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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15448 E Palomino Boulevard Fountain Hills, AZ 85268

$989,000

3 Beds

2.5 Baths

2,371 SqFt

Status Active

MLS # 6684857

Property Type Single Family Residence

Price Type --

Welcome to your timeless retreat in Fountain Hills! Nestled into a coveted boulevard, this 3 bed, 2.5 bath home, constructed with concrete blocks in 1984, offers 2,371 square feet of luxurious living space. Master bath has walk in shower with a glass block wall. Enjoy panoramic Four Peaks AND McDowell mountain views from your North-facing backyard, seamless indoor-outdoor one level living. Relax in the recently refinished pebble tech pool. Attached two-car garage. Close to Adero Canyon trailhead.. Live the Arizona dream! Tour this beautiful home today!

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2127 E Ridge Drive Pinetop, AZ 85935

$989,000

4 Beds

3 Baths

2,992 SqFt

Status Active

MLS # 6694028

Property Type Single Family Residence

Price Type --

BEAUTIFUL 3 bed + office 2 ba home w/ detached guest chalet on nearly 1 acre, nestled in serene GATED Pine Ridge in Pinetop! The living room is a cozy retreat w/ stone fireplace & high wood plank ceilings, creating a warm inviting atmosphere. Kitchen features rich cherry cabinets, SS appliances & granite counters, complemented by a scenic window view. Spacious master w/ private deck to enjoy your morning coffee. Expansive deck to enjoy the lush landscaped surroundings w/ soothing water feature. Guest home separated by pedestrian bridge adds extra space & privacy, ideal for hosting friends & family. NEW HVAC, re-stained exterior, fresh interior paint, oak flooring t/o Perfect escape in the cool pines, close to golf courses, hiking & just 30 min to Sunrise Ski Resort SOLD FURNISHED

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6420 E Palm Lane Scottsdale, AZ 85257

Open House

$989,000

3 Beds

3 Baths

2,000 SqFt

Status Active

MLS # 6757733

Property Type Single Family Residence

Price Type --

Beautiful top-to-bottom REMODELED home in the highly sought-after Hy-View neighborhood in Scottsdale! Great curb appeal with a lovely landscape front yard, a 2-car garage, and a paver driveway & front patio. The immaculate interior boasts a spacious open layout that promotes a modern feel! Enhanced by fresh neutral paint, recessed lighting, chic light fixtures, wood-flooring, & tons of natural light. You'll love the French doors merging the inside/outside activities. The renewed kitchen has sleek GE appliances w/wine cooler, quartz counters, tile backsplash, white shaker cabinetry, & a center island. Large main bedroom features a sitting area, outdoor access, a walk-in closet, & a spotless bathroom. You won't be disappointed in the beauty and craftsmanship in this property!

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18496 E Raven Drive Queen Creek, AZ 85142

Open House

$989,000

5 Beds

4 Baths

4,258 SqFt

Status Active

MLS # 6733079

Property Type Single Family Residence

Price Type --

**BASEMENT HOME**Pool with Water Feature, Spa, Outdoor Fireplace**RV Gate**Remodeled Kitchen with Walk-in Pantry, Island, Gas Range, New Appliances**New Interior Paint**Located in beautiful Cortina neighborhood of Queen Creek, this luxurious home will exceed every expectation. Entry overlooks living and dining room with view of patio & pool beyond. The gourmet kitchen features gas range, double ovens, quartz counters, classic backsplash & customized pantry. Gather casually in the family room with easy access to the patio for alfresco dining. Main level master suite features walk-in closet, jetted tub, shower, his & hers sinks. Den, two bedrooms & baths are also on main level. Custom closet organizers throughout. Basement has bonus room with wet bar, two bedrooms, bath, & storage closet. Basement has 9' ceilings for entertaining paradise. Situated on a beautifully landscaped corner lot, there's a new RV gate, spacious side yards, expansive patios & a fire pit. Cool off in the sparkling pool or relax in the spa while listening to the soothing water feature. This well-loved home has been maintained in every detail by it's only owner. It's the place to create enduring memories!

