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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3155 S Porter Street Gilbert, AZ 85295

$889,000

5 Beds

3 Baths

3,739 SqFt

Status Active

MLS # 6762423

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the highly sought-after Spectrum at Val Vista Community! This stunning two-story residence has brand new carpeting and LVP throughout the home. The immaculate kitchen features cabinetry, sparkling stainless steel appliances, granite countertops, and a walk-in pantry. Enjoy a quiet night out but can't leave the house? This home features its own private speakeasy with music and a private entrance! Upstairs, you have the master bedroom with dual sinks, a generous walk-in closet, and a spacious loft for entertaining or a mini home theater. Step outside to the oasis where you will feel like you are on vacation all year! Brand new AC unit, solar panels, private pool, brand new turf, covered patio, and a BBQ shed perfect for hosting any party.

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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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2521 E Carol Avenue Phoenix, AZ 85028

$889,000

3 Beds

2 Baths

2,386 SqFt

Status Active

MLS # 6708856

Property Type Single Family Residence

Price Type --

PRICED TO SELL 09/12! Instant Equity! This 3/2 bath home in a private 29 home gated community offers a split floorplan, perfect for entertaining. High ceilings highlight the kitchen with Gallery appliances, plank wood ceiling, quartz countertops, and ample storage. The great room features a temp controlled wine closet, stacked stone fireplace, and spacious entertaining areas. The primary bedroom includes a custom closet and luxurious bath. A second bedroom and guest bath with custom tile accents complete the layout. Third bedroom's front-facing position enhances the home's appeal. Conveniently located near hiking, biking, and horseback riding trails, & freeway access . Over 150k in upgrades in this stunning home, come quickly before its gone!

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6634 W Roy Rogers Road Phoenix, AZ 85083

$888,500

5 Beds

3 Baths

2,566 SqFt

Status Active

MLS # 6730244

Property Type Single Family Residence

Price Type --

SINGLE LEVEL SPLIT FLOOR PLAN 5BED, 3BATH, 3C GARAGE HOME . CUL-DE-SAC PRIVATE LOT WITH VIEW FENCE AND GORGEOUS MOUNTAIN VIEWS!! SMART HOME TECHNOLOGY. TWO TONE PAINT, TILE. OPEN FLOOR PLAN EVERY BEDROOM WITH WALK IN CLOSETS, KITCHEN WITH QUARTZ COUNTERTOPS, SS APPLIANCES. LARGE LOT ALL PROFESSIONALLY LANDSCAPED PAVERS, ARTIFICIAL TURF AND MATURE PLANTS.

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7141 E Rancho Vista Drive Unit 2011 Scottsdale, AZ 85251

$888,000

2 Beds

1.5 Baths

968 SqFt

Status Active

MLS # 6760250

Property Type Apartment

Price Type --

Warm, Inviting, Modern/Contemporary, Light and Bright... this Optima Camelview Luxury Remodel is simply a breath of fresh air. From the moment you walk inside you'll feel right at home with the abundance of natural wood / natural stone elements and abundance of floor-to-ceiling glass windows. This property boasts a rare floor plan with glass enclosed study featuring custom built in murphy bed acting as a usable second bedroom. Huge Private patio perfect for relaxing or entertaining overlooking Camelview's promenade and fountains. Subzero/Wolf Appliances, Fully integrated smart home with automated blinds, nest thermostats, sonos speakers and smart tv's. All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Womens Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.

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10006 S 37th Avenue Laveen, AZ 85339

$887,796

4 Beds

3.5 Baths

3,444 SqFt

Status Active

MLS # 6708986

Property Type Single Family Residence

Price Type --

Ideally located near South Mountain, this charming new home offers designer selections, desert and mountain views, a spacious floor plan with 4-bedrooms, and so much more! Some features in the kitchen include Quartz countertops, a waterfall island, and an Executive kitchen package with double ovens and a 36'' gas cooktop and hood. Dayton Birtch Burlap stacked cabinets in the kitchen and dining area. The great room boasts a 12' ceiling and a corner slider door with a post that leads to the outdoor living area. Other highlights include an extended dining area with lower and upper cabinets, upgraded carpet and pad in the bedrooms, 6'' x 36'' plank tile flooring everywhere but the bedrooms, and a freestanding tub in the Primary bathroom. Gated access and biking and walking paths.

