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 99th 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.

Whats 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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18009 W Denton Avenue Litchfield Park, AZ 85340

$975,000 - 4Br/3Ba -  for Sale in Russell Ranch Phase 1, Litchfield Park
New
$975,000
4 Beds
3 Baths
2,881 SqFt
Status Active
MLS # 6761792
Property Type Single Family Residence
Price Type --
More pictures coming soon. BEAUTIFUL custom single-story home on a large lot in the exclusive Russell Ranch community. This well-maintained property features 4 bedrooms, 3 baths, 6 CAR GARAGE on a spacious landscaped backyard w/ pool and 2023 NEW SPA. Upgrades include replaced roof under-layment and flashing, new irrigation system front and back, new landscaping rock added 2022. Exterior home painted in 2021. Two HVAC units in 2020. New custom front door in 2019. Pool interior resurfaced by Shasta Pools, new variable speed pump, pool cleaner and pool light in 2018. Detached 16x50 tandem 3 car garage built in 2017 for all your toys. So much more including wood shutters, epoxy floors in all garages, beautiful wood detail on patio ceiling, mister system, & barbecue station.

2827 W Adventure Drive Anthem, AZ 85086

$975,000
5 Beds
4 Baths
3,834 SqFt
Status Active
MLS # 6729897
Property Type Single Family Residence
Price Type --
3.25% Rate comes with current assumable loan! Solar to convey and Seller's will pay off the balance at closing. Virtually no monthly electric bills. Backyard Mountain and Desert VIEWS from the moment you enter the front door you see the view through big picture windows! If you're looking for a spacious home with large backyard, a pool, space for playing and extraordinary Arizona desert mountain views, this 5 bedroom home is located in the master-planned community Anthem Parkside and was remodeled in 2019. HOA fees less than $100 per month. PLUS Primary Bedroom and one guest bedroom and full bathroom are downstairs. Flex room upstairs off the loft has a balcony with gorgeous views of the desert and mountains. This home has space for working and playing! Large laundry room and oversized three-car garage. 2019 kitchen remodel incl new refrigerator, gas range, washer & dryer, all new flooring, HVAC, hot water heater, R/O system and whole home water filtration system, steel doors in laundry and garage side door, garage door opener for small garage. 2020, new roof above great rm/kitchen. Jump on I-17 to head up north for wine tasting or camping in Sedona, Prescott, or any of the northern Arizona vacation getaways. Lake Pleasant is 19 miles, within approx. 30 minutes for a relaxing day on the water. Anthem is a family centric community with sports courts, catch and release fishing, community train, huge water park, gyms, coffee shops, restaurants, libraries, grocery stores, hiking, biking, walking, dog park, and tons more. FINALLY...a true updated turnkey opportunity in Anthem Parkside for the most discerning Buyer! This home will blow your socks off!

16826 N 60th Place Scottsdale, AZ 85254

$975,000
4 Beds
2.5 Baths
2,515 SqFt
Status Active Under Contract
MLS # 6680123
Property Type Single Family Residence
Price Type --
Beautiful family home in a superb location... ignore the days on the market as the home renovation has just been completed... hard to find single level, 4 bedroom, 2.5 baths home with a three car garage... a walkable 3 blocks to North Ranch Elem School & St. Bernadette Catholic Church... kitchen features granite counters, stainless appliances, black under mount sink, walk-in pantry kitchen island & opens to the family room surrounded by windows & a gas fireplace. Luxurious master bath with a spacious vanity area with two sinks, a separate modern tub, walk-in shower and private toilet room. Large home on a corner lot with vaulted ceilings, plant shelves, niches, ceiling fans, water softener, laundry room sink, eat-in kitchen & breakfast bar, pantry, double sinks in guest bath, built-in BBQ covered patio & beautiful landscaping front & back & sparkling pebble tec play pool with waterfall!! The air conditioning units were both replaced; 2023 & 2024. Attractive home and move-in ready!

