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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1332 W Edgemont Avenue Phoenix, AZ 85007

$995,000

3 Beds

2 Baths

2,326 SqFt

Status Active

MLS # 6722152

Property Type Single Family Residence

Price Type --

Welcome home to this beautiful red brick home in the Encanto Historic District. This home sits on a large and luscious lot on an aesthetic and quiet block. This home has been meticulously designed to give you that historic charm feeling from the moment you walk in. From custom cabinets in the kitchen, laundry room, and bathrooms, to a custom library nook. The gourmet kitchen features an extra large kitchen island, perfect if you like to entertain or if you love to cook, this kitchen features gorgeous cabinetry and brand new Kitchen Aide appliances. This 3 bedroom 2 bath homes features an open floor plan an oversized 2 car garage and a gorgeous back yard with a sparking pool. This home is perfectly centrally located for an easy commute to any place in the valley. Check this home out!!

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6434 E Military Road Unit 110 Cave Creek, AZ 85331

Open House

$995,000

2 Beds

2.5 Baths

2,450 SqFt

Status Active

MLS # 6759166

Property Type Townhouse

Price Type --

Fully furnished turnkey luxury townhome in the heart of Cave Creek! This beautifully appointed home offers private gated courtyard entry, lovely fenced backyard with large covered patios & balconies. Located at the base of Black Mtn in the heart of Cave Creek. Every detail has been thought of here, granite counters , custom alder cabinets, travertine tops in the bathrooms, brick lay tile floor on main level, upgraded plush carpet in the bedrooms/loft & 20 ft high ceilings at the living room/loft area. Master #1 has a corner gas fireplace, large bath w/soaking tub & 2+ shower, dual walk-in closets and a private balcony. Master II is very spacious with large walk in closet, bath w/shower, and balcony with mtn views! Large loft accommodates office space/sleeping area & coffee bar. More...

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230 S Mount Vernon Avenue Prescott, AZ 86303

Open House

$995,000

4 Beds

4 Baths

2,779 SqFt

Status Active

MLS # 6750658

Property Type Single Family Residence

Price Type --

Step into a piece of Prescott history at 230 S Mt. Vernon Ave, a captivating home that beautifully marries timeless charm with modern comforts. Nestled in the heart of Prescott's historic district, this enchanting residence exudes character & sophistication, presenting a unique opportunity for those seeking a home that tells a story. The first thing you'll notice is the picturesque L-shaped covered porch. Wrapped in stained wood decking & classic white railings, it invites you to relax & soak in the serene surroundings that this historic neighborhood provides. Inside, the warmth & allure continue with preserved touches from its original 1914 architecture. The expansive great room serves as the heart of the home, seamlessly blending classic elegance with contemporary style. A cozy gas fireplace, recessed lighting, & a striking coffered ceiling set the stage for gatherings & quiet evenings alike. Double doors beckon you to the side porch, effortlessly connecting indoor & outdoor living spaces. The great room flows into the gourmet eat-in kitchen that's a chef's dream! Featuring a spacious island with a breakfast bar, a farmhouse sink, stone countertops, & a classic tile backsplash. Imagine preparing meals on the industrial Kucht Professional stove while basking in the beauty of two-toned cabinetry that stretches to the ceiling, ensuring ample storage without sacrificing style. The primary suite offers a private sanctuary. Double doors open to the porch, where you can enjoy tranquil mornings or relaxing evenings. The en-suite bathroom rivals a spa retreat, featuring dual vanities, a walk-in shower with marbled elegance, & a soothing jacuzzi soaking tub. The primary bathroom leads into an oversized walk-in closet, perfect for all of your storage needs. Functionality meets convenience in the thoughtfully designed mudroom, equipped with a washer, dryer, on-demand hot water system, & utility sink. This practical space cleverly accommodates the needs of modern living. Elevating this property is a separate coach house in the backyard, perfect for guests, multi-generational living, or rental income potential. With its own bedroom, living room, full kitchen, bathroom, & washer & dryer, the coach house provides privacy & versatility, complete with its own parking & patio space. This exceptional home stands out as a true treasure, offering a perfect blend of historic charm & contemporary amenities. Don't miss out on the opportunity to experience the unique character, comfort, and style of this Prescott gem!