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21951 E Misty Lane Queen Creek, AZ 85142

Open House

$885,995

3 Beds

3.5 Baths

2,489 SqFt

Status Active

MLS # 6716962

Property Type Single Family Residence

Price Type --

This professional designer appointed Matthews Floorplan home is Move In Ready on a 10,500 sqft lot. Boasting luxurious 10' ceilings throughout, this 3 ensuite bedroom + large flex room (with French doors) home comes with upgrades from floor to ceiling. You will be pleased with the upgraded Chefs Kitchen decked out with a large Quartz waterfall island, upgraded Wolf Appliances, and beautiful upgraded cabinetry. Large sliding glass doors at the dining room and great room allow for a seamless transition to the covered patio and views of the backyard. The split 3-car garage allows for all parking and storage needs and is complimented with a drop zone upon entry. A spacious laundry room w/ cabinets and sink provides the necessary space for household needs. New Home Warranties! Do not miss out!

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16423 S 4th Street Phoenix, AZ 85048

$885,900

4 Beds

2.5 Baths

3,026 SqFt

Status Active

MLS # 6709338

Property Type Single Family Residence

Price Type --

Nestled on a lovely hillside lot, this spacious single level home offers the ultimate in privacy with endless possibilities! Featuring an inviting split floorplan with over 3,000 SqFt, 4 spacious bedrooms, 2.5 bathrooms, and a 3-car garage. Step inside where you are greeted by an open and airy floor plan complete with soaring 12 foot ceilings that seamlessly connect the living, dining, and kitchen areas. The gourmet kitchen features an abundance of cabinets, granite countertops, walk-in pantry, and large island with breakfast bar that opens to the greatroom and cozy stacked stone fireplace. Picture windows flood the room with natural light, creating a warm and inviting atmosphere. The primary suite is located at the back of the home, and includes a double door entry, separate patio exit, and an ensuite bathroom with double sinks, separate shower, garden tub, and walk-in closet. Three additional bedrooms offer plenty of space for family, guests, or a home office. Outside, your private backyard awaits! Featuring an extended covered patio, flagstone pavers, sparkling pebble finish pool, tranquil rock waterfall, and plenty of room for outdoor dining and lounging. With no neighbors behind and single story homes on both sides, you'll enjoy privacy and tranquility, making it the perfect setting for relaxing or gathering with loved ones. Other features include a new roof in 2016, new HVAC in 2018, new plumbing main line in 2019, and pool equipment updates in 2023. Located in the prestigious Ahwatukee Foothills community, this home is close to top ranked schools, parks, hiking & biking trails, shopping, restaurants, and the 202 Freeway. A fantastic opportunity to make this home your own; see it today!

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39730 N New River Road Phoenix, AZ 85086

$885,900

4 Beds

2 Baths

2,311 SqFt

Status Active

MLS # 6700261

Property Type Single Family Residence

Price Type --

Recent winner of the 'Best on Tour'! This is deluxe desert living at it's finest! NO HOA + horse privileges - plenty of land to build stables, etc! All the best that the Desert Hills area has to offer you can find in this exquisitely maintained home situated on an acre-plus lot. Imagine relaxing in this dazzling pebble-tech pool (new in 2016) with the waterfalls flowing while you wait for some of the best sunset views in the entire North Valley! The open floorplan is perfect for entertaining, w/ custom espresso kitchen cabinets, ornate granite counters plus an oversize peninsula with tons of room for several hi-top chairs. A separate dining area leads into a spacious great room, enhanced by the vaulted ceilings throughout. No detail has been overlooked with this fabulous turn-key propert Appx a 20-minute drive to the new TSMC facility! This home has been meticulously taken care of with added bonuses throughout, such as stacked-stone on the front pillars, fireplace and the kitchen island, an added water filtration system and water softener (stays with the home), walk-in pantry, extended covered patio, 18 tile in the kitchen/dining areas, storage for pool toys plus covered protection for the pump and filter equipment. This home truly has it all plus of course NO HOA and the privacy that this area has to offer.

