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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4327 E Sands Drive Phoenix, AZ 85050

$999,999

4 Beds

2 Baths

2,252 SqFt

Status Active

MLS # 6757580

Property Type Single Family Residence

Price Type --

Come see this beautiful move-in-ready, 4 bedroom, single story, 3 car garage home with large low maintenance backyard and huge pool in highly desirable Desert Ridge community! Just minutes away from Desert Ridge Marketplace, this home boasts high ceilings, custom accent walls (including a fun wine feature), new flooring and it's been freshly painted throughout! The modern fixtures and kitchen updates make this the perfect entertaining home. It's roof and HVAC are newer, making this home turn key and ready for all of your holiday decorations!

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1358 Mineral Drive Forest Lakes, AZ 85931

$999,999

2 Beds

1 Bath

1,850 SqFt

Status Active

MLS # 6748992

Property Type Single Family Residence

Price Type --

THIS IS IT! If you are looking for a cabin in Forest Lakes, You Found IT! One of the Best looking places here! The home has EXCELLENT curb appeal. Huge circulardriveway leading to the home with a detached 2 CAR GARAGE w/plenty of storage! Home is elevated & features a LARGE Covered DECK, wrapping the front & side of the home! Kids play set, lots of trees,tons of grass with a great setting to put your feet up and relax. Inside features Soaring Knotty Pine Vaulted Ceilings, Plantation Shutters, & Wood Burning Stove. Total cabin feel. 2 bedrooms plus a loft.1 full bathroom. Inside laundry. Lots of upgrades here. Comes see this wonderful Cabin today!

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13789 E Geronimo Road Scottsdale, AZ 85259

$999,999

3 Beds

2 Baths

1,996 SqFt

Status Active

MLS # 6729989

Property Type Single Family Residence

Price Type --

Exceptional value for this beautifully remodeled home in Scottsdale Mountain, one of the most prestigious communities in East Scottsdale. This 3bd / 2ba wall-to-wall reimaged space that exemplifies warm modernism. The kitchen mixes the modern, sleek lines and warm tones paired with white shaker cabinets. The open floor plan maximizes each square foot making this space great for entertaining. The home also boasts a large primary with an en-suite, including a soaking tub and oversized shower. Mountain views out of the front and rear of the home. The backyard includes turf and desert landscape, perfect for worry-free maintenance. The entire community is located on the side of the McDowell Mountain range with miles of hiking trails (Lost Dog trail, Sunrise Peak)right outside your door!

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2200 N Kimberlee Road Tucson, AZ 85749

New

$999,999

3 Beds

2 Baths

2,308 SqFt

Status Active

MLS # 6762522

Property Type Single Family Residence

Price Type --

Rare opportunity for a 5+ acre Ranch home with SR Zoning on the east side of Tucson (East of Tanque Verde Road & Houghton) Property consists of a three Bedroom one Bathroom home, one Bedroom one Bathroom Guest House, Private Court Yard, Office, Barn, Stables, 220' long by 150' wide Arena, Private Well plus City Water, Septic plus Sewer Connection available and so much more! Would make a perfect place for a Veterinarian, Farm, Airbnb, Wedding Venue, Business start up, even that family ranch home you've always wanted!

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8648 E San Bruno Drive Scottsdale, AZ 85258

$999,999

3 Beds

2 Baths

1,930 SqFt

Status Active

MLS # 6737100

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of McCormick Ranch! This amazing property sits on a MASSIVE lot, with plenty of room to expand the home, build a detached casita, and a pool! Nestled in a PRIME location, you'll enjoy direct access to the scenic biking path along the lake, and a short walk to all your favorite restaurants and bars! Inside, the home has a tremendous layout with three beds and two bathrooms. The open floor plan is designed for both comfort and style, featuring a gourmet kitchen with a wood burning fireplace, spacious living areas, and walk in closets in all bedrooms. Large windows flood the space with natural light, creating a warm and inviting atmosphere. If you're looking for a home in McCormick Ranch with endless possibilities, then this one's for you!

