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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9248 S Lakeshore Drive Tempe, AZ 85284

New

$985,425

4 Beds

2.5 Baths

2,506 SqFt

Status Active

MLS # 6763067

Property Type Single Family Residence

Price Type --

Located in a prime south Tempe location, this updated 2,506 SqFt single story home boasts 4 beds, 2.5 baths, and a modern farmhouse style that makes you feel at home. Wood and tile flooring - no carpet anywhere. White kitchen with quartz counters, SS appliances and breakfast bar w/ seating. Good sized secondary bedrooms and a large primary suite that features a walk-in closet, large shower, and separate tub. Out back enjoy a large covered patio, sparkling pool w/ ramada, and two natural grass areas! Remodeled down to the studs in 2019: kitchen, bathrooms, flooring, windows/doors, electrical, paint, and ductwork. Subsequent smaller updates since including resurfacing the pool and pool deck, replacing the metal gates, and redoing the wall stucco. Home is ready for you to move in!

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10808 N 43rd Street Phoenix, AZ 85028

$985,000

4 Beds

2.5 Baths

1,885 SqFt

Status Active

MLS # 6756284

Property Type Single Family Residence

Price Type --

Welcome to this updated modern home situated on a premium 16,000sq.ft lot, located in the heart of the Paradise Valley Mall redevelopment corridor where convenience and high end amenities sit just around the corner. Featuring 4 bedrooms and 2.5 bathrooms, this open concept home offers a large living room and sitting area that flows nicely into your dining room and chef's kitchen, which includes a breakfast nook with separate back patio access. The primary bedroom is spacious with tons of closet space and updated dual vanity bathroom with walk-in shower. The pool was just completely redone with new pebble tec, pool equipment, pool heater and lights! The oversized backyard offers expansive covered patio space, large grassy area, sport court and plenty of room to add more amenities for your enjoyment. This is an awesome opportunity to own property in a great part of town and in a home that is move in ready!

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6501 N 87th Street Scottsdale, AZ 85250

$985,000

4 Beds

2 Baths

1,985 SqFt

Status Active

MLS # 6748844

Property Type Single Family Residence

Price Type --

Welcome to this beautiful Santa Fe style home with the RARELY SEEN large paved front private COURTYARD! Home has been recently remodeled with marble look tile flooring, white shaker-cabinet kitchen, stainless appliances, large kitchen island and granite countertop, newer windows, updated bathrooms, and has been freshly painted! The spacious family/dining area is perfect for gathering, and the split bedrooms are perfect for the family! Primary bedroom has 2 closets and sliding doors to the front courtyard. New Epoxy garage floor! Resort style backyard features a large enclosed pool side cabana, covered patio, and a built-in BBQ with lots of counter space for entertaining! Highly desired neighborhood close to Indian Bend shopping, golf, and entertainments that central scottsdale offers!

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6095 W Mira Road Prescott, AZ 86305

$985,000

3 Beds

2.5 Baths

2,331 SqFt

Status Active

MLS # 6755513

Property Type Single Family Residence

Price Type --

This home is truly impressive, showcasing top-notch builder upgrades throughout. The chef's kitchen is a standout, boasting an expansive island, Bosch appliances, a 5-burner gas cooktop, double ovens, and both a walk-in and butler's pantry. The spacious dining area features a double slider door that leads to a covered patio, perfect for taking in stunning views. With 3 bedrooms, 2.5 bathrooms, and an office/flex room, there's plenty of space for comfortable living. The master suite is a luxurious retreat, offering dual sinks, a walk-in tiled shower with upgraded rain glass, a walk-in closet, and patio access. The split bedroom floorplan includes two large guest rooms and an additional bathroom. The laundry room is well-appointed with cabinets, a utility sink, and quartz counters. Outside, you can unwind on the patio under a pergola with breathtaking views of Granite Mountain. The .52-acre lot backs to HOA open land, providing added privacy and space.

