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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326 S River Road Payson, AZ 85541

$475,000

3 Beds

2 Baths

2,103 SqFt

Status Active

MLS # 6579027

Property Type Single Family Residence

Price Type --

Two homes on a peaceful 1.57 acres with mountain views near the Tonto Creek. The primary home is a lovely 3 bedroom, 2 bath home featuring a beautiful yard with inviting gazebo, a huge 28X32 garage/workshop, 2 carports, and multiple sheds. The property has a private well, valuable irrigation rights and horses are allowed with lots of room for gardening and fruit trees. The 2nd home is a 2 bedroom, 1 bath, 1152 square feet mobile home. Use as a guest house, multi-family property or income producing rental with a separate driveway, septic, electrical and privacy.

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15270 W Taylor Street Goodyear, AZ 85338

$475,000

5 Beds

2.5 Baths

2,030 SqFt

Status Active

MLS # 6621249

Property Type Single Family Residence

Price Type --

THIS 5 BEROOM, 2.5 BATH TOTALLY REMODELED HOME IS WAITING FOR THE PERFECT FAMILY TO ENJOY. FROM THE MINUTE YOU WALK INTO THE LIVING SPACE WITH ALL NEW FLOORING THROUGHOUT THE HOME, OPEN KITCHEN, DINNING AND FAMILY AREA TO THE STUNNING STAIRCASE WITH BANISTER. ALL NEW KITCHEN, BATHROOMS, FIXTURES; ADDED PLUMBING, COMPLETE PAINT, NEW SUN SCREENS TO THE GREEN TURF BACKYARD FOR YOUR FAMILY TO ENJOY. THIS IS A HOME OF PURE DETAIL IN DESIGN. CUL DE SAC LOT!!!!

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2276 Lindbergh Road Overgaard, AZ 85933

$475,000

2 Beds

3 Baths

1,511 SqFt

Status Active

MLS # 6626364

Property Type Single Family Residence

Price Type --

Mogollon Airpark! This 3 bedroom, 2 bath has over 1500 square feet providing plenty of room for family and guests, and the FULLY FENCED yard is perfect for your furry friends. The open kitchen is great for entertaining, and the split bedrooms provide privacy for everyone. Relax on the large, wrap-around deck, or stargaze by the firepit. During the cool months you can cozy up in front of the woodstove. Located just a few hours from the valley, you will be surrounded by tall pines, a variety of wildlife, and the peacefulness of the small, mountain town. The fenced in yard is full of tall pines and has watering system to keep the landscape looking great. Paved roads, completely fenced, and an HOA keep this subdivision looking great. Furnished

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4504 Besant Way Wickenburg, AZ 85390

$475,000

2 Beds

2.5 Baths

1,751 SqFt

Status Active

MLS # 6628007

Property Type Single Family Residence

Price Type --

Enjoy the Privacy of 2 Primary Suites. Live the good life with a owned Solar System that will have you enjoying APS energy credits throughout the year. Nestled in the Pinto Neighborhood this home features HOA managed landscape & private cul-da-sac location. Your motorized patio shades will provide privacy screening while enjoying the gorgeous sunset colors every night. Upgraded flooring, cabinets, light fixtures throughout with an AMAZING number of cabinet pull outs designed into your kitchen. Home includes custom window covers with additional screening at 12ft sliding wall of glass. Garage includes ample custom cabinet storage, work space & owned RO system.

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5104 N 32nd Street Phoenix, AZ 85018

$475,000

2 Beds

2 Baths

1,277 SqFt

Status Active

MLS # 6639426

Property Type Apartment

Price Type --

Stunning fully remodeled condo in the heart of the Biltmore Corridor. Light & bright two bedroom/two bath north facing single-level split floor plan condo in the much sought after Meridian Condominiums, a part of the Arizona Biltmore Estates Village. Turn-key & move-in ready as a winter getaway or a full time residence. The gated community provides elevator access, underground garage reserved parking, a year-round heated resort-style pool, jacuzzi spa, gas BBQ grills, fitness room, sauna/locker rooms & plenty of green space. Walk thru private security gate to access adjacent restaurants and shopping.

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36001 N Kennedia Lane Queen Creek, AZ 85140

$475,000

2 Beds

2 Baths

1,342 SqFt

Status Active

MLS # 6676359

Property Type Townhouse

Price Type --

Discover the charm and comfort of this fully furnished Muros floorplan nestled within the Resort Collection of Encanterra Country Club. Positioned mere moments away from both clubhouses, this residence boasts a prime location backing onto a tranquil greenbelt and parkview lot, offering a serene retreat from the hustle and bustle. Step inside to experience the seamless flow of an Open Concept design, where the kitchen, dining area, & great room converge harmoniously. The heart of the home shines with an expansive island adorned with upgraded cabinetry, countertops, & a stylish backsplash, creating an inviting space for both culinary creations & casual gatherings. A dedicated den, complete with elegant French doors & built-in cabinetry, awaits, providing an ideal spot for work or study. The split floorplan ensures privacy and comfort, with a spacious owner's ensuite offering a peaceful oasis to unwind and rejuvenate. Venture outdoors to discover the allure of the east-facing backyard, where you can bask in the Arizona sunshine and relish in the picturesque surroundings. With its thoughtfully designed layout and desirable amenities, this home embodies the essence of Arizona living, presenting an unparalleled opportunity to embrace a lifestyle of luxury and leisure. Arizona Living is Right Here Waiting for You!

