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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13642 W Buckskin Court Peoria, AZ 85383

$939,500
5 Beds
4 Baths
3,330 SqFt
Status Active
MLS # 6722494
Property Type Single Family Residence
Price Type --
PRICE DROPPED!! BRAND NEW '& READY FOR YOU! $20,000 towards closing costs with preferred lender! Nestled within the gates of ''The Retreat'', this exquisite home by Scott Communities boasts 5 Bedrooms +Den, 4 baths, and 3.5-car garage. Bask in Arizona's eternal sunshine on the expansive patio, accessible through multiple sliding glass doors. Revel in the opulent kitchen featuring contemporary wood cabinets, herringbone backsplash, and creamy white & taupe quartz. Equipped with two ovens, a gas cooktop, microwave drawer, oversized island, and walk-in pantry, this kitchen is a must! Luxuriate in the spa-like owner's bathroom with an oversized soaking tub, walk-in shower, and mosaic tile flooring. Matte black fixtures add a touch of sophistication throughout. Wood-look tile. Closing cost assistance available! A 10ft side gate ensures easy backyard access.

2544 W Muirfield Drive Anthem, AZ 85086

$939,000
3 Beds
2.5 Baths
2,661 SqFt
Status Active
MLS # 6742939
Property Type Single Family Residence
Price Type --
PRICELESS GOLF COURSE LOT WITH PANORAMIC VIEWS OF DAISY MOUNTAIN & THE SLEEPING INDIAN. Experience covered outdoor living with side yard patio dining with built-in BBQ & above ground spa. Private, one of a kind location, cul-de-sac lot with easy access to resident-only gate. Well maintained with new exterior paint, low view fence, beautifully landscaped backyard perfect for outdoor dining & relaxation. Spacious updated interior great room setting, significant primary closet space w/cabinets for maximum storage, custom office with built in furnishings. 3-car garage storage cabinets plus Cart & EV Chargers. Turn-key opportunity available including golf cart. Experience numerous Anthem Country Club & Community amenities & say this one is MY ANTHEM HOME.

18888 E Apricot Lane Queen Creek, AZ 85142

$939,000
4 Beds
3.5 Baths
3,543 SqFt
Status Active Under Contract
MLS # 6749178
Property Type Single Family Residence
Price Type --
Stunning home in the coveted lake community of Legado built just 3 years ago, this 4 bed 3.5 bath with a bonus/game room will not disappoint! Tucked into the back of the community, privacy is guaranteed as the backyard faces a quiet wash/walking path. Very few expenses were spared in the build process and is as turn key as a home can get. The formal dining could easily be converted to an office or 5th bedroom if desired.

11673 N 136th Street Unit 1022 Scottsdale, AZ 85259

$939,000
2 Beds
2.5 Baths
2,021 SqFt
Status Active
MLS # 6759270
Property Type Townhouse
Price Type --
LOCATION, LOCATION! A MUST SEE ''Nearly New'' Home Built 2023. MOUNTAIN VIEWS & $200,000+ in Upgrades make this Townhome a True Value! THE RESERVE SCOTTSDALE is a Very Private Gated Community at base of the McDowell Mountains. Entrance to this 2- bedroom + DEN, 2.5 Bath Villa is through a Private Gated Courtyard. It Features 4'' Plantation Shutters, 12 X 24 Pietra Italia Porcelain Flooring, A Gourmet BOSCH Kitchen W/ Quartz Counters & Island, Custom Alder Espresso Cabinetry. This Open Floorplan Also Features Private En-suites and a Front Den w/ Open Beam Ceilings that could be an Office or even a 3rd Bedroom. The Primary Bedroom is large with Private Exit to Patio & Open Wood Beam Ceiling. The Primary bath features a walk-in Tiled Shower, Quartz counters and a huge walk-in closet. Laundry has tons of Quality Storage Cabinets, A Sink, and Newer LG Washer and Gas Dryer. The 2- car Garage w/ Epoxy Flooring also has a Nova Water Conditioning System. Community Heated Pool and Spa and much more! Easy to Show and Priced Below Comps!

12911 W Mayberry Trail Peoria, AZ 85383

$939,000
2 Beds
2 Baths
2,193 SqFt
Status Active
MLS # 6745523
Property Type Single Family Residence
Price Type --
Welcome to this one-of-a-kind Trilogy home, perfectly situated to offer stunning views of the 7th Green & incredible long mountain vistas from the south-facing backyard. From the moment you arrive, you'll be greeted by beautiful curb appeal featuring a paver driveway and elegant stone accents. A charming courtyard leads you to a meticulously crafted interior where no detail has been overlooked. The chef's kitchen is a masterpiece, equipped with top-of-the-line Bosch stainless steel gas appliances, a wine/beverage center, a dramatic granite slab with a designer backsplash, and stunning alder cabinetry. Outdoor living is a dream come true w/private heated pool, in-ground cleaners, & rock waterfall. Beyond the property, you'll enjoy resort-style living with a host of community amenities in Trilogy at Vistancia! Double doors open up to a sizeable den w/a built-in desk & bookshelves, ideal for an office. Finally, the wonderful backyard includes a covered patio, artificial turf, a sparkling blue pool, and a view fence overlooking the Community's lush golf course! The home of your dreams is here, hurry and act now!

