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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19055 E Poco Rio Drive Rio Verde, AZ 85263

$899,000
3 Beds
2.5 Baths
2,972 SqFt
Status Active
MLS # 6757638
Property Type Single Family Residence
Price Type --
Welcome to your dream retreat in the heart of Rio Verde's sought-after active adult community! This stunning 3 bed, 2.5 bath home offers 2,972 sqft of thoughtfully designed living space on a quiet interior cul-de-sac lot. Step inside to discover a spacious, open-concept layout filled with natural light and breathtaking mountain views. The chef's kitchen is a true highlight, featuring newer appliances, ample counter space, and a generous island perfect for meal preparation and entertaining. The adjacent dining area opens up to a large wrap-around patio, where you can savor the spectacular views and enjoy outdoor living at its finest. The primary suite boasts two walk-in closets, a luxurious en-suite bathroom with a walk-through shower, and two additional rooms that can be used as an office makeup room, or flex space to suit your needs. The second bedroom also offers its own en-suite bathroom for added convenience and comfort. An additional half-bath is perfect for guests. This home's location within a vibrant active adult community ensures a dynamic lifestyle, complete with championship-caliber 36-hole golf courses, pickleball courts, Tennis courts, Stunning fitness facility, Huge lap pool, and numerous social opportunities.

15816 E Echo Hill Drive Fountain Hills, AZ 85268

$899,000
2 Beds
2.5 Baths
2,736 SqFt
Status Active
MLS # 6748215
Property Type Single Family Residence
Price Type --
The latest inside-out makeover in Fountain Hills! If you do NOT want the most magnificent kitchen in this home segment? Skip this one. Sitting on a quiet interior street in a central upscale neighborhood, this polished gem has NO INTERIOR STEPS aside from stairs to an open-air loft & upper view deck. The lot's elevation provides dramatic mountain & sunrise views to the East, while the backyard's north orientation keeps the massive covered patio shaded from mid-morning on, ALL YEAR LONG! The backyard transformation matches the interior's, with 2 charming water features, a private garden, and 4 citrus trees. An oversized 3-car garage with additional workshop space & owned solar panels are icing on the cake. The owners completed this renovation to create their dream home; now it can be yours This is essentially a single level home with upstairs bonus space. It was purchased because of its wheelchair-friendly layout with no interior steps and generous interior passageways. The upstairs loft with powder room offers unlimited flexibility; it can be a oversize bonus room (game room, library, etc) with breathtaking eastern views, or could easily be converted to a spacious office and 3rd bedroom with full bath.

15641 E Sycamore Drive Fountain Hills, AZ 85268

$899,000
4 Beds
3.5 Baths
3,552 SqFt
Status Active
MLS # 6760447
Property Type Single Family Residence
Price Type --
Enjoy mountain views from this spectacular property with a portico in Fountain Hills! Beautiful updates are throughout this unique home. An abundance of windows and vaulted ceilings opens this home to light and air. Gather in the lovely kitchen boasting stainless and custom appliances, display cabinetry, center island with vegetable sink, pot filler at large range, extended backsplash and built-in wine cooler! There is banquette seating ready for a table to enjoy your morning coffee. The Generous primary suite affords a private sanctuary with ensuite bath and wash views. A vaulted living room is outfitted with a wet bar and focal fireplace to enjoy the views. 3 other bedrooms assures there is plenty of room for work, play and rest for everyone. Additional spaces provide an area for... storage or to create a custom space for yourself. Centrally located, this home benefits from a short commute to schools, shopping, parks and the famous fountain! See all the possibilities this property brings!

