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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41807 N Anthem Ridge Drive Phoenix, AZ 85086

$989,000

3 Beds

2.5 Baths

2,736 SqFt

Status Active

MLS # 6753251

Property Type Single Family Residence

Price Type --

Welcome to your dream home, perfectly situated on an elevated golf course lot with breathtaking views of the Sonoran Mountains! This stunning property allows you to watch golfers on the picturesque par-3 hole while you entertain friends by your gorgeous pool, bake pizza in your charming wood-burning oven, or grill on your built-in BBQ. Step inside to discover a light and bright open floor plan, featuring expansive windows, a neutral color palette, and stylish tile flooring throughout. The eat-in kitchen is a chef's delight, showcasing beautiful cherry cabinets, sleek black granite countertops, stainless steel appliances, a gas cooktop, a built-in refrigerator, a convenient home organizing desk, abundant storage, and a spacious food prep island... Retreat to the enormous primary bedroom, thoughtfully separated from the other bedrooms, which boasts a remodeled walk-in shower, a luxurious soaking tub, dual sinks, and an expansive walk-in closet. Need a dedicated workspace? The office/den is perfect for working from home, ensuring productivity in a serene environment. The remodeled secondary bath features a modern walk-in shower, offering your guests a comfortable experience. Additionally, the three-car garage comes equipped with an EV charger for your convenience. As a member of Anthem Golf and Country Club, you will enjoy a social membership that grants access to two state-of-the-art gyms, two inviting pools, relaxing hot tubs, a steam room, a sauna, tennis and pickleball courts, a stunning 16-acre catch-and-release lake, and scenic walking and biking trails. Separate golf memberships are also available for avid golfers. Don't miss this incredible opportunity to live in luxury and enjoy all the amenities this exceptional community has to offer!

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2540 W Tanya Road Phoenix, AZ 85086

$989,000

5 Beds

3.5 Baths

2,814 SqFt

Status Active

MLS # 6753086

Property Type Single Family Residence

Price Type --

Pool & Spa + 5-Bedroom 3.5-Bath home on OVER an ACRE, with a full pass-thru garage. Enjoy serene evenings on the elegant paver patio, complete with a built-in gas fire pit savoring the tranquility of cool desert nights. Newer interior & exterior paint. Step inside to an open-concept living and family room, seamlessly connected to the renovated gourmet kitchen. This chef's dream kitchen boasts upgraded cabinetry, custom slab quartz countertops, and a built-in wine fridge. Porcelain wood-look tile flooring, matte black fixtures, designer light fixtures & faucets Mountain views. The home's unique layout includes a second master suite See the document tab for all upgrades. Too many to list here Come see soon!

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7028 N 12th Way Phoenix, AZ 85020

$989,000

5 Beds

3 Baths

2,226 SqFt

Status Active

MLS # 6695691

Property Type Single Family Residence

Price Type --

Seller credits available! Time to own a GORGEOUS cul-de-sac home in the heart of Uptown Phoenix, loaded with stylish furnishings that can be yours in the sale! This stunning home boasts a rare split floor plan with dual master bedrooms with ensuite bathrooms, private entrances and a brand new AC. The backyard is your personal oasis with an expansive covered patio and a sparkling pool. The home's storage room can possibly be converted into another bedroom, extend the mother in-law suite, or modified to a 3rd car garage. Currently is utilized as an Airbnb that's been heavily booked throughout 2024. Ideal for entertaining, multigenerational living or families wanting their children placed in the prestigious Madison School District or Xavier/Brophy Preparatory schools. This home has it ALL

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6718 N 15th Street Phoenix, AZ 85014

$989,000

3 Beds

2 Baths

3,169 SqFt

Status Active

MLS # 6743181

Property Type Single Family Residence

Price Type --

If you're looking for a home that truly has it all, this Central Phoenix gem is the one for you! Boasting 3 bedrooms and 2 bathrooms, plus several flex spaces to use however you desire!! Just off the laundry is a flex space and there is another large space off the bonus room, both can be anything you desire! The interior has recently been updated with new appliances, flooring, cabinets, bathrooms, lighting, paint. The expansive rear yard has gated RV parking, a hot tub, sauna & cold plunge & it even has room for a pool! The final bonus of this amazing property is the guest house which has been set up nicely for a short-term rental and features a full kitchen, bathroom and laundry.

