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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41618 N Anthem Ridge Drive Phoenix, AZ 85086

$950,000
4 Beds
3.5 Baths
3,290 SqFt
Status Active
MLS # 6753355
Property Type Single Family Residence
Price Type --
Discover the perfect home in this stunning Sonoma model, offering abundant space for all. Fresh new carpet and elegant plantation shutters enhance its charm. The expansive open concept features a grand game room, formal dining, and a dedicated office. The chef's kitchen boasts a 6-burner gas cooktop with a sleek stainless hood. Step outside to a luxurious backyard with extensive Travertine, a large island with BBQ, sink, fridge, and bar seating. Enjoy the gas fire pit, pool with water features and Baja step, and an above-ground spa with direct access from the primary suite. Additional highlights include roller shades, a butler's pantry, and a serene front courtyard. Privacy and elegance await! Additional features include roller shades, a butler's pantry, and a charming front courtyard. Indulge in the ultimate blend of privacy and sophistication in this exceptional community.

10439 S 26th Avenue Phoenix, AZ 85041

$950,000
4 Beds
3.5 Baths
3,469 SqFt
Status Active
MLS # 6702323
Property Type Single Family Residence
Price Type --
Welcome to your dream home in South Phoenix's picturesque Laveen area! This custom-built beauty nestled on South Mountain offers breathtaking city views and luxurious living on Over 1 acre of land. Single-level design, 2 master suites + 2 additional bedooms, 3.5 bath home features an open floor plan flooded with natural light and accentuated by soaring ceilings. Gourmet kitchen is a chef's delight, equipped with top-of-the-line stainless steel appliances, including a Sub Zero refrigerator, expansive kitchen island, and walk-in pantry. Indulge in the serene mountain vistas from multiple spots on this property. Outside, experience the ultimate in outdoor living with RV setup including electric and septic hookups. This property, offers some of the BEST views in the valley of the sun

7003 W Corrine Drive Peoria, AZ 85381

$950,000
5 Beds
3 Baths
3,381 SqFt
Status Active
MLS # 6723812
Property Type Single Family Residence
Price Type --
Nestled on almost an acre of mature landscape, this timeless estate presents a harmonious blend of history and modernity. Boasting 50 years of rich heritage, the residence has been meticulously remodeled to epitomize contemporary luxury honoring its traditional roots. Step inside to be greeted by an ambiance of warmth and sophistication. The interior spaces embrace natural light creating an inviting atmosphere beckoning you to indulge in the comforts of home. Dual master suites allow you and your guests to unwind in a multi-generational home. Exterior features over 1200 square ft of pavers, custom fire pillars and firepit out front, as well as an in-ground heated spa in the back. Don't miss this opportunity to settle into this custom Tudor styled home in the heart of Peoria

2728 W Adventure Drive Anthem, AZ 85086

$950,000
5 Beds
4 Baths
3,807 SqFt
Status Active
MLS # 6746985
Property Type Single Family Residence
Price Type --
Welcome to your dream home nestled near Daisy Mountain. This exquisite 5-bedroom, 4-bathroom residence boasts 3,807 sq ft of luxurious living space. From plantation shutters to granite countertops throughout, every detail has been thoughtfully designed for both comfort and style. The chef's kitchen features a custom mega granite island, induction stove, and premium finishes. The open floor plan seamlessly connects the living areas, perfect for entertaining. Enjoy breathtaking views of Daisy Mountain from your private balcony. Equipped with a Kitchen Aid gas and charcoal BBQ, ideal for alfresco dining. Relax in your private gazebo or soak in the hot tub or private pool after a long day. The extended garage can accommodate larger vehicles, and the insulated garage doors and a/c mini split a allows the garage to become another location for working, gathering or making memories. This home is perfect for discerning buyers seeking a blend of luxury, comfort, and unparalleled views. Whether you're hosting family gatherings or seeking a tranquil retreat, this property offers it all. Don't miss the opportunity to own this exceptional home in a prime location.

18541 W Thunderhill Place Goodyear, AZ 85338

$950,000
4 Beds
3.5 Baths
3,036 SqFt
Status Active
MLS # 6724181
Property Type Single Family Residence
Price Type --
Welcome to your dream home nestled in the serene Estrella foothills, with sprawling mountain views! This luxurious newer-construction home offers a highly sought multi-gen in-law suite plan! Boasting over 3,000 square feet of open concept living space & numerous built-in upgrades, pride of ownership shines throughout! Designer kitchen with modern elegance, massive island, EarthSmarte water system, formal dining, dedicated work station, primary suite with separate soaking tub & tiled shower, and true 3 car garage. Step into the massive front courtyard to sip your morning coffee, or entertain in the turfed yard surrounded by a full view fence. The Community will spoil you with activities galore. With all these desirable featured on single level, make this mountain oasis yours!

