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 99th 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.

Whats 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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4054 E Prescott Place Chandler, AZ 85249

$1,199,900 - 4Br/4Ba -  for Sale in Canopy, Chandler
Open House
$1,199,900
4 Beds
3.5 Baths
3,300 SqFt
Status Active
MLS # 6753340
Property Type Single Family Residence
Price Type --
FARMHOUSE MEETS DESERT LUXURY IN SOUTH CHANDLER'S EXCLUSIVE GATED MASTER PLAN ''CANOPY''. Pursue an Inspiring SOUTH CHANDLER LIFESTYLE in this stunning magazine model residence... offering the REFINED DESIGNER LIVING you've been looking for. CONSIDER IT ALL... PRIZED SOUTH CHANDLER PROXIMITY at LINDSAY/OCOTILLO RD CORRIDOR with attractions/amenities surrounding your doorstep from all directions, Distinctive Tri-Pointe Homes Farmhouse Architecture & Late 2022 Craftsmanship with Today's Must-Have Energy Efficiencies, Private Portico Courtyard Entry, NEW MOVE-IN READY LUXURY INTERIOR SHOWCASING CUSTOM OWNER UPGRADES FEATURES FINISHES EVERYWHERE... including NEW HIGH END LVP flooring throughout (complete carpet delete), OPEN CATHEDRAL CEILING GREAT ROOM ''CITRUS'' Floor Plan influencing everyday functionality & featuring a Professional Chefs Gourmet Kitchen w/built-in GE Café Appliances, MIRRORING 12' STACKING GLASS DOORS & Wall Glass Windows influence extraordinary Indoor/Outdoor themed Views & Festivities, Uniquely Designed Central/Backyard Portico Courtyard Space with Porcelain Tile & Decorative Accents, Multiple Bonus Rooms include (Open Game Room Space near secondary bedrooms & Additional flex/den space featuring Upgraded Glass Slider with Front Courtyard Entry/Views & Custom 8' Iron French Doors w/Frosted Privacy Glass, Private Owner Suite Retreat w/Spa-Like Bath Amenities including a Hydro System Freestanding Soaking Tub, Transition outside and soak up Your Newer Heated Salt Water Luxury Lounge Pool with Elevated Water Features, Baja Shelf, Travertine Hardscape & Green Turf Scape. Backyard has room to further design all your best OUTDOOR USES & FAVORED Backyard Amenities. 10,108 Sqft Corner Home Site modeling ideal North Backyard Exposure. EXPERIENCE IN PERSON. MAKE THIS LIMITED HOME OFFERING YOUR PRIZED SOUTH CHANDLER SANCTUARY! RESIDE AT ONE OF ARIZONA'S MOST DESIRABLE ADDRESSES... WHERE CHANDLER MEETS GILBERT. Nestled between the thriving City of Chandler & Town of Gilbert (both nationally recognized as Best Places to Live in America) residents take advantage of what's Beyond the Front Door. Scenic San Tan Mountains Views, Open Greenbelt Spaces & Playgrounds, Lush Community Landscaping, Excelling School Options, Chandler's Citrus Vista Park, PRIVATE CANOPY GATED ACCESS DIRECTLY INTO VETERANS OASIS LAKE & NATURE PRESERVE for all your outdoor walking, running & biking adventures, Ocotillo & Gilbert Rd - Mixed-Use/Grocery Corridor, Nationally Acclaimed Gilbert Regional Park, San Tan 202 Freeway Access, Crossroads Towne Center includes Target/Harkins Theatre, San Tan Village - Outdoor Upscale Shopping & Dining, New & Established Southeast Valley Business Corridors and Mix-Used Developments, Chandler Municipal Airpark w/Runway for Midsize Private Jets, Vibrant Downtown Chandler & Old Town Gilbert's Heritage District Festivities, Phoenix-Mesa Gateway Airport - Second Growing Hub to Phoenix Sky Harbor... this is just the start!

