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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7511 E Desert Vista Road Scottsdale, AZ 85255

$929,000

3 Beds

3 Baths

2,246 SqFt

Status Active

MLS # 6730205

Property Type Single Family Residence

Price Type --

Beautifully-elegant home with an oversized backyard in the desirable Pinnacle Reserve neighborhood of North Scottsdale. Original owners have gorgeously maintained this 3 bedroom, 3 bathroom home including updated travertine tile and carpet, interior and exterior painting, and more! The 3-car garage provides ample room for your cars and other toys. Take a dip in the pool and entertain out on the expansive rear patio or come inside and enjoy the built-in living room entertainment center and open kitchen with walk-in pantry. Additional interior rooms include a downstairs office and an upstairs loft - so come see it today! Seller is related to listing agent.

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860 W Snow Creek Trail Show Low, AZ 85901

New

$929,000

3 Beds

2.5 Baths

2,320 SqFt

Status Active

MLS # 6763294

Property Type Single Family Residence

Price Type --

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8085 E Del Tornasol Drive Scottsdale, AZ 85258

$929,000

3 Beds

2.5 Baths

2,727 SqFt

Status Active

MLS # 6643687

Property Type Single Family Residence

Price Type --

NEW INTERIOR PAINT!! The heart of McCormick Ranch, this impressive 3 bed, 2.5 bath home is the epitome of modern elegance and comfort. As you step inside, you're greeted by soaring ceilings in the formal living room and a wrought iron staircase leading up to a display loft and custom work station. The expansive master retreat spans over 900 sqft, boasting a spa soaking tub, dual sinks, a spacious walk-in closet, & a beautifully tiled shower. The kitchen is a chef's dream with dual stainless steel wall ovens, under-cabinet lighting, and granite countertops with a waterfall edge. Flowing seamlessly into both the family and formal dining rooms. Outside is your personal retreat - a sparkling pool and serene hot tub create the ultimate relaxation spot. All new PEX plumbing & new HVAC

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3012 W South Mountain Road Laveen, AZ 85339

$929,000

4 Beds

3.5 Baths

3,161 SqFt

Status Active

MLS # 6654093

Property Type Single Family Residence

Price Type --

This luxury estate offers something for everyone. The charming and sprawling 4 bedroom 3.5 bath home offers a split floor plan featuring solid wood and stone flooring throughout, 10' ceilings, gourmet kitchen, solid wood doors, elegant stone surround fireplace, large office/den and a generous 3 car garage. The master suite and family room overlooks the newly constructed pebblesheen pool and gazebo. complete with built in BBQ...a space perfect for entertaining. For the craftsman or car enthusiast, the property also offers a detached work shop with RV roll up door and separate entrance. The entire property is surrounded by an 8' block wall for added privacy and security. Zoned R-43 so there's room for a guest house and no restrictions on horses and livestock. A MUST SEE!

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14771 N 100th Way Scottsdale, AZ 85260

$929,000

5 Beds

3 Baths

2,780 SqFt

Status Active

MLS # 6696464

Property Type Single Family Residence

Price Type --

Spacious 5 bedroom 3 bath single family home on a premium lot in a great North Scottsdale neighborhood! The backyard oasis is perfect for relaxing or entertaining with a sparkling pebble tec pool and waterfall feature, covered patio, fenced grassy area for kids and pets, RV gate with hookups, and stunning mountain and sunset views with no neighbors behind you. Conveniently located minutes from top rated schools, sports parks, shopping, dining, AJ's, Safeway, hospitals, golf, an aquatic center, Westworld, and easy access to the freeways. The oversized primary suite with private balcony and 3 large secondary bedrooms are upstairs, with an easily accessible 5th bedroom or office with full bath and multiple living areas on the main level. Home automation and security systems are included.

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21334 S 227th Way Queen Creek, AZ 85142

$929,000

4 Beds

3.5 Baths

3,022 SqFt

Status Active

MLS # 6746548

Property Type Single Family Residence

Price Type --

Welcome to this beautiful move in ready 4-bedroom, 3.5-bath residence in the Spur Cross Vaquero Private Gated Section. Built in 2021 this is the sellers private family holiday/vacation home. Outside the covered patio overlooks an expansive resort style oversized pool with waterfalls and fire features surrounded by beautiful limestone patios and extended turf throughout. Inside It features a 3-car garage, an RV gate, & tasteful stone accents. With premium fixtures/upgrades throughout the home we start in the great room that has high ceilings, attractive upgraded oak-look tile, & oversized 4-Panel glass great room sliders that open to the backyard. The kitchen comes w/ an RO filtration system, quartz counters, white shaker double stacked cabinets and dove gray lower cabinets, stylish pendant/recessed lighting, top of the line SS appliances, a walk-in pantry, large island w/ a breakfast bar. You'll also find a spacious den, ideal for an office, media room or 5th bedroom potential. The massive sized main bedroom offers a cozy sitting nook & an ensuite w/ dual sinks, a master spa bathroom, & 2 large walk-in closets. The large backyard is equipped with a gas outdoor stub for a BBQ. Not to mention the property having irrigation in place for future planting, this home truly has it all!

