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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1910 E Rainbow Trail Payson, AZ 85541

$599,900

3 Beds

2 Baths

1,772 SqFt

Status Active Under Contract

MLS # 6692516

Property Type Single Family Residence

Price Type --

BRAND NEW - TO BE BUILT Dream Home on the Rim in Payson - surrounded by gorgeous custom homes and less than 7 min from Renowned Golf Club at Chaparral Pines & The Rim Club, less than a mile from Safeway grocery store and convenient shopping, dining, gas & bank. Buyers able to select Cabinet Color, Granite Color, Interior & Exterior Paint and Flooring. Not much around here under $600K so hurry - home can be completed in less than 6 mos- just in time to enjoy for the summer! Photo reflects same floorplan and elevation as what will be built. Additional Photos of this home will be posted as it progresses. Buyer to verify all facts & figures.

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371 S Chippewa Drive Chandler, AZ 85224

$599,900

3 Beds

3 Baths

2,421 SqFt

Status Active Under Contract

MLS # 6733691

Property Type Single Family Residence

Price Type --

Wow !!! Great home for a Family. Master Bedroom Up with all the other bedrooms. Office room down could be 4th bedroom. Fresh Paint 2 Tone Paint, Newer Carpet with Upgraded Pad all upstairs. Downstairs is all Ceramic Tile. Custom Ceiling Fans in Living Room & Dining Room. Vaulted Ceilings. Large Family Room that over looks the Kitchen with Wood Burning Fireplace. Kitchen includes Granite Counter Tops, Oak Cabinets, Pendent Lighting over Island, Can Lighting, Large Walk-In Pantry. All Stainless Steel Appliances including Refrigerator, Gas Stove, Micro-Wave & Dishwasher. Large Master Bedroom with Double Sinks, Separate Soaking Tub & Private Shower. Large Walk-In Closet. Awesome Backyard with like a park setting, Private Swimming Pool, Pad for a Spa with electrical Hook up. 3 Car Garage.

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4209 E Bonanza Road Gilbert, AZ 85297

$599,900

4 Beds

3 Baths

2,502 SqFt

Status Active Under Contract

MLS # 6753531

Property Type Single Family Residence

Price Type --

This beautiful home in Power Ranch has been meticulously maintained by the original owners and offers 4 bedrooms & 3 full baths in 2502 SqFt. Living areas include formal living/dining and separate family room on the main level and a large upstairs loft. The recently updated eat-in kitchen features maple cabinetry with under-cabinet lighting and crown molding, granite countertops, modern subway tile backsplash, stainless appliances, pantry, and island with breakfast bar. The backyard has an extended covered patio with ceiling fan and easy-care artificial turf for kids and pets to play on. One bedroom and bath are on the main level, perfect for guests! The primary is upstairs and has double door entry, and an en-suite bath with dual sink vanity, separate tub & shower, and walk-in closet. The laundry room is conveniently located upstairs. Other features include an oversized 2 car garage and leased solar panels to provide utility savings! Power Ranch is a resort-style community with a variety of amenities including a clubhouse, two swimming pools, and spa, sport courts (including tennis, pickleball, and bocce), fitness center, and much more!

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6442 W Escuda Road Glendale, AZ 85308

$599,900

3 Beds

2 Baths

1,968 SqFt

Status Active

MLS # 6755584

Property Type Single Family Residence

Price Type --

**E X Q U I S I T E Luxury Residence** - This stunning home offers a seamless blend of modern elegance and functional design. Step inside to a thoughtfully crafted layout featuring clean lines, a soothing color palette, and sleek recessed lighting throughout. The wide plank engineered wood flooring adds a sophisticated touch to the space. The remodeled kitchen is a true showstopper with quartz countertops, white shaker cabinets accented with custom finishes, stainless steel appliances, and stylish pendant lighting. The centerpiece is a large custom island, perfect for both casual meals and entertaining. Retreat to the **luxurious master suite**, where you'll unwind in comfort. The spa-like master bathroom is outfitted with a custom vanity, an expansive shower featuring large rain shower heads, and a custom-designed closet that meets all your storage needs. The **resort-style backyard** is an entertainer's dream! Enjoy afternoons under the large covered patio, relax by the play pool, or gather around the custom fire pit area on cool evenings. A dedicated play area adds even more versatility to this outdoor haven, designed for both relaxation and fun. This home is truly a **10 out of 10** a must-see for those seeking a combination of luxury, comfort, and modern design!

