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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14627 W Larkspur Drive Surprise, AZ 85379

Open House

$619,900

3 Beds

2.5 Baths

2,506 SqFt

Status Active

MLS # 6737365

Property Type Single Family Residence

Price Type --

MASSIVE PRICE REDUCTION. Let's make a deal! fully custom upgraded. 3 bedroom, 2.5 bathroom with attractive curb appeal and 3 car garage in desirable Marley Park! Discover an inviting interior with plenty of natural light, beautiful wood-look floors t/o, trending palette, modern fireplace, & upgraded lighting/ceiling fans. Prepare your favorite meals in the stunning chef's kitchen with ample white cabinets, quartz counters/backsplash, SS appliances, walk-in pantry, large waterfall island with breakfast bar, and a dining area with plantation shutters. Shows like a ''Model'' home! The spacious master bedroom boasts a private ensuite with quartz counters, dual sinks, custom walk-in shower with tile and marble and sizable walk-in closet. The Jack & Jill bathroom also has quartz counters. ...and custom tiled shower. All bathrooms have upgraded tile flooring, toilets and mirrors. Relax in the backyard with a covered paver patio and easy-care landscape with artificial turf. Conveniently located just a few minutes from shopping, dining, parks, and more!

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19766 W Heatherbrae Drive Litchfield Park, AZ 85340

$619,800

4 Beds

3 Baths

2,585 SqFt

Status Active

MLS # 6733049

Property Type Single Family Residence

Price Type --

***SELLER IS OFFERING BUYER $10,000.00 IN CLOSING COST CONCESSIONS WITH A FULL PIRCED OFFER***Discover the charm of Verrado living in this stunning home, just a short walk from shopping and dining, and conveniently located 2 miles from the I-10 and 3 miles from the 303. This residence boasts one of the neighborhood's most popular floor plans, featuring 9+ foot ceilings for a spacious ambiance throughout. The primary bedroom is thoughtfully separated from the other three bedrooms, ensuring privacy. Two of the additional bedrooms share a Jack and Jill bathroom, accessed through a versatile ''teen room'' area, which could also serve as an ''in-law'' suite. The fourth bedroom is located down the hall, providing further flexibility. The expansive kitchen is perfect for entertaining, equipped with a gas stove, dual ovens, and a built-in microwave. You'll lov oversized island and ample cabinet space for all your culinary needs. The kitchen seamlessly connects to the great room, making it an ideal spot for gatherings with family and friends. Step outside through the double sliders to enjoy the backyard's lap pool, built in 2023 and pre-plumbed for gas heating. The home is also outfitted with numerous electrical outlets and pre-wired ceiling fans throughout. Additional insulation was added during construction to help keep cooling costs low during peak months. This property comes with an assumable VA loan with a balance of approximately $370,000 at an attractive 2.9% interest rate. Don't miss this opportunity to experience the best of Verrado living!

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1927 W Yellowstone Way Chandler, AZ 85248

$619,500

3 Beds

2.5 Baths

1,956 SqFt

Status Active Under Contract

MLS # 6753990

Property Type Single Family Residence

Price Type --

Discover upscale living in the highly sought-after gated community of Villa Del Lago, nestled within the tranquil Ocotillo HOA. This stunning 3-bedroom, 2.5-bathroom single-family home offers an open-concept kitchen, dining, and family room—perfect for entertaining. The gourmet kitchen offers beautiful white cabinets with hardware, upgraded glass tile subway backsplash, neutral quartz counters, a large island with seating, stainless steel appliances, gas cooktop, and a walk-in pantry. The spacious primary suite includes a sitting area, dual vanities, a step-in shower, soaking tub, and a walk-in closet. Enjoy your private, low-maintenance backyard with upgraded pavers, covered patio, and mature landscaping. The Villa Del Lago community amenities include a heated pool, spa, tennis courts... , pickleball courts, and a picturesque lake-side entertaining area. Located just minutes from shopping, dining, top-rated schools, and major employers like Intel, this home offers the perfect combination of convenience and luxury. This home has been so meticulously maintained and lovingly cared for. Don't miss out on an opportunity to own a wonderful home in beautiful Ocotillo!

