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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4151 S Plasma -- Mesa, AZ 85212

$499,900

3 Beds

2 Baths

1,567 SqFt

Status Active

MLS # 6650303

Property Type Single Family Residence

Price Type --

Premium lot with a big backyard surrounded by single story homes for privacy. This 3-bedroom 2-bathroom home is located in the desirable Eastmark community. Tile throughout with carpet in the bedrooms. Large kitchen island with Granite countertops. Plantation shutters on the windows facing the front of the house. SELLER TO CONTRIBUTE $5,000 TOWARDS BUYERS CLOSING COSTS.

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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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15452 W Skyview Way Surprise, AZ 85374

$499,900

3 Beds

2 Baths

2,334 SqFt

Status Active

MLS # 6658553

Property Type Single Family Residence

Price Type --

This pristine FURNISHED Hacienda home in The Grand boasts over 2,300 sq ft, featuring 3 bedrooms, 2 bathrooms, and a coveted split floor plan. The spacious kitchen, complete with stainless steel appliances and a bar top area, creates an ideal entertaining space. The sizable owners bedroom suite offers a bay window, double sinks, and a two-door walk-in closet. Two guest bedrooms are separated by a full bathroom. Enjoy both a formal living room and a family room with a gas fireplace. You can enjoy the wonderful Arizona weather on the spacious covered patio! The two-car extended garage includes attached cabinets. Exterior enhancements include a stone facade and fresh paint

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21856 N Sunset Drive Maricopa, AZ 85139

$499,900

4 Beds

2.5 Baths

3,166 SqFt

Status Active

MLS # 6664490

Property Type Single Family Residence

Price Type --

Absolutely stunning 4 bed/2.5 bath home with a versatile study/office/5th bedroom, showcasing a perfect blend of elegance and functionality. Step inside to discover the exquisite wood-like tile flooring that adds warmth and style throughout. The formal living and dining rooms create an inviting atmosphere, while the oversized great room provides ample space for entertainment and relaxation. The kitchen is a chef's dream, boasting stainless steel appliances, granite countertops, cabinets with molding, and a fabulous island with a convenient breakfast bar. Escape to the large primary bedroom featuring a beautifully tiled super shower with benches, an extended vanity with double sinks, and a spacious walk-in closet. Upstairs, a generous loft serves as a bonus entertainment area, complementing the split floor plan that offers privacy. Each bedroom comes complete with its own walk-in closet. The outdoor space is a true oasis, offering breathtaking mountain views, lush landscaping, and an extended covered patio equipped with remote-controlled fans and retractable porch screens. Enjoy over 1800 sq ft of tile and pavers, creating a luxurious and low-maintenance retreat. The garage is not just a storage space; it features epoxy flooring for a polished finish. This home is not only aesthetically pleasing but also incorporates practical features such as a tankless water heater, new light fixtures throughout, HE Washer and dryer and a whole-house water softener. There is also extra LED lighting added downstairs and upgraded baseboards throughout. Community amenities include a lake, biking and walking paths, pool and splash pad, ramadas with grilling stations, large soccer and baseball field, basketball courts and horseshoe pits. Experience the perfect blend of style, comfort, and modern amenities in this exceptional property!

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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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9705 E Mountain View Road Scottsdale, AZ 85258

$499,900

2 Beds

2.5 Baths

1,365 SqFt

Status Active

MLS # 6661907

Property Type Townhouse

Price Type --

Resort style living at it's best! Just remodeled townhome features NEW quarts kitchen and bath counters, NEW tiled showers, NEW plank flooring throughout, Fresh paint, refreshed woodburning fireplace, rebuilt upper patio off the large master and above your large covered patio yard and a epoxy coated garage! This is a gated community that maintains your front yard for you and unit is close to 1 of 5 pools, 6 spas, 9 tennis courts, 2 pickleball courts, Fitness Center with Sauna, Tennis Pro, Activities Director and a Grand Clubhouse. Close to the 101, Scottsdale Ranch's Lake Serena, Scottsdale Ranch parks, restaurants, shopping, golf, spring training facilities, resorts, casinos, Old Town Scottsdale and much more! .

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2409 W Mandalay Lane Phoenix, AZ 85023

$499,900

4 Beds

3 Baths

2,162 SqFt

Status Active

MLS # 6668488

Property Type Single Family Residence

Price Type --

NO HOA! 4 Bedroom 3 Bathroom Tri-Level Home Located in North Central Phoenix. This beautiful home with a recently upgraded kitchen, pool and front yard has 3 bedrooms upstairs and one private bedroom on the bottom floor. Just an easy 20 Min Drive From Downtown, Sky Harbor Airport and North Scottsdale. You are mere Minutes From I17 and Loop 101 Freeway's. The Convenience of this location is Just Fabulous! The Sparkling Blue Pool awaits in your private low maintenance backyard. The Property does have solar, the seller will pay off the solar note at closing so it will be owned. Pool was redone in 2017 and HVAC in 2020. On top of all this, it has North / South Exposure.

