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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2425 W Bronco Butte Trail Phoenix, AZ 85085

$495,000

3 Beds

2 Baths

1,817 SqFt

Status Active

MLS # 6673092

Property Type Townhouse

Price Type --

This unit is located in a private and quiet - gated community in Sonoran Foothills, and is in a desirable location within the community.. A newer build - turn key - upper level / corner unit.. 2 car garage and many upgrades - Finished Laundry with sink and cabinets. Community has its own pool and workout room, plus access to all amenities of Sonoran Foothills - park, tennis, basketball, pool, tot lot, walking trails, volleyball, and much more.. This area of N. Phoenix is becoming more desirable by the minute.

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871 N Cheri Lynn Drive Chandler, AZ 85225

$495,000

3 Beds

2 Baths

1,835 SqFt

Status Active

MLS # 6673667

Property Type Single Family Residence

Price Type --

This home has been brought back to full potential, NEW everything from a licensed general contractor! Absolutely gorgeous and completely remodeled 3 bedroom, 2 bathroom home on a very desirable Chandler corner lot with NO HOA! As you enter the home, you will find all new tile floors, neutral paint throughout, upgraded lighting, and an open concept perfect for entertaining. The kitchen boasts white quartz countertops with a large island and breakfast bar, new white cabinetry, and is open to both the dining and living room, perfect to fit all friends and family! The large master suite has an en-suite with new dual vanity and walk-in WetWall shower. The other two bedrooms share a hall bathroom with upgraded vanity. Step outside to the backyard, and you can enjoy the low maintenance yard from the covered patio which is perfect for entertaining in this Arizona weather! Do not forget to check out the laundry room AND spacious garage for your storage needs. Additional upgrades include: new plumbing, new electrical, new roof, new flooring, new lighting, new cabinetry, new landscaping, new paint (interior and exterior), new HVAC and water heater. Schedule today!

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15586 W Whitton Avenue Goodyear, AZ 85395

$495,000

2 Beds

2 Baths

2,154 SqFt

Status Active

MLS # 6673835

Property Type Single Family Residence

Price Type --

Now here's a rare deal. For only $495K you get over 2100sq ft and on the golf course. However, the home needs updating, but at this price who cares. Located on the 5th hole of Eagles Nest, this home features 2 beds, 2 baths, office, formal living and dining, plus family room, kitchen and breakfast area. This plan allows you to take down the non load bearing walls in the living area to create your own open concept arrangement. The exterior has excellent curb appeal. Don't miss out.

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13175 N 148th Avenue Surprise, AZ 85379

$495,000

4 Beds

3 Baths

2,104 SqFt

Status Active

MLS # 6674260

Property Type Single Family Residence

Price Type --

Welcome to this modern living home nestled within the charming Marley Park community! This stunning home with an open floor plan boasts 4 bedrooms, 3 baths. Adorned with stainless steel appliances, granite counter tops, and 42'' cabinets with ample storage. A convenient guest room downstairs offers privacy and comfort. Upstairs you'll find large sized bedrooms and a large master retreat with full en suite that includes a tiled shower, dual sinks and a walk-in closet. Outside, enjoy the low-maintenance lifestyle with an oversized backyard featuring a putting green. This Marley Park community also boasts a beautiful Club House with a community pool!

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4697 N 204th Lane Buckeye, AZ 85396

$495,000

2 Beds

2 Baths

1,657 SqFt

Status Active

MLS # 6674327

Property Type Single Family Residence

Price Type --

MOVE RIGHT IN to this Kennedy on the corner! Situated in a quiet little niche of Victory, this Lennar floorplan is super popular - two bedrooms PLUS den, two baths, open kitchen/dining/great room. These original owners have maintained perfectly and upgraded - from custom metal screen security door to new lighting, ceiling fans, professionally painted throughout, epoxy garage floor, permanent heavy duty shelving & overhead storage in garage, professional landscape install extensive pavers in back & side yards. Ready to enjoy Victory living in a charming Victory neighborhood! FHA loan at 3.625 is Assumable!

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6632 E Fairbrook Circle Mesa, AZ 85205

$495,000

3 Beds

2 Baths

1,743 SqFt

Status Active

MLS # 6674396

Property Type Single Family Residence

Price Type --

Incredibly well-maintained home on the market for the first time in Brookfield East in Mesa! NO HOA in this amazing community but close to parks, beautiful common areas and a great school district! This home has vaulted ceilings, open floorplan and just had a new roof installed, tile floors throughout, a water heater and new HVAC system so all of the large ticket items are complete! Large fully fenced back yard with an RV gate, custom BBQ covered area, extra storage, covered back patio with views of the mountains!! Come see this one today!

