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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2434 E Cathedral Rock Drive Phoenix, AZ 85048

Open House

$525,000

4 Beds

2 Baths

1,817 SqFt

Status Active

MLS # 6718621

Property Type Single Family Residence

Price Type --

Prime Ahwatukee Location in Mountain Park Ranch. Single level 4 bed 2 bath home w/ a 2 car garage. Walking distance to the community pool. Tile & wood laminate flooring throughout. Separate living & dining room. Vaulted ceilings. Newer HVAC system. Kitchen is open to the family room & includes maple cabinets, island & track lighting above. Plantation shutters. Primary suite is over-sized & includes a walk-in closet & primary bathroom has a separate tub & shower. French doors that open to the back yard w/ beautiful mountain views & fruit trees. Walking distance to A+ school & parks.

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9186 W Clara Lane Peoria, AZ 85382

Open House

$525,000

3 Beds

2 Baths

2,173 SqFt

Status Active

MLS # 6724146

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this stunning property featuring a cozy fireplace, natural color palette, and a center island in the kitchen. New stone countertops. The spacious primary bedroom boasts a walk-in closet. The primary bathroom is complete with a separate tub and shower, double sinks, and good under sink storage. Step outside to enjoy the fenced backyard with a private in-ground pool and covered sitting area. Fresh interior paint and partial flooring replacement in some areas make this home truly turn-key. Great location in North Peoria. Close to the shopping and restaurants. Don't miss out on this amazing opportunity to own your dream home!

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713 W 19th Street Tempe, AZ 85281

Open House

$525,000

4 Beds

2 Baths

1,563 SqFt

Status Active

MLS # 6751384

Property Type Single Family Residence

Price Type --

From the moment you approach the inviting green door, you'll know this is the one. Step inside to discover a spacious family room with wood-like tile flooring that flows seamlessly through all the main living areas. The kitchen is truly a showstopper, featuring an oversized island with ample storage, new stainless steel appliances, and elegant quartz countertops. Every detail of this home has been thoughtfully reimagined, creating a perfect blend of modern style and comfort. Unwind in the expansive primary bedroom, complete with a stunning, spa-like bathroom that's been fully remodeled for your relaxation. The utility room offers the convenience of a brand-new washer and dryer. This home is perfectly situated near all that Tempe has to offer, ASU, restaurants, Gammage & entertainment.

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10129 E Sphere Avenue Mesa, AZ 85212

Open House

$525,000

3 Beds

2 Baths

1,759 SqFt

Status Active

MLS # 6753217

Property Type Single Family Residence

Price Type --

Welcome to the desirable Eastmark Community! Discover an enchanting 3-bed, 2-bath home with a 2-car garage and a cozy front porch! Inviting hallway ushers into the immaculate open floor plan enhanced with tall ceilings, stylish light fixtures, neutral paint tones, wood-style flooring, and multi-sliders to the back patio. Spotless kitchen is outfitted with black appliances,quartz counters, a subway tile backsplash, white shaker cabinetry ,pantry and an island with a breakfast bar. Beautiful primary bedroom with updated bathroom, barn door, and a walk-in closet. Elegant outdoors with an entertainer's backyard -covered patio, pavers, artificial turf, fire pit, and a hot tub. Permanent, holiday lighting and home water filtration/softener system, ADT, New washer/ dryer included. Owner/agent

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21759 N Daniel Drive Maricopa, AZ 85138

$524,999

5 Beds

4 Baths

3,035 SqFt

Status Active

MLS # 6755406

Property Type Single Family Residence

Price Type --

Welcome to the great city of Maricopa. This stunning 2023-built two-story home, offering over 3,000 square feet of modern living space. This energy-efficient home features a solar system and a gas tankless hot water heater. With 5 spacious bedrooms, including an in-law suite, and 3.5 beautifully designed bathrooms, there's plenty of room for family and guests. The gourmet kitchen is a chef's dream, complete with dark brown cabinets, granite countertops, and a large kitchen island, perfect for entertaining. A custom-built wine bar and mini refrigerator area add a touch of luxury and sophistication to the space. Don't miss this incredible opportunity to own a contemporary, energy-efficient home with premium features! Thank you for your time.

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43 N Dewey Drive Gilbert, AZ 85234

New

$524,999

3 Beds

2 Baths

2,031 SqFt

Status Active

MLS # 6759139

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This beautifully appointed 3-bedroom, 2-bathroom residence is nestled in the heart of the highly sought-after Gilbert area, offering both comfort and convenience. Step inside to discover a bright and airy open floor plan, featuring a spacious living room that seamlessly flows into a modern kitchen equipped with stainless steel appliances and ample counter space—perfect for family gatherings or entertaining friends. Located just minutes from local parks, top-rated schools, and the premiere vibrant shopping district of Downtown Gilbert, this home offers the perfect blend of suburban tranquility and urban accessibility. Don't miss the chance to make this charming property your own!

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87 S 195th Lane Buckeye, AZ 85326

New

$524,999

5 Beds

3 Baths

2,913 SqFt

Status Active

MLS # 6755864

Property Type Single Family Residence

Price Type --

Welcome to this stunning 2-story gem, adorned with charming stone accents, invites you in with its warm and welcoming atmosphere. Step inside to discover an energy-efficient haven, where gorgeous wood-look floors and soft recessed lighting create the perfect ambiance for relaxation and gatherings. The open-concept living and dining areas offer plenty of space for entertaining, while the great room flows seamlessly into a gourmet kitchen that's sure to inspire your inner chef. With sleek granite countertops, stainless steel appliances, ample cabinetry and a spacious island with a breakfast bar, this kitchen is both stylish and functional. Upstairs, retreat to the tranquil main bedroom, where you'll find a calming color palette, dual sinks in the ensuite, and a large walk-in closet, offering a private escape at the end of the day. The versatile loft is perfect for a media room, home office, or a cozy reading nook. Step outside to your private oasis - the spacious backyard features a covered patio, a lovely paver seating area, and a peaceful spot to relax under clear blue skies. Whether hosting friends or enjoying quiet moments, this space is ideal for making memories. This home is move-in ready and waiting for you! Don't let this opportunity slip away - come experience it for yourself!

