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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1101 E Dolores Road Phoenix, AZ 85086

$1,090,000

4 Beds

3.5 Baths

3,038 SqFt

Status Active

MLS # 6720678

Property Type Single Family Residence

Price Type --

Presenting another exquisite spec home by NEXTGEN Builders, to be built with 4 bedrooms, a dedicated office/den, and 3.5 baths. This luxurious property features a 3-car garage and sits on a spacious lot without HOA constraints. Distinctive double iron and glass entry doors open into a stunning great room with 12-foot soaring ceilings, a large island kitchen featuring quartz countertops, and a 16x8 foot sliding glass door. Each bedroom boasts a walk-in closet, while the owner's suite features a large walk-in shower, standalone tub, and dual vanities. Home is designed with 8-foot doors throughout. Constructed for durability and energy efficiency, it includes 2x6 exterior framing, spray foam insulation, and a post-tension slab foundation. Paved Road. Photos are of a model homes.

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16058 N Aspen Drive Fountain Hills, AZ 85268

$1,090,000

4 Beds

3 Baths

3,576 SqFt

Status Active Under Contract

MLS # 6753674

Property Type Single Family Residence

Price Type --

Welcome to this meticulously designed and updated home, perfect for family living and entertaining. Highlights include two master suites, vaulted beamed ceilings, a coffered ceiling, and French doors leading to a beautifully landscaped backyard featuring a Pebble Tec diving pool, with waterfall, and hot tub. The chef's kitchen offers custom cabinetry and new stainless steel appliances. Recent updates include a new roof, renovated pool, new irrigation system, fresh paint inside and out, a new roof, and an updated garage door. Additional features consist of new window coverings, a replaced heating/cooling system, new water heaters, and a security system with cameras.

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8502 E Cave Creek Road Unit 42 Carefree, AZ 85377

$1,090,000

3 Beds

3.5 Baths

2,846 SqFt

Status Active

MLS # 6718845

Property Type Townhouse

Price Type --

Nice opportunity (far below the comps) in the Beautiful SkyRanch Gated Community - Larger 2846 SqFt, 3Br with 3.5 Baths on Large 1/4+Acre Lot - Fully Furnished w/ Linens & Kitchen. Guest Parking, Well-Cared-For unit with Solid Wood Doors & Cabinets. Nice easy-Flowing floor plan. 2 Master Suites and 3rd Guest Br. Breakfast Nook and Dining Room. Transom Windows (front & back) for natural lighting and easy access to Garage from Kitchen. Tennis Courts & Doggie Park nearby.

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11681 N Palawan Place Tucson, AZ 85737

$1,090,000

4 Beds

3.5 Baths

3,640 SqFt

Status Active

MLS # 6733406

Property Type Single Family Residence

Price Type --

Welcome to your dream home offering breathtaking mountain views and unparalleled comfort. This exquisite property features a sparkling pool where you can relax under the sun or entertain guests in your own private oasis. Embrace sustainable living with OWNED SOLAR PANELS that provide efficient energy solutions. The gourmet kitchen boasts a gas stove, perfect for culinary adventures, complemented by tile flooring and new carpet throughout the home. Freshly painted walls create a bright and inviting atmosphere, while the entertainers backyard features a built-in gas firepit, grill, and pergola. Ideal for multi-generational living, this residence includes a convenient mother-in-law suite. Enjoy seamless entertainment with wired surround sound throughout the home. Discover a green thumb's delight with a raised flower bed and a designated dog run for your furry companions. Feel secure with a comprehensive security system and fire protection measures in place. A new washer and dryer simplify laundry tasks, while double ovens and stainless steel appliances in the kitchen elevate your cooking experience. Cozy up on chilly evenings by the gas fireplace, adding warmth and charm to this exceptional property. Experience luxury living and unmatched amenities in this meticulously maintained home that combines elegance with practicality, offering a lifestyle of comfort and convenience.