3789 W Jomar Trail San Tan Valley, AZ 85144

$950,000
5 Beds
3.5 Baths
3,000 SqFt
Status Active
MLS # 6730539
Property Type Single Family Residence
Price Type --
Welcome to your private oasis nestled on a sprawling 1.258-acre hillside lot. This stunning 3,000 sq ft Integra block home offers unparalleled luxury and breathtaking mountain views. Step inside to find a meticulously designed single-level layout featuring two primary suites, each with its own bath for ultimate comfort and privacy. The home boasts a total of 3.5 baths, ensuring ample space for family and guests. The heart of this home is the gourmet kitchen, equipped with quartz countertops, white shaker cabinets,huge pantry and a massive kitchen island perfect for entertaining. Stainless steel appliances complete this chef's dream space. The open-concept design is accentuated by soaring 10ft ceilings, creating an airy and inviting atmosphere. Outdoors, you'll discover a private heated pool and spa, perfect for relaxing and enjoying the serene surroundings and spectacular mountain views. This property also includes a spacious 3-car garage with additional parking, accommodating all your vehicles and storage needs. Whether you're seeking a serene primary residence or a lucrative Airbnb opportunity, this home delivers. Furniture can convey, making it turnkey and ready for immediate enjoyment or rental. Don't miss your chance to own this exceptional property with its unbeatable combination of luxury, privacy, and stunning natural surroundings.

1521 W Commerce Avenue Gilbert, AZ 85233

$950,000
4 Beds
3 Baths
2,913 SqFt
Status Active
MLS # 6730955
Property Type Single Family Residence
Price Type --
High End designer remodel! Leave the city behind as you drive through the gates to your new home in a unique private recreational lake community where your family can enjoy a jet ski, ski boat, kayaks, SUPs and more! Bright and open with lot's of natural light. Entertain friends and family in the large open kitchen (European frameless cabinets, new GE Cafe appliances, dual fuel oven, appliance garage) around the cantilever island as guests enjoy the huge patio. The finest of finishings from 48x24 tile, slatwall, smart door and wet bar with the necessities of full home water filtration, two RO systems, automatic lights and a Tesla charger. Private gate to from backyard to Gilbert's best recreational park and activity center.Bike 2 miles down canal to all the restaurants of downtown Gilbert

741 E Vermont Drive Gilbert, AZ 85295

$950,000
5 Beds
3 Baths
4,022 SqFt
Status Active
MLS # 6690782
Property Type Single Family Residence
Price Type --
Experience the perfect blend of comfort and outdoor enjoyment this wonderful home showcases! Lovely façade displays a 3-car garage, RV gate, and mature landscape. Fabulous interior includes a large living room, an inviting foyer, wood-look tile flooring, chic light fixtures, soft paint, and high ceilings. With its floor-to-ceiling stone fireplace and surround sound, the spacious great room is ideal for lively get-togethers or quiet evenings! Open-concept kitchen features espresso cabinets with crown moulding, mosaic backsplash, desk area, granite counters, built-in appliances, and a prep island with a breakfast bar. Expansive main bedroom boasts an ensuite with vessel sinks, a soaking tub, and a walk-in closet. Don't miss the HUGE bonus room in the basement with boundless possibilities! Be delighted by the serene backyard, complete with a covered patio, fire pit, built-in BBQ, storage shed, citrus tree, and a sparkling pool with rock waterfall. This gem has it all! Just pack your bags and move in!

8644 W Rowel Road Peoria, AZ 85383

$950,000
5 Beds
3.5 Baths
4,070 SqFt
Status Active
MLS # 6724219
Property Type Single Family Residence
Price Type --
Welcome to your desert oasis in the beautiful Westwing Mountain area. This stunning home offers modern comfort and luxury with new flooring upstairs and gorgeous travertine downstairs. Just painted interior complements the brand new A/C units, dishwasher, water softener, and tankless hot water heater. Kitchen boasts spectacular stone work, stainless steel GE appliances spacious area for dining and a gas cook-top. Enjoy a spacious three-car garage, RV gate, with room to park, an enormous heated pool with spa and fire feature. Backs to a mountain preserve with stunning sunset views, this move-in ready home boasts fruit trees,(one lemon, one lime) a huge lot, and proximity to schools, parks, and trails—a perfect blend of serene living and convenient amenities in beautiful Peoria, AZ. Welcome to your new oasis in esteemed West Wing, Peoria! This gorgeous home is a true desert living dream, boasting countless upgrades and amenities that ensure comfort and luxury. Step inside to discover brand new flooring upstairs and beautifully steam-cleaned travertine downstairs, creating a seamless blend of elegance and practicality throughout the home. Fresh paint adorns both the interior and exterior, offering a pristine canvas ready for your personal touch. The heart of the home features two brand new A/C units, ensuring year-round comfort, along with a new dishwasher, water softener, and tankless hot water heater for modern convenience. Outside, indulge in the expansive three-car garage and RV gate, providing ample space to store vehicles and toys with ease. The enormous heated pool and spa, framed by fire pots, beckon relaxation and entertainment under the Arizona sun. Enjoy the serene backdrop of a mountain preserve and breathtaking mountain views that surround the property. The large lot is dotted with fruit trees and offers plenty of room for outdoor activities and gatherings, making it an ideal space for both relaxation and entertainment. Located in the highly sought-after West Wing community, this home is within walking distance to top-rated schools, parks, and scenic trails, offering the perfect balance of tranquility and convenience. Don't miss out on the opportunity to experience desert living at its finest. This move-in ready home requires no additional worksimply unpack and start enjoying the unparalleled lifestyle that awaits you! Pool Dimensions:35' long by 15' wide. Depth: 3.5' at the steps and 5' on the spa side. The spa is 8' X 8' and 3.5' deep. Appliance Microwave and Dishwasher are GE, Double Ovens and Gas Cooktop are GE Profile, Range Hood is GE Monogram, Refrigerator is Samsung.

