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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2933 E Sands Drive Phoenix, AZ 85050

$1,025,000

4 Beds

2 Baths

2,137 SqFt

Status Active Under Contract

MLS # 6702501

Property Type Single Family Residence

Price Type --

This exquisite modern residence embodies the epitome of upscale living, boasting over $300k in opulent upgrades. Step outside into an entertainer's paradise featuring a custom heated, pebble-tec saltwater pool with a Baja shelf, cascading waterfall features, and a luxurious in-ground spa, all accentuated by elegant marble travertine. Enjoy outdoor gatherings under an oversized pergola, enhanced by surround sound and stone tile walls, while relishing in the convenience of a built-in BBQ. Don't forget to practice your swing on the putting green. Step indoors to experience the timeless sophistication of Carrera marble tile flooring, complemented by a modern kitchen featuring granite countertops, a waterfall-edge island, and premium stainless steel appliances nestled amidst upgraded staggered cabinets. Additional luxuries include an extended family room, 2-foot garage extension, and lavish touches such as wainscoting in the family room and 4th bedroom. . Enjoy the community features such as the expansive fitness center, pool & splash pads, basketball court and multiple playgrounds. Minutes from Desert Ridge Marketplace, High Street, 101 & 51 freeways, dining & entertainment options are seemingly endless! Also, close by to renowned Mayo Clinic Hospital. Hurry before this rare opportunity is gone!

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4037 S Taylor Drive Tempe, AZ 85282

$1,025,000

4 Beds

2 Baths

2,523 SqFt

Status Active

MLS # 6719672

Property Type Single Family Residence

Price Type --

Location Location Location...and when you're not out, spend time in your luxurious resort style back yard!! Entertain your entire family and all your friends under the huge covered patio with large wet bar, built-in BBQ Grill, flat screen TV, recessed lighting and ceiling fans. Keep cool in the freeform play pool which has plenty of in-pool seating, Baha deck, three water features and multiple umbrellas affording plenty of shade. Swim year round in the solar heated pool and entertain on the patio under the built-in infrared heaters. If you're into cars or own your own business, you'll love the detached garage which affords oversized access door to accommodate two auto lifts or store your work vehicles and trailers. So much more, you'll want to see it all in person!!! Don't miss out!

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512 E Tanya Trail Phoenix, AZ 85086

$1,025,000

4 Beds

3 Baths

3,002 SqFt

Status Active

MLS # 6700311

Property Type Single Family Residence

Price Type --

PRICE ADJUSTMENT, $1,025,000, THIS IS AN UPDATED WONDERFUL HOME IN DESERT HILLS AREA. Located at the end of a private road of five homes, this open great room concept floor plan has skylights and large windows looking out to the mountain views. The split floor plan includes an attached Guest Quarters with an outside entrance & inside entrance. It has a kitchenette, full bath, walk-in closet and combination bedroom/living room area. The Master bedroom has a sitting area with a fireplace and direct access to the outside patio area. The Master bathroom has a whirlpool tub & walk-in-glass block shower and an oversized walk-in closet. Two of the four bedrooms share a Jack and Jill Bath. This kitchen is a gourmet cook's delight. A Center island, a walk-in pantry and generous cabinetry provide incredible storage A Five-burner gas cooktop, a built-in microwave and a wall oven complete the kitchen. A unique money tree artwork enhances the eating area, The formal dining room opens to the great room, which has a fireplace and looks toward the distant mountains to the north. The 3-car garage has built-in cabinets and a work bench. There is soft water to the driveway for washing cars, parking an RV, with access to a 30-amp hookup. The two metal buildings and above ground hot-tub in the back yard stay with the home. The front & back yards have low maintenance landscape. Beyond the low fence in the back yard is 2/3 of an acre of natural desert including Palo Verde Trees, Saguaro cacti and 4 fruit trees. Twenty-five owned solar panels and a tankless hot water heater contribute to energy savings. The property is zoned for horses. Perfect living for a large, extended family. WHAT'S SPECIAL, 24 SOLAR PANELS, BUILT IN CABINETS IN GARAGE 'TANKLESS HOT WATER HEATER' NO HOA, GAS & CITY WATER

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836 E Holbrook Street Gilbert, AZ 85298

Open House

New

$1,025,000

4 Beds

3 Baths

3,615 SqFt

Status Active

MLS # 6762541

Property Type Single Family Residence

Price Type --

This incredible home in the Layton Lakes community is now available! This 4-bed, 3-bath home epitomizes modern living. Inside, you'll find ceramic tile and vinyl laminate flooring, recessed lighting, and a dry bar with beverage cooler. The gourmet kitchen includes a gas range and vent hood, dual ovens, stainless steel appliances, walk-in pantry, and a large island. The primary suite include separate exit, massive shower with a rain head, dual vanities, and a huge walk-in closet. The NextGen guest quarters feature their own entrance, living room, kitchen, full bath with dual sinks, and walk-in closet. Outside, you'll enjoy a covered back patio, plumbing for a hot tub, and a great view over the greenbelt. HOA amenities include a splash pad, walking paths, playgrounds, and sports courts.

