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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6962 W Glenn Drive Glendale, AZ 85303

$475,000

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6695811

Property Type Single Family Residence

Price Type --

Clean, well maintained 3 bedroom, 2.5 bath w extra large loft and family room, sitting on a corner lot. Extra wide stairway leading to second floor w safety gate at top. Bedrooms & Laundry all upstairs. Grab-bars in all bathrooms. Beautiful kitchen, extended granite counters & white cabinets w pull out organizers, corner pantry, upgraded appliances, Lg. breakfast island open to living space makes home great for entertaining. Double-gate to backyard that has well established shade trees, extended patio for relaxing, 220 volt hookup installed, and plenty of room for a pool. Storage cabinets in garage, Solar sunscreens on every window. House pre-wired ethernet, wired surround sound in family room and loft as well as home security system & med sized dog door. Ready to be your new family home

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120 E Rio Salado Parkway Tempe, AZ 85281

$475,000

1 Bed

1.5 Baths

1,264 SqFt

Status Active

MLS # 6695435

Property Type Apartment

Price Type --

Experience Tempe Town Lake living to it's finest! This beautiful condo has everything you need with a gourmet kitchen and appliances including refrigerator, gas cooktop/oven, DW. Also includes W/D, fireplace, prewired for Surround sound and an extra storage room in the garage! This is the largest one bedroom floorplan available in Edgewater with a large patio offering stunning views of Tempe Town Lake as well as the swimming pool/spa amenity. Walk to all Mill Ave shops and restaurants, the Metro light rail, ASU, & enjoy everything Downtown Tempe has to offer!

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2141 N 135th Drive Goodyear, AZ 85395

$475,000

3 Beds

2.5 Baths

2,064 SqFt

Status Active

MLS # 6698130

Property Type Single Family Residence

Price Type --

Nestled in the well-maintained Palm Valley community, boasting gated entry, a community pool and spa, playgrounds, community golf course, sports courts, and biking/walking trails! This residence harmonizes modern living with tranquil outdoor beauty, epitomizing the allure of Arizona living.

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13420 W Peck Drive Litchfield Park, AZ 85340

$475,000

4 Beds

2.5 Baths

2,235 SqFt

Status Active

MLS # 6698178

Property Type Single Family Residence

Price Type --

Become the proud owner of this two-story residence in the desirable Community of Dreaming Summit! The charming interior boasts an open layout adorned with tall ceilings, tile flooring, and fresh carpet. Prepare gourmet meals in the kitchen, outfitted with built-in appliances, ample counter space, wood cabinetry, breakfast bar, and large walk-in pantry. Downstairs den could be used as bedroom 5, or take advantage of the custom desk for ready to work home office. Spacious loft is ideal for an entertainment area! The generous main suite has new plush carpet, double-door entry, large bath, and separate his and hers walk-in closets. Out the back, you have a covered patio, extra patio space for seating or BBQ, and a refreshing pool and spa that are excellent for relaxation. Don't miss out!

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1166 E Caribou Road Munds Park, AZ 86017

$475,000

3 Beds

2 Baths

1,402 SqFt

Status Active

MLS # 6700391

Property Type Manufactured Home

Price Type --

Your mountain retreat awaits you! This 2023 Cavco Munds Park model with an extended porch comes fully furnished. The home features 3 bedrooms, 2 bathrooms on a stem wall foundation with fenced in back yard.. The kitchen has an large island, upgraded stainless steel appliances and granite counter tops. The primary bathroom has double sinks and a glass enclosed shower. The home is great for full or part time, featuring central heat and air conditioning, 2X6 exterior walls and upgraded insulation. A new shed and golf cart garage are located at the end of a long driveway offering plenty of parking for you and your guests. Don't miss this beautiful, lightly lived in home.

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4627 N 11th Street Phoenix, AZ 85014

$475,000

3 Beds

2 Baths

1,100 SqFt

Status Active

MLS # 6698442

Property Type Single Family Residence

Price Type --

AMAZING OPPORTUNITY to own this home with a guest house!!! Front house: 3 bedrooms/ 2 baths! Guest house: 1 bedroom/1bath! Super convenient location in Central Phoenix and highly desirable school districts. Recent updates: new roof, both units fully painted, carpets and blinds, and in 2023. Front home water heater replaced in 2023. Also in 2023, all gas lines to appliances in the front house repaired. Kitchen sink new pipe and fittings. Installed clean outs in yard. New Day & Night 4 ton 14 seer AC on front house Jan 2024 through Viking heating & air 10 yr parts warranty & 2 yr labor. New toilet in guesthouse. THIS ONE WILL GO FAST!

