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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5501 W Whispering Wind Drive Glendale, AZ 85310

$999,000
5 Beds
3 Baths
3,764 SqFt
Status Active
MLS # 6704030
Property Type Single Family Residence
Price Type --
An incredible opportunity to own a premium corner lot over 30,000 sqft with no HOA! This home features an open floor plan, cathedral ceilings, huge kitchen island, pool and spa, covered patio, built-in barbecue, a sprawling backyard, extended driveway, and so much more. The owner's suite is located on the first floor and features a walk-in closet, direct outdoor access, and a spacious en-suite bath. Also located on the first floor is a second bedroom, guest bath, and laundry room. On the second floor you'll find a spacious loft, an additional three bedrooms, guest bathroom, and a large den including a balcony with gorgeous views of Thunderbird Park perfect for an additional family room or play room. This home also includes a three car garage and the unique feature of a second kitchen within the garage which is fully tiled and has a sink, built-in cabinets, hook up for gas or electric stove, and plenty of space for additional fridge/freezers. Make time to come and see the endless possibilities for this gorgeous home today!

1320 W Christie Lyn Lane San Tan Valley, AZ 85144

$999,000
4 Beds
2 Baths
2,325 SqFt
Status Active
MLS # 6645128
Property Type Single Family Residence
Price Type --
Located in the ever growing area of QUEEN CREEK, this BEAUTIFUL 2325 sq ft 4 bed, 2 bath CUSTOM home features a GORGEOUS CRYSTAL BLUE POOL and Desert Landscape with STUNNING MOUNTAIN VIEWS on over an acre of land with breathtaking sunsets, perfect for entertaining. Home features open concept floor plan, kitchen island and dining area, Master suite with a walk in closet with a separate shower and tub in the master bath. Near restaurants, shopping, and amenities. NO HOA! Automatic gate entry for both front and rear gate. House has 50 amp RV hookup along with a vented sewage hookup.

9503 W Jj Ranch Road Peoria, AZ 85383

$999,000
4 Beds
2.5 Baths
3,097 SqFt
Status Active
MLS # 6753437
Property Type Single Family Residence
Price Type --
Welcome to your beautiful, modern, ''like new'' single-level home in Cantilena. It's a perfectly laid out, 4 bedroom, plus den, 2.5 bath home with a split floor-plan and upgrades around every corner. Enter through the cozy front courtyard into the spacious great room where the whole family can gather. The gourmet chefs kitchen offers a massive island for entertaining with quartz countertops, designer tile, high end GE Monogram SS appliances, gas cooktop, upgraded and extended cabinetry with custom drawers, and a walk in pantry. Just off the kitchen is the dining and living space along with a custom built-in modern bar. The grey neutral tile throughout the main living spaces, and the neutral carpet and paint in the bedrooms makes this home truly move-in ready. The 2 large sliding glass doors open up to the peaceful resort style backyard with no neighbor behind! The sparkling pool has a grotto with a waterfall feature, and therapy jets! Low maintenance turf, multiple seating areas, and a large side yard for bocce ball or cornhole. The 3-car tandem garage is set up perfectly as an additional entertaining space but can be used for storing all your toys to take up the road to Lake Pleasant. There's even more room behind the gate on the side yard if you need it! The community features multiple parks and grassy areas for kids to play, and has easy access to top schools, freeways, shopping and dining. Don't miss out on this amazing home!

