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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10027 W Verde Lane Avondale, AZ 85392

$626,261

5 Beds

3 Baths

2,581 SqFt

Status Active

MLS # 6752647

Property Type Single Family Residence

Price Type --

Find your dream home at Acclaim-a Fulton homes master planned community! The North Bend is a fantastic single story home with a private primary suite and four spacious guest bedrooms. Beautiful gourmet kitchen with separate nook and a spacious great room with a 16' atrium door that opens to the covered patio. Exclusive features include 10' ceilings, 8' doors, paver driveways and much more. Fulton homes are ''Zero Energy Ready'' and include tankless water heaters, spray foam insulation, electric vehicle ready and pre plumb for solar installation. Residents enjoy a community pool, basketball courts, pickle ball courts, sand volleyball, bocce ball, greenbelts and children's playgrounds. Buyer can upgrade appliances at additional cost. Estimated completion-12/2024

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15626 N 50th Street Scottsdale, AZ 85254

$626,000

3 Beds

2 Baths

1,649 SqFt

Status Active

MLS # 6773784

Property Type Single Family Residence

Price Type --

Welcome to your serene retreat in Paradise Manor! A courtyard at the entry provides a charming first impression and a lovely spot to relax. This single-level home features 3 bedrooms, 2 baths, and a 2-car garage, perfect for families or those looking to downsize. Inside, you'll find a thoughtful mix of engineered hardwood, tile, and carpet flooring that adds warmth and style. The inviting great room with vaulted ceiling features a cozy wood-burning fireplace, perfect for gatherings or quiet evenings at home.With an AC unit that's only 5 years old, you can enjoy comfort year-round. Enjoy the tranquility of a quiet neighborhood while being conveniently located near Kierland Commons & many other shopping & dining options. This home is ready for you to make it your own! Don't miss out!

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10649 E Lomita Avenue Mesa, AZ 85209

$626,000

3 Beds

2.5 Baths

2,628 SqFt

Status Active

MLS # 6759011

Property Type Single Family Residence

Price Type --

Gorgeous Home in The Villages of Eastridge! Discover this beautiful 3-bedroom+den(with Murphy bed)& Loft 2.5-bathroom home offering a versatile floor plan that's perfect for a home office, guest space, or a potential 4th bedroom! Begin your experience by stepping into a private, courtyard. Inside, the expansive eat-in kitchen is a chef's dream, equipped with a sleek induction cooktop, Samsung S/S refrigerator-less than 2 years old, and beautiful quartz countertops. The kitchen flows seamlessly into an open formal dining room & family room, creating an inviting space for gatherings and everyday living.This home is filled with custom touches, including fresh interior paint, detailed custom trim moldings, stylish lighting fixtures, newer carpet, Low E windows & new exterior paint. See more. Upstairs, unwind in the oversized master suite with an en-suite bathroom complete with dual vanities, a large walk-in closet, a separate shower, and a luxurious soaker tub. Two additional bedrooms, a full bathroom, and a cozy loft space provide plenty of room for everyone. Your private backyard oasis awaits with a 9-foot Pebble Tec diving pool featuring a fountain, a new turf lawn, a fire pit, and a lockable dog door perfect for enjoying Arizona's beautiful weather year-round. Parking and storage are no issue with the extended 3-car garage that comfortably fits a truck, complete with built-in cabinets and a widened driveway slab. The seller also has plans available for converting the third car garage into a casita, offering even more flexibility to suit your needs. Convenient access to the 60 and 202 freeways, and proximity to shopping, movies, and excellent school choices.

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15732 E Yucca Drive Fountain Hills, AZ 85268

Open House

New

$626,000

3 Beds

2 Baths

1,838 SqFt

Status Active

MLS # 6788026

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to a beautifully updated property boasting a neutral color paint scheme and fresh interior paint throughout. The inviting living area features a cozy fireplace, while the kitchen comes equipped with all stainless steel appliances and a center island for added convenience. The primary bathroom is a relaxing haven with double sinks, and a separate tub and shower for your comfort. The home also features a partial flooring replacement, adding a touch of modern elegance. Outside, enjoy a covered patio and a fenced-in backyard, perfect for outdoor gatherings. This property is more than just a house, it's your future home.

