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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7016 W Redbird Rd Road Peoria, AZ 85383

$899,900
4 Beds
3.5 Baths
3,558 SqFt
Status Active
MLS # 6715882
Property Type Single Family Residence
Price Type --
OVER 80k in upgrades!! This 4 bed, 3.5 bath home features great curb appeal, 3 car garage, RV gate, well-laid pavers & landscaping w/artificial turf. Step into the elegant interior which showcases wood-look tile flooring, carpet in all the right places, plantation shutters, dazzling light fixtures & neutral palette throughout! Discover spacious living area bathed in natural light featuring high ceilings. The chef's kitchen is comprised of ample cabinetry w/crown moulding, walk in pantry, granite counters, subway tile backsplash, stainless steel appliances, an island w/a breakfast bar & butlers pass! Enjoy dinner in the eat in kitchen or turn it up a notch in the formal dining, this home has both! Get ready to pack your bags, this resort style backyard will win you over! Continue upstairs and into the cozy loft, where you can sit back and enjoy a relaxing Sunday afternoon. The primary bedroom showcases a walk-in closet and a full bath w/dual sinks for added convenience. Don't forget about the cozy den, ideal for an office or reading nook! Finally, the wonderful backyard includes a covered patio, extended flagstone seating area, a fire pit, built-in BBQ, and a sparkling blue pool/spa combo! The home of your dreams is here, act now before it's gone!

27406 N 22nd Lane Phoenix, AZ 85085

$899,900
5 Beds
3.5 Baths
4,464 SqFt
Status Active
MLS # 6721399
Property Type Single Family Residence
Price Type --
Power bill paid for the next year for the buyer and creative 3% financing available for 3 years with 295k down if needed! Stunning residence featuring a 3-car garage, large RV gate with pavers and resort backyard is a dream come true! Fall in love with the impressive layout showcasing tile floors, and upgrades throughout. Formal living & dining rooms are perfect for family's big meals. The gorgeous chef's kitchen offers ample cabinets, SS appliances, a chic mosaic backsplash, granite counters, & an island w/breakfast bar. Enjoy additional living space with the family room and oversized loft! The wine/wet bar can't be left unsaid. Double doors open to the main retreat, boasting a walk-in closet and a private bathroom w/dual sinks. Downstairs bedroom w/a Murphy bed, ideal for an office/guest quarter. Patio has retractable sunshades, built in BBQ and big Spa! Solar covers entire bill every month. The wonderful backyard is an entertainer's dream, including a covered patio, a cozy firepit, a built-in BBQ, a paver seating area, & a sparkling pool with a stone waterfall! This gem won't disappoint! Seller is pre paying the solar payment for 2 full years! Thats 24 months of ZERO electricity payment and ZERO Solar payment. Solar is being purchased, not leased. Fixed payment AND 1% fixed rate

8910 N 83rd Place Scottsdale, AZ 85258

$899,900
3 Beds
2 Baths
2,072 SqFt
Status Active
MLS # 6733888
Property Type Single Family Residence
Price Type --
CURRENT LIST PRICE IS $50,000 UNDER RECENT APPRAISAL PLUS NEW INTERIOR PAINT... Welcome to this exquisite 3-bed, 2-bath home in the highly sought-after McCormick Ranch community. Spanning 2,072 sqft, this beautifully updated home features new windows, interior paint, a new tile roof, new flooring, and more. The spacious interior boasts upgraded granite kitchen countertops and a fully remodeled master bathroom. Enjoy the serene outdoor space on the back patio and enjoy the sparkling pool and spa. The community offers meticulously maintained common areas and is in close proximity to the Scottsdale Greenbelt and 101 freeway. This gem is move-in ready and perfectly located to enjoy all that Scottsdale has to offer!

681 N Moon Road Apache Junction, AZ 85119

$899,900 - 3Br/2Ba -  for Sale in Arroyo Vista Estates, Apache Junction
Open House
$899,900
3 Beds
2 Baths
2,450 SqFt
Status Active
MLS # 6676731
Property Type Single Family Residence
Price Type --
Brand new home at Arroyo Vista Estates with 3 Bedrooms plus Den. This acre lot backs to the northeast with unforgettable Superstition Mountain views from the patio! Surrounded by natural desert arroyos, with very low maintenance landscaping, this is the perfect Lock and Leave residence! Approximately 2450 sq feet livable, with a split 4-car garage. Bright open kitchen, Great Room, breakfast room with views, a perfect place to start your day! Designer options include a dramatic front door, 10 ft ceilings throughout, Dusk color cabinets, Bianco Levanto quartz counters, 12x24 matte finish floor tile, fully tiled shower surrounds, pot filler faucet at kitchen stove, and so much more! Front yard landscaping is included.

