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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8045 W Belmont Avenue Glendale, AZ 85303

$999,900

4 Beds

5 Baths

4,290 SqFt

Status Active Under Contract

MLS # 6735348

Property Type Single Family Residence

Price Type --

Welcome to this luxurious home in the coveted gated community of Topaz. This exquisite residence features 4 bedrooms, an office, and 4.5 bathrooms, all complemented by a stunning dream backyard. As you approach the home, you're greeted by a breathtaking entryway with a gorgeous iron front door. The great room impresses with its spacious layout, vaulted ceilings, and a cozy wood fireplace. Surround sound enhances the ambiance, while the center sliding glass doors open up to the enchanting backyard. The kitchen is a chef's delight, boasting granite countertops, stainless steel built-in appliances, a gas cooktop, an island, and a peninsula breakfast bar. A stylish wet bar area includes a beverage refrigerator and glass showcase cabinets. The primary suite is a serene retreat featuring trey ceilings and a charming fireplace. The luxurious ensuite bathroom offers a door to the backyard, a walk-in shower with three shower heads, a soaking tub, dual vanities, and a walk-in closet. Each of the additional bedrooms comes with its own ensuite bathroom and walk-in closet. The efficient laundry room is equipped with a sink, upper and lower cabinets, and space for an extra refrigerator. Outside, the meticulously designed backyard awaits. Unwind by the unique water fountain that cascades over a wood fireplace or gather around the serene firepit with a built-in bar. The outdoor dining area features a high-top bar, a built-in grill, and a wet bar, while a private putting green offers a touch of leisure. The expansive covered patio with tall ceilings is perfect for relaxation. The 4-car garage includes built-in cabinets and an RV gate. Additional features include a patio TV, central vacuum system, and water softener. Do not miss out on this stunning home.

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17152 E Parlin Drive Fountain Hills, AZ 85268

$999,900

4 Beds

3 Baths

2,891 SqFt

Status Active

MLS # 6748367

Property Type Single Family Residence

Price Type --

This fantastic 4 bed, 3 bath + 3 car oversized garage w/built-in cabinets, and beautiful mountain views. This hillside gem boasts gorgeous curb appeal, Inside you'll find a spacious dining & living area w/vaulted ceilings, elegant light fixtures, and crisp palette throughout. Completely remodeled over $150K in updates a must see. Prepare delicious meals in the chef's kitchen, equipped w/ample cabinetry, a pantry, quartz counters, stylish backsplash, high-end appliances, a prep island, and a breakfast bar. The primary bedroom showcases a lovely bay window, walk-in closet, and a lavish ensuite w/dual sinks. Downstairs guest quarters also include their very own kitchen & living space! A huge balcony with amazing mountain views great for entertaining. This home is a dream come true!

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1557 E Flower Street Gilbert, AZ 85298

Open House

$999,900

4 Beds

3.5 Baths

2,975 SqFt

Status Active

MLS # 6742440

Property Type Single Family Residence

Price Type --

PRICED TO SELL! Explore this stunning 2021-built gem in Hamstra Dairy, boasting 4 bedrooms, 3.5 baths, and a 3-car garage with a paved driveway. Experience inviting features such as wood-look flooring, plantation shutters, and a bright great room. Chic kitchen is equipped with stainless steel appliances, wall ovens, white cabinets, recessed lighting, tile backsplash, quartz counters, a pantry, and a center island with a breakfast bar. Unwind in the spacious main bedroom featuring a sleek ensuite with dual sinks, a step-in shower, and a walk-in closet. It also includes a versatile den, ideal for an office, and a bonus room suitable for media. The large backyard offers a covered patio with ample pool or outdoor fun space. Enjoy community amenities. Don't miss out on this exquisite home!

