What’s Ahead For Mortgage Rates This Week – November 7, 2016

Last week’s economic news included reports on inflation, construction spending, the Federal Reserve’s announcement regarding interest rates and several labor and employment related releases. Weekly reports on new jobless claims and Freddie Mac’s survey of interest rates were also released.

Construction Spending Rises, Fed Holds Steady on Interest Rates, Suggests December Increase

Construction spending remained in negative territory for September according to the Commerce Department. The month-to-month reading decreased by 0.40 percent against the expected reading of +0.40 percent and August’s reading of -0.50 percent. Approaching winter weather is a likely reason for less spending, but ongoing challenges with shortages of buildable lots and labor are also factors. Spending on residential construction rose 0.50 percent, which is good news in terms of a persistent shortage of available homes.

The Federal Open Market Committee of the Federal Reserve announced that it would hold federal interest rates in the target range of 0.25 percent to 0.50 percent. Analysts have been monitoring Fed policymaker pronouncements in anticipation of a rate increase. With strengthening labor markets and other economic indicators, policy makers hinted at raising the Fed target rate in December.

Labor Data: Slower Job Creation, Lower Unemployment

ADP payrolls showed that only private-sector jobs 147,000 jobs were created in October as compared to September’s reading of 202,000 jobs created. The Labor Department reported 161,000 government and private-sector jobs were added in October as compared to an expected reading of 175,000 jobs added and September’s reading of 191,000 jobs created. Healthcare, professional jobs and financial sector jobs showed the highest job gains.

National Unemployment met expectations with an October reading of 4.90 percent. September’s reading was 5.00 percent Unemployment readings are reported as a percentage of workers seeking work and do not include workers who’ve left the workforce. New jobless claims rose last week to 265,000 as compared to expectations for 258,000 new jobless claims and the prior week’s reading of 258,000 new jobless claims.

Mortgage Rates Rise

Freddie Mac reported higher average mortgage rates last week. 30-year fixed rate loans had an average rate of 3.54 percent, an increase of seven basis points. The average rate for a 15-year fixed rate mortgage rose six basis points to 2.84 percent. The average rate for a 5/1 adjustable rate mortgage was three basis points higher at 2.87 percent. Discount points for fixed rate mortgages averaged 0.50 percent; discount points for 5/1 adjustable rate mortgages held steady at 0.40 percent.

Low mortgage rates have helped to offset the effects of high demand for homes and rapidly rising prices; if mortgage and refinance rates continue to rise, affordability and mortgage qualification issues are likely to arise for some home buyers.

What’s Ahead

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

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1653 Middle Creek Lane Sierra Vista, AZ 85635

$501,051

3 Beds

2 Baths

1,804 SqFt

Status Active

MLS # 6614413

Property Type Single Family Residence

Price Type --

New In-Town Community! 1804 sf, 3br/2ba home with 3-car garage on over 1/4 acre in-town lot and walking distance to stores & schools. Kitchen features Off-White painted cabinets with hardware and granite countertops throughout with under cabinet lighting, pendant lights over peninsula island. Bathrooms feature executive height cabinets, tile shower and bath surrounds. Wood look tile throughout with upgraded carpet and pad in the bedrooms. Primary suite has large walk-in closet and double sinks. Pre-wires and bracing for ceiling fans & wall mount tv, plumbed for soft water with fridge/freezer outlet in garage. Front yard irrigation with timer, wide rear patio with gas stub for future outside cooking. Energy Star Certified, HERS Rated & Environments for Living Guaranteed Home.

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12206 W Levi Drive Avondale, AZ 85323

$500,813

5 Beds

3 Baths

2,648 SqFt

Status Active

MLS # 6703068

Property Type Single Family Residence

Price Type --

*Agents, please read private remarks* Wonderful new Shea Home in the popular Master Planned Community known as Alamar. This beautiful home features 4 bedrooms, 3 bathrooms and an upstairs laundry room. Upgraded features include Quartz Countertops, Urban White Cabinets, Stainless Steel GAS Appliances, Designer Flooring, Garage Service Door and Front Yard Landscaping. Estimated completion is 30-45 days.

