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.

What’s Your Home Worth?

Search for Your New Home

4930 E Desert Vista Trail Cave Creek, AZ 85331

$875,000 - 4Br/4Ba -  for Sale in Dynamite Ranch, Cave Creek
New
$875,000
4 Beds
3.5 Baths
3,774 SqFt
Status Active
MLS # 6763203
Property Type Single Family Residence
Price Type --
Welcome home to your stunning two story, 4 bedroom home, premium lot in desirable neighborhood of San Marcos Manor. This newly renovated 3774 sq ft home is surrounded by open space and stunning views. Situated at the end of a cul-de-sac this home features 4 bedrooms, an office with separate entrance, a huge upstairs playroom and 3.5 newly renovated bathrooms. The entry of the home offers soaring ceilings and an abundance of light from wall to wall windows. The private backyard offers an incredible outdoor living experience with an expansive covered patio, gas BBQ, and new pool equipment. Inside, the home features an oversized living room, large dining area, family room and eat in kitchen. The gourmet kitchen is equipped with 48'' double gas range new kitchen cabinets, quartz counters

1147 E Flynn Lane Phoenix, AZ 85014

$875,000 - 6Br/4Ba -  for Sale in Beverly Manor Estates, Phoenix
New
$875,000
6 Beds
4 Baths
1,745 SqFt
Status Active
MLS # 6763198
Property Type Single Family Residence
Price Type --
Discover this stunning, remodeled home that radiates charm and comfort. Nestled on a spacious corner lot, this gem boasts wood-look floors, recessed lighting, and a cozy living room perfect for entertaining. The modern kitchen is a chef's delight with custom cabinets, stainless steel appliances, a pantry, and sleek quartz counters. The main bedroom is a true retreat, featuring plush carpeting, an ensuite with dual sinks, and a spacious walk-in closet. For added versatility, the guest quarters come with its own kitchenette, bedrooms, and bathrooms, offering privacy and convenience. Outside, you'll love the spacious backyard with a covered patio, additional storage/laundry area, a slab patio, and ample space to add a pool. Come see this beauty for yourself and make it yours today!

2419 E Tomahawk Drive Gilbert, AZ 85298

$875,000
6 Beds
4 Baths
3,831 SqFt
Status Active
MLS # 6750097
Property Type Single Family Residence
Price Type --
Discover luxury living in this stunning 2-story home in Gilbert's sought-after Adora Trails community. This elegant residence features a spacious living area with a cozy fireplace, a gourmet kitchen with stainless steel appliances, quartz countertops, and custom cabinetry. The luxurious downstairs guest suite offers privacy and comfort. Enjoy your private backyard oasis with a sparkling pool and ample space for entertaining. Additional highlights include a three-car garage and meticulous landscaping. Located near parks, trails, shopping, and dining. Schedule your private showing today to explore all that this exceptional residence has to offer and discover the luxury lifestyle awaiting you in Adora Trails.

38500 N School House Road Unit 5 Cave Creek, AZ 85331

$875,000
3 Beds
3 Baths
2,113 SqFt
Status Active
MLS # 6752405
Property Type Single Family Residence
Price Type --
Experience resort-style living in the heart of Cave Creek with this stunning 3-bedroom, 3-bathroom home. Perfectly situated within walking distance to the vibrant town center, you'll have easy access to a variety of restaurants, shopping, and entertainment options. This home features an open floor plan with soaring ceilings, granite countertops, tile and carpet flooring, and new appliances. Enjoy the outdoors on your patio with a fireplace, just steps from the community pool. The community is rich with amenities, including a heated pool and spa, BBQ pavilion, fire pit, pickleball court, fitness center, and a dog park. This move-in ready home offers the perfect blend of luxury, convenience, and scenic beauty, making it an ideal retreat in one of Cave Creek's most sought-after locations.

