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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24623 S Lakeway Circle Unit 39 Sun Lakes, AZ 85248

$875,000

3 Beds

2.5 Baths

3,166 SqFt

Status Active

MLS # 6744605

Property Type Single Family Residence

Price Type --

This PREMIUM HOMESITE with desirable SOUTHERN EXPOSURE overlooks the 7th hole of the LAKES GOLF COURSE in Oakwood, It is a very PRIVATE site separated from the golf course by a lovely lake. So, NO GOLF BALLS OR GOLF CARTS invade this oasis with gorgeous PRIVATE POOL. This 2 STORY 3 CAR Marbella has a NEW 2023 ROOF with a 20-YEAR WARRANTY, new exterior paint, new irrigation system a new pool filter and newer pump. The sizable living/dining room area has SOARING CELINGS, a gas FIREPLACE and an adjoining DEN. The GOURMET KITCHEN has a huge island, maple cabinets, and gas cooktop. The OVERSIZED MASTER has plenty of room for a sitting area, 2 walk-in closets, a soaking tub with separate shower and double vanity. The upstairs features 2 large bedrooms and bath making it a great GUEST RETREAT

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10829 N 11th Place Phoenix, AZ 85020

$875,000

5 Beds

3 Baths

2,600 SqFt

Status Active

MLS # 6755698

Property Type Single Family Residence

Price Type --

Welcome to El Castillo, an extraordinary residence located on a tranquil street, with breathtaking North Mountain Park views, this meticulously maintained home blends comfort, luxury, and nature. With 2,600 square feet of living space, security monitored 24/7 and surround sound, this home is perfect for families and entertainers alike. This home also boasts five spacious bedrooms and three bathrooms, including a convenient first-floor bedroom and full bath, this home provides flexibility for guests, a home office, or multi-generational living. At the center of this home is a beautifully updated gourmet kitchen (2016), complete with a top-of-the-line Dacor gas range, double ovens, sleek granite countertops, and a spacious walk-in pantry. The open layout effortlessly connects the kitchen to the great room, making it the ideal spot for entertaining or enjoying family time. Upstairs, an expansive loft offers additional room for relaxation or fun. The primary suite is a peaceful haven, boasting dual vanities and a luxurious dual-head shower. Outside, the backyard is a true retreat, with a sparkling pool, spa, and lush landscaping with a brand new irrigation system (2023). All this, framed by stunning mountain views. The recently refreshed exterior and interior paint add to the home's pristine condition, while the firepit provides a cozy ambiance for fall and winter nights. Located near the North Mountain Park hiking trails, this home offers a rare balance between natural beauty and city conveniences with dining, entertainment, major highways, shopping and Scottsdale or Sky Harbor Airports only minutes away. Plan your tour of El Castillo Today!

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3979 E Wood Drive Chandler, AZ 85249

$875,000

4 Beds

3 Baths

2,803 SqFt

Status Active

MLS # 6756988

Property Type Single Family Residence

Price Type --

Welcome to a home where every detail blends comfort, luxury, and style. The split master design offers privacy, while three full baths and a 3-car garage provide space for family and guests. In a pet-friendly neighborhood close to the 202 and shopping, this home offers a secluded retreat. The kitchen features stunning quartz countertops with unique blue veining, and a matching island that makes the space a showstopper. Step outside to a resort-like backyard with a pool, spa, bocce court, fire pit, and outdoor kitchen under a pergola—every day feels like a vacation.

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5960 W Via Montoya Drive Glendale, AZ 85310

$875,000

4 Beds

2 Baths

2,475 SqFt

Status Active

MLS # 6762432

Property Type Single Family Residence

Price Type --

A must see!! Stunning & spectacular sought out Arrowhead area with easy access to the loop 101 freeway. Near all the Arrowhead shopping venues, restaurants along Bell Rd, near Midwestern University, Banner Thunderbird Hospital and not far from ASU West & more! A gorgeous Arrowhead 4 bedroom home w/vaulted ceilings & with such a grand entrance with a beautiful custom door beyond spacious and a feeling of such a grand entrance, as you walk in with such openness in the living room with lots of windows in the family room for that open area and a spacious kitchen with granite and island that opens to the family room and some electric blinds in the kitchen, with a view with some beautiful mountain views in the back yard to sit and soak up some sun while swimming and or entertaining

