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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6631 E Jasmine Street Mesa, AZ 85205

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$549,900

3 Beds

2.5 Baths

1,858 SqFt

Status Active

MLS # 6787199

Property Type Single Family Residence

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Impeccably Remodeled Home with RV Gate, New Roof and No HOA! This stunning home offers modern updates, a spacious layout, and a prime location! Situated on a large lot with an RV gate, this property has been thoughtfully upgraded to provide both style and convenience. Step inside to find a welcoming interior featuring 3 generously sized bedrooms, 2.5 updated bathrooms, and a cozy family room complete with a charming fireplace. The kitchen and bathrooms have been fully remodeled with brand-new cabinetry, sleek quartz countertops, and elegant tile flooring. The primary ensuite is a true retreat, showcasing a beautifully tiled shower, ample storage, and private access to the backyard. Outdoors, enjoy the extended covered patio—perfect for entertaining or relaxing while overlooking your expansive backyard. Recent updates include a new roof (2024) and new A/C unit (2022) for added peace of mind. Conveniently located just minutes from the Loop 202, shopping, and dining, this home truly has it all!

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5117 N 81st Street Scottsdale, AZ 85250

New

$549,900

2 Beds

2 Baths

1,216 SqFt

Status Active

MLS # 6785248

Property Type Townhouse

Price Type --

Oasis by definition is a peaceful place in the desert or it can also be defined as 5117 N. 81st St. This designer remodeled, 2 bed/2 bath home with just over 1,200 sqft. is located in the best location in of all of Chateau De Vie and a heartbeat away from the popular attractions of Fashion Square and Old Town. This home boasts a luxury chefs kitchen highlighted by modern oak thin shaker cabinets, top tier quartz countertops with waterfall edges, and Stainless Steel Samsung Smart appliances. Luxury vinyl wood plank flooring and Berber carpet accentuate the space. Baths have been tastefully done. Take in many beautiful sunsets while relaxing on your covered patio. New dual pane windows, roof, water heater, and newer AC. Airbnb/STR approved. Don't miss out on this one of a kind property!

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13608 W Remuda Drive Peoria, AZ 85383

$549,900

3 Beds

3 Baths

2,258 SqFt

Status Active

MLS # 6781006

Property Type Single Family Residence

Price Type --

The price includes $20,000 for a rate buy-down and closing costs. This beautiful, move-in-ready home features a spacious great room that opens to a covered patio. The outdoor area boasts a heated pebble tech and travertine pool with a waterfall and jets, surrounded by palm and citrus trees. Inside, you'll find three generously sized bedrooms, each with its own full bathroom, along with a spacious dining room and plenty of storage. The main bedroom provides ample space for a sitting area or personal office, as well as a large walk-in closet and a super shower. The kitchen features granite countertops and white shaker cabinets, while plank tile flooring extends through high-traffic areas. An RV gate and a tandem four-car garage enhance the home's functionality.

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20391 N 53rd Avenue Glendale, AZ 85308

$549,900

3 Beds

2 Baths

1,589 SqFt

Status Active

MLS # 6779897

Property Type Single Family Residence

Price Type --

Welcome to your oasis nestled in the highly desirable Arrowhead Lakes! This stunning 3-bedroom, 2-bath home with a pool is situated on a premium corner lot. The vaulted ceilings create an airy atmosphere with tile and wood floors throughout the home. The kitchen features granite countertops, a nice size island, tile backsplash and stainless-steel appliances. Spacious primary en-suite has a walk-in closet, dual sinks, separate shower & roman style tub. Perfect for entertaining, the backyard features a beautiful pool with a new pool pump, a waterfall feature and a mountain view! Newer Roof & HVAC, two high-cost updates have been done! This sought after neighborhood is close to everything! Enjoy walks day or night, hiking trails nearby. Don't miss this one, move in before the holidays!

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