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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27600 N 130th Avenue Peoria, AZ 85383

$925,000
2 Beds
2.5 Baths
2,610 SqFt
Status Active
MLS # 6732883
Property Type Single Family Residence
Price Type --
This SOLAR (Avg ELECTRIC BILL is $18/month - WOW!!) Aurora is IMPRESSIVE. The charming curb appeal is equipped with LUSH PALMS, PAVER WALKWAY & a DRAMATIC ARCHED GATE. Step inside and admire all the IMPRESSIVE upgrades & Custom Touches! Beautiful TILE FLOORING thru-out (no carpet!!). The Spacious Kitchen is a Show-Stopper w/ an atmosphere to inspire one to cook & entertain -2 ISLANDS, Built-in GAS Appliances, Roll-out shelving, Under Cabinet Lighting, Pendant Lighting & high-end RAISED-PANEL Maple Cabinetry. Located off the Kitchen is a PRIVATE COURTYARD enhanced w/ a PERGOLA! Owner's Suite is Oversized w/ a BAY WINDOW & has Access to the RESORT BACKYARD! The Spa-like Bath HAS BEEN REMODELED - custom Tile Shower & Tub Surround w/ Stone C-tops. Situated off the Owner's Suite You'll Find a BONUS ROOM that is flexible for all your needs!! Step outside to paradise and enjoy the spectacular resort backyard oasis! The HEATED POOL & PRIVATE SPA is the perfect setting to enjoy the EXPANSIVE DESERT & MOUNTAIN VIEWS!! The Spill-over WATER FEATURE from the spa is the perfect touch! A Lounge Area with Built-in BBQ is inviting and the perfect space to enjoy the Breathtaking Views. Additional upgrades: Guest Suite w/ Remodeled finishes, Den w/ Double Doors, Plantation Shutters, ceiling fans, soft water, RO, laundry sink, garage storage & epoxy floors, sun shade at the back patio and so much more! This HOME checks the boxes on the wish list - take a look yourself - your dream home awaits you!!

18376 W Sells Drive Goodyear, AZ 85395

$925,000
4 Beds
3 Baths
3,245 SqFt
Status Active
MLS # 6724302
Property Type Single Family Residence
Price Type --
Immerse yourself in this highly upgraded home in a gated community with owned solar. RV parking allowed next to greenbelt. Newly done front yard w/ pavers and extended driveway. Walk into a large courtyard w/gas fireplace welcoming your guests. Gourmet chef's kitchen w/ Quartz countertops, XL kitchen island, 42''cabinets, stainless steel appliances w/ 5 burner gas stove, XL walk-in pantry. Meander to your gorgeous master bedroom/bath equipped w/ electric blackout blinds, behind the plantation shutters. Huge walk-in shower/soaking tub, enormous walk-in closet done by California Closets (which are through out all Bedrooms). Walk through to super laundry/hobby room. Garage has 240v outlet for EV, head to your resort style backyard for entertaining..sparkling heated pool/spa, gas fire pit, alum-wood pergola w/ crank down sunshade, misters and wrapped trim lights. Citrus trees, artificial grass for kids/dogs, and sunscreens for windows. Special trim lighting wraps the entire home. New water heater 2024.

1635 E Butler Drive Phoenix, AZ 85020

$925,000
4 Beds
3 Baths
2,257 SqFt
Status Active Under Contract
MLS # 6751241
Property Type Single Family Residence
Price Type --
Discover serenity in central Phoenix w/ breathtaking mountain views! Ideal for hikers, the home offers quick access to Mt. Preserve Trails. NO HOA! The manicured front yard welcomes you. Inside, experience updates such as; white quartz countertops throughout the home, new interior doors, updated backsplash in kitchen & baths, and remodeled showers/tubs. New fixtures, AC unit, & water heater enhance the entire home. The kitchen boasts top-of-the-line appliances, including a wine fridge. The family room with a two-way beehive fireplace and vaulted beamed ceiling, adds charm & warmth. With tile throughout, the interior is both stylish & practical. Outside, the peaceful front & backyards are inviting, with the backyard featuring low-maintenance turf.

44329 N 11th Street New River, AZ 85087

$925,000
3 Beds
2.5 Baths
2,286 SqFt
Status Active Under Contract
MLS # 6749877
Property Type Single Family Residence
Price Type --
Impeccably Maintained Southwest Custom Home with mountain views & detached 45x36 RV Workshop. Nestled in North Phoenix on a sprawling 1.1-acre lot, this meticulously maintained custom home offers the perfect Southwest living experience. Enjoy breathtaking 360-degree mountain views, iconic saguaros & vibrant sunsets from the comfort of your own backyard. The manicured low-maintenance landscaping features a charming garden, mature mesquite trees with a comfy swing and a serene park-like setting by the wash, perfect for BBQ & relaxation. A soft-lit backyard gazebo with ceiling heaters invites you to enjoy the outdoors year-round. The open great room floorplan creates an inviting atmosphere, while the split master bedroom and private foyer office provide ideal privacy & flexibility. MORE... Upgrades include.hickory cabinets, 4 wood plantation shutters, knotty alder doors, rich sculpted walnut wood flooring and extended three-car garage offers plenty of room for vehicles. Great peace of mind offered with newer 2020 foam roof & main 400 amp service panel giving the shop the power it needs. The terraced acre layout provides easy access for trailers, making this property ideal for car collectors, woodworkers, RV/toy enthusiasts, or small business owners requiring storage. The RV garage comes complete with an evaporative cooler, separate inside 18x45 workshop with lovely 645sf of a/c finished out office space upstairs. The outbuilding offers endless possibilities with separate 200 amp panel for equip needs. In addition there are three newer storage containers discreetly tucked away for multi storage uses. Don't miss the opportunity to make it your own! IT IS SPECIAL.

