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.

Whats 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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33515 N 24th Lane Phoenix, AZ 85085

$590,000
4 Beds
2 Baths
2,112 SqFt
Status Active
MLS # 6750633
Property Type Single Family Residence
Price Type --
Prime location just 4.1 miles from TSMC. This open floor plan features 4-bedrooms, 2-bathrooms in it's 2,112 sq ft of spacious living. It has 10ft ceilings and an abundance of natural light throughout. The kitchen has upgraded cabinets, granite countertops, a pantry, kitchen island with custom stone accents, breakfast nook, and a formal dining area. Enjoy cooking on the gas range or double ovens. The living room centers around a custom electric fireplace. Just outside, the covered patio leads to a beautifully landscaped backyard with grass, shrubs, and a private pool that is approximately 9x9, with remote operated heat and jets. Enjoy the putting green and ample privacy in the fully fenced backyard. The 4th bedroom offers versatility with the option of using it as a bedroom or den.

3512 N Citrus Cove Mesa, AZ 85213

$590,000
5 Beds
3 Baths
2,294 SqFt
Status Active
MLS # 6755101
Property Type Single Family Residence
Price Type --
Beautiful 5-Bedroom, 3-Bathroom Home in a Quiet, Gated Community! This gorgeous home has been fully updated & is move-in ready! It features fresh interior paint, brand new carpet, new water softener, new water heater & new AC system. Kitchen w/ upgraded cabinets, elegant granite countertops & a spacious island that opens seamlessly to the Dining & Great Room—perfect for entertaining! Enjoy the convenience of a full Bed and Bath on the 1st floor, ideal for guests or multigenerational living. Upstairs, you'll find a laundry room & a luxurious master suite w/ a large en suite bathroom & a large walk-in closet. The home is located in a peaceful neighborhood, offers walking paths, play areas & is just minutes from the Red Mountain 202 Freeway & 20 minutes away from Sky Harbor Airport!

8826 W Karen Lee Lane Peoria, AZ 85382

$590,000 - 4Br/2Ba -  for Sale in Calbrisa, Peoria
New
$590,000
4 Beds
2 Baths
2,273 SqFt
Status Active Under Contract
MLS # 6760449
Property Type Single Family Residence
Price Type --
Welcome Home to this lovely 4 Bedroom, 2 bath, 3 car garage with a play pool. This home is in the Peoria School District, with a kids playground around the corner. As you enter the home its light and bright. The kitchen was newly remodeled in 2022, granite counter tops and soft closed cabinets. All new flooring in 2022, no carpet at all. Pool was just resurfaced in 2023 along with a variable speed pump. Enjoy the lovely backyard with real grass and a perfect area if you like gardening. Stop by and see your new home

8789 W Frier Drive Glendale, AZ 85305

$590,000
5 Beds
3 Baths
2,693 SqFt
Status Active
MLS # 6759762
Property Type Single Family Residence
Price Type --
*It's giving tropical!* Step into your own private paradise! This stunning home boasts a meticulously landscaped backyard featuring a sparkling pool, perfect for relaxing or entertaining. The lush greenery creates a tranquil atmosphere. The patio invites you to enjoy summer barbecues or quiet evenings under the stars. This stunning two-story home features 5 spacious bedrooms & 3 bathrooms, perfect for accommodating the whole family. With a three-car garage, you'll have plenty of room for vehicles and storage. Don't miss out on this gem!

6159 E Indian School Road Unit 104 Scottsdale, AZ 85251

$590,000 - 2Br/3Ba -  for Sale in Arcadia Green Of Scottsdale Amd, Scottsdale
New
$590,000
2 Beds
2.5 Baths
1,526 SqFt
Status Active
MLS # 6760629
Property Type Townhouse
Price Type --
Welcome to 6159 E Indian School Rd #104, a stunning 2-bedroom, 2.5-bath residence in the desirable Arcadia neighborhood. This private, well-appointed unit features two master suites, each with en suite bathrooms, perfect for comfort and convenience. Enjoy cozy evenings by one of the two fireplaces or relax on your back patio with Mountain views. With only 10 units in the community, experience a serene atmosphere just minutes from Old Town Scottsdale's vibrant dining and entertainment. This home boasts quality upgrades throughout, making it a true gem in the heart of Scottsdale. Don't miss your chance to make this your own!

