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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4644 S Pluto -- Mesa, AZ 85212

$647,000
4 Beds
2.5 Baths
2,503 SqFt
Status Active
MLS # 6654519
Property Type Single Family Residence
Price Type --
Seller wants Sold. PLEASE IGNORE DAYS ON MKT, Price has been reduced over $40,000! PRICED $50K & $21K BELOW RECENT NEIGHBORHOOD SALES MLS# 6709583 & 6641914. FINANCING OPTION AVAILABLE: 4.99% 1st yr. SAVE $670 MONTHLY FOR FIRST 12 MONTHS & $343 MONTHLY FOR THE 2ND 12 MONTHS!!* This Highly Upgraded home was built in 2021 & ready to move in now! Gently used, feels brand new!, Home offers spacious 3 bedrooms plus Office. Impressive 4 Panel Double Sliding Wall of Glass, Plank tile throughout home, Double Built In Wall Ovens, 36'' Gas Cooktop, Upgraded 8' Interior Doors, Upgraded Smooth Interior Wall Texture, Color Temp Switchable LED can lighting have replaced std recessed lighting. Newer Turf Grass. Irrigation lines in for trees in back for Privacy & Shade Family & guests will appreciate the upgraded Granite Tops & Sinks in secondary bathroom. The backyard has gorgeous, low maintenance turf, two separate sprinkler lines have been run around the perimeter for future additions.

3907 E Delta Avenue Mesa, AZ 85206

$647,000
6 Beds
3 Baths
2,753 SqFt
Status Active
MLS # 6742767
Property Type Single Family Residence
Price Type --
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

13609 W Pinchot Avenue Avondale, AZ 85392

$647,000
5 Beds
3 Baths
3,626 SqFt
Status Active
MLS # 6735245
Property Type Single Family Residence
Price Type --
Discover your meticulously maintained Home Sweet Home in this stunning cul-de-sac property! This residence features 5 spacious bedrooms with ceiling fans, 3 baths, a killer home gym and a versatile loft. Enjoy both living and family rooms, plus a formal dining room for elegant gatherings. The primary bath offers a garden tub, separate shower, and walk-in closet. The chef's kitchen boasts an island with a breakfast bar, granite countertops, a large walk-in pantry, and upgraded cabinetry with ample storage. Additional perks include extra shelving in the laundry room and a huge backyard with a covered patio extending almost the entire width of the home, with plenty of room to add a pool. Plus, there's a park right across the street! Don't miss out on this spectacular home

15683 W Mercer Lane Surprise, AZ 85379

$646,694 - 5Br/4Ba -  for Sale in Stonefield, Surprise
New
$646,694
5 Beds
4 Baths
3,475 SqFt
Status Active
MLS # 6760310
Property Type Single Family Residence
Price Type --
BRAND NEW COMMUNITY. LOCATION LOCATION LOCATION. This one is located East of the 303 and has great accessibility to shopping and freeways. This home is a wonderful 5 BR, 4 bath home with a loft and formal dining and a 3-car garage. Beautiful gourmet kitchen has a large island that opens up to the great room. Upgraded Painted Linen cabinets, quartz counters with a custom backsplash and gourmet appliances. This home has the sought after bottom floor bedroom and full bath as a guest suite. Upstairs you will love the large loft, large secondary rooms with walk in closets and the Owner's suite! Owner's suite has separate tub and shower, two walk in closets and separate vanities! THIS HOME WILL BE COMPLETED IN NOVEMBER. PHOTOS ARE OF A MODEL OF THE SAME PLAN COME SEE THIS ONE

3614 W Alyssa Lane Phoenix, AZ 85083

$646,500
4 Beds
3.5 Baths
2,744 SqFt
Status Active
MLS # 6737844
Property Type Single Family Residence
Price Type --
Become the proud owner of this gorgeous residence in Riordan Ranch! Fantastic curb appeal featuring great curb appeal, meticulously maintained landscape, and stunning mountain views. Discover an inviting living room with soaring ceilings, clerestory windows for ample natural light, and a blend of carpet and wood flooring. The great room has sliding doors leading to the backyard w/sparkling pool. The kitchen boasts granite counters, ample wood cabinetry with crown moulding, recessed lighting, SS appliances, a pantry, and a peninsula w/ a breakfast bar. Downstairs features a complete private Guest suite w/bedroom, den & bathroom perfect for in law, guests, nanny etc. Close to 1-17 & 303 & fabulous shopping, dining, movies, schools, medical,short hop to Prescott & Flag. The backyard oasis is highlighted by a covered patio, a pristine lawn, and a refreshing pool for cooling down on hot summer days. Make this gem yours!