7171 W Quarter Horse Run Coolidge, AZ 85128

$938,999
5 Beds
4 Baths
3,955 SqFt
Status Active
MLS # 6713714
Property Type Single Family Residence
Price Type --
$20,000 worth of seller concessions being offered. Rates are too high use this to get the 2/1 buy down and saving Thousands. This over 1 acre stunning horse property includes paid off solar panels, sparkling pebble-tec salt water pool and expansive views along with the perfect space for both indoor and outdoor entertaining. Located on a quiet cul-de-sac, you will note immediate curb appeal with an expansive courtyard leading to your stunning oversized decorative arched front door. Upon entry you will enjoy the open floor plan of the foyer along with the formal living room and dining room. Enjoy the soaring ceilings and crown molding as the picture windows offer views of the backyard giving an airy feeling. The kitchen gets a chef's kiss with the matching Samsung black stainless steel appliances including a 5 burner propane stove, beautiful quartz countertops and family size butcher block island with seating. Soft close kitchen cabinets and drawers including a stand mixer lift make this a bakers paradise. Don't miss out on the walk-in pantry with custom electric shelf carousel and fully adjustable shelvings. Split floor plan along with a Master suite wing offers much needed privacy and respite after a busy day. With this layout you get it all including his and hers closets, a large master bath with a stand alone tub offering premium views and an open and spacious master bedroom with gorgeous plantation shutters. Ample room for the rest of the family with 4 additional oversized bedrooms, 2 full bathrooms and 1 3/4 bath means easy living for all. Upstairs you will find your oversized flex space big enough for a game room or additional oversized bedroom. Enjoy energy efficiency with this beautiful home with paid off solar panels, sun shades on the majority of the multi pane windows, new spray foam insulation throughout including the garage ceiling and dual zoned AC means you're comfortable without breaking the bank. If you enjoy outdoor living and room for all your furry friends then look no further. The large backyard with a beautiful curved pebble-tec saltwater pool has been impeccably maintained. Large seating area with ceiling fan, new turf and a large gazebo area ensure that you have every opportunity for star-gazing in your backyard oasis. On one side of the yard the horse lovers can enjoy plenty of space including 3 outdoor stalls, a walk in shade with water access near your large multi purpose barn with tack room, loft for storage and room for all the toys including an RV round out this very full package. Flex space on the far side of the yard has room for more outdoor pets and includes a chicken coop or use this space for the perfect garden and enjoy fresh veggies right from your backyard. This home truly offers the perfect blend of indoor/outdoor living in a quiet, small community just a short drive from I-10.

Show Low AZ 85901

$938,500
3 Beds
2 Baths
2,530 SqFt
Status Active
MLS # 6675048
Property Type Single Family Residence
Price Type --
As you drive up to the top of the curved stamped driveway onto the parking area you will realize this is like no other home. You will find this is a unique property like none other. Everywhere you look there are unbelievable views inside and out. A wine barrel waterfall with clover and flowers surrounding it, is peaceful and beautiful. Also there is a beautiful flower garden surrounded with a lighted split rail fence and seating to enjoy it. Everything is on automatic watering systems. Your own private hillside haven is ready for you, family, and friends to enjoy! This home is made for relaxation, breathtaking views, and peace of mind. Don't let this one slip away !!! Own Your Slice Of Heaven! Million dollar views! HILLSIDE GETAWAY. Breath taking views from every window! The large Master suite has his and her walk in closets and an attached ensuite that has separate sinks, shower and a Jacuzzi tub. PLUS APX 1874 sq ft underneath home which consists of apx 693 sq ft completely finished bonus/hobby room or whatever, you can even store your toys in there where they will be completely safe!! Then there is another apx 1,181 sq ft concreted sq ft for ample storage + a 3 car garage!! A tankless water heater, and all bedrooms have access to their own expansive decks, help round out the extras in this awesome home. Exterior offering concrete driveway, sidewalks...and so much more...This home may be purchased partially or fully furnished for an additional price.This home is set apart from others because it has unbelievable privacy, serenity and peacefulness. Has huge front and back decks for relaxing and entertaining. It also has a huge cemented storage space and spectacular landscaping in the back yard with automatic watering system. Enjoy the forest with the occasional sighting of a deer, elk or other wildlife, yet you are only 5 to 10 minutes from shopping and hospital. The neighborhood is composed of those who love nature, the outdoors and the cool climate. Don't hesitate on this one!

