What’s Ahead For Mortgage Rates This Week – January 30, 2017

Last week’s economic news included readings on new and existing home sales and mortgage rates. Also released were reports on new jobless claims and consumer sentiment.

New and Existing Home Sales Lower in December

According to the U.S. Commerce Department, sales of new homes fell to 536,000 sales on a seasonally-adjusted annual basis. This reading was markedly lower than the expected rate of 595,000 sales and November’s reading of 598,000 sales. Analysts said that the drop in new home sales indicated that the housing sector is still experiencing a rocky recovery. December’s reading for new home sales was 10.4 percent lower than December’s adjusted reading of 598,000 sales. December’s reading was 0.40 percent lower year-over-year.

The median sale price of new homes was $322,500 in December, which was 4.30 percent higher than in November and 7.90 percent higher than in December 2015. The dip in sales has increased inventory of available homes to a reading of 5.80 months needed to sell all new homes presently available. Real estate pros typically consider a six-month supply of homes for sale a normal inventory.

In related news, sales of pre-owned homes were also lower in December. The National Association of Realtors® reported December sales at 5.49 million on a seasonally-adjusted annual basis; this reading was lower than expectations of 5.51 million sales and November’s reading of 5.65 million sales. The slower rate of sales may signal that home prices have topped out; there is also a very low inventory of available pre-owned homes for sale as compared to demand. Sales of pre-owned homes were 2.80 percent lower than November’s reading, which was the highest rate of existing home sales since 2007. Sales of pre-owned homes were 0.70 percent higher year-over-year.

Winter weather and holidays may have contributed to lower home sales in December, but higher prices, tough mortgage requirements and a low supply of available pre-owned homes were seen as obstacles to completed home sales for December.

Mortgage Rates Mixed, New Jobless Claims Rise

Freddie Mac reported higher fixed rates for mortgages last week. The average rate for a 30-year fixed rate mortgage rose 10 basis points to 4.19 percent; the average rate for a 15-year fixed rate mortgage rose six basis points to 3.40 percent. The average rate for 5/1 adjustable rate mortgage fell by one basis point to 3.20 percent. Discount points for fixed rate and 5/1 mortgages averaged 0.40 percent.

New jobless claims exceeded expectations of 250,000 new claims with a reading of 259,000 new claims and the prior week’s reading of 237,000 new claims. Analysts said that volatility is common with new jobless claims in January. There were few layoffs reported and good news that the new jobless claims rate remained below the benchmark reading of 300,000 new claims for the 99^th consecutive week. This milestone was last seen in 1970.

The four-week rolling average of new jobless claims fell by 2000 to an average of 245,900 new claims filed; this was the lowest reading since 1973.

Consumer sentiment rose to 98.5 which surpassed the expected reading of 98.2 percent and December’s reading of 98.1 percent.

What‘s Ahead

Multiple readings on housing and labor related data will be released this week. Scheduled releases include pending home sales, Case-Shiller Housing Market Indices and construction spending. Reports on inflation and core inflation are due along with readings on non-farm payrolls, ADP payrolls and the national unemployment rate.

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1155 E Fillmore Street Phoenix, AZ 85006

$1,399,000

3 Beds

2.5 Baths

3,660 SqFt

Status Active

MLS # 6747184

Property Type Single Family Residence

Price Type --

An incredibly unique opportunity to invest in and/or live in the Garfield district of Phoenix! A brand new custom home, to be sold with another home MLS# 6130207 on the same lot, resulting in multiple buyer options. Investors can expect estimated rents in the range of $2600-$2700 per month. The attached garage accessed via an electric gate is not available in most of the historic homes! This 3 Bedroom/2.5 Bath home is finished with custom cabinetry in the kitchen along with an 'eat at island', quartz counter tops, stainless steel appliances, ceiling fans and is rated for high energy efficiency. The bathrooms and powder rooms have floating custom vanities. Soft Water Loop... The master bedrooms are downstairs with walk-in closets and boast luxury jetted showers and bathtubs. Two additional bedrooms and the laundry room are on the second floor, with views of downtown. The finishes are worthy of luxury high end homes. The highly desirable Garfield district affords easy access, walking distance to Phoenix's downtown offering of entertainment, sports, leisure, restaurants bars, ASU, U of A, Mayo, Genomics.

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1234 W Solano Drive Phoenix, AZ 85013

$1,399,000

3 Beds

3 Baths

2,967 SqFt

Status Active

MLS # 6760083

Property Type Single Family Residence

Price Type --

PARADISE FOUND. This amazing home is an entertainer's dream. Open floor plan with abundant natural light. Huge kitchen island, granite/basalt counter tops, built-in refrigerator, oversized Wolf gas range, breakfast bar and custom framed cabinets. Recessed lighting, beautiful solid walnut flooring and windows that overlook the incredible backyard. Each room has high-end, Big Ass Fans. Primary suite has a luxurious walk-in closet and lavish bathroom with dual sinks, bidet, walk-in shower and soaking/air tub. Plenty of storage includes very large walk-in butler's pantry/laundry room and a separate workshop. Backyard has an amazing 20' x 40' pool with cabana and sauna room, as well as orange, lemon, grapefruit, and pecan trees. Conveniently located in a lush, irrigated neighborhood, close to entertainment, high-end shopping, downtown and light rail.

