What’s Ahead For Mortgage Rates This Week – January 9, 2017

2017 started with good news; fixed mortgage rates were lower, but the national unemployment rate ticked upward and labor reports showed fewer openings for public and private sector jobs. Construction spending was higher in November.

Mortgage Rates Lower; Construction Spending Higher

Freddie Mac reported lower average rates for fixed rate mortgages as the average rate for a 5/1 adjustable rate mortgage crept up. The average rate for a 30-year fixed rate mortgage dropped by 12 basis points to 4.20 percent; The average rate for a 15-year mortgage fell 11 basis points to 3.44 percent while the average rate for a 5/1 adjustable rate mortgage gained three basis points to 3.33 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

Construction spending was higher in November according to the Commerce Department and reached the highest level since April 2006. The November reading was 0.90 percent higher as compared to an expected reading of 0.60 percent and October’s original reading of 0.50 percent, which was revised to 0.60 percent. Lower mortgage rates coupled with more construction could help ease low inventories of available homes and provide relief to first-time and moderate-income home buyers who’ve been challenged by rapidly rising home prices and mortgage rates.

Fewer New Jobless Claims: Unemployment Rate Rises

The government’s Non-Farm Payrolls report for December showed lower job openings for government and private sector employers with a reading of 156,000 jobs added against the expected reading of 180,000 job openings and November’s reading of 204,000 job openings.

ADP reported similar results for its December reading on private sector jobs; 153,000 jobs were created against November’s reading of 215,000 jobs created. Analysts said that hiring is increasing, but not as fast as in prior months. On average, 174,000 private-sector jobs were created monthly in 2016 as compared to a monthly average of 209,000 private sector jobs created in 2015.

Weekly jobless claims were lower last week with 235,000 new claims filed; 260,000 new claims were expected based on 263,000 new claims filed the previous week.

December’s national unemployment rate rose to 4.70 percent from 4.60 percent in November. Analysts said that the uptick was likely fueled by employers deleting former workers from their payrolls at year-end.

What‘s Ahead

This week’s scheduled economic reports include readings on job openings, consumer sentiment and weekly readings on new jobless claims and mortgage rates.

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6521 S 43rd Drive Laveen, AZ 85339

$462,500

3 Beds

3 Baths

2,169 SqFt

Status Active

MLS # 6676880

Property Type Single Family Residence

Price Type --

Sharp FORMER MODEL 3BR/3BA plus den shows beautifully. Lots of upgrades including spacious island kitchen overlooking family room, complete with upgraded cherry cabinets, granite, and stainless steel appliances. Upstairs features Primary bedroom, guest room with en-suite bath, and open den/loft area with built-in cabinets/desk. One full bedroom/bath downstairs as well. Upgraded plank-style wood flooring, custom window coverings, upgraded bay windows in dining & kitchen complete the interior of this wonderful home. Double French doors lead to spacious backyard complete with covered patio, gazebo and mature landscaping. All of this, and cllose to Cesar Chavez park, schools, shopping and restaurants. This home shows very well and will NOT disappoint! Welcome home!

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3336 S 155th Lane Goodyear, AZ 85338

$462,490

4 Beds

2 Baths

1,797 SqFt

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MLS # 6692746

Property Type Single Family Residence

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Below Market Financing Available!!!!!!!!! This single-level home showcases a spacious open floorplan shared between the Great Room, kitchen and dining room, with access to the covered patio for outdoor lounging and entertaining. The owner's suite enjoys a private location at the back of the home, complemented by an en-suite bathroom and walk-in closet. Three additional secondary bedrooms are comfortable and private retreats for household members and overnight guests. Photos are renderings of a model home, not the actual home.

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16187 W Gibson Lane Goodyear, AZ 85338

$462,000

4 Beds

2 Baths

2,313 SqFt

Status Active

MLS # 6678104

Property Type Single Family Residence

Price Type --

**PRIDE OF OWNERSHIP ABOUNDS**WHAT AN OPPORTUNITY** AND MOVE IN READY! **NUMEROUS UPDATES INCLUDING** NEW A/C**NEW FLOORING **BRAND NEW SYNTHETIC TURF! **ATTRACTIVE CURB APPEAL **WITH RELAXING LARGE FRONT PORCH! ** BOASTING 4 BEDROOMS** HUGE WALK IN PANTRY**EASY ACCESS TO LARGE BACKYARD FROM OWNER'S SUITE** TONS OF LIVING SPACE!** DON'T WAIT ON THIS FANTASTIC CHANCE TO MAKE THIS HOME YOURS!!!** ARIZONA LIVING AT ITS FINEST**

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17913 W Addie Lane Surprise, AZ 85374

$462,000

2 Beds

2 Baths

2,302 SqFt

Status Active

MLS # 6644538

Property Type Single Family Residence

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NEW ROOF, NEW CARPET, Fully Paid Solar and so much more (See Supplement for additional Comments) makes this 3-bed, 2-bath, and AZ Room in the 55+ guard-gated & golf course Community of Arizona Traditions the one for you! 2-car garage, desert front yard with a front patio that includes a decorative Table and Benches. The kitchen has ample cabinets, Stainless Steel Appliances, center island, and dining area w/bay window. The owners' suite is spacious! Owners' Bath consists of a walk-in closet, storage cabinets, Tub, shower, and dual sinks. Enjoy the Beautifully enclosed heated & cooled Arizona Room. The Landscaping Water System uses PVC. A feature you can't ignore is fully paid solar with electric bills avg. $20 per month. BRAND NEW ROOF - Installed December 2023, Exterior Paint 2015. Other features that benefit the buyer include - AC Unit 2014, Mini Split 2019. BBQ -2021, New Carpet - December 2023, Wood Floor - 2017, Dishwasher - 2018, Microwave - 2020, Stove - 2018.

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