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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1890 W Roderick Lane Wickenburg, AZ 85390

New

$895,000

4 Beds

3 Baths

2,787 SqFt

Status Active

MLS # 6763892

Property Type Single Family Residence

Price Type --

Beautiful Wickenburg home surrounded with never-ending Mountain Views. Great central location. Double master, located on separate ends of home w/private access. Perfect for guests. Open floor plan for entertaining, granite countertops and custom cabinets throughout home. Back patio area to enjoy evening BBQs, equipped with hot tub for relaxation. Bring your horses - move in ready. Access right at property to ride/exercise horses through the wash. Equipped with pipe pens & shelter. Very clean & well-maintained home - MUST SEE!!

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1509 W Kiowa Avenue Mesa, AZ 85202

$895,000

4 Beds

3 Baths

2,750 SqFt

Status Active

MLS # 6762417

Property Type Single Family Residence

Price Type --

Step into this beautifully remodeled home where every detail is designed for luxury and entertainment. This corner lot home has only one neighbor and is everything but ordinary! The HIGHLY desirable Dobson Ranch community is a picturesque, master-planned community built around scenic lakes and filled with top-notch amenities: multiple pools, tennis courts, parks, and walking trails, along with an 18-hole golf course- which is VIEWABLE from this homes very back yard!! The MAIN house boasts 3 spacious bedrooms and 2 modern bathrooms, while the attached, private 1-bedroom, 1-bathroom CASITA offers the perfect retreat for guests or family. Entire home is porcelain and travertine tile, no carpet. CASITA is a completely self containing home on its own with 1 ton wall unit for heating/cooling, washer/dryer, bidet and even RO just like main house. Your primary suite has it's OWN additional room to use as an office, workout or lounging space. En Suite bathroom has modern upgrades, dual sinks and walk in shower. Your chef's kitchen is the heart of the home, featuring stainless appliances-including not 1, but 2 FULL-SIZE refrigerators! Yes,you read that right...2! An apron-style under-mount sink with upgrades like a glass rinser, RO, a sleek low-profile hood, built-in microwave at an accessible height, and an abundance of soft-close cabinets. The stunning counters, Delta Terra QUARTZ **book-matched for symmetry and flow** featuring 3 waterfall edges-- true conversation starter!! Adjacent to the kitchen, the matching wet bar elevates the space with a pull-down faucet, reverse osmosis system, on demand hot water, dual fridges, and an ice maker, all perfectly placed around a cozy wood burning dual sided fireplace. Your open floor plan has breathtaking vaulted ceilings and overlooks the backyard from every window. Outside, the entertainer's dream continues with an expansive backyard, a large diving pool, mature hedges and ample space for gatherings or future backyard projects. This home is the perfect blend of modern style and functionality, and is situated on a golf course corner lot... Curious yet? Come check it out in person, you won't want to leave!

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7615 N 22nd Street Phoenix, AZ 85020

$895,000

3 Beds

2 Baths

1,979 SqFt

Status Active

MLS # 6762493

Property Type Single Family Residence

Price Type --

Nestled in the sought-after hillside neighborhood of Biltmore Highlands, this classic Hallcraft Terrace home is situated on the western slope of Piestewa Peak and the Phoenix Mountain Preserve. This private hillside retreat features 3 bedrooms, 2 baths, a 2-car garage, and a secluded backyard, perfect for relaxation and entertaining. The residence is within close proximity to an extensive hiking trail system in the Phoenix Mountain Preserve, just a short walk from your doorstep. Conveniently positioned near the 51 freeway, this home provides easy access to the entire city and is only minutes away from downtown Phoenix and Sky Harbor Airport. Come and discover the distinctive lifestyle that Biltmore Highlands has to offer!

