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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34213 N Borgata Trail Queen Creek, AZ 85144

$893,398

3 Beds

3.5 Baths

3,031 SqFt

Status Active

MLS # 6721281

Property Type Single Family Residence

Price Type --

Welcome to this new home in Prelude at Oro Ridge boasting a 3 car garage, 3 bedrooms, a den, and 3.5 bathrooms! This well-thought-out floorplan will not disappoint! The kitchen features Jennaire Stainless Steel appliances, Quartz Countertops, Urban Taupe Cabinets, and a waterfall island. The primary suite is lavish with a freestanding soaking tub in the ensuite. You will love the upgraded flooring throughout! Do not miss out on this gorgeous home!

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1501 N Miller Road Unit 1009 Scottsdale, AZ 85257

$890,000

3 Beds

2.5 Baths

2,080 SqFt

Status Active

MLS # 6749430

Property Type Townhouse

Price Type --

NEW HOMES DELIVERING NOW. Primely located END UNIT with incredible roof deck views. Vistas is a boutique Enclave of only 16 private, luxury homes in the Heart of Scottsdale. Open spaces, clean lines & abundant glass create a design experience to merge the indoors and outdoors. Vistas of Scottsdale are curated with a discerning eye using warm, organic tones and natural textures focusing on the personal nature of the home as a retreat. Sweeping Mountain Vistas are captured from the 580sf roof terrace and unique floating overlook to rival a hotel/restaurant environment. The 30ft wide main living area provides unparalleled openness and light. The builder's vision from the inception was to focus on incorporating premium materials to create an innovative Scottsdale lifestyle.

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14055 E Aloe Vera Drive Scottsdale, AZ 85262

$890,000

3 Beds

2.5 Baths

2,501 SqFt

Status Active

MLS # 6659427

Property Type Single Family Residence

Price Type --

MOVE-IN READY! Builder's lender financing incentive may available on this contemporary home by NEXTGEN Builders - Great views. This 3 Bedroom + office/den, 2.5 Bath luxury residence features an oversized 3-car garage, no HOA, a grand front door, extensive pavers on the sidewalk and 23' driveway, and a gourmet kitchen with a large island, white shaker cabinets, quartz countertops, and upgraded appliances including a convection oven/microwave combo and gas cooktop. Each bedroom has a walk-in closet. Master bath includes a spacious shower, standalone tub, and double sinks. Quality is evident with 8' doors, spray foam insulation, 2x6 framing, a fully sheathed exterior, and a post-tension foundation. Water is supplied by a shared well. Photos are of a model. Buyer to verify all facts and specs

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3928 E Powell Court Gilbert, AZ 85298

$890,000

4 Beds

2 Baths

2,361 SqFt

Status Active

MLS # 6742225

Property Type Single Family Residence

Price Type --

Gorgeously upgraded 4 bedroom, 2 bath home with den/office option in highly desirable Seville Golf & Country Club Gilbert Community and on a 1/2 acre lot! Inside features an open floor plan with tile and carpet, updated paint, shutters in main living area, two beautifully remodeled bathrooms and a kitchen made for the chef at heart with a large island, quartz countertops, Blanco Silgranit sink, 42'' cabinets, brand new Samsung BESPOKE appliances with gas range & walk-in pantry. Outside has upgraded front yard lush landscape with turf and the backyard is a complete oasis with mature landscape, large grass area, newly remodeled pool(heated)/spa with water feature, fire pots, Bose speakers, extended paver patio, amazing outdoor kitchen, pergola with propane fireplace and automated RV gate.

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16706 E Fairview Street Gilbert, AZ 85295