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4021 W Willis Lane Show Low, AZ 85901

$625,888

4 Beds

3 Baths

3,022 SqFt

Status Active

MLS # 6756128

Property Type Single Family Residence

Price Type --

INCOME POTENTIAL! Welcome to your dream home with a potential income generating guest house, located on the serene fairway of Bison Golf Club. This exquisite property offers not only a prime location with stunning views of the manicured greens but also the added luxury of an attached guest house, perfect for hosting friends and family or generating rental income. Guest House: The attached guest house includes a fully-equipped kitchen with modern appliances, perfect for short or long-term stays. A comfortable bedroom with ample closet space and one full bathroom featuring modern amenities. The cozy living room has its own private entrance, ensuring complete privacy for your guests. Approximately 730 SqFt with its own washer and dryer.

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2182 Shaded Spring Trail Flagstaff, AZ 86005

$625,000

2 Beds

2 Baths

1,597 SqFt

Status Active Under Contract

MLS # 6776808

Property Type Single Family Residence

Price Type --

** NEW CONSTRUCTION. Nestled within the world's largest stand of Ponderosa Pines, The Highlands at Tovar Springs offers the perfect harmony of natural beauty and modern living. Situated in Flagstaff's stunning landscapes, this new community provides the tranquility of mountain living with the convenience of a vibrant, thriving town. The Oak floorplan, a single-story home featuring 2 bedrooms and 2 baths with an optional third bedroom, is thoughtfully designed for comfort and flexibility. Located on Homesite #15, this is a unique opportunity to secure a home at introductory pricing. Scheduled for delivery in Winter 2025, this home is crafted for year-round enjoyment, ideal as a seasonal getaway or a primary residence. The Highlands at Tovar Springs boasts easy access to miles of scenic trails and a nearby wildlife-rich natural wetland. Adventure is just outside your door, with hiking, biking, and wildlife viewing set against the stunning backdrop of the San Francisco Peaks. Only minutes from downtown Flagstaff, renowned for its culinary scene with two James Beard finalists, you'll also enjoy a rich cultural experience. Seamlessly connect to the Flagstaff Urban Trail Systema 75-mile network that winds through forests, canyons, and open spaces, linking parks, schools, and neighborhoods. Flagstaff is not only a gateway to outdoor adventure but a high-altitude training hub, attracting elite athletes and Olympians from across the globe.

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15728 W Montgomery Road Peoria, AZ 85383

$625,000

3 Beds

2.5 Baths

2,472 SqFt

Status Active

MLS # 6616298

Property Type Single Family Residence

Price Type --

Construction about to start on this beautiful NEW BUILD. Contract now at 2023 prices and be apart of the final touches to make it truly your dream home.

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6069 E Knolls Way Cave Creek, AZ 85331

$625,000

2 Beds

2.5 Baths

1,516 SqFt

Status Active

MLS # 6757997

Property Type Townhouse

Price Type --

You won't want to miss this beautifully remodeled gem in Cave Creek's most desired area! Displaying a delightful curb appeal with a 2-car garage that features a NEW garage door, NEW direct drive garage opener and NEW epoxy flooring (2024)! High ceilings, plantation shutters, tile flooring in high-traffic areas, soft carpet in all the right places, & a sun-filled living/dining room are features that can't be left unsaid. Immaculate kitchen showcases recessed lighting, white shaker cabinets, gleaming granite counters, mosaic tile backsplash, and sparkling SS appliances. Primary bedroom offers plush carpet, a sitting area w/a bay window, & a pristine ensuite w/sliding barn doors, dual sinks, & a walk-in closet. Another main bedroom enjoys a private bathroom w/sliding barn door. The property also NEW west wall in the patio added for privacy, NEW hard wired path lighting, & NEW auto rear irrigation system. This is a property you won't want to miss!

