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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5328 W Lone Cactus Drive Glendale, AZ 85308

$899,000

4 Beds

3 Baths

2,866 SqFt

Status Active Under Contract

MLS # 6726774

Property Type Single Family Residence

Price Type --

Rare chance to own a solid red brick home located on a prime cul-de-sac lot w/170' of lake frontage! Custom boat dock & winding staircase to rooftop patio deck. Situated in an enclave of the lake that is mostly custom homes. North/South orientation, this stunner boasts 360 MTN views. Great room floorplan features solid oak wood floors recently refinished and ceilings set with crown molding. Entertainer's paradise with dining/living space accented by a 2 way fireplace warmly welcomes you home. Plantation shutters throughout. 4 car garage offers new cabinets & recent water heater. Home is pre-wired for security.

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4761 S Burma Road Gilbert, AZ 85297

$899,000

5 Beds

3.5 Baths

3,441 SqFt

Status Active

MLS # 6730706

Property Type Single Family Residence

Price Type --

Beautiful 5 bedroom, 3 1/2 Bath Home + Casita + Detached Garage located in Layton Lakes, Gilbert, AZ. This Lennar home is 3440+sf including a NextGen Casita. Main Home Ground Floor has a spacious open floor plan and a 2 car garage. Upstairs is 4 BR, 2 BA and a loft area. Casita is 1 BR with Kitchenette, Bath, Living Room and Laundry Area. It has a single garage, private main entry and patio. Great setup for a parent, older child or guest. Freestanding Garage 16'x30' with dbl RV gate. 12'x8' garage door. One of a kind in Layton Lakes.The oversize Yard has mature full landscaping, multiple patios and full watering systems. 2200+ sq ft of paver patios, walks and driveway

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312 E Windsor Avenue Unit 13 Phoenix, AZ 85004

$899,000

3 Beds

3 Baths

2,400 SqFt

Status Active

MLS # 6652435

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.

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7625 N 177th Avenue Waddell, AZ 85355

$899,000

6 Beds

5 Baths

2,832 SqFt

Status Active Under Contract

MLS # 6729064

Property Type Single Family Residence

Price Type --

This 2-acre equestrian property with flood irrigation features a 3-bedroom, 2-bath MAIN HOUSE and an attached GUEST HOUSE with 2 bedrooms, 2 baths, a full kitchen, a laundry room, and a private entrance. Additionally, there is a private EN-SUITE with 1 bedroom and 1 bath.The main house kitchen boasts upgraded granite counters, white cabinetry, stainless steel appliances, ample storage, a large walk-in pantry, and a kitchen island. The main living area features vaulted ceilings, an updated primary bath, spacious bedrooms, and a covered patio with a spa outside the primary bedroom, along with another large covered patio in the backyard. The property also includes a large sparkling POOL that is fully fenced and can be heated for the winter months. Detached shop 28' x 30' + Covered RV parking

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3240 E Melody Drive Phoenix, AZ 85042

$899,000

5 Beds

3.5 Baths

4,920 SqFt

Status Active

MLS # 6740429

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Villas at Toscana! This stunning single-family basement home boasts breathtaking views of South Mountain. Featuring 5 spacious bedrooms, 3.5 luxurious bathrooms, & a fully finished basement with its own kitchenette, this home offers ample space and privacy for family and guests. Newer AC units, New Carpet recently installed, Interior painted in 2024 & Exterior in 2021 and a newer water heater. Some of the features are Formal Dining, Spacious Den, 3 Bedrooms upstairs (split floor plan) with a Jack & Jill bathroom, 2 bedrooms downstairs. The main kitchen is a chef's delight with granite counters & upgraded stainless steel appliances, including a gourmet gas stove. Beautiful wood flooring graces the main areas, complemented by new carpet in the bedrooms. The master bath is a sanctuary with a jetted tub and separate shower. Experience the perfect blend of elegance & comfort.

