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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7629 N Via De La Campana -- Scottsdale, AZ 85258

$925,000

4 Beds

2 Baths

1,917 SqFt

Status Active

MLS # 6751738

Property Type Single Family Residence

Price Type --

You don't want to miss out on this affordable home in the heart of McCormick Ranch! Walk around the corner to beautiful Comanche Park This beautifully maintained property boasts a brand new Trane AC system installed in 2023 and recently updated Anderson windows (with warranty!), The split floor plan offers privacy and flexibility. Step outside to your own private oasis featuring a resurfaced pool with efficient equipment and a safety net for peace of mind. The backyard is a paradise for both pets and kids, with pet-friendly turf, a children's play set, and even a pomegranate tree! This home has strong bones and is ready for new owners to add their touch!

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25840 N 44th Way Phoenix, AZ 85050

$925,000

5 Beds

3 Baths

3,071 SqFt

Status Active

MLS # 6688986

Property Type Single Family Residence

Price Type --

WOW ! !!!!!! You have to see this beautiful 5 bedroom/3 bath home on a huge lot backing up to natural desert and a park in the distance with stunning Arizona sunsets over the mountains! One of a kind lot in Tatum Highlands subdivision! Pebble Tec play pool, travertine patio, shade sails for sun protection...a very private backyard yet has easy walking access to the desert and the park. Living room and formal dining and an entertainer's delight island kitchen with granite counters, breakfast bar, double ovens and a bay window that you can oversee the backyard festivities! Guest bedroom with built-in shelves can double up as an office or den! And a full bath downstairs, too! Plantation shutters, barn doors and more!

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3551 W Hidden Mountain Lane Anthem, AZ 85086

$925,000

4 Beds

2.5 Baths

3,514 SqFt

Status Active

MLS # 6678178

Property Type Single Family Residence

Price Type --

Impressive single level 4 bed, 2.5 bath plus Den residence w/tandem 4-car garage backing to the Mountain Preserve in Anthem. Both AC units less than 3 years old, Misting system, Tile flooring, neutral palette, fireplace, custom front screen door, pool, BBQ, Spa pad w/220. Discover the spotless gourmet kitchen w/cooktop including a cherry wood cabinets w/crown moulding, granite counters, a butler pantry, recessed lighting, double wall oven, & an island with a breakfast bar. Double doors open to the primary suite showcasing back patio access, a private bathroom with dual vanities, & a walk-in closet. Enjoy breathtaking mountain views all around from the amazing backyard offering a covered patio and complete privacy

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9223 E Whitethorn Circle Unit 667 Scottsdale, AZ 85266

$925,000

2 Beds

2 Baths

2,032 SqFt

Status Active

MLS # 6607795

Property Type Townhouse

Price Type --

Amazing Boulder's Villa, just a short walk to the club and resort! Enjoy the spa, golfing and incredible resort! Charming southwest home with beautiful beams throughout the bright, spacious great room which features a gas fireplace, open floor plan from the living room, dining and kitchen. Kitchen boasts ample cabinet space, granite counters, breakfast bar & gas range. The spacious primary bedroom is full of natural light and has its own entrance to the large backyard. Enjoy the large, private backyard with mature landscaping and sunset views. The property is on a private, low-maintenance lot. Looking to buy your private dream home or a GREAT investment property in one of the best neighborhoods in Scottsdale, look no further! This is it!

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1861 E Aster Place Chandler, AZ 85286

$925,000

4 Beds

3.5 Baths

3,057 SqFt

Status Active

MLS # 6727340

Property Type Single Family Residence

Price Type --

In the highly desirable area of South Chandler, this exquisite 4-bedroom, 3.5-bathroom single-level home PLUS an office is nestled in a boutique gated community. As you enter, you are greeted by 10' ceilings and an expansive open floor plan. The upgraded kitchen features gas cooktop, staggered cabinetry and a large island that doubles as a breakfast bar. Primary suite is complete w/ an en-suite bathroom featuring dual vanities, soaking tub, separate shower and two spacious walk-in closets. One of the additional bedrooms offers an en-suite bathroom, perfect for guests. The backyard is a private oasis designed for relaxation & entertainment w/pergola, natural gas fire pit, water fountain, built in BBQ and garden beds. Convenient to top-rated schools, restaurants, shopping and freeway access