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16241 W Soft Wind Drive Surprise, AZ 85387

$500,072

3 Beds

3 Baths

2,501 SqFt

Status Active

MLS # 6620815

Property Type Single Family Residence

Price Type --

MOVE IN READY. Beautiful ESCALANTE Community, SILVERSMITH Plan, 3 bedroom, Open Study, 3 Baths, 2 Car Garage, 9 Foot Ceilings On Both Floors, 8 Foot Interior Doors, Gourmet Kitchen, UPGRADED FLOORING, CABINETS And COUNTERTOPS, 2 Inch Pearl White Blinds, Ceiling Fans In All Rooms. Energy Star Qualified Home, Indoor Air Plus, Buyer May Still Select Appliances, 8 Foot Tall Garage Door, Located A Short Distance From The Community Pool Area, Picnic Area, Tot Lots, Basketball, Pickle Ball Courts And So Much More. This Home Is MOVE IN READY, $1,750 Front Landscape Credit, Schools And New Shopping Center Nearby. Full Builder Warranty. QUICK CLOSE.

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17055 W Jenan Road Surprise, AZ 85388

New

$500,000

4 Beds

2.5 Baths

2,379 SqFt

Status Active

MLS # 6704766

Property Type Single Family Residence

Price Type --

Better than a new build because you don't have to wait or Pay the original $550k Ticket Price! Resort style neighborhood welcomes you home w/ tree lined streets & mountain backdrops. Community pool will have you keeping cool & making new friends. Get a workout at the gym while you're there too! Luxurious garden tub in primary soaks away the days stress. Execute a perfect meal in stunning kitchen with all the space any great chef needs. Entertain with pride & ease from functional open floor plan that allows for gatherings galore. The best part, you get to create the backyard of your dreams! Oversized covered patio is ready to anchor all you can vision...perhaps an outdoor kitchen, it's ready for that. At this starting price, only one buyer will be lucky enough to snag it, be sure its you!

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19122 W Solano Drive Litchfield Park, AZ 85340

$500,000

4 Beds

2.5 Baths

1,943 SqFt

Status Active

MLS # 6622128

Property Type Single Family Residence

Price Type --

UPGRADED and Nestled in Litchfield Park, against the White Tank Mountains, 19122 W Solano Dr is a haven of modern comfort and classic charm. Meticulously maintained, this residence welcomes with a bright, open interior featuring a European kitchen, spacious bedrooms, and ready for your stylish decor. The outdoor oasis, with its synthetic landscaping and inviting patio, provides a private retreat. 4 bedroom, 2.5 bathroom spacious home ready for you to move right in. The fully landscaped property is ready for those beautiful days outside. Backyard ready, (no dirt lot), ready for Arizona BBQ weather. With top-notch amenities and a prime location near schools and parks, this home offers a perfect balance of convenience and tranquility. Don't miss the chance to make 19122 W Solano Dr your own.

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13744 W Amaranth Street Peoria, AZ 85383

$500,000

2 Beds

2 Baths

1,800 SqFt

Status Active

MLS # 6645653

Property Type Single Family Residence

Price Type --

In the highly desirable Vistancia Village lies this beautifully presented residence. Along with access to wonderful community features including Swimming pool, clubhouse and sports courts it offers a peaceful corner location. The interiors begin with a long hallway passing the work from home office or sitting room into the open plan living space. This incorporates the family room, gourmet kitchen with modern appliances, dining room and large sliding doors to the patio. The spacious rear yard is the perfect blank canvas for desert landscaping or swimming pool. The primary bedroom suite delivers a large bedroom, a beautifully appointed bathroom and fitted closet. The bright secondary bedroom enjoys a private bathroom and closet. The bright secondary bedroom enjoys a private bathroom and closet. With a 3 car garage, water softener, reverse osmosis and security system it offers a move-in ready opportunity to enjoy this beautiful region.

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4895 E Amarillo Drive San Tan Valley, AZ 85140

$500,000

5 Beds

3 Baths

2,621 SqFt

Status Active

MLS # 6666059

Property Type Single Family Residence

Price Type --

Welcome to this spacious and beautifully layout two history house with 5 bedroom 3 bathroom situated on an oversized corner lot. The main floor features 2 separate living and dining areas with a bedroom and full bathroom as well. The second story encompasses a large loft with 4 spacious bedrooms. The primary suite has a large walk-in wardrobe closet and primary bathroom with dual vanities, a soaking tub and a stand alone shower. The backyard features artificial turf and extended patio space for entertaining. Laredo Ranch counts with relaxing and peaceful parks and walking trails for your daily exercise. Located close to grocery stores, shopping centers, and restaurants.

