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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3649 E Cody Avenue Gilbert, AZ 85234

$625,000

4 Beds

2 Baths

1,884 SqFt

Status Active

MLS # 6753565

Property Type Single Family Residence

Price Type --

Your beautifully REMODELED 4 bedroom home w/ a POOL in Carol Rae Ranch is now for sale! Inside you will find spacious dining & living areas, luxury vinyl flooring, graceful archways, and neutral palette throughout. The fabulous kitchen is comprised of ample cabinetry w/ample counter space, a pantry, stainless steel appliances, and an island complete w/a breakfast bar. Double doors open up to the primary bedroom, boasting a walk-in closet and a private ensuite w/dual sinks. This home also features a water softener! Finally, the lovely backyard includes a covered patio and a fenced pool perfect for the warm summer days! THIS IS HOME, make it your first stop!

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6940 E Cochise Road Unit 1016 Paradise Valley, AZ 85253

$625,000

3 Beds

3 Baths

1,937 SqFt

Status Active

MLS # 6754436

Property Type Townhouse

Price Type --

Stunning 3 bed/3 bath townhome w/ 2-car garage in the gated community of Sandalo. Enjoy 3 levels of thoughtfully designed living space. First level features guest suite w/ full bath, laundry and private courtyard. Second level offers a spacious great room w/ high ceilings and 2 balconies, creating an open and airy feel. Kitchen boasts modern style cabinets, SS appliances, gas range and walk-in pantry. Third level features spacious primary bedroom w/ full bathroom, walk-in closet and private balcony. Additional upstairs bedroom has en suite bathroom. Ideal upstairs flex space separates bedrooms for added privacy. Resort-style community heated pool & spa w/ BBQ area. Within Scottsdale's '3Cs' schools. Perfectly located between Old Town and Kierland just steps from restaurants and shops.

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2475 N 163rd Drive Goodyear, AZ 85395

New

$625,000

2 Beds

2 Baths

2,088 SqFt

Status Active

MLS # 6759367

Property Type Single Family Residence

Price Type --

This fabulous 2 bed/2 bath residence now on the market is for you! Featuring great curb appeal, a low-care landscape with mature shade tree, and a 2 car + golf cart garage. A spacious open floor plan w/elegant wood plank flooring, formal dining area, a 2-way fireplace, and neutral palette throughout. The gorgeous kitchen is comprised of wood cabinetry w/granite counters, a pantry, brand new SS dish-washer/gas stove top-oven. Newer ''Samsung Bespoke ''refrigerator, new pen lighting & recessed lighting, completes the breakfast bar. You'll love the primary bedroom, with a walk-in closet and an esuite w/dual sinks. You'll also find a cozy open den/sitting room! Finally, the lovely backyard includes a covered patio, extended paver seating area, a built-in BBQ, gas fire pit and fountain.

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6502 N Central Avenue Phoenix, AZ 85012

$625,000

2 Beds

2 Baths

1,880 SqFt

Status Active

MLS # 6757231

Property Type Apartment

Price Type --

This beautiful mid-century penthouse, designed by renowned architect Starkovich, seamlessly blends historic charm with modern living. Situated along the iconic, tree-lined Central Ave in one of Phoenix's most sought-after neighborhoods, this original 2-bedroom, 2-bathroom home boasts breathtaking north-facing views of Piestewa Peak and stunning sunsets, framed by an impressive wall of windows. Just steps away, the scenic Murphy Bridal Trail offers a perfect escape for hiking enthusiasts and nature lovers. Bathed in natural light, the bright and airy interior creates an inviting atmosphere. The spacious great room is perfect for hosting gatherings or simply enjoying a peaceful morning coffee as the sunrise fills the space with warmth and light.

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917 W Landmark Trail Payson, AZ 85541

$625,000

3 Beds

2 Baths

1,893 SqFt

Status Active

MLS # 6757487

Property Type Single Family Residence

Price Type --

**Spacious 3-Bedroom Home with RV Parking & 3-Car Garage in Payson!** This 1,893 sq. ft. home sits on a LARGE DOUBLE LOT with RV parking access from the rear street. It features 3 bedrooms, 2 baths, 2 walk in closets in Primary ,vaulted ceilings, and a cozy gas fireplace. The kitchen includes a gas stove, and recent updates include a new electric water heater, A/C, and mini-split system. The versatile room addition can be used as an office, game room, or extra bedroom. Outside, enjoy a park-like yard, perfect for relaxation. The home also offers a 3-car garage w Storage cabinets. Don't miss this opportunity!

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4318 E Dennisport Avenue Gilbert, AZ 85295

$625,000

3 Beds

2.5 Baths

1,862 SqFt

Status Active Under Contract

MLS # 6752323

Property Type Single Family Residence

Price Type --

Welcome to this beautifully upgraded 3-bed, 2.5-bath home in Cooley Station! This home comes with upgraded options galore! With stone accents, artificial turf, and a paver driveway, the curb appeal is fantastic. Inside, you'll find an open layout with stylish fixtures, natural light, and wood-look tile flooring, paired with Berber carpet in the bedrooms. The gourmet kitchen boasts granite countertops, white cabinets, a pantry, a prep island with a breakfast bar, and high-end stainless steel appliances with a gas cooktop. The primary suite features a walk-in closet and an ensuite with dual sinks and a large shower. The backyard offers an extended paver-covered patio, perfect for entertaining. Tons of upgrades throughout—details in the documents section! Don't miss out on this gem!

