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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22700 E Twin Acres Drive Queen Creek, AZ 85142

$874,148

4 Beds

3.5 Baths

3,396 SqFt

Status Active

MLS # 6728482

Property Type Single Family Residence

Price Type --

New 4 bedroom home plus a generation suite with a full kitchen and dedicated exterior entrance. This home is loaded with designer features and is expected to be complete in September 2024. Executive GE kitchen appliances with SS double ovens, a stainless steel refrigerator, a microwave, 36'' gas cooktop, and vent hood. Other highlights include upgraded New Ventano beige quartz kitchen countertops and designer backsplash. 16' multi slider at the Great Room, upgraded Winstead Maple Quill cabinets, square drywall corners and contemporary 5'' baseboards, upgraded cultured marble vanities with rectangular sinks at the bathrooms, upgraded matte black bath fixtures, custom tile surrounds at the primary shower, upper cabinets at the Laundry Room, a front load laundry set, and 2'' faux wood blinds.

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35213 W Van Buren Street Tonopah, AZ 85354

$874,000

3 Beds

2 Baths

1,919 SqFt

Status Active

MLS # 6670949

Property Type Manufactured Home

Price Type --

**FREE 2-1 RATE BUY DOWN** This gem of a property, located just minutes from I-10, offers just under 12.5 acres of flat, usable and buildable land, a very well laid out 3 bedroom plus a den 2 bath home with extended length covered patios and a large attached carport and storage room, BRAND NEW SHASTA POOL, covered RV parking, large covered area for feed or equipment storage, 8 covered 16x24 stalls, arena, private well, abundance of peace and quiet and a never ending supply of beautiful Arizona sunsets....even the furniture can stay so all that is missing is YOU! SLLER MAY CARRY!

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4304 W Ivanhoe Street Laveen, AZ 85339

$873,000

4 Beds

3 Baths

2,301 SqFt

Status Active

MLS # 6740362

Property Type Single Family Residence

Price Type --

Rare opportunity! Beautiful territorial home located on 2.324 acres of non-HOA land. This home is situated next to unobstructed views of the South Mountain Preserves. This property has spectacular panoramic mountain views to the East with quiet, serene privacy. You can enjoy riding horses, biking, hiking or just having coffee on the large paved backyard patio complete with a fire pit. The large home has 2,301 sq. ft. and is super clean (air conditioning ducks have been cleaned prior to listing home) and well maintained. Upon entering this home, you will notice the large open area complete with a wood-burning fireplace and the popular Coretec Plus vinyl plank flooring. This home is a must see if you are looking for a home with 2 plus acres, no HOA and privacy! Please click on more . As you continue exploring this home you cannot help but see the beautiful solid oak interior doors and oak trim throughout that boasts quality. The home emphasizes 4 bedrooms (4th bedroom off the great room could be used for an office complete with a separate entry) and 3 baths. the kitchen is complete with soft-closing cabinet door & drawers, GE Microwave, glass top range and Kenmore dishwasher, large laundry room with lots of storage and a newer a/c unit. There is a sky light in the laundry room, guest bathroom and 3 in the garage. Also included is energy efficient dual pane windows and a soft water system. The attached oversized garage has an epoxied floor, utility sink, plumbed for ice maker, R-19 insulated walls and ceiling, 2inch insulted overhead door, storage cabinets, separate entry door, 220- amp circuit, option of adding 2 more 20-amp circuits, and extra installed pavers next to concrete driveway, leading up to garage. For an extra bonus there is a detached garage/shed (estimate size 16 x 32) with an 8-foot overhead door and a walk-through door. This building has endless uses including car/truck storage, hobbies, storage just to name a few. The exterior of the home has 2-50-amp RV outlets, parking pad for small RV or 3rd vehicle. You will also enjoy the low maintenance landscaping and automatic irrigation system. Close access to Loop 202 South Mountain Freeway. Also close to 5G Verizon tower. This home is a must see if you are looking for a home with 2 plus acres, no HOA and privacy!

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29860 N 119th Avenue Peoria, AZ 85383

