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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5769 N Woodland View Road Williams, AZ 86046

$949,000
6 Beds
3.5 Baths
2,760 SqFt
Status Active
MLS # 6724014
Property Type Single Family Residence
Price Type --
Welcome to an amazing opportunity to own an absolutely turn key, high income ($100k+ a year) producing GC Luxury Ranch that is only a 20 minute drive to The Grand Canyon and just minutes from town. With 10 acres of pristine and private wild Northern Arizona Country, this property is exactly what you are looking for as an investment or retreat for family and friends. Newly renovated 2760 FT, 6 bedrooms, 3.5 bathrooms, with spacious open floor plan and perfect flow. The moment you open the front door, you are greeted with a beautiful inviting living room that faces the large open kitchen and dining area which opens to the expansive covered patio with BBQ and fire pit. Entertainers will love details like 3 flat screen TVs, game room, walk-in pantry, separate laundry room, and attached oversized two & half car garage with EV charging station. Home has tons of storage inside as well as outside with 3 storage units (1 w/electric) as well as a massive detached workshop that can be easily converted into a possible 2nd revenue stream from another airbnb listing on the same property or as a passive income stream while you live in the main house. You will love the front wrap around porch with spectacular sunset and 360° Mountain views. Meticulously designed with an eye for luxury, fully furnished and appointed with every detail for comfort and fun, this home is an exceptional property that needs to be viewed in person to truly see how special it is. Currently an extremely successful short term rental, the sale will include all furniture, decor, and amenities to make this a turn key investment that can continue running without a hitch. Across VRBO and Airbnb, the property is rated 4.98 stars with over 100 raving reviews, let those numbers speak for themselves. The amazing short term rental manager and accounts transfer comes with the sale of the property. Come take a look before it is gone!

9313 E Crystal Drive Sun Lakes, AZ 85248

$949,000
3 Beds
2.5 Baths
3,166 SqFt
Status Active
MLS # 6737380
Property Type Single Family Residence
Price Type --
Prime location for this 3BR, 2.5BA plus den Galleria model on 3rd tee box of the Lakes course in the cherished active adult community of Oakwood in Sun Lakes. Recently pavered driveway and walkway for great curb appeal. LVP flooring throughout the entire main floor w/new baseboards. Stunningly updated ''show'' kitchen with cherry cabinets, granite counters and SS appliances. Enormous primary suite with sitting area, vaulted ceilings, updated bath with tiled walk-in shower and dual closets. Upstairs features 2 bedrooms and bath, w/built in desk in one bedroom. The lot sells this one though. Extended covered patio, pool, stunning golf, water and mountain views. 2014 AC's. Owned solar photovoltaic system plus solar pool heating system. June electric bill was $98. A must see property! Start enjoying the countless amenities in Oakwood w/ pools, golf, tennis, pickleball, clubs and restaurants

6070 E Treadway Trail Flagstaff, AZ 86004

$949,000
4 Beds
2.5 Baths
2,662 SqFt
Status Active
MLS # 6749564
Property Type Single Family Residence
Price Type --
Discover your new home in Timberline, sitting on 2.5 acres. Enjoy a partial wrap-around porch with picturesque views of the San Francisco Peaks. This property includes a 2-car attached garage with a bonus detached 2-car garage. Perfect opportunity to finish it out as a home office, studio, workshop, or for a car enthusiast. The interior has been updated with a modern cozy feeling of home.

2640 N Eagle View Circle Show Low, AZ 85901

$949,000
3 Beds
3 Baths
2,316 SqFt
Status Active
MLS # 6736869
Property Type Single Family Residence
Price Type --
Luxurious and spacious 3-bedroom, 3-bathroom home that spans 2,316 square feet on a 0.3-acre lot, upgraded iron security fence with a rolling gate leading to a beautiful upscale paver driveway. The landscaping features tall, lush trees and ponderosa pines, complemented by a serene water feature. The beautiful wood deck and railing add a rustic charm that carries throughout the home, while the welcoming entryway with window bench seating invites guests into an open floor plan that boasts a floor-to-ceiling rock fireplace as its centerpiece. The flowing hardwood floors enhance the warmth of the space, and large windows with custom shades and valences allow natural light to flood in, creating an airy atmosphere. The breakfast table, adjacent to a sliding door, opens to a covered patio set in a beautifully landscaped yard with a rock-sided feature wall, perfect for outdoor dining or morning coffee. The open kitchen features a large, curved breakfast bar topped with granite, custom cabinetry adorned with crown molding, and ample drawer space. It features a glass cooktop with a built-in microwave, a wall oven, and a large French drawer refrigerator. The split granite sink and raised stainless dishwasher are designed for ease of use, along with a handy lowered prep sink. The large primary suite exudes luxury, with custom closet doors and wood trim, a dual vanity set in granite atop custom cabinetry, with one lowered sink for accessibility. The glass surround tile shower offers plenty of space, complemented by a large soaker tub for ultimate relaxation. The guest room is spacious and welcoming, just a few steps away is the guest bathroom with an oversized vanity in granite and custom cabinetry. The custom spa room features a large swim spa, glass surround shower, 1/2 bath, patio access, custom powered shades, offering a private retreat for relaxation and exercise. The large laundry room is equipped with ample counter space and raised access to the stainless washer and dryer, adding convenience to daily chores. This home is situated on an oversized lot within a gated community, ensuring privacy and security. The property is a blend of elegance, comfort, and modern amenities, making it an ideal residence for those seeking a luxurious lifestyle. The architectural design and thoughtful layout cater to both entertaining and private living, with attention to detail evident in every aspect of the home. Whether it's the tranquil outdoor spaces or the sophisticated interior, this home promises a living experience that is both grand and intimate.

