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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17643 W Pueblo Avenue Goodyear, AZ 85338

$480,990
4 Beds
3 Baths
2,309 SqFt
Status Active
MLS # 6667883
Property Type Single Family Residence
Price Type --
''Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender.'' The Cantania floor plan encompasses four bedrooms, a soft water plumbing loop, and an 8-foot garage door height, highlighting some of its key structural elements. Noteworthy features of this home include a chef kitchen layout with a wall oven, microwave, cooktop, and vent hood, as well as quartz kitchen counters. The kitchen is equipped with a gas stub, and the den features double doors. The home comes complete with a washer, dryer, refrigerator, and window blinds. This home is scheduled for completion April/May.

41000 W Agave Road Maricopa, AZ 85138

$480,990
3 Beds
2 Baths
1,987 SqFt
Status Active
MLS # 6400949
Property Type Single Family Residence
Price Type --
THIS HOME IS READY FOR YOU!!! Belice - perfect for entertaining with a 12x8 sliding glass door that leads out to your extended covered patio. Large walk-in shower at Owner's bath and ceramic tile surrounds, Designer gas appliance package, Lausanne Espresso cabinets with 42'' upper kitchen cabinets and upgraded hardware. Himalaya white granite countertops in kitchen and on the enhanced kitchen island. 8' tall interior doors throughout home. Upgraded flooring includes level 9 carpet in all bedrooms/closets and Linden Pointe Grigio 12x24 floor tile in remaining areas of the home. Dual sinks at bath 2. We're also adding in the pre-plumb for soft water. Interior two tone ''Agreeable Gray'' paint. Garage service door and an 8' tall garage door.

17434 W Fulton Street Goodyear, AZ 85338

$480,962
4 Beds
3 Baths
2,684 SqFt
Status Active
MLS # 6645442
Property Type Single Family Residence
Price Type --

9524 W Meadowbrook Avenue Phoenix, AZ 85037

$480,500
4 Beds
3 Baths
2,663 SqFt
Status Active
MLS # 6619285
Property Type Single Family Residence
Price Type --
Welcome to your new home! This move-in-ready gem is perfectly situated in a prime location, surrounded by a plethora of shops and restaurants. For sports enthusiasts and entertainment seekers, the Stadium and Westgate are a mere 1.5 miles away, making family outings a breeze. Plus, the convenient access to the 101 freeway ensures you're well-connected to all that the area has to offer. Notably, the AC units were upgraded in 2019, providing you with peace of mind and efficient cooling. Inside, the home is flooded with natural light, creating a warm and inviting atmosphere. With 4 bedrooms, a den, and a loft on the upper level, along with a convenient bathroom on the main floor, there's plenty of space for your family's needs. Step outside onto the extended patio, where you can unwind and enjoy the outdoors. This home has everything you need and more. Don't miss the opportunity to see it for yourself!

15933 W Hackamore Drive Surprise, AZ 85387

$480,065
3 Beds
2 Baths
1,448 SqFt
Status Active
MLS # 6667705
Property Type Single Family Residence
Price Type --
Come to Mason Ranch II in Surprise and discover our PRE-GRAND OPENING INCENTIVES!! Come and see this beautiful 3501 floor plan. This home features 3 Bedrooms, 2 Baths, 3-Car Garage. Nestled on an oversized end lot with an extended driveway. This home is enriched with numerous upgrades and ALL appliances included!!! You will find white shaker cabinets, granite kitchen countertops, large kitchen island, custom full kitchen backsplash, large single bowl sink, stainless steel kitchen appliances, gas range, carpet and tile flooring, tankless hot water heater, 9' ceilings, 8' interior doors, pre-plumb for soft water loop, a comprehensive smart home package, an enhanced electrical package with cat 6 wiring, and more! Est. completion June 2024.

2889 N 331st Avenue Tonopah, AZ 85354

$480,000
3 Beds
2 Baths
1,618 SqFt
Status Active
MLS # 6675524
Property Type Single Family Residence
Price Type --
Great opportunity to own a new construction quality home, with amazing views! Two parcels are included with this sale, 2.49 acres of land. This home has so much to offer starting from the construction, built with a 2X6 frame, sprayed foam insolation, flat tile roof, synthetic stucco, dual pane windows,9 ft high ceilings. Tile in main living areas, comfortable carpet in bedrooms. Custom Shaker Style Kitchen Cabinets, with 42'' upper cabinets, subway tile backsplash, and Granite countertops. Cabinets in laundry room, lots of natural and recessed lighting through the home. Spacious primary bedroom with beautifully designed en suite and spacious closet. An Exquisite and timeless design for the lucky first time owners to enjoy!

