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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20546 W Summit Place Buckeye, AZ 85396

$875,000

5 Beds

3 Baths

3,457 SqFt

Status Active

MLS # 6700065

Property Type Single Family Residence

Price Type --

This stunning 5 bedroom, 3 bathroom home offers a perfect blend of elegance and comfort. Lush grass and an extended paver driveway, lead to a 3 car garage and charming front porch that beckons you inside. Just inside, a cozy living room awaits, perfect for intimate gatherings while a formal dining area sets the stage for lavish feasts. The heart of the home is the expansive great room, boasting soaring ceilings, recessed lighting, and seamless access to the backyard oasis or relaxing Teen/Bonus room. The stylish kitchen is a chef's dream, featuring granite counters, a generous island, ample cabinetry, and top-of-the-line appliances. Luxury awaits in the primary bedroom with an ensuite bathroom complete with dual sinks, a separate tub and shower, and a walk-in closet offering plenty of storage space. Discover a serene backyard featuring NEWLY INSTALLED SOD and a covered patio, built in fire pit and basketball court, perfect for enjoying relaxing evenings with loved ones. Owned solar panels, offer both eco-friendly living and potential cost savings on energy bills. Don't miss your chance to experience the epitome of luxury living in Verrado's premier community.

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8 E Biltmore Estates Drive Unit 114 Phoenix, AZ 85016

$875,000

2 Beds

2 Baths

1,726 SqFt

Status Active

MLS # 6641901

Property Type Apartment

Price Type --

Enjoy resort style lock and leave living in this 2 bedroom 2 bathroom luxury condominium at the fabulous Fairway Lodge. Beautifully well-maintained grounds, pool and spa, fitness center, clubhouse, and underground parking! This prime corner unit is located on the first floor and offers easy access from the parking elevators. Inside you'll find high ceilings, plenty of natural light, cherry wood cabinetry, granite counters, Subzero & Wolf appliances, engineered wood and travertine flooring, and a stunning gas fireplace. The master retreat features a private patio and an ensuite with double vanities and walk-in closets. Steps away from the Iconic Arizona Biltmore Resort, walking distance from great restaurants, shopping,10 minute drive to Sky Harbor Airport!

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4824 W Waltann Lane Glendale, AZ 85306

$875,000

4 Beds

2 Baths

2,012 SqFt

Status Active Under Contract

MLS # 6736484

Property Type Single Family Residence

Price Type --

Welcome to your dream 4 bed, 2 bath home, situated on just shy of an acre lot with TWO large RV gates. Freshly remodeled by local interior design firm Lux n Home, this home features a beautiful open floor plan with high-end finishes through out making it perfect for entertaining and every day living Step outside to your private oasis. The expansive backyard includes a sparkling pool, ideal for cooling off during hot summer days. Sports enthusiasts will love the full-sized sport court which features basketball, volleyball pickleball and tennis. Outside of the sport court, you will find a blank space that would be perfect for parking, building a guest house or turning into additional space for animals. This property offers the perfect blend of luxury and space, making it a rare find in today's market. Don't miss out on the opportunity to own this stunning home!

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6867 E Vista Bonita Road Hereford, AZ 85615

$875,000

3 Beds

2.5 Baths

2,881 SqFt

Status Active

MLS # 6633420

Property Type Single Family Residence

Price Type --

Don't miss this spacious 3 BR 3 BA home on 16 beautiful acres with panoramic mountain views! Insulated block construction with adobe finish, inside you'll find gorgeous plank wood ceilings, alder wood accents, and tiled flooring throughout. The large kitchen features an island with breakfast bar, double oven, and custom cabinetry. French doors lead you to the large master bedroom with an attached space for home office, sitting room, etc. and a substantial walk-in closet. Enjoy the views from the screened AZ room or from the inviting wrap around porch, surrounded by mature landscaping. The property has everything you'll need for your animals and hobbies with a large barn with tack room, covered RV parking, two corrals, arena, and water tanks. Existing grazing lease conveys with the sale.

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9010 W Eagle Talon Drive Peoria, AZ 85383

$875,000

5 Beds

4 Baths

4,093 SqFt

Status Active

MLS # 6729983

Property Type Single Family Residence

Price Type --

Nestled under the foothills of majestic Westwing Mountain, this gorgeous North/South home enjoys the peace and quiet of Cul-du-Sac. Boasting 5 bedrooms (all them oversized...HUGE...and all of them have walk-in closet), 4 bathroom, fantastic choice of flooring, a view of cascading Westwing mountain, mature trees, gourmet kitchen with a huge pantry and charming and restful backyard. Near to Basis, Peoria & Greathearts Academy, Peoria. Enjoy the awesome Westwing community amenities...Welcome home. Seller is related to Listing Agent.