29320 N 128th Lane Peoria, AZ 85383

$925,000
3 Beds
3 Baths
2,341 SqFt
Status Active Under Contract
MLS # 6748380
Property Type Single Family Residence
Price Type --
Absolutely the Best of the Best - MUST SEE this REMODELED Serenitas w/ PRIVATE CASITA! Situated on a spectacular lush, green GOLF COURSE LOT w/ MOUNTAIN VIEWS! Impressive STONE ACCENTS greet you as you enter the private, serene crt yrd created by having a CASITA! The CUSTOM FINISHES Sets this home apart - The Redesigned Kitchen & Great Room is a Trilogy Masterpiece!! Gorgeous WOOD FLOORING with Huge Baseboards THROUGHOUT is a show-stopper!! The Chef's Kitchen features: GE MONOGRAM SS GAS COOKTOP w/ CUSTOM Hood Vent, Double Ovens, Designer Cabinetry w/ Chunky Crown Molding, QUARTZ C-TOPS w/ Dramatic Veining & FARM SINK, CUSTOM Backsplash, BAR w/ Beverage Center & designer lighting!! Enjoy the MASSIVE PICTURE WINDOW & CUSTOM Entertainment Wall in the Great Room. Remodeled Owners suite has a BAY WINDOW, huge WALK-IN SHOWER & FLOATING VANITIES. Guest Bath & Casita are both upgraded to the hilt!! Outdoor space is A DREAM - RESORT BACKYARD w/ HEATED POOL & water feature, extensive pavers, EXPANSIVE COVERED PATIO, automated SHADE & built-in BBQ. Add'l upgrades: Garage is extended 4' and has EPOXY & Cabinets, High-end lighting and fans, add'l can lighting, Exterior painted in 2024, PVC Drip System, Soft Water & so much more - Don't miss the incredible opportunity to call this your HOME!!

15042 N Moon Valley Drive Phoenix, AZ 85022

$925,000
4 Beds
3 Baths
2,638 SqFt
Status Active Under Contract
MLS # 6758344
Property Type Single Family Residence
Price Type --
This is a one-of-a-kind 4 bedroom, 3 bathroom completely remodeled ranch-style home in the coveted Moon Valley neighborhood in Phoenix! This property is wonderfully landscaped and has a private backyard with grass to play in and a gorgeous salt water pool surrounded by a beautifully laid travertine pool deck for lounging. This property has new electrical, plumbing and HVAC all done in 2019. The pool has a new motor and pump as well as a whole house water filtration system. The Master bath boasts a skylight, the whole house has concrete compound counter tops, tile flooring throughout, plantation shutters, ceiling fans, and a programmable thermostat. The formal living area has a stunning two-way gas fireplace and dining area with a picture window overlooking the neighborhood.

5732 N 25th Street Phoenix, AZ 85016

$925,000
3 Beds
3 Baths
2,044 SqFt
Status Active
MLS # 6758488
Property Type Townhouse
Price Type --
Spacious townhome with welcoming courtyard entry in guard-gated Heights of Biltmore at Taliverde. Bright neutral paint and wood flooring throughout with tile in two of the baths. Kitchen features warm cabinetry, granite, stainless steel appliances, and eat-in breakfast area with coffee bar. Great room living/dining has a wet bar, built-in cabinets, soaring fireplace with stone surround, and a wall of French windows and French door to the balcony. Primary suite has a floor-to-ceiling fireplace, full bath with double sinks and separate step-in shower, walk-in closet with built-in organization, patio and atrium access. Two secondary bedrooms and an office with built-in bookcase. 2-car garage has built-in storage and epoxy floors. Enjoy Biltmore area dining, entertainment, shopping and more!

2333 W Spruce Drive Chandler, AZ 85286

$925,000
5 Beds
2.5 Baths
3,480 SqFt
Status Active
MLS # 6754700
Property Type Single Family Residence
Price Type --
Welcome to your dream home in Chandler! This exquisite semi-custom residence, just under 3,500 sq. ft., combines luxury with convenience in an unbeatable location. Nestled near the 101 and 202 freeways, Intel, Chandler Mall, and top-rated schools, this home offers both accessibility and tranquility. As you approach, the grand entry with custom handcrafted double doors sets the tone for the elegance within. Step inside to discover a beautifully designed space featuring custom light fixtures and window treatments that enhance the home's unique charm. The spacious floor plan includes large bedrooms, each showcasing meticulous custom touches. Enjoy the perfect blend of comfort and style throughout. The side garage entry, complemented by an extended driveway and RV gate, provides ample parking and accessibility. Outside, your private oasis awaits with a stunning pool and spaideal for relaxation and entertaining. Additionally, the home faces a lovely neighborhood park, offering picturesque views and a serene environment. Don't miss the opportunity to make this exceptional property your own. Schedule a tour today and experience all that this beautiful home has to offer!

