What’s Ahead For Mortgage Rates This Week – February 6, 2017

Last week’s economic news included several good signs for U.S. Labor Markets with higher than expected readings for private and public sector job creation. The Federal Reserve announced its decision not to raise the target federal funds range, and inflation rose. Mortgage rates held steady and pending home sales rose.

Private and Public Sector Jobs Post Unexpected Gains

ADP, which tracks private-sector job growth, showed a gain of 246,000 jobs in January against expectations of 168,000 new jobs and December’s reading of 151,000 private sector jobs created. Analysts said 208,000 of jobs added were service-related jobs. January’s Non-Farm Payrolls, which is issued by the Labor Department and includes private and public sector jobs, also posted higher than expected job gains with 227,000 new jobs in January as compared to 197,000 new jobs expected and December’s reading of 157,000 new jobs. Retail, construction, financial and restaurant industries led job growth. The jump in construction hiring could indicate that home builders will expand construction in an effort to ease short inventories of homes for sale.

The national unemployment rate rose to 4.70 percent in January and matched analysts’ expectations based on December’s reading of 4.60 percent. New jobless claims were lower than expected with a reading of 246,000 new claims against expectations of 254,000 new claims and the prior week’s reading of 260,000 initial jobless claims.

Mortgage Rates Little Changed; Pending Home Sales Up

Freddie Mac reported little change in mortgage rates last week. Interest rates for 30-year fixed rate mortgages averaged 4.19 percent and were unchanged from the prior week. Rates for 15-year fixed rate mortgages rose by one basis point to 3.41 percent and the average rate for a 5/1 adjustable rate mortgage rose three basis points to 3.23 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

In related news, the Federal Reserve’s Federal Open Market Committee decided not to rate the Fed’s target rate that is currently 0.50 to 0.75 percent. Fed benchmarks for the economy include an unemployment rate of 5.00 percent or lower, but the annual growth inflation benchmark of 2.00 percent has not been met. January’s inflation rate rose by 0.10 percent above December’s reading of 0.0 percent.

Pending home sales increased in January with an increase of 1.60 percent; this exceeded December’s negative reading of -2.50 percent in December. Analysts said that the growth in pending home sales, which represents sales under contract that have not closed, reflects ongoing high demand for homes. Pending sales also suggest future volume for completed sales and mortgages.

Consumer confidence lagged in January to an index reading of 111.80 as compared to an expected reading of 112.90 and December’s reading of 113.30. December’s reading was the highest in 15 years. Analysts cited post-election uncertainty as contributing to consumer concerns.

What‘s Ahead

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

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20255 W Badgett Lane Litchfield Park, AZ 85340

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$452,180

4 Beds

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2,049 SqFt

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MLS # 6691420

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Explore Meritage at Canyon Views, Litchfield Park's newest master-planned community, offering modern living and energy efficiency. This gem is the Jubilee by Meritage Homes, a brand-new home, that is move-in ready with all the upgrades! Its spacious layout includes a flex/teen room and features four bedrooms, three full bathrooms, 8'ft gate, gas range, alongside a large great room and dining space for entertaining. Kids will love the included flex space for play. Canyon views has easy access to the I-10 and Loop 303. Community amenities include sports courts, walking trails, playgrounds, and ramadas. Our homes feature innovative, energy-efficient designs for lower utility bills. Also includes refrigerator, washer, dryer and blinds. Experience quality living at Canyon Views—visit today!

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Yuma Prooving Guard AZ 85365

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2 Beds

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1,850 SqFt

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MLS # 6660415

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20222 W Badgett Lane Litchfield Park, AZ 85340

$451,990

4 Beds

3 Baths

2,049 SqFt

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MLS # 6669046

Property Type Single Family Residence

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Brand NEW energy-efficient home ready NOW! Large great room and dining space. The kids can create their own play space in the included flex space. White cabinets with white granite countertops, and greyish brown carpet in our Distinct package. The Jubilee plan is a showstopper in Litchfield Park Arizona offers a single level home with 4 bedrooms (including a guest suite), 3 bathrooms, and a 2-car garage. Beautiful bright white cabinets with Bengal white granite, and light grey tile floors in all the right places. Last chance to own at Canyon Views in Litchfield Park. Your family will love the amenities including sports courts, walking trails, playgrounds and ramadas. Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings.

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24077 W Hidalgo Avenue Buckeye, AZ 85326

$451,990

4 Beds

3 Baths

2,219 SqFt

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MLS # 6680561

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Corner Lot - Move in Ready by June 2024 . This single-story home provides so much with 4 bedrooms, 3 full baths, a 2.5 car garage, and additional spacious guest retreat for Mom. The outside of the home is a warm exterior with a desert landscape. The kitchen offers a nice size Island with quartz countertops paired with Calming White Mosaic backsplash and a walk-in pantry that overlooks into the dinning and living area making it great for hosting and entertaining. The primary suite has a spacious walk-in closet, double sinks, large walk-in shower, and an additional linen closet for extra storage. The primary suite also sits in the back of the home, so it provides nice privacy in an otherwise open concept home. The 8ft sliding glass door in the great room leads to a large covered patio where you can sit and enjoy a nice cup of coffee or wine with family or friends. Located right off I-10. Great location close to dining, freeways, parks, and entertainment.

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