533 W Oregon Avenue Phoenix, AZ 85013

$950,000
3 Beds
2.5 Baths
2,057 SqFt
Status Active
MLS # 6729772
Property Type Single Family Residence
Price Type --
Nestled within ''The 7s'' and the Madison School District, and situated on one of the most desirable streets in the coveted Medlock Place, your new home is only a quick walk/drive to top shopping at Uptown Plaza, including AJs, as well as many of Central Phoenix's favorite dining options. This charming home features an updated, contemporary design with thoughtful fixtures, modern quartz, and tasteful paint selections and tile work. Enter to a beautifully designed foyer with skylights to accentuate the vaulted ceiling. All rooms within the home are generous in size and the extended great room and primary bedroom offer 12' ceiling height. The large lot offers a recently renovated backyard, now featuring an oversized patio, artificial grass, Chinese Elm trees, and a mini basketball court. The front yard offers beautiful vegetation with a welcoming path, while both front and back patios have misting systems. The single-car garage, if converted, can serve as an office, 4th bedroom suite, or workshop. All bedrooms offer large closets for ample storage, there are two AC units, as well as a whole home water filtration system.

2006 Quiet Cove Prescott, AZ 86305

$950,000
3 Beds
3.5 Baths
2,904 SqFt
Status Active
MLS # 6745883
Property Type Single Family Residence
Price Type --
RATE BUY DOWN/CONCESSIONS AVAILABLE WITH ACCEPTABLE OFFER!! Welcome to your fully updated dream home in the highly sought after neighborhood of Forest Trails! Recent upgrades since 2023 include: New roof, Kitchen remodel, New carpet in bedrooms, New exterior paint, Backyard upgrades including pavers, steps, and high quality artificial turf, New 5.5kW Solar Array on roof, just to name a few! (See list attached in documents tab) Enjoy the tranquility of your surroundings through expansive windows that frame picturesque views of Thumb Butte and the lush forest landscape. The living area features high ceilings and a cozy fireplace, creating an inviting ambiance for both relaxation and entertainment. Don't miss your opportunity to experience the epitome of refined living in this enchanting h

8537 E Leland Street Mesa, AZ 85207

$950,000
4 Beds
4.5 Baths
3,471 SqFt
Status Active
MLS # 6697981
Property Type Single Family Residence
Price Type --
Gorgeous 4 Bd/4.5 Ba home available in the highly sought-after community of Mountain Bridge Estates. This beautifully maintained home combines modern comfort with classic charm. The front yard features low-maintenance desert landscaping and a welcoming courtyard. Inside, enjoy a spacious, light-filled open floor plan with neutral tones and contemporary finishes, making it easy to personalize to your taste. The kitchen boasts modern appliances, ample cabinetry, a large island & a walk-in pantry. All bedrooms are generously sized with ensuite bathrooms. The home was designed with an additional, spacious bonus room that can be utilized as a hobby space, play room, theater or exercise room. This bonus room also offers a private entrance, which makes it ideal for multigenerational families. The backyard is perfect for relaxation and entertaining, featuring a covered patio, outdoor kitchen, natural gas firepit, and ample space for customizations such as a pool or garden. Mountain Bridge Estates offers resort-style luxury and down-home comfort with easy access to freeways, shopping, and dining. Enjoy top-notch amenities including a fitness center, swimming pool, and courts for tennis, pickleball, and basketball. The clubhouse also hosts numerous community events, while nearby parks and trails promote an active lifestyle. Located just 20 minutes from Saguaro and Canyon Lakes and 30 minutes from Sky Harbor Airport, Mountain Bridge blends tranquility with convenience. Don't miss out on this desert gem, see today!

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