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5100 E Rancho Paloma Drive Unit 2085 Cave Creek, AZ 85331

$619,500

2 Beds

2 Baths

2,074 SqFt

Status Active

MLS # 6739610

Property Type Townhouse

Price Type --

Luxurious almost new townhome in a gated community where you can kick back and relax in a stylish space. Furniture available on a separate bill of sale. All cabinets have handles installed. Ceiling fans in all rooms. Kitchen has reverse osmosis drinking water. Laundry has an added shelf. Walk in shower in primary. Fiber gigabit internet so working from home and online streaming is easy and enjoyable. Tesla universal EV charger wall mounted in garage. Great mountain views. Large balcony. Home is pet and smoke free. Community pool, spa, gym, barbecue and lots more. This community is about 5 minutes from Sprouts, Walmart and Frys stores. Cave Creek Recreational are is 10 minutes away and perfect for hiking, biking and horseback riding. Home has friendly neighbors.

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3141 Montana Drive Prescott, AZ 86301

$619,000

3 Beds

3 Baths

2,658 SqFt

Status Active

MLS # 6747951

Property Type Single Family Residence

Price Type --

Experience the best of Prescott living in this meticulously remodeled ranch home, perfectly designed for those seeking convenience and style. With single-level living and a thoughtfully designed walkout basement, ideal for multi-generational families or hobbyists. The kitchen stands out with leathered granite counters, new appliances, and a custom backsplash, providing functionality and elegance. The versatile basement features a potential in-law suite and an expansive workshop that any woodworker would envy w/ 5-220 outlets. Outside, the large fenced backyard and spacious deck offer picturesque views, making it the perfect spot for morning coffee or evening gatherings. Located just minutes from shopping, medical facilities, schools, and outdoor adventures, this home truly has it all.

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601 E Pinto Court Gilbert, AZ 85296

$619,000

5 Beds

3 Baths

2,220 SqFt

Status Active Under Contract

MLS # 6751320

Property Type Single Family Residence

Price Type --

5bedroom, 3 bath in excellent Gilbert location New carpet, new interior and exterior paint. New roof to be installed prior to close of escrow. Updated master bathroom includes new shower and vanity. Large lush green front yard, private pool out back with south facing covered patio No HOA to ruin your day!

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1394 E Betsy Lane Gilbert, AZ 85296

$619,000

5 Beds

3 Baths

2,237 SqFt

Status Active

MLS # 6738880

Property Type Single Family Residence

Price Type --

Experience luxury living in this exquisite 5-bedroom, 3-bathroom home nestled in a prestigious golf community, designed for ultimate comfort and entertaining.Inside, the home showcases a harmonious blend of hardwood flooring and plush carpet, highlighted by a gas fireplace with a striking stone wall. The living room features a custom built-in bookcase, adding a touch of sophistication, while the plantation shutters installed in 2022 enhance privacy and elegance.The chef's kitchen is a culinary delight with granite countertops, stainless steel appliances, and a large walk-in pantry. Granite countertops extend to two bathrooms, with quartz countertops adorning the additional bathroom. The master suite is a true retreat, featuring a large walk-in closet, double sinks, mirrors, and tile flooring in the master bath. The second bathroom also boasts double sinks for added convenience. Step outside to a covered back patio perfect for relaxation. This residence offers a private oasis with a stunning pool featuring a rock waterfall, slide, and diving board. The pool pump was updated in 2021, ensuring seamless enjoyment. Additionally, the backyard includes a pergola sitting area for al fresco dining and is beautifully landscaped with turf installed in 2020, ensuring low maintenance. Crown molding, 4 baseboards, and a garage access door to the backyard further enhance this home's allure.

