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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12511 W Martin Road Casa Grande, AZ 85194

$949,000
4 Beds
3.5 Baths
3,919 SqFt
Status Active
MLS # 6659536
Property Type Single Family Residence
Price Type --
Located on the north end of town, 25 minutes from Chandler. Sellers are MOTIVATED, will contribute to buying down interest rate.. Wow, this home is truly a gem! Just over an acre provides a generous amount of space. 4 bedrooms & 3.5 bathrooms offer ample accommodation. The primary suite downstairs for convenience with 2 additional rooms upstairs with a Jack & Jill bathroom Upgraded kitchen with new appliances & granite counters. The detached guest suite, spanning 172.5 sqft, adds a private flexible living space. Heated pool, 2 putting greens, 3 storage sheds add great living spaces both inside & outside ensure comfort & versatility. Stunning views enhance the overall appeal of the property. A 3-car garage has epoxy floor & insulated doors. Wow, this home is truly a gem! Let's highlight the standout features: Just over an acre of land provides a generous amount of space. 4 bedrooms and 3.5 bathrooms offer ample accommodation. The primary suite downstairs adds convenience. Two additional rooms upstairs with a Jack and Jill bathroom create a functional living space. Natural light and high ceilings contribute to a bright and airy atmosphere. Upgraded kitchen with new appliances and granite counters reflects modern style and functionality. The detached guest suite, spanning 172.5 sqft, adds a private and flexible living space. A heated pool provides a luxurious touch, Two putting greens, three storage sheds cater to practical storage needs, Great living spaces both inside and outside ensure comfort and versatility. Stunning views enhance the overall appeal of the property. A 3-car garage with epoxy floor and insulated doors adds convenience and functionality. All new exterior light fixtures contribute to the property's curb appeal. Roll-down shades on the patio provide shade and privacy. This home has the perfect blend of comfort, luxury, and functionality. The combination of indoor and outdoor amenities, along with the thoughtful upgrades, creates a space that is not only beautiful but also well-suited for a variety of lifestyles. It's a dream home!

3565 E Starflower Drive Queen Creek, AZ 85142

$949,000
3 Beds
3.5 Baths
3,212 SqFt
Status Active
MLS # 6724881
Property Type Single Family Residence
Price Type --
Breathtaking! Enjoy the safe suburbs and mountain views of Chandler Heights, just 25 minutes from Downtown Chandler. This elegant home in the gated community of Copper Bend hosts a spacious 3 bedrooms at over 3200sqft. Recently built in 2019, some say it still has the new-house smell to it. Enjoy a stroll in the community park, or have fun with your children on the playground. The open kitchen is great for socializing while you utilize the double wall ovens & gas cooktop. Enjoy brunch on your granite countertops, and use the butler's pantry for storage. Across the community to the South is Gila River Indian Land, great for reserve/hiking trail with immaculate views of the East Valley. Lender Owned, Buyer to Verify All Facts.

