What’s Ahead For Mortgage Rates This Week – November 7, 2016

Last week’s economic news included reports on inflation, construction spending, the Federal Reserve’s announcement regarding interest rates and several labor and employment related releases. Weekly reports on new jobless claims and Freddie Mac’s survey of interest rates were also released.

Construction Spending Rises, Fed Holds Steady on Interest Rates, Suggests December Increase

Construction spending remained in negative territory for September according to the Commerce Department. The month-to-month reading decreased by 0.40 percent against the expected reading of +0.40 percent and August’s reading of -0.50 percent. Approaching winter weather is a likely reason for less spending, but ongoing challenges with shortages of buildable lots and labor are also factors. Spending on residential construction rose 0.50 percent, which is good news in terms of a persistent shortage of available homes.

The Federal Open Market Committee of the Federal Reserve announced that it would hold federal interest rates in the target range of 0.25 percent to 0.50 percent. Analysts have been monitoring Fed policymaker pronouncements in anticipation of a rate increase. With strengthening labor markets and other economic indicators, policy makers hinted at raising the Fed target rate in December.

Labor Data: Slower Job Creation, Lower Unemployment

ADP payrolls showed that only private-sector jobs 147,000 jobs were created in October as compared to September’s reading of 202,000 jobs created. The Labor Department reported 161,000 government and private-sector jobs were added in October as compared to an expected reading of 175,000 jobs added and September’s reading of 191,000 jobs created. Healthcare, professional jobs and financial sector jobs showed the highest job gains.

National Unemployment met expectations with an October reading of 4.90 percent. September’s reading was 5.00 percent Unemployment readings are reported as a percentage of workers seeking work and do not include workers who’ve left the workforce. New jobless claims rose last week to 265,000 as compared to expectations for 258,000 new jobless claims and the prior week’s reading of 258,000 new jobless claims.

Mortgage Rates Rise

Freddie Mac reported higher average mortgage rates last week. 30-year fixed rate loans had an average rate of 3.54 percent, an increase of seven basis points. The average rate for a 15-year fixed rate mortgage rose six basis points to 2.84 percent. The average rate for a 5/1 adjustable rate mortgage was three basis points higher at 2.87 percent. Discount points for fixed rate mortgages averaged 0.50 percent; discount points for 5/1 adjustable rate mortgages held steady at 0.40 percent.

Low mortgage rates have helped to offset the effects of high demand for homes and rapidly rising prices; if mortgage and refinance rates continue to rise, affordability and mortgage qualification issues are likely to arise for some home buyers.

What’s Ahead

This week’s scheduled economic reports include job openings, consumer sentiment and weekly reports on mortgage rates and new jobless claims.

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5849 E Le Marche Avenue Scottsdale, AZ 85254

$1,225,000

4 Beds

3 Baths

2,863 SqFt

Status Active

MLS # 6783189

Property Type Single Family Residence

Price Type --

Arizona Resort Style Living at It's Best! This home has it all! Remodeled Home with Open Floorplan. Front courtyard greets you! Wood like tile t/o the first Floor. Sunken living room was filled in/leveled for better flow & no step down.Huge family room / fireplace is open to the kitchen. Kitchen offering a large island w/breakfast bar, eat in area Pantry & windows to the backyard. Entertainer's Delight! One bedroom and full bath on 1st Floor.. Upstairs is the Elegant Primary Ensuite w/walk in closet, spa bathroom. Upstairs: 2 additional nice sized bedrooms a full bath. Great storage T/O! Escape to your own Resort yard w/Sparkling Pool. Paver patios, Turf, large covered patio . East side yard is RV/Toy storage w/cover canopy, & RV Gate.NO HOA!Near Everything Shopping/Restaurants/Mayo Near Desert Ridge, Mayo Hospital Campus, 101 Corridor, Kierland, Scottsdale Quarter and MORE! Well Respected Schools Nothing to do but move in! Sellers can close after 1/3/25.

