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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2629 S Parrish -- Mesa, AZ 85209

$599,999

4 Beds

2 Baths

2,490 SqFt

Status Active

MLS # 6719048

Property Type Single Family Residence

Price Type --

You will love living in the Prestigious Augusta Ranch Golf Community! This exquisite single-level home offers 4 spacious bedrooms & 2 bathrooms spanning 2,490 sq ft of beautifully designed living space. Step inside to find a bright & open floor plan, ideal for both relaxing & entertaining. The expansive living areas flow seamlessly, providing the perfect backdrop for gatherings with family & friends. Entertainer's kitchen features granite countertops, Gas Stove, & ample Cabinet Space. Step outside to your private backyard paradise, featuring a Heated Pool perfect for year-round enjoyment. The patio area is ideal for outdoor dining & lounging. The home also boasts a 3-car garage, perfect for extra storage. Minutes from 202 & 60 Freeway. This Home is an Absolute Must See!!

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3061 E Santa Rosa Drive Gilbert, AZ 85234

$599,999

3 Beds

2.5 Baths

2,267 SqFt

Status Active

MLS # 6741746

Property Type Single Family Residence

Price Type --

Beautiful two-story gem in Gilbert is the one! This magnificent residence is located near hospitals, restaurants, shopping spots, and more. You'll love the remodeled interior featuring a generous open layout enhanced with decorative light fixtures, soothing paint, and luxury vinyl plank flooring. Spotless kitchen is a chef's dream, including SS appliances, quartz counters, recessed lighting, white shaker cabinetry, a subway tile backsplash, and an island with a breakfast bar. Discover a sizable loft upstairs, ideal for an additional living space! Retreat to the spacious double door entry main suite, a full ensuite, and a walk-in closet. Continue onto the lovely backyard, with a built-in BBQ, artificial turf, a hot tub, and a refreshing pool ready to enjoy.

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21955 S 219th Place Queen Creek, AZ 85142

$599,999

4 Beds

3 Baths

2,429 SqFt

Status Active Under Contract

MLS # 6696421

Property Type Single Family Residence

Price Type --

Come see this well-maintained original owner home in Crismon Heights that sits on a premium oversized homesite with no backyard neighbors! This floor plan offers 4 bedrooms and 3 full baths in 2429 SqFt with an open great room layout. The kitchen features staggered white cabinets with crown molding and a built-in desk, granite counters, tile backsplash, stainless appliances including a gas range with double ovens, a walk-in pantry, an island with breakfast bar, and a spacious dining area with new large picture windows overlooking the backyard. Glass French doors in the great room let in tons of natural light and lead out to the covered patio and beautifully landscaped backyard. The extensive paver patio provides lots of room for entertaining, and the backyard also has grass for kids and pets to play on, a tranquil fountain, and side yard with lemon and lime trees and a double gate. The primary bedroom has a charming window seat, and a private en-suite bath with dual sink vanity with granite countertop, separate tub & shower, and a big walk-in closet. Other features include a spacious laundry room with upper/lower cabinets & sink; tile, luxury vinyl, and laminate flooring throughout (no carpet!), vaulted ceilings, and an oversized 3 car tandem garage with service door. Great location close to parks and trails within the community, and just a short bike ride to the upcoming Queen Creek Aquatic center opening soon!

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47970 N Navidad Court Gold Canyon, AZ 85118

Open House

$599,999

4 Beds

2 Baths

2,263 SqFt

Status Active

MLS # 6726998

Property Type Single Family Residence

Price Type --

Stunning 4-bedroom, 2-bathroom home with a spacious 3-car garage has everything you need and more. Enjoy breathtaking views of the Superstition Mountains and the vast open desert through the backyard view fence. The newly remodeled kitchen boasts white cabinets, white quartz countertops, stainless steel appliances, double ovens, a high-end built-in microwave, a newer cooktop, a large hood, and a tiled backsplash. The large center island features a striking waterfall countertop design, and there's a huge butler's pantry just off the kitchen. The entire interior has been beautifully updated, featuring luxury vinyl plank flooring laid straight throughout, new recessed lighting, and fixtures. A highlight of the living room is the backlit television wall, adding a touch of modern elegance.

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40721 W Georgia Avenue Tonopah, AZ 85354

$599,997

4 Beds

3 Baths

2,192 SqFt

Status Active

MLS # 6754914

Property Type Single Family Residence

Price Type --

This beautiful custom home is almost ready for a family to live in this peaceful area north of I-10. It features an RV garage, modern style double front door, matching modern garage doors, 10' ceilings, open floor plan, neutral warm colors, tile flooring and carpet in all the right places, with 6'' base boards. Kitchen will feature wood expresso color cabinets, granite or quartz counter tops, oven range, hood, plus wall oven and microwave, ss appliances and refrigerator. Split floor plan has 3 bedrooms with custom shelving and 1 of the bedrooms has a large walking closet, 1 bathroom has a large garden tub/shower with double sinks. Master bedroom has large walk-in closet, custom tile shower, and double sinks. Energy efficient home with dual pane windows, 2x6 framing, spray foam insulated ceilings and exterior walls, along with batted insulated walls. RV garage and garage are fully spray foam insulated, along with 220 amp in RV garage for a mini split ac system, lift master garage door openers, 220 amp in the 2 car garage for a future electric car charging plug. A 2000 septic tank to accommodate a future guest house. 3 share wells altogether. Must see!

