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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16573 W Catalina Drive Goodyear, AZ 85395

$1,175,000 - 2Br/3Ba -  for Sale in Pebblecreek Phase 2 Unit 48, Goodyear
Open House
$1,175,000
2 Beds
2.5 Baths
2,695 SqFt
Status Active
MLS # 6758142
Property Type Single Family Residence
Price Type --
This GORGEOUS, HIGHLY DESIRABLE Avalon model home is nearly new and situated on a premium view lot on the Tuscany Falls side of the award-winning resort community of PebbleCreek. This designer home features 2 En Suite Bedrooms, a Den with frosted glass double doors & 2.5 baths. Enjoy bright open-concept living with full-length glass stackable sliding doors that create a beautiful indoor/outdoor living space. This home features a beautiful Chef's Kitchen including a large walk-in butler's pantry, 42'' upper cabinets with dovetail drawers, soft close hinges, pull-out shelves, crown molding, and upgraded hardware. Beautiful quartz waterfall countertops with a large island, a Blanco granite farmhouse sink, and GE Monogram stainless steel WIFI-enabled appliances including a gas cooktop. This home offers upscale lighting, designer paint, and upgraded flooring, including beautiful porcelain plank tile. The dining room has crown molding, a gorgeous chandelier, and floating niche cabinetry. The great room is spacious, has a beautiful coffer ceiling with added crown molding, and offers extra cabinets for added storage with a bar fridge. Both bedrooms offer ensuite baths with designer tile showers, full-height tile backsplash, elongated toilets, and framed mirrors. The master bath features a large curbless, walk-in shower and a huge walk-in closet with built-in organization. The dreamy laundry room offers plenty of storage, a sterling sink, and top-of-the-line GE front loaders on pedestals. The expanded outdoor living space has view fencing and backs to a pretty common area. The spacious brick-paved patio is an ENTERTAINER'S DELIGHT! It boasts a gorgeous, stacked stone fireplace with a mounted TV, a built-in gas BBQ with extra space for a pizza oven, and Havana remote (electrical) sunshades. There is a 3-car garage with an additional service door, rain gutters, a whole house water filtration system, and did I mention, that this home has SUPER energy efficiency?! A limited 7-year construction home warranty will convey with the property. This SPECTACULAR HOME is truly a MUST-SEE home! There are too many features to list, please take a look at the full list of upgrades in the document section.

8044 E Del Mercurio Drive Scottsdale, AZ 85258

$1,175,000 - 4Br/3Ba -  for Sale in Tierra Feliz 3, Scottsdale
Open House
$1,175,000
4 Beds
2.5 Baths
2,426 SqFt
Status Active
MLS # 6747873
Property Type Single Family Residence
Price Type --
Welcome to McCormick Ranch! Discover the potential of this 2,426 sf property, perfectly situated on a sprawling 12,000+ sf lot. This property features 4 bedrooms and 2.5 bathrooms, offering a solid foundation for your dream home. Step outside to find a large diving pool that promises endless summer enjoyment and relaxation. The expansive lot provides ample space for outdoor living, whether you envision a vibrant garden, entertaining area, or additional recreational features. Don't miss this exciting opportunity to customize and transform this property into your ideal living space!

3871 W Sugar Pine Way Show Low, AZ 85901

$1,174,000
4 Beds
4 Baths
3,426 SqFt
Status Active
MLS # 6741311
Property Type Single Family Residence
Price Type --
Majestic 3426sf home boasts 4 large bedrooms and 4 bathrooms located on a spectacular .69 acre lot with tall ponderosa pine trees that backs to an HOA maintained creek for your relaxing pleasure. Enjoy the feeling of privacy in your mountain home. The vaulted great room with tongue and groove ceilings, soaring windows to frame the forest and a rock fireplace welcome you to the mountains. The open floor plan is perfect for entertaining friends and family. Premier location in the gated community of Torreon, just a few steps down from the Family Center with a catch and release pond, tennis, basketball, pickleball, playground. Just across the round-about from the Family Center is the Torreon Golf Club & Grille with pool, spa and fitness center. The entire home has just been stained.

