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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6841 N 3rd Place Phoenix, AZ 85012

$930,000

3 Beds

2 Baths

2,235 SqFt

Status Active

MLS # 6687155

Property Type Single Family Residence

Price Type --

This home truly has it all! Conveniently located in the heart of Central Phoenix and just steps from Murphy's Bridle Path on Central Ave, you will fall in love with this updated home inside of the gated Villa Tercera Community. This residence features 3 bedrooms, 2 bathrooms, and over 2,200 square feet. The kitchen is light filled and spacious with upgraded custom cabinetry, granite countertops and stainless steel appliances. Step into your backyard oasis complete with a private pool, flagstone deck, covered patio, and beautifully landscaped yard with artificial turf and citrus trees. HOA includes Cox high speed internet and expanded cable. Sellers are related to listing agent.

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2058 N 68th Place Scottsdale, AZ 85257

$930,000

4 Beds

3 Baths

1,965 SqFt

Status Active

MLS # 6719124

Property Type Single Family Residence

Price Type --

Beautiful, updated home close to downtown Scottsdale, offers 4 bedrooms, 3 bathrooms, two separate primary bedrooms (each with own ensuite), one of which walks out to the covered back patio and meticulously maintained backyard. The bright, modern kitchen includes s/s appliances, an oversized island, plenty of storage space, and opens to great room. You will love the Pebble Sheen pool built in 2015 with a large Baja shelf for relaxing and sunbathing. The backyard is like your own private Oasis, with artificial grass, low water-use landscaping, large covered patio, and storage shed. Block wall in backyard was extended in height to secure more privacy. HVAC replaced in 2014 and roof in 2016. 2-car garage with epoxy floor is extra deep for your larger vehicles. Conveniently located close to Old Scottsdale, Greenbelt, Spring Training, world-class shopping, limitless restaurants.

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32215 N 16th Avenue Phoenix, AZ 85085

$930,000

3 Beds

2.5 Baths

3,231 SqFt

Status Active

MLS # 6704235

Property Type Single Family Residence

Price Type --

Wow! This exquisite 3 bed, 2.5 bath home with Den loaded with built in cabinets is finally on the market and ready for you! Featuring a 3-car garage, easy-care landscape, stone accents, and a paver courtyard w/an outdoor fireplace. Discover a spacious dining & living area w/tile flooring, graceful archways, a cozy fireplace, and neutral palette throughout. The home is already prewired for surround sound & multi room audio to the great room, main bedroom, den, back patio, & courtyard! The kitchen includes chic light fixtures, wood cabinetry, 2 ovens, SS appliances, an island, a two-tiered breakfast bar, and granite counters. Relax and unwind in the main bedroom, boasting plush new carpet, an ensuite with dual vanities, dual walk in closets, a spacious shower with dual shower heads & a soaking tub. Also including a large backyard w/a covered patio, extended seating area, and a view fence featuring a desert wash and mountain tops in the distance. Upgrades completed in 2024 include both exterior and interior paint throughout, new fountain in the courtyard, updated landscaping with lovely new plants, all connected to a fully replaced irrigation system, new rip rap, 9 tons of added gravel, new landscape lighting system, new carpet in bedrooms and closets, new hardwood in den, grout color change and seal for all the floor and countertop tile, updated pull down spraying kitchen faucet, freshly painted kitchen island and touch up stain to cabinets throughout the home, new belt drive garage door openers, epoxy in the garages and replaced one of the HVAC units. The list of updates seem endless. This home is a dream come true!. Act now

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394 W Azalea Drive Chandler, AZ 85248

$930,000

5 Beds

3.5 Baths

4,115 SqFt

Status Active

MLS # 6742912

Property Type Single Family Residence

Price Type --

**Seller offering up to $15K CONCESSION / INCENTIVE to buyer!!! **Step into luxury with this stunning rare basement home, nestled in the prestigious Avalon at Dobson Crossing community. With over 4,000 sqft of beautifully designed living space, this gem boasts 5 spacious bedrooms, a separate office space, 3.5 bathrooms, a basement with a kitchen and a projection screen for your late night movies and a 3-car garage for all your cars and toys.... Dive into summer fun in your private pool with a waterfall or entertain guests in style. This home is a perfect blend of elegance and comfort—don't miss your chance to make it yours! Your Dream Home Awaits...

