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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1120 Sunrise Boulevard Prescott, AZ 86301

$874,900
3 Beds
3 Baths
2,247 SqFt
Status Active
MLS # 6740079
Property Type Single Family Residence
Price Type --
This stunning new construction home, situated in the highly desirable Yavapai Hills, boasts outstanding curb appeal. For all the amazing details about this home, you'll want to watch the builder video under the photos. Upon entry, the open, great room split bedroom design concept immediately impresses. The great room features a gas fireplace and floods the space with natural light from the 12-ft sliding glass door. The kitchen is a chef's dream, featuring a six-burner gas cooktop, a beautiful tile backsplash that extends from the counters to the base of the cabinets and an elegant island with pendant lighting and quartz counters serving as the centerpiece & providing a contrasting accent to the flanking countertops. The cabinetry includes soft-close doors/drawers & dovetail construction. The massive walk-in pantry includes a dedicated circuit for an additional fridge or freezer. The master suite offers dedicated access to the rear covered patio, with ceiling fans installed in all bedrooms and the great room. The spa-like master bathroom includes an elegant tile backsplash from the vanities to the ceiling, floating vanities with indirect LED lighting, a double vanity, and a 42-inch tall massive walk-in shower with floor-to-ceiling tile. The guest bathroom is a full bath with a floating vanity, quartz counter, and indirect kick lighting and is flanked by the two spacious guest bedrooms. The home includes an ERV unit for fresh air circulation, 100% spray foam insulation, and wood plank tile floors throughout except for the three bedrooms. Custom modular closet systems provide additional storage solutions. Solid core doors and custom closet systems enhance functionality throughout the house. The 3.5-car garage is fully insulated in the ceiling and exterior walls, insulated overhead doors, WiFi-enabled openers and electric car charging plug. A tankless hot water heater with a recirculating pump is installed, and there's a convenient garage door leading to the backyard. The property provides a natural buffer with dedicated open space behind the house, enhancing privacy and views. Additional highlights include a HERS rating of 42, Milgard windows, gutters, downspouts, enclosed eaves, full synthetic stucco, a post-tension slab, an electric vehicle plug in the garage, and expansive paver patios with stack stone columns. The home is enveloped in full synthetic low-maintenance stucco and includes elegant paver driveways, walkways, and patios. The front and rear landscaping are fully completed, a rare find for new construction and offers excellent long-distance views of Glassford Hill and the Mingus Mountain Range. The newly finished home is ready to make it your own.

1509 W Lynwood Street Phoenix, AZ 85007

$874,900
3 Beds
3 Baths
1,567 SqFt
Status Active Under Contract
MLS # 6757117
Property Type Single Family Residence
Price Type --
This F.Q. Story Spanish compound was breathtakingly restored in 2020. The main home features a decorative fountain and surround-sound front patio; gas fire; coved living room ceiling, refinished hardwood floors; designer draperies; chef's kitchen with concrete counters and butler pantry with custom wrought-iron doors; designer wallpaper; exposed brick walls; spacious guest bedroom and full bath; and a luxurious primary suite with spa-like en-suite, walk-in closet and laundry. The misted rear patio looks out onto a heated/cooled pool with water features, new 1-car garage, and permitted 476 sf guest house (built in 2022) with prvt entry, mini-split, full kitchen, electric fireplace, bedroom, spa bath, private patio, outdoor shower and tub combo. Motorized driveway gate & addtl shade parking

315 E Balao Drive Phoenix, AZ 85085

$874,900 - 3Br/3Ba -  for Sale in Gateway At Sonoran Preserve, Phoenix
New
$874,900
3 Beds
2.5 Baths
2,375 SqFt
Status Active
MLS # 6763358
Property Type Single Family Residence
Price Type --
Breathtaking VIEWS of Sonoran Mountain Preserve (OVER $222K in UPGRADES - PAID SOLAR! Average $27.80/Mo for Electric!)! Single Level, 3-car garage (w/additional 4ft extension), 3 beds PLUS Den, 2.5 Baths, SPA (hot or cold), Raised View Deck, & RV gate in Gated Community. Impressive w/10ft ceilings, 8ft doors, Plantation Shutters, HUGE open floor plan, CUSTOM entertainment ctr w/fireplace, surround sound, & multi sliding glass drs to extended back patio w/travertine tile. GOURMET Kitchen equipped w/abundant espresso cabinetry, granite counters, walk-in pantry, LARGE island w/seating, & GE Café SS appliances. Owner's retreat w/dual sinks, make-up vanity, SUPER sized tiled shower, & walk-in closet. Tranquil backyard, boasting a patio misting system, grassy area, built-in BBQ & smoker.