1632 W Sleepy Ranch Road Phoenix, AZ 85085

$949,000
4 Beds
3.5 Baths
2,964 SqFt
Status Active Under Contract
MLS # 6737771
Property Type Single Family Residence
Price Type --
Luxury,modern home in gated community is ready for you to enjoy. Backyard is entertainers dream with beautiful pool,water feature,fireplace,fire pit and outdoor shower. Experience the best of Arizona living in this stunning executive home featuring 4 bedroom and 3.5 baths.Owners bedroom with ensuite bath has walk in shower,separate tub and double sinks.You will love the gorgeous chefs kitchen with granite counter tops, gas stove and stainless steel appliances.Residents of Sonoran Foothills enjoy an array of amenities with a 4,000-square-foot community center,swimming pool,tennis courts,pickleball, volleyball courts, basketball court,children's playgrounds and a variety of walking trails,parks, and open spaces.

17740 E Bismark Lake Court Rio Verde, AZ 85263

$949,000
2 Beds
2.5 Baths
1,679 SqFt
Status Active
MLS # 6755687
Property Type Twin Home
Price Type --
WAKE UP TO SPECTACULAR SUNRISES AND WATCH THE MOUNTAINS CHANGE COLORS EVERY EVENING FROM THIS SOUGHT-AFTER ELEVATED LAKEFRONT HOME AT TRILOGY VERDE RIVER. This gorgeous Valletta resort home has been meticulously maintained; comes equipped with dozens of builder and designer upgrades throughout. Beautiful kitchen w/ upgraded Monogram Appliances, Quartz Counters, upgraded Cabinetry & custom Pendant Lights. Spacious great room w/ stunning Tile Floors, floor outlet & wall-mounted TV audio/video sleeve. Walk out of the sliding glass doors to the upgraded extended patio w/ Pergola & privacy screen to enjoy one of the best views in the entire community. An extraordinary & rare opportunity to own one of the premier mountain view resort homes to ever become available. Move-In Ready!

15217 W Daybreak Drive Surprise, AZ 85374

$949,000
2 Beds
2.5 Baths
2,483 SqFt
Status Active
MLS # 6747884
Property Type Single Family Residence
Price Type --
Fantastic home totally rebuild in 2020. Newer roof, windows, HVAC, flooring, electrical, plumbing. Cherrywood cabinets with pullouts in spacious kitchen with an island, granite countertops, and stainless steel appliances. All on a beautiful golf course lot with a swimming pool, hot tub, triple car garage and much more. Cat 5 wiring throughout. Plus paid solar. Don't miss out on the opportunity to own an almost new home.

2024 W Andalusian Trail Phoenix, AZ 85085

$949,000
3 Beds
3.5 Baths
3,054 SqFt
Status Active
MLS # 6746695
Property Type Single Family Residence
Price Type --
Check out this stunning home located in the desired Union Park at Norterra. 3 bedrooms + office/den and 3.5 bathrooms. All bedrooms are en suites and the master offers a custom closet! This home boasts a wonderful layout with a 2nd living area plus an oversized laundry room that was just freshly painted. A brand-new shiplapped fireplace/ mantel was just installed with matching shiplap to the recessed ceiling nook to give it a clean and stylish look. You will love entertaining in this kitchen featuring a large island with seating, plenty of cabinet space, stainless steel appliances, and quartz countertops. The 3 car garage (1 tandem spot) has been insulated and plumbed for a sink and water softer. Home has been wired Cat5 throughout. Walk out to the backyard and you will notice brand new turf! Are you thinking of adding a pool or spa? Great news, it is already plumbed for it! Keep the backyard low maintenance or design your own backyard oasis. The community offers Olympic size swimming pool, splash pad, basketball and pickleball courts, event hall and an amazing fire pit. Walking distance to restaurants, shopping, the elementary school!

