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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17519 W Superior Avenue Goodyear, AZ 85338

$576,990

4 Beds

3 Baths

2,647 SqFt

Status Active

MLS # 6749201

Property Type Single Family Residence

Price Type --

Special Financing Available!!!!!!!!!! This single-level home showcases Lennar's signature Next Gen® suite ideal for multigenerational living. The suite includes a one-car garage, separate entrance, living space, kitchenette, bedroom and bathroom. In the main home, an open floorplan allows for effortless transition between the Great Room, kitchen and dining room, with access to the covered patio through sliding glass doors. The luxe owner's suite is situated at the back of the home, while two secondary bedrooms are comfortable and private retreats. Photos are renderings of a model home, not the actual home.

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3131 N Central Avenue Unit 6021 Phoenix, AZ 85012

$576,913

2 Beds

2 Baths

1,125 SqFt

Status Active

MLS # 6568555

Property Type Apartment

Price Type --

*Construction completed* 5% BUYER INCENTIVE! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious two bedroom condo offers ten ft. ceilings, an open floor plan, and large master bedroom with ensuite bathroom. Chefs kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful pool and lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

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12012 W Parkway Lane Avondale, AZ 85323

$576,310

3 Beds

2.5 Baths

2,480 SqFt

Status Active

MLS # 6741797

Property Type Single Family Residence

Price Type --

Explore this must-see Alden home, ready for quick move-in! Included features: a covered entry; a gourmet kitchen showcasing 42'' cabinets, quartz countertops, stainless-steel appliances, a center island and a roomy walk-in pantry; an open dining nook with center-meet patio doors; an inviting great room; a thoughtfully designed primary suite offering an oversized walk-in closet and a private bath with double sinks; three secondary bedrooms; two additional baths; a convenient laundry and a tranquil covered patio. This home also boasts impressive 10' ceilings, 9'' x 35'' stone tile flooring, cultured marble bath countertops, extra windows and ceiling fan prewiring in select rooms, front yard landscaping and concrete pavers at the walkway and driveway.

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26349 S 231st Way Queen Creek, AZ 85142

$576,268

4 Beds

3 Baths

2,379 SqFt

Status Active

MLS # 6673323

Property Type Single Family Residence

Price Type --

This is a brand new Quick Start Home under construction in Queen Creek, with a Spanish elevation. 4 bed, 3 bath, plus den. Stainless Steel Gourmet Whirlpool kitchen appliances include 36'' gas cooktop, stainless chimney hood, built-in microwave and oven, and dishwasher. 42'' white cabinets, tile backsplash and upgraded wood-look tile and carpet. Tiled Owner's shower. Move in anticipated for Aug/Sept. Please ask about our special financing incentives!

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8728 W Medlock Drive Glendale, AZ 85305

$576,201

3 Beds

3 Baths

5,798 SqFt

Status Active

MLS # 6750288

Property Type Single Family Residence

Price Type --

MLS#6750288 Ready Now! The Sapphire in Stonehaven Encore was thoughtfully designed, offering 3 bedrooms, 3 baths and study. A spacious kitchen with a large island opens to the gathering room and dining area, perfect for staying connected with family or entertaining friends! A private bedroom is near the foyer - ideal for overnight guests. Primary suite is privately located in back of the home with dual sinks, large shower and walk in closet. Structural options include: 10' x 8' sliding glass door, study in lieu of bath 4, super shower at primary suite, and soft water loop.

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3956 W Salter Drive Glendale, AZ 85308

$576,000

4 Beds

4 Baths

3,590 SqFt

Status Active

MLS # 6718663

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to your future home! This BASEMENT property features 4 bedrooms and 4 baths with an open floor plan. In the kitchen, a functional island offers extra counter space and storage. The primary bathroom boasts double sinks, a separate tub, and a shower for added luxury. The primary bedroom includes a practical walk-in closet for ample storage. Outside, the patio provides a relaxing space to unwind or entertain, surrounded by a fenced-in backyard for privacy. Recent updates include partial flooring replacement, giving the home a fresh, modern feel. Every detail of this property has been meticulously planned to create a welcoming space for your memories. Come and see this beautiful home, which could be yours. Don't miss out on thi

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3355 Rising Sun Ridge Wickenburg, AZ 85390

$575,950

2 Beds

2 Baths

1,543 SqFt

Status Active

MLS # 6745962

Property Type Single Family Residence

Price Type --

Amazing off-the-grid, very well-maintain cozy house, sitting on a premium lot. Features: high tech appliances, walk-in pantry, spacious master bedroom, built-in vacuum system, solar panels with bird proofing, inverter and storage batteries. House has an extended length garage with beautiful epoxy floor and installed shelves on the walls. House stays attached to the grid in order to sell excess electricity to APC. House is energy efficient in many ways. A Trane XV20i Variable Speed Heat Pump (20 SEER) with 4-ton Hyperion Air Handler was installed in 2022. In 2023 the complete exterior of the house painted, windows and seams caulked. Deal includes an EZ-GO RXV (golf cart) with replaced batteries.

