What’s Ahead For Mortgage Rates This Week – January 17, 2017

Last week’s economic reports included readings on job openings, retail sales and consumer sentiment in addition to weekly reports on new jobless claims and Freddie Mac’s survey of mortgage rates.

Job Openings Hold Steady in November; Quits and Hires Increase

According to the Labor Department, job openings held steady with a reading of 5.50 million openings in November, which matched October’s reading. Hires and quits showed more activity, which analysts deemed a healthy sign for the economy. Workers typically hold on to their current jobs in times of economic uncertainty, while they may be more comfortable with changing jobs in a strong economy. Increased “churn” in terms of quits and hires suggests that workers are gaining confidence in economic conditions and are more willing to change jobs. There were 1.3 unemployed workers for each job opening, which was lower than October’s reading of 1.4 unemployed workers for each job opening.

Retail Sales Higher in December

Retail sales grew by 0.60 percent in December, although analysts had expected o.80 percent growth. November’s reading showed 0.20 percent growth. Retail sales not including the automotive sector grew by 0.20 percent. Analysts had expected a reading of 0.50 percent based on November’s reading of 0.30 percent growth. Year-end promotions and incentives offered by auto dealers likely contributed to December’s increase in retail sales.

Mortgage Rates, Jobless Claims Fall

Freddie Mac reported lower mortgage rates last week; the average rate for a 30-year fixed rate mortgage fell by eight basis points to 4.12 percent. 15-year fixed mortgage rates averaged seven basis points lower at 3.37 percent. Rates for 5/1 adjustable rate mortgages were 10 basis points lower at an average of 3.23 percent. Discount points averaged   0.50 percent for all three mortgage types.

New jobless claims were lower than expected last week with a reading of 247,000 new jobless claims. 258,000 new claims were expected based on the prior week’s reading of 237,000 new claims filed. New jobless claims were lower than 300,000 new claims for the 97^th consecutive week. The rise in new claims last week was attributed to delays in filing for benefits between Christmas and New Year holidays.

Consumer sentiment dipped in January to an index reading of 98.1 as compared to December’s reading of 98.2 and the expected reading of 98.8.

What‘s Ahead

This week’s scheduled economic releases include the National Association of Home Builders Housing Market Index. Commerce Department readings on housing starts and building permits will be released. Consumer Price Index readings are scheduled along with weekly reports on mortgage rates and new jobless claims.

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22601 W Mohawk Lane Surprise, AZ 85387

$461,410

4 Beds

3 Baths

2,284 SqFt

Status Active

MLS # 6693500

Property Type Single Family Residence

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Introducing the latest addition to Surprise, is Frontera in Mesquite Mountain Ranch. Available now is this new detached single-level home, situated on a corner next to a park, this charming one-story residence features four bedrooms, two and a half bathrooms, and a two-car garage. Boasting front yard landscaping, granite countertops, a generously sized kitchen island with a single bowl sink, tile flooring, stainless steel appliances, and a gas range, this home is designed for modern living. It also comes equipped with a smart home package, a gas tankless hot water heater, and Deako smart light switches for added convenience. Residents of Frontera, will have access to an array of community amenities, including hiking and biking trails, pickleball and basketball courts and play areas.

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1266 W Sparrow Drive Queen Creek, AZ 85140

$461,173

3 Beds

2.5 Baths

1,967 SqFt

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MLS # 6681587

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North Creek Community will have you feel like your on vacation all year long. Community amenities include a resort style pool, 2 pickle ball courts, full court basketball, bocce ball, corn hole, fire pits, grilling area, tot lot, walking trails and so much more!! This 3 bedroom 2.5 bath home is great to entertain family and friends. Updgrade features include upgraded white knight granite, gas range, Matt black fixtures, upgraded flooring. Hurry this home is beautiful.

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19625 W Cambridge Avenue Buckeye, AZ 85396

$460,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6676007

Property Type Single Family Residence

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Explore this exciting Slate home, ready for quick move-in! Included features: a covered entry; an inviting kitchen boasting 42'' upper cabinets, quartz countertops, stainless-steel appliances and a center island; a relaxing great room and adjacent nook; an inspired primary suite showcasing a large walk-in closet and a private bath with double sinks; two secondary bedrooms with a shared bath; a central laundry; a fourth bedroom with an attached bath; a charming covered patio and a 2-car garage. This home also offers 7'' x 22'' stone tile flooring, cultured marble bath countertops, additional windows and ceiling fan prewiring in select rooms, coach lights, front yard landscaping and concrete pavers at the driveway and walkway.

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41108 W Haley Drive Maricopa, AZ 85138

$460,990

4 Beds

3 Baths

2,142 SqFt

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MLS # 6632233

Property Type Single Family Residence

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READY FOR MOVE-IN... This home has 4 bedrooms with a flex space to be used as den or a formal space. We added a shower in the powder room for a total of 3 full baths. Large walk in shower at owner's bath with dual vanity sinks. Stainless steel gas range. Benton ''White'' Birch cabinets throughout the home with 42'' kitchen uppers and roll outs at pantry. AZT Della Terra Quartz countertops in the owner's bath and at the kitchen and on the enhanced kitchen island. Tile backsplash in the kitchen has Colorwheel 4x16 tile. Upgrade flooring includes level 9 carpet in bedrooms/closets and the remaining of the home has DT Cannes Masso 18x18 tile in the great room, kitchen, entry, halls, bathrooms and laundry and so much more.

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