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5544 E Dusty Wren Drive Cave Creek, AZ 85331

$930,000

4 Beds

3 Baths

3,155 SqFt

Status Active

MLS # 6695109

Property Type Single Family Residence

Price Type --

Price Enhanced!!! You must see this charming single-story haven nestled in a prime cul-de-sac - the pictures do not do this home justice! Offering privacy and great mountain vistas!. What a great family home this is, with an ideal split floor plan, and plenty of room for a pool! The home boasts a chef's dream kitchen with upgraded staggered cabinetry, granite counters, and a GE Monogram appliance suite. The inviting eat-in space features a center island and a generous pantry, perfect for culinary enthusiasts. With wood-look tile flooring, 10ft ceilings, and freshly painted interiors, every corner exudes warmth and hospitality. The master suite is a true retreat, featuring hand-scraped hardwood floors, a private backyard exit, and a lovely full bathroom adorned with brand new quartz counters, dual sinks, a jetted tub and walk-in shower. Step into the backyard oasis and savor the tranquility of the extended covered patio overlooking a faux grass lawn, framed by a wrought iron view fence and secured with a RV gate. Additionally, indulge in the convenience of a 2-car garage with epoxy flooring and ample storage cabinets. What was a third bay of the garage was enclosed making a large climate controlled room, currently used for storage, but could be a play room, work-out room, or a number of other possibilities. In all, this home offers the perfect blend of luxury and practicality, promising an unparalleled lifestyle amidst breathtaking surroundings. Don't miss the opportunity to make this your forever home!

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1240 E Paint Your Wagon Trail Phoenix, AZ 85085

$929,900

5 Beds

3.5 Baths

2,940 SqFt

Status Active

MLS # 6721785

Property Type Single Family Residence

Price Type --

Beautiful updated Desert Hills home with a guest house/suite and RV parking structure! South of Carefree Hwy in a highly desired area, this home with city water boasts 4 beds & 3 baths in the main home and 1 bed & bath in the guest house. The high-quality remodel/updates are throughout including the amazing kitchen with shaker cabinets and a giant island, huge walk-in tiled shower in the primary bedroom and newer LPV. The multi-panel back door opens to a large patio and pool area. The 300 sf guest house has a separate entry and kitchenette but with a full-size range and fridge. Newer roof with an owned & paid off solar system. Large laundry room and extra storage throughout. The 3-car garage has an epoxy floor.

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3232 E Birchwood Place Chandler, AZ 85249

$929,900

4 Beds

2.5 Baths

3,098 SqFt

Status Active Under Contract

MLS # 6720954

Property Type Single Family Residence

Price Type --

NEW PRICE! Discover this incredible opportunity in a highly sought-after Chandler neighborhood! This expansive corner lot is over 17,000 sq ft, features a stunning resort-like backyard. Dive or slide into your very own diving pool, perfect for those endless summer days. This lovely 4-bedroom, 2.5-bathroom home spans 3,098 sq ft. Car enthusiasts will revel in the expansive 3-car garage, while the 12-foot ceilings add a touch of grandeur throughout the home. Whether you're hosting gatherings or enjoying a quiet evening, this home offers the perfect blend of elegance and comfort. Don't miss this rare gem! (ROOF ONLY 5yrs OLD)

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1308 E Flamingo Court Gilbert, AZ 85297

$929,900

6 Beds

4.5 Baths

4,778 SqFt

Status Active

MLS # 6687404

Property Type Single Family Residence

Price Type --

Spectacular property featuring a spacious 4-car garage & RV gate in Spectrum Estates is a dream come true! Prepare to be impressed by a captivating interior offering wood floors, high ceilings, soothing palette, & a delightful fireplace. The stunning chef's kitchen boasts a plethora of maple cabinets adorned with crown moulding, granite counters, stylish tile backsplash, SS appliances, double wall oven, recessed lighting, & 2-tier island equipped with a breakfast bar. Discover a large loft with endless possibilities! The serene main retreat showcases private outdoor access, an immaculate ensuite with dual sinks, & 2 walk-in closets. Host memorable gatherings in the amazing backyard including covered patio, outdoor fireplace, & a sparkling salt water blue pool! This gem won't disappoint! Mother-in-law suite is also on the first floor with it's own bathroom. Upstairs you will find 4 split bedrooms, 2 full baths, a loft and bonus / game room30.7L x 19.3W area which can be converted into 2 rooms, bedroom, theater room and or game room. This home has all the space you will need. Both 2 car garages have cabinets for extra storage. Gas stub for outdoor BBQ grill.