1124 W Carriage Drive Phoenix, AZ 85086

$1,174,000
4 Beds
3 Baths
2,682 SqFt
Status Active
MLS # 6742485
Property Type Single Family Residence
Price Type --
This BEAUTIFUL HOME is the PERFECT BLEND of a DESIRABLE PRIVATE PARADISE but still GREAT ACCESS to FREEWAYS, SHOPPING, SCHOOLS, and ENTERTAINMENT*Your GREAT ROOM has fireplace and 3-PANEL GLASS SLINDING POCKET DOOR that ALLOWS for IN-DOOR/OUT-DOOR LIVING*Your KITCHEN has SOFT-CLOSE SHAKER CABINETS, island, BREAKFAST BAR, newer BOSCH APPLIANCES, and PANTRY*OVER-SIZED OWNER SUITE has sitting area, walk in closet, TILE WORK at SHOWER, jetted TUB, and separate outdoor exit*GUEST SUITE with FULL BATH and personal exit to courtyard*Your BACKYARD has EXTENDED PATIO, MISTERS, BUILT-IN BBQ, firepit, REFRESHING POOL with BAJA STEP, SOOTHING WATER FEATURE, and HEATER for the cooler months*The secondary back yard is perfect space for RV GARAGE*THIS is a PLACE YOU WILL WANT to CALL ''HOME''

593 E Peach Tree Street Queen Creek, AZ 85140

$1,173,900
2 Beds
2.5 Baths
2,143 SqFt
Status Active
MLS # 6716810
Property Type Single Family Residence
Price Type --
This Positano floorplan creates the perfect indoor and outdoor space. The two huge sliding walls of glass on the interior of the home connects your living space to a private courtyard with a welcoming fireplace. The expansive kitchen with its large center island is a chef's dream, providing ample space for culinary creations and gatherings. This home offers a spacious primary suite, ensuring both comfort and privacy. The thoughtful addition of a ''smart space'' housing laundry facilities and cabinetry further enhances the convenience and functionality of daily living. Both bathrooms have been upgraded with tile surrounds and beautiful light fixtures. Additional features include shutters, a carpet-free environment and gorgeous views of the golf course.

3849 E Alameda Lane Gilbert, AZ 85298

$1,173,000
3 Beds
3.5 Baths
2,711 SqFt
Status Active Under Contract
MLS # 6735698
Property Type Single Family Residence
Price Type --
Stunning home in exclusive gated community of Legacy at Seville! Minutes to Seville Golf & Country Club with direct neighborhood access to clubhouse, fitness and aquatic center. This open concept single level home stuns with an open floor plan including soaring ceilings, designer upgrades, custom lighting, and plank flooring. View continues to the resort-like back yard with heated pool/spa, swim up bar, and sunken gazebo pre-plumbed for outdoor kitchen. Gourmet kitchen includes huge center island, quartz countertops, and walk-in pantry. Split plan includes 2 ensuite guest rooms w/ walk-in closets, and generously sized office. Primary suite features a custom walk-in closet and double vanity in the bathroom, with oversized zero-entry shower and soaking tub. Laundry room features more custom cabinets and hanging bar for extra storage. This smart home includes 47 owned solar panels, 4 Tesla Powerwalls, and Tesla car charger in garage. Whole-home Aquasana water filter included. Landscaped yard includes turf for low maintenance. Home is convenient to major roadways for business/commuting, airports, shopping, schools, and Valley entertainment. Luxurious Toll Brothers home you must see to believe!

