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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695 S Kellis Road Wickenburg, AZ 85390

$475,000

3 Beds

2 Baths

1,587 SqFt

Status Active

MLS # 6692819

Property Type Single Family Residence

Price Type --

Nestled in the heart of Wickenburg, this great location that combines convenience with tranquility. Charming courtyard entry welcomes you as you enter this lovely home with a spacious split floor plan, providing privacy and versatility for its occupants. As you step inside, you're greeted by tile floors that guide you through the inviting living spaces. Entertain or unwind on the covered patio, overlooking the fenced backyard , offering both security and ample space for outdoor activities. A two-car tandem garage ensures parking convenience while providing additional storage option For those with hobbies or storage needs, an extra storage shed stands ready to accommodate. The property's charm is further enhanced by a beautiful fountain as you pull into the driveway, Plus mo

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223 S Thunder Mountain Payson, AZ 85541

$475,000

2 Beds

2 Baths

1,269 SqFt

Status Active

MLS # 6692913

Property Type Single Family Residence

Price Type --

Gorgeous single level home built in 2019 in the beautiful Sanctuary At The Rim Subdivision! This 2 bedroom, 2 bathroom home features 1,269 sq. ft., vaulted ceilings, and a 2 car garage. The living room has luxury vinyl plank floors, and an open floor plan to the kitchen for easy entertaining. The kitchen has a gas stove, quartz counter tops, plenty of storage space, and a kitchen island with a breakfast bar. The master suite features a walk-in closet, double sinks, a private toilet room and a walk-in shower. The backyard is fenced with astro-turf, paver patio and a covered patio perfect for summer get togethers.

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6145 E Sierra Morena Street Mesa, AZ 85215

$475,000

3 Beds

2 Baths

1,595 SqFt

Status Active

MLS # 6695979

Property Type Single Family Residence

Price Type --

Nestled within a serene community, this inviting 3-bed, 2-bath residence exudes tranquility and comfort. The home boasts airy interiors illuminated by vaulted ceilings and abundant natural light, enhanced by wood flooring and tasteful two-tone paint. The kitchen offers ample storage with a pantry. Whether enjoying meals in the formal dining area or the cozy eat-in kitchen, every moment is savored in this versatile space. Outside, residents indulge in a plethora of community amenities including biking/walking paths, a clubhouse, tennis courts, and a refreshing pool and spa, all enveloped by the lush backdrop of a nearby golf course. This residence harmoniously blends modern living with a tranquil lifestyle!

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3615 S Margo Drive Tempe, AZ 85282

$475,000

3 Beds

2.5 Baths

1,544 SqFt

Status Active

MLS # 6694129

Property Type Single Family Residence

Price Type --

Good central location. 2-3 miles to ASU, downtown Tempe, waterfront, and all the fun Tempe events. Easy access to 4 major freeways and airport. Swimming pool with an outside bathroom, just in time for summer! Travertine tile throughout. Upgraded dual pane windows and newer AC for cost effective utilities. Open floor plan. Two living rooms. Updated kitchen. Turf and easy desert landscaping. RV gate. No HOA. Perfect for investment! Inside laundry and garage

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3911 S Laurel Way Chandler, AZ 85286

$475,000

3 Beds

2.5 Baths

1,794 SqFt

Status Active

MLS # 6693942

Property Type Single Family Residence

Price Type --

Welcome to this charming 3-bedroom, 2.5-bathroom home boasting a cozy loft and a convenient first-floor master bedroom. As you enter, you'll be greeted by a spacious kitchen featuring an eat-in dining area with a built-in bench, perfect for casual meals and gatherings. The front yard is beautifully maintained by the HOA, allowing you to enjoy the lush greenery without the hassle of upkeep. Recent paint adds a fresh touch to the exterior, enhancing its curb appeal. Situated on a corner lot, this home offers added privacy and picturesque views across from a delightful pocket park. Experience comfort, convenience, and community in this lovely abode. Nestled in a vibrant neighborhood with community pool and basketball court, this home offers more than just comfortable livingit's surrounded by convenience and leisure. Just moments away, you'll find an array of shopping, dining, and entertainment options, ensuring you're never far from the action. Across the street lies the expansive Paseo Vista Park, a haven for outdoor enthusiasts and families alike. Enjoy a round of disc golf, practice your aim at the archery range, or let your furry friend roam free at the dog park. Children will delight in the playground, while everyone can appreciate the winding walking trails, perfect for leisurely strolls and soaking in the serene surroundings. Experience the best of both worldsurban convenience and natural beautyin this desirable location.

