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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4229 N Recker Road Mesa, AZ 85215

$950,000

4 Beds

2.5 Baths

3,131 SqFt

Status Active

MLS # 6726176

Property Type Single Family Residence

Price Type --

Welcome to your dream home, perfectly situated on the 16th green of the most pristine golf course in the area! This luxurious residence offers uninterrupted views from tee to hole, creating a stunning backdrop for everyday life. Step into your backyard oasis, featuring a heated spa and pool. Relax while soaking in the panoramic mountain and golf course views. Enjoy your mornings and evenings on patios adorned with elegant flagstone, perfect for outdoor entertaining or quiet contemplation. Nature enthusiasts will love the proximity to hiking and biking trails, just two-tenths of a mile away. Families will appreciate the convenience of a new K-12 public charter school being constructed nearby. The yard is designed for low maintenance and is home to mature fruit trees, adding a touch of natural beauty and bounty. Inside, the home boasts beautiful security doors that allow you to embrace the delightful weather and soothing sounds of nature during the ideal seasons. The updated plantation shutters provide a stylish and functional touch, ensuring privacy and light control. Built with sturdy 2x6 construction, this home includes an attic with R-50 insulation for energy efficiency and comfort. A central vacuum system adds extra convenience to your daily routine. Nestled on the corner of a cul-de-sac, this home offers both privacy and community. Take advantage of this rare opportunity to own a paradise with an unmatched golf course and mountain views.

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15615 E Telegraph Drive Fountain Hills, AZ 85268

$950,000

3 Beds

3 Baths

3,225 SqFt

Status Active

MLS # 6747759

Property Type Single Family Residence

Price Type --

Enjoy breathtaking views of Four Peaks and Red Mountain from this resplendent Fountain Hills estate! The 3 bed/3 bath single-level home features a split floor plan, chef's kitchen with island and breakfast seating, an abundance of living space, formal dining, bonus room full of mountain views, tasteful touches throughout, and ample natural light. The master suite boasts its own fireplace, separate sitting area, and a bathroom with double sinks and separate shower/tub (with jets). The property boasts plenty of parking with both attached and detached garages, for a total of 4 covered parking spaces. The resort-like pool and scenic backdrop provide a magnificent retreat. This is Fountain Hills living at its absolute finest. Welcome home!

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1163 E Knight Lane Tempe, AZ 85284

$950,000

4 Beds

3 Baths

3,200 SqFt

Status Active

MLS # 6755537

Property Type Single Family Residence

Price Type --

Don't miss a rare opportunity to live in this highly sought-after south Tempe neighborhood! This beautiful custom home is nestled in the heart of south Tempe and has all of the charm that is characteristic of the area, complete with 4 spacious bedrooms and a convenient split master bedroom layout. Both master bedrooms have en suite bathrooms and the 4th bedroom is large enough to be a third master bedroom as well. You will enjoy relaxing in your backyard oasis, which boasts a large covered patio, sparkling pool, built-in fireplace, mister system and synthetic turf. The side yard has room for your RV and even has a dedicated RV electrical outlet. Other features include: no HOA, central vacuum, new hot water heater, walk-in pantry, no neighbor in back, fireplace in master and living room, and so much more!

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2120 N Mooney Lane Camp Verde, AZ 86322

$950,000

3 Beds

2 Baths

1,908 SqFt

Status Active

MLS # 6746588

Property Type Single Family Residence

Price Type --

Experience the ultimate in aviation living with this stunning 3-bedroom, 2-bath home, set on 3 picturesque acres. Boasting magnificent views, this property comes complete with a private, attached hangar—perfect for aviation enthusiasts. Nestled near the breathtaking landscapes of Cliff Castle and Sedona, this is a rare opportunity to enjoy a vibrant aviation community alongside the beauty of Arizona's most iconic scenery. Fly in, relax, and make this soaring retreat your own!