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3877 S Veronica Lane Gold Canyon, AZ 85118

$1,225,000

4 Beds

3 Baths

2,989 SqFt

Status Active

MLS # 6787292

Property Type Single Family Residence

Price Type --

Welcome to Montana Dorada, the best kept secret in Gold Canyon Arizona. This single level home is part of an exclusive Modern Farm Desert Collection. Offering paved roads, quick access to the US 60, close to shopping and dining, complete with breathtaking views of the iconic Superstition Mountains at every turn. Offering 2989 livable SF, 4 bedrooms, 3 bathrooms, a large kitchen island, beverage bar, & butler's pantry. This split floorplan offers a large owners suite and guest ensuite both with private access to the large covered backyard patio. All tile throughout with light earthy tones to compliment every style. The developers are offering a 25,000 credit for rate buy down and custom owners closet build out. This new build comes with an oversized 2 car garage complete with epoxy floor.

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5225 E Bluefield Avenue Scottsdale, AZ 85254

$1,225,000

3 Beds

2 Baths

3,053 SqFt

Status Active

MLS # 6772875

Property Type Single Family Residence

Price Type --

Location! Location! Location! This beautiful 3 Bedroom/2.5 Bath, plus a Den, home is located in the desirable MAGICAL ZIP CODE 85254! A very light & bright preferred split floor plan boasts the open, Great Room concept, with nice high ceilings. Fabulous for entertaining Family & Friends! The fireplace is the perfect addition for those chilly nights. The spacious eat-in Kitchen features granite counters, an island, breakfast bar, double ovens, gas stove, large walk-in pantry, built-in desk and roll-out shelving. No carpet in this home. Plantation shutters in all of the right places. The expanded Primary Bedroom offers sitting room and sliders to the patio. Two separate vanities and closets are a Bonus! A large walk-in shower, separate tub, & extra built-in custom cabinets enhance the Primary Bath. The Den also features built-in cabinets & shelves. The second Bedrooms are sizable. Formal Dining and Living Rooms with crown moulding provide more gathering space. Enjoy the great AZ outdoors in this Resort-Style Backyard featuring a sparkling spool with a water feature, 2 grassy areas, a large covered patio with speakers, palm trees, and a built-in BBQ. This special large lot backs to a greenbelt with no one behind. Laundry sink and cabinets in the Laundry Room. The extended 3 Car Garage is loaded with built-in cabinets and a workbench. Along with a newer roof and newer exterior paint, a water softener system and security system are also a plus. Must see! Put this elegant beauty at the top of your list!

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5770 E Roundup Street Apache Junction, AZ 85119

$1,225,000

4 Beds

4.5 Baths

3,616 SqFt

Status Active

MLS # 6696539

Property Type Single Family Residence

Price Type --

NEW ADJUSTED PRICE on this amazing fully renovated custom home in Apache Junction with acreage, no HOA, breathtaking views of the Superstition Mountains, sweeping views of the Valley below, a massive 2400sf masonry temperature controlled outbuilding with RV garage, workshop and an attached 1-bedroom casita with kitchenette, bath and laundry. With Flat Iron as its towering backdrop, the main home was taken down to its exterior studs and completely reimagined with new floor plan, all new electrical, plumbing, hvac units and ductwork, windows, doors, finishes and fixtures. The main level has an expansive great room with defined living, dining, kitchen with breakfast nook, laundry room, guest bath, primary suite with soaking tub, walk-in shower with glass enclosure, his and her closets, and private entrance to the rear yard and patio deck. There is also an additional bedroom off the great room with amazing Valley views. The Chef's kitchen features an oversized waterfall central island with tons of storage cabinets and drawers, quartz counters and backsplash, and stainless appliances including two ovens and walk-in pantry. The second level has another family room/kid zone, two large bedrooms with walk-in closets, a full bath and half bath for guests, as well as a large laundry room with sink and a large utility/storage room. Two-car, insulated garage with direct access to the home - and a separate room with built-in dog wash/grooming station. A block fence was added to the entire property with pedestrian and RV gates to the back yard with plenty of room to create an entertainer's paradise with a pool and whatever else your imagination dreams up. The lot has been leveled and graded for your toys or bring your horses and enjoy ranch living. So many options with this property - enjoy the fruits of this Seller's labors and move right in!