5843 W Abraham Lane Glendale, AZ 85308

$899,000
4 Beds
2.5 Baths
3,003 SqFt
Status Active
MLS # 6753165
Property Type Single Family Residence
Price Type --
Situated on the 15th Fairway of the Legends Golf course in Arrowhead Lakes, This 4 bedroom 2.5 bath home is beautifully appointed. Step inside to a grand entrance with a gorgeous view of the golf course with three large picture windows in the open living/dining room. Kitchen features include granite counter tops, rich cabinetry, stainless appliances, wall ovens, gas cooktop, kitchen island and great breakfast area. Cozy family room anchored by a gas fireplace. Wonderful primary bedroom with ensuite where you will find a step in shower, soaking tub, dual vanities and walk in closet. Shutters, architectural niches, and arched entries are just some of the special touches you will notice. Outside you will find a lovely covered patio overlooking the infinity swimming pool and spa. Nicely landscaped back yard space with al fresco dining area and built in BBQ. Perfectly located with close proximity to shopping, entertainment and freeways - this gorgeous home has it all.

20161 N 272nd Lane Buckeye, AZ 85396

$899,000
3 Beds
2.5 Baths
2,849 SqFt
Status Active
MLS # 6758769
Property Type Single Family Residence
Price Type --
This is a very unique property in Sun City Festival, a 55+ active adult community with incomparable amenities! This 3-bed, 2.5 bath home features a den, formal dining area and a billiards room. AND the list price includes ALL furnishings. The best part is the east-facing backyard, nestled against the 5th hole on the Vista course, with a lake, fountain and mountain views! This oasis-like setting includes a pool with a heater and cooler and in-ground firepit, all perfect for entertaining. The spacious kitchen includes SS appliances and a gas cooktop. The master suite features dual vanities, shower and tub. The full-size 3-car garage includes built-in cabinets. Other special features include a Bose sound system, Brinks security, in-house vac and a new 2023 AC unit. This home is a MUST see!

18997 N 90th Way Scottsdale, AZ 85255

$899,000
3 Beds
2.5 Baths
2,145 SqFt
Status Active Under Contract
MLS # 6735263
Property Type Single Family Residence
Price Type --
NESTLED NEAR THE BASE OF THE MCDOWELL MOUNTAIN RANGE, THIS 3-BEDROOM, 2.5 BATH CHARMING RESIDENCE BEAUTIFULLY CAPTURES GORGEOUS VIEWS! ENJOY THE PRISTINE DESERT, SCENIC SAGUAROS AND MAGICAL MOUNTAINS DAILY! ENTER TO AN OPEN GREAT ROOM WITH A CUSTOM BAR, AND 2-STORY SOARING CEILINGS IN THE LIVING AND DINING AREAS. THE WHITE KITCHEN IS ELEGANTLY UPDATED AND A LOVELY FIREPLACE ANCHORS A SPACIOUS GREAT ROOM. A LARGE DOWNSTAIRS OWNER'S SUITE WITH A SLEEK UPDATED BATH AND NEW CUSTOM CLOSET ALLOWS FOR SINGLE LEVEL LIVING. HEAD UPSTAIRS WITH A MODERN STAIR RAIL TO FIND 2 SPACIOUS BEDROOMS, A REMODELED BATH AND A LARGE LOFT/OFFICE THAT COULD EASILY BE CONVERTED INTO A 4TH BEDROOM. ENTERTAIN OUTDOORS WITH A SPARKLING POOL, COVERED PATIO & OPEN SPACE VIEWS, OFFERING SPECTACULAR NIGHTLY SUNSETS! THIS PREMIUM LOT IN THE IRONWOOD VILLAGE COMMUNITY IS NEAR DC RANCH MARKET STREET, AJ'S GOURMET GROCERY STORE, NOTRE DAME PREP HIGH SCHOOL, HIKING & BIKING TRAILS, GOLF & THE DC RANCH VILLAGE AND PICKLEBALL CENTER.

