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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1987 S 141st Place Gilbert, AZ 85295

$1,099,999

4 Beds

3 Baths

2,590 SqFt

Status Active

MLS # 6746393

Property Type Single Family Residence

Price Type --

Welcome to a unique and rare opportunity to own an acre horse property in the heart of Gilbert. Situated at the end of the neighborhood on a desirable corner lot, this expansive property offers endless potential for those looking to create their dream ranch or equestrian estate. The lot features ample space for horse facilities, gardens, or any outdoor pursuits you envision. The existing home, though in need of work, provides a solid foundation for renovation and customization to suit your tastes. With a little TLC, this house can be transformed into a charming country retreat. Opportunities like this are hard to come by in Gilbert. Don't miss your chance to own a piece of prime real estate with the potential to become a stunning horse property. Whether you're an equestrian enthusiast or someone looking for space and tranquility, this property is a true gem. Contact us today to schedule a viewing and explore the possibilities that await at 1987 S 141st Pl!

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7112 W Redfield Road Peoria, AZ 85381

Open House

New

$1,099,999

5 Beds

3 Baths

3,561 SqFt

Status Active

MLS # 6762897

Property Type Single Family Residence

Price Type --

Impeccably maintained 5-bedroom, split-level home with $163K in upgrades on a spacious 0.54-acre lot in the highly sought-after Peoria School District. Features include brand-new energy-efficient, soundproof windows, formal living and dining rooms, and an updated kitchen with wood-look tile floors. The oversized primary suite has its own sitting area and access to a serene balcony overlooking a sparkling heated pool with a waterfall, gazebo, and sports court. Upstairs also includes two large bedrooms and a full bathroom. Downstairs offers a spacious family room, two more bedrooms, and a full bathroom. Outside, enjoy a 3-car garage, gated RV and boat parking, extra RV space, and a custom-finished workshop with cabinets. Plus, owned Tesla solar for energy savings.

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17565 E Blaze Lane Rio Verde, AZ 85263

Open House

$1,099,999

2 Beds

2.5 Baths

2,441 SqFt

Status Active

MLS # 6685314

Property Type Single Family Residence

Price Type --

Welcome to this stunning fully furnished Cordoba Model home with luxurious features and ample space for comfortable living. This captivating residence offers 2 bedrooms plus a den, providing flexibility for various living arrangements. With 2.5 bathrooms spread across 2,441 square feet of meticulously designed space, every corner of this home exudes elegance and functionality. Step inside to discover a split floor plan that ensures privacy and convenience. The heart of the home is the expansive kitchen, boasting GE Monogram Gas Gourmet Appliances, perfect for culinary enthusiasts. Entertain effortlessly in the Great Room, where an impressive 20-foot slider door floods the space with natural light and seamlessly connects indoor and outdoor living. Indulge in the luxury of a dedicated wine space equipped equipped with two wine fridges. Upgraded flooring throughout adds to the home's sophisticated charm, while the laundry room offers convenience with 30 upper cabinets, lower cabinets, and built-in desks. Situated on an oversized premium lot spanning 12,782 square feet, this home features a fenced yard for added privacy and security. Enjoy outdoor gatherings on the covered patio with brick pavers, complemented by a large fire pit for cozy evenings under the stars. The 2-bay oversized garage, complete with an AC unit, provides ample space for storage and parking. Custom landscaping surrounds the property, including a large putting green, perfect for outdoor recreation and relaxation. Experience luxury living at its finest in this meticulously crafted home, where every detail has been thoughtfully designed for your comfort and enjoyment. Make this your dream home come true!

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1966 E Calle De Arcos -- Tempe, AZ 85284

$1,099,950

4 Beds

3 Baths

2,968 SqFt

Status Active

MLS # 6733495

Property Type Single Family Residence

Price Type --

New Lower Price! Discounted $100k! Prime Location 4 Bedrooms - 1 downstairs for office. 3 full bathrooms. 3 car garage. Large grass backyard lot ¼ acre. Large covered patio with ceiling fans plus shaded pergola. Private pool with spa. Mature fruit trees. Lots of space for creative landscaping. Lots of shade. Vaulted ceilings. New flooring and carpet throughout. New paint inside and outside. 3- year old new AC units and air handlers. 2-year old premium solar power system for reduced electric. Large master bedroom suite. Large master bath with large tiled shower and travertine floor. Large walk-in closet. Large kitchen with island and breakfast dining area overlooking backyard. Formal dining room and attached living room, great for entertaining. Stained glass windows.

