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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4378 S Soboba Street Gilbert, AZ 85297

$625,000
5 Beds
3 Baths
2,312 SqFt
Status Active
MLS # 6741015
Property Type Single Family Residence
Price Type --
Welcome to your next home in the Power Ranch community! This gem is not just move-in ready—it's upgraded everywhere. Nestled on a premium corner lot with oversized driveway featuring 5 spacious bedrooms and 3 full bathrooms, including a convenient bedroom and bathroom on the first floor. Step into your newly remodeled kitchen, where quartz counters, an island and new cabinetry are ready to inspire your inner chef. Complete with pull out drawers in the kitchen cabinets and an air fryer feature on the oven. But wait, there's more! The backyard is a personal oasis with a sparkling, 2-year-old saltwater pool that's perfect for cooling off and making a splash. Inside, you'll find the upstairs AC was refreshed in 2018 and the downstairs AC in 2019—so you'll stay cool no matter the weather. Extras like an extended driveway, garage cabinets, and brand-new lighting and fans add the finishing touches to this already fabulous home. Don't let this opportunity slip through your fingers. Come see it today and make it yours! Additional features include: ceiling fans with remotes, master bath jetted tub, kitchen cabinets have pull out drawers, whole house termite treatment, whole house scorpion treatment, wine fridge in the kitchen, upgraded baseboards downstairs, water filtration system under the kitchen sink, all kitchen appliances are 2 years old, shed and pool deck box, epoxy flooring in the garage, new toilets and new vanities in the bathrooms, kitchen oven includes an air fryer features and upstairs AC has a brand new motor.

3611 E Phelps Street Gilbert, AZ 85295

$625,000
4 Beds
2.5 Baths
2,997 SqFt
Status Active
MLS # 6738794
Property Type Single Family Residence
Price Type --
Come see this exquisite 4 br 2.5 ba home plus bonus room in the highly sought after Cooley Station! Boasting granite countertops, a gorgeous sitting and family room, oversized island with tons of kitchen storage, a walk-in pantry,3 car tandem garage with epoxy floors and custom cabinets for storage and more. The primary bedroom suite features a walk-in shower, separate tub, his and her vanity and a spacious W/I closet. The supersized game room can also be used as a 5th bedroom if needed. Relax in your huge pavered backyard with built-in grill area and substantial seating. Minutes from great schools, shopping, restaurants, parks and the freeway, you are right in the center of delightful Gilbert! Come see what this amazing home has to offer, you will not be disappointed.

2021 Bluebird Circle Forest Lakes, AZ 85931

$625,000
4 Beds
2.5 Baths
2,101 SqFt
Status Active
MLS # 6743868
Property Type Single Family Residence
Price Type --
Rustic Western Cabin in Forest Lakes for Sale! Step into a slice of the Wild West with this stunning 4 - bedroom, 2.5 -bathroom rustic cabin, with a detached garage, nestled in the serene community of Forest Lakes. Striking a perfect balance between rustic charm and modern renovations, this cabin retreat is perfect for those looking to escape the hustle and bustle of city life. With a spacious covered deck that wraps around two sides of the cabin, you'll have the perfect spot to unwind and soak in the peaceful surroundings. The heart of this cabin is the comfortable great room, where a large wood-burning fireplace takes center stage. The hearth, crafted from stones gathered right on the property, adds a truly unique and personal touch. The room is further enhanced by the warmth of stained wood plank ceilings and striking log beams, creating an authentic rustic atmosphere that invites you to unwind by a toasty fire on a chilly evening. This combination of handcrafted details and natural materials makes this cabin a one-of-a-kind retreat, offering both comfort and character in every corner. The interior boasts a fully remodeled kitchen, featuring new hickory cabinets, modern appliances, and a beloved LP gas range. The bathrooms have also been thoughtfully updated with wood plank laminate floors, tiled showers, and hickory vanity sinks. The cabin exudes charm with cabiny ceiling fans and light fixtures that add a warm, cozy ambiance throughout. A detached single-car garage offers additional storage and workspace with a workbench and loft, while a freestanding wood canopy provides versatile shelter for horses or your UTV. Situated on a serene 1-acre cul-de-sac lot, this property ensures complete privacy and a quiet retreat, surrounded by towering Ponderosa Pine Trees, lush ferns, and wildflowers. The tranquil scent of the forest and the sounds of nature make this the perfect getaway. Located in the heart of the Sitgreaves National Forest, Forest Lakes offers an unparalleled four-season climate, with the world's best summer weather 30-50 degrees cooler than Phoenix. Just a scenic two-hour drive away, this mountain oasis is a sought-after destination, known for its breathtaking beauty and idyllic setting. Whether you're looking for a weekend escape or a permanent retreat, this cabin offers the best of mountain living. A Piece of Western History Imagine living in a place that Wyatt Earp himself would have cherished. This cabin is more than just a home; it's a journey back to a simpler time, surrounded by the beauty and serenity of the world's largest stand of Ponderosa Pines. Don't miss the chance to own this unique and coveted getaway!

