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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5 N 119th Avenue Avondale, AZ 85323

$499,900

3 Beds

3 Baths

2,687 SqFt

Status Active

MLS # 6662962

Property Type Single Family Residence

Price Type --

Nestled within the prestigious Cold Water Springs community, this 3-bedroom, 3-bathroom home is a gem. Situated on a coveted golf course lot, panoramic views of the pristine fairways and greens greet you from every window. Step into the backyard oasis, where a large pool beckons for relaxation, while the meticulously manicured putting green offers endless entertainment. Inside, the residence boasts spacious living areas. With an open floor plan designed for seamless indoor-outdoor living, this home provides the perfect blend of sophistication and leisure, creating an ideal retreat.

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21838 N Scott Court Maricopa, AZ 85138

$499,900

4 Beds

2 Baths

2,312 SqFt

Status Active

MLS # 6673046

Property Type Single Family Residence

Price Type --

Golf course lot! iIncredible 3-bed + Den home sitting on a golf course lot of a quiet cul-de-sac in the desired Rancho El Dorado Community! RV gate, 2-car garage, and manicured landscaping welcome you. Enter to see a formal living & dining room, designer paint, a double-door entrance den, and high vaulted ceilings. You will love the family room boasting wood floors, built-in niches, a gas fireplace, and backyard access! The eat-in kitchen features an island w/breakfast bar, a walk-in pantry, oak cabinets, a chic backsplash, granite counters, and SS appliances. The oversize main bedroom has access to the backyard and an ensuite w/dual sinks & walk-in closet. Oasis-style backyard highlights a blue pool w/water feature, a covered patio, a storage shed, and multiple seating areas. Close to schools and shopping.

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18805 E Loma Vista -- Rio Verde, AZ 85263

$499,900

3 Beds

2 Baths

1,783 SqFt

Status Active

MLS # 6678645

Property Type Single Family Residence

Price Type --

FURNISHED Move-in ready! This exquisite 3 bed, 2-bath residence features a 2-car garage with a paver driveway, a stunning desert landscape, & a welcoming front patio. The family room boasts high ceilings, exposed beams, a neutral color scheme, durable tile flooring, and a cozy fireplace. New kitchen with skylights for natural light, quartz counters, wood shaker cabinets, recessed lighting, SS appliances, & a peninsula with a breakfast bar. You'll also find a versatile third bedroom/den perfect for an office. The main bedroom offers soft carpeting, direct backyard access, a private bathroom with raised vanity, dual sinks, updated shower & a walk-in closet. The backyard is an enchanting oasis, complete with a covered patio, an outdoor fireplace, & fragrant citrus trees. This one won't last

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2602 N 70th Street Scottsdale, AZ 85257

$499,900

3 Beds

1 Bath

969 SqFt

Status Active

MLS # 6691263

Property Type Single Family Residence

Price Type --

Highly sought after corner lot in Cran Brook Manor. Really large lot for unlimited possibilities! This is a great opportunity for someone to create their new home or an investment opportunity! New windows are Energy Star in Southwest bedroom and Arcadia door. Remaining windows are dual paned also.

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11207 S Iroquois Drive Phoenix, AZ 85044

$499,900

3 Beds

2 Baths

2,143 SqFt

Status Active

MLS # 6679134

Property Type Single Family Residence

Price Type --

Fully remodeled designer home. Upgraded from top to bottom. New cabinets throughout the house, new bathrooms, new plumbing fixtures, electrical fixtures, new double-pane window, stucco, flooring, baseboards and doors, fresh paint inside and out, new landscaping and a lot more to discover.

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4021 W Blackhawk Drive Glendale, AZ 85308

$499,900

3 Beds

2.5 Baths

2,235 SqFt

Status Active

MLS # 6682598

Property Type Single Family Residence

Price Type --

Desirable & Great Location - Arroyo Springs Neighborhood - Open Concept Layout - 3 Bedrooms 2.5 Bathrooms - Primary Bedroom, Bathroom & Large Walk In Closet Located Downstairs - Hardwood Floors & Ceramic Tile Thru-Out - Large Formal Dining & Living Room - Modern Kitchen w/ Newer Cabinets & Appliances, Breakfast Bar, Granite Countertops, Eat In Kitchen Area & Open to Family Room - Upstairs 2 Bedrooms w/ Walk In Closets & Large Open Loft Area - Large Backyard Great for Entertaining w/ Pool, Covered Patio, Grass Area, Palm & Citrus Trees.

