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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44814 N 22nd Street New River, AZ 85087

$899,888
3 Beds
2.5 Baths
2,943 SqFt
Status Active
MLS # 6733643
Property Type Single Family Residence
Price Type --
This Exquisite home is Highly Upgraded/Updated w/ Luxurious finishes & features thru-out. The Unique Architecture incorporates a linear design layout w/ dramatic radius walls for a distinctive touch vs the typical Santa Fe Territorial home. It still has an open feeling that makes for great entertaining and gatherings of friends & family. You'll love the Cozy Stacked Stone fireplace in the Great room along w/ the abundance of windows stretching across the back of the home to provide openness to back wrap around PAVERED Patio w/it's structured columns. The great room opens to Dining Area & the Well Planned & appointed GOURMET Kitchen offering GENEROUS storage & WORKSPACE includes a separate Veggie/Prep sink in center ISLAND. Lots of natural light, GRANITE Counters, Custom **(OPEN BLUE LINK) Full Custom Travertine BACKSPLASH, Stainless Appliances, & Stainless /STACKED STONE Vent hood make it beautiful too!! You'll also find ample recessed lighting for a working kitchen along with the Pendant lighting for style, & conveniently the kitchen has it's own separate door to access the patio for serving apart from the door that accesses the patio from the Great room/ Dining room. Guest bedrooms #1 & #2 are located off of the Kitchen hall and are setup with a Jack & Jill bathroom that provides a completely separate Vanity/Sink/personal Storage area for each bedroom. There is also a lavatory and bath/shower room with its own door to offer privacy. Moving to the North Wing of the home you'll enter through Double doors opening to the Tranquil Master Suite. Designed with a radius walls touch & an abundance of windows to the back patio for that natural light & beauty here as well. The Huge Master bath area includes dual sinks, jetted soaking tub, Snail shower with Travertine Surround, SPACIOUS Closet and a Direct Access door to the patio to enjoy your coffee in the morning or to relax before bed while watching the Glorious SUNSETS or maybe getting in some Stargazing. You will also enjoy the convenience of a 3.5 car extended length garage. It has 3 separate electric lift/roll-up doors for convenience, Epoxy coated floors, plentiful lighting, ceiling fans, and an extra 1/2 garage bay for your ATVs, motorcycles, jet skis, or as it is now being used, for a personal gym. There is also the Separate closed space /workroom at the back of the garage that provides a workbench, pegboard tool storage, and built in 3 sided shelving as well as cabinets for storage and organization. The home is ideally located just south of the entrance to the Tonto National Forrest with it's unlimited trails for hiking/horseback riding or/ATV riding. You'll enjoy the Native American ruins, Forts, Petroglyphs and other bits of history and beauty of the surrounding area. The 1.25 acre lot, that this magnificent home is built on provides plenty of useable level land to work with for a casita, RV Garage/Workshop, Pool, or extensive horse setup. There is no floodway/floodplain on the lot. The lot is fully fenced with rich looking but low maintenance White Vinyl rail fencing and full double gates including at the end of the Driveway. The back half includes extra fencing professionally added to make it dog safe/secure. The owner also had 2 horse corrals and a horse shade added at the very back of the property but there has never been horses kept on this lot. He had both electric and water lines run back to them, underground as well, for future use of the corrals. Additional features/upgrades: *Wood Plantation Shutters throughout the home 3 yrs ago *Both Water heaters replaced 2 yrs ago *New Flooring Under 1 yr ago *New $9500 Upgrade to a Silicone Roof for much lower maintenance and lower ongoing costs Under 1 yr ago *New Security System with Cameras. Hard Wired and With Technology for you to monitor them from your phone APP *New Interior and Exterior Painting Under 1 yr ago *Lots of Mature landscaping/trees including a lemon tree at the side of the home.

13660 W Buckskin Court Peoria, AZ 85383

$899,500
4 Beds
3 Baths
3,095 SqFt
Status Active
MLS # 6776700
Property Type Single Family Residence
Price Type --
MOVE-IN READY with $20,000 toward closing costs or rate buy down, plus FREE fridge, washer, and dryer! This breathtaking home in a gated community boasts modern Craftsman charm with its brick-accented exterior and undeniable curb appeal. Step inside to discover a kitchen designed for culinary delight, featuring abundant white shaker cabinets, striking quartz countertops, a chic herringbone backsplash, an oversized island, and a walk-in pantry. The open floor plan flows seamlessly into a spacious great room, which opens to a huge covered patio through oversized sliding glass doors ideal for indoor-outdoor living and entertaining. The owner's suite offers a luxurious retreat with a spa-like walk-in shower and a free-standing tub. Additional highlights include a den & a versatile flex room. Two hall bathrooms (one with a tub and one with a shower), and an oversized 3.5-car garage with a 10-foot side gate for convenient yard access. This home is designed to suit every need with style and sophistication!

