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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26511 N Thornhill Court Peoria, AZ 85383

$610,000

3 Beds

2.5 Baths

1,950 SqFt

Status Active

MLS # 6728282

Property Type Single Family Residence

Price Type --

This is a beautiful, professionally designed model home that you won't want to pass up! This is the Ashton Woods Oasis floorplan, with the lot situated in a cul-de-sac with great views. This home includes several upgrades to start with a pavered driveway and entry, epoxy coated garage floor, water softener, and a solar system! Moving inside you will find the upgraded lighting throughout, built-in speakers, modern accent trim walls, master walk-in shower with rain shower faucet, upgraded laundry room with cabinets, counter and sink, and a 4-panel sliding door, that provides abundant natural light, and invites you to the covered patio. The backyard is aesthetically landscaped with pavers, artificial turf, and tile beneath a pergola creating perfect space to enjoy the outdoors.

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10181 E Petroglyph Place Gold Canyon, AZ 85118

$610,000

3 Beds

2 Baths

1,887 SqFt

Status Active

MLS # 6675312

Property Type Single Family Residence

Price Type --

MOTIVATED SELLERS JUST REDUCED THE PRICE for this well maintained home. 3 bedroom, spacious main bedroom with upgraded ensuite . 2nd bedroom is oversized with an Enormous walk in closet. 3rd bedroom is great for guests or office space. Formal living/Dining/Family room floor plan. Beautiful tile flooring throughout,. The backyard has what dreams are made of. Complete with built in Chef style BBQ /BAR, Pool and Hot Tub,. There are views of the Superstition & Dinosaur mountains from the front and back on a culd a sac lot. Refrigerator, Washer /Dryer included.

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2323 N Central Avenue Unit 906 Phoenix, AZ 85004

$610,000

2 Beds

2 Baths

1,456 SqFt

Status Active

MLS # 6703380

Property Type Apartment

Price Type --

Near downtown major employers & health/academic - Banner Hospital, St. Joseph, Barrow + Creighton and UA med schools & ASU downtown! High-rise panoramic views in midtown Phoenix - Lock & Leave resort lifestyle. Mountains, twinkling city lights, BIG sunset ambiance, sparkling pool below. This extensively remodeled quality condo features huge greatroom & tall ceilings. Perfect for live-work-hosting. Upgraded ventilation. Modern custom cabinetry. Lots of storage. Spacious chef's kitchen, quartz countertops. HUGE double Electrolux ICON professional refrigerator/freezer. Built-in wine cooler, oven/microwave, mirrored bar, hooded range. Custom lighting/dimmers. Outlets for art lighting. 2 bedrooms, 2 BA, upgraded closets. Reduced property taxes (historic designation). HOA covers many amenities.

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22740 N 74th Lane Glendale, AZ 85310

$610,000

4 Beds

2 Baths

2,242 SqFt

Status Active

MLS # 6748677

Property Type Single Family Residence

Price Type --

Situated on a great lot in the community of Hillcrest this 4 bedroom 2 bath home has everything you are looking for. Great curb appeal with new exterior paint in 2021. Step inside to beautiful inlaid tile in neutral colors, large open living room with art niches, vaulted ceilings and bright open windows. Open kitchen with plenty of cabinet and counters space, kitchen island and great spot for a dining table - all over looking the cozy family room. Nice primary bedroom with ensuite bath featuring a step in shower, soaking tub and dual vanities. Beautiful back yard with large covered patio, sparkling pool/spa with rock accents, grassy area, and mature landscaping. New roof in 2017; New heat pump/AC in 2018; New water heater 2023. No neighbors behind you. Low HOA! So much to love!!

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15002 S 46th Place Phoenix, AZ 85044

Open House

$610,000

4 Beds

2.5 Baths

2,095 SqFt

Status Active

MLS # 6749101

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to your dream home! This beautifully renovated property features neutral colors throughout for an elegant touch. The remodeled kitchen is a chef's delight with shaker cabinets, stainless steel appliances, a stylish backsplash and a center island. The primary bedroom includes a spacious walk-in closet. The primary bathroom offers a custom tile shower and double sinks for added conveniece. Enjoy the covered patio in the fenced backyard. Don't miss out on this beautiful home!

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16050 W Laurel Lane Surprise, AZ 85379

Open House

New

$610,000

3 Beds

2 Baths

2,467 SqFt

Status Active

MLS # 6760467

Property Type Single Family Residence

Price Type --

This home is a SHOW STOPPER! Are you aching for a home that is even better than new? This beauty has EXTENSIVE upgrades and you will be wowed!!! Luxurious kitchen with a HUGE island for entertaining! Beautiful cabinets, backsplash, granite, GE appliances all included! High end finishes everywhere! Home has 3 bedrooms + Den + Formal dining or bar room (current use). Bedrooms are split for great privacy. Gorgeous wood look tile in all the main areas and carpeting in the bedrooms. The 10 foot ceilings make the home feel even more spacious! Washer and dryer convey with the property. Front & backyard have all new landscaping. The oversized 2 car garage has a showroom floor. Stunning neighborhood and amazing location. Minutes to Prasada, the new dining and shopping complex!

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17207 N 36th Street Phoenix, AZ 85032

Open House

$610,000

4 Beds

3 Baths

1,845 SqFt

Status Active

MLS # 6722409

Property Type Single Family Residence

Price Type --

Fully renovated, this charming 4BR / 3BA home is ideally situated near restaurants, shopping, dining, public transportation, with easy access to freeways. Recently remodeled, it features a spacious floor plan perfect for modern living. Neutral color scheme throughout featuring durable tile flooring, providing a versatile space for any decor. The kitchen is equipped with quartz countertops, new cabinets and windows plus a convenient pantry. The oversized primary bedroom offers direct backyard access, a private bathroom, and walk-in closet. Outside, the backyard includes a covered patio, storage shed, and plenty of space to create your own oasis. No HOA!

