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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2742 E Rock Wren Road Phoenix, AZ 85048

$584,900

4 Beds

2.5 Baths

2,091 SqFt

Status Active Under Contract

MLS # 6691869

Property Type Single Family Residence

Price Type --

LOCATION LOCATION LOCATION. This home has so much with exceptional schools within walking distance. Latest updates include paint, AC, roof, flooring and pool heater. Minutes to Ahwatkee's shopping, dining and the I-10 and 202. Boasts a private backyard oasis complete with a refreshing pool and outdoor shower for those sunny days. Sunlight floods the kitchen, creating a warm and inviting atmosphere. One of the bedrooms has the added bonus of a sitting room, office or gym the possibilities are endless. Storage shed in the backyard. Nestled on a tranquil street, you'll enjoy access to serene walking paths and captivating water features. This community offers 2 pools with 3 spas, rec centers, tennis and basketball courts. Close to South Mountain Park for hiking, biking and so much more!

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8856 W Karen Lee Lane Peoria, AZ 85382

$584,900

4 Beds

3 Baths

2,573 SqFt

Status Active Under Contract

MLS # 6727010

Property Type Single Family Residence

Price Type --

NO HOA!!! One Bedroom and a newly remodeled full bath downstairs! Beautiful updated 4 bedroom, 3 full bath split level home with a loft. Newer tile wood like floors, large kitchen, ceiling fans throughout in a beautiful neighborhood. Brand New Roof! Side gate can easily be expanded and converted to an RV gate to store all of your toys plus home has a 3 car garage. Wonderful back yard with a gazebo and artificial grass. No rear neighbors! Large new storage shed included. This amazing home won't last long!

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337 N Red Rock Street Gilbert, AZ 85234

$584,900

5 Beds

3 Baths

2,494 SqFt

Status Active

MLS # 6740655

Property Type Single Family Residence

Price Type --

Discover this rare gem, offering an unbeatable price for its prime location! This home perfectly blends charm with modern updates, featuring fresh exterior paint and a newly refreshed pool deck that make it feel brand new. The versatile floorplan offers a unique twist—enjoy a separate living space downstairs and a half-basement that provides the ideal balance of togetherness and privacy, perfect for families or hosting guests. The spacious kitchen, complete with an added pantry, is a delight, and every room offers generous comfort. Step outside to your private oasis with a covered patio, heated (diving) pool, and inground spa for year-round relaxation. Situated just off the Western Powerline Trail, you're minutes away from Freestone Park, downtown Gilbert, and endless shopping and dining. With newer LVP flooring and recently replaced AC units, this cool and efficient home is ready for you!

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7500 E Deer Valley Road Unit 68 Scottsdale, AZ 85255

Open House

$584,900

3 Beds

2 Baths

1,358 SqFt

Status Active

MLS # 6714999

Property Type Single Family Residence

Price Type --

Move-in ready! You'll absolutely love owning this beautiful single-level residence in Arizona Silverado! Freshly painted interior will impress you, showcasing a large living room bathed in natural light, ideal for entertaining or relaxation. The kitchen displays fluorescent lighting, plenty of honey oak cabinets, built-in appliances, and a bright dining area with sliding glass doors to the back patio. Make the flexible den with double doors a media room or extra bedroom for your guests. Take a look at the spacious primary retreat, which provides a walk-in closet and private bathroom. The secondary bedroom has a mirrored door closet. A washer and dryer are included! The backyard has a covered patio where you can sit and relax after a hard day's work. This rare find won't disappoint!

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20442 E Rosa Road Queen Creek, AZ 85142

$584,750

4 Beds

2.5 Baths

1,959 SqFt

Status Active

MLS # 6754354

Property Type Single Family Residence

Price Type --

A definition gem on a spacious corner lot, perfectly nestled quite-nearly in the very center of the Queen Creek Marketplace itself! It's a deceptive-charmer that just keeps giving more and more as you tour it. Four bedrooms within a functional layout including a flex-space ideal for a home office, second living space/game room- or even could easily serve as a fifth/guest bedroom if ever desired! The finishes are totally up to 2024 standards with a modern-boho feel throughout stemming from the wood-look tile flooring to the generous and gorgeous kitchen. Best surprise might just be the backyard, it astounds in use of space- and all this is positioned ever-so-cosily next to a pathway to the shopping and dining just steps away! Don't miss this one.

