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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1905 E Ayden Court Payson, AZ 85541

$935,000

4 Beds

3 Baths

3,000 SqFt

Status Active

MLS # 6751402

Property Type Single Family Residence

Price Type --

WELCOME HOME!! Nestled in a quiet cul-de-sac lot, this immaculate home has been meticulously maintained and offers a relaxed lifestyle with stunning views. The great room flows effortlessly into the kitchen and features a stone gas fireplace and wonderful natural light. The kitchen is a chef's dream with upgraded stainless appliances, alder cabinets, granite counters and large island. The spacious master suite is a retreat with sitting area, walk-in closet and an amazing bath. Enjoy breathtaking sunsets and rim views from the 1,300sq.ft. wrap around Trex deck. Whether entertaining large groups or a quiet evening, this outdoor living area enhances this amazing home. The finished basement (approx 960sq.ft.) with private entrance is ideal for extended family or guests.

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3742 S Coach House Drive Gilbert, AZ 85297

$935,000

7 Beds

3 Baths

3,450 SqFt

Status Active

MLS # 6727128

Property Type Single Family Residence

Price Type --

*******RARE******BASEMENT HOME IN Power Ranch****** SELLER WILL PAY OFF SOLAR LOAN WITH THE RIGHT OFFER******* ****7 bedrooms- Huge 3450 Sq Ft. Over $170K in new upgrades, including custom plank tile flooring, both upstairs baths completely remodeled, complete new Kitchen with all new SS GE Profile Appliances, BRAND NEW, not painted white Cabinets with pull out shelves, Quartz Counters, Double ovens, new SS Sink and Faucet with disposal. They have even added in a Built in Nugget Ice maker. Huge Rv Gate with ample concrete parking behind and ln front of the gate. Private 8' deep heated Pebble Tec Pool with a waterfall slide, and hot tub. New Water Heater, and 2 new Ac units in 2020. SELLER WILL PAY OFF SOLAR LOAN WITH THE RIGHT OFFER..... In 2018 seller added a whole home Solar system, it has a loan balance that will need to be taken over or a new loan taken out from the buyer. Payments are $354 for the life of the loan. Balance owed is around $37K. All the TVs and mounts do not convey with the sale.

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5726 E Woodridge Drive Scottsdale, AZ 85254

$935,000

5 Beds

2 Baths

2,375 SqFt

Status Active

MLS # 6725548

Property Type Single Family Residence

Price Type --

Welcome to this stunning remodeled 5 bed/2 bath home on a cul-de-sac lot with no HOA featuring vaulted ceilings & sparkling pool! Nestled in a serene neighborhood, The home features an array of impressive updates including newer roof, HVACs, dual pane windows, elegant shaker cabinets, quartz counters, stainless appliances & designer finishes! Very rare, extra deep 3.5 garage w/ overhead door to backyard from third car bay & 220V outlet plus RV Gate on the other side! Yard features low maintenance landscaping & backyard has turf play areas. Most sought after floorplan that has large master suite split from the other bedrooms for privacy. Homes like this rarely come to the market so don't miss this one! Just minutes to world class shopping & restaurants at Kierland Commons & Quarter.

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25051 N 140th Drive Surprise, AZ 85387

$935,000

5 Beds

4.5 Baths

4,576 SqFt

Status Active

MLS # 6731060

Property Type Single Family Residence

Price Type --

Welcome to this luxurious 5-bedroom, 4.5-bathroom home in the exclusive Catalonia Collection of Rancho Mercado, in northwest Surprise. Spanning 4,576 sqft, this stunning residence offers breathtaking city and mountain views. Back a wash ensures no rear neighbors maintaining your views. Enjoy the private pool and fully landscaped yard with natural grass. The spacious interior includes a gourmet kitchen, elegant living areas, and a master suite with a spa-like bathroom and huge walk in closet. With a 3-car tandem garage, this home combines luxury, privacy, and functionality in an unbeatable location. Don't miss this unique opportunity!

