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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2923 E Constance Way Phoenix, AZ 85042

$1,030,000

5 Beds

4.5 Baths

3,404 SqFt

Status Active

MLS # 6758439

Property Type Single Family Residence

Price Type --

Discover luxury living in the gated community of Blossom Hills, with stunning views of South Mountain Preserve. This home, on a north/south-facing lot, offers easy access to the I-10 and 60 freeways, and is close to top shopping and dining. The split, open-concept floor plan and flex spaces provide versatility for any lifestyle. With a 3-car garage and ample storage throughout, this home is as functional as it is elegant. Perfect for family gatherings or entertaining, the kitchen features double ovens, a large island, and multiple dining areas. The resort-style backyard includes a saltwater pool, play areas, and citrus trees. Located near top-rated schools, including Arizona Cultural Academy & College Prep.

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20918 E Orchard Lane Queen Creek, AZ 85142

$1,030,000

4 Beds

3 Baths

3,073 SqFt

Status Active

MLS # 6696318

Property Type Single Family Residence

Price Type --

Experience the perfect blend of rural charm and urban convenience in this exquisite equestrian home nestled on a ¾ acre lot in the sought-after Orchard Ranchettes community! Boasting over 3,000 sq ft of living space, this residence offers a split floor plan with 4 bedrooms, 3 full baths, a spacious great room, and a separate game/movie room with its own entrance. Custom woodwork adorns both the interior and exterior, complementing the 3 covered patios, the pebbble tec, saltwater 8.5' deep pool and an expansive 3-car garage. Inside, a chef's kitchen awaits with granite countertops, stainless steel appliances, alder wood cabinets, and a stunning rock arch accentuating the dual fuel range. The great room impresses with a gas fireplace and soaring 14-foot ceilings adorned with grand exposed beams. Retreat to the luxurious master suite featuring an oversized jetted bathtub and a walk-in shower with dual shower heads. Updates include a new roof in 2022, two water heaters, and warranted A/C units installed in 2017! Enjoy picturesque mountain views from the private courtyard and convenient parking for your recreational vehicles with two RV gates. Roof is insulated and energy efficient. Horse pathways, walking path, free fruit, and connectivity to the trail. Don't miss out!

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6743 N 9th Drive Phoenix, AZ 85013

$1,029,715

3 Beds

2.5 Baths

2,695 SqFt

Status Active

MLS # 6707226

Property Type Single Family Residence

Price Type --

Welcome to Ocotillo Lane! Step into this contemporary two-story home featuring thoughtfully designed exterior architecture. Once inside you will be impressed by the 10ft ceilings and 16-foot sliding glass door in the great room, creating a perfect space for entertaining loved ones. Enjoy the gourmet kitchen equipped with gas appliances including a luxurious 42'' built-in refrigerator, quartz countertops, upgraded stacked cabinetry for extra storage, and a stylish tiled backsplash. Luxury touches include engineered wood and tiled floors, plus tiled showers in all bathrooms. Energy efficiency is top-notch with spray foam insulation and a tankless gas water heater, achieving an impressive HERS score of 53. Visit this beautiful home today!

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1418 E Villa Maria Drive Phoenix, AZ 85022

$1,025,000

5 Beds

3.5 Baths

3,662 SqFt

Status Active

MLS # 6751094

Property Type Single Family Residence

Price Type --

Welcome to a custom-built gem by renowned Builder J.P. Malone. 3,700 sq ft of refined living space in a gated community. The front patio provides breathtaking views. Inside you're greeted by a stunning one-of-a-kind private courtyard, complete with a shimmering pool. The outdoor experience continues with a covered patio featuring a built-in BBQ, perfect for al fresco dining. The backyard has a larger gourmet BBQ setup and a natural wood fireplace create an inviting space for gatherings under the stars. The interior boasts a gourmet kitchen designed to impress, with a grand island, ample prep space, stainless steel appliances, and a gas cooktop. The master suite, conveniently located on the first floor, offers a retreat of unparalleled comfort and privacy. Upstairs there are 3 bedrooms with a full bath & flex space that can be as a living area. A private casita in the courtyard is detached from the main home & has incredible southern views providing a perfect space for guests or a private office. Situated with easy access to I-17, 101, and 51, this property ensures seamless connectivity to the entire Valley. Plus, you're just minutes away from Desert Ridge, Norterra, and a multitude of fine dining and retail options. Experience the pinnacle of luxury living in North Phoenixwhere elegance, convenience, and comfort converge.