18377 W Porter Drive Goodyear, AZ 85338

$949,000 - 4Br/4Ba -  for Sale in Estrella Parcel 60, Goodyear
Open House
$949,000
4 Beds
4 Baths
4,178 SqFt
Status Active
MLS # 6753751
Property Type Single Family Residence
Price Type --
Nestled on a coveted over sized custom lot near South Lake in Estrella, this 4 Bed + Den home offers an unparalleled living experience. Immerse yourself in breathtaking views of the Estrella Skyline, framed throughout this stunning home. Step inside to discover a world of warmth & elegance. In the heart of the home the gourmet kitchen offers an ambiance of timeless sophistication. Cozy nooks & inviting great rooms offers ample space for relaxation, while artisan-crafted details & art niches add a touch of charm. The sprawling primary suite, conveniently located on the first floor, is a luxurious sanctuary. Explore the home's impressive floorplan, including multiple balconies & a secluded ''Sky View Deck'' where you can savor the lake views. 3 Car Garage & RV Gate is ideal for toys. Estrella is a master-planned community designed for comfort and convenience. Here's what makes Estrella the perfect place to make your home: Troon-Managed Golf Course: Tee off at the Golf Club of Estrella, a Nicklaus-designed course managed by the prestigious Troon Golf. Your Estrella HOA fees cover an extensive range of amenities, allowing you to experience resort-style living every day: Water Activities: Explore the lakes with paddleboats, sailboats, and kayaks offered by the Yacht Club. Starpointe Resident's Club: This 24,000 sq ft recreation center boasts a waterpark, gym, lap pool, game rooms, and a teen club, something for everybody. Presidio Resident's Club: This 18,500 sq ft facility features a heated pool, splash pad, demo kitchen, Community Garden, Cantina and a state-of-the-art workout area. Pickleball & Trails: Enjoy friendly competition on the neighborhood pickleball courts, or explore the scenic FINS trail system for hiking and biking adventures. Enjoy a variety of restaurants, medical and dental offices, and various services right at your fingertips. Estrella offers an exceptional lifestyle with upscale amenities, and convenient access to day to day services.

10710 E Evergreen Street Mesa, AZ 85207

$948,000
3 Beds
2.5 Baths
3,148 SqFt
Status Active
MLS # 6753734
Property Type Single Family Residence
Price Type --
Beautiful single-story home nestled in a quiet neighborhood on almost a half an acre of land. This rare premium lot has a beautiful home with an Air-Conditioned 43'x15' RV Garage, and 2 separate 2 car Garages each with its own entrance to the home! With an RV, Boat Friendly HOA and 2 RV Parking Gates there is room for everything. There is a clean out/dump for your RV directly outside the RV garage. You can store friends and family's RV's here! There are multiple 50 amp plugs in the RV garage, one in the main garage and 2 additional plugs one on each side of the home. Whole home water filtration system and R.O system. Extremely open floorplan with 3 bedrooms, 2 full baths, a ½ bath, a bonus room, and an office. Gorgeous flooring, kitchen cabinets, stainless steel appliances, subway tile and granite countertops with a large walk-in pantry. Built in natural gas BBQ and Pergola out back. Two new Trane air conditioners with 10-year transferable warranties. Lots of storage area inside and out. Large rooms and a primary suite and bath.

11673 N 136th Street Unit 1011 Scottsdale, AZ 85259

$947,900
3 Beds
2.5 Baths
2,020 SqFt
Status Active
MLS # 6655214
Property Type Townhouse
Price Type --
New 2022 Construction in PRIME location near Scottsdale Mountain, The Reserve is a Private Luxury Villa Community close to EVERYTHING - Shopping, Dining, Golfing & steps away from Coffee Shop, Bespoke Market, Wine Bar, Italian Cuisine, Pizzeria, Parks & Hiking Trails! This Upscale Resort Style Villa features spectacular Mountain & Desert Views, 2 Bed/EnSuites + DEN/FlexSpace/3rd Bed Opt. with an OPEN Split Floorplan, 2.5 Baths, Gourmet Kitchen w/Upgraded Cabinetry, Breakfast Bar Island, Premium Granite, Bosch Stainless Steel Appliances, French Door Refrigerator, Tile Backsplash, Walk-in Pantry, Gas Cooking, LED Lighting, Premium Tile Showers, Deep Soaking Bathtub, Home Automation, Energy Efficiency Features, 2 Covered Patios, Private Courtyard, ASK for the detailed Upgrade & Feature List!