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3749 E Emile Zola Avenue Phoenix, AZ 85032

$499,900

4 Beds

3 Baths

1,714 SqFt

Status Active

MLS # 6671627

Property Type Single Family Residence

Price Type --

PRICED BELOW APPRAISAL! The perfect single level home with 4 bedrooms and 3 full bathrooms is now available in Paradise Valley Oasis! This beautiful home features an open floor-plan, spacious kitchen with dark wood shaker style cabinets, granite counter-tops and stainless steel appliances, staggered laid tile flooring throughout, updated lighting, new exterior paint, new roof, whole house water treatment system, master bedroom split for additional privacy, large master bathroom with dual sinks, granite counter-tops and travertine tile wrapped shower, hall bathroom has granite counter-tops with tile wrapped shower, additional bedroom has ensuite bathroom with spacious walk-in shower and much much more. This one will sell fast!

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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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1610 W Lynwood Street Phoenix, AZ 85007

$499,900

3 Beds

1 Bath

1,140 SqFt

Status Active

MLS # 6683262

Property Type Single Family Residence

Price Type --

Step into a piece of Arizona history with this charming 1920's bungalow, nestled in the coveted and iconic F.Q. Historic District. Retaining its distinctive classic integrity while boasting modern finishes, this home offers a unique blend of old-world charm and contemporary convenience. The spacious kitchen is a standout feature, adorned with exposed brick, white beadboard, and butcher block countertops. Built-in stainless steel appliances, an island cook top, and cobalt blue Mexican tile surround the cozy breakfast nook, creating a perfect blend of functionality and style. Newer windows allow natural light to flood the interior, illuminating the subtle Smokey Ash porcelain wood plank flooring and crown molding that graces every room. designated dining area lead to a versatile flex office space and the third bedroom, providing flexibility for modern living. Outside, a spacious covered patio overlooks the backyard, offering a tranquil retreat for relaxation or a stylish setting for entertaining guests. Whether seeking solitude or a quintessential Arizona outdoor experience, this home provides the perfect backdrop for enjoying the desert lifestyle in style. Don't miss the opportunity to own a piece of Arizona's architectural heritage in this enchanting F.Q. Historic District residence. NO HOA!

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11937 W Nadine Way Peoria, AZ 85383

$499,900

4 Beds

2.5 Baths

2,204 SqFt

Status Active

MLS # 6639099

Property Type Single Family Residence

Price Type --

This is a well maintained home with updates in all the right places. Enjoy the wonderful living spaces & beautiful surroundings. 4 bedrooms with 2.5 bathrooms. Freshly painted exterior, interior, cabinets. Fresh carpet in bedrooms, & an upgraded primary bathroom. Spacious corner lot, with a cul- de-sac at the end of the street. Bay window in primary bedroom & the dining room. Slide out kitchen shelfs. The exterior has a paver patio, gas stub at patio, sunscreens & gutters too! Be sure to check out all the amenities that Vistancia has to offer. From Pickleball & tennis to a community waterpark there's something for everyone! Minutes away from the grocery store & all of the new development coming nearby! Ask us how to buy down your rate or cover closing costs! Vistancia amenities include: 8,000-square-foot indoor basketball gymnasium featuring pickleball courts and an adjoining entertainment lounge and game room Three swimming pools, a resort-style pool with waterslides, and a heated lap pool Outdoor event lawn for small-concert venues, community events, outdoor exercise classes, and lawn games Four lighted tennis courts Multipurpose space for meetings, gatherings, and events Movement studio with Fitness On Demand classes Teen game room Card and Craft room Catering kitchen

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2611 Leisure World -- Mesa, AZ 85206

$499,900

3 Beds

2 Baths

3,278 SqFt

Status Active

MLS # 6683707

Property Type Single Family Residence

Price Type --

This is the best value at $153 per square feet in Leisure World The Laguna floor plan has the large, vaulted ceiling living area with plenty of room to entertain. The primary bedroom and bathroom are also oversized with 16' of closet space. On the other side of the house is 2 large bedrooms and an enormous family room that could be a game room, theater room, or a combination of both. Behind the kitchen is a office or den area with built in shelving units and another large room to use. The back yard has a built in spa and plenty of room to spread out. All this in the Premiere Active Adult Community of Leisure World with 36 holes of private golf, new tennis complex, pickle ball, swimming pools, library, state of the art fitness center, theater, arts and crafts, billiard room, and more!

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