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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3131 N Central Avenue Unit 6016 Phoenix, AZ 85012

Open House

$595,900

2 Beds

2 Baths

1,125 SqFt

Status Active

MLS # 6416509

Property Type Apartment

Price Type --

*Construction completed* 5% BUYER INCENTIVE! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious two bedroom condo offers ten ft. ceilings, an open floor plan, and large master bedroom with ensuite bathroom. Chefs kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Enjoy the views over the pool and common areas from the spacious balcony. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful pool and lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

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4359 N 203rd Avenue Buckeye, AZ 85396

$595,650

3 Beds

2 Baths

1,674 SqFt

Status Active

MLS # 6736229

Property Type Single Family Residence

Price Type --

This Gorgeous Altena floorplan curated with Classic 'Looks' interiors selections offering a gorgeous cohesive design. Your spacious kitchen is designed with a large island, pendant lighting, quartz counters, stunning stacking cabinets and GE profile stainless steel appliances. Feel the openness of your great room and dining room with coffered ceiling and crown molding. Enjoy indoor-outdoor living with your 12 ft sliding glass door. The Primary Suite includes an Upgraded no step rain shower. Wood look tile throughout most rooms and plush carpet in bedrooms, plus window coverings included! ^^Up to $20K can be applied towards closing cost OR short/long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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513 E Angela Drive Phoenix, AZ 85022

$595,500

3 Beds

2 Baths

2,308 SqFt

Status Active

MLS # 6747667

Property Type Single Family Residence

Price Type --

Pride of ownership is shown in this beautiful 3-bed, 2-bath home with custom-like charm! Great curb appeal highlighted by a 2-car garage & a mature landscape w/lush lawns. Fabulous interior showcases tons of natural light, a neutral palette, recessed lighting, & shiny tile floors w/wood-look in bedrooms. You'll love the spacious living room & the open-concept family room! The gourmet kitchen boasts SS appliances, granite counters & backsplash, oversized island, and a plethora of cabinetry. Cozy dining area w/bay window Double-door main bedroom has a walk-in closet and French doors that open to the ensuite w/dual sinks, jetted tub, & a tiled shower. Enjoy the entertainer's backyard offering a grassy area, covered patio w/extended pergola, & a fenced pool for year-round enjoyment! Just WOW!

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1427 W Golden Ore Pass Apache Junction, AZ 85120

$595,490

4 Beds

3 Baths

2,524 SqFt

Status Active

MLS # 6745337

Property Type Single Family Residence

Price Type --

Welcome to Blossom Rock! The east valley's newest master planned community. With views of the Superstition Mountains and a wealth of amenities currently in the making including three community parks, dozens of neighborhood parks, a community school, miles of trails, beautiful lakes, and indoor and outdoor gathering spaces all meant to serve as the backdrop of the calendar of signature events and annual celebrations currently being created.

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21411 W Meadowbrook Avenue Buckeye, AZ 85396

$595,439

3 Beds

2 Baths

1,804 SqFt

Status Active

MLS # 6757403

Property Type Single Family Residence

Price Type --

UNDER CONSTRUCTION-MOVE IN BEFORE CHRISTMAS! This charming 3-bedroom, 2-bath home in the gated community of Highlands Verrado is beautifully upgraded. With the latest interior design finishes, it feels like a model home. Highlights include quartz countertops throughout, tile to the ceiling in the bathroom showers, and a gourmet kitchen. The large, private lot offers ample space for a pool, and the neighborhood is perfectly situated at the base of the stunning White Tank Mountains. Don't miss your chance to call this exceptional location home!

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14940 N 56th Drive Glendale, AZ 85306

$595,420

3 Beds

2.5 Baths

1,812 SqFt

Status Active

MLS # 6699963

Property Type Single Family Residence

Price Type --

3 Bedroom + Den, 2.5 Bath, 2 Car Garage. KITCHEN: 42'' uppers, Flagstone Birch cabinets, White Knight granite counters, Gas GE Profile stainless steel Gourmet appliances. Walk in Shower w/ pony wall in primary bath FLOORING: 6'' x 36'' Gray Wood-look tile, upgraded carpet and pad. Much more!

