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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303 W Columbine Road Christopher Creek, AZ 85541

$590,000

4 Beds

2 Baths

2,274 SqFt

Status Active

MLS # 6692998

Property Type Single Family Residence

Price Type --

Your serene woodland retreat awaits! This charming cabin is located in the Prestigious Christopher Creek Park tucked perfectly behind a gate for added privacy. This cabin offers a brand new fence along the 1/3 acre lot it sits on, lush plants, flowers & fruit trees including barlett pear, honey crisp apple & peach all on irrigation! Cozy up to a fire while gazing through your expansive bay window in your living room. This 4bed/2 bath/2 car garage features a newly built loft, remodeled upstairs including plumbing/electric. Full size kitchen, walk in pantry, dining area & enclosed sun room. 5 decks to take in nature's beauty! Brand new roof w/ 10 year warranty, Brand new light exterior light fixtures. (2024) Exterior Paint done in (2023) Do not miss this amazing opportunity! Call Today!

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16048 W Mercer Lane Surprise, AZ 85379

$590,000

5 Beds

3 Baths

3,451 SqFt

Status Active

MLS # 6715329

Property Type Single Family Residence

Price Type --

Check out the Great Curb Appeal at this Nice 5 bedroom, 3 bath, 3451 sq. ft., 3 car garage home in Greer Ranch South, Surprise, AZ. Low maintenance front yard leads you to the front door. Vaulted ceilings and large rooms greet your entry to this home along with a spacious open eat-in kitchen granite counter tops, stainless steel appliances and ample cabinet space. Looking for a formal dining space? Found! Relax and hide in the Great Room downstairs or the spacious upstairs Media Room. Large Primary Suite with a large walk in closet, private bath with separate shower and tub. The backyard includes a covered patio and a pool to keep you cool. The seller will consider a seller concession request from the buyer to assist in the purchase (or customization) of this property.

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2390 S Walnut Drive Chandler, AZ 85286

$590,000

4 Beds

2 Baths

1,833 SqFt

Status Active

MLS # 6752166

Property Type Single Family Residence

Price Type --

* CHANDLER STUNNER * GORGEOUS CLEMENTE RANCH * NEWER ROOF * NEWER PAINT * BRAND NEW AC * BRAND NEW HOT WATER HEATER * RESORT LIKE BACKYARD * BUILT IN BBQ * 4 BED * 2 BATH * NEW SS APPLIANCES * 2 CAR GARAGE * EPOXY COATED GARAGE * CLOSE TO INTEL * CLOSE TO MICROCHIP * CLOSE TO MALL * CLOSE TO 101 * CLOSE TO 202 * GET IT BEFORE ITS GONE! *

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17811 W Lilac Street Goodyear, AZ 85338

$590,000

4 Beds

2.5 Baths

3,070 SqFt

Status Active

MLS # 6729808

Property Type Single Family Residence

Price Type --

**SELLER TO PAY OFF SOLAR LOAN AT CLOSE**Welcome to your dream home! This beautiful 2020 built home features 4 bedrooms, 2.5 bathrooms, and is ready for you to make your home. Stepping inside, you're welcomed into an open-concept living area that is perfect for gatherings and everyday living. Moving into the upgraded kitchen and dining area, you'll see modern finishes, freshly painted cabinets, and plenty of space for cooking on your gas stovetop and a large island for entertaining. Tucked away is a large second living space, perfect for a playroom, office, or teen room. Upstairs, you will find a spacious loft, 4 bedrooms, and laundry room. The upgraded primary suite is a true retreat, featuring a custom modern barn door, walk-in shower, and upgraded closet. The backyard is an entertainer's dream, with plenty of room for a pool, room to relax, and enjoy Arizona living. Don't miss this amazing home close to restaurants, shopping, and schools!

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2978 E Palmdale Lane Gilbert, AZ 85298

Open House

New

$590,000

3 Beds

2.5 Baths

2,106 SqFt

Status Active

MLS # 6761239

Property Type Single Family Residence

Price Type --

Come see this beautiful home in Seville and all its updates! Starting with new upstairs flooring, new LG fridge, gas range and microwave, and a new water heater too! Epoxy floors in garage. This spacious two story home features double-height formal dining and living room with striking natural light. Kitchen island and countertops are all granite. Powder room and full laundry found on first floor. Relax in your large primary bedroom and enjoy the fantastic loft or bonus room. Mountain views, and next to a community park. Prime location close to Gilbert Regional Park, great schools and shopping. Membership to Seville Country Club may be acquired separately.

