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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3659 E Louise Drive Phoenix, AZ 85050

$1,200,000

5 Beds

4 Baths

4,354 SqFt

Status Active

MLS # 6733451

Property Type Single Family Residence

Price Type --

Desert Ridge at its finest in the exclusive Aviano community! This Toll Brothers spec home offers the finest finishes & endless space for the whole family. Builder upgrades include a huge upstairs bonus room, built-in desk area, extended master suite + full bed & bath downstairs. 4 additional beds + 3 baths upstairs. Extended length 3 car garage, shutters t/o, huge pantry, built-in security & pest control, oversized built in fridge, gas fireplace, his & hers master walk-in closets. Stroll across the street to one of Aviano's beautiful parks with a walking path & play ground or enjoy the huge community center with htd pools, tennis courts, basketball, workout facilities & more. Experience unparalleled lifestyle and location in North/East Phoenix!

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12000 N 144th Way Scottsdale, AZ 85259

$1,200,000

4 Beds

4.5 Baths

3,287 SqFt

Status Active

MLS # 6747623

Property Type Single Family Residence

Price Type --

Located in a cul-de-sac, backs to the open desert, very short walk to a hiking trailhead. Enter thru a charming courtyard, the spacious & versatile floorplan includes 4 ensuite bedrooms, high ceilings & tall windows throughout. Upgrades include floor-to-ceiling office built-ins, Pella windows & doors, plantation shutters, stone flooring, 8' solid core doors, granite counters in bathrooms, and recently updated & upgraded cabinetry. Owner has a pool quote for $44k, see last two photos for the concept... wouldn't you rather have a brand new pool to your taste than a 20 year old pool with repair issues (Seller may be willing to pay for the pool at closing). Close to internationally renowned Basis School and Scottsdale Schools, Mayo Clinic, golf courses, hiking trails, top valley restaurants and spectacular natural scenery. This home is a must-see

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2520 N 69th Place Scottsdale, AZ 85257

$1,200,000

4 Beds

2 Baths

2,385 SqFt

Status Active

MLS # 6716350

Property Type Single Family Residence

Price Type --

GORGEOUS home minutes away from OLD TOWN SCOTTSDALE! Fully updated with a spacious and inviting floor plan. Enjoy cooking on SS appliances (GAS RANGE), Pot filler, beautiful QUARTZ counters, lots of Storage & Modern lighting. The MASTER SUITE features a nice walk-in closet, stand alone tub, dual sink vanity, and a large walk-in tiled shower. Formal dining area. No expense was spared creating the RESORT STYLE OASIS. Entertain outside with a COVERED patio, heated pool, spa/hot tub, outdoor bar and natural gas BBQ, putting green, outdoor firepit, & much MORE. Garage is climate controlled and currently set up as a GAME ROOM. Come see this beauty today!!

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4402 E Montecito Avenue Phoenix, AZ 85018

$1,200,000

4 Beds

3 Baths

2,105 SqFt

Status Active

MLS # 6755246

Property Type Single Family Residence

Price Type --

If Arcadia is where you want to live, now is your chance. This beautiful 4 bedroom/3 bath/2 car garage home went through a major refresh in 2018, including electric, plumbing, and addition. Even the power lines have been buried. Thoughtful attention was given to the kitchen including an extended cabinetry area, quartz counters, stainless appliances, and an island perfect for four barstools. Primary bedroom has a nice sized walk-in closet and a gorgeous ensuite bathroom. Other bedrooms are spacious with areas for beds, desks, toys and storage. Dual French doors lead to the back yard which has been generously refurbished with private courtyard area and an extended paver area for entertaining. There is plenty of room for fun or parties. Enjoy morning coffee from your front yard court yard. The entire home is done in neutral colors so bring your favorite colorful furniture, accent pieces and art work for display.

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4755 S Pura Vida Way Gold Canyon, AZ 85118

Open House

$1,200,000

3 Beds

5 Baths

2,881 SqFt

Status Active

MLS # 6743975

Property Type Single Family Residence

Price Type --

Awe-inspiring residence nestled on a private cul-de-sac with stunning mountain views from every angle! Fall in love with the marvelous desert landscaping and ample courtyard for enjoying your morning coffee. The perfectly designed layout has formal dining, a semi-open den w/a built-in bookcase, and a bright living room w/a wood-burning fireplace. Cook like a chef in the eat-in kitchen showcasing an island w/breakfast bar, granite counters, SS appliances, a walk-in pantry, tile backsplash, and wood cabinets w/crown moulding. Retreat to the main bedroom to find a separate backyard access, a walk-in closet, and a spa-like ensuite. A jetted tub, two vanities, and a floor-to-ceiling tiled shower complete the main bathroom! The home also offers a dry bar for a wine area, a half bathroom w/vessel sink, and an attached casita. The casita includes a kitchenette, a spacious living area, a bedroom, and a lavish bathroom. Host fun gatherings in the paved backyard featuring a covered patio, a refreshing pool and spa combo, an outdoor shower, a charming balcony, and exquisite mountain views. See it, love it, live it!