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3310 E Tonto Drive Overgaard, AZ 85933

$885,000

3 Beds

3.5 Baths

2,016 SqFt

Status Active

MLS # 6756571

Property Type Single Family Residence

Price Type --

Experience mountain living at its finest with this magnificent retreat, perfect for part-time or full-time residence. This stunning home features ample room with 4 bedrooms & 3 baths. Enjoy granite counter tops, a large kitchen island, and modern amenities in your gourmet kitchen. The living Room and Loft offer flexible areas for a family room, game room, or additional entertainment space, complete with a walk-out deck. Your primary Bedroom is a true sanctuary located on the main floor, featuring expansive walk-in closets, a private office or dressing area, and a cozy fireplace. One additional bedroom on the main floor as well as 2 additional bedrooms on the 2nd floor makes for privacy for everyone. The 3 car garage has attached guest quarters with 1/2 bath. Fully fenced 1.48 acres.

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38500 N School House Road Unit 42 Cave Creek, AZ 85331

$885,000

3 Beds

3 Baths

2,200 SqFt

Status Active

MLS # 6712442

Property Type Single Family Residence

Price Type --

Beautiful Home, Completely Furnished. Community Pool and Spa. Pickle Ball Courts, Dog Park! Small Fitness Center. Walking Paths. Surrounded by Mountains. 5 Minute walk to downtown Cave Creek. 10 Minute drive at the most to all the Shopping one needs. Across from the Foothills Library. Every type of dining and delights one could choose. You will love this Community. Let this Destination Location be your home! Seller will carry!

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18630 E Pine Valley Drive Queen Creek, AZ 85142

$885,000

4 Beds

2.5 Baths

3,705 SqFt

Status Active Under Contract

MLS # 6749831

Property Type Single Family Residence

Price Type --

Wow! Take pride in residing in this gorgeous family home in Sossaman Estates! Nestled on a coveted 1/3 acre premium corner lot, complete with play pool, spill over spa, and a rock waterfall grotto w/slide! Featuring 4 bedrooms, 2.5 baths, a den/bonus room, a spacious loft/rec room perfect for a pool table, bedroom, media room or playroom, a 3-car garage w/epoxy flooring and storage racks, RV gate, and 2 storage buildings, one can easily be used as a workshop, Great curb appeal with stone accent elevation, premium artificial turf, and a welcoming front porch. The living room entrance showcases soaring vaulted ceilings, a majestic gas fireplace, and a formal dining room. Chef's kitchen boasts a gas cooktop, double ovens, built-in ss appliances, recessed lighting, pantry, plenty of cabinets with crown molding, granite counters and island with breakfast bar. Owner's retreat is a true gem. Completely remodeled with an ensuite equipped with two vessel sinks, a vanity, freestanding tub, floor-to-ceiling tiled shower w/7 spray heads, multiple cubbies/shelves, rock accents, and an incredible professionally designed walk-in closet. Modern grey paint palette w/luxury vinyl plank flooring & high-end lush carpeting, stylish light fixtures, pre-wired for surround sound, ceiling fans t/out, new RO system, soft water, sunscreens, and New HVAC unit 2022. A HUGE grassy backyard promises enjoyable weekend gatherings, showcasing a refreshing pool & spa with removable fence, an extended covered patio, lots of mature shade trees, and garden. Home is within walking distance to the community parks, amenities, and school. This one-of-a-kind beauty has it all!

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