1782 N Edgewood Street Flagstaff, AZ 86004

$999,000
4 Beds
3 Baths
2,870 SqFt
Status Active
MLS # 6710256
Property Type Single Family Residence
Price Type --
Beautiful 4 Bedroom, 3 full Bath home situated on an oversized lot in the highly desirable Continental Country Club Community. This Great Room floor plan boasts windows galore allowing lots of natural light to flow in as well as views of the lovely trees. The vaulted ceilings are a bonus! A preferred split plan provides the owners and their guests/family space and privacy. The Primary Bedroom and two Baths can be found on the main level while there are 3 Bedrooms, 1 Bath, and a Living Room down. There are two fabulous wood burning fireplaces for those chilly nights - 1 up and 1 down. The open Kitchen features gorgeous granite counters, a gas stove, stainless steel/black appliances, tiled backsplash, and a large island with a Breakfast Bar. Perfect for entertaining or mingling with family! This Beauty has been remodeled just right! The spacious Primary Bedroom Suite has been reconfigured to create a stunning Bathroom that features a separate tub & tiled shower, 2 sinks w/ plenty of cabinets, a dedicated vanity, French doors to the deck and a sizable closet. The 2 Guest Baths have been upgraded to picture perfect. The Hardwood Floors throughout are impressive! A Sun Room is your Bonus Room, bringing the outdoors in. The amazing Backyard is the highlight of this home! Enjoy the stunning scenery of the Ponderosa pines and the elk grazing. Nature abounds. Lots of peace and privacy here! BBQ with Friends/Family or just lounge on the newer trex deck. Community amenities include; pools, spa, snack bar, restaurant, fitness center, tennis, pickle ball, golf, media room, and more! Must see! Put this home at the top of your list! 10+

1312 W Berridge Lane Phoenix, AZ 85013

$999,000 - 4Br/4Ba -  for Sale in Del Montes Estates, Phoenix
Open House
$999,000
4 Beds
4 Baths
3,672 SqFt
Status Active
MLS # 6740400
Property Type Single Family Residence
Price Type --
***LARGEST LOT & HOME COMBINATION AVAILABLE UNDER $1M in Central Phoenix!***Beautifully updated home on a massive lot in right in the heart of central Phoenix with an entire separate guest house! An absolute prime location! Trendy restaurants in every direction! Minutes to the stadiums for sporting events! The main home has beautiful finishes throughout! Beautiful white quartz countertops with a modern black backsplash! Bathrooms are also appointed with beautiful modern finishes as well!! Opportunity to add some color & flare to personalize this beautiful home to make it a great primary residence or to make just an absolutely stellar Investment Property! Furniture can also be sold separately, come see us today! Whoever adds a pickleball court to this property will win big!

25803 N 8th Avenue Phoenix, AZ 85085

$998,900
4 Beds
3 Baths
3,030 SqFt
Status Active
MLS # 6654964
Property Type Single Family Residence
Price Type --
Price drop!!!! Motivated Seller offering 2% concessions with full price offer.This Exquisite Phoenix Home with Masterful Upgrades and Horse Property Potential!Welcome to this remarkable 4-bedroom, 3-bathroom home nestled on a sprawling 1-acre lot with endless possibilities. As you step inside, you'll be greeted by the impressive upgrades that make this property stand out.Stunning Master: The master bathroom has been thoughtfully remodeled, featuring a stunning and spacious shower that exudes luxury and modernity.Instant Hot Water: Enjoy the convenience of a tankless hot water heater with a recirculating pump, ensuring you have instant hot water at your fingertips, saving you time and energy. Fresh HVAC Unit: April 2023, a brand-new east wing A/C-Heat pump unit was installed. Outdoor Oasis: The property boasts professionally landscaped grounds with pavers and an irrigation system utilizing PVC for durability. You'll appreciate the hands-free fertilizing system and strategically placed lighting that enhances the property's beauty both day and night. No HOA: Embrace the freedom of no HOA restrictions, allowing you to tailor this property to your heart's desire. Generous Space: With 4 bedrooms and 3 bathrooms, there's room for everyone to enjoy their own space and privacy and don't forget the 10 foot ceilings and solid core doors. Horse Enthusiast's Dream: If you've ever dreamed of having horses or simply desire ample outdoor space, this property is your canvas to create your equestrian paradise. 4-Car Garage: Car enthusiasts and hobbyists will adore the oversized 4-car garage, providing ample space for all your vehicles and projects. Gourmet Kitchen: The oversized kitchen is a chef's delight, offering plenty of room for culinary creations and entertaining. This exceptional property offers a rare combination of modern comforts, outdoor potential, and a prime location in Phoenix. Don't miss this unique opportunity to make it your own.

4651 N Justin Drive Prescott Valley, AZ 86314

$998,663
3 Beds
3 Baths
2,501 SqFt
Status Active
MLS # 6710716
Property Type Single Family Residence
Price Type --
Another gorgeous Capstone Home in Jasper on an oversized lot with incredible views. This single level Farmhouse is complete and MOVE-IN-READY with washer, dryer, refrigerator and backyard landscaping. This home features 10' ceilings throughout, 8' solid core doors, hardwood flooring in living room, den, kitchen, dining, and butlers pantry; luxury grade berber carpet in bedrooms, 12'' by 24'' tile in baths, quartz countertops, and a freestanding tub in primary suite.

