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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14983 W Muirfield Lane Surprise, AZ 85374

$885,000

2 Beds

2.5 Baths

2,732 SqFt

Status Active

MLS # 6753247

Property Type Single Family Residence

Price Type --

Impressive Ironwood estate model home located on a cul-de-sac in the highly sought after community of The Grand. This 2 bdrm + den, 2.5 bath home has a gourmet kitchen with granite counters and SS appliances and a spacious great room with custom media wall. Large master bedroom suite with sitting room, walk-in closet and coffee bar. Guest suite with en suite bath. This beautiful home sits on a huge 18,096 sq.ft. lot - an entertainer's dream yard with pool, spa, BBQ island, fire pit, putting green and horseshoe pit. The 3 car garage is cooled with a mini-split A/C unit. Brick pavers. OWNED solar. HVAC 2016 This home is truly a MUST SEE!

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18650 N Thompson Peak Parkway Unit 1040 Scottsdale, AZ 85255

$885,000

3 Beds

2 Baths

1,773 SqFt

Status Active

MLS # 6756737

Property Type Townhouse

Price Type --

Elegantly Updated DC Ranch Townhouse! This single-level, corner unit boasts stunning views of the McDowell Mountains from both the front courtyard, master bedroom and the living room. Offering a seamless blend of comfort and convenience, this residence is ideally situated near restaurants, shopping, and more. Featuring three bedrooms and two full bathrooms, this stylish abode is perfect for both everyday living and lock-and-leave convenience. With wood floors throughout the main living areas and tile in the kitchen and bathrooms, the interior exudes a sense of timeless elegance. The living room is adorned with custom built-ins, including a gas fireplace, adding both sophistication and coziness to the space. Charming custom rounded doors throughout. Crafted by the renowned custom builder Camelot, this home is a testament to quality craftsmanship. Updates include, freshly painted throughout and refreshed cabinetry. Move in Ready!

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4047 W Forest Court Pine, AZ 85544

$885,000

3 Beds

2 Baths

1,890 SqFt

Status Active

MLS # 6749457

Property Type Single Family Residence

Price Type --

Located in one of Pine's most sought after developments, this stunning single-level home, built in 2019, offers 3 bedrooms and 2 bathrooms, showcasing elegant craftsmanship throughout. The home features beautiful white oak wood flooring and vaulted wood tongue-and-groove ceilings, creating a spacious and warm atmosphere. The open-concept floor plan includes a custom-designed kitchen with high end cabinetry, granite countertops and stainless steel appliances. The primary bedroom opens to a deck and includes a luxurious ensuite bathroom with heated floors. The home is equipped with energy-efficient upgrades like a metal roof, foam insulation throughout and wired for a generator. Enjoy the gas fireplace with a custom wood mantel. Living area opens to a covered deck with lifetime deckin and copper railing. Additional features include a 3 1/2 car garage with an epoxy-coated concrete floor and three skylights that fill the home with natural light. This meticulously maintained property offers modern convenience and timeless beauty, perfect for those seeking comfort and style.

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7717 E Black Rock Road Scottsdale, AZ 85255

$885,000

4 Beds

2 Baths

2,129 SqFt

Status Active

MLS # 6733765

Property Type Single Family Residence

Price Type --

This fantastic 4br/2ba North Scottsdale home is nestled in a secure, gated community, offering both tranquility & privacy. The beautiful kitchen features granite countertops, SS appliances & ample storage! The kitchen is open to the family room which makes it perfect for gatherings & everyday living. The Primary Bedroom, generous in size, provides a comfortable retreat. Lovely landscaped backyard which includes an RV gate, low-maintenance turf & beautiful patio that extends the length of the home! AC unit is only 2 years old! This wonderful home has ample storage, a 3-car garage, water softening & purification systems and recently had all new insulation blown in. It's close in proximity to hiking trails, restaurants, shopping & easy access to the 101 freeway. A DEFINITE MUST SEE!!