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2206 Shaded Spring Trail Flagstaff, AZ 86005

$625,000

2 Beds

2 Baths

1,597 SqFt

Status Active Under Contract

MLS # 6772917

Property Type Single Family Residence

Price Type --

** NEW CONSTRUCTION. Nestled within the world's largest stand of Ponderosa Pines, The Highlands at Tovar Springs offers the perfect harmony of natural beauty and modern living. Situated in Flagstaff's stunning landscapes, this new community provides the tranquility of mountain living with the convenience of a vibrant, thriving town. The Oak floorplan, a single-story home featuring 2 bedrooms and 2 baths with an optional third bedroom, is thoughtfully designed for comfort and flexibility. Located on Homesite #14, this is a unique opportunity to secure a home at introductory pricing. Scheduled for delivery in Winter 2025, this home is crafted for year-round enjoyment, ideal as a seasonal getaway or a primary residence. The Highlands at Tovar Springs boasts easy access to miles of scenic trails and a nearby wildlife-rich natural wetland. Adventure is just outside your door, with hiking, biking, and wildlife viewing set against the stunning backdrop of the San Francisco Peaks. Only minutes from downtown Flagstaff, renowned for its culinary scene with two James Beard finalists, you'll also enjoy a rich cultural experience. Seamlessly connect to the Flagstaff Urban Trail Systema 75-mile network that winds through forests, canyons, and open spaces, linking parks, schools, and neighborhoods. Flagstaff is not only a gateway to outdoor adventure but a high-altitude training hub, attracting elite athletes and Olympians from across the globe.

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2170 Shaded Spring Trail Flagstaff, AZ 86005

$625,000

2 Beds

2 Baths

1,597 SqFt

Status Active Under Contract

MLS # 6776811

Property Type Single Family Residence

Price Type --

** NEW CONSTRUCTION. Nestled within the world's largest stand of Ponderosa Pines, The Highlands at Tovar Springs offers the perfect harmony of natural beauty and modern living. Situated in Flagstaff's stunning landscapes, this new community provides the tranquility of mountain living with the convenience of a vibrant, thriving town. The Oak floorplan, a single-story home featuring 2 bedrooms and 2 baths with an optional third bedroom, is thoughtfully designed for comfort and flexibility. Located on Homesite #16, this is a unique opportunity to secure a home at introductory pricing. Scheduled for delivery in Winter 2025, this home is crafted for year-round enjoyment, ideal as a seasonal getaway or a primary residence. The Highlands at Tovar Springs boasts easy access to miles of scenic trails and a nearby wildlife-rich natural wetland. Adventure is just outside your door, with hiking, biking, and wildlife viewing set against the stunning backdrop of the San Francisco Peaks. Only minutes from downtown Flagstaff, renowned for its culinary scene with two James Beard finalists, you'll also enjoy a rich cultural experience. Seamlessly connect to the Flagstaff Urban Trail Systema 75-mile network that winds through forests, canyons, and open spaces, linking parks, schools, and neighborhoods. Flagstaff is not only a gateway to outdoor adventure but a high-altitude training hub, attracting elite athletes and Olympians from across the globe.

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31220 N 156th Street Scottsdale, AZ 85262

$625,000

3 Beds

2.5 Baths

2,078 SqFt

Status Active

MLS # 6552656

Property Type Single Family Residence

Price Type --

Property on WELL water! No need to worry about paying increased hauled water rates like other homes in the area. Permits in hand and ready to construct! Move-in in as little as 6-7 months and wake up every morning to breathtaking panoramic Mountain Views!!! All new homes around. Your BRAND NEW energy efficient three bedroom home on ONE ACRE has plenty of room to live the lifestyle you have always dreamed of. Buy NOW and select all your interiors from the builders included options or go custom. No HOA! This exclusive area is growing fast. Be one of the first to take pride in ownership in it! Reach out today to schedule a private walk of the property and meet the builder. Lots of upgrades included in the price! This beautiful new construction wont last long. Renderings are representation of elevation. Some options displayed in plan are available at an additional cost.

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7647 W Nosean Road Peoria, AZ 85383

$625,000

3 Beds

2.5 Baths

1,982 SqFt

Status Active

MLS # 6717910

Property Type Single Family Residence

Price Type --

MLS# 6717910 Ready Now! The Iris is a single-story home offering 1,982 sq. ft. of living space with 3 bedrooms, 2 bathrooms, a 2-car garage, and a versatile flex room. As the only single-story floor plan at Aloravita South Discovery, this home is designed to impress. The foyer leads to a hallway with secondary bedrooms and a full bathroom. Moving further into the home, you'll find the open kitchen, casual dining area, great room, and flex room. Enjoy Arizona's beautiful weather from your private covered patio. The primary suite features a private bathroom with double sinks and a spacious walk-in closet, making it the perfect retreat.

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