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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267 W Amherst Street San Tan Valley, AZ 85143

$965,000

4 Beds

4.5 Baths

3,016 SqFt

Status Active

MLS # 6751877

Property Type Single Family Residence

Price Type --

Nestled in a picturesque location with breathtaking mountain views from the rear of the property, this custom home is a true gem. Impeccably maintained and in fantastic condition, this residence offers luxurious living spaces and an array of desirable features that make it a standout in the market. Upon entering, you'll be greeted by a foyer that sets the tone for the exquisite craftsmanship and attention to detail found throughout the home. The heart of the house is the expansive great room, boasting a generous floor plan that provides ample space for both relaxation and entertaining. The centerpiece of the great room is a remarkable 16-foot wide patio door, seamlessly merging the indoor and outdoor spaces. The gourmet kitchen is a chef's dream, featuring beautiful stainless appliances, custom cabinetry and granite countertops. The over and under cabinet lighting enhances the ambiance, while the sleek design and ample storage space make cooking a delight. Every aspect of this kitchen has been carefully considered to provide both functionality and beauty. The attention to detail continues throughout the home with custom blinds, beautiful high-end trim features and finishes that exude sophistication and elegance. The seamless flow of the design creates a harmonious living environment where each room effortlessly transitions into the next showcasing crisp craftsmanship at every turn. Car enthusiasts and RV owners will find their dreams fulfilled with over 2000 square feet of garage space. This includes a remarkable climate controlled 50-foot deep by 15-foot wide RV garage complete with a 12-foot wide by 14-foot tall entry door, providing ample space for storing your recreational vehicles and then some! The 50-amp RV service inside the garage adds convenience and versatility not to mention the 1/2 Bathroom and extra storage area / office that can really round out the ultimate Man Cave!! There is an oversized two-car garage with an 8-foot by 18-foot entry door, ensuring that all your storage needs are met. The backyard is a blank canvas ready to put your own personal creativity to work! Design the perfect pool, recreational space and of course the perfect BBQ entertaining area! This home is a must see!

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1124 N 99th Street Mesa, AZ 85207

$965,000

5 Beds

3.5 Baths

2,968 SqFt

Status Active

MLS # 6690510

Property Type Single Family Residence

Price Type --

Custom home on acre lot in North Mesa! Home has 5 bed, 3.5 bath, 4 car garage, 2,994 sq. ft. with pool and lush landscaping. Open concept living, kitchen has custom cabinets, quartz counters, huge island, walk in pantry, convection ovens and large dining area. Other updates include tile flooring, tile showers, quartz counters throughout, security screens & doors, spacious master bedroom, large laundry room, 4 car extended garage with vaulted ceilings and tons of room for your toys with NO HOA! Massive, fenced backyard with extended patio, 2 pergolas, above ground spa, RV gate and beautiful views. In-Law/Guest Suite with private entrance, kitchenette, laundry, walk in closet and garage access. Perfect for short term rental income or for a home business. Move in ready.

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8245 E Bell Road Unit 210 Scottsdale, AZ 85260

$965,000

3 Beds

2 Baths

1,819 SqFt

Status Active

MLS # 6694199

Property Type Townhouse

Price Type --

This Incredible View Could Be Yours! Welcome to this fantastic fully furnished 2-story townhome in highly sought after Montana del Sol Condominiums! Located on the ninth hole of the TPC GOLF COURSE just one block from the entry to the Waste Management Phoenix Open and the brand new Draft King Sports Book! Be awed by the amazing interior featuring 12' trayed ceilings, Travertine tile flooring, offering a soothing palette that makes you feel at home instantly. Enjoy warm nights by the fireplace in the great room, w/media niche, ideal for entertaining. The dining area is naturally bright w/large windows & access to the balcony. The immaculate kitchen boasts built-in appliances, ample cabinetry w/crown mouldings, granite counters, pantry, & a breakfast bar. Versatile den can become your home office or 3rd bedroom. The main suite offers plush carpet & a private bathroom, w/dual sinks and his & her walk-in closets. Enjoy the gorgeous Camelback Mountain views from the relaxing balcony overlooking the golf course. Within minutes to Westworld for the Barrett Jackson Auto Auction and many other events. With all Spring Training parks, State Farm Stadium, and many PGA golf courses within 30 minutes of this beautiful home...what's not to like?

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1700 E Lakeside Drive Unit 27 Gilbert, AZ 85234

$965,000

4 Beds

3 Baths

3,216 SqFt

Status Active Under Contract

MLS # 6727429

Property Type Townhouse

Price Type --

Experience the epitome of luxury living in this breathtaking lakefront home. This home is located in a gated community, with a privately gated courtyard at its entrance. From the kitchen, two bedrooms, and living room slider you can stare off into the panoramic views of the serene lake. Gorgeous kitchen features ample cabinetry, SS appliances, and under cabinet lighting. There are two primary bedrooms with recently renovated bathrooms, and 2 additional bedrooms. Outside offers a pool with water features, built-in Traeger grill, turf, and travertine pavers. Don't miss your opportunity to see this slice of paradise, and imagine yourself living in lakefront luxury.

