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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30056 N 132nd Drive Peoria, AZ 85383

$998,000

3 Beds

3.5 Baths

2,771 SqFt

Status Active

MLS # 6757012

Property Type Single Family Residence

Price Type --

Stunning Executive home RARE Vantage model on the Mita side of Trilogy. 3 bed, 3.5 Bath+ Office, OWNED UPGRADED Solar W/ backup battery, NEW WAVE POOL & Spa!! An Entertainers Dream w/soaring 12+ ceilings,Open concept floor plan, Culinary kitchen w/granite island, Built in stainless fridge/appliances, pantry, elegant glazed tile backsplash opens to Great Room, office/fitness room w/ double french doors! Master Suite W/ french door leads to spa! Relaxing Spa style bath, w/soaking tub & shower- double toilet rooms & 2 Walk in closets. Professional landscaped Backyard W/ spa & Wave Pool (2024) covered patio W/ motorized sun shades, Laundry room off master, 2 light bright bedrooms both w/ attached upgraded baths 3 car garage! This home is a MUST See! Additional features of this beautiful home include: Transom Windows, Large Open concept floor plan, Neutral Paint, Upgraded flooring, Upgraded Bathrooms with luxury Tile/accents, Large granite island with storage, Glazed upgraded custom subway tile backsplash, Cabinets galore with pull outs, walk in pantry, The flex space could be an amazing office/fitness room w/ double french doors that open directly to the outdoor spa and pool! Privacy wall with glass inserts flows nicely to Great Room! Large laundry room directly off Master Suite features sink, counters and cabinets galore! Professionally landscaped Backyard (2024) with NEW therapeutic spa (2024) spa & 17 ft. Wave Pool (2024) that features heating/cooling and swim laps or relax with a glass of wine! Amazing covered patio w/ motorized sun shades, fire pit and room for entertaining! 2 light bright bedrooms both w/ attached upgraded baths, spacious closets and are private. Spacious 3 car garage with Electric Car charger, and OWNED upgraded Solar with 14.3 KW battery back up This home is a MUST See! Trilogy is an amazing gated active adult community that features 2 clubhouses, Golf, Fitness centers, indoor and outdoor swimming, clubs, pickleball, tennis, bocce & so much more

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5545 E Helena Drive Scottsdale, AZ 85254

$998,000

5 Beds

3 Baths

2,933 SqFt

Status Active

MLS # 6739222

Property Type Single Family Residence

Price Type --

LOCATION, LOCATION, LOCATION! Discover your dream home with this stunning 5-bedroom, 3-bathroom property on a tranquil cul-de-sac! This gem welcomes you with a meticulously manicured front yard, NEWLY FRESH PAINT, UPDATED ROOF, UPDATED FLOORING, a spacious 3-car garage, and an extended driveway, offering ample parking and impressive curb appeal. Step inside to sizable living areas designed for seamless hosting and entertaining. The home radiates sophistication with its vaulted ceilings, soothing paint, plantation shutters, beautiful wood flooring, and plush carpeting. The formal dining room, graced by a luxurious chandelier, sets the stage for memorable dining experiences. Continue onto the chef's paradise, the kitchen, featuring an electric cooktop, granite counters, rich wood cabinetry, recessed lighting, a prep island, a pantry, and a breakfast nook with a charming bay window. Upstairs, the main suite provides a serene retreat with double door entry, soft carpeting, and a lavish ensuite complete with dual vanities, a jetted tub, a step-in glass shower, and a spacious walk-in closet. Enjoy alfresco dining under the covered patio in the serene backyard with artificial turf and a built-in BBQ with an oven. Experience the grandeur that awaits in this magnificent residence!

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4655 E Alma Lane Prescott Valley, AZ 86314

$997,941

3 Beds

2.5 Baths

2,189 SqFt

Status Active

MLS # 6710950

Property Type Single Family Residence

Price Type --

Another beautiful Capstone Home in the most sought after community in Prescott Valley ''Jasper''. This home is MOVE-IN-READY and now comes with washer, dryer & refrigerator and incredible backyard landscaping! Capstone Homes most popular floorplan, in the Farmhouse elevation. Oversized 3 car garage, 12' ceilings in the entry, kitchen, dining, and living room, 10' ceilings in all other areas. Transom windows. Freestanding tub in owners' bath, tile shower, hall bath tile wainscoting. Quartz countertops, hardwood flooring throughout, berber carpet in the bedrooms. Washer Dryer and Refrigerator included. This home backs to the Iron King trail on an oversized lot. A must see! This home

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9606 W Gambit Trail Trail Peoria, AZ 85383

$997,500

5 Beds

4 Baths

3,750 SqFt

Status Active

MLS # 6733038

Property Type Single Family Residence

Price Type --

Don't miss this entertainers DREAM HOME. Beautiful curb appeal. Gorgeous custom double Iron Door. Gourmet Kitchen, with peninsula island that sits 8. New carpet, upgraded wood tile floors. Master Bedroom has beautiful en suite with large walk-in closet.Beautiful sliding door in formal living room that brings the outside in.Beautiful covered patio with vaulted ceiling with an amazing Chandelier with attached Pergola. Covered BBQ area. Newly surfaced play pool. Community has two parks. Gated Community, Great schools. Lake pleasant 15 min away. Paloma Park 5 min away. With this price , it won't last long! Don't miss it!! Turn Key Home.