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6499 E Night Glow Circle Scottsdale, AZ 85266

Open House

$999,900

2 Beds

2 Baths

1,974 SqFt

Status Active

MLS # 6723772

Property Type Single Family Residence

Price Type --

Beautiful home well maintained by original owners. Open and large floor plan with the right amount of gathering areas. Enjoy the front courtyard in the cooler months out front with mountain views. Enjoy the private Heated Pool and Spa all year round! Lovely covered patio with built in BBQ. Large eat in Kitchen open to Family Room with a gas fire place. Separate den/office. Terravita is a life style to enjoy! Private Golf Club Membership available, dining, pickle ball, tennis courts walking and biking paths through out neighborhood. This home is the beginning of a whole new life style.

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15410 W Encantada Drive Surprise, AZ 85374

$999,800

3 Beds

3 Baths

2,779 SqFt

Status Active

MLS # 6694519

Property Type Single Family Residence

Price Type --

LUXURY GOLF COURSE LIVING AT ITS FINEST! STUNNING GOLF COURSE VIEWS & LAKE VIEWS! Welcome to this breathtakingly beautiful Mesquite floor plan, perfectly situated on a prime lot in the coveted Active Adult community of Sun City, ''The Grand''. This rare gem boasts: EXQUISITE CURB APPEAL GRAND ENTRY with impressive front stone facade and foyer LUSH LANDSCAPING framing the stunning golf course and lake views RESORT-STYLE BACKYARD OASIS HEATED POOL for year-round relaxation BBQ and FIREPIT for alfresco entertaining COVERED PATIOS perfect for taking in the views GOURMET KITCHEN UNIQUE LEATHERED STONE COUNTERTOPS and island seating DOUBLE OVENS and PULL-OUT SHELVING for effortless cooking EAT-IN NOOK with breathtaking golf and lake views OPEN CONCEPT LIVING

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8444 E Bonita Drive Scottsdale, AZ 85250

$999,800

4 Beds

2 Baths

2,605 SqFt

Status Active

MLS # 6644605

Property Type Single Family Residence

Price Type --

Can't find like this in the area. Absolutely stunning and one of a kind fully renovated home from top to bottom. New kitchen, new bathrooms, new floor, baseboard, roof, stucco, doors and windows, new plumbing and wiring, new landscape and more to find. 3 bedroom 2 bath, 2 car garage with custom remodel job done to it like you can't find anywhere else. Over sized master bedroom and master closet with gigantic master bath with jet tub and double shower system.

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2602 N 66th Street Scottsdale, AZ 85257

$999,500

4 Beds

3 Baths

2,191 SqFt

Status Active Under Contract

MLS # 6741084

Property Type Single Family Residence

Price Type --

Rare opportunity to purchase this completely remodeled home with luxurious finishes inside and out and has leases in place through March 31, 2025. Home was completely remodeled in 2022 with licensed contractors. Enjoy breathtaking views of Camelback and Papago mountains from this spacious 4 bedroom home with 2 master suites. Convenient Scottsdale location minutes from Old Town Scottsdale, Arizona Country Club, ASU, Sky Harbor Airport and easy access to Hwy 202 & Hwy 101. Home does not have any HOA fees and can be used as a short-term rental.

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4431 N 28th Street Phoenix, AZ 85016

$999,500

3 Beds

2 Baths

2,048 SqFt

Status Active

MLS # 6759840

Property Type Single Family Residence

Price Type --

No HOA! Biltmore financial district! Top rated private schools! Phoenix international airport 10 min drive! Completely updated with modern finishes! Newer HVAC! Entertainers backyard! Oasis front yard! Five minute walk to shopping and dining! The first thing you notice as you drive onto the property is the beautiful lush trees/shrubs and arbor pergolas which offers tons of shade and privacy. There's plenty of parking offered for guests or even an RV with the extended concrete driveway. You'll also notice the beautiful Koi pond with rock waterfall feature as you approach the front door. As you step inside the home, you will notice the open space concept, and wall to wall wood-like ceramic tile. As you step into the kitchen, you will find all new modern matching appliances Gray shaker cabinets, with clean, updated white quartz countertops. As you walked down the hall into the guest bathroom, you will see walk-in showers with updated finishes throughout. Then head to the primary bedroom with a 3/4 bath updated walk-in shower and dual sink. Spend some time in the backyard and experience the entertainer's vibe with private heated pool, built-in barbecue and beverage refrigerator as well as a travertine patio with tons of shade from mature trees. The owners also recently added artificial turf for low maintenance and a great look. Come take a look today before it's gone!