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9657 E Solina Avenue Mesa, AZ 85212

$989,000

4 Beds

3.5 Baths

2,837 SqFt

Status Active

MLS # 6666477

Property Type Single Family Residence

Price Type --

Open concept new home with 10'-11' ceilings, beams in the family room, 4 bed, 3.5 bath with study, flexible retreat, sunroom and added hobby room; huge energy efficient windows and 16' sliding glass door in family room; large kitchen with walk in pantry, shaker cabinets, quartz cabinets and large diamond shaped island with accent lighting and upgraded full tile backsplash; GE stainless steel appliances w/gas cooktop; owner's retreat includes huge fully tiled walk-in super shower, quartz countertops and walk-in closet; designer selected colors throughout; 2x6 construction and extensive new home warranty.

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9070 N Whitney Way Prescott Valley, AZ 86315

$989,000

4 Beds

2 Baths

2,350 SqFt

Status Active

MLS # 6718443

Property Type Single Family Residence

Price Type --

Auto and off-road enthusiasts, you won't believe the possibilities riding out from your backyard gate onto state land! Beautiful property ''Sunset Acres''in Legend Hills. Fully fenced 2 acres backing up to state land on two sides of the property. Detached 2300 sf RV garage/shop with indoor pickleball/racquetball court, bar/lounge, 1/2 bath and a large overhead storage area with elevator access. Horse barn with fenced corral, tack room with water and power. House has beautiful open kitchen/dining room with walk in pantry that will delight any chef. After dinner sit by your backyard fire pit and soak in the amazing views and the million dollar sunsets.

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13118 N Founders Park Boulevard Surprise, AZ 85379

$989,000

4 Beds

4 Baths

4,500 SqFt

Status Active

MLS # 6717741

Property Type Single Family Residence

Price Type --

Introducing a true Marley Park heritage gem: This exquisite Craftsman-style home, constructed in 2004 by custom home builder Newman Jolly was the first property built in this remarkable community and originally served as the Welcome Center. The fully custom design exemplifies thoughtful craftsmanship and elegant living. Brand new HVAC system installed 8-30-24. The expansive wrap-around porch provides ample space for entertaining, while inside, custom woodwork and soaring ceilings enhance the home's unique character. The large gathering room features a gas fireplace, and the spacious great room is ideal for formal dining or a game room. The living room, with three sets of French doors, opens to the side and rear patios. The gourmet kitchen boasts granite counters, custom cabinetry, gorgeous backsplash and an upcoming gourmet stainless steel appliance package, along with a walk-in pantry complete with a coffee bar. The first level also includes an office/den, laundry room, powder room, and utility room. An elegant staircase leads to the second level, where you'll find three large bedrooms, all with walk-in closets, and two full baths. The primary suite, located at the rear of the home, features a gas fireplace and a luxurious bathroom with split vanities, a soaking tub, a walk-in shower, and a massive closet. Entire interior home lighting is operated by 51 LED lights named Hubspace, that change colors, hues, brightness etc.. The large backyard offers lush green grass, and adjacent vacant lots are available for purchase. This home exemplifies refined living in the heart of Marley Park.

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22708 E Maya Road Queen Creek, AZ 85142

$989,000

3 Beds

2.5 Baths

2,706 SqFt

Status Active

MLS # 6746067

Property Type Single Family Residence

Price Type --

This one of a kind gem is the closest to a custom new build you will find! Over $300K in upgrades! The owner spared no expense in customizing every space of this incredible home! Luxury custom design professionals were hired immediately following the new build close to create the owners dream home. From 36'' inch wide doors throughout, zero entry easy access from the garage, to floor plan customizations. No space was left unturned. The gourmet style kitchen boasts of extended island, walk-in pantry, and large glass sliding patio doors to always have a view out to the backyard oasis. The pool with extended baja step, 3 water fountains, 2 gas fire pots and a large firepit, are all perfect extensions to the outdoor ramada including full kitchen features, perfecting indoor/outdoor living. Solar pool covers convey. Every inch has been carefully planned and landscaped. The garage includes a mini-split, insulation, polyaspartic floors, custom storage cabinets, tankless hot water heater & RO system, 220V EV outlet, full solar panels with back-up battery are paid in full and electric bill has been less than $200/month! This incredible home is one you must come see for yourself!