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17705 E Mews Road Queen Creek, AZ 85142

$599,997

3 Beds

2 Baths

1,497 SqFt

Status Active Under Contract

MLS # 6733099

Property Type Single Family Residence

Price Type --

Ready to show 7/19/24! Horse property with NO HOA! Beautiful mountain views. Come enjoy country living with pasture and lots of space. Covered back patio & a large blank canvas of a backyard to make your own. Bring those horses, cow, sheep, etc. Country living at it's best just minutes from schools and shops. Lots of space to expand. ***Property is in as-is condition.****

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12001 W Lewis Avenue Avondale, AZ 85392

$599,997

5 Beds

4 Baths

3,430 SqFt

Status Active

MLS # 6671782

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning property boasts an unparalleled blend of luxury, comfort, and modernity. Situated in a coveted neighborhood, this large home is a testament to refined living at its finest. As you step inside, you're greeted by the elegance of vinyl plank flooring that exudes both style and durability. The expansive layout of this residence offers plenty of room to spread out and entertain, with abundant natural light pouring in through large windows, creating a warm and inviting atmosphere throughout. The spacious gourmet kitchen is a chef's delight with sleek countertops, and ample storage space. Whether you're hosting family gatherings or intimate dinner parties, this kitchen is sure to impress. Retreat to the luxurious primary bedroom, where you'll find a private balcony, perfect for enjoying your morning coffee or unwinding with a glass of wine in the evening. The attached primary bathroom is a sanctuary in itself, boasting exquisite finishes, a spa-like soaking tub, and a separate shower. With five bedrooms and four bathrooms, there's no shortage of space for family and guests. Each bedroom offers comfort and privacy, while the bathrooms showcase modern fixtures and finishes. Step outside to discover your own personal oasis. The backyard is an entertainer's paradise, complete with a putting green and a built-in BBQ area, perfect for hosting summer cookouts and outdoor gatherings. Whether you're practicing your putting skills or enjoying alfresco dining with loved ones, this backyard is sure to be the envy of all!

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21723 E Roundup Way Queen Creek, AZ 85142

$599,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6702192

Property Type Single Family Residence

Price Type --

Welcome to Light Sky Ranch and the Pinecrest plan! This home boasts 2390 square feet of meticulously crafted living space. With three bedrooms, two and a half baths, and a dedicated study, every corner of this home is designed with purpose. The kitchen features quartz countertops, upgraded shaker cabinets, and a central island that doubles as a culinary hub and gathering place. The owner's suite with en-suite bath, offers an over-sized walk-in closet. Outside, both a single-car garage & a 2-car garage offer ample storage for vehicles, outdoor gear, and more, ensuring both convenience and practicality. With amenities like a tankless water heater for efficiency and a charming paver driveway, this home harmoniously blends convenience and sophistication.

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10430 S 48th Glen Laveen, AZ 85339

$599,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6704814

Property Type Single Family Residence

Price Type --

The Deacon plan includes an attached RV garage, plus two tandem garage bays! Inside, a well-appointed gourmet kitchen with a walk-in pantry, quartz counters, and Shaker cabinets is flanked by a great room and a dining room with covered patio access. You'll also appreciate an elegant primary suite with a private deluxe bathroom with seperate drop in tub bathroom and ample walk-in closet space. A mudroom, a convenient laundry and a flex room will complete the plan.

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4816 W Stargazer Place Laveen, AZ 85339

$599,995

4 Beds

3 Baths

2,630 SqFt

Status Active

MLS # 6691847

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 an impressive gourmet kitchen with a walk-in pantry and center island. This home offers a study.. The lavish primary suite offers a generous walk-in closet and a private bath with double sinks and deluxe tub and shower. A convenient laundry and covered patio are also included.

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4817 W Stargazer Place Laveen, AZ 85339

$599,995

3 Beds

3 Baths

2,510 SqFt

Status Active

MLS # 6684076

Property Type Single Family Residence

Price Type --

The single-story Dominic plan offers an open, inviting layout and ample living space. At the heart of the home is a spacious great room that flows into an impressive gourmet kitchen with a center island, quartz counter tops, dual pantries and a generous breakfast nook. A luxurious primary suite showcases an immense walk-in closet and a private bath with Deluxe walk-in shower, a covered patio invites relaxation, a study and a teen room, and a third side turn garage bay.

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4829 W Stargazer Place Laveen, AZ 85339

$599,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6720292

Property Type Single Family Residence

Price Type --

The Deacon plan includes an attached RV garage, plus two tandem garage bays! Inside, a well-appointed gourmet kitchen with a walk-in pantry, quartz counters and shaker style cabinets is flanked by a great room and a dining room with covered patio access including a center meet door. You'll also appreciate an elegant primary suite with a private deluxe bathroom with oversized walk-in shower and ample walk-in closet space. A mudroom, a convenient laundry and a flex room will complete the plan.

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