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7851 E Ocotillo Road Scottsdale, AZ 85250

$875,000

2 Beds

2 Baths

1,744 SqFt

Status Active

MLS # 6756328

Property Type Single Family Residence

Price Type --

Discover the perfect Scottsdale lifestyle with this exceptional opportunity in the highly sought-after Suntree community! This beautifully maintained, single-level patio home offers modern amenities and stylish design throughout. Featuring 2 bedrooms, a spacious office, 2 full bathrooms, and a 2-car garage. This home is move-in ready and waiting for you! The property is filled with natural light, and the south-facing backyard with synthetic turf, which opens to community green space, is ideal for relaxation. The primary suite is a serene retreat, complete with a remodeled bathroom and separate exit to the covered patio, fruit trees, and yard—perfect for outdoor gatherings with friends and family. Residents enjoy access to a community pool, jacuzzi, and tennis court. Conveniently located near Paradise Valley, Fashion Square, and world-class dining and shopping, this home offers a blend of luxury and convenience. With nearby parks, hiking trails, and miles of bike paths, this rare find won't last long!

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8059 E Wilshire Drive Scottsdale, AZ 85257

$875,000

3 Beds

3 Baths

1,981 SqFt

Status Active

MLS # 6741064

Property Type Single Family Residence

Price Type --

Minutes from Old Towne, Fashion Square, ASU and Sky Harbor! As you step into the home the Mid-Century Modern styling and pride of ownership shines through. The perfect home for hosting with a fully updated kitchen including a gas range and convection oven and a secondary electric oven and additional full sized refrigerator. Also featuring quartz countertop and SS appliances. 3 bedrooms and a fully equipped office give you flexibility to work from home. 2 of the 3 bedrooms come with en suite bathrooms, one of which has its own courtyard! Plenty of storage throughout. Resort style living in the backyard! Enjoy the pebbletec pool, jacuzzi under gazebo, artificial grass and travertine pavers. Plenty of privacy and large covered patio will allow you to enjoy the backyard all year round. Hot water heater, pool pump and dishwasher 2 years or newer. There is a Reverse Osmosis system for drinking water and the ice maker. Situated on a cul-de-sac results in little traffic and a quiet street. This brick built home is energy efficient and the average electric bill in 2023 was $180/month.

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16611 S 9th Street Phoenix, AZ 85048

$875,000

3 Beds

3 Baths

1,969 SqFt

Status Active

MLS # 6749591

Property Type Single Family Residence

Price Type --

This stunning Model Home in Ahwatukee's newest gated community of Palma Brisa awaits new owners! With every added detail and upgrade you will love the design and layout of this bright, open home. This beautiful 3 bed, 3 bath home has top of the line stainless steel appliances, a large island and living room, custom finishes throughout with a split floor plan and a convertible space to add an office or bonus room. With quick freeway access this property sits just 15 minutes from Sky Harbor Airport, Phoenix Premium Outlet Mall, Wild Horse Pass Hotel & Casino, Chandler Village, and so much more. With nearby hiking trails and bike paths and close proximity to both Foothills Golf Club & Whirlwind Golf Club you will love the lifestyle this home provides!

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615 W Frier Drive Phoenix, AZ 85021

$875,000

4 Beds

3 Baths

2,496 SqFt

Status Active

MLS # 6719773

Property Type Single Family Residence

Price Type --

This tastefully remodeled ranch home, located in the highly desirable area between 7th St and 7th Ave, showcases over $200K in recent upgrades. The home features a 5-ton AC unit (2020) with a 10-year warranty, wood tile flooring throughout, and a fully updated kitchen with a granite island, custom cabinets, stainless steel appliances, and backsplash. Both bathrooms have also been remodeled. An additional room, perfect for an office, adds to the home's versatility. The upgraded backyard includes a vaulted back patio roof, an oversized 6' deep pool (2021) with therapy jets and a waterfall, synthetic grass, and a storage shed. Ideal for car enthusiasts, the property offers a 2-car garage plus extra parking, situated on a spacious 12,794 sqft corner lot with an RV gate and a large front yard. Enjoy the convenience of being minutes from all areas of town in this stunning classic ranch home in North Central Phoenix.

