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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8502 W Cavalier Drive Glendale, AZ 85305

$1,200,000

4 Beds

2 Baths

2,600 SqFt

Status Active

MLS # 6727787

Property Type Single Family Residence

Price Type --

Country living at its finest & located in the heart of Glendale! RV GARAGE&SHOP This home offers you 4 bedrooms + office,2 bathrooms, formal living area, huge laundry room, spacious family room with fireplace, upgraded kitchen w/island & dual ovens, tiled floors, & huge pantry. Outside you can enjoy the glassed in AZ room, hard to find diving pool & gazebo. The detached RV garage is 80x24 approx. , can fit 6 cars, roll down doors & has its own bathroom. Perfect for your toys, workshop or a future guest house. Neatr HEROES PARK, dead end street, slump block construction, mature shade trees, & extra covered area *shed in back All this & close to shopping, restaurants, schools, parks, Cardinals Stadium & Westgate entertainment district. A must see home!

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2130 E Marlene Drive Gilbert, AZ 85296

$1,200,000

5 Beds

3.5 Baths

3,994 SqFt

Status Active Under Contract

MLS # 6752497

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the desirable Parkside at Finley Farms community! Featuring a 4 car garage, 5 bedrooms, a loft, 3.5 bathrooms, and a formal layout with a living room! The resort style backyard was designed to impress with a large multi-use sports court, an RV gate, and a heated pool and spa. As you enter the home you will love the curved staircase, soaring ceilings, shutters on the windows, and neutral tones perfect for any style. The family room is cozy with a fireplace and a wet bar equipped with a dishwasher, sink, and a high-top bar counter for seating. The kitchen has beautiful cabinetry, granite countertops, built-in wall appliances, walk-in pantry, and a kitchen island with a breakfast bar. Plus a bedroom and full bathroom downstairs, perfect for a guest room or office! Upstairs is the spacious loft and the remaining bedrooms. The loft has an entrance to the balcony that overlooks the stunning yard. The primary suite is generous in size with a lavish ensuite bathroom featuring a tile walk-in shower, dual sink vanity with granite countertops, and a walk-in closet! Outside you will find your dream backyard with a plethora of space, mature landscaping, and an expansive covered patio. The refreshing is pool is heated to enjoy year round! Practice your basketball on your private court! Do not miss out on this well-maintained home!

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1510 W Horsetail Trail Phoenix, AZ 85085

$1,200,000

4 Beds

3.5 Baths

4,375 SqFt

Status Active

MLS # 6643662

Property Type Single Family Residence

Price Type --

Welcome to Sonoran Hills! This reimagined home features modern light oak-style flooring & spacious open layout seamlessly connecting the living, dining, and gourmet kitchen areas. The kitchen boasts GE Profile stainless steel appliances, including wall ovens and a gas cooktop. Enjoy modern convenience with remote-controlled blinds and custom exterior sunshades. With 4 Bedrooms, 3.5 Bathrooms a loft & office the floorplan has something for everyone The lavish master suite offers a private retreat with an oversized closet. Outside, the backyard is a standout with putting green, sparkling pebble tec pool w/ water features and built in BBQ. Property on over 2/3 Acre lot and non-obstructive mountain views, this home blends elegance with functionality in a serene private escape.

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744 E County Down Drive Chandler, AZ 85249

$1,200,000

4 Beds

3.5 Baths

3,600 SqFt

Status Active

MLS # 6715671

Property Type Single Family Residence

Price Type --

Best lot in all of Fieldstone Estates! This gorgeous, single level semi-custom home w split floorpan in GORGEOUS gated Fieldstone Estates is on a premium, 1/3 acre private corner lot backing the lush community greens. The private front courtyard boasts a paver patio + gas fireplace. The remodeled designer kitchen is stunning, with bright white custom cabinetry, quartz counters, a large quartzite island, marble tile backsplash, stainless steel appliances, dual ovens, gas cooktop, deep under-mount sink, pendant and under-cabinet lighting, and a walk-in pantry. There is also a gourmet chef's convenient access to the gas BBQ from an exterior door. The private owner's suite offers luxury with a soaking tub, walk-in shower, separate dual vanities, huge closet,and an adjacent den/office. There is also a guest suite with an ensuite bath, perfect as a teen room, and 2 additional bedrooms that share a Jack and Jill ensuite bath. The laundry area includes ample storage, a deep-set farm sink, and beautiful quartz counters with bright white cabinetry. The extended 3-car garage is epoxy-coated and surrounded by built-in cabinetry, making it ideal for large vehicles or a workshop. The private backyard boasts a covered patio with a built-in bar top, a limestone paver pool deck, a heated pebble tec pool with a baja shelf, and an extended pergola with plenty of space for loungers and a cabana. Plantation shutters, tile floors, and surround sound are featured throughout. The lucky new buyer will enjoy a beautifully maintained gated community with mature trees and landscaping, biking/walking trails, and a children's playground.