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10586 E Morning Star Drive Scottsdale, AZ 85255

$950,000

3 Beds

2 Baths

1,577 SqFt

Status Active

MLS # 6747154

Property Type Single Family Residence

Price Type --

Beautifully updated and meticulously maintained single-level home in the highly sought-after community of McDowell Mountain Ranch. This property offers a backyard oasis featuring a sparkling pool with swim-up table and bench seating, stacked stone water feature, and views of the McDowell Mountains. Premium corner lot backs to a desert wash with only one adjacent neighbor, offering privacy and tranquility. Inside you'll find 10' ceilings, plantation shutters, wide baseboards and crown molding throughout, creating an inviting atmosphere. Wood floors grace the main living areas while plush carpet provides comfort in the bedrooms. The light and bright interior with neutral finishes allows for immediate enjoyment and personalization over time. The kitchen boasts stainless steel appliances, ...maple cabinetry, a pantry, and breakfast area. The adjoining great room provides ample space for entertaining, abundant natural light, and captivating views of the pool and low-maintenance desert landscape. A double door entry leads to the spacious primary suite with ensuite bath and walk-in closet. Additionally, you'll find two secondary bedrooms (or office) along with a full guest bath. The 2-car garage features epoxy floors, built-in storage, and a workbench. Newer Trane HVAC system, water heater, full roof underlayment, windows and sliding door, pool remodel, and freshly painted exterior. Smart home technology enhances convenience and efficiency. This property is ideally located just one block from the amazing community center with sport courts, a heated lap pool, kiddie pool, spa, splash pad, playground, and host to numerous events. Residents also enjoy lighted walking and biking paths throughout the community. Close to shopping, restaurants, top-rated schools, McDowell Sonoran Preserve's Gateway Trailhead, Westworld, TPC Scottsdale, McDowell Mountain Golf Club, 101 freeway, and more. Don't miss the opportunity to make this extraordinary property your new home!

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14223 W Olive Avenue Waddell, AZ 85355

$950,000

4 Beds

3 Baths

2,366 SqFt

Status Active

MLS # 6745920

Property Type Single Family Residence

Price Type --

MUST SEE sprawling ranch style compound on irrigated 2.14 Acre Horse Property w/ 2 Upgraded Homes, a 912 sqft Stable & Much More! This is a rare property that offers a 2,366 sqft 4 Bed 3 Bath main home & separate 960 sqft 3 Bed 2 Bath fully renovated guest house or second home. Includes upgrades from flooring, plumbing & electrical to even a new roof on the main home in 2020. Upgraded sleek wood look tile flooring throughout all common areas, bedrooms & upgraded tile in the bathrooms of both homes. Each home has a separate yard & horse pasture with room to park your boat, RV, toys & space left over. The property also has its own well & well house serving both homes & an irrigation canal serving the entire property. A septic tank for each home.

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1 Easy Street Unit 5 Carefree, AZ 85377

$950,000

3 Beds

3.5 Baths

2,283 SqFt

Status Active Under Contract

MLS # 6685767

Property Type Townhouse

Price Type --

Introducing The View Carefree, a magnificent luxury townhome development in the heart of Carefree, Arizona. Don't miss the final phase! Experience the pinnacle of elegance and sophistication in this 3 bedroom, 3.5 bath townhome with estimated delivery in Q2 2024. From the moment you step inside, you'll be captivated by the open concept design, gourmet kitchen, opulent master suite and elevator for easy access between levels. Relax and unwind on the large covered patios or indulge in the breathtaking views from your private view decks on the second level. Immerse yourself in the beauty of the desert sky as you explore nearby trails or immerse yourself in the western charm of Carefree and Cave Creek's unique shops, galleries and dining experience. Live a life of luxury at The View Carefree!

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425 E Waltann Lane Phoenix, AZ 85022

$950,000

4 Beds

2 Baths

2,940 SqFt

Status Active

MLS # 6755010

Property Type Single Family Residence

Price Type --

This stunning remodeled home offers everything you could want on a 1/3-acre cul-de-sac lot in Moon Valley! The remodeled kitchen, featuring a huge island, quartz counters and induction cooktop is perfect for entertaining. An open floorplan offers vaulted ceilings, separate family and living rooms, and formal dining. The large primary suite includes a sitting area plus an attached den. Enjoy double walk-in closets and a remodeled bathroom with separate tub and shower. The extended-height 3-car garage and RV parking (with hookups) provide ample space for your vehicles and toys. Recent upgrades include a new roof (2024), 2 new AC units (2024), and a pool with a new pump and filter (2023). Tons of storage! Leased solar panels add efficiency to this well-maintained home for just $113/month!

