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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15175 S 185th Avenue Goodyear, AZ 85338

$1,075,000

4 Beds

3.5 Baths

3,216 SqFt

Status Active

MLS # 6738045

Property Type Single Family Residence

Price Type --

Why build new when this 2023 William Ryan Lyra model is gorgeous & ready now! 3216 SF single level, large premium view lot, 3 car garage & new pool with professional landscaping. Gated courtyard. 4 BR, 3.5 baths plus enclosed den/office. Spacious & private guest suite offers a 2nd master. 10' ceilings, 8' doors, Upgraded 12 X 24'' tile flooring everywhere except bedrooms. Quartz counters throughout kitchen and all baths. Gourmet kitchen boasts a huge island, gas cooktop, all appliances w/refrigerator and butler & lg walk in pantry. 16' multi slider in great room opens to extended covered patio. Short walking distance to Presidio Resident's Club and enjoy all the amenities that Estrella has to offer. This beautiful home and yard w/Mtn views will not disappoint so come tour in person today!

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7487 E Casitas Del Rio Drive Scottsdale, AZ 85255

$1,075,000

3 Beds

2.5 Baths

2,154 SqFt

Status Active

MLS # 6756038

Property Type Single Family Residence

Price Type --

If you're looking for location, luxury, elegance with the ease of a low maintenance property this is your stop. Summit at Silverstone is a gated community that offers amenities for your enjoyment: Resort style pool, community gym quite community with inviting space to gather. This home offers a split floor plan perfect for entertaining, featuring 2 master suites, and a 3rd flex room. You will enter the home and be greeted with soaring12ft ceiling which will lead you into a gourmet chef kitchen for entertainer's dream. ..... A perfect space to gathering round a large Island with friends and family to enjoy the indoor /outdoor living Arizona has to offers. The location is key, minutes shopping, walking distance to fabulous dining experiences. Hiking and walking trails minutes from your doorsteps. Golf courses in every direction. Call now for your private tour.

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2610 E Nisbet Road Phoenix, AZ 85032

$1,075,000

4 Beds

4 Baths

2,243 SqFt

Status Active

MLS # 6746255

Property Type Single Family Residence

Price Type --

Amazing estate/horse property located in NE Phoenix. Located in an area of farms (neighbors sell eggs, honey, etc) yet live in middle of town! 3/3 bath main house, 1bd/1bth/kitchenette/laundry in guest house. This large horse property w/ no HOA has been nicely updated and boasts: has large diving pool, hot tub, automatic RV gate, 250sf guest house, 17433sf RV garage(40'x47.6' wide). huge panel, could be workshop! 2243 sf Home itself features an elegant entry room/living room, fresh travertine flooring, large metal entry door, gas & electric range hookup, newer AC for main house (2020), split floorplan, vaulted ceilings, new roof (2020), large, professional putting green, gorgeous built in bbq/firepit/pizza oven area, house, freshly painted!

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18618 E Poco Rio Drive Rio Verde, AZ 85263

$1,075,000

3 Beds

2.5 Baths

2,555 SqFt

Status Active

MLS # 6751430

Property Type Single Family Residence

Price Type --

This perfectly remodeled home is located on the 7th fairway of Quail Run. Has perfect views of the fairway and Four Peaks Mountains. This home is fully remodeled and move in ready. It features one of the biggest lots on a fairway. The back yard is an entertainers dream. It features 4 patios and a fire pit in the back yard and an amazing courtyard and sitting area in the front yard. This home was featured in the 2022 Garden Walk. New Roof 10/2024!

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27762 N 96th Drive Peoria, AZ 85383

$1,075,000

5 Beds

3.5 Baths

3,750 SqFt

Status Active

MLS # 6728033

Property Type Single Family Residence

Price Type --

GATED OASIS IN PLEASANT VALLEY ~ PEORIA! This stunning property is a sanctuary of energy efficiency and beauty in a gated community near Lake Pleasant. Nestled in a serene neighborhood, the backyard oasis features lush landscaping, a large Pebble Tec pool, full BBQ kitchen, koi pond, hot tub, and fire pit. Enjoy morning coffee on the spacious patio surrounded by nature. Inside, the remodeled kitchen boasts a gas Wolf stovetop and ovens, a Sub-Zero fridge, and quartz countertops. The home also includes solar panels, ensuring comfort while saving on utility bills. Embrace luxury and sustainability in this elegant, eco-friendly haven with RV gate. Make it yours today! SEE DOCS TAB FOR PROPERTY FEATURES LIST There are 2 Solar Systems. One will be paid off at close of escrow. one is leased at $224.00 a month and buyer will assume lease. See Property Features List in Document Section