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51008 W Pete Road Aguila, AZ 85320

$1,200,000

2 Beds

2 Baths

2,154 SqFt

Status Active

MLS # 6378759

Property Type Single Family Residence

Price Type --

This Remarkable Property features a completely renovated House, a 60' x 60' Hangar PLUS 60' x 80' Hangar in a gorgeous setting! House features custom Hickory Cabinetry & solid hand-carved Hickory doors throughout. Travertine Tile countertops, Tibouron Brunito Ceramic Tile, Custom Ironwork and many other luxurious amenities. State Land across the street ensures endless VIEWS of mountains & wildlife. The professionally landscaped property showcases over 200 Trees, Shrubs & Bushes! Taxi from your fully-heated & air-conditioned Hangars to the runway for flying 300+ days per yr. Community has a 3,906' paved, lighted runway, paved taxiways/streets & community center for great gatherings. Just imagine enjoying your special get-a-away or full-time residence!

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3130 S Weeping Willow Court Gold Canyon, AZ 85118

$1,200,000

3 Beds

3 Baths

2,418 SqFt

Status Active

MLS # 6665810

Property Type Single Family Residence

Price Type --

FORMER MODEL located in prestigious Superstition Mountain. 3 bedrooms and 3 baths. OPEN GREAT ROOM, DINING AREA, KITCHEN LAYOUT! NEWLY REMODELED! Gourmet kitchen with Viking appliances, quartz countertops, extended 11'' island, new solid wood cabinets. Two new high efficient AC's and furnaces. VIEW FEATURE SHEET IN THE DOCUMENT SECTION FOR A FULL LIST OF FEATURES AND UPGRADES. Multiple patios for relaxing, dining and entertaining! SE orientation offers abundant sunshine with beautiful sunrises and sunsets. Premium lot abuting a wash area and overlooking the 17th tee box of the Lost Gold course. 24 HOUR GUARD GATED COMMUNITY. Two Jack Nicklaus golf courses! Not a golfer? Enjoy pickle ball, bocce, tennis, hiking and many other amenities. Country Club living at its best. Club amenities under a separate agreement. 35 minutes to Sky Harbor and 20 minutes to Mesa Gateway airports. Buyer and buyer's agent to verify all pertinent information including square footage.

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3715 E Fargo Street Mesa, AZ 85205

$1,200,000

4 Beds

2.5 Baths

3,294 SqFt

Status Active

MLS # 6706600

Property Type Single Family Residence

Price Type --

Incredible home in the highly sought after gated community of Trovita Norte! This stunning residence offers the perfect blend of luxury, comfort, and modern living. Spacious layout with 12 ft ceilings and 8 ft doors that enhance the open and airy feel of this home. Gorgeous kitchen with tons of storage, built in fridge and stunning quartz waterfall island. Huge mast bath with his and hers vanities, stand alone tub and walk-in shower. A 4-car tandem garage provides ample space for vehicles and storage, while the RV gate adds extra convenience for your recreational vehicles. Dive into the sparkling pool and spa, surrounded by beautiful artificial turf and travertine pavers. The covered ramada and fire pit creates an ideal setting for outdoor entertaining and relaxation.

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12007 W Southern Avenue Tolleson, AZ 85353

$1,200,000

4 Beds

3.5 Baths

3,000 SqFt

Status Active

MLS # 6594950

Property Type Single Family Residence

Price Type --

Welcome to your new 4-bedroom home, with an expansive 2.229-acre lot! A large driveway with an RV gate & RV parking leads you to a 3-car side garage and laundry room with lots of storage. All-encompassing interior features, fireplace in the living & dining room for a warm & inviting ambiance. Wide open kitchen for entertaining, Granite countertops in ample chefs' kitchen with large island granite counters throughout, a built-in desk, a travertine backsplash, gorgeous cabinetry, a center island w/breakfast bar accentuating the flexibility of the space. Large custom granite dining table. Split 4-bedroom plan with open family/dining area offers direct access to the backyard, a master walk-in closet, & a spa-like ensuite. The ensuite includes dual sinks, an enclosed rain shower and soaking claw tub, dual sink vanities, a separate tub and shower. This home has beautiful floors, 10ft ceilings, 8ft solid wood knotty Alder doors, ceiling fans & recessed lighting. Spacious bedrooms & large ample closets. Don't let this rare property pass you by! Buyer and Buyers Agent to verify, all facts, figures and zoning.