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17871 W Southgate Avenue Goodyear, AZ 85338

$575,900

4 Beds

3.5 Baths

3,232 SqFt

Status Active

MLS # 6734110

Property Type Single Family Residence

Price Type --

30 DAY QUICK MOVE IN!! ASK ABOUT OUR LOWER THAN MARKET FINANCING! BEAUTIFUL 2-STORY HOME* EN SUITE ON 1ST FLOOR* FLEX ROOM & LOFT* WHITE SHAKER CABINETS* WOOD-PLANK LVP FLOORING* QUARTZ COUNTERTOPS* END LOT* N/S FACING!!!

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27055 W Marco Polo Road Buckeye, AZ 85396

$575,700

3 Beds

3 Baths

2,332 SqFt

Status Active

MLS # 6749709

Property Type Single Family Residence

Price Type --

A RARE FIND! A DESTINY LOCATED ON A PREMIUM GOLF COURSE LOT WITH CASITA, PREPAID SOLAR & NEWER HVAC(2022). Enter the private front courtyard to a True Split Floorplan. The expansive gathering space is an entertainers delight w/ fireplace & plenty of room for dining. Spacious kitchen boasts huge center island, granite counters, tile backsplash, newer appliances & cafe dining. The owners suite features a bay window, luxurious bath and large walk in closet. The guest room, den & guest bath are located on the opposite side of the home providing additional privacy. Guests will enjoy the private Casita w/bath. It can also be used for office, hobbies, or exercise rm. Enjoy outdoors on your patio w/ built in bbq, firepit, & sunset views over the golf course and White Tank Mountains

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9229 E Spiral Avenue Mesa, AZ 85212

$575,700

4 Beds

3 Baths

2,224 SqFt

Status Active

MLS # 6755701

Property Type Single Family Residence

Price Type --

BRAND NEW MOVE IN READY HOME! This SLOAN plan includes a DELUXE gourmet kitchen, white cabinets, black pulls, quartz counter tops, subway tile backsplash, upgraded tile and carpet flooring, and Apple Pod Smart Home Kit. READY SEP!

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8552 W Sierra Street Peoria, AZ 85345

$575,500

4 Beds

2 Baths

2,228 SqFt

Status Active

MLS # 6727723

Property Type Single Family Residence

Price Type --

**BUYER FINANCING HELP AVAILABLE**Step into this freshly painted home featuring a spacious living and dining area that provides ample space for entertainment. The large kitchen boasts stainless steel appliances, a kitchen island, extended cabinetry, a breakfast nook, and opens to a huge family room with a cozy fireplace. The expansive primary suite offers a walk-in closet and a luxurious bath. Three additional bedrooms share a well-appointed bathroom. Outside, enjoy a perfect backyard oasis complete with a heated pool featuring a soothing waterfall. Situated on a huge lot ideal for entertaining or personal enjoyment, the property includes a gazebo and storage shed for added convenience. RV gate and ample parking space, plus a three-car garage and new AC unit

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32 County Road Unit 3069 Concho, AZ 85924

$575,000

3 Beds

2 Baths

2,460 SqFt

Status Active

MLS # 6717647

Property Type Manufactured Home

Price Type --

Motivated Seller! Says to submit all offers. Don't miss out on this beautiful property in the Vernon Area! Approximately 10 fenced acres, with a triple wide manufactured home, your own well, 4 horse paddocks and a 30'x60' Metal Building for storing farm equipment and animal feed. Another 30'x60' Metal Building nearby, is set up for a work shop with a mother in law quarters attached at the rear. You will have your own well with 2000 gallon storage, and plenty of space to stretch out. Seller is offering a 2% Sellers Concession for the Buyers to use in buying sown their points!!!! Seller has also REDUCED the price to $20k below the appraised price!!!! The trees on the property were selectively removed so as to maximize the privacy and solitude. 30' X 72' shop with 700 sq ft guest room with kitchenette and bathroom as well as laundry, suitable for student, mother in law or caretaker quarters. Worry free Electric thermal heating system. Convenient rest room facilities for the shop. Separate septic system. Main part of the shop is not heated. 800 square feet of grass, extensive flower beds with sprinklers and drip irrigation. 30' X 60' metal barn, four separate horse corrals, 4 water hydrants in the horse area, hitching post adjacent to the barn, next to a corral. Well, 12' X 20' well house, 2000 gallon storage tank, pressure pump, 2 bladder tanks. Dog yard, small yard for wet weather, large yard pen when it is dry. Smart Doggie door off the laundry room. 1.5 miles to National Forest with riding and hiking trails plentiful. Star Link high speed internet. Owner will leave the internet system in place assuming it is transferable to the new owners.

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