2636 W Wolftrap Road New River, AZ 85087

$1,199,890
4 Beds
3.5 Baths
3,634 SqFt
Status Active
MLS # 6747576
Property Type Single Family Residence
Price Type --
TURNKEY READY NEWLY BUILT WITH GORGEOUS, GORGEOUS, GORGEOUS HIGHLY UPGRADED HILL/SIDE TOP CUSTOM HOME LOADED WITH FEATURES AND DESIGN TOUCHES, NO HOA AND NEAR LAKES WITH HORSE PRILIVEGES SO BRING YOUR BOATS, ANIMALS AND TOYS! You have to see this! Amazing open bright design with huge basement, surrounded by some of the most stunning and protected mountain views from every window! 4 beds, 3.5 baths, & a 6 CAR GARAGES on OVER 1-acre lot. Reward yourself the moment you arrive in this desert paradise. Straight out from the magazine interior with a fireplace living room, tall ceilings, neutral paint, & carpet flooring. Stunning kitchen comes complete w/built-in appliances, fabulous cabinetry, gorgeous counters, a walk-in pantry, & a huge island. Main bedroom on the same level complete w/dual sinks, standalone soaking tub AND THE LIST GOES ON...... VERY HIGHLY EFFICIENT HOME BUILT WITH ICF WALLS WITH 8 INCHES THICK BASEMENT WALLS STEEL-REINFORCED CONCRETE WITH SUPERIOR LCYNENE INSULATION (SPRAY FOAM) AND WITHIN 10 MINUTES TO ANTHEM SHOPPING OUTLEDS AND 30MINUTES TO LAKE PLEASANT AMOUNG OTHERS NEARBY.

22568 E Alyssa Drive Queen Creek, AZ 85142

$1,199,581
5 Beds
4 Baths
3,659 SqFt
Status Active
MLS # 6741168
Property Type Single Family Residence
Price Type --
Luxurious former model home featuring a desert modern architectural style, single-level living, a generational suite with a kitchenette, a game room, separate office, and more! The home has a February 2025 COE and includes the furnishings. Designer features throughout. The kitchen boasts a 12' multi-slider, GE café SS appliances with a built-in wall oven, microwave, stainless Steele refrigerator, and 30'' gas cooktop with a vent hood, an extended island with new elegance quartzite countertops, glass tile backsplash to the ceiling, and Lausanne maple truffle stacked cabinets with matte black pulls. 12' ceilings at the great room, dining room, and kitchen. A 10' center pull slider at the great room and a built-in entertainment cabinet. Upgraded light fixtures and custom window treatments.

29091 N 139th Street Scottsdale, AZ 85262

$1,199,000
4 Beds
4 Baths
4,034 SqFt
Status Active Under Contract
MLS # 6748671
Property Type Single Family Residence
Price Type --
Discover the 4034 floor plan & all it has to offer. The kitchen boasts luxurious finishes, such as, stainless steel WOLF appliances, upgraded 42'' upper cabinets w/ crown molding, ample countertop space & a large center island. The adjacent informal dining area provides a comfortable & convenient space. The great room is filled with natural light & a sliding glass door lets in even more. The homes boasts plenty of room for everyone w/ a GUEST LIVING area w/ seperate entry & a BONUS/GAME ROOM. The spa-like primary bathroom includes a BEACH ENTRY shower, dual-sink vanity, a soaking tub, & a spacious walk-in closet. Enjoy outdoor living, dining, and entertaining on the covered patio, and take advantage of the 4-car garage on 1.25 ACRES w/ NO HOA. Home to be completed in Nov/Dec 2024

Show Low AZ 85901

$1,199,000
4 Beds
4 Baths
3,372 SqFt
Status Active
MLS # 6739787
Property Type Single Family Residence
Price Type --
''Lux Cabin'' with stunning fairway views & water feature on #15 Tower Course. Torreon is a Troon Development with amenities that are second to none! Conveying beautifully furnished, new high-end hot tub on expansive back deck, 20ft handcrafted juniper wood bar, 2 Master Suites, wall of windows & more!