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16525 E Avenue Of The Fountains -- Fountain Hills, AZ 85268

$499,900

3 Beds

2 Baths

1,736 SqFt

Status Active

MLS # 6685641

Property Type Apartment

Price Type --

NEW LOW PRICE!! Excellent value for this furnished condo!!Perfect location if you like downtown living!! Walk to and enjoy lots of shops, restaurants, art shows and of course the World Famous Fountain...This lightly lived in & recently remodeled upstairs condo is just right for part time living or full time residents! Being sold furnished/Spacious 1736 sf with large great room, beautifully remodeled kitchen/dining room, 3 bedrooms & 2 baths! Enjoy the mountain views from your covered balcony. You'll love the master suite with all new walk in shower & double vanity. Nice laundry room with extra storage...and a 1 car garage with built in storage cabinets & epoxy floors! Heated Community pool & spa / Exercise room/ Priced to sell...don't hesitate!!

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18716 N 51st Drive Glendale, AZ 85308

$499,900

3 Beds

2 Baths

1,663 SqFt

Status Active

MLS # 6691970

Property Type Single Family Residence

Price Type --

Best location and better home! Absolutely adorable almost new home in far North Glendale. You'll love this open great room with 10'' raised ceilings. Beautiful ceramic tile in all the right places. Upgraded kitchen has extended & 42'' tall maple toffee cabinets with crown molding, granite counters, huge island, & stainless appliances including gas cook-top. Large split master bedroom has separate shower & garden tub + huge walk-in closet. Professionally landscaped front & backyard with custom pavers, lush grass & extended patio. No rear neighbors & quiet cul-de-sac lot across from tot-lot/greenbelt. Close to everything!

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1615 E Williams Street Tempe, AZ 85281

$499,900

3 Beds

2 Baths

1,280 SqFt

Status Active

MLS # 6690745

Property Type Single Family Residence

Price Type --

NO HOA! 10,502 SQFT flood irrigated lot! Rare chance to own a remodeled home in Hudson Manor. These homes don't go for sale every day! Large lot with lush landscaping and new fencing! 3 spacious bedrooms and a large master suite! New kitchen with cabinets and counters, new appliances, fresh paint inside and out, new carpet, lights and much more! Close to Arizona State University, Tempe Marketplace, light rail, freeways and much more! You really need to see this home to believe it!

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16433 S 17th Drive Phoenix, AZ 85045

$499,900

3 Beds

2 Baths

1,661 SqFt

Status Active

MLS # 6632600

Property Type Single Family Residence

Price Type --

Beautiful home in Foothills Club West community. Ideal split floor plan with open kitchen and great room. Fresh interior custom paint and exterior including garage. New neutral carpet. Recessed lighting, custom wood blinds and ceiling fans in all rooms. White kitchen cabinets, pantry and white appliances. Neutral tile in all traffic areas and baths. Easy care desert front and backyards with watering systems. Great schools, hiking and biking trails and golf with lovely mountain views. Great location with easy access to freeways, shopping and much more.

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16668 W Pierce Street Goodyear, AZ 85338

$499,900

4 Beds

2 Baths

1,862 SqFt

Status Active

MLS # 6689544

Property Type Single Family Residence

Price Type --

SPECTACULAR YARD WITH HEATED POOL & SPA, OUTDOOR KITCHEN WITH WALL TV CABINET, GAS FIREPLACE, GAZEBO, 2 SHEDS & EXTENSIVE PATIO ON A HUGE CORNER LOT. This move-in ready FOUR BEDROOM home has been freshly painted outside, painted inside, has a NEW HVAC (2023), upgraded fixtures and beautiful tile throughout. The spacious foyer opens to a huge living area with vaulted ceiling. The kitchen features granite counters, custom backsplash, crown molding, large island with eating counter & built-in beverage fridge. ALL APPLIANCES INCLUDED. The Ensuite bathroom has a patio door to the covered patio. Bedrooms #3 & 4 have upgraded windows & overlook a gorgeous front yard. Low voltage lighting front & back with an abundance of palm trees, shrubs, 2 orange trees & more. You may not want to leave home!

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4066 E Cathy Drive Gilbert, AZ 85296

$499,900

3 Beds

2.5 Baths

2,303 SqFt

Status Active

MLS # 6637333

Property Type Single Family Residence

Price Type --

The wait is over! Book your tour on this awesome 3 bedroom, 2.5 bath, 2 garage home with loft and huge living area! Located in prime Gilbert location off Recker and Warner and close to 202! Very nice kitchen granite counters, white cabinets, kitchen island, double wall ovens, and newer dishwasher! Huge formal dining area that can be used for separate living area if desired. Functional loft on the second level perfect for work space or living area. Massive primary suite with room for sitting area and large walk-in closet. 2 sinks, separate tub and shower and private toilet room. Jack and jill bath at secondary bedrooms for added convenience. Community offers pool and spa, large grassy park, and playground. Great value and great location make this a great buy!

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