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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18192 E Via Jardin -- Gold Canyon, AZ 85118

$500,000

4 Beds

2 Baths

2,167 SqFt

Status Active

MLS # 6667927

Property Type Single Family Residence

Price Type --

Come and see this beautiful 4-bedroom, 2-bathroom home with split floor plan located on a large corner lot! This fully landscaped yard comes complete with a spacious covered patio, large side yard with 6 raised garden beds and automatic irrigation system throughout! There is ample space for relaxation and entertaining. Inside the home you will find an open floor plan with updated appliances and flooring, hard-wired ethernet throughout the house, and breathtaking mountain views from your family room and primary bedroom. Nestled in the serene surroundings of Gold Canyon, this home offers easy access to hiking trails, golf courses, a community playground and all of the amenities this charming town has to offer! Don't miss your chance to call this peaceful retreat your own!

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16254 W Tuscany Way Surprise, AZ 85374

$500,000

2 Beds

2 Baths

2,035 SqFt

Status Active

MLS # 6664856

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated single level golf course home in the highly desirable community of Sun City Grand. As you enter the home you are greeted with a wall of windows framing the beautiful golf course views, an open floor plan with fresh neutral colors and rich travertine style tile. The over sized master bedroom boasts bay windows, a huge walk in closet and recently remodeled bathroom with granite countertops and walk in shower. Venture down the hallway to the chef's kitchen with Island, granite countertops, stainless steel appliances that all look out to the warm and inviting family room with stacked stone gas fireplace. Whether you would like the privacy of your quaint front patio or the wide open views on your back patio of the 17th tee box of the Desert Springs Golf Course, this home provides you the canvas to enjoy the amazing outdoor living that Arizona has to offer! Welcome to your next Home Sweet Home!

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3444 E Lance Lane Phoenix, AZ 85018

$500,000

3 Beds

3 Baths

1,651 SqFt

Status Active

MLS # 6666041

Property Type Townhouse

Price Type --

Qualifies for LOW INTEREST RATE OPTION! Designer swaggy townhome has the feel of luxury and comfort w/ soaring 20-foot ceilings and impressive art walls. Highly profitable Airbnb for investors! 3 bedroom, 3 bathroom home features updated floors, light fixtures, and a modern kitchen and layout great for a first time buyer and family as well. The 2-car garage provides ample storage space, and the rooftop deck offers breathtaking 360-degree views of Camelback Mountain, Piestewa Peak, South Mountain, and downtown. Residents have access to the community pool and spa, and the low HOA fee includes internet. The property is close to shopping and entertainment, including Biltmore Fashion Park and just a short drive to Sky Harbor Airport, downtown Phoenix, and Old Town Scottsdale.

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840 Alpha Lane Prescott, AZ 86303

$500,000

2 Beds

2 Baths

1,656 SqFt

Status Active

MLS # 6667210

Property Type Townhouse

Price Type --

RARE OPPORTUNITY TO OWN A SINGLE LEVEL TOWNHOUSE IN THE PINES. .9 MILE TO DOWNTOWN PRESCOTT AND ALL THE FUN ACTIVITIES WITHIN WALKING DISTANCE. LOW HOA, $30.00 A MONTH! THIS HOME WOULD MAKE A PERFECT SECOND HOME TO ESCAPE THE HEAT OR EASY FULL TIME LOW MAINTENANCE RESIDENCE. CENTRAL AIR CONDITIONING AND HEAT. NEW ROOF IN 2023. NEW PAVER DRIVEWAY IN 2023. NEW TREX DECK IN 2022. 2 SPACIOUS BEDROOMS. 2 BATHROOMS. 2 CAR GARAGE. LEVEL PAVER DRIVEWAY. OPEN CONCEPT LIVING, WITH A FLOORPLAN THAT JUST FLOWS. FOREST VIEWS OFF THE LIVING AND DINING AREA. ENJOY SITTING ON YOUR BACK DECK AND TAKE IN THE SIGHTS AND SOUNDS OF NATURE. YOU ARE SO CLOSE TO EVERTHING PRESCOTT BUT FEEL SO PRIVATE AND ONE WITH NATURE.

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17398 W Superior Avenue Goodyear, AZ 85338

$500,000

4 Beds

2.5 Baths

2,525 SqFt

Status Active

MLS # 6669321

Property Type Single Family Residence

Price Type --

Gorgeous single-story home with a pool, view fence, 3-car tandem garage and solar! This floor plan creates an open living concept, with a large living room tying into a gourmet eat-in kitchen with double wall ovens, granite countertops, a farmhouse sink and gas stove. The primary bedroom features an en-suite bathroom with a large soaking tub, separate shower and dual sinks. There are also 3 additional bedrooms, a den, full bathroom with tub/shower, as well as a half bath for the main living area, or your guests. Close proximity to shopping, dining, schools, freeway access and more!

