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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15963 W Montana De Oro Drive Surprise, AZ 85387

$582,436

3 Beds

3 Baths

2,229 SqFt

Status Active

MLS # 6721719

Property Type Single Family Residence

Price Type --

New home ready for immediate occupancy! This single level 2229 SF single level 3 BR, plus den 3. BA home is located on a north south facing home site. Surrounded by single level homes, no 2 stories. Exciting included features include upgraded cabinets, upgraded Quartz tops, tile Kitchen backsplash, plank tile on the floors, 10' ceilings, 8' interior doors, 3 car garage, gourmet kitchen, garage service door, tank less water heater, landscape credit, and so much more. Neighborhood also includes, tree lined streets, Certified Energy Star and Indoor Air Plus for more energy savings.

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4198 N Spyglass Drive Florence, AZ 85132

$582,000

2 Beds

2 Baths

1,989 SqFt

Status Active

MLS # 6701840

Property Type Single Family Residence

Price Type --

Come and see this beautifully upgraded home with Stunning views on the 1st fairway of the Poston Butte Golf course in Sun City Anthem. This home has SOLAR for low energy bills Enjoy two large bedrooms, two baths and a large den complete with French doors. Hunter Douglas window treatments and ceiling fans in all rooms. Enjoy a gorgeous chefs kitchen with gas range, upgraded cabinets and granite countertops. The master bath has an oversized walk-in shower with stunning custom tile, beautiful tile flooring in all main living spaces with upgraded carpet in bedrooms. A gorgeous outdoor travertine patio gives you a spectacular golf course view, complete with lovely desert inspired landscaping, garden lighting and motorized sunshades! Enjoy the beautiful view and AZ weather all year round. There is a Golf Cart garage, complete with storage area, shelving and wall slat hanging storage system with upgraded additional LED lighting. There is also a whole house RO system and water softener, and tankless gas hot water heater. This home has a freshly painted exterior as well! Located in a wonderful community with numerous amenities, there will never be a lack of activities to participate in! Golf, Pickle Ball, tennis, biking, fitness center, pools and spas, bocce ball, clubhouse and restaurant are all just steps away! Come for a visit and stay for a lifetime! See you soon!

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6073 W Caribe Lane Glendale, AZ 85306

$582,000

4 Beds

2.5 Baths

1,996 SqFt

Status Active

MLS # 6713341

Property Type Single Family Residence

Price Type --

Gorgeous family home with 4 bedrooms and 2.5 bathrooms, no HOA, pool, and an RV gate. Currently used a short term rental and can be purchased fully furnished. Home has open layout and was completely remodeled in 2022.. Great location in Glendale family neighborhood.

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1275 W Via Del Palo -- San Tan Valley, AZ 85140

$581,566

2 Beds

2.5 Baths

2,149 SqFt

Status Active

MLS # 6785722

Property Type Single Family Residence

Price Type --

MLS#6785722 April 2025 Completion! Welcome to the Sunrise in Ovation at Meridian! As you step into the foyer, you'll find a flexible space and a full bathroom to the left, and a secondary bedroom with its own full bathroom to the right. Continue into the casual dining area, which flows seamlessly into the gathering room and kitchen, all with views of the outdoor patio. At the back of the home, the spacious primary suite offers a private retreat, complete with an en-suite bathroom and a large walk-in closet. Structural options added include; 8' interior doors, 12' sliding glass door, soft water loop, and garage service door.

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15680 W Mercer Lane Surprise, AZ 85379

$581,027

3 Beds

2.5 Baths

2,492 SqFt

Status Active

MLS # 6760233

Property Type Single Family Residence

Price Type --

Brand new home completed this November! This home is a wonderful 3-bedroom with a Den or Flex Room. The amazing kitchen / great room is open and has an oversized island. This beautiful home is under construction & backs to an open space with no direct back neighbors. There is wood plank tile throughout except for the bedrooms. Gourmet kitchen with designer hood, gas cooktop, built in oven / Microwave. & upgraded Painted Linen Cabinets, honed granite countertops, and a custom backsplash. Owner's suite has a tiled shower & Honed Granite counters & undermount sinks. Don't miss the unbelievable owner's closet. The flex room is built in so that it could easily be used as a den / playroom or home office. HOME WILL BE COMPLETE IN November. SELLER IS OFFERING RATE BUYDOWNS!

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4230 W Palace Station Road New River, AZ 85087

$581,000

4 Beds

2 Baths

1,799 SqFt

Status Active

MLS # 6747349

Property Type Single Family Residence

Price Type --

Don't miss this one! Stunning single story Barbaro model home on a premium corner lot in sought after Circle Mountain Ranch! 4 bedrooms, 2 baths and just under 1800 SF. Split floor plan with a bright and open concept main living space. The kitchen boasts granite countertops, stainless steel appliances, walk-in pantry, gas range and opens to the spacious great room with tile flooring, ceiling fan, recessed lighting, multiple windows and neutral tones. Primary retreat with double door entry, ceiling fan, carpet, walk in closet, en suite bath w/ dual sinks. Low maintenance landscape, block wall, extended paver patio & cover and turf! Additionally, this home is equipped with smart home technology. Enjoy all of the wonderful amenities Anthem has to offer - walking/hiking paths, parks, shopping, dining, golf & more all with EZ freeway access.

