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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10707 E Tesla Avenue Mesa, AZ 85212

$1,250,000

6 Beds

4.5 Baths

5,045 SqFt

Status Active

MLS # 6697183

Property Type Single Family Residence

Price Type --

Potential VA to VA Assumable at an approx. 2.5% rate!!! The Estates at Eastmark! Nearly $200K in Upgrades, this Ashton Woods Spruce model offers 5045 sqft, 6 beds, 4.5 baths, which incl. a convenient full Ensuite downstairs. The kitchen is a culinary haven with a massive island, gas cooktop, and dual in-wall ovens, flowing into the great room with a multi-panel sliding glass door leading to your resort-style backyard. Enjoy a custom in-ground pool, luxury spa, built-in BBQ, custom firepit & 2 pergolas. Additional features include +$10K in custom lighting, a loft area, and walk-in closets in all secondary bedrooms, a 3-car tandem garage with EV pre-wire & large garage storage niche. Discover the endless amenities in the Eastmark Community and surrounding dining and shopping choices.

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16217 W Skinner Road Surprise, AZ 85387

$1,250,000

4 Beds

3.5 Baths

3,375 SqFt

Status Active

MLS # 6736035

Property Type Single Family Residence

Price Type --

A beautiful 4 bed, 3.5 bath home with a full separate guest house in Surprise! Nestled on a premium 2.5 acre lot lot in the city only 4 miles from highways and shopping. This home features a beautiful facade with stone accents, low-care front yard, and 3 garage spaces! Inside you will find sizeable dining & living areas, a kitchen equipped with everything you'll need for home cooking, and cozy bedrooms that guarantee a good night's sleep! The expansive backyard showcases a covered patio, artificial turf, dog run, a fenced pool with water features, and a charming gazebo. Don't forget about the separate 1 bed, 1 bath guest house to delight visiting friends and loved ones! This home features all the upgrades and extras that you could ever need, don't wait any longer and make it yours.

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10611 E Tumbleweed Avenue Mesa, AZ 85212

$1,250,000

5 Beds

4.5 Baths

3,996 SqFt

Status Active

MLS # 6739419

Property Type Single Family Residence

Price Type --

Through the gates past the spacious manicured grounds your almost new home awaits. Bright and open with lots of natural light. Entertain friends and family around the large kitchen (double ovens) island while others enjoy the large patio through 8'' open double sliders with remote shades. Others can congregate around the outside kitchen, relax in the spa or sit in the additional sitting area and enjoy the sound of the fountain. Enjoy the finest of finishings from one upgraded flooring throughout to a library ladder in pantry. Bedroom wing has its own sitting room, a craft room and an en-suite. Owned solar! Extra storage room in garage. Your lifestyle will include the fitness center (so get rid of the gym membership), the huge pool you don't maintain,the parks and many more amenities.

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18248 W Desert Sage Drive Goodyear, AZ 85338

Open House

$1,250,000

5 Beds

4 Baths

3,500 SqFt

Status Active

MLS # 6749741

Property Type Single Family Residence

Price Type --

This stunning 5-bedroom, 4-bathroom home is a true gem, offering luxury living in a desirable neighborhood! Built in 2019, it's the last home completed in the subdivision, is situated on an oversized lot and right on the golf course. The grand entrance welcomes you into a spacious open concept living area with high ceilings, gorgeous 12x24 neutral tile floors, and large windows that flood the space with natural light. Smart home enabled, this home comes equipped with a Ring security system and four cameras, all light fixtures and fans are custom made and plantation shutters throughout. The gourmet kitchen features top-of-the-line stainless steel appliances, Espresso colored shaker cabinets, granite countertops, herringbone subway tile backsplash, and an oversized butler pantry. The primary suite is true retreat with a spa-like en-suite bathroom, which includes dual vanities, and a large, upgraded walk-in closet with built-in California closers. Enter the backyard through remote controlled power blinds on the sliding glass doors to your beautifully landscaped oasis that includes a covered patio, fireplace, built-in kitchen with grill and refrigerator, which are all perfect for outdoor dining and entertainment. Enjoy your pool and spa all year around, that are heated with both gas and electricity. This home has been fitted with gutters that drain out underground and did I mention there is solar with a back-up battery, and it's paid in full!! Located in a prime location and just 25 miles from downtown Phoenix, Estrella provides a lakeside mountain oasis nestled in the Sierra Estrella Mountains in the Sonoran Desert Valley. The community offers more than 500 acres of parks and open space, including 72 acres of lakes for boating, fishing, and hiking. Estrella is home to a Nicklaus-designed championship golf course along with pickle ball, volleyball and basketball courts. Estrella offers a Yacht Club and three different Residents Clubs that feature resort-style pools, state-of-the-art fitness centers and a variety of sports courts, outdoor seating, dining, and more. Last but not least, within the Estrella community, they have five schools that focus on the arts, science, sports, civics, and citizenship which offer well-rounded education. Don't miss out on this incredible opportunity to own a luxurious home with every detail thought of in this sought-after neighborhood.

