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.

What’s Your Home Worth?

Search for Your New Home

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.

42038 N Moss Springs Road Anthem, AZ 85086

$949,000
4 Beds
3 Baths
2,986 SqFt
Status Active
MLS # 6634707
Property Type Single Family Residence
Price Type --
Welcome to luxury living in Anthem Country Club! This stunning home has undergone a full remodel, offering exquisite features and modern elegance throughout. As you enter, you're greeted by a grand 10-foot accordion door that seamlessly opens to the expansive outdoor space, perfect for entertaining guests or enjoying the serene desert landscape. Step inside onto luxury vinyl plank flooring that adds warmth and sophistication to the living spaces. The upgraded primary bathroom is a true retreat, boasting a super shower and separate tub, creating a spa-like oasis for relaxation and rejuvenation. With 4 bedrooms and 3 full bathrooms, there's plenty of space for family and guests to feel comfortable and pampered. Welcome to luxury living in Anthem Country Club! This stunning home has undergone a full remodel, offering exquisite features and modern elegance throughout. As you enter, you're greeted by a grand 10-foot accordion door that seamlessly opens to the expansive outdoor space, perfect for entertaining guests or enjoying the serene desert landscape. Step inside onto luxury vinyl plank flooring that adds warmth and sophistication to the living spaces. The upgraded primary bathroom is a true retreat, boasting a super shower and separate tub, creating a spa-like oasis for relaxation and rejuvenation. With 4 bedrooms and 3 full bathrooms, there's plenty of space for family and guests to feel comfortable and pampered. Park your vehicles with ease in the 3-car garage, offering ample storage space for your belongings. Outside, the oversized lot features a partial view fence, providing privacy and picturesque views of the surrounding area. Take a dip in the sparkling pool on hot summer days, or lounge poolside in the Arizona sunshine. The newer roof ensures peace of mind and adds to the home's overall appeal. In the heart of the home, the kitchen shines with new countertops and a sleek wet bar, perfect for entertaining friends and family. Whether you're hosting dinner parties or enjoying quiet evenings at home, this kitchen is sure to impress. Don't miss the opportunity to own this exquisite home in Anthem Country Club, where luxury meets desert tranquility.

1270 E Baranca Road Gilbert, AZ 85297

$949,000
4 Beds
2.5 Baths
2,627 SqFt
Status Active
MLS # 6706262
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the coveted Vista Del Oro community! This stunning 4-bed, 2.5-bath home boasts a modern, and sleek remodel, ensuring luxury and comfort in every corner. Dive into your private oasis with a sparkling pool. The spacious 3-car garage provides ample room for vehicles and storage. Inside, you'll find quartz countertops and all-tile flooring, adding a touch of elegance to the open floor plan. Located in a prime location, this home offers unparalleled convenience. It's close to top-rated schools in the Chandler and Gilbert districts, making it ideal for families. Vista Del Oro is known for its vibrant community and easy access to shopping, dining, and entertainment. Don't miss the chance to own this upgraded gem in one of the most desirable neighborhoods.

7780 E Golden Eagle Circle Gold Canyon, AZ 85118

$949,000
3 Beds
3.5 Baths
3,574 SqFt
Status Active
MLS # 6725076
Property Type Single Family Residence
Price Type --
THIRD PRICE REDUCTION! Motivated Seller! Lowest priced $/sf fairway residence in entire community! Wonderful views over the 10th fairway & vistas of a park-like setting of 5 Nicklaus-designed golf holes out the back patio. Some furnishings available under a separate bill of sale. Golden Eagle Village on a quiet a Cul de Sac in a quaint Tuscan Village walking distance to the clubhouse. 24/7 manned gate in this Lyle Anderson Community. Only 36-hole private golf & country club in central Arizona & limited memberships. Less than 35 freeway minutes from Sky Harbor. Only 1 traffic light separates owners from the Atlantic & Pacific Oceans. Upgraded interior finishes w/granite counters, 8' solid core doors, stainless appliances, Emtec & Kohler fixtures. North/South orientation. Soaring ceilings.