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1015 N Monarch Drive Payson, AZ 85541

$999,999

3 Beds

3 Baths

2,989 SqFt

Status Active

MLS # 6675678

Property Type Single Family Residence

Price Type --

Elegance beyond measure. A Castle on the hill with panoramic views of Granite Dells (Stewart Mtns) and Mazatzal Mts. This 3 bedroom, 3 bath exquisite home has to be seen to be appreciated. Upon entry you are greeted by a spectacular 14' ceiling great room. So many upgrades to list: Light fixtures interior and exterior, Ceiling fans interior and patio, Sinks/faucets. Toilets, Pellet stove, Window treatments HVAC. new Elastomeric Stucco/paint. Refrigerator, Dishwasher, Oven/Microwave. Smoke alarms, Flooring. LED lighting added, Solar paid, backlit recessed ceilings, Interior paint, Electric outlets/switches all changed, Custom switch plate covers, Pavers around exterior, including stairs, hot water softener, water booster, Recirculating pump. Smart plug on recirculating pump, Driveway light

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626 E Galvin Street Phoenix, AZ 85086

$999,999

4 Beds

2.5 Baths

2,501 SqFt

Status Active

MLS # 6671362

Property Type Single Family Residence

Price Type --

FINAL PRICE DROP BEFORE THE SELLER STAYS! THIS IS THE LAST CHANCE! *Stunning Next-Gen Single-Story Home in North Phoenix* Discover the perfect blend of luxury, space, and convenience in this remarkable Next Gen home nestled in the heart of North Phoenix. Occupying a generous 1.227-acre lot, this property promises the ultimate in privacy and flexibility, tailored to meet the needs of the modern homeowner. Key Features: Expansive Open Floor Plan: Step into a world of elegance with high ceilings that enhance the sense of space and abundance of natural light. The thoughtful layout seamlessly connects the living, dining, and kitchen areas, making it an entertainer's dream. - Four Spacious Bedrooms & 2.5 Bathrooms: This home boasts 4 well appointed bedrooms, offering ample space for family, guests, or a home office. The master suite is a true retreat, complete with a luxurious en-suite bathroom. -RV & Boat Parking: A nice find in Phoenix, this property includes a 22 ft. garage door height, perfect for RV or boat enthusiasts. Additionally, the two-stall over-height garage door ensures all your vehicles are covered. -Unlimited Potential:The blank front yard awaits your personal touch - envision your dream landscape to welcome you home. Similarly, the expansive backyard offers a blank canvas for a workshop, pool, or even another house as its already been wired to the back shed. The possibilities are endless. -Ideal for Business Owners: With a built-in gate off 7th St., this property is perfectly suited for business owners looking for easy access without compromising on privacy or security. Location Benefits: Situated in the serene and sought-after North Phoenix area, this home combines the tranquility of suburban living with the convenience of city amenities. Enjoy easy access to shopping, dining, entertainment, and major highways, ensuring that everything you need is just a short drive away. Opportunity Awaits: Whether you're looking for a family home with unmatched potential for customization, a space to start your next business venture, or simply a sanctuary with ample room for your hobbies and toys, this Next Gen home in North Phoenix represents a unique opportunity. Don't miss your chance to own a piece of paradise, where luxury meets versatility.

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220 S Silk Tassel Road Show Low, AZ 85901

