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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6899 E Orion Drive Scottsdale, AZ 85257

$899,999

3 Beds

2.5 Baths

2,411 SqFt

Status Active Under Contract

MLS # 6747552

Property Type Single Family Residence

Price Type --

Welcome to luxury living. This was the model home that sold 78 other homes in the gated Skye community. Low maintenance, safe secure interior lot, with beautiful pool views and no neighboring houses blocking the natural sunlight. With $212,000 in optional builder upgrades that cannot be found in other houses in the subdivision. The 11' ceilings, 8' doors and walls of glass add to the already expansive feeling of the home. High end Thermador appliances, gas burner and Koehler fixtures. The kitchen has custom cabinetry, massive quartz waterfall island and a walk-in pantry. Three multi-slide glass doors let you experience indoor/outdoor living. Spacious and welcoming living spaces are perfect for entertainment. The grand primary suite has beautiful modern crown molding and an Ultra Spa Bath with large walk-in closet. The rarely optioned 846 SF roof lounge offers third floor outside living areas and views of every nearby mountain. Custom loft area with built in workspace and wine fridges. Whole house surround sound with wall controls for each speaker. Three zone HVAC keeps the rooms constantly comfortable. New insulated cool roofing system. Smart home wired On-Q system and numerous other special features. Community has heated pool, spa, grills, full gym and three pocket parks for your four-legged friends. A rare opportunity for sale by the original owner/agent.

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5120 N Juniper Loop Pine, AZ 85544

$899,999

4 Beds

3 Baths

3,068 SqFt

Status Active

MLS # 6736268

Property Type Single Family Residence

Price Type --

Escape the city chaos and dive into nature's bliss in charming Pine, AZ! Picture this: a spacious 4 bedroom 3 bathroom, 3068-sqft haven nestled among towering trees, views that go on and on, boasting a sleek driveway and a 2-car garage. This beauty flaunts a mix of classic mountain charm with modern flair. Step inside to a level entry airy layout blending the living room, dining area, and kitchen. Cozy up by the fireplace in the living room or step out onto the balcony for breathtaking views. Glide into the kitchen with its earthy Indian Marble counters and top-notch appliances. The main entry floor houses a bedroom, bathroom, kitchen, living room, easy garage access and a beautiful deck with amazing views. Journey downstairs to a snug family room with its own fireplace, a lower-level patio with mountain vistas, a kitchenette, bedroom, bathroom, and laundry room. Upstairs, the master bedroom boasts an en-suite, alongside a fun sitting/game room and one more bedroom. Ascend to the office/sitting room with a deck offering jaw-dropping mountain panoramas. This gem features central HVAC, surround sound, a new roof, and easy access from two different streets (Juniper Loop &/or Spring Trail) - Spring Trail entry is nestled in a cul-de-sac. A dreamy mountain retreat awaits you!

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32623 N 22nd Drive Phoenix, AZ 85085

$899,999

4 Beds

3 Baths

2,598 SqFt

Status Active Under Contract

MLS # 6760890

Property Type Single Family Residence

Price Type --

Check out this beautiful single-story, next-gen home in Copperleaf, a gated community in Sonoran Foothills! With 3 bdrms in the main house and a full 1-bdrm casita too, perfect for so many things! Upgraded kitchen has extended cabinets and GE Monogram appliances. All bdrms have upgraded ceiling fans & carpeting. There is wood-plank tile flooring elsewhere and smart home features including special barriers in the attic for a cooler house! From the frontdoor entryway you can see the sliding doors that overlook the patio & beautiful pool & spa surrounded by lush landscaping! Home has a single & a double-car garage both w/keyless entry. Located in an awesome community with great amenities, pickleball courts, clubhouse and more! This property truly has too much to mention! Check it out!

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2601 E Shangri La Road Phoenix, AZ 85028

