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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2453 E Ebony Drive Chandler, AZ 85286

$945,000

6 Beds

3.5 Baths

3,987 SqFt

Status Active

MLS # 6715409

Property Type Single Family Residence

Price Type --

IMMACULATE 6 Bedroom, 3.5 Baths with Den/Office AND Loft! This expansive floorplan has been well cared for and features a 1st-floor master suite with its own laundry & huge closet. All secondary bedrooms are on the upper level in addition to the loft/flex space and second laundry room. Stainless appliances in the kitchen with gas range, 42'' upper cabinets, granite countertops, walk-in pantry, new reverse osmosis system (2022) and dine in kitchen. The lower level features tile and wood floors, 10'+ ceilings, sunscreens, new hot water heater and heated pool with waterfall feature, epoxy floors in the garage, 3 garage bays, new exterior sprinkler system, double gate and so much more! This home has been exceptionally well cared for. Close to dining, shopping, recreation & more

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9107 W Fossil Creek Road Strawberry, AZ 85544

$945,000

4 Beds

3 Baths

2,248 SqFt

Status Active

MLS # 6755640

Property Type Single Family Residence

Price Type --

This 6.61 acre mini ranch is a fantastic opportunity for those looking to embrace a real lifestyle with modern conveniences. The property features two houses, making it ideal for multi-generational living or as a rental income opportunity. The main house has 2 bdrm, 2 ba, complete with an oversized garage for ample storage. The guest house, recently remodeled, also includes 2 bdrm and 1 bath and a workshop (comes furnished). Both residences boast newer metal roofs and updated heating and cooling systems, ensuring comfort and efficiency. The expansive land is perfect for equestrian activities, chickens and goats, providing a versatile space for various farming and ranching pursuits. Zoned TR, the property presents numerous possibilities for future development or enhancements. The proprty has a well in working order--property is also hooked up to PSWID. Whether you are dreaming of a future development or enhancements. The property has a well in working order--property is also hooked up to PSWID. Whether you are dreaming of a private retreat or a functional working ranch, this property is a rare find with great potential. Several out buildings. Property is completely fenced and cross fenced.

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16674 S 18th Way Phoenix, AZ 85048

$945,000

5 Beds

3 Baths

3,093 SqFt

Status Active

MLS # 6750560

Property Type Single Family Residence

Price Type --

Experience luxury living with this stunning 5-bedroom, 3-bathroom home situated on the picturesque Foothills Golf Course with South Mountain views. This two-story masterpiece combines modern sophistication with breathtaking natural beauty, offering a perfect blend of comfort and style. Step into the newly remodeled kitchen -- a chef's dream, featuring sleek new appliances, contemporary cabinetry, gorgeous expanded island and elegant countertops & backsplash and a huge pantry. Enjoy the open-concept layout, perfect for both everyday living and entertaining. The home features a striking stacked stone fireplace, adding a touch of warmth to the Family room. An updated glass and metal front door creates a welcoming entrance to the front living/ dining area with floor to vaulted ceiling windows with beautiful shutters , while a new 12-foot glass slider seamlessly connects the Family Room and kitchen to the outdoor oasis, inviting you to enjoy stunning sunset views from the comfort of your home. The five generously sized bedrooms provide ample space for relaxation and privacy. The newly remodeled bathrooms offer modern fixtures and finishes, ensuring a spa-like experience. With a 3.5-car garage, you'll have plenty of space for vehicles, Including an EV charger, storage, and hobbies, making this home as functional as it is beautiful. Add in the bonus of a paid off Solar and you really add to the value of this gorgeous property! Step outside to your private backyard and take in the mesmerizing sunset views over the Estrella Mountains. This serene setting is perfect for outdoor dining, relaxation, enjoying your pool and the natural beauty of South Mountain too! This exceptional Foothills Golf Course home combines modern updates with stunning natural vistas, offering a unique living experience. See this home today and step into a home where luxury and tranquility meet.

