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.

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9925 E Resistance Avenue Mesa, AZ 85212

$899,900
4 Beds
3.5 Baths
3,073 SqFt
Status Active Under Contract
MLS # 6769019
Property Type Single Family Residence
Price Type --
As soon as you walk in the door, you'll feel like you've stepped into a Pottery Barn magazine. Located in Mesa's Eastmark neighborhood, this 4-bedroom, 3.5-bathroom home has tons of natural light and has been immaculately maintained. Modern, spacious living with a full suite of outdoor amenities, all spanning 3,073 square feet across two levels. With dual primary suites featuring attached office/living areas, this home truly has it all. The expansive kitchen boasts an oversized island, stainless steel appliances, and quartz countertops, seamlessly connecting to a dining area and a cozy living space with an entertainment center. Sliding glass doors lead to a stunning outdoor oasis, complete with ceiling fan, flatscreen tv, speaker system, 2 fire features creating a dramatic visual effect. World-class resort with access to a luxurious community pool, splash pads, parks, Steadfast Farm, and The Mark clubhouse, which hosts year-round events and family-friendly activities. Eastmark values connectivity and spirited engagement as much as beautiful neighborhoods, award-winning schools and innovative amenities. Convenient to three major highways - 101, 202 and the 60 - and just minutes away from Phoenix-Mesa Gateway Airport, Eastmark is perfectly located in the thriving Gateway Corridor, one of the most desirable locations within the Phoenix marketplace.

2058 N 68th Place Scottsdale, AZ 85257

$899,900
4 Beds
3 Baths
1,965 SqFt
Status Active
MLS # 6719124
Property Type Single Family Residence
Price Type --
Beautiful, updated home close to downtown Scottsdale, offers 4 bedrooms, 3 bathrooms, two separate primary bedrooms (each with own ensuite), one of which walks out to the covered back patio and meticulously maintained backyard. The bright, modern kitchen includes s/s appliances, an oversized island, plenty of storage space, and opens to great room. You will love the Pebble Sheen pool built in 2015 with a large Baja shelf for relaxing and sunbathing. The backyard is like your own private Oasis, with artificial grass, low water-use landscaping, large covered patio, and storage shed. Block wall in backyard was extended in height to secure more privacy. HVAC replaced in 2014 and roof in 2016. 2-car garage with epoxy floor is extra deep for your larger vehicles. Conveniently located close to Old Scottsdale, Greenbelt, Spring Training, world-class shopping, limitless restaurants.

3742 S Coach House Drive Gilbert, AZ 85297

$899,900
7 Beds
3 Baths
3,450 SqFt
Status Active
MLS # 6727128
Property Type Single Family Residence
Price Type --
*******RARE******BASEMENT HOME IN Power Ranch*********7 bedrooms- Huge 3450 Sq Ft. Over $170K in new upgrades, including custom plank tile flooring, both upstairs baths completely remodeled, complete new Kitchen with all new SS GE Profile Appliances, BRAND NEW, not painted white Cabinets with pull out shelves, Quartz Counters, Double ovens, new SS Sink and Faucet with disposal. They have even added in a Built in Nugget Ice maker. Huge Rv Gate with ample concrete parking behind and ln front of the gate. Private 8' deep heated Pebble Tec Pool with a waterfall slide, and hot tub. New Water Heater, and 2 new Ac units in 2020. SELLER WILL PAY OFF SOLAR LOAN WITH THE RIGHT OFFER..... In 2018 seller added a whole home Solar system, it has a loan balance that will need to be taken over or a new loan taken out from the buyer. Payments are $354 for the life of the loan. Balance owed is around $37K. All the TVs and mounts do not convey with the sale.

10550 E Sanger Avenue Mesa, AZ 85212

$899,900
4 Beds
3 Baths
3,282 SqFt
Status Active
MLS # 6744097
Property Type Single Family Residence
Price Type --
Welcome to luxury living in the heart of the Eastmark neighborhood! Sanger Ave is not just a street, it is THE PLACE to be for the ultimate community experience! This stunning executive home spans 3,282 square feet and offers sophistication with a modern design. Featuring four spacious bedrooms, a den, dedicated office space, and three well appointed bathrooms, this residence is perfect for both relaxing and entertaining. Beautiful curb appeal complimented by a paver driveway/walkway and a custom gate that leads to the courtyard entry. Step inside where you'll be greeted by an expansive floor plan with 10 foot ceilings that seamlessly integrates the greatroom, dining, and kitchen areas. At the heart of the home is the luxurious kitchen featuring raised panel cabinets, granite counters, tile backsplash, stainless appliances, an oversized island with shelving on both sides, and butler's pantry with ample storage. The primary suite is a private sanctuary located at the back of the home, complete with an ensuite bathroom featuring a custom barn door, split vanities, soaking tub, tiled shower, and walk-in closet. Outside, a covered patio, artificial turf, and built-in fire pit & conversation area await you, perfect for enjoying Arizona's weather. The three-car garage with epoxy floors and built-in cabinets provides plenty of storage and parking space, making this home as practical as it is beautiful. Other bonuses include 12x24 tile, neutral paint, upgraded lighting, and coffered ceilings in the entry/dining/primary bedroom. Take advantage of incredible amenities such as numerous parks and playgrounds, walking trails, community pool, splash pads, skate park, state of the art clubhouse, and ample community events, all within a vibrant and welcoming neighborhood. With easy access to shopping, dining, entertainment, and major highways, this home offers the perfect location to easily travel anywhere you want to go. Don't miss out on your chance to make this exceptional property yours!

