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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35300 N Barley Street San Tan Valley, AZ 85144

$889,995
5 Beds
4.5 Baths
3,504 SqFt
Status Active
MLS # 6723692
Property Type Single Family Residence
Price Type --
Deluxe contemporary lifestyle. The Monetta's covered entry and two-story foyer flow past the formal dining room toward the great room and large covered patio beyond. The well-designed kitchen is complete with a large center island, plenty of counter and cabinet space, butler pantry access to the dining room, and walk-in pantry. The primary bedroom suite is enhanced by a spacious walk-in closet and primary bath with dual-sink vanity, soaking tub, shower, and private water closet. Central to the loft, secondary bedrooms feature ample closets, one with private bath, two with shared hall bath and separate dual-sink vanity area. Additional highlights include a first floor bedroom suite with walk-in closet and private bath, a powder room and drop zone, and centrally located laundry.

26812 N 161st Street Scottsdale, AZ 85262

$889,950
4 Beds
3 Baths
3,458 SqFt
Status Active
MLS # 6713041
Property Type Single Family Residence
Price Type --
Discover the luxury in this 3,458 square foot single-story home, perfectly situated on a sprawling acre lot in the city of Scottsdale. Seller is offering 1% towards Buyers Closing costs and will buydown the interest rate 1% for the first year. This expansive acre lot provides both beauty and privacy. The highlight of the outdoor space is the pool and patio area with an outside BBQ and fireplace, perfect for relaxing and entertaining under the Arizona sun. There is plenty of space for those with recreational vehicles or needed additional storage space. There is even room for a horse facility or an additional building. Completely fenced, it offers privacy and security. The property shares a well with three other parties. No high water bills to deal with. The two, new in 2022, four ton heat pumps and mini splits provide comfort year roundThe open-concept layout is accentuated by high ceilings, elegant flooring, and an abundance of natural light, creating a warm and inviting atmosphere. A spacious floor plan seamlessly connects the living spaces, making it perfect for both everyday living and entertaining. Large windows frame stunning views of the surrounding landscape from the great room, with its large fireplace and custom built-ins making it a perfect spot for relaxation and casual gatherings. The heart of this home is undoubtedly the chef's kitchen which opens to the great room and is outfitted with top-of-the-line appliances, including a Viking Pro Stove plus wall oven and a spacious refrigerator. An oversized island provides ample prep space and doubles as a breakfast bar, perfect for casual dining and socializing. The kitchen also features a walk-in pantry and plenty of storage, ensuring that all your culinary needs are met. The custom cabinetry, granite countertops, and stylish backsplash add a touch of elegance and sophistication. This kitchen is equipped to handle everything from everyday meals to gourmet feasts. The primary suite is a true retreat, offering a spacious bedroom, a walk-in closet, and a spa-like ensuite bathroom. Relax and unwind in the luxurious soaking tub. Three additional bedrooms plus two additional baths, provide plenty of space for family and guests. This home is equipped with a host of additional features that enhance its appeal and waiting for you to discover! With its luxurious upgrades, spacious layout, and prime location, this Scottsdale home is a rare find. The good news is, the motivated seller is ready to make a deal, so don't miss your chance to own this exquisite property.

9583 N Gallop Way Prescott Valley, AZ 86315

$889,900
4 Beds
3 Baths
2,647 SqFt
Status Active
MLS # 6719191
Property Type Single Family Residence
Price Type --
Turn key ready for YOU! Built in 2022, this 4 bd, 3ba Farmhouse Style Home has a touch of love and warmth everywhere you look. Upgraded Kitchen with soft close cabinets and drawers, large pantry, high grade solid surface counters throughout. Notice the interior design touches everywhere. Upgraded master bathroom with separate make up area, split floor plan with large closets in every bedroom, a large dining room great for gatherings. oversize laundry room with room for freezers and more., 3 car garage w/ special touches of its own: Lots of storage, workbench and a great separate area that could be a reload room. Bring your toys and animals! There's room for everything, just waiting for your ideas and dreams to come true! Seller offers concessions to help w/ Buyer's costs at closing!

310 W Navajo Road Flagstaff, AZ 86001

$889,900
4 Beds
2 Baths
1,452 SqFt
Status Active
MLS # 6727174
Property Type Single Family Residence
Price Type --
Here it is! The Coconino Estates home with an ADU you've been waiting for! Main house house has a split floor plan with the converted garage turned into a luxurious Primary suite. Wood accents throughout the home provide warmth and coziness. The landscaped front and back yard are perfect for entertaining family and friends. Just a short walk to the grocery store, Mama Burger, Frances Short Pond, Thorpe Park, and the tree park! Just a short drive to Snow Bowl! The ADU is 1 bed 1 bath with a sizable living area and full kitchen! New roof and furnace in 2020. 3 custom doors in 2023 (3 year warranty). New Carpet 2023. Don't miss your chance to see this incredible income producing property!

