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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2755 E Tie Down Drive San Tan Valley, AZ 85140

$458,990

5 Beds

3 Baths

1,968 SqFt

Status Active

MLS # 6691396

Property Type Single Family Residence

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Welcome to Wales Ranch! San Tan Valley's newest master planned community. A wealth of amenities to enjoy. Homeowners will enjoy easy access to great local attractions and amenities, including shopping and dining at Queen Creek Marketplace, outdoor recreation at San Tan Regional Park, fresh produce at Schnepf Farms and popular sites such as Queen Creek Olive Mill. A copy of the public report is available on the Arizona Department of Real Estate's website.

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5487 S 251st Drive Buckeye, AZ 85326

$458,990

4 Beds

3 Baths

2,301 SqFt

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MLS # 6648977

Property Type Single Family Residence

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Welcome to The Residences at Copper Falls! April Move-In. Amazing split floor plan with mother-in-law suite, flex room, all four bedrooms are spacious, and adorned with designer upgrades. Flex room for office/formal dining/game room! Highlights include GE stainless steel appliances, granite countertops in the kitchen, a tiled kitchen backsplash, and 36'' white shaker cabinets with hardware. Additionally, the home boasts upgraded tile flooring, ceiling pre-wires in all bedrooms and the great room, a soft water loop, Smart Home, and more! Enjoy Copper Falls amenities, including a tot lot, Ramada, BBQ grills, bike rack, and a half basketball court.

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24704 N 170th Lane Surprise, AZ 85387

$458,990

5 Beds

3 Baths

1,939 SqFt

Status Active

MLS # 6689556

Property Type Single Family Residence

Price Type --

Below Market Financing Available!!!!!!!!! This single-story home features ample space for growing households. The owner's suite is situated toward the back of the home, complete with an en-suite bathroom and walk-in closet, while four secondary bedrooms provide ample space for household members, overnight guests or a home office. The Great Room, kitchen and dining room share an open floorplan with access to the covered patio through sliding glass doors. Photos are renderings of a model home, not the actual home.

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14042 N 92nd Avenue Peoria, AZ 85381

$458,900

3 Beds

2 Baths

2,038 SqFt

Status Active

MLS # 6685815

Property Type Single Family Residence

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Beautiful home with very little maintenance. Freshly Painted inside and out. New carpet. New kitchen sink and dishwasher and Microwave. The countertops in the Kitchen resurfaced. Inviting fireplace in the family room. Bonus room between two Bedrooms. Could be an office, or playroom. Basketball playcourt in the back. Beautiful fenced pool. Prime location, close to P83, and has amazing restaurants. Sports Facilities. Medical Facilities, and Great schools. Local to Westgate, State Farm Stadium, Spring training, Peoria Sports Complex. Arrowhead Shoping mall. Rio Vista Community Park along with hiking and bike paths. For fun in the sun, boating and water crafts Lake Pleasant is 10 miles away! Very Desirable and sought out Neighborhood. This home will go fast, dont miss out !

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