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12927 W Bent Tree Drive Peoria, AZ 85383

New

$895,000

3 Beds

3 Baths

2,336 SqFt

Status Active

MLS # 6763713

Property Type Single Family Residence

Price Type --

Welcome to resort living in Trilogy at Vistancia. This beautiful 3 bed and 3 bath 2.5 car garage home also has a private casita for guests. As you enter the home you will pass through a grand foyer entry way. The chefs kitchen has been remodeled with new quartzite counter tops and large Quartzite island, newly added full pullouts in all lower cabinets, custom backsplash and new appliances. The Primary bath has a remodeled walk-in shower, new vanities, sinks, faucets countertops and backsplash tile.The Study/Wine Room boasts a beautiful wine refrigerator that conveys. The backyard is simply paradise. Enjoy entertaining all your guests in this resort like backyard with outdoor kitchen, pool and hot tub and putting green. Solar owned and paid off.

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8622 Jupiter Drive Flagstaff, AZ 86004

$895,000

4 Beds

3 Baths

3,209 SqFt

Status Active

MLS # 6744885

Property Type Single Family Residence

Price Type --

If you're looking for a beautiful multi-generational home on 2.5 acres with stunning views of the San Francisco Peaks, look no further! This property features a spacious main home of 2,473 sq feet, including 3 bedrooms and 2 bathrooms. Enjoy large family and living areas, both equipped with pellet stoves to keep you warm during the colder months. The fenced front yard is perfect for relaxing while enjoying the tranquility of rural living. Additionally, there's a charming 1 bed 1 bath guest home with an attached garage, ideal for short or long term living. This property backs up to the National Forest, providing excellent opportunities for hiking and watching wildlife. With ample space for outdoor toys, animals, and guests, you'll have plenty of room for all your needs.

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7611 E Casa Grande Road Scottsdale, AZ 85258

$895,000

3 Beds

3 Baths

2,382 SqFt

Status Active

MLS # 6693927

Property Type Single Family Residence

Price Type --

PRICE IMPROVEMENT. McCormick Ranch patio home nestled in the prestigious guard gated Sandpiper Subdivision. This 3bed/3bath offers neutral decor, high ceilings and an airy ambiance. Natural light pours in through the main living space with a wall of windows creating a warm inviting atmosphere. Home features dark wood floors and crown molding throughout. The kitchen offers stainless steel appliances, granite countertops, breakfast bar and pantry. Gorgeous built-in buffet spans the dining area for tons of extra storage space. Primary bathroom features an oversized walk-in shower remodeled in 2023. Fabulous center courtyard is the perfect space to relax or entertain. This lovely community has heated pools and spas, a lush serene landscape, all in the perfect Central Scottsdale location.

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5056 S Opal Place Chandler, AZ 85249

$895,000

4 Beds

2.5 Baths

2,859 SqFt

Status Active Under Contract

MLS # 6697690

Property Type Single Family Residence

Price Type --

**Whispering Heights was nominated one of Chandler's Excellence Neighborhood Award**. This home is located in** Top Rated School District, Chandler Unified. It is one block away from the gifted Weinberg Academy**. The backyard, a true oasis that epitomizes resort-style living. A sparkling pool awaits, complete with a spacious baja step and a swim-up bar nestled under a charming Ramada with BBQ. This meticulously maintained home, 4 bed plus den( w doors) home features an oversized family room off the kitchen AND a separate room for entertainment or sitting room. There are no neighbors behind, corner lot in a cul del sac behind a beautiful green belt and walking distance to Veteran's Oasis Park! Many upgrades including, HVAC, flooring, carpet, kitchen remodel, new hot tub that conveys, turf, interior and exterior paint. The owners suite is very oversized with a separate entrance to the backyard. The 3 other bedrooms and den/ office are situated on the opposite side of the home as well the single car garage. The 3 car garage features built in cabinets and epoxy floor and water softener. The home has a full inspection and roof completed too!

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15052 N 100th Place Scottsdale, AZ 85260

$895,000

3 Beds

2 Baths

1,677 SqFt

Status Active

MLS # 6689619

Property Type Single Family Residence

Price Type --

OFFERED COMPLETELY TURN-KEY INCL. LINENS AND PATIO FURNTURE! Just bring your suitcase and move right in! Sparkling clean updated Great Room split 3 bedroom 2 bath with pool and 2 car garage on a corner lot. Vaulted ceilings and huge windows with views. Control 4 system, RING cameras front and back. Also for lease 30 day minimum no maximum.