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7748 W Stony Quail Way Florence, AZ 85132

$475,000

2 Beds

2 Baths

2,118 SqFt

Status Active

MLS # 6646242

Property Type Single Family Residence

Price Type --

You will love this popular Preserve model completed in 2021. Beautiful 2-bed, 2-bath home w/a den is highly upgraded & impeccably maintained. Kitchen features quartz counters, staggered cabinets w/lighting, SS appliances, gas stove, wall microwave & oven. Laminate wood floors flow through the open living areas. Garage has epoxy, sink, built-in wall cabinets + large storage room w/cabinets. Step outside to your private patio, featuring an outdoor fireplace for cozy evenings. Patio has remote shades that transforms into an Arizona room, letting you enjoy the outdoors year-round. Complete w/a SPA & pergola, this outdoor oasis is perfect for relaxation & entertainment. Don't miss the opportunity to make this house your home. Come see everything is outstanding 55+ resort community has to offer Both master & laundry room have been extended. Lights and garage door can open remotely.

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6632 E Fairbrook Circle Mesa, AZ 85205

$475,000

3 Beds

2 Baths

1,743 SqFt

Status Active

MLS # 6674396

Property Type Single Family Residence

Price Type --

Incredibly well-maintained home on the market for the first time in Brookfield East in Mesa! NO HOA in this amazing community but close to parks, beautiful common areas and a great school district! This home has vaulted ceilings, open floorplan and just had a new roof installed, tile floors throughout, a water heater and new HVAC system so all of the large ticket items are complete! Large fully fenced back yard with an RV gate, custom BBQ covered area, extra storage, covered back patio with views of the mountains!! Come see this one today!

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24454 N 173rd Lane Surprise, AZ 85387

$475,000

2 Beds

2 Baths

1,492 SqFt

Status Active

MLS # 6645241

Property Type Single Family Residence

Price Type --

Experience the epitome of comfort and style in this exquisite 2-bedroom, 2-bathroom former model home, spanning 1,492 square feet in a gated retirement community. As you step inside, the home welcomes you with its elegant tile flooring, extending throughout the living spaces, while plush carpeting in the bedrooms adds a touch of warmth and comfort. The home's thoughtful design includes a convenient laundry area connected to the primary bedroom's spacious closet, ensuring ease and efficiency. Two car garage with AC. Step outside to the backyard patio with fresh epoxy floor, built in overhead misters for the summers and be captivated by serene lake views, offering a tranquil backdrop for relaxation or entertaining. The community doesn't fall short on amenities, boasting a resort-style pool, pickleball, bocce ball, a mini putt course, and a fitness/recreation centers. The home's eco-friendly approach is highlighted by a tankless water heater, providing endless hot water while conserving energy. This home is more than just a residence; it's a gateway to a life of luxury and leisure, perfectly suited for those seeking a peaceful yet active retirement.

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4727 E Euclid Avenue Phoenix, AZ 85044

$475,000

3 Beds

2 Baths

1,596 SqFt

Status Active

MLS # 6650274

Property Type Single Family Residence

Price Type --

Ask your agent about rent to own options with this home. Charming Patio Home in The Pointe South Mountain Nestled in a peaceful cul-de-sac with breathtaking mountain views, this attractively priced patio home in the sought-after ''Resort Style Community'' of The Pointe South Mountain awaits you. Experience the perfect blend of comfort and convenience in this 3 bedroom, 2 bath residence. The family room, adorned with a distinctive bee hive fireplace, flows seamlessly into a cozy living room and dining area. The home features a speakeasy, den and a spacious 2-car garage, all set against the stunning backdrop of South Mountain Preserve and the lush Arizona Grand Golf Course. Just around the corner from the Pima Canyon Trailhead. It's your personal resort oasis. Embrace an active lifestyle with community pools/spas, and endless hiking/biking trails right at your doorstep. Golf enthusiasts will love the proximity to the golf course. This unique neighborhood is just minutes from Sky Harbor Airport, major freeways, and a plethora of shopping centers. Downtown Phoenix, ASU, and much more are easily accessible. Don't miss this opportunity for a serene lifestyle in a prime location. Easy to show - your new home awaits!

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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!

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1495 N Casa Grande Avenue Casa Grande, AZ 85122

$475,000

5 Beds

3 Baths

3,100 SqFt

Status Active

MLS # 6655657

Property Type Single Family Residence

Price Type --

RARE FIND! Fully Remodeled - 5 Bedroom, 3 Bathroom - with FINISHED BASEMENT. This ONE-OF-A-KIND Casa Grande home features an OVER-SIZED LOT with WORKSHOP and RV GATE ACCESS/PARKING. Bring your Trucks, Toys, and Trailers - this Property has NO HOA! This unique Property has been fully updated - including: NEW FLOORING, NEW KITCHEN, NEW & UPDATED CABINETS, NEW BUTCHER BLOCK COUNTER-TOPS, NEW APPLIANCES, UPDATED WINDOWS & NEW SUN SCREENS, NEW DOORS, UPDATED PEX/PLUMBING, NEW TOILETS, FRESH INTERIOR/EXTERIOR PAINT, AND MORE! Call for your tour today!

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