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33220 N 60th Way Scottsdale, AZ 85266

$1,025,000

5 Beds

2.5 Baths

3,656 SqFt

Status Active Under Contract

MLS # 6660614

Property Type Single Family Residence

Price Type --

Experience luxury living in this stunning home with new front yard landscaping and a redesigned backyard oasis. Upgraded kitchen and bathroom cabinets, a gas cooktop, and newer GE appliances adorn the spacious kitchen overlooking the oversized family room with an updated fireplace. The backyard features travertine decking, an outdoor kitchen, new turf, landscaping, and pool equipment. Downstairs includes a bedroom with adjacent bath and office. Upstairs boasts an oversized master, three bedrooms, and a large game room opening to a resurfaced deck. 3-car garage with epoxy flooring. Walking distance to A+ schools!

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5345 E Mclellan Road Unit 98 Mesa, AZ 85205

$1,025,000

5 Beds

3 Baths

3,005 SqFt

Status Active

MLS # 6729572

Property Type Single Family Residence

Price Type --

Stunning remodel in a serene and quiet neighborhood, and the Seller is offering Financing with an accepted offer. Gorgeous High-End Remodel that underwent an extensive renovation in Fall 2023, resulting in a timeless and inviting home that is perfect for entertaining. Spacious Great Room has soaring ceilings with tons of natural light that showcase the inviting backyard, with updated pool and spa. The open floorplan provides abundant natural lighting and opens to a fully appointed kitchen. Luxe Primary Suite has dual sinks, huge walk in shower, gorgeous soaking tub and makeup station. Embracing functionality and charm with a contemporary twist, this home offers an array of amenities that provides privacy, luxury and comfort. Contact Listing Broker for Seller Financing option

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881 W San Marcos Drive Chandler, AZ 85225

$1,025,000

3 Beds

3 Baths

2,945 SqFt

Status Active Under Contract

MLS # 6747803

Property Type Single Family Residence

Price Type --

Fabulous home in prestigious San Marcos Country Club Estates. This spacious 2945 sq ft home offers timeless charm & functional convenience. The large great room provides a great space for relaxing & entertaining. The kitchen is sure to please any chef with its granite countertops, wall oven, separate gas cooktop, fridge, pantry, & island with seating. There is also a formal dining room & a den/office. The master suite provides the perfect retreat with walk-in closet, double sinks, walk-in tiled shower, private toilet room & direct access to the back yard. The other bedrooms also have walk-in closets. The South-facing backyard provides the perfect oasis boasting easy-care turf, sparkling diving pool, pergola with outdoor kitchen including built-in BBQ, ice maker, warming drawer & fridge. Located close to the San Marcos golf course & several parks and within walking distance of downtown Chandler with it's many shopping, dining & entertainment venues.

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335 S Red Rock Street Gilbert, AZ 85296

$1,025,000

4 Beds

2 Baths

2,478 SqFt

Status Active

MLS # 6725212

Property Type Single Family Residence

Price Type --

Welcome to your new home. Home has a gracious dining room with an awesome kitchen with vaulted ceilings. Secluded wing separates bedrooms from living area. Master bedroom has huge closet and the remaining rooms are oversized as well. Fully landscaped acre with a covered patio, storage area and an RV gate. Hurry on over as this will not last!