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3808 E Powell Way Gilbert, AZ 85298

$899,000

3 Beds

2 Baths

2,361 SqFt

Status Active

MLS # 6711636

Property Type Single Family Residence

Price Type --

***DESIRED SEVILLE GOLF COMMUNITY***ALMOST A 3/4 ACRE N/S LOT***METICULOUSLY KEPT***LOADED WITH UPGRADES***DECORATOR TOUCHES***OPEN FLOOR PLAN*2 LIVING AREAS+DEN*UPGRADED CABINETS*LARGE KITCHEN ISLAND*GRANITE COUNTERTOPS*NEW FLOORING*NEW ROOF*NEW WINDOWS&DOORS*AUTOMATIC/REMOTE WINDOW COVERINGS*SECURITY SYSTEM&CAMERAS*NEW FIXTURES*FRESH PAINT*OUTDOOR LIVING AT IT'S BEST!!!*COVERED PATIO*EXTENDED PAVERS*SPARKLING POOL*NEWER VARIABLE SPEED PUMP*ABOVE GROUND SPA*GAZEBO*NEW IRRIGATION&LANDSCAPE LIGHTING*LARGE GRASS AREA*GARDEN*MATURE LANDSCAPING*CITRUS TREES*EXTRA STORAGE*RV GATE*3 CAR GARAGE*EXPOY FLOORS*NEW WATER HEATER*WATER SOFTENER*OPTIONAL MEMBERSHIP TO COMMUNITY WATER PARK,RESTAURANT,GYM,TENNIS,PICKLEBALL&GOLF*THE LIST GOES ON,MUST SEE ALL THE HOME HAS TO OFFER*

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3150 Hi Joe Road Lakeside, AZ 85929

$899,000

3 Beds

3.5 Baths

3,400 SqFt

Status Active Under Contract

MLS # 6713947

Property Type Single Family Residence

Price Type --

Nestled in the embrace of nature on 3.4 acres, this exquisite 3 bed 3.5 bath log-sided home is a haven of serenity and rustic luxury. BACKS TO NATIONAL FOREST, you can hike or ride your horse out the back gate into the forest. Imagine waking up to the gentle rustling of pine trees and the soft murmur of Porter Creek, as sunlight filters through your window, illuminating the spacious interiors that blend seamlessly with the great outdoors. The heart of the home, a grand rock fireplace, stands as a testament to the craftsmanship and attention to detail that has gone into creating this masterpiece. The kitchen, a culinary dream with its brand new double oven, invites you to create and share meals that become memories. ...READ MORE ... The barn, a versatile structure, awaits your vision to transform it into a home for your equine friends or a creative workshop. This property isn't just a home; it's a lifestyle, offering endless possibilities for those who seek tranquility and a deep connection with nature. Enjoy all the White Mountains have to offer! Winters with skiing, snowboarding, and sledding on the mountain or enjoy your snowmobile. During the spring there are plenty of outdoor events, lakes for fishing, and golf courses around the area. Enjoy farmers markets, small private restaurants, and holiday events for the family. Just imagine the small-town life at a slower pace with neighbors that still say hello and have a meal together.

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19927 W Meadowbrook Avenue Litchfield Park, AZ 85340

$899,000

4 Beds

3 Baths

2,130 SqFt

Status Active

MLS # 6732481

Property Type Single Family Residence

Price Type --

2 Acre Lot, Horse privileges, Pool & More--Welcome to your Desert Oasis! Custom Sante-Fe style home featuring 4 bedrooms & 3 bathrooms on 2 Private acres, great for privacy & enjoying the outdoors! Home has a gorgeous built-in fireplace in the great room with soaring vaulted ceiling, & wood beam accents. The kitchen includes plenty of cabinetry, granite counter-tops, stainless-steel refrigerator & dishwasher, built-in ovens, & hooded gas stove top. The primary bathroom has double sinks, spacious garden tub, & tiled walk-in shower. It has a full-length covered patio & 3 car garage and is wired for a 220 outlet. The Pebble-Tek pool has a waterfall & beautiful White Tank Mountain views. This lot has extra space to add on garages, horse stalls, & more. Come take a look at this serene oasis!

