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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2201 W Valhalla Court Anthem, AZ 85086

$499,000

3 Beds

2 Baths

1,616 SqFt

Status Active

MLS # 6686568

Property Type Single Family Residence

Price Type --

Welcome to your desert oasis in the gated community of Anthem Country Club! This charming 3-bedroom, 2-bath home features beautiful desert landscaping enhancing the curb appeal, setting the tone for the tranquility within. At the front, a patio invites you to enjoy your morning coffee, to relax and soak in the warm Arizona sun. Inside, the great room greets you with its spaciousness, complemented by a formal dining area and a kitchen that overlooks the living space, creating an ideal setup for gatherings and entertaining. The kitchen features ample cabinet space and a convenient pantry, providing plenty of room for all your culinary essentials. The primary bedroom is generously sized and grants direct access to the backyard retreat. Its ensuite bathroom features a dual sink vanity, a separate tub and shower, and a spacious closet space. Outside, discover a backyard sanctuary complete with a covered patio with ceiling fans, perfect to help stay cool on the warm sunny days, a built-in BBQ for grilling. Unwind in the spa, surrounded by serene natural beauty. As part of the Anthem Social Membership, residents gain access to a variety of Club facilities and amenities, including tennis courts, pickleball courts, a fitness center, a resort-style pool, and more! Don't miss out on the opportunity to experience Arizona living at its finest in this captivating Anthem home.

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11041 W Irma Lane Sun City, AZ 85373

$499,000

3 Beds

2 Baths

2,231 SqFt

Status Active

MLS # 6681886

Property Type Single Family Residence

Price Type --

Welcome to this beautiful age restricted community. As you walk up to this home, you will find a welcoming entry way. Inside you have a quaint living and dining area. To the right, there is a room which can be used for either a sitting area or office space. There are wood shutters throughout. The home offers 3 bedrooms and 2 baths and lots of storage. The main bedroom is spacious with a sitting area and private exit to the patio. The main bath has two sinks, 2 walk in closets with a separate tub and shower. The kitchen offers a large open area with a breakfast area. The exterior has several fruit trees, a private backyard great for entertaining, lots of mature trees and beautiful landscaping. Corner lot on a cul-de-sac street. 3 car garage with a service door and built in storage cabinets

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16630 S 14th Place Phoenix, AZ 85048

$499,000

3 Beds

2 Baths

1,726 SqFt

Status Active

MLS # 6678875

Property Type Single Family Residence

Price Type --

Simply BEAUTIFUL single-level 2-Bed/2-Bath PLUS Den with built in Shelves, 2-Car Garage and Pool ~ located in highly desirable OASIS AT THE FOOTHILLS Golf Course Community! Double front entry doors open to large Living & Dining areas with vaulted ceilings & hardwood floors. Kitchen boasts antique-styled Cabinets, granite Countertops, stainless steel appliances. Master Bedroom has walk-out to extended covered full-length covered Patio and a resort-style backyard with Pool & Fireplace, great entertainment area! Full Master Bathroom with Double Sinks, Separate Shower, Tub, two Closets. Hardwood floors & Tile thru-out - NO CARPET. Garage Workbench with and lots of built-in cabinets providing good storage, 220-volt outlet too! Energy-efficient Sunscreens. Great Ahwatukee location!!

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14803 W Buttonwood Drive Sun City West, AZ 85375

$499,000

3 Beds

2 Baths

2,550 SqFt

Status Active

MLS # 6679820

Property Type Single Family Residence

Price Type --

Welcome home to this updated San Simeon model with 2550' of spacious living. 3 bedrooms, 1.75 baths. New tile/baseboards throughout with carpet in bedrooms. New master shower, lighting upgrades, pull-out shelves in kitchen and master bath. Water treatment system and R/O system are owned. The large laundry room is set up with abundant storage w/ a great craft/hobby area. New interior paint 2024 Enjoy two private outdoor retreats w/ a front courtyard off the master bedroom or the covered back patio with built-in outdoor kitchen. The oversized garage includes a separate golf cart garage. The landscaping system was reworked with new valves, controls and backflow. To add to the mature plantings the landscape rock was just replenished. The home has solar to keep your electric bills low! See full list of improvements in Documents tab.

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22375 N Celtic Avenue Maricopa, AZ 85139

$499,000

5 Beds

3 Baths

2,653 SqFt

Status Active

MLS # 6680848

Property Type Single Family Residence

Price Type --

Welcome to this spacious 5-bedroom home in Cobblestone Farms! Nestled on a corner lot, it displays a desert front yard, RV gate, & a split 3-car garage. Discover a formal living room and an inviting dining/family room that opens to the kitchen! Built-in appliances, solid-surface counters, a pantry, recessed lighting, ample wood cabinetry, and a large island w/breakfast bar complete the culinary space. Natural light filled the spaces, complemented by archways, designer paint, and tile & soft carpet t/out. Main bedroom has outdoor access and an ensuite with a separate tub/shower & a walk-in closet. One bedroom, with a double-door entry & sliding doors to the back, is perfect for an office. Enjoy relaxing in the private backyard w/a covered patio, DIY firepit, & a grassy area! Move-in ready!