1532 W Loma Lane Phoenix, AZ 85021

$899,000
3 Beds
2 Baths
2,429 SqFt
Status Active
MLS # 6744527
Property Type Single Family Residence
Price Type --
Beautiful classic ranch style home with detached casita. The main house includes 2429 square feet with 3 spacious bedrooms and 2 baths. The casita totals 555 square feet with attached storage room. Beautifully remodeled throughout. The kitchen features custom cabinets, stainless appliances with double ovens and a gas stove top. The breakfast area boasts a built-in buffet and desk area and tons of storage. This home is perfect for entertaining inside and out. Cozy family room offers a wood burning stove. French doors lead to the bright Arizona room. Additional features include Plantation shutters and ceiling fans throughout, recessed lighting, remodeled bathrooms, and tile flooring. Enjoy the large backyard offering lush green landscape, sparkling diving pool, shade trees, and so much more

14434 E Willis Road Gilbert, AZ 85297

$899,000
4 Beds
2 Baths
2,540 SqFt
Status Active
MLS # 6747549
Property Type Single Family Residence
Price Type --
Location, location, location! Here's your chance to snag a little slice of paradise—a one-acre horse property that's equal parts charm and convenience, and absolutely no HOA in sight. This 2500 sq. ft., four-bedroom, two-bath home is like a blank canvas waiting for your personal touch. Whether you're into the modern farmhouse vibe, a dash of Santa Barbara, or a hint of Spanish style, this place has the bones to make it all work, complete with Saltillo tile and those cool hand-painted decorative inlays that add just the right amount of flair. The house got a major glow-up in 2019, with a fresh new kitchen and bathrooms, but it didn't stop there. The roof is new, the pool's been resurfaced and re-tiled (with all-new equipment), and the electrical system was completely updated in 2021 and 2022. So, you're not just getting styleyou're getting substance, too. But let's talk about that 1200 sq. ft. outbuilding in the back. Is it a barn for animals or a toy barn? Both, you bring all your animals but it's perfect for car collectors, RVs, side-by-sides, or boat enthusiastsor maybe just a cool hangout spot. Located in a prime spot in Gilbert, you get all the peace and quiet of country living, with the bonus of having shops, restaurants, and city amenities just around the corner. And those evening skies? They're like a daily dose of cotton candy sunsets that'll make you fall in love with this place over and over again. So, if you're looking for a home that's as flexible as your imagination and as solid as your dreams, this might just be the one.

312 E Windsor Avenue Unit 11 Phoenix, AZ 85004

$899,000
3 Beds
3 Baths
2,400 SqFt
Status Active
MLS # 6750873
Property Type Townhouse
Price Type --
Our eyes are made to see forms in light: light and shade reveal these forms. Rising like the sun over Midtown Phoenix is Soleil. Inspired by Original Modernism; built for connoisseurs of live, work, play. There's a renaissance going on in PHX and you can be close to it all. Uber or light rail yourself to 3 rd Street Promenade and into secluded hidey holes! And when you need to unwind? You're 15 minutes away from exciting, desert hiking trails. It's here you'll witness sun-setting colors pour and splash themselves all over the Sonoran Desert.