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1261 E Cambridge Avenue Phoenix, AZ 85006

$989,000

4 Beds

3 Baths

2,618 SqFt

Status Active

MLS # 6743054

Property Type Single Family Residence

Price Type --

Stunning 4-bedroom residence located in Phoenix is a dream come true! Fall in love w/an exquisite interior adorned with sleek tile flooring, a fresh soothing palette, dazzling light fixtures, a unique-style wine cellar, & plenty of natural light. Enjoy spending chilly evenings at home by the cozy fireplace in the family room! The gorgeous kitchen showcases granite counters, built-in appliances, a pantry, a stylish tile backsplash, modern white cabinets, & a large center island equipped w/a breakfast bar. The main retreat offers private outdoor access, a lavish ensuite w/dual vessel sinks, a delightful soaking tub, & a walk-in closet. Host fun gatherings in the fabulous backyard, featuring an open patio w/manicured landscape, built-in BBQ, & a charming firepit! This gem won't disappoint!

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28909 N 127th Lane Peoria, AZ 85383

$989,000

2 Beds

2.5 Baths

2,610 SqFt

Status Active Under Contract

MLS # 6752135

Property Type Single Family Residence

Price Type --

HIGHLY UPGRADED 2BR, 2.5 BA + Den, Solar '' AURORA '' Nestled on a PREMIUM, PRIVATE 11,415 SF Lot in the Heart of Trilogy at Vistancia . Gourmet Kitchen includes Quartz Island and Countertops, Staggered Cabinets w Frosted Glass Doors, Roll out Drawers, Pendant Lighting, Barn Door,Gas Cooktop and New Fridge. Great Room Media Center w Floating Shelves, Stone Accents & TV Wall Mount. High End Window Treatments, 12' Coffered Ceilings w Crown Molding, Ceiling Fans, Raised Baseboards & Central Vac TO. Owners Suite Features Generous Closets, SPA like Bath w Soaking Tub, Walk In Shower & BONUS Room. BR 2 is Split & En Suite. HUGE Backyard w Heated Play Pool ,Spa,Gorgeous Landscape, Extended Patio w Fireplace, Electronic Sunshades, Built in Gas Grill & TRAEGER, Dog Run ,Turf & Snake Fencing !

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323 W Quartz Rock Road Phoenix, AZ 85085

$989,000

4 Beds

2.5 Baths

3,073 SqFt

Status Active

MLS # 6738918

Property Type Single Family Residence

Price Type --

Beautiful custom home situated on 1.25 acres with horse privileges and no HOA! The open floorplan is centered around the great room and gourmet kitchen with knotty alder cabinets, stainless steel appliances, gas cooktop & granite counters. The spacious primary suite offers double walk-in closets, plus an updated bathroom with jetted tub. There are 3 additional bedrooms plus an office/gym/craft room located between the garage bays. Oversized 3-car garage plus covered RV parking. Backyard has a covered patio, dog run, tortoise enclosure and plenty of room for a pool! Producing well is shared with one neighbor. Roof was recoated in 2022 and under warranty until March 2027. Located near Norterra for shopping & dining. Enjoy neighborhood access to miles of hiking, biking and horseback trails!

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20011 W Hilton Avenue Buckeye, AZ 85326

$989,000

3 Beds

2.5 Baths

1,585 SqFt

Status Active

MLS # 6710736

Property Type Single Family Residence

Price Type --

HORSE PROPERTY IN BUCKEYE!!! RARE local, close to 5 acre irrigated lot, with two sectioned off pastures with gate access. Close proximity to I-10 and new Great Hearts school. Slump block home recently painted inside and out. Newer a/c with solar lease. Newer windows and flooring. Separate fenced backyard for the home with large covered patio. One covered corral, covered area that use to be additional corrals. A storage shed/tack room conveniently located next to pasture. 2 Covered RV parking spots with electrical hookups. Covered parking.

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