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7745 E Montebello Avenue Scottsdale, AZ 85250

$965,000

3 Beds

2.5 Baths

2,483 SqFt

Status Active Under Contract

MLS # 6689687

Property Type Townhouse

Price Type --

Best location in Scottsdale, near Indian Bend Greenbelt with miles of walking/biking paths, parks, golf courses, Old Town, restaurants, shopping, close to the 101 Fwy. Stunning entry with natural sunlight, soaring wood beamed ceilings, floor to ceiling fireplace with French doors that open to completely renovated patio, private heated pool/spa and pergola with gated access for personal pool service. Cozy family room with fireplace. Primary suite is conveniently located downstairs with private access to pool/patio. Two large bedrooms upstairs, full bath plus spacious loft with patio balcony access. Remodeled kitchen with cozy breakfast nook. Wonderful community includes heated pool and spa. You'll love this quiet cul-de-sac location. Furnishings are available under separate sales agreement

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7244 E Las Palmaritas Drive Scottsdale, AZ 85258

$965,000

4 Beds

3 Baths

2,710 SqFt

Status Active

MLS # 6700803

Property Type Single Family Residence

Price Type --

Briarwood VI is Scottsdale's hidden secret: the ultimate convenient location to everywhere! Tucked in near McCormick Ranch & Paradise Valley Farms, this special property was updated in 2015 with consistent quality throughout, from the freshly painted smooth stucco exterior to the filled in travertine flooring, eliminating any interior steps. All windows were replaced, the kitchen was completely redone & opened up, new cabinetry added w/ the ''soft-close'' feature, gorgeous granite slab counters, new appliances & fixtures. The bathrooms are light & bright w/ high level finishes. Skylights are plentiful, inside & out. The game room can serve as an ensuite guest room ~ great for grandkids! Deep covered patio, heated pool & spa, & attractive stacked stone BBQ offer full outdoor enjoyment

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5225 S Opal Place Chandler, AZ 85249

$964,999

4 Beds

3 Baths

3,099 SqFt

Status Active

MLS # 6756928

Property Type Single Family Residence

Price Type --

Welcome to this beautifully upgraded home in Chandler's Whispering Heights neighborhood, offering exceptional comfort and style. Located on a quiet cul-de-sac, the property features a thoughtful split floorplan with a dedicated guest wing, complete with its own living space, two bedrooms, and a full bath, ensuring privacy and convenience for visitors or extended family. The backyard features low-maintenance turf, paver patio and stunning new Pebble Sheen play pool. Completed in 2022, the pool includes two mosaic-tiled baja shelves, providing a refreshing outdoor retreat. Recent updates include granite kitchen countertops, modern appliances, and stylish hardware. Luxury vinyl plank flooring throughout was installed in 2019, complemented by striking 5.5''-inch baseboards. New French doors were added from the primary suite, opening directly to the patio, seamlessly blending indoor and outdoor living. Additional updates include all new ceiling fans throughout, new window coverings and sunshades, garage door & opener, guest bath & shower, courtyard gate and much MORE! (See full update list attached). Even more features: abundant storage throughout the home, including extended kitchen cabinets + pantry, 3-car tandem garage with built-in storage, extended driveway and paver patio in backyard. The property enjoys a prime location with a greenbelt directly across the street, enhancing its serene setting. Additional community features include open green spaces, playground, ramadas, and a sport court. Nearby, Veterans Oasis Park offers expansive recreational opportunities with its picturesque lake, walking paths, and various sports facilities. This home combines modern upgrades with a tranquil cul-de-sac location and easy access to community amenities, making it an ideal choice for comfortable living.

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2626 E Bear Creek Lane Phoenix, AZ 85024