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10484 E Mission Lane Scottsdale, AZ 85258

$1,225,000

4 Beds

2.5 Baths

2,121 SqFt

Status Active

MLS # 6733308

Property Type Single Family Residence

Price Type --

Opportunity awaits in highly-desirable Scottsdale Ranch! Situated on an oversized corner lot in a quiet cul de sac, this property offers a thoughtful floor plan with 4BR/2.5BA. Soaring ceilings and over 2,100 SQFT introduce travertine stone floors, solid wood cabinets, and granite countertops throughout. Entertain in the chef's kitchen, feat. stainless steel appliances, a massive center island, and dining area. Getaway to the primary suite feat. a private backyard entrance, dual vanities, separate shower/soaking tub, and large walk-in closet. Relax in the spacious backyard with sparkling pool/spa, built-in fireplace, and lush landscaping. SUPERIOR LOCATION: Less than 3 mi to Loop 101 FWY, shopping, and dining. Less than 20 min to TPC Scottsdale, Kierland Commons, and Old Town Scottsdale.

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15027 N 28th Street Phoenix, AZ 85032

$1,225,000

4 Beds

3 Baths

3,448 SqFt

Status Active

MLS # 6732094

Property Type Single Family Residence

Price Type --

This fine custom home offers a world of possibilities for both personal and business needs. This property has plenty of open living space and available land for additional building — perfect for someone working from home or desiring to customize a lot. Its convenient location in the heart of the city makes this 36,000 sqft lot (zoned R-14) an incredibly rare find. The property includes both the 3443 sqft main home and detached 1200 sqft workshop/garage — and the lot still offers room to grow. The interior of the residence boasts 4 bedrooms, an office/bonus room, and a large loft area with access to a spacious observation deck/balcony built with entertaining in mind. The exterior features an enormous paved parking space and a stylish backyard with always green artificial grass, fruit ..... fruit trees and a flower garden. The focal point, however, is the covered patio and BBQ area plus the large fire pit. They make the backyard perfect for entertaining large groups. And that's not all! The home also has an oversized RV gate.The interior finishes include recently updated real wood floors /large stone tiles /solid wood doors. The owner has also installed solar panels on the roof, providing you substantial savings on electricity bills. This spacious lot would also be perfect for the addition of a pickle ball or a tennis court. Don't miss out on your chance to make an offer on this remarkable property that has an ideal combination of convenient location and acreage! Short distance to 51 FRWY , Great Hearts Academy, Basis School, PV GOLF, Kierland Shopping and Mayo Hospital. Ready to Move- In.

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3918 W Bowen Avenue Glendale, AZ 85308

$1,225,000

3 Beds

2.5 Baths

2,944 SqFt

Status Active

MLS # 6734292

Property Type Single Family Residence

Price Type --

PRICE IMPROVEMENT-like new construction SINGLE LEVEL - in premium cul-de-sac N/S location with stunning Mountain Views! Everything you want in a new home - only better with SOLAR OWNED 38 panels, 3-car garage/epoxy floors/storage (2 EV GARAGE), & walls of glass & soaring ceilings opening to an expansive back patio w/privacy & views. Large great room opens to chef's kitchen w/state-of-the art appliances w/gas cooktop/large center island/wine and coffee area/huge WI-panty & dining that opens to front courtyard patio. Expansive primary suite - sitting area w/views & sumptuous primary bath w/soaking tub/large WI shower, and large primary WI-closet. Game room, office/bedroom/bath & guest suite/bedroom/bath. Easy access to freeway/hospitals & shopping in this newer subdivision VISION HILLS