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16235 N 37th Place Phoenix, AZ 85032

$584,444

4 Beds

2.5 Baths

1,850 SqFt

Status Active Under Contract

MLS # 6732746

Property Type Single Family Residence

Price Type --

Don't miss this incredible opportunity! This home, situated in the highly sought-after 85032 zip code, comes with NO HOA! It boasts a prime location near Desert Ridge, Scottsdale Quarter, and the airport. The beautifully designed front courtyard and expansive backyard patio are ideal for entertaining. Inside, the home feels bright and light, featuring a spacious living room and family room. The newly updated kitchen, perfect for hosting, offers a view of the lush green backyard through the window. With all-new quartz countertops, incredible stainless steel appliances, and cabinets throughout the kitchen, this home has been completely renovated, including a newly added 4th bedroom downstairs. New owner to benefit from dual water heater, solar and electric. The bathrooms have been upgraded to luxurious resort-style sanctuaries. You'll also enjoy a spacious backyard, perfect for play or recreation. Additionally, there's a private front gated patio with pavers, and trees providing shade and privacy for your enjoyment. The oversized RV gate with parking is perfect for your RV, boat, or extra car. The home includes herringbone pattern luxury vinyl plank flooring throughout, a new sewer line for peace of mind, and leased solar panels for low-cost energy. This home features a 5-stage filtration system and a Reme Halo Air Purifier attached to the ventilation system ensuring clean air. The staircase has wainscoting walls, adding a touch of elegance. The oversized RV gate with parking is perfect for your RV, boat, or extra car. This home has been meticulously updated throughout and includes new top-of-the-line washer and dryer. Come fall In love today!

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20081 W Campbell Avenue Buckeye, AZ 85396

$584,339

3 Beds

2.5 Baths

2,218 SqFt

Status Active

MLS # 6746410

Property Type Single Family Residence

Price Type --

Maple Painted White Cabinetry and 3 ½'' shaker crown, Gas GE Profile 36'' stainless steel Cooktop with wall oven, New Venatino Quartz Countertops, Extended Island, Box-in for 36'' refrigerator. FLOORING: 6X36 Plank tile and upgraded carpet & pad. INCLUDED OPTIONS: Spanish exterior, Pre-plumb for soft water loop, Curb less Extended Shower w/Full Height Glass at Primary Bathroom.! This home has a mailing address in Litchfield Park, 85340

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4525 E Avenida De Leanne -- Hereford, AZ 85615

$584,300

4 Beds

2 Baths

2,307 SqFt

Status Active

MLS # 6636772

Property Type Single Family Residence

Price Type --

New Construction By Sun Canyon Homes. New subdivision at Ranchos San Pedro up to one acre lots all single story custom homes. Large 10'x60' covered patio, perfect for entertaining or simply enjoying the breathtaking mountain views. Courtyard, Granite countertops, under-cabinet lights, backsplash, under mount sinks, stainless appliances, including a refrigerator, Large shower with dual faucets, ceiling fans throughout, Additional features include a finished 3-car garage with epoxy flooring. The exterior is a full stucco finish, extending to the eaves and fascia. 2x6 exterior framing with full shear, Dual Glazed Low-E Glass Windows,R-38 Fiberglass in Ceilings, R-24 BIBS Exterior wall insulation, Tyvek wrap vapor barrier. Call for a complete list of features.

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4170 Apache Drive Happy Jack, AZ 86024