24460 N 140th Avenue Surprise, AZ 85378

$646,150
3 Beds
3 Baths
2,392 SqFt
Status Active
MLS # 6740257
Property Type Single Family Residence
Price Type --
MLS#676740257 October Completion! Discover the 55-RMRV2 at Fiesta at Rancho Mercado, an exquisite single-story home featuring 3 bedrooms, 3 baths, a versatile flex space, and a spacious RV garage. Enter into the heart of the home, where the kitchen, gathering room, and dining area seamlessly flow together, offering beautiful views of the backyard. The private owner's suite is tucked away at the rear of the residence for maximum privacy, while the two secondary bedrooms are conveniently located toward the front. Structural options include: an extended covered patio.

7620 W Saddlehorn Road Peoria, AZ 85383

$645,990
4 Beds
3 Baths
2,150 SqFt
Status Active
MLS # 6730807
Property Type Single Family Residence
Price Type --
Brand new community in North Peoria! This stunning single story home offers 2,150 sq ft of functional living space. It features 4 bedrooms, 3 bathrooms, den, and a 3 car tandem garage. The open concept kitchen is perfect for entertaining and features a large Island, walk-in pantry and stainless steel appliances with gas range. It also offers our Minimalist Palette which includes Fairview Stone Grey Painted 42'' Cabinets, Crisp Stria Quartz kitchen countertops, Arctic White 4x16 kitchen backsplash, and 6x24 wood looking plank tile in all the common areas. The great room offers a 4 panel center sliding glass door so you can step out into your covered patio to enjoy indoor/outdoor living in your backyard with friends and family. Great location close to dining, freeways, parks, and entertainment!

12117 W Jessie Lane Sun City, AZ 85373

$645,700
4 Beds
3.5 Baths
3,659 SqFt
Status Active
MLS # 6726985
Property Type Single Family Residence
Price Type --
ALL AGES COMMUNITY. 2 MASTER SUITES! LIBERTY HIGH SCHOOL! PEORIA SCHOOL DISTRICT! ROOM TO PARK YOUR TOYS! Sellers offering $10,000 in INCENTIVE CONCESSIONS towards Lowering buyer's interest rate, etc. Master suite downstairs has Exterior Exit. Perfect for In-Law suite! HUGE Loft! RESORT-STYLE POOL w/waterfall, travertine tile, & Pergola. ENTERTAINER'S DREAM! Multi-Generational Home! RV gate &Pavers for extra Parking. Corner lot. All bedrooms have walk-in closets! GREATROOM joins the Kitchen/breakfast area & family room. Chef's kitchen boasts Upgraded, larger cabinets, walk-in PANTRY, island, GRANITE countertops, backsplash, & extra exit door to additional patio. Upstairs master has a SOAK TUB. Split floorplan. Covered Patio. Near Loop 303, Happy Valley Rd. Newer flooring thruout Special upgrades: Kitchen side-door addition. Larger Kitchen cabinets. Wider, Custom Back sliding door. Downstairs Master has French-door entryway, and an exterior door for easy pool service or front gate entrance. Newer flooring and baseboards. Garage storage racks. Customized Pool with extra rebar and cement. Pergola, Travertine and pavers. RV gate. Covered Patio.

28228 N 213th Drive Wittmann, AZ 85361

$645,000 - 4Br/3Ba -  for Sale in No Hoa, Metes And Bounds, Wittmann
New
$645,000
4 Beds
2.5 Baths
2,142 SqFt
Status Active
MLS # 6754209
Property Type Single Family Residence
Price Type --
GATED ENCLAVE. This home is the first home on the west side. Situated on a dead end,1.12 acre canvas of potential, this brand new home is a blank canvas waiting for your personal touches. With 2,142 square feet of living space, it is the perfect blend of comfort and sophistication. Need space for your toys? This home boasts an attached 55X13.6 foot RV garage, so your RV, LQ or toys will easily fit here. Upon entering, you will encounter high-end touches such as elegant quartz countertops, crown molding, 5'' baseboards, sleek tile wood-like floors, and modern fixtures throughout. Entertain in the open-concept living space where the gourmet kitchen is the heart of the home. Equipped with stainless steel appliances, ample counterspace, a separate walk in pantry, and a ton of storage space culinary delights are just waiting to be created. Your primary bedroom is split with an ample bathroom that includes dual sinks with quart countertops, a curbless shower and separate soaking tub, and large walk-in closet. Outside, let your imagination run wild. Whether you are dreaming of creating an oasis with a sparkling pool, shade trees and gardens or a mare motel and loping arena, it's right here waiting for you. For the energy conscious Buyer, the ceiling has foam insulation equivalent to R16 and it keeps the bugs and dust out. Concerned about the leach field location? This septic system has a vertical leach field so you don't have to worry about where the lines are when you are installing your dream pool or mare motel. And, this is synthetic stucco so you never need to paint it. There is a complete list of features under the document tab in the MLS that is available to the public. Hurry and make this home your own.