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3323 E Vogel Avenue Phoenix, AZ 85028

$1,225,000

3 Beds

2.5 Baths

2,110 SqFt

Status Active Under Contract

MLS # 6771382

Property Type Single Family Residence

Price Type --

Professionally designed by Studio H, fully engineered/permitted rebuild in 2016. Stucco exterior newly painted 2024. New water heater in 2024. New pool in 2019, Rebuild includes additional square footage, concrete, masonry, framing, drywall, roof, flooring, custom glazing, all new PEX plumbing and fixtures, all new copper electrical with custom light fixtures. Custom flooring, wallcoverings, architectural metalwork and details inside and out. Climate controlled 3+ car garage, with insulated tile flooring, cable TV, bar area, full height gabion wall, architectural lighting and interior details. 2+ bedrooms with office (easily converted to a 3rd bedroom) Elevated observation deck with custom spiral staircase and glass guardrails. Custom perforated steel shade at entry/courtyard, with low walls and gate for security. Custom poured concrete driveways, walkways and hardscape. Custom metal fence w/ access code gates and corner double gate for RV storage? Salt water pool with integral glass bead propane fireplace, fountains and Baja shelf. Jacuzzi Hot Tub 1 year old included. Custom interior barn doors along with hinged solid wood doors with frosted glass inserts. 3 A/C units, one for the master suite, one for balance of house and one for the garage. Grade AA drywall and paint finishes help create the modern million dollar feel inside. Large walk in master closet with custom cabinetry and skylight. Flueless fireplace in great room, with custom blackened steel wall panels. Kitchen has a large island, with a quartz top featuring a lighted art niche, custom glass bar top (eat in kitchen), a built-in warming drawer and wine fridge. Kitchen and Laundry have Italian custom Kitchen soft close cabinets and drawers. Kitchen has matching top of the line stainless steel appliances plus washer & dryer. Fully wired for security system with alarm and cameras. Note: Some Furniture, Art Work may be available for purchase by separate agreement, transferable upon closing of home.

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12654 N 17th Place Phoenix, AZ 85022

$1,225,000

4 Beds

3 Baths

3,410 SqFt

Status Active Under Contract

MLS # 6666445

Property Type Single Family Residence

Price Type --

The elevated, hillside location delivers unparalleled sunset, golf, and mountain views in a gated community overlooking Lookout Mountain Golf course. This Ridge at Lookout Mountain property surrounded by scenic beauty, is now freshly painted, with a clean, modern ambiance, grounded with natural stone flooring and flooded with natural light through panoramic windows. The kitchen features custom cabinetry and high-end SubZero and Wolf appliances. Owned solar = sunshine pays the bill. A split owner's suite is a lavish escape with hardwood floors, sitting area, gas fireplace, dual walk-in closets, jetted tub, and snail shower. The low-maintenance yard enhances outdoor relaxation with a covered patio, pebbletec pool, built-in BBQ, and artificial turf, creating a perfect retreat. A new roof, tankless water heater, all new smart locks, shutters, invisible screen doors, electronic window screens, both a water softener and reverse osmosis, new insulated garage doors, two pergolas, gutters and a backyard gate are recent improvements. Overall, this residence combines modern elegance, integrated with its natural surroundings, offering a luxurious and tranquil lifestyle for those seeking a sophisticated home with breathtaking views and upscale amenities.

