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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7517 N 86th Avenue Glendale, AZ 85305

$599,900

5 Beds

2 Baths

2,628 SqFt

Status Active

MLS # 6718483

Property Type Single Family Residence

Price Type --

Immaculate Reconstructed Home, Fully Upgraded. Come and see this Beautiful Diamond in the heart of Glendale. About 2.7 miles from Cardinal Stadium. Gorgeous Tiled Bathroom Showers, New Bathroom Vanities with Marble Counter tops, New Tiled Floors in the right places, New carpet in the Bedrooms, 2 8x8 Feet Arcadia Doors, Electric Chimney, New Kitchen Cabinets with New Granite Counter Tops, Two New A/C units. New Trusses, New Tiled Roofing, New Insulation, New Drywall and Texture, New Baseboards, New Doors, New Garage Door. New Stainless Steel Kitchen Appliances. This is a Must see. Agents Bring Your Buyers, they will not be disappointed.

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29559 N Tarragona Drive Peoria, AZ 85383

$599,900

2 Beds

2 Baths

1,546 SqFt

Status Active

MLS # 6740829

Property Type Single Family Residence

Price Type --

Stunning Allure model - High ceilings, Open Floor Plan, Plantation Shutters & Consistent luxury vinyl plank Floors throughout. Gourmet kitchen has storage galore! Cabinets w/pullouts, granite, stainless appliances, RO system, Glazed subway tile & walk in pantry. Tranquil Spacious Master Bedroom W/sitting area overlooks beautiful backyard. Relaxing spa style master bath w/ Moen shower station, dual sinks, upgraded tile & large closet W/built in organizers/drawers! Large laundry room W/D & Container Store organizer system included. 2 Car Garage W/custom cabinets & sink, Professionally landscaped backyard is perfect for entertaining- Pavers, PVC irrigation, Covered Patio. Trilogy is an amazing gated active adult community that features 2 clubhouses, Golf, Fitness centers, Pools & more!

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16251 N 65th Place Scottsdale, AZ 85254

$599,900

3 Beds

2 Baths

1,248 SqFt

Status Active Under Contract

MLS # 6686994

Property Type Single Family Residence

Price Type --

NEW AC INSTALLED 8/2024! New roof installed approx 3 years ago. New dual pane windows installed 2017. Gorgeous kitchen with island breakfast bar, 42'' upper cabinets with crown molding, soft close doors/drawers and slideouts. Spacious floor plan with high vaulted ceilings. All the popcorn has been removed. This 3 bed, 2 bath home with 2-car garage is clean and move-in ready!! Nicely updated with tile in all the right places. Big backyard with large covered patio and nice paver sitting area. Big 8x16 wood storage shed. Located right down the street from Kierland Commons, Scottsdale Quarter, Desert Ridge and NO HOA!

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12826 N 29th Street Phoenix, AZ 85032

$599,900

3 Beds

2 Baths

1,545 SqFt

Status Active

MLS # 6715302

Property Type Single Family Residence

Price Type --

Welcome to a meticulously renovated sprawling ranch home where no detail has been overlooked. This home has undergone a comprehensive transformation! Upon entry, you're greeted by new waterproof flooring that extends throughout. Natural light floods the interior through newly installed energy efficient dual pane windows. New custom windows & coverings combined style w/ functionality. The fully remodeled kitchen, featuring new custom Thomasville shaker cabinets, Quartz countertops & designer backsplash. Equipped w/ top-of-the-line LG appliances including a fridge, stove, dishwasher, & in-drawer microwave. The primary bath has been completely reimagined to offer a luxurious retreat, while an additional bath off the hallway is also fully renovated. Private pool just in time for summer!

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8129 W Ross Avenue Peoria, AZ 85382

Open House

$599,900

4 Beds

2.5 Baths

2,337 SqFt

Status Active

MLS # 6759468

Property Type Single Family Residence

Price Type --

This amazing fully upgraded home in the heart of Fletcher heights has one of the largest pie shaped private lots in the subdivision. This one offers brand new LVP flooring throughout the entire first level, upgraded stainless steel appliances in kitchen, new quartz countertops, built in custom fireplace in great room, upgraded light fixtures throughout, custom master shower/tub, upgraded bathrooms throughout, and so much more. 4 bedrooms and loft upstairs, large great room floor plan downstairs, and RV Gate with huge slab behind the gate. Take one look at the photos and get your buyers in the car. This home on this lot will go fast!

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2720 E Fremont Road Phoenix, AZ 85042

Open House

$599,900

5 Beds

3 Baths

2,548 SqFt

Status Active

MLS # 6756704

Property Type Single Family Residence

Price Type --

Located within the prestigious gated golf course community of Fairways at The Legacy, this home greets you with a charming gated courtyard entry. Inside, you'll find 5 spacious bedrooms, 4 of which are upstairs, along with a guest bedroom, a full bath, and a laundry room conveniently located on the main floor. The primary suite offers a sitting area, stunning views of South Mountain, and a large walk-in closet. Positioned on a desirable north/south lot, the backyard is perfect for gatherings, featuring a covered patio, a putting green, and an awning that reduces direct sunlight, creating a more comfortable outdoor space. Just a short 10-minute drive from downtown Phoenix, this home is ideally suited for growing and active families.

