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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2502 E Pine Island Lane Payson, AZ 85541

$1,074,000
4 Beds
4 Baths
3,184 SqFt
Status Active
MLS # 6739048
Property Type Single Family Residence
Price Type --
This is a perfect home for a large family or hosting guests providing them their own space. This home in the Pine Island section of Chaparral Pines boasts 4 bedrooms, 4 full bathrooms with two family rooms. It also features two decks overlooking the active water features adding to the serenity and peaceful evenings after a wonderful day of hiking or golf. Close to the amenities makes it easy to enjoy the Clubhouse and Fitness areas for the entire family. Whether you're looking to escape the city on the weekends or making it your full-time residence, this is one to come see.

2114 W Rowel Road Phoenix, AZ 85085

$1,071,822
3 Beds
3.5 Baths
2,983 SqFt
Status Active
MLS # 6724580
Property Type Single Family Residence
Price Type --
Quick Move-in Ready Home! Cachet Homes Encore at Union Park offers luxury semi-custom single-level homes in a prime location. This Bravo Plan three features 2,983 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 and backyard landscaping, Shaker white cabinets, luxury LVP flooring, upgraded tile and carpet, and more! Community amenities feature multiple parks, community pool, rec center, pickleball, along with convenient access to shopping, schools, and restaurants.

1624 E Briarwood Terrace Phoenix, AZ 85048

$1,070,000
4 Beds
2.5 Baths
2,821 SqFt
Status Active
MLS # 6756277
Property Type Single Family Residence
Price Type --
Welcome to this stunning, fully remodeled single-level home, completed within the past year and available furnished! This light-filled, open-concept home offers an ideal split floor plan with soaring vaulted ceilings, spanning 2,821 square feet of living space. Featuring 4 spacious bedrooms, 2.5 luxurious baths, and two distinct living areas, this home blends comfort and sophistication. The kitchen is a showstopper with a waterfall quartz island, custom counters, and a striking chevron glass backsplash. Every bathroom has been completely transformed with high-end finishes. Additional upgrades include brand-new flooring throughout, modern lighting and fixtures, and a newer HVAC system. Step outside to your private backyard oasis, perfect for relaxation or entertaining. With no rear neighbors, enjoy serene mountain views, a covered patio with an outdoor kitchen, and a gorgeous pool. This home is an entertainer's dream!

5711 S Wayne Drive Chandler, AZ 85249

$1,070,000
5 Beds
3.5 Baths
3,881 SqFt
Status Active
MLS # 6754166
Property Type Single Family Residence
Price Type --
Behind the gates of Barrington South, you will find your dream home in the heart of South Chandler! This stunning single-level, five-bedroom residence is the perfect blend of luxury and comfort. With a separate entrance for added privacy and versatility, this property is ideal for extended family or guests. Step inside and be greeted by spacious, upgraded interiors that flow seamlessly into the backyard—your personal resort oasis. The sparkling pool, surrounded by lush landscaping sets the stage for endless relaxation and entertaining. This home offers the best of Arizona living. Don't miss your chance to own this beautifully upgraded, move-in ready home. Schedule a tour today and make this South Chandler gem yours