29228 N 48th Street Cave Creek, AZ 85331

$874,900
5 Beds
4 Baths
3,391 SqFt
Status Active
MLS # 6748930
Property Type Single Family Residence
Price Type --
Experience luxury & comfort in this 5 bed, 4 bath beautifully renovated property!This property is perfect for a high-end short-term rental or a forever home for a growing family. No STR HOA restrictions. Soaring 18-ft ceilings are the first sight upon entering the home. Home is newly renovated with high end & custom finishes. Upstairs boasts 4 spacious bedrooms, including a master w/ ensuite bath fitted with freestanding tub & oversized shower glass doors. Downstairs hosts a den & the 2nd master bedroom w/ ensuite bath. Kitchen offers upgraded cabinets & abundant storage, huge island, stainless steel appliances & a large walk-in pantry. Spacious living room, great room & dining room. 2 car garage with room for add'l storage. Backyard has covered patio, putt-putt & outdoor lighting system.

2253 W Enfield Way Chandler, AZ 85286

$874,900
5 Beds
2.5 Baths
4,009 SqFt
Status Active
MLS # 6648281
Property Type Single Family Residence
Price Type --
Beautiful home in sought after Pecos Ranch Estates. Extensive remodel just completed including roof, new paint in/out, new carpet, new stainless steel appliances, new quartz counter tops, new plumbing fixtures and a lot more. See complete list in Docs Tab. Great location with easy access to 101/202 freeways, Chandler Fashion Mall and Price Road Corridor. Oversized elbow lot nicely landscaped front and back, pebble tec pool with waterfall. Side entry 3 car garage. Almost full length covered patio. Separate entrance off driveway to guest room and master suite. Large living room, family room and very nice loft upstairs. Huge island kitchen features breakfast nook with bay windows, double wall ovens, pantry. Guest room/office and 1/2 bath downstairs. It is perfect and move in ready! Downstairs master features double doors, bay windows, huge bath with two sink areas, separate shower and garden tub, large walk in closet. Newer three zone HVAC/forced air gas heat and gas water heater.

30619 N 63rd Street Cave Creek, AZ 85331

$874,900
4 Beds
2.5 Baths
2,087 SqFt
Status Active
MLS # 6712114
Property Type Single Family Residence
Price Type --
If your looking for privacy & a completely remodeled home with mountain views, desert surroundings & a pool this is the home for you! Sitting on an acre plus lot with a covered RV slab & connections, fenced pool area, grass yard with plenty of space to add a guest house, garage or you name it, the possibilities are endless. Alder wood cabinets throughout, plank tile flooring, brick surround showers & fireplace with barn wood accents. Granite countertops, vaulted ceilings, kitchen pantry & extended length garage w/ large laundry room. Expansive covered patio, brick pavers surrounding the pool area for outdoor entertaining. All new fixtures throughout, hammered copper farmhouse sink, stainless steel backsplash, custom built range hood, pool has in ground maintenance free cleaning system.

1454 N Orlando -- Mesa, AZ 85205

$874,900
5 Beds
3 Baths
3,251 SqFt
Status Active
MLS # 6753051
Property Type Single Family Residence
Price Type --
Gorgeous updated home situated on a sprawling irrigated lot. New exterior paint and hvac unit. Interior has beautiful new flooring and baseboards throughout. Kitchen features new shaker cabinetry, quartz countertops, pantry and stainless steel appliances. Huge island area is great for entertaining. Spacious living spaces with tons of possiblilities to fit personal lifestyle. Owner suite is your own sanctuary with a private bath you won't want to leave. Stunning finishes, huge walk in shower and seperate soaking tub. Great sized secondary bedrooms and plenty of storage throughout the home. Backyard has sparkling pool and spa, patio areas and plenty of space for outdoor living. This home is a rare find and hits all of those hard to find amenities!

3139 W Honor Court Anthem, AZ 85086

$874,900
4 Beds
2.5 Baths
2,738 SqFt
Status Active Under Contract
MLS # 6716165
Property Type Single Family Residence
Price Type --
Welcome to your dream home! Nestled in a serene cul-de-sac on an oversized lot in the highly sought after Enchantment neighborhood of Anthem, this beautifully remodeled and renovated house offers the perfect blend of modern comfort and stylish design. From the moment you arrive, you'll be captivated by the newly landscaped front yard featuring lush new turf and an extended driveway with new pavers. The exterior of the house has been freshly painted, adding to its vibrant and welcoming charm. Once inside you'll find this home has been thoughtfully renovated throughout, including a fully remodeled kitchen and baths. Modern fixtures and finishes create a luxurious atmosphere. The high ceilings and open layout make this home feel incredibly spacious and inviting. Natural light pours in, enhancing the light and bright interior. The split bedroom design offers privacy and convenience, ideal for families or guests. Enjoy the elegance and durability of new LVP flooring throughout the entire home. Cozy up to the gas fireplace in the living area, adding warmth and ambiance to your living space. Step into your newly landscaped private backyard oasis, highlighted by the large heated diving pool, a rare find, and an attached spa. There's a brand-new gazebo, perfect for relaxing in the shade or entertaining, and expansive areas of new turf. The large covered patio provides ample space for outdoor dining and gatherings. The side yard features an RV gate with extensive pavers, providing extra space for outdoor projects and storage. Additionally, the home is equipped with solar panels, significantly reducing energy costs.