26670 N 155th Avenue Surprise, AZ 85387

$645,000
3 Beds
2 Baths
2,002 SqFt
Status Active
MLS # 6755303
Property Type Single Family Residence
Price Type --
Amazing 1.5 acre lot with mountain views and mature trees. Home was built for entertaining. Open floor plan, wet bar and huge butlers pantry. Large master shower and walk-in closet. All the luxury and options of a much more expensive home.

28312 N 213th Drive Wittmann, AZ 85361

$645,000
4 Beds
2.5 Baths
2,142 SqFt
Status Active
MLS # 6721829
Property Type Single Family Residence
Price Type --
GATED ENCLAVE. This home is 2 houses north. Situated on a dead end,1.12 acre canvas of potential, this brand new home is a blank canvas waiting for your personal touches. With 2,142 square feet of living space, it is the perfect blend of comfort and sophistication. Need space for your toys? This home boasts an attached 55X13.6 foot RV garage, so your RV, LQ or toys will easily fit here. Upon entering, you will encounter high-end touches such as elegant quartz countertops, crown molding, 5'' baseboards, sleek tile wood-like floors, and modern fixtures throughout. Entertain in the open-concept living space where the gourmet kitchen is the heart of the home. Equipped with stainless steel appliances, ample counterspace, a separate walk in pantry, and a ton of storage space, culinary delights are just waiting to be created. Your primary bedroom is split with an ample bathroom that includes dual sinks with quart countertops, a curbless shower and separate soaking tub, and large walk-in closet. Outside, let your imagination run wild. Whether you are dreaming of creating an oasis with a sparkling pool, shade trees and gardens or a mare motel and loping arena, it's right here waiting for you. For the energy conscious Buyer, the ceiling has foam insulation equivalent to R16 and it keeps the bugs and dust out. Concerned about the leach field location? This septic system has a vertical leach field so you don't have to worry about where the lines are when you are installing your dream pool or mare motel. And, this is synthetic stucco so you never need to paint it. There is a complete list of features under the document tab in the MLS that is available to the public. Hurry and make this home your own.

5610 S Pirates Cove Road Tempe, AZ 85283

$645,000
4 Beds
2.5 Baths
2,116 SqFt
Status Active
MLS # 6757717
Property Type Single Family Residence
Price Type --
Gorgeous home in the prestigious community of THE LAKES, in Tempe! This updated and meticulously maintained 2116 sf. home sits on a LARGE 10,000+ LOT, with a huge lush backyard, and a sparkling DIVING POOL. It includes 4 bedrooms and 21/2 baths, with one bedroom having additional private entry. You will be welcomed by the inviting and private courtyard. The highlights of this home include an open floor plan, yet a comfortable and cozy feel. The main living room is spacious and looks out on the lovely courtyard. The open kitchen can be accessed through the large formal dining area, or the smaller living room/sitting area that is centered around a stone fireplace, looking out to the backyard and pool. The primary suite is spacious with an en-suite bath and sliding glass doors to the back patio. The secondary bedrooms are spacious with ceiling fans and no carpet throughout the home. Tile throughout, ceiling fans in all rooms, plantation shutters, newer appliances, and several other improvements and updates (please see attached Features list). Last, but not least, is the expansive backyard with a patio that extends the length of the home, a large lush grassy area perfect for kids, dogs, or just to entertain, and a diving pool! You will have access to all of The Lakes' beautiful amenities, including the clubhouse, tennis, pickleball, racquetball, olympic pool, fitness center, plus fishing and boating on the lake! The Lakes is conveniently located with easy access to shopping, dining, and entertainment, as well as the major roads/hwy to make your daily commute convenient!

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