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.

What’s Your Home Worth?

Search for Your New Home

45409 N 22nd Street New River, AZ 85087

$999,990 - 5Br/4Ba -  for Sale in S2 Sw4 Ne4 Ne4 Ex W 30f R, New River
New
$999,990
5 Beds
4 Baths
3,821 SqFt
Status Active
MLS # 6762554
Property Type Single Family Residence
Price Type --
Imagine living on a stunning 2.5-acre horse property with NO HOA and PAID OFF SOLAR. This estate includes a beautiful 1 bed, 1 bath guest house, perfect for visitors or multi-generational living. Step inside the main home to find tile floors, a neutral palette, and a formal dining area that opens to a spacious living room. A two-way fireplace adds warmth and charm, flowing into a large great room. The chef's kitchen features stainless steel appliances, double wall ovens, granite counters, ample cabinetry, a walk-in pantry, and a center island with a breakfast bar. The main suite is a luxurious retreat with a sitting area, backyard access, and a spa-like bathroom, complete with dual sinks, a makeup vanity, a soaking tub, and a large walk-in closet... A versatile den offers the ideal home office space, along with two guest bedrooms, each featuring full ensuites for ultimate privacy. Outside, the expansive backyard is an entertainer's dream, featuring a covered patio with misters, a Ramada, gazebo, built-in BBQ, firepit, and a shed. With plenty of space for horses, this property truly offers it all. Don't miss out on this exceptional opportunity!

1010 E Indianola Avenue Phoenix, AZ 85014

$999,990
5 Beds
3 Baths
2,925 SqFt
Status Active
MLS # 6752386
Property Type Single Family Residence
Price Type --
Welcome to this stunning new build features 5 bedrooms, 3 baths, and an open-concept design. The Kitchen boasts a French door refrigerator, 5-burner gas range, a wall-mounted double oven, perfect for culinary enthusiasts and large walkin pantry. The spacious living room includes an electric fireplace, open to the dining room and kitchen with an oversized rear sliding door and large window offering much natural light. Nice backyard with built-in BBQ island. The first floor also features a guest bedroom and mudroom. The second floor boasts a primary suite that offers a luxurious bathroom with standalone tub, dual showerheads, and walk-in closet. Second floor laundry, huge family room, three other bedrooms one with a balcony. With ample parking and a prime location, this home is a must-see!

1010 E Pierson Street Phoenix, AZ 85014

$999,990
4 Beds
3 Baths
2,611 SqFt
Status Active
MLS # 6719995
Property Type Single Family Residence
Price Type --
Welcome to your dream home nestled in the heart of Phoenix, AZ. This stunning property offers a perfect blend of modern luxury and timeless charm, ideal for those seeking comfort, style, and convenience. Close to top-rated schools, trendy restaurants, boutique shops, and vibrant entertainment options. The open floor plan seamlessly connects the living, dining, and kitchen areas, perfect for entertaining. The chef-inspired kitchen features high-end stainless steel appliances, granite countertops, custom cabinetry, and a large island with seating. Relax and unwind in the master bedroom, complete with a walk-in closet & spa-like ensuite bathroom featuring a soaking tub, dual vanities, and a separate shower. This home is a rare find, offering the perfect blend of luxury, comfort and location.

1937 W Burnside Trail Phoenix, AZ 85085

$999,990
4 Beds
3.5 Baths
2,813 SqFt
Status Active
MLS # 6733602
Property Type Single Family Residence
Price Type --
Why wait to build when you can have this 2023 newly constructed home with a fully designed backyard featuring a resort-style pool! Offering an open-concept living space perfect for entertaining. A guest bedroom on the main floor provides privacy for visitors. Gourmet kitchen features stainless steel appliances, a large center island, quartz countertops, with plenty of cabinet space. Located off the kitchen is a dedicated desk space, ideal for remote work. Nicely appointed dining area with large windows showcasing the backyard oasis and covered patio overlooking the pool, ideal for entertaining. Upstairs, the primary suite includes a soaking tub, walk-in shower, dual vanities, and a spacious walk-in closet. Cozy upstairs loft offers a private retreat, perfect for teens or movie nights. Don't forget about the cozy den, ideal for an office or lounge area. Finally, the expansive backyard includes a covered patio, built-in BBQ, a fire pit, artificial turf, and a sparling blue pool perfect for the warm summer days! What are you waiting for? Act now!