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7534 E Glenn Moore Road Scottsdale, AZ 85255

$1,075,000

5 Beds

3 Baths

3,352 SqFt

Status Active

MLS # 6754625

Property Type Single Family Residence

Price Type --

This beautifully designed home blends modern comfort with stylish sophistication. Ideally located in Pinnacle Reserve of North Scottsdale, the open-concept design ensures a seamless flow, featuring a spacious dining and living area that leads to an expansive kitchen and family room complete with a gas fireplace. Rich hardwood floors throughout the main living areas offer warmth and cohesion. The kitchen boasts updated appliances, an island with a breakfast bar, and a casual dining area that opens onto a covered patio. With five bedrooms and an oversized family/bonus room, this home provides a versatile and thoughtfully planned layout. The three remodeled bathrooms add to the home's modern appeal. Resort style backyard features a heated pool, spa, and grassy play area.

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4230 E Fountain Street Mesa, AZ 85205

New

$1,075,000

5 Beds

3.5 Baths

3,740 SqFt

Status Active

MLS # 6763086

Property Type Single Family Residence

Price Type --

Welcome to luxury living in the intimate community of Mahogany, in Mesa, Arizona. As you drive through the gates you'll be welcomed with beautiful mature trees and striking curb appeal. This gorgeous, spacious home is perfect for hosting your upcoming holiday parties! The grand, double-door entrance leads you past the formal dining room and library, into the formal living area. The large windows and French-style doors giving you a great view of the stunning, all glass tile pool! The over-sized kitchen has a built-in microwave and dual built-in ovens providing ample counterspace! This lovely home comes with 4 bedrooms, 3.5 bathrooms, a den with a double-door entrance and built-in bookshelves. The den could easy be used at a fifth bedroom. Don't let this one slip away!

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10320 E Gamma Avenue Mesa, AZ 85212

$1,075,000

4 Beds

3.5 Baths

2,767 SqFt

Status Active

MLS # 6722536

Property Type Single Family Residence

Price Type --

Located in a gated neighborhood in Eastmark, this stunning corner lot home with mountain views and backing up to a green belt boasts nearly $300,000 in upgrades. The gourmet kitchen features a large buffet and marble counters. Enjoy tile flooring throughout, plantation shutters, chandeliers, a gorgeous fireplace wall, floating shelves, accent walls throughout, and sunroom with wood ceiling beams. Master bath has a rain can shower and luxurious soaking tub. This is an entertainer's dream; upgraded landscaping, resort style backyard with a pergola, marble and stone bar and fireplace bench, travertine patio, and heated pool. The 3-car tandem garage has epoxy floors, custom cabinets, overhead storage. This home is the perfect blend of luxury and practicality.

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2071 W Butte Creek Boulevard Queen Creek, AZ 85144

$1,075,000

4 Beds

2.5 Baths

2,645 SqFt

Status Active

MLS # 6751549

Property Type Single Family Residence

Price Type --

VIEWS, VIEWS, and MORE VIEWS! Find out why this home has the best views in all San Tan Valley! If country living is what you desire, NO HOA, a private GATED community, and living in a home that is 3 years old with a MODERN, FARMHOUSE LOOK, there is no reason to look further. Imagine mornings and evenings, siting under the expansive back patio enjoying a beautiful Arizona sunrise or sunset. Take a dive in the beautiful pebbletec pool at night and watch the stars sparkle. Invite friends/family to spend time away from the city lights, spending time mingling in the great room while meals are prepared in your Master Chef inspired kitchen with its quartz counters, stainless steel appliances, white shaker cabinets, and loads of countertop space. Enjoy working from home in the office/den or escape to the comforts of a spacious master bedroom by soaking away your cares in the master bathroom tub. Keep all the toys in the 4-car garage or simply build your own detached garage to store you RV or boat. With this lot being 1.25 Acres, there is plenty of room. Access is available to hiking trails or mountain biking by simply stepping outside. Minutes from all the conveniences such as schools, grocery shopping, entertainment, etc. Live in the country...stay close to the city is what this beautiful home is all about. Make this your forever home today!

