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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17472 W Elaine Drive Goodyear, AZ 85338
$475,000
4
Beds
3
Baths
2,999
SqFt
Status
Active
MLS #
6652448
Property Type
Single Family Residence
Price Type
--
$5,000 credit to Buyer for desired upgrades! Welcome to your new home. This 2-story residence is elegant & functional offering a comfortable & spacious lifestyle. This home is thoughtfully designed to provide convenience and style. The 1st floor has 1 bedrm and a full bathrm, catering to guests or multigenerational living. The 2nd floor features a master bedrm, two bedrms, a den & loft, allowing each family member to have their own space. Enjoy a large dining rm & family rm, perfect for entertaining guests or cozy nights by the fireplace. Chefs will benefit from a spacious kitchen with ample storage space. A generously sized backyard with a covered patio, offering a perfect spot for outdoor gatherings and relaxation. This home will warmly greet you & your guests!
2635 W Silver Streak Way Queen Creek, AZ 85144
$475,000
3
Beds
2.5
Baths
2,486
SqFt
Status
Active
MLS #
6652308
Property Type
Single Family Residence
Price Type
--
This charming two-story home features a spacious layout with a downstairs half-bathroom and a convenient office space. The large loft upstairs is an ideal kids' playroom, offering ample space for creativity and play. Step outside to a beautiful pool, perfect for relaxation and entertainment. Located just minutes away from hiking trails, it seamlessly blends indoor comfort with outdoor adventure. Appliances, carpeting, and an air-conditioning unit were all updated since May 2023!
1825 E Beautiful Lane Phoenix, AZ 85042
$475,000
4
Beds
2
Baths
2,169
SqFt
Status
Active
MLS #
6687851
Property Type
Single Family Residence
Price Type
--
$6K PAID TOWARD BUYERS CLOSING COSTS AND/OR PREPAIDS! 2169 sq ft, 3bdr plus den home in the highly sought after GATED community of Las Colinas with mature tree lined streets and sidewalks. Newly painted, new carpets, new bath & kitchen plumb fixtures, door hardware. From the moment you walk through the front door, you'll see a beautiful, open and spacious home. Split floor plan, eat in kitchen overlooking the newly landscaped backyard. Primary bedroom is large and spacious, and the primary bath features a separate tub and shower. This home is a must see! Washer and dryer were left behind by previous tenants and included in the purchase. Seller has never used them, please include washer and dryer are included as is in purchase agreement.
3401 N 70th Avenue Phoenix, AZ 85033
$475,000
4
Beds
2
Baths
2,072
SqFt
Status
Active
MLS #
6655663
Property Type
Single Family Residence
Price Type
--
This charming residence featuring a convenient RV gate & a 2-car garage in the Solar One Community is the one you've been waiting for! Prepare to be impressed by a spacious interior showcasing gleaming wood-look floor, designer color palette throughout, plantation shutters, striking vaulted ceilings, & a lovely fireplace perfect for spending cozy nights at home. The well-appointed kitchen boasts built-in appliances, pendant lighting, & wood cabinetry providing ample storage for your kitchen utensils. The primary bedroom offers a generously sized closet & a private bathroom complete with dual sinks. Discover the fabulous backyard including a full-length covered patio, a gazebo, built-in BBQ, & a relaxing fireplace! Don't miss out on this one!
12321 W Virginia Avenue Avondale, AZ 85392
$475,000
3
Beds
2
Baths
2,276
SqFt
Status
Active
MLS #
6659605
Property Type
Single Family Residence
Price Type
--
BEAUTIFUL AZURE MODEL IN RANCHO SANTA FE! FEATURES: OVERSIZED CORNER LOT WITH A FULL SIZED RV GATE * 3 BEDROOMS 1.75 BATHS ( GUEST BATH HAS AN UPDATED WALK IN SHOWER)* DEN*TILE IN KITCHEN AND BATHS* UPGRADED WHITE CABINETS T/O*HUGE EAT IN KITCHEN W/ CENTER ISLAND AND TONS OF CABINET SPACE, PANTRY,WITH SLIDING DOOR, GAS STOVE, BUILT IN MICRO *FAMILY ROOM WITH WOOD / GAS FIREPLACE AND SURROUND SOUND*PLANTATION SHUTTERS* ALL THE OTHER WINDOWS HAVE ROLLER SHADES*LAUNDRY ROOM HAS DEDICATED WIRING FOR 2ND FRIG / FREEZER* 3 CAR GARAGE WITH 220 VOLT OUTLET FOR EV OR WELDER, EXTRA 110 OUTLET,UTILITY SINK*GORGEOUS BACKYARD WITH JUST THE RIGHT AMOUNT OF GRASS, DOG RUN* PAVERS, COVERED PATIO W/ STUCCO COLUMNS*NATURAL GAS HOOKUP* FLOOD LIGHTS * THIS HOME HAS MANY EXTRAS THAT YOU MUST SEE TO APPRECIAT
41371 N Yorktown Trail Anthem, AZ 85086
$475,000
3
Beds
2
Baths
1,577
SqFt
Status
Active
MLS #
6663078
Property Type
Single Family Residence
Price Type
--
Possible loan assumption at 3.375! 15K improvements incl new roof underlayment. ALSO has 2019 HVAC. Bedrooms, living & dining room w/new paint! 3 blocks from Gavilan Peak School! Upgraded w/granite countertops, water softener, plantation shutters & crown molding in all the right places. Ceiling fans in all 3 bedrooms & living room. Master bedroom w/its own bathroom w/duel sinks, garden tub & walk-in closet. Nice sized back yard w/flagstone & firepit. Oversized garage w/storage shelving. Mounted TV, electrical fireplace & laundry room washer & driver convey. Anthem is a fabulous multi-gen community, w/activities for all. Anthem has water park, pool, fitness center, gym, rock climbing, tennis, Pickle ball, Daisy Mountain Railway train, fishing pond & play areas. With new roof underlayment, Two layers of MB Technology Layfast TU43 modified SBS fiberglass mat. 30 year limited warranty provided by the manufacturer. Anthem Roofing LLC warranty: 15 year limited workmanship warranty.