7151 E Rancho Vista Drive Unit 4001 Scottsdale, AZ 85251

$949,000
2 Beds
2 Baths
1,586 SqFt
Status Active
MLS # 6700905
Property Type Apartment
Price Type --
Welcome to Optima Camelview! Known for its extra lush landscape and endless resident amenities, come see what all the hype is about and take a full property tour of this spectacular community. Unit 4001 is unique amongst the others for many reasons ... not only does it have one of the largest 2 bed/2 bath floor plans, but this particular unit comes with it's own private outdoor space, separate from the general patio. The opportunities are endless for what you could create there (see photos for virtual staged pics with ideas). #4001 also comes with 2 garage parking spaces, which is a rare luxury only some units have. Some of the amenities include indoor & outdoor pools and spas, gym, sport courts, putting green, locker room, on-property restaurant/bar & commercial business spaces.

19016 E Alfalfa Drive Queen Creek, AZ 85142

$949,000
5 Beds
3.5 Baths
4,517 SqFt
Status Active
MLS # 6724911
Property Type Single Family Residence
Price Type --
PRICED TO SELL this stunning 5-bed home w/double door den/office, perfectly situated on a corner lot just across from the park. With nearly $200k in upgrades, it is a true gem! The extended chefs kitchen, designed with extra cabinets & ample counter space, includes a walk-in pantry, breakfast bar, butler's pantry, & formal dining. Main floor boasts a large master suite. The en-suite bathroom is a true retreat, featuring a spacious shower, separate bathtub, dual vanities, & his/hers closets, w/direct access to the laundry room. The open living room has soaring 27ft ceilings. Spiral staircase & doors have updated modern black paint. The home features a 3-car garage, courtyard, lovely patio, & beautiful turf in spacious backyard w/fire pit. Upstairs are 4 beds, 2 baths, & an expansive loft!

5702 N 13th Street Phoenix, AZ 85014

$949,000
4 Beds
4.5 Baths
2,440 SqFt
Status Active
MLS # 6697415
Property Type Single Family Residence
Price Type --
Introducing an incredible corner lot gem in Uptown Phoenix. With 4 beds, 4.5 baths, a 1-car garage, and an RV gate, this home showcases high-end craftsmanship throughout. From the brand-new roof to upgraded electrical and plumbing, every detail exudes quality and pride. The gourmet kitchen and lavish bathrooms are sure to impress. Situated in a coveted area just north of downtown Phoenix and west of the esteemed Biltmore area, this home offers access to top-rated schools, chic eateries, and premier shopping. This residence provides the perfect blend of convenience and refinement. Don't miss the chance to make this stunning property your new home.

5253 N 31st Place Phoenix, AZ 85016

$949,000
3 Beds
2 Baths
1,983 SqFt
Status Active
MLS # 6704884
Property Type Single Family Residence
Price Type --
This beautiful patio home nestled in the highly sought after Biltmore area Village on the Lakes gated community is a true treasure! The tranquil setting & desirable location embraces your luxury living space with lush greenery, beautiful walking paths, the Arizona Canal Trail, & open green belt areas. The c-plan home encompasses the open concept patio w/ mountain view balcony, sparkling pool, & therapeutic spa, with sliding glass doors on all 3 sides creating a unique ambiance, superlative privacy & plentiful natural light. 3 bedrooms & 2 baths plus an office space with powered & shuttered venting skylights. Upgraded kitchen with SS appliances & dining area plus a formal dining room & spacious living room w/ cozy fireplace. Well maintained with potential limited only by your inspiration!

5737 W Creekside Lane Queen Creek, AZ 85144

$949,000
4 Beds
3.5 Baths
2,692 SqFt
Status Active
MLS # 6737915
Property Type Single Family Residence
Price Type --
WOW! Just WOW! Pride of ownership is shown in this exquisite territorial property the Iron Gate Estate - located in the prestigious Creekside Estates, sitting on over an acre of land. The lush front yard, 3-car side garage, RV gate, and ample parking spaces offer both beauty and convenience. Enter through a cozy courtyard featuring a charming stone-accented fireplace. Inside, be captivated by the sleek interior adorned with plantation shutters, pre-wired surround sound, and a formal dining area perfect for gourmet meals. The great room is a highlight with exposed wood beams, a corner fireplace, and a wet bar with direct access to the kitchen. The natural light and phenomenal attention to detail throughout the home, constantly leave you in awe! Check out this estate before it's gone soon! The delightful kitchen boasts custom cabinets and stainless steel appliances, including wall ovens, granite counters, a center island, a walk-in pantry, a breakfast room, and a peninsula with a breakfast bar. The spacious main suite provides direct backyard access, a bay window, and a chic bathroom with dual vanities, a jetted tub, and a walk-in closet. The backyard, with its covered patio, is a blank canvas ready for your personal touch, where you can enjoy scenic sunset and mountain views with your favorite beverage. What's not to like? Don't miss out on this incredible property!