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2130 E Turney Avenue Unit 4 Phoenix, AZ 85016

Open House

$995,000

4 Beds

4.5 Baths

2,530 SqFt

Status Active

MLS # 6705302

Property Type Townhouse

Price Type --

Cosmopolitan Living in posh Biltmore Phoenix area! Dazzling modern design will captivate you at first glance! Opportunity to purchase one of four smart/green three-level single family homes with attached two car garage featuring a third level roof deck with terrace and spa. Home features state of the art kitchen with Bosch appliance package, all ensuite bedrooms. Don't miss out on this exceptional new home opportunity.

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26886 N 90th Avenue Peoria, AZ 85383

Open House

$995,000

5 Beds

5 Baths

4,543 SqFt

Status Active

MLS # 6756882

Property Type Single Family Residence

Price Type --

Beautiful, well maintained 5 bedroom/5 Bath home with a 3 car garage. The backyard is landscaped with gorgeous pavers and a heated pool and spa that backs up to a private desert scene. The kitchen has a gas stove top, granite counters, an abundance of cabinetry, a butler's pantry and walk in pantry. The large primary is on the main level with a large master bathroom with walk in closet and a slider that leads you to the backyard. You will also find a living room with soaring ceilings and a fireplace off of the kitchen, a great room up front, dining and an office/extra space. Upstairs has four bedrooms and a loft area with a built in desk. The loft also has a handy laundry shoot that drops straight to the laundry room. This house has everything you need and more!

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2689 S Rockwell Street Gilbert, AZ 85295

Open House

$995,000

4 Beds

3 Baths

2,862 SqFt

Status Active

MLS # 6760353

Property Type Single Family Residence

Price Type --

This luxuriously upgraded, move-in-ready home, situated on an expansive corner lot in a quiet cul-de-sac, will be sure to impress! Quick access to the 202, San Tan Mall Village and some of the most desirable school districts in Gilbert. The gourmet chef's kitchen is a standout, featuring double Bosch stainless steel ovens, a massive Cambria quartz island, custom cabinetry with under-cabinet lighting, crown molding, soft-closing drawers and pull-outs. The 3-car garage is equipped with built-in cabinets, an RO system, and a water softener. Throughout the home, you'll find beautiful wood-look plank tile. The backyard is perfect for entertaining with a heated pool and spa, built-in BBQ island, extended covered patio, and outdoor shower.

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1955 E Clubhouse Drive Phoenix, AZ 85048

Open House

$995,000

4 Beds

3 Baths

2,980 SqFt

Status Active

MLS # 6718625

Property Type Single Family Residence

Price Type --

GOLF COURSE LOT: Custom Built Single Level Home located on Foothills Golf Course. Eight Foot front door with glass side lites and large arched window welcome you to a dramatic foyer with formal dining and living room. Huge Family Room with open kitchen and Wet Bar for entertaining. Large kitchen has room for two cooks, , walkin pantry and tons of cabinets. Views Of The Pool, lush yard, Foothill Mountains and the Majestic Estrella Range. We sit high above the T-Box of the newly Troon managed Foothills Golf Course. This location offers quiet and serene nights on the covered patio with unending views.. The split floorplan features a huge primary suite with sitting area,large bath and Walk-In Closet. The Other Wing Has Three large bedrooms,two full bathrooms and laundry room with sink. Wooden shutters throughout the home Three Car Garage and one is air conditioned. One AC unit is newer. This Home Is very well taken care of and has had only two owners. Backyard offers an Amazing Setting with a photo friendly backdrop. The Troon Golf Course offers incredible Golf with unmatchable views and wonderful dining. The Ahwatukee Area provides a unique lifestyle throughout the Community with award winning schools and miles of hiking and biking trails. Close proximity to Freeways and many restaurants leave this unmatched.

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120 E Rio Salado Parkway Unit 102 Tempe, AZ 85281

Open House

$995,000

2 Beds

2.5 Baths

1,840 SqFt

Status Active Under Contract

MLS # 6739707

Property Type Apartment

Price Type --

WOW!!! Amazing, unique, lakefront condo. Outdoor and luxury living at its finest. Welcome to the remarkable Edgewater at Hayden Ferry Lakeside! This stunning 2-bedroom, 2.5-bathroom condo is a true gem nestled in the heart of a resort-like community, offering an abundance of amenities. Step into this elegant condo and be greeted by the open floor plan and amazing view of Tempe Town Lake. The gourmet kitchen is a chef's dream, featuring black granite counters & backsplash, pantry, recessed lighting, island w/breakfast bar, and SS appliances w/gas cooktop. Remarkable 1100 Square foot patio wraps the entire home with private BBQ. Steps away from the community pool, hot tub, ping pong table, BBQ and Pizza oven. Don't miss this chance to own 1 of only 4 ground floor, lake facing, units.