533 W 18th Street Tempe, AZ 85281

$590,000
4 Beds
2 Baths
2,187 SqFt
Status Active
MLS # 6716528
Property Type Single Family Residence
Price Type --
Beautiful home with 4 Bedrooms, Two Bathrooms, and Pool. Granite Countertops, Upgraded Cabinets, and Custom Tile Work in Showers. New Flooring, Modern Light Fixtures, Dual Pane Windows, and Ceiling Fans throughout. Plenty of Room for Entertaining! Low Maintenance landscape in the front and back yard. Modern Stucco Exterior, Built in Fire Pit, Large Outdoor Sitting Area and Extend Patio, Quiet neighborhood located near terrific shopping, Tempe Entertainment, public transportation, and walking Distance to ASU.

2122 E Radcliffe Drive Tempe, AZ 85283

$590,000
3 Beds
2 Baths
1,647 SqFt
Status Active
MLS # 6757158
Property Type Single Family Residence
Price Type --
Beautifully remodeled 3 BD/2 BA in the heart of Tempe! Spacious AZ room has not been included in the listed SF (bonus of over 200 SF). Enjoy fresh interior paint in a light, bright home. Open floor plan. The kitchen boasts resurfaced counters, a breakfast bar, new light fixtures, faucet, & more. Large bedrooms. Both bathrooms have been updated with new sinks, light fixtures, faucets, medicine chests, mirrors, showerheads, and accessories. New wood look tile throughout. Back bedrooms have new ceiling fans. Large lot has room for toys & entertaining. Two car garage has a new door opener. Great location! Close to an Orbit line, freeway access, MCC, ASU, fabulous dining and shopping. No HOA.

26028 N 66th Drive Phoenix, AZ 85083

$590,000
4 Beds
3 Baths
2,119 SqFt
Status Active
MLS # 6757394
Property Type Single Family Residence
Price Type --
Location, location, location! This home has it all! In demand north Phoenix Eagle Ridge location with mountain views! Homes do not come up for sale frequently in this idyllic neighborhood. Close to shopping, schools, and parks. Multi-level open floor plan with expansive vaults and skylights to let in lots of light. Recently updated primary bath with huge walk in shower. Large yard and covered patio for entertaining. Inviting pebble-tec pool with beautiful water feature will captivate you! Outdoor southwest style fireplace to enjoy under the star filled sky at night while you grill at the built in BBQ. Large 3 car garage with expansive cabinets for storage. The main level has a convenient 4th bedroom for guests or as an in home office. More! The heart of the home, the kitchen, features multiple pantries with abundant storage and pull out drawers in convenient locations, as well as easy access to both the living room and family room. Newer high efficiency AC and air handler installed by current owner as well as water heater. This home has energy saving feature upgrades as well with newly installed premium Andersen windows and a fully owned 5KW solar system to keep your energy bills low. Durable bamboo and tile flooring in all the high traffic areas of the home as well. Your new home awaits you!

