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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5244 E Charleston Avenue Scottsdale, AZ 85254

$895,000
3 Beds
3 Baths
2,387 SqFt
Status Active
MLS # 6757944
Property Type Single Family Residence
Price Type --
Prime location 85254 at an unbeatable price! Home has been very well maintained. Full roof underlayment replacement 2019. Two Trane AC units 2022. Exterior house paint 2023. This spacious floor plan boasts a Kitchen that was made for entertaining. Beautiful neutral colored granite counter tops. SS appliances. Custom solid maple cabinets (throughout the home). Two islands with extra cabinet space. Vaulted ceilings with lots of natural light. No carpet in living areas. Primary bedroom has large walk-in closet with custom shelving. Den/office has built-in shelving. Can also be easily converted to a 4th bedroom. Large backyard with extended paver patio area. Sun screens throughout. 3 car garage with built-in cabinets/work bench. Matching slab of granite for bathroom counters conveys with home

8547 E Via De Encanto -- Scottsdale, AZ 85258

$895,000
3 Beds
2 Baths
1,970 SqFt
Status Active
MLS # 6736739
Property Type Single Family Residence
Price Type --
Welcome to your stunning 3-bedroom, 2-bathroom oasis in the sought-after Sands Scottsdale subdivision of Scottsdale, AZ. This 1,970 square feet home boasts a beautiful pool, luxurious travertine and turf in the backyard, perfect for entertaining or relaxing in style. Situated on a spacious corner lot with a 2-car garage. With triple Sliding Door access to the covered & enclosed patio with a decorative security screen door. Just one block away from fabulous Zumi park. Embrace an active lifestyle with nearby walking paths, hiking trails, and premier golfing opportunities. Just minutes to the Pavilions, shopping, restaurants and railroad park. Approx 1 mile to the 101. Best location in all of Scottsdale. Don't miss out on this fabulous opportunity to own a piece of paradise in Scottsdale!

1520 E San Miguel Avenue Phoenix, AZ 85014

$895,000
3 Beds
2 Baths
1,646 SqFt
Status Active Under Contract
MLS # 6758109
Property Type Single Family Residence
Price Type --
Don't miss your opportunity to own a classic North Central Ranch home on one of the most desirable streets in the area, featuring irrigated lots and mature trees. Stepping into the home, from your private, gated courtyard, you are greeted with ample sunlight, courtesy of the North/South orientation. Tasteful updates abound in this unique home. The kitchen is perfect for cooking and gathering, while the living areas offer plenty of room to relax. Outside, your private backyard oasis awaits, featuring a sparkling pool surrounded by mature landscaping—ideal for unwinding or hosting friends. Located in a tight knit neighborhood with easy access to local hot-spots, this home offers the perfect setting for your next chapter. Make it yours today!

20489 S 199th Place Queen Creek, AZ 85142

$895,000
4 Beds
2.5 Baths
3,250 SqFt
Status Active
MLS # 6755928
Property Type Single Family Residence
Price Type --
Welcome Home to the Gated Community of Cielo Noche in Queen Creek, Beautiful 4 Bedroom, 2.5 Bath Plus an Office & Bonus Room, Large Corner Lot, Kitchen Area w/ Large Island, Granite Counters, New Wolf Gas Cooktop, Double Ovens, New 4 Door Refrigerator, New Dishwasher, New Microwave, Large Primary Bedroom, Primary Bath w/ Tiled Walk-in Shower, Garden Tub & 2 Walk-In Closets, NEW Pergo Flooring in Bedrooms, NEW Tiled Guest Bathroom Shower, Laundry Room w/ Sink, 3 Car Tandem Garage w/ Mini-Split HVAC System ($10K) & Ceiling Storage Racks, Tesla Powerwall Unit and OWNED Solar System ($37K), EV Charging Station, NEW North Side Dual Zone HVAC SYSTEM (2022), FRESHLY Painted Exterior , Large Backyard Space w/ Heated Pool & Spa and Extended Patio Area that is Great for Entertaining.

43908 N 10th Street New River, AZ 85087

$895,000
4 Beds
3 Baths
2,455 SqFt
Status Active
MLS # 6718757
Property Type Single Family Residence
Price Type --
Enjoy the best views in New River! Panoramic valley and mountain views, gorgeous territorial custom home, wrap around decks and no HOA on almost 1.5 acres! This spectacular hillside home offers a large open concept floorplan, master suite on main level with another guest bedroom and bath. The Chef's kitchen boasts Alder cabinetry, polished light Corian, black appliances. The dining area offers amazing views! The laundry has cabinets and a sink. All appliances convey. The lower level has 2 bedrooms and a Jack n Jill bath. All bedrooms have access to the view decks or patios. All tile floors, walls of glass, dramatic fireplace in grtrm, luxury master suite, and a 3-car garage, plus new exterior paint. Backyard has a place for a spa and has a fire pit, with fenced area for pets.

