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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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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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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5711 W Lydia Lane Laveen, AZ 85339

$500,000

3 Beds

2 Baths

1,879 SqFt

Status Active

MLS # 6684732

Property Type Single Family Residence

Price Type --

Welcome to your dream oasis within a gated community. This exceptional property boasts a prime location on a corner lot for privacy and tranquility. Step inside and be greeted by an expansive interior with three generously sized rooms, each offering ample space for relaxation and comfort. The master bedroom features a sprawling walk in closet that easily accommodates your wardrobe and more. Outside, indulge in the epitome of leisure with your very own pool, perfect for refreshing dips on warm summer days or luxurious lounging under the sun framed by majestic mountain views. Plus, with a three-car garage, you'll have plenty of room for your vehicles and storage needs. Go see it today and step into a world of privacy and tranquility.

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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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2859 W Lyman Drive San Tan Valley, AZ 85144

$500,000

3 Beds

3 Baths

1,900 SqFt

Status Active

MLS # 6689846

Property Type Single Family Residence

Price Type --

Looking for a Master Planned Community, with walking trails, ramadas, barbeques, shaded tot lots, horseshoes, bocce ball courts, full and half basketball courts, volleyball courts, pickleball courts, an exercise circuit park and a huge 7,248 sq. ft. surface area community pool? This is it! Check out this practically brand new, 3 bedroom + Den, 3 full bathroom property on a cul-de-sac. Owners spared no expense at the design center, with Upgraded cabinetry w/ crown moulding, high end granite counter tops, a gas cooktop, built in oven & microwave, under cabinet lighting & a huge kitchen island. Primary has an oversized bedroom with a spacious master suite. This bathroom is complete with a tile super shower and oversized closet. Property has great natural light, in part to the oversized slider that leads to a completely landscaped backyard. Sit on the patio and enjoy your low maintenance backyard with pavers in all the right places, and synthetic turf.

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7215 W St Charles Avenue Laveen, AZ 85339

$500,000

4 Beds

3 Baths

3,143 SqFt

Status Active

MLS # 6689852

Property Type Single Family Residence

Price Type --

This remarkable 2-story home with a 3-car garage, heated pool and breath-taking mountain views is now available and move-in ready! As soon as you enter, you'll feel right at home as you're greeted with a warm, welcoming color pallete that perfectly complements the tile and wood flooring. Plenty of space throughout for the entire family, with large bedrooms, an expansive family room, and a kitchen large enough for the pickiest of chefs. Need more space? No problem! Downstairs, you'll find a separate den/game room. Upstairs, the loft is another great flex space. Outside, the backyard boasts a spacious patio extended by an adjoining pergola, a heated pool, mountain views, and low-maintenance desert landscaping! No need to waste time, bring the whole family on over to check this one out ASAP!

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7263 E Jasmine Street Mesa, AZ 85207

$500,000

4 Beds

2 Baths

2,145 SqFt

Status Active

MLS # 6691511

Property Type Single Family Residence

Price Type --

Great mesa location with quick access to the Loop 101 North freeway and approximately 20 minutes to the Phoenix Sky Harbor. This 4 bedroom 2 bath home offers formal living, dining and family room. With a wide open kitchen and large island. Tile in all the right place with all bedrooms carpeted. North/South facing and just walking distance to the community park with basket ball, volley ball, tot lot and ramada. NO HOA and All plumbing was replaced 2023, A/C unit replaced 2015 and hot water heater. Come make this home your own.

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19791 W Sherman Street Buckeye, AZ 85326

$500,000

4 Beds

2.5 Baths

2,259 SqFt

Status Active

MLS # 6694402

Property Type Single Family Residence

Price Type --

Look no further! This stunning home offers a perfect blend of comfort, privacy, and natural beauty. Located in a desirable neighborhood of Blue Horzions. Enjoy the peace and quiet of having no neighbors behind you, creating a sense of seclusion while still being close to amenities and local attractions. Step into the backyard and experience pure tranquility. This spacious outdoor area is your private retreat, featuring lush landscaping and ample space to unwind or entertain. Picture yourself enjoying quiet mornings or serene evenings in this peaceful setting. Inside, the home is flooded with natural light, creating a warm and inviting atmosphere throughout. You'll also appreciate the convenience of a three-car garage. Don't miss out on this exceptional opportunity!

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4101 E Caitlin Drive San Tan Valley, AZ 85140

$500,000

5 Beds

3 Baths

2,535 SqFt

Status Active

MLS # 6692883

Property Type Single Family Residence

Price Type --

Rarely do 5 bed 3 bath homes come on the market in the sought after gated community of Archer Meadows with its resort style amenities! This single level, N/S exposure, open concept, split floor plan with wood look tiles is a must see! Kitchen features espresso cabinets, neutral tile backsplash, granite countertops, stainless-steel appliances and gas cooktop. Lots of seating at the large center island and huge pantry as well! Great room with large sliding glass door, opens 7 ft . to covered patio and large backyard complete with dog run and shed on the side of the house. The bedrooms include walk-in closets in every room! Archer Meadows amenities include a clubhouse, fitness center, resort -style pool, playgrounds and parks, disc golf, and much more!

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26568 W Cat Balue Drive Buckeye, AZ 85396

$500,000

2 Beds

2 Baths

2,023 SqFt

Status Active

MLS # 6697929

Property Type Single Family Residence

Price Type --

Escape to the serene oasis of Sun City Festival's coveted 55+ community, where tranquility meets an abundance of recreational opportunities. Tucked away from the city's hustle and bustle, this charming residence offers the perfect blend of relaxation and activity. Boasting 2 bedrooms, 2 bathrooms, and a versatile den, this home provides ample space for comfortable living. Inside, hardwood floors grace the living spaces, lending warmth and elegance to the interior. An impressive entertainment wall sets the stage for memorable gatherings with family and friends. Discover a kitchen that delights with upgraded cabinets, granite countertops, and a handy desk area. Slide-outs in the lower cabinets ensure seamless organization for culinary enthusiasts. The extended laundry room offers convenient storage space, completing the functional layout of this home. For those with hobbies and interests, the deep garage is a haven, equipped with extra lighting and outlets to accommodate all endeavors. Located mere moments from the community golf course and just a few blocks from a beloved dog park, outdoor enthusiasts will find endless opportunities for leisure and enjoyment. But the amenities don't end there. Sun City Festival offers residents access to two recreation centers, each featuring workout facilities, pools, and hot tubs for staying active and relaxed year-round. Enjoy friendly competition at the pickleball complex or softball field, or indulge your creative side at the woodshop and craft studios. Experience the best of Sun City Festival living and embrace the vibrant lifestyle this community has to offer.

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5136 N 31st Place Phoenix, AZ 85016

$500,000

2 Beds

2 Baths

1,224 SqFt

Status Active

MLS # 6697755

Property Type Apartment

Price Type --

Exceptional High-End Remodeled PEDESTRIAN FRIENDLY AzBiltmore Estates BILTMORE TERRACE Condo JUST BRING YOUR TOOTHBRUSH GATED & GUARDED Golf Course Community at ARIZONA BILTMORE w direct access to BILTMORE PLAZA SHOPPING CENTER for all your needs w Starbucks, banking Safeway grocery +specialty Shops & Fine Restaurants convenient to all offices located on E Camelback Road. 1224'sf on 1-level real Plank Wood flooring +new paint +furnishings . non-smoking original owner home. Breakfast Patio light & bright ultra-quiet LUXURY Community Solid-Built contemporary design. UNLIMITED HOT WATER, CLUBHOUSE spacious sun drenched pools & spas TWO pool areas, beautiful maintained grounds & community

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