1405 W Rim Drive Payson, AZ 85541

$889,900
4 Beds
5 Baths
3,227 SqFt
Status Active Under Contract
MLS # 6739404
Property Type Single Family Residence
Price Type --
Nestled in the heart of the coveted Country Club Estates of Payson, this one-of-a-kind custom gem represents the pinnacle of luxury living while tucked in a private pocket on a hillside lot, overlooking the golf course and pond. This extraordinary home, remodeled from top to bottom, with over $550,000 in upgrades since 2020, is offered fully furnished, making it truly move-in ready. Spanning an impressive 2,395 sq ft, the main house boasts 3 bedrooms, 3.5 baths, and an elevator that effortlessly connects the garage with a half bath and oversized storage room, to the main and top floors for convenience. Accompanying the main residence is an 832 sq ft guest quarters with a private entrance, oversized loft, additional bedroom, bathroom, living room, and kitchen, offering guests or extended family their own serene space. The home itself is a masterpiece of high efficiency and modern design. It's powered by paid off solar panels and constructed with High E-Block (E-crete) for superior insulation and sustainability. New high efficiency fiberglass picture windows and doors each with their own remote controlled steel electric thermal shutters, provide comfort and security. The interior of the home is graced with soaring ceilings that frame breathtaking views of the surrounding mountains, lakes, and golf course, creating an atmosphere of tranquility and grandeur. The owners suite is a sanctuary unto itself, featuring a large bedroom with newly installed plank flooring and a fully updated bathroom. The bath is adorned with deluxe tile, a spacious shower, a separate jetted soaking tub, and his-and-hers sinks with LED-lit mirrors. The walk-in closet with custom organizers completes this luxurious space, offering ample storage and thoughtful design with easy attic access. Throughout the home, you'll find beautiful, natural wood-look luxury vinyl flooring, tasteful lighting fixtures, recessed lighting, 6.5 inch imported baseboards, and solid core 6-panel interior doors, all set against a backdrop of neutral, soothing colors. The kitchen is a chef's dream, featuring custom cabinetry, earth tone backsplash, a large walk-in pantry, and stunning 3-inch granite countertops. A 10-foot island with a 5-seat breakfast bar anchors the space, making it perfect for entertaining. High-end Kohler fittings, including a pot filler pullout faucet, a stainless steel farmhouse sink w/ soap dispenser, RO system, stainless steel appliances, and an under-counter built-in microwave, complete this culinary oasis. Step outside to experience the home's fully landscaped exterior, which includes 8 mature fruit trees, 4 large capacity rain water retention tanks with electric water pumps, French drain system, raised garden beds, security system with flood lights, and a detached 12 x 12 shed/workshop. The freshly painted exterior, custom metal railings, newly pavered elongated horseshoe driveway, and brand new retaining walls all reflect the care and attention given to every aspect of this property. Multiple patios, including two with lake views and one overlooking the golf course, offer the perfect spots to unwind and take in the breathtaking surroundings. The separate guest house is equally impressive, with its fully upgraded kitchen, granite countertops, and custom cabinets. The full bath is impressively upgraded, and the space features a blend of tile flooring on the first floor with new neutral carpet on the stairs and loft area. Whether you're seeking a luxurious retreat or a forever home, this Payson beauty is ready to welcome you into a life of comfort and elegance.

19702 W Elliot Road Buckeye, AZ 85326

$889,900
2 Beds
2 Baths
1,920 SqFt
Status Active
MLS # 6742176
Property Type Single Family Residence
Price Type --
This expansive 4-acre property offers the perfect blend of comfort, functionality, and freedom without the constraints of an HOA. Ideal for those with a passion for outdoor toys, RV(s), &/or horses. This property boasts a well-appointed 2-bedroom, 2-bathroom single-family home with 1920 sq. ft. of updated living space & 3-car garage, and a 40X80 workshop giving you ample space (3200 SQFT) for your toys and your latest projects. The highlight of this unique property is the rooftop balcony, where you can take in breathtaking 360-degree views of the surrounding mountains and cityscape. Equipped with both water and power, this elevated space is perfect for relaxation or entertaining under the stars. Prepare to be amazed by the open floor plan equipped with wood-look tile flooring throughout. Large family room offers a wet bar ideal for entertaining. Impeccable kitchen complete with recessed lighting, NEWER black SS appliances, plenty of crisp white cabinets, an island with a breakfast bar, and quartz counters. Make the flexible den a media room or additional lounging area. Main retreat boasts a walk-in closet and a private ensuite with a separate seating/office area. Enjoy views of the Estrella and White Tank Mountains throughout the kitchen and bedroom windows. This property is 1 of a kind. Don't miss it!

