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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4922 S Veneto Drive Mesa, AZ 85212

New

$475,000

4 Beds

2 Baths

1,638 SqFt

Status Active

MLS # 6706131

Property Type Single Family Residence

Price Type --

Come see this light and bright 1,638 sq ft home with 4 beds, 2 baths, and a spacious great room. Features include stone veneer, designer tile, high ceilings, and neutral tones throughout. The kitchen has a breakfast bar, mosaic backsplash, stainless appliances, and Corian counters. The primary suite includes a large walk-in closet and dual sinks. Enjoy a low-maintenance yard with a covered patio and mature trees. Community amenities include parks, paths, and mountain views. Low HOA.

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2847 E Granite Gardens Drive Prescott, AZ 86301

New

$475,000

4 Beds

3 Baths

2,089 SqFt

Status Active

MLS # 6706541

Property Type Single Family Residence

Price Type --

Tucked into the boulders of the historic Granite Dells. Close to hiking, biking and lakes. Living room with fireplace and spacious kitchen with island. Three bedrooms and two baths on upper living level and enjoy the boulder views. Recently refurbished 1 bed, 1 bath with a kitchenette mother-in-law suite or VRBO on lower level with private access and separate parking. Large deck surrounding the house to enjoy the peaceful surroundings. Two storage sheds.

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18727 N Desert Light Drive Surprise, AZ 85387

New

$475,000

2 Beds

2 Baths

1,518 SqFt

Status Active

MLS # 6706725

Property Type Single Family Residence

Price Type --

Welcome to The Grand, where luxury meets convenience in this stunning 2 bedroom, 2 bath plus den adult living community. Step into elegance as you enter this meticulously maintained home. The kitchen features granite countertops and equipped with pull-out shelves in the cabinets, ensuring effortless organization and accessibility. Say goodbye to carpet maintenance with wood plank flooring that flows seamlessly throughout. Designed for privacy and comfort, the split floor plan offers a serene retreat in the master suite, complete with an ensuite bathroom. Relax and unwind on the covered patio, perfect for enjoying morning coffee or entertaining. Don't miss the full wall cabinets in the garage, providing ample storage. Don't miss your chance to experience luxurious living!

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5231 E Red Bird Lane San Tan Valley, AZ 85140

$475,000

4 Beds

2.5 Baths

2,135 SqFt

Status Active

MLS # 6685418

Property Type Single Family Residence

Price Type --

Welcome to your dream home nestled just moments away from the vibrant heart of San Tan Valley. This exquisite custom residence radiates sophistication and meticulous craftsmanship, evident from the moment you set eyes on its captivating curb appeal. The front yard, ensconced within a charming fence and gated entry, sets the tone for the luxury that awaits within. Step inside to discover a modern oasis adorned with tasteful accents and premium finishes. The interior exudes elegance with its contemporary and neutral palette, complemented by sleek ceramic tile flooring that seamlessly flows throughout the home. As you enter the living room, your gaze is drawn upward to the enchanting tray ceiling, equipped with pre-wired surround sound, perfect for immersive entertainment experience The heart of the home, the spacious kitchen, beckons with its seamless integration into the living space. Custom kitchen cabinets, adorned with white quartz countertops, provide both functionality and style, while state-of-the-art Samsung appliances, including a refrigerator, dishwasher, microwave, washer, and dryer, elevate the culinary experience. Plantation shutters adorn every window, adding a touch of elegance and privacy to each space. Elevated ceilings grace the main living areas, soaring to 10 feet, enhancing the feeling of openness and grandeur. Retreat to the master en suite, where relaxation awaits in the luxurious soaking tub, surrounded by pristine white quartz countertops and custom mirrors. Outside, the delights continue with an RV gate and ample space for recreational vehicles and toys, ensuring endless outdoor adventures. A sprawling covered patio, adorned with cooling fans, invites al fresco dining and leisurely gatherings, while a meticulously crafted pavered area awaits your grill for memorable barbecue nights under the stars. With attention to detail evident at every turn, this stunning home offers a lifestyle of unparalleled luxury and comfort. Don't miss the opportunity to make this exquisite sanctuary your own.