36915 N 24th Street Phoenix, AZ 85086

$975,000
4 Beds
3 Baths
2,989 SqFt
Status Active
MLS # 6729426
Property Type Single Family Residence
Price Type --
Come See Us Again! We've listened to your feedback and just completed a remodel in July 2024. This spacious home in a fantastic location features an extended-depth 4-car garage with storage and built-in cabinets. Enjoy two separate RV gates—one on the side and another at the back, both positioned away from the septic system, perfect for heavy RVs or adding a large guest casita or shop. Connected to a private water company, you'll avoid local well water concerns. Relax in the heated pool and spa. The 1.2-acre fully landscaped lot is fenced for privacy and security.

15210 S 20th Street Phoenix, AZ 85048

$975,000
4 Beds
2.5 Baths
3,150 SqFt
Status Active
MLS # 6738033
Property Type Single Family Residence
Price Type --
Beautifully set on a hillside lot with spectacular mountain views in the Ahwatukee Foothills. Located on a cul-de-sac street with only six homes and no neighbors directly across from you--a truly private location. Home boasts a large, open floor plan with abundant natural light. New paint and new carpet throughout. One AC unit replaced in 2022 plus new roof installation in 2021. Pool in backyard with view fencing. This home is perfectly situated close to shopping, restaurants, award-winning Kyrene schools, South Mountain Preserve hiking trails and parks. Don't miss this incredible opportunity to own property in the highly desirable Cabrillo Canyon neighborhood!

12349 W Tyler Trail Peoria, AZ 85383

$975,000
3 Beds
3.5 Baths
3,124 SqFt
Status Active
MLS # 6703115
Property Type Single Family Residence
Price Type --
REDUCED!! BEAUTIFUL 3126 SQ FOOT 3 BED, 3.5 BATHS +DEN/OFFICE, GREAT ROOM WITH FORMAL DINING AREA. CUSTOM FEATURES THROUGHOUT. DAVID WEEKLEY IS THE BUILDER OF THIS 2X6 CONSTRUCTED HOME. SOLAR OF $83.50 A MONTH FOR DESERT HEAT SAVINGS. LARGE TILE IN ALL BUT THE 2 EXTRA BEDROOMS. 3 MASTER SUITES SPLIT FLOOR PLAN. MAIN BEDROOM IS SPACIOUS WITH OPEN VIEWS OF OASIS BACKYARD, BATH HAS LARGE GLASS WALK-IN SHOWER, 2 AND 2 SEPARATE VANITIES WITH LOTS OF STORAGE. HUGE WALK-IN CLOSET IS PROFESSIONALLY DESIGNED BY CA CLOSETS. LAUNDRY IS RIGHT OFF THE MASTER CLOSET FOR CONVENIENCE. KITCHEN BOASTS WHITE SHAKER CABINETS, 15X7 FOOT WOOD TONE ISLAND WITH UNDER LIGHTING, GRANITE, SOARING CABINETS, HIGH END APPLIANCES, SUBZERO COUNTER DEPTH FRIDGE. DEEP SPACIOUS WALK-IN PANTRY. SEPARATE BREAKFAST ROOM WITH BUILT-IN SERVING COUNTER/ CABINETS AND DISPLAY GLASS FRONT RAISED CABINETS. FORMAL DINING ROOM IS CURRENTLY USED AS A SITTING AREA. SO MANY CHOICES IN THIS SPACIOUS HOME. DEN/OFFICE HAS BUILT-IN DESK, STORAGE, TV AND IS ROOMY. WINDOWS HAVE EITHER PLANTATION SHUTTERS ON THE FRONT OF THE HOUSE OR WOVEN BLINDS ON OTHER WINDOWS. MASSIVE SLIDER TO PATIO HAS AUTOMATIC SHADES THAT ARE SELDOM CLOSED DUE TO NO NEIGHBORS BEHIND. 2 COVERED PATIOS WITH RETRACTABLE SHADE ON ONE AND THE OTHER HAS NEW ELECTRONIC SHADES FOR SUMMER USE. OUTDOOR KITCHEN IS OFF THE BREAKFAST KITCHEN AREA. BACKYARD IS SURROUNDED BY BLOCK WALLS. VERY PRIVATE YARD. THERE IS A PUTTING GREEN FOR FUN AND PRACTICE, A FIRE-PIT WITH NATURAL GAS AND A WATER FEATURE IN THE MIDDLE WITH A BUBBLING WATER FALL. DESERT LANDSCAPING FRONT AND BACK IS WATER SMART FOLIAGE AND BRIGHT COLORFUL FLOWERING SHRUBS. 3 CAR TANDUM GARAGE WITH CUSTOM CABINETS INSIDE. GOLF AND SOCIAL MEMBERSHIPS ARE AVAILABLE TO PURCHASE IN THIS AWARD WINNING GATED COMMUNITY. COUNTRY CLUB HAS 3 POOLS, PICKLEBALL & TENNIS COURTS,BOCCI BALL, WONDERFUL WORKOUT FACILITIES, A RESTAURANT AND AN 18 HOLE 72 PAR GOLF COURSE DESIGNED BY JIM ENG.THIS AREA HAS LOTS OF WILDLIFE, AZ BEAUTY AND BREATHTAKING VIEWS AND SCENERY. HOA IS 468.50 QUARTERLY. VISTANCIA HAS BEEN VOTED #1 MASTER PLANNED COMMUNITY IN AZ YEARS IN A ROW. NOT AGE RESTRICTED!! $1500 WORKING CAP FEE WITH PURCHASE. NO POOL TO WORRY ABOUT. WOULD BE A GREAT YEAR ROUND OR WINTER HOME. SOME FURNITURE AVAILABLE OUTSIDE PURCHASE. SELLER IS LICENSED REALTOR IN AZ. SELLERS PREFER DRIGGS TITLE, KIMBERLY OWEN, WESTGATE OFFICE.