13426 N 60th Street Scottsdale, AZ 85254

$998,500 - 3Br/2Ba -  for Sale in Shea North Estates No. 4, Scottsdale
New
$998,500
3 Beds
2 Baths
2,002 SqFt
Status Active Under Contract
MLS # 6760846
Property Type Single Family Residence
Price Type --
Discover your dream oasis in this newly renovated 3/2 w/ office family home on a half-acre lot in this highly sought after 8525 neighborhood. NO HOA. Kitchen and bathrooms recently remodeled featuring granite and quartz countertops. Natural wood looking porcelain tile throughout, adding a touch of sophistication to every room. A cozy fireplace enhances the home's warm and inviting atmosphere. Oversized primary suite with French doors to the backyard oasis. 2 car garage w/ storage and an additional 3 car-garage or workshop area. Upgraded 5 ton AC added in 2019, new spray foam roof, new water heater, all newer pool equipment with resurfaced kool-decking and landscaping irrigation. The true showstopper is the resort-style backyard, featuring a sparkling pool with lush landscaping and matur mature shade trees. Includes artificial turf which adds the feel of grass without the maintenance. A large extended covered paver patio with a built-in BBQ and large seating area around a inviting fire pit creates the ultimate entertaining space for gatherings with family and friends! Enclosed side yard with RV gate for your boat/RV. Close to amazing shopping, restaurants, schools and freeways - yet the feeling of being away from it all!

10222 E Southwind Lane Unit 1043 Scottsdale, AZ 85262

$998,500
3 Beds
3 Baths
3,017 SqFt
Status Active
MLS # 6666242
Property Type Townhouse
Price Type --
Show stopping views! Discover the charm of an exquisite townhome nestled within the prestigious gated community of Golf Villas. This elegant residence welcomes you with a delightful courtyard, setting the tone for luxurious comfort. Discover rich wood floors that pave the way to a cozy space, perfectly tailored to host your cherished piano or dining table. Large living area is a haven of relaxation, featuring a warm fireplace and tastefully designed wall niches that add character to the space. The kitchen, a true culinary delight, boasts abundant cabinetry, sleek granite counters, high-quality stainless steel appliances, including convenient wall ovens, and a breakfast bar. Spacious main bedroom is a serene retreat, offering direct access to a sun-kissed balcony. Its ensuite is complete with dual sinks, a jetted tub, and a generous walk-in closet. Descend to the finished basement, where built-in cabinets and a walk-out feature enhance the living space. For added convenience, a private elevator provides effortless access to all three levels of this luxurious townhome. Step outside to immerse yourself in breathtaking views of mountains and the lush golf course from your balcony or the patio. The backyard is an oasis of leisure, featuring a built-in BBQ and a cozy seating area. The community amenities, including a pool and spa, elevate the living experience in Golf Villas. This townhome is not just a residence; it's a lifestyle offering, complete with every comfort and luxury you could desire. It's more than a home; it's a gem waiting to be discovered.

4680 S Robins Way Chandler, AZ 85249

$998,000
5 Beds
4 Baths
4,812 SqFt
Status Active
MLS # 6693223
Property Type Single Family Residence
Price Type --
*3X Best Home on Tour* Welcome to this stunning mini-mansion nestled in the desirable community of McQueen Lakes in Chandler. This spacious residence spans an impressive 4,812 square feet, offering room for everything and everyone. As you approach, the inviting ambiance of the neighborhood is evident with lush green grass, flower beds, and picturesque entryway. The centerpiece of the community is the tranquil man-made lake, winding through the neighborhood and providing a serene backdrop to everyday living. Step inside and discover a wealth of amenities designed for luxurious living. Entertainment options abound with a dedicated theater and theater lounge, perfect for movie nights with family and friends. Stay active in the convenient workout room, challenge guests to a game in the billiards room. A loft/flex space offers versatility for your lifestyle needs, while a dedicated office provides a quiet retreat for work or study. The home features four bedrooms and four bathrooms, including a spacious owner's suite and bath for ultimate comfort and privacy. The generous great room flows seamlessly into an open-concept kitchen, complete with a gas cooktop and ample space for culinary creations. Outside, the resort-style oasis awaits with a heated pool and spa, ideal for year-round enjoyment. The easy-maintenance front and rear yards ensure you spend more time relaxing and less time on upkeep. Benefit from the top-rated Chandler School District and proximity to two BASIS campuses, ensuring quality education for your family. Additionally, major employers such as Intel, Orbital ATK, and PayPal/eBay are just a short drive away, providing convenience for your daily commute. Don't miss this opportunity to own a piece of luxury living in McQueen Lakes. Schedule your private tour today and experience the epitome of Chandler living.

