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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5141 S Newport Street Chandler, AZ 85249

$909,944

3 Beds

3 Baths

2,563 SqFt

Status Active

MLS # 6755786

Property Type Single Family Residence

Price Type --

Lovely new, single-story home located in the gated and private community of Treeland. Loaded with designer selections, this home features 3 bedrooms, 3 bathrooms, a den, a game room, and an attached 3 car garage. The Gourmet Kitchen boasts Stainless Steel built-in appliances with a 36'' gas cooktop and double ovens, and quartz countertops with a waterfall edge island. Other highlights include a 12' multi-slider at the Great Room, Bryant maple white cabinets, upgraded 8'' x 36'' tile plank flooring, and a frameless walk-in shower at the primary bath. The laundry room has cabinets over the washer and dryer and a laundry sink with cabinets. The exterior features a covered patio and pavers at the driveway and front porch.

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1746 E Jeanine Drive Tempe, AZ 85284

$909,000

4 Beds

3 Baths

2,751 SqFt

Status Active Under Contract

MLS # 6696853

Property Type Single Family Residence

Price Type --

Situated in a neighborhood of custom & semi-custom homes w/NO HOA! Dramatic curb appeal continues in the main living area w/soaring ceilings & 2 sided fireplace dividing the space into cozy sitting area, dining room,& formal living room. Updated island kitchen w/casual dining, white cabinets, upgraded appliance, and two tone granite counters,& wine fridge. The primary suite w/fireplace & sitting area and French doors to the yard. The primary bath has dual vanities & walk in shower,& large closet.2 additional bedrooms (one is currently used as an office) & full bath on this side of the home. An additional bedroom & full bath on the opposite side of the home-plenty of privacy for guests. The backyard oasis w/large covered patio, pool w/water feature, spa,& mature low-maintenance plantings. Last but not least the award winning A+ Cielo elementary school is walking distance.

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12301 N Otto (lot 218) Circle Prescott, AZ 86305

$908,888

2 Beds

3 Baths

2,081 SqFt

Status Active

MLS # 6657523

Property Type Single Family Residence

Price Type --

TAKE ADVANTAGE OF BUILDER INCENTIVES! $20,000 BUILDER OPTIONS CREDIT or 1 YEAR INTEREST RATE BUY DOWN TO 5.99%. New home/lot in Whispering Canyon, mtn views & gorgeous skies await you with this 1 ac lot. This ''right-sized'' model offers great room open concept design with highly upgraded kitchen cabinets, granite counters, walk in pantry, and s/s appliances standard. 17'' x 17'' tile flooring & carpet in the main living areas and 10' coffered ceilings add architectural interest. Split floor plan w/2 bedrooms & an office, den, or optional 3rd bedroom. Primary en suite has bathroom featuring dual sinks, walk in shower, & walk in closet. Front landscaping, paver patios and driveway are included. Select your builder options & design finishes. VISIT OUR MODEL HOME.

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8213 E Fairmount Avenue Scottsdale, AZ 85251

$908,888

4 Beds

2 Baths

2,059 SqFt

Status Active

MLS # 6658726

Property Type Single Family Residence

Price Type --

Don't miss out on this incredible home! It features 4 bedrooms and 2 bathrooms, showcasing a beautiful open floor plan flooded with natural light. The floors are porcelain wood plank tile and upgraded carpet in bedrooms. The kitchen is a gourmet's dream, equipped with white quartz countertops, shaker-style cabinets, a designer island featuring a built-in Sharp Microwave, a wine refrigerator, and an eye-catching backsplash. The stainless steel package includes a gas range and an overhead hood. Both bathrooms have been elegantly upgraded. The backyard is a true oasis, featuring updated landscaping in both the front and back, a heated pool, and a fire pit. And the best part? No HOA!

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1 Easy Street Unit 7 Carefree, AZ 85377

$908,719

2 Beds

2.5 Baths

1,847 SqFt

Status Active

MLS # 6696831

Property Type Townhouse

Price Type --

Nestled in the heart of downtown Carefree, this luxury townhouse is the epitome of luxury and convenience, where every amenity is just steps from your door 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 ball court, restuarants, grocery store, spas, galleries, live music venues, hiking trails, wine bars, and more! Come see how sweet life can be at The View Carefree!

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4936 E Juana Court Cave Creek, AZ 85331

$905,000

4 Beds

2.5 Baths

2,942 SqFt

Status Active

MLS # 6757313

Property Type Single Family Residence

Price Type --

Stunning, Immaculate, Gorgeous just begin to describe this beautiful Tatum Ranch TW Lewis home. Nearly 3,000 sq. ft., this spacious home has it all. Huge kitchen open to a Great room with fireplace. Additional, front living room formal dining. Plantation shutters throughout, large main bedroom with remodeled bath and customized walk in closet. The soaring ceilings add to the wonderful feel of this fabulous home along with brand new carpeting. You're invited to this amazing outdoor living backyard with Pebble Tec pool, lots of grass to enjoy & play and a full length covered patio. Trees, shade $lush landscaping surround this 11,000 sq. ft. property. In front, another relaxing front patio to enjoy this peaceful gem. A three car garage ensures that you have plenty of room for everything.