4437 N Granite Reef Road Scottsdale, AZ 85251

$999,990 - 4Br/3Ba -  for Sale in Trail East, Scottsdale
Open House
$999,990
4 Beds
3 Baths
2,213 SqFt
Status Active
MLS # 6736855
Property Type Single Family Residence
Price Type --
Move-in ready is this COMPLETLY renovated and permitted 4 bed, 3 bath home! Prime location in southeast Scottsdale location with NO HOA!! The cozy private courtyard in the front brings you into this spacious floor plan. Brand new tile flooring all throughout the home for easy care and maintenance. Just to the left of the foyer is your formal dining area niche. An open and inviting great room area awaits you with 12 ft wide accordion pocket doors that open all the way for that indoor/outdoor living. Kitchen area just off to the right that's been completely redesigned to maximize the efficiency of space. Large kitchen island with plenty of prep space and eat-up bar seating. All stainless-steel appliances including a 6-burner gas range. Both a pantry and a walk-in pantry. Walk down the hall where there are three guest bedrooms and a full bathroom. Master bedroom with ensuite bath that has a dual sink vanity and walk-in seamless shower, and a walk-in closet with built-ins. A full-size laundry area with extra storage space and guest bathroom on the other side of the home with an exit out to the pool area. Plenty of covered patio space, and extended patio area surrounding your refreshing pool area. New pool cleaning system installed as well as the pool and deck areas have been completely resurfaced. Desert landscaping in both the front and back yards for easy year-around maintenance. Perfect neighborhood location with just a short drive to either Camelback Fashion Square or Old Town Scottsdale to the west, or hop on the Loop 101 to the east, giving you easy access to all of the finest restaurants, shopping Scottdale has to offer, or commuting to wherever you need to go.

3058 W Sousa Court Anthem, AZ 85086

$999,980 - 4Br/4Ba -  for Sale in Anthem Unit 11 Replat, Anthem
Open House
$999,980
4 Beds
3.5 Baths
3,444 SqFt
Status Active
MLS # 6748099
Property Type Single Family Residence
Price Type --
Welcome to Your Dream Home! Nestled in the highly coveted Enchantment neighborhood within Anthem, where every home is a single-story retreat on expansive lots, this stunning single-level residence offers the epitome of luxurious living. Boasting four generously sized bedrooms and a versatile office/den that easily transforms into a fifth bedroom, this home provides space and flexibility to suit any lifestyle. With three full bathrooms, a convenient powder room, and a host of top-tier features, this property redefines comfort and style. The heart of the home is undoubtedly the completely remodeled kitchen—a chef's dream come true. No detail has been overlooked in this culinary haven, from the gleaming new granite countertops to the state-of-the-art appliances. Imagine preparing gourmet meals on a gas stove with a custom copper vent, or baking your favorite dishes in the double electric oven, which easily converts into a full-sized oven. Additional thoughtful touches include a pull-out mixing station, a pull-out microwave and a striking backsplash that ties everything together in perfect harmony. Beyond the kitchen, this home continues to impress with its meticulous upgrades. A Brand-New Roof, Newer AC Units, and Newer Windows ensure comfort and peace of mind for years to come. Step outside to the redesigned and updated backyard, where a new pergola provides the perfect spot for outdoor dining. Your new outdoor kitchen caters to your alfresco entertaining needs, and a putting green offers endless fun for all. The sparkling pool invites you to cool off on warm days, while the spa beckons you to unwind under the stars, letting the day's stress simply melt away. This home is not just a place to live - it's a lifestyle. Don't miss your chance to experience the best of Anthem living in the Enchantment Neighborhood. Plan your private tour today and step into the home of your dreams! See Documents Section for Complete List of Updates.

