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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1931 W Rowel Road Phoenix, AZ 85085

$921,990

4 Beds

3 Baths

2,627 SqFt

Status Active

MLS # 6747153

Property Type Single Family Residence

Price Type --

This open single level plan offers 4 beds, 3 baths, study & an incredible outdoor living area. With a 12' ceiling in the family room, oversized energy efficient windows & large 16' sliding glass door in the family, this home has an abundance of natural light & fantastic sightlines to the backyard. Clean lines, shaker cabinets, accent lights, a gorgeous tile backsplash, clean quartz tops on an oversized island and stainless GE appliances. Huge walk-in closet & oversized tiled super shower shine in the owner's retreat. Designer selections also include plank tile, 2-tone paint & much more.2X6 CONSTRUCTION; New Home Warranty.

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22913 E Carriage Way Queen Creek, AZ 85142

$921,673

6 Beds

4 Baths

3,779 SqFt

Status Active

MLS # 6679888

Property Type Single Family Residence

Price Type --

Very popular Loft plan w/Retreat. The home has highly upgraded cabinets, flooring and countertops . Also, includes a Gourmet Kitchen w/ SS Chimney Hood, ,, Tankless Water Heater, Service Garage Door , Atrium Door to patio, ''16 SEER RATING FOR ''AC'' ENERGY STAR HOME ! BARNEY FARMS the newest Premiere Master Planned Community in Queen Creek, w/ RESORT like atmosphere, LAKE COMMUNITY w/ an large Amenity Center, fountains , 2 large Community Pools, Aquatic Center, Pickle Ball, Bocce Ball, Corn Hole, Sand Volleyball, full court basketball , fishing ''catch and release'' kayaking, canoeing, walking trails thru-out. Barney Farms also has KMB K-6 School in the community. A MUST SEE !!

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7779 N Copperfield Parkway Prescott Valley, AZ 86315

$920,000

4 Beds

4 Baths

2,470 SqFt

Status Active

MLS # 6671060

Property Type Single Family Residence

Price Type --

Welcome to an exceptional opportunity in this newer gated community, where large 4+ acres and custom site-built homes define the essence of luxurious living. Situated near the entrance of the neighborhood, this home will be the ideal location for your dream home. Boasting 360-degree views of the breathtaking Mingus Mountain range, the majestic Granite Mountain & the iconic San Francisco Peaks, this homesite promises a panorama of natural beauty. Construction of this luxury home is proposed to start mid/end March 2024 with an estimated 10-month build time. If entered into a build contract prior to the end of April 2024, you will be able to select limited finish selections. The homesite provides a gorgeous canvas for creating a residence that complements the spectacular vistas. Owner/Agent. See documents for spec or ask the agent for details. The surrounding wells in this community are noted for their exceptionally high productivity, ensuring reliable access to water for your home. Alternate Septic. Domestic animals only are allowed.

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19835 W Meadowbrook Avenue Litchfield Park, AZ 85340

$920,000

4 Beds

2.5 Baths

2,680 SqFt

Status Active

MLS # 6757946

Property Type Single Family Residence

Price Type --

Must See!! Indulge in everything this corner lot horse property has to offer! Beginning at the stained-glass double doors, you're welcomed into an open floor plan that extends into 3 bedrooms, 2 full bathrooms, and additional office w/ a ½ bathroom and private entrance. With NO HOA, owned solar panels, 2 Trane systems w/UV Filters, 2 new water heaters, commercial greywater drip system for landscaping, owned Culligan Water Softener and R/O system, and ADT Doorbells & System, this property truly offers serenity and savings. The backyard features professional landscaping, covered back patio, custom 10x10 barn w/water and electricity, and a cement slab wash rack for horses! P.S. Main Bath w/Twin Showers and Soaking Jetted Tub, Auto-Waterers for Horse Shed, Exterior painted 2022 w/5 yr warrant

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4558 Prairie Trail Prescott, AZ 86301