8913 S Forest Avenue Tempe, AZ 85284

$899,500
4 Beds
2.5 Baths
2,515 SqFt
Status Active
MLS # 6777815
Property Type Single Family Residence
Price Type --
Beautiful Modern Remodel located on an large corner lot in sought-after Warner Ranch! Great floorplan w/ 4 spacious bedrooms & 2.5 Baths! Enjoy the open floor plan & expansive backyard perfect for all Entertaining! Family Room fireplace is enhanced w/ custom white décor paneling! Light & Bright w/ New modern custom lighting & fans throughout! New Kitchen w/ Shaker cabinetry, New Appliances, Upgraded White Quartz waterfall island, Subway tile backsplash & Apron front sink! Vaulted Ceilings! Large Primary & luxurious Primary Bath w/ Custom Shower & Surrounds! Huge Backyard, Private Pool & large covered patio! Pool resurfaced, backyard professionally landscaped w/ large grassy play area. Perfect for all entertaining or just relaxing. Incredible Location among it all! Welcome Home!

15951 E Thistle Drive Fountain Hills, AZ 85268

$899,500
3 Beds
2 Baths
2,756 SqFt
Status Active
MLS # 6775306
Property Type Single Family Residence
Price Type --
***MAJOR PRICE REDUCTION!*** Welcome to the pinnacle of Arizona living in this stunning, fully remodeled haven nestled in the tranquil community of Fountain Hills, renowned for its dark sky designation. Boasting breathtaking views of the majestic McDowell Mountains and the snow-capped peaks of Four Peaks during winter, this residence offers a perfect blend of modern elegance and natural beauty. Spanning nearly 2,800 square feet, the open floor plan is designed to showcase the spectacular desert vistas from virtually every angle. As you enter, you will be drawn into the heart of the home, where a sophisticated ambiance awaits. The remodeled kitchen is a culinary dream, featuring oversized quartz countertops, sleek stainless steel appliances, and ample cabinet space, providing everything you need to inspire your inner chef. The thoughtful design seamlessly integrates functionality and style, making cooking a joyous experience. The home includes three generously sized bedrooms, each offering magnificent views and abundant natural light. The primary bedroom is a true retreat, beautifully remodeled to enhance comfort and luxury, complete with a stunning ensuite bathroom that features upscale tile work, elegant cabinetry, and convenient laundry facilities for your daily ease. The guest bath has also been tastefully updated, maintaining the same high standards of quality and design. Enjoy added convenience with a secondary laundry area located in the garage. Step outside to discover two levels of expansive patio space, perfect for entertaining or relaxing while immersed in the stunning desert landscape. Take a refreshing dip in the crystal-clear pool, soak in the warm Arizona sun, or simply unwind while enjoying the unparalleled vistas that envelop you. This home has been meticulously maintained and updated, with a new roof installed in 2020 and upgraded AC units in 2022, ensuring years of worry-free enjoyment for its fortunate new owners. Don't miss the chance to embrace the ultimate Arizona lifestyle in this exceptional residence. Prepare to be captivated by its beauty and charm in this enchanting desert sanctuary!

34159 N Borgata Trail Queen Creek, AZ 85144

$899,334
4 Beds
3.5 Baths
2,973 SqFt
Status Active
MLS # 6721274
Property Type Single Family Residence
Price Type --
Welcome to this new home in Prelude at Oro Ridge boasting a 3 car garage, 4 bedrooms, a den, and 3.5 bathrooms! This well-thought-out floorplan will not disappoint! Box beams and fireplace at great room! The kitchen features Jennaire Stainless Steel appliances, Quartz Countertops, and Urban Taupe Cabinets. The primary suite is lavish with a freestanding soaking tub in the ensuite. You will love the upgraded doors and baseboards throughout! Do not miss out on this gorgeous home!

4655 W Bonnie Lane Queen Creek, AZ 85144

$899,000
5 Beds
4 Baths
3,525 SqFt
Status Active
MLS # 6751817
Property Type Single Family Residence
Price Type --
BRAND NEW Constructionwith NO HOA! Stunning Modern Farmhouse on a 1.25 FENCED ACRE LOT w/ Horse Privileges. 4 Car Side Entry Garage and GUEST LIVING w/ Seperate Entry. Gourmet Kitchen with WOLF APPLIANCES, high-end Cabinets w/ 42'' uppers, White Quartz Countertops, 36'' Cooktop, Built-in Stainless Steel PULL DOWN Microwave and Wood Plank tile Floors. Stunning Master Bathroom with Freestanding Soaking Tub, BEACH ENTRY Modern Glass Shower and Beautiful Double Vanities. Exceptional Energy Efficient - boasting Spray Foam Insulation, Premium Trane 14 seer AC units & High-end Windows. Superior Construction and Craftmanship includes Premium Roofing System, Premium Synthetic Stucco & much more! Close to hiking and horseback riding trails in San Tan Mtns. ESTIMATED COMPLETION DATE in Dec.