7504 E Almeria Road Scottsdale, AZ 85257

$925,000
4 Beds
3 Baths
2,272 SqFt
Status Active
MLS # 6744674
Property Type Single Family Residence
Price Type --
This home is absolutely stunning and entirely new construction! With 2,648 sq. ft. of permitted custom design and AMAZING upgrades throughout, it's a true gem. Nestled in the heart of South Scottsdale, it boasts a fantastic location with freeway access and an abundance of surrounding entertainment. This corner-lot home features 4 generously sized bedrooms in a split floor plan and three large bathrooms. Upon entry, you'll find a great room with a large open-concept space leading to the kitchen area. The gorgeous custom kitchen setup includes a center island, upgraded granite countertops throughout, additional cabinetry in the dining area, and a beverage/wine fridge. There is even additional plumbing if you'd like to add an optional bar sink. With ample storage and cabinet space, all upgraded stainless steel appliances are included. The home flows seamlessly into a vaulted bonus room that extends into a separate wing of the house. The master suite features a huge walk-in shower, his-and-hers bathroom vanity stations, and a large walk-in closet. The seller spared no expense, using top-notch design and materials, including upgraded tiles and glass shower surrounds in all showers and baths. The laundry room is spacious with additional storage. A custom wood beam is installed in the high vaulted ceiling, and the beautiful, easy-care landscape design in the front is low-maintenance. The backyard features a long extended patio, two RV gates, and two side gates, offering plenty of room to create your perfect space. This home is priced to sell and is well under market value per square foot. The seller is offering a one-year warranty, and all warranties convey with the new AC unit, new roof, new windows, and manufacturers' warranties on the appliances. Seller is offering a $20,000 incentive to be used towards backyard landscape or however, client chooses! WELCOME HOME!

317 E Creosote Drive Phoenix, AZ 85085

$925,000
4 Beds
2.5 Baths
3,463 SqFt
Status Active
MLS # 6706729
Property Type Single Family Residence
Price Type --
Welcome to your next home in the prestigious Gateway Sonoran Preserve subdivision, built by Taylor Morrison. This stunning single-level residence features 4 spacious bedrooms, 2.5 luxurious baths, and a generous 3,463 square feet of living space. The gourmet kitchen is spacious, beautiful, has tons of cabinet space and an absolutely massive walk in pantry, boasting stainless GE Monogram appliances, double wall ovens and a gas cooktop. Enjoy the expansive open floor plan, perfect for entertaining in the large living room or versatile den/office/bonus room. Situated on a large corner lot, this home includes a 3-car garage and an RV gate. New carpet and move-in ready, located in a gated community for added security and privacy. The SunRun Solar system helps to keep the home efficient to run.

27165 N 71st Lane Peoria, AZ 85383

$925,000
6 Beds
4.5 Baths
3,889 SqFt
Status Active
MLS # 6709999
Property Type Single Family Residence
Price Type --
OVER THE TOP BUILDER LUXURY UPGRADES! MOUNTAIN VIEWS! 6 BEDROOM, 4.5 BATHROOM HOME WITH Over the top builder upgrades! Home features upgraded cabinetry, granite counter tops, entertainers kitchen, extended dining room and primary bedroom, great room with 25ft glass slider door that opens up to covered patio with fireplace for incredible indoor/outdoor living! Split floor plan-primary bedroom, office, living area, kitchen, and laundry room on main level; 5 bedrooms, 3 full bathrooms, loft/small office space, and large storage closet upstairs. Large 3 car tandem garage, plenty of storage throughout the house. Every room has walk in closets! Beautiful Mountain Views from every room, front and backyard! Private backyard with 200ft+ distance to nearest neighbors to the east!

6622 E Villa Rita Drive Phoenix, AZ 85054

$925,000
4 Beds
3 Baths
2,030 SqFt
Status Active
MLS # 6739652
Property Type Single Family Residence
Price Type --
Located in the highly desirable community of Paradise Ridge that's conveniently located close to all that Arizona living has to offer. This beautiful home is located behind a gated entrance in a quiet neighborhood that's meticulously maintained and features gorgeous amenities - including heated pool, spa, grassy park and playground. Once inside, the popular single-story floor plan features open-concept great room, 4 bedrooms AND a den. The designer kitchen is at the heart of the home with a large island, custom cabinetry, Quartz countertops and walk-in pantry. The great room has sliding glass doors that open up to the back covered patio with built-in BBQ, perfect for indoor/outdoor living. The primary suite has large walk-in closet, dual sinks and separate tub and shower. Rounded out by a 2-car gargae - this one checks all the boxes!

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