2144 E Firestone Drive Chandler, AZ 85249

$899,900
6 Beds
3.5 Baths
4,634 SqFt
Status Active
MLS # 6750615
Property Type Single Family Residence
Price Type --
Chandler Schools!This amazing home features vaulted ceilings in the formal living and dining areas, clean neutral paint, and plenty of natural light. Check out the huge gourmet kitchen with 42'' maple cabinets, SS appliances, walk-in pantry, island, & large breakfast area. Downstairs there are 2 bedrooms and 1.5 baths, upstairs you will find 4 spacious bedrooms and a massive loft. The owners suite has a private balcony with views of the San Tan Mountains, 2-way fireplace, and a big 2 sided walk-in closet. The backyard is complete with an extended covered patio, pebble-tec pool with water feature, and gas fire pit. The 4-car garage is huge, with cabinets and pull through door to yard! This special property has been immaculately maintained and shows great pride of ownership.

776 Hideaway Lane Prescott, AZ 86303

$899,900
4 Beds
5 Baths
3,618 SqFt
Status Active
MLS # 6753655
Property Type Townhouse
Price Type --
This former townhome model home- ''Ponderosa'' model is the most spacious of all the town homes in the Aspen Creek Meadows community adjacent to Capitol Cayon golf course 2nd hole. Experience luxury living at it's finest. The gourmet kitchen with stainless high-end appliances, gas range w/double oven, pristine cherry cabinetry, pull-out shelves, under cabinet lighting, subway tile backsplash, and island seamlessly connect to the family room and dining area, ideal for entertaining. Soaring ceilings with natural light accentuate the home's high end finishes. Travertine and carpeted flooring throughout the home. A sliding glass door from the family room opens to a large deck w/ stunning views or nestle indoors & cozy up to the gas fireplace. The spacious townhome boasts four bedrooms, three ensuites, including a luxurious primary suite with a private balcony. The ensuite bathrooms features dual vanities, a large shower, and a walk-in closet. A den/loft provides versatility as a home office or flex-space. A private elevator makes accessibility to all 3 levels easy and effortless. Custom cabinets and wash sink in the laundry room. 3 temperature controlled zones, and 3 exterior decks. 2 car garage with overhead storage in built in cabinetry. Experience the finest of living behind private gates and all that Hassayampa Community Village has to offer.

5328 Rocky Vista Drive Prescott, AZ 86301

$899,900
3 Beds
3 Baths
2,374 SqFt
Status Active Under Contract
MLS # 6733825
Property Type Single Family Residence
Price Type --
PRICED TO SELL! Magnificent stylish home in sought-after Granite Dells Estates! This 3 bed/2.5 Bath + OFFICE, ''Sunflower floor plan'', has the elegance of modern design influences. The front yard invites you with a calming splash of green turf. Make your way to the main entry through the covered patio with seating area. Enter through the modern paneled front door into the entry vestibule with an immediate view of the open floor plan with vaulted ceilings, wood beams, floor-to-ceiling custom tiled fireplace and massive sun-drenched windows. The incredible chef's kitchen is equipped with a suite of GE Café including; refrigerator/freezer, gas cooktop, dishwasher, and baker's French-door wall oven. The kitchen cabinets are a crisp white with stainless pulls and just the right amount of stylish glass door upper cabinets. There's ample counter space with a huge island, quartz countertops, stylish pendant lights, stainless farm sink, designer backsplash, and walk-in pantry. The flooring throughout the home is luxury polymer plank flooring (no carpet). The primary bedroom is an elegant retreat with ensuite that has quartz counters w/dual sinks, freestanding tub, custom tiled glass shower, and a large walk-in closet. This split floor plan has two guest bedrooms with a hall bath. The laundry hallway includes Samsung washer/dryer, features a drop zone and a powder room. There is added quality with upgraded cabinets, quartz counters, paddle fans, custom tile and plantation shutters throughout. Enjoy the indoor-outdoor living with this Large(.29 Acre) lot that has an oversized paver patio, aqua-glass firepit, relaxing turf areas, and maturing trees. The insulated garage is extra-large with 4 ft extension, and includes wall storage cabinets, ceiling mounted storage and a workbench. Also, includes a whole house water purification system. Granite Dells Estates is enlarging a wonderful community center, complete with pool, tennis, pickle ball, bocce ball court, fitness center, event lawn and community kitchen. Some furniture available for sale on separate bill of sale. This gem in Granite Dells Estates won't last long!

