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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2973 Noble Star Drive Prescott, AZ 86301

$990,000

4 Beds

3 Baths

3,331 SqFt

Status Active

MLS # 6755569

Property Type Single Family Residence

Price Type --

This residence has been meticulously modernized from floors to ceilings, offering a fresh, contemporary living experience. Every detail has been thoughtfully updated, with quality upscale finishes, offering a move-in-ready property. Main Level Living features the upgraded kitchen, living room, dining room, primary suite, guest bedroom and full bath, and bonus room. The 3331 Sq Ft home has several versatile rooms that can adapt to your personal needs. Lower level suite is perfect for hosting guests or extended family, providing a private and comfortable retreat. Zoned HVAC and Water Heaters. Wrap around deck offers several opportunities to enjoy the outdoors. 1164 Sq Ft 4 Car Garage with ample storage space. Prescott Lakes amenities for a low HOA fee. See the Features and Upgrades List.

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3747 E Villa Cassandra Way Cave Creek, AZ 85331

Open House

$990,000

4 Beds

3 Baths

3,114 SqFt

Status Active

MLS # 6682258

Property Type Single Family Residence

Price Type --

Wonderful home situated on 1.25 acres with a gorgeous pool with slide and natural desert beauty. See the list of 2021 Updates to the bathrooms, laundry room, flooring, etc. The interior of the home is rich with stone flooring, natural wood cabinets and granite countertops, separate living and dining rooms. The nicely appointed kitchen is open to the family room. The 3-car garage is spacious enough to fit cars and toys! May require Court approval.

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7327 N Perryville Road Waddell, AZ 85355

$989,999

4 Beds

2.5 Baths

2,731 SqFt

Status Active

MLS # 6658021

Property Type Single Family Residence

Price Type --

Welcome home horse lovers to your own private oasis with views!! This gorgeous property features 2 irrigated acres plus a round pen and arena! This Sante Fe home features 4 bedrooms and 2.5 bathrooms with a large eat in kitchen. The kitchen has brand new upgraded granite counter tops with high ceilings and designer flooring. The expansive primary bedroom has direct access to the patio and the primary bath has dual sinks, a walk in shower Jacuzzi tub and large walk in closet. Now let's talk about the important part the BARN! The large barn includes (6) 16'W x 12'D stalls 4 of which have turn outs, 4' x 12' storage room, 12' x 12' wash bay, 16' x 12' tack room, 3 fans, lighting/electric, water & 14' covered patio area. 3 rail fencing throughout, 45' round pen, fenced arena plus lots more

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10005 W Spur Drive Peoria, AZ 85383

$989,900

4 Beds

3 Baths

3,101 SqFt

Status Active

MLS # 6747666

Property Type Single Family Residence

Price Type --

Welcome to your modern farmhouse! Inside, the lovely foyer will present you with wood-look tile flooring, 10' ceilings, and formal dining room. The spacious great room features a 12' sliding glass door, recessed lighting, a built-in surround sound system, and an inviting brick fireplace. Espresso cabinetry, stainless steel appliances, granite counters, subway tile backsplash, walk-in pantry, and a large island with breakfast bar, are just some of the features that you will love about the kitchen. Versatile bonus room, near the bedrooms, is perfect for a game or play room. The den is ready to be your home office. Owner's suite features a large, tile walk-in shower and TONS of storage! The backyard speaks for itself...

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3588 E Kaibab Place Chandler, AZ 85249

New

$989,900

5 Beds

4 Baths

4,050 SqFt

Status Active

MLS # 6763439

Property Type Single Family Residence

Price Type --

Discover this exquisite 5-bedroom, 4-bathroom home at 3588 E Kaibab Pl, nestled in the sought-after Old Stone Ranch community in Chandler. With an expansive 4,050 sqft layout, this home is filled with luxury upgrades and thoughtful design. Upon entry, you're greeted by soaring ceilings and abundant natural light, creating an inviting ambiance. The gourmet kitchen is a chef's dream, featuring natural hickory cabinets, granite countertops, and premium stainless steel appliances, including a 48'' refrigerator. French doors off the breakfast nook offer seamless access to the outdoors. The master bath exudes elegance with ceramic tile surrounds, while bronze door hardware and 6-ft interior doors with vaulted ceiling elevate the home's sophistication. Enjoy plenty of living space, including a generous loft. Outside,the large backyard with a sparkling pool provides the perfect retreat. Additional features include a 10-ft RV gate, 4-extended car garage, and close proximity to all amenities and the highly rated Arizona College Prep high school. This home offers the ideal blend of luxury and convenience don't miss out!