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15035 E Tequesta Court Fountain Hills, AZ 85268

Open House

$1,250,000

4 Beds

2.5 Baths

3,002 SqFt

Status Active

MLS # 6756606

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the prestigious North Heights Community! Nestled on a serene cul-de-sac lot, this expansive single-story residence offers breathtaking views and a meticulously designed split floor plan. Spanning 3,002 square feet, this home features 4 bedrooms, 2.5 bathrooms, and a convenient side-load 2-car garage. The heart of the home is the gourmet kitchen, complete with a large island, stainless steel appliances, and dual ovens—perfect for both everyday living and hosting. The primary bedroom is a true retreat, boasting vaulted ceilings, an ensuite bath with dual sink vanities, an oversized tub, a separate shower, and a spacious walk-in closet. There's your private backyard oasis, where you'll find a sparkling Pebble Tec pool with a tranquil waterfall, a covered... patio for relaxation, and plenty of space to enjoy the stunning surroundings. This home combines luxury, comfort, and privacy in a highly desirable location. Don't miss your opportunity to make it yours!

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2934 W Amberwood Drive Phoenix, AZ 85045

Open House

New

$1,250,000

4 Beds

3.5 Baths

4,109 SqFt

Status Active

MLS # 6760822

Property Type Single Family Residence

Price Type --

Welcome to your dream home with stunning mountain views in the exclusive gated Summit at Foothills Reserve! Nestled on a private and secluded .59 acre corner lot backing South Mountain. This property invites you to experience the pinnacle of luxurious living in Ahwatukee. This residence offers an impressive amount of communal space. Boasting 4 bedrooms, 3.5 bathrooms, plus a versatile den/office, a large loft, formal living & dining rooms, and a large family room off the kitchen. The gourmet kitchen features an extended Island, white cabinets, granite counters, butlers sink/ walk in pantry, & stainless appliances. A long list of upgrades include travertine tile, wood shutters, custom stonework, ornate Iron railings, central vac, upgraded insulation, soft water, surround sound + much more! Step outside to discover the greatest aspect of this home, the backyard oasis that awaits. Located on a one of a kind lot with South Mountain and Estrella Mountain views. The yard has been professionally landscaped with a sparkling pebble pool, spa, and waterfall, expansive pavered areas, fire pit, built in BBQ and a huge balcony with exterior spiral staircase. It's an amazing space to share with friends and family. Located within close proximity to the 202 and a quick drive to shopping, dining & entertainment. You also get highly ranked Kyrene Schools, and Desert Vista High School. Don't miss the opportunity to make this spectacular property your own.

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2133 W Tanya Trail Phoenix, AZ 85086

Open House

$1,250,000

4 Beds

3.5 Baths

3,065 SqFt

Status Active

MLS # 6755847

Property Type Single Family Residence

Price Type --

Built in 2022 on a spacious acre lot with no HOA, this highly sought-after NextGen Builders Prescott floor plan offers an exceptional living experience with its thoughtfully designed layout. The residence features a great room floor plan, encompassing four bedrooms, three and a half bathrooms, and an additional office/den. The home is elegantly appointed with high-end finishes, a chefs kitchen including Wolf & Sub Zero appliances, and exhibits a refined, tasteful design. The backyard is designed for low-maintenance living, complete with a covered patio, generous artificial turf space, ramada, and a large paver pad. Additionally, half of the lot remains a blank canvas, ready for you to add your personal touch.

