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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6841 N 183rd Avenue Waddell, AZ 85355

$1,125,888
5 Beds
3 Baths
3,416 SqFt
Status Active
MLS # 6708808
Property Type Single Family Residence
Price Type --
Own a beautiful Updated HORSE PROPERTY with attached GUEST HOUSE. This irrigated, 2-acre lot features a lighted riding ARENA and multiple covered stalls ready for your horses. The UPDATED interior boasts an open floor plan with clean lines promoting a modern design. The tall VAULTED CEILINGS & skylight add a spacious feel & abundant natural light. Freshly painted interior highlights some of the main features including plank tile flooring, recessed lighting, a charming dining area, and a sizable living room with a fireplace. The impeccable kitchen showcases plenty of shaker style cabinets, custom tile backsplash, GRANITE countertops, stainless steel appliances, double ovens, induction cooktop and an oversized island with under counter cabinets. Newer roof and 1 New AC 2024. The owner's suite offers backyard exit, a sitting room, and a full ensuite with dual sinks & jetted tub. Convenient den ideal for an office. You'll also find an attached guest house fully equipped with a full kitchen with new appliances, a great room with fireplace, and a large bedroom with a bay window, a full bathroom with jetted tub, and a walk-in closet. The backyard is tastefully divided; it offers a well-sized patio surrounded by lush vegetation and lots of space for fun & games. In addition, there're many stalls, and tons of space for horses to roam. The home has upgraded insulation and a radiant barrier and LED lights throughout for energy efficiency. Enjoy the country-style living this unique value offers.

4618 W Park View Circle Glendale, AZ 85310

$1,125,000
4 Beds
4 Baths
3,432 SqFt
Status Active Under Contract
MLS # 6740540
Property Type Single Family Residence
Price Type --
A turn-key Airbnb opportunity! Stunning 4 bed 4 bath, 3 car garage home in the highly desirable community of Saddle Ranch Estates!! NO HOA. This resort-style home includes easy-to-maintain landscaping, (owned) solar panels, RV agate, an extended driveway, large windows, custom columns, a fireplace, plantation shutters, and a great floorplan. The kitchen includes quartz counter tops with plenty of counter space, stainless steel appliances, a dual oven, overlooking breakfast nook with a custom ceiling, and family rooms. The master bedroom includes a fireplace and a huge master suite! The master suite has a walk-in shower, dual sinks, and built-in vanity. The resort-style backyard has an extended patio, pergola, waterfall pool, SPA, mature trees on a 35,388 sq. ft lot, plus so much more.

360 S Golden Meadows Trail Williams, AZ 86046

$1,125,000
5 Beds
3 Baths
3,582 SqFt
Status Active
MLS # 6714945
Property Type Single Family Residence
Price Type --
Beautiful custom 5 bedroom, 3 bath home! Featuring vaulted ceilings, wood flooring, fireplaces, conservatory & Spectacular views in the Pines! Open concept floor plan makes this home perfect for entertaining & two Skylights keep everything light & bright! Gourmet kitchen is a cooks delight w/ gas cooking, ample cabinet space, Stainless Steel appliances & double ovens! From Kitchen & Dining areas expansive views of the San Francisco Peaks! Primary bedroom has oversized bath w/ 2 closets, walkin shower & jetted tub! Nestled on a 1.1 acre lot surrounded by majestic pine trees and 2 minutes from Elephant Rocks Golf Course. Several outdoor sitting areas to enjoy Williams weather and views! Close to hiking trails, lakes, Route 66 and shopping! A place to call home in the Pines!

43 E Desert Hills Drive Phoenix, AZ 85086

$1,125,000
4 Beds
3 Baths
3,058 SqFt
Status Active
MLS # 6755034
Property Type Single Family Residence
Price Type --
Looking for a private estate on an acre with no HOA and room to expand, park your toys and trucks? Look no further than this fully renovated home in Desert Hills with City water! Step into the great room which has lots of natural light and is perfect for relaxing or entertaining. Enjoy the spacious kitchen with stainless steel appliances and workspace galore. The split floorplan has 2 bedrooms with a jack and jill bathroom setup, another bedroom with its own bathroom on one side; and the master retreat with its own fireplace on the other. The master bathroom is resort-like! Wanna cool off and enjoy some mountain views? Take a dip in the relaxing pool. Take advantage of the acreage to park your toys, build an RV garage, guest house and just feel like no one is around you.

