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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4016 E Alan Lane Phoenix, AZ 85028

$914,900

3 Beds

2 Baths

2,280 SqFt

Status Active Under Contract

MLS # 6750777

Property Type Single Family Residence

Price Type --

Stunning Home in Phoenix Mountain Preserve! This North Phoenix Mountain Preserve area home offers 3-bedrooms, 2-baths and is the perfect blend of modern luxury and convenience. Ideally located near the 51 Freeway, Tatum and Shea, and the newly renovated PV Mall, you'll enjoy easy access to all this area has to offer. This home has been meticulously upgraded and maintained over the years, featuring luxury SCV flooring, marble countertops, smooth interior walls and stucco, and modern finishes throughout. The spacious, open floor plan is perfect for both entertaining and everyday living. The flexible floor plan includes a partitioned bonus room that can be used as an office, formal dining area, or den. Outside you will find a private oasis. The charming courtyard with mature trees, beautiful hardscape and landscape, provides mountain views - while the backyard is a true entertainer's dream. Enjoy a built-in outdoor kitchen with ceiling heaters, sparkling pool and spa, a traditional 2-person sauna, gorgeous patios, and turf area everything you need to make the most of Arizona's beautiful weather. This home is located within the highly sought-after Scottsdale Unified School District, in the prestigious Three C neighborhood, which includes the top-rated Cherokee Elementary, Cocopah Middle, and Chaparral High School. Don't miss the opportunity to own this gorgeous home in a prime location. Schedule your private tour today and experience this updated gem for yourself!

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3143 E Powell Way Gilbert, AZ 85298

$914,900

4 Beds

3.5 Baths

4,883 SqFt

Status Active Under Contract

MLS # 6732305

Property Type Single Family Residence

Price Type --

Stunning Entertainer's Dream that is nestled on a quiet street in the highly sought-after Shamrock Estates and close to award-winning schools, this exquisite home offers an unparalleled living experience. Boasting 4,883 square feet, the residence is designed for both luxury & entertainment. The backyard is a true oasis, featuring a sparkling pool w/ flaming volcano waterfalls, a built-in BBQ, an RV gate, a fire-pit, a grassy area, & tall trees that ensure privacy. Inside, the kitchen dazzles with exotic trim, slab granite countertops, a breakfast bar, a butler's pantry, a wine fridge, a gas cooktop, and stainless steel appliances. The home is adorned with imported stone tile and wood shutters throughout, w/ wood floors on the upper level. -Read MORE.... A spacious loft includes a built-in library/den, and an addition houses a state-of-the-art movie theater. The master suite includes an attached exercise room or nursery and all the bedrooms feature walk-in closets, with one upstairs bedroom offering an en suite bathroom. Modern amenities abound, including an intercom system throughout the home, programmable pool and Nest systems, security cameras, and a heated pool/spa that can be controlled via smartphone. This home combines luxury, convenience, and comfort, making it a perfect choice for those who love to entertain and live in style

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32476 N 134th Lane Peoria, AZ 85383

$913,990

3 Beds

2.5 Baths

2,461 SqFt

Status Active

MLS # 6705797

Property Type Single Family Residence

Price Type --

3 bedrooms + study, 2.5 baths, a gorgeous interior courtyard 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 with secondary rain can showerhead and gorgeous quartz countertops. 2x6 construction and Extensive NEW HOME WARRANTY = peace of mind. Welcome home.

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9757 S Gold Stone Trail Apache Junction, AZ 85120

$913,715

4 Beds

3.5 Baths

3,259 SqFt

Status Active

MLS # 6716272

Property Type Single Family Residence

Price Type --

Corner homesite over 12,693 sf, 16 ft sgd in family room, 14 ft vaulted ceiling in family room, 14 ft ceilings with transom windows in the Owner's retreat with double closets and free-standing tub, enclosed office, plank style tile throughout with carpet in bedrooms, Tiled shower in Owner's retreat with rain can, upgraded back splash in kitchen to top of stacked white cabinets with glass and stainless steel hood, buckskin cabinets at island, dining room cabs, 4-car garage . Door from Owner's closet to utility room. Full utility room cabs with sink. 2X6 construction and extensive new home warranty. see you soon!