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23808 S Bronze Drive Sun Lakes, AZ 85248

$950,000

3 Beds

3 Baths

2,508 SqFt

Status Active

MLS # 6762222

Property Type Single Family Residence

Price Type --

Very rare listing on Diamond Lake in the amazing active adult community of Oakwood at Sun Lakes. Spectacular lake views in this 3BR, 3BA Sienna model with a casita. The quaint pavered courtyard is perfect for morning coffee. Popular open concept floorplan features great room with coffered ceilings, entertainment wall, fireplace, and lots of lake facing windows. Large kitchen with cherry cabinets, granite counters, skylight, newer appliances, dining area, and expansive breakfast bar. Master suite with water views, walk-in shower and an enormous closet. Large bonus den/office for that ''fourth'' space. Guest room with walk-in closet. Casita in the courtyard has a full bath which makes a perfect guest retreat or craft room. New Ac's in 2022 and 2024. SEE MORE These Diamond Lakes homes don't come available very often so don't miss this one! Start enjoying Oakwood with its many amenities like golf, tennis, pickleball, pools, restaurants and many clubs.

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29619 N 60th Street Cave Creek, AZ 85331

$950,000

3 Beds

2 Baths

1,828 SqFt

Status Active

MLS # 6756706

Property Type Single Family Residence

Price Type --

Back on the market due to buyer's failure to perform. Santa Fe Style, 3 bedroom, 2 bath home. This horse property sits on a 49,484 square foot lot. Do you have horses? We have horse stalls, corrals, and runs. This home has been updated with new flooring, new HVAC(S), and a new roof. We also have city water which means you wont be sad because of a dry well or empty cistern. The pool has been replastered, new sand filter, and pool motor. Easy access to trails, Reach 11, schools, and shopping. This home sits on unincorporated land with no HOA so you have the freedom to do what you want with the land if horses are not your thing. Plenty of room for a multi generational life style or bed and breakfast/Airbnb.

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2709 E Clarendon Avenue Phoenix, AZ 85016

$950,000

4 Beds

3 Baths

2,294 SqFt

Status Active

MLS # 6759199

Property Type Single Family Residence

Price Type --

Enormous lot with tons of potential! This beautiful renovated home sits on a HUGE lot with NO alley behind the property. RV Parking, 3 car garage with epoxy garage floors, 4 bedrooms, 3 bathrooms. The gorgeous kitchen includes quartz counters, custom tile backsplash, kitchen island, walk-in pantry and perfect for entertaining. The front yard is breathtaking in its low maintenance design, custom lighting, security system and ample driveway. Many options for investors or owner occupying buyers!

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25810 N Abajo Drive Rio Verde, AZ 85263

$950,000

3 Beds

2 Baths

2,323 SqFt

Status Active

MLS # 6761160

Property Type Single Family Residence

Price Type --

This is a TOTAL REMODEL! OFFERED TURNKEY WITH ALL FURNITURE AND ACCESSORIES. Very contemporary inside with open floor plan. A true chef's kitchen with granite island, granite counter tops, SubZero refrigerator, Cove dishwasher from Wolf, Wolf electric cooktop, Breville microwave. White Oak hardwood flooring, 75'' wall mounted Smart TV, custom pantry. Ceiling fans rf controlled with LED lights. All furniture is new from Woodbridge and Copenhagen in Scottsdae. This home has a new 9.6 kw solar system from Tesla. A mini split AC and heating system is new in the garage as well as a Tesla EV level II home charger for the Tesla Model 3, included RREE with a Full Price offer, New garage flooring from Guardian. in the FULL 3 CAR Garage. The list of improvements is in the Documents Tab.

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