$899,999

4 Beds

2.5 Baths

2,334 SqFt

Status Active

MLS # 6749995

Property Type Single Family Residence

Price Type --

Oversized lot perfectly situated in a highly desirable neighborhood on a peaceful cul-de-sac, this exceptional home offers stunning mountain views and an array of modern upgrades. The bright entryway welcomes you into an open front room filled with abundant natural light, setting the stage for the rest of this beautiful home. The spacious, updated kitchen features quartz countertops, elegant cabinets with crown molding, floating shelves, and stainless steel appliances, making it perfect for both everyday living and entertaining. Updated flooring flows seamlessly throughout the home's main areas, enhancing the home's contemporary feel. The large, open family room, highlighted by exposed ceiling beams, provides a warm and inviting space for gatherings. The expansive primary retreat is a true sanctuary, complete with outdoor access, ideal for enjoying the serene surroundings. With four bedrooms plus a separate office space, this home offers plenty of space for everyone. Step outside to discover a backyard oasis on one of the largest lots in the neighborhood, featuring a sparkling pool and a private, landscaped yard. A spacious covered patio with extensive pavers invites you to enjoy outdoor living year-round, making this home an entertainer's dream. The large side yard with an RV gate provides ample storage or project space. Energy-efficient windows throughout ensure comfort and cost savings. Don't miss the chance to own this perfect blend of style, comfort, and convenience in one of the area's most sought-after locations!

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15201 S 183rd Drive Goodyear, AZ 85338

$899,999

3 Beds

2.5 Baths

3,036 SqFt

Status Active

MLS # 6759763

Property Type Single Family Residence

Price Type --

Welcome to Arizona Luxury Living! This stunning single-story home nestled in one of the largest lots in the Estrella Mountain Ranch Community, featuring a media room with a 125W surround sound system, perfect for movie nights! Enjoy endless fun in the fully furnished game room, complete with a sleek hardwood pool table. The open-concept living area has wood-look tile floors, recessed lighting, and a spacious gourmet kitchen. The kitchen is an entertainer's dream, offering an oversized island, granite countertops, SS appliances, custom cabinetry, and subway tile backsplash. The home includes a well-designed Jack and Jill bathroom, shared between two rooms. Primary is a personal spa- retreat that leads out to the desert oasis with a sparkling pool & jacuzzi, a built in BBQ & gas fire-pit. The oversized backyard features a built-in BBQ, gazebo, firepit area, a blue pool and spa combo, a covered patio, and plenty of shade trees. This gem won't last long on the market! Hurry!

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42420 N Stonemark Drive Anthem, AZ 85086

$899,999

4 Beds

3.5 Baths

3,678 SqFt

Status Active

MLS # 6692850

Property Type Single Family Residence

Price Type --

SELLER TO PAY OFF SOLAR AT CLOSE OF ESCROW!!! Stunning Radisson model situated on over 1/4 Acre lot in prestigious Anthem Country Club. A private and inviting courtyard sets the entry to this amazing home. Perfectly oriented on a premium lot overlooking the wash. Enjoy beautiful sunsets as the backyard looks west. Open floor plan with 12 ft ceilings. The built in BBQ island creates the perfect ambiance . Minutes to the front gate and the Persimmons clubhouse. The large primary suite includes a private exit to the backyard, dual sinks, soaking tub, step-in shower, & walk-in closet! Updated flooring and newer AC!

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6858 E Orion Drive Scottsdale, AZ 85257

$899,999

3 Beds

3 Baths

2,251 SqFt

Status Active

MLS # 6732713

Property Type Single Family Residence

Price Type --

Super clean and ready to go!! Gated Scottsdale community with community pool, spa and workout facility. Upscale 3 bedroom/2.5 bath detached residence. PREMIUM LOT with extra common space from the east property. Highly upgraded with 10' ceilings, Tile backsplash, Trex and custom metal decor on patio, roof deck with utilities/views, plantation shutters, Bulldog security doors on front and back, tankless hot water system, custom kitchen cabinets to ceiling, Nest security cameras, custom built in closet shelving, fiber optic Cox cable, oversized 15' kitchen island, and oversized slider doors, built in loft shelving, direct access to street. Close to ASU, Sky Song, Old Town Scottsdale and freeway access. Use Aligned and LBX.

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209 E Northern Avenue Phoenix, AZ 85020

$899,999

4 Beds

3 Baths

2,727 SqFt

Status Active

MLS # 6736391

Property Type Single Family Residence

Price Type --

Welcome to your dream oasis in the heart of the Central Corridor! This stunning, freshly painted and upgraded 4 bedroom, 3 bath home boasts an inviting open living concept, perfect for both relaxation and entertaining. Immerse yourself in luxury with a split master retreat featuring lavish upgrades & ample walk in closet space, offering unparalleled comfort and style. Newer appliances! Enjoy the ultimate in outdoor living with a heated diving pool and new sliding doors opening to your spacious backyard, outdoor kitchen and custom pergola, ideal for gatherings or quiet relaxation. This home is a rare gem that combines elegance, functionality, and the finest in modern living. Don't miss out on the additional home gym and private office space. Truly the epitome of contemporary luxury!