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17351 E Via Del Oro Drive Fountain Hills, AZ 85268

$875,000

4 Beds

3 Baths

2,693 SqFt

Status Active

MLS # 6638364

Property Type Single Family Residence

Price Type --

Welcome to your new Dream Home located in the beautiful neighborhood next to the famous Fountain! This spacious & recently updated home features 4 bedrooms, 3 baths, a large living and dining area with vaulted ceilings, and a large family room that creates a sense of openness and luxury. Enjoy coffee and mountain views from the south-facing covered patio backing to a natural wash for privacy and a serene setting. The interior boasts a modern and open floorplan, perfect for entertaining guests and creating memories with family and friends. The primary suite offers a relaxing retreat with its en-suite bathroom, huge walk in closet and mountain views from the large windows. Don't miss this exceptional buy on this home that combines comfort, style and natural beauty. Community Pool but plenty of room to build your custom Dream Pool!!! Super private with views!!

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8073 W Louise Drive Peoria, AZ 85383

$875,000

5 Beds

3.5 Baths

4,002 SqFt

Status Active

MLS # 6733130

Property Type Single Family Residence

Price Type --

Back on the market! Their loss can be your gain! Beautiful 5 bedroom, 3.5 bath home features a 3-car garage, RV gate, charming stone accents, and a well-kept front yard. Energy Efficient at its best - 25 year paid solar! Discover an inviting living room with soaring vaulted ceilings, a neutral palette and classic plantation shutters. Enjoy intimate moments with loved ones in the family room, offering wood like flooring, sliding doors to patio and a cozy stone-clad fireplace. The eat-in kitchen is equipped with granite counters with a matching backsplash, abundant wood cabinetry with crown moulding, pendant/recessed lighting, stainless steel appliances, double ovens, gas cooking, a walk-in pantry, and an island with a breakfast bar. Additional spaces include an open den and an entertainment room for hosting gatherings. The primary bedroom boasts, wood like floors, shutters and an ensuite with dual sinks, huge shower and a walk-in closet. Unwind in the backyard oasis, complete with a covered patio, a relaxing spa, a putting green for golf enthusiasts, a built-in BBQ, and a sparkling pool. Side yard has shed for yard maintenance, pavered walk and RV Gate. Make this gem yours now!

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19870 E Strawberry Drive Queen Creek, AZ 85142

$875,000

4 Beds

2.5 Baths

3,250 SqFt

Status Active

MLS # 6754998

Property Type Single Family Residence

Price Type --

Don't be fooled by days on market! This home is back on the market due to previous sale falling through. Seize the chance to own this stunning single-level home in the sought after gated community of Cielo Noche! Located right on the border of Queen Creek and Gilbert, this residence offers the perfect blend of tranquility and convenience, just five minutes from multiple premier shopping centers. Step inside to discover luxurious upgrades throughout, a breathtaking kitchen, multiple inviting living areas, a versatile flex space that can serve as an office or be transferred into a fifth bedroom, and a spacious 3 car garage with built in storage. The experience extends outdoors to your expansive covered patio, overlooking a meticulously landscaped yard that will make you never want to leave.

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5537 E Kelton Lane Scottsdale, AZ 85254

$875,000

5 Beds

3 Baths

2,740 SqFt

Status Active Under Contract

MLS # 6708152

Property Type Single Family Residence

Price Type --

5 bed 3 bath home w/ a 3 car garage & a huge premium N/S Exposure Lot. Formal Living & Dining room. Large kitchen that features an island/breakfast bar, granite counters & Stainless appliances. Over-sized family room w/ a slate fireplace that is open to the kitchen. Spacious primary suite features a walk-in closet & the primary bath has a separate shower & soaking tub w/ dual sinks. FULLY PAID OFF SOLAR at close of escrow. The $41,750 system has 41 panels, Property has been well maintained. Prime location w/ easy access to the 101 loop & SR-51. Minutes away from Desert Ridge, Kierland & Paradise Valley Mall. A+ Rated Paradise Valley schools.