6942 E Whispering Mesquite Trail Scottsdale, AZ 85266

$1,170,000
3 Beds
2 Baths
1,974 SqFt
Status Active Under Contract
MLS # 6747244
Property Type Single Family Residence
Price Type --
Absolutely stunning 3 bedroom remodel. Prime culdesac location in the gated Terravita Golf Club Community w/private pool/spa and views. Light and bright w/high ceilings and open split floor plan, which has been expertly redesigned. New in the last 24 months - wood flooring, remodeled kitchen, bathrooms, paint, lighting fixtures, tankless hot water heater, fireplace, closet design, roof and AC. Nearly every surface has been reimagined to create the ultimate modern living space while maintaining a warm and comfortable ambience. 1 year old pool/spa was custom built to compliment the serene outdoor space. Just a short walk to the resort-style heated pool, clubhouse dining, fitness and art studios, walking trails and top tier golf with breathtaking Sonoran Desert views. Truly a must see!

16827 W Lower Buckeye Road Goodyear, AZ 85338

$1,170,000
4 Beds
3 Baths
3,549 SqFt
Status Active Under Contract
MLS # 6727295
Property Type Single Family Residence
Price Type --
WELCOME HOME! Seize this unique opportunity to own a 4-bedroom, 3-bathroom property spread over 1.19 acres, complete with horse privileges, flood irrigation and spacious interiors, all while being cost-effective! The home features Insulated Composite Concrete Form Blocks that, according to the manufacturer, offer significant energy savings with an impressive insulation rating of up to R-50. These blocks are fireproof, mold-resistant, termite-proof, and can withstand winds of up to 250 MPH. Relish in the low-maintenance, well-groomed front yard and welcoming front and back porches. Enjoy extensive parking space for all your vehicles, including a sizeable 4-car garage. Embrace the essence of country living! Inside, discover an open floor plan that enhances natural lighting. The kitchen features custom Knotty Alder cabinets, stainless steel appliances, stunning Aurora Borealis countertops and backsplash, and a spacious center island with additional storage, this kitchen is perfect for a quick breakfast or hosting gatherings. The home boasts meticulous attention to detail with elegant arches, custom wood pillars, soaring ceilings, plantation shutters, and Knotty Alder trim, complemented by neutral tile flooring throughout. The expansive owner's retreat accommodates all your furniture and includes a fireplace, direct backyard access, and an opulent ensuite with an air-jetted soaking tub, a separate glass-enclosed shower, dual vanities with tile countertops, and a sizeable convertible walk-in closet. The additional bedrooms offer exterior access, practical Murphy beds, and bathrooms that exude comfort. The laundry room comes with a deep utility sink, ample counter space, and the option to divert gray water to the septic system or side yard. The elegantly sectioned backyard features a covered patio, verdant grass, a fire pit, a dog run, a gazebo, and vast space to realize your dream of an equestrian paradise. This property is the epitome of privacy and convenience, situated within easy reach of schools, shopping, dining, and parks. Seize the opportunity to make this distinctive masterpiece your new horse property and revel in its plentiful offerings.

11 E Venado Drive New River, AZ 85087

$1,170,000
4 Beds
3 Baths
3,298 SqFt
Status Active
MLS # 6742683
Property Type Single Family Residence
Price Type --
Welcome home to breathtaking mountain/sunset views on this private 4.76 acre property w/ top of the line updates in all the right places. This home offers 4 bedrooms, 3 baths + office/flex space. The all new kitchen remodel offers sleek concrete countertops, high end appliances including induction oven, all new mid century modern slow-close cabinetry w/ plenty of storage and spacious walk-in pantry. Modern lighting paired with so much natural light add to the elegance of this home. Expansive living room w/ extra high ceilings is the dream space for family gatherings. Impress your guests w/ Legrand Q-motion electric shades at the touch of a button. Energy savings include Lennox HVAC variable speed installed in 2023 & added insulation. Exterior painted '23 w/ Low VOC paint. Interior offers all new ceiling fans, baseboards, tile flooring, neutral paint throughout, updated bathrooms, lighting, all new doors and so much more! Spacious master w/ walk-in closet includes ensuite w/ jetted tub, separate shower & prvt toilet. Washer/dryer included. Built-in BBQ under covered patio sits just outside kitchen next to outdoor seating area to enjoy every bit of nature this home offers. Oversized 4+ car garage offers front & rear garage doors, workshop space & window A/C. Plenty of room to put in a pool or store RV, recreational toys or machinery. Canopy provides additional space for parking or horses/animals. Easy access to I-17 for nearby city amenities.