11542 E Christmas Cholla Drive Scottsdale, AZ 85255

$899,000
2 Beds
2.5 Baths
1,743 SqFt
Status Active
MLS # 6734009
Property Type Single Family Residence
Price Type --
Welcome to your perfect ''Lock N' Leave'' luxury home, nestled in the prestigious Desert Views at Troon Village. Surrounded by the breathtaking mountain views of Pinnacle Peak and Troon, this beautifully updated residence offers the ultimate blend of elegance and convenience. The meticulously designed 1,743 square foot home features a thoughtful split floor plan with two primary en-suite bedrooms, a stylish den, and a rare 2.5 baths, accentuated by 10-foot ceilings. The expansive great room layout amplifies the sense of space beyond its dimensions. Step inside to discover a tastefully renovated interior, highlighted by a recently remodeled kitchen. This culinary haven boasts granite countertops, a spacious breakfast bar, a kitchen island, wine fridge, and top-of-the-line stainless steel appliances. Soft-close maple wood cabinetry adds a touch of sophistication. The foyer leads to a chic half bath, featuring a custom floating sink crafted from honed quartzite, complemented by a stunning copper fixture, bespoke lighting, and designer wallpaper from Lemieux Et Cie, evoking the luxury of a 5-star resort. The main primary bedroom is a sanctuary, complete with a private patio and large bathroom windows that frame the mesmerizing views of Pinnacle Peak. The luxurious bathroom offers a garden tub for soaking while admiring the serene backyard. The primary bedroom closet is a masterpiece, illuminated by custom dimmable LED lighting and adorned with designer wallpaper, and plush carpeting underfoot to enhance the sense of opulence. This closet is as functional as it is beautiful, with dedicated shelves for your shoe collection, open shelving for easy access, ample hanging racks, a pullout valet rod for outfit planning, and velvet-lined jewelry drawers for your treasured accessories. It's a space that combines convenience and sophistication, making daily preparations a joy. The backyard of this luxurious home is a sanctuary of relaxation and natural beauty, featuring a rejuvenating hot tub and a custom water feature that creates a serene atmosphere. The xeriscape landscaping is a masterpiece of sustainable design, incorporating over 50 varieties of desert plants to offer a true desert botanical experience. Thoughtfully placed lighting highlights the stunning flora and adds a magical ambiance to evening gatherings. As you relax and unwind, you'll be captivated by the distant mountain views and the iconic silhouette of Pinnacle Peak, creating a picturesque backdrop for every moment spent outdoors. This home is a golfer's dream, situated just minutes from world-renowned golf courses like Monument at Troon North, Grayhawk Golf Club, and Legend Trail Golf Club. Fine and casual dining options abound nearby, including the Four Seasons Scottsdale Resort, Mastro's Steakhouse, Preston's, Fleming's, Pescada, and more. Membership at Troon Country Club offers access to golf, tennis, pickleball, a lap pool, and a state-of-the-art fitness center, along with casual and fine dining options. You'll also be close to numerous renowned spas, including the Fairmont Princess Scottsdale Resort, the Four Seasons Spa, Agave Spa at The Westin Kierland Resort, and The Boulders Resort Spa. This home promises not to disappoint. Come embrace luxury living in the heart of Troon Village. Most furniture, artwork and accessories are available under a separate bill of sale. This home is truly ready to move right in, all you will need is your suitcase.

33624 N 7th Street Phoenix, AZ 85085

$899,000
3 Beds
2.5 Baths
2,128 SqFt
Status Active
MLS # 6755227
Property Type Single Family Residence
Price Type --
Welcome to your hidden gem in the Highlands of Desert Hills! This private retreat is perfectly nestled on a secluded lane just off 7th Street, offering breathtaking mountain views and endless possibilities. Step inside this meticulously maintained home and discover a warm, inviting space with beautifully updated flooring, a modern kitchen, and remodeled bathrooms. The expansive great room flows seamlessly into a bright and open kitchen, perfect for family gatherings and entertaining guests. Upstairs, you'll find three generously sized bedrooms, each boasting stunning mountain views from every window. The master suite offers a peaceful escape with its updated bathroom and serene atmosphere. Outside, the spacious backyard is your personal oasis, complete with a pergola-covered patio for relaxing afternoons, a manicured yard, and a guest RV spot with full hookupsperfect for visitors! Plus, a large covered carport provides plenty of storage for your RV or boat. This unique property sits on over 2 acres, with the option to subdivide for future building opportunities. Whether you're dreaming of expanding or simply enjoying your slice of paradise, this home offers endless potential. Don't miss out on this rare find.

6225 N 10th Place Phoenix, AZ 85014

$899,000
5 Beds
4 Baths
2,380 SqFt
Status Active Under Contract
MLS # 6755959
Property Type Apartment
Price Type --
Highly sought after location in the N Central corridor. Close to award winning restaurants, 5 mins to 51 freeway and 10 mins to downtown. Situated on a quiet, tree lined cul de sac lot., This 4 plex has been in the same hands for decades & needs updating. Always fully rented & professionally managed.

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