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7912 S 43rd Place Unit 18 Phoenix, AZ 85042

Open House

$1,025,000

4 Beds

3 Baths

2,957 SqFt

Status Active

MLS # 6744565

Property Type Single Family Residence

Price Type --

Pride of ownership! This 4-bed, 3-bath cul-de-sac home in Legacy Mountain Villas is a true charmer! Awe-inspiring interior showcases sheer beauty & spectacular attention to detail. Discover elegant tile flooring, upscale ceiling fans, & recessed lighting that illuminates every corner. Harmonious open floor plan promotes a modern feel, complemented by a wall-mounted fireplace & fully expandable sliding glass doors that allow you to open the outdoor patio for additional entertaining options. Gorgeous kitchen is a chef's dream, equipped w/cabinets adorned w/crown moulding, stylish tile backsplash, a waterfall island w/a breakfast bar, quartz counters, & SS appliances. Owner's retreat boasts a spotless ensuite comprised of dual sinks, garden tub, enclosed glass shower, & a walk-in closet. Highlights include a 2nd main bedroom w/bathroom & walk-in closet. Enjoy incredible mountain views from the serene backyard, which provides a covered patio & artificial turf. Don't hesitate to make this gem your forever haven!

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19667 E Estrella Road Queen Creek, AZ 85142

$1,024,995

3 Beds

3.5 Baths

3,190 SqFt

Status Active

MLS # 6731747

Property Type Single Family Residence

Price Type --

Home Sweet, Home! Fully upgraded new build! N/S facing oversized lot 3 Car Garage plus 40' RV Garage- this is a toy lover's dream. This beautiful home features 3 bedrooms, 3.5 bathrooms, an oversized study plus a huge game room. Front yard landscape as well as paver walkway/ driveway is included.

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6731 N 9th Drive Phoenix, AZ 85013

Open House

$1,020,832

4 Beds

3.5 Baths

2,625 SqFt

Status Active

MLS # 6759755

Property Type Single Family Residence

Price Type --

Welcome to Ocotillo Lane! Step into this contemporary two-story home featuring the Owner's Bedroom and Laundry Room on the first floor. Upstairs, you'll find a secondary en suite and two additional bedrooms, each with walk-in closets. Enjoy the gourmet kitchen with gas appliances, quartz countertops, upgraded stacked cabinetry for extra storage, and a stylish tiled backsplash. Luxury touches include 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 52. Visit this beautiful home today!

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7330 E Palo Verde Drive Unit 9 Scottsdale, AZ 85250

$1,020,000

2 Beds

2 Baths

1,863 SqFt

Status Active

MLS # 6696670

Property Type Townhouse

Price Type --

Indulge in the lap of luxury with this meticulously updated residence, nestled within The Plaza community—an enclave of 25 exquisite townhomes artfully crafted by Edmunds Toll. Positioned discreetly on a private interior lot, this exceptional home offers serenity and seclusion within a vibrant neighborhood. The charming courtyard at the entrance exudes elegance and provides a delightful spot for morning coffee or twilight gatherings. As you step inside, a timeless aura of beauty washes over you. The open great room plan features newly installed white oak wood flooring, elegant wood-beamed ceilings, and a beautifully designed fireplace that serves as the heart of the space, complete with a stunning wood mantle, creating a warm and inviting atmosphere. A dry bar nestled within the great room with recessed lighting and stylish floating shelves, adds to the allure. Adjacent to this welcoming space, the dining area boasts French doors that open to a beautifully landscaped backyard, seamlessly blending indoor and outdoor living. Plantation shutters grace every window, infusing the home with classic sophistication. The kitchen is adorned with white cabinetry, stainless steel appliances, and a farmhouse sink. Contemporary designer light fixtures throughout the home illuminate the space in a warm and inviting glow. The master suite is a sanctuary of comfort and style, featuring a bay window that bathes the room in natural light. The remodeled master bathroom boasts dual floating vanities, exquisite hardware, beautifully framed mirrors, quartz countertops, new designer tile flooring, and a spa-like walk-in shower. The guest bedroom is equally enchanting, with its own remodeled bathroom showcasing quartz countertops and a tastefully designed walk-in shower. A magnificent den, with an oversized bay window and wood-beamed ceiling, provides an ideal work-from-home space. Step outside to the recently updated backyard, offering easy-care synthetic grass, lush landscaping, a built-in BBQ grill and bar area, and space for outdoor diningcreating a serene haven for outdoor enjoyment and entertaining. Additional features of this home include new epoxy garage flooring, and a new EV charger installed in the garage that provides fast charging capabilities. Also enjoy a proximity to the community pool for your convenience. Discover the epitome of Arizona luxury living in this beautiful townhome conveniently located near Old Town Scottsdale, offering access to fine dining, arts, entertainment, and world-class shopping.

