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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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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1622 E Cortez Street Phoenix, AZ 85020

$625,000

3 Beds

1 Bath

2,050 SqFt

Status Active

MLS # 6721387

Property Type Single Family Residence

Price Type --

Unique horse property in the heart of town on almost a full acre parcel. So large it feels like you have no neighbors and can enjoy the tranquility and a perfect location, minutes away from everything you need! Survey is available for lot split. Upstairs has 2 bedrooms (converted to 3) and 1 full bath with lots of upgrades and impressive woodwork, spacious upgraded eat in kitchen and large bedroom. In addition there is a basement with a separate entrance and two additional rooms. This is a rare find. Don't miss it. Buyer is responsible for verifying all material facts.

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7608 N 17th Avenue Phoenix, AZ 85021

New

$625,000

4 Beds

2 Baths

1,612 SqFt

Status Active

MLS # 6760382

Property Type Single Family Residence

Price Type --

This fully remodeled home rivals any HGTV makeover. The beautiful and functional kitchen / greatroom has a wall of sliding glass doors that open to the large covered patio, backyard, and the gorgeous pool. Truly connecting indoor and outdoor living. The kitchen is equipped with stainless steel appliances and a beautiful waterfall edge island. The home also has a walk-in pantry and a generous laundry room. This bright, happy home brings functional style to a great location.

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6703 N 12th Street Phoenix, AZ 85014

$625,000

5 Beds

3 Baths

2,673 SqFt

Status Active

MLS # 6729358

Property Type Single Family Residence

Price Type --

Discover this unique single-level home within the Madison Simis boundaries! Boasting 5 bedrooms and 3 bathrooms, this spacious residence features a remodeled master bedroom and bathroom, along with a beautifully renovated kitchen equipped with granite countertops and stainless steel appliances. Recent upgrades include exterior paint and a heat pump (2017). The property offers two RV gates and sits on a generous corner lot, providing ample space for parking your toys. Conveniently located in Mid-Town, you'll have easy access to shopping, restaurants, and public transit. This versatile home is perfect for a potential assisted living facility, group home, or extended family living.

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2864 Timberline Road Pinetop, AZ 85935

$625,000

4 Beds

3 Baths

2,333 SqFt

Status Active Under Contract

MLS # 6751546

Property Type Townhouse

Price Type --

The Pinetop Country Club area is renowned for its serene landscapes and charming properties, and it seems you've found a gem with this detached townhouse. With four bedrooms, three bathrooms, and a bonus room that can serve as a fifth bedroom or study, plus a loft, it offers ample space and versatility. The list of upgrades is impressive, including a premium lot, advanced A/C system with extra insulation, and a host of new installations like a water heater and washer dryer. The addition of a soft start on the A/C unit is a smart move to extend its lifespan. It's clear that meticulous care has been taken to maintain and enhance the property, from the practical servicing of all systems to the aesthetic addition of new trees and a railing on the back patio. ...READ MORE... The fact that it's sold fully furnished makes it an even more attractive turnkey solution for mountain living. The HOA's coverage of exterior maintenance, landscaping, and snow removal adds to the worry-free experience. This condo truly stands out as one of the nicest in the subdivision. If you're looking for a retreat that combines luxury with the tranquility of mountain life, this property seems to tick all the boxes.

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8353 W Rock Springs Drive Peoria, AZ 85383

$625,000

4 Beds

3 Baths

3,097 SqFt

Status Active

MLS # 6755520

Property Type Single Family Residence

Price Type --

A message from the sellers: '' Dear buyers, our favorite thing about this home is sitting by the firepit on the balcony off our bedroom and enjoying the mountain views as well as overlooking the park. We love the pool and ramada in the evenings and having our morning coffee on the front patio! We have the most incredible neighbors and love amenities in the area with fantastic with shopping and dining so close!'' ~ J & A This stunning home is in the heart of the highly sought-after Westwing Mountain neighborhood, just moments from the exciting Lake Pleasant Town Center and a short drive to Lake Pleasant Marina. Located within the top-rated Deer Valley school district and surrounded by some of the area's best hiking trails, this home is truly a must-see

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1755 W Butler Drive Phoenix, AZ 85021

$625,000

3 Beds

2 Baths

1,750 SqFt

Status Active

MLS # 6757199

Property Type Single Family Residence

Price Type --

Nestled in the highly sought-after Royal Palm neighborhood, this beautifully updated 3-bedroom, 2-bath home boasts a serene and inviting setting with a large, lush front lawn and gorgeous mature trees. As you enter through the private courtyard, you're welcomed by an open layout featuring a formal dining room and spacious family and living rooms, divided by a charming dual-sided fireplace. At the heart of the home, the galley-style kitchen seamlessly connects the main living areas, making it perfect for entertaining. With granite countertops, plenty of cabinet space, and an adjacent eat-in area, it offers both functionality and flow for easy hosting. Recent upgrades include Anderson windows and doors throughout and Rhino Shield paint on the exterior, providing peace of mind with a 25-year warranty. Both bathrooms feature modernized showers with lifetime warranties, and the roof coating comes with a 10-year warranty. Step outside to your personal oasis,a large covered patio complete with a built-in wood-burning fireplace and cozy seating area, perfect for year-round entertaining. The sparkling pool provides the ultimate relaxation spot, surrounded by a low-maintenance yard. This home is just steps away from Royal Palm Park, a popular destination for families and outdoor enthusiasts. The neighborhood's tree-lined streets and strong sense of community make it one of Phoenix's hidden gems. You're also close to some of the best dining in the area, including Otro Café, Richardson's, and The Vig North Central. Plus, nearby farmers markets like the Uptown Farmers Market ensure access to fresh local goods year-round. Enjoy the best of both worlds: a peaceful suburban retreat with easy access to all that central Phoenix has to offer.