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12687 W Lowden Road Peoria, AZ 85383

$500,000

3 Beds

3 Baths

1,814 SqFt

Status Active

MLS # 6667534

Property Type Single Family Residence

Price Type --

Pride of ownership is shown in this beautiful residence nestled in Vistancia Village! Discover a perfectly flowing layout showcasing neutral tile floor, designer color palette, and a charming fireplace perfect for cozy nights at home. The fabulous kitchen boasts cherry wood cabinets adorned with crown moulding, built-in appliances, recessed lighting, granite counters, a see-through pantry, and a peninsula complete with a breakfast bar. The main bedroom offers soft carpet in all the right places, a generously sized sitting area, a walk-in closet, and a private bathroom with dual sinks. Spend relaxing afternoons in the wonderful backyard featuring a covered patio and a refreshing swimming pool great for the summer! Don't miss out on this one! ALL furnishings to convey.

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4032 W Hartford Avenue Glendale, AZ 85308

$500,000

3 Beds

2 Baths

1,918 SqFt

Status Active

MLS # 6687559

Property Type Single Family Residence

Price Type --

Located in the quiet Desert Pines neighborhood only minutes from the 101 and I-17, this home is ready for the first-time homebuyer, the growing family, the active single or the empty nester. This home has NO HOA. Set on a spacious corner lot, there is access into the backyard on the west side of the property through an 11-foot sliding RV gate with plenty of parking for a large RV, utility vehicles, trailers, etc. The front yard showcases a desert landscape with rosemary bushes near front door. In addition to RV parking, there is a fully fenced sparkling PebbleTec play pool with a baja shelf at one end and a stone waterfall feature at the other end. Also, there is a 10'X10' Tuff Shed utility shed for storing items. As you enter the front door, there is a sunken living room with a large window. A fireplace in the family room welcomes your guests as you move through the home. This space could also be used as a dining room for larger gatherings. The kitchen has dramatic black and stainless-steel appliances including an over the stove microwave/convection oven. The kitchen counters are granite with glass backsplash. Sliding glass doors open to the covered patio and a paved area with a gazebo for outdoor entertaining. There are solar panels and a newer HVAC energy efficient system to aid in keeping your electrical costs down. Each bathroom has attractive tiling with plenty of lighting and storage. With a linen closet at the end of the hallway, there is plenty of storage for many items in this space. The large primary bedroom has a walk-in closet and will fit a king size bed with multiple dressers. Each of the remaining rooms are sufficient for guests and will fit queen size beds comfortably. There is a room off the kitchen for laundry with a pantry cabinet and also has storage for cleaning supplies. There are cabinets above the laundry machine for additional storage. There is a door off this room to the back yard with another one into the spacious double car garage.

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3531 E Winchcomb Drive Phoenix, AZ 85032

$500,000

4 Beds

2 Baths

1,417 SqFt

Status Active

MLS # 6690885

Property Type Single Family Residence

Price Type --

Discover your perfect home just minutes from the redeveloped PV Mall District, featuring four bedrooms, two baths, and an oversized spacious lot. Enjoy the two-car garage, RV gate, and easy parking. With low-maintenance landscaping, large cul-du-sac lot, and NO HOA, it's a rare find. Located in the Paradise Valley School District, near shops and parks, with quick access to highways. Plus, it has solar power, cutting costs and boosting value. This home offers comfort, convenience, and sustainability—don't miss out!

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6502 W Sierra Street Glendale, AZ 85304

$500,000

4 Beds

2 Baths

1,746 SqFt

Status Active

MLS # 6683112

Property Type Single Family Residence

Price Type --

Check out this beautifully remodeled 3 Bed/2 Bath PLUS a Bonus Room. This home sits on a corner lot & ready for move in! Come inside to discover wood-look tile flooring, abundant natural light with all new interior & exterior paint, new flooring, new baseboards, new landscape, new bathrooms and more! Open and bright great room w/ French doors leading to the backyard. Renovated kitchen features quartz counters, stylish tile backsplash, ample white cabinets, SS appliances, recessed lighting, a peninsula w/a breakfast bar, & a breakfast nook w/bay window. Enjoy relaxing afternoons in the backyard w/a patio & diving pool. Great location and No HOA!!

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10514 W Cocopah Street Tolleson, AZ 85353

$500,000

5 Beds

3 Baths

3,110 SqFt

Status Active

MLS # 6695074

Property Type Single Family Residence

Price Type --

Refined elegance graces this exquisite two-story residence nestled on a corner lot, boasting a captivating pool. The kitchen exudes sophistication with granite countertops, stainless steel appliances. With one bedroom downstairs and four more above, the primary suite stands out with its spacious layout, accommodating a charming sitting area. Outdoors, the focal point is the inviting backyard pool, promising endless relaxation and enjoyment.

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