1040 E Osborn Road Unit 302 Phoenix, AZ 85014

$899,900
3 Beds
2.5 Baths
2,717 SqFt
Status Active Under Contract
MLS # 6697098
Property Type Apartment
Price Type --
Discover the difference at Crystal Point with its Magnificent unobstructed 270-degree views from every room of the Downtown skyline, Camelback Mtn, Piestewa Peak & Phoenix Country Club Golf Course. This 3rd floor condo is 2,718 sq ft with elegant 91/2 ft high ceilings was remodeled in 2023. It boasts oversized ensuite bedrooms & separate den/office that can easily be a 3rd bedroom. Spacious balcony w/gas outlet for BBQ has sliding glass doors that lead to the great room, and Kitchen. Building amenities include a lap pool/spa, exercise room, concierge, 24 hr guard, 2 underground parking spaces & storage room. Separate 'Hotel Quality' guest suites available. Unparalleled in Arizona, this little-known secret in the heart of Phoenix with timeless architecture is a must see!

7700 E Gainey Ranch Road Unit 147 Scottsdale, AZ 85258

$899,900
2 Beds
2 Baths
1,795 SqFt
Status Active Under Contract
MLS # 6725820
Property Type Single Family Residence
Price Type --
Spectacular golf course lot in the neighborhood of Gainey Ranch with this spacious 2-bed plus den property. Step inside to find an inviting interior with wood floors and charming features including pre-wired surround sound, recessed lighting, spacious living area enhanced by tasteful wall niches. Kitchen is a chef's delight, boasting pristine white cabinets, granite counters, stainless steel appliances including wall ovens, a pantry, and a breakfast bar. Serene main bedroom offers direct backyard access, a walk-in closet, and an ensuite equipped with dual sinks and a relaxing jetted tub. Den for an office. Enjoy the peaceful ambiance of a serene backyard featuring a covered patio and lush, shade tree. Experience comfort and elegance in this delightful townhome, your new haven await

723 N Moon Road Apache Junction, AZ 85119

$899,900 - 3Br/2Ba -  for Sale in Arroyo Vista Estates, Apache Junction
Open House
$899,900
3 Beds
2 Baths
2,450 SqFt
Status Active
MLS # 6677071
Property Type Single Family Residence
Price Type --
Just completed Quick Move-In home at Arroyo Vista Estates with unforgettable Superstition Mountain views from the patio! Surrounded by natural desert arroyos, with very low maintenance landscaping! Approximately 2450 sq feet livable, with a split 4-car garage. Bright, open kitchens, Great Room, breakfast room with views, a perfect place to start your day! Designer options include 10 ft ceilings throughout, Pecan color cabinets, Pegasus quartz counters, 8x48 wood-look floor tile, fully tiled shower surrounds, pot filler faucet at kitchen stove, and so much more! Welcome to that peaceful, easy feeling you've longed for!

15833 W Cinnabar Court Waddell, AZ 85355

$899,900 - 4Br/4Ba -  for Sale in Twelve Oaks Estates, Waddell
Open House
$899,900
4 Beds
3.5 Baths
2,997 SqFt
Status Active
MLS # 6776238
Property Type Single Family Residence
Price Type --
Welcome to the BEST PRICED desert oasis in the Twelve Oaks neighborhood of Waddell! This sprawling 2,997 sq ft single-story beauty offers a versatile split floor plan with 4 spacious bedrooms, 3.5 baths, separate den, and an additional flex room ready to become whatever you can dream up. Step inside to find wood-look tile flowing through every room, elegant crown molding, and gorgeous custom built-ins that add character and functionality. Cozy up to the gas fireplace in the living area, which flows into the kitchen built for entertaining. Not one, but two NEW A/C units keep this home cool and comfortable year-round. The primary suite is a true retreat, featuring private access to the backyard oasis - perfect for a morning coffee or evening stargazing. Speaking of the backyard, you have over 36,000 sq ft to make your own! This lot is fully equipped for RV parking behind the 14' RV gate plus there's a sport court, a sprawling paver patio, and a fire pit. There's space for everyone to play, relax, and even raise chickens in the backyard coops. Mature trees and grass create a peaceful outdoor escape, while the cul-de-sac lot offers peace and privacy, all within reach of Waddell's best shopping, dining, and top-rated schools. This home checks all the boxes for anyone looking for space, style, and a touch of country charm right in town. Don't miss your chance to make this gem yours!

1713 W Las Palmaritas Drive Phoenix, AZ 85021

$899,900 - 3Br/2Ba -  for Sale in Las Pomaritas, Phoenix
Open House
$899,900
3 Beds
2 Baths
1,794 SqFt
Status Active
MLS # 6763474
Property Type Single Family Residence
Price Type --
First time ever on the market!! 28,567 sq ft lot!! This is a great property. House could use some updating, but if you are looking for a large lot with a huge garage in back with a lift, an unfinished studio apt, and a large woodshop, this is it!! There is access to the back lot through the alley. This is a gated alley subdivision, so double security to get into the back. Nice dead end street. There is walking access to Royal Palm Park through the neighborhood. House features 3 bedrooms and 1.75 baths. 1 car garage and carport at the front of the house. Irrigated lot. There is another room off of the garage that could be a 4th bedroom or hobby room. 2 covered patios, diving pool that was resurfaced not long ago. Wonderful neighborhood with a neighborhood garden and lots of events!!

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