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17011 E Monterey Drive Fountain Hills, AZ 85268

$1,090,000

4 Beds

3 Baths

3,209 SqFt

Status Active

MLS # 6741725

Property Type Single Family Residence

Price Type --

Explore this stunning property situated on over an acre in the picturesque Fountain Hills area. A captivating desert landscape welcomes you, alongside a spacious 3-car garage and ample parking. Inside, the home dazzles with Travertine flooring, soaring vaulted ceilings, and a generously sized living room featuring expansive windows that frame the scenic outdoors. The interior is further enhanced by a two-way fireplace that adds warmth to both the living and family rooms. The large kitchen is a chef's dream, equipped with wood cabinets, granite counters, a pantry, recessed lighting, and a stone backsplash. Stainless steel appliances, including wall ovens, complement the center island with a breakfast bar and a wet bar featuring a built-in wine rack... Retreat to the main bedroom, which offers double doors and a stylish bathroom with dual vessel sinks and a walk-in closet. All bedrooms provide direct access to the outdoors. The garage is outfitted with built-in cabinets and includes a workshop area. Step outside to the balcony and savor a drink while taking in the breathtaking mountain views. The backyard is an oasis with a covered patio, attached Ramada, built-in BBQ, spa, and a refreshing pool. This exquisite home has everything you need for a luxurious lifestyle. Claim this gem as your own today!

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4129 E Burnside Trail Cave Creek, AZ 85331

$1,090,000

4 Beds

4 Baths

3,660 SqFt

Status Active

MLS # 6747266

Property Type Single Family Residence

Price Type --

Discover luxury living in this exquisite one-story home in prestigious Ashler Hills Estates Gated Community. This beautifully designed home features a rare, fully finished basement with theater room, perfect for movie nights and entertaining. The spacious Primary suite offers a private retreat with a soaking tub, walk-in shower and dual vanities as well as a large custom-built closet. Step outside to enjoy the outdoor fireplace, an ideal space for cozy gatherings under the stars. This home is a true gem, with 4 bedrooms, 3.75 baths, 3 car garage, new exterior paint and OWNED SOLAR. It combines elegance, comfort, modern amenities all within one of the most desirable communities in Cave Creek.

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61 W Coconino Place Chandler, AZ 85248

Open House

New

$1,090,000

5 Beds

3 Baths

3,312 SqFt

Status Active

MLS # 6762485

Property Type Single Family Residence

Price Type --

This Home is located in the Upgraded Series of The Gallery at Fulton Ranch. This Gainsborough Floorplan is the Only One of It's Kind in Fulton Ranch Featuring 5 Bedrooms 3 Baths, Formal Living and Dining, Gourmet Kitchen with Double Ovens Built in Microwave, 42'' Staggered Cabinets w/Crown Molding and Island. Large Family Room with Stone Gas Fireplace. Large Primary Suite includes Snail Shower, Jacuzzi Tub, Dual Sinks. Large Walk-out Deck to Enjoy the Sunsets and Views. Upstairs Laundry. Gorgeous Backyard Includes Large Pool, Jacuzzi, Built in BBQ and Smoker. What a Great Place to Relax !!

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26595 N 86th Street Scottsdale, AZ 85255

Open House

$1,090,000

3 Beds

3 Baths

3,140 SqFt

Status Active

MLS # 6677531

Property Type Single Family Residence

Price Type --

Seller has invested over 200k in upgrades. A competitively priced retreat nestled on the tranquil cul-de-sac of Vistana is a dream come true! A spacious 3-car garage with an extended driveway will greet you upon arrival. Discover a captivating interior showcasing gleaming wood-look floor, soothing color palette, high ceilings, & bountiful natural light. The spotless kitchen boasts white cabinetry with crown molding, pantry, SS appliances, quartz counters, recessed lighting, & a center island for extra space. The large main retreat features soft carpet throughout, private access to the balcony, & a lavish ensuite complete with dual sinks. Prepare to be impressed by the oversized backyard, offering a covered patio, a sparkling swimming pool, & picturesque blue sky! Don't miss this rare gem!

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3538 E Hazeltine Way Queen Creek, AZ 85142

$1,089,000

4 Beds

3.5 Baths

3,513 SqFt

Status Active

MLS # 6665952

Property Type Single Family Residence

Price Type --

$61,000 PRICE CORRECTION! This stunning mini-estate boasts one of the largest homes in the subdivision. A single-story retreat w/ 3,513 sq ft of luxury living featuring 4 bedrooms and 3.5 baths. Enjoy the grandeur of 12 ft ceilings in entryway. The gourmet kitchen is a chef's dream, w/ a beautiful 5-. burner cooktop, double ovens, 42-inch upper cabinets, HUGE-in pantry. Relax in the beautiful frameless walk-in primary shower. Discover the hidden executive office. Entertain effortlessly with a 16 ft sliding glass door leading to the backyard oasis, complete w/ a sparkling heated salt water pool & spa, in-ground trampoline, synthetic grass, fire feature .Welcome to Copper Bend's exclusive gated community! This home sits on the City of Gilbert border & even utilizes Gilbert services! 12 foot ceiling in the Great Room and 10 ft ceilings throughout to other areas of the Estate. Queen Creek address, however this Estate is located w/in the town of Gilbert and utilizes Gilbert Services!!!!