723 N Moon Road Apache Junction, AZ 85119

$899,900 - 3Br/2Ba -  for Sale in Arroyo Vista Estates, Apache Junction
Open House
$899,900
3 Beds
2 Baths
2,450 SqFt
Status Active
MLS # 6677071
Property Type Single Family Residence
Price Type --
Just completed Quick Move-In home at Arroyo Vista Estates with unforgettable Superstition Mountain views from the patio! Surrounded by natural desert arroyos, with very low maintenance landscaping! Approximately 2450 sq feet livable, with a split 4-car garage. Bright, open kitchens, Great Room, breakfast room with views, a perfect place to start your day! Designer options include 10 ft ceilings throughout, Pecan color cabinets, Pegasus quartz counters, 8x48 wood-look floor tile, fully tiled shower surrounds, pot filler faucet at kitchen stove, and so much more! Welcome to that peaceful, easy feeling you've longed for!

44814 N 22nd Street New River, AZ 85087

$899,888
3 Beds
2.5 Baths
2,943 SqFt
Status Active
MLS # 6733643
Property Type Single Family Residence
Price Type --
This Exquisite home is Highly Upgraded/Updated w/ Luxurious finishes & features thru-out. The Unique Architecture incorporates a linear design layout w/ dramatic radius walls for a distinctive touch vs the typical Santa Fe Territorial home. It still has an open feeling that makes for great entertaining and gatherings of friends & family. You'll love the Cozy Stacked Stone fireplace in the Great room along w/ the abundance of windows stretching across the back of the home to provide openness to back wrap around PAVERED Patio w/it's structured columns. The great room opens to Dining Area & the Well Planned & appointed GOURMET Kitchen offering GENEROUS storage & WORKSPACE includes a separate Veggie/Prep sink in center ISLAND. Lots of natural light, GRANITE Counters, Custom **(OPEN BLUE LINK) Full Custom Travertine BACKSPLASH, Stainless Appliances, & Stainless /STACKED STONE Vent hood make it beautiful too!! You'll also find ample recessed lighting for a working kitchen along with the Pendant lighting for style, & conveniently the kitchen has it's own separate door to access the patio for serving apart from the door that accesses the patio from the Great room/ Dining room. Guest bedrooms #1 & #2 are located off of the Kitchen hall and are setup with a Jack & Jill bathroom that provides a completely separate Vanity/Sink/personal Storage area for each bedroom. There is also a lavatory and bath/shower room with its own door to offer privacy. Moving to the North Wing of the home you'll enter through Double doors opening to the Tranquil Master Suite. Designed with a radius walls touch & an abundance of windows to the back patio for that natural light & beauty here as well. The Huge Master bath area includes dual sinks, jetted soaking tub, Snail shower with Travertine Surround, SPACIOUS Closet and a Direct Access door to the patio to enjoy your coffee in the morning or to relax before bed while watching the Glorious SUNSETS or maybe getting in some Stargazing. You will also enjoy the convenience of a 3.5 car extended length garage. It has 3 separate electric lift/roll-up doors for convenience, Epoxy coated floors, plentiful lighting, ceiling fans, and an extra 1/2 garage bay for your ATVs, motorcycles, jet skis, or as it is now being used, for a personal gym. There is also the Separate closed space /workroom at the back of the garage that provides a workbench, pegboard tool storage, and built in 3 sided shelving as well as cabinets for storage and organization. The home is ideally located just south of the entrance to the Tonto National Forrest with it's unlimited trails for hiking/horseback riding or/ATV riding. You'll enjoy the Native American ruins, Forts, Petroglyphs and other bits of history and beauty of the surrounding area. The 1.25 acre lot, that this magnificent home is built on provides plenty of useable level land to work with for a casita, RV Garage/Workshop, Pool, or extensive horse setup. There is no floodway/floodplain on the lot. The lot is fully fenced with rich looking but low maintenance White Vinyl rail fencing and full double gates including at the end of the Driveway. The back half includes extra fencing professionally added to make it dog safe/secure. The owner also had 2 horse corrals and a horse shade added at the very back of the property but there has never been horses kept on this lot. He had both electric and water lines run back to them, underground as well, for future use of the corrals. Additional features/upgrades: *Wood Plantation Shutters throughout the home 3 yrs ago *Both Water heaters replaced 2 yrs ago *New Flooring Under 1 yr ago *New $9500 Upgrade to a Silicone Roof for much lower maintenance and lower ongoing costs Under 1 yr ago *New Security System with Cameras. Hard Wired and With Technology for you to monitor them from your phone APP *New Interior and Exterior Painting Under 1 yr ago *Lots of Mature landscaping/trees including a lemon tree at the side of the home.

21254 W Hillcrest Boulevard Buckeye, AZ 85396

$899,500 - 4Br/4Ba -  for Sale in Verrado Highlands District Phase 1, Buckeye
New
$899,500
4 Beds
3.5 Baths
2,762 SqFt
Status Active
MLS # 6762511
Property Type Single Family Residence
Price Type --
This simply gorgeous David Weekley Home located in the coveted Highlands District of Verrado is a Must See! 4 bedroom, 3.5 bathroom, plus den, meticulously designed open floor plan, incredibly upgraded throughout! (See seperate upgrade document) The elegant Chef's kitchen with SS Monogram double oven, 6 burner gas range with professional hood is a focal point of this Beautiful home. And just wait until you see your own private back yard oasis. This gated neighborhood is nestled at the base of the White Tank Mountains, within close proximity to Main Street Verrado and all the community amenities including shopping, dining, golf, workout center, pools, hiking/biking trails and more.