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3648 E Arabian Drive Gilbert, AZ 85296

$1,200,000

4 Beds

3 Baths

3,461 SqFt

Status Active

MLS # 6736773

Property Type Single Family Residence

Price Type --

Step into unparalleled elegance with this stunning residence, where sophistication meets comfort in every detail! Excellent curb appeal with striking stone detailing, a manicured front yard, a 3-car tandem garage, and an inviting front porch. Double doors open to a welcoming foyer leading to the formal living room! The great room is bathed in natural, recessed, and chic light fixtures, illuminating every corner. High ceilings, soothing paint tones, beautiful wood-plank tile flooring, and multi-sliders to the back patio are features you'll love. Meticulous attention to detail is presented in the upscale kitchen, fully equipped with a gas cooktop, double wall ovens, and a sizable island with a breakfast bar. Gleaming quartz counters, stylish tile backsplash, a walk-in pantry, and a plethora of white cabinetry with crown molding elevate the space. Explore a spacious bonus room ideal for a hobby or entertaining space! Find your sanctuary in the grand main suite, showcasing a soft carpet, a sitting area, a full ensuite with dual sinks, a step-in glass shower, a separate tub, and a walk-in closet. Discover the highlight of the outdoor space: a stunning crystal blue pool, the perfect oasis for those scorching summer days! Hurry! This gem will not disappoint!

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4438 E Camelback Road Unit 154 Phoenix, AZ 85018

$1,200,000

3 Beds

2.5 Baths

2,840 SqFt

Status Active

MLS # 6673033

Property Type Townhouse

Price Type --

NO NOISE FROM CAMELBACK Most Desirable Location in Village At Camelback Mtn.,end unit with patios on 3 sides. Newer Paint Thru Out - Newer Carpet - Newer Kitchen with Granite Counter Tops - Newer Appliances ,Dishwasher 2020 Refrigerator 2020. Beautiful Newer Tile Flooring Newer Oak Cabinets, Newer Mstr. Bath with Granite Counters - Newer Cabinets & Newer Tile Floors. 3 full bedrooms all upstairs. In Suite Mstr. Ba. 2 Bedrooms share 2nd Bath. 1/2 Bath Downstairs for guests. Great Rm with Fireplace, Formal Dining Rm + Breakfast Bar. Wrap around Covered Patio. 2 Community Tennis Courts one includes Pickle Ball, 2 Community Swim Pools. Guard Gate. Next to Village Health Club. Great location. Similar listing sold for 1,440,000. Updating for $200K, can make this property an unbelievable gem

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7650 E Culver Street Mesa, AZ 85207

$1,200,000

6 Beds

4.5 Baths

3,922 SqFt

Status Active

MLS # 6747260

Property Type Single Family Residence

Price Type --

NO HOA on county island! 1.7 acre* horse property w/ beautiful mtn & city light views! Long tree-lined driveway w/ electric gates at the street and back yard entrances. NEW ROOF in 2022. Extra large horse corral, 2 stall horse barn w/ tack room, wash area w/ auto watering & hay shed that is separate from the backyard & pool area - the best of both worlds! 6 bed 4.5 bath home w/ a craftsman tiled salt pool. Primary suite downstairs w/ 2 walk-in closets, soaking tub, gym and office w/ sep exit to outside & a 2nd laundry room. Kitchen opens to the family room & has large windows that overlook the resort style backyard. Diving pool, outdoor kitchen area & a huge turf area w/ a gazebo. 50amp RV full hookup 2022, Updated electrical 2024. Living and family rooms share a large double-sided fireplace. Formal dining room w/ heavy, custom wine cellar doors that are gorgeous. Upper level has 3 bedrooms all with sliders to the view deck, and 1.5 bathrooms. This home has an incredible amount of storage and parking. Close to the 202. 20-30 minutes to downtown, Scottsdale, Gilbert, Tempe and the airport. 15 minutes to Saguaro Lake and Salt River. Close to hiking/biking trails, restaurants, shopping, movies and so much more.

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11619 N 12th Place Phoenix, AZ 85020

$1,200,000

5 Beds

3.5 Baths

3,917 SqFt

Status Active

MLS # 6641433

Property Type Single Family Residence

Price Type --

Welcome to this stunning, newly remodeled 3,917 sq foot residence, seamlessly blending modern luxury with timeless elegance. Step into an open-concept living space flooded with natural light, highlighting the meticulous craftsmanship throughout. The gourmet kitchen boasts state-of-the-art appliances, quartz countertops, and a spacious island, perfect for culinary enthusiasts. Relax in the expansive master suite featuring an inspired ensuite bathroom and custom walk-in closets. Four additional bedrooms offer comfort and versatility, while the remodeled bathrooms showcase designer finishes. The home's heart is a spacious family room, ideal for gatherings and entertainment. This residence is designed for indoor-outdoor living, with glass doors opening to a private Oasis.

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