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3855 S Leather Vest -- Flagstaff, AZ 86005

$599,900

3 Beds

2 Baths

1,768 SqFt

Status Active

MLS # 6663229

Property Type Townhouse

Price Type --

Almost brand-new SINGLE LEVEL, condo in one of Arizona's top private luxury golf communities. This 3 bedroom 2 bath home has a fantastic floor plan with no unused sq footage. This home was completed in 2021 with many upgrades and has hardly been used. The location puts you steps away from miles of forest trails as well as golf course access. There is a nice, covered deck to enjoy the Flagstaffs 4 seasons. Don't miss this opportunity to purchase your full time or second home!

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7718 W Raymond Street Phoenix, AZ 85043

$599,900

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6737196

Property Type Single Family Residence

Price Type --

Discover unparalleled luxury and privacy in this exceptional corner lot home! Upon entering, you'll be greeted by spacious living areas that offer an ideal setting for both relaxation and entertainment. The well-appointed kitchen is a chef's dream, equipped with top-tier appliances, ample counter space, and stylish cabinetry. Work from home in the dedicated office space, ensuring productivity and convenience. Your security and peace of mind are prioritized with an owned security system! The outdoor oasis continues with a covered patio, a resort-style pool with a 7 1/2-foot depth, a captivating grotto, and a soothing heated spa. For your vehicles and storage needs, the property includes an RV garage with a length of 39.5' and a 2-car tandem garage, offering ample space and versatility RV garage is 39.5' long.

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16951 W Villagio Drive Surprise, AZ 85387

$599,900

2 Beds

2 Baths

2,075 SqFt

Status Active

MLS # 6733430

Property Type Single Family Residence

Price Type --

CLEAN & PRISTINE SIERRA THAT BACKS TO COMMON AREA WITH NO BACK TO BACK NEIGHBORS & PRIVATE PATIO. PRE-PAID SOLAR LEASE, COVERAGE UNTIL 5/2044, MONTHLY APS BILLS AVERAGE $55 PER MONTH. RECENT UPGRADES INCLUDE PLANTATION SHUTTERS, BEAUTIFUL GRANITE & CUSTOM CABINETRY IN KITCHEN, CENTER ISLAND, MASTER & GUEST BATHROOMS. THE LIGHT/BRIGHT KITCHEN IS COMPLETE WITH BUILT-STAINLESS WALL OVEN, MICROWAVE, 5 BURNER GAS COOKTOP & REFRIGERATOR & BRIGHT OFFICE/DEN HAS DOUBLE DOORS. WINDOW WORLD DOUBLE PANE, TRIPLE COATED LOW E WINDOWS HAVE BEEN ADDED THROUGHOUT HOME. EXTENDED GARAGE HAS WORKBENCH, CABINETS, OVERHEAD STORAGE, NEWER HVAC, HOT WATER TANK & HOT WATER RECIRCULATION SYSTEM. EXPANDED SOUTH FACING, PRIVATE PATIO CREATES THE IDEAL SETTING FOR ENTERTAINING FAMILY AND FRIENDS.

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4506 W Maggie Drive San Tan Valley, AZ 85144

$599,900

5 Beds

3.5 Baths

3,254 SqFt

Status Active

MLS # 6730680

Property Type Single Family Residence

Price Type --

You don't want to miss this rare NEXT-GEN home offering a total of 5 bedrooms & 3.5 baths with a newly updated and never lived in CASITA with a separate entrance, separate kitchen, laundry hook up, living area, bathroom and bedroom. 3253 sq ft with the main portion of the home offering separate living/dining, family rooms and upstairs loft. Granite countertops, gas range, stainless appliances, pantry and island with breakfast bar. Sliding doors lead out to the covered patio, HEATED POOL, pergola-covered decking, and additional paver patios, perfect for outdoor entertaining! Loft, bedrooms & laundry are upstairs. Home also features a new upstairs AC unit in 2021 and a new gas water heater in 2023.