3208 N Mansfield Drive Litchfield Park, AZ 85340

$1,169,900
5 Beds
4 Baths
4,141 SqFt
Status Active
MLS # 6726527
Property Type Single Family Residence
Price Type --
Welcome to one of Litchfield Parks renowned-exclusive gated communities with 1 acre lots, Litchfield Farms... This 4141 SF 5BR/4Bath sanctuary offers an abundance of peace & quiet, space & comfort & mountain views. Introducing striking soaring ceilings as you enter the door & formal living area. New carpet & marble tile leads you to the heart of the home, featuring a great room with gas fireplace & a large chef's kitchen that boasts a center island with granite counters, staggered cabinets, gas cook top, convection wall oven & pantry. The upper level the loft makes a great game or teen room or quiet reading space. Spacious master suite with vaulted ceilings & a cozy fireplace. Spa-like master bathroom features dual vanities, tub, separate shower & double walk-in closets, etc... It's a true retreat with a private balcony to enjoy your gorgeous views with your morning coffee or desert sunsets. Den could easily be converted to 6th bedroom. Downstairs has 2 bedrooms, 1 is a full guest ensuite. Relax in your massive backyard that features mature trees, huge grass area, Pool, spa & shaded ramada, outdoor fireplace, fire pit, outdoor kitchen with built in grill, side burner, sink & fridge. ... The fenced off side yard corrals your toys, HOA approved RV parking and plenty of room for your trucks trailers & toys. Oversized 3 -car garage with extra storage space, circular driveway & ample parking. Large Laundry room with built-in cabinets. Plush carpeting, marble tile and plantation shutters throughout. Your dream home is move in ready w/ multiple -mounted TV's & New AC Unit 2021. Plenty of space to add a workshop, RV garage or casita. Conveniently located less than 5 minutes from the I-10 & 303, 35 minutes west of Central Phoenix, with easy access to shopping, dining, golf courses & top rated school districts. A MUST SEE !

9626 E Bunny Ear Lane Gold Canyon, AZ 85118

$1,169,000
4 Beds
2.5 Baths
2,483 SqFt
Status Active
MLS # 6715417
Property Type Single Family Residence
Price Type --
This Exquisite Custom Home backs Private Federal and State Land. Spectacular views of Superstition Mountains, City lights, Dinosaur Mountain, Hiking Trails, and Golf Courses. This Luxury and Craftsmanship Home Features 2x6 Exterior Frame Construction, Urethane Foam, Sand Stucco Finish, Exterior Stone, Anderson 100 Series Dual Panel Glass, 3 Panel Retractable Walls of Glass in Great Room. Trane HVAC, Electric Car Charging Station, Security, Central Vac, Nest Thermostats, 42'' Cabinets, Quartz Countertops, Kitchen Island Waterfall, Pot Filler, Bosch Appliance Packages, and so much more. Designed for future Observation platform and space for future RV Garage, Shop and/or Parking. Completion Nov 2024.

4222 E Hunter Court Cave Creek, AZ 85331

$1,161,033
3 Beds
3.5 Baths
3,050 SqFt
Status Active
MLS # 6736554
Property Type Single Family Residence
Price Type --
Quick Move-in Ready Home! Backyard Landscaping included! Peak View is an intimate gated enclave of luxury single-level homes offering modern home designs by Cachet Homes. This Plan One home is situated on a view lot that backs to open space and features 3,050 SF, 3 bedrooms, 3.5 baths, a 3-car garage, game room, den, and an open-concept kitchen with a large island and quartz countertops. Additional upgrades include desert front yard landscaping, Nantucket Shaker white cabinets, garage epoxy coating, and more!

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