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7120 E Kierland Boulevard Unit 720 Scottsdale, AZ 85254

$985,000

2 Beds

2 Baths

1,091 SqFt

Status Active

MLS # 6695174

Property Type Apartment

Price Type --

There is no wasted space in this stunning almost 1,100 square foot Kierland home. Situated in the perfect location in the building, you are close to everything. Artfully designed and well maintained, this 2 bedroom 2 bath unit fills all the boxes. The two parking spaces are directly adjacent to the elevator for ease and convenience. Enjoy the world class amenities that the Optima has to offer. Workout facility, squash, basketball, golf simulator and the famous rooftop pool and entertaining areas. Walk to the Kierland Commons and the Scottsdale Quarters dining and shopping opportunities in minutes. This is the perfect spot in Scottsdale..

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14399 E Explorer Lane Prescott Valley, AZ 86315

$985,000

4 Beds

3 Baths

2,438 SqFt

Status Active

MLS # 6747814

Property Type Single Family Residence

Price Type --

Welcome to this casually comfortable, move-in-ready property located in the sought-after Legend Hills subdivision of Prescott Valley, AZ. Nestled on 2.74 acres of completely fenced and cross-fenced land, covered with native shrubs, grasses, wildflowers and pines, this horse property offers both privacy and functionality. The spacious 2,480 square foot home boasts soaring ceilings and impressive 8-foot doors that enhance the open feel of the living spaces. Large windows in the living room provide stunning views of Hickory Mountain. The 20 X 32, 2 stall barn, is equipped with electricity, water, an enclosed 8 X 12 feed/tack room, and plenty of room for trailer parking. Recent upgrades include a Kinetico water system, a state-of-the-art induction stove, and an electronic air filtration system ensures the home is efficient and comfortable. The custom-made mantle over the stone fireplace is inlaid with copper and turquoise. A recently added half bath and numerous other enhancements make this home truly special. The property also features a large fully paid solar system, which greatly minimizes the cost of energy. Sellers say they do not have any electricity bills, they essentially break even every year. There is ample RV parking on a large gravel pad, accessible from either the driveway or the secondary front gate, giving it a pull-through option. There is convenient access to water and a 30/50-amp electric outlet. This exceptional property, with nearby access to BLM and State land, blends comfort, practicality, and natural beauty, making it the perfect retreat for horse lovers, nature enthusiasts, or anyone seeking a serene lifestyle in Prescott Valley.

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4509 E Blanche Drive Phoenix, AZ 85032

$985,000

4 Beds

2.5 Baths

3,139 SqFt

Status Active

MLS # 6755367

Property Type Single Family Residence

Price Type --

Immaculate Home In PV Lite! Spacious kitchen featuring upgraded cabinetry, tile backsplash, large pantry, wine or coffee bar & lots of natural light. The floor plan has a large living room & formal dining room w/ amazing wood floors & family room w/ projector TV & integrated theater surround sound. The over-sized primary suite offers more amazing wood floors, stone fireplace, sitting area, luxurious master bath w/ custom walk-in shower w/ extensive tilework/lighting & designer walk-in closet. The resort escape backyard boasts a covered patio w/ expanded travertine tile, pergola, grassy area, mature landscaping, citrus trees & magnificent renovated pool. There are so many extras including custom lighting, plantation shutters, Universal Windows in 2017, & energy/cost saving owned solar.

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7709 E Via Montoya -- Scottsdale, AZ 85255

$985,000

4 Beds

2 Baths

2,366 SqFt

Status Active Under Contract

MLS # 6754822

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the desirable Sonoran Hills community in Scottsdale! This beautifully remodeled single-level residence boasts 4 spacious bedrooms and 2 well appointed bathrooms, perfect for anyone seeking a comfortable and stylish living space. Step inside to discover a fresh, modern aesthetic with updated finishes throughout. The open floor plan creates a seamless flow between the living areas, ideal for entertaining and everyday living. The heart of the home features a splendid kitchen with granite countertops, stainless steel appliances, and ample cabinet space. Retreat to the expansive owner's suite complete with a walk-in closet and a spa-like ensuite bathroom featuring dual sinks, a soaking tub, and a separate shower.