5610 N 184th Drive Litchfield Park, AZ 85340

$947,000
4 Beds
3 Baths
3,795 SqFt
Status Active
MLS # 6758578
Property Type Single Family Residence
Price Type --
Welcome to this stunning 4-bedroom, 3-bathroom home with a den, situated on a spacious lot that feels even larger than its 0.6 acres. Perfect for those who love to entertain and need space for adventure, this home comes equipped with an oversized RV gate, paver driveway, and a 30 amp hookup on the side of the house—making it easy to park and hook up your RV or boat. The outdoor space is a true entertainer's dream, featuring a refreshing pool surrounded by 1,700 SF of travertine decking. The expansive 700 SF covered patio offers plenty of room for gatherings year-round. You'll also find a natural gas fire pit and a built-in BBQ—ideal for hosting family and friends in style. Inside, the open layout and additional den provide flexible living spaces for work, play, or relaxation. Security is a priority, with owned security cameras for added peace of mind. The home sits in a prime location with no neighbors across the street, giving you a sense of openness and privacy, along with a park just across the way. The area also features no street lights, enhancing the tranquil ambiance and making it a perfect retreat under the Arizona night sky. This home is the ideal blend of space, privacy, and convenienceready to accommodate both indoor and outdoor entertaining, as well as your RV or boat for your next adventure.

226 W Lazy K Ranch Road New River, AZ 85087

$947,000
5 Beds
5.5 Baths
4,564 SqFt
Status Active
MLS # 6731710
Property Type Single Family Residence
Price Type --
Lifestyle Is Included with this In-town/Out-of-Town NO HOA, 1 Acre Family Home. Exit just 4 miles North of the Anthem Outlet Mall. Escape to the Breathtaking Panoramic views from the Wrap Around Porch. 5 Beds, 5.5 Baths provides privacy for everyone. Working at home w/AirFiber Broadband High-Speed Star-link available. Interior Upgrades: Granite Kitchen, w/Island, SS Appliances, Double Copper Sink, Pantry, Breakfast Bar, Built-in Breakfast Nook. Master Bedroom Suite features Walk-out Private View Deck, Fireplace, Sitting/Gym Room, Walk-in Closet, Jetted Soaker Tub, Double Shower, Dual Vanities. 50 Amp RV Hookup, Well Water filled Fenced Play Swimming Pool w/Baja Deck. Access to Tonto & State Trust land for Hiking/Biking Trails just out of your backyard. Location, Location, Location.

1 Easy Street Unit 3 Carefree, AZ 85377

$946,175
2 Beds
2.5 Baths
1,847 SqFt
Status Active
MLS # 6639859
Property Type Townhouse
Price Type --
Enjoy having your own Private ELAVATOR, in this exquisite townhome nestled in the heart of downtown Carefree, Arizona. This unique location offers the epitome of luxury and convenience, where every amenity is just steps from your doorstep in this upscale community. This 2 bedroom, 2.5 bath townhome has a Den, that could be an office or an optional 3rd bedroom. From the moment you enter, you'll be captivated by the open concept design, gourmet kitchen, opulent primary suites, and your own private elevator that adds a touch of modern comfort and accessibility. The amazing mountain views that surround this community only enhance the tranquil, luxurious atmosphere. Community features Pool, Spa, Putting Green, Bocce Ball Court. Within steps of your door, Fine Restuarants, World Class Art Galleries, Live Music Venues showcasing talented Artists, and Boutiques featuring high end fashion. You'll also find conveniences like living within a upscale village, with a Grocery Store, Post Office, Banks, Hardware Store, Gas Station, Spa's, Wine Bar, and much more, all within moments from your doorstep. Relax and unwind on the large covered patios or indulge in the views from your private viewing deck. With its ideal location just blocks away from Carefree's sister city Cave Creek and a short seven minute drive to North Scottsdale, you'll have endless opportunities for entertainment and exploration. It's no wonder that Carefree is considered one of Arizona's premier places to live. Experience it firsthand at The View Carefree as you live the life of your dreams right here in this extraordinary community! Come see for yourself how sweet life can be at The View Carefree! Please note: Price Sheet and Floor Plans for All Available Units can be found under the Documents Tab.