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6583 S Legend Court Gilbert, AZ 85298

$925,000

5 Beds

2.5 Baths

2,825 SqFt

Status Active

MLS # 6746444

Property Type Single Family Residence

Price Type --

Discover the perfect blend of modern elegance and comfortable living in this beautifully upgraded single-story home with 4 car garage. Nestled on a premium cul-de-sac lot in the highly sought-after gated community of Seville, this home offers a seamless open floor plan and exceptional features designed for today's lifestyle. Step inside to find a freshly painted interior with brand-new carpeting, creating a pristine and inviting atmosphere. The spacious living areas include a large den that can easily serve as an office or formal dining room, offering flexibility to suit your needs. The heart of the home is the kitchen, which boasts stunning wood cabinets and elegant granite countertops, perfect for both everyday meals and entertaining guests. Retreat to the primary suite, where you'll find ample space and comfort. The home includes five generously sized bedrooms and two and a half bathrooms, ensuring plenty of room for family and guests. Step outside to your private oasis, where a sparkling pool awaits, complemented by a relaxing sitting area ideal for enjoying sunny days or hosting gatherings. With fresh exterior paint and move-in-ready charm, this home is a rare find in a desirable location. Don't miss your chance to make this exquisite property yours. View this home today and experience the exceptional lifestyle that awaits in Seville!

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7234 E Las Palmaritas Drive Scottsdale, AZ 85258

Open House

$925,000

3 Beds

3 Baths

2,626 SqFt

Status Active

MLS # 6693292

Property Type Single Family Residence

Price Type --

Beautifully updated home in the desirable community of Briarwood 6. You are welcomed by the charming courtyard and custom entry door. Entering the home, you will find soaring ceilings and bright sun filled rooms. The spectacular, custom kitchen is the jewel of the home but only the beginning of upgrades/improvements, which include: new LVP flooring, fully remodeled hall bath, new pool equipment and pebble tec resurfacing, two new HVAC systems (2021 and 2022), custom media wall in den, smart lighting, new landscaping and so much more. The primary bedroom is a sanctuary. Spacious room with fireplace and direct access to the rear yard/pool. Spa like bath with soaking tub and beautiful shower. The breakfast room is charming. This home is the perfect blend of indoor/outdoor living.

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7122 S Champagne Way Gilbert, AZ 85298

$924,900

5 Beds

4 Baths

4,590 SqFt

Status Active

MLS # 6707227

Property Type Single Family Residence

Price Type --

Oversized lot with pool, no neighbors behind you. 4 large bedrooms, 4 full baths, 1 den, 1 large playroom, office. Primary bedroom has an open den/nursery/office attached. Balcony off the primary bedroom runs the entirety of the house. The primary bathroom features a large shower and an oversized drop-in tub. 2 of the bedrooms upstairs share a jack-and-jill bathroom. The other upstairs bedroom has its bathroom off the hall. The media room is ready for your movie theater seating. Downstairs has an office off the foyer. Duel sets of stairs. The downstairs entertainment room features a bar with under-bar lighting and a spot for your pool table. Backyard patio runs the entirety of the house. Gas fire pit, seating and BBQ. Pool heat pump does not work and will not be repaired or rep

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2923 N 81st Place Scottsdale, AZ 85251

$924,900

4 Beds

2 Baths

2,273 SqFt

Status Active

MLS # 6648127

Property Type Single Family Residence

Price Type --

NEW PRICE. - SELLER MOTIVATED!! NESTLED NEAR VIBRANT OLD TOWN SCOTTSDALE WITH NIGHTLIFE, WORLD-CLASS GOLF COURSES, UPSCALE SHOPPING DESTINATIONS, PIMA PARK & SCOTTSDALE BASEBALL STADIUM. FUN AND ENTERTAINMENT FOR THE ENTIRE FAMILY! PREPARE TO BE CAPTIVATED WITH THE IMPECABLE CRAFTSMANSHIP AND REFINED AESTETICS. THE STRIKING WOOD FLOORS ADD A TOUCH OF WARMTH AND ELEGANCE. THE LARGE PICTURE WINDOWS ALLOW FOR AN ABUNDANCE OF NATURAL LIGHT. THE OUTDOOR OASIS IS AN IDYLLIC SANCTUARY OFFERING AN ARRAY OF AMENITIES DESIGNED FOR BOTH RELAXATION AND RECREATION. IMMERSE YOURSELF IN THE HEATED POOL YEARROUND OR ENJOY THE EXPANSIVE PATIO COMPLETE WITH A CHARMING FIRE PIT. PERFCT FOR ALFRESCO DINING. EASY ACCESS TO THE LOOP 101