2325 E Beachcomber Drive Gilbert, AZ 85234

$949,000
4 Beds
3 Baths
3,425 SqFt
Status Active
MLS # 6736562
Property Type Single Family Residence
Price Type --
Location location! Gorgeous remodel! Welcome to your dream home located on a corner lot in Val Vista Lakes community! A perfect blend of luxury and comfort. Soaring vaulted ceilings that enhance the spacious feel of the grand foyer and formal dining area, large main room with a dramatic fireplace as the centerpiece. Entertain effortlessly with the stylish wet bar. Upscale fixtures and lighting throughout the home. The eat-in kitchen is a highlight, featuring stainless steel appliances, new cabinets, elegant quartz countertops, a generous pantry and large center island plus dining area. Upstairs, you'll find a sizable loft media room that offers versatile space for relaxation or play, a hidden playroom in an upstairs bedroom and reading area. Retreat to the luxurious primary bedroom, where tranquility awaits. Enjoy direct access to the backyard oasis along with an upscale ensuite bathroom that features dual sinks, a standalone soaking tub, and walk-in closet. The downstairs bonus room can serve as a gym, office, or other function that suits your lifestyle. Outside is your private paradise! A lush grass front yard. The backyard includes a huge covered patio, beautiful paver decking, ramada, and lap pool, perfect for entertaining! Don't miss your chance to own this stunning home!

5630 E Bramble Berry Lane Cave Creek, AZ 85331

$949,000
4 Beds
3.5 Baths
3,094 SqFt
Status Active
MLS # 6695541
Property Type Single Family Residence
Price Type --
Seller can help with rate buydown. Fresh, remodeled Tuscan style villa in exclusive gated Lone Mountain, fine finishes. Bright soaring great room w clerestory windows, premium Aspen Blond porcelain tile, Monet backsplash bistro kitchen w sweeping tiger eye granite, premium brushed SS gas ovens,42 in maple cabs, walk in pantry, downstairs MBR w plantation shutter Bay Window sunrise, billowy steam bath, rainforest walk in shower. UP: Media room, 3 BR, walk in closets, 2 full BAs. Sports yard surrounded by desert gardens, green house, roses, hot tub, 700sf Travertine deck. Awesome mountain views. Private island cul de sac. 980sf 4 car finished epoxy garage, extreme storage. 2 RO systems. Utility sink. Paver drive. Primo green house, sports yard. Pristine. Seller to contribute up to $500 to a one year home warranty upon successful closing.

19550 N Grayhawk Drive Unit 1084 Scottsdale, AZ 85255

$949,000
2 Beds
2 Baths
1,834 SqFt
Status Active
MLS # 6707430
Property Type Townhouse
Price Type --
Experience the epitome of Scottsdale living in this coveted North Scottsdale locale. Nestled at the end of a well-lit cul-de-sac, this 2 bed, 2 bath, 1,834 sq. foot single-level residence boasts an abundance of natural light, accentuated by its desirable end-unit positioning. Step through the circular rotunda entryway and be greeted by sculpted ceiling details that exude elegance. Relish in the warmth of the gas fireplace as you unwind in the spacious living area. The eat-in kitchen, adorned with freshly painted cabinets and updated appliances with oven and induction cooktop, invites culinary creativity. Adjacent, a covered private patio offers a serene retreat for dining or morning coffee. The master suite features a generous walk-in closet, while the den provides flexibility, easily convertible into a third bedroom. Recently updated flooring, a renovated guest bath, and a backyard makeover enhance the allure of this home, ensuring both comfort and style. Indulge in the amenities of the community, including walking, hiking, and biking trails, playgrounds, pocket parks, and tennis courts. Relax by the sparkling swimming pool and spa, or enjoy peace of mind with 24-hour security patrol. Additionally, a gated courtyard adds an extra layer of privacy and charm to this exceptional property.

Leave a Reply

Your email address will not be published.