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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5725 E Evans Drive Scottsdale, AZ 85254

$1,050,000

4 Beds

2.5 Baths

2,324 SqFt

Status Active

MLS # 6754204

Property Type Single Family Residence

Price Type --

Move-In Ready. 4BR 2.5BA w/ 2.5 Car Garage in the ''Magic Zip Code'' of 85254. Desirable location close to Kierland Shopping, Restaurants, schools, parks and Entertainment. NO HOA. This home features open floorplan from Kitchen to Family Room, Sparkling Pool. Kitchen has Kitchen Craft Cabinets, with custom finishes inside .Stainless Appliances, Viking Beverage Cooler, Granite Counter Tops. Double French Doors lead to large patio with Sparkling Pool. The oversized back yard is ready for your landscape design. Luxurious Main BATH dual sinks and stand-alone tub. All baths remodeled. New Carpet & Tile. New Paint Inside & Out. New Garage Epoxy Floor. PLEASE REMOVE SHOES, or WEAR BOOTIES up stairs. New ACs in 2019 & 2020. New Water heater 2020. RF pet collar controlled PlexiDor Pet door.

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3925 E Vallejo Drive Gilbert, AZ 85298

$1,050,000

5 Beds

3 Baths

3,720 SqFt

Status Active

MLS # 6757644

Property Type Single Family Residence

Price Type --

Location, Location, Location. Steps away from Seville Golf & Country Club for Resort Style Living. Many activities for Active Families. Home has a Resort Style Backyard as sliding glass door opens up to incorporate Indoor/Outdoor Living & Entertainment Space. Gourmet kitchen, large open floor plan. Master Suite w/door to Outdoor Space & Master Bath Suite. Formal Dining & Vaulted Ceilings in Grand Entrance w/Custom Iron Door at entry. Large Loft & Open Area w/3 Large Bedrooms + Bath. Backyard boasts Covered Patio, Ramada, Gazebo, Large built-in Barbecue & seating area. Lap Pool has 3 Large Cascade Shears for waterfall sounds & effects. LED pool light w/many options for lighting. Travertine Pavers + Pool Coping. Gorgeous layout. Paradise w/large Italian Cypress and Queen Palms for privacy. Top rated CUSD schools, neighborhood parks, and shopping close by. Minutes away from freeway.

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718 E Campbell Avenue Gilbert, AZ 85234

$1,050,000

4 Beds

3 Baths

2,499 SqFt

Status Active

MLS # 6668791

Property Type Single Family Residence

Price Type --

This stunning custom estate with NO HOA, boasting horse amenities, occupies just under an acre of land and is conveniently located within walking distance to downtown Gilbert. Yes, it's true, and it's available for you to explore! Step inside and be captivated by the inviting charm that permeates every corner of this modern farmhouse-inspired property. From the cozy brick fireplace in the front living room to the welcoming wrap-around porch and the delightful backyard with its own chickens, you'll instantly feel a sense of belonging. The main floor features one bedroom, an office, a well-appointed kitchen, laundry room, and spacious dining and living areas. Upstairs, three generously sized bedrooms with walk-in closets and two full bathrooms offer ample space for relaxation and privacy. Large windows bathe the home in natural light, showcasing its beauty. Outside, a sizable covered patio overlooks an enormous backyard, sparkling blue pool, fenced for safety, surrounded by bountiful fruit trees and multiple sheds. Irrigation is available on this property as well! A horse stall setup is ready to go, and the strategically positioned pool leaves plenty of room for additional structures such as a garden, RV garage, or more. Explore the nearby canal trail, conveniently located at the end of Campbell, providing easy access to downtown Gilbert via bike or foot. With millions of square feet of retail, restaurants, and freeways just steps away, this property offers endless opportunities. Whether you're drawn to the flexible floorplan or the expansive yard, this estate promises a multitude of ways to enjoy its splendor. One thing is certain - you'll relish returning home to this enchanting retreat.

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7790 E Via De Viva -- Scottsdale, AZ 85258

$1,050,000

3 Beds

2 Baths

1,813 SqFt

Status Active

MLS # 6713161

Property Type Single Family Residence

Price Type --

This beautifully remodeled home within the gated Meridian Community, features 3 bedrooms, 2 bathrooms, and a host of modern upgrades, including engineered white oak hardwood throughout. The family room boasts high ceilings and brand new large windows and sliding doors, filling the space with natural light. The kitchen is a chef's delight with stainless steel appliances, quartz countertops, and ample cabinet space. The primary suite offers a spacious walk-in closet and a luxurious en-suite bathroom. Additional bedrooms are perfect for family or guests. The backyard offers a quiet private patio and low-maintenance landscaping. In addition to the complete remodel, recent upgrades include a new roof, HVAC, windows/doors and water heater, providing peace of mind for years to come. Meridian is a gated community located within the desirable McCormick Ranch. You'll enjoy access to scenic walking and biking paths, golf courses, and parks. Plus, it's close to top-rated schools, shopping, dining, and entertainment.

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3063 E Warbler Road Gilbert, AZ 85297

$1,050,000

4 Beds

3.5 Baths

4,035 SqFt

Status Active

MLS # 6719812

Property Type Single Family Residence

Price Type --

Beautiful single level home on an oversized lot with a private heated pool, low maintenance turf, rv gate and 3 car garage surrounded by single story homes. Inside you'll find a spacious open layout, large chefs kitchen, hardwood flooring and shutters throughout,. 4 generously sized bedrooms, a theater room, 2 primary bedroom closets and 3.5 baths. 1 guest room with ensuite bath, and 2 guest rooms with jack and jill bath. The perfect set up for multi gen living. Located near shopping, dining, entertainment and parks. Quick commute to the 202 for great valley wide access.