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40722 N Harbour Town Court Anthem, AZ 85086

Open House

$1,250,000

4 Beds

3 Baths

2,792 SqFt

Status Active

MLS # 6746130

Property Type Single Family Residence

Price Type --

Be one of the first to view this brand-new listing!! Completely Remodeled Tacoma Floorplan with No Expense Spared. The property is nestled between mountain ranges behind the 24hr manned gates of the Award-Winning Anthem Country Club at the base of Daisy Mountain. Conveniently located, just a few minutes walk from A+++ rated schools, a private golf course, water park and the stunning 55-acre community park. The property benefits from the follow recent updates: New flooring, New cabinetry, New countertops, New sliding doors, New bathrooms, New pool, jacuzzi, travertine decking, outdoor bar, gazebo... And owed 29KW solar panel system.

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22808 S 132nd Street Chandler, AZ 85249

Open House

$1,250,000

2 Beds

2 Baths

1,077 SqFt

Status Active

MLS # 6713163

Property Type Manufactured Home

Price Type --

Private horse lover's paradise located in a county island in one of the most desirable zip codes in Chandler! This 2.247 acre property boasts eight 16' x 16' fully covered mare motel stalls, a 20' x 20' fully covered Stallion/Foaling stall with attached irrigated grass turnout, two additional irrigated grass turnouts, tack up stall/cross ties, a 150' x 175' arena with premium sand footing, mature shade trees and city water. This property has enough space to build your dream home and barn, but also includes an existing modular home that can be renovated and lived in while your dream home is being built! In addition, a 1.14 acre, MLS #6713160, abuts this property that can be purchased to expand the arena to 175' x 300', or simply build your own version of an equestrian paradise!

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600 E Peach Tree Street Queen Creek, AZ 85140

$1,249,900

2 Beds

2.5 Baths

2,414 SqFt

Status Active

MLS # 6716811

Property Type Single Family Residence

Price Type --

This Napoli model offers a great room floor plan, den, formal dining, nook, spacious primary suite with sitting room and plenty of space for your guests. Sparkling pool and built in BBQ grill overlooking the Encanterra golf course. The kitchen is well equipped with stainless steel appliances, tons of cabinet space and custom light fixtures. The huge rolling wall of glass creates a perfect outdoor space for Arizona living. The smart space laundry room makes a great home office and offers plenty of additional storage. Encanterra offers tons of amenities at your fingertips. Book your visit today and start living the Good Life at Encanterra now!

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7503 N Magic Dust Way Parks, AZ 86018

$1,249,900

4 Beds

4 Baths

2,898 SqFt

Status Active Under Contract

MLS # 6740727

Property Type Single Family Residence

Price Type --

Beautiful home situated on 9.5 fenced acres. Main home offers 2/3 bedrooms, 2 baths, living room, dining room, bar area, sun room, spacious kitchen, inside laundry room, heated floors & 2 car attached garage. This special property also features separate bunkhouse & a guest house. Bunkhouse is spacious with 2 bunk beds (4 beds total), bathroom & living area. Gorgeous guest house offers bedroom area, living area, bathroom & island kitchen. Property also features 3 ponds (1 is spring fed), out buildings/sheds & heated dog run area. SqFt of 2898 is main house only, does not include the sq footage of the bunkhouse or guest house. Buyer to measure sq ft. Bunkhouse & guest house being sold furnished. Please see attached document for even more features.

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458 W Rock Lane Lakeside, AZ 85929

$1,249,900

4 Beds

4 Baths

3,510 SqFt

Status Active

MLS # 6689402

Property Type Single Family Residence

Price Type --

Immerse yourself in the beauty of the White Mountains with this beautiful 4-bedroom, 4-bathroom Pinetop-Lakeside residence. Fronting Edler Lake in front and the U.S. Forest Service in back, this cedar-sided home is surrounded by nature, where wildlife abounds. At over 3500SF, 2 spacious decks, plus a patio, this is luxury mountain living at its finest. Spend your days hiking, fishing, kayaking, horseback riding, biking, skiing, and more. Providing an ''in the forest'' feeling, the property is very conveniently minutes from everything. The property currently operates as a vacation rental, with a strong history of income. Make it your own home or secondary residence, continue to operate it as a vacation rental, or do a combination of both. Furnishing may convey by separate bill of sale.

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