19732 W Mulberry Drive Buckeye, AZ 85396

$1,125,000
5 Beds
4.5 Baths
4,602 SqFt
Status Active
MLS # 6714538
Property Type Single Family Residence
Price Type --
Unparalleled Multi-Generational Oasis. Welcome to your dream home where every member of the family finds their perfect sanctuary. Conveniently located in a family-friendly community with top-rated schools, parks, shopping, and dining options nearby. Plus, with easy access to major highways, commuting is a breeze. Ideal for extended families, in-laws, or savvy investors, this property offers a unique blend of luxury, comfort, and versatility. The residence spans over 4,600 square feet, this Maracay-built masterpiece boasts 5 bedrooms, 4.5 bathrooms, 3-car garage and RV parking. Enjoy breathtaking mountain views from the oversized .42-acre lot. Step inside to discover an executive gourmet kitchen featuring an oversized granite island, stainless steel appliances, and a custom walk-in pantry The open concept living area is perfect for gatherings, while 16' stackable patio doors seamlessly connect indoor and outdoor spaces. The NextGen Suite is attached to the main house but with a separate entrance, the 750 square foot Generation Suite offers privacy and independence. Complete with a living and dining area, kitchenette, laundry room, and a spacious master bedroom with an en-suite bathroom and walk-in closet, this suite is perfect for aging parents, guests, or young adults seeking autonomy. Accessory Dwelling Unit (ADU), escape to the 850 square foot detached casita nestled in the backyard oasis. This fully equipped space features a living room, dining area, kitchen, laundry room, bedroom, and luxurious bathroom. With high-end finishes and thoughtful design, it's an ideal retreat for visiting family, friends, or potential rental income. In the outdoor paradise you will experience resort-style living with an automated saltwater pool, fountains, lush landscaping, and covered patios spanning over 1,300 square feet. Whether you're relaxing by the pool or hosting a barbecue, this outdoor haven is perfect for year-round enjoyment. This incredible property has it all including Google Alexa SmartHome controls, stage 2 - 220V / 40 Amp EV car charger connection, Green Living: This home is LEED Certified, offering healthy, highly efficient, and cost-saving green living. With three 16 SEER Lennox A/C systems, LG Mini Split A/C's in bedrooms, and a tankless gas water heater, comfort and sustainability go hand in hand. Don't miss the opportunity to own this unparalleled multi-generational oasis. Whether you're seeking a forever home for your family or an investment opportunity with multiple revenue streams, this property offers endless possibilities. Schedule a showing today and prepare to be amazed!

6647 E Presidio Road Scottsdale, AZ 85254

$1,125,000
4 Beds
3 Baths
2,581 SqFt
Status Active
MLS # 6673704
Property Type Single Family Residence
Price Type --
Gorgeous single level Scottsdale Kierland home with Pool and RV gate on large corner lot. 4 bedroom, 3 bath in great location. Just a few minutes to Scottsdale Kierland, Scottsdale Quarter, Scottsdale Airpark, and surrounded by dining, shopping, hiking, golf, and all of the amenities that make living here worthwhile! Fully Furnished!! Fully Upgraded!! NO HOA! North/South exposure with covered patio and a sparkling pool! All appliances included!! Fully Paid Solar System included. Perfect and ready for AIRBNB and Private and Investor ownership. MUST SEE!!

10467 N Nicklaus Drive Fountain Hills, AZ 85268

$1,125,000
4 Beds
4.5 Baths
3,723 SqFt
Status Active
MLS # 6650953
Property Type Single Family Residence
Price Type --
Custom home on premium golf course lot in the highly sought after Desert Canyon Golf Course community. Home is loaded with windows and patio space to capture the breathtaking views in every direction. Home features include dramatic vaulted ceilings, massive bedrooms, and 4 car garage. Custom kitchen with top of the line appliances and breakfast bar. All 4 bedrooms have ensuite bath. Backyard space includes pool, hot tub, and deck space wrapping around the entire back of property. Situated on the 9th hole of the Desert Canyon golf course with views of Four Peaks and the Fountain Hills landscape.

27016 N 14th Lane Phoenix, AZ 85085

$1,125,000
5 Beds
3.5 Baths
4,370 SqFt
Status Active
MLS # 6699875
Property Type Single Family Residence
Price Type --
Come and see the incredible beauty of this amazing former model home in the popular Fireside at Norterra neighborhood. Located on a premium lot backing to a vast wash, it offers complete privacy and serenity with amazing sunset & mountain views! You'll love the gated courtyard w/gas fireplace! Fabulous interior showcases modern light fixtures, a designer palette and tons of natural light. If gatherings or entertaining are on your mind, the house has a formal dining room w/French doors to the courtyard and casita. The family room has soaring ceilings, media niche, fireplace & multi-sliding doors to the backyard. Upstairs find a large loft and additional bedrooms. Fireside amenities include community center with gym, pools, tennis courts, parks, rock climbing wall and more! Surround sound for enhanced audio! The gourmet kitchen is a chef's dream, featuring high-end SS appliances, granite counters, mosaic tile backsplash, a walk-in pantry, a wine fridge, ample staggered cabinetry, and an island w/breakfast bar. For added functionality, this gem boasts a versatile den, a cozy loft, & a large bonus room! Primary bedroom is downstairs, boasting layered crown molding & wood flooring! Its ensuite provides two vanities, a soaking tub, & a separate shower. Two secondary bedrooms upstairs share a Jack & Jill bathroom. Laundry room with built-in cabinetry. Transitioning outdoors, tranquility awaits in the large backyard! Perfect for enjoying a relaxing afternoon, this space presents a covered patio, artificial turf, and an additional elevated seating area. This property will not disappoint! Just WOW!

