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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823 Sycamore Lane Chino Valley, AZ 86323

$579,000

3 Beds

2 Baths

1,554 SqFt

Status Active

MLS # 6748043

Property Type Single Family Residence

Price Type --

This meticulously maintained home in central Chino Valley offers something for everyone, blending comfort, convenience, and style. Located just minutes from Chino Valley's main commercial areas and a short drive from Prescott and Prescott Valley, this home's prime location is ideal. Upon entering, you're greeted by a spacious great room featuring a vaulted ceiling, ceiling fan, and a striking 3-sided gas fireplace. The luxury vinyl plank and tile flooring throughout adds to the home's elegance. The adjacent kitchen is a chef's dream, boasting solid surface countertops, abundant cabinetry, a corner pantry, and a large skylight that floods the space with natural light. The dining room, perfect for hosting meals, offers direct access to the charming rear patio, making entertaining a breeze. Designed with a sought-after split floor plan, the large master suite features vaulted ceilings and direct access to the back patio. The master bath is equally impressive with a spacious walk-in closet, garden tub, dual vanities, and a walk-in shower with grab bars. On the opposite side of the home, two sizable guest bedrooms and a full bath are privately situated off the great room, ensuring comfort and privacy for all. The pristine exterior is equally inviting, with a massive screened-in covered patio perfect for year-round entertaining. This space includes a fabulous hot tub that conveys with the property. The home also offers abundant RV parking, with two separate water, sewer, and power hookup locations. Both the front and rear yards are beautifully landscaped and low-maintenance. The front patio boasts views of Granite Mountain, while the large, flat backyard serves as an excellent starting point for any outdoor hobby. The oversized 3-car garage provides ample parking and storage, complemented by an additional high-quality Tuff Shed on the property. Recent updates include substantial repairs and upgrades to the septic system, a thorough revamp of the drainage and rain gutters, new luxury vinyl plank flooring, steam cleaning and sealing of tile areas, a significant tune-up of the hot tub's hardware, and several new high-quality windows.

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10138 W Illini Street Tolleson, AZ 85353

$579,000

5 Beds

3 Baths

3,323 SqFt

Status Active

MLS # 6742120

Property Type Single Family Residence

Price Type --

Beautiful property that features inviting gated pool, gas BBQ with gas firepit, long drive way and 3 car garage. Interior is in great shape with added fire sprinkler system for extra safety, large open kitchen to family room, remodeled bathrooms and good sized loft.

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420 N Leoma Lane Chandler, AZ 85225

$579,000

3 Beds

2 Baths

1,743 SqFt

Status Active

MLS # 6739243

Property Type Single Family Residence

Price Type --

Bright, open, spacious floorplan! Lovely neutral paint throughout, VAULTED ceilings in every room, LOTS of big, bright windows with faux wood blinds, tile flooring with carpeted bedrooms, BEAUTIFUL, larger, garden like backyard with play pool and built in BBQ. This house has such good energy. Oh... and NO HOA! 🙂 ***Some items in house and yards may be purchased on a separate bill of sale***

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4608 N Desert Stream Way Litchfield Park, AZ 85340

$579,000

3 Beds

2 Baths

1,897 SqFt

Status Active Under Contract

MLS # 6743815

Property Type Single Family Residence

Price Type --

Welcome to Litchfield Greens! This beautifully remodeled 3-bedroom, 2-bathroom home is perfectly situated on the neighborhood lake. The heart of this home is the completely renovated kitchen, designed with the chef in mind. It boasts quartz countertops, brand-new cabinetry, a chef-grade hood vent, and high-end stainless steel appliances, including a microwave drawer. New paint and stunning luxury vinyl plank (LVP) flooring that flows through the open-concept living area. The living room features an updated fireplace and new lighting fixtures that add a modern touch. Both bathrooms have been fully updated to include brand new showers and a garden tub in the primary bath, the new vanities and fixtures. Step outside and take in the breathtaking views of the lake from your backyard.

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3033 E Millbrae Lane Gilbert, AZ 85234

$579,000

4 Beds

3 Baths

2,146 SqFt

Status Active

MLS # 6726711

Property Type Single Family Residence

Price Type --

MOVE-IN-READY!!! LOTS of CHARM & CHARACTER EVERYWHERE!!! This home is a MUST SEE!!! Full Bedroom & Bathroom DOWNSTAIRS!!! Upon entry, you're wowed by VAULTED CEILINGS, along with two separate living areas, a STUNNING KITCHEN overlooking the main living space, making this the PERFECT HUB OF THE HOME!!! Spend some time outback in your Sparkling POOL, or relax in tub HOT TUB, cook out in your BUILT-IN-BBQ, or even enjoy your very own PUTTING GREEN!!! This backyard is an Entertainer's Dream!!! Workbench area in garage, along with LOTS OF STORAGE!!! This home has it all!!! Home is steps away from a FANTASTIC park with playground area and Basketball courts!! Don't miss out on this one!!!

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5917 E Fox Circle Mesa, AZ 85205

$579,000

4 Beds

2.5 Baths

2,265 SqFt

Status Active Under Contract

MLS # 6731518

Property Type Single Family Residence

Price Type --

MOVE IN READY HOUSE! This house was completely remodeled in 2023. ALL NEW PAINT...both INSIDE AND OUT...NEW FLOORING. The kitchen boasts NEW SHAKER STYLE CABINETS with SOFT CLOSE DRAWERS, white GRANITE COUNTERTOPS, state of the art STAINLESS STEELE APPLIANCES and lots of STORAGE in the PANTRY. New beautiful shower in the master bathroom, WALK IN CLOSET, NEW BATHROOM COUNTERS, NEW AC and COOLER/HEATER for the POOL and JACUZZI. Come see it today!