5 Apache County Road 3565 Road Vernon, AZ 85940

$899,000
4 Beds
2.5 Baths
2,823 SqFt
Status Active
MLS # 6643667
Property Type Single Family Residence
Price Type --
This gorgeous custom home on 2.5 acres is nestled in an incredible location. It has privacy, yet still close to town. It's also only 750 yards away from Sponseller Lake! Perhaps the best part is the wildlife preserver bordering the west side of the property. This ensures no vehicle access to the public behind your property! The home features a gourmet kitchen with custom cabinets, wood work, and an expansive open pantry. Enjoy the beautiful, laminate vinyl plank flooring, complimented by the super cozy fireplace. It comes with a tankless hot water heater that will surely come in handy on cold winter days. Step outside to a delightful back patio, where you can enjoy meals with a fantastic view. With 2.5 acres at your disposal, this home is a prized gem!

29247 N 70th Avenue Peoria, AZ 85383

$899,000
5 Beds
3.5 Baths
4,054 SqFt
Status Active
MLS # 6768748
Property Type Single Family Residence
Price Type --
Welcome to this stunning 5-bed, 4-bath home in the foothills of Sonoran Mountain Ranch! Boasting great curb appeal on this North-South facing home with new exterior paint, a 3-car garage with custom cabinets, overhead racks, and bright open floor plan featuring vaulted ceilings, plantation shutters, and new wood laminate flooring. A spiral staircase leads upstairs with 2 loft areas perfect for a game room or separate living space and 4-bedrooms. The gourmet kitchen offers granite counters, espresso cabinetry, breakfast bar and a walk-in pantry. Enjoy the luxurious downstairs master suite with custom closets and spa-like ensuite. The tropical backyard features a pool, jacuzzi, paver patio, and lush landscaping. Gorgeous mountain views, and hiking trails. Move-in ready w/ $100K in upgrades! This stunning 5-bed, 4-bath home offers an unmatched blend of luxury, comfort, and convenience. With its striking curb appeal, featuring new exterior paint and a 3-car garage equipped with custom-built cabinets and overhead racks, this residence is move-in ready with $100K in upgrades! Step inside to an open floor plan with soaring vaulted ceilings, plantation shutters, and an abundance of natural light. The newly installed wood laminate flooring enhances the modern feel throughout the home. The gourmet kitchen is a chef's delight, boasting granite countertops, beautiful staggered espresso cabinetry, a walk-in pantry, and a gas cooktop. Whether hosting guests or preparing family meals, this kitchen is equipped for it all. Retreat to the luxurious downstairs master suite, which features custom Classy Closets, dual sinks, a spacious walk-in closet, and a spa-like shower with a dry-off area. Upstairs, you'll find two separate loft areas, perfect for a game room or additional living space, along with four generously sized bedrooms. The backyard is an entertainer's paradise! Relax or entertain on the paver-covered patio surrounded by lush, tropical landscaping. Enjoy the privacy of no neighbors behind as you take a dip in the sparkling pool and jacuzzi, or simply unwind on the artificial turf. Located in the serene Sonoran Mountain Ranch, this home offers stunning mountain views, with parks and hiking trails just a short walk away. Don't miss your chance to own this meticulously maintained, move-in ready gem!

12670 W Bajada Road Peoria, AZ 85383

$899,000
2 Beds
2.5 Baths
2,610 SqFt
Status Active
MLS # 6739574
Property Type Single Family Residence
Price Type --
HIGHLY SOUGHT AFTER LOCATION on fairway of the signature #14 hole with expansive views. Spacious backyard features HEATED POOL & SPA, kool decking, large faux grass area & view fencing. Premium features include 2 NEW 2021 TRANE HVAC UNITS, leased SOLAR, 12-FT CEILINGS, & NO CARPETING--large tile & wood flooring. Chef's kitchen w/GRANITE SLAB on countertops & front island, QUARTZ-2021-on center island, staggered cabinets w/abundant storage, built-in s/s appliances w/GAS cooktop, 2 sinks. Adjacent to the kitchen are the great room w/gas fireplace & views of backyard & golf course & a private courtyard with PERGOLA ideal for breakfast or morning coffee. HUGE PRIMARY SUITE with access to back patio has BAY WINDOW/ w/views, bath w/dual sinks, shower & soaking tub, 2 WALK-IN CLOSETS & FLEX RM. Use the versatile flex room for a private office, exercise room, craft or art room, TV watching or combination of uses. The ENSUITE guest bedroom is split from the primary suite. A den, half bath, casual or formal dining room & laundry room are also found in this 2610 SF Tuscan 'Aurora'. The two-car garage with WHOLE HOUSE WATER FILTRATION SYSTEM & 2022 gas hot water heater has additional area for a golf cart & storage. This home is located in award-winning, gated 55+ Trilogy at Vistancia with 5-star-resort style amenities at the 35,000 SF Kiva Club with indoor & outdoor pools, fitness center, day spa, cafe, billiards, meeting rooms, library, tennis courts, pickle ball, bocce ball, events & a plethora of activities to choose from. Outstanding Gary Panks-designed golf course is woven throughout the neighborhood. The Mita Club has additional community amenities including a huge resort outdoor pool. Easy access from Trilogy to the 303, shopping, restaurants, entertainment, Paloma Park (Peoria's newest park) & Lake Pleasant.