4455 E Runaway Bay Drive Chandler, AZ 85249

$625,000
4 Beds
2 Baths
2,309 SqFt
Status Active Under Contract
MLS # 6739381
Property Type Single Family Residence
Price Type --
Welcome to your new home in the sought-after Sun Groves neighborhood of Chandler! This charming single-story residence is perfect for those seeking comfort, style & convenience. Boasting 4 bedrooms & 2 bathrooms, this home offers ample space. The hall bathroom was tastefully updated in 2020. The heart of the home is the kitchen, featuring quartz countertops, extensive tile backsplash & a generous walk-in pantry, perfect for all your culinary needs. Enjoy outdoor living at its finest with a covered patio, a sparkling pool & a cozy firepit with a sitting area. The low-maintenance yard ensures you spend more time relaxing & less time on upkeep. This home is equipped with owned solar panels, offering energy efficiency & cost savings. Located in the highly regarded Chandler School District, this property is ideal if you are seeking quality education. Discover why this home is the perfect place to create lasting memories.

19618 N 19th Place Phoenix, AZ 85024

$625,000
4 Beds
2.5 Baths
2,005 SqFt
Status Active
MLS # 6717356
Property Type Single Family Residence
Price Type --
NEW ROOF CURRENTLY BEING INSTALLED! Beautiful family home in a tranquil community located on a premium oversized cul-de-sac lot that backs up to a mountain preserve. Property boasts views from the front and the back decks of the valley lights and night stars; 4 bedrooms all upstairs, fireplace downstairs. Beautiful granite countertops and wood cabinets; RV gate with large concrete pad for RV or boat storage or future pool; backyard is an oasis for relaxing, fire pits, desert plants and several fruit trees and private view of the mountain preserve. Close to shopping and 101 access.

1743 W Butler Drive Phoenix, AZ 85021

$625,000
4 Beds
2 Baths
2,373 SqFt
Status Active
MLS # 6596025
Property Type Single Family Residence
Price Type --
Nestled in the highly sought-after school district and Royal Palms neighborhood- this property boasts immense potential,. The lot provides plenty of room for outdoor activities with the possibility of expanding the living space in the future.There is an Electric RV gate at the front of the property. The surrounding community offers quick access to downtown , phoenix eateries and entertainment. This property has an expansive lot, inviting pool, and potential to craft the home of your dreams.

6803 E Main Street Unit 3306 Scottsdale, AZ 85251

$625,000
2 Beds
2 Baths
1,322 SqFt
Status Active
MLS # 6635626
Property Type Apartment
Price Type --
Indulge in the epitome of urban luxury at The Mark in downtown Scottsdale's Arts District. Welcome to this exquisite 2-bedroom, 2-bath condo, where modern sophistication meets convenience. This residence redefines city living with upgraded appliances, additional cabinets in the kitchen and bedrooms, and a thoughtful layout that maximizes space and comfort. The south-facing patio invites you to savor breathtaking sunset views and mountain vistas—a perfect retreat after a bustling day. The Mark isn't just a home; it's a lifestyle. Enjoy the perks of secure underground parking, and the convenience of a concierge, and elevate your well-being in the newly renovated rooftop pool area (scheduled to open January 2024) and state-of-the-art workout facility. Need a space for meetings or work? The on-site conference room has you covered. Experience the seamless blend of contemporary design and upscale amenities in every corner. This is more than a condo; it's your sanctuary in the heart of the Arts District. Residents of The Mark have use privilege at the Valley Ho next door and get discounts on dining and spa services. What are you waiting for? Let's make this urban haven your new home!

1898 Kensington Court Prescott, AZ 86301

$625,000
3 Beds
4 Baths
2,469 SqFt
Status Active
MLS # 6733682
Property Type Single Family Residence
Price Type --
Set within the charming development of Kensington Place, a community of only 12 homes centrally located in Prescott, lies this stunning contemporary main-level living home. Step inside and be greeted by the inviting foyer and open office/den, which can also serve as a formal dining area. The great room concept is sure to impress with its high-volume ceiling & 3-panel glass door that bathes the space in natural light. The dining area and kitchen flow seamlessly into the great room, creating an ideal layout for entertaining. The kitchen is a showstopper, featuring floor-to-ceiling dark stained cabinetry with glass-enclosed display cabinets, quartz counters, and a suite of stainless-steel appliances, including a 5-burner gas range. The spacious master bedroom offers access to the back patio and an ensuite bathroom with a walk-in shower with tile insets, double sink vanity, water closet, and walk-in closet. The main level also includes a powder room, laundry room, storage area, and access to the 2-car garage. Upstairs, the luxurious feel continues with a large bonus/family room, currently used as a game room with a pool table and access to the covered deck via a sliding glass door. Two roomy guest bedrooms share a Jack and Jill bathroom, and there's an additional powder room on this level as well. The backyard is beautifully landscaped and fenced with rock, block, and wrought iron, while beyond the fence lies terraced rock landscaping. The covered paver back patio is the perfect spot to relax with a glass of wine as the sun sets in the west. A side yard gate opens to tasteful low-maintenance landscaping with both front and back yards drip water systems on a timer. Located at the end of the street, this property borders Blooming Hills Estates park/open space directly to the north. Additional highlights include a tile roof, durable porcelain plank tile floors in the main living area, high-end carpet in the bedrooms and game room, and granite counters in the bathrooms. This property offers the style and amenities of a Prescott Lakes home without the high HOA fees. It's conveniently close to hiking trails, including the Peavine Trail and Watson Lake. The HOA, now resident-managed, has reduced dues since the takeover. Come see this exceptional home today.