6734 N 9th Drive Phoenix, AZ 85013

$935,483
3 Beds
2.5 Baths
2,045 SqFt
Status Active
MLS # 6707142
Property Type Single Family Residence
Price Type --
Welcome home to Ocotillo Lane! Step into this contemporary, single-level new home with thoughtfully designed exterior architecture. Once inside you will be impressed by the vaulted ceilings and 16-foot sliding glass door in the great room, creating a perfect space for entertaining. The centerpiece is the gourmet kitchen, equipped with gas appliances, including a luxurious 42'' built-in refrig, quartz countertops, upgraded stacked cabinetry for extra storage and tiled backsplash to compete this modern look. Luxury extends into every corner of this home, from the LVP wood and tiled floors to the tiled showers in all bathrooms. Spray foam insulation and a tankless gas water heater contribute to an impressive HERS score of only 43. Visit this beautiful home today! *Pics are of Model home*

2791 W Sunbeam Lane Queen Creek, AZ 85142

$935,000
4 Beds
4 Baths
2,890 SqFt
Status Active
MLS # 6728710
Property Type Single Family Residence
Price Type --
New Construction 4 BED 4 BATH 4 CAR GARAGE with in Law Suite on an 1.25 ACRE LOT with NO HOA! Spacious great room plan with gourmet kitchen, White Cabinets, wall oven/microwave combo, Induction cooktop, Stainless Vent hood, custom quartz counters. Master suite has it all!! Private porch access, dual vanities, separate tub and shower. Large South Facing patio for shade all day. Huge walk-in closet. Four bedrooms / 4 full baths with amazing views of the mountains. Over sized bedrooms with can lights and ceiling fans in every room. Large laundry room with counters and cabinets and access to primary closet. Oversized 4 car garage. Front Yard Landscaping Included with Block Fence Back Yard on Paved Rd. Builder Paying $15,000 towards closing costs for using preferred lender!

2889 W Sunbeam Lane Queen Creek, AZ 85142

$935,000
4 Beds
4 Baths
2,890 SqFt
Status Active
MLS # 6728706
Property Type Single Family Residence
Price Type --
New Construction 4 BED 4 BATH 4 CAR GARAGE with in Law Suite on an 1.25 ACRE LOT with NO HOA! Spacious great room plan with gourmet kitchen, White Cabinets, wall oven/microwave combo, Induction cooktop, Stainless Vent hood, custom quartz counters. Master suite has it all!! Private porch access, dual vanities, separate tub and shower. Large South Facing patio for shade all day. Huge walk-in closet. Four bedrooms / 4 full baths with amazing views of the mountains. Over sized bedrooms with can lights and ceiling fans in every room. Large laundry room with counters and cabinets and access to primary closet. Oversized 4 car garage. Lot has block fence surrounding back yard and landscaping in front yard on paved road. Builder paying $15,000 towards closing costs for using preferred lender.

8556 E Sage Drive Scottsdale, AZ 85250

$935,000
4 Beds
3 Baths
2,378 SqFt
Status Active
MLS # 6757061
Property Type Single Family Residence
Price Type --
Complete remodel down to the studs in 2023, all done with permits and licensed contractors. This tastefully done home is 2378 SQ FT with 4 beds/3 baths. Downstairs you have an open concept kitchen w/ quartz Island & peninsula. Large living area w/ electric fireplace. One of the master bedrooms is downstairs w/ a beautiful master bath, walk in shower with tub inside. 3 bedrooms on the second floor and 2 baths. Out back there is a fire pit with ample seating and artificial turf for low maintenance. Plenty of room should you want a pool. Home is located in prime location, minutes from Old Town Scottsdale, Talking Stick Resort, Parks, and Green Belt.

2000 E Yellowbell Lane Payson, AZ 85541

$935,000
3 Beds
4 Baths
3,111 SqFt
Status Active
MLS # 6753606
Property Type Single Family Residence
Price Type --
Nestled at the end of a tranquil cul-de-sac in the prestigious private golf country club of Chaparral Pines, this beautiful home is surrounded by lush trees, offering both privacy and serenity. With its thoughtful design, spacious layout, and luxurious finishes, this home is a perfect retreat for those seeking an elevated lifestyle. The spacious great room features high vaulted ceilings, large glass windows that flood the space with natural light, and a stunning stone-accented fireplace, creating a warm and inviting ambiance. The huge kitchen is a chef's dream, with granite countertops, a walk-in pantry, beverage cooler, a gas cooktop, and ample space for meal preparation and entertaining. MORE The primary bedroom is a luxurious retreat, complete with a stone fireplace, a spacious bathroom with a jetted tub, a large shower with stone surrounds, and direct access to the back deck for seamless indoor-outdoor living. Two additional bedrooms are located upstairs along with a cozy loft that overlooks the family room, offering extra living space for relaxation or work. The expansive four-car garage includes a convenient half-bath, providing plenty of room for vehicles, storage, or a workshop.

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