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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2132 Quail Court Page, AZ 86040

$625,000

4 Beds

4 Baths

2,358 SqFt

Status Active

MLS # 6699099

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This charming Santa Fe-style abode boasts 4 beds and 4 baths, perfect for your family's comfort. With a spacious two-story layout, every corner exudes warmth and character. Hard flooring throughout ensures easy maintenance, while granite countertops elevate the kitchen and bathrooms with timeless elegance. Embrace the Southwest vibes and make cherished memories in this inviting sanctuary.

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4284 E Erie Street Gilbert, AZ 85295

$625,000

4 Beds

4.5 Baths

3,168 SqFt

Status Active

MLS # 6732241

Property Type Single Family Residence

Price Type --

Gorgeous Mediterranean Style 3,168 Sq Ft Home. Built in 2017 in an Upscale Gilbert Community. Low Maintenance Lot Features Artificial Turf, Rock Landscape, & Pavers. The First Floor Features Spacious Open Living Space for a Game Room/Den with a Half Bath, Patio Access, and 2-Car Garage with Included Water Softener. The Mid-Level 2nd Floor Features Very Large Open Floor Plan with Spacious Living Room, Huge Gourmet Kitchen, Breakfast Bar, Dining Area with Double Patio Doors Opening to Large Balcony. The Mid-Level also has a Bedroom, Full Hall Bath & Laundry Room. The Top-Level 3rd Floor Features the Owner's Suite with Large Primary Bedroom, Spa Inspired Bathroom & Walk-In Closet. Top-Level Also has 2 Junior Suites with Private Bathrooms. Enjoy the Community Pool, Park & Basketball Court. Shop & Dine at Cooley Station, Verde and Upscale Santan Village.

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20329 E Mockingbird Drive Queen Creek, AZ 85142

$625,000

3 Beds

2.5 Baths

2,320 SqFt

Status Active Under Contract

MLS # 6718384

Property Type Single Family Residence

Price Type --

Welcome to your dream home in beautiful Queen Creek! This stunning SINGLE LEVEL home offers a perfect blend of comfort and style, featuring 3 spacious bedrooms, 2.5 bathrooms, and a versatile den, ideal for a home office. Step inside to discover an open floor plan with luxurious granite countertops, a gas cooktop, and a custom fireplace with an elegant mantle. The kitchen is a chef's delight, complete with ample cabinet space and MODERN appliances, ensuring all your culinary needs are met. The Jack and Jill bathroom provides convenient access between two of the bedrooms, making it perfect for families or guests. Additional STORAGE throughout the home ensures you have plenty of space for all your belongings. Outside, you'll find a backyard oasis with a sparkling POOL, mature trees, and LUSH plants, and low maintenance TURF, creating a serene retreat for relaxation and entertaining. The pergola offers a shaded area for outdoor dining or lounging, making it a perfect spot for enjoying Arizona's beautiful weather. This home is located in a vibrant community that boasts a pool, parks, and bocce ball courts, offering endless opportunities for recreation and socializing. You'll also appreciate the convenience of being close to all the new shopping and dining options in Queen Creek, making it easy to enjoy everything this growing area has to offer. Don't miss the chance to make this exceptional home your own. Schedule a showing today and experience the perfect combination of luxury, comfort, and convenience!

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8270 N Hayden Road Unit 2037 Scottsdale, AZ 85258

$625,000

2 Beds

2 Baths

1,640 SqFt

Status Active Under Contract

MLS # 6697274

Property Type Townhouse

Price Type --

** SELLER OFFERING a $10,000 CONCESSION TO BUYER !! ** -- Location, location, LOCATION! This is a rare opportunity to own property in the heart of McCormick Ranch! This 2/2 unit is one of only a few that have a bonus LOFT & second balcony w/ peekaboo views of Marguerite Lake. Complete new interior paint & all new carpet. Light & bright w/ vaulted ceilings & a gas fireplace in the great room. Main covered patio is off main living area. The community is gated, quiet & pristine w/ endless walking trails & direct lake access. Beautiful community pool & spa as well. Best of all, you are just STEPS from two Mercados with some of Scottsdale's most popular restaurants & shopping. Also in an incredible school district! This unit has it all...Welcome Home!

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5857 S Feliz -- Mesa, AZ 85212

$625,000

5 Beds

3 Baths

2,371 SqFt

Status Active

MLS # 6729988

Property Type Single Family Residence

Price Type --

Welcome to your new home in the highly sought after Cadence at Gateway community! This 5 bed/3 bath home built in 2022 has it all. The great room boasts tall ceilings and natural light with low maintenance wood-look tile and a gorgeous kitchen featuring contemporary cabinets and quartz countertops complete with modern finishes. Upgraded floorplan includes a full bath and bedroom on the first floor. Relax in your backyard oasis complete with an above ground spa, turf, and custom pergola. The second floor has four bedrooms including a spacious primary bedroom with a generous walk-in closet. The Cadence at Gateway community has amenities including resort style pools, state-of-the-art fitness center, playgrounds, and more. Don't miss your opportunity to call this move-in ready home yours!