27814 N 15th Lane Phoenix, AZ 85085

$1,199,000 - 4Br/3Ba -  for Sale in Fireside At Norterra, Phoenix
New
$1,199,000
4 Beds
2.5 Baths
3,349 SqFt
Status Active
MLS # 6762750
Property Type Single Family Residence
Price Type --
Stunning home in the gated Fireside at Norterra community! This property boasts tall ceilings, plantation shutters, trendy light fixtures, abundant natural light, and wood-look tile floors with soft carpet in the bedrooms. The formal dining room features wainscoting and a dry bar with a wine cooler. The open-concept living room is enhanced by exposed beams, surround sound, and a fireplace. The kitchen includes quartz countertops, a large island, herringbone tile backsplash, recessed lighting, and high-end stainless steel appliances. The backyard is a desert oasis with a pool, jacuzzi, built-in BBQ, pergola, and breathtaking Sonoran Desert Preserve views. Quintessential Arizona living! Fireside amenities: Community center w/ state of the art gym, pools, parks, tennis and more! For added versatility, you have a cozy den just off the front entry and a bonus room w/built-in desks. The spacious owner's suite includes a spotless bathroom with dual sinks, separate tub/shower, & a walk-in closet. Beyond the interiors, the RESORT-STYLE backyard holds its own charm! This space promises year-round enjoyment with a covered patio, artificial turf, well-laid travertine, fire pit, built-in BBQ under the Ramada, putting green, play area, and a sparkling pool & spa combo. NO neighbors behind! The fantastic mountain views provide an amazing backdrop to your living experience. See it! Love it! Live it!

14046 N 64th Drive Glendale, AZ 85306

$1,199,000
5 Beds
4.5 Baths
4,132 SqFt
Status Active
MLS # 6755940
Property Type Single Family Residence
Price Type --
Nestled on over an acre, this estate boasts unparalleled privacy with lush, mature landscaping situated at the end of a quiet street. The property is connected to city services accompanied with an irritated lot, and includes OWNED SOLAR PANELS! It offers a 6-car detached garage in addition to an RV gate, without any restrictions of an HOA. Designed for entertaining, this recently remodeled home features multiple seating areas and gathering spaces both indoors and outdoors - an ideal destination for hosting friends and family or simply enjoying quiet evenings at home. It features a functional, split floorplan with seemingly unlimited storage and an abundance of natural light. With 5 bedrooms plus an office, there is plenty of space for everyone! As you enter through the front door, you are greeted with soaring high vaulted ceilings and an oversized living area with neutral flooring and paint colors throughout. Around the corner, you'll find the expansive eat-in kitchen that provides a massive island, multiple sinks, a wine fridge, dual oven, SS appliances, and picturesque views of the backyard. The brick fireplace in the family room creates a warm and cozy feeling, and is a fantastic place to recharge. There are 2 bedrooms downstairs. One includes access to the backyard and an en-suite bathroom ideal for guests, while the other shares a jack-and-jill style bathroom with the office. The primary suite resides upstairs and is equipped with a large walk-in closet, along with a massive terrace to capture the breathtaking sunsets Arizona has to offer. There are two additional bedrooms split from the primary bedroom that share a full bath upstairs. The most discerning buyer will appreciate the enormous laundry room with additional storage cabinets, a large sink, and custom barn doors. This estate is a one-of-a-kind home that provides the ideal set up for an event planner's dream, or the perfect getaway for an escape from the city. Centrally located, with functionality and sustainability, your private sanctuary is just minutes away from modern conveniences, making this the ultimate choice for your next place to call home!

2320 W Hidden Valley Drive Phoenix, AZ 85086

$1,199,000
5 Beds
3.5 Baths
3,589 SqFt
Status Active
MLS # 6759895
Property Type Single Family Residence
Price Type --
WOW! Start living in this stunning 5 bedroom oasis, nestled on a vast 1.2-acre lot in Phoenix. With a 4-car garage and a detached 2-RV garage, this home offers both space and style. Inside, sleek floors, bright skylights, and a spacious great room with a cozy fireplace and custom cabinets set the stage for modern living. The formal dining area is perfect for hosting gatherings, while the pristine kitchen impresses with its abundance of wood cabinets, stainless steel appliances, wall ovens, pantry, granite counters, and an island breakfast bar. The luxurious main suite offers a tranquil sitting area and a spa-like bathroom featuring dual sinks, a standalone tub, and a huge walk-in closet... A dedicated office space makes working from home a breeze. Even the garage is a standout, with additional cabinets for all your storage needs. Step outside into your expansive backyard, complete with a covered patio, fireplace, built-in BBQ, and a fenced-in pool. There's plenty of room to relax, entertain, and grow. What's not to love? This is your dream home waiting to happen!