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22462 N 180th Drive Surprise, AZ 85387

$475,000

3 Beds

2.5 Baths

1,895 SqFt

Status Active

MLS # 6699748

Property Type Single Family Residence

Price Type --

Bring all your toys! This 3bed/2.5bath/1,895sqft Courtland home has everything you need! Premium corner lot includes extra parking to store your RV or 5th wheel (HOA APPROVED!) Tandem 3-car garage boasts plenty of room for your workshop, boat or UTV. Upon entering, you'll notice the upscale wood look tile, modern paint & updated light fixtures throughout. Entertain your friends & family in the open concept floorplan. Upgraded kitchen is equipped with double ovens, electric cooktop & large island. Unwind in your personal spa. Gazebo, artificial turf & pavers make for a low maintenance backyard. Walking distance to Copper Park! Community pool, splash pad, pickleball & basketball courts, baseball & soccer fields, dog parks, the list goes on! Don't miss the chance to own your dream home!

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19869 W Cheery Lynn Road Buckeye, AZ 85396

$475,000

3 Beds

2 Baths

2,098 SqFt

Status Active

MLS # 6701086

Property Type Single Family Residence

Price Type --

Introducing an exceptional home in Top Rated School District! This home features 3 bedrooms, 2 bathrooms, plus an office, all on a desirable corner lot. Notable features include a 2-car garage and an additional single car garage perfect for a studio or workshop, equipped with temperature controlled mini split, extra insulation, 220v, toilet room and sink. Inside, you'll find a cozy family room with a built-in electric fireplace, and a well-appointed kitchen with a pantry, island, and New stainless steel appliances. The master suite offers a luxurious 5-piece bathroom and a spacious walk-in closet. Outside, the generous backyard presents opportunities for outdoor living, with 7,438 s/f lot there is plenty of space for adding a pool. Enjoy the community amenities, including parks, playgrounds, and basketball courts, all conveniently located near shops and restaurants. This home offers the perfect blend of comfort, convenience, and potential - don't miss out!

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10812 N Dogwood Road Florence, AZ 85132

$475,000

5 Beds

3 Baths

2,016 SqFt

Status Active

MLS # 6699971

Property Type Manufactured Home

Price Type --

4+ acre property with NO HOA and private well is hard to find but including 5 bedrooms & 3 baths makes it even more special * Tons of storage with workshop attached to carport + tack rm/storage + permitted out building that can be finished to be a casita or office * Full length covered patios front & back for some added charm * Sunscreens all around for cooler interior temps * Extended length attached 2 car carport * Fenced in pipe & top rail, double RV gate with auto opener * Design your landscape to make this your dream home * Plenty of room to build an arena, barn, stalls, turn-out area, RV garage or whatever your heart desires * Enjoy all the charm of Historic Florence * Close to town but far enough away you can enjoy all the open space *

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2118 W Carson Road Phoenix, AZ 85041

$475,000

3 Beds

2 Baths

2,181 SqFt

Status Active

MLS # 6701533

Property Type Single Family Residence

Price Type --

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2032 W Rancho Drive Phoenix, AZ 85015

$475,000

4 Beds

2 Baths

1,604 SqFt

Status Active

MLS # 6700849

Property Type Single Family Residence

Price Type --

MOVE-IN READY SOLIDLY BUILT CHARMER in Bethany Villas, a quiet, friendly, and walkable neighborhood in West Central Phoenix. Absolutely turn key, the owners went above and beyond the fully remodeled condition in which they bought it in 2022, and added even more upgrades! Features include all major systems updated, including newer electrical, plumbing, HVAC, roof, dual paned windows, flooring, exquisitely upgraded kitchens and baths, with newer appliances, including washer, dryer, and fridge (with newly installed water line), matte finish quartz countertop island with storage (including deep drawers), recessed canned lighting, newer plumbing and lighting fixtures t/o, newer water heater, lush and attractive front and rear landscaping (AZ Ash and Pistache shade trees, and ficus bushes), newer rear yard perimeter block wall fencing, RV gate with alley access, and newer cellular blind window coverings t/o. If you want to live in a true community with neighborhood gatherings, a community Facebook group (the Simpson neighborhood association), neighborhood newsletter, coordinated yearly garage sales, potluck, neighborhood happy hours, holiday events, luminaria lightings, and hot chocolate gatherings, in a house that is completely ready to move in, this is it!!

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248 E Sky Hi Drive Pinetop, AZ 85935

$475,000

2 Beds

2 Baths

1,650 SqFt

Status Active

MLS # 6701134

Property Type Single Family Residence

Price Type --

Crafted with meticulous attention to detail, this hidden gem in the tall pines of Sky-Hi Retreat will be sure to fulfill all your long-lost dreams! Come relax in the gorgeous deep soaking bath and then cozy up to one of the woodburning fireplaces in either the Living room or Family room! Turnkey and fully furnished all-ready to move in today! An oversized lot perfect for plenty of parking your RV, trucks and toys! Huge back deck with plenty of seating, ready for all the fun summer entertainment and activities with your family! So peaceful, secluded, comfort in the woods is your thing, you finally found the right home away from home! Come see it today, before it's gone!

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