21397 W Hillcrest Boulevard Buckeye, AZ 85396

$899,478
3 Beds
3.5 Baths
2,766 SqFt
Status Active
MLS # 6759769
Property Type Single Family Residence
Price Type --
With 3 beds, 3.5 baths, study, versatile sunroom with vaulted ceiling & 3 car garage, this gorgeous NEW home shows open & bright with 10' flat ceilings, 8' doors, huge ENERGY-EFFICIENT windows & large 12' sliding glass door in the family room. An oversized island in the kitchen offers both space to entertain friends & room for your kids finishing their homework. With EXTENSIVE storage, pendant lighting, hood vent, upgraded cabinets, designer-selected tile backsplash & GE stainless appliances, this gourmet kitchen is a dream come true for any want-to-be chefs. Relaxing is easy on the extended outdoor covered living area or inside the Owner's spa-like bath complete with large walk-in custom-tiled shower, tub, dual sinks and his/her walk-in closets. Upgraded tile, carpet and pad throughout

34159 N Borgata Trail Queen Creek, AZ 85144

$899,334
4 Beds
3.5 Baths
2,973 SqFt
Status Active
MLS # 6721274
Property Type Single Family Residence
Price Type --
Welcome to this new home in Prelude at Oro Ridge boasting a 3 car garage, 4 bedrooms, a den, and 3.5 bathrooms! This well-thought-out floorplan will not disappoint! Box beams and fireplace at great room! The kitchen features Jennaire Stainless Steel appliances, Quartz Countertops, and Urban Taupe Cabinets. The primary suite is lavish with a freestanding soaking tub in the ensuite. You will love the upgraded doors and baseboards throughout! Do not miss out on this gorgeous home!

18826 E Celtic Manor Drive Queen Creek, AZ 85142

$899,232
4 Beds
3.5 Baths
3,258 SqFt
Status Active
MLS # 6682544
Property Type Single Family Residence
Price Type --
MLS#6682544 Discover the charm of the Adair 1-story home at Legado Summit Collection! Step onto a welcoming portico leading to a sunny courtyard and porch. Inside, an open-concept layout awaits with a great room, kitchen, and dining area, all connected to a covered patio. On one side, a bedroom and teen room share a full bath, while the primary bedroom boasts its own bath and walk-in closet. The other side features a 1-car garage, flex room, 2-car garage, laundry, and two more bedrooms with a bath. Enjoy spacious, functional living in sunny Arizona! Design upgraded include: chef kitchen with GE monogram appliances. Design options include: Classic Canvas Collection - Fanfare.

4655 W Bonnie Lane Queen Creek, AZ 85144

$899,000
5 Beds
4 Baths
3,525 SqFt
Status Active
MLS # 6751817
Property Type Single Family Residence
Price Type --
BRAND NEW Constructionwith NO HOA! Stunning Modern Farmhouse on a 1.25 ACRE LOT w/ Horse Privileges. 4 Car Side Entry Garage and GUEST LIVING w/ Seperate Entry. Gourmet Kitchen with WOLF APPLIANCES, high-end Cabinets w/ 42'' uppers, White Quartz Countertops, 36'' Cooktop, Built-in Stainless Steel PULL DOWN Microwave and Wood Plank tile Floors. Stunning Master Bathroom with Freestanding Soaking Tub, BEACH ENTRY Modern Glass Shower and Beautiful Double Vanities. Exceptional Energy Efficient - boasting Spray Foam Insulation, Premium Trane 14 seer AC units & High-end Windows. Superior Construction and Craftmanship includes Premium Roofing System, Premium Synthetic Stucco & much more! Close to hiking and horseback riding trails in San Tan Mtns. ESTIMATED COMPLETION DATE Jan/Feb.

4474 N Ashbury Court Apache Junction, AZ 85119

$899,000
4 Beds
3 Baths
3,205 SqFt
Status Active
MLS # 6753646
Property Type Single Family Residence
Price Type --
BRAND NEW Construction w/ Custom-Quality Upgrades throughout! This beautiful Modern Farmhouse is located on 1 ACRE of Horse Property w/ a TEEN ROOM & DEN. Gourmet Kitchen w/ high-end Cabinets w/ 42'' uppers, White Quartz Countertops, 36'' Cooktop, Built-in Stainless-Steel Microwave Drawer, WOLF GAS Oven/Cooktop, STEAM OVEN & Wood Plank Tile Floors. Stunning Master Bathroom w/ Freestanding Soaking Tub, BEACH ENTRY Glass Shower & Double Vanities. Exceptional Energy Efficient - boasting Spray Foam Insulation, Premium Trane AC units & High-end Windows. Superior Construction & Craftmanship includes Premium Roofing System, Premium Synthetic Stucco & much more! $5,000 to Buyer at Close of Escrow which shall be used towards Buyer installing a water filtration system. MOVE IN ready in Dec/Jan.

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