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15613 E Palomino Boulevard Fountain Hills, AZ 85268

$945,000

3 Beds

2 Baths

2,564 SqFt

Status Active

MLS # 6739401

Property Type Single Family Residence

Price Type --

Welcome to this breathtakingly remodeled home, showcasing an array of custom features and luxurious upgrades. This property offers an unparalleled living experience with its modern amenities, exquisite design, and stunning views of the famous scenery Fountain Hills is known for, including the fountain. The heart of the home is the brand-new living room, featuring a custom floor-to-ceiling stone wall that highlights a Dimplex electric fireplace, flanked by custom shelves with tile mosaic backs and dimmable lights above every shelf. It's a perfect place to display artwork.Step outside into your private pool and spa oasis, custom-designed and added in 2020. The heated pool and spa are adorned with stunning stone tiles, cascading water features, and a large Baja shelf, creating a perfect retreat for relaxation and entertainment. The backyard also features easy-to-care-for turf, adding to the low-maintenance luxury of this home. Inside, you'll find custom flooring throughout and a brand-new guest bathroom with all new plumbing fixtures, metropolis stone countertops, a stunning custom mosaic tile feature wall, and a walk-in shower with floor-to-ceiling stone tiles. The walls and ceilings have been newly painted, enhancing the fresh and modern feel of the home. The upgraded kitchen boasts new modern panels, new appliances, stunning stone countertops, stone flooring, a new sink, and new plumbing fixtures. New Infinity sliding glass doors have been installed off the living room and primary bedroom, seamlessly connecting indoor and outdoor spaces. Additional features include a fully remodeled primary shower room, a custom wrought iron front door with new side panel windows, new modern fans and light fixtures, a brand-new and upgraded underground irrigation system, retractable sun shades in the dining area, a new modern garage door, and a new outside tile patio. The HVAC units were replaced in 2019 and 2022. This home is a true gem, offering luxury, comfort, and modern conveniences in every corner. Don't miss out on this incredible opportunity to own a piece of paradise! Please see the full list of upgardes under the document tab

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441 N Meadow Way Payson, AZ 85541

$945,000

5 Beds

3 Baths

3,540 SqFt

Status Active

MLS # 6672599

Property Type Single Family Residence

Price Type --

Full log cabin with 5 bedrooms, 3 baths on 0.37 acre lot in Tonto Creek Estates. Short distance to year round Tonto Creek. Upstairs - Large bedroom office combo with walk out Balcony with Rim views, 2 additional bedrooms & one bathroom. Main level, large living room with rock fireplace , kitchen-dining combo, and master bedroom. Walk out basement with large bedroom with 4 bunk beds, bathroom, family room with wet bar & refrigerator, laundry and large walk-in pantry. HOA is in the process of updating their CC&R's to eliminate short term rentals.

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4053 E Glencove Street Mesa, AZ 85205

$945,000

4 Beds

3 Baths

3,512 SqFt

Status Active

MLS # 6730921

Property Type Single Family Residence

Price Type --

Is this your next home? Yes... yes it is! When you think of home... it's this beautiful recently remodeled masterpiece of a home! Gathering in the great room, around the kitchen island or in the spacious yard with friends, family and neighbors will be a sure-fire way to make memories that will last a lifetime. This house will make you the cool kids on the block and the envy of all your friends. Picture yourself re-enacting your favorite episode of Chef's table in the kitchen or scary movie night in the main living area or slipping into a bath in your extra roomy primary bathroom. INTERESTED BUT NEED A GARAGE? THE SELLER'S ARE WILLING TO EXPLORE CONVERTING THE GARAGE BACK AS PART OF THE SALE!

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21921 S 197th Street Queen Creek, AZ 85142

$944,995

4 Beds

3 Baths

2,890 SqFt

Status Active

MLS # 6731788

Property Type Single Family Residence

Price Type --

This is a must see Julia- 4 bedroom, 3.5 bathroom with oversized extended patio and gourmet chef's kitchen, perfect for entertaining. You will also discover 10' ceilings in this airy open floorplan. 15, 027 sq ft lot size, extremely hard to come by. West Park Estates features all single-story homes. Don't wait on this one.