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10425 S 47th Lane Laveen, AZ 85339

$624,995

4 Beds

3.5 Baths

2,840 SqFt

Status Active

MLS # 6699959

Property Type Single Family Residence

Price Type --

The Darius plan provides a sophisticated and accommodating single-story layout. In addition to a lavish primary suite boasting a generous walk-in closet and a private deluxe bath with oversized walk-in super shower, this dynamic home includes an impressive guest suite with a living room and wet bar—perfect for multi-generational living. You'll also enjoy a spacious great room with an adjacent covered patio and a well-appointed kitchen offering a center island and a walk-in pantry. a study, 2 additional bedrooms with Jack and Jill bathroom, A powder room and 3 car garage.

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10433 S 47th Lane Laveen, AZ 85339

$624,995

4 Beds

3.5 Baths

2,840 SqFt

Status Active

MLS # 6720330

Property Type Single Family Residence

Price Type --

Boasting an open layout ready-made for entertaining, the Pinecrest plan centers around an expansive great room with multi slide doors that open to a covered patio, a dining nook and an impressive gourmet kitchen boasting a convenient island, white shaker cabinets, quartz counters, black matte fixtures throughout, and a walk-in pantry. The elegant primary suite is adjacent, showcasing an immense walk-in closet and a private bath with deluxe walk-in shower. This home has 10' ceilings, luxury vinyl plank flooring, tiled baths, and carpeted bedrooms. Two additional bedrooms, a study, and convenient laundry room round out the plan.

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21849 E Saddle Court Queen Creek, AZ 85142

$624,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6730780

Property Type Single Family Residence

Price Type --

The single-story Cassandra plan showcases an open layout with a great room with a multi-sliding glass door, a breakfast nook, a large gourmet kitchen and a 2-car garage. The primary suite is adjacent, and boasts a generous walk-in closet and an attached bath with a large walk-in shower. Two additional bedrooms flank a full bath, and the nearby study.

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35231 N Danburite Court San Tan Valley, AZ 85144

$624,995

3 Beds

3.5 Baths

2,373 SqFt

Status Active

MLS # 6623955

Property Type Single Family Residence

Price Type --

Your dream home is waiting. Two-toned cabinets create a dramatic effect in the kitchen. The casual dining area and living room are adjacent to the kitchen and provide an intimate setting. The expansive flex room is conveniently placed off the foyer, providing plenty of space for entertaining. The home is loaded with extras, including a highly desirable casita. Experience the luxury you've always wanted!

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24040 N 172nd Avenue Surprise, AZ 85387

$624,995

3 Beds

3 Baths

2,630 SqFt

Status Active

MLS # 6731904

Property Type Single Family Residence

Price Type --

Experience luxury in The Pomona, located on a prime corner cul-de-sac lot with stunning mountain views. This home features a guest suite, a three-car garage, and a gourmet kitchen featuring Quartz countertops -end appliances. Enjoy 10-foot ceilings, a deluxe primary bathroom with a massive super shower, 3 car garage, paver driveway, and 16-foot multi-slide doors that open to an oversized 9,500 sq ft lot.

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23997 N 172nd Avenue Surprise, AZ 85387

$624,995

3 Beds

2.5 Baths

2,734 SqFt

Status Active

MLS # 6732038

Property Type Single Family Residence

Price Type --

Welcome to Estates at Asante, a beautiful community with surrounding views to enjoy! This community offers single story homes with floor plans you will love, like our beautiful Julia plan! This home sits on an oversized, cul de sac, corner lot with mountain views. Once you walk inside the Julia, the extended entry leads to an expansive gourmet kitchen with an extended Quartz center island and 42'' cabinets; a large Butlers Pantry with a wetbar, breakfast nook and great room with a 15ft center meet slider, for indoor and outdoor entertaining. In addition, there is a formal dining room with adjacent covered courtyard off to the side of the home accessible by the center meet doors! This home is set up with 3 bedrooms, 2 and half bathrooms, 3 car garage with additional storage. Welcome to the home of your dreams!

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21856 E Saddle Court Queen Creek, AZ 85142

$624,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6730743

Property Type Single Family Residence

Price Type --

The single-story Cassandra plan showcases an open layout with a great room with a multi-sliding glass door, a breakfast nook, a large gourmet kitchen and a 2-car garage. The primary suite is adjacent, and boasts a generous walk-in closet and an attached bath with a large walk-in shower. Two additional bedrooms flank a full bath, and the nearby study.

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