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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8314 W Berridge Lane Glendale, AZ 85305

Open House

$630,000

4 Beds

2 Baths

2,696 SqFt

Status Active

MLS # 6752281

Property Type Single Family Residence

Price Type --

Rare opportunity to live in this great neighborhood where homes don't come on the market very often. The location is fantastic and less than a mile from all the amenities at Westgate and the Cardinals Stadium. This home is special with 4 bedrooms, office and extra flex space. The open concept is spacious, and the home has recently been remodeled with new quartz countertops throughout, new light fixtures, new plumbing fixtures, freshy painted inside and out, new carpet in the bedrooms, new door hardware, new slider, and nice backyard. This open floor plan has a large, updated kitchen with all new stainless-steel appliances, island that seats 4, and opens to an inviting family room. The home has a split floorplan, and the primary bedroom has a beautiful new shower and walk in closet The home has a split floorplan, and the primary bedroom has a beautiful new shower and walk in closet. Landscaping has been updated and there is a large, covered patio and 3 car garage with new openers. See documents tab for all upgrades.

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33839 W Grove Street Tonopah, AZ 85354

$629,999

6 Beds

3 Baths

2,823 SqFt

Status Active

MLS # 6688897

Property Type Single Family Residence

Price Type --

Beautiful new construction home with many features and upgrades. Home has 6 beds, 3 baths and an over hight 3 car garage equipped with 240v power for your electric car or heavy duty equipment. Home has 6 exterior walls and spray foam insulation to help keep cool during those hot summer days. Exterior features are dark gray roof tiles and beautiful stone veneer detail to complement tiles. You will be welcome by a Stunning high entrance with custom iron door and contemporary warm light chandelier. Seat outside in the private courtyard and enjoy the beautiful sunsets Arizona has to offer. Big 1 acre lot has plenty room for all your toys! As you move inside the high 10' ceilings and beautiful light fixtures carrie thru out the home. Kitchen boast white shaker cabinets up to the ceiling, back splash, gold and black hardware and new GE appliances. Bathrooms all have custom tile work. Master bedroom is spacious and master bath is a must see! from tile work to the free standing tub. Walking closet in master as well as 2 other rooms. All other bedrooms are good size ready for a big or growing family.

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28903 N 211th Avenue Wittmann, AZ 85361

$629,999

5 Beds

3 Baths

2,681 SqFt

Status Active

MLS # 6717920

Property Type Single Family Residence

Price Type --

Don't miss out on the opportunity to make this stunning property with NO HOA your own! This newly constructed home on 1-acre horse property offers the perfect blend of luxury and functionality. Open spacious floor plan and design the gourmet kitchen awaits, adorned with pristine white shaker cabinets and granite countertops. Tile flooring flows seamlessly throughout the entire home, offering both durability and timeless beauty. Beautiful Custom Home nearing completion! This home was built with care & quality!! Numerous details & upgrades throughout, not just cosmetically but through the bones of this home.

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2601 N 27th Street Unit 2 Phoenix, AZ 85008

$629,999

4 Beds

2.5 Baths

1,921 SqFt

Status Active

MLS # 6739863

Property Type Single Family Residence

Price Type --

***Seller offering $10,000 in seller concessions**** Discover this stunning 4 bed, 2.5 bath home in the gated Imagine Community in the heart of Phoenix! This beautiful home offers an open-concept layout featuring a spacious island kitchen with quartz countertops, stainless steel appliances, and soft-close shaker cabinets. Natural light floods the living area through 10 feet of glass doors leading to your private backyard. Upstairs, you'll find a luxurious primary suite with a walk-in closet and three additional generously sized bedrooms, all boasting vaulted ceilings, with two of them offering balcony access. This highly upgraded home also includes a 3-car garage and access to a heated pool and dog-friendly park. A must-see!

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21711 E Roundup Way Queen Creek, AZ 85142

$629,995

3 Beds

2.5 Baths

2,510 SqFt

Status Active

MLS # 6702803

Property Type Single Family Residence

Price Type --

Welcome to Light Sky Ranch and the Dominic plan. This single level, 2510 square foot home boasts an open, inviting layout for entertaining. At the heart of the home is a spacious great room that flows into a sunny kitchen with a center island, dual walk-in pantries and an inviting breakfast nook, opening to the covered patio. A luxurious primary suite features an immense walk-in closet and attached bath with double sinks, and a luxurious separate tub and shower. With two additional bedrooms and a teen room, two and a half baths, and a dedicated study, the home offer plenty of space for privacy as well. 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.

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21724 E Roundup Way Queen Creek, AZ 85142

$629,995

3 Beds

2.5 Baths

2,510 SqFt

Status Active

MLS # 6708033

Property Type Single Family Residence

Price Type --

Step into Light Sky Ranch and experience the allure of the Dominic plan. This single-level residence spans 2510 square feet and presents an inviting layout ideal for entertaining. The focal point of the home is its expansive great room, seamlessly connected to a sunlit kitchen featuring a central island, dual walk-in pantries, and a welcoming breakfast nook that extends to the covered patio. Retreat to the luxurious primary suite boasting a generous walk-in closet and an attached bath with double sinks and an elegant shower. With two additional bedrooms, a teen room, two and a half baths, and a dedicated study, this home offers ample space for privacy and relaxation. Outside, a single-car garage and a 2-car garage provide abundant storage for vehicles and outdoor equipment. Enhanced with amenities such as a tankless water heater for efficiency and a charming paver driveway, this residence effortlessly blends convenience with sophistication.