5345 E Mclellan Road Unit 118 Mesa, AZ 85205

$875,000
3 Beds
3 Baths
2,702 SqFt
Status Active
MLS # 6755884
Property Type Single Family Residence
Price Type --
Stunning Home for Sale in Gated Golf Course Community - Alta Mesa Estates Welcome to this exquisite home in the highly sought-after gated golf course community of Alta Mesa Estates. This luxury property boasts impeccable craftsmanship and high-end finishes throughout. As you step inside, you'll be greeted by an inviting foyer with graceful archways and a living room featuring elegant crown molding. Enjoy formal dining and a versatile den/office with a private courtyard, perfect for work or relaxation. The chef's kitchen is a true showstopper with custom cabinetry, crown molding, a glass tile backsplash, a large prep island with a breakfast bar, granite countertops, stainless steel appliances, and double ovens. A cozy breakfast nook with bay windows completes this beautiful space. Throughout the main living areas, you'll find wood-look porcelain tile flooring, adding both style and durability. Upstairs, a cozy loft offers a perfect spot for a reading nook, while the grand primary suite features balcony access, a walk-in closet, and a luxurious ensuite bathroom. The backyard oasis is ideal for entertaining, with a covered patio, multiple seating areas, and a saltwater pool with water features, creating a private resort-like atmosphere. Key Features: Located in NE Mesa with easy access to the 202 and US 60 Minutes from downtown Phoenix, Scottsdale, and Gilbert Close to Tonto National Forest (10-15 minute drive) Newer HVAC units and pool heater Fiberglass exterior windows and solid core exterior doors New ceramic tile in all three bathrooms Beadboard ceilings in the front entry and covered back porch Many more upgraded features throughout This home is perfect for entertaining, relaxing, and enjoying the Arizona lifestyle. Don't miss this exceptional opportunity!

10463 E Karen Drive Scottsdale, AZ 85255

$875,000
4 Beds
3 Baths
2,132 SqFt
Status Active
MLS # 6760732
Property Type Single Family Residence
Price Type --
Nestled in highly sought-after McDowell Mountain Ranch in North Scottsdale, this beautifully updated 4-bedroom plus loft, 3-bathroom home offers 2,132 SqFt of refined living space. The home welcomes you with a dramatic 2-story living room, and features stunning quartz countertops, upgraded cabinetry, and gorgeous flooring throughout. Spacious, light-filled rooms and an open floor plan make this a perfect retreat. The lush, low-maintenance backyard boasts mature trees, a firepit, BBQ, and an oversized covered patio. Conveniently located on quiet Cul-de-Sac near hiking trails, pools, parks, restaurants, shopping, and other community amenities. This is a must-see home and you will be impressed with the care and maintenance your future home has received. See update list: Home Improvements Performed at 10463 E Karen Drive: -New Rheem Air-conditioner in 2021 (8 year warranty) -New owned solar system in 2021 (Solar Energy) -New roof in 2021 (10 year warranty) -New water heater in 2022 (Wifi enabled) -New water softener in 2024 -Landscape full of flower plants and fruit bearing plants (figs, orange, lemon, pomegranate, olive) -New wooden floor throughout upstairs -New window screens -Update drip lines in backyard with new controller -Placed new gutters on roof -New refrigerator -New water filtering system -New screens for windows and patio door -Custom made blinds for patio door -Owned Cox security system/cameras -All house interior painted 2021 Improvements listed by prior owner (2021) -Hot water circulating pump for instant hot water -New garage door and hardware -½ inch thick windows sills at all windows -Mister system all around the back patio -Built-in BBQ and and fire pit (natural gas) with additional gas stub for future outdoor kitchen -Recessed lighting -All bathrooms remodeleddual flush, water sense, soft close, and tall height toilets -Kitchen remodeled with LED under cabinet lighting -Quartz countertops in kitchen and bathrooms -All cabinet doors and drawers throughout installed soft close -Build in garage cabinets Epoxied garage floor -House painted in 2020 -Fans in all rooms -Nest products installed: Thermostat 3G, front door bell with camera, smoke and carbon monoxide monitors. -Surround sound system in living room