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32480 N 134th Lane Peoria, AZ 85383

$912,990

4 Beds

3.5 Baths

2,791 SqFt

Status Active

MLS # 6705851

Property Type Single Family Residence

Price Type --

Professionally designed this 4 bedroom, 3.5 bath home is a showstopper! The home has an open concept design that includes a study and an elegant entry that leads you into a spacious family room and a kitchen designed for entertaining! You can relax in your beautiful sunroom to enjoy your cup of coffee in the morning. The expansive 12' multi-slide glass doors lead to an extended patio area that is perfect for entertaining. Soaring cathedral ceilings lead you into the luxurious Owner's bath with a stunning Super Shower and fine finishes. 2X6 CONSTRUCTION; EXTENSIVE NEW HOME WARRANTY.

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938 E Coronado Road Phoenix, AZ 85006

$912,500

4 Beds

3 Baths

2,450 SqFt

Status Active

MLS # 6686787

Property Type Single Family Residence

Price Type --

Rare Find 4 Bedroom ground up re-build 4 bed 3 bath..in the heart of Phoenix, Sitting in the Coronado Hurley Heights District! 2450 Sq Ft of Modern finishes with Classic Architecture no longer found. Preserving the History of Coronado with all the updated luxuries. Plank Flooring, Kitchen, & Baths. This flexible 3-4 bed.. or optional office/guest suite. This is an opportunity to be near all ... a celebrated location!

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1 Easy Street Unit 6 Carefree, AZ 85377

$910,112

2 Beds

2.5 Baths

1,847 SqFt

Status Active

MLS # 6696830

Property Type Townhouse

Price Type --

This exquisite townhome is nestled in the heart of downtown Carefree, Arizona. This unique location offers the epitome of luxury and convenience, where every amenity is just steps from your doorstep in this upscale community. This 2 bedroom, 2.5 bath townhome has a Den, that could be an office or an optional 3rd bedroom. From the moment you enter, you'll be captivated by the open concept design, gourmet kitchen, and opulent primary suites. The amazing mountain views that surround this community only enhance the tranquil, luxurious atmosphere. Community features Pool, Spa, Putting Green, Bocce

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21639 E Vía De Arboles -- Queen Creek, AZ 85142

$910,000

5 Beds

3 Baths

2,964 SqFt

Status Active

MLS # 6755007

Property Type Single Family Residence

Price Type --

Gorgeous NextGen Home with a resort-like backyard. Two homes in one, main home has 4 bedrooms and 2 baths with a huge great room. A beautiful kitchen with quartz counters, SS appliances, and designated dining area creates an open concept living area. Upgraded flooring throughout, shutters and a custom iron gate at courtyard entry. Split primary suite has outside entry and bath has dual showerheads, oversized tub, and walk-in closet. The backyard is a show stopper, perfect for the AZ outdoor lifestyle. Large pool with baja, water features, firepit, BBQ, and two custom pergola's ready to enjoy outdoor living. The NextGen suite has a gorgeous kitchen, living room, bedroom, and bath. Lovely patio with limestone pavers and a fountain. Corner lot in a desired Queen Creek neighborhood.

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16325 N 106th Place Scottsdale, AZ 85255

$910,000

3 Beds

2 Baths

2,130 SqFt

Status Active Under Contract

MLS # 6753958

Property Type Single Family Residence

Price Type --

Single level 4 bed 2 bath home on an over-sized corner lot w/ a pool that has beautiful mountain views & backs to the wash w/ no neighbors behind making it very private! Located in the highly sought after community of McDowell Mountain Ranch! Located steps away from the community center & the biking/hiking trailhead. Open SPLIT floor plan w/ the kitchen open to the family room. Tile in the main traffic areas. Kitchen has white cabinets, granite counters & stainless steel appliances. Primary suite includes a walk-in closet & the primary bathroom includes a sep tub & shower & dual sinks. Community amenities include a heated pool & spa, tennis & pickle ball courts & an abundance of Hiking & Biking Trails. A+ Award winning schools & parks

