity to own a slice of paradise in Buckeye, where comfort, style, and freedom come together in one exceptional home.

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1145 N 293rd Avenue Buckeye, AZ 85396

$649,000

4 Beds

2 Baths

2,067 SqFt

Status Active

MLS # 6758593

Property Type Single Family Residence

Price Type --

Discover the ultimate in custom home luxury, unencumbered by HOA fees or regulations. This stunning ranch-style residence boasts 2,067 square feet of living space on a serene 1.2-acre lot. The sophisticated open-concept living area features stylish paneled walls, vaulted ceilings, and an abundance of natural light and recessed illumination. A sleek white kitchen, complemented by a spacious island, provides an ideal setting for culinary pursuits. The serene master suite offers a tranquil retreat, complete with a spacious en-suite bathroom and ample closet space. Three additional bedrooms provide versatility for family, guests, or a home office. The expansive, upgraded backyard, valued at over $60,000, boasts full block fencing and dual RV gates, perfect for accommodating large vehicles or or horses.

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1135 N Harold Street Tempe, AZ 85288

New

$649,000

4 Beds

3.5 Baths

2,140 SqFt

Status Active

MLS # 6759462

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bedroom, 3.5-bathroom home that radiates modern elegance with a neutral color scheme and light, bright atmosphere throughout. The open floor plan is complemented by beautiful plank-style flooring, creating a sleek, contemporary look. Natural light pours into every room, enhancing the airy feel of the space. The heart of the home is the spacious kitchen, featuring a large island perfect for meal prep and gatherings. Conveniently included is a washer and dryer, making this home as functional as it is stylish. Ideal for both relaxation and entertaining, this property is a perfect blend of comfort and modern design.

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1139 N Harold Street Tempe, AZ 85288

New

$649,000

4 Beds

3.5 Baths

2,140 SqFt

Status Active

MLS # 6759465

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bedroom, 3.5-bathroom home that radiates modern elegance with a neutral color scheme and light, bright atmosphere throughout. The open floor plan is complemented by beautiful plank-style flooring, creating a sleek, contemporary look. Natural light pours into every room, enhancing the airy feel of the space. The heart of the home is the spacious kitchen, featuring a large island perfect for meal prep and gatherings. Conveniently included is a washer and dryer, making this home as functional as it is stylish. Ideal for both relaxation and entertaining, this property is a perfect blend of comfort and modern design.

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3233 S Lebanon Lane Tempe, AZ 85282

$649,000

3 Beds

2 Baths

1,626 SqFt

Status Active Under Contract

MLS # 6717336

Property Type Single Family Residence

Price Type --

Welcome to your new home in Tempe! This fully remodeled property has brand new flooring, gray quartz waterfall countertops, white shaker cabinets, new fans, and modern finishes throughout. The roof has a 5-year no-leak warranty, 20-year underlayment, and lifetime shingle warranty. Outside, enjoy a covered patio and a sparkling diving pool on a spacious lot. The home also features a newer AC and furnace, shingles replaced in 2018, no HOA, and excellent nearby schools. Visit this weekend before it's gone—homes in 85282 at this price don't last! The property includes 1,466 sq. ft. plus a 160 sq. ft. attached laundry room.

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36646 N 21st Street Phoenix, AZ 85086

$649,000

4 Beds

2 Baths

2,232 SqFt

Status Active

MLS # 6747023

Property Type Single Family Residence

Price Type --

This 2.5-acre property is worth a look if you're ready for a project. The 4-bedroom, 2-bathroom home has a pool, but it's going to need updating. Priced Accordingly. On the plus side, there's no HOA to deal with, so you're free to do whatever you want with the space. The property includes city water access, an oversized horse arena, stalls for up to 8 horses and a detached open-front building that could be used as a workshop or storage for RVs and other large vehicles. The home is a territorial-style build with expansive views, but it's far from perfect. While it's close to the freeway, shopping, and schools, be prepared to put in the effort to make this place your own and realize it's true potential!

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15240 N Bahia Boulevard Fountain Hills, AZ 85268

$649,000

3 Beds

2 Baths

2,091 SqFt

Status Active

MLS # 6750434

Property Type Single Family Residence

Price Type --

Beautiful 3 bedroom, 2 bath home, split floor plan, 2-car garage, 2097 sq ft. No HOA. Located on a quiet cul-de-sac, bordered on two sides by state land, live next to the Sonoran desert and hike to your hearts content. Views of the McDowell Mountains. Vaulted ceilings,spacious eat-in kitchen, with new stainless steel microwave and oven/stove; large great room with fireplace; dry bar area with plumbing for a wet bar; recessed lighting & ceiling fans throughout. Master has dual sinks with new faucets; large walk-in closet. Recently painted inside and out. Roof was redone in 2020. New Hot Water Heater in 2024. AC was replaced in 2019. Large backyard with large covered patio, double-gate & RV parking. Nice front yard sitting area to enjoy your morning coffee and watch the sunrise

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