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W Adobe Dam Road Queen Creek, AZ 85144

$1,099,900

4 Beds

3 Baths

3,081 SqFt

Status Active

MLS # 6336046

Property Type Single Family Residence

Price Type --

TO BE BUILT! New 4 bedroom 3 bath on 3.3 acre horse property NO HOA lot! Standard features include 4-car garage, granite throughout, stainless, covered patio(s), tile roof, and more! Plenty of time for Buyer selections of cabinets, flooring, paint, etc... estimated completion 9-10 months from ground-breaking. Drive by only.

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7175 E Camelback Road Unit 107 Scottsdale, AZ 85251

$1,099,900

2 Beds

2.5 Baths

1,243 SqFt

Status Active

MLS # 6751818

Property Type Apartment

Price Type --

Nestled in the heart of Scottsdale's lively community, this exquisite ground-floor condo at the Scottsdale Waterfront Residences offers a rare find. With 2 bedrooms, 2.5 baths, and stunning views of the tranquil canal and lush park, this residence combines luxury with comfort. The bright, open living space is enhanced by elegant Lutron lighting and crown molding. The gourmet kitchen is a chef's dream, featuring high-end appliances and top-notch finishes. Included are two dedicated garage parking spaces and a spacious storage room. Residents enjoy exceptional amenities, including 24-hour security, a rooftop pool, a stylish resident club room, a wine cellar, a premier fitness center, and valet parking. All this is just moments away from world-class dining, upscale shopping, and more!

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10324 E Pershing Avenue Scottsdale, AZ 85260

$1,099,900

4 Beds

2.5 Baths

2,662 SqFt

Status Active

MLS # 6744609

Property Type Single Family Residence

Price Type --

Welcome to this beautifully renovated 2-story home in Mountainview Ranch, offering the perfect blend of modern amenities and timeless charm. With 4 spacious bedrooms, 2.5 baths, a stylish loft/office/den and a generous 3-car garage, this home is designed for both style and function. Step inside to find a stunningly renovated interior, where vaulted ceilings and a cozy fireplace create a warm and inviting atmosphere. The updated kitchen is a chef's delight, featuring ample storage, a large island, and an eat-in area, perfect for both casual meals and entertaining. The formal dining and living rooms provide elegant spaces for gatherings, while the primary bath offers a luxurious retreat with a separate tub and walk-in shower. Outdoors, your private oasis awaits. The meticulously landscaped backyard boasts a covered patio, perfect for alfresco dining, and a refreshing pool and spa, ideal for relaxation. You'll enjoy great proximity to shopping, dining, top-rated schools, and the TPC golf course. This home is not just a place to live, it's a lifestyle. Don't miss the chance to make it yours!

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7280 W Electra Lane Peoria, AZ 85383

$1,099,900

4 Beds

3.5 Baths

4,361 SqFt

Status Active

MLS # 6746612

Property Type Single Family Residence

Price Type --

Beautiful 4 bedroom + loft + office + game room, 3.5 baths, 4,361 square foot home with a 4 car garage, oversized lot located in the highly sought after Northern Peoria gated community of Talas! Gourmet kitchen features a large island with granite countertops, gas cooking, stainless steel appliances, butler's pantry with direct access to formal dining room, large family room opens to massive backyard, sport court, fire pit and concrete pad ready for your gazebo or pergola, large master suite includes, dual vanities, separate tub & shower, water closet, custom shelves in massive walk-in closet, with access to a large backyard facing balcony. Ample space in the 3 secondary bedrooms, upstairs game room/media room with access to the frontyard facing balcony, large laundry room with sink and cabinets, 220 outlet in the garage, plantation shutters, AC condensing units replaced in 2019, north/south exposure lot located on the end of the cul de sac, large side yard for all of your toys and storage, close to the 101 freeway, shopping, entertainment, Peoria Sports Complex, see this home today!