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16385 W Yuma Road Goodyear, AZ 85338

Open House

$995,000

5 Beds

3.5 Baths

3,774 SqFt

Status Active

MLS # 6697999

Property Type Single Family Residence

Price Type --

Luxury Redefined: 5 Bedroom Custom Estate with Pristine Features. Located on a sprawling lot of over an acre, this exquisite custom home blends sophistication with practicality, offering the perfect sanctuary for families and entertainers alike. Boasting 5 generous bedrooms and 3.5 lavish bathrooms, including a self-contained casita with its own full bathroom, this residence ensures comfort at every turn. Step inside to discover a grand open-concept kitchen featuring sleek granite countertops, a glass tile backsplash, and top-of-the-line stainless steel appliances. The breakfast bar opens seamlessly into a cozy living room, anchored by a stylish gas fireplace, creating an inviting space for gatherings. The master suite is a true retreat, complete with a sliding glass door leading to the lush backyard, a sunken bathtub with jets for ultimate relaxation, a modern snail shower, dual sinks, and a separate walk-in closet. A Jack and Jill bathroom mirrors this luxury with a sunken tub, surrounded by chic tile and granite countertops. Functionality meets style in the large laundry room, equipped with ample cabinetry, a sink, and granite countertops. Outside, the expansive covered patio is an entertainer's dream, featuring a built-in BBQ, a vast grass area, and a stunning pool, perfect for Arizona's sunny days. Also, the backyard is a coveted irrigated lot. Located conveniently close to shopping and freeway access to both the 303 and I-10, this home offers both privacy and accessibility. Whether it's luxurious living or high-end entertaining, this property promises to deliver an unmatched lifestyle. Make this breathtaking estate yours and indulge in the sophistication and comfort it offers every day.

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7337 W Lisbon Lane Peoria, AZ 85381

Open House

$994,700

4 Beds

2.5 Baths

3,061 SqFt

Status Active

MLS # 6629568

Property Type Single Family Residence

Price Type --

New luxury home under construction at Acoma Estates, a gated enclave of 30 homes on oversized lots. This Ocotillo plan with a Classic Modern elevation offers 3061 Sq. Ft. 3-Car Garage plus a 44 ft long RV Garage. Great Room, Den and amazing gourmet kitchen. Located inside the Loop 101, convenient to Arrowhead, P83 District! * This home is currently in the early stages of construction and there's time to personalize the design. 25K builder incentive toward options/upgrades! * Photos are of Model *

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4490 S Rio Drive Chandler, AZ 85249

$994,500

5 Beds

3.5 Baths

4,770 SqFt

Status Active

MLS # 6725098

Property Type Single Family Residence

Price Type --

Lot size and Location! This stunning home in a gated community sits on a spacious half-acre lot with an inviting front porch, 3-car garage, and a diving pool. Inside, you'll find soaring ceilings, a calming color palette, and brand new carpet. The formal living areas are excellent for hosting and entertaining guests! The kitchen is a dream with an expansive island, butler's pantry, copper hood vent, and wood cabinetry with crown molding. Room for everyone in the spacious family room. Downstairs guest bedroom, and a huge upstairs bonus room. Also upstairs, three large secondary bedrooms. Luxurious primary suite with a sitting room, private balcony, and 2 walk-in closets! Minutes from schools, parks, shopping, restaurants.

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2636 E Lupine Avenue Phoenix, AZ 85028

$994,500

4 Beds

2.5 Baths

2,893 SqFt

Status Active

MLS # 6754003

Property Type Single Family Residence

Price Type --

Make yourself at home in this beautiful 4-bedroom haven showcasing a sparking pool! Displaying a 2-car garage and RV gate. Once inside, you'll immediately notice tile flooring, tall vaulted ceilings, graceful archways, plantation shutters in some windows, stylish light fixtures, and skylights allowing bountiful natural light. You'll have a formal dining room and a spacious great room enhanced by a floor-to-ceiling stone fireplace and a wet bar. The kitchen offers SS appliances, plenty of cabinetry, and a breakfast nook w/a lovely bay window. Romantic primary retreat includes plush carpet, AZ room access, an ensuite w/dual sinks, and a walk-in closet. Don't forget about the HUGE AZ room w/French doors! Easy-care backyard provides a diving pool and a storage shed. This gem has it all! Enclosed living Arizona room is included in the square footage, as well as a bonus room. This is a property that you want to see in person before is gone!

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