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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3620 E Sumner Place Rimrock, AZ 86335

$475,000

3 Beds

2 Baths

1,716 SqFt

Status Active

MLS # 6672634

Property Type Single Family Residence

Price Type --

This stunning brand new 3 bedroom/2 bath home is in the pristine gated community of Beaver Creek Preserve in Rimrock AZ. Beautifully done Open floor plan with granite/quartz countertops, kitchen island, wood cabinetry and lots of storage and tile flooring. Private back Patio. Huge RV Storage! No RV? Then sky's the limit of what you can do with that space! Storage for your motorcycles, ATV's, Golf Carts! Turn it into a sports Room w/pool table, Ping-Pong, Man Cave, or add a platform for more storage, build a loft, Car lift.. really anything! Great private space between neighbor's min 20ft easements. Clubhouse offers pool tennis, Lounge area, BBQ for all you Friends and Family! Great location just off the freeway, Peaceful and Quiet! 20 min to Cottonwood, 25 min to Sedona, 1 hr to Flagstaff Lots of hiking trails, fishing and just beautiful scenery! ** Price reflects a 30K incentive reduction by using the builders preferred lender! **Come check it out! Make us an offer today and we can make it work!

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2323 E Harvard Street Phoenix, AZ 85006

$475,000

3 Beds

2 Baths

1,453 SqFt

Status Active

MLS # 6672801

Property Type Single Family Residence

Price Type --

Property eligible for a $10,000 grant as primary residence with FHA or Conventional loan. Plus a one point rate buy-down! Seller also willing to offer buyer concessions. Welcome to this cozy, completely remodeled, historical, yet modern home, in the Green Gables neighborhood! Huge open space designed for today's lifestyle. New roof, windows, AC, all updated in 2018. This home's location make it a true gem in the market. Centrally located in a well-established but constant developing neighborhood of the urban Avalon Subdivision - None HOA community that has a ton of character. Just a quick drive to Downtown Phoenix, Arcadia, Biltmore, Scottsdale, and Tempe. Easy access to the I-10, 202, and 51 freeways, makes this the ideal and perfect location for authentic inner city-life.

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21639 N Backus Drive Maricopa, AZ 85138

$475,000

3 Beds

2 Baths

1,919 SqFt

Status Active

MLS # 6673021

Property Type Single Family Residence

Price Type --

Gorgeous GOLF COURSE home with HEATED POOL and views of the 12th and 13th holes. Fabulous interior featuring custom floor tile with diamond inlay, and no carpet in the whole house. Upgraded kitchen cabinets, granite counters, kitchen island with breakfast bar, and high-end stainless appliances. Fantastic floorplan with high vaulted ceilings and large windows providing lots of natural light. 4 separate doors lead to the patio and the incredible backyard. The immaculate interior is matched by the meticulously maintained landscape in the front and back yards. There is a large area of pavers on the side of the house for additional parking. You'll enjoy entertaining with the built-in BBQ, soothing waterfall, and there is a deluxe misting system on the patio powered by a compressor.

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18712 W Georgia Avenue Litchfield Park, AZ 85340

$475,000

3 Beds

2.5 Baths

2,140 SqFt

Status Active

MLS # 6678570

Property Type Single Family Residence

Price Type --

Welcome to the beautiful community of Zanjero Trails, featuring real grass, parks and trees, top schools zoning, with easy access to the I-10 or 303. Close to Grocery, gas, dining, coffee shops and more. As you step inside, the spacious entryway with tray ceilings and Luxury Vinyl Plank Flooring are sure to impress. Enjoy the open concept living with grand living room, dining off kitchen where you'll love the massive 10' Island, custom tile backsplash, and quartz counters. A custom accent wall adds charm, while the nearby office with French doors offers a quiet workspace. The owner's suite boasts dual square sinks, a garden tub, and a large shower. Every bedroom includes a walk-in closet for ample storage and ceiling fans. Step out into your finished backyard, north facing for ample shade with an oversized covered patio, completed with custom turf and pavers, gazebo, firepit, mountain views and a 4' side gate creating extra space between your only neighbor as you are on the coveted corner lot. You'll love the 3-car tandem garage for all your toys, bikes and golf cart, plus overhear storage for seasonal items and luggage in between your worldly travels .

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1843 E Anchor Drive Gilbert, AZ 85234

$475,000

3 Beds

2 Baths

1,488 SqFt

Status Active

MLS # 6681758

Property Type Single Family Residence

Price Type --

Location! Location! Location! This very well taken care of one-owner home in the desirable Val Vista Lakes community boasts 3 bdrms, 2 bathrooms, plus a family room and a bonus room that can be used as an office, den, or pool table room! The open floor plan has a spacious kitchen with eating area plus a peninsula for barstool seating and a huge walk-in pantry! The mstr bdrm includes his and hers separate closets, dual vanities in the bathroom and a private toilet area, along with french doors out to the backyard! One guest bdrm also has a walk-in closet. The 2-car garage includes tons of storage cabinets. The backyard has a large grass play area and a large side yard to store all your toys! The extra-long driveway is also a huge plus. The amenities at Val Vista Lakes include 4 spacious... sports parks, meandering bicycle paths, and a luxurious clubhouse. The clubhouse features an eight-court championship tennis complex, indoor racquetball courts, cardio and weight training facilities, junior Olympic swimming pool and spa, banquet and meeting rooms, waterfalls and a tropical lagoon swimming pool with a sandy beach. A great place to call home!

