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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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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19614 N 264th Avenue Buckeye, AZ 85396

$960,000

2 Beds

2.5 Baths

2,916 SqFt

Status Active Under Contract

MLS # 6749418

Property Type Single Family Residence

Price Type --

🌟 Introducing a Luxurious Retreat on Copper Canyon Golf Course 🏌️‍♂️ Step into the epitome of luxury living with this stunning 2900 sq ft residence situated on the #1 Lakes course. Perfectly designed for the discerning homeowner, this exquisite property boasts unparalleled features that redefine modern elegance. 🔥 Features Include: - Three dual fuel ovens and gas range and dueling dishwashers for the culinary enthusiast 🍳 - A sophisticated bar area for entertaining in style 🥂 - Spacious three-car garage for all your vehicles 🚗 - Exclusively age-restricted community for peace and tranquility 🌿 - Gigantic island perfect for hosting gatherings and creating culinary masterpieces 🍽️ - Cozy den for relaxation and unwinding after a long day - Luxurious guest bedroom for visiting family and friends - Unparalleled view of Lakes #1 and glorious sunsets every night - Fully furnished! Indulge in the ultimate lifestyle of comfort and sophistication. Experience a new level of living where every detail exudes elegance and refinement. Your dream home awaits you in Sun City Festival - take a private tour today!

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8631 E Jackrabbit Road Scottsdale, AZ 85250

$960,000

4 Beds

2 Baths

1,810 SqFt

Status Active

MLS # 6742323

Property Type Single Family Residence

Price Type --

Feast your eyes on this jaw-droppingly modern remodel! Step into an open floor plan flaunting sleek, brand-new flooring throughout. The kitchen is a showstopper with its dazzling quartz countertops and top-of-the-line stainless steel appliances—ideal for hosting epic gatherings or whipping up gourmet meals. Relax or entertain in style with a low-maintenance backyard, complete with a sparkling pool that's perfect for cooling off on hot days. Located just minutes from Fashion Square, Old Town, and the Salt River Fields, this spot offers unbeatable convenience and vibrant living!

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3859 N Whispering Pine Road Pine, AZ 85544

$960,000

5 Beds

3 Baths

2,237 SqFt

Status Active

MLS # 6753291

Property Type Single Family Residence

Price Type --

MAJESTIC home has ''tranquility plus'' in SECLUDED HOMESITES, indeed, and in this heavenly neighborhood w/tall pines and scenic ELK. 3 bdrm, 2bth in main house and 2bdrm, 1 bth in detached guest house. ENTER the roomy foyer and step into natural lite that enhances the fabulous impressive Great Room! Dining room within, eludes spacious and open ambiance. Kitchen has updated appliances, extra built in storage cabinets, roll out drawers and shelves for china, silver & crystal. Staircase with stair lift, screened in porch for out door dining or sleeping porch. covered dog run and doggie door! Built ins every where for books and art artifacts. Matching deck wraps around home. Peace and euphoria envelope this beautiful forested setting. Furnishings from Italy encompass the rooms an are available thru negotiations or separate bill of sale. Large 2 car has work benches and shelving. Italian giant pots were shipped from Italy are driveway decor, stone fountain in front give importance to this lovely year around home on 1 acre, or ARBO is happening in this area! NO HOA, YES HORSES, hiking trails galore! A beautiful home of gracious past world design and a perfectly beautiful neighborhood!

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3114 N Tam Oshanter Drive Flagstaff, AZ 86004