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7175 E Camelback Road Unit 305 Scottsdale, AZ 85251

$1,050,000

1 Bed

2 Baths

1,644 SqFt

Status Active

MLS # 6658825

Property Type Apartment

Price Type --

Experience the ultimate high-rise luxury lifestyle at the prestigious Scottsdale Waterfront. This exquisite home is Tree Top Level and very quiet and private. The spacious one bedroom, two bath is significantly larger than some 2-bedroom Waterfront units and includes a den which can easily be converted into a bedroom or office. Other features include a gourmet kitchen with SS Viking appliances, gas cooktop and new built-in refrigerator (2024), newer dishwasher (2023), a spacious living area with gas fireplace, and a primary suite with jetted tub.

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10307 W Camino De Oro -- Peoria, AZ 85383

$1,050,000

4 Beds

2.5 Baths

2,625 SqFt

Status Active

MLS # 6713607

Property Type Single Family Residence

Price Type --

This property has it all! Incredible 1.44 acre fully functioning horse property! This nicely refreshed great room style home, offers a generous master suite, 4 bedrooms, split floorplan, 2.5 baths, Jack & Jill style bathroom, & low maintenance tile throughout. Enjoy the AZ summer days in the pebbletec play pool, and the evenings on the lovely patio overlooking the full sized, lighted riding arena and horse facilities. 4 stalls with turnout, & crossties at the 1200sf barn/garage/shop for your tack & feed or other hobbies. This property is a must see!

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7631 Baldwin Lane Taylor, AZ 85939

$1,050,000

4 Beds

3.5 Baths

3,038 SqFt

Status Active

MLS # 6716352

Property Type Single Family Residence

Price Type --

Beautiful secluded 8 acre property, private well, gorgeous grounds at the end of the street. Unobstructed sunsets to the west (20 acre parcel w/ creek to the west). Further privacy provided by acreage to the south, the rock mountain (horse turn out /fenced) 8 acre parcel is dividable -see document section. Custom great room floorplan with flagstone wood burning fireplace - all large rooms, 4 bedrooms, office, oversize bonus room. Separate room with own entrance/Exit with plumbing for sink. Master bedroom & bonus room have separate private entrances.

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1838 E Lakecrest Drive Gilbert, AZ 85234

$1,050,000

4 Beds

3 Baths

2,870 SqFt

Status Active Under Contract

MLS # 6727499

Property Type Single Family Residence

Price Type --

Experience the ultimate in lakefront living with this exquisite Arizona home. Nestled in Val Vista Lakes this home provides the perfect balance of seclusion and accessibility to all of the wonderful amenities Gilbert has to offer. This spacious home features vaulted ceilings, a centrally located fireplace, large kitchen island, spacious bedrooms and completely updated throughout. Whether you are looking for a peaceful retreat or a place to entertain family and friends, this property has it all.

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11681 N Palawan Place Tucson, AZ 85737

$1,050,000

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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4114 E Desert Cove Avenue Phoenix, AZ 85028

$1,050,000

4 Beds

2 Baths

2,231 SqFt

Status Active

MLS # 6654336

Property Type Single Family Residence

Price Type --

Fall in love with this meticulously designed remodel! This 4 bed/2 bath home has been modernized for happier, healthier living inside and out, from major utility and eco-conscious upgrades to new kitchen/baths/ceilings and a stunning NEW resort-style pool and travertine patio. And NO HOA fees or ugly powerlines! Embrace sustainability with a Level 2 car charger, solar-ready flat ''cool roof'' freshly sealed with a reflective coating for heat protection, a smart irrigation system, a new stucco façade for added insulation, and new energy-efficient windows and doors throughout. And rest more easily with the basics that matter most, including a new electric panel and all new outlets and fixtures, plus a new tankless water heater, water softener, and all new plumbing fixtures. Also, breathe easier with a new air purification system and professionally cleaned air ducts. Here, you can entertain guests in your backyard showstopper: a BRAND NEW pool crafted by award-winning California Pools & Landscape. Imagine lounging in your private cabana, listening to the tranquil waterfalls, and basking in the Arizona sun on the travertine terraces surrounded by palm trees and hibiscus. This pool paradise features a sun shelf, Sea Glass Pebble interior, lighting system, UV/Ozone sanitization, and a heat/cool pump ensuring year-round enjoyment. Don't miss the chance to make this your dream home! Conveniently located a short stroll from Cholla Cove Park, a quick drive from new shopping/dining at PV, and just 15 minutes from Phoenix Sky Harbor Airport. Move-in can be as easy as picking up the key. The furniture is available for sale (on a separate bill of sale)

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4330 S Neutron -- Mesa, AZ 85212

$1,050,000

3 Beds

2.5 Baths

3,392 SqFt

Status Active

MLS # 6730383

Property Type Single Family Residence

Price Type --

Highly upgraded and decked out designer Eastmark single-level home for sale (3-5 bedrooms) with three bedrooms plus an office, flex room, and a sparkling pool with heater AND CHILLER. The chef's kitchen, complete with ceiling heigh illuminated cabinets, quartz counters, stainless steel appliances, alongside a butler's pantry with wine fridge. Master bedroom with a separate entrance goes in and out of the pool area plus the master bathroom has a vanity. The backyard oasis has both patio and pergola, built-in BBQ, and a nice baja step in the pool to relax on. Perfect for entertaining. Plus, the flex room with double rench doors leading to an outdoor yoga/meditation and water area. Imagine high-end finishes and touches built into a home where their sudden need to move is your HUGE gain! FYI - you can enclose the space between the 2nd and 3rd bedrooms to add a 4th bedroom and closet if you would like a 4th bedroom.

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