6052 N 183rd Avenue Waddell, AZ 85355

$975,000
4 Beds
3.5 Baths
4,072 SqFt
Status Active
MLS # 6697938
Property Type Single Family Residence
Price Type --
This property offers a unique chance to acquire a spacious home in the esteemed Clear Water Farms community UNDER APPRAISED VALUE. The residence boasts 4,072 square feet of living area on a generous 2-acre lot with full irrigation, presenting an ideal setting for those interested in establishing a hobby farm. The home features four bedrooms and three and a half bathrooms, including a primary suite and two additional ensuite rooms, ensuring ample privacy and comfort. The cooled garage includes a convenient half bath, and the property also offers a vast gaming or playroom, adding to its appeal for entertainment or additional living space. Outdoor enthusiasts will appreciate the full RV hookup and the ease of maneuverability it provides. With the majestic White Tank Mountains as a backdrop, the property promises serene views and an idyllic lifestyle, suitable for a large family or multi-generational living. It also holds potential as a lucrative VRBO investment, complete with horse privileges, allowing for a unique vacation experience. The opportunity to witness the stunning mountain sunsets adds a touch of natural splendor to this already attractive offering.

15071 N 49th Way Scottsdale, AZ 85254

$975,000
5 Beds
3 Baths
2,814 SqFt
Status Active
MLS # 6690514
Property Type Single Family Residence
Price Type --
Welcome to this stunning, spacious 5-bedroom, 3-bathroom home located in the prestigious 85254 zip code with NO HOA! Featuring a bright open floor plan with modern touches, a neutral palette and vaulted ceilings, this home was tastefully refreshed in 2024 with new paint, carpet, lighting and remodeled guest baths. The open kitchen, renovated in 2020, boasts a spacious center island, updated lighting and stainless steel appliances. The primary bedroom offers an en suite bathroom with double sinks, a separate shower and bathtub and a large walk-in closet. Enjoy Scottsdale's indoor/outdoor lifestyle in this beautiful backyard complete with a large covered patio space, a private pool, natural grass lawn and mature landscaping. A huge 3-car garage provides ample storage space. Don't miss the chance to own premium real estate in the coveted magic zip code, boasting a Scottsdale address with proximity to upscale dining and shopping in Scottsdale while benefiting from City of Phoenix services and within the Paradise Valley School District.