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25024 S Stoney Lake Drive Sun Lakes, AZ 85248

$579,000

2 Beds

2 Baths

1,968 SqFt

Status Active

MLS # 6750372

Property Type Single Family Residence

Price Type --

Welcome to this beautiful 2-bed, 2-bath Plus Office/Den residence on a coveted corner lot! The exterior boasts a striking stone facade, a 2.5-car garage, and a tasteful paver driveway. The inviting living room showcases vaulted ceilings, a soothing palette, and plush carpeting throughout. The eat-in kitchen comes with granite counters, ample wood cabinetry with crown molding, built-in appliances, a center island, and a serving window with a breakfast bar for casual dining. The cozy main bedroom offers direct backyard access, an en suite with dual sinks, and a walk-in closet. Venture outside to find a covered patio for al fresco dining, a relaxing spa, and a low-maintenance desert landscape. Don't miss out on this fantastic opportunity! HVAC - 2 Units- Replaced in 2021, Hot water heater replaced 2021, Exterior Painted 2023, New Drip system - valves & timer replaced 2023. Exterior Stone work & Pavers done in 2023. New SPA Hot Tub 2024 Hard wired Security System. Reverse Osmosis.

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15221 N Clubgate Drive Unit 2125 Scottsdale, AZ 85254

$579,000

2 Beds

2 Baths

1,340 SqFt

Status Active

MLS # 6710994

Property Type Apartment

Price Type --

''HUGE PRICE DROP, TAKE ADVANTAGE OF THIS GREAT DEAL. INTEREST RATES ARE FALLING JUMP ON THIS ONE''. THIS UNIT HAS GREAT POTENTIAL. MAKE IT YOUR OWN. BEST PRICED UNIT IN THE COMPLEX. THIS TWO BEDROOM IS IN A GREAT GATED COMPLEX WITH EASY ACCESS TO KIERLAND COMMONS AND ALL IT HAS TO OFFER. WALK TO GOLF COURSE OR ENJOY A CASUAL DAY AT THE POOL. RESORT STYLE LIVING WITH EVERY AMENITY ONE COULD ASK FOR. MAKE THIS YOUR NEW HOME OR WINTER PARADISE. NEW REFRIGERATOR, WATER HEATER AND GARAGE DOOR OPENER.

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5070 W Cortez Street Glendale, AZ 85304

$579,000

3 Beds

2.5 Baths

2,118 SqFt

Status Active

MLS # 6697720

Property Type Single Family Residence

Price Type --

This stunningly upgraded practically new home boasts 3 spacious bedrooms, a versatile Flex/Office/Den, and 2.5 baths. The beautiful kitchen has Quartz countertops, 42'' White shaker cabinets with brushed nickel pulls, a stainless steel sink & stainless steel appliances- refrigerator included!Enjoy the high ceilings, brand new interior paint, beautiful ceramic plank tile flooring, and plush carpeting throughout. The master suite features a luxuriously upgraded tiled walk-in shower, glass shower door, a freestanding soaking tub, dual sinks, and a spacious walk-in closet. Additionally, there's an Office/Den with stylish sliding barn doors, water softener, old-world paver stone driveways, a fully landscaped front & back yard with green turf area. Seller will include 12 months of paid HOA.

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8762 E Posada Avenue Mesa, AZ 85212

$579,000

4 Beds

2 Baths

2,516 SqFt

Status Active

MLS # 6732222

Property Type Single Family Residence

Price Type --

Highly sought-after MOVE-IN READY single level home with 4 spacious bedrooms and 2 full bathrooms! The open kitchen features a large island, granite counters, tile backsplash, and stainlesss steel appliances- perfect for hosting gatherings with family and friends. The walk-in pantry provides ample storage space for all your kitchen essentials. Outside you will find a private pool with a waterfall feature and pergola, perfect for outdoor entertaining and relaxation. The primary bedroom is spacious with a bathroom that offers dual sinks, separate shower/bathtub, and a large walk-in closet. A new AC was installed this year, so you don't have to worry about the heat. Quick access to 202 & 60 freeways! Don't miss out on the chance to make this house your home! Gilbert Schools/Mesa taxes

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1326 W Juanita Avenue Mesa, AZ 85202

$579,000

4 Beds

3 Baths

2,278 SqFt

Status Active

MLS # 6729599

Property Type Single Family Residence

Price Type --

Incredible opportunity for investors looking to secure a property with tenant and lease already in place!!! Gorgeous updated 4 bed/3bath sits on a large lush lot. Updated kitchen with stainless steel appliances. Separate office/den/sunroom adjacent to family room with separate sliding doors to backyard. One bedroom downstairs with bathroom, with remaining 3 upstairs. Lots of updates and great potential for investment property!!!

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2409 W Acoma Drive Phoenix, AZ 85023

$579,000

4 Beds

3 Baths

2,557 SqFt

Status Active

MLS # 6746657

Property Type Single Family Residence

Price Type --

Beautifully maintained, energy-efficient home features owned solar panels, RV gate + parking, a charming front yard & inviting entry to start. Step inside to travertine & wood floors stretching across an open layout w/ vaulted ceilings. Additional upgrades include plantation shutters throughout, an open & spacious kitchen equipped w/ stainless steel appliances, granite counters, tile backsplash, breakfast bar & a whole house water filtration system. The spacious main suite boasts its own fireplace, sitting/office area, direct backyard access, & a private bathroom featuring dual sinks + a walk-in closet. The large laundry room has built-in cabinets & a utility sink. This is one of the largest single stories in the neighborhood that has 2 en suites. Pool has motorized safety cover. Outside, the sizable backyard boasts a covered patio, two sheds, a spa, refreshing pool, and ample space for lively barbecues. Don't miss this delightful haven!

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