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20243 E Poco Calle -- Queen Creek, AZ 85142

$885,000

5 Beds

3.5 Baths

3,603 SqFt

Status Active

MLS # 6755934

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the beautiful community of Montelena. The moment you arrive you realize this house is special as you walk toward the front door and take in the beautiful architectural design and the 3 car garages. This single-story gem boasts 5 spacious bedrooms and 3.5 baths. The front inside entry way welcomes you and leads you to a huge room open to many possible uses. You will not be disappointed with the kitchen which boasts beautiful granite countertops, double ovens, warming drawer, extended countertops and tons of kitchen cabinets and drawers. The kitchen overlooks a room where you can relax while enjoying a fireplace. This home also has a butler's pantry with a sink and beverage cooler. Click on more to see all this home has to offer. You will be excited to see the huge laundry room complete with a spacious countertop, cabinets and a large sink. The primary bedroom is a dream with a separate door to the backyard. The primary bath is over the top with soaking tub, dual separate sinks and an area you could use to put on your makeup. One bedroom could be used as a mother-in -laws suite or a private home office. Step outside to discover your personal backyard oasis ideal for entertaining. The expansive back patio is perfect for hosting summer BBQ's. This home combines style, functionality and a fantastic outdoor space, making it the perfect setting for both quiet relaxation and lively gatherings. It is not often you have an opportunity to own a 5 bedroom, 3.5 baths, 3 car garage and a RV gate, so don't miss out.

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10080 E Mountain View Lake Drive Unit 140 Scottsdale, AZ 85258

$885,000

3 Beds

2 Baths

1,592 SqFt

Status Active

MLS # 6531152

Property Type Apartment

Price Type --

Beautiful 3 bed/3 bath townhome in Scottsdale Bay Club with absolutely PHENOMENAL lake and mountain views from two private, spacious balconies. Very peaceful and serene. Lower level unit is very comfortable living/dining area with fireplace that opens onto one balcony, making it an ideal space to relax, entertain, and take in the awesome views. Large, open kitchen , tons of cabinetry. Enjoy the facilities in this beautiful gated lakeside community, sparkling pools, and nearby Scottsdale Ranch Park for unlimited recreation.

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16120 N 151st Avenue Surprise, AZ 85374

$885,000

3 Beds

3 Baths

2,755 SqFt

Status Active

MLS # 6739199

Property Type Single Family Residence

Price Type --

Come see this beautiful custom home situated on a one acre irrigated lot in the middle of Surprise. You get the benefits of rural living with all of the amenities of the city. The kitchen and great room are the heart of this home. A perfect place to gather around the massive kitchen island with gorgeous custom cabinetry throughout. The primary suite has a huge walk in closet and spacious bathroom with separate soaking tub. Large secondary bedrooms complement the split floor plan, each with large walk in closets and upgraded tiled bathrooms. Laundry/mud room has lots of counter and cabinet space. The property has ample room to build an RV garage or guest house. The back yard has multiple fruit trees that are served by irrigation. Property has so much to offer as you make it your own.

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7955 E Chaparral Road Unit 118 Scottsdale, AZ 85250

$885,000

2 Beds

2 Baths

1,797 SqFt

Status Active

MLS # 6742577

Property Type Townhouse

Price Type --

A gorgeous place to call home in the gated community of La Villita. Perfect for full-time living or lock and leave convenience. You will appreciate everything this home has to offer. Starting with the light and bright kitchen that includes KitchenAid appliances, timeless quartz countertops, large island and a wine fridge. The wood-like tile flooring carries from the kitchen to a spacious living room with vaulted beam ceilings, a fireplace and custom shutters. The split floor plan includes a large primary bedroom and bathroom with dual sinks, a separate shower and tub and walk-in closet. The home is in the perfect Scottsdale location, steps away from Chaparral Park and Greenbelt. You'll also enjoy convenient access to dining, shopping, and entertainment. Easy access to the 101 freeway makes commuting a breeze. Situated on a corner lot with private access from the garage, with a charming iron gate at the entry. North/South exposure.

