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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3964 S Columbus Drive Gilbert, AZ 85297

$1,000,000
5 Beds
4.5 Baths
3,511 SqFt
Status Active
MLS # 6711092
Property Type Single Family Residence
Price Type --
*** PRICE DROP of $150K*** Welcome to GATED Whispering Rock, where luxury and comfort blend seamlessly in this stunning single-level home. Boasting impeccable upgrades throughout including a pool and ramada. This residence is the epitome of sophistication and style. Step inside to discover a spacious and elegant master suite, accompanied by three generously sized guest bedrooms. The open-concept great room floor plan showcases an exquisite kitchen, featuring gas cooking, stainless steel appliances, high-end granite countertops, and gorgeous flooring. Master bedroom has his and her closet. Jack and jill bathroom for the 2nd guest bedrooms. Tesla / EV charging and courtyard near entry is special and ready for the EV. Designed for effortless living, the home requires minimal maintenance, allowing you to fully enjoy the abundant amenities. Outside, you'll find a large covered patio perfect for entertaining, a putting green, and a sparkling pool. Explore the stunning photos and detailed floor plan, and envision yourself living in this extraordinary home. Welcome to your dream home in Whispering Rock!

1330 E Lynx Way Chandler, AZ 85249

$1,000,000
5 Beds
3.5 Baths
4,041 SqFt
Status Active
MLS # 6720736
Property Type Single Family Residence
Price Type --
Discover your dream investment property in Southeast Chandler. This pristine 5-bedroom, 3.5-bath home boasts a 4,041 sq. ft. interior with new updates, including a roof, two HVACs, granite/quartz countertops and more. Has an oversized private pool, hot tub, lush backyard with a secret garden, a 3-car garage, RV gate, and top-notch interior finishes. Located one block from San Tan K-8 and Quail Run Park. - Long term tenant in place

13833 W Bloomington Street Litchfield Park, AZ 85340

$1,000,000
4 Beds
3.5 Baths
3,373 SqFt
Status Active
MLS # 6749951
Property Type Single Family Residence
Price Type --
PRICE IMPROVEMENT! Discover contemporary elegance in the gated Sunset Terrace, just minutes from the Wigwam Resort. This stunning home showcases exceptional design, curb appeal, and a private backyard oasis. Enter through the iron-gated entry into a serene courtyard with a casita suite, complete with a mini bar, full bath, and room for a king-sized bed. The Great Room features a soaring beamed ceiling and a striking custom gas mirrored fireplace. The gourmet kitchen offers custom cabinetry, granite countertops, high-end appliances, and walk-in pantry. The luxurious owner's suite has a bath with an enormous shower and dual custom closets. Outside, enjoy the heated pool, lush landscaping, and oversized 3-car split garage. Request the full list of home improvements!

31586 N 126th Avenue Peoria, AZ 85383

$1,000,000 - 4Br/3Ba -  for Sale in Mystic At Lake Pleasant Heights Parcel B Replat, Peoria
Open House
$1,000,000
4 Beds
3 Baths
3,658 SqFt
Status Active
MLS # 6747797
Property Type Single Family Residence
Price Type --
Beautiful North Peoria home is perfect as a private retreat and an entertainer's dream! The spacious floorplan offers 4 bedrooms, a den, a bonus room, and 3 full baths on a 12,000 sq ft lot. The chef's kitchen has GE Monogram appliances, a 6-burner range with griddle and overhead heat lamps, a double oven, roll-out shelves, a walk-in pantry, and a butler's pantry with a beverage cooler. Custom glass-paneled den doors provide just the right amount of privacy and beauty, as do the custom plantation shutters throughout the home. The bonus room has built-in cabinets, a sink, a wine fridge, and a microwave and features Frigidaire appliances. Outside is an oasis with a pool and water feature, an extended patio, a putting green, and synthetic turf for easy care and maximum enjoyment.