$873,000

5 Beds

4 Baths

4,043 SqFt

Status Active

MLS # 6727127

Property Type Single Family Residence

Price Type --

Come experience the lifestyle in the gated community Chaparral Canyon at Vistancia. Beautiful premium view lot backing to open space in the back.Energy efficient Solar Powered (owned) home with breaker box fitted to handle an EV charging system. Loaded with upgrades and charming appeal. Chef's Kitchen w/ Butler's Pantry offering a pass through to the Formal Dining Room. Open concept floor plan w/ spacious Great Room and Multi-Slide Door leading to backyard. Private main level Guest Room, Den AND Pocket Office. Generously sized Loft living space. Owner Ensuite w/ Spa like Bath complete w/ dual vanities, walk in tile surround shower and separate soaking tub. All Bedrooms have walk in closets and the primary is very large. Seamless engineered real wood flooring on first floor and stair case. 8' interior doors. Spray Foam Insulation, ENERGY STAR appliances and programmable thermostat, water-efficient plumbing fixtures, and more! OVER 100K IN UPGRADES!! See floor plan, elevation, dimensions and plans by clicking on Documents. Vistancia is a highly sought after master planned community with pools, walking trails, recreational and play areas, golf, tennis and basketball. Prime Peoria Arizona location just a few miles from the loop 303, Lake Pleasant, shopping and restaurants PLUS the future FIVE NORTH at VISTANCIA - envisioned to be a dynamic and vibrant lifestyle destination that offers a walkable and open connection to cool experiences, including 'best in class' and 'first to market' lifestyle and living options in Peoria. The initial phase of development is planned to include a main street restaurant/retail corridor.

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2042 E Dias Drive Gilbert, AZ 85234

$872,000

5 Beds

3.5 Baths

3,758 SqFt

Status Active

MLS # 6729694

Property Type Single Family Residence

Price Type --

Looking for a place to call home? This gorgeous two-story residence with a 3-garage in Val Vista Lakes is the one! Discover tall vaulted ceilings, tile flooring, custom palette, bay windows, and dazzling light fixtures. Highlights include a large living/dining room and a desirable great room enhanced with a cozy fireplace. Fabulous kitchen is equipped with plenty of cabinets & cupboards, tile backsplash, an island with a breakfast bar, granite counters, stainless steel appliances such as a cooktop gas & wall oven, and a breakfast nook. Flexible loft is designed for entertaining! Owner's retreat showcases wood-look floors, private balcony, double door entry, a sitting area, a mirrored door closet, and an ensuite comprised of dual sinks and a jetted tub. Dreamy backyard won't disappoint! A covered patio, pavers, a built-in BBQ, and a refreshing pool complete the picture. This gem has it all! Make it yours before it's gone!

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2230 Aspen Run -- Pinetop-lakeside, AZ 85935

$870,000

4 Beds

3 Baths

2,260 SqFt

Status Active

MLS # 6730919

Property Type Single Family Residence

Price Type --

Welcome to Top of The Woods! Set back in the more secluded part of the neighborhood and just a leisurely stroll to Woodland Lake Recreation area. Demonstrating unmistakable pride in craftsmanship as verified in the attention to detail. Come discover this spacious 4-bed, 3-bath new custom-built home in Pinetop. Incredible accent features inside & out, including hand-laid stone, solid slab hearth, custom tile work, T&G accent wall, granite counter tops, solid wood doors & trim...and so much more. Step outside and enjoy the smell of the tall pines that surround you from your charming and private covered porch or rear deck. Full stone fireplace stands ready to warm those chilly mountain evenings. This Mountain Cabin is the gateway to an all-season lifestyle that outdoor enthusiasts dream of.

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8989 N Gainey Center Drive Unit 108 Scottsdale, AZ 85258

$870,000

2 Beds

3 Baths

2,113 SqFt

Status Active

MLS # 6713396

Property Type Townhouse

Price Type --

Desirable end-unit townhome nestled in the 72 unit, gated community of 8989 Gainey Center enclave. This residence boasts a thoughtfully designed floor plan featuring two spacious en-suite bedrooms, first-floor den, and second-floor bonus room. The first-floor den, complete with a closet and situated next to a 3/4 bath, offers the potential for an additional bedroom. Open and well-appointed kitchen. The Owner's Suite offers a private balcony for morning coffee or sunset views. For outdoor entertainment, the inviting patio provides the perfect setting for gatherings with friends and family. Additional highlights of this home include a two-car garage, ensuring ample parking and storage space. While the property is in its original condition, it presents an exceptional value and a unique opportunity for you to personalize and make it your own. Discover the potential and lifestyle that await you in this exceptional townhome. See the attached floor plan for more details. Don't miss out on this rare find!

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17051 E Rand Drive Fountain Hills, AZ 85268

$870,000

3 Beds

2 Baths

2,390 SqFt

Status Active Under Contract

MLS # 6742801

Property Type Single Family Residence

Price Type --

This custom, move-in ready home is perfect for indoor and outdoor entertaining. Enjoy stunning, unobstructed views of Red Rock mountain, and arguably the best sunsets in Arizona. Outdoor features include a horseshoe driveway, peaceful courtyard, koi pond, spacious back patio, and a heated pool. Indoor features include an abundance of natural light, open floor plan, 12-foot high ceilings, a library/dining area, en suite bathrooms, walk-in closets, and a recently renovated kitchen with quartz countertops, stainless steel appliances, and r/o system. The 3 car garage includes built-in storage cabinets, a ventilated storage closet, and a water softener. Conveniently located approximately 5 minutes from AZ 87 Highway and Shea Boulevard, and 15 minutes from North Scottsdale.