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819 S 3rd Avenue Phoenix, AZ 85003

Open House

$1,200,000

7 Beds

2 Baths

3,267 SqFt

Status Active

MLS # 6732426

Property Type Single Family Residence

Price Type --

Attention Investors and Visionary Buyers! Discover a rare and valuable opportunity. Where a distinctive residence meets a prime investment prospect. This unique property includes not only a beautifully maintained home but also an adjacent vacant lot, offering limitless possibilities for future development. Situated in a rapidly expanding area near downtown Phoenix, this property benefits from the neighborhood's impressive growth trajectory. The Roosevelt area is quickly becoming one of the most sought-after locations, making this a strategic investment opportunity. Charming Home: Step into a residence with a unique design and historical charm. The inviting atmosphere is highlighted by an elegant hardwood floors, and large windows that fill the space with natural light. Come take a look

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30939 N Roller Coaster Lane San Tan Valley, AZ 85144

Open House

$1,200,000

4 Beds

3 Baths

2,868 SqFt

Status Active

MLS # 6740905

Property Type Single Family Residence

Price Type --

This stunning 4 bed, 3 bath residence is better than a new build. Pulling up you're greeted with massive circular paver driveway, beautiful facade w/brick accents, 1.25 acres fully landscaped featuring a desert botanical walk path, water feature, fire pit, 3 car side garage, 2 RV gates, and HUGE detached RV garage! Inside you will find a spacious open floor plan w/elegant wood-look tile flooring, several custom built-in's, a warm fireplace, wooden shutters, and neutral palette throughout. The gourmet kitchen is comprised of white cabinetry w/crown moulding, a walk-in pantry, quartz counters, subway tile backsplash, recessed & pendant lighting, SS appliances, and an island complete w/a breakfast bar. The primary bedroom showcases soft carpet, private outdoor access, a walk-in closet. Don't forget about the cozy den, ideal for a reading nook. Also including an expansive backyard w/a covered patio, water features, and an extended seating area w/a fire pit, this home is simply a dream come true! What are you waiting for? Act now!

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1740 E Ocotillo Road Unit 3 Phoenix, AZ 85016

Open House

$1,200,000

3 Beds

2.5 Baths

2,256 SqFt

Status Active

MLS # 6757623

Property Type Townhouse

Price Type --

Be among the first in the U.S. to experience a home meticulously designed for unparalleled health and the environment. Coupled with modern design and wellness, this property offers air quality that rivals the freshness of mountain air. Throughout the home, you will experience water quality that will enhance your well-being and longevity. Combining aesthetics with longevity, this home offers stunning eco-friendly materials like Accoya wood and Forbo Marmoleum, good for you and the environment. Take a step away from modern toxicity and experience true living. We obsess over our health, but we often neglect the one place where we spend the majority of our lives: our home.

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16121 E Ridgestone Drive Fountain Hills, AZ 85268

Open House

$1,200,000

2 Beds

2.5 Baths

1,865 SqFt

Status Active

MLS # 6754268

Property Type Townhouse

Price Type --

This Overlook at Firerock masterpiece offers incredible mtn and golf views & is a dream come true! Lovely façade boasts a 2-car garage w/glass doors, paver driveway, & stone accents. You'll find a meticulously designed interior w/clean lines that exudes modern sophistication. Harmonious open floor plan is complemented by tile flooring, surround sound, a wall-mounted fireplace, & large sliding glass doors leading to the back patio. Stunning kitchen showcases recessed & pendant lighting, a plethora of cabinetry, quartz counters, a prep island w/a breakfast bar, stylish tile backsplash,& SS appliances, which include wall ovens & cooktop gas. Grand owner's retreat provides plush carpet, direct outdoor access, an ensuite w/dual sinks, make-up desk, an enclosed glass shower, & a walk-in closet. Wonderful backyard features a covered patio, built-in BBQ, fireplace, and a refreshing spa/spool (app to control the spool). Large powered shade to cover large stacking door. What's not to like? You must see it in person to fully appreciate its beauty! There is a sound system with 2 zones (one for inside and one for outside). RO Water System, Water Softener, TV Hookup in Primary bedroom.

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1740 E Ocotillo Road Unit 4 Phoenix, AZ 85016

Open House

$1,200,000

2 Beds

2.5 Baths

2,150 SqFt

Status Active

MLS # 6747799

Property Type Townhouse

Price Type --

Take a splash into modern wellness. Be among the first in the U.S. to experience a home meticulously designed for unparalleled health and the environment. Coupled with modern design and wellness, this property offers air quality that rivals the freshness of mountain air. Throughout the home, you will experience water quality that will enhance your well-being and longevity. Combining aesthetics with longevity, this home offers stunning eco-friendly materials like Accoya wood and Forbo Marmoleum, good for you and the environment. Take a step away from modern toxicity and experience true living. We obsess over our health, but we often neglect the one place where we spend the majority of our lives: our home.

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101 S Falling Leaf Road Show Low, AZ 85901

$1,199,999

4 Beds

4 Baths

3,081 SqFt

Status Active

MLS # 6717423

Property Type Single Family Residence

Price Type --

Live the mountain dream with this stunning Torreon 16th Fairway home! Situated on just under an acre with 4 beds 4 baths, you'll have plenty of space to entertain family and friends. The large paver driveway invites you to the exquisitely finished home. Custom features like the metal railings are sure to impress. The kitchen offers generous prep, storage, and seating space. Organize your supplies with ease with the walk-in pantry. A loft featuring a wet bar adds to the entertainment space. The owner's suite is sure to be your peaceful retreat at the end of the day, with an en suite, and tons of options with the sitting room off the owner's suite.

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959 E Carver Road Tempe, AZ 85284

$1,199,999

4 Beds

3 Baths

3,219 SqFt

Status Active

MLS # 6701304

Property Type Single Family Residence

Price Type --

*Best Value of the Neighborhood* This home is the epitome of familial warmth, timeless charm & meticulous care on an incredible acre lot that allows horses on property. *Rare HOA with few restrictions for adding detached structures (refer to Tempe city code) Buena Vista Ranchos is an exclusive south Tempe neighborhood with 151 custom homes, oversized irrigated lots that each back up to riding trails, manicured horse facilities, two riding arenas, a community park, pool, tennis & basketball courts. Perfectly located close-knit community -- 5 minute access to four freeways, A+ rated Kyrene schools, ASU, restaurants & shopping.

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