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2081 E Aquarius Place Chandler, AZ 85249

$1,075,000

4 Beds

3 Baths

3,315 SqFt

Status Active

MLS # 6656349

Property Type Single Family Residence

Price Type --

Listed at $1,128,000 This Nicely appointed 3315 Square feet, 4 bedrooms 3 baths is located in the Windermere Ranch community - near the intersection of Riggs and Cooper Rd, just a short drive to all of the shopping and dining conveniences and Golf Courses that Chandler provides. Exterior features include a custom Travertine patio, heated 10 foot deep Diving lap pool and 2 putting greens with undulations to keep your game sharp! Also including several citrus fruit trees and a raised garden. Entire yard is designed with bird and bee friendly and drought tolerant landscaping. A meticulously upgraded residence that combines functionality with elegance, this home boasts an array of carefully curated features to enhance your living experience. Step into luxury with glass accents, decorative wood framed mirrors, and raised vanities, all complemented by the exquisite Venetian bronze Ashlyn faucets by Delta included in all the bathrooms. The heart of the home, the kitchen, has been transformed into a culinary haven with an extended kitchen nook, upper and lower cabinet extension, and a captivating glass mosaic kitchen splash. The master suite is a sanctuary, featuring a custom shower with frameless glass, floor-to-ceiling tile, and an exterior French door for an expanded and luxurious feel. Every detail has been considered, from the Anderson Tuftex white oak plank flooring to the Mount Claire Ash 12x24 tile, creating an atmosphere of sophistication. The garage is not just a space for vehicles but an extension of your home, with a 4' extension, insulation, epoxy finish flooring, and ample cabinets for organized storage. Entertain in style with 8' interior doors, gourmet appliances including a double oven in sleek black stainless, and a gas cooktop. The kitchen showcases Timberlake Portfolio Select New Haven Stone cabinets with slab front drawers, all elegantly topped with quartz. The laundry room has been transformed into a hobby room with upgraded cabinets and sink. Finally, experience the seamless transition between indoor and outdoor living with a center pull slider at the Great Room. Beyond the interior, this residence is equipped for convenience and sustainability. A gas line to the patio for future BBQs, and a paver driveway with extension make this home ready for modern living. Additionally, enjoy the comfort of soft water and a reverse osmosis system. Further, an 8-foot wide exterior gate provides easy access. This is not just a home; it's a masterpiece of thoughtful design and luxury upgrades, creating an unparalleled living space for the discerning homeowner. Welcome to a life of comfort, style, and sophistication.

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3040 N Point Ridge Road Buckeye, AZ 85396

$1,075,000

5 Beds

3.5 Baths

2,918 SqFt

Status Active

MLS # 6727519

Property Type Single Family Residence

Price Type --

Welcome to the Master Planned Community of Verrado! With 'A' Rated Schools, 78 parks, 20+ hiking and biking paths, 2 community pools, fitness center, shopping, dinning a 2 championship golf courses! This home is an entertainer's paradise or a personal retreat where you can create the life you dream of. This beautiful two-story house has been remodeled from head to toe features a spacious downstairs master suite with a separate tub and shower, and raised height vanities. The oversized lot includes artificial grass, pavers, a covered gazebo/ramada, and a sauna. There are four additional bedrooms, a loft, and 3.5 baths. The chef's kitchen boasts numerous upgrades, including new appliances, upgraded staggered cabinets, granite countertops, an oversized island and an R/O and soft water system. The entry, den, kitchen, and laundry areas are adorned with 22-inch diagonal tile. Owned solar system and new flooring on the second floor and stairs add to the home's appeal. This must-see home is located in the charming, amenity-rich Verrado community, with parks, the Swim Park, and Verrado Heritage School within walking distance. Truly a canvas for your masterpiece.

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9426 N 112th Avenue Sun City, AZ 85351

$1,075,000

3 Beds

3.5 Baths

2,624 SqFt

Status Active

MLS # 6672479

Property Type Single Family Residence

Price Type --

Bring all your Toys!! Great Home for Someone with a Car Collection, Boats, Motorcycles or just a bunch of Stuff. This 1+ Acre Property has a 3 Bedroom / 3 Bathroom Main House with 2 Master Suites and 2 car Garage. PLUS a 1 Bedroom / 1 Bathroom Detached GUEST HOUSE with Full Kitchen and 3 Car Garage. PLUS an Additional 24'x80' Detached Air Conditioned 8 Car Garage PLUS and additional 20'X40' RV Garage. 14 Total Garages with Concrete Circle Drive.

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