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7247 N 6th Place Phoenix, AZ 85020

New

$1,399,000

4 Beds

3 Baths

3,128 SqFt

Status Active

MLS # 6761156

Property Type Single Family Residence

Price Type --

Realize your dream home in the heart of North Central Phoenix, surrounded by multi-million-dollar estates. This perfectly remodeled ranch-style residence, featuring a versatile second story, offers an ideal blend of comfort and functionality, perfect for both work and family life. Sixth Place, south of Orangewood Avenue is in a coveted community and delivers impressive curb appeal in a true neighborhood. Inside, over $200,000 was invested in renovations over the past two years. Upgrades include luxury vinyl plank flooring, high-end carpet, and porcelain tile, a new roof (2023), two new AC units, solar panels, and fresh interior paint. The kitchen windows flood the space with natural light framing the exclusive nook and countertop. Choose the oversized island or move into the dining or large family room with views of the park-like backyard, for meals or fun gatherings. The split primary suite boasts motorized shades, two walk-in closets, and a deluxe bath area. On the opposite side of the home, you'll find three additional bedrooms and two bathrooms. The expansive upstairs room is perfect for entertaining or as a spacious home office, featuring vaulted ceilings, ample storage and dual-pane windows throughout. Enjoy your playful paradise as the expansive backyard showcases a large covered patio, diving pool, lush grass space, and mature shade trees. With easy access to all areas of the Valley, your new home offers the ultimate in convenience and luxury living.

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22873 S 193rd Street Queen Creek, AZ 85142

$1,399,000

5 Beds

3 Baths

3,440 SqFt

Status Active Under Contract

MLS # 6742848

Property Type Single Family Residence

Price Type --

Yes, the front of this home is very impressive, but wait till you see the rest! The Kitchen was awarded the 2021 ''Showcase Your Space'' remodel of the year! After they were done w/ the kitchen they moved through the rest of the 5 bed 3 bath home, remodeling & updating. Check out the amazing master bathroom! It was remodeled in 2022, adding a large walk-in shower, elegant soaking tub, new cabinets & finished w/ sophisticated hardware. An outdoor fireplace & pavers were added to the backyard large covered patio which perfectly accentuate the pool, firepit area & built-in BBQ! The appliances, A/C, water heater, tile, interior doors and RO system have all been replaced in the past few years. 35,000+ sq ft lot! Large 3 car garage with an RV gate and plenty of room for an RV garage or Casita.

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5679 E Beverly Lane Scottsdale, AZ 85254

$1,399,000

5 Beds

3 Baths

3,349 SqFt

Status Active

MLS # 6741331

Property Type Single Family Residence

Price Type --

This beautifully renovated home boasts a thoughtfully designed floor plan with striking vaulted ceilings and an array of high-end finishes and material selections. You'll find European oak engineered hardwood floors throughout, complemented by luxurious Taj Mahal quartz countertops. A brand new sleek steel pivot front door add a touch of sophistication. The expansive living area includes a stylish bar with a wine and beverage cooler. High end plumbing fixtures throughout. A versatile bonus room awaits your personal touch—whether as a home office, gym, or play area for kids. Backyard has an expansive pool featuring a spacious covered patio surrounded by lush trees, shrubs, and turf, creating a peaceful oasis.

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20622 W Colter Street Buckeye, AZ 85396

$1,399,000

3 Beds

3.5 Baths

3,282 SqFt

Status Active

MLS # 6752369

Property Type Single Family Residence

Price Type --

Breathtaking GOLF COURSE MOUNTAIN & CITY VIEWS from this David Weekley Serendipity home! With 3 bdrms, 2 dens, 3.5 baths, you & your guests will have plenty of room to spread out, as each bedroom has its own bathroom. The large owner's suite features stunning views, luxurious shower and soaking tub, as well as access to the laundry room. The gourmet kitchen includes extra cabinets, and huge center island. The ''Walk-Through Pantry is spectacular! There is also a ''Command Center'' (tech area). The beautiful backyard has artificial turf & extended covered patio Wait... there's more.. the 2.5-car garage has a mini-split & overhead storage. There's an over $100K amount of options, upgrades, and updates in this home!!! Also leased solar reduces utility bills. Includes 1-year Home Warranty The addition of the hobby room, which is 12x24 adds another 124 square feet to the floorplan.