$920,000

3 Beds

2.5 Baths

2,707 SqFt

Status Active

MLS # 6749608

Property Type Single Family Residence

Price Type --

Plenty of WOW Factor with this OUTSTANDING Contemporary Ranch style in Desirable YAVAPAI HILLS Subdivision on a HALF ACRE with a Flat/Level Drive & Incredible VIEWS!!! Home has 2707 square feet all on ONE LEVEL with 3Bedrooms/2.5Bathrooms/3CarGarage, + 12x21 Arizona Room as a Bonus, Beamed Ceilings, Ceiling Fans, 18'' Tile in all wet/traffic areas & carpet in balance (Seller offering $9,000 carpet allowance with full price offer), Gas Fireplace w/Blower, Stone Chimney face, Entertainment Niche, GREAT ROOM Concept, Formal Dining room, Honeycomb Blinds, Peeled Pole Accents, & Central Vac. Kitchen is Beautiful with Knotty Alder Cabinetry, GRANITE Countertops, Under Cupboard Lighting, ISLAND, Stainless Steel Appliances, Warming Oven, Wall Oven/Micro, & Large Pantry... Master is oversized with direct access to Deck, Large Walk-In Closet, Dual Sinks, Jetted/Garden Tub, & Large Snail Shower. Bedroom #2 is being used as Office/Den with Built In Desk & has direct access to guest bath with Dual Sinks, Bedroom #3 is spacious....has Zoned HVAC, Fenced Back Yard, New Trex Deck with Stairway to lower level, Large Laundry w/upper & lower cabinetry, Storage Cabinetry in Garage, & has huge standup crawl space for MAN CAVE.

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1807 W Sierra Sunset Trail Phoenix, AZ 85085

New

$920,000

4 Beds

3.5 Baths

2,968 SqFt

Status Active

MLS # 6762514

Property Type Single Family Residence

Price Type --

Stunning TW Lewis home on premium corner lot in the sought-after gated community of Sonoran Foothills in N. Phoenix. This super clean, move-in ready home features a large gourmet kitchen w/lots of cabinets, a breakfast island, in-wall oven/microwave combo plus desk/workstation. The spacious family room has a media wall w/ gas fireplace and direct access to the private covered patio & backyard with no visible neighbors. The master suite also has access to the backyard & the luxurious bathroom feat. dual vanities, deep soaking tub, tiled shower and BIG walk-in closet. The secondary bedrooms are split from the rest & include one ensuite & another is perfect for office w/ double doors & access to front courtyard. Friendly community has many activities, close to K-8, shopping, I-17/101 & TSMC.

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22381 N 65th Avenue Glendale, AZ 85310

$920,000

4 Beds

2.5 Baths

2,730 SqFt

Status Active Under Contract

MLS # 6757895

Property Type Single Family Residence

Price Type --

Stunning Golf Course Lot located within the premier community of Top of the Ranch within Arrowhead Ranch! This extensively remodeled home has top of the line everything with meticulous attention to quality and construction. The new 17' panoramic telescoping doors leading to the backyard have a lifetime warranty, complete w/brand new adjustable screen and interior mechanical sun shades. The backyard is a dream oasis w/ built-in BBQ Island, with gas grill & griddle, newly renovated heated pool & spa, synthetic lawn, lovely pavers with seating areas overlooking the golf & mountain views! Extended covered patio w/ motorized retractable awnings on wind sensor. The chef's kitchen includes a Wolf 6 burner range, double Wolf ovens, Wolf island undermount microwave, new Asko Dishwasher, custom cabinetry with a pullout pantry, built in Subzero fridge, Subzero freezer drawer and Wolf warming drawer. The kitchen/family room is perfect for large family gatherings, as it has a large island with bar stool seating, and room for a breakfast table. New wood & metal clad french doors added to the family room also with retractable screens. Guest quarters (3 bedrooms) are separate from the primary suite. All baths have been fully renovated with custom vanities, kohler toilets, new plumbing fixtures, Quartz counters, and new shower tiles. You will love the oversized walk in shower with dual sprayers, easy for giving pets baths too! Home is ready for anything, with plenty of storage and a brand new 24kw Generac gas powered generator that will power the entire home in seconds. New roof, new windows, 2 Trane AC units, Air purification filters, Soft water, R/O + whole house carbon filter water system. Only the best in this home, you won't want to pass up. Close to the 101, great restaurants, AJ'S Fine Foods, Arrowhead Golf & sporting events.

