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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8961 W Maui Lane Peoria, AZ 85381

New

$624,400

3 Beds

3 Baths

2,245 SqFt

Status Active

MLS # 6759656

Property Type Single Family Residence

Price Type --

Welcome to your dream oasis where luxury meets the tranquility of a private lake living at its finest. This 2 story home features spacious open living area. Large master bedroom offer extra large closet and storage. Enjoy the Beautiful lake views while relaxing in the comfort of your bed. Large outdoor patio offers easy access to your private dock for your personal watercraft. Priced right and move in ready!

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19731 E Arrowhead Trail Queen Creek, AZ 85142

Open House

$624,400

4 Beds

2.5 Baths

2,600 SqFt

Status Active

MLS # 6710261

Property Type Single Family Residence

Price Type --

Prime location, nestled in heart of Queen Creek. This exceptional home offers the perfect blend of luxury, comfort, and convenience. Inside is an open-concept living area with so many upgrades. Gourmet kitchen was just upgraded in 2023 including backsplash, counters, microwave, and gas oven. Make sure to check out the custom coffee nook! Additional upgrades include luxury flooring throughout, new interior paint & baseboards. Upgraded light fixtures, outlets, water heater is only a year old. Back yard was just completed with desert scape and pavers. One bedroom is on the main floor and large loft with 3 additional bedrooms upstairs. Garage has epoxy flooring and custom storage racks. Sparkling Pool with beautiful open view. Home comes with a one year home warranty.

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5325 W Rainwater Drive Laveen, AZ 85339

$624,268

5 Beds

4 Baths

2,838 SqFt

Status Active

MLS # 6717315

Property Type Single Family Residence

Price Type --

MLS#6717315 Ready Now! The Pinnacle at Tierra Montana Encore showcases a two-story design featuring a generously sized primary suite on the main floor. This suite includes a spacious shower with a tub, a dual-sink vanity, and a walk-in closet suitable for all seasons. The large gathering room seamlessly connects to the gourmet kitchen and dining area. Completing the first floor, you'll find a laundry room and a guest bedroom with a full bath conveniently located towards the front of the home, perfect for overnight visitors. Upstairs, there are three additional bedrooms, two full baths, and a spacious loft, ideal for your family. Structural options include: bedroom 5 with bath 4 in lieu of den, 10 x 8' sliding glass door, soft water loop, and gas line for future outdoor kitchen.

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494 S Soho Lane Unit 5 Chandler, AZ 85225

$624,000

4 Beds

3.5 Baths

2,039 SqFt

Status Active

MLS # 6733790

Property Type Single Family Residence

Price Type --

Welcome to the epitome of luxury patio home living at Parkside Villas in Chandler, Arizona! Step into a world of elegance and comfort with our spacious floor plans boasting generous living areas and luxurious kitchens. With 9 foot ceilings on the main floor, natural light floods in, creating a bright and inviting ambiance perfect for any occasion. Choose from our 3 or 4 bedroom layouts, each featuring 3 ½ baths for optimal convenience. Our gourmet kitchens are the heart of the home, seamlessly opening to the family room, making entertaining a breeze. Indulge in upgraded cabinetry, sleek quartz countertops, and top-of-the-line stainless steel appliances throughout, elevating your culinary experience. Relax and unwind in your own private outdoor patio area, where cozy evenings await.

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14132 W Bent Tree Circle Litchfield Park, AZ 85340

$624,000

2 Beds

2 Baths

1,800 SqFt

Status Active

MLS # 6747586

Property Type Single Family Residence

Price Type --

Welcome to Luxury Living in an Exclusive Gated Community. Come view your fully remodeled dream home in our prestigious gated community, featuring a gorgeous 2-bedroom, 2 -bath residence with a den. This beautifully designed home features modern updates such as Spanish Porcelain flooring, Porcelain countertops, and even walk-in Marble showers with seated areas in both showers! As you step inside, you'll feel the love that was put into this home as it carries a cozy, warm feeling while still upholding a very modern and elegant interior. This home is ideal for both casual dining and entertaining guests with its custom built in dining table & butler's kitchen. This is not all this property features as you'll be able to enjoy your jacuzzi that is amazing for hosting or just giving yourself some personal relaxing time! Living in this gated community ensures privacy and security. The security cameras that are conveying with the home will also give you that reassurance needed as you're able to view your outside premises with one touch of a button! Don't miss out on this amazing opportunity to make this house, your home!

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4121 E Edgemont Avenue Phoenix, AZ 85008

$624,000

3 Beds

2 Baths

1,686 SqFt

Status Active

MLS # 6755268

Property Type Single Family Residence

Price Type --

Welcome to this charming ranch-style home located just outside the highly desired Arcadia Osborn neighborhood. This home features the timeless benefits of classic brick construction and has been meticulously maintained over the past 20+ years. The pride of ownership is palpable from the moment you step onto this 10,000 sq ft irrigated lot. The exterior includes an extended brick patio for entertaining, lush lawns, mature trees (including two fruit trees), and vibrant shrubs. Inside, enjoy an airy, move-in ready space with multiple living areas. Its central location offers easy access to shopping, dining, the airport, and freeways. This is one you won't want to miss —come view today!