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1708 E Verde Lane Phoenix, AZ 85016

$895,000

6 Beds

6 Baths

2,462.70 SqFt

Status Active

MLS # 6746455

Property Type Single Family Residence

Price Type --

For investors seeking an IMMEDIATE INCOME generation with no additional investment required! 2023 average occupancy rate 93%. Current Airbnb rating 4.85 out of 5. CAP RATE 9.64%!!! Possible to enter with 5% DOWN! Meticulously RENOVATED 5-UNIT Short-Term Rental in Central Phoenix! Comes with over $5,000 in Bookings. Nestled in one of Phoenix's most DESIRABLE LOCATIONS with immediate access to HWY-51, 2 min drive to Phoenix Children's Hospital, 8 min drive to Biltmore Fashion Park, top-rated dining, and vibrant nightlife. This rental is a top choice of traveling nurses! Each unit is designed to provide guests with comfort and style, ensuring HIGH OCCUPANCY RATES. Every unit features a modern Kitchen, Bath, and separate Private Access. A well-maintained shared outdoor space with seating, hammock, fire pit and BBQ facilities creates an inviting atmosphere for relaxation. Convenient laundry facility w/washer & dryer is available for guest use.

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3538 E Squawbush Place Phoenix, AZ 85044

$895,000

4 Beds

2.5 Baths

3,010 SqFt

Status Active

MLS # 6719100

Property Type Single Family Residence

Price Type --

Discover the charm of this immaculately designed property in the highly sought out community of Canyon Estates. The pride of ownership shows the high level of care this property has received over the years. With a neutral pallet throughout allows for ease of design. A highly in demand downstairs master bedroom and laundry is just one of the enticing features that this beautiful home has with 4 bedrooms, 2.5 bathrooms, living room, den, eat -in kitchen, a separate office and a lofted upstairs featuring a custom built in desk and book selves. Relax in your backyard oasis by the pool or practice on your own putting green. This property has so many upgrades and is a much see. Note: all artwork, and Lease water softener do not convey.

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15232 N 102nd Street Scottsdale, AZ 85255

$895,000

4 Beds

3 Baths

2,515 SqFt

Status Active Under Contract

MLS # 6693782

Property Type Single Family Residence

Price Type --

MUST SEE McDowell Mountain Ranch Masterpiece! 4 beds/3 baths PLUS a large home office. Backyard shines with a sparkling heated pool & spa. Beautifully updated, this lovely home includes soft close shaker cabinets, quartz countertops, wood-like porcelain tile floors, plush carpet w/ upgraded pad upstairs, gas fireplace, double oven/gas range, master bathroom features tile shower, oversized soaking tub w/ tile surround, double sinks w/ modern light fixtures. Huge walk-in closet in the primary bedroom . Downstairs bathroom has a lovely tile shower as well. Both AC's have been replaced. Canned lighting added & modern light fixtures. Pool/spa have been resurfaced & automated. Backyard w/citrus trees. Community has tennis, pickelball, heated pool/spas, walking & hiking trails & golf course.

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401 N Whitetail Knob Drive Payson, AZ 85541

$895,000

3 Beds

3 Baths

1,882 SqFt

Status Active

MLS # 6694079

Property Type Single Family Residence

Price Type --

Rare picturesque mountain home in a very private peaceful location right under the Mogollon Rim near the headwaters of the East Verde River, with amazing views of the Rim. The House has two bedrooms & a loft plus a guest house. Abundant decks and serene landscaping invites refreshing relaxation. The lush greenery is fed by irrigation water pumped to the house from the ditch, fed by the East Verde River. Private access is afforded by a private driveway on US Forest Service land by permit. The adjoining lots 55 and 54, can be purchased for an additional price of $550,000. Also the property is ajacent to the national forest sevice on its entire eastern property boundary line, giving the property the feel of its own privite canyon retreat. See document tap Survey & REA Property Flyer

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