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1526 W Boa Vista Drive Gilbert, AZ 85233

$625,000

3 Beds

2 Baths

2,057 SqFt

Status Active

MLS # 6756728

Property Type Single Family Residence

Price Type --

WOW... amazing 3bed/2bath in the Islands. This home is ANYTHING BUT ''cookie cutter'' and exudes charm. Great split floor plan with open concept family room/dining/ kitchen. Huge master suite and adorable backyard. The long list of top quality upgrades were done for owner enjoyment: new HVAC, exterior doors, smart lighting and fans and master carpet, fantastic laundry with new washer and dryer. The windows were replaced in 2020. Although this home was NOT a flip, it has all the big and small ticket items and won't be here long. The property just needs family.

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2825 N 42nd Street Unit 8 Phoenix, AZ 85008

$625,000

3 Beds

3.5 Baths

2,229 SqFt

Status Active

MLS # 6749989

Property Type Single Family Residence

Price Type --

Welcome to Edgemont 12! A perfectly located urban oasis for the on the go Phoenician! This delightful 3-level residence offers modern style, luxury, and convenience! You'll be delighted by the open floor plan on all levels. Featuring a soothing custom color palette, recessed lighting, blinds for privacy, and elegant wood-look flooring. The gourmet kitchen features granite counters, abundant white shaker cabinetry, contemporary track lighting, and sleek SS appliances. Upstairs, the main bedroom includes plush carpeting, an ensuite with dual sinks, and a walk-in closet. The third floor has a sizeable loft, perfect for an office, media room, or additional living space. Venture out onto the balcony to enjoy fresh air and serene views of Camelback Mountain. Park your vehicles and toys in the large two stall attached garage. The community features a pool for those hot summer days and a small dog park for your fury friends. Located within walking distance to some of the best dining in town and minutes to Sky Harbor airport, downtown Phoenix, hiking, biking, golfing and all the other amazing things Phoenix/Scottsdale has to offer. Don't miss this one!

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321 W Palo Verde Street Gilbert, AZ 85233

New

$625,000

4 Beds

3 Baths

2,090 SqFt

Status Active

MLS # 6759949

Property Type Single Family Residence

Price Type --

**Distinctive character and unique SW design on preferred N/S lot ideally situated close to downtown Gilbert!!**Beautifully updated 4 bedrooms with private bath off guest room + additional bonus/media room.**Practical stained concrete flooring throughout, freshly painted with newer light fixtures and ceiling fans and gas fireplace.**Well-planned kitchen with Brazilian Quartzite countertops, custom cabinetry, huge island/breakfast bar & double French patio doors.**Additional amenities include RV gate w/concrete pad, sliding barn door in master suite, stackable washer & dryer, reverse osmosis, soft water and refrigerator!!**Private backyard with no rear neighbors, extended covered patio, shed and lush, mature landscaping.**

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8133 E Sunwing Ridge Drive Hereford, AZ 85615

$625,000

4 Beds

4 Baths

2,700 SqFt

Status Active

MLS # 6757370

Property Type Single Family Residence

Price Type --

Welcome to your dream rural retreat! This stunning 4-bedroom, 3-bathroom home boasts 2,361 sq ft of open southwest-style living space, plus a separate app. 320 sq ft spa room complete with a private bathroom. Cook gourmet meals in the state-of-the-art kitchen featuring custom cabinets, granite countertops, and a double island seamlessly integrated into the open floor plan. Set on 3.34 acres with breathtaking panoramic views of the grassland and mountains, this property offers tranquility and space for all your needs. The expansive rear patio in a courtyard setting is perfect for entertaining or enjoying a quiet evening under the stars. Animal lovers will appreciate the separately fenced area at the rear of the home. For car enthusiasts, there's plenty of space in the 5-car garage

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42176 W Cactus Flower Drive Maricopa, AZ 85138

$625,000

3 Beds

2.5 Baths

2,325 SqFt

Status Active Under Contract

MLS # 6748268

Property Type Single Family Residence

Price Type --

Highly upgraded home on the water in the Award-Winning Active Adult Community of Province! Enter your new Tuscan-style home thru an impressive gated courtyard paved in travertine. Entertain your guests in style on no-expense spared backyard oasis w travertine thruout, backyard kitchen, 2 pergolas, walkway to lower water-side area w gas firepit. Hot tub included! Side garden has 3 fruit trees. Fenced to the water. Chef's kitchen/dining rm has gorgeous pendants and chandeliers, granite, under-lighted cabinetry, Kitchen-Aid appliances, soft-close drawers & pull-out shelves, painted accent walls, remote-controlled silhouette shades. Owner's suite is spacious and features a french door to the patio. Wake up to the beautiful water views thru the lg bay window. Lg walk-in closet, dual vanities. Extended length epoxy Garage floor. garbage keeper on side of house w side-door. Enjoy the good life at Province! Walking paths, lakes, pickleball, tennis, bocce, putting green, clubhouse features lg card rm, billiards, library, cafe, crafts, lap pool, media center. ballroom has regular dances, tribute shows. Resort-style outdoor pool and hot tub.

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11270 S Indian Wells Drive Goodyear, AZ 85338

$625,000

4 Beds

2 Baths

2,488 SqFt

Status Active

MLS # 6750854

Property Type Single Family Residence

Price Type --

Welcome to Beautiful Estrella Mountain Ranch! This amazing 4 bed/2 bath home is nestled on a quiet st close to the Yacht Club on North Lake providing both opportunity for adventure and the serenity of your own private oasis. As you enter the home you will see no expense was spared in designing this home. The kitchen includes extended rye colored maple cabinets and quartz counter tops. Enjoy a quiet evening sitting by the custom built fireplace w/elegant lighting. The primary bdrm has been updated with a decorative acoustic wall and the home boasts engineered wood laminate floor throughout! Start your morning on your patio watching the sunrise over the desert greenspace while listening to the sound of water splashing against the rock accent in your stunning pool! Welcome to Your New Home!

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