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4437 E Cordia Lane Cave Creek, AZ 85331

$910,000

4 Beds

2.5 Baths

2,633 SqFt

Status Active Under Contract

MLS # 6702951

Property Type Single Family Residence

Price Type --

This amazing home in Sandlewood Estates is a must see. You will fall in love as soon as you walk through the front door. The beautiful split floor plan and an amazing open living space concept is stunning. The extra large corner lot with no neighbor behind, a huge backyard and n/s exposure is a wonderful entertainment area. The kitchen a amazing with an extra large pantry and beautiful island. There are three bedrooms + bath & den that complete the potential kids wing. This home includes an extra deep 2-car garage and a separate 1-car garage. It has been freshly painted and has wood tile throughtout the common areas. Pride of ownership really shows though in this unique home and you will love the neighborhood. Come check it out before it is too late! Lister is related to seller.

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2518 E Mine Creek Road Phoenix, AZ 85024

$910,000

5 Beds

3 Baths

2,790 SqFt

Status Active

MLS # 6738420

Property Type Single Family Residence

Price Type --

The search is finally over! This beautiful 5-bedroom, 3-bath residence showcases a 3-car garage and a tasteful desert landscape. The living/dining room offers a cool palette, blinds for privacy, wood-look flooring, an inviting fireplace & built-in cabinets with desks! Family room provides a cozy space open to kitchen. The gourmet kitchen boasts quartz counters, shaker cabinets with crown molding, pendant/recessed lighting, a stylish tile backsplash, SS appliances, a walk-in pantry, and a large island with a breakfast bar. The loft adds additional space for leisure or work. The main bedroom features plush carpeting, an ensuite with dual sinks, and a walk-in closet. Outside, the enchanting backyard includes a covered patio, pristine artificial turf, and a sparkling pool. Fall in love!

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4767 S 165th Street Gilbert, AZ 85297

$910,000

4 Beds

3 Baths

2,754 SqFt

Status Active

MLS # 6659184

Property Type Single Family Residence

Price Type --

2 yr Home Warranty provided Horse Property nestled in the heart of Gilbert. Saddle up, open the gates and ride your horses for miles on trails along the canal directly behind your property. Four horse stalls, hay sheds, chicken coops and sheds are ready and waiting for your horses, chickens as well as other animals. Gilbert Regional Park is across the streets with playgrounds, tennis, pickle ball, fishing as well as a host of other amenities. This charming home is 2789 sq ft on over an acre of land which is almost impossible to find in Gilbert or Chandler at this price point. This home has four bedrooms, 3 baths, in addition it has an office/workout room in the master, teen hang out room in this split floor plan. A massive primary bedroom. A living/dining room PLUs a large/open kitchen/family room with a fireplace. The screened in porch runs almost the full length of the house that opens up to a private yard with a pool and firepit. This all before you get to the pasture with horse stalls, chicken coops, sheds which include electricity, water and spot lights to the pasture. Other amenities include a large laundry room with cabinets, utility sink and space for a fridge/freezer. A four-car extended garage, two will accommodate your large truck or toys, water softener run by electricity eliminating the need for salt/potassium, pull down attic stairs for storage and a 30-amp outlet inside and outside of the 4th garage for your electric car, RV, power tools and more. Solar (expire in December so you can extend, purchase or remove (need to verify with Tesla)). Electric sub panel to accommodate 30-amp, power to the pasture. Ring spot lights/cameras in various areas, ring doorbell and much more. YOU NEED to SEE this PROPERTY! Items to Convey: Security Camera's, Ring doorbell, outdoor lighting, RO system, Soft Water System, Red as well as the yellow chicken coops, 2 sheds, Play House (or for animals) with electricity. Wired for surround system. Items that DO NOT convey: TV mounts, Tire swing, certain chicken coops, green/red round fencing (will be tagged), work benches in garage, weather vane mounted on front of the house.

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