28352 N 124th Drive Peoria, AZ 85383

$895,000
2 Beds
2.5 Baths
2,438 SqFt
Status Active
MLS # 6752527
Property Type Single Family Residence
Price Type --
Welcome to Luxury Living with OWNED SOLAR on an oversized CORNER LOT boasting 2 bedrooms plus den, 2.5 bathrooms and 2,430+ sq. ft. Featuring 10ft ceilings and PLANTATION SHUTTERS throughout. A chef's dream kitchen featuring stainless-steel appliances, dual kitchen islands, GAS COOKTOP and under cabinet lighting! Benefit from 34 fully OWNED SOLAR panels. HUGE PRIMARY SUITE with access to back patio, bath w/dual sinks, shower, soaking tub, and 2 WALK-IN CLOSETS. The backyard is truly a PRIVATE OASIS with neighbors only on 1 side. Soak in your PRIVATE POOL and enjoy the mature landscaping. Sip your morning coffee on the pergola covered courtyard and experience beautiful sunsets on the large, covered patio with sensor motorized sunscreens. The 3-car tandem garage provides ample space for vehicles, with built-in storage cabinets. This home has been meticulously maintained, a MUST SEE! All of this is located within the award-winning 55+ Community of Trilogy at Vistancia, that offers resort style living at its finest.

22933 E Silver Creek Lane Queen Creek, AZ 85142

$895,000
5 Beds
4.5 Baths
4,897 SqFt
Status Active Under Contract
MLS # 6738032
Property Type Single Family Residence
Price Type --
Say hello to luxury living in Meridian! This almost 5000 sq-ft beauty is the LOWEST priced home with this amount of square footage in the community. This two-story home is packed with unique upgrades, including a jaw-dropping 12-foot ceiling with Da Vinci antique gold tiles. Inside, enjoy spacious bedrooms, rich hardwood floors, and a tropical backyard retreat with a pebble tech pool and Baja shelf. You can soak in mountain views from the master suite upstairs where you'll also find a versatile loft area. The resort-style backyard features a waterfall/grotto pool, tiki torches, ambient lighting, and a gazeboperfect for your staycation dreams. The Next Gen Suite offers private space for guests or rental income, with its own entrance. Located in the Meridian community with quick access to the 24, shopping, and dining, this home also features a 4-car air-conditioned garage. Sellers are motivated. Bring us an offer today!

4536 E Paradise Lane Phoenix, AZ 85032

$895,000
4 Beds
3 Baths
2,050 SqFt
Status Active Under Contract
MLS # 6743454
Property Type Single Family Residence
Price Type --
Discover this completely remodeled gem just north of the new PV Mall development! This 4-bedroom, 3-bathroom home has been meticulously renovated from top to bottom, leaving no detail untouched. The open-concept layout showcases a stunning kitchen with brand-new GE appliances, perfect for entertaining and everyday living. Two of the bedrooms are en suites, offering private retreats within the home. Step outside to your expansive backyard, where you'll find a newly resurfaced pool, new landscaping, and plenty of space for outdoor activities on a generous 10,000+ sq ft lot with RV gate access. Upgrades include new HVAC system, AC, windows, and doors, this home is truly move-in ready and built for comfort. Don't miss this opportunity to own a beautifully updated home in a prime location!

3628 E Weldon Avenue Phoenix, AZ 85018

$895,000
3 Beds
2 Baths
1,852 SqFt
Status Active
MLS # 6753668
Property Type Single Family Residence
Price Type --
Immaculate and move in ready 3 bedroom, 2 bath single story home located in the highly desired subdivision of Suncrest Estates. This beautiful home was meticulously landscaped and completely remodeled in 2024. This home features a new roof, new windows, open concept updated kitchen with stainless steel appliances, new cabinetry, quartz countertops, completely remodeled bathrooms, new paint, new wood look tile floors, new plumbing and lighting fixtures. Located on a quiet cul-de-sac lot in one of the most highly coveted areas in Phx! Easily the best overall value in Arcadia. Close by great restaurants, shopping, trails & Camelback Mountain.

7180 W Tombstone Trail Peoria, AZ 85383

$895,000
5 Beds
3.5 Baths
3,901 SqFt
Status Active
MLS # 6757337
Property Type Single Family Residence
Price Type --
Welcome to the highly desirable community of Aloravita! Situated on a north/south facing corner lot, this beautiful two story plan will appeal to you the moment you drive up. Walk in to large vaulted ceilings and an abundance of natural light, differentiating this home from the majority you'll see on the market. The wide open floor plan is ideal for many buyers who are searching for a home with the perfect functionality. The kitchen boasts a large island with beautiful cabinetry, quartz countertops & SS appliances. Large bedrooms, a wonderful office, a huge loft area that doubles as a second living room & ample storage space make this a home that truly has it all.The beautiful backyard will require little maintenance too,with the turfed yard & all plants on a drip system. See this TODAY!