13450 W Domino Drive Peoria, AZ 85383

$1,070,000 - 3Br/4Ba -  for Sale in Trilogy West Phase 3 Parcel C46, Peoria
New
$1,070,000
3 Beds
3.5 Baths
2,660 SqFt
Status Active
MLS # 6762840
Property Type Single Family Residence
Price Type --
Welcome to Trilogy at Vistancia, a 55+ Gated Community in North Peoria. Meet Shea Home's most popular model, the Rhythmic. 2660 sq. ft of interior living space, 3 BED + OFFICE + CRAFT ROOM + 3.5 BATH + 3 CAR Garage, plus a luxurious backyard to help you relax and embrace Arizona's year-round climate and our outdoor lifestyle. Open concept main living area with dramatic cross beams and tray ceilings, stunning double-sided stone gas fireplace, natural wood-look tile throughout, light crisp color pallet with white trim, doors and wood shutters. 2 separate, 4-panel sliding patio doors allow plenty of natural light, connecting your indoor and outdoor living spaces. Open concept kitchen and dining area, features upgraded light gray cabinetry, waterfall edge Quartz countertops, glossy subway tile backsplash, stainless steel appliance package and hood, plus a pantry for all your storage needs. Step into your master suite, light and bright with access to your private backyard. Full Master Bath features farmhouse-style doors, double sinks, a soaking tub, a large tiled shower with seating, and a spacious master closet. With 2 additional bedroom, 2 bathrooms, a craft room, a powder room, plus an elegant office with custom built-ins and a stone fireplace, this upgraded Rhythmic Model provides you with all the space and functionality you'll ever need. Step out back and take a deep breath, large L-shape covered patio provides the perfect retreat or entertainment space and features mechanical shades on the west side for additional shade and privacy. Classic travertine tile pavers with turf in-between design, calming wall water fountain, outdoor kitchen with serving area, and large ambient stone fireplace all against the backdrop of the Sonoran Desert skyline. There truly is nothing to do except move in and live your absolute best life. Neighborhood mountain views, close proximity to 303 freeway access, 20 minutes to TSMC, shopping, dining, entertainment, health care, and less than 35 min. away from beautiful Lake Pleasant Regional Park.

17187 W Piperton Street Surprise, AZ 85388

$1,070,000
4 Beds
3.5 Baths
3,743 SqFt
Status Active
MLS # 6680174
Property Type Single Family Residence
Price Type --
STUNNING NEVER LIVED IN TOLL BROTHERS HOME IN STERLING GROVE!! Be the first to enjoy this exquisite home nestled within Sterling Grove Golf & Country Club! Featuring 4 beds, 3.5 baths, and 3,743 sq. ft., including a convenient main floor office. The chef's kitchen boasts upgraded white cabinets, a 48'' gas cooktop, double wall ovens, a vast granite island, and a spacious pantry. Unwind in the luxurious master suite with a large tiled shower and custom tile. Enjoy the luxurious feel with the wide plank engineered-wood floors and upgraded carpet throughout. Upstairs, discover 3 beds and 2 baths; one bedroom could easily serve as a second master with the addition of a barn door. Guardian garage floor and high-end whole house water filtration system included. This pristine canvas awaits you! Welcome to your future home-sweet-home in Sterling Grove! This place is all about comfort and convenience, starting with upgraded spray foam insulation in every nook and cranny, including the garage walls. Say goodbye to those pesky temperature swings and hello to cozy consistency all year long! Techies, rejoice! We've got an upgraded 400-amp electrical panel ready to power up your gadgets and gizmos. And hey, if a pool is in your plans, we've already set up the electrical panel for you! Sterling Grove isn't just a neighborhood, it's a lifestyle. Picture this: gated community, 24/7 security, and amenities galore - golf, pools, tennis, pickleball, you name it. Plus, there's a top-notch charter school right across the street. Need to grab groceries or do some shopping? You've got Costco, Safeway, and Sprouts nearby, with even more stores on the horizon. Getting around? Piece of cake. The 303's just a hop, skip, and a jump away. And if you're into outdoor adventures, White Tanks Regional Park is practically in your backyard. Sports fanatics, rejoice! State Farm Stadium and Westgate are a short drive away, along with MLB spring training venues for your dose of America's favorite pastime. So, what are you waiting for? Come experience the laid-back luxury of Sterling Grove - where every day feels like a vacation.