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2583 W Bartlett Way San Tan Valley, AZ 85144

$475,000

3 Beds

2 Baths

1,803 SqFt

Status Active

MLS # 6703882

Property Type Single Family Residence

Price Type --

Single level 3 bed/2 bath home with a tandem 3 car garage and a pool?! Yes please! This adorable split floorplan home is light, bright and open with a great room, vaulted ceilings, plank tile floors, updated lighting and two-toned paint. You'll love the open kitchen with granite counters, stainless appliances and a pantry, plus the fridge stays! The primary suite has a large bathroom with separate tub/shower, dual sinks and a walk-in closet. Don't miss the large laundry room & 3 car tandem garage for great storage options! The low maintenance backyard includes artificial turf and a fantastic play pool installed in 2022! Exterior paint in 2021, HVAC system in 2018. This property is move-in ready!

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2021 N Pacey Road Phoenix, AZ 85037

$475,000

3 Beds

2 Baths

2,071 SqFt

Status Active

MLS # 6704261

Property Type Single Family Residence

Price Type --

Beautiful Home with Gorgeous Pool Ready for you! Enter Through a Beautiful Grand Rotunda Entry to a Home that Shows Like a Model. Entry leads to Flex Space that Can Be Used for Formal Living, Play/Study Room or Office Space. Upgrades Throughout the Home Include 20' Ceramic Tile, Stunning Granite Counters With Complementary Listello/Backsplash, Roll-Out Cabinets, Upgraded SS Appliances And Walk-In Pantry With Executive Chef Sink. Gas Beehive FP In Great Room & a Coffee Bar Just steps away. Expansive Primary Suite With Large Walk-In Closet. Garage With Built-In Cabinets A& Overhead Storage Racks. Professionally Landscaped Yard w/ Self Cleaning Pool and Rock Waterfall! Exterior Nicely Painted & Kool Deck Around Pool Refreshed. Close To Community Park, Medical Center, Shopping and ... Restaurants and Other Major Entertainment Venues. Easy Access to 101, I-10 % 202. Don't Miss the Opportunity to Own Your Own Beautiful Home at an Affordable Price!

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2508 W Preserve Way Phoenix, AZ 85085

$475,000

3 Beds

2 Baths

1,358 SqFt

Status Active

MLS # 6705262

Property Type Single Family Residence

Price Type --

LOCATION! LOCATION! LOCATION! Don't miss out on this beautiful, updated home in Carefree Crossing! Over $16,000 in upgrades in the last 2 years! Including BRAND NEW Exterior house paint, updated kitchen and a backyard oasis! This highly sought after North/South facing cul-de-sac single level home features a Great Room concept with a large Kitchen, Pantry & Breakfast Bar! Split floorplan with a spacious Primary Suite with a walk-in closet. Washer, Dryer, Refrig, Soft Water, RO Water System & NEST cameras INCLUDED! ..Your BACKYARD IS AN ENTERTAINERS DREAM! Updated pavers, mature landscaping, Synthetic grass & a Gazebo! CLOSE TO EVERYTHING! Sonoran Desert Preserve w/hiking/biking, Dining and Shopping are minutes from your doorstep. TSMC is a 10 minute or less commute!!! This one won't last!

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3302 E Helena Drive Phoenix, AZ 85032

New

$475,000

3 Beds

2 Baths

1,259 SqFt

Status Active

MLS # 6706992

Property Type Single Family Residence

Price Type --

This move in ready home was totally updated in 2020 is a 3 bedroom, 2 bath, home and is charming and ready for you. You will find freshly painted exterior, updated bathrooms, kitchen, plank flooring and an amazing backyard. Did I mention a new AC unit in 2022 with a full transferable warranty w/8 years left on it? Main bedroom even features sliding doors right out to your pebble-tec pool. The backyard oasis beckons you to enjoy the Arizona lifestyle be it entertaining outside or simply having your morning cup of coffee on the large paver patio. It's all easy to do in this home. Plenty of room for family and friends on this massive and amazing all paver patio, with a large extended patio roof, a cozy firepit, turf grass for easy maintenance and mature landscaping plus a new and decorative fence on the east side for enhanced privacy while relaxing in the pool,. You won't want to come back in! Sliding doors from the kitchen and dining area lead outside, and a handy exit door from the laundry room to the patio is great for changing out of wet swimwear. 2-car garage, extra storage above garage with a pull down ladder, NO HOA and all easy to maintain landscaping. This home makes an excellent starter home, a 2nd home, downsizer home or a rental. Please note items in semi private remarks that do not convey. Check out this truly move-in-ready home.