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84 E Joseph Way Gilbert, AZ 85295

$1,099,900

6 Beds

4 Baths

4,008 SqFt

Status Active

MLS # 6732689

Property Type Single Family Residence

Price Type --

THIS IS AN INCREDIBLE OPPORTUNITY!! This 6-bed/3.75-bath, spanning 4,006 square feet, on close to a .25 acre lot. Whether you see yourself enjoying $150,000 upgrades on the inside or enjoying the resort style backyard with a pool that features a water slide, hot tub and multiple waterfalls, this house is turn key for both a new occupant and/or an investor. RV Gate, 3 Car Tandem Garage, Too many upgrades to list. You have to see it.

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4809 N 30th Place Phoenix, AZ 85016

$1,099,900

4 Beds

3 Baths

2,490 SqFt

Status Active

MLS # 6704835

Property Type Single Family Residence

Price Type --

WOW!! Check out that NEW PRICE!! Welcome to your new home in the heart of Phoenix's highly sought-after Biltmore neighborhood! This beautiful contemporary farmhouse was thoughtfully designed by a renowned decorator! Featuring 4 bedrooms, 3 bathrooms, and 2,490sq. ft. of living space, this home is ready for you and your family to move in! The open floor plan invites you into spacious living areas perfect for family gatherings. The gourmet kitchen is a chef's dream, ready for all your culinary adventures. Whether it's hosting friends for a game night or family during the holidays, there's plenty of room to create your favorite meals! The private primary retreat offers you the perfect place to unwind after a long day and the en-suite bathrooms gives you a high-end spa feel! Step outside the primary suite and into your lush backyard, where you have the opportunity to create your own resort-style oasis! Whether it's a pool and a spa, or a pickleball and sports court, the options are endless! Located in Brentwood Estates, this home truly is an entertainer's paradise! Located just minutes from Arcadia and luxury dining at The Global Ambassador, as well as a quick commute to Piestewa Peak Trailhead, Camelback Mountain, shopping in Old Town Scottsdale or Fashion Square Mall you're never too far from the action! You could even hop on the 51 for a short commute to Sky Harbor Airport or Downtown Phoenix! This dream home is ready for you and your family! Don't miss out, this home won't last long!

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9026 W Villa Lindo Drive Peoria, AZ 85383

$1,099,900

6 Beds

3 Baths

3,669 SqFt

Status Active

MLS # 6595438

Property Type Single Family Residence

Price Type --

Acre lot paradise! North Peoria, 85383! No HOA! RV gate! RV parking! Mountain views! Private pool! Remodeled inside and out! Notice the new stucco and paint as you drive up to the house. Pull into the four-car Porte Cochere in the U-shape driveway, with space for plenty of other parking if needed. Notice all the custom wood work as you enter in through the French door main entrance. The kitchen has been fully updated with new cabinets, white marble quartz counters, stainless steel appliances, a stainless steel vent hood with a matching Farmhouse sink. As you walk to the house, you'll notice several areas with natural light from the skylights built into the ceilings and Wood-like tile making cleaning simple. The main living room has been remodeled with custom A-frame vaulted wood ceilings. The home is equipped with new HVAC, and dual pane windows, making the home very efficient. As you step into the backyard, you'll notice large open spaces with modern landscaping updates, great for entertaining! There are three pergolas, three covered patios, and a covered RV area that has been used for large events. There is a hot tub by the primary bathroom exit and an inviting pool, great for the hot summer months.

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6319 E Montreal Place Scottsdale, AZ 85254

$1,099,900

4 Beds

2.5 Baths

3,172 SqFt

Status Active Under Contract

MLS # 6703217

Property Type Single Family Residence

Price Type --

Spectacular 4-bedroom property in quiet cul-de-sac! Fresh 2020 renovation with new roof, salt-water pool, full-home carbon filter, soft water sys, backyard turf, raised vegetable gardens, 3-car garage & storage shed. Gorgeous interior with tile/hardwood floors, wainscotting, vaulted ceilings & stone fireplace. Remodeled kitchen boasts custom blue cabinetry with crown molding, SS appliances with quartz counters & bronze-inlaid backsplash - and stools to match. The main retreat features soft carpet in all the right places, private outdoor access, a generous ensuite with granite dual sinks, & his/hers walk-in closets. 3 Patios to relax into - upstairs with mountain views, side bbq, or rear. Amazing, quiet area with local parks and luxury shopping. Furnishings negotiable. Host memorable gatherings in the incredible backyard, offering a covered patio, a crystal-clear swimming pool, & swaying palm trees! This gem won't disappoint!

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