6250 W Saskan Ranch Circle Flagstaff, AZ 86001

$1,125,000
4 Beds
4.5 Baths
4,919 SqFt
Status Active
MLS # 6639312
Property Type Single Family Residence
Price Type --
Priced to sell! AS-IS sale and ready for you to add your finishing touches! 4.7 Acre retreat in the Pines with a separate GUEST HOUSE! Beautiful open home with soaring ceilings, multiple expansive open spaces that flow to two open patios, a chef's kitchen with double ovens, 2 sinks, 2 cooktops, walk-in pantry, wine fridge and natural quartz countertops and storage that goes on forever! Located just to the west of Flagstaff in Saskan Ranch, this home is nestled in the pines and offers a main house with 3 bedrooms, 3.5 baths and a separate Guest House with 1 bedroom and 3/4 bath. Both homes are custom owner-built, the Guest House was completed in 2002 while the main house was finalized in 2023. The main house offers many features beyond the beauty of the home such as: Individualized heating for the lower level (hydronic) and main & loft levels (HVAC), A/C for main & loft levels, Sierra Pacific windows, high density foam insulation, 2500 gallon water storage connected to the shared well and an oversized septic system to allow for additional expansion. Additional opportunities to customize and expand the home to meet your needs exist in the bonus room to finish for your specific use, as well as adding an outside deck off the master bedroom or taking advantage of the built-in water stubs already plumbed to the loft, bonus room and potential wine cellar. Come view this home and let your imagination envision enjoying the summer in this wooded retreat! Note: 3rd bedroom is classified as Den/Office by Coconino County for certificate of occupancy. Feature List & SPDS available with additional information.

1635 W Frier Drive Phoenix, AZ 85021

$1,125,000
5 Beds
3.5 Baths
4,045 SqFt
Status Active
MLS # 6751379
Property Type Single Family Residence
Price Type --
North Central Phoenix Charmer! One of a kind 5 bedroom/ 3.5 bath in 85021. Great opportunity to own a 4,045 sq foot home situated on over a half an acre in North Central Phoenix. The floor-plan offers four bedrooms on the main level as well as a formal living room, family room, 2 fireplaces, separate laundry room and a relaxing den. Upper level you will find a loft and the private spacious master bedroom with fireplace and sitting area that also includes your very own balcony for those relaxing AZ mornings having coffee or reading a book at Sunset. The kitchen provides plenty of cabinets, multiple windows overlooking the backyard, and beautiful tile countertops that spread throughout. The list continues, wait till you hear about the landscape, Click the More button. Exterior features a relaxing pool, sunbathing area, outdoor pool restroom, upgraded custom fire pit and oversized concrete entertainment pad. The landscape is a story of its own that is breathtaking with a huge lot that has lush grass, and the following trees: Lemon, Orange, Lime, Peach, Apricot & Apple. All Delicious!! Like I said RARE FIND property. This size lot and square footage does not come available often, here's your chance. Come home and live that North Central Phoenix Charmed Lifestyle!

46333 W Abbott Road Wickenburg, AZ 85390

$1,125,000
3 Beds
2 Baths
1,799 SqFt
Status Active
MLS # 6681204
Property Type Manufactured Home
Price Type --
10 ACRES IN FOREPAUGH/WICKENBURG WITH BEAUTIFUL MOUNTAIN VIEWS, FULL SIZE RIDING ARENA, 8 COVERED PENS WITH AUTOMATIC WATERS, COVERED HAY & EQUIPMENT STORAGE, ROUND PEN, 2 LARGE TURN OUTS FOR CATTLE OR HORSES, SO MUCH ROOM ON THIS PROPERTY TO BUILD OR DO AS YOU DESIRE, PROPERTY CAN BE SPLIT, PRIVATE WELL, GORGEOUS CAVCO HOME WITH OVER SIZED BEDROOMS & WALK-IN CLOSETS, THIS HOME IS SO SPACIOUS FOR A FAMILY, STEPS AWAY FROM STATE LAND

3818 E Stacey Road Queen Creek, AZ 85142

$1,125,000
4 Beds
3.5 Baths
3,122 SqFt
Status Active
MLS # 6758267
Property Type Single Family Residence
Price Type --
Stunning Custom 4 Bed/3.5 Bath with NO HOA on nearly an ACRE corner lot. Mountain Views, 3 Car Garage, and ready for your shop or casita on the border of Gilbert & Queen Creek. Gorgeous gourmet kitchen with custom rustic maple cabinets, double wall ovens, stainless steel, hood vent, granite, and huge pantry with large freezer. Open floor plan with wood plank flooring and 12 ft ceilings throughout the home. Huge owner's suite with massive walk-in closet that connects to the laundry room. Primary bath has dual vanities, private toilet, soaking tub and spa shower. Two of the secondary bedrooms have their own private bathrooms. Beautiful enclosed backyard with large covered patio. Oversized 3 car garage that is approx 25 x 34. Queen Creek address with Gilbert services.

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