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766 E Las Puertas Lane Queen Creek, AZ 85140

New

$902,379

3 Beds

2.5 Baths

2,728 SqFt

Status Active

MLS # 6762963

Property Type Single Family Residence

Price Type --

Welcome to the extraordinary Alora plan - a showcase of luxury and thoughtful design. Step inside and be greeted by a sprawling and functional layout, featuring a huge gourmet kitchen that offers convenience and ample storage. This Alora plan lives large with a spacious living room, huge kitchen island and the sitting room off of the kitchen is perfect for enjoying your morning coffee or entertaining for dinner. A few upgrades include a large rolling wall of glass, gourmet kitchen, upgraded appliance package and all landscaping.

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4720 Bowie Drive Prescott, AZ 86305

$900,000

5 Beds

3 Baths

3,444 SqFt

Status Active

MLS # 6732221

Property Type Single Family Residence

Price Type --

Nestled amidst the serene landscapes of Prescott, Arizona, this extraordinary luxury home epitomizes elegance and comfort. Boasting stunning views of Granite Mountain, this meticulously designed estate offers unparalleled privacy and tranquility. As you enter, you are greeted by soaring ceilings and an abundance of natural light filtering through expansive windows, framing the breathtaking scenery beyond. The open-concept living spaces seamlessly blend sophistication with warmth. The gourmet kitchen is a culinary masterpiece, with tons of counter space, perfect for both casual dining and entertaining guests. Adjacent, the spacious dining area opens onto a sprawling outdoor deck, ideal for dining and enjoying Arizona's legendary sunsets. The master suite is a private sanctuary. Each additional bedroom offers its own unique charm, with large bathrooms and expansive closets providing comfort and convenience. Outside, there are multiple lounging areas, for gatherings year-round, while mature trees enhance the sense of exclusivity. Located in one of Prescott's most prestigious neighborhoods, this home combines the allure of natural beauty with the convenience of urban amenities. Nearby, renowned golf courses, hiking trails, and cultural attractions provide endless opportunities for outdoor adventure and leisure. With its unparalleled craftsmanship, breathtaking views, and exceptional amenities, this luxury home in Prescott, AZ, offers a rare opportunity to experience Arizona living at its finest.

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5344 E Calle De Baca -- Cave Creek, AZ 85331

$900,000

3 Beds

3 Baths

2,769 SqFt

Status Active

MLS # 6713840

Property Type Single Family Residence

Price Type --

This lovingly cared for & tastefully updated single level home in gated Desert Wind backs to natural area open space for seclusion & privacy. Open living/dining room with a bank of windows to display the backyard oasis. The roomy eat-in kitchen with center island includes gas cooktop, generous pantry, extensive cabinets & granite countertops. Family room offers easy access to outdoor living with large covered patio. Enjoy the refreshing pebble finish pool year round. Spacious primary bedroom has access to outdoors & Plantation shutters to provide elegance & privacy. Updated ensuite bathroom includes large walk-in shower, raised cabinets, designer sinks & fixtures. Two secondary bedrooms share a Jack & Jill bath. Office could be converted to an extra bedroom. Shower included in guest bath.

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2390 E Franquero Lane Cottonwood, AZ 86326

$900,000

2 Beds

2 Baths

1,460 SqFt

Status Active

MLS # 6757437

Property Type Single Family Residence

Price Type --

This rustic, handcrafted home, originally built by its creator, is now available on the market. Nestled on 3.27 acres of irrigated pasture, this property is ideal for equestrian enthusiasts, complete with a mare motel for horse lovers. Located just minutes from the lively Main Street and close to the river, it offers a perfect mix of pastoral charm and convenience. With no homeowners' association to oversee it, the possibilities are limitless, whether you're looking for a tranquil weekend retreat or an attractive short-term rental opportunity. This unique home invites you to unwind and immerse yourself in the timeless beauty of nature.

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8349 E Catalina Drive Scottsdale, AZ 85251

$900,000

4 Beds

3 Baths

1,850 SqFt

Status Active Under Contract

MLS # 6760574

Property Type Single Family Residence

Price Type --

Gorgeous remodel in the heart of Scottsdale. This split 4 bedroom, 3 bath home has Two Master Suites. Huge 12,000 sq ft lot in a cul-de-sac. Heated pool and spa. Open floorplan with a custom built kitchen including a double oven, perfect for large gatherings. Custom front door with privacy glass, Whole home water filtration system. This home has been well cared for and is ready for the next loving homeowner to take over.

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3309 W Here To There Drive Phoenix, AZ 85086

$900,000

4 Beds

3 Baths

2,746 SqFt

Status Active Under Contract

MLS # 6758409

Property Type Single Family Residence

Price Type --

Discover your dream home on 1.1 acres of serene, spacious living! This beautifully upgraded property features a sparkling pool, RV parking, and the cost-saving benefits of paid solar. Freshly painted inside and out with stylish shutters, the home exudes modern elegance. The expansive 3-car garage includes an epoxy floor, built-in cabinets, and overhead storage. Enjoy breathtaking mountain views from the corner kitchen window and make the most of a generous side yard. Experience unparalleled space, style, and stunning scenery!

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