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18926 W Desert Hills Drive Surprise, AZ 85388

$524,999

4 Beds

3 Baths

2,586 SqFt

Status Active

MLS # 6743914

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the sought-after Zanjero Trails community! This beautiful 4-bedroom, 3-bathroom residence boasts an open-concept layout that seamlessly blends natural light with spacious, modern design. Features include: Open Concept Living: Enjoy a fluid, open floor plan perfect for entertaining and daily living. Natural Light: Large windows fill the home with abundant natural light, creating a warm and inviting atmosphere. Kitchen equipped with elegant granite countertops, sleek white cabinets, and stainless steel appliances, this kitchen is both functional and stylish. Luxurious Interiors: Plush carpet adds a touch of comfort, while generously sized rooms offer ample space for relaxation and personalization. Outdoor Oasis: Step outside to a private patio with a charming charming gazebo, ideal for outdoor gatherings. The artificial grass provides a low-maintenance, lush green space that's perfect year-round. Privacy: Enjoy the seclusion provided by privacy trees, ensuring a peaceful retreat from the hustle and bustle. This home combines contemporary elegance with practical comforts, making it an exceptional place to call your own. Don't miss the opportunity to experience the best of Zanjero Trails living!

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24835 N 143rd Lane Surprise, AZ 85387

$524,999

4 Beds

3 Baths

2,199 SqFt

Status Active

MLS # 6734868

Property Type Single Family Residence

Price Type --

What's hotter than a sweltering summer in the Sonoran Desert? How about a 2.5% interest rate on a sexy single-level, highly upgraded move-in ready home at 24835 N 143rd Lane in Surprise, Arizona. Yes, you read that right. The long list of features and upgrades is impressive for anyone looking for a stylish, convenient, and most importantly, affordable lifestyle. Step inside this ''better than new'' home and cool off in your energy efficient, light and bright, open floor plan, where entertaining and gathering with loved ones becomes effortless. Durable ceramic plank tile in all the right places keeps walkways in tiptop shape year-round. Inevitability, everyone gathers in the kitchen. Here, the kitchen is the heart of the home where you'll find a gorgeous waterfall kitchen island, upgrade quartz countertops, and modern tile flooring which perfectly blends style and practicality. A few more of the details you'll find within include a water softener, reverse osmosis system, and smart home features like a smart washer/dryer and WIFI-enabled thermostat that add an extra level of comfort and efficiency to everyday living. Strategically placed dimmer lights in key areas such as the kitchen, master bedroom, and master bathroom create a cozy atmosphere for relaxation and entertainment. Plus, the upgraded bedroom carpeting and elevated kitchen cabinets with soft pull drawers enhance comfort and storage solutions throughout the house. Looking outside your ever so large windows bringing in all the natural light you'll find low water use landscaping with synthetic grass, and pavers lining this ease of maintenance backyard where you can spend more time relaxing and doing whatever it is you enjoy most without worry of excessive water bills or landscape cleanup service. Please see additional remarks for a complete list of improvements.

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21071 E Poco Calle -- Queen Creek, AZ 85142

$524,999

3 Beds

2 Baths

1,641 SqFt

Status Active Under Contract

MLS # 6719172

Property Type Single Family Residence

Price Type --

Step into this exquisite home, complete with an impressive open concept living area. The kitchen offers quartz countertops and stainless steel appliances. Fridge with ice maker and water dispenser is included. Living room offers a built in electric fireplace and entertainment center, included is an 85'' TV! Enjoy the backyard, which offers low-maintenance and pet-friendly turf, covered patio, stylish pavers, and unparalleled views that opens up to a beautiful greenway and desert scape. The home offers a 2-Car Garage equipped with an EV charging station and plenty of room for storage. Throughout the home are luxury plank tile in common areas, Moroccan hexagon tile in bathrooms and laundry, and plush carpet in bedrooms. This home is located in the desirable Hastings Farms community brimming with 17 parks, soccer fields, volleyball courts, walking trails, community activities, and more! Come feel the perfect blend of comfort and convenience in this home. Discover the lifestyle you've been dreaming of - book your tour today!

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5464 W Las Palmaritas Drive Glendale, AZ 85302

New

$524,995

4 Beds

2 Baths

1,840 SqFt

Status Active

MLS # 6759603

Property Type Single Family Residence

Price Type --

Everything's just where you need it in this dynamic single-story floor plan. An inviting kitchen with a walk-in pantry and generous island flows into a charming dining room—and beyond that, the great room. A sliding-glass door provides easy access to a relaxing covered patio. A central laundry and convenient mudroom are also included. The luxurious primary bedroom features a generous attached bathroom. The community standard is going to be 9 feet ceilings, soft water loop, pavers, garage service door and garage door opener. You'll appreciate the beautiful finishes selected by our design team!

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17987 W Long Lake Road Goodyear, AZ 85338

$524,995

4 Beds

3 Baths

2,212 SqFt

Status Active

MLS # 6728297

Property Type Single Family Residence

Price Type --

The oversized kitchen island is the perfect centerpiece for entertaining. Upgraded trim in the dining room creates an elegant space for entertaining guests. Closets throughout the home make for abundant storage space. Gorgeous designer finishes highlight every room in this home.

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