1209 N Marissa Circle Payson, AZ 85541

$1,069,000
4 Beds
3 Baths
3,366 SqFt
Status Active
MLS # 6720322
Property Type Single Family Residence
Price Type --
INCREDIBLE PRICE DROP! YOUR CHANCE TO OWN!!! THIS HOME BOASTS AMAZING VIEWS THAT WILL LEAVE YOU SPEECHLESS. WRAP-AROUND TREX DECKING ON THE UPPER LEVEL PROVIDES THE PERFECT PLATFORM TO TAKE IN THE SCENERY AND RELAX OUTDOORS. ENJOY THE CONVENIENCE OF A MASTER BEDROOM ON THE MAIN LEVEL WITH A LUXURIOUS WALK-IN SNAIL SHOWER, SOAKING TUB, AND PRIVATE BACKYARD ACCESS. ADDITIONAL BEDROOM IN THE UPPER LEVEL WITH INCREDIBLE VIEWS AND A PRIVATE PORCH. THE KITCHEN BOASTS AN OVERSIZED ISLAND WITH A BONUS PREP SINK, PERFECT FOR ENTERTAINING AND PREPARING CULINARY DELIGHTS. TWO ADDITIONAL GUEST ROOMS WITH A FULL BATH PROVIDE COMFORTABLE ACCOMMODATIONS FOR VISITORS. THE LOWER LEVEL OFFERS A DEDICATED LIVING SPACE, IDEAL FOR ENTERTAINING OR CREATING A SEPARATE FAMILY AREA. SEPARATE ACCESS TO THE YARD ALLOWS FOR FLEXIBLE LIVING ARRANGEMENTS. Brand new air conditioner keeps you comfortable year-round. Enjoy the peace of mind of brand new plumbing in the kitchen and bathrooms. The upstairs guest bathroom has been fully remodeled for a luxurious feel. Step onto gorgeous new floors throughout the entire house. Fresh trim, baseboards, and casing add a touch of elegance throughout. Upgraded 8-foot pine doors, all re-stained, create a warm and inviting welcome. Stunning quartz countertops and all-new cabinet hardware elevate your culinary space. A brand new wet bar is the perfect place to mix drinks and mingle with guests. New ceiling fans and light fixtures add style and functionality. A new coat of paint makes the entire home feel bright and airy. Curl up by the brand new custom stone fireplace for a touch of ambiance. Unwind in the expansive backyard. Tinted windows throughout the house offer UV protection and a touch of sophistication.

8320 E Quill Street Mesa, AZ 85207

$1,065,000
5 Beds
3 Baths
2,887 SqFt
Status Active
MLS # 6720762
Property Type Single Family Residence
Price Type --
Welcome home to this spectacular remodeled ranch home with cozy patios surrounding all sides. Tucked away in the hills of Northeast Mesa, This Desert Modern Ranch style home sits on almost a full acre of usable desert landscape. Very quiet, given a sense of privacy and seclusion. Get ready to fall in love with the cool desert sunrises over the mountaintops to the fiery sunsets glowing with city lights followed by the midnight skies dancing with a full open view of the stars. Remodeled in 2023, this 5 bedroom, 3 bath is a designer's dream. The split floor plan offers a separate guest house with its own kitchenette, separate patio and laundry room. As you step through the bold beautiful, custom entryway you are greeted with richly-appointed spaces. Step into the chef's kitchen with custom creamy cabinetry, a custom 36 inch induction range, stainless appliances, and an abundance of counterspace overlooking the great room. From the great room to the designer's master bathroom, every room is thoughtfully designed. The outdoors really makes this home special. Nestled in the foothills and mountains, you have wildlife and access to walking, hiking, and biking trails right outside your front door with the convenience of being only one mile from the freeway. You'll appreciate the short minutes drive to lots of shopping and restaurants, from coffee and juice bars to the stylish wine bar. Grab a bite at the sushi restaurant or catch a game at the sports bars. Are you ready to go enjoy the Arizona outdoor lifestyle, Take a 10-minute drive to one of Arizona's most scenic lakes or paddle down the salt river. Remember to play a round of golf at one of the country's top golf courses found in Las Sendas only 2 minutes away. If you were waiting for a one-of-a-kind, truly authentic Arizona home, this desert modern Escape is waiting.