5250 E Deer Valley Drive Unit 257 Phoenix, AZ 85054

$1,000,000 - 2Br/3Ba -  for Sale in Toscana At Desert Ridge Condominium 5th Amd, Phoenix
Open House
$1,000,000
2 Beds
2.5 Baths
1,781 SqFt
Status Active
MLS # 6750529
Property Type Apartment
Price Type --
RESORT STYLE LIVING with HIGH STREET shopping & dining right across the street. Well appointed DIOR MODEL with gorgeous gourmet kitchen. All BOSCHE appliances; dbl ovenS, microwave drawer, gas cooktop, hood, and refrigerator. Warm khaki-colored cabinets thr/out. Arabesque tile backsplash. Subway glass herringbone patterned fireplace & media wall. Barn door to office space. Spacious laundry room & half bath. 2 master bedrooms. Roomy balcony/patio w/outdoor kitchen. 2C parking stalls, large storage unit & surface parking for guests. Gated and guarded community. Smart Technology. Luxe at Desert Ridge Onsite Amenities; ACCESS TO 5 POOLS, fitness center w/top of the line equipment, infra-red sauna, locker room w/ showers, business ctr, beautiful clubhouse for entertaining w/oversized kitchen ACCESS TO 5 POOLS. Clubhouse with chef's kitchen, theatre room, private conference center, dining room for private dinner parties, lap pool/resort style pools, large fitness with top of line equipment, infra-red sauna, locker rooms & yoga studio. Member Services for owners needs & events. Walkability to dining, shopping, golf, comedy and easy access to freeway. HOA covers all amenities at both the Luxe & Toscana communities, trash/recycle, gas, internet, smart technology, water with centralized water softener system.

26522 S Tangelo Avenue Queen Creek, AZ 85142

$1,000,000 - 4Br/3Ba -  for Sale in Chandler Heights Citrus Tr Unit 3626, Queen Creek
Open House
$1,000,000
4 Beds
2.5 Baths
2,643 SqFt
Status Active
MLS # 6736564
Property Type Single Family Residence
Price Type --
You have to see this one! Perfect for contractors trucks and trailer, equine and animal lovers or maybe you simply want elbow room. 4 Bedrooms, 2.5 baths and an attached three car garage. County Island with Cox Internet, flood irrigation, No HOA, 1+ Acre with views of the San Tan Mountains! Your new home has been meticulously maintained and has all the right touches added for modern comfort including temperature control. Your heat pump and two zone AC is on a programmable thermostat making utility bills low and your comfort high. A formal dining room meets you off the entry and on your left you have the 4th bedroom which makes an amazing office. 9'+ flat ceilings make this home feel much bigger than it's 2643 square feet Your kitchen has a spacious dining area big enough for a large farm table. A walk-in pantry is perfect for storage. Additional counter top space plus your kitchen island makes food prep a breeze. Beautiful Granite countertops and knotty alder cabinetry give your home a warm inviting feel. Family dinners and holiday parties are easy and enjoyable with your double oven, high-efficiency dishwasher and built-in microwave. Your homes appliances and pipes are also protected by a water softener and you can safely drink the Arizona water from your own RO system. Your great room is comfortable with wood plantation shutters, high potshelves to display your art and treasures and a beautiful, new stackstone, floor-to-ceiling fireplace that is fueled by clean burning Propane. A large Propane tank is included. Your new fireplace is on a remote control so you can control the ambiance from anywhere. The great room also has a wetbar complete with a beverage/wine fridge. A half-bath has easy access from the kitchen or the great room and a full capacity washer and dryer make your separate laundry room complete. The Master Bedroom is oversized and has his and hers walk-in closets and an amazing en suite bath with double vanity, a huge jetted tub, separate water closet and stunning glass tile shower. Step outside onto your wraparound covered porch and enjoy the view. It's a great place to hang out and watch the horses. All of this is situated on 1.118 acres of land. Your property includes many shade trees. Lemon, orange, tangelo, pistache and oak trees that are easy to water with flood irrigation. Being located very close to the San Tan Mountains means plenty of trail riding and amazing views from anywhere on your new property. For the equine lover, your horse area features a large riding arena, a 2-stall shedrow barn with a tack/feedroom that has water, cooling misters and electricity. It has its own electrical panel. In addition to the shedrow barn is a separate covered stall that would be great for hay storage or the current owners use it as a third covered stall for their horses. The new 20' x 60' shade structure was added in 2023 and is situated so you can park your trucks, trailers and toys in the shade and you can also use it as an open corral or you can fence it to make additional stalls. This makes a great RV pad and already has an electrical connection. This area is covered by a camera that will stay so you can watch your property and your animals from the comfort of your home. Nervous about backing a trailer? Don't be. Your new property is located on a corner lot and allows you to pull through one gate and out the other. Hay delivery and loading horses is a breeze with this setup. A separate shed/tack room is situated outside the horse area and is perfect for grooming and saddling up. Time to relax? Your 75' Pebble Tec pool was added in 2020 and has an in-floor self-cleaning system and amazing views of the San Tan Mountains. Enjoy a cool beverage surrounded by lush, tropical landscaping with mountain views and watch your horses from your private oasis. It doesn't get any better than this! Your pool is fully fenced to protect your family members, pups, and horses. Your property has recently been surrounded by a block wall to keep you and your animals safe and secure. This brings added privacy to your property as well. If you enjoy holiday lights, the sellers have electrical plugs in the front by the eves for easy lights and decorations. Flood irrigation is through Chandler Heights Citrus and one great feature of this property is the fact that it has Cox Internet/cable. It can cost thousands of dollars to have Cox Internet/cable brought to your home when located on a County Island. The seller has already setup Cox to this property. This truly is an amazing horse property and is close to everything. Ride off property, in your own arena or trailer to the San Tan Mountains in 14 minutes. Queen Creek Marketplace is great for shopping, casual and fine dining and is only 14 minutes and San Tan Village is a short 20 minute drive to the north. Mesa Gateway Airport and Gilbert Mercy Hospital are minutes away. This one has it all. Watch the video and view additional amenities in the documents tab.