3265 S Coffeeberry Court Gold Canyon, AZ 85118

$999,950 - 3Br/3Ba -  for Sale in Club Villas At Superstition Foothills, Gold Canyon
Open House
$999,950
3 Beds
3 Baths
2,615 SqFt
Status Active
MLS # 6199176
Property Type Single Family Residence
Price Type --
$100,000 GOLF INITIATION FEE INCLUDED WITH SALE - Step inside and prepare to be enchanted by the elegance and beauty that awaits you in this newly built Bellago home located in the prestige guard gated Superstition Mountain Community. As you enter this luxurious home, your eyes will be drawn to the stunning engineered hardwood floors that flow seamlessly throughout the main living areas. The vaulted ceilings with hollow core beams in the great room create a sense of grandeur, while the cozy fireplace invites you to gather with loved ones on those cool Arizona evenings. The chef in your family will be delighted by the gourmet kitchen, complete with marble countertops, Mediterranean soft close cabinets, and a Jennair luxurious refrigerator. The toe kick LED lightstrips and under cabinet LED light strips add a touch of sophistication. Step outside onto the expansive patio and imagine hosting unforgettable gatherings with friends and family. The gas drop for the BBQ makes outdoor cooking a breeze, while the back yard landscaping with synthetic grass ensures a lush and low maintenance oasis. Relax and unwind on the two travertine patios, perfect for enjoying the stunning mountain views or sipping your morning coffee. Retreat to the luxurious master suite, where you'll find marble tile floors, a marble master grand shower, and a stunning freestanding tub. Pamper yourself in this spa-like bathroom, surrounded by opulent finishes and a soothing color palette. Now, let's talk about the lifestyle that awaits you in this exclusive community. As a resident of this prestigious neighborhood, you will have access to a world of leisure and recreation right at your fingertips. The $100,000 golf initiation fee is included in the sale, granting you access to not just one, but two championship-level golf courses designed by the legendary Nicklaus himself. Perfect your swing on these meticulously manicured fairways, surrounded by breathtaking views of the Superstition Mountains. Take a dip in the shimmering outdoor community pool or relax in the hot tub, both reserved exclusively for residents and their guests. Stay active and fit in the state-of-the-art fitness center or join in on the many exciting events and social gatherings planned throughout the year. When you're ready to indulge in some culinary delights, head to the private clubhouse restaurant or sophisticated cocktail lounge. Treat your taste buds to exquisite cuisine and enjoy the company of friends and neighbors in an elegant and refined setting. This Bellago home offers true luxury, privacy, and serenity in one of the most sought-after communities in Arizona. Don't miss your opportunity to experience the lifestyle you've always dreamed of.

19301 N Ponderosa Court Surprise, AZ 85387

$999,940
4 Beds
3 Baths
2,865 SqFt
Status Active
MLS # 6750699
Property Type Single Family Residence
Price Type --
Stunning HAMPTON expanded to 2863 SF with preferred ''C'' elevation. This home features a heated resort style pool and spa surrounded by a very large covered patio. The relaxing setting includes a firepit, built in grill with a counter and seating along with patio misting system and orange trees. Large kitchen with nook and island featuring upgraded cabinets with slideouts, water softener recently replaced, new oven, and kitchen shutters. Large great room for entertaining plus a separate dining room. A true four bedroom home as the library/den was upgraded as a builder option. Full 3 car garage with four feet extension. Epoxy garage floors, and new furnace/ AC 2018. Many additional features including prime location, security doors, water softener, central vac, gas cooktop, reverse osmosis, expanded guest bedroom and much more.

4338 S Leoma Lane Chandler, AZ 85249

$999,900
5 Beds
3.5 Baths
4,461 SqFt
Status Active
MLS # 6754394
Property Type Single Family Residence
Price Type --
This Chandler gem is an absolute standout! Nestled on over a quarter-acre in the highly sought-after Symphony II gated community, this home boasts a resort-style backyard that's perfect for entertaining. Enjoy your saltwater private pool, relax by the water feature, or cook up a feast on the built-in BBQ. The expansive covered patio is ideal for hosting gatherings. Inside, the home features soaring vaulted ceilings and elegant wood shutters throughout, adding a touch of grandeur and sophistication. Fresh paint and updated flooring enhance the modern appeal, while the large gourmet kitchen with stainless steel appliances is a dream for any chef. The open and airy floor plan is designed with families and social gatherings in mind. Within walking distance of Chandler's A+ rated schools. The dining room of this Chandler home features a striking authentic barn wood wall, adding a rustic yet refined touch to the space. This unique design element enhances the room's charm and character, creating a warm and inviting atmosphere perfect for family dinners and entertaining guests.