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4323 S 123rd Avenue Avondale, AZ 85323

$595,027

3 Beds

2.5 Baths

2,272 SqFt

Status Active

MLS # 6755317

Property Type Single Family Residence

Price Type --

Complete and move in ready; NEW single level w/3 beds, 2.5 baths, study and flexible retreat area w/3 car side by side garage; gorgeous model kitchen with modern, white stacked cabinets to the ceiling, pull out drawers at the bottom, stainless GE appliances w/6 burner gas cooktop, pot filler & custom tile backasplash; kitchen opens to family room with views of HUGE 68' BACKYARD with no neighbors behind you & extended covered patio; large secondary rooms; owner's retreat w/huge bath showcasing dual sinks, walk in tiled super shower w/second showerhead (raincan); upgraded pad/carpet, tile and wall paint throughout; Blinds installed; water soften; extensive new home warranty & 2x6 construction.

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972 E Mulberry Place -- Chandler, AZ 85286

$595,000

3 Beds

2 Baths

1,292 SqFt

Status Active

MLS # 6638746

Property Type Single Family Residence

Price Type --

Charming 3 bedroom and 2 bath home in new Chandler community. Hamilton Landing includes 36 single level homes each with their own front porch, private driveway for 2 vehicles and a single car garage and a small, pet friendly rear yard. Each home has 10' flat ceilings, white cabinets, luxury vinyl plank flooring in every room, two tone paint, beautiful wood trim around windows and doors and granite/quartz countertops in the kitchen and baths. The community includes a dog park with a covered ramada. These homes will be ready for occupancy between March and June of 2024. All photos are of a similar home completed in a previous community.

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Show Low AZ 85901

$595,000

3 Beds

2 Baths

1,448 SqFt

Status Active

MLS # 6731512

Property Type Single Family Residence

Price Type --

Your search is over for the Perfect Getaway Cabin in the Pines! Formal Model so has beautiful finishes throughout. This beauty conveys furnished so you can immediately come relax & enjoy the White Mountains. Nestled in the Tall Pines on apx .53 of an acre on a corner lot, landscaped & fenced. WOW! Call for more details...

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28409 N 451st Avenue Wickenburg, AZ 85390

$595,000

3 Beds

2 Baths

1,680 SqFt

Status Active

MLS # 6685093

Property Type Manufactured Home

Price Type --

Amazing off the grid Santa Fe style house located on 30 acres!! This beautiful 2016 manufactured home has great living spaces with tons of natural light, neutral colors, modern appliances, walk-in pantry and spacious rooms. Private well! The solar is owned outright and has batteries and a generator. The home also has propane gas for heating and cooking. Sitting on a hill it offers unparalleled views!! Also comes with covered corrals, tack room and storage area and entire property is fenced. This home is also listed with only 10 acres, at reduced price. See the semi-private remarks for details.

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3556 E Shedd Road Eloy, AZ 85131

$595,000

3 Beds

2 Baths

1,600 SqFt

Status Active

MLS # 6634975

Property Type Manufactured Home

Price Type --

Farm property with 12.91 irrigated acres. Great for growing hay or for irrigated pastures. The 3 bedroom 2 bath ground set manufactured home offers views of the Picacho Mountains with full length covered patios front and rear. The large modern kitchen includes island and hanging pan rack, custom cabinets, extra wide refrigerator, stainless steel appliances, and walk in pantry. The great room has vaulted ceilings and pellet burning wood stove. The master suite comes with separate shower and tub, walk in closet. The tall hay barn allows for plenty of hay storage and includes RV space with its own septic. The separate 2 car garage/workshop provides plenty of work space, and two 40' Connex boxes with space in between for a vehicle provide extra storage. All served by 400 amp service.

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2221 N Springfield Street Buckeye, AZ 85396

$595,000

3 Beds

2.5 Baths

2,266 SqFt

Status Active

MLS # 6681380

Property Type Single Family Residence

Price Type --

*$5k seller credit*Elevate your living! You'll love this stylish & spacious 3-bedroom+study single level pool home located in the highly desired Verrado Community, the gem in the desert with tree-lined streets, parks, pools, & adorable town square. Home is complete with your own crystal clear pool, covered patio & low maintenance yard. Prepare to be impressed by a harmonious open floorplan offering gleaming wood-look floor, soothing palette throughout & modern recessed lighting. The remarkable kitchen boasts white cabinetry with crown molding, stylish mosaic backsplash, granite counters, stainless steel appliances, & a center island complete with a breakfast bar. End your day unwinding in the primary bedroom, with plush carpet in all the right places, a private bathroom, dual sinks a walk-in closet. Porch to patio to pool... relax or entertain with ease outside and in as you create memorable moments! Don't miss out on this one!

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