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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18672 W Santa Irene Drive Goodyear, AZ 85338

$925,000

4 Beds

3.5 Baths

2,982 SqFt

Status Active

MLS # 6694336

Property Type Single Family Residence

Price Type --

Live the Estrella Lifstyle in this amazing home! Located on over 1/2 acre lot that backs to NAOS w/mountain views, this home provides resort style living with the home and community ammenities. Home has a gourmet kitchen, 4 spacous bedrooms, 3.5 baths including a huge primary suite w/lavish bath. Pool, spa & tiered putting greens in the private backyard with mountain views. Home can be available fully furnished down to the linens and dishes. Perfect for a vacation rental or a seond home. Owned Tesla solar panels. Estrella boasts 65+ trails for hiking & biking, 50+ community parks with lakes, boating, playgrounds, sport courts, 3 Residents' Clubs that feature resort-style pools, state-of-the-art fitness centers, a variety of sports courts.

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39705 N 3rd Street Phoenix, AZ 85086

$925,000

3 Beds

3 Baths

2,905 SqFt

Status Active

MLS # 6752200

Property Type Single Family Residence

Price Type --

Discover modern elegance in this stunning custom home. Newly built with 12-foot ceilings and sleek tile floors throughout, it features a gourmet kitchen with a large island, quartz counters, and beautiful white cabinets. Relax by the cozy fireplace or enjoy the breathtaking mountain views through a wall of glass sliders. The split floorplan ensures privacy, and plantation shutters throughout add a touch of sophistication. Set on 1.4 acres, the expansive backyard offers endless possibilities. The next-gen separate garage includes an EV outlet and its own entrance. Embrace refined living in this exquisite property!

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1040 E Osborn Road Unit 302 Phoenix, AZ 85014

$925,000

3 Beds

2.5 Baths

2,717 SqFt

Status Active

MLS # 6697098

Property Type Apartment

Price Type --

Discover the difference at Crystal Point with its Magnificent unobstructed 270-degree views from every room of the Downtown skyline, Camelback Mtn, Piestewa Peak & Phoenix Country Club Golf Course. This 3rd floor condo is 2,718 sq ft with elegant 91/2 ft high ceilings was remodeled in 2023. It boasts oversized ensuite bedrooms & separate den/office that can easily be a 3rd bedroom. Spacious balcony w/gas outlet for BBQ has sliding glass doors that lead to the great room, and Kitchen. Building amenities include a lap pool/spa, exercise room, concierge, 24 hr guard, 2 underground parking spaces & storage room. Separate 'Hotel Quality' guest suites available. Unparalleled in Arizona, this little-known secret in the heart of Phoenix with timeless architecture is a must see!

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6242 E Hearn Road Scottsdale, AZ 85254

$925,000

4 Beds

2 Baths

2,436 SqFt

Status Active

MLS # 6723436

Property Type Single Family Residence

Price Type --

Wow, This is a beautifully updated 4 bedroom 2 bath treasure located in the high demand 85254 zip code with No HOA. The owners have meticulously cared for this home which sets on a 1/3rd acre lot on the corner of a cul-de-sac and has 2 rv gates and rv parking. Home features a light, bright, open floorplan with split master bedroom. The kitchen and both baths were updated including island and granite counter tops throughout. Living room features vaulted ceilings and beautiful brick faced fireplace. This home has lots of character and is an excellent example of western and modern style mix. The rear yard features a diving pool, fruit trees and large storage shed. See this home today, you will immediately fall in love with it.

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31218 N 49th Street Cave Creek, AZ 85331

$925,000

3 Beds

2 Baths

2,532 SqFt

Status Active

MLS # 6662736

Property Type Single Family Residence

Price Type --

HUGE PRICE ADJUSTMENT 1.4-ACRES 3 bed 2 bath home boasts a delightful wrap-around porch. Inside, you'll find vaulted ceilings and an open floor plan that leads to a spacious kitchen with a center island, granite countertops, and a generous breakfast area. The flexible living space offers various possibilities. It comes equipped with horse corrals and a lighted arena. An additional concrete slab near the arena is ideal for a new shed or parking space for recreational vehicles. The property is conveniently located near shopping and dining options, just minutes away from Tatum Blvd, Carefree Hwy, or Scottsdale Rd, on a County Island. It allows a maximum of 2 horses and offers access to numerous trailheads for hikers and multiple golf courses. Just minutes away from A.J.'s, Safeway, Fry's, Walmart Super Center and Home Home Depot. With Scottsdale road 3 miles East you can enjoy dining, shopping and nightlife. Carefree Hwy and Tatum Blvd are just around the corner. The seller has recently added white interior bedroom doors, replaced outlets, fixed roof tiles, corrected plumbing inside and outside, added insulation, drywall patch n paint, and corrected many other deferred maintenance items. This home is ready to go!

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13502 N 31st Place Phoenix, AZ 85032

$925,000

5 Beds

2.5 Baths

3,700 SqFt

Status Active

MLS # 6741538

Property Type Single Family Residence

Price Type --

$100,000 price adjustment! Must See! Amazing, well maintained 5 bedroom plus loft, 2.5 bathroom, two level house with garage space for 5 plus vehicles. This house features vaulted ceilings, upgraded kitchen and appliances, large bedrooms and a split garage. Tucked back into the corner of a quiet cul-d-sac, come make this house your new home. It has low maintenance landscaping, and just the right amount of mature trees to create a private yard to relax in. This is a hidden gem inside the city, minutes from shopping, hiking, schools and the airport.