2207 E Canary Drive Gilbert, AZ 85297

$895,000
4 Beds
3 Baths
2,462 SqFt
Status Active
MLS # 6750705
Property Type Single Family Residence
Price Type --
STUNNING Model-Grade Home located in the desirable, gated community of STRATFORD in GILBERT! This beautifully upgraded home is situated on a corner lot, featuring a wraparound front porch. Step inside to discover an open & inviting floor plan that seamlessly blends style and functionality. Luxurious family room with sliding glass wall that opens to the beautifully landscaped backyard, perfect for indoor-outdoor living. The kitchen is a chef's dream boasting premium appliances, quartz countertops, upgraded cabinetry & lighting. Elegant finishes of wainscoting & shiplap in all the right places. Backyard is an entertainer's delight featuring a pergola with gas fireplace & grill, misters, and travertine tile patio. Don't miss this rare opportunity to own a truly unique and beautiful home! BUILDER UPGRADES: Corner lot with wrap around front porch (extra 5 ft west side yard), Unencumbered backyard view of San Tan Mountains, view of Central Park from the front porch. Top Level, Premium Tile throughout Family room/Patio Sliding Glass Wall Plantation Shutters throughout Upgraded Kitchen Island Light Fixture LED can lights; family room and middle bedroom Top of the line Appliance package with built in Frig/Freezer Upgraded completed Laundry room with cabinets, counter & sink Kitchen Farm Sink Upgraded Kitchen/pantry Quartz Countertops & skirt Kitchen/Butlers pantry backsplash Floating Vanities in all Bathrooms Upgraded under cabinet LED lighting in kitchen and pantry Undercabinet LED lighting in all bathrooms Upgraded Mirrors in all bathrooms Upgraded Master Bathtub/shower Upgraded Master Bathroom medicine cabinets Front bathroom shower with glass doors Middle bathroom glass tub doors Upgraded black hardware throughout 8' High Garage Door with Windows OWNER UPGRADES: Garage Floor finish Water Softener Custom Garage Storage and work Bench/Drawers Plumbed for gas dryer; Maytag Washer and Dryer Wainscoting Entry, hallways and into family room, kitchen island Shiplap in family room, master bedroom, den and front bedroom Custom slat wall entry, kitchen and butler's panty Custom remote-controlled shades on back patio and Pergola Custom AV Rack: eight camera system, distributed streaming audio system throughout home including backyard landscape system, networking, wired with fiber Elite Ring Doorbell Automated front door lock Automated Garage door opener Automated Thermostats Custom Built-ins - master closet, middle bedroom Chameleon/Vacuflo Central VAC - four locations; family room, middle bedroom, laundry room, and garage with all attachments Custom Painted Kitchen Island Automated outside front sconce lights Back Yard Landscaping: turf, pergola, gas fireplace, gas BBQ griddle, café lights, automated misting system on pergola, LED flood lights, walnut travertine tile patio, pergola and fence/plants surround, PVC irrigation (no tubing in back), shrubs, trees, trellises Painted backyard interior fence to match community common area color Automated Rachio Irrigation System Screwless Faceplates throughout Doggie Door - den to west side yard dog run Master Bath Barn Door Den paned window French Doors Ceiling Fans Dining Light Fixture Kitchen Curtains on sliders Paver Border front and side yard - filled in pavers at trash bins Turf friendly backyard shade screens Wireless Access Point (WAP)

11876 W Nadine Way Peoria, AZ 85383

$895,000 - 4Br/4Ba -  for Sale in Vistancia, Peoria
New
$895,000
4 Beds
3.5 Baths
3,674 SqFt
Status Active
MLS # 6763834
Property Type Single Family Residence
Price Type --
This Is It! Beautiful & Highly Upgraded Coronado Floor Plan In The Desirable Vistancia Community! Home Shows Like A Model! Nice Curb Appeal, Pavered Driveway, This Home Features An Expanded Patio, Multi Slider, Ideal For Outdoor Entertainment. 4 Bedroom, Loft/Game Room, Dining Room, & Large Great Room w/Custom TV Wall, Plantation Shutters, Pool Table & Spa Included w/Full Price Offer! Gourmet Kitchen w/Beautiful Cabinetry, 36in Gas Cooktop & Hood, Butler's Pantry, Granite Countertops, Stainless Steel Appliances, Built In Office Nook, Main Bedroom w/Tiled Shower & Tub, Huge Walk In Closet, Amazing Backyard w/Beautiful Pool, Stone Water Sheer, Table, & Baja Shelf, Pergola, Artificial Turf, Concrete Pad For Basketball Court, RV Gate, Located In A Prime Location In Peoria, AZ, Vistancia Has Planned Community In AZ For 10 Years! Pools, Water Slides, Spa, Tennis Courts, Indoor Basketball Court, Parks, BBQ Grills, Picnic Tables, Playground, Ramadas, & More.

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