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2243 W Myrtle Drive Chandler, AZ 85248

$589,999

3 Beds

2 Baths

1,568 SqFt

Status Active Under Contract

MLS # 6747774

Property Type Single Family Residence

Price Type --

Prepare to be impressed by this incredible ranch-style home, now available! This beauty displays a charming curb appeal with lush greenery & a 2-car garage. The immaculately designed interior boasts a generous living/dining room enhanced with vaulted ceilings, neutral paint tones, recessed & stylish light fixtures, & luxury vinyl flooring. The heart of this house is the impeccable kitchen, showcasing sleek SS appliances, quartz counters, white shaker cabinetry with crown molding, a handy pantry, a breakfast bar, & a bright breakfast room. Primary retreat has a pristine full ensuite with dual sinks, a separate tub, a step-in glass shower, a walk-in closet, & backyard access. The home's elegance extends outdoors to the backyard with a covered patio, pavers, & artificial turf. Move-in ready

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10863 W Monte Vista Road Avondale, AZ 85392

$589,999

4 Beds

3 Baths

2,908 SqFt

Status Active Under Contract

MLS # 6715226

Property Type Single Family Residence

Price Type --

Stunning lakefront residence in Crystal Gardens! Delight in this 4-bed, 3-bath dwelling on corner lot, w/3-car garage, nestled on an expansive 11k sf+ lot. This well-kept property offers a serene lake view, OWNED solar system, energy-efficient windows & pool pump. Remodeled kitchen boasts maple wood cabinetry, new stainless steel appliances, granite countertops & breakfast bar opening to a spacious family room w/ fireplace. The oversized primary suite has a luxurious bathroom w/snail shower, soaker tub & a large walk-in closet. This move-in ready home is freshly painted w/soaring ceilings, newer HVAC units, water heater, and roof! Relax under the covered patio in the backyard, w/lush greenery, fruit trees or take a dip in the sparkling pool overlooking the lake with miles of walking path Additionally, there is a large tiled and stucco'd vented shed, perfect for storing all of your tools or toys. Conveniently located near shopping, schools, medical offices, and with easy access to Interstate 10, 101, & 303, this lake front home is truly a hidden treasure!

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19445 E Oriole Way Queen Creek, AZ 85142

$589,999

4 Beds

2.5 Baths

2,501 SqFt

Status Active

MLS # 6710493

Property Type Single Family Residence

Price Type --

Welcome to your dream home located in Queen Creek! This stunning 4-bed, 2-bath residence, is complete with a versatile den/office. As you step through the beautiful iron front door, you'll be greeted by high ceilings and an inviting ambiance. The home boasts an upgraded kitchen and the ability to entertain guests in the separate formal dining area, or enjoy family meals in the casual dining space. Practicality meets convenience with a separate laundry room, making chores a breeze. Each bedroom offers ample space and comfort, while the den/office provides the flexibility you need for work or leisure. Located close to shopping, dining, and recreational options, this home offers the best of Queen Creek living. Don't miss the opportunity to make this exceptional property your own!

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23500 W Galpin Road Buckeye, AZ 85326

$589,999

3 Beds

2 Baths

2,240 SqFt

Status Active

MLS # 6693853

Property Type Single Family Residence

Price Type --

** Motivated seller willing to contribute to rate buy down. Ranch style home on nearly an acre lot with beautiful mountain views on a quiet cul-de-sac! Irrigated lot with your own private well! No water shortages here! Home features granite counter tops in both Kitchen & bathrooms. Huge laundry room with plenty of storage, and a large game room/ workout room with brick fireplace. Come check out this property today and see all the space you can have for your animals, toys & more!! No HOA, possibilities are endless!!

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35775 N Zinc Drive San Tan Valley, AZ 85144

$589,995

3 Beds

2.5 Baths

2,231 SqFt

Status Active

MLS # 6732869

Property Type Single Family Residence

Price Type --

Check out this stunning move-in ready home! The enormous kitchen boasts name-brand appliances, upgraded countertops, and ample cabinet space. The second-story loft offers an open space ideal for families. A private flex space extends the possibilities of this home, creating plenty of space for personalization. Pristine walking and biking trails showcase everything this community has to offer.

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20248 W Hollyhock Street Buckeye, AZ 85396

$589,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6717303

Property Type Single Family Residence

Price Type --

8760 sqft lot- Gourmet kitchen, quartz countertops, full tile backsplash, white cabinets, pendant lights at island, stainless steel appliances w/pyramid hood & gas cooktop - Corner-meet door at great room - Full tile shower at primary bath & oversized closet - Pre-plumb locations at laundry room, soft water loop, gas to patio - 9 x 35 tile floors throughout except for carpet in bedrooms - Matte black fixtures throughout - Ceiling fan pre-wires at bedrooms, patio and great room - 10-foot ceilings - Two-tone paint - Garage service door.

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17637 W Blue Sky Drive Surprise, AZ 85387

$589,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6740210

Property Type Single Family Residence

Price Type --

Explore this dynamic Deacon home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry; a versatile flex room; a gourmet kitchen offering 42'' cabinets, quartz countertops, stainless-steel appliances, a double oven, a walk-in pantry and a center island; a spacious great room; an elegant dining room with center-meet doors leading onto a relaxing covered patio; an impressive primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a tandem garage and an RV garage. This home also offers additional windows and ceiling fan prewiring in select rooms.

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