44017 N 50th Avenue New River, AZ 85087

$874,900
5 Beds
3.5 Baths
4,408 SqFt
Status Active
MLS # 6728666
Property Type Single Family Residence
Price Type --
Gorgeous 5-bedroom, 4-bathroom home, set on a sprawling 11,200 sqft lot with stunning mountain views! This recently updated residence offers a spacious 4,408 sqft of living space with high ceilings, creating an airy and bright atmosphere. The remodeled kitchen is a chef's dream, complemented by a formal dining room with a butler's pantry, a formal living room, a great room, and a separate office. The primary bedroom is conveniently located downstairs. The large upstairs media room is perfect for entertainment, and bedrooms 2 and 3 share a Jack & Jill bathroom. Enjoy comfort year-round with three brand new Trane HVAC units and the benefits of a fully paid-off solar system. The covered patio overlooks a beautifully landscaped garden, heated pool with a connected spa, and waterfall feature. With a custom RV gate and no HOA height restrictions, this home offers both luxury and flexibility!

41411 N Anthem Ridge Drive Anthem, AZ 85086

$874,900 - 3Br/4Ba -  for Sale in Anthem Unit 42, Anthem
Open House
New
$874,900
3 Beds
3.5 Baths
2,991 SqFt
Status Active
MLS # 6763778
Property Type Single Family Residence
Price Type --
Are you ready to experience elevated living at Anthem Country Club? Discover this stunning home, perfectly positioned on a premium corner lot in the prestigious Anthem Country Club. Step inside to be welcomed by a beautiful and inviting open-concept floor plan featuring 3 bedrooms plus a den, a spacious great room, a formal dining area, and a versatile front living/flex room. The kitchen, designed to delight even the most discerning chef, boasts an abundance of upgraded cabinetry with crown molding, under-cabinet lighting, sleek granite countertops and backsplash, stainless steel appliances, an island with a breakfast bar, and elegant stone accents. The casual dining nook, framed by a bay window, adds a charming touch to your daily meals. The great room exudes warmth and style with a custom feature wall and a stunning stacked-stone gas fireplace, complemented by Stone Creek built-in cabinetry. Perfect for entertaining, the tranquil backyard is equipped with a custom-built grill, pizza oven, and a spacious paver patio. A built-in BBQ island with bar seating, a calming fountain, easy-care artificial turf, and breathtaking mountain views make this backyard an entertainer's dream. Retreat to the serene primary bedroom, which features double-door entry, sliding doors leading to the backyard, and an en-suite bath complete with dual vanities, a tiled shower, a soaking tub, a large walk-in closet with built-ins, and a linen closet. A secondary bedroom with its own en-suite bath offers privacy and convenience for guests. Additional features throughout the home include plantation shutters, two-tone paint, designer light fixtures, and a spacious 3-car garage. Living within the gated Anthem Country Club provides exclusive access to members-only amenities such as resort and lap-style pools, tennis courts, a fitness center, and a world-class golf course. Don't miss your chance to view this exceptional property today!

213 S Mount Vernon Avenue Prescott, AZ 86303

$874,500
3 Beds
3 Baths
2,049 SqFt
Status Active
MLS # 6705845
Property Type Single Family Residence
Price Type --
Historic Craftsman Bungalow located on the most highly sought after street in Prescott. This turn-key property is currently operated as a successful VRBO & may come fully furnished. Taxes only $588 per year! Main home offers 3 bedrooms, 2 bath, open concept family room, dining room, updated kitchen w/ eat-in island, media/game room & charming front porch to enjoy taking in Prescott's small-town charm. Property also presents lower apartment, offering additional income unit. Two separate garages offering one above at house level & two car garage below at alley access w/ adjacent RV space. Terraced back yard is fully fenced w/ plenty of room to expand back patio space to make this an even more enchanting space. Don't miss your opportunity to own a piece of history in the heart Prescott!

805 W Little Ranch Road Paulden, AZ 86334

$874,478
4 Beds
3 Baths
3,207 SqFt
Status Active
MLS # 6613512
Property Type Single Family Residence
Price Type --
Discover your Self-Sustaining Oasis in Paulden, AZ. Nestled ~30 minutes from Prescott, this Paulden ranch is a prepper's dream. Sitting on 5 fenced acres, it boasts a high-producing well with windmill-powered 10,000-gal storage tank plus an extra well, also high capacity. Security is ensured with an automatic gate, mature trees and a secluded location. The main house offers 4 bedrooms, 3 baths, a beautiful kitchen, huge living room, true soundproofed media room, laundry room, dining room, pantry, and more. Compound includes 1248 sqf workshop/garage (w/office+ bathroom), 480 sqf bunkhouse, 768 sqf garage, a bunker/root cellar/wine cellar, another 2-car garage/storage container, horse facilities, gardens, ponds, etc. This gem is a haven for those seeking self-sufficiency in a crazy world.

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