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3336 E Earll Drive Phoenix, AZ 85018

$999,300

4 Beds

3 Baths

2,500 SqFt

Status Active

MLS # 6754375

Property Type Single Family Residence

Price Type --

Appraised on 2/14/24 for $1,204,429 Fully remodeled designer oversized property with 2 master bedrooms. Split floor plan, 4 bed 3 bath 2 car garage. Gorgeous property to live in. Over $200k in upgrades from floor to the ceiling was all done.

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4479 N Ashbury Court Apache Junction, AZ 85119

$999,000

5 Beds

4 Baths

3,525 SqFt

Status Active

MLS # 6753648

Property Type Single Family Residence

Price Type --

BRAND NEW Construction w/ Custom-Quality Upgrades & a WALK DECK!! This beautiful Modern Farmhouse is located on 1 ACRE of Horse Property w/ GUEST LIVING QUARTERS. Gourmet Kitchen w/ high-end Cabinets w/ 42'' uppers, White Quartz Countertops, Built-in Stainless-Steel Microwave Drawer, WOLF GAS Oven/Cooktop, STEAM OVEN & Wood Plank Tile Floors. Stunning Master Bathroom w/ Freestanding Soaking Tub, BEACH ENTRY Glass Shower & Double Vanities. Exceptional Energy Efficient - boasting Spray Foam Insulation, Premium Trane AC units & High-end Windows. Superior Construction & Craftmanship includes Premium Roofing System, Premium Synthetic Stucco & much more! $5,000 to Buyer at Close of Escrow which shall be used towards Buyer installing a water filtration system. MOVE IN ready in Dec/Jan.

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397xx N 3rd Street Phoenix, AZ 85086

$999,000

4 Beds

3 Baths

3,500 SqFt

Status Active

MLS # 6643098

Property Type Single Family Residence

Price Type --

CUSTOM HOME TO BE BUILT, PURCHASE EARLY AND YOU CAN DECIDE THE COLORS AND SPECIAL FEATURES TO MAKE IT YOUR HOME. BUILDER HAS BUILT HOMES IN THE AREA AND OWNS THIS LOT. ENJOY THE BEAUTIFUL SUNSETS FROM YOUR BEAUTIFUL HOME. RV GARAGE CAN BE ADDED. HOME PRICING INCLUDES STAINLESS STEEL APPLIANCES, WHITE CABINETS, QUARTZ COUNTERTOPS,TILE WALK IN SHOWERS, 8 FI DOORS, 12 FOOT CEILINGS AND A FIREPLACE AND A TANKLESS WATER HEATER. AGENT IS RELATED TO SELLER

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4112 W Paradise Lane Phoenix, AZ 85053

$999,000

5 Beds

3.5 Baths

2,918 SqFt

Status Active

MLS # 6733379

Property Type Single Family Residence

Price Type --

Gorgeous single story property, features , 5 total Bedrooms and 3.5 Baths on a half acre lot with NO HOA on a corner lot, has beautiful curb appeal. Complete Studio for extra income or as a mother in-law suite with private entrance and parking, 3 car garage, beautiful flooring throughout,tall ceilings with plenty of natural light, ,plantation shutters, french door to patio , crown moldings, wood fireplace, formal dining room with decorative columns, granite counters, travertine splash, wine cooler huge kitchen island with breakfast bar, gazebo/Pergola with built in BBQ, 3 point access to the back yard, RV parking, both A/C units were replaced in 2023, pool filter replaced in 2022, MUST SEE TO APPRECIATE ! Great location, near I17 and 101, Banner Thunderbird Hosp, ASU West,Shopping mall

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