1819 W Elm Street Phoenix, AZ 85015

$590,000
3 Beds
2 Baths
1,613 SqFt
Status Active Under Contract
MLS # 6753966
Property Type Single Family Residence
Price Type --
Renovated Property with Expansive Lot, Workshop plus 3 car Garage, and Modern Updates! Welcome to this beautiful property, situated on over 1/3 acre lot, offering a rare combination of expansive outdoor space and exceptional craftsmanship. This home is a perfect blend of modern urban convenience and timeless design, making it an ideal sanctuary for homeowners seeking endless options and versatility. As you arrive, the tile roof and brick paver driveway create an inviting first impression. The property includes three RV gates for easy access and storage. Car enthusiasts will love the 5-car garage option and the detached, AC-vented workshop with water, ideal for hobbies, home business, or even a pool house! Endless possibilities with the detached space. The backyard offers a newly RENOVATED pebble-tec pool, perfect for relaxing or entertaining, with an extended patio-with viga poles providing a stylish and durable outdoor living area for year-round enjoyment. Step inside, and you'll be greeted by an abundance of natural light thanks to dual-pane windows and elegant French doors, enhancing the home's energy efficiency and adding to its overall charm. The interior has been thoughtfully updated with fresh paint and new flooring, offering a modern, move-in ready experience. The vaulted tongue and groove entrance is a show-stopping feature, highlighting the craftsman carpentry touches that give this home its distinctive character. The custom front door welcomes guests with style and sets the tone for the meticulous attention to detail found throughout the home. Additional Features: Security and privacy are paramount, and the stunning custom metal gate offers both, while also serving as a unique architectural feature. Whether you're hosting family gatherings or simply enjoying the peace and quiet of your expansive property, this home is designed to accommodate all your needs. In addition to the property's stunning features, its desirable urban location nestled near other amazing homes in Quaint Elm Street Acreages, near the heart of the Downtown Phoenix District that offers quick access to vibrant dining, entertainment, and cultural experiences. Just minutes from Sky Harbor Airport, this home provides convenience for travelers. With easy freeway access valley wide, commuting to all parts of the city and beyond is a breeze, making it the perfect home base for both work and play. This property is a rare find, offering an updated interior, expansive outdoor living spaces, and an array of functional amenities. With its huge lot, detached workshop space, 5-car garage option, newly renovated pool, and modern updates, this home has everything you need for an amazing lifestyle. Don't miss the chance to make this your forever home!

3121 W Pima Street Phoenix, AZ 85009

$590,000 - 4Br/2Ba -  for Sale in Four Boy 80 1 Thru 19, Phoenix
New
$590,000
4 Beds
2 Baths
1,471 SqFt
Status Active
MLS # 6760103
Property Type Single Family Residence
Price Type --
Investment opportunity! This property has many different potential uses. Fix up the houses and flip them, or even rent them. Depending on your desired outcome, you could remove the homes and build something else on the property. This property is zoned R-3 multifamily medium density. If you are looking for your next investment opportunity, you should look at this one.

937 S Abalone Drive Gilbert, AZ 85233

$590,000
4 Beds
2 Baths
1,998 SqFt
Status Active
MLS # 6713458
Property Type Single Family Residence
Price Type --
Welcome to your new home in the sought-after Islands community! This stunning property offers the perfect blend of modern luxury and serene lake living. Nestled in a well-known lake community, this remodeled 4-bedroom, 2-bathroom home boasts a split floorplan, offering privacy and convenience with 2 bedrooms and a bathroom on each level, complete with a walk-out patio. Step inside to discover the epitome of elegance with new kitchen, bathrooms, flooring, and quartz countertops. The heart of the home is the stylish kitchen featuring a central island and built-in coffee bar, ideal for both casual meals and entertaining guests. Enjoy the tranquil, lush greenbelt from your two walk-out patios, one on each floor. With a view of the community pool just across the way, and easy access to the lake for fishing or kayaking, outdoor recreation is right at your doorstep. Plus, take advantage of the nearby walking and biking paths for an active lifestyle. Located in the highly-rated Gilbert school district and close to major companies including Intel, Go Daddy, and Banner, this home offers both exceptional education opportunities and convenient access to employment hubs. Don't miss your chance to experience the best of lake living in this meticulously renovated home in the Islands community. ***Furniture to convey with sale at no additional fee for buyer****

19891 W Glenrosa Avenue Litchfield Park, AZ 85340

$590,000
4 Beds
3 Baths
2,585 SqFt
Status Active
MLS # 6751846
Property Type Single Family Residence
Price Type --
**SELLER IS OFFERING UP to 35K IN CONCESSIONS** This exceptional 2019 home is a showcase of luxury and modern living, boasting top-of-the-line upgrades throughout. With 4 spacious bedrooms, 3 full bathrooms, a 3-car tandem garage, and a versatile bonus teen room, this property offers everything you could desire. The gourmet kitchen is a chef's dream, featuring pristine white cabinets with crown molding, elegant quartz countertops, a gas stove, built-in microwave, a large center island, farmhouse sink, pantry, and abundant storage. The kitchen seamlessly flows into the expansive great room, which features soaring 10-foot ceilings and a 20-foot super slider, creating a perfect harmony between indoor and outdoor living—ideal for entertaining.

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