2295 Bison Ranch Trail Overgaard, AZ 85933

$945,000
3 Beds
3 Baths
2,064 SqFt
Status Active
MLS # 6732606
Property Type Single Family Residence
Price Type --
One-of-a-kind nearly 2 acre fenced horse prop in Bison Ranch that features a 2064sq ft 2 story rustic cabin home, matching 729sq ft garage that has been converted to the ultimate entertainment room, an 1150sq ft wraparound deck & a breathtaking 1350sq ft Castlebrook Barn w/2 stalls, wash station, woodworking shop, equipment & hay storage room & a gorgeous office/tack room-all backing the national forest. Home features 2 primary bedroom suites & a guest room. Vaulted ceilings finished with gorgeous t&g wood, as well as lodgepole stair rails. The 2nd fl loft & upstairs primary bedroom share access to a covered balcony with endless uninterrupted views of the forest & the frequent visits from the majestic Heber wild horses. This dream vacation retreat is fully furnished & turn key ready.

9779 E Gold Dust Avenue Scottsdale, AZ 85258

$945,000
3 Beds
2 Baths
2,354 SqFt
Status Active Under Contract
MLS # 6760046
Property Type Single Family Residence
Price Type --
Welcome to this well maintained 3 bedroom, 2 bathroom home situated on a prime corner lot in the highly sought after Scottsdale Ranch community. With two spacious living areas, this home provides plenty of room for relaxation and entertaining. This home is conveniently located just minutes from premier shopping, dining, the Honor Health medical complex, and offers quick access to the 101 freeway for easy commutes. Located in the sought-after Scottsdale Unified School District, this home is ideal for families. Don't miss the chance to live in one of Scottsdale's most desirable neighborhoods.

310 N Grapevine Drive Payson, AZ 85541

$945,000
3 Beds
2.5 Baths
2,502 SqFt
Status Active
MLS # 6735078
Property Type Single Family Residence
Price Type --
Enchanting A-Frame Home in Payson's Premier Gated Community. Nestled in the highly desired gated community of Chaparral Pines, this stunning A-frame home offers a luxurious living space. The owners suite is located on the main floor, featuring a lavish en-suite bathroom with breathtaking views of the surrounding Ponderosa Pines. Step into the inviting living room, where a gas fireplace creates a warm and cozy ambiance. The expansive A-frame dual-pane windows flood the space with natural light and provide endless, picturesque views. Venture down to the finished basement, a versatile space perfect for entertaining. Here, you'll discover a wet bar, a spacious family/game room, two additional bedrooms, and a full bath. Outdoor living is at its finest on the charming patio, where you can relax and enjoy Payson's beautiful weather. As a member of Chaparral Pines Golf Club, you'll have access to world-class amenities, including a championship golf course, clubhouse, fitness center, and more. This enchanting A-frame home offers the perfect blend of luxury, comfort, and natural beauty. Don't miss the opportunity to make it yours!

40010 N Candlewyck Lane Phoenix, AZ 85086

$945,000 - 4Br/4Ba -  for Sale in Anthem Country Club Unit 34, Phoenix
New
$945,000
4 Beds
3.5 Baths
2,984 SqFt
Status Active
MLS # 6762002
Property Type Single Family Residence
Price Type --
Premium Golf Course Lot on the 12th hole of the Ironwood Golf Course in the guard gated community of Anthem Country Club w/ Magnificent Sunsets & Mountain Views. Large picture windows in the kitchen/living areas, primary suite & guest quarters all showcase the spectacular views. The split floor plan features a spacious primary bedroom & bath w/ fabulous walk-in closet & plenty of natural light. The private ensuite guest quarters has a full bath & the other 2 bedrooms connect with a Jack-n-Jill. It's perfect for all of your company. A formal living room at the front of the house can become a game room, office or media space. The kitchen features an island, 5 top gas burner, SS appliances, tons of storage, counters & opens to the living area w/ access to back patio. Formal dining for your holiday gatherings. From the inside to the outside, it flows perfectly for the busy family or gourmet entertainer. HOA includes Country Club privileges & Community Center. You will love living in this community!!

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