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28701 N 61st Street Cave Creek, AZ 85331

$875,000

4 Beds

3 Baths

2,988 SqFt

Status Active Under Contract

MLS # 6740186

Property Type Single Family Residence

Price Type --

Best Value & Priced home North of the 101 near the edge of Scottsdale & Phoenix with a 3-car garage. Nestled within the gated and highly desired Estates at Palos Verdes, this exceptional 4-bedroom residence sits on a large, .57-acre lot, offering a serene backdrop of native desert views from an expansive covered patio. The beautiful curb appeal of this elevated lot captivates, hinting at the elegance within. Soaring ceilings in the expansive great room flow seamlessly into the open kitchen. High ceilings in all secondary rooms amplify the sense of space, while three fireplaces throughout the home add a cozy, traditional ambiance. Shared spaces feature large-scale travertine tile laid diagonally, while beautiful floors in all bedrooms ensure warm but carpet-free living. The huge primary suite is a true retreat, complete with its own fireplace, granite counters and a spacious walk-in shower. Step outside to the large covered patio, where you can enjoy natural desert views and a built-in barbeque, perfect for entertaining. Experience the perfect blend of luxury, comfort, and style in this remarkable residence at the Estates at Palos Verdes. Your dream home awaits!

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4347 S Carbon -- Mesa, AZ 85212

$875,000

5 Beds

3 Baths

3,018 SqFt

Status Active

MLS # 6741194

Property Type Single Family Residence

Price Type --

This stunning two-story home, located on a desirable corner lot across from a park area, offers ample space and luxurious features throughout. With 5 bedrooms, 3 bathrooms, a den, and a loft, this home is designed to meet all your needs. The impressive curb appeal is highlighted by brick accents and a spacious 4-car garage, featuring a tandem setup with a pull-through option and a soft water loop. Inside, the home boasts tile flooring, 6-panel doors, 5-inch baseboards, and two-toned paint, creating an elegant and cohesive aesthetic. The large slider in the main living area allows for seamless indoor-outdoor living. (CLICK TO READ MORE) The gourmet kitchen is a chef's dream, featuring quartz countertops, white shaker staggered cabinets, a wall oven, a built-in microwave, a single basin sink, and upgraded pendant lighting. The kitchen opens up to the dining and living spaces, perfect for entertaining. The primary suite is a true retreat, offering direct access to the backyard, a massive walk-in closet, and a private bathroom with a separate tub and shower, dual sinks, white shaker cabinets, and a private toilet room. The laundry room is equipped with upper white shaker cabinets and a utility sink for added convenience. The backyard is designed for relaxation and enjoyment, featuring an extended patio slab, artificial turf, and low-maintenance landscaping. Just like a world-class resort, this community offers a luxurious community pool, splash pads, numerous parks spread throughout, the Steadfast Farm, and its very own state-of-the-art clubhouse The Mark. The Mark hosts events throughout the year and provides a wide variety of family-friendly games to play. Don't miss the chance to experience luxury living at its finest and make this exceptional home yours!

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4467 E Kelly Court Gilbert, AZ 85298

$875,000

5 Beds

2.5 Baths

3,005 SqFt

Status Active

MLS # 6729443

Property Type Single Family Residence

Price Type --

Welcome to this stunning home with a new AC in 2022, paid off solar, and on an oversized lot in Seville! This well-thought-out layout boasts 5 bedrooms, 2.5 updated bathrooms, and updated flooring. You will love the entry living room highlighted by a curved staircase, soaring ceilings, and Norman shutters. The spacious great room seamlessly connects to a beautiful kitchen finished with granite countertops, a peninsula breakfast bar, a kitchen island, and a walk-in pantry. Upstairs, you'll find four well-maintained bedrooms and a convenient laundry room. The primary suite has a double door entry and a recently updated ensuite bathroom with a soaking tub, a tiled shower, dual sinks, and a large walk-in closet. Outside, the backyard is a true oasis, complete with two sheds, two pergolas, and the front driveway has a paver walkway leading to a large, paved pad behind the RV gate to the service door. The rest of the backyard is comfortable year-round boasting an expansive covered patio with two ceiling fans and built-in speakers, a refreshing pool recently resurfaced with pebble tec, and lush grass areas. Plus solar panels! This home is stunning, do not miss out! Seville offers its residents the opportunity to join a private golf and country club which has resort style pool, exercise facility, and a clubhouse.

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