17750 W Pershing Street Surprise, AZ 85388

$625,000
3 Beds
2 Baths
2,526 SqFt
Status Active
MLS # 6696333
Property Type Single Family Residence
Price Type --
Gorgeous Single Level 3 bedroom plus an Office/Den or 4th Bedroom One full bathroom and one full deluxe bathroom. Kitchen plus Nook Lot Size: Almost 1/4 acre. ''Huge back yard'' Extra driveway added with 2 RV Gates. Open floor Plan. Lrg Family Room. Formal Living & Dining Room. Lrg Laundry Room. Large private pool (10k Gal) and Hot tub. Cobble stone driveway & 2nd RV gate added. 5+ Parking Spaces, plus Security/Motion lighting added,(Front and Back). Minutes to golfing, Walmart and more. Easy access to 303 hwy. New Recreation Center coming in 2025, three mins away.

10447 W Foothill Drive Peoria, AZ 85383

$625,000
5 Beds
3 Baths
3,098 SqFt
Status Active
MLS # 6719256
Property Type Single Family Residence
Price Type --
Gorgeous 5 Bedroom, 3 bath home in a beautiful and quiet neighborhood. Home has been freshly painted and just had new carpet installed. Tile floors throughout, granite counter tops, stainless steel appliances. Home has a huge back yard and private pool with a firepit and bar - great for entertaining. This home truly shows pride of ownership. Professionally landscaped front and back yards. Close to shopping and freeways. Move-in ready.

1646 N Chestnut Circle Mesa, AZ 85213

$625,000
4 Beds
3 Baths
2,769 SqFt
Status Active
MLS # 6717351
Property Type Single Family Residence
Price Type --
Nestled at the end of a peaceful cul-de-sac, this remarkable residence offers a harmonious blend of spacious living and unbeatable convenience. Boasting a sprawling lot and an array of coveted amenities, this is the epitome of Arizona living at its finest. Step inside and prepare to be captivated by the warmth and charm that envelops you. The heart of the home is a welcoming living area, featuring a cozy fireplace that invites you to unwind in the evenings. Bathed in natural light streaming through expansive windows, this inviting space is perfect for both relaxation and entertaining. The adjacent kitchen is a chef's dream, equipped with newer appliances and ample cabinet space. Whether preparing a family feast or whipping up a quick snack, this culinary haven is sure to inspire your inner chef. The accommodation is equally impressive, with four spacious bedrooms providing comfort and privacy for all. The luxurious master suite is a serene retreat, boasting a newly remodeled bathroom shower. But perhaps the true highlight of this exceptional home lies outdoors. Step into your own private paradise, where a large fenced-in yard awaits. Perfect for children and pets to play freely, this expansive outdoor space offers endless possibilities for outdoor enjoyment. Cool off on hot summer days with a refreshing dip in the sparkling diving pool, or simply bask in the Arizona sun on the spacious patio. The Arizona room provides the perfect spot for dining or enjoying a leisurely afternoon with loved ones. Conveniently located within walking distance of Chaparral Park and Hale Elementary school, this residence offers unparalleled access to recreational amenities and educational opportunities. With shops, restaurants, and entertainment options just moments away, everything you need is right at your fingertips. Don't miss your chance to experience the ultimate in Arizona living. Come discover the endless possibilities that await in this exceptional oasis!

1941 E Ellis Drive Tempe, AZ 85282

$625,000
4 Beds
2 Baths
2,456 SqFt
Status Active
MLS # 6753630
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This beautifully updated property features 4 spacious bedrooms and 2 modern bathrooms, offering a perfect blend of style and comfort. Key Features: New Kitchen: Enjoy cooking in a sleek kitchen with soft-closing white shaker cabinets, elegant quartz countertops, and a chic white backsplash. Elegant Finishes: The home boasts new LVP flooring, 5-inch modern baseboards, and contemporary light fixtures throughout. Luxurious Bathrooms: Both bathrooms have been newly tiled and feature stylish vanities. Master Suite: Relax in the master bedroom with a spacious walk-in closet. Cozy Living Spaces: The family room is complete with a charming fireplace, perfect for cozy gatherings. Additional Amenities: The garage comes equipped with plenty of cabinets for Location: Conveniently situated between the 101, 60, and 10 freeways, this home is close to shopping, dining, and entertainment options, offering both comfort and accessibility. Don't miss out on this move-in-ready gem!

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