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15206 W Pasadena Drive Surprise, AZ 85374

$500,000

2 Beds

2 Baths

2,052 SqFt

Status Active

MLS # 6673156

Property Type Single Family Residence

Price Type --

Welcome to this 1 owner, one-level home in the desirable The Grand Community! This home boasts 2052 sf of well-designed living space which offers the perfect blend of comfort, convenience, and style. Notice the quality construction of this Coronado open floor plan and the beautiful aesthetics of the exterior for stunning curb appeal! Features Include: Marble Floors, Rock exterior, Extended Patio, New Roof underlay and Exterior paint, large living room with lots of natural light and views of the backyard. Notice the spacious marble kitchen and oversized dining area. The primary suite is amazing and offers a large bath and walk-in closet. There is a 2nd bedroom and bath and also a den that could be converted into a 3rd bedroom if you desire. $5,000 allowance to buyer with acceptable offer.

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606 S Fountaine Street Flagstaff, AZ 86001

$500,000

2 Beds

1 Bath

1,150 SqFt

Status Active

MLS # 6688896

Property Type Single Family Residence

Price Type --

This charming fixer-upper with endless potential, sold ''AS IS'' for your creative vision to flourish right next to Northern Arizona University. This come has a comfortable living space that would be ideal for students or professionals. Don't miss out on this great opportunity.

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3761 E Thornton Avenue Gilbert, AZ 85297

$500,000

4 Beds

2 Baths

1,647 SqFt

Status Active

MLS # 6688799

Property Type Single Family Residence

Price Type --

Rare opportunity to own in Coronado Ranch. Located in 85297 near Gilbert Regional Park, this 4 bed 2 bath 1647 sqft home has vaulted ceiling and spacious back yard, great for gardening and entertaining. Neighborhood is family friendly, has two parks, and a splash pad. Built in 2001 this home has only had 2 owners. Grocery, gas, pharmacy, and other shopping all within 1-2 miles. In 2023 Higley Unified School District rated ''A'' by AZ Dept of Education. Owner/agent listing Home is being sold AS-IS.

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7580 E Earll Drive Scottsdale, AZ 85251

$500,000

2 Beds

2 Baths

1,397 SqFt

Status Active

MLS # 6697555

Property Type Townhouse

Price Type --

Rare 1-car garage Luxury Condo in TOP Scottsdale location!!! Step into luxury living in this charming GATED community nestled in Old Town Scottsdale. This inviting 2-bedroom unit boasts an airy open floor plan with super high soaring ceilings and a cozy gas fireplace in the living room. Beautifully updated home with all appliances included, both bedrooms feature spacious walk-in closets and access to a covered outdoor balcony. BEST LOCATION! Whether you're looking for a primary residence or a vacation getaway, this condo is ideal. Explore the vibrant neighborhood with easy access to top-notch dining, shopping, nightlife, golf courses, and the excitement of Giants Spring Training games. Experience the best of Scottsdale living right at your doorstep! Don't wait! Come see!

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6287 N 88th Avenue Glendale, AZ 85305

$500,000

4 Beds

2 Baths

2,092 SqFt

Status Active

MLS # 6691253

Property Type Single Family Residence

Price Type --

Remodeled Home with gorgeous Hickory Kitchen cabinets & GRANITE counter tops. Eat in Kitchen with bay window center Island counter. Kitchen opens into spacious family room, Spacious primary bedroom with bay window, vaulted ceiling, remodeled gorgeous bathroom, walk in closet. Ceramic and laminated flooring. Kitchen and all bathrooms were remodeled approx 2 years ago. Spacious rear yard, fenced sparkling pool resurfaced yr 2018 , Separate grass area, 11 foot R.V. Gates, Separate building, ideal for workshop or hobby room, Appliance only 2years & included. Golf course in community , approx 3 blocks from West Gate Entertainment Center with Cardinals Stadium, restaurants, shopping, Convenient to 101 freeway.

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1914 N 140th Avenue Goodyear, AZ 85395

$500,000

3 Beds

2.5 Baths

1,983 SqFt

Status Active

MLS # 6691426

Property Type Townhouse

Price Type --

Elegant, Modern, Energy-Efficient, 2021 New, 1 Level, 3 Bed, 3 Bath (2.5), 2 Car Garage home with over $50K in builder upgrades! Located 1 mile N. of i10, in 'The Vistas' a exclusive gated community of Palm Valley'. Top Rated Schools, Great Hearts Charter & Millennium High, shopping, dining, and golf. This open floor plan home is designed around an amazing kitchen overlooking the Dinning-Great Rooms with 3 Lr sliding glass doors theres an abundance of bright, cheery natural light! Relax in your private backyard under the cover patio or have fun in your beatiful community pool & grilling area, which this home butts up to! Yes, this home does has one of the best lot locations in The Vistas! Tankless hot water heater & water softener are included in this must see home!

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12101 N 141st Lane Surprise, AZ 85379

$500,000

4 Beds

2 Baths

2,062 SqFt

Status Active

MLS # 6692288

Property Type Single Family Residence

Price Type --

Upgrades galore in this popular Richmond American Floorplan. Property has just been remodeled. Vinyl Plank flooring throughout, Freshly painted interior, Tile surrounding tub and showers, New countertops (square sinks) and fixtures in all bathrooms. Kitchen features Quartz countertops and all new Stainless steel appliances including a popular gas stove. Inside laundry features a Laundry sink and a hookup for either a gas or electric dryer. 3 car garage with electric openers for easy access and plumbed for a water softener. All this and solar too!

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