9674 E Cinnabar Avenue Scottsdale, AZ 85258

$998,000
3 Beds
2 Baths
2,375 SqFt
Status Active
MLS # 6715219
Property Type Single Family Residence
Price Type --
RARE OPPORTUNITY TO OWN ONE OF THE BEST FLOOR PLANS BUILT BY ONE OF THE BEST BUILDERS IN ONE OF THE BEST NEIGHBORHOODS ON SCOTTSDALE RANCH. FIRST TIME AVAILABLE IN 4 DECADES. UPDATED AND MOVE-IN READY WITH NEW INTERIOR PAINT, NEW KARASTAN CARPETING, AND NEW WATER HEATER. STRATEGICALLY PRICED TO ALLOW PERSONAL CHANGES OR IMPROVEMENTS WHICH WOULD ADD EVEN GREATER VALUE. THIS BEAUTIFUL HOME IS WITHOUT STEPS EXCEPT FOR THE SUNKEN LIVING ROOM. THE NEUTRAL COLOR SCHEME WILL COMPLIMENT YOUR BELONGINGS. SAFE AND SECURE NEIGHBORHOOD WITH THE LOCK AND LEAVE BENEFIT OF 6 SECURITY SCREEN DOORS. LARGE MASTER SUITE WITH SITTING ROOM AND WALK-IN CLOSET. EATING AREA IN KITCHEN PLUS FORMAL DINING ROOM. GOOD KARMA HERE-METICULOUSLY MAINTAINED BY ORIGINAL OWNER. IT CAN ALL BE YOURS.DON'T DELAY OR MISS OUT.

2128 E Leo Place Chandler, AZ 85249

$998,000
5 Beds
3.5 Baths
4,637 SqFt
Status Active
MLS # 6760499
Property Type Single Family Residence
Price Type --
I LOVE THE SPACE & FUNCTION AND UP TO $10K CONCESSION TOO!! Gated Entry & Tree Canopied Park Welcome you home to your 4600+ sqft ~5+ bedroom in SE Chandler~This recently updated home has generously sized gathering spaces as well as All Oversized bedrooms~Amazing backyard~Stylish Pool & Outdoor Kitchen~Mature & fruit trees~Lots of Parking & Play Space~Loads of Windows~Natural Light pouring in~Renovated Floorplan~New Kitchen including Quartz Countertops~Fixtures~Lighting~Big Island w/ seating for 6~Range Hood, Refinished cabinets & more~Downstairs guest bedroom w/ own full bath could easily be converted to attached Casita w/ modification of Slider to backyard~Upstairs there's a 18' x 19' Bonus Room/Bed 6~3 more Beds~Hall Bath~Great Primary & Bath w/ WOW closet~ CHOICE A+ CHANDLER SCHOOLS and more. Escape to the backyard paradise that comes with a covered patio, a pergola, a built-in BBQ, an artificial turf, and a refreshing pool! Mature trees shade the space to the north of the backyard and the front on the southside. Multiple fruit trees, and variety of cactus compliment the over 9000 square foot property. Rectangular shaped pool is perfect for lounging, swimming laps, volleyball, or just play. Pentair, top of the line pool equiptment control the pool and water features with variable speed pool pumps~Private streets and curbless driveways make it easy to ride bikes and sport car friendly. I do not think you will find another home wiht this much living space inside and still having such spacious and funcional bedrooms around. Barrington neighbors Circle G Ranch to the East and Tierra Linda to the North and Marathon Ranch to the South. Come and experience its charm and sophistication for yourself!

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