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5100 S Leisure Court Gilbert, AZ 85298

$1,020,000

4 Beds

4 Baths

3,576 SqFt

Status Active

MLS # 6714362

Property Type Single Family Residence

Price Type --

Explore this highly desired ''next gen'' floor plan in Layton Lakes, featuring an attached casita with a private entrance & separate garage access. This home includes a 3-car garage & is situated on an oversized, dead end cul-de-sac lot adjacent to open/green space & a park with sport/volleyball courts, making it a prime location. Inside, the large primary bedroom & bathroom offer his & hers vanities with a separate shower/tub & a spacious walk-in closet. A chef's kitchen & huge great room concept make it perfect for entertaining or for a large family. The backyard includes a luxurious pool & spa, grill, a cozy seating area with a firepit, & a view fence overlooking lush greenery. Enjoy easy access to additional community amenities like parks, lakes, sport courts, & other common areas.

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8534 W Salter Drive Peoria, AZ 85382

$1,020,000

6 Beds

3 Baths

4,151 SqFt

Status Active

MLS # 6712229

Property Type Single Family Residence

Price Type --

Stunning home in great Peoria location! Close to schools, shopping, dining, and Arrowhead Mall. Soaring ceilings and warm wall tones throughout. Open concept kitchen is complete with center island, breakfast bar, granite countertops, stainless steel appliances, and kitchen cabinets with recent upgraded finish.This home has 6 beds and 3 baths. Large open floorplan and huge backyard with RV gate.kids can walk to both grade/high school, walk to community pool with huge slide. Owner did ton of practical upgrades. This home has ample space for relaxation and entertainment. Come and discover comfort and style in this sought after Silverton neighborhood in Peoria.

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4813 S Quantum Way Mesa, AZ 85212

$1,020,000

6 Beds

4.5 Baths

4,295 SqFt

Status Active

MLS # 6741019

Property Type Single Family Residence

Price Type --

Your Dream Home Awaits in Eastmark—Don't Let It Slip Away! Discover this breathtaking Maracay model home, nestled in the sought-after Eastmark community. Beautifully upgraded, this former model exudes modern luxury & privacy—perfectly positioned between two single-story homes & across from a peaceful open park, with no rear neighbors. Since 2017, the owner has made meticulous enhancements, including an H2O Concepts Whole Home Water Treatment System, elegant window shutters, & a saltwater chlorinating system for the pool. The spacious garage comes with four 4'x8'x2' Safe Racks for optimized storage. This home is truly the complete package with nearly every upgrade imaginable, including an extended patio for outdoor living, SEE MORE... and sophisticated wood and iron stair and balcony rails. Artistic tiled accent walls and an epoxy-coated garage floor add both flair and functionality. The private guest/in-law suite is a showstopperfeaturing tile flooring, a walk-in shower, and its own fully-equipped kitchenette with a microwave, dishwasher, mini refrigerator, and more. With a stacked washer and dryer, shuttered windows, walk-in closet, and a TV, it's the ideal retreat for guests or extended family. Opportunities like this are rare!

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8090 N Rose Grace Lane Prescott Valley, AZ 86315

$1,020,000

4 Beds

3 Baths

2,263 SqFt

Status Active

MLS # 6731344

Property Type Single Family Residence

Price Type --

RV GARAGE! This 2-acre property is 4-bed, 2.5-bath with a 3-car garage. The detached RV garage includes a heated/cooled workshop with 30 AMP hookup / gray water system. This home has a split floor plan with beamed ceilings and a cozy wood-burning fireplace. The kitchen features luxury granite countertops, hickory cabinets, a pantry, veggie sink and gas stove. Primary suite includes a tiled walk-in shower, dual vanities, and garden tub. 2 guest bedrooms have full walk-in closets plus Jack & Jill bath. This home has a great floor plan, an extra-large laundry room & a fresh exterior whole house paint job. The efficient barn includes 2 shaded stalls (20' x 30') with electricity, water, hay/tack storage, wash rack, & hitching post. Outdoors is a custom gazebo & views. A MUST SEE HOME.

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