Flagstaff AZ 86005

$999,999
4 Beds
4 Baths
3,307 SqFt
Status Active
MLS # 6730014
Property Type Single Family Residence
Price Type --
Welcome to an extraordinary mountain paradise with a beautiful southwest flare nestled in the pines on a quiet, private cul de sac. At 3307 sf, this is the most spacious home in University Highlands. With 4 bedrooms, 4 baths, a formal dining room, den and office, this is an inviting retreat for family and friends. The open greatroom & chef's kitchen with log beams, flagstone-accented wood stove, saltillo tile and windows galore radiate style & charm. Gather in the kitchen with generous counter space, stainless appliances, and a breakfast nook surrounded by windows and trees. The large primary on the main shares a 2-way fireplace with a private room with its own deck- a fabulous office or nursery. The additional den on the main level makes single living easy! Upstairs find a large loft, the main level makes single-level living easy! Upstairs, find a large loft with a wetbar - wonderful as a playroom or a second living area - three bedrooms and a full bath. There is also an additional room that can be a 5th bedroom, yoga room or office. Quiet, private, spacious, & gorgeous views of the pines, this unique home will delight you for mountain living and entertaining. No HOA. Inspection completed! University Highlands is a highly desired Flagstaff neighborhood. Located on the west side of Flagstaff it is close to NAU, many supermarkets, all of our west side amenities, the urban trail system and Lake Mary Road. University Highlands' most outstanding characteristics are its mature ponderosa pines, fenced, treed yards, pride of ownership and family-friendly community. De Miguel Elementary school is also located in University Heights, making this a popular area for families with children.

1725 S Ax Handle Way Flagstaff, AZ 86001

$999,999
4 Beds
2.5 Baths
2,554 SqFt
Status Active
MLS # 6731573
Property Type Single Family Residence
Price Type --
Imagine your dream home nestled in the beautiful ponderosa pines on a quiet cul de sac in Boulder Pointe, one of Flagstaff's most desired communities. As you drive toward the home and take in its curb appeal, you feel your excitement heighten. It's majestic stature, rock accents, three car garage and meticulously manicured yard take your breath away! Without entering you know this is the perfect haven for family, friends, immersing yourself in Flagstaff's stunning natural beauty and living your best life. When you walk through this home, it's everything you hoped. The lower level offers two living areas. One living area is a grand greatroom/dining area. The other is a large, light-filled family room off the kitchen with a cozy fireplace looking into the back yard, creating the open space you love for cooking, gathering and enjoying time together. The kitchen is magnificent! Counters for miles, newer stainless appliances, natural light, and a separate bar overlooking the family room, inviting you to breakfast with the family or immediately start serving cocktails. Step into the back yard. The majestic pines lead you to a lovingly and carefully created natural haven. Crafted with stamped concrete and synthetic grass, you can play bocce ball, let your dogs happily run, grill, gather and hot tub in a stunning and practically maintenance free atmosphere. Enjoy your family or invite the neighbors. There is room for everyone! Upstairs, find your spacious primary suite with a beautifully finished executive bathroom suite, three large bedrooms and a full bathroom. With a three car garage, central air, and a fenced yard with a potential RV gate, this home embodies the essence of mountain living. Inspection has been completed, home is in great shape! Boulder Pointe is one of Flagstaff's most desired communities. Located in the SoutWest of Flagstaff, it offers mostly single family homes that are considered newer for Flagstaff, large fenced yards, front lawns, and pride of ownership. Residents who live in Boulder Pointe relate the sense of friendship and community neighbors share. It is close to all of our West Side Amenities and only two miles from downtown Flagstaff.