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3046 W Twain Court Anthem, AZ 85086

$989,500

5 Beds

3.5 Baths

3,444 SqFt

Status Active

MLS # 6711792

Property Type Single Family Residence

Price Type --

This home might be the one you have been waiting for! Sitting on just under a half of an acre, this home is almost as unique as Anthem itself. It features a resort style backyard with a huge pool, hot tub, fire place, outdoor kitchen & so much more. Stepping inside the home you will be delighted with all of the space that you have. There are 5 bedrooms (den w/ doors that is counted as a 5th bedroom). 3 1/2 bathrooms & an oversized 3 car garage. Large side gate for all your toy storage needs (below the fence). Well maintained & cared for home. Located in the master planned community of Anthem, you have access to all of the wonderful community amenities in addition to those in your own backyard. Pickleball, tennis, a water park, gym, basketball, walking paths, restaurants & shopping nearby Exterior of the home is Painted with Tex Cote coolwall textured coating to prevent chipping, always looks bright and freshly painted.

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6538 E Kona Way Prescott Valley, AZ 86315

$989,000

3 Beds

3 Baths

2,796 SqFt

Status Active

MLS # 6757441

Property Type Single Family Residence

Price Type --

Almost finished! Beautiful new construction home located in the desirable gated community of Copperfield Ranch. This new and spacious home sits on 4 acres and features 3 bedrooms/ 3 bathrooms, a family room, a separate living room AND a den OR potential 4th bedroom! This split floor plan includes a gas fireplace, walk in closets, walk in showers and a garden tub. Expansive kitchen with quartz countertops, perfect for hosting all your gatherings! Wood plain tile in main living areas with carpet in the bedrooms. Featuring panoramic views of Mingus Mountain, Granite Mountain and surrounding areas. Located at the end of a cul-de-sac, a short driving distance from Prescott Valley and Prescott. Projected completion by the end of September. More photos to come.

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2942 S First Water Lane Gold Canyon, AZ 85118

$989,000

3 Beds

3 Baths

2,715 SqFt

Status Active

MLS # 6759346

Property Type Single Family Residence

Price Type --

MANY GORGEOUS UPDATES, AWESOME LOCATION, PRIVATE CASITA, this stunning home has so much to offer! In addition to the fully remodeled kitchen, the newest updates include 24'x48'' beautiful porcelain tile, fully remodeled primary bathroom suite, 3 new AC units, new tankless water heaters, California Closets, brick wall facade in office and so much more! Your Chef's kitchen features custom white oak cabinets with built-in Thermador 52 bottle wine fridge, quartz counters with waterfall island and Viking appliances. Very private location with green belt to one side, views of the 18th green of the Prospector Course with lake and clubhouse views, you can walk to the fitness center in the morning and to the clubhouse later for dinner and drinks! The sunsets are spectacular here! The beautiful primary suite bath includes a freestanding tub, new tile shower, custom vanities and California Closet system! You'll love all the extras this home offers such as two-way fireplace, built-in entertainment cabinet, pendant lighting, undermount outlets in kitchen, LED lighting, recessed overhead lighting, upgraded USB outlets, dimmable light switches, whole home water filtration system and a spacious garage with EV charging system and epoxy floors. Some home furnishings included. So much to see here, Superstition Mountain is a great place to live and play. The Club features two 18-hole Jack Nicklaus designed courses, fully remodeled clubhouse with fine and casual dining, patio dining, bocce ball, pickleball, fitness center, special events and fabulous friends and neighbors! Come to the Mountain, you'll be happy you did! Golf and social memberships are optional and available under separate agreement.

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12737 W Maya Way Peoria, AZ 85383