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23134 N 40th Place Phoenix, AZ 85050

$924,899

5 Beds

3 Baths

3,039 SqFt

Status Active

MLS # 6717035

Property Type Single Family Residence

Price Type --

Welcome home! Your well-maintained home is located in a prime location of Desert Ridge, just steps away from miles of scenic hiking and biking trails, this home offers both tranquility and convenience. Unwind in the peaceful backyard after a day spent exploring nature or enjoying nearby shops and dining. With soaring ceilings that flood the home with natural light, it exudes a lively and joyful atmosphere—a space perfect for gatherings, entertainment, and relaxation. Dive into the heated pool, play in the backyard, or cozy up with a good book. A legacy of laughter, shared meals, and cherished memories fills these walls. It's now ready for you to create the next chapter of your story. CONTINUE READING...Click more... 5 bedrooms, 3 bathrooms, + a loft AND a den! ideal for entertaining. $5k in solar shades were added to the home to enjoy the light without the heat! The $100/month Tesla solar panels also come with all of the maintenance at Tesla's expense. Don't like solar? They will remove the panels but why not take advantage of inexpensive electricity to keep you home cool and your pool sparkling! In addition, the refrigerators convey with the home. Conveniently located on the ground floor is the Den or versatile home office and another bedroom. Ascend the staircase to discover the large loft space, leading to the spacious master retreat, complete with a luxurious bathroom boasting a soaking tub, spa shower, and a generously sized walk-in closet. Additional spacious bedrooms and bathroom, offering ample privacy and comfort for all occupants. The high-quality carpet has been well maintained and feels great underfoot! Step outside to the backyard oasis, where a covered patio invites relaxation, overlooking a pebble tech pool and a designated play area for kids, pets, or a garden, making it a perfect outdoor retreat for both relaxation and recreation. This area of Desert Ridge doesn't get through traffic and is super quiet. Located just steps away from all that Desert Ridge has to offer, including miles of trails perfect for mountain biking, running, walking, and exploring. This home combines luxury living with unparalleled convenience, promising a lifestyle of comfort and sophistication.

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6122 N 8th Avenue Phoenix, AZ 85013

New

$924,000

4 Beds

3 Baths

2,613 SqFt

Status Active

MLS # 6763512

Property Type Single Family Residence

Price Type --

BEAUTIFUL HOME IN A WONDERFUL LOCATION! SPLIT FLOOR PLAN, 4 bedroom, 3 bath single story home with a pool, jacuzzi and extended patio. Huge kitchen, stainless appliances, dual temperature wine fridge, great room and dining room. Fully remodeled, gourmet kitchen, custom cabinets, granite counters and island. Floors are wood tile with exception of carpet in the bedrooms. EXTRA STORAGE INSIDE AND A WORKSHOP/STORAGE out back. Located in a quiet cul de sac and close to all the great restaurants and downtown!

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16657 W Durango Street Goodyear, AZ 85338

$922,220

5 Beds

3.5 Baths

3,100 SqFt

Status Active

MLS # 6715193

Property Type Single Family Residence

Price Type --

Custom Home with Grand Style. Located in the Highly sought after location, across the street from Vanderbilt Farm Estates. This Beautiful home will amaze you as you walk into your entry room with soaring ceilings and modern chandeliers and a grand iron staircase. Newly remodeled 5 bedroom 3.5 Bathroom Home. Secondary Suite Downstairs with its private on-suite. Your Dream Kitchen, with no attention to details spared. Wake up from your primary bedroom into your private top deck with serene views. Every aspect of this home exudes elegance. Just over an acre of land, one of the only homes left with Equestrian Rights..Enjoy more privacy with the property being near the end of the street. Tranquility living at its finest. You won't want to miss this one

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