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4338 E Desert Marigold Drive Cave Creek, AZ 85331

$599,900

3 Beds

2 Baths

1,588 SqFt

Status Active

MLS # 6744958

Property Type Single Family Residence

Price Type --

Don't miss this exceptional opportunity to own a beautifully upgraded 3-bedroom, 2-bathroom single-story home. Over the past 3-4 years, this residence has undergone extensive updates. Significant improvements include a new roof underlayment, new A/C system, updated kitchen and bathrooms, over $40k invested in new windows and exterior iron doors, custom trim work, newer carpet, fresh interior paint, new outlets, new light switches, and updated lighting fixtures. The 1,588 square foot floor plan is thoughtfully designed for maximum efficiency, ensuring every inch is utilized effectively with no wasted space. The backyard offers a blank canvas, ready for your personal customization. Ideally located in Tatum Ranch, this home is just a short drive from dining, golf courses, and schools.

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2910 S Miller Drive Chandler, AZ 85286

$599,900

4 Beds

3 Baths

2,298 SqFt

Status Active

MLS # 6719371

Property Type Single Family Residence

Price Type --

Beautiful 3-bedroom home with a versatile downstairs den that can easily serve as a fourth bedroom with a bathroom for guest quarters or generational living. Located just 1 mile from Chandler Crossroads and the 202 freeway, this home offers both convenience and accessibility, all while sitting on a huge lot that backs onto a greenbelt. Inside, you'll find tall 9 ft+ ceilings and elegant wood floors. The home also features a water softener, new a/c units in 2020, and a garage storage rack system. With an optimal floorplan including a formal living and dining room, family room, a den, and a full bathroom on the main floor and three bedrooms including the master suite with soaking tub and walk-in closet upstairs. The kitchen features granite countertops, a large walk-in pantry, stainless steel appliances, and a breakfast bar. With a fully landscaped front and back yard, tons of greenery and privacy, private pebble-tec pool, extended concrete decking, and a spacious lawn perfect for kids to play on, a covered patio, and an added storage shed to store your lawn and pool supplies. This one is a must see!

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2514 N 87th Terrace Scottsdale, AZ 85257

$599,900

3 Beds

2 Baths

1,464 SqFt

Status Active Under Contract

MLS # 6711241

Property Type Single Family Residence

Price Type --

Experience luxury living in the heart of Old Town Scottsdale! This upgraded home boasts 3 spacious bedrooms and 2 elegant bathrooms. Flooded with natural light, the interior features stylish wood-look tile flooring, custom white and blue cabinetry, quartz countertops, and high-end fixtures throughout. The bathrooms are adorned with sparkling tile showers, and the convenience of automatic shades adds a modern touch.Additional amenities include a Ring camera for security, a water refiner, reverse osmosis system, a two-car garage with extra storage, and a freshly painted exterior, complemented by a newly painted interior in 2024. The back slider features an automatic screen for enhanced privacy and sun protection. The home includes a substantial wall that ensures privacy and reduces road noise. The private patio, complete with turf, offers an idyllic space for relaxation under the Arizona sun.

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9410 W Meadowbrook Avenue Phoenix, AZ 85037

$599,900

4 Beds

4 Baths

2,585 SqFt

Status Active

MLS # 6729781

Property Type Single Family Residence

Price Type --

**Don't miss out on this beautiful single-level home with a certified Energy Star rating of 5!** This newer property boasts delightful curb appeal with an easy-care landscape and a tandem 3-car garage, situated in a gated community. **Step inside to find:** - An inviting hallway leading to a perfectly flowing great room with high ceilings, recessed lighting, and sliding glass doors that open to the backyard. - Gorgeous wood-look porcelain flooring and a neutral palette throughout, creating a warm and modern atmosphere. **Chef's Kitchen:** - Handsome wood cabinets with crown molding - Stainless steel appliances - Pantry and Quartz counters - Stylish tile backsplash - Large island with a breakfast bar, perfect for casual dining and entertaining **Main Retreat:** - Sun-filled room with an immaculate ensuite featuring two vanities, his and hers walk-in closets, a private toilet room, and engineered flooring. **Additional Features:** - Second ensuite with a walk-in closet and private living area, ideal for guest privacy. - Each bedroom has its own dedicated bathroom, ensuring comfort and convenience for all. **Outdoor Living:** - Relax in the vast backyard with a covered patio, pavers, and low-maintenance turf, perfect for outdoor gatherings and relaxation. **Prime Location:** - Minutes away from Westgate, Glendale Stadium, and the soon-to-be-built water parks and hotels, making it an ideal property for Airbnb. **This home is the perfect blend of luxury and convenience. Own the home meant for you!** Come view today!

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