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3327 S Felix Way Chandler, AZ 85248

$875,000

4 Beds

2.5 Baths

1,959 SqFt

Status Active

MLS # 6751694

Property Type Single Family Residence

Price Type --

A waterfront home in the Ocotillo community recently underwent a complete renovation, including a new kitchen, bathrooms, floors, and an updated swimming pool. The home's extended driveway and stone veneer accents give it excellent curb appeal. Featuring soaring vaulted ceilings, tile flooring, skylights, & an entertainment niche & 2-way fireplace, the interior features a spacious living room. This spacious primary bedroom offers direct balcony access, along with a luxurious ensuite featuring dual sinks, a soaking tub, and a mirrored wardrobe. A soothing backyard has a covered patio, lush lawn, and a sparkling pool, making it your own private paradise. Enjoy all the amenities this Community has to offer! Don't wait to see this stunning lakefront property before it's gone

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29249 N 140th Street Scottsdale, AZ 85262

$875,000

4 Beds

3 Baths

2,766 SqFt

Status Active Under Contract

MLS # 6748682

Property Type Single Family Residence

Price Type --

BRAND NEW Construction w/ Custom-Quality Upgrades throughout! This beautiful Modern Home is located in an AMAZING location in Rio Verde on 1.25 acres. Kitchen w/ a WOLF Gas Cooktop & Range, Built-in Stainless-Steel pull-out Microwave, high-end Cabinets w/ 42'' uppers, White Quartz Countertops, & Wood Plank Tile Floors. Stunning Master Bathroom w/ Freestanding Soaking Tub, BEACH EDGE glass shower & Double Vanities. Exceptional Energy Efficient - boasting Spray Foam Insulation & Premium Trane AC units. Superior Construction & Craftmanship -Premium Roofing System, Premium Synthetic Stucco & much more! $5,000 to Buyer at Close of Escrow which shall be used towards Buyer installing a water filtration system. Close to hiking & horseback riding trails. ESTIMATED Completion date Dec/Jan

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11100 E Greythorn Drive Scottsdale, AZ 85262

$875,000

3 Beds

3 Baths

2,826 SqFt

Status Active

MLS # 6740242

Property Type Single Family Residence

Price Type --

Fabulous home located in high-demand North Scottsdale location close to golf, hiking, restaurant's, Cave Creek, Pinnacle Peak & much more. Scenic boulders surround quiet neighborhood which is adjacent to a wonderful children's park and dog park. Beautiful front yard with lush landscaping & view of Tom's Thumb peak. Many upgrades including new roof, custom closets, cubby drawers, motorized shades in master and plantation shudders throughout. The quiet backyard is a private resort-like oasis with exquisite landscape, covered patio, built-in BBQ bar, sparkling pool, above ground spa and fireplace. The kitchen features beautiful granite, large island, convection oven and induction cooktop. Step out into the 3-car garage that is a handyman and mechanics dream custom tool storage and hoist.

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2502 E Osborn Road Phoenix, AZ 85016

$875,000

4 Beds

2.5 Baths

2,582 SqFt

Status Active

MLS # 6762562

Property Type Single Family Residence

Price Type --

Investment opportunity! This charming home built in 1941 is situated on a 20,314 SF lot in central Phoenix near tons of popular local dining spots & just minutes away from Biltmore Fashion Park & close to freeway accesses that will take you to Tempe, Scottsdale, Glendale and downtown Phoenix. The possibilities are endless. This lush lot with irrigation is a little slice of paradise in the city with pine and pecan trees, and plenty of room for a pool. W/ 2 RV gates, there is also room for an RV. Property currently includes two lots. Apn #s 119-05-041-B & 119-05-041-A. Property is zoned R1-6 and could possibly be divided into 3 lots to become an investors dream!

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