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17416 N 20th Street Phoenix, AZ 85022

$475,000

3 Beds

2 Baths

1,140 SqFt

Status Active

MLS # 6686202

Property Type Single Family Residence

Price Type --

RARE OPPORTUNITY to own two homes on one lot. Main home is 1140 Sq ft 3 bedroom 2 bath and rear home is 790 sq ft 2 bedroom 1 bath. Both homes were completely renovated in 2016 with new kitchen cabinetry, granite counters, stainless appliances and new flooring throughout. Bathrooms also completely updated. 2 car tandem garage and lots of grassy areas. Both homes have new HVAC in 01/2024.

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380 E Hillside Drive Munds Park, AZ 86017

$475,000

3 Beds

2 Baths

1,470 SqFt

Status Active

MLS # 6683791

Property Type Single Family Residence

Price Type --

Beautiful and immaculate fully-furnished home in Munds Park. All you need are your personal items. Home has been very tastefully decorated by owners with forest/western motif, wowing every single person walking in. Very spacious corner lot feels much larger than it is with front grass for kids and pets (even a zip line!). Two large storage sheds have been built and installed in the property as well. Home has views to all directions from the front deck and inside kitchen, dining and living areas. Home has three bedrooms, two bathrooms, kitchen, living and dining areas, and also two additional living spaces: one currently used as a kids play area, and the other one for adults with a ping pong table and a bar. Vaulted ceilings in all living spaces.

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9603 E Rocky Lake Drive Sun Lakes, AZ 85248

$475,000

2 Beds

2 Baths

1,675 SqFt

Status Active

MLS # 6683806

Property Type Townhouse

Price Type --

As you enter this corner unit single-level townhome, you will be greeted by a spacious living and dining area with plantation shutters and stunning upper stained glass windows. This leads to your beautiful kitchen with granite counters, cabinets with pull out shelves, a generous size pantry, and a dining area in the kitchen. There are tile floors throughout with the exception of the master bedroom and master closet, which is carpeted. Large master bedroom has French doors and master bath has a walk-in shower and dual sinks. The laundry room has added cabinets for additional storage, and a sink for convenience. Outside, relax on your covered patio overlooking the greenbelt. Swimming, tennis, golf, a restaurant and club house are just some of your community amenities. A must see!

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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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10804 W Cottontail Lane Peoria, AZ 85383

$475,000

3 Beds

2 Baths

1,889 SqFt

Status Active

MLS # 6687334

Property Type Single Family Residence

Price Type --

Welcome home in the desirable Tierra Del Rio subdivision! This charming 3 bed, 2 bath residence boasts a den and a bonus room off the master bedroom, perfect for a home office or gym. Enjoy gatherings in the spacious eat-in kitchen with granite countertops, island and family room. Step outside to your private backyard featuring a covered patio, a built-in BBQ synthetic grass and cozy fire pit. With a 2-car garage and proximity to shopping, schools, TSMC factory, and freeway access, this home offers both functionality and convenience. Don't miss the chance to make this your forever home!

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8782 W Laurel Lane Peoria, AZ 85345

$475,000

3 Beds

2.5 Baths

2,037 SqFt

Status Active

MLS # 6683709

Property Type Single Family Residence

Price Type --

PRIDE OF OWNERSHIP! This well cared for home is a RARE FIND. Starting with ALL NEW WINDOWS AND DOORS, including four sliding doors and sunscreens. NEW AC UNIT, and CUSTOM MODERN BLINDS. Ceiling fans with lights in every room. CARPET FREE. Upstairs has a HUGE LOFT for a second living room/office/or 4th Bedroom. SPACIOUS Master Suite, OVERSIZED CLOSET, Bathroom with separate TUB/SHOWER and TWO SINKS. Backyard has a COVERED PATIO, with a remote PATIO SUN SHADE, mature landscaping and beautiful GREEN GRASS. More than 50k of improvements. SOLAR PANELS with utility bills averaging $29/month. Located in a great, quiet neighborhood with walking distance to Cheyenne Elementary and close 101 freeway access. This one is a TRUE GEM.

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12424 N 144th Drive Surprise, AZ 85379

$475,000

4 Beds

3 Baths

2,065 SqFt

Status Active

MLS # 6686349

Property Type Single Family Residence

Price Type --

Welcome to Marley Park.This beautiful home sits across the street from Portico Park, within walking distance of Willow Swim Park. Owner's Suite is near the back of the home and features flex space for a home office, gym, kids' playroom, you name it! Kitchen island is over-sized with comfort-height granite countertops, separate walk-in pantry and space to entertain. NEW INTERIOR AND EXTERIOR PAINT. Guest suite offers a private bath and walk-in closet. Come and play outside in the custom-landscaped yard with artificial turf and a pergola!

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