$890,000

4 Beds

2.5 Baths

1,849 SqFt

Status Active

MLS # 6757251

Property Type Single Family Residence

Price Type --

Welcome to your country retreat at 16706 E. Fairview St, Gilbert, AZ 85295! This charming full log cabin offers the serene lifestyle you've been dreaming of. Step into this delightful A-frame log home and let the warm, inviting ambiance envelop you. The high ceilings, rich natural wood, and abundant light create a cozy and welcoming space. The heart of the home features a beautifully remodeled kitchen and a spacious dining area, perfect for family meals and gatherings. Inside, you'll find four comfortable bedrooms, three bathrooms, a handy laundry room, an airy upstairs loft, and a generous family room. Outside, unwind on the expansive wraparound porch that graces three sides of the house—ideal for savoring your morning beverage or watching the world go by. Click ''More'' for more info. For your equine friends, there's a 6-stall horse barn ready to pamper them, along with lush, fenced irrigated pastures. Mature shade trees and a garden area adorn the large grassy yards, enhancing your outdoor enjoyment. Enjoy the best of country living while still being close to all the conveniences you need. Great schools, churches, San Tan Mall & Harkins Theatre, San Tan Village shopping (including Costco, Sam's Club, Starbucks, Wal-Mart, and WinCo), Gilbert Mercy Hospital, a local fire station, Discovery Park, and easy access to the San Tan 202 Freeway are all just minutes away. Come experience the charm and tranquility of this country havenyou'll never want to leave!

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3248 S Golden Barrel Court Gold Canyon, AZ 85118

$890,000

3 Beds

3 Baths

2,608 SqFt

Status Active

MLS # 6753279

Property Type Single Family Residence

Price Type --

NEWLY UPDATED Well appointed villa in SUPERSTITION MOUNTAIN.. NEW GRANITE IN KITCHEN AND ALL THE BATHROOMS. NEW FLOORING IN GREAT ROOM, DINING AREA, KITCHEN AND PRIMARY BEDROOM. NEWLY PAINTED INSIDE. Three bedroom, three baths. Open great room/dining room/kitchen layout. Viking appliances, Wet bar. WINE WALL.Large master suite with laundry conveniently located off the primary suite closet Two side patios - one with built in BBQ and fire table and the other with an above ground hot tub. Corner lot. Walking distance to the fitness center and TWO JACK NICKLAUS GOLF COURSES! Not a golfer? Enjoy pickle ball, bocce, tennis, hiking and many other activities You'll love it here!. Twenty minutes to Gateway Airport and 35 minutes to Phoenix Sky Harbor airports.Maintenance free living at its best Club Membership and amenities under a separate agreement. Buyer and/or buyer's agent to verify all pertinent information including square footage.

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3459 E Mockingbird Drive Gilbert, AZ 85234

$890,000

4 Beds

3 Baths

3,038 SqFt

Status Active

MLS # 6748919

Property Type Single Family Residence

Price Type --

Must lease back to seller for 3 years. GORGEOUS Home. UPGRADE galore. BASEMENT Home. LOCATION LOCATION LOCATION!!!. Conveniently located 2 miles from the 60 and 3 miles from the 202 and mile from major shopping area. REMODELED within the last year with new windows, blinds, sliding door, light fixtures, fans, flooring paint, water-softener system with tankless water heater, painted kitchen cabinets, etc (too many to list). Solar panels were installed in 2021 together with the new roof. A must see to appreciate this beautiful and immaculate home.

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7802 S 55th Avenue Laveen, AZ 85339

$890,000

5 Beds

3 Baths

3,759 SqFt

Status Active Under Contract

MLS # 6738732

Property Type Single Family Residence

Price Type --

Beautiful custom home with wide open floor plan in the heart of Laveen. This special property has been thoughtfully designed and shows high quality craftsmanship throughout. The chefs kitchen is complete with stainless steel appliances, Shaker cabinets, custom countertops and backsplash, farmhouse sink and large pantry. All of the secondary bedrooms are oversized with large closets. You will love the owners suite, with stand alone garden tub, super shower and huge walk in closet. This beautiful home is situated on an oversized lot with outdoor kitchen/ entertainment area.

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1310 Kenrick Drive Wickenburg, AZ 85390