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26815 N 65th Avenue Phoenix, AZ 85083

$581,000

4 Beds

2.5 Baths

2,244 SqFt

Status Active

MLS # 6775468

Property Type Single Family Residence

Price Type --

Great 4-bedroom home located on a desirable corner lot of a private cul-de-sac with stunning mountain views! Split floor plan boasting wood flooring, formal dining, custom pain finishes, and a charming living room for entertaining. The eat-in kitchen has built-in appliances, honey oak cabinets, ample counters, and a breakfast bar for casual meals. The main bedroom is downstairs and offers a bathroom with a separate tub/shower, dual sinks, and a walk-in closet. Upstairs, you'll find the secondary bedrooms along w/French inspired stained glass at entrance of 2nd story windows. The fabulous backyard features a view fence, a covered patio, and a sparkling blue pool. Close to shopping, restaurants, and other attractions. Really nice home!

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17580 W Running Deer Trail Surprise, AZ 85387

$580,995

4 Beds

3.5 Baths

2,840 SqFt

Status Active

MLS # 6699992

Property Type Single Family Residence

Price Type --

Explore this impressive Darius home, ready for an August move-in. Included features: an inviting covered entry; a spacious great room; a quiet study; an open dining area; a gourmet kitchen offering a double oven, quartz countertops, 42'' cabinets, a center island and a pantry; a lavish primary suite showcasing a generous walk-in closet and a private bath with double sinks and cultured marble countertops; a convenient laundry; a large living room; a covered patio and a 3-car garage. This home also offers additional windows, ceiling fan prewiring and stone tile flooring in select rooms as well as airy 10' ceilings throughout.

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9911 S Caballo Drive Apache Junction, AZ 85120

$580,990

5 Beds

3 Baths

2,444 SqFt

Status Active

MLS # 6782867

Property Type Single Family Residence

Price Type --

This expansive 2,444 square-foot single-level home offers the perfect combination of space and comfort. With 5 bedrooms/3 full bathrooms, this residence is ideal for large gatherings for those who love to entertain. The home's open-concept design creates a seamless flow between the main living areas. The kitchen is a highlight, featuring modern appliances with a gas stove, ample cabinetry, a large center island, and a breakfast bar. Adjacent to the kitchen is a spacious dining area that comfortably accommodates family meals and gatherings. The living room is designed for relaxation and socializing, with plenty of natural light streaming through large windows. 3 car garage & HUGE yard! tankless water heater!

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13138 N 173rd Lane Surprise, AZ 85388

$580,000

4 Beds

2.5 Baths

2,745 SqFt

Status Active

MLS # 6760540

Property Type Single Family Residence

Price Type --

This home combines modern luxury with everyday convenience, making it the perfect place to make your own. Located in a newly developed and highly sought-after neighborhood, this brand-new construction (2023) boasts both luxury and convenience. With 4 bedrooms, 2 bonus flex spaces, great room, chef's kitchen, and a large interior courtyard, this home offers the perfect blend of style and functionality for today's modern lifestyle. Chef's Kitchen: The heart of the home, featuring gourmet appliance package including double wall oven, gas cooktop, and drawer microwave, chic white cabinets with 42'' uppers, decorative tile backsplash, and an expansive island - ideal for culinary enthusiasts or entertaining. Large Great Room: Open and airy with plenty of natural light, perfect for family gatherings or relaxing after a long day. The 12' center-slide glass door provides direct access to the patio. Eat-In Kitchen: Spacious for hosting dinner parties, holiday feasts and gathering for family meals. Owner's Ensuite: Nestled at the back of the house and split from the other 3 bedrooms, your private retreat with a spa-like bathroom, oversized walk-in shower, double vanities, and a generous walk-in closet. 3 Additional Bedrooms: Spacious and thoughtfully designed with ample closet space. 2 Bonus Flex Spaces: Versatile areas that can be used as home offices, playrooms, or workout spaces. Large Interior Courtyard: A serene outdoor space for al fresco dining, lounging, or gardening. Across the Street from a Beautiful Park: Enjoy walking, playing, or relaxing in the lush greenery right outside your door. Minutes from Costco and Other Shopping and Dining: Convenience at your fingertips with easy access to a variety of stores, restaurants, and entertainment options. Don't miss your chance to own this gem in one of the most desirable new neighborhoods!

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6658 S St Andrews Court Gilbert, AZ 85298

$580,000

2 Beds

2.5 Baths

1,764 SqFt

Status Active

MLS # 6730222

Property Type Single Family Residence

Price Type --

This 2 bedroom 2.5 bathroom home is located right in the heart of Seville. On a corner lot in a quiet cul-de-sac you will find this gem that sits on the golf course right between the hole 9 tee box and the hole 8 green. The home has a large, beautiful kitchen with granite countertops and plenty of storage space. Gorgeous stone and wood accents are all throughout the home giving it that Arizona charm. There is a large master bedroom with a full bathroom and it is complete with a large walk-in closet. A full bar room/office is perfect to come relax on a hot day. As you step into your lovely backyard you are greeted with the sound of a calming rock fountain and the stunning golf course views. This home is impeccably well maintained and shows a real pride of ownership.

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3705 Ridgeview Terrace Wickenburg, AZ 85390

$580,000

2 Beds

2 Baths

1,554 SqFt

Status Active

MLS # 6754596

Property Type Single Family Residence

Price Type --

This perfect 2-bedroom, 2-bath home is ideal for two, offering 1,554 sq. ft. of thoughtfully designed living space. The open great room features stunning eastern mountain views and beautiful landscaping. Inside, you'll find upgraded cabinets with soft-close drawers, granite countertops throughout, under-mount sinks, and custom tile flooring with upgraded carpet in the bedrooms. Custom shutters adorn the bedrooms, while the living room boasts a custom entertainment center and shelving. Additional features include central vac, water filtration, a fully fenced yard with ample entertaining space and a custom water feature, all framed by open mountain views to the north and east. Paired with your resort lifestyle living, you've found your desert oasis!

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