2056 N Vista Del Sol -- Mesa, AZ 85207

$889,900
4 Beds
3 Baths
2,756 SqFt
Status Active
MLS # 6753432
Property Type Single Family Residence
Price Type --
Welcome to a show-stopping oasis nestled in a gated community with breathtaking mountain views! This 4-bedroom, 3-bathroom gem offers everything you've been searching for: an open greatroom floorplan, vaulted ceilings, and a backyard paradise built for entertaining. The modern kitchen features stainless steel appliances, gas stove, convection microwave/oven, and an island breakfast bar, separate formal dining room, and eat-in nook, perfect for gatherings. A bonus room gives you space for a home office, cozy den, or even a reading room. Enjoy your privacy in the split master suite complete with vaulted ceilings, a relaxing nook, and a spacious bathroom with separate tub and shower, dual sinks with center vanity, and a walk-in closet. The Jack-and-Jill bathroom connects the spacious bedrooms 2 and 3, while bedroom 4 comes equipped with 2 closets and an adjacent bathroom. Your own backyard resort awaits with a pebbletec pool with rock waterfall, poolside shower, putting green, and horseshoe pit. Gather friends and family at the ramada with bar seating, the built-in BBQ, and the raised firepit seating area. Complete with RV parking and a 3-car garage plus slab parking for up to 8 vehicles. This home is designed to fit your lifestyle! Recent updates: New HVAC in 2022 and 2016, tankless water heater 2016, and R/O system 2022. Modern touches include concrete kitchen counters, patio shades, and a putting green. Everything you need for move-in readiness! Perfectly located with easy access to the 202 freeway, shopping, hiking trails, Saguaro Lake, and top-rated schools.

2578 N Acacia Way Buckeye, AZ 85396

$889,900
5 Beds
4 Baths
4,008 SqFt
Status Active
MLS # 6754648
Property Type Single Family Residence
Price Type --
Welcome to this beautiful 5-bedroom, 4-bathroom home in Verrado which offers over 4,000 square feet of open living space ideal for family and entertaining. The chef's kitchen features high-end finishes, and the large living areas are perfect for gatherings. Upstairs, a spacious loft can serve as a game room, office, or extra living space. The primary suite is a retreat with a walk-in closet, luxurious bathroom with soaking tub, separate shower, and dual vanities. The secondary bedrooms are also generously sized. Enjoy the expansive backyard and a 3-car garage with epoxy flooring. The Verrado community provides access to a clubhouse, pool, spa, gym, playgrounds, and scenic walking paths. Located near shopping, schools and parks! You will love this home!

28001 N 92nd Avenue Peoria, AZ 85383

$889,900
4 Beds
3.5 Baths
2,928 SqFt
Status Active
MLS # 6757348
Property Type Single Family Residence
Price Type --
Amazing 4 Bedroom 3.5 Bath home with sparkling pool located in the gated community of WestWing Mountain! From the moment you step inside, you'll feel at home. Starting w/low-maintenance landscaping, stone-accented façade, 3-car garage, and a pavered driveway. Inside, a dramatic hallway entry leads to an open den/office connected to a butler's pantry, while custom ceilings, plantation shutters, and a chic grey palette elevate the overall aesthetic. The kitchen is a chef's dream, featuring rich wood cabinetry w/crown trim, stainless steel appliances, granite countertops, a stylish tile backsplash, a walk-in pantry & a custom island w/breakfast bar and farmhouse sink. The kitchen seamlessly opens to the spacious living room, creating a bright & open layout that's perfect for everyday living The spacious main bedroom boasts a lavish en suite bathroom with dual sinks, a soaking tub, glass shower, and a walk-in closet. The main bedroom features a cozy built-in stacked stone fireplace with a TV mounted above, creating the perfect spot for relaxing in style. Step into your backyard oasis! Enjoy the sparkling pool with a relaxing waterfall, a covered patio, pavers, and sunbathing areas. The built-in BBQ and bar area make this space ideal for hosting unforgettable gatherings. Best of all, there are no neighbors behind you, providing peace, privacy, and breathtaking mountain views. This home truly offers the perfect combination of luxury and tranquility. Come meet your new dream home today!