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1060 S Kellis Road Wickenburg, AZ 85390

$997,000

7 Beds

5 Baths

3,594 SqFt

Status Active

MLS # 6731869

Property Type Single Family Residence

Price Type --

Assumable 3% interest rate! STUNNING 360 views sitting atop a mountain peak! Double gated with access on 3 sides of property. Convenient to downtown & restaurants, yet still secluded! Remodeled with aesthetic/efficient updates. New metal roof, int. & ext paint, bathrooms updated & more! All usable horse property land, no big slopes/mountainsides! Ready for your family & your farm animals! NS facing, behind home is a wash & trails to ride on. Is 2nd income your goal? Walk out basement is the perfect design for a renter, hookups for stove,oven,fridge,& sink in basement kitchenette. Private access to living room & 2nd laundry room! Perfect for Airbnb, rodeo or snowbird renters. Not for you, RV Electrical h/u is ready for glampers! Sellers are motivated & ready for the next owners to enjoy!

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2895 N Silver Spur Drive Wickenburg, AZ 85390

$997,000

4 Beds

4 Baths

2,602 SqFt

Status Active

MLS # 6717861

Property Type Single Family Residence

Price Type --

Calling All Car Enthusiasts—this stunning Santa Fe-style retreat in Wickenburg offers a brand-new, oversized garage/shop perfect for housing your prized collection in style and comfort! Located in the prestigious Saddle Ridge neighborhood. This magnificent custom-built residence boasts 3 bedrooms and 4 bathrooms, large office and huge extra shop/garage w 1/2 bath sprawling across an expansive 1.39-acre lot. Impeccable design and extensive recent upgrades make this home a true masterpiece, with significant investments ensuring top-notch quality and modern amenities. The open floor plan is a dream, featuring a gourmet kitchen equipped with the latest appliances, especially the awe-inspiring gas range that stands as a culinary centerpiece. Granite countertops, a large island, and a The owner's suite is a haven of tranquility, offering enormous closet spaces complete with built-in dressers and shelving, ensuring ample storage and organization. The luxurious en suite bathroom is designed for relaxation and indulgence, featuring double sinks, a walk-in shower, and a jetted tub. This home is brimming with remarkable recent improvements that enhance its appeal and functionality. New windows by Andersen Renewal flood the interiors with natural light, while the state-of-the-art solar system, complete with three backup batteries, ensures energy efficiency and reliability. Car enthusiasts will be captivated by the colossal 13,000-square-foot garage and shop, capable of housing up to five vehicles (8 in total with the garage). The backyard is an oasis of outdoor living, boasting a brand-new paver patio perfect for gatherings and relaxation. Comfort is paramount with two new A/C units out of three, ensuring a cool and pleasant atmosphere year-round. Additionally, a new washer and dryer add to the home's modern conveniences. This extraordinary Santa Fe-style home is the essence of luxury and comfort, offering a unique living experience in a stunning Arizona setting. Don't miss the opportunity to own this exceptional property, where every detail has been meticulously crafted to provide the ultimate in upscale yet casual living.

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50617 N 296th Avenue Wickenburg, AZ 85390

$997,000

4 Beds

3 Baths

2,986 SqFt

Status Active

MLS # 6664180

Property Type Single Family Residence

Price Type --

Beautiful secluded custom house & detached 3-car garage on 5 acres. The long concrete driveway, lined with Palomino Gold Rock, frames the house with a welcoming front covered patio & large Vegas. House is open floor plan with spacious kitchen, granite countertops & generous Knotty Alder cabinet storage. Live-in family or guests will enjoy a guest suite with kitchen area, living room, bedroom, full bath & private entrance. One bedroom is currently used as an office, furnished with a wrap-around desk & credenza. The Courtyard includes a stunning water feature by renown rock artist Pete Incardona. The 3-car garage is deep & oversized to provide for your toy storage & a workshop. The property has a private well & 30 stately Saguaro. Some furniture & furnishings included.