5361 W Arrowhead Drive Prescott, AZ 86305

$875,000
4 Beds
3 Baths
3,454 SqFt
Status Active
MLS # 6753709
Property Type Single Family Residence
Price Type --
Discover the tranquility of mountain living in this beautiful 4-bedroom, 3-bath home, set on 1.6 acres of stunning Ponderosa Pine covered forest in the lovely Highland Pines community. Boasting 3,454 square feet, this home features a finished walk-out basement, creating a versatile space for family, guests, or a private retreat. Step inside to find vaulted ceilings, an open floor plan, and expansive windows in every room, allowing you to enjoy panoramic forest views and abundant natural light. Gather around the cozy wood-burning fireplace, perfect for chilly mountain evenings. With ample space inside and out, this home is perfect for entertaining or simply relaxing in the beauty of nature. If you're searching for a peaceful mountain escape, this Highland Pines property is the one for you.

7088 W Redbird Road Peoria, AZ 85383

$875,000
5 Beds
4.5 Baths
3,915 SqFt
Status Active
MLS # 6754568
Property Type Single Family Residence
Price Type --
Welcome home to beautiful Aloravita situated between two mountain preserves! Over $175,000 in builder options & owner upgrades were put into this stunning 5 Bed 4.5 Bath + Office/Den & BONUS Room boasts a generous 3,915 s/f on a corner lot. BEDROOM & FULL BATH DOWNSTAIRS! Built in 2021 with a 3 Car Garage. Gourmet kitchen w/ large island, quartz counters, butler pantry + additional large pantry. Family room w/ gas fireplace & formal dining room. Custom banisters to spacious upstairs w/ huge BONUS ROOM. Wood-look tile & upgraded carpet/pad throughout. Quartz countertops in all bathrooms! Lg Master w/ beautiful mountain views open to spacious bath. Bedroom upstairs with private bath! Professionally installed LED lighting and MUCH MORE!

15522 E Cactus Drive Fountain Hills, AZ 85268

$875,000
3 Beds
2.5 Baths
2,524 SqFt
Status Active
MLS # 6757106
Property Type Single Family Residence
Price Type --
Nestled at the end of a quiet cul-de-sac in the highly sought-after Sunridge Canyon neighborhood, this stunning single-story home offers 2,524 sq. ft. of well-designed living space. Step outside to your private resort-style backyard, complete with a heated pool, spa and water feature. The home features two split master suites, each with large walk-in closets and ample storage. The inviting living area boasts a striking floor-to-ceiling tiled fireplace and expansive windows with plantation shutters. The gourmet kitchen is a chef's dream, a spacious granite island and roll-out cabinetry. Don't miss this incredible opportunity!

20613 W Grandview Drive Buckeye, AZ 85396

$875,000 - 4Br/3Ba -  for Sale in Verrado Parcel 4.613, Buckeye
New
$875,000
4 Beds
2.5 Baths
3,638 SqFt
Status Active
MLS # 6760337
Property Type Single Family Residence
Price Type --
Rare gem in a highly coveted original neighborhood with no expense spared on this 2023 remodel! Located directly across from Grandview Park, just steps from Walton Park & only a 10-minute walk to vibrant Main Street offering the perfect blend of tranquility & convenience. Homes in this area seldom hit the market, making this an exceptional opportunity. The standout feature is the luxurious custom kitchen equipped with top-of-the-line GE Café Smart appliances, including a 48'' Matte White Professional Dual Fuel Range ($13K value),undercounter microwave & the Café refrigerator! One of the largest kitchen islands I've ever seen, 12.5 ft x 6.5 ft has a wine fridge, mini-fridge, pullout trash bin & endless counterspace in this kitchen. Other premium custom upgrades include - see ''more'' custom built-in entertainment center in family room with electric fireplace, barn doors to den and master bedroom bathroom, custom pantry & laundry room doors (these just added in 2024), custom iron stair railing, wood-plank tile floors throughout main floor, new carpet upstairs, new baseboards, lots of recessed lighting, whole house water filtration RO system, exterior holiday outlets, 8' doors, surround sound, custom cherry garage cabinets (and tons of counter space), epoxy floors and more. There is no other home like this unless you build custom with close to $200,000 invested in this remodel. This location is unbeatable! Verrrado is a luxury mountain, golf and family master-planned community nestled at the base of the White Tank Mountains.