$584,000

2 Beds

2 Baths

1,605 SqFt

Status Active

MLS # 6722854

Property Type Single Family Residence

Price Type --

This charming single-family home is the perfect place to call your own. With 2 bedrooms, 2 bathrooms, and a spacious floor plan, this property offers all the space and comfort you need. Step inside and be greeted by the warm knotty pine doors and baseboard, wood trim around all dual pane windows, giving the home a cozy and rustic feel. The vaulted ceiling adds to the open and airy atmosphere, while the vinyl plank flooring and newer carpet upstairs add a touch of modern elegance. The remodeled kitchen is a true centerpiece, featuring designer copper drawer pulls, granite countertops, and a countersunk sink. Whether you're cooking a gourmet meal or grabbing a quick bite, this kitchen is sure to impress. The master bedroom is a true retreat, complete with a sitting area, oversized reach-in closets, and walk out balcony covered for privacy with your morning coffee. levelor cordless up down blinds throughout as well as honeycomb blinds on the french door. The remodeled bathrooms offer copper sinks, granite counters, and a luxurious jetted tub perfect for relaxing at the end of a long day. Outside, you'll find 3 large covered porches for added outdoor living space, ideal for enjoying the pleasant Arizona weather. The fenced-in dog run is perfect for pet owners, while the raised garden area allows you to exercise your green thumb. Additional features of this property include a tuff shed for extra storage, a 2-car detached garage, and mature trees that provide shade and privacy. The exterior paint is less than 3 years old, giving the home a fresh and inviting look, upgraded porch lights add the perfect finishing touches. Not only is this home beautifully appointed, but it is also surrounded by desirable forest trails for hiking and biking, lakes for fishing and Blue Ridge Reservoir for the kayakers. This home comes furnished and is turn key ready for you to move in. Don't miss out on this incredible opportunity to own a piece of Happy Jack. Contact us today to make this dream home yours.

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19801 W Badgett Lane Litchfield Park, AZ 85340

$584,000

4 Beds

3.5 Baths

2,605 SqFt

Status Active

MLS # 6744804

Property Type Single Family Residence

Price Type --

Seller is offering up to $20,000 towards buyers closing costs. This home offers 4 beds, 3.5 bathrooms with a Jr Suite upstairs! The tastefully designed interior features soothing paint tones, tall ceilings, wood-plank tile flooring, and a formal living room perfect for entertaining guests. Step into the impeccable great room filled with abundant natural light through expansive windows & two sliding glass doors. Spotless kitchen has a gas cooktop, a wall oven, quartz counters, recessed lighting, gray wood cabinetry, and an island with a breakfast bar. Upstairs, the well-sized loft is ideal for a hobby space! The main retreat showcases a soft carpet, a private bathroom, and a walk-in closet. The home's elegance extends outdoors to the tranquil backyard with a covered patio. Don't miss out

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2778 Chandelle Lane Overgaard, AZ 85933

$584,000

3 Beds

2 Baths

1,429 SqFt

Status Active Under Contract

MLS # 6709301

Property Type Single Family Residence

Price Type --

Indulge in the epitome of modern comfort with this new build in the coveted Mogollon Estates. Spanning 1429 sq ft, this three-bedroom, two-bathroom abode boasts a free-standing gas fireplace in the living room for cozy evenings. Enjoy the allure of T&G vaulted ceilings, granite hard surfaces throughout, and a kitchen island for culinary adventures. Upgraded laminate flooring and skylights add a touch of elegance, while raised panel doors exude timeless charm. Stainless steel appliances, including a gas range, elevate the kitchen experience. Stay pristine with gutters and downspouts, and enjoy year-round comfort with a central heating and cooling system while also reducing energy costs with the fully foam insulated walls. Benefit from an on-demand water heater and water filtration etc.... system for convenience. Relish outdoor living on the large covered front and back decks, and stay organized with the mudroom. Tall pines adorn the lot, complemented by a 2-car attached garage. Plus, the convenience of added storage cabinets and a sink in the garage, a pull-thru driveway for ease of access, and ample room for an RV garage. With a nominal HOA fee, paved roads, and underground utilities, this home is perfectly situated in the heart of Heber-Overgaard, promising a life of luxury and convenience. Call Today!

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5128 E Roberta Drive Cave Creek, AZ 85331

$584,000

3 Beds

2.5 Baths

1,943 SqFt

Status Active

MLS # 6720024

Property Type Single Family Residence

Price Type --

Discover your dream home on this private corner lot with breathtaking mountain views! This meticulously remodeled gem boasts a modern interior featuring sleek new cabinets, luxurious quartzite countertops, and elegant engineered hardwood floors. Indulge in spa-like retreats with the completely updated bathrooms. Brand new stainless steel appliances, fresh paint, and plush turf in the backyard complete this turnkey masterpiece. Enjoy peace of mind with a 4-year-old A/C system. Perfectly located near shopping, dining, and major freeways for ultimate convenience. Don't miss this opportunity!

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