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3051 E Flintlock Drive Queen Creek, AZ 85142

$995,900

4 Beds

3.5 Baths

3,236 SqFt

Status Active

MLS # 6760815

Property Type Single Family Residence

Price Type --

Discover this exquisite luxury home on a premium lot, nestled in a peaceful Gilbert community. Spanning 3,236 sq ft, this stunning single-level residence greets you with a spacious entry that flows seamlessly into a large open great room, illuminated by a 15' multi-slide door that frames views of the expansive backyard. Culinary enthusiasts will adore the gourmet kitchen, featuring a stainless 36'' gas cooktop, a stylish hood vent, and double ovens, making meal preparation a delight. The thoughtful open floor plan enhances the home's appeal, while the 4-car garage—complete with epoxy floors—provides ample space for vehicles and storage. Step outside to find a beautifully landscaped backyard oasis, complete with a travertine-covered patio, travertine steps, and borders. Enjoy the fruits of two mature trees and entertain guests at the outdoor kitchen, which features travertine flooring, a bar-height marble tabletop, a Blackstone griddle, and a Napoleon grill with rotisserie. This home is equipped with a water softener, a reverse osmosis system, and professionally installed lighting in both the front and backyards, creating a serene ambiance. A dedicated pet area with artificial turf ensures your furry friends have their own space to play. Don't miss your chance to own this luxurious retreat, where comfort meets elegance in every detail!

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5289 N Via Sempreverde -- Tucson, AZ 85750

$995,800

3 Beds

2 Baths

1,950 SqFt

Status Active

MLS # 6744264

Property Type Townhouse

Price Type --

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252 S Forest Service 3341 -- Parks, AZ 86018

$995,000

3 Beds

2 Baths

1,700 SqFt

Status Active

MLS # 6754105

Property Type Single Family Residence

Price Type --

NEED 2 HOUSES? NO PROBLEM. START HERE! Nearly 10 heavily wooded acres. Borders miles of forest service land. Fully fenced property with 2 gated entries. 1,500 S/F SHOP/GARAGE with a metal roof perfect for large solar array & future battery wall. Newly built well house services seasonal well and has massive 7500-gallon water storage capacity. 2 SEPTICS ALREADY ONSITE, along with 2 APS meters. 2 RV SITES - live in your RV while you build or remodel! The SINGLE LEVEL HOME needs some updates, but is comfortable to live in or rent out as is. Why struggle to find a contractor and deal with the costs and headaches of a new build? Remodel here and create instant equity. Contractor has been identified and has provided budget for remodel. Owners will work with buyers on terms

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5619 W Johnny Mullins Drive Prescott, AZ 86305

$995,000

3 Beds

2 Baths

1,893 SqFt

Status Active

MLS # 6752399

Property Type Single Family Residence

Price Type --

$230k+ in updates. Move in ready! All the hard work has been done and it ready to be enjoyed. Nestled on the 3rd green, the lush vegetation provides a serene backdrop. Upgrades enhance both beauty and function with new exterior & interior paint, updated flooring throughout, updated bathrooms, fireplace, carpet, window coverings, chandeliers, RH light fixtures, fans, custom iron screen door, Wi-Fi openers, epoxy garage floor, and custom Big Chill appliances. Primary bedroom tv and living room tv with sonos sound bar stays with the home. Step out to the expansive outdoor living area & soak in the golf course & Granite Mountain view. This Ranch Cottage offers an unmatched blend of elegance, functionality, and modern sophistication.

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19999 W Fawny Lane Casa Grande, AZ 85122

$995,000

3 Beds

2.5 Baths

2,807 SqFt

Status Active

MLS # 6759365

Property Type Single Family Residence

Price Type --

Equestrian's dream! If you own horses this 5 acre equestrian property is equipped for you, see full list of facilities below. Custom built home, in an exclusive neighborhood with saguaro studded mountains and city light views. Sit on the expansive south facing patio and enjoy the sunsets while your horses graze nearby. Built with tech block, the walls have R50+ rating. 12 foot ceilings, wood fire place, great room, wet bar, wood laminate floors, three large bedrooms and an expansive office create the perfect indoor living space. Vinyl, dual pane windows, tile roof, four car extended garage with cabinets, central vac, separate entry to all bedrooms. Five acres fully fenced with no climb wire fence. Electric gate. Freshly painted exterior and interior. Equestrian Facilities include: Hay barn, 3 16'x48' turnout pens, 16'x16' covered; 12' breezeway; 3 16'x16'indoor stalls; 3 16'x16' open pens; 10'x10' tack room w hot water; wash rack; hitching post; electrical, water and lights throughout; 30'x40' 3-sided covered storage, 3 16'x16' covered storage, 220 power. Turnouts located in three acre fenced area with new divided shade cover.

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