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9812 E Grandview Street Mesa, AZ 85207

$928,000

5 Beds

4.5 Baths

4,015 SqFt

Status Active

MLS # 6722091

Property Type Single Family Residence

Price Type --

Captivating 4015 sf home situated on oversized lot (.33 acre) on quiet street. Xeriscape landscape, in highly desirable Saguaro Mountain gated Community minutes from Zaharis Elementary, Usary Mountain Regional Park, Saguaro Lake, Salt River, hiking/biking trails. MAIN floor- vaulted living/formal dining areas, spiral staircase, large en-suite bedroom, four storage closets, kitchen with granite counters/walk-in pantry, built-in desk, sizable family room/gas fireplace, sliding glass door leads to well-designed backyard. UPSTAIRS encounter ANOTHER en-suite bedroom with walk-in closet, Master bedroom with double sinks, walk-in closet and access to balcony. Additionally, there are three more bedrooms and a hallway bath. Backyard Oasis features a large patio area, outdoor dining area with gas fire feature, pathways lead to putting green, sandy playground, fenced in pool with grotto/slide, citrus trees, raised garden, and fenced side yard. Insulated four-car garage with built in cabinets and epoxy floor.

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11880 N Cielo Grande -- Prescott, AZ 86305

$927,300

3 Beds

2 Baths

2,233 SqFt

Status Active

MLS # 6708511

Property Type Single Family Residence

Price Type --

Beautiful 2233 sq ft custom home on 4 ac. private and secluded with views of Granite Mountain, Prescott and surrounding areas. Live on one level in this 3 bed/2 bath open floor plan! Large front picture windows to enjoy spectacular views in open great room with wood burning fireplace. Spacious kitchen w/ oversize island, eat in area plus dining room, custom pantry/storage cabinet. Oversized master bedroom suite w/ separate back patio access. Enjoy the wood burning fireplace on your oversized back patio--great for entertaining! Plenty of room for horses, your RV, additional development and more.

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420 N Benson Lane Chandler, AZ 85224

$926,000

4 Beds

3 Baths

3,342 SqFt

Status Active

MLS # 6719337

Property Type Single Family Residence

Price Type --

This elegant single level house over 3300 sqft, nest in a gated community, primary location in center of Chandler, mins to highway 101, 202, nearby huge shopping and dining area. It offers four bedroom, and newly upgraded to three full bathroom. Tile and laminate floor to make the house easy to clean, wood shuttle windows through out the house. Spacious kitchen has stainless steel appliances: double oven, refrigerator, dishwasher, and upgraded vent hood. Master bedroom offers huge bathroom, both shower and tub, tons of storages. Large two covered patio in the backyard to enjoy oasis garden, fruit trees, grass view.....

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26634 S 169th Place Queen Creek, AZ 85142

$925,000

4 Beds

3 Baths

2,766 SqFt

Status Active

MLS # 6723689

Property Type Single Family Residence

Price Type --

STOP by our PREEMINENT QC location! FENCED YARD w/ FRONT YARD LANDSCAPING - NO HOA. Stunning Farmhouse home including: Gourmet Kitchen featuring: WATERFALL QUARTZ Countertop edge on Island, High-end double stacked cabinets, WOLF appliances, & Wood Plank Tile Floors. Great room w/ Electric FIREPLACE Wall made with Basalt Tile. Stunning Master Bathroom: Freestanding Soaking Tub, BEACH Entry Glass Shower w/ Accent Wall & Beautiful Double Vanities. Exceptional Energy Efficient - boasting Spray Foam Insulation, Premium Trane 14 seer AC units & High-end Windows. Premium Roofing System, Premium Synthetic Stucco & more! ESTIMATED completion date on the home is Sept 2024.

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14055 N 14th Place Phoenix, AZ 85022

$925,000

4 Beds

3.5 Baths

2,423 SqFt

Status Active

MLS # 6710542

Property Type Single Family Residence

Price Type --

Nestled in the beautiful rolling hills of Lookout Mountain's Pointe Mountainside Golf Course, this stunning remodeled 4 bedroom/3.5 bath home embraces the finest, high-end upgrades, offering distinction and comfort at the same time. Situated on the 6th hole tee in a private gated community with hiking/jogging trails, the views of the golf course and surrounding mountains are breathtaking. Enjoy them from either your gorgeous covered, saltillo-tiled patio or upstairs balcony. The smallest details have not been overlooked, from the paver driveway and LED-lighted courtyard, custom courtyard gate and matching iron front door, custom shinnoki wood cabinetry with drawer pull-outs, waterfalled large Quartzite island, countertops and backsplash, unique stonework throughout, Italian 30'' Induction cooktop, dry bar with Kitchen Aid double pull-out refrigerator drawers and Marvel wine cooler, glass and iron stair railing with hidden storage areas beneath stairway, to the window shades with wireless remotes, and much more! Flooring includes Provenza real wood, engineered, 7 x 72 water-resistant Provenza laminate, and Italian and travertine tile. The downstairs bedroom can be used as an office and has its own entrance from the courtyard, and a private bath. With new roof (cement tiles with 35-year warranty peel and stick underlayment) and Milgard energy efficient windows, this home is truly move-in ready and would also make a great lock and leave property. Over $600K in upgrades! Additional SF can be added on to this home in the backyard! Garage has epoxy floor coating and lots of storage cabinetry. Community center with heated pool and spa can be reserved for your private events. Centrally located in the Valley, it is convenient to amazing restaurants, hiking, 51 Freeway, schools, and entertainment. Where else can you find a home with this meticulous attention to detail and such surrounding beauty at this price? Come and tour this fantastic home today!

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4541 E Vista Drive Phoenix, AZ 85032

$925,000

4 Beds

2.5 Baths

2,612 SqFt

Status Active Under Contract

MLS # 6750124

Property Type Single Family Residence

Price Type --

EXCLUSIVE RARE FIND! Quiet prime location, great school district & close to shopping, restaurants & Highways. Come see our FABULOUS, BRAND NEW RENOVATION- Never Lived In since newly renovated -4 bedroom, 2.5 bath, private fenced diving pool w/ home! Luxury Vinyl plank flooring throughout, with Complete Kitchen Remodel with Beautiful Quartz Countertops.

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