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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10647 E Vista Del Cielo -- Gold Canyon, AZ 85118

$950,000

3 Beds

2.5 Baths

2,003 SqFt

Status Active

MLS # 6752988

Property Type Single Family Residence

Price Type --

Embrace luxury living in this fully furnished, custom Gold Canyon home with NO HOA and unrivaled 360° views. Nestled on 1.25 acres of land, discover captivating city vistas to the south and the majestic Superstition Mountains to the north. Your oasis includes a regulation pickleball court, new swim spa, and a large roof terrace. Expand your living area to the outdoors with the oversized, covered patio and outside, secluded shower. Inside, the great room's warmth is accentuated by real wood beams and an abundance of natural light. The well designed split floor plan allows privacy and comfort with 3 bedrooms, each boasting mountain views. The comfortable Jack & Jill bathroom provides privacy for guests. The 3rd car garage can serve as a workshop, complete with heat and AC.

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3010 E Cedar Drive Chandler, AZ 85249

$950,000

4 Beds

3.5 Baths

3,606 SqFt

Status Active

MLS # 6754845

Property Type Single Family Residence

Price Type --

Elevate your lifestyle with this gorgeous 4 bed/3.5 bath/ home designed to give you ultimate comfort, maximum function, and provide a private retreat in the city. Not only does this home boast 3,600 sqft, it's also on an oversize corner lot with a four car garage. Enjoy the blend of ample space with a warm and cozy interior complete with neutral tones. The round entry way is captivating and sets the tone for the rest of the home upon entry. High ceilings and large windows bring light and luxury into the gathering areas. The backyard has been transformed into a private oasis complete with a large patio with shade covering, pergola, and built in BBQ. Kick back by the huge pool or relax in the hot tub. Located in the prestigious, single-level home community of Mesquite Grove Estates Grove, you'll note that the gated neighborhood is rich with green belts and walking trails. This home won't last long!

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29283 N 140th Street Scottsdale, AZ 85262

$950,000

4 Beds

3 Baths

3,205 SqFt

Status Active

MLS # 6748683

Property Type Single Family Residence

Price Type --

BRAND NEW Construction w/ Custom-Quality Upgrades throughout! This beautiful Modern Farmhouse is located in an AMAZING location in Rio Verde on 1.25 acres. Kitchen w/ WOLF Appliances, high-end Cabinets w/ 42'' uppers, White Quartz Countertops, 36'' Cooktop, Built-in Stainless-Steel Microwave/Oven & Wood Plank Tile Floors. Stunning Master Bathroom w/ Freestanding Soaking Tub, BEACH Entry Glass Shower & Double Vanities. Exceptional Energy Efficient - boasting Spray Foam Insulation & Premium Trane AC units. Superior Construction & Craftmanship - Premium Roofing System, Premium Synthetic Stucco & much more! $5,000 to Buyer at Close of Escrow which shall be used towards Buyer installing a water filtration system. Close to hiking & horseback riding trails. HOME to BE COMPLETED in Jan/Dec.

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18011 N 14th Place Phoenix, AZ 85022

$950,000

5 Beds

3 Baths

3,578 SqFt

Status Active Under Contract

MLS # 6745676

Property Type Single Family Residence

Price Type --

Coming Soon to market with million dollar views! Nearly a half acre perch in rare Phoenix Custom Home Gated Community inside the Loop 101. Close and accessible to everything North Phoenix has to offer. Primary and Guest bedroom w/ bath on Main Floor, second story has three oversized guest rooms and massive Flex Room with separate balcony. Huge lagoon pool, private pergola with fireplace, large sport court and RV gate to protect your toys. Tastefully maintained and appointed Santa Fe style home has been well maintained, new Hot Water and HVAC replaced in 2019. This is Move in Ready and set up to entertain.

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7348 N 9th Place Phoenix, AZ 85020

$950,000

5 Beds

3 Baths

2,905 SqFt

Status Active

MLS # 6758993

Property Type Single Family Residence

Price Type --

Opportunity awaits! Lovely home that checks all the boxes in a FANTASTIC location is ready for your updating! This custom built home is nestled in a quiet cul de sac in the highly sought after North Central Corridor and Madison school district. Set on a 1/4 acre serene lot, and offering ultimate privacy. Spacious throughout at just under 3,000 sq ft and offering 5 bedrooms (one on the main floor) and 3 baths. Also featuring a huge 3 car garage with extra storage, RV gate and no HOA! Backyard oasis offers pebble tec pool, built in hot tub and gorgeous mature trees. This unique home has been loved by the original owners and in need of some TLC and updating. See private remarks about financing and sold AS-IS. Hurry- priced to sell!