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803 W Gum Tree Avenue San Tan Valley, AZ 85140

New

$599,800

3 Beds

2 Baths

2,198 SqFt

Status Active

MLS # 6760109

Property Type Single Family Residence

Price Type --

Backs to greenbelt! Gorgeous 3 bed+den Barcelona model at Ironwood Crossing! Toys? Cars? Check out the ENORMOUS 4.5 car garage w/ side mount ''jack shaft'' opener for high profile vehicle entry or your car lift. Kitchen w/Gourmet pkg ''Black Slate'' GE appliances, gas cooktop, walk in pantry. $125,000+/- in the resort-like yard w/ pool & heated spa, 900+/- s.f. of travertine paver patio & grassy yard! Relax in the spa-like master bath w/ upgraded walk in shower w/2 shower heads, his & hers high/low vanities. Ironwood crossing features heated community lap pool, kids ''Splash Zone'' splash pad, Bocce Ball, Pickle Ball and Basketball courts, Frisbee Golf course and more! What a wonderful community!

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8550 E Naranja Avenue Mesa, AZ 85209

$599,800

4 Beds

3.5 Baths

3,102 SqFt

Status Active

MLS # 6659310

Property Type Single Family Residence

Price Type --

Beautiful turn-key residence situated in Tavera Vista is the one you've been waiting for! Prepare to be impressed by a spacious open layout showcasing neutral tile floor, designer palette, recessed lighting, & sliding glass doors merging the indoor w/the outdoor living. The remarkable chef's kitchen offers espresso cabinets adorned w/crown moulding, SS appliances, a walk-in pantry, speckled granite counters, subway tile backsplash, a wall oven, & an island w/a breakfast bar. Discover endless possibilities in the charming loft! The primary bedroom boasts soft carpet throughout, a private bathroom w/dual vanities, & a walk-in closet. The perfect spot for intimate get-togethers awaits in the quaint backyard featuring a cozy covered patio & manicured landscape! Don't let this home slip by!

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10633 S 44th Street Phoenix, AZ 85044

$599,800

4 Beds

2 Baths

1,849 SqFt

Status Active

MLS # 6738373

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the highly desirable neighborhood of Ahwatukee. This stunning, modernized residence offers a spacious great room floor plan, perfect for both entertaining and comfortable living. With numerous recent upgrades, this home is move-in ready and boasts high-end finishes throughout. Step inside to find luxurious vinyl tile flooring that is not only stylish but also waterproof and scratch-proof, providing worry-free living for families and pet owners alike. The expanded and remodeled kitchen is a chef's delight, featuring custom white cabinetry, sparkling black quartz countertops, and top-of-the-line stainless steel appliances. Enjoy the abundance of natural light that fills the home, thanks to gorgeous Anderson High Performance windows and a sleek sliding glass

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10538 E Florian Avenue Mesa, AZ 85208

$599,800

3 Beds

2.5 Baths

2,366 SqFt

Status Active Under Contract

MLS # 6742479

Property Type Single Family Residence

Price Type --

Welcome home. Here you'll see true pride of ownership. Enter this beautiful home and enjoy the updated features as you walk through and feel what HOME feels like. Updated features include a new roof, newer a/c, new attic insulation, new front with back exterior doors, new hot water heater, new turf and paver walkway, and more. Start planning your pool parties in the beautifully landscaped backyard. Savor morning coffee on the balcony while enjoying the view of Superstition Mountain. Check out this home today. Then pack your bags.

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3870 E Gold Mountain Avenue San Tan Valley, AZ 85143

$599,787

4 Beds

3 Baths

2,888 SqFt

Status Active

MLS # 6695904

Property Type Single Family Residence

Price Type --

Exceptional 4-bedroom, 3 bath home located in Bella Vista Farms, a new community featuring single-story homes, a community pool, playground, and a basketball court in San Tan Valley. Currently under construction, this home boasts designer selections throughout and offers north/south exposure. The Executive Kitchen features double ovens and a 36'' gas cooktop. Enjoy the open floor in the kitchen/dining/living area with a large center pull patio door overlooking the extended patio as well as a split floor plan with a separation of space creating a private sanctuary for everyone. Utilities: Mesa Gas, EPCOR Water and Rural Metro.

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2319 E Earll Drive Phoenix, AZ 85016

$599,713

3 Beds

2 Baths

1,416 SqFt

Status Active

MLS # 6747987

Property Type Single Family Residence

Price Type --

Welcome to this freshly updated 3-bedroom, 2-bathroom gem close to all of the action of Arcadia and Central Phoenix! Boasting a modern, neutral aesthetic with designer touches throughout, it offers comfort and style at every turn. Enjoy outdoor living with covered patios in the front and back, a charming porch swing, and a generously sized backyard complete with a pool and firepit—perfect for entertaining. Additional features include a storage room off the 1-car carport. Conveniently located near freeways, restaurants, and shopping, Enjoy the freedom and flexibility of homeownership with no HOA restrictions.

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