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2462 S Polaris Way Flagstaff, AZ 86001

$1,399,000

5 Beds

4.5 Baths

3,168 SqFt

Status Active

MLS # 6747580

Property Type Single Family Residence

Price Type --

Experience luxury Flagstaff living in the highly desirable Timber Sky neighborhood! This nearly 1/3-acre semi-custom home boasts a luxurious 5-bedroom, 4.5-bathroom layout with modern amenities for perfect entertaining. Inside you will find a designer's dream with a gorgeous great room with gas fireplace, a chef's kitchen with new quartz countertops, an island with breakfast bar and a walk-in pantry. The first level includes an en-suite primary bedroom along with two additional bedrooms, while the upper level offers two more en-suite bedrooms with stunning views. The beautifully landscaped exterior includes an extended covered patio, gazebo, a serene water feature, and a built-in grill. Ideally situated near downtown Flagstaff, Snowbowl, and much more, this home is an absolute must-see!

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17938 E Vista Desierto -- Rio Verde, AZ 85263

$1,399,000

3 Beds

3.5 Baths

2,946 SqFt

Status Active

MLS # 6678773

Property Type Single Family Residence

Price Type --

Exceptional Golf Course and mountain views offered with the unique Alora model. This 3 bedroom 3 1/2 bath also features an attached casita with a private entrance is a must see. 2 additional ensuites offer full baths with separate entries, no expenses spared in any of the 2 rooms. Casita offers a living/TV room with separate bedroom and full bath. The Open-air concept architecture is ideal for entertaining and dining. Gourmet kitchen with custom cabinets, Monogram appliances, dual ovens, gas cook top, oversized granite kitchen island, featuring ceiling height glass front cabinets. The large laundry and home office has custom cabinets and granite counter tops. Custom window shutters with window shades. Upgraded wood flooring and tile throughout. Central vacuum system, dual HVAC System

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3462 W Silverdale Road San Tan Valley, AZ 85144

$1,399,000

4 Beds

4 Baths

3,937 SqFt

Status Active

MLS # 6635132

Property Type Single Family Residence

Price Type --

Beautiful, spacious, corner lot, 4 bedroom plus office with exit to garage, large laundry room, quartz countertops, sonic ice maker, extended covered patio, 27' depth garage, 50 amp plug for potential electric car charger or large air compressor, pre wired surround system, spray foam insulation, 400 amp panel with 100 amp sub panel, oversized (2500 gallon) septic to allow for potential additions, RV dump, limestone pavers around pool.

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5028 N Scottsdale Road Paradise Valley, AZ 85253

$1,399,000

3 Beds

2 Baths

2,388 SqFt

Status Active

MLS # 6696525

Property Type Single Family Residence

Price Type --

Prime Paradise Valley Location in Camelback Park Estates minutes from Scottsdale Fashion Square Mall. NEW TRANE AC! NO HOA! Enter through the front courtyard. Single level 3 bed 2 bath home w/ an office, a pool & a 2 car garage. Remodeled in 2019. Wood laminate flooring throughout. Chef's Kitchen is modern & includes white cabinets, stainless steel appliances, quartz counters, farm sink, gas range & walk-in pantry. Bar stool seating & a second dining area. Primary suite is over-sized w/ an exit to the backyard, walk-in closet & a marble bathroom w/ a shower, free standing tub & dual sinks. All bedrooms have an exit to the low maintenance resort style backyard that features pool w/ rock water feature, paver patio, outdoor kitchen/BBQ & an observation deck that overlooks Scottsdal NEWER Roof, New water heater & soft water system

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2800 E Golden Rod Circle Payson, AZ 85541

$1,399,000

5 Beds

5 Baths

4,803 SqFt

Status Active Under Contract

MLS # 6716368

Property Type Single Family Residence

Price Type --

Seller financing available. Forrest masterpiece crafted in 2018, nestled within the Chaparral Pines golf community with many amenities. Uniquely featured in this home is a built-in spa with not only a large steam room and private steam shower, but also a full size lounge for relaxing. Upon entering the kitchen that seamlessly merges with the living room, you reveal the 360 degree panoramic views that will leave you in awe. Featuring five lavish bedrooms, including a master & mini-master suite. With four full baths, convenience and privacy is priority. Also enjoy the impressive game room with a full bar, located above the 3 car attached garage.

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14210 S 5th Street Phoenix, AZ 85048

$1,399,000

4 Beds

3.5 Baths

4,083 SqFt

Status Active Under Contract

MLS # 6729323

Property Type Single Family Residence

Price Type --

Welcome to your dream home nestled in the prestigious Whispering Rock gated community in the Ahwatukee foothills. This stunning residence sits on a premium mountainside lot with unobstructed panoramic views with no rear or side neighbors. This thoughtfully designed split floor plan ensures privacy and convenience. Inside you'll see luxury finishes and designer touches throughout, including gourmet kitchen appliances and soaring 12 foot high ceilings with picture-perfect views from every room. You will enjoy all the recent updates such as new carpet throughout, fresh paint inside, updated light fixtures, and new outdoor automatic retractable awnings. Enjoy resort style living with your own backyard oasis complete with a pebble tec heated swimming pool & spa, gas fire pit and built-in outdoor kitchen. Located just minutes from the South Mountain trails, this home offers easy access to hiking, biking, golf, and outdoor adventures and is close to plenty of dining and shopping as well.

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