22927 N 41st Street Phoenix, AZ 85050

$999,900
4 Beds
2.5 Baths
3,208 SqFt
Status Active
MLS # 6760156
Property Type Single Family Residence
Price Type --
Wow This Desert Ridge Beauty is dressed to impress. With over $160,000 in recent updates and a premium lot backing to a neighborhood desert common area this home Dazzles. 2 New Ac's, Newer carpet that owners don't let pets on, Custom Modern Owner suite remodel with stand alone tub and quartzite countertops, floor to ceiling tile enclosure and Plank Tile flooring throughout most of home, custom accent walls, and much more. Gorgeous elegant yard with Premium Limestone Pavers, Built in BBQ and seating bar with stone accents, Recently updated pool with new pebble tech, new lighting throughout, newer garage door .....This one is special, Hurry!!!

357 W Haxtun Street San Tan Valley, AZ 85143

$999,900
5 Beds
4 Baths
3,200 SqFt
Status Active
MLS # 6708290
Property Type Single Family Residence
Price Type --
**Priced below appraisal value** Located within the peaceful and serene gated community of Whitewing at San Tan Magma. This property brings the perfect marriage between luxury and comfort. The exterior showcases a crisp clean modern Spanish exterior on just over an acre. Interior brings 5 Bedrooms and 4 Full Bathrooms; the main home is bright with expansive open concept. The Chef's kitchen has ample cabinetry, under cabinet lighting, granite countertops, large island for entertaining, custom lighting, high-end appliances & whole home water filtration system. The dining room and family room all flow seamlessly for family time or a gathering of friends. The Main Home also contains the large primary suite, with massive walk-in closet, soaking tub/separate shower and designer finishes. Additionally, 3 spacious secondary bedrooms and two full bathrooms round out this phenomenal floor plan. The home also has custom shutters throughout and a owned water softer system. One of the true GEMS of this property is the 1 Bedroom 1 Full Bathroom Guest House Attached to the main house. This home within a home has a kitchen with cooktop, full size fridge and more. Living room with sperate entrance and driveway, and even its very own private courtyard. You can also enter the Guest house through the Main house if you choose. Only way to top of the perfect home, is with an entertainers dream backyard, and Haxtun St delivers. From the sparkling pebble tech pool, water slide, in-ground trampoline and turf, outdoor kitchen with bar and ample seating. All that and still have plenty of space for an additional RV garage if wanted, bring all your toys! And the views of the San Tan Mountains are truly a masterpiece. Sunrises and sunsets that look like paintings. This is a must see.

14219 N 69th Drive Peoria, AZ 85381

$999,900
5 Beds
3 Baths
3,808 SqFt
Status Active
MLS # 6677609
Property Type Single Family Residence
Price Type --
Grab this rare gem before it's gone. 1.1 acre with flood irrigation, horse privileges, and no HOA. Tucked away in the quiet established community of Longhorn Ranch. Ample space for all of your toys with 6 car garage, gated RV parking and large circular drive. Beautiful custom front door adorns an open and spacious single story, 3,808 SF, 5 bedroom 3 bath home. An abundance of natural light, plantation shutters, solid maple hardwood floors and granite throughout. Huge backyard with diving pool. basketball/sport court, mature citrus trees and extended covered patio. Perfect for entertaining. Plenty of shopping, restaurants and freeways are just minutes away from this beautiful Peoria home. The sizeable primary bedroom is complete with direct backyard access, a romantic fireplace, and a lavish ensuite bathroom with dual sinks, a jetted tub, a raindrop shower, his/hers closet. Fall in love with the enchanting backyard, an outdoor paradise featuring a covered patio, a basketball court, an expansive lawn, and a refreshing pool with a diving board for cooling down on hot summer days. Make this gem yours today..

Leave a Reply

Your email address will not be published.