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9023 W Monte Lindo Street Peoria, AZ 85383

$985,000

4 Beds

2.5 Baths

1,805 SqFt

Status Active

MLS # 6747788

Property Type Single Family Residence

Price Type --

Welcome home to this gorgeous property! Prepare to be amazed by this unique masterpiece in Sunrise! Lovely curb appeal is enhanced by a 3-car garage, large RV gate, and mature trees that provide refreshing shade. Entertain guests in the inviting living room adorned with plantation shutters and wood-look tile flooring in all the right places. Fabulous eat-in kitchen displays recessed lighting, built-in appliances, granite counters, and plenty of cabinetry with crown moulding. Spacious main retreat boasts French doors to the back patio, an ensuite with dual sinks, a glass block in the shower, and a walk-in closet. In the massive backyard highlights a covered patio, play area, gazebo, beehive fireplace, storage shed/workshop, and a HUGE 2300sqft detached garage with 1/2 bath & 2 evap coolers

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552 E Constitution Drive Gilbert, AZ 85296

$985,000

4 Beds

4.5 Baths

3,400 SqFt

Status Active

MLS # 6758315

Property Type Single Family Residence

Price Type --

Fall in love with this Semi-Custom, single level home with CASITA, RV GATE, 4 CAR GARAGE, 4 BED, 4.5 BATH, Workshop, Putting green, Den for office and much more! The detached Casita/Guest House is complete with separate guest entrance, space for refrigerator, kitchen sink and private bathroom ensuite. The property is in a prime cul-de-sac location for extra privacy. This spacious 4-car garage offers epoxy flooring, added insulation, a/c, utility sink and cabinetry space for storage. Discover an interior w/ vaulted ceilings, wood shutters throughout, Beautiful French Doors, ample living space for entertaining, two very spacious primary bedrooms & an eat-in kitchen equipped w/new appliances. The main bedroom offers a private exit to the backyard & an ensuite w/ walk-in shower, large soaking tub and oversized closet. The second primary bathroom has marble tile in shower, vanity, & everything new in 2021! Solar 2022 - Roof Warranty. Entertainer's backyard boasts painted decks, swimming pool w/speed pump, putting green, built-in BBQ, & trees + plants & sprinklers replaced (except the orange tree). Your new home awaits in the highly sought-after Lindsay Meadows Community!

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29512 N 128th Lane Peoria, AZ 85383

$985,000

3 Beds

3.5 Baths

2,984 SqFt

Status Active

MLS # 6759585

Property Type Single Family Residence

Price Type --

This home is a Combination of Beauty & Amenities Galore! On Golf Course w/ Gorgeous Mtn Views. Enjoy entertaining in Resort Style backyd w/Awesome Sunsets, a lighted Pergola w/Heated Spa, a Serene Fountain & Firepit. Perfect for entertaining & guests will love the privacy offered by the PRIVATE CASITA! Interior is Open Concept Living with updated Center Island Kitchen w/New Quartz countertops, New Commercial Refrig/Freezer, New Gas range w/Custom Hood + Dual wall ovens for a total of 3 Ovens, New RO system + a Butler Pantry/laundry rm. Great room has Wet Bar & Gas Firepl. In addition to 2nd Ensuite Bedrm there is a Flex Room w/courtyard entry, + a Den with Separate Courtyard. Owned Solar w/Vehicle charging, New A/C in 2023, Master w/new remote blinds. See docs tab for amenities lis

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3917 E Boot Track Trail Gilbert, AZ 85296

$985,000

5 Beds

4 Baths

3,477 SqFt

Status Active

MLS # 6747659

Property Type Single Family Residence

Price Type --

Built in 2021 N/S Facing, Light & bright open floor plan with 5 BR, plus loft, 4 bath home in the highly desirable Morrison Ranch master plan community in Gilbert, seller pay off SOLAR, see the savings for electric bill statement on the documents. upgraded gourmet kitchen with large center island, huge pantry, upgraded appliances, gas cooktop, double ovens and built in microwave. Upstairs loft for your family entertains or office, Extended length Three car tandem garage has added EV charge outlet, home is only a block from community tennis, pickleball, basketball courts, children's play areas and enjoy community events. Convenient to San Tan Mall and Downtown Gilbert for shopping, dining and entertainment. easy access for Loop 202 & US 60.

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