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 99th 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.

Whats 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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14205 N 30th Street Phoenix, AZ 85032

$899,900
5 Beds
3 Baths
2,891 SqFt
Status Active
MLS # 6758040
Property Type Single Family Residence
Price Type --
Quality construction & attention to detail show in this energy-efficient home boasting 5 bedrooms, 3 bathrooms, and 3-car garage. Enter to soaring ceilings in the formal living room w/ sweeping staircase. The open kitchen & family room offer stone fireplace, ample cabinetry w/ crown molding, granite counters, peninsula w/ breakfast bar, built-in desk, walk-in pantry, & dining nook. Upstairs, the spacious primary retreat offers private exit to balcony w/ backyard & mountain views & upgraded ensuite with dual sinks, tiled walk-in shower, & separate garden tub. Additional bedrooms offer flexibility for how you want to live. One bedroom & full bath downstairs. Expansive backyard oasis offers covered patio w/ ceiling fans, fenced pool, garden bed, & RV gate. New HVAC & exterior paint 2024. Excellent Phoenix location is located near Phoenix Mountains Preserve with hiking trails, freeways, local parks and schools - in the Paradise Valley School District, and no HOA.

5724 S Bailey -- Mesa, AZ 85212

$899,900
5 Beds
4 Baths
3,735 SqFt
Status Active
MLS # 6737157
Property Type Single Family Residence
Price Type --
This is a BEAUTIFUL FORMER MODEL home on a PREMIUM lot backing to open space! This EXQUISITE 2022 home is OVERFLOWING w/over $255K in DESIGNER upgrades! GOURMET kitchen w/gas range, quartz countertops, gray cabinets, stainless appliance suite + butler's pantry! Great room w/sliders to backyard oasis! Perfect for INDOOR/OUTDOOR LIVING! Formal dining room + breakfast room! 1st floor multi-generation suite w/bedroom, sitting room + full bath! Head upstairs to the large loft/game room! PRIVATE owner's suite w/separate sitting room/office + ensuite bath with BIG walk-in shower! STUNNING backyard OASIS w/sparkling infinity edge POOL! So many UPGRADES throughout! Don't miss this GREAT opportunity! Great shopping/ restaurants nearby! WELCOME HOME!

10150 E Talon Avenue Mesa, AZ 85212

$899,900 - 6Br/5Ba -  for Sale in Cadence At Gateway Phase 3 Parcel U, Mesa
New
$899,900
6 Beds
4.5 Baths
3,287 SqFt
Status Active
MLS # 6762507
Property Type Single Family Residence
Price Type --
Welcome to this stunning 3,287 sq ft home situated on an upgraded lot within the desirable Cadence community. As you step inside, you'll be greeted by luxury vinyl plank flooring throughout the first floor and a striking black metal railing leading up the stairs. The gourmet kitchen is a true showstopper, featuring ceiling-height cabinets, quartz countertops with a matching backsplash, a farmhouse sink, a sleek black faucet, modern black pendant lighting, and an extended two-tone island that makes a bold statement. The living room offers seamless indoor-outdoor living with a full wall slider, perfect for entertaining. The first-floor primary suite boasts ample natural light, no carpet, surround sound speakers, and its own full wall slider to the backyard. The ensuite bathroom has been upgraded with dual sinks, a rainfall showerhead, floor-to-ceiling tile in the shower, and a massive walk-in closet. There's also an additional ensuite bedroom on the first floor, perfect for guests. The downstairs laundry room is equipped with upper and lower cabinets, a built-in sink, and plenty of storage. Upstairs, you'll find a spacious loft with upgraded carpet and padding, along with generously sized bedrooms, some featuring walk-in closets. The backyard is an entertainer's paradise, with over $100,000 in upgrades including an extended patio, gas firepit with a gas stub, travertine pavers, a prewired TV mount, and a heated pool with a UV sanitizer. Plus, it backs up to Encore, offering mature trees and a lush green view. Additional features include a tankless water heater and a whole-home filtration system for added comfort. As part of the Cadence resort-like community, enjoy access to a main pool, lap pool, spa, fitness center with a yoga studio and cycling room, and a game room. Live in luxury and comfort in this meticulously designed home, and experience all the amenities Cadence has to offer. Don't miss out on making this dream home yours!

11203 N Northfield Street Surprise, AZ 85388

$899,900 - 3Br/3Ba -  for Sale in Sterling Grove, Surprise
New
$899,900
3 Beds
2.5 Baths
2,503 SqFt
Status Active
MLS # 6763447
Property Type Single Family Residence
Price Type --
Amazing move in ready golf course home, nestled in the highly coveted gated adult community of Sterling Grove with all the upgrades. This one is among the nicest you will find in Sterling grove. Just some of the upgrades include gray shaker cabinets, quartz countertops, chefs kitchen with upgrades SS appliances, incredible master suite with huge walk in shower, and more! The great room/kitchen/dining is an entertainers dream that flows through the wall of glass sliders to the amazing backyard complete with pool/spa. Under the lovely covered patio you will find your self in paradise sitting pool side with a perfect view of the 11th hole. This community includes amenities such as a golf course, fitness center, restaurant, 3 pools, and so much more. An absolute must see!