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4867 E Capistrano Avenue Phoenix, AZ 85044

New

$475,000

3 Beds

2 Baths

1,492 SqFt

Status Active

MLS # 6706923

Property Type Single Family Residence

Price Type --

Welcome to your oasis in the heart of Ahwatukee! This charming home at 4867 E. Capistrano Ave. offers not only a cozy interior but also a delightful outdoor escape featuring a sparkling pool, perfect for enjoying those sunny Arizona days. Nestled in a prime location, this property boasts convenience and comfort without the hassle of an HOA, allowing you the freedom to personalize and enjoy your space to the fullest. Step inside to discover a well-maintained interior showcasing 3 bedrooms and 2 bathrooms, providing ample space for relaxation and entertainment. The open-concept layout flows seamlessly from the living area to the kitchen, creating an inviting atmosphere for gatherings and everyday living. The outdoor space offers a refreshing pool and private patio to enjoy. Whether you're hosting weekend barbecues with friends or simply basking in the tranquility of your own private paradise, this backyard offers endless possibilities for enjoyment and relaxation. Don't miss out on the opportunity to make this gem your own.

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3906 E Jasper Drive Gilbert, AZ 85296

New

$475,000

3 Beds

2.5 Baths

1,816 SqFt

Status Active

MLS # 6707498

Property Type Single Family Residence

Price Type --

Welcome to 3906 E Jasper Dr in the sought after city of Gilbert, Arizona NEW ROOF, offers contemporary living with 3 bed, 2.5 bath, 1816 sqft, featuring a versatile loft space perfect for work or play. Entertain effortlessly in the wood-like tile open-concept living area and cook up a storm in the modern kitchen with granite counter tops, complete with stainless steel appliances, refrigerator included. Retreat to the primary suite boasting a spacious walk-in closet, spa-like bath with separate tub and walk-in-shower. New interior neutral paint. Large laundry room with storage space. Enjoy the artificial turf yard. Community offers a pool, playground, green belts. Highley School District. Shopping centers, top notch restaurants, Phx-Mesa Gateway Airport, 202 Freeway, ASU Polytechnic Campus

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906 E Saratoga Street Gilbert, AZ 85296

New

$475,000

3 Beds

2 Baths

1,393 SqFt

Status Active

MLS # 6707804

Property Type Single Family Residence

Price Type --

Come see this beautifully remodeled home in desirable Gilbert. Upgrades include Heat Pump in 2018 with 10 year warranty, 50 gal water heater in 2022 with additional 5 year warranty added. Luxury Plank throughout. Both baths completely redone with oversized tubs, Upgraded doors throughout includes new hardware. Interior paint throughout in 2022. The island kitchen is gorgeous and features shaker white cabinets with black hardware, subway tile backsplash, Quartz countertops. Stainless appl. and washer/dryer (2023)/fridge stay! Enter the rear yard with grassy play area and over sized patio with custom Alumalite patio cover, never needs maintenance/lifetime warranty! Home had fixtures/faucets/fans added, blinds replaced also. Fresh exterior paint! Come see this truly turn key home

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4852 N 73rd Street Scottsdale, AZ 85251

New

$475,000

2 Beds

1.5 Baths

1,075 SqFt

Status Active

MLS # 6707753

Property Type Townhouse

Price Type --

Very close to Old Town Scottsdale, this remodeled end-unit townhome features 2 bedrooms, 1.5 bathrooms, 2 carport spaces and a beautiful patio for entertaining and relaxing *Spacious living and dining areas feature light neutral paint colors *Dual pane windows throughout include two sets of sliding glass doors to patio *Brand New electrical panel in 2023 *Kitchen features amazing granite with waterfall feature, updated appliances, all white cabinets and nice window for more light *Main level also features convenient updated half bathroom and surprisingly large hall closet space *In-ceiling lighting, updated fans and fixtures throughout *The upper level features two good-sized bedrooms with plush carpet, fantastic closet organizer systems and large windows *Full hall bathroom with double sinks, granite counters, nice accent mirrors and beautifully tiled tub/shower with updated fixtures *Roof redone approx. 2019 *Private patio (larger than many others in the community) has blooming trellis flowers, barbecue space and laundry room with full sized washer/dryer *Pet friendly and rentals allowed *Community features sparkling pool and lush landscaping *HOA fee includes professional management, water, sewer and trash *Sarkis Manor is also very close to the Fashion Square Mall, Scottsdale's Waterfront, many dining options, golf venues, shopping venues, lakes, parks, galleries, cafes, Talking Stick Resort and so much more *See the amazing home today!

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