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19571 E Domingo Road Queen Creek, AZ 85142

$884,995

3 Beds

2.5 Baths

2,580 SqFt

Status Active

MLS # 6730574

Property Type Single Family Residence

Price Type --

Discover the Hanson, a thoughtful ranch plan with three generous bedrooms—including a lavish owner's suite with a private bath—and an open, airy layout for entertaining. Highlights include a quiet study, an expansive great room and an impressive kitchen with a walk-in pantry, center island and optional gourmet features. You'll also appreciate a large covered patio, a 2-car garage with a third tandem space and a convenient RV garage. RV garage is 43' and ready to accommodate all of your toys. Paver walkway, driveway included as well as a double gate!

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1926 W Holden Drive Phoenix, AZ 85085

$884,990

4 Beds

3 Baths

2,627 SqFt

Status Active

MLS # 6717694

Property Type Single Family Residence

Price Type --

With a 12-foot ceiling, oversized energy-efficient windows and a large 16-foot sliding glass door in the family room, this home shines with an abundance of natural light and boasts fantastic Sight Lines to the backyard. Clean lines, white and dark shaker cabinets, accent lights, a gorgeous tile backsplash, clean white quartz tops on an oversized island, and stainless GE appliances make creating Sunday breakfast a breeze. Delight in the huge walk-in closet and oversized tiled Super Shower in the Owner's Retreat. Designer selections also include upgraded pad and carpeting, plank tile, two-tone paint, and much more. 2X6 CONSTRUCTION; EXTENSIVE NEW HOME WARRANTY.

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13282 W Golden Puma Trail Peoria, AZ 85383

$884,900

4 Beds

3 Baths

2,414 SqFt

Status Active

MLS # 6721607

Property Type Single Family Residence

Price Type --

Spectacular views from every angle of this oversized 9000 sqft elevated lot located in a cut-de-sac. Stunning 22' David Weekly single story home featuring 4 bed 3 full baths open floorplan 12' ceilings in Living room & Kitchen private en-suite open bonus room natural lighting throughout. Chef's kitchen is designed w/ stainless appliances, oversized cabinets, granite w/ a large island. Well designed & spacious master-suite offers a super sized walk-in shower, dual shower heads, dual sinks + oversized walk-in closet. Breathtaking outdoors whether you are out back or enjoying your views of the valley from the private courtyard. 360' views from this unique lot in the Northpointe Community. State of the art community center offers many amenities to incl. pool, playground + more.

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6917 S 219th Drive Buckeye, AZ 85326

$884,000

4 Beds

2.5 Baths

2,679 SqFt

Status Active

MLS # 6755029

Property Type Single Family Residence

Price Type --

BEAUTIFUL HOME with DETACHED RV GARAGE and ACREAGE PROPERTY, with a one-person OWNED WELL, OFFERS a PEACEFUL LOCATION that is AWAY from THE BUSINESS OF DAYILY LIFE but close enough for CONVENIENCES*The SINGLE OWNER home has been BEAUTIFULLY MAINTAINED and METICULOUSLY CARED FOR*You have an OVERSIZED GREATROOM and EAT-IN NOOK that LOOKS out at the SPRAWLING GRASS, RAMADA and MOUNTAINS in the distance*the LARGE KITCHEN has GAS STOVE (propane), AMPLE UPGRADED CABINETS, and two pantries*You will love the POCKET OFFICE/HOBBY ROOM*OWNER BEDROOM has SITTING AREA, walk in closet, GRANITE COUNTERS and TILE WORK at the WALK IN SHOWER*Behind your rolling RV GATE is a TWO-BAY DETACHED GARAGE with a 50-AMP RV hook up and clean-up area*COME BY and SEE WHY you will WANT to CALL THIS PLACE YOUR ''HOME''

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