$890,000

3 Beds

2 Baths

1,490 SqFt

Status Active

MLS # 6745756

Property Type Single Family Residence

Price Type --

Welcome to your peaceful retreat in Wickenburg! This beautifully-crafted log home offers 3 bedrooms & 2 baths across 1,490 square feet of comfortable living space, nestled on 12.75 acres of endless possibilities. Enjoy complete privacy while being conveniently close to historic Wickenburg, just 4 miles from the Wickenburg Ranch Golf & Social Club, and near all the local restaurants & shopping spots. Step inside to a warm & inviting interior, where exposed beams on the vaulted ceilings add character, and soft carpet ensures coziness in all the right places. Enjoy the bright & airy living room, perfect for entertaining, and flows seamlessly into the dining area and the fully-equipped kitchen; A cook's delight with ample cabinet & counter space, a peninsula with breakfast...CONTINUE READING. ...breakfast bar seating. Unwind in the Arizona room, ideal for relaxation at any time of day. The romantic main suite features a cozy sitting area, balcony access, a private bathroom & a walk-in closet. The other two bedrooms are perfect for guests, sharing a full bathroom that's just right for their needs. Outside, the views are simply breathtaking, with stunning sunsets behind the mountains, all enjoyed from the comfort of your covered patio. The expansive, fenced backyard offers room for all your outdoor passions, from storing your toys in the storage shed, working in the detached 2-car garage with a carport & workshop, to caring for horses in the arena, corrals & vast roaming space. This property is more than just a home; it's a lifestyle waiting for you to make it your own. Come explore all the potential this exceptional property has to offer! Includes two parcels: APN: 50503-023C and APN: 505-03-023J. Property includes 25x50 Pole Barn; 20x14 Corral with 100 sq. ft Horse Arena: 14x20 Shop Tack Shed; Goat Pen; Bird Aviary; Chicken Pen; Metal Roof on Home and Garage.

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2110 N 68th Place Scottsdale, AZ 85257

$890,000

4 Beds

3 Baths

1,932 SqFt

Status Active

MLS # 6748869

Property Type Single Family Residence

Price Type --

Experience unparalleled luxury in this newly renovated Scottsdale gem, just moments from Old Town. This modern marvel boasts four bedrooms, including dual master suites, and three opulent bathrooms. The primary suite features a lavish ensuite with dual vanities, a walk-in shower, soaking tub, and expansive closet. The chef's kitchen shines with granite countertops, a gas range, stainless steel appliances, and a large island with a prep sink and wine fridge. Elegant wood-like tile flooring and recessed lighting enhance the ambiance throughout. Step outside to a private oasis with a sparkling diving pool, lush artificial grass, and a putting green. Highlights include a 2022 5-ton AC unit, a spacious air-conditioned laundry room, new doors and windows, and an epoxy-floored 2-car garage.

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7642 E Edgemont Avenue Scottsdale, AZ 85257

$890,000

4 Beds

2 Baths

2,046 SqFt

Status Active

MLS # 6752990

Property Type Single Family Residence

Price Type --

Experience the pinnacle of Scottsdale living in this prime location, just minutes from Old Town, Fashion Square, Eldorado Park, scenic trails, and a golf range. This exquisite residence harmoniously blends Old World charm with modern sophistication, offering a seamless transition between indoor and outdoor living. The designer kitchen, pantry, and wet bar boast top-of-the-line finishes and flow effortlessly into the vaulted family room. The luxurious master suite includes a designer bath with a soaking tub, custom closet, and walk-in shower. Three additional well-appointed bedrooms and a stylish guest bath add to the home's appeal. Enjoy the private courtyard heated pool and extended covered patio, which adds the perfect backdrop and ideal setting for entertainment or simple relaxing retreat.

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4145 S Zephyr -- Mesa, AZ 85212

$890,000

3 Beds

2.5 Baths

2,555 SqFt

Status Active

MLS # 6761520

Property Type Single Family Residence

Price Type --

Move-In Ready Oasis in Eastmark! Discover your dream home in this beautifully maintained 3-bedroom plus office/den with French doors, 2.5-bathroom residence in the desirable Eastmark community. Inside, a gourmet kitchen with top-of-the-line appliances and a generous island awaits, plus a reverse osmosis water filtering system throughout the kitchen. The master suite offers a luxurious retreat with a separate tub and shower. Additional upgrades include triple-pane sliding glass doors, a laundry room with full cabinetry and countertops, and a convenient office nook. Outdoor living is a breeze with the extended patio, perfect for enjoying the spa, heated/cooled pool, and gas-equipped fire pit. The home also features smart features like exterior PoE cameras, Wi-Fi extenders, and zoned climate-controlled HVAC. Enjoy community amenities, including a pool, Steadfast Farm, multiple parks and the Clubhouse. Don't miss this opportunity to make this stunning home in Eastmark your own!

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