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40016 N 1st Place Phoenix, AZ 85086

$925,000

4 Beds

3 Baths

2,614 SqFt

Status Active

MLS # 6741149

Property Type Single Family Residence

Price Type --

This stunning Desert Hills custom home was meant for entertainment! Spaciously laid out floorplan with 12' ceilings and a kitchen with wood cabinetry, granite counters, double ovens and stainless-steel appliances. Step outside and enjoy the negative edge pool, swim up bar, cabana and built-in barbeque. Side yard set up for dogs with artificial grass and their own doghouse! Freshly painted inside and out in 2023. Oversize 4 car garage offers lots of storage. Plenty of room to add a horse set-up, shop or RV garage in the open area at north end of property.

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5537 N 71st Street Paradise Valley, AZ 85253

$925,000

3 Beds

2 Baths

2,139 SqFt

Status Active

MLS # 6688222

Property Type Townhouse

Price Type --

3BR, 2BA property with spacious family room made bright & airy by vaulted ceilings. Move-in ready or make minor changes to personalize. Eat-in kitchen w ample storage & doors opening to a nice back patio. Oversized master suite, walk-through closet to the primary bath, sliding glass doors open to the W & N balconies for terrific views. Property has a rare wrap-around side yard providing access to the back patio, which is great for outdoor entertaining & relaxation. Side yard great for storage as well. Pool/Spa steps away through the gate off the back patio. Only minutes to some of the finest restaurants & shopping the valley has to offer, Old Town Scottsdale, Fashion Square, plentiful bar & nightlife options. Short Term Rentals, with no restrictions ARE allowed in Villa de Fuente.

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3423 E Enrose Street Mesa, AZ 85213

$925,000

4 Beds

3 Baths

4,082 SqFt

Status Active Under Contract

MLS # 6721014

Property Type Single Family Residence

Price Type --

Nestled on a quiet street in the desirable neighborhood of Thayer Estates, this 4 bed 3 bath home exudes Midwest charm rarely found in Arizona. An iron entry door leads to an impressive dining room and sitting room with soaring ceilings and stunning rock fireplace. The dining room leads into the efficiently laid out kitchen with granite countertops and cabinets galore. The first floor has an additional dining area, sitting area, two bedrooms and bathroom. Upstairs, a master bedroom with sitting room (or office) and fireplace exudes elegance and is completed by a spacious master closet, large shower and separate spa tub. An additional bedroom and bathroom and large loft/family room complete the upstairs living space. This home has two newer top of the line AC units and metal roof.

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23040 W Hammond Lane Buckeye, AZ 85326

$925,000

3 Beds

3 Baths

2,275 SqFt

Status Active

MLS # 6735567

Property Type Single Family Residence

Price Type --

Situated on over an acre of land, this beautifully remodeled single-level pool home offers a perfect blend of luxury and functionality. The property features a versatile casita/pool house, ideal for guests or as a private retreat, and a 40' x 50' RV garage with a loft, providing ample space for storage or hobbies. Outdoor living is a dream with a cozy fireplace sitting area and a covered BBQ area, perfect for entertaining. Walking Distance to Buckeye's brand new Sundance Park. With its expansive grounds and thoughtful design, this home is a rare find, combining elegance, comfort, and practicality.

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2607 E Matterhorn Drive Flagstaff, AZ 86004

$925,000

5 Beds

3.5 Baths

2,878 SqFt

Status Active

MLS # 6738339

Property Type Single Family Residence

Price Type --

Stunning 5-bedroom home, freshly remodeled with top-tier amenities including granite countertops, rich Alder cabinetry and elegant slate flooring. Experience the comfort of modern upgrades like a newer roof, furnace, and carpeting, all complemented by a durable Trex deck and poured concrete patio. Embrace sustainability with an efficient water catchment system. The property is an outdoor lovers paradise boasting mature landscaping with two mature Cherry trees, a Peach Tree and young Jonathan Apple tree, plus a 6-person jacuzzi along with newer fencing and raised garden beds! Enjoy the convenience of NO HOA & luxury of AIR CONDITIONING. Additional features include practical gutters added, unbelievable interior and exterior storages and so much more!

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18226 W Marshall Court Litchfield Park, AZ 85340

$925,000

4 Beds

3.5 Baths

3,798 SqFt

Status Active

MLS # 6742054

Property Type Single Family Residence

Price Type --

One of the greatest floorplans EVER! Elegant entrance w/fountain and stunning custom door w/designer touches throughout this inviting floorplan. Details like two-way fireplaces, niches, storage areas abound. Gourmet kitchen features granite, huge walk-in pantry, staggered cabinetry, travertine backsplash, island, sleek high end appliances w/gas cooktop & double ovens, and pot filler. Butlers Panty w/wine rack! Main suite is spa like retreat w/sitting area, walk-in shower, 2 huge master closets, fireplace adds ambiance to both the bed & attached bath. Teen suite w/game rm and 2bedrms. 2nd Master suite has own entrance! Versi-stone flooring & wood-look tile in bedrooms. Lovely turf area/putting green, custom fountain, paver patio, RV hookup, 3G w/cabinets, garden bed, pet door w/enclosure. Personally one of the best floorplans I have seen! Outside storage shed, custom lighting changes color, energy efficiency with 1 newer A/C. Large laundry room with tons of cabinets. This home has so much storage, there are so many details that make this a very RARE find! Check out the price per sqft compared to others in the area! Great Value for this luxury home.

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