319 E Forest Hills Drive Phoenix, AZ 85022

$899,900 - 4Br/3Ba -  for Sale in Moon Valley 2, Phoenix
New
$899,900
4 Beds
2.5 Baths
2,600 SqFt
Status Active
MLS # 6763602
Property Type Single Family Residence
Price Type --
Nestled down the street from Moon Valley Country Club, this home's exclusive location offers prime access to shopping, dining, and entertainment. Own with confidence as the hard work has been done and the home has been beautifully maintained and updated with modern finishes throughout. Extensive upgrading between 2018 and 2022 includes (but is not limited to): new roof; wood tile flooring; full kitchen remodel; master bathroom renovation; new exterior paint; California cabinets in master closet; expanded laundry room; new Tuff shed; and complete pool renovation with resurfaced decking, new pebbletec and new equipment! Last but not least, the nearly 15,000 sq ft lot provides ample space for outdoor living and features a garage, 26 foot RV pad/gate and privacy for your own desert sanctuary!

26740 N 98th Drive Peoria, AZ 85383

$899,900
4 Beds
3.5 Baths
3,920 SqFt
Status Active
MLS # 6730781
Property Type Single Family Residence
Price Type --
*Priced to Sell* Come own a Pleasant Valley ESTATE home! Expertly crafted by Meritage homes featuring a lot of 4's! 4 bedroom (5 bedroom), 4 car garage w/ almost 4000 sqft! After you're wowed by the stacked stone veneer of the giant front pillars, come on in and step on the gorgeous polished marble floors as your eyes gaze skyward towards the soaring vaulted ceilings! See the glass block encased natural gas fireplace * Custom plantation shutters * Wood crafted railings * Cherry maple cabinets * lush ebony fleck granite tile cut counters * Jenn-aire stainless appliance package * Drop in natural gas cooktop * Massive marble floor family room w/ fireplace * Complete home surround sound * Walkin pantry * Huge laundry room * Downstairs mother-in-law bedroom with its own bath and walkin clos Master bedroom features his and her closets with build-in organizers * Central Vac * Salt water sparkling pool * Travertine pool deck * Paver patio * Natural gas Fire pit * Pergola * Soft water system * New hot water heater 2021 * New dual stage pool filter motor 2022 * New pop up valve motor for pool 2023 * New yard irrigation system 2023 * Dual NEW TRANE AC units 2022 * new disposal 2022 * This home is ready to move into! 5th bedroom with closet just needs a door framed in.

18650 N Thompson Peak Parkway Unit 1016 Scottsdale, AZ 85255

$899,900
3 Beds
2 Baths
1,773 SqFt
Status Active
MLS # 6758705
Property Type Townhouse
Price Type --
Best location in the neighborhood! Interior unit with sunny south facing windows. Light, bright, and low maintenance! This charming Villa features a single level split bedroom great-room floor-plan that is ideal for entertaining. Lock and leave behind the secured gates of DC Ranch. Close proximity to community amenities including pool, fitness, tennis, pickleball, and more. The DC Ranch Courtyards at Desert Park is a luxury Santa Barbara inspired development by award winning builder, Camelot Homes. This unit has been freshly painted and is ready for immediate occupancy.

169 E Canyon Creek Drive Gilbert, AZ 85295

$899,900
5 Beds
3 Baths
3,593 SqFt
Status Active
MLS # 6736521
Property Type Single Family Residence
Price Type --
Discover this breathtaking residence in Gilbert Commons! This beautifully remodeled home features 4 bedrooms plus a den that can be a 5th bedroom, 3 bathrooms, and a 3-car garage, As you arrive, you'll notice a newly painted exterior and brand-new roof underlayment with warranty. Step inside to be greeted by vaulted ceilings, a grand circular staircase, and stunning new hardwood floors. Custom details are evident throughout the home. To the left of the entrance is a formal dining area with a swing door leading into the newly designed kitchen. This culinary space boasts a massive peninsula, quartz countertops, white shaker cabinets, a tiled backsplash, and stainless steel appliances. Adjacent to the kitchen is the family room a the family room and a hallway leading to the laundry room and a full bath. The den or office is accessed through double doors and the foyer. Upstairs, you'll find a spacious loft and all the bedrooms. The master suite is newly renovated and stunning, featuring a double sink vanity, a large soaking tub, a walk-in shower, a private toilet room, and an expansive walk-in closet. The other three bedrooms are located down the hall, with new flooring throughout the upper level and new tile in the hall bath. The backyard comes with new sprinkler system with new grass seeds along with new rocks. Located just minutes from the vibrant Downtown Gilbert and the south 202, this home is a must-see!