$989,000

3 Beds

2.5 Baths

2,940 SqFt

Status Active

MLS # 6734309

Property Type Single Family Residence

Price Type --

HIGHLY UPDATED DESIGNER home with the most STUNNING PRIVATE BACKYARD RESORT of your dreams! SOUTH-FACING backyard has amenities galore: heated pool, spillover spa, firepit with seating, huge extended patio w/elevated BBQ island. All secluded and surrounded with lush greenery - a true entertainer's delight and your own private sanctuary! Indoors is highly updated! NEW 2019 TILE FLOORS THROUGHOUT-gray wood-look plank tile, with white marble-look tile in baths. Stunning UPDATED KITCHEN including QUARTZ countertops, painted staggered cabinets, newer appliances & custom hand-blown glass pendant lights. In great room: fireplace with stacked stone added 2019 & custom cabinetry painted 2019. All baths have many updates 2019-23. Other outstanding features: WASH on one side of home, 12kW OWNED SOLAR, TWO NEW 2020 5-ton Trane heating & A/C units, 3 garage spaces, soaring 12-ft ceilings, crown molding, NEW 2022 barn door with etched glass panels in primary suite between bedroom & bath, all NEW 2020 ceiling fans w/lights, custom office space-updated 2021, guest bedrooms with Jack & Jill bathroom, exterior trash enclosure, den with double doors to the large private front courtyard. So many updated & custom features. This spectacular home and backyard oasis is a MUST SEE! This home is located in award-winning gated, 55+ Trilogy at Vistancia with 5-star-resort style amenities at the 35,000 SF Kiva Club with indoor & outdoor pools, fitness center, day spa, cafe, billiards, meeting rooms, library, tennis courts, pickle ball, bocce ball, events & a plethora of activities to choose from. Outstanding Gary Panks-designed golf course is woven throughout the original part of the neighborhood. The Mita Club has additional outstanding community amenities. Easy access from Trilogy to the 303, shopping, restaurants, entertainment, Lake Pleasant & Paloma Park, Peoria's huge community park loaded with amenities.

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21637 N 59th Terrace Phoenix, AZ 85054

$989,000

3 Beds

2.5 Baths

2,052 SqFt

Status Active

MLS # 6754037

Property Type Single Family Residence

Price Type --

Lightly lived in, low maintenance & highly efficient D.R. Horton 'McCormick' model home - the perfect blend of style & convenience! It features a tankless hot water system, 14-Seer Carrier AC, & synthetic turf backyard which sides open space behind for added privacy. Entertaining is made easy with the gourmet kitchen & expansive quartz counter island, 5-burner gas cooktop, under counter lighting, stunning pendant lights, surround sound speakers, & large walk-in pantry. This one-level home has no interior steps & 3-car tandem garage to stable multiple vehicles/toys w/ plenty of overhead storage. Located in the very popular Talinn at Desert Ridge - a gated development minutes from City North & Desert Ridge Marketplace, where shopping, entertainment, fine & causal dining collide. Skip the wait of building...this stunning move-in ready home is available now! [Builder had a $40,000 lot premium on this location]

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9576 W Blue Sky Drive Peoria, AZ 85383

$989,000

5 Beds

3.5 Baths

3,750 SqFt

Status Active

MLS # 6761354

Property Type Single Family Residence

Price Type --

Gracious living at its finest! This stunning 5-bedroom property in the gated Pleasant Valley has all the bells & whistles. Starting with a great curb appeal, professionally manicured landscape, RV gate & parking, and a 3-car garage w/extended driveway. Fabulous interior ''shouts'' attention to detail t/out! High-vaulted ceilings add to the spacious feel, complemented by plantation shutters, elegant light fixtures, designer paint, tons of natural light, and tasteful flooring - tile & soft carpet. Large living room, formal dining room, & versatile den are some attributes that can't be left unsaid. The inviting family room opens to the kitchen, allowing a greater traffic flow. The gourmet kitchen boasts granite counters, a breakfast bar, and built-in appliances w/cooktop gas & double ovens. The pantry and wood cabinetry w/wine rack ensure ample storage! The oversized main bedroom has French doors to the back and an ensuite with dual sinks, a soaking tub, a separate shower, & a walk-in closet. One secondary bedroom includes its own bathroom as well. For added convenience, the laundry provides a sink & attached cabinetry. The impressive backyard offers amenities for year-round entertaining or relaxing in solitude with your loved ones! A covered patio, lush lawn, and a refreshing pool & spa complete the picture. This gem is truly a DREAM home. See it! Love it! Live it!

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10522 E Morning Star Drive Scottsdale, AZ 85255

$989,000

3 Beds

2 Baths

1,963 SqFt

Status Active

MLS # 6737507

Property Type Single Family Residence

Price Type --

AZ Resort Style living at It's BEST! Just bring your toothbrush/clothes! Being sold w/furnishings, dishes, kitchenware & linens! This lovely home is a 3 bedroom/den, 2 bath. Remodeled. Elegant neutral palette thru out. Chef's Kitchen w/quartz countertop ,island /breakfast bar & stainless steel appliances. Kitchen open to family room. Entertainers delight! Large primary bedroom w/ walk-in closet & spa like ensuite w/ dual sinks, custom tile shower & garden tub. Den can easily be converted to 4th bedroom. Whole house H2O system. Relax in your private backyard oasis. Salt Water Pool w/newer equipment. New HVAC system in 5/2023. Backs to Wash/Amazing Sunsets & desert views! Near Community Park: Pool, Spa, Tennis, Pickleball, Splash pad, golf & more! This is it! WOW!

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