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1236 E Campus Drive Tempe, AZ 85282

$609,999

4 Beds

2 Baths

1,756 SqFt

Status Active

MLS # 6750684

Property Type Single Family Residence

Price Type --

A stunning single-family home located in the heart of Tempe has 4-bed, 2-bath with 1756 sqft, 2 car garage, and covered patio. Brand new windows. You will be greeted by a bright & airy floor plan that's perfect for entertaining. The spacious living room features soaring ceilings, large windows that let in plenty of light, a cozy fireplace with beautifully decorative tile from floor to ceiling that's perfect for chilly nights. The kitchen comes with stainless steel appliances, quartz countertops & brand-new shaker cabinets. Brand new vinyl wood & carpet flooring throughout the home. Enjoy the fully upgraded, spa like bathrooms with high end shower system, framed mirrors, shower niche, & custom vanities. No HOA. Walking distance to parks and bike paths. Don't miss out!

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9539 E Thornbush Avenue Mesa, AZ 85212

$609,999

3 Beds

2.5 Baths

2,044 SqFt

Status Active Under Contract

MLS # 6724990

Property Type Single Family Residence

Price Type --

Prepare to experience luxurious desert living in this highly-customized dream home in Cadence. This home's aesthetic and craftsmanship are sure to impress. Nestled on an interior lot, this popular Camelia model has it all. The fresh remodel brings luxe finishes and modern appeal, in an open concept floorplan. A generous kitchen offers amazing space to prep and enjoy meals with classic espresso finish cabinetry, quartz linen counters, apron sink, walk-in pantry, stainless steel appliance package (range/oven + dishwasher new in '24) and island with seating. Home is outfitted with 10' ceilings, picture windows and new professionally-installed white oak luxury vinyl plank flooring with new baseboards in the main living space. The extraordinary primary suite offers a spa experience with a custom walk-in shower with rain head enveloped in herringbone mosaic tile complimented with black hex shower floor. Bath is further enhanced with modern pine wood trimmed walls, anti-fog mirrors, luxury bidet/toilet (warm + clean settings) and color-optional LED lighting graces the shower and vanity areas. Upstairs loft offers flex space for play or work. A picture-perfect powder room off the formal entry offers playful wallpaper and designer details. Secondary bedrooms have neutral carpeting and ceiling fans. The rear yard is impeccably designed around a 2021 contemporary pool built by Premier Pools & Spas with Baja shelf, umbrella sleeve, app-controlled LED color wheel light and variable speed pump, stone accent wall, soothing water feature and travertine coping (pool fencing is removable, if desired). Travertine decking and paver walkway connect the covered patio and sprawling synthetic lawn area. Additional upgrades include: tankless water heater, 2 wood blinds. Solar offers security from higher electric bills. Cadence offers residents grand amenities including: 2 water slides, a salt water lap pool, splash pad, a spa and cabanas. 12,000 sq ft clubhouse features state-of-the-art fitness center that hosts yoga + spin classes, teen game room, event center and outdoor dining areas with fire pits & seating. Plenty of room to roam with walking trails, 6 parks with playgrounds + pavilions and an enclosed dog park. Community also offers tennis, basketball, bocce and volleyball courts. From holiday celebrations to concerts in the park, there is always something exciting happening.

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10512 S 48th Glen Laveen, AZ 85339

$609,995

3 Beds

3 Baths

2,630 SqFt

Status Active

MLS # 6728638

Property Type Single Family Residence

Price Type --

An inviting covered porch welcomes guests to this charming Pomona home with 10' ceilings throughout. A spacious great room is at the heart of the open layout, adjacent to a roomy nook and an impressive gourmet kitchen, 42'' white shaker cabinets, quartz countertops, gas stove, with a walk-in pantry and center island. This home will be built with a space to use for a study or formal dining room. The lavish primary suite offers a generous walk-in closet, a private bath with deluxe shower #2, and double sinks. A convenient laundry and covered patio are also included.

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10516 S 48th Glen Laveen, AZ 85339

$609,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6728647

Property Type Single Family Residence

Price Type --

This Deacon home includes an attached insulated RV garage, plus two tandem garage bays! Inside, a well-appointed gourmet kitchen, gas stove, quartz countertops, with a walk-in pantry that is flanked by a great room and a dining room with center-meet doors with covered patio access. You'll also appreciate an elegant primary suite with a private bathroom with deluxe shower #2 and ample walk-in closet space. A mudroom, a convenient laundry, and a flex room will complete the plan.

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4836 W Stargazer Place Laveen, AZ 85339

$609,995

3 Beds

3 Baths

2,630 SqFt

Status Active

MLS # 6679937

Property Type Single Family Residence

Price Type --

An inviting covered porch welcomes guests to the charming Pomona plan. A spacious great room is at the heart of the open layout, adjacent to a roomy nook and impressive gourmet kitchen with a walk-in pantry, center island, Stainless steel appliances. This home will be built with either a study and Guest suit option complete with separate living room, wet bar and separate laundry. There is also an additional bedroom and full bathroom, The lavish primary suite offers a generous walk-in closet and a private bath with double sinks and oversized walk-in shower. A convenient laundry and covered back patio are also included. This home will also feature a 3-car garage and 10ft ceilings.

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