18242 W Colter Street Litchfield Park, AZ 85340

$889,850
4 Beds
3.5 Baths
3,180 SqFt
Status Active
MLS # 6724242
Property Type Single Family Residence
Price Type --
Newly Landscaped. Welcome to the stunning Avendale, a beautifully designed 3,180 sq ft layout situated on a premium 14,491 sq ft lot in Azure Canyon. This spacious home features a three-car garage both with service doors, four bedrooms, a versatile flex room, an office/den, and 3.5 bathrooms. As you enter, you'll be greeted by a clean, modern aesthetic with neutral wall tones, elegant tile flooring, and abundant natural light. The chef's kitchen is a highlight, boasting granite countertops, a herringbone tile backsplash, a gas cooktop with a pot filler, stainless steel double wall ovens, and a large island with a breakfast bar. Plus you will love the generous walk-in pantry, additional cabinets under the breakfast bar offer, and 2 cabinets with pull-out shelves and a spice rack. The great room, featuring a 12' multi-panel sliding door, seamlessly extends to an expansive covered patio, perfect for outdoor entertaining. The primary suite is a luxurious retreat with a spacious ensuite, including a tiled shower, dual sink vanity, and a walk-in closet. Bedrooms 2 and 3 share a Jack and Jill bathroom and each includes a walk-in closet, while Bedroom 4 is a private guest haven with its own ensuite bathroom. Additional features gas stub for grill, extra insulation in the attic, an extended large dog door, both garages have poly aspartic, kitchen is prewired for pendant lights, a laundry room sink, and cabinets. Do not miss out on this home!

29135 N Sorrento Drive Peoria, AZ 85383

$889,500 - 2Br/2Ba -  for Sale in Trilogy At Vistancia, Peoria
New
$889,500
2 Beds
2 Baths
2,044 SqFt
Status Active
MLS # 6762725
Property Type Single Family Residence
Price Type --
One-of-a-Kind, 2020 Concentric floor plan to hit the market! Beautiful curb appeal w/ lighted paver walkway & Located on a cul-de-sac. Step inside and you will fall in love - CUSTOM Touches are around every corner - no details were Missed! The OVERSIZED WOOD-LOOK tile thru-out the entire home is highly desirable!! The REDESIGNED KITCHEN is Stunning & has been completely customized! CUSTOM HIGH-END CABINETRY features dove-tailed drawers, soft closed drawers/doors, full-overlay cabinet doors, CUSTOM PANTRY configuration, STACKED UPPERS w/ glass doors & ACCENT LIGHTING. The redesigned island has add'l drawers, tons of STORAGE & dramatic QUARTZ Counters! The Open Concept Great Room plan has 2 Spectacular DESIGNER WALLS that perfectly compliment the CUSTOM Kitchen, CREATING a magical space to call HOME! Both Baths are equipped w/ gorgeous upgrades that you'll love - CUSTOM TILE & STONE C-TOPS! Step outside to paradise & enjoy a private, FULLY FENCED backyard w/ your PRIVATE POOL w/ in-ground cleaners, extend paver patio & synthetic grass. Additional features: Designer lighting, add'l can lighting, den with double doors, Laundry room equipped w/ a sink & Storage, massive 3 car Tandem Garage w/ Storage & A/C, garbage enclosure, Soft Water System, Surround Sound, high-end window treatments, and so much more! Amazing opportunity - this home is spectacular!!

12625 N 66th Drive Glendale, AZ 85304

$889,000
5 Beds
3 Baths
2,837 SqFt
Status Active
MLS # 6696372
Property Type Single Family Residence
Price Type --
Discover this stunning 5-bedroom, 3-bathroom home, nestled on an expansive, irrigated lot in the desirable Longhorn Ranch - with NO HOA! Perfectly designed for family comfort and multi-generational living, this residence boasts a thoughtfully designed split floor plan, providing both privacy and space for entertaining or everyday living. The heart of the home features modernized upgrades, including removal of popcorn ceilings, carpet, paint, lighting and ceiling fans throughout, turn-key ready! Step outside into the private backyard oasis, covered patio that extends the entire length of the home, sparkling diving pool with removable fence for your convenience. This space is ideal for large outdoor gatherings and family functions, with ample room for guest accommodation, providing a seamless flow between indoor and outdoor living. Large lot offers endless possibilities, including expansive parking options with convenient RV Gate and RV Parking ready to accommodate all your vehicles, toys and guests with ease. This home truly blends style and functionality, ready to meet the needs of any family or visiting guests.

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