896 W Palo Brea Drive Litchfield Park, AZ 85340

$899,900
4 Beds
3 Baths
2,828 SqFt
Status Active
MLS # 6759723
Property Type Single Family Residence
Price Type --
Set on a peaceful cul-de-sac, this beautiful residence on the 13th green of the Red Course at the Wigwam Resort has been updated with over $200k in improvements! An impeccable courtyard transitions into a sophisticated interior showcasing graceful archways, high ceilings, recessed lighting, and wide-plank floors. Expansive bi-fold glass sliders frame idyllic views across the open-concept layout. The entertainer's kitchen features stainless steel Bertazzoni appliances, upgraded cabinetry with undermount lighting, sleek quartz countertops, and an oversized island. Experience unparalleled comfort in your primary suite with its walk-in wardrobe and stunning ensuite. Enjoy sipping cocktails by the dramatic outdoor fireplace or the backyard fire pit. Come see this incredible haven today!

5328 Rocky Vista Drive Prescott, AZ 86301

$899,900
3 Beds
3 Baths
2,374 SqFt
Status Active
MLS # 6733825
Property Type Single Family Residence
Price Type --
PRICED TO SELL! Magnificent stylish home in sought-after Granite Dells Estates! This 3 bed/2.5 Bath + OFFICE, ''Sunflower floor plan'', has the elegance of modern design influences. The front yard invites you with a calming splash of green turf. Make your way to the main entry through the covered patio with seating area. Enter through the modern paneled front door into the entry vestibule with an immediate view of the open floor plan with vaulted ceilings, wood beams, floor-to-ceiling custom tiled fireplace and massive sun-drenched windows. The incredible chef's kitchen is equipped with a suite of GE Café including; refrigerator/freezer, gas cooktop, dishwasher, and baker's French-door wall oven. The kitchen cabinets are a crisp white with stainless pulls and just the right amount of stylish glass door upper cabinets. There's ample counter space with a huge island, quartz countertops, stylish pendant lights, stainless farm sink, designer backsplash, and walk-in pantry. The flooring throughout the home is luxury polymer plank flooring (no carpet). The primary bedroom is an elegant retreat with ensuite that has quartz counters w/dual sinks, freestanding tub, custom tiled glass shower, and a large walk-in closet. This split floor plan has two guest bedrooms with a hall bath. The laundry hallway includes Samsung washer/dryer, features a drop zone and a powder room. There is added quality with upgraded cabinets, quartz counters, paddle fans, custom tile and plantation shutters throughout. Enjoy the indoor-outdoor living with this Large(.29 Acre) lot that has an oversized paver patio, aqua-glass firepit, relaxing turf areas, and maturing trees. The insulated garage is extra-large with 4 ft extension, and includes wall storage cabinets, ceiling mounted storage and a workbench. Also, includes a whole house water purification system. Granite Dells Estates is enlarging a wonderful community center, complete with pool, tennis, pickle ball, bocce ball court, fitness center, event lawn and community kitchen. Some furniture available for sale on separate bill of sale. This gem in Granite Dells Estates won't last long!

3408 N 81st Street Scottsdale, AZ 85251

$899,900
3 Beds
3 Baths
2,053 SqFt
Status Active
MLS # 6713662
Property Type Single Family Residence
Price Type --
$25,000 PRICE ADJUSTMENT! Sellers are offering concessions to help lower your interest rate! This stunning eco-friendly home boasts 2 luxurious primary suites, ideal for guests or multigenerational living. The chef's kitchen features a quartz waterfall island, double wall ovens, induction cooktop, Thor fridge drawers, beverage center, reverse osmosis and a pantry with pull-out shelves. A glass wall with an automatic screen connects the indoors to the beautiful outdoor space. The backyard oasis has an elevated patio with a custom metal shade structure, gas firepit, and raised metal garden boxes. The front courtyard is equally charming with lush plants and a tranquil fountain. Eco-friendly highlights include owned solar panels, energy-efficient windows, two new AC units and an EV charger.

2056 S Reseda Court Gilbert, AZ 85295

$899,900
5 Beds
2.5 Baths
3,328 SqFt
Status Active Under Contract
MLS # 6737080
Property Type Single Family Residence
Price Type --
Welcome home to this beautifully updated 5 bed 2.5 bath home with a custom resort style pool and backyard. This is certainly the best lot in all of gateway ranch, nestled on a quiet cut de sac, siding a greenbelt and backing a lush park! No detail overlooked in the tasteful updates done throughout this home. Primary bedroom on 1st level with an expansive bathroom, remaining bedrooms upstairs, all with ample closet space. Large kitchen with walk in pantry that opens to a great family room that all look out to the custom backyard. Pool has been added complete with water features and swim up bar and sunken outdoor lounge under the shade of a well kept mature tree. Do not miss out on the rare opportunity to own the home that has it all!

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