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16225 N 56th Place Scottsdale, AZ 85254

$935,000

5 Beds

3 Baths

2,946 SqFt

Status Active

MLS # 6693453

Property Type Single Family Residence

Price Type --

Welcome to 16225 N 56th Pl, a two-story gem nestled in the magic zip code of 85254, Scottsdale, AZ. This 5-bedroom, 3-bath corner lot home is a perfect blend of comfort and convenience. The spacious 3-car garage and RV parking cater to all your vehicle needs. Dive into relaxation in your own private pool or enjoy a short stroll to a 40-acre park, complete with a children's playground and dog-friendly spaces. High-end shopping at Kierland Commons and Scottsdale Quarter is just minutes away, offering a plethora of retail and dining options. Located in the highly sought-after Paradise Valley School District, this home is also conveniently close to Mayo Hospital and ASU Medical. Experience Scottsdale living at its finest. NO HOA! Come say Yes to this Address!

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516 E Buffalo Street Gilbert, AZ 85295

$935,000

3 Beds

2.5 Baths

2,522 SqFt

Status Active

MLS # 6748544

Property Type Single Family Residence

Price Type --

Location, Location, Location! This charming single story ranch home is perched on an acre of irrigated horse property located in the highly sought-after Sun Terra Acres in Gilbert with no HOA; Step inside to a comfortable floor plan with spacious kitchen, separate living and family rooms. Home boasts three bedrooms and two beautifully updated bathrooms, there's plenty of room for cozy family gatherings or land for large group entertaining, new roof 2024. New exterior Paint 2024, New PEX Water Pipes 2023. Conveniently close to the 202 freeway, shopping mall and so much more! Just down the street is everything needed to fully enjoy life including great schools and church options, the San Tan Mall & Harkins Theatre, San Tan Village shopping (Costco, Sam's Club, Starbucks, Wal-Mart, Win-Co & tons more), Gilbert Mercy Hospital, a Gilbert fire station, Discovery Park and San Tan. This is a unique opportunity to own a charming home on acreage that is also surrounded by a neighborhood that exudes pride of ownership. Riding lawnmower and wood splitter convey with accepted offer.

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9790 W Maya Way Peoria, AZ 85383

$935,000

5 Beds

3.5 Baths

4,464 SqFt

Status Active

MLS # 6740148

Property Type Single Family Residence

Price Type --

INCREDIBLE OPPORTUNITY! Nestled in the exclusive gated comm. of Pleasant Valley. This beauty has it all. Solar Energy system owned by seller still under 30 yr. warranty. With Summer in full bloom you have time to enjoy the sparkling pebble tec pool on a HUGE LOT!! I mustn't forget to mention most all of the 12,180 sq.ft. lot is artificial turf. 10 ft. RV. gate & Parking. This home features an inviting floor plan w/high ceilings, plantation shutters, large gourmet kitchen w/up graded cabinetry, granite counters, dbl. ovens & gas cook-top, formal dining room, eat-in kitchen & family room over looks the beautiful backyard Oasis. There's a downstairs full en-suite bdrm. Up stairs offers a split master w/2 generous closets, luxurious soaking tub & dbl. sinks w/separate shower, Enormous bonus rm/loft, 3 more generous size bedrooms and another full bath. Home has also been energy audited. Your guaranteed to maximize on your energy savings. If a good education is what you want for your children, then this is the area you want to be in. The school district and private schools are top notch in this new growing area. Don't miss out!!!

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1814 E Harmont Drive Phoenix, AZ 85020

Open House

$935,000

3 Beds

2 Baths

1,830 SqFt

Status Active

MLS # 6754276

Property Type Single Family Residence

Price Type --

Nestled in the sought-after neighborhood of Northern Foothills, this home is situated on a cul de sac lot near Piestewa Peak and the Phoenix Mountain Preserve. The newly remodeled interior you must see to appreciate all of its outstanding high end and great design details. The Kitchen is a culinary haven that has newer GE Profile Appliances and Large kitchen island has leathered finished natural granite counters, with high end and designer finishes. Enjoy the ultimate in outdoor living with a pebble tech salt water pool, above ground Spa and newer sliding doors opening to your spacious backyard, outdoor kitchen and custom pergola, ideal for gatherings or quiet relaxation. The home was intentionally thought through creating destination locations both inside and out for those who enjoy experience of romance in their surroundings. Immerse yourself in luxury with a split master retreat featuring lavish upgrades & ample closet space, offering unparalleled comfort and style. Don't miss your chance to own a truly one-of-a-kind architectural gem in a prime, north central Phoenix location with access to great schools, dining, multi-use trails, shopping, and entertainment. This home has so many upgrades biobidets, Trimlights, Alarm system, 100% Polyaspartic garage floor with lifetime warranty and much more!