Morristown AZ 85342

$480,000
2 Beds
2 Baths
1,248 SqFt
Status Active
MLS # 6679027
Property Type Twin Home
Price Type --
APPLE AMKOR PLANT IS BEING BUILT VERY CLOSE AND WILL BE PROVIDING MORE THAT 2000 JOBS. GREAT INVESTMENT OPPORTUNITY. CURRENTLY RENTED FOR 1 AND 2 YEAR LEASES. Two income units on one property with full of updates and upgrades. New flooring, New AC units. both units have their own large backyard and side entrance with privacy. both units have their one stacked washer and dryer in the back utility room. NO HOA and easy to maintain. Don't Wait, Won't last long.

18475 W Sunrise Drive Goodyear, AZ 85338

$480,000
4 Beds
2 Baths
2,563 SqFt
Status Active
MLS # 6550951
Property Type Single Family Residence
Price Type --
BEAUTIFUL!!!!!! DONT MISS IT!!!!!!!!!!4 Bedrooms + Bonus Room, Kitchen has Granite Counter Tops, Built Microwave ,Dishwasher, Pantry, Fireplace for those cold winters , Dining in Kitchen , Formal Dining Room ,Living Room with Laminated Floor, 3 Bedrooms, Master Bedroom , has separated exit ,Full Bathroom, Double sink, Private Toilet Room , Spacious Wak-in Closet, Shower and Tub , includes additional space that can be used as a nursery room or as an Office, Laundry Room, Double Sink on 2nd Bathroom, Garage with a lot of Cabinets for storage, Back yard ready for your unique and beautiful ideas.

9038 E Stoney Vista Drive Sun Lakes, AZ 85248

$480,000
2 Beds
2 Baths
1,756 SqFt
Status Active
MLS # 6600884
Property Type Single Family Residence
Price Type --
Great split floor plan, Vaulted ceilings, 2 bedrooms plus family room. Light and Bright floor plan with bay windows, Range is plumbed for gas. Backyard is an entertainer's paradise with sparkling pool with gas heater, Natural Gas fire pit and built in bar. Cool decking and even delicious grapefruit and orange trees. This great lot is oversized and backs to walking path. Extended 2-car garage with room for golf cart and also has built in cabinets. Community offers amazing amenities including Tennis, Pickleball, Golf and over 100 clubs. Come live your best life!

7934 W Gibson Lane Phoenix, AZ 85043

$480,000
4 Beds
2 Baths
1,991 SqFt
Status Active
MLS # 6624419
Property Type Single Family Residence
Price Type --
Welcome Home! This home is an entertainers dream! Enter through the front door through a spacious living room/ dinning room into a nicely updated and spacious great area, then into a gorgeous kitchen and family room open concept combination. Perfect for family and friends get togethers. This 4 bedroom, 2 bath home, with custom plantation shutters a spacious backyard and with a 3car garage! It won't last long.

16182 W Winchcomb Drive Surprise, AZ 85379

$480,000
3 Beds
2.5 Baths
2,465 SqFt
Status Active
MLS # 6626889
Property Type Single Family Residence
Price Type --
Less than a half mile away from Costco, and the Prasada shopping center. This Gorgeous model home has extensive upgrades that include wood floors as you enter the home. Office/den with french doors located on the first floor. Large kitchen with pantry. Upgraded counters, and tile floors that opens to a large family room. The home also features a formal living and dinning room. Second floor has a loft area with bedrooms. Master is large with generous master bath with separate shower and bath, large walk in closet. Backyard features a refreshing pool with water fall and covered patio.

4136 S 73rd Drive Phoenix, AZ 85043

$480,000
4 Beds
2 Baths
2,702 SqFt
Status Active
MLS # 6630733
Property Type Single Family Residence
Price Type --
WOW! Come check out this beauty today.. This home offers a fabulous open concept great room in addition to a front sitting/living room. The gorgeous kitchen has a large walk-in pantry with an amazing island in the middle and new appliances. 4 bedroom plus an open den/playroom. Master bathroom is every couple's dream with double sinks, separate shower and tub, separate toilet room and a nice walk-in closet. The interior is completely move in ready with fresh new paint inside and out, sunscreens on all windows, reinforced mount walls for any size TV, and a water softener, all this and more. Large back yard awaiting all your family gatherings including a large side yard with RV gate. Simply Gorgeous!; the TV, projector and surround sound DO NOT CONVEY.

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