$960,000

4 Beds

2.5 Baths

2,810 SqFt

Status Active

MLS # 6739314

Property Type Single Family Residence

Price Type --

If you are looking for a home that is spacious and updated, this is it! NO HOA! Single Level, this home is welcoming from the moment you step in the front door. A large living room with Ponderosa just outside the large windows and a Malpais fireplace exude mountain style. A formal dining room is adjacent and leads to the spacious Kitchen with Hickory cabinetry and extra space for a family room or informal dining area. The Powder Room and Laundry are nearest the direct entry from the large 2 car garage. The garage also has storage cabinets. Numerous skylights throughout the home.elevate the feeling of being in nature. Two bedrooms with bay windows can accommodate king-sized beds, and a third bedroom could be a wonderful suite with room for a sitting area. Of the third bedroom, a bonus room could be an office, playroom, etc. With its own entry, this could be converted to an in-law suite. But wait -there's more! The Primary Suite has a walk-in closet, access to the rear deck where a salt water hot tub beckons and a remodeled en suite bath with dual sinks, a jetted tub, separate shower, and a custom stained-glass mountain scene. Outside, there's everything you can think of - Full length decks on the front and back of the home enhance the outdoor space. Not 1 but 2 sheds, one with electric service (maybe a pop up bar?), a generator, and a concrete pad for 2 RVs to park behind a gate. Nicely landscaped with low maintenance turf, it's heaven in the mountains. And there's more! The front yard has views of the mountains, another deck and artificial turf. The driveway is accented with bear tracks, for a fun touch. Quiet location on a street that ends in a cul de sac, traffic is light. Perimeter is fenced in the back yard. A delightful home for contemplating future snowfalls, beautiful fall colors and fresh mountain air springs and summers. There is no HOA with this property, short term rentals are allowed. Carpeting was installed throughout the home in 2023. The Water Heater was replaced in 2024. The Roof was replaced in 2013. Three Televisions, 2 wall mounted mirrors, 1 wall mounted picture frame, generator and hot tub all convey with purchase. External Cameras do record movement and sound.

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41339 N Club Pointe Drive Phoenix, AZ 85086

$960,000

3 Beds

3.5 Baths

3,437 SqFt

Status Active

MLS # 6715097

Property Type Single Family Residence

Price Type --

Welcome to the ultimate Arizona luxury living at Anthem Golf and Country Club. Nestled on a premium lot with stunning mountain and desert vistas, this extraordinary residence spans 3,437 sq. ft. and offers an unparalleled living experience. Step inside to discover a spacious, open floor plan where formal living and dining areas seamlessly connect to a gourmet kitchen and family room. Ideal for both intimate gatherings and grand celebrations, the kitchen features new granite countertops, an oversized island, stainless steel appliances including a new 5-burner gas cooktop, and double ovens. With soaring ceilings and abundant natural light, the neutral palette throughout enhances the home's inviting ambiance. The luxurious primary suite is a true retreat, boasting a walk-in shower, soaking tub, dual vanities, and a generous closet. The split floor plan includes two additional bedrooms, each with access to a full hallway bath complete with an extended vanity and dual sinks. Outside, the expansive covered patio provides a serene escape, perfect for enjoying Arizona's year-round outdoor lifestyle. The property is conveniently located minutes from Anthem's amenities and attractions, offering both privacy and easy access to all that the community has to offer. This exceptional home seamlessly blends tranquility with sophistication, making it an ideal choice for those seeking a peaceful retreat or a stylish space for entertaining.

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2042 E Victor Road Gilbert, AZ 85296

$960,000

5 Beds

3 Baths

3,750 SqFt

Status Active

MLS # 6711981

Property Type Single Family Residence

Price Type --

Beautiful move in ready home with 5 bedrooms, 3 baths, a 4 bay garage (with room for 5), an awesome sports court and a pebble tech pool. The home has tile in all of the high traffic areas, 2 bedrooms on the first floor and the master on the 2nd floor with a balcony and custom shower. This wonderful home has a game room or den on the 2nd floor and a gas fireplace.

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6739 E Dreyfus Avenue Scottsdale, AZ 85254

$960,000

3 Beds

2 Baths

2,227 SqFt

Status Active

MLS # 6705068

Property Type Single Family Residence

Price Type --

Exceptional Sweetwater Corridor Property features beautiful finishes in the interior and an extraordinary outdoor area with Large Patio, Pool, Putting Green, Storage Shed, and parking for 2 vehicles in garage plus 8 more or large RV in high covered carport behind the private gate. Easy care stone flooring throughout home, minimal maintenance required in yard. Remodeled Kitchen and baths. New HVAC 10 months ago. No HOA. Some neighborhood new builds now up to $3 million! Five blocks from Scottsdale Rd, near the fab restaurants and shops of Kierland, Scottsdale Quarter and Promenade, but it feels a World Away in the heart of a residential area of traditional Scottsdale homes on large lots.

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4503 S Carbon -- Mesa, AZ 85212

$959,990

3 Beds

3.5 Baths

3,168 SqFt

Status Active

MLS # 6760800

Property Type Single Family Residence

Price Type --

Highly desired Charm floorplan. It is a Beautiful single level home with 12 foot vaulted ceiling in the great room and Kitchen and 90 degree glass door that brings you out to the oversized back yard space. This home will have white cabinets and quartz countertops throughout the kitchen and bathrooms. Luxury Vinyl planks throughout the entire home. No Carpet. 42 inch built in Fridge and GE Monogram appliances make the kitchen any entertainers dream. The Primary Bath is also a show stopper with gorgeous tiled shower and free standing tub.

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