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44421 N 20th Street New River, AZ 85087

$944,900

4 Beds

3 Baths

2,994 SqFt

Status Active

MLS # 6709540

Property Type Single Family Residence

Price Type --

This Custom Mt View Home with pool & Oversized 4 car garage on a 1.38 Acre parcel and NO HOA is located at the end of a cul-de-sac. Private street with only 3 other homes! Freshly Painted and New Carpeting in all bedrooms...Large open concept living areas and generous room sizes throughout. Spacious Kitchen with Granite, B-fast Bar, Walk-in Pantry and informal dining/Breakfast room... HUGE Split Primary bedroom with private pool access, Separate Spa Tub & Shower and Dual Vanities! Features Include an additional Master Suite, Large Walk-in Closets in every bedroom! Cool Pool with a Baja Step & built-in Table, 2 Fireplaces, a really nice Covered Patio, a Giant Courtyard in front and a Pergola out back. Way Too many features to list so please come check out this special home today

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7343 W Lisbon Lane Peoria, AZ 85381

Open House

$944,700

3 Beds

2.5 Baths

2,699 SqFt

Status Active

MLS # 6629569

Property Type Single Family Residence

Price Type --

New luxury homes at Acoma Estates, a gated enclave of 30 homes on oversized lots. Plans from 2,600 to 3,700 square feet, including plans with attached RV garages up to 70 ft in length! 3 spectacular floor plans and gorgeous elevations to choose from. These homes are designed with modern amenities and offer generous living spaces. Located inside the loop 101, convenient to Arrowhead, P83 District, This Cholla plan offers 2,699 Sq. Ft. 3-Car Garage + RV. 10' interior ceilings with 8' interior doors, and many more included features to follow! * This home is currently in the stages of construction. 25K builder incentive toward options/upgrades! * Photos of Model *

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10148 W Avenida Del Rey -- Peoria, AZ 85383

$943,900

5 Beds

3.5 Baths

3,496 SqFt

Status Active

MLS # 6736429

Property Type Single Family Residence

Price Type --

You have an AMAZING OPPORTUNITY to HAVE ''IT ALL'' with this BEAUTY in the HIGHLY DESIRABLE FLORENZA NEIGHBORHOOD*Minutes from SHOPPING, EXCELLENT SCHOOLS, FREEWAYS, and RESTAURANTS, but tucked away in this peaceful community*Your EXPANSIVE GORGEOUS KITCHEN includes BUILDER'S EXTENSION and has OVERSIZED ISLAND, DOUBLE OVENS, cook top, ABUNDANT CABINETS, LARGE PANTRY and custom backsplash*OWNER SUITE has EXTENDED SITTING AREA and TILE WORK AT OVERSIZED SHOWER*You will LOVE the 8-FT DOORS, FANASTIC FLOORING, flowing natural light, and 3-PANEL SLIDING DOOR*This floorplan includes 5 bedrooms, 3.5 baths, so much storage, and a FLEX SPACE*This EASY CARE backyard has TURF and TRAVERTINE PATIO and SURROUND at REFRESHING POOL*COME BY and SEE WHY you will want to CALL THIS PLACE YOUR ''HOME''

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20498 E Via De Colina -- Queen Creek, AZ 85142

$943,149

5 Beds

3.5 Baths

4,517 SqFt

Status Active

MLS # 6746209

Property Type Single Family Residence

Price Type --

MLS#6746209 April Completion! The Acadia is a spacious 2-story floor plan offering 4,517 sq. ft. with 5 bedrooms, 3.5 bathrooms, a 3-car split garage, dining room, study, and game room. As the largest floor plan in the Ellsworth Ranch Voyage Collection, it's designed to be your perfect home. The foyer is the central hub, leading to the dining room, study, laundry, winding staircase, and the open-concept gathering room, kitchen, and casual dining area. The main-level primary suite features dual vanity sinks and his-and-hers walk-in closets. Upstairs, find secondary bedrooms and a versatile media room. Structural options include: double gate in lieu of standard, media room, gourmet kitchen, water softener, and gas line for future outdoor kitchen.

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5143 E Palo Brea Lane Cave Creek, AZ 85331

$940,000

3 Beds

2 Baths

2,286 SqFt

Status Active

MLS # 6744830

Property Type Single Family Residence

Price Type --

This is a rare find situated on an oversized, private lot, offering the perfect blend of luxury and comfort. The open-concept design is accentuated by vaulted ceilings, creating a bright and airy atmosphere. Home has tile flooring and wood plantation shutters throughout. The spacious kitchen features a grand 9x4 island, granite counters, double oven, electric cooktop, an abundance of storage & under cabinet LED lighting. Kitchen flows into family room, accented by an electric fireplace. The home includes a den and an additional room which can be used for dining, game/bar area, or a second family room. Step outside to an oversized patio, PebbleTec pool, built-in KitchenAid grill, a grassy area & desert landscaping. Newer roof, AC, variable speed pool pump, pool vacuum & MyQ smart garage.

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