$964,999

4 Beds

2.5 Baths

3,454 SqFt

Status Active

MLS # 6713430

Property Type Single Family Residence

Price Type --

Seller offering $10,000 in credit to buyers for rate buy down and/or closing costs. Discover this stunning 2-story home nestled in the scenic Desert Peak neighborhood. This charming family-friendly neighborhood is known for its vibrant community spirit. It offers an abundance of amenities, including multiple walking trails, expansive greenbelts, and parks, making it an ideal environment for outdoor enthusiasts and families alike. This serene neighborhood provides a perfect blend of natural beauty and recreational opportunities, fostering an active and engaging lifestyle for all residents. This energy-efficient residence features attractive stone accents on its facade, complemented by an RV gate and a spacious 3-car garage. Step inside to an inviting atmosphere, highlighted by wood-look flooring, a neutral color palette, tall ceilings, and a large living/dining area with a cozy fireplace. The sizable great room will capture your attention with its built-in wet bar. The delightful kitchen is equipped with a breakfast nook, abundant cabinetry, stainless steel appliances including a double wall oven, a mosaic tile backsplash, granite counters, a pantry, recessed lighting, and a center island with a breakfast bar. Upstairs, a spacious loft offers direct access to the front balcony. Enjoy restful nights in the main bedroom, which features plush carpeting, a sitting area, and a lavish ensuite with dual sinks, a stylish soaking tub, water-fall shower, and a walk-in closet. Relish in the scenic sunset views from the balcony off the primary bedroom or entertain guests in the backyard, complete with a covered patio, paver sitting area with built-in boulder fire pit, refreshing pool with water feature and a storage shed. This breathtaking home is ready to be yours. Make it happen today!

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19655 E Estrella Road Queen Creek, AZ 85142

$964,995

3 Beds

2.5 Baths

2,580 SqFt

Status Active

MLS # 6730647

Property Type Single Family Residence

Price Type --

Welcome to this stunning RV garage home! This home features 3 bedrooms, 2.5 bathrooms as well as an oversized study. You will find a beautiful gourmet kitchen off the great room featuring an oversized multi slide door that leads to the exterior patio. Upgraded tile, quartz countertops, cabinets are more! Amazing oversized lot with an attached 43' RV Garage. This home is currently under construction.

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19583 E Estrella Road Queen Creek, AZ 85142

$964,995

3 Beds

2.5 Baths

2,580 SqFt

Status Active

MLS # 6747946

Property Type Single Family Residence

Price Type --

Stunning Hanson floorplan! This home includes an inviting covered entry, 3 bedrooms + study and 2.5 bathrooms. A large hallway leads into a spacious open great room & gourmet kitchen offering quartz countertops, a built-in microwave and oven, walk-in pantry, large center island & 36-inch gas cooktop with hood. It's the perfect space for entertaining with a large glass sliding door, revealing lots of natural lighting. The lavish primary suite showcases an expansive walk-in closet. The primary bath gives a spa like atmosphere with his and hers sinks & a XL large walk-in shower. You will also be delighted with a convenient laundry inside, a relaxing covered patio, a 3-car garage + RV garage PLUS single side turn garage. This could be your dream home! Ready for move-in December 2024

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13451 N 93rd Way Scottsdale, AZ 85260

$964,900

5 Beds

3 Baths

2,953 SqFt

Status Active

MLS # 6689364

Property Type Single Family Residence

Price Type --

Amazing Home within Encantada Subdivision. This Home offers 5 Bedrooms and 3 Full Baths with a Sparkling Pool. Separate Living Room and Great Room Areas. Large Kitchen area for entertaining! Plenty of Storage throughout! Large Backyard cooking and serving island by the Pool. Close to Schools, Shopping and Freeway. Also, Seller is offering 2% concessions towards Sellers closing costs or interest rate buy down.

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2 County Road N 2277 Lot 9 -- Nutrioso, AZ 85932

$962,500

4 Beds

2.5 Baths

3,000 SqFt

Status Active

MLS # 6711882

Property Type Single Family Residence

Price Type --

MOUNTAIN TOP BEAUTY! PANORAMIC VISTAS GALORE IN THIS GORGEOUS CUSTOM CABIN SET ABOVE THE REST! FOREVER VIEWS OF THE NUTRIOSO VALLEY BELOW W/ MANY CUSTOM UPGRADES: STAY COZY & SECURE W/ CENTRAL HEAT (W/ HUMIDFIER), HEATILATOR HUGE ROCKED FIREPLACES ON 2 LEVELS. KOHLER BACK UP GENERATOR, 500 GAL PROPANE TANK OWNED & 50 AMP RV HOOKUP! ENJOY THE LUXURY IN THE GORGEOUS CHEF'S KITCHEN W/ ITALIAN TILE, GRANITE COUNTERS, DOUBLE OVEN, SS APPLIANCES, PRETTY KNOTTY ALDER CABINETS, & ALL FURNISHINGS IN THE CABIN STAY! ENTERTAIN IN THE GAME ROOM DOWNSTAIRS W/ WET BAR, MASSIVE FIREPLACE W/ MANTLE FOR HOLIDAY DECOR & EASY TO LINGER ON THE DECK. UPSTAIRS- 3 DECKS FOR BIG GAME VIEWS & BIRDING YEAR 'ROUND. MAINTAINED ROAD TO GET AWAY FROM IT ALL. BRING YOUR BINOCULARS & RELAX IN OUR COOL SUMMERS!

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