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9326 W Sun Dance Drive Queen Creek, AZ 85144

$1,089,000

4 Beds

3 Baths

2,622 SqFt

Status Active

MLS # 6709234

Property Type Single Family Residence

Price Type --

With stunning views of the San Tan Regional Mountains, this 3.3 acre property is zoned as a Suburban Ranch. It currently serves as a working horse facility, including an enormous arena (150' x 200') with 9 poles in place for full lighting, water faucets at every turnout and in front of the arena with washing mats and a covered tack shed. Multiple paddocks, 16 covered stalls each with plumbing for individual auto waterers. Included in the 16 stalls are 4 foaling stalls, and 2 stud stalls. You will also find a covered hay area with a hay shade that fits 4 squeezes- easily, multiple hitching rails, 2 swivel tie out posts (patience poles) and Phantom mounts in ground/phantom. This 4 bed/3 bath home has over 2,600 sqft and a walkout basement. Updates include a brand new 5.0 ton HVAC (2022), septic system (2022), and regular maintenance to the roof. Additional features include a covered carport (32x48), fully enclosed shop/garage (24x48), RV hookups, timed irrigation, a full riding path around the property, and quick access to riding trails. Located a short distance from multiple equestrian facilities including Horseshoe Park, John Volken, and RCR farms, this is the perfect location for a horse property. This home is also located only 10 minutes from Queen Creek Marketplace, and 15 minutes from Mesa Gateway Airport. SR-zoning allows for multiple other uses of the property including agricultural, farming, and guest ranches to name a few. Don't miss this incredible opportunity to call this beautiful property home.

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9806 E Cloudview Avenue Gold Canyon, AZ 85118

$1,088,888

3 Beds

3.5 Baths

3,309 SqFt

Status Active

MLS # 6748485

Property Type Single Family Residence

Price Type --

Postcard Worthy Beautiful Mountain & Sunset & Sparkling City Light VIEWS! Pristine Custom 3300 SF Territorial Style 1.25 AC Desert Retreat, Saguaro Studded Prof. Landscape Saves $80K+/- Needed For Home Builder Cleared Parcels. Full Length N Facing Rear Patio w/Block & Stucco Fencing, RV Gates & Sunny Gated Fenced S Facing Courtyard w/Pavers. Open Floorplan Flows Seamlessly w/Impressive Mix Of Stacked Stone-Glass Block-Neutral Brick-Set Tile-Quartz Counters-Copper Sinks-FN/Office Master Suite Built In Ent Shelves-Artist Accents-Propane FP+DACOR Stove. Flexible 2 Home Offices w/Built In Shelves/M-In-Law Suite/Nursery/Library. All Have Private Baths/Walk-In Closets & Separate Entrances/ 2024 Roof Coating w/2 YR Wrty.2 UNSHARED Wells $40K+/- Value. Fast Possession Or Leaseback Available.

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30965 N Lola Lane Queen Creek, AZ 85144

$1,086,000

5 Beds

4 Baths

3,300 SqFt

Status Active

MLS # 6686693

Property Type Single Family Residence

Price Type --

Fantastic opportunity for this custom-built single-level home in Chandler Heights Ranches! An impressive iron front door welcomes you into a fantastic floor plan with high-end finishes and a neutral palette throughout. The expansive great room has multi-sliding doors to the covered patio and an electric fireplace with floor-to-ceiling tile surround. The gourmet kitchen features stainless appliances including a Forge gas range, shaker cabinets, stylish backsplash, Quartz countertops, walk-in pantry and huge center island with breakfast bar and pendant lighting. The private primary bedroom has access to the backyard and a spa-like bath with dual vanities, tiled shower with rain showerhead and seamless glass surround, freestanding tub, and walk-in closet. One secondary bedroom has an en- suite bath, perfect for guests! Other features include a private study/office (or additional bedroom), formal dining room, large laundry room with cabinets & sink, ceiling fans throughout (including on the covered patio), block fencing around the huge backyard, RV gate, and oversized garage parking for 3 cars with an expansive driveway. BUILDER IS CURRENTLY OFFERING $10,000 IN CLOSING COST ASSISTANCE!

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