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2310 S Val Vista Road Apache Junction, AZ 85119

$899,999

4 Beds

2 Baths

2,778 SqFt

Status Active

MLS # 6742880

Property Type Single Family Residence

Price Type --

This fantastic 4 bed, 2 bath residence now on the market is for you! Featuring Superstition Mountain views w/a natural desert front yard and putting green, circular driveway, a welcoming 2 front porch patios, a 3 car oversized garage w cabinets, and an RV hookup. Discover spacious dining & living areas w/high ceilings and a beehive fireplace to keep you warm during the winter months. The kitchen is comprised of oak cabinetry w/ample counter space, a pantry, Tuscan appliances, and a quaint breakfast bar. End your busy day in the primary bedroom, boasting a full ensuite w/dual sinks for added comfort. Finally, the resort style backyard includes a covered patio, extended paver seating area, lush natural turf, a refreshing hot tub, and an outdoor kitchen & a mini park or hangout area.

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4633 N 127th Drive Litchfield Park, AZ 85340

$899,999

5 Beds

3.5 Baths

4,011 SqFt

Status Active

MLS # 6726517

Property Type Single Family Residence

Price Type --

This is an amazing opportunity to live the active luxury lifestyle in this fabulous home located within the GATED Vintage Subdivision of Wigwam South, Litchfield Park. This gorgeous, remodeled Fulton Bordeaux, 5 bedroom with office model is very special with over $170K in upgrades. Upon entering you will fall in love with the gorgeous tile flooring, open great room, gas fireplace & GOURMET CHEF'S KITCHEN featuring all-new, soft close custom wood cabinets/lighting, granite counter tops, stylish backsplash, an oversized granite middle island, 3 pantries and lots of storage throughout the home. With over 4,000 sq. ft. which includes a fully FINISHED BASEMENT, adding to the meticulously designed living space, there is lots of room for great comfort and extravagant living. FULLY PAID SOLAR

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30401 N 115th Drive Peoria, AZ 85383

Open House

$899,999

4 Beds

3 Baths

2,498 SqFt

Status Active

MLS # 6717943

Property Type Single Family Residence

Price Type --

Ask about the assumable 2.75 interest rate. Welcome to this stunning David Weekley home located in the premier community of Sunset Ridge at Vistancia. This exceptional property offers four bedrooms, three bathrooms, and a spacious three-car garage, perfectly designed for modern living. As you step inside, you'll be greeted by an open and inviting floor plan that seamlessly blends elegance and comfort. The gourmet kitchen is a chef's dream, featuring high-end appliances, ample counter space, and stylish cabinetry. The adjacent living and dining areas are perfect for entertaining or enjoying family time. Each bedroom is generously sized, providing plenty of space for rest and The living area features 16-foot sliding doors that open to the backyard, seamlessly blending indoor and outdoor living. Step outside to enjoy the view fence and breathtaking mountain views that create a serene and picturesque setting. Whether you're sipping your morning coffee or hosting an evening gathering, this backyard is sure to impress. Adding to the charm, the exterior of the home is adorned with trim lights, enhancing the curb appeal and creating a magical ambiance in the evenings. Sunset Ridge at Vistancia is known for its peaceful environment and beautiful landscapes, making it a sought-after community for those seeking tranquility and natural beauty. Don't miss the opportunity to own this extraordinary home. Schedule a private showing today and experience all the unique features and luxurious amenities this property has to offer!

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20144 E Rosa Road Queen Creek, AZ 85142

$899,998

6 Beds

4.5 Baths

4,402 SqFt

Status Active

MLS # 6744335

Property Type Single Family Residence

Price Type --

Discover your dream home in this highly upgraded 6-bedroom, 4.5-bath oasis! This spacious residence boasts a stunning open floor plan, perfect for both entertaining and comfortable family living. Step into a beautifully designed kitchen featuring modern appliances, elegant countertops, and ample storage, seamlessly flowing into a generous living area. Retreat to the luxurious primary suite, complete with a spa-like en-suite bath and walk-in closet. Outside, enjoy your private paradise with a sparkling pool, ideal for relaxing or hosting summer gatherings. With thoughtful upgrades throughout and plenty of room to grow, this home is a rare find that combines luxury and functionality. Don't miss the opportunity to make this exquisite house your HOME!

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