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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2682 N 158th Drive Goodyear, AZ 85395

$460,000

2 Beds

2 Baths

1,824 SqFt

Status Active

MLS # 6665928

Property Type Single Family Residence

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Now here's a really nice home, situated on a cul-de-sac lot, and priced to sell. This is the ever-popular Newport model offering: 2 bedrooms, 2 baths, office, open concept living and more. The main suite is spacious with roomy bath and built-ins in the closet. All tile floors thru-out. The lot is connected to common area, so there's no walls to make you feel closed in. This is a well-cared for home that will be sure to please.

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17719 N 113th Avenue Surprise, AZ 85378

$460,000

3 Beds

2 Baths

1,934 SqFt

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MLS # 6663313

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Welcome to the Gated Community of Canyon Ridge West! This stunning home offers privacy with no neighbors behind and boasts a sparkling pool with a soothing waterfall feature, along with a convenient RV gate and added parking for all your outdoor storage needs. Inside, vaulted ceilings with tubular skylights and neutral tile floors create a spacious ambiance. The flexible layout includes a private den and ample living space. New HVAC in 2024! *Edited Neutral paint photos added.

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2150 W Alameda Road Phoenix, AZ 85085

$460,000

4 Beds

3.5 Baths

1,861 SqFt

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MLS # 6667331

Property Type Townhouse

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Lovely Townhome Ideally Situated in the Sought After Gated Community of Villagio at Happy Valley. This well-kept home boasts 4bds/3.5ba with the primary suite having its own balcony to enjoy Arizona's beautiful weather. Gourmet kitchen offers granite countertops, stainless steel appliance package, and breakfast bar that provides ample seating and overlooks your great room - ideal for entertaining! Enjoy community amenities that include a community pool, spa, BBQs, and spacious landscape areas. Prime location that has easy highway access to I-17, minutes from local attractions that include The Shops at Norterra, Desert Ridge MarketPlace, and Outlets at Anthem.

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4217 W Barbara Avenue Phoenix, AZ 85051

$460,000

4 Beds

2 Baths

2,064 SqFt

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MLS # 6668378

Property Type Single Family Residence

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Discover the allure of this tastefully updated single-story home with no HOA! It displays a desert front yard, a 2-car garage, an RV gate, and a private courtyard for welcoming guests. You'll love the spacious living areas filled with ceiling fans, recessed lighting, and one with a brick-wall fireplace and outdoor access. The home exudes charm with fresh paint, chic light fixtures, and wood-plank flooring. The kitchen provides SS appliances, granite counters, white cabinetry, a breakfast nook, a walk-in pantry, and a peninsula with a breakfast bar. Retreat to the generous main suite, showcasing designer's paint, backyard access, a dedicated bathroom, and a walk-in closet. Plunge into the diving pool during hot weather days, and it is perfect for year-round entertainment. Visit now

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