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2854 E Pike Street Phoenix, AZ 85050

Open House

$929,900

3 Beds

2.5 Baths

2,216 SqFt

Status Active

MLS # 6745150

Property Type Single Family Residence

Price Type --

Immerse yourself in leisure, convenience & tranquility and enjoy luxury living in Astarea, the only gated neighborhood in the highly desired Sky Crossing community. Astarea is comprised of all single level homes and it's residents have access to both the Sky Crossing and Astarea community centers featuring a fitness center, sparkling pools, sport courts, playgrounds, fun events and lots of walking & riding paths. This immaculate home has been meticulously cared for and shows like new. Situated on a prime corner lot which encompasses a North facing backyard, low maintenance lush desert landscaping, turf and pavers in all the right places. Enjoy this spacious 3 bedroom + den, 2 1/2 bath open floor-plan featuring sweeping 10' ceilings, 8' doors, classy neutral palate, lots of natural light, and upgrades throughout. Enjoy the ultimate culinary experience in the generously equipped gourmet kitchen featuring stainless steel Kitchen Aid appliances, 2 standard ovens, gas range, large walk-in pantry, tons of cabinets, beverage fridge and ample counter space to transform into a cocktail or coffee bar. The elegant, granite waterfall island & accent lighting transition the space into a sanctuary of modern interior design. Retreat to the private backyard oasis to experience indoor/outdoor living at it's finest. Enjoy a refreshing dip in the crystal blue pool with the soothing water feature flowing or kick back in the shade on the covered patio with the roller shade ajar and catch one of Arizona's breathtaking sunsets. Wired for surround sound to enhance the ambiance for the music enthusiast or sports fan. After a busy day, unwind in the private owners suite after refreshing and reenergizing in the spacious walk-in rain shower. Dual vanities and a large walk-in closet create a separate, personal, organized space to pamper yourself without feeling cramped. Conveniently located near the 51 & 101 freeways, Desert Ridge Marketplace, High Street, Excellent Schools, tons of entertainment, shopping and much more.

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7551 W Gelding Drive Peoria, AZ 85381

Open House

$929,900

5 Beds

4 Baths

2,800 SqFt

Status Active

MLS # 6646323

Property Type Single Family Residence

Price Type --

*QUICK MOVE IN * at Bella Pasa! 3.99% FIRST YEAR RATE / 5.99% FIXED. On a north facing 10,180 sq/ft lot, this single level home in a gated community has serious WOW factor! Apx 2800 sq/ft this 4-bedroom 4 bath home has a casita/guest quarters with its own private entrance at the back of the home! 2 Car garage PLUS the much talked about insulated SUPER Garage with insulated doors, 16ft ceilings, and an upgraded electrical package! Inside this stunner you will find huge atrium sliding glass doors leading to the large patio. A gourmet kitchen with LG appliances is the perfect match for natural Pecan cabinets and Biancone countertops. Front yard landscaping with paver driveway completes this amazing home! 3.99% first year rate (restrictions apply) on a 2-1 Buy Down.

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507 E Mountain View Road Phoenix, AZ 85020

$929,000

3 Beds

3.5 Baths

2,567 SqFt

Status Active

MLS # 6756263

Property Type Townhouse

Price Type --

Discover Hillside Villas - a gated 15 home Urban Enclave . This is still under construction with completion estimated mid 2025 and interior finish selections can still be made . These homes offer a level of quality , amenities and views unparalleled at this price point . Each Home has a private elevator and custom floating stair case to provide access to each of the 3 levels . From the secure private covered first floor entry courtyard, enter the home through a custom fabricated 8ft steel door into the foyer. A 3 level floating staircase encased in a 30ft light well provides a dramatic focal point . A 3rd guest bedroom , private bath and large garage with storage area and private 2 car driveway are also on this level .

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3830 E Appaloosa Road Gilbert, AZ 85296

New

$929,000

5 Beds

5 Baths

3,159 SqFt

Status Active

MLS # 6762673

Property Type Single Family Residence

Price Type --

This home has never been lived in. Built in 2021, this five-bedroom, five-bathroom 3,159 sqft home is Fulton's largest floorplan in Lakeview Trails. It has a three-car garage, and a fully landscaped backyard with turf. The downstairs is very open and well-lit by the large atrium doors in the great room. It has a flex room and one bedroom tucked away that is perfect for an office, playroom, gym, or private guest bedroom. The upstairs features a spacious loft and has two wings. One wing has three secondary bedrooms that are connected by a single hall and the other wing features the primary bedroom along with the laundry room, which has a dedicated sink and cabinetry. The primary bedroom is 240 square feet and has a bathroom with two sinks, a shower, a large tub, a vanity, and a spacious walk-in closet. All five rooms have walk-in closets. The home is very energy-efficient. There is a dedicated alarm system. The park is just two doors away making it very accessible

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