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1605 N Spencer -- Mesa, AZ 85203

$625,000

4 Beds

2 Baths

1,968 SqFt

Status Active

MLS # 6750778

Property Type Single Family Residence

Price Type --

If you're looking for a home that has it all, this is the one for you! This gorgeously remodeled home, situated on just over a 1/4 of an acre with no HOA, has a brand new A/C, fresh paint, LVP flooring throughout, new kitchen cabinets and updated bathrooms. When you enter you will be greeted by an cozy sitting room with gas fireplace and formal dining space. As you continue on you'll find a spacious kitchen-great room open concept that wastes no space and connects the spaces brilliantly for comfort, conversation and dining. The bedrooms offer a chic and modern feel. As you step outside you will find an outdoor oasis with an expansive covered patio, sparkling pool and SO much space to grill and chill. Let's not forget the added bonus of RV parking and your gated front patio perfect for sipping morning coffee or watching the stunning Arizona sunsets.

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11835 S 217th Avenue Buckeye, AZ 85326

$625,000

3 Beds

2.5 Baths

2,546 SqFt

Status Active

MLS # 6727734

Property Type Single Family Residence

Price Type --

Unique opportunity! 5 Fenced Acres with electronic gate and additional gate access, Private well, 2 Power drops, Freshly painted exterior, NEW skylights. The large wrap-around outdoor patio area, indoor patio, and separate tiled front atrium are perfect for entertaining or relaxing in the shade and enjoying the gorgeous mountain views. Kitchen has been updated with a new farmhouse style sink and includes a built in refrigerator. Energy efficient adobe structure keeps cool in the heat of summer. Styled by custom wood ceilings and a stunning archway, you'll be sure to love the generous living area. Don't miss your chance to own

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11408 E Ocaso Avenue Mesa, AZ 85212

$625,000

2 Beds

2 Baths

1,852 SqFt

Status Active

MLS # 6744347

Property Type Single Family Residence

Price Type --

Experience your dream home in the vibrant 55+ community of Sunland Springs Village! This beautiful parially furnished 2bd+den/2b/2.5c garage home built in 2017 has wood-look floors, plantation shutters, a great room, which is an entertainer's delight. Kitchen is a chef's dream with stainless steel appliances, gorgeous quartz counters, chocolate-stained cabinets, a subway tile backsplash, walk-in pantry, and an island with a breakfast bar. Retreat to the main bedroom, which includes an ensuite with dual vanities, a walk-in closet, and a walk-in shower encased by glass block windows. Den serves as an ideal office or extra bedroom. Expansive backyard features a covered patio, lush grass, and ample space for barbecues. This gem is a must-see to appreciate!

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10422 E Spring Creek Road Sun Lakes, AZ 85248

New

$625,000

2 Beds

2 Baths

1,922 SqFt

Status Active

MLS # 6760477

Property Type Single Family Residence

Price Type --

Gorgeous VIEWS of HOLE #7 of the prestigious & private COTTONWOOD golf course! EXPANSIVE pavered driveway welcomes you to this peaceful courtyard entrance! Nice, open layout w/plenty of NATURAL LIGHT. Newer LVP flooring thru/out (2022) + a cozy fireplace. REMODELED kitchen features GRANITE counters, custom cabinets, WALK-IN pantry, STAINLESS STEEL appliances & peninsula w/ breakfast bar. Versatile DEN/OFFICE w/a wet bar & backyard access. Primary bdrm offers an ENSUITE w/ double sinks & private toilet rm + TONS of storage thru/out. Spacious backyard, lg covered patio, PAVERS galore +a putting green. NEW HVAC (2022) newer WINDOWS (2017), newer interior paint (2020) + FREE MEMBERSHIP to the state of the art FITNESS CENTER & tons of AMENITIES, pools, RESTAURANTS, clubs, PICKLEBALL & more!

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6910 E Phelps Road Scottsdale, AZ 85254

$625,000

2 Beds

2 Baths

1,174 SqFt

Status Active Under Contract

MLS # 6748723

Property Type Single Family Residence

Price Type --

HUGE 15,049 sq/ft LOT! 4 CAR detached Garage/Shop. No HOA! BRING YOUR TOYS! Welcome to your quaint, cozy retreat in the heart of Scottsdale! This delightful 2 bed, 2 bath home offers a perfect blend of comfort and convenience, nestled in a tranquil culdesac on a large 15,049 square foot lot! With ample space for parking, gardening, or outdoor activities, this property is ideal for those who value privacy and room to spread out. Whether you're a hobbyist, car enthusiast, or simply need extra storage, the separate 40 x 24 ft garage and workshop provide endless possibilities. Experience the amenities of Scottsdale. Westworld, Kierland Commons, Scottsdale Quarter, and TPC Scottsdale to name a few. All within a short distance from your home. You won't want to miss out on this rare opportunity! **shop stairs winch, door bell/cameras, and TV mount do not convey

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