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10327 E Durant Drive Mesa, AZ 85212

$624,000

3 Beds

2.5 Baths

2,149 SqFt

Status Active

MLS # 6757852

Property Type Single Family Residence

Price Type --

METICULOUSLY maintained & LOADED with upgrades in the master planned community of Eastmark in picturesque SE Mesa. Perfectly located across from the neighborhood park and surrounded solely by single-story homes. Upon entering vaulted ceilings and 64'' wide hall lend to a grandiose feeling. Zero carpet and congruent tile throughout. This property boasts a wealth of upgrades including: Quartz Counter tops, 5'' baseboards, double ovens, gas stove, built-in entertainment cabinets, super-sized primary shower, Plantation Shutters, upgraded cabinetry in kitchen & baths, RO system, custom closet systems, all appliances included. The perfect man cave exists in the tandem 3-car garage finished with epoxy flooring, black cabinetry & heavy-duty overhead storage.

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30317 W Roosevelt Street Buckeye, AZ 85396

$624,000

3 Beds

2 Baths

1,659 SqFt

Status Active

MLS # 6730388

Property Type Single Family Residence

Price Type --

Welcome home to this 3 bedroom, 2 baths, horse property nestled on an over 1-acre lot! Inside, you will be welcomed by the striking vaulted ceilings, tile flooring, Y neutral palette. The spacious great room enjoys plenty of windows & backyard access for a bright and airy entertaining experience. The eat-in kitchen features plenty of wood cabinets w/crown mouldings, SS appliances, granite counters, & a peninsula w/breakfast bar. Have a great night's sleep in the main bedroom boasting soft carpet & an ensuite w/dual sinks & a walk-in closet. The sizable backyard provides a relaxing covered patio storage shed, above-ground spa, corral & stalls for horses. Lighted riding arena with an RV plug. Do not miss this vast lot, perfect for all your projects or RV parking. Don't wait til its too late

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23224 W Hilton Avenue Buckeye, AZ 85326

$624,000

3 Beds

2 Baths

2,343 SqFt

Status Active

MLS # 6660516

Property Type Single Family Residence

Price Type --

SOLAR IS OWNED, HIGH IN SUMMER IS AVERAGE $120, LOW IS AVERAGED AT $50 PER MONTH...., 1.06 Horses Property, This stunning property offers everything you've been searching for and more. 2343 sq ft, Kitchen Island, Custom Cabinetry, Built in Frig, 4 Bed, 2 Bath, 4th bed is a work out room, Saltillo Tile Flooring with Carpet in bedrooms and Sunken in Living Room, Great Room with Wood Burning Fireplace, Wood shutters, master bath has cosmetic sitting area, Pool & Spa, Circular Driveway, , Tile Roof North/South Exposure, No HOA, 2 Car Garage, This home offers a perfect blend of comfort, luxury, and functionality. Imagine waking up to breathtaking mountain views, enjoying your morning coffee/cocktail by the poolside/spa,

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2315 E Monona Drive Phoenix, AZ 85024

$624,000

3 Beds

2 Baths

1,656 SqFt

Status Active

MLS # 6734118

Property Type Single Family Residence

Price Type --

You don't want to miss this beautiful 3-bed, 2-bath home that has been TASTEFULLY UPGRADED! A 2-car garage & a manicured landscape are just the beginning. Discover a formal living/dining room and an open-concept family room, offering versatile spaces for entertainment! Vaulted ceilings add to the airy feel, complemented by fresh neutral paint, new light fixtures, new ceiling fans, and new wood-look flooring. The kitchen has new stainless steel appliances, quartz counters, a pantry, white shaker cabinetry, and an island w/ breakfast bar. Large main bedroom also boasts a bay window and a spotless bathroom with dual sinks, separate tub and shower, & a walk-in closet. Moving outdoors, tranquility awaits in the backyard! The fruit trees & extended covered patio complete the home. Move-in ready

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40 W Campfire Trail Munds Park, AZ 86017

$624,000

3 Beds

2 Baths

1,641 SqFt

Status Active

MLS # 6711493

Property Type Single Family Residence

Price Type --

Exterior was freshly painted 8/12/ 2024. Welcome to your rustic cabin in quiet & peaceful Munds Park w/no HOA. This MOVE_IN READY 3 bed 2 bath home is located on a private cul-de-sac nice sized lot. Enjoy the stunning views from your 12' x 24' spacious deck, open floor plan with a wood burning stacked stone fireplace, huge owners suite with a gorgeous shower and floor in the owners bath, very large Arizona room with skylight exits to good sized back yard and 8' x 10' storage shed, up to 6 parking spaces with good sun exposure for melting snow in front, sleeps up to 8 people for a short term rental or second home in the forest. Flagstaff is only appx 17 miles away. Very few homes for sale in the area. Most of the furniture is included in sale

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3135 W Molly Lane Phoenix, AZ 85083

$624,000

4 Beds

2.5 Baths

2,985 SqFt

Status Active

MLS # 6741058

Property Type Single Family Residence

Price Type --

Priced below others in the area for quick sale, this highly upgraded home has a play pool, heated spa, built in bar in the living room with a wine chiller and a liquor cabinet for entertaining, formal dining convenient to the kitchen, easy to maintain, like new real wood floors throughout, and granite kitchen and bathroom counters. The Large Master bedroom is upstairs with a huge walk-in closet a master bath with a separate shower, jetted tub and a bidet. A spacious loft which could be converted into a bedroom. An office, half bath, with upgraded vanities and all living areas are down stairs. all bedrooms are upstairs. Has two AC units for lower utilities. Window shades, BBQ Island with Fridge and Fire pit Come and see. You will love it.

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