1014 E Glenn Drive Phoenix, AZ 85020

$975,000
4 Beds
4 Baths
2,287 SqFt
Status Active
MLS # 6716478
Property Type Single Family Residence
Price Type --
Welcome home to your 4 bedroom / 4 full bath, permitted remodel that's undergone a total transformation in every way imaginable with curb appeal galore. Featuring multiple en-suite baths, dual HVAC system, a designer kitchen with pantry, custom cabinetry & luxury appliances, an open floorpan with lots of natural light, an attached fully finished garage, an indoor laundry room & a magnificent rear yard that offers tons of privacy complete with a large pebble bottom pool, low maintenance landscaping with artificial turf & a large covered patio. Quiet neighborhood, freeway close with lots of amenities near by.

19910 W Amelia Avenue Buckeye, AZ 85396

$975,000
3 Beds
3 Baths
2,437 SqFt
Status Active
MLS # 6733075
Property Type Single Family Residence
Price Type --
Spacious custom home on a one-acre lot, located in Pasqualetti Mountain Ranch, with low fee HOA. Enjoy White Tank Mountain views from the refreshing pool as well as from the living room and master bedroom. Eat-in kitchen with breakfast bar, pantry, and new stove. Master bedroom has space for sitting area, large walk-in closet and linen closet. Master bath has double sinks with custom vanity, large shower with built-in bench. Office/den with custom cabinet is perfect for working from home, or an extra guest room. Second bedroom has wainscoting and chair rail with larger closet. Larger third bedroom offers built-in bookshelves, upgraded en-suite with small walk-in closet. Desert landscaping, drip irrigation with timer, mature trees, and natural desert in the backyard.

3219 S 196th Drive Buckeye, AZ 85326

$975,000
5 Beds
4 Baths
3,324 SqFt
Status Active
MLS # 6632398
Property Type Single Family Residence
Price Type --
Brand new custom home, JUST WOW!! From the moment you arrive and enter the oversized custom front door... with a great room and massive chef's kitchen that are designed for family and Friend gatherings. Light and Bright * High End trim finishes throughout. 5 large bedrooms all with walk In closets, and 4 full bathrooms. The spacious and inviting great room flows seamlessly into the luxurious kitchen, creating the perfect space for entertaining or simply relaxing at home. The Master bedroom includes a spacious walk-in closet, tile shower and granite vanity sinks. Upgraded hardware and light fixtures. This home sits on 1.25 acers (irrigated) plenty of room to make your very own Oasis! NO hoa, so horses, RV's and assorted toys are allowed. Private well, water softner and much, much more.

6128 W Alameda Road Glendale, AZ 85310

$975,000
5 Beds
4 Baths
3,647 SqFt
Status Active
MLS # 6741673
Property Type Single Family Residence
Price Type --
Your DREAM home is here in The Islands! This stunning property offers unparalleled privacy & fantastic mountain views. A 3-car garage, professionally landscaped yards, and a front patio are just the beginning. Just off the front entry are the formal dining room and a cozy den; both provide versatility! Home exudes elegance with tall ceilings, recessed lighting, archways, abundant natural light, neutral paint, and soft carpet & stone tile flooring t/out. The spacious open layout makes gathering a bliss! The gourmet kitchen boasts SS appliances, granite counters, mosaic tile backsplash, a pantry, ample cabinetry w/crown molding, and a 2-tier island w/breakfast bar. Owner's suite has outdoor access and a lavish bathroom with a soaking tub, two vanities, a separate shower, & a walk-in closet. Two secondary bedrooms shared a Jack & Jill bathroom. One bedroom is also designed to be a media or game room. PLUS! You'll surely love the bonus room, with a wet bar, perfect for relaxing at home. Sizable laundry room with a sink & cabinetry for your convenience. But the true highlight is the entertainer's backyard! This large space promises year-round enjoyment, featuring an outdoor kitchen, lush lawn, covered patios, multiple seating areas, palm trees, an in-ground spa, and a diving pool w/slide. What's not to like? Don't miss this beauty!

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