10851 E Le Marche Drive Scottsdale, AZ 85255

$875,000 - 2Br/2Ba -  for Sale in Mcdowell Mountain Ranch, Scottsdale
New
$875,000
2 Beds
2 Baths
1,936 SqFt
Status Active
MLS # 6763267
Property Type Single Family Residence
Price Type --
This spectacular home is located in McDowell Mountain Ranch's desirable, gated Castle Chase subdivision. Largest floor plan in Castle Chase. Lot offers a private setting w/ upgrades featuring an automated cantilevered patio shade (pergola-like structure) w/ remote and automated shade screen on the side and extended travertine patio w/ TV mount and peek-a-boo mountain views make this a great, low-maintenance space to relax and entertain. The impressive interior has been impeccably maintained by owner and is move-in ready. Functional, split floor plan offers 2 spacious bedrooms (primary bedroom has additional closets and sitting area), plus office w/ built-in desk and shelves, formal dining area, and living room. Plantation shutters throughout! Eat-in- kitchen w/ center island and breakfast bar, open to family room. The kitchen has an RO system and cabinets have soft close cabinetry and pull-out shelving. Updated light fixtures. Screen doors both in front & back for air flow on those lovely fall days. Roof replaced 2019. Water heater replaced 2022. Garage has cabinets, sink, and storage racks. Castle Chase offers its own private heated pool and spa, private workout facilities, and ramada. Perfect for a full-time resident or someone looking for a lock and leave property. Only minutes to West World, entertainment/events, fine dining, golf, hiking trails, and much more. Award-winning McDowell Mountain Ranch has a large range of luxury amenities within the community and nearby including two community parks featuring Pickleball, heated pool and spa, splash pad, basketball court, large grass area, and tennis courts. McDowell Sonoran Preserve and Trail system, McDowell Mountain Golf Club, City of Scottsdale Aquatic Center, library & schools and so much more...! Come fall in love with this community, then fall in love with this house.

3902 W Ruby Way Queen Creek, AZ 85142

$875,000
4 Beds
3.5 Baths
2,900 SqFt
Status Active
MLS # 6762536
Property Type Single Family Residence
Price Type --
Step into model-quality elegance and come see this stunning SINGLE LEVEL home in Queen Creek, AZ! This immaculate property is just over a year old and boasts 4 bedrooms, 3.5 bathrooms, and a 4-car garage. Situated on a corner lot bordering green space, this home offers the perfect blend of privacy and access to nature, with nearby hiking trails and shopping just minutes away. Inside, you'll find ceiling-height cabinetry, quartz countertops throughout, and no carpet, providing a sleek, modern look with upgraded lighting and smooth-finish drywall. The open-concept kitchen is a chef's dream with its spacious layout and modern finishes, perfect for entertaining. The large flex space offers versatility for a home office, gym, or media room. The outdoor space is an entertainer's paradise, featuring a brand new pool, outdoor kitchen, fire pit, and low-maintenance turf. Whether you're relaxing by the fire or hosting a summer barbecue, this backyard has it all. Move-in ready, this home is your opportunity to enjoy Arizona living at its finest. Don't miss out on this incredible homeschedule your showing today!

Leave a Reply

Your email address will not be published.