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12840 W Santa Ynez Drive Sun City West, AZ 85375

$619,000

2 Beds

2 Baths

2,362 SqFt

Status Active

MLS # 6742696

Property Type Single Family Residence

Price Type --

Discover the elegance and comfort in this stunning property, located within the gated confines of the Corte Bella Country Club. Offering a spacious 2+Den bedroom and 2 bathroom layout across 2362 sq ft, this Cambria Model home is ideally situated on a tranquil street, mere moments from the golf club, restaurant, social halls, fitness center, pickleball/tennis courts and heated pool. A charming 6' courtyard and stone facade invite you into a world of refined luxury, highlighted by a luxurious kitchen and a primary suite bathroom that have both undergone extensive updates. The split floor plan ensures privacy, featuring guest and den areas at one end of the home, conveniently adjacent to a second full bathroom. The primary bath boasts double sinks, quartz counters, a soaking tub, and a beautifully tiled walk-in shower with new fixtures and faucets. The heart of the home, a gourmet kitchen, opens to a large family room, upgraded with quartz counters, a designer backsplash, new hardware, and a high-end Viking range. Additional features include a large laundry room, an extended 28' 2-car garage, and an expansive covered patio overlooking an open yard ready for your personal touch. This home not only offers luxury but also a tranquil lifestyle in a sought-after community.

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10044 E Tiburon Avenue Mesa, AZ 85212

$619,000

5 Beds

3 Baths

2,547 SqFt

Status Active

MLS # 6751296

Property Type Single Family Residence

Price Type --

Nearly-new 5-bedroom, 3-bath home in Mesa's Cadence at Gateway community. Turn Key ready! Fully Furnished! Built in 2022 by Tri Pointe Homes and stayed in just a handful of times! This spacious residence features a gourmet kitchen with stainless steel appliances, granite countertops, and a large island. Bright, open living areas flow seamlessly into a backyard oasis with custom BBQ and designer turf. The primary suite offers a spa-like bath with dual vanities, and walk-in shower. One of the biggest selling points is access to resort-style amenities, including one of the best community pools in the state, many parks, and trails.

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6835 E Avalon Drive Scottsdale, AZ 85251

$619,000

3 Beds

2 Baths

1,559 SqFt

Status Active

MLS # 6759297

Property Type Single Family Residence

Price Type --

Amazing Scottsdale location. Walking distance to main street and biking distance to Old Town and the entertainment district. Great 3 bed 2 bath 1559 sq foot house. Updated kitchen and flooring. Great open floor plan. Electric car charger installed in the carport. Solar panels provide extremely low monthly electric bill if any!

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540 Atchison Lane Wickenburg, AZ 85390

$619,000

3 Beds

2 Baths

1,780 SqFt

Status Active

MLS # 6756245

Property Type Single Family Residence

Price Type --

What a gorgeous, light filled, beautifully remodeled home in much desired Mariposa Heights. 2021 Shasta lap pool, fantastic! The kitchen has a soft muted granite, beautiful LG smokey gray appliances, wonderful cabinetry throughout. The flooring is a dream in this home w/ wood look tile planks in all the right places & soft neutral carpet in bedrooms. Primary BD is spacious with slider to the covered patio, large walk-in closet, & fully upgraded bathroom. Guest BA custom vanity & re-glazed large garden tub/shower. Bright Great RM w/ fireplace, perfect for entertaining! Inside laundry rm with storage. Garage is extra deep for large vehicles too! Metal RV/5th wheel cover added. Shasta custom pool was completed in 2021 and you will love it! Fully fenced backyard & Solar too! Current seller has added the metal covered RV/5th wheel cover. Garage has one extra deep bay to accommodate a long bed truck. Plenty of room for 2 cars + work area. Backyard also features faux boulders for landscape appeal outside the back west facing fence. Solar lease terms and condition along with SPDS are in the document section of the listing.

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5207 W Gwen Street Laveen, AZ 85339

$619,000

4 Beds

2 Baths

2,839 SqFt

Status Active

MLS # 6748178

Property Type Single Family Residence

Price Type --

AMAZING OPPORTUNITY! to own this Fantastic Home in Dobbins Ranch! Priced to Sell! Large, single-level, open floor plan, formal living room w/dining room area, Butler's pantry & wet bar w/wine fridge.18x18 tile flooring throughout & Berber carpet. Expansive eat-in, chef's kitchen w/huge island, granite counters, stainless steel appliances, gas range & breakfast nook, 42 inch, cherry wood cabinets. gas fireplace in family room overlooking the huge backyard w/heated, pebble-tec pool and grassy area! Perfect for entertaining! RV gate & 3-car garage w/room for your toys! Spectacular views of South Mountain! and much more! You have to see this one to believe it. Won't last.

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