$999,999

3 Beds

3.5 Baths

3,036 SqFt

Status Active

MLS # 6722080

Property Type Single Family Residence

Price Type --

Welcome to your dream home nestled in the serene forest of Show Low. This exquisite custom home offers a perfect blend of luxury and tranquility. Boasting a spacious layout, this home features two primary suites, making it ideal for multi-generational living and a Guest Quarters for accommodating guests in style. As you enter, you'll be greeted by a grand three-car garage, providing ample space for your vehicles and storage needs. The garage door and windows are thoughtfully designed to enhance the aesthetic appeal of the home while ensuring natural light flows seamlessly throughout. The luxurious primary bedrooms are conveniently located on the main floor, and offer a peaceful retreat with their own en-suite bathroom and stunning views of the surrounding forest. There's a generous sized Flex Room/Loft upstairs with Skylights to ensure natural illumination. Great Room for a secondary Den or easy to convert to another Bedroom. Imagine cozying up by the fireplace with a gas log starter in the living room, creating the perfect ambiance for chilly mountain evenings. The kitchen is a chef's delight, equipped with a large island, built-in dishwasher, disposal, gas range, microwave, and refrigerator. Whether you're hosting intimate dinners or large gatherings, this kitchen is sure to impress. Located in the prestigious golf community of Torreon, this home offers access to world-class amenities, including golf courses, clubhouse, fitness center, and more. Embrace the resort-style living while enjoying the breathtaking views of the forest. Don't miss the opportunity to make this exceptional custom home your own. Come see it today and experience the luxury and serenity that awaits you in Show Low's coveted forest community of Rendezvous Torreon.

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1441 W Key Largo Court Gilbert, AZ 85233

$999,999

4 Beds

3 Baths

2,718 SqFt

Status Active

MLS # 6691975

Property Type Single Family Residence

Price Type --

A PERFECT BLEND OF ELEGANCE AND COMFORT, THIS WATERFRONT OASIS OFFERS MANY FINE UPGRADES, DUAL PANE WINDOWS, GRANITE COUNTERS, UPGRADED BATHS AND NEW WOOD FLOORING, CARPET, FRESHLY PAINTED INTERIOR, NEW CABINETS, EXTRA LARGE GARAGE, SPARKLING POOL W/ WATERFALL, EXTENDED COVERED PATIO OVER LOOS THE LAKE AND FABULOUS SUNSETS. N/S FACING

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9024 E Blanche Drive Scottsdale, AZ 85260

Open House

$999,999

5 Beds

3 Baths

3,157 SqFt

Status Active

MLS # 6754192

Property Type Single Family Residence

Price Type --

A rare, spacious 5 bedroom home with high vaulted ceilings. The kitchen is a chef's dream with granite countertops, new Frigidaire Gallery appliances, walk in pantry, generous counter space including an island. Master suite also has high vaulted ceilings and a spacious walk in closet. The backyard has an inviting pool, grass with new irrigation and drip system, built in BBQ, and extended covered patio. All new landscaping in front and back. There is also an additional livable space with its own separate entrance in the garage that has a custom built enclosure and hitting screen for a golf simulator. The room has plenty of space to also be a workout room, home office, or guest quarters. This home is perfectly located close to Kierland, Scottsdale Quarter, and the 101 freeway.

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6639 E Sharon Drive Scottsdale, AZ 85254

Open House

$999,999

4 Beds

2 Baths

2,302 SqFt

Status Active

MLS # 6735419

Property Type Single Family Residence

Price Type --

Fantastic sense of pride in this neighborhood! This charming single level home boasts 4 bedrooms, 2 full baths, walk in wine room or cigar humidor, great room concept floor plan with an open kitchen and formal dining. Full size RV gate with room for RV parking. Split floorplan with 3 bedrooms on one side and a huge master bedroom retreat with a fabulous master bath, extra large walk in closet and lots of light. Enjoy the extended patio overlooking the pebble tech pool and the BBQ area with outdoor fire place, plenty of room for dining and still room for a grassy play area! Over $100k in upgrades including a full kitchen remodel. Easy access to everything makes this a home you will not want to miss!

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21031 N 60th Terrace Phoenix, AZ 85054

$999,990

3 Beds

2 Baths

2,182 SqFt

Status Active

MLS # 6720790

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. Ready for move-in by Fall 2024, this Barletta plan offers an open floor concept with an extended rear section. The chef's kitchen features a luxury package, including quartz countertops, gas appliances, a waterfall edge island, and café-style cabinets and countertops. Enjoy the elegance of glass doors on the stacked cabinets and a glass low-threshold walk-in shower in the owner's bath. The home includes three bedrooms, two bathrooms, and two dens. The spacious lot provides ample room for a pool.

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