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3561 E Weather Vane Road Gilbert, AZ 85296

$870,000

4 Beds

3 Baths

3,297 SqFt

Status Active

MLS # 6756346

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Gilbert! This stunning former-model home exudes elegance and comfort at every turn. With four bedrooms, three bathrooms, and an impressive 3,297 square feet of living space, this property offers ample room for families of all sizes. As you approach the house, you'll be greeted by the charming tree-lined streets of the Morrison Ranch neighborhood. The curb appeal is undeniable, with a beautifully landscaped front yard, pavered driveway, and front porch. Step inside, and you'll immediately be impressed by the attention to detail and high-end finishes. Wood flooring, plantation shutters, crown molding, wainscoting, and built ins. The open floor plan creates a seamless flow between living spaces, perfect for both everyday life and entertaining guests. The heart of this home is undoubtedly the gourmet kitchen, which features granite countertops, stainless steel appliances, and upgraded 42-inch cabinets. The island provides additional prep space, while the pantry ensures ample storage. The eat-in kitchen area makes meals even more convenient. The two main living areas ensure plenty of space for everyone to gather and enjoy each other's company. The loft area upstairs offers additional flexibility, serving as a perfect playroom or teenage retreat spot, and has a covered balcony to enjoy. The primary bedroom offers a spacious layout and an ensuite bathroom. The dedicated office, school, or craft room has built-ins, a desk, and crown molding. Outside, the backyard is your private oasis. The sparkling pebble-tec pool with a rock waterfall is perfect for cooling off on hot summer days or hosting pool parties with friends and family. The covered tiled patio with surround sound, custom outdoor kitchen, and seating area add to the enjoyment. Situated in the desirable Morrison Ranch community, you'll enjoy easy access to a variety of amenities. Stroll to nearby stores and restaurants or explore one of the multiple parks, catch-and-release fishing lakes, basketball and sand volleyball courts, or the Riparian Preserve at Water Ranch, which offers a beautiful natural escape for exercising, birdwatching, or picnicking. This home is located within the top-rated Gilbert School District, which offers excellent educational opportunities from elementary through high school. Don't miss the opportunity to make this stunning property your new home, sweet home.

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3154 E Hope Street Mesa, AZ 85213

$870,000

4 Beds

2.5 Baths

2,655 SqFt

Status Active

MLS # 6756891

Property Type Single Family Residence

Price Type --

Explore this spacious 4-bedroom, 2.5-bath home in Mesa, offering 2,655 sq. ft. of practical elegance. Enjoy a private pool and manicured lawn for relaxation and entertainment. The kitchen features modern appliances, wooden cabinetry, and granite countertops, complemented by travertine floors. The layout is open with plenty of natural light, enhancing the wood floors throughout the living areas. The master bath provides a luxury experience with a custom shower and soaking tub. This property combines style with convenience, making it a must-see!

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7601 N Citrus Road Waddell, AZ 85355

$870,000

6 Beds

3 Baths

2,172 SqFt

Status Active

MLS # 6758058

Property Type Single Family Residence

Price Type --

Discover this charming and unique brick home in the prestigious neighborhood of Waddell. Nestled in 2 acres of irrigation lot with numerous citrus and pomegranate trees, a range of flowers, and a green lawn complete the front acre in the grand entrance. This unique property offers 2,172sq ft of living area with an open concept living and kitchen, a 2-car garage, and a private pool. A guest home with 3 rooms, kitchen, and laundry area, connected to a 6-car garage that can be accessed through the back alley and has a private entrance. Don't miss out! Comps in the area are selling for upwards of 1 million dollars!

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8714 E Jackrabbit Road Scottsdale, AZ 85250

New

$870,000

4 Beds

3 Baths

2,196 SqFt

Status Active

MLS # 6764221

Property Type Single Family Residence

Price Type --

Welcome home to stunning views of Camelback Mountain and your beautifully remodeled home featuring 4 bedrooms, 3 baths and two living spaces. The oversized master suite boasts a large walk-in closet an impressive spa-like bathroom. Two additional large bedrooms are on the same side of the home with the fourth bedroom split across the home with private den and full bathroom. 2 car garage, with direct access from the garage to the mud room. The home boasts new plumbing, a new sewer line, and updated electrical wiring for added peace of mind. The bright and open floor plan is enhanced by abundant natural light. The chef's kitchen is outfitted with a gas stove, new top of the line refrigerator, upgraded quartz counters, and a beautiful eat at quartz island. GREAT PRICE/GREAT HOME

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