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4055 N Recker Road Unit 95 Mesa, AZ 85215

$920,000

4 Beds

2.5 Baths

3,206 SqFt

Status Active

MLS # 6701891

Property Type Single Family Residence

Price Type --

$8000 PRICE DROP! Looking for elegance and luxury? Then look no further! MOTIVATED sellers looking to downsize. This absolutely stunning, gated RED MOUNTAIN RANCH CUSTOM home is ready for YOU. Columns and arches adorn the high ceiling entryway into the living room, inviting you to indulge yourself in conversation, or gaze out at the oasis like pool through the expansive windows. The oversized master suite offers a sitting area, the homes second fireplace, and French doors leading to the pool and covered patio. The master bathroom pampers you with a heavenly garden tub, separate walk in shower, dual sinks and a large walk in closet with built in island shelving. At the other end of the home you will find the kitchen with matching stainless appliances including a brand new Bosch Dishwasher Adjacent to the kitchen is the cozy family room which warms and brings you together with a firplace, three comfortably sized bedrooms and a full guest bath. The fourth bedroom may be used as an office or den as it has two entrances, one of which being French doors that open into the living room. Outside you'll find the backyard oasis with glimmering pool and rock waterfall feature, easy care, manicured Mediterranean inspired landscaping, full covered patio and multiple area for seating. Throughout the home you will find custom woodwork and aesthetics that will truly bring you pride of ownership in this stunning home that sits just across the street to golf course access path. No sign on property.

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10131 W El Cortez Place Peoria, AZ 85383

$920,000

5 Beds

3.5 Baths

3,406 SqFt

Status Active

MLS # 6730719

Property Type Single Family Residence

Price Type --

Sprawling 3400+ sq ft single level plan in sought after gated community of Florenza. Approx 1/4 mile to ''Peoria Basis'' Grades 5-12 The US News & World Report ranks #1 high school in America Energy efficient - owned solar panels, E.V. charging port - 3 car split garage. Great location - Close to retail, theaters, grocery restaurants & Paloma Park. Approx 2 mi. to hwy, 12 mi. to Lake Pleasant. Split floor plan w/ 10' ceilings. Each of the 5 bedrooms has a large walk-in closet, 3.5 baths, a ''teen room,'' & large great room w/ surround sound that opens into a dining (or Flex)space. The huge kitchen features stainless steel appliances, dbl ovens, granite countertops, walk-in pantry, an enormous island, lg dining area & tons of cabinets.Low maintenance & water efficient landscaping.

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4842 E Charleston Avenue Scottsdale, AZ 85254

$920,000

4 Beds

3 Baths

2,135 SqFt

Status Active

MLS # 6696832

Property Type Single Family Residence

Price Type --

great opportunity !!! This beautifully updated home offers a blend of modern features and natural beauty. The property includes a variety of fruit trees, such as Santa Rosa plum and Kara Kara orange, and backs into Moon Valley Nursery, ensuring stunning blooms year-round. The home features a new AC system, carpet, and plantation shutters, plus a newly installed pool heater. With 4 bedrooms, 3 bathrooms, a 3-car garage with epoxy flooring, and a heated pool, this residence offers both comfort and style. Situated near prime destinations like Kierland, Desert Ridge, and surrounded by popular shopping, dining, and schools, this home offers an ideal location for convenient living. Seller will consider any reasonable offer.

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32535 N 135th Drive Peoria, AZ 85383

$919,990

4 Beds

3.5 Baths

2,985 SqFt

Status Active

MLS # 6747166

Property Type Single Family Residence

Price Type --

4 bedrooms + study, 3.5 baths, and 3 car garage, this great room design is flush with natural light...perfectly capturing those Arizona sunsets. With large picturesque, energy-efficient windows, 10' flat ceilings and 8' tall doors, this home offers tremendous sight lines and just feels like 'home.' Perfect for entertaining, the Gourmet kitchen boasts an oversized island, stainless GE appliances, and designer-appointed backsplash - be the envy of your family and friends. Inside the owner's retreat, personal relaxation is achievable with a spa-like bath boasting a tiled walk-in shower and gorgeous quartz countertops. 2x6 construction and Extensive NEW HOME WARRANTY = peace of mind. Welcome home.

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1950 W Sienna Bouquet Place Phoenix, AZ 85085

$919,990

5 Beds

4 Baths

3,567 SqFt

Status Active

MLS # 6752503

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, &/or price adjustments. Two-story home with 2.5 car garage and first-floor suite. Chef kitchen with KitchenAid gas cooktop, 42'' white cabinets, quartz countertops, planning center, and Butler's Pantry. Features include upgraded tile, carpet, mission-style railing, laundry cabinets, whole-house electrical, surround sound wiring, Smart Home package, and soft water loop. Front yard desert landscaping and stunning interiors.

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