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12628 W Denton Street Litchfield Park, AZ 85340

$495,000

3 Beds

2.5 Baths

2,288 SqFt

Status Active

MLS # 6675300

Property Type Single Family Residence

Price Type --

Stop the tape! You'll wanna lock this house away. Don't just stand there- operate on writing an offer as soon as possible! You do not want to miss out on this opportunity to own one of the prized jewels in the incredibly popular west valley neighborhood known as Wigwam Creek North! Just moments away from the loop 101 or 303! Like literally right smack in between. You've got the number of bedrooms you have to have, the spacious living room and with tall ceilings you love, the 3-car garage you need, & the backyard to make your friends envious! Just imagine those warm summer nights nestled by the fire in your backyard. Most importantly, there's 2 new Carrier AC units. As my Grandpa used to say, ''Carrier is the Cadillac of AC units'' Admit it, this is the home you have been waiting for. This is your moment. If you had one shot, or one opportunity to seize that one house that you've always ever wanted... would you capture it or just let it slip?

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16454 W Sandia Park Drive Surprise, AZ 85374

$495,000

2 Beds

2 Baths

1,870 SqFt

Status Active

MLS # 6675317

Property Type Single Family Residence

Price Type --

This PALO VERDE split floorplan with 2 bedrooms and a den, has been extended to include bay windows in the breakfast nook and primary bedroom. Before you enter this well-maintained home, you will be greeted with a beautifully designed courtyard with a seating area and lighting for enjoying the beautiful Arizona evenings. Inside, you will see an open living room and kitchen with stainless steel appliances and granite countertops. Your eyes will be drawn to the beautiful crown molding in the main areas. Ceiling fans in every room and 3 solar tubes have been added to allow more natural light in. Custom plantation shutters throughout, tile floors in all common areas with upgraded carpeting in the bedrooms. The expanded back patio is perfect for morning coffee or entertaining, featuring a built-in gas grill, shaded by an extended roof. There are several seating areas with a large motorized awning and ceiling fans to keep you cooler on those warm sunny days. On cooler evenings you can enjoy the hot tub and beautiful sunsets. There is a whole-home water filtration system and water softener. The gas hot water heater and HVAC were replaced in 2022. The garage has loads of built-in cabinets, providing ample space for storage, and a drive-up golf cart storage area. The Grand provides residents an active close-knit community with resort-style amenities that include four 18-hole golf courses, 3 restaurants, state of the art fitness center, day spa, 4 outdoor pools, indoor pool, card rooms, multi-purpose trails, tennis, pickleball & bocce courts, softball field, fishing lake, many social clubs & activities.

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3700 W Mesquite Avenue San Tan Valley, AZ 85144

$495,000

3 Beds

2 Baths

1,935 SqFt

Status Active

MLS # 6677096

Property Type Single Family Residence

Price Type --

Exceptional Home on an Exceptional Oversized Lot with a Sparkling Pool & Incredible Mountain Views - Built- In Natural Gas BBQ & Firepit. All the Options were Added to this Energy Star Home. Features Include An Extended Covered Patio, Cherry Wood Cabinets, Gas Stove, Pendant lights, 8' Interior Doors, 20'' Tile and Ceiling Fans Throughout. Wash on 2 sides and a Road in the Back Makes this Yard Very Private. Over Height and 4' Extended Garage. Vacant so Show Anytime.

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1815 E La Salle Road Phoenix, AZ 85086

$495,000

3 Beds

2 Baths

2,160 SqFt

Status Active

MLS # 6677692

Property Type Manufactured Home

Price Type --

Back on market, buyer unable to close. Seller May carry $150K for a short term, Call me for details. Stunning remodel nearly complete by a talented General Contractor. All new flooring, Kitchen, Baths, Appliances and more. Sparkling pool awaits your enjoyment. Just over an acre of land privileges with plenty of space for all your toys.The mountain views in this area are amazing. Priced below other near by homes for a quick sale. Home is currently on Hauled water.

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36990 N Aleutian Drive San Tan Valley, AZ 85143

$495,000

3 Beds

2 Baths

2,183 SqFt

Status Active

MLS # 6679966

Property Type Single Family Residence

Price Type --

An amAZing home for sale sitting on the border of San Tan Valley & Queen Creek only minutes from all new dining & shopping. This gated community has miles of walking trails throughout plentiful, lush open spaces along with 3 parks! This plan features 3 bedrooms (+office area off main bedroom),2 bath split floor plan. TWO outdoor living spaces: a courtyard & covered patio for your entertainment needs. The kitchen offers plenty of usable counters, & comes w/modern white shaker cabinets, quartz countertops & stainless steel appliances. & tile t/out all common areas! Smart home technology is included along w/14 seer 3 zone HVAC & energy saving features. Soft water loop! blinds! ceiling fans! & nicely landscaped backyard. Just had 1 yr inspection w/builder! Enjoy the AMAZING SUNSETS!

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2992 N Miller Road Scottsdale, AZ 85251

$495,000

2 Beds

2 Baths

1,268 SqFt

Status Active

MLS # 6680864

Property Type Townhouse

Price Type --

Highly upgraded 2 bedroom condo in sought after Bellagio complex. Close to shopping and old town Scottsdale. Newer appliances (2 years), new floors in bathroom and laundry, new vanities and fixtures in both bathrooms by Jacuzzi Co. Large laundry room with new cabinets, sink and flooring. New water softener, new garage cabinets in double garage. Furniture available under separate bill of sale.

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