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22820 S 204th Place Queen Creek, AZ 85142

$933,202

5 Beds

3.5 Baths

4,517 SqFt

Status Active

MLS # 6749738

Property Type Single Family Residence

Price Type --

MLS#6749738 October 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.

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776 Hideaway Lane Prescott, AZ 86303

$930,000

4 Beds

5 Baths

3,618 SqFt

Status Active

MLS # 6753655

Property Type Townhouse

Price Type --

This former townhome model home- ''Ponderosa'' model is the most spacious of all the town homes in the Aspen Creek Meadows community adjacent to Capitol Cayon golf course 2nd hole. Experience luxury living at it's finest. The gourmet kitchen with stainless high-end appliances, gas range w/double oven, pristine cherry cabinetry, pull-out shelves, under cabinet lighting, subway tile backsplash, and island seamlessly connect to the family room and dining area, ideal for entertaining. Soaring ceilings with natural light accentuate the home's high end finishes. Travertine and carpeted flooring throughout the home. A sliding glass door from the family room opens to a large deck w/ stunning views or nestle indoors & cozy up to the gas fireplace. The spacious townhome boasts four bedrooms, three ensuites, including a luxurious primary suite with a private balcony. The ensuite bathrooms features dual vanities, a large shower, and a walk-in closet. A den/loft provides versatility as a home office or flex-space. A private elevator makes accessibility to all 3 levels easy and effortless. Custom cabinets and wash sink in the laundry room. 3 temperature controlled zones, and 3 exterior decks. 2 car garage with overhead storage in built in cabinetry. Experience the finest of living behind private gates and all that Hassayampa Community Village has to offer.

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11856 E Terra Drive Scottsdale, AZ 85259

$930,000

3 Beds

2.5 Baths

2,410 SqFt

Status Active Under Contract

MLS # 6747826

Property Type Single Family Residence

Price Type --

Stunning single level home in the GUARD gated community of Stonegate. Located in the heart of Scottsdale this community offers so much. From safety and security to a community pool, tennis, and pickle ball courts. Easy access to fine dining, great schools, hospital, and freeways. Not to mention the world class golf and hiking. Walk through the front door and you will find high ceilings and a great open floorplan. Primary bedroom is split from the other two guest rooms for complete privacy. This layout is perfect for entertaining as everything flows. The backyard features complete privacy and easy maintenance. Two newer AC units that will keep you cool during the hot AZ summers. Too many amazing features to list.

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9557 W Oberlin Way Peoria, AZ 85383

$930,000

5 Beds

3.5 Baths

3,920 SqFt

Status Active

MLS # 6701515

Property Type Single Family Residence

Price Type --

Highly coveted gated community of Pleasant Valley in north Peoria, this exquisite two-story home offers luxurious living at its finest. With five spacious bedrooms, including a convenient mother-in-law suite downstairs, and three and a half baths, this residence provides ample space and comfort for the entire family. PREFERRED LENDER TO BUY DOWN INTEREST AT NO COST TO BUYER! discover a beautifully designed home that seamlessly blends elegance with modern comfort. Updated Kitchen with quartz countertops. at the heart of this home lies in its stunning backyard oasis, featuring a large diving pool, ramada, volleyball, large Yard for outdoor entertaining and relaxation. Convenience meets luxury with RV parking and a four-car garage, ensuring ample space for vehicles and outdoor gear List of Upgrades: Huge Diving/Play pool w/waterfall Gas fire-pit 4-car garage 50 amp 240 Volt EV charging outlet in garage Extra concrete parking in front and for RV in back Walk-in closets in every bedroom Remodeled Kitchen w/Gourmet cooking pkg (incl dual convection ovens) FP in family room Double-sided FP in Master Bedroom/Bath Newly painted Plantation Shutters throughout Mature Citrus--Tangelo, Lemon, Grapefruit Grass Volleyball court w/removable poles Upgrades/Updates: 2024--Remodeled Master Shower w/Marble 2024--Remodeled Master Quartz Countertops 2023--Updated wood floors on stairway and upstairs 2023--Repainted entire interior w/washable flat paint 2022--New Reverse Osmosis 2021--New Water Softener 2021--New Gas Water Heater 2021--New Pool Pump w/Vortex cleaner and Dolphin pool robot 2020-21=2 New 14 seer 5 ton Trane AC units

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