18266 N 68th Drive Glendale, AZ 85308

$999,999
5 Beds
4.5 Baths
3,443 SqFt
Status Active
MLS # 6735779
Property Type Single Family Residence
Price Type --
LOCATION, LOCATION, LOCATION. Close to Loop 101, The New PCH Hospital & Arrowhead Hospital. Arrowhead Mall & Peoria Sports/Center as well as nearby local bus stops. Property is setup for Families and or the person who Loves to Entertain and the person with Lots of Toys and RV's. In 2020 3 new A/C units were installed. Solar was purchased in 2017 and is Pre-Paid (Paid in Full) 20-Year Lease. There is 13 years left of approx. 40,000Kwh of free electricity a year. Property is located on a Corner with 2-RV gates. The RV yard has an RV set up with 50amp Electric and Dump location. The RV Garage Approx. size is 40LX40WX20H and it has a half bath inside. This home has a quest house attached with interior access and its own private entrance, along with a full kitchen, dining/living room.

17346 W Wildwood Street Surprise, AZ 85388

$999,999
3 Beds
3.5 Baths
2,489 SqFt
Status Active
MLS # 6703955
Property Type Single Family Residence
Price Type --
''Matthews'' model on hole #10 at the Sterling Grove Golf & Country Club. Extra large backyard. Direct view of the White Tank Mountains & SUNSETS. No neighbor on one side. No neighbor directly across the fairway. Pool + gas fire pit. Primo location, near the amenities. Located at the quiet end of a cul-de-sac. Split floor plan. Office/BONUS ROOM. Two-car + one-car garage. 55+ section.

17817 E Cindercone Road Rio Verde, AZ 85263

$999,999
2 Beds
2.5 Baths
2,186 SqFt
Status Active
MLS # 6741191
Property Type Single Family Residence
Price Type --
Nestled in the prestigious and highly sought-after community of Trilogy at Verde River, this exquisite residence offers unparalleled privacy and serenity. Positioned with no neighbors behind, this home boasts breathtaking mountain views that promise an ever-changing panorama of natural beauty along with a variety of birds and wildlife. The open and airy layout, with 10' ceilings and elegant high end engineered wood and tile & flooring throughout, flows seamlessly from room to room, bathed in natural light and framed by stunning vistas. The heart of the home is a gourmet kitchen, perfect for the culinary enthusiast, featuring generous counter space, and beautiful cabinetry. It opens to a spacious living area, making it ideal for entertaining or quiet evenings at home. Step outside to your own backyard oasis featuring a large travertine tile patio with remote control sunscreens, lush landscape, serene fountain, gas )firepit, and a secluded desert scape, perfect for outdoor gatherings and enjoying those incredible mountain views, sunrises, and sunsets. The 3-car tandem garage ensures plenty of space for vehicles and storage with a state-of-the-art water softener and RO system. Located in a community known for its active lifestyle and amenities including, resort and fitness pool, indoor and outdoor dining, spa, salon, fitness programs, 18 hole golf course, shops, concerts, and a neighborly atmosphere, this property is more than a home; it's a lifestyle. This is your must-see dream home!

126 E Northview Avenue Phoenix, AZ 85020

$999,999
4 Beds
3.5 Baths
2,551 SqFt
Status Active Under Contract
MLS # 6757413
Property Type Single Family Residence
Price Type --
LOOKING FOR A PROPERTY BETWEEN THE 7'S FOR UNDER A MILLION DOLLARS? THIS IS IT! THE MAIN HOME OFFERS 3 BEDROOMS, 2.5 BATHROOMS WITH AN ADDITIONAL 300 SQFT REMODELED CASITA WITH A BEDROOM AND BATHROOM. LOTS OF POSSIBILITES WITH THIS HOME FROM MOVING IN AND UPDATING AS YOU SEE FIT TO A COMPLETE REMODEL MAKING IT YOUR DREAM HOME ON AN AMAZING STREET. THIS HOME FEATURES LARGE BEDROOMS, A FUNCTONAL KITCHEN WITH A SUB ZERO FRIDGE, A HUGE BONUS ROOM WITH A WET BAR AND 2 WOOD BURNING FIREPLACES. THE BACKYARD IS AN ENTERTAINERS DREAM WITH A LARGE COVERED PATIO, DEEP DIVING POOL AND MATURE TREES IN EVERY DIRECTION. NEW AIR CONDITIONER IN 2023. THIS WELL CARED FOR HOME IS ONLY STEPS FROM MURPHYS BRIDAL PATH AND ONLY A BIKE RIDE AWAY FROM ALL NORTH CENTRAL HAS TO OFFER.

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