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311 W Campbell Avenue Phoenix, AZ 85013

$475,000

2 Beds

1 Bath

982 SqFt

Status Active

MLS # 6694291

Property Type Single Family Residence

Price Type --

DELIGHTFUL CHARM in all the best ways inside this 2B/1b quaint historic Yaple Park, located walking distance to the lightrail, Lux Coffee, and restaurants galore! Coveted features of this beauty include historic wood flooring t/o, wood burning fireplace, ceiling height kitchen cabinetry, coved plaster ceilings in living room, unique picture windows (beautiful light in every room), original solid wood doors and hardware, and vintage bath tile. Newer updates & upgrades include a pavered north facing front conversation patio, blown-in cellulose insulation in the attic, updated wiring t/o the interior of the home, newer hexagonal kitchen tile flooring (installed with proper sub-flooring), newer gas water heater, newer roof (2019), new concrete rear patio, with wooden deck for entertaining, partly updated sewer (with ABS) at the kitchen sink & clean outs in rear yard, and new dual paned French doors to the rear patio and yard. This incredible starter property also has very inexpensive flood irrigation rights through SRP, large shade trees, an exterior garage (and laundry room) that could be converted to a guest house down the road, gated parking, and qualifies for historic taxes through the City of Phoenix (owner just needs to apply - see application in documents tab). For simple, beautiful, charm-filled living in a walkable area it doesn't get much better than this in Central Phoenix! Must see!!

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12623 W Apodaca Drive Litchfield Park, AZ 85340

New

$475,000

4 Beds

2 Baths

2,046 SqFt

Status Active

MLS # 6703711

Property Type Single Family Residence

Price Type --

Welcome to this beautifully remodeled 4-bedroom, 2-bathroom home. New quartz countertops, low maintenance flooring & updated bathrooms. Freshly painted inside with new lighting fixtures throughout. This home is conveniently located near top-rated schools, lush parks, and the Wigwam Golf Resort, offering a variety of recreational activities. Embrace a blend of comfort and convenience in this stylish home!

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1432 E Maricopa Street Cottonwood, AZ 86326

New

$475,000

3 Beds

2 Baths

1,641 SqFt

Status Active

MLS # 6703901

Property Type Single Family Residence

Price Type --

Welcome to your beautifully remodeled 3-bedroom, 2-bath residence is perfectly situated on a spacious .24-acre lot. Inside, you'll find a fresh, modern update with new flooring that flows throughout the home. The kitchen is a chef's dream, featuring sleek new cabinets, sparkling quartz countertops, and stainless steel appliances. Bright, updated lighting fixtures illuminate the entire space, enhancing the fresh paint both inside and out. Includes a very nice storage shed ($10k value) Your new home is just minutes away from Cottonwood's charming Old Town, where local shops, cafes, and cultural events await. Enjoy easy access to outdoor adventures along the Verde River and the scenic beauty of the Mingus Mountain area.

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1263 E Century Avenue Gilbert, AZ 85296

$475,000

3 Beds

2 Baths

1,401 SqFt

Status Active

MLS # 6694167

Property Type Single Family Residence

Price Type --

Popular 3 bedroom Continental Home split floor plan, move-in ready, located in north-central Gilbert, close to dining, shopping, schools, and freeway. Newly installed carpet, faucets, ceiling fans, granite kitchen countertops, bathroom countertops, and lighting fixtures. Freshly painted inside and new heat pump/AC. Brand new never-been-used dishwasher, range/stove, built-in microwave, all stainless. Beautiful backyard mature landscaping with grass and covered patio.

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2165 W Bennett Way San Tan Valley, AZ 85144

$475,000

4 Beds

2.5 Baths

2,990 SqFt

Status Active

MLS # 6694311

Property Type Single Family Residence

Price Type --

Great, open concept home located in the desirable community of Morning Star Farms features a Large chef kitchen, granite counters, large island & eat in kitchen with Stainless appliances including double oven, Formal dining room and large family room. Upstairs to the loft and 4 bedrooms including the primary suite. Easy to maintain backyard, with RV gate and covered patio for entertaining. Nearby parks, shopping and restaurants.

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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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