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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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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7459 E Osage Avenue Mesa, AZ 85212

$595,000

5 Beds

3 Baths

2,572 SqFt

Status Active

MLS # 6749629

Property Type Single Family Residence

Price Type --

Your dream home is here and it's ready to impress! This fabulous 5-bedroom, 3-bath beauty comes with a 2-car garage and a charming brick exterior that's all about curb appeal. Imagine sipping your morning coffee on the inviting front porch, then stepping inside to a stylish living room with updated flooring that flows seamlessly throughout the entire home—yes, including all the bedrooms and stairs! The spacious great room is a showstopper with its soaring ceilings, modern recessed lighting, and sliding doors that open up to a backyard oasis—perfect for those indoor-outdoor vibes. Cooking will be a joy in the delightful kitchen, featuring sparkling granite counters, crisp white cabinetry with crown molding, shiny stainless steel appliances, a pantry, and a center island with a breakfast bar for easy, casual meals. Upstairs, you'll find a versatile loft that's ready for whatever you needwhether it's relaxation, play, or work. The main bedroom is your personal retreat, complete with a luxe ensuite featuring dual sinks and a generous walk-in closet. And don't forget the cherry on top: a fantastic outdoor putting green! Perfect your golf game or just enjoy a bit of fun in your private backyard. This home isn't just a place to live; it's a place to thrive and play!

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40937 N Majesty Way Anthem, AZ 85086

$595,000

4 Beds

2.5 Baths

2,469 SqFt

Status Active Under Contract

MLS # 6750370

Property Type Single Family Residence

Price Type --

*VA ASSUMABLE LOAN AT 3%. LEASED SOLAR PAID OFF.* Location is everything! This home is settled in a quiet neighborhood with a trail entrance right next door connecting you to 13 miles of lush desert trails, 2 parks within a 5-minute trail walk, and the K-8 elementary school is just blocks away. Not to mention the one-of-a-kind comraderie and sense of community this neighborhood offers. This spacious ''Tradition'' floor plan is coveted for it's vaulted ceilings throughout the living space, and fluid layout perfect for hosting and family-time. The large kitchen island, pantry, and wall of cabinets creates the ultimate culinary experience. Conveniently located on the main floor, the extra large primary suite has private backyard access and a large walk in closet. Maintaining privacy, the 3 additional bedrooms and full bathroom are located upstairs. With the 3-car garage, overhead garage storage, multiple walk in closets, custom built-in bookcases, storage under the stairs, and an RV-gate, this property provides all the storage a family could need! This property is on a premium lot where you can enjoy the beautifully designed and low-maintenance backyard with synthetic grass, pavers, a large extended covered patio, and a view fence showing off stunning desert scenery and colorful sunsets!

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706 E Washington Street Unit 105 Phoenix, AZ 85034

$595,000

2 Beds

2 Baths

1,876 SqFt

Status Active

MLS # 6686087

Property Type Townhouse

Price Type --

Are you a sports fan? Want to live closer to work, college or the airport in downtown Phoenix? This is your chance! This townhouse is in the heart of it all! Just a few minutes away from Chase Stadium sporting events, museums, fine dining, light rail and more. This home consists of 2 bedrooms, 2.5 baths and 2 car tandem garage. At 1,876 sf townhome has unique side yard for pets - rare find in the downtown area. The home has 20' ceilings, large loft and a balcony outside Master bedroom with exceptional views of the city. The kitchen boasts upgraded cabinets with beautiful hardware, stainless steel appliances and separate laundry room. THIS IS A RARE FIND!

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6401 W Campbell Avenue Phoenix, AZ 85033

$595,000

8 Beds

2.5 Baths

2,460 SqFt

Status Active

MLS # 6743583

Property Type Single Family Residence

Price Type --

Take a look at this remodel home with new appliances, A/C, Windows, doors, bathrooms vanities and much more. This property consists of three separate living spaces. Two of 3 bedrooms and 1 bathroom and two bedrooms and 1 bathroom. Each unit has its own private entrance and separate back yard for each unit. This is good opportunity for someone that would like to generate some income that will pay for the mortgage and possible have some cash flow. Seller has two prospective tenants paying $2,200 a month for each unit.

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9632 E Twinkle Circle Mesa, AZ 85212

$595,000

4 Beds

3 Baths

1,944 SqFt

Status Active

MLS # 6759320

Property Type Single Family Residence

Price Type --

Welcome to a rare gem in Cadence! This light and bright open floor plan home is not your builder basic property and offers many updates including: premium lot location, private pool, custom built-in outdoor kitchen with gas BBQ and beverage refrigerator, and a gas line stub for your future outdoor fireplace to enjoy under the stars. Other upgrades include the large gourmet kitchen, featuring stainless steel appliances, quartz countertops, a chic backsplash, and elegant pendant lighting over the large island perfect for entertaining. Upgrades continue into the bathrooms, where you'll find quartz countertops and clean white cabinetry and framed mirrors. The large primary suite is a peaceful retreat with a luxurious feel, thanks to the meticulously designed primary bathroom complete with Welcome to a rare gem in Cadence! This light and bright open floor plan home is not your builder basic property and offers many upgrades including: premium lot location, private pool, custom built-in outdoor kitchen with gas BBQ and beverage refrigerator, and a gas line stub for your future outdoor fireplace to enjoy under the stars. Other upgrades include: Neutral wood tile floors flow throughout the home, a large gourmet kitchen, featuring stainless steel appliances, quartz countertops, a chic backsplash, and elegant pendant lighting over the large island, perfect for entertaining. Upgrades continue into the bathrooms, where you'll find quartz countertops and clean white cabinetry and framed mirrors. The home is plumbed for soft water, has overhead garage storage, and a tankless hot water heater. Cadence is known for their 2 pools and waterpark, dog runs and dog wash, fitness center and game rooms, multiple parks and more. Welcome home!

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