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2744 S First Water Lane Gold Canyon, AZ 85118

New

$988,900

3 Beds

3 Baths

2,705 SqFt

Status Active

MLS # 6759587

Property Type Single Family Residence

Price Type --

ABSOLUTELY GORGEOUS VILLA backing to the championship tee on the 18th HOLE of the Prospector course at Superstition Mountain Golf and Country Club!! STUNNING CURB APPEAL highlighted by a beautiful CUSTOM stone façade. THE HOME HAS BEEN HIGHLY UPGRADED,AND HAS A WONDERFUL LIGHT AND BRIGHT FEEL. It is the most popular Palermo model featuring an OPEN FLOORPLAN, large master bedroom with luxurious bathroom, guest bedroom with ensuite bathroom and den/bedroom also with private bath. The home features BEAUTIFUL TRAVERTINE FLOORS and custom window coverings throughout providing an elegant feel. Great room includes kitchen with GRANITE COUNTERTOPS, top of the line appliances, INCLUDING BUILT-IN WINE FRIDGE. The spacious family room includes a fireplace for ambiance, a high vaulted ceiling, and light bright windows and sliding doors which connect to outdoor living. The BACKYARD IS AN OUTDOOR LOVER'S DREAM with multiple sitting areas, BUILT-IN BBQ, FIREPIT, and CUSTOM FIREPLACE to enjoy the cool winter evenings. The home backs to the 18th tee which feels like an extension of the backyard and because it is the championship tee it gets little activity. There is also an ENCLOSED INNER COURTYARD for maximum privacy with hardscape and water feature. This home is PERFECTLY LOCATED with a short walk to the Clubhouse and Sports Club.

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27657 N 73rd Drive Peoria, AZ 85383

$988,053

4 Beds

4.5 Baths

3,505 SqFt

Status Active

MLS # 6746327

Property Type Single Family Residence

Price Type --

This BEAUTIFUL NEW 2024 home on a premium lot backing to common area is OVERFLOWING w/over $170k of DESIGNER upgrades! Professionally landscaped front yard w/faux grass and paver driveway! GOURMET kitchen w/gas cooktop, quartz countertops, waterfall island, urban cabinets + stainless appliance suite incl. fridge! Great room/dining room w/tons of windows and multi-sliding door for indoor/outdoor living! CUSTOM built-ins in dining room! Separate office or den + a BIG loft! PRIVATE primary bedroom suite w/coffered ceiling and barn door to LUXURIOUS ensuite bath w/walk-in shower! Bring your own backyard design to this HUGE backyard w/covered porch and create the oasis of your dreams! This property has too many upgrades to list here! Come see for yourself. Welcome HOME!

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16837 S 18th Way Phoenix, AZ 85048

Open House

New

$988,000

5 Beds

3.5 Baths

3,430 SqFt

Status Active

MLS # 6751148

Property Type Single Family Residence

Price Type --

Do you enjoy your privacy while being close to it all? This stunning home is situated in the coveted Foothills in Ahwatukee/Phoenix near freeway access and golf amenities. It boasts a large backyard with a sparkling pool for your quiet retreat or for frequent entertaining. Nestled within a foothill, the home has no neighbors to the north or east of the property. There is plenty of room for family and guests with 5 bedrooms and 3.5 baths. The primary suite is conveniently located on the first floor with a large primary bathroom and soaking tub, and a second bedroom suite is located on the second floor away from three additional spacious bedrooms. Upstairs also features a versatile loft perfect for a home office, play area or reading area. There is ample parking and storage with a three-car garage and build-in cabinets. This type of home is a rare find, combining modern upgrades throughout the home with exceptional privacy and views! Dont miss the beautiful new roof with updated tiles in a beautiful and modern earth tone shade!

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2941 W Sunbeam Lane Queen Creek, AZ 85142

$987,500

5 Beds

4 Baths

3,122 SqFt

Status Active Under Contract

MLS # 6728690

Property Type Single Family Residence

Price Type --

Just completed! Check out this beautiful New 5 bedroom 4 full bathroom custom home on AN 1.25 ACRE lot with NO HOA! Spacious great room plan with gourmet kitchen, White Cabinets, induction cooktop, subway tile, stainless steel appliances, full fridge and freezer, custom quartz counters, and walk-in pantry. Master suite has it all!! Private porch access, dual vanities, separate tub and shower. Huge walk-in closet. Front office /den with double doors. Front Bedroom / In Law Suite with private entrance and private bath. Large laundry room with sink and cabinets. Oversized 3 car garage. Block Wall Fenced Yard. Front yard desert landscaping on Paved Rd. With No HOA! Builder paying $15,000 towards closing costs with preferred lender.