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3809 W Misty Willow Lane Glendale, AZ 85310

$499,000

3 Beds

2.5 Baths

1,818 SqFt

Status Active

MLS # 6683177

Property Type Single Family Residence

Price Type --

Location, location, come expecting and be amazed! Starting with gorgeous curb appeal, lush grass, curbing, and mature landscaping. Upon entering the living room, you'll be in awe with the huge, vaulted ceilings, new carpet, custom paint, wood shutters & updated lighting. To the open kitchen, you'll see new cabinets, granite counter tops, granite sink, plus updated black stainless appliances. You'll love the inviting family room with a built-in fireplace and a custom glass slider to view the enormous backyard & extended covered patio set up for entertaining. The oversized owner's suite has vaulted ceilings, a walk-in closet, dual sinks, & remodeled shower. This home has a full 3 car garage, loads of storage space, new roof underlayment 2022, with solar purchase assumable, Come & see today!

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9047 W Maui Lane Peoria, AZ 85381

$499,000

3 Beds

2.5 Baths

2,070 SqFt

Status Active

MLS # 6686960

Property Type Single Family Residence

Price Type --

Desert Harbor Lake view from backyard. Brand-new stainless-steel appliances. New carpet and paint throughout. New DuraDek private loft balcony. New custom shower in Master en suite. Multiple new lighting fixtures and ceiling fans. Tile and carpet throughout. Ceramic tile in the main living area. Large kitchen with plenty of cabinet space and pantry. The separate kitchen counter space with cabinets is perfect for additional storage/appliances. The master bedroom is conveniently located on the first floor, separate from the other bedrooms. The upstairs loft is perfect for an in-home office or a kids' playroom. Upstairs bedroom is identical each with own window nook seating area. Extra built-in garage storage.

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15989 N 74th Lane Peoria, AZ 85382

$499,000

3 Beds

2.5 Baths

1,975 SqFt

Status Active

MLS # 6685842

Property Type Single Family Residence

Price Type --

Location...Northwest Corridor just min from Arrowhead Mall & 101. This Awesome home is now available located at Bella Brisa at 75th Ave and Bell Rd. The 3 bedrooms, 2.5 baths and bonus/flex room that offers the ability to work from home or workout room. Beautifully, finished kitchen with extended counter including gas range for the chef in you. The Primary room is oversized with beautiful bath and walk-in closet. The laundry room includes tall built-in custom cabinets. The backyard includes synthetic grass easy maintenaince. ome check out your new home! This community, located in North Peoria! Easy access to bike/running trails, hundreds of restaurants, shopping, ballpark, and entertainment. ALL just minutes away!

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913 N Brown Avenue Casa Grande, AZ 85122

$499,000

5 Beds

3 Baths

1,950 SqFt

Status Active

MLS # 6696481

Property Type Single Family Residence

Price Type --

Step inside this beautifully updated property to discover a spacious and bright living area. The well appointed kitchen boasts granite countertops, new appliances and new flooring throughout the entire home. Retreat to the comfortable bedrooms, each offering a peaceful atmosphere and ample closet space. The beautifully landscaped front yard welcomes you home, while the covered patio provides a great space for outdoor relaxation and evening barbecues. The spacious backyard includes an accessory dwelling unit (ADU) in the back, perfect for hosting guests, using as a home office, or renting out for additional income. Conveniently located near shopping, dining, and entertainment options, this home is also close to schools, parks, and recreational facilities, with easy access to major highways for a quick commute to neighboring cities. Don't miss out on the opportunity to make this wonderful house your new home!

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89 E Palomino Drive Gilbert, AZ 85296

$499,000

3 Beds

2.5 Baths

1,776 SqFt

Status Active

MLS # 6694699

Property Type Single Family Residence

Price Type --

Welcome to this stunning two-story home boasting modern updates and timeless charm. With three spacious bedrooms and two and half bathrooms, this residence offers comfortable living spaces for the whole family. Step inside to discover the allure of vinyl floors that perfectly complement the contemporary design. The sleek, updated kitchen is a chef's delight, featuring ample counter space and stainless steel appliances. Conveniently located close to amenities and schools, this home is the epitome of modern living. Don't miss the opportunity to make it yours!

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14262 W Wethersfield Road Surprise, AZ 85379

$499,000

4 Beds

2 Baths

2,436 SqFt

Status Active

MLS # 6700960

Property Type Single Family Residence

Price Type --

Discover your dream single-story oasis! This charming home boasts 4 bdrms + bonus room, 2 baths, corner location. Step into elegance with granite kitchen countertops, bay window, stylish plantation shutters. Luxuriate in plush carpeting & ceramic tile flooring throughout. Enjoy privacy with a split floorplan. Park your toys in the 2-car garage with an RV gate. The main bedroom offers a spa-like retreat with a separate shower & tub, double sinks, walk-in closet. Experience cool natural light through solar tubes, inside laundry with wash tub and cabinets. Outside, unwind under the covered patio, gazebo, or by the built-in BBQ and firepit in the meticulously maintained yard with lush turf. This light-filled and impeccably cared-for home is ready for you to move in and make memories!

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7624 N 17th Drive Phoenix, AZ 85021

$499,000

3 Beds

2 Baths

1,378 SqFt

Status Active

MLS # 6699046

Property Type Single Family Residence

Price Type --

This quaint home situated on a large lot features a new roof (2011), updated HVAC (2021), new hot water heater (2024), new plumbing and a remodel in 2019 that includes the kitchen, bathrooms, and new flooring. All windows and doors have been replaced. Close to shopping and schools, with easy access to the freeway. The property features a shed located in the backyard, presenting potential for an additional work area or casita.

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