6323 E Nisbet Road Scottsdale, AZ 85254

$949,000
4 Beds
2 Baths
2,266 SqFt
Status Active
MLS # 6619120
Property Type Single Family Residence
Price Type --
This beautiful home is definitely move-in ready. Magic 85254 NO HOA; Best one story 4-bedroom 2 bath home. This was built by owners w/definite care and attention to details. Every upgrade was done with a good eye. The wall of new windows in living/dining room w/fireplace opens to a beautiful full patio w/private backyard and fruit trees galore. New windows AND flooring thru out. Recessed lighting too; Kitchen totally remodeled w/quartz countertops; stainless appliances; Master ensuite bathroom has jetted tub; 2 sep sinks; toilet room and huge walk-in closet. The second bedroom w/walk-in closet exits to backyard. Second bathroom has updated shower. Lots of storage; Plus Garage cabinets; Walking distance to many stores; close to upscale shopping; dining; events TPC Open; Kierland

4310 W Ceton Drive Laveen, AZ 85339

$949,000
6 Beds
4.5 Baths
4,214 SqFt
Status Active Under Contract
MLS # 6569690
Property Type Single Family Residence
Price Type --
*** Price below appraisal! *** Amazing 6 bed/4.5 bath home features 2 full owner's suites, newer HVAC, 2 ''hidden'' rooms, wet bar w/ Kegerator, detached 30X50 workshop (5 total garage bays inc. attached garage) & RV hookup. Step into the spacious living areas w/ beautiful hardwood floors & stone fireplace. The kitchen has a walk-in pantry, industrial grade appliances, copper range hood & updated butcher block counters. The primary Owner's Suite features double sinks, soaking tub, walk-in closet, fireplace & hidden room. Outside you'll enjoy a sparkling pool, built-in BBQ, raised garden, full size covered patio & balcony w/ incredible views! Plus, a huge laundry room w/ lots of storage, horse corral & nearby hiking trails. Come & check out this entertainer's dream.

2812 E Harwell Road Phoenix, AZ 85042

$949,000
4 Beds
3.5 Baths
3,407 SqFt
Status Active Under Contract
MLS # 6737852
Property Type Single Family Residence
Price Type --
Nestled in the prestigious gated community of Arboleda Ranch, this stunning 3,407 sq. ft. home offers 4 spacious bedrooms, 3.5 luxurious bathrooms, a study and den, and impeccable upgrades throughout. As you enter the home you will notice the gorgeous trey ceilings in the foyer and vaulted ceilings in the great room creating an open and bright aesthetic. The gourmet kitchen is pristine with granite countertops, stainless-steel built-in appliances, and a kitchen island with a breakfast bar. The butler's pantry connects to the den! The expansive primary suite has a sitting area, an entrance to the serene backyard oasis, and a lavish ensuite with a soaking tub,a beautifully tiled shower, and a walk-in closet. The remaining bedrooms are move-in ready! Bedroom 2 has a private ensuite bathroom and all bedrooms have walk-in closets! Plus, a study with double doors, perfect for a multi-purpose or hobby room! The laundry room is well thought out with a sink and upper and lower cabinets. The backyard will take your breath away with its meticulous design featuring easy-care artificial grass, beautiful green trees, and a refreshing pool. The covered patio has beautiful tile flooring,a modern ceiling fan and extends to an open seating area in the backyard. This backyard is an entertainer's dream! Not only is this home gorgeous but also conveniently located close to the freeway for easier access to dining, shopping, and entertainment. Check out the beautiful Aguila Golf Course or the hiking trails at South Mountain! This home is dream!

3744 W Westcott Drive Glendale, AZ 85308

$949,000
3 Beds
3 Baths
2,276 SqFt
Status Active
MLS # 6722878
Property Type Single Family Residence
Price Type --
** North Phoenix Per The County Assessor's Records** Your dream of owning a small and large animal farm within city limits does still exist. 90' of covered covered Horse Turnouts with up to 6 stalls and pasture. Situated on just under one acre of land in the city, this horse property is a sanctuary from the country modern charm in the inside of the home to the crystal chandelier in the chicken coup. This property will give you that country feel with the benefits of being in-town and close to services like Costco and Honor Health both located within a mile. The block construction on this custom ranch home situated with a north south orientation offers all those locally desired home site checklist items locals covet and our rural aspiring buyers aspire to find to call home This home has a fully updated interior in a country ranch modern style and cared for with a pride of ownership that we not often see in homes of this period. Natural Hickory Cabinets with the soft close features on doors and under-mount soft close glides on the hardwood and dovetailed drawers surpass in quality what we often see even in brand new homes built with price tags well above 1 million. This ranch-style home's floor plan includes a versatile Next Gen Suite, perfect for accommodating guests or loved ones. The 3 bedrooms and 3 baths provide ample space for comfort and relaxation, while the fully insulated property with new windows and plumbing ensures a harmony of practicality with beauty. Outdoor enthusiasts will appreciate the 4 car garage spaces, 2 attached to the home and 2 more in the detached garage which also includes an air conditioned workshop. Park your RV, park your Horse Trailers or overflow parking for those large events you might feel compelled to host in this great home in the future. Come see it today and make it yours right away.

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