790 E Desert Inn Drive Chandler, AZ 85249

$1,065,000
5 Beds
3.5 Baths
3,729 SqFt
Status Active
MLS # 6742021
Property Type Single Family Residence
Price Type --
Welcome to the highly sought-after Fieldstone Estates, a gated community renowned for its charm and exclusivity. This exceptional home, held by its original owners, is meticulously maintained and move-in ready. Main level features a bright, open floor plan, 10ft + ceiling height, a convenient bedroom and half bathroom. Upstairs, you'll find 9ft ceiling, the spacious loft, primary suite, three additional bedrooms and three full bathrooms, ensuring ample space and privacy for all. This home has been thoughtfully updated to offer modern comfort and style. Recent upgrades include brand-new windows, refreshed flooring, and a newer three HVAC systems. The roof has been inspected and maintained in 2024. The exterior has been freshly painted, and the interior boasts a recent coat of paint as well. The kitchen shines with a contemporary backsplash, and the bathrooms have all been updated to meet today's standards. Step outside to discover a stunning backyard, designed for both relaxation and entertainment. Recent enhancements include elegant pavers and lush turf, complementing the sparkling pool. Situated on a corner lot, the property backs onto a serene greenbelt, offering privacy and beautiful views. Don't miss this opportunity to own a move-in-ready home in one of the most desirable communities around!

3335 W Carriage Drive Phoenix, AZ 85086

$1,065,000
4 Beds
3 Baths
3,003 SqFt
Status Active
MLS # 6724262
Property Type Single Family Residence
Price Type --
What a GEM! Nestled on a HUGE acre lot of a cul-de-sac, this gorgeous home promises an unparalleled living experience with endless mountain views. Offering 4 beds, 3 baths, 3-car garage, & a desert landscape. Discover a spacious living & dining room w/fireplace! Tall ceilings add to the airy feel, enhanced by carpet & tile t/out, chic light fixtures, and large windows for tons of natural light. The gourmet kitchen has SS appliances, granite counters, a pantry, ample white cabinetry, and an island w/breakfast bar. Main bedroom boasts outdoor access and an ensuite with a separate tub/shower, two vanities, & a walk-in closet. Two other bedrooms shared a Jack & Jill bathroom. The backyard is the true highlight! A covered patio, putting green, & a sparkling pool complete the picture. Just WOW!

5243 E Thunder Hawk Road Cave Creek, AZ 85331

$1,065,000
5 Beds
3.5 Baths
3,296 SqFt
Status Active
MLS # 6740375
Property Type Single Family Residence
Price Type --
Gorgeous corner lot home in Cave Creek! This beauty flaunts an enchanting desert front yard, a 3-car garage, an RV gate, and an inviting front porch. Entertain guests in the well-sized living room filled with abundant natural light. With its vaulted ceilings, plantation shutters, chic light fixtures, trending palette, and tile flooring, this gem exudes elegance. Continue onto the great room enhanced with an entertainment niche, a warm fireplace, a bay window, and backyard access. The gourmet kitchen is fully equipped with a wine cooler, granite counters, recessed lighting, a handy pantry, two-tone cabinetry, and an island with a breakfast bar. Double doors reveal a grand main suite, highlighting private backyard access, an immaculate bathroom, and a walk-in closet. You'll love the generous guest's house, complete with sizable living areas divided by a two-way fireplace, a kitchenette, a bedroom, and a bathroom with a walk-in closet. Enjoy alfresco dining under the covered patio in the perfectly sized backyard, overlooking dreamy mountain views! The jewel of this outdoor space is the refreshing pool, which is great for year-round entertainment. Hurry! Your paradise awaits!

16716 W Holly Street Goodyear, AZ 85395

$1,060,000
4 Beds
4 Baths
3,134 SqFt
Status Active
MLS # 6757908
Property Type Single Family Residence
Price Type --
Welcome to an exquisite retreat in the heart of PebbleCreek. This home exudes sophistication from the moment you arrive, boasting a seamless blend of contemporary and classic charm. Gourmet kitchen features top-of-the-line appliances, a generous island, and a butlers, walk-in pantry. In addition to the main residence, this property features a beautifully appointed casita. This charming guest house provides a private retreat for visitors or could serve as a versatile space for a home office, gym, or studio. The meticulously landscaped backyard is an entertainer's paradise, complete with a built-in BBQ area and oversized covered patio. With its unparalleled amenities and prime location in the prestigious PebbleCreek golf community, this home represents the pinnacle of desert living.

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