31715 N 47th Terrace Cave Creek, AZ 85331

$1,199,000
5 Beds
3.5 Baths
3,929 SqFt
Status Active
MLS # 6753295
Property Type Single Family Residence
Price Type --
Need some room to spread out in gorgeous Cave Creek? This property has so many reasons to say YES to the address! Oversized (14,897 sq. ft) cul-de-sac lot, 5 bedrooms, 3.5 baths, loft, HEATED pool and spa added in 2020. Did we mention the 4 car garage? Fresh flooring, paint and majority of cabinets refinished, new LED lighting ,baseboards and door hardware in 2023. Huge island in the kitchen with storage galore! Head to the backyard and you will find an entertainers dream with a gas fireplace, built in BBQ and plenty of shade under the extended pergola. Brand new artificial turf installed 2024. Location, location, location. City of Phoenix services with a Cave Creek address. There are also a few restaurants, gyms and shops that are walkable from this property.

12814 E Dream Acres Lane Parks, AZ 86018

$1,199,000
2 Beds
2 Baths
2,204 SqFt
Status Active
MLS # 6706073
Property Type Single Family Residence
Price Type --
10 ACRE-LOG CABIN RETREAT PRIVATE BACKS TO NAT'l FOREST! It is a 1 of a kind location w/front porch views of the Valley & Snowbowl while surrounded by forest in the back yard. Stunning 3 bed, 2 bath, expansive kit. w/Dining room, Laundry/mud room, large open loft bedroom, office & bunkbed areas, living room, vaulted Tongue-in-groove ceilings w/milled beams, wrap around deck w/3 covered porches, horse/animal property, No HOA/CCNRs, Detached 2 car garage, fenced gated acre around cabin. PERFECT HOME/INVESTMENT

18425 W Santa Irene Drive Goodyear, AZ 85338

$1,199,000
4 Beds
4.5 Baths
3,802 SqFt
Status Active
MLS # 6749352
Property Type Single Family Residence
Price Type --
BEAUTIFUL LUXURIOUS TUSCAN CUSTOM HOME, LOCATED IN THE BEAUTIFUL ESTRELLA MOUNTAIN RANCH.THIS HOME HAS CANTERA STONE PILLARS, TRAVERTINE TILE THROUGH OUT, WOOD FLOORS IN ALL THE RIGHT PLACES.SURROUND SOUND IN MASTER AND GREAT ROOM, SPEAKER SYSTEM THROUGHOUT THE HOME,3 FIREPLACES,CUSTOM KNOTY ALDER CABINETS,GRANITE COUNTERS, ELEVATOR GOING FROM THE GARAGE TO THE KITCHEN,THE KIDS QUARTERS INCLUDE 2 LARGE BEDROOMS WITH JACK AND JILL BATHS,EPOXY IN THE GARAGE, BASEMENT WITH WETBAR AND FULL BATH, JACUZZI TUB AND BIDET IN MASTER , HOT TUB OUTSIDE.,OUTDOOR BUILD IN SMOKER,GREAT PRIVATE BACK YARD OVER LOOKING A MOUNTAIN AND GREAT VIEWS 360 DEGREE,PRIVATE MINI GOLF,CUSTOM GAZEBO WITH BAR AND TV, WATER FOUNTAINS FOR YOUR RELAXATION. OUT DOOR KITCHEN WITH WINE FRIDGE AND GAS STOVE.GARAGE CABINETS THROUGH OUT THE GARAGE. THIS HOME IS WITHIN WALKING DISTANCE TO THE PARK AND LAKE.

6782 W Skylark Drive Glendale, AZ 85308

$1,199,000
5 Beds
3 Baths
3,325 SqFt
Status Active
MLS # 6711318
Property Type Single Family Residence
Price Type --
Looking for a beautiful home on the the lake with its own dock? Welcome to this 5 beds, 3 baths, upstairs loft/office, Pool / Spa home in Sabino/Arrowhead lakes area. Gorgeously remodel really checks all the boxes. Chef's kitchen with Quarts countertops, farmhouse sink, stainless steel Bosch appliances. New Vinyl flooring throughout the house. Gas fireplace, New wooden shutter in all the right places, New paint, New lighting and bath fixtures. 2 bedrooms with 1 bath downstairs. Great sized owner's suite comes with customized bay window bench to enjoy the breath-taking lake view, his/hers closets, walk-in tiled shower, and freestanding bathtub. Close to freeways, dinning, shopping, schools, etc. Come take a look today.

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