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38507 N 27th Avenue Phoenix, AZ 85086

$950,000

4 Beds

2 Baths

2,125 SqFt

Status Active

MLS # 6760469

Property Type Single Family Residence

Price Type --

This Stunning Custom Home that sits on over an acre of land in North Valley could be yours! If you are looking for a home to remodel and put your creative touches on, here's a great opportunity! Home Features: No HOA: Enjoy the freedom of no homeowners association. 4 Bedrooms, 2 Bathrooms: Spacious layout. Detached Office: Ideal for remote work or a private study. 2700 sq ft Detached RV Garage: Includes an office and loft, perfect for hobbyists or additional storage. Huge backyard with covered Pergola and green grass. The property offers ample privacy and a myriad of possibilities to customize to your liking. Prime Location: Conveniently located right off 27th Ave and close to I-17 freeway. Ample Parking: Plenty of space for vehicles, RVs, and other toys. Room to Create: Expansive space t

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11408 E Diamond Cholla Drive Scottsdale, AZ 85255

$950,000

3 Beds

2 Baths

2,248 SqFt

Status Active

MLS # 6751673

Property Type Single Family Residence

Price Type --

Welcome to this charming Spanish style home in a prime North Scottsdale location of Troon! This three bedroom, two bath home is located near so many major events, still close to Old Town Scottsdale and the airport yet far enough out to enjoy the serene surroundings. As you enter, you are greeted by a light-filled living space with lots of windows that let in ample natural light and plantation shutters cover the windows throughout the home. The open floor plan and high ceilings give the home a spacious and airy feel. The kitchen features plenty of counter space, stainless steel appliances, granite countertops and the floor plan let's you stay connected while entertaining family and guests. The bedrooms are generously sized and offer plenty of closet space along with a separate den for those working from home or just needing quite space to read. Step outside to the beautifully landscaped desert backyard, complete with a covered patio, multiple seating areas, built-in BBQ and adobe style fireplace. This outdoor space is perfect for enjoying the Arizona sunsets and hosting gatherings with friends and family. Don't miss this opportunity to put all your personal touches in the wonderfully cared for home!

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7222 W Wier Avenue Phoenix, AZ 85043

$950,000

4 Beds

2 Baths

3,080 SqFt

Status Active

MLS # 6761916

Property Type Single Family Residence

Price Type --

Welcome to a Property of Endless Possibilities! This expansive mid-century ranch offers a rare opportunity to create your dream estate. Spanning nearly 2 acres, the home boasts a partially updated layout, featuring a gourmet kitchen with high-end appliances, and is primed for a touch of cosmetic work to transform it into a true gem. The sprawling 3,750 sq. ft. covered shop is perfect for a variety of uses, offering incredible flexibility. Plus, an added bonus: the property includes four Conex storage units, providing ample storage solutions. With virtual staging showcasing the home's potential, it's easy to see how this property can shine. Light cosmetic updates will quickly elevate it to its full glory. Don't miss this rare opportunity to create something extraordinary!

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5225 E Taylor Street Phoenix, AZ 85008

$950,000

6 Beds

2.5 Baths

958 SqFt

Status Active

MLS # 6752945

Property Type Single Family Residence

Price Type --

Fall in love with this spectacular home with an RV gate, extended driveway, and a cozy front porch! As you enter, a lively living room greets you. Wood & tile flooring, neutral palette, ceiling fans, and a den for office or play are features that can't be left unmentioned. Impeccable eat-in kitchen displays plenty of custom cabinets, SS appliances, granite counters, mosaic backsplash, and backyard access. Sizable main retreat has a private ensuite for convenience. You'll also find a two-story in-laws house that includes a modern great room, highly-upgraded kitchen, three bedrooms, a full bathroom, balcony, and a bonus room. Quaint backyard has ample space for fun gatherings. A gem like this won't last long! Hurry before it's gone!

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10081 E Turquoise Avenue Scottsdale, AZ 85258

$950,000

2 Beds

2 Baths

1,800 SqFt

Status Active

MLS # 6731592

Property Type Single Family Residence

Price Type --

Generously expanded one level home with grand master bedroom and extended den all on an oversized lot. This home exudes pride of ownership from the moment you enter the beautiful entrance way. You will delight in the generous square footage of the home and the soaring ceilings. Home sparkles with original finishes and fresh paint throughout. Private backyard with private pool, which is an extremely rare find in this neighborhood. This is the perfect winter haven as it provides home owners with sparkling pools, tennis courts, close proximity to walk paths, parks, and excellent shopping. All of this tucked away in a guard gate paradise.

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6784 E Evans Drive Scottsdale, AZ 85254

$950,000

4 Beds

2 Baths

2,013 SqFt

Status Active

MLS # 6759660

Property Type Single Family Residence

Price Type --

Beautifully updated Single Family Home in Kierland, Single level, 4 bedrooms, 2 bath, 3 car garage, Private pool. Home offers all the features and benefits you expect. Backyard offers private fenced pool, Covered patio, artificial grass, easy maintenance.

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7726 E Buteo Drive Scottsdale, AZ 85255

$950,000

4 Beds

2.5 Baths

2,576 SqFt

Status Active

MLS # 6761604

Property Type Single Family Residence

Price Type --

Here's the home you have been looking for! This well cared for home features 4 bedrooms, 2.5 bathrooms, an office/den, a private pool, a putting green and a 2 car garage. Upon entering the home you will be greeted by a sun filled sitting room & dining room with vaulted ceilings. The kitchen opens to family room and features a kitchen island, granite counter tops, custom tiled backsplash & SS appliances. The oversized primary bedroom is located downstairs along with an office/den that can easily be converted to a 5th bedroom. Upstairs you will find 3 additional guest bedrooms and a full bathroom. Step out back to your private oasis that includes a play pool, putting green, and oversized covered patio with multiple seating areas. This move in ready home also features a new roof and one new AC unit. All of this is conveniently located in the coventry at Grayhawk and is within waking distance to Grayhawk Elementary. Move this one to the top of your list before it's too late.

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