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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14163 W Georgia Drive Surprise, AZ 85379

$465,000

4 Beds

2.5 Baths

2,337 SqFt

Status Active

MLS # 6693397

Property Type Single Family Residence

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Absolutely Beautiful 4 Bedroom + Loft, 2.5 Bathroom, Two Story Home Located On Premium Lot Bordering Common Area, Built in 2020, Upgraded Kitchen w/Custom Cabinets, Granite Countertops, Gas Range, Stainless Steel Appliances, Kitchen Island w/Breakfast Bar, Dining Room, Spacious Greatroom, Upstairs Master Bathroom w/Walk-In Closet, Master Bathroom w/Dual Sinks & Separate Tub & Shower, Extra Large Loft Upstairs, Covered Backyard Patio, 2 Car Garage, Come Check It Out!

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8410 E Chaparral Road Scottsdale, AZ 85250

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$465,000

4 Beds

2 Baths

1,676 SqFt

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MLS # 6651453

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Spacious four bedroom townhouse in Scottsdale just minutes to the Scottsdale Greenbelt multi-use path, Chaparral Dog Park, multiple City parks, restaurants, shopping, nightlife, and entertainment. Quick, easy access to the 101 freeway. This is a unique tri-level split floor plan. Two bedrooms upstairs with a full bath and two bedrooms downstairs with 3/4 bath. Main floor has an open kitchen, dining room, and sunken living room. Kitchen has granite countertop installed in 2023 and stainless steel appliances purchased in January 2024. Private back patio with storage space/laundry area. Covered carport parking for two along with guest parking throughout the community. Property features a pool and clubhouse. HOA maintains all public areas and landscaping. Listing agent is related to seller.

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2401 E Rio Salado Parkway Tempe, AZ 85288

Open House

$465,000

3 Beds

2.5 Baths

1,380 SqFt

Status Active

MLS # 6652290

Property Type Townhouse

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Resort style gated community! The Location can't be Beat! Walking distance to the Cubs Sloan Park Stadium. Right off of 101 & 202 FWY, ASU, Bus stops, Airport, Tempe Market Place! Popular 3 Bed & Den 2.5 Bath floorplan with a large open living area adjoining a full kitchen with island. Downstairs is the living area, spacious downstairs den/bonus room/large home office (at 126 SF!), Kitchen & breakfast area overlooking a private covered patio & backyard. Upstairs is master bedroom & master bath, laundry & 2 additional bedrooms with another bath. Two car garage and lots of additional guest parking in this beautifully maintained complex! 2 Pools and lots of area to walk your dog! Move in ready! Hurry! 3 bedroom unit sure to go quickly

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14548 W Poinsettia Drive Surprise, AZ 85379

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$465,000

3 Beds

2.5 Baths

2,291 SqFt

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MLS # 6677396

Property Type Single Family Residence

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This designer home in the gated Copper Canyon community has no neighbors behind, offering park views. It features a gourmet kitchen with granite countertops, stainless appliances, and a large island that opens to a family room with a gas fireplace and screened-in patio. The home includes three bedrooms; the master suite has wood laminate flooring, a custom closet, and a luxurious bath. Additional amenities include a laundry room, office space, and a two-car garage with storage. Conveniently located near shopping and highways, this home combines comfort with convenience. Discover this charming home overlooking a community park, with a low-maintenance yard and two-car garage. Inside, enjoy a functional layout with three bedrooms, 2.5 bathrooms, a well-equipped kitchen, and a screened patio. perfect for Arizona's climate. The backyard features a paved seating area and view fence, ideal for relaxation and entertainment.

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