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2845 W Sunbeam Lane Queen Creek, AZ 85142

$987,500

5 Beds

4 Baths

3,122 SqFt

Status Active Under Contract

MLS # 6728695

Property Type Single Family Residence

Price Type --

NEW CONSTRUCTION and ready for move in, Check out this beautiful New 5 bedroom 4 full bathroom custom home on AN 1.25 ACRE lot with NO HOA! Spacious great room plan with gourmet kitchen, White Cabinets, induction cooktop, subway tile, stainless steel appliances, custom quartz counters, and walk-in pantry. Master suite has it all!! Private porch access, dual vanities, separate tub and shower. Large South Facing patio with amazing views. Huge walk-in closet. Front office /den with double doors. Front Bedroom / In Law Suite with private entrance and private bath. Builder paying $15,000 towards closing costs for using preferred lender. Oversized 3 car garage. Front yard desert landscaping with Block Fenced Back Yard on Paved Rd. NO HOA!

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2761 W Sunbeam Lane Queen Creek, AZ 85142

Open House

$987,500

5 Beds

4 Baths

3,122 SqFt

Status Active

MLS # 6728702

Property Type Single Family Residence

Price Type --

Just completed! 5 BED 4 BATH 3 CAR GARAGE an 1.25 ACRE LOT with paved road access and NO HOA! Spacious great room plan with gourmet kitchen, White Cabinets, wall oven/microwave combo, Induction cooktop, Stainless Vent hood, custom quartz counters and full fridge and freezer. Master suite has it all!! Private porch access, dual vanities, separate tub and shower. Large South Facing patio for shade all day. Huge walk-in closet. Four bedrooms / 4 full baths with amazing views. Over sized bedrooms with can lights and ceiling fans in every room. Large laundry room with counters and cabinets and space for freezer. Oversized 3 car garage. Front Yard Desert Landscaping included along with Block Fence Back Yard on Paved Rd. Builder paying $15,000 towards closing costs when using preferred lender

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4215 E Desert Vista Trail Cave Creek, AZ 85331

Open House

$986,599

3 Beds

2.5 Baths

2,642 SqFt

Status Active

MLS # 6614108

Property Type Single Family Residence

Price Type --

Homesite 22-Sidewinder-As you approach, you'll be greeted by a charming private entry courtyard that sets the tone for this exceptional home. Step inside and be captivated by the expansive great room featuring soaring vaulted ceilings. For the culinary enthusiast, the oversized kitchen island beckons. It's not just functional; it's a focal point for gatherings and meals. The inclusion of double ovens will delight any chef. The home is equipped with the following options already 16' center slider doors at great room, free standing tub in primary bathroom, garage service door, exterior stone, laundry room sink, and bbq gas preplumb. Included are the upgraded electrical, low voltage, and all finishes. Enjoy upgraded flooring, quartz countertops, stainless steel appliances and more!

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22503 E Saddle Court Queen Creek, AZ 85142

$985,853

4 Beds

2.5 Baths

3,269 SqFt

Status Active

MLS # 6740335

Property Type Single Family Residence

Price Type --

This is your opportunity to own this iconic, fully furnished model! Completely turnkey and fully furnished, this farmhouse home comes with your own pool, a massive 40'-wide covered patio for those fun Arizona summers and mature landscaping, truly an entertainer's dream! This model is filled with designer touches and features gorgeous luxury plank flooring in most areas, including the stairs. Downstairs you will find an open den, a chef's kitchen with double ovens and a 36'' Gas cooktop, a large great room, and a powder room with ample storage, along with a 12' sliding glass door to your dream patio. Upstairs is a loft with custom built in cabinets, 3 beautifully styled guest bedrooms, a full guest bathroom, and a laundry room which connects to the large primary closet. February 2025 COE.

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