17626 W Calistoga Drive Surprise, AZ 85387
$475,000
2
Beds
2
Baths
2,019
SqFt
Status
Active
MLS #
6668023
Property Type
Single Family Residence
Price Type
--
Beautiful Sierra, boasts private covered patio with N/S exposure, GUTERS ON FRONT, Neutrally decorated, newer HVAC,Large MBR, 2 sinks in master bath, tile & carpet in all the right places, extended breakfast nook w/bay window. DEN HAS A BUILT IN CLOSET. Could be considered a 3rd bedroom, Extended garage with SEPARATE MITSUBISI HEATING & COOLING SYSTEM , newer HVAC,. This is a must see property!
14827 N 29th Drive Phoenix, AZ 85053
$475,000
3
Beds
2
Baths
1,825
SqFt
Status
Active
MLS #
6662561
Property Type
Single Family Residence
Price Type
--
This desert-landscaped, corner property is an oasis with style, location & value! Featuring 2 RV gates, 2 car tandem garage w/attached shelves & extra storage/work space. The charming interior boasts spacious living areas w/natural & recessed lighting, cozy fireplace, both tile & laminate flooring. The kitchen includes an electric cooktop, wall oven, granite counters, track lighting, & breakfast bar. Main bedroom offers private backyard access & mirrored door closets. Both baths flaunt travertine tile throughout. The home's elegance extends outdoors to the remarkable 60 ft travertine covered patio, outdoor kitchen, RV parking, doggie door to fenced side yard, & refreshing pool & fountain. Quiet neighborhood yet close to I-17 access, shopping, dining & 15 mins from downtown. Make it yours!
12530 N 174th Drive Surprise, AZ 85388
$475,000
4
Beds
3
Baths
2,012
SqFt
Status
Active
MLS #
6667252
Property Type
Single Family Residence
Price Type
--
Unveiling the Stunning Larkspur model! Open floorplan, luxe ensuite in the primary bedroom. Built in 2022, this like-new single-story boasts 4 beds, 3 baths. Upgraded farm house sink and granite countertops. Fully landscaped front and backyard with a drip system and gorgeous plants. Your dream home is a tour away!
5743 W Illini Street Phoenix, AZ 85043
$475,000
3
Beds
2.5
Baths
2,277
SqFt
Status
Active
MLS #
6667151
Property Type
Single Family Residence
Price Type
--
MUST SEE! Highly upgraded 2021 home with spacious 2,277 sf floor plan has 3 bedrooms, a loft and a front den/office space. Kitchen has highly upgraded quartz countertops, gas range, touch sensor faucet, walk-in pantry, pull-out garbage and some cabinets have pull out drawers. Master suite is split from other bedrooms and has a large walk in closet, bathroom with separate tub/shower and water closet. All bedrooms have walk in closets. The backyard is low maintenance synthetic grass with pavers ready for a grill or firepit area and a covered patio. Wood look blinds downstairs and shades upstairs. Water softener loop and hot water heater located in extended area of the garage. Easy access to the 202 and I-10. Community pool, playground and walking paths. Don't miss this one!
2574 E Detroit Place Chandler, AZ 85225
$475,000
3
Beds
2
Baths
1,427
SqFt
Status
Active
MLS #
6669633
Property Type
Single Family Residence
Price Type
--
This stunning home in the highly sought-after community of Dobson Place is a great find! A well thought out and popular floor plan makes this home perfect for those who love to entertain. Upgraded flooring throughout. The backyard is beautifully landscaped, and the entire house features a stylish neutral color scheme. Perfect opportunity to get into the ever growing Chandler market or make a good addition to your portfolio. The primary bath has dual sinks and a step-in shower, as well as a spacious walk-in closet. This home is located centrally in the neighborhood, away from any busy roads. Located 5 minutes from Downtown Chandler and within 10 minutes of Downtown Gilbert. Welcome to your next home that has just been remodeled and is ready for you
7790 W Emerson Drive Kirkland, AZ 86332
$475,000
3
Beds
3
Baths
2,593
SqFt
Status
Active
MLS #
6668827
Property Type
Single Family Residence
Price Type
--
This ranch-style hilltop home has million dollar, panoramic views for miles, nearly 7 acres of fenced and gated land, outbuildings, and potential guest house! You will love your full views of both sunrise and sunset, as well as the vast and powerful mountain ranges that fill the horizon. The peace and privacy you will find while listening to the abundant wildlife is unmatched. All your toys and hobbies will find a home on this perfectly situated property on the paved county road. The home is nearly 2600 sqft - with 3 large bedrooms, 2 bonus rooms, 3 full baths, an open kitchen with pantry, plenty of cabinet space, dining room, living room, and huge climate controlled laundry room that can double as an office, media room, or bonus space. Add to that a large attached 2-car Garage that has tons of extra space with shelves and built-in counters, well house and well equipment, detached exterior 16x12 shed (included with full-price offer only), and 600 sqft storage building with the potential to become a guest house or rental. New roof, updated flooring, and more! see attached docs for a breakdown of upgrades/updates. This town is a well-kept Prescott area secret! This peaceful location will allow you to take a deep breath and reset! 25 minutes (17 miles) from downtown Prescott and less than an hour from Wickenburg. If you are looking for rural yet convenient, don't overlook Wilhoit!