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24101 N 171st Lane Surprise, AZ 85387

$629,995

4 Beds

3 Baths

2,897 SqFt

Status Active

MLS # 6723615

Property Type Single Family Residence

Price Type --

Come see this Julia dream home! Included features: an inviting covered entry; a convenient laundry; an elegant dining room leading onto a covered side porch; a spacious great room; a gourmet kitchen offering 42'' cabinets, quartz countertops, an extended center island, a butler's pantry with wet bar and a walk-in pantry; a roomy nook with large center meet doors; an extended covered patio; a versatile flex room; 10 ft ceilings; an impressive primary suite showcasing extra storage in the bath and a generous walk-in closet; a 2-car garage and a single-car garage. This home also offers front yard landscaping and driveway pavers as well as ceiling fan prewiring, wood look plank tile flooring and additional windows in select rooms. This is a must see!

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25388 N 76th Drive Peoria, AZ 85383

$629,990

4 Beds

3 Baths

2,150 SqFt

Status Active

MLS # 6704857

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. It also offers our Coastal Design Palette which includes Fairview White Painted 42'' Cabinets, Crisp Stria Quartz kitchen countertops, Zelige Cielo 4x4 kitchen backsplash, and 6x36 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!

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16430 W Desert Mirage Drive Surprise, AZ 85388

$629,990

4 Beds

3 Baths

2,623 SqFt

Status Active

MLS # 6754292

Property Type Single Family Residence

Price Type --

It's the stunning Topaz - 4 bedrooms with walk in closets + study and 3 full baths. Plenty of counter space and large walk in pantry. Pavers at drive, walk and entry. Large extended covered patio. Beautiful kitchen includes gas appliance package with stainless steel 30'' cooktop, wall oven and hood. Sonoma maple ''Linen-off white) cabinets with 42'' kitchen uppers with pull out trash drawer. AZT Tawny quartz countertops at kitchen. Black single bowl under mount sink. Upgrade flooring includes Beaumont Olmo 7x24 plank tile with 5'' baseboards and 3 1/4'' door casings throughout. Two tone interior ''Great Gray'' paint throughout. 8' tall garage doors and so much more. Estimated completion December.

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11456 E Utopia Avenue Mesa, AZ 85212

$629,990

4 Beds

3.5 Baths

2,800 SqFt

Status Active

MLS # 6749653

Property Type Single Family Residence

Price Type --

''Welcome to this stunning 4 bedroom, 3.5 bathroom home with 2 dens located in the East Valley's newest community, Destination at Gateway! Step into the spacious home with 10-foot ceilings, adorned with elegant 8-foot interior doors and 4 1/4 inch baseboards. The home boasts 8 x 36'''' wood look tile throughout, exuding a sense of luxury and warmth. Prepare exquisite meals in the gourmet kitchen, featuring a 36-inch gas cooktop and canopy hood, complemented by beautiful 42-inch white shaker cabinets with cabinet hardware. The kitchen dazzles with quartz countertops, a stylish kitchen backsplash, an Undermount sink, and a sleek stainless steel faucet. The bedrooms offer a peaceful retreat, while the bathrooms showcase upgraded lights and elegant brushed nickel faucets. This home is a testament to modern elegance and attention to detail, offering a harmonious blend of style and functionality.

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32000 N 117th Avenue Peoria, AZ 85383

$629,990

3 Beds

2 Baths

1,921 SqFt

Status Active

MLS # 6754803

Property Type Single Family Residence

Price Type --

It's the Clover with 3 bedrooms + flex space to use as you wish, 2 baths. This home has a large walk-in shower at owner's bath with tile surrounds. Multi slide door that leads out to the covered patio. Pavers at drive, walk and entry. Stainless steel gas appliance package with 36'' cooktop, wall oven and glass canopy hood. Maple linen-off white cabinets with 42'' uppers in kitchen with pull out trash drawers. AZT Steel gray granite in kitchen and much more. Amenity Rich Mystic includes a Resort Style community pool, Rec center with year-round events, Hiking paths & community parks. The perfect location- close to shopping, restaurants, golf, Lake pleasant and the loop 3. Estimated completion April.

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11513 E Utah Avenue Mesa, AZ 85212

$629,990

3 Beds

2.5 Baths

2,506 SqFt

Status Active

MLS # 6708212

Property Type Single Family Residence

Price Type --

''Stunning Suntone floorplan - 3 bedrooms with seperate Den and 2.5 Baths, located in the East Valley's newest community, Destination at Gateway. Discover this inviting home featuring a 4 Panel Center siding glass door off the great room, seamlessly connecting indoor and outdoor living. The kitchen boasts stainless steel appliances, including a 36-inch gas cooktop, built-in wall oven and microwave, along with white and gray shaker cabinets adorned with satin nickel hardware and a convenient trash pull-out. The quartz countertops and tile kitchen backsplash add a touch of elegance to the space. Throughout the home, 8-foot interior doors with upgraded satin nickel door hardware create a modern, cohesive feel. The main areas are adorned with 8 x 36'' wood-look tile and 4 1/4-inch baseboards, providing a stylish foundation for the home. Bathrooms feature upgraded vanity lights and brushed nickel bath faucets, while the primary bathroom offers an enlarged shower and a separate soaking tub for relaxation. With 10-foot ceilings, an oversized laundry room, a separate valet area at the garage entrance, and a paver driveway, this home is designed to offer both luxury and practicality, providing a comfortable and stylish living space for you and your family.

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