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13512 N Granite Way Fountain Hills, AZ 85268

$1,225,000

4 Beds

4.5 Baths

3,269 SqFt

Status Active Under Contract

MLS # 6675282

Property Type Single Family Residence

Price Type --

Here's a rare chance to own a home in Sunridge Canyon, cherished by its owner for over 25 years. This spacious 4-bedroom, 4.5-bathroom home features a family-friendly split master floor plan. Situated on more than 34,000 square foot lot (+/-.78 acres), you'll enjoy vaulted ceilings and stunning views of the mountains and Sunridge Canyon golf course. The backyard boasts a beautiful negative edge pool and spa as well as a built in BBQ island. Inside, the living room impresses with cantera stone floors and a natural gas fireplace. The primary bathroom seamlessly blends with the surrounding natural environment. Every room is generously sized and offers great views. This lovely home will make you feel right at home.

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9844 E June Street Mesa, AZ 85207

$1,225,000

5 Beds

5 Baths

4,172 SqFt

Status Active Under Contract

MLS # 6744067

Property Type Single Family Residence

Price Type --

GORGEOUS MOUNTAIN, SUNRISE & SUNSET VIEWS! Gated private Boutique community nestled in the prestigious Mesa Uplands of NE Mesa. Close to hiking, boating, shopping & dining. Gorgeous contemporary flair that is warm & welcoming. ALL SINGLE LEVEL LIVING. Entertainers dream home & backyard. Entry offers soaring 2 story ceilings with huge windows offering expansive mountain views. True chefs kitchen: 42'' Expresso cabinets, tile backsplash, Granite slab countertops, gas cooktop w/ SS range hood, oversized prep island, built in oven / micro w/ walk in pantry. Generous dining is open to a wonderful family room. Tile flooring. Huge windows allowing natural light & mechanical blinds. Beautiful open staircase w/ decorative banner. The owner's suite is private & offers majestic views. Spa like bathroom offers 2 vanities, free standing tub, walk in shower & everyone's dream closet. Secondary bedroom area offers their own flex space, 2 bedrooms w/ walk in closets and Jack & Jill bath. Front bedroom w/ walk in closet & full bathroom. All baths are nicely upgraded. Second floor offers a super loft which can be used as a den/ studio/ office along with a bedroom & full bath. Wall of windows to the deck will blow your mind with views that are a must to experience. AZ dream resort backyard. Extended covered patio, heated 5.5 ft deep pool, heated spa & water features. Lush landscaping and 5 hole putting green. Views of the Superstitions MTN and Usury MTN are unobstructed. Sunrises and sunsets are spectacular! Close to the 202, shopping, dining, lakes and hiking. This home will not disappoint! This community is outstanding!

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3713 E Nolan Drive Chandler, AZ 85249

$1,225,000

5 Beds

3.5 Baths

3,908 SqFt

Status Active Under Contract

MLS # 6750895

Property Type Single Family Residence

Price Type --

Situated on one of the most desirable lots in all of Valencia this exceptional 5-bedroom, 3.5-bathroom basement home offers the perfect blend of luxury, comfort, & eco-friendly living. Gorgeous wood-look tile, neutral paint, and stunning natural finishes - contemporary meets traditional in this TW Lewis quality home. Enjoyable from both inside & out, the lake with waterfall directly behind the home offers both privacy and serenity. The main level is designed with both style and functionality in mind. Including a modern kitchen with high-end appliances, huge breakfast bar, gas range, double ovens, built-in microwave, under cabinet lighting, & tons of counter/cabinet space. Suitable for entertaining or lazy evenings with the family the kitchen opens to the family room with gas fireplace. The living room is suited for entertaining with built-in bar and views of the stunning backyard accessible through the double slider doors - creating true indoor/outdoor living capitalizing on our gorgeous AZ weather. The primary suite serves as a peaceful retreat with a walk-in closet and a luxurious spa-like en-suite bathroom. The unique split floor plan basement features two generously sized bedrooms, a full bathroom, and a versatile flex roomideal for a home office, gym, or entertainment space or think multi-generational living! Step outside to enjoy your private backyard oasis, complete with a sparkling pool, large covered patio, artificial grass, & tons of pavers - a welcome retreat for your morning coffee or a glass of wine in the evening. The property also boasts pre-paid solar ensuring low electric bills for years to come.

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