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13055 W Chucks Avenue Peoria, AZ 85383

$1,025,000

5 Beds

3.5 Baths

4,846 SqFt

Status Active

MLS # 6734189

Property Type Single Family Residence

Price Type --

Absolutely Stunning 5 Bedroom + Den, 3.5 Bathrooms, Two Story Home Located on One-Third Acre Lot, Highly Desired Entrada Gated Community, Formal Living & Dining Room, Gourmet Kitchen w/Custom Cabinets & Granite Countertops, Kitchen Island w/Breakfast Bar, Eat-In Kitchen Dining, Spacious Family Room, Separate Game Room w/Wet Bar, Upstairs Master Bedroom w/Separate Sitting Room/Office, Master Walk-In Closet, Master Bathroom w/Dual Sinks & Separate Tub & Shower, 4 Additional Bedrooms & 2 Bathrooms Upstairs, One Bedroom is Being Used a Movie Theater Room, Professionally Landscaped Front & Backyard, Covered Backyard Patio, Sparkling Swimming Pool, 3 Car Garage, All BRAND NEW A/C UNITS, Amazing Views, Come Check It Out!

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13355 N 100th Place Scottsdale, AZ 85260

$1,025,000

4 Beds

2.5 Baths

2,438 SqFt

Status Active

MLS # 6745412

Property Type Single Family Residence

Price Type --

Discover this recently upgraded single-story home in the highly sought-after Mountainview Ranch community of North Scottsdale. This exceptional property features 4 bedrooms and 2.5 bathrooms, perfectly designed for modern, comfortable living in a serene setting. Step into the heart of the home where the kitchen has been transformed with elegant new granite countertops, a stylish mosaic backsplash, and rich espresso-stained cabinets. These enhancements are complemented by dark wood flooring and light 12x24'' tile throughout the home, creating a sophisticated and cohesive look. Fresh interior paint, along with upgraded tile shower surrounds, add to the home's contemporary charm. The hall bath features a chic wall-hanging vanity, offering both functionality and a touch of modern design. The master bathroom is truly a retreat, showcasing a luxurious freestanding tub with a tiled accent wall, an expanded shower with tasteful tile surrounds, and new granite countertops and flooring. The thoughtful details extend to every corner of this home, ensuring a blend of elegance and comfort. **Seller is open to offering Seller to Buyer concessions** Outside, the property continues to impress with a beautifully landscaped yard and a sparkling pool, perfect for relaxation and entertainment. Close to shops, grocery, and entertainment.

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9764 E Dreyfus Avenue Scottsdale, AZ 85260

$1,025,000

4 Beds

2 Baths

2,229 SqFt

Status Active

MLS # 6731774

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This beautifully remodeled residence by BRoc Construction boasts designer finishes throughout and is perfectly situated in one of Scottsdale's most sought-after neighborhoods. This spacious home offers 3 bedrooms plus an office that can easily be converted into a 4th bedroom, making it perfect for families or those needing extra space. Step inside to discover an open floorpan with new luxury vinyl plank floors throughout that provide a sleek and modern feel. The updated kitchen features a large island, stunning new cabinets, quartz countertops & stainless steel appliances. Both bathrooms have been thoughtfully updated with new cabinets, tile & contemporary fixtures and finishes that elevate your everyday experience. Outside, enjoy a sparkling new PebbleTec pool oversized covered patio & spa. With a spacious extended 2-car garage with a work space this home is a true find. You'll be just minutes away from top-rated schools, dining, shopping, the freeway and outdoor activities. Experience the best of Scottsdale living in this beautifully appointed home. Don't miss your chance to own this beautifully designed residence!

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2818 E Malapai Drive Phoenix, AZ 85028

$1,025,000

4 Beds

2 Baths

2,022 SqFt

Status Active

MLS # 6740315

Property Type Single Family Residence

Price Type --

This stunning contemporary designed and developed 4 bed 2 bath rebuilt home, from the floor up to and including the roof and everything in between is located in the sought after Heritage Heights area at the base of the Phoenix Mountain Preserve. Every detail has been meticulously crafted with all new plumbing, electrical, HVAC, flooring, fixtures, lighting, cabinetry, doors, windows, the list goes on. Nestled on a quiet low traffic enclave, with easy access to the preserve trailhead and the 51 freeway, this home offers the ideal blend of tranquility and convenience. The functional floor plan includes a master ensuite with private exterior access providing a seamless indoor-outdoor living experience similar to that which is provided from the homes great room.

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