3555 W Hummingbird Lane San Tan Valley, AZ 85144

$899,000
4 Beds
4.5 Baths
3,120 SqFt
Status Active
MLS # 6742481
Property Type Single Family Residence
Price Type --
*Seller willing to contribute up to 3% to closing cost/rate buy down. Updated photos 9/21* Welcome home to your luxurious retreat nestled in the San Tan Valley! Immerse yourself in the breathtaking natural beauty, picturesque sunsets, and unmatched privacy this sanctuary provides. As you enter your own private drive, this sophisticated modern home will overwhelm the senses offering the Scottsdale feel of tastefully appointed design combined with the stunning, low-maintenance, natural front landscape, at a fraction of the price. The well thought out attached casita offers a private retreat complete with its own entrance, kitchenette, laundry, and separate AC system. This additional living space ensures privacy and comfort for all residents and visitors. The casita also has a separate measurable electrical panel and the single car garage can be easily separated to provide a true multi-generational or income providing opportunity! The casita can also be modified to be fully incorporated into the main home to provide easy access to the extra bedroom or provide a flex space with countless possibilities! As you enter the main home, the gourmet kitchen will take your breath away! Featuring top-of-the-line appliances, custom cabinetry, and elegant countertops, meticulously chosen to provide both style and efficiency, making cooking and entertaining a delight. As you retreat to the lavish master suite, the spacious bedroom will offer a serene escape, with large upgraded windows framing the scenic views. The beautiful en-suite bathroom features high end finishes including large walk-in shower with custom tile work, dual vanities with exquisite countertops, large soaking tub, and ample storage, the ultimate in comfort and relaxation. This home is currently under construction with an expected completion date of December 1, 2024 (subject to change). Buyer is eligible to select finishes with deposit. Price is subject to change based on selections. Photos will continue to update progress of build.

12733 S 177th Lane Goodyear, AZ 85338

$899,000
5 Beds
3 Baths
4,398 SqFt
Status Active
MLS # 6752407
Property Type Single Family Residence
Price Type --
Gorgeous TW Lewis Basement home in gated community of Emerald Greens at Estrella Mountain Ranch. Home Features 3 Bedrooms 2.5 bath on main floor, 2 Bedrooms 1 bath plus Bonus room & Great room with wet bar in finished Basement. Open kitchen overlooking the family room with lots of windows to view the sparkling pool out back. Large Laundry room with sink, cabinets & counter tops for additional storage. Soft Water Loop & RO at the kitchen sink. Surround sound and fire sprinklers throughout. Primary retreat features private exit to backyard as well as an oversized closet, 20 in tile, crown molding 2 new AC units, New pool cool decking, Close to shopping and restaurants, Why there's not more basements in AZ is beyond me come & see this rare basement home yourself you wont be disappointed

17426 E Desert Vista Trail Rio Verde, AZ 85263

$899,000
2 Beds
2 Baths
1,543 SqFt
Status Active
MLS # 6756401
Property Type Single Family Residence
Price Type --
This luxurious former model home, featuring the Juniper floorplan, leaves no detail overlooked. Situated on a premium lot with an extended driveway, this residence boasts all the extras, including stunning designer light fixtures, tall ceilings, and beautiful floors. The backyard is a dream come true, offering a breathtaking view of mountain peaks and an unmatched view of the golf course . The gourmet kitchen is equipped with high-end Monogram stainless steel appliances, granite countertops, modern cabinetry, and a large kitchen island with a breakfast bar. The primary suite is bathed in natural light and features a beautiful ensuite with a tiled shower. Bedroom 2 is move-in ready and equally charming. Step outside to your north/south-facing Sonoran desert oasis, complete with an expansive covered patio, ceiling fan, seating area, serene water feature wall, and a private putting course. Additional features include an RO system, water softener, and a garage with epoxy floors and storage cabinets, making this home a turn-key dream. The amenities at Verde River are World Class with Tom Lehman-inspired eighteen-hole Golf course, tennis courts, pickleball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails.

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