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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4533 N 93rd Glen Phoenix, AZ 85037

$550,000

4 Beds

3 Baths

2,590 SqFt

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MLS # 6656309

Property Type Single Family Residence

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Embark on a journey to explore the captivating charm of this stunning 4-bedroom home, where an inviting open floor plan seamlessly integrates with a versatile semi-open den, perfect for a home office or creative studio. Step inside to discover the warm allure of wood-look flooring and a spacious great room, designed for both lively social gatherings and cherished family moments. The delightful kitchen is a focal point, featuring pristine white cabinets, stainless steel appliances, a pantry, granite countertops, subway tile backsplash, and a center island with a breakfast bar. Unwind in the tranquil main bedroom, complete with a trendy barn door that leads to a luxurious ensuite boasting dual vanities, a makeup table, and a generous walk-in closet. Outside, the expansive backyard beckons with a covered patio, paver seating areas, and low-maintenance artificial turf, providing the perfect setting for relaxation and outdoor enjoyment. This home is a true gem waiting to become yours, promising a lifestyle of comfort, style, and endless possibilities!

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427 Leisure World -- Mesa, AZ 85206

$550,000

3 Beds

2 Baths

2,751 SqFt

Status Active

MLS # 6682029

Property Type Single Family Residence

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Seller is offering to pay 1 year of HOA fees! Easy to Show. NEW ROOF with warranty 2023. NEW HVAC with warranty 12/2023. Cherry wood cabinets with crown moulding, Stainless Steel Appliances & reverse osmosis. A CHEF'S DREAM KITCHEN! Finished AZ Room with BRAND NEW A/C unit & wetbar inclluding granite countertops,Crown moulding throughout, Hardwood flooring where it really counts, Bay window in the kitchen with window seat, extensive travertine tile in both bathrooms w/Cherry wood vanities and granite tops. Office w/ built-in shelving and desks in 3rd bedroom. Epoxy sealed, extended length 2.5 car, AIR CONDITIONED garage with utlility sink. Too much to list! 36 holes of golf, Dog Park, pickleball, tennis courts and more!.

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36843 W Indian School Road Tonopah, AZ 85354

$550,000

4 Beds

2.5 Baths

2,969 SqFt

Status Active

MLS # 6694104

Property Type Single Family Residence

Price Type --

Wow, fantastic opportunity to own a residence with 2,969 SqFt of construction on a 1.1-acre lot! The impeccable interior boasts a warm palette, neutral tile flooring, recessed lighting, tall ceilings, and a sizable den ideal for an office or a formal living room. The bright & ample great room promotes a greater traffic flow & maximizes space. This open floor design makes entertaining a bliss! The kitchen features white shaker cabinetry, granite countertops, stainless steel appliances, a pantry, and an island with a breakfast bar. The primary bedroom has a full ensuite with a step-in shower, a jetted tub, a dual sink vanity, and a walk-in closet. The vast exterior offers endless landscaping potential to get creative, with room for RVs, a pool, & space for horses to roam. Take a tour today!

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2137 E Downing Street Mesa, AZ 85213

$550,000

3 Beds

2 Baths

2,298 SqFt

Status Active

MLS # 6709293

Property Type Single Family Residence

Price Type --

See this stunning single-level property nestled on a peaceful corner lot, in the Pine Terrace community with no HOA. Enter this inviting & spacious floor plan with approx. 2,300 sq ft of luxurious living space & 3 oversized bedrooms. The primary has 2 huge walk-in closets. The kitchen has been completely renovated, the roof replaced in 2023, some new lighting, freshly painted, custom exterior paint & the solar package is only $86.00 a month. In addition, to the breakfast bar there is a dining room, an Arizona room to feel the tranquility of the private yard, a huge living room & a family room adorned with a fireplace & built in book shelves. Amazing desert landscape surrounds this home & pool in beauty. The CUSTOM RV SHELTER & hook up is what you have been looking for. MOVE-IN Read

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