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2522 W Brisa Drive Phoenix, AZ 85085

$899,000

5 Beds

3.5 Baths

3,536 SqFt

Status Active

MLS # 6738844

Property Type Single Family Residence

Price Type --

Don't miss this incredible opportunity! This spacious 5-bedroom, 3.5-bath home with a den and loft is perfect for family living and entertaining. Located on the largest lot in the subdivision. The downstairs primary suite includes dual walk-in closets, a large shower, garden tub, and separate vanities. A dedicated office with quartz countertops and built-in cabinets is ideal for remote work. Also features washer and dryer on on both levels for added convenience. Enjoy the low-maintenance pool with water features and smartphone controls. The property also boasts a 70-foot concrete RV pad, a 12KW owned solar system, a whole-house humidifier, and a water softener with a reverse osmosis system. The sizable backyard is an entertainer's dream, boasting a covered patio, refreshing pool, and ample space for outdoor festivities. Make this beautiful residence yours today!

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8737 E Whitton Avenue Scottsdale, AZ 85251

$899,000

5 Beds

2 Baths

1,488 SqFt

Status Active

MLS # 6733270

Property Type Single Family Residence

Price Type --

It's a vibe! Luxurious 5 bedroom, 2 bath cul-de-sac home in the Heart of Charming Old Town Scottsdale. You will not want to miss this home. 1/3 Acre awaits for all the kids & toys. Wether you are looking for a family home or a well equipped vacation rental with solid income history. Designer touches throughout. Fun accent walls and 5 well appointed bedrooms. Everything has been updated! New kitchen, appliances, landscaping, flooring and brand new baths! Spring training is just a few blocks away. Conveniently located near the 101 freeway. Minutes away from all the fine dining, art, theater and shopping that Scottsdale has to offer! Furnishings available on Separate Bill of Sale.

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17779 E Silver Sage Lane Rio Verde, AZ 85263

$899,000

3 Beds

2.5 Baths

2,316 SqFt

Status Active

MLS # 6674812

Property Type Single Family Residence

Price Type --

Introducing the Lightly lived in Highly upgraded 2316 sqft Contemporary Brasada model built in 2022. It includes a custom front courtyard, an extra hobby room, and a double doored Den for flexibility in room usage. Both, The Primary Suite and The Formal dining room features upgraded Sliding doors leading to the patio. Other Key Upgrades include added doors to the Primary bathroom and Pantry along with the Built-in Monogram kitchen appliances. The front & the backyard is fully landscaped with pavers, synthetic grass, fruit trees, and a green hedge. The extension of Great room tiles into the patio via the upgraded large Stack slider doors seamlessly connect with the outdoors to enjoy the stunning views of the FourPeaks. Neutral grays and whites create a cohesive aesthetic throughout

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18206 W Sells Drive Goodyear, AZ 85395

$899,000

5 Beds

4 Baths

3,469 SqFt

Status Active

MLS # 6740880

Property Type Single Family Residence

Price Type --

* Welcome to the Desert Lily model * 5 bedrooms, 4 bath single level energy efficient, well-maintained entertainers home. Enter this beauty through the elegant foyer leading into a rotunda. Home includes a large formal dining room. Kitchen offers 36'' staggered cabinets, designer tile backsplash with engineered stone/ granite countertops, s/s appliances, double ovens, gas cooktop, butler's pantry and a huge eat in breakfast bar with room for the entire family. Enter your primary suite thru French doors and enjoy your newly laid wood flooring. A welcoming RV friendly home sitting on an almost 15k sq ft lot with both front and back irrigation to the ample foliage including your very own fruit trees low maintenance yard Pool is exquisite!!! perfectly placed gas fire and water bowls for those who love to entertain there is a covered patio large enough for your gathering. The community of Sedella offers multiple basketball courts, parks and a volleyball court. There are several walking paths and sidewalks big enough to drive your golf cart.

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