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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34015 N 10th Street Phoenix, AZ 85085

$870,000
3 Beds
3 Baths
2,054 SqFt
Status Active
MLS # 6711393
Property Type Single Family Residence
Price Type --
Custom Ranch Style 3 bedroom, 2 bathroom home with a bonus game room or office, located on a huge flat elevated lot. 2.1 acre lot with paved road, Cave Creek Water and SW Gas. Surrounded by custom homes. Open floorplan, vaulted ceilings, 2x6 construction. Original owners took meticulous care of the property. Home boasts an attached oversized 3-car garage with work bench and full bathroom, plus additional 2 bay 45 ft RV garage able to handle a large Class A RV. Epoxy floor garage also includes a vehicle lift and separate septic/dump. Four stall carport could be used for vehicles, equipment or horses. Built-in outdoor BBQ makes for a great entertaining space. Indoor gas fireplace feels cozy and warm in the winter. Beautiful natural Arizona desert landscaping. Close proximity to the Sonoran Mountain Preserve with miles of trails for biking, hiking and horseback riding and awesome views of Black Mountain in Cave Creek and Four Peaks!

3260 E Mead Drive Gilbert, AZ 85298

$870,000
4 Beds
4.5 Baths
4,120 SqFt
Status Active
MLS # 6700887
Property Type Single Family Residence
Price Type --
Welcome to this stunning 4-bedroom home in Marbella Vineyard offering perfect blend of comfort, style, and convenience. The spacious and inviting living areas are flooded with natural light and soaring ceilings creating an airy ambiance throughout the home. The formal dining room and charming courtyard are perfect for entertaining and creating lasting memories with friends and family. A versatile office space is ideal for those who work from home or need a quiet spot to focus. The heart of the home is the well-appointed kitchen, complete with modern appliances, ample storage space, and a center island. The kitchen overlooks both the cozy den and large family room with surround sound and stacked stone feature wall. Upstairs, you'll discover 3 spacious bedrooms, each offering a tranquil retreat for rest and relaxation. The primary suite boasts a large sitting area/home office space, his & hers walk-in closets, and a luxurious ensuite bathroom with dual sinks, a soaking tub, and a separate shower providing the perfect oasis. The oversized loft has enough space for endless possibilities. The downstairs bedroom is complete with en-suite bathroom. The backyard offers a covered patio, outdoor kitchen, and grassy area and RV gate. Marbella Vineyards community features a 7-acre park, walking paths, three recreation areas that include, ramadas, picnic tables, playgrounds, sandlot volleyball, basketball courts & barbecue areas. Convenient to shopping, schools & entertainment.

3120 E Flintlock Drive Queen Creek, AZ 85142

$870,000
4 Beds
3 Baths
2,653 SqFt
Status Active Under Contract
MLS # 6747462
Property Type Single Family Residence
Price Type --
Take advantage of this rare opportunity! The Extra Suite+/flex room with a kitchenette is perfect for multi-generational living or an ideal work-from-home space. But that's just the beginning. This home is an entertainer's dream, featuring a brand-new presidential pool, fresh landscaping, and a spacious three-car garage. The excitement continues as you step inside to discover updated herringbone tile in the foyer, setting a luxurious tone from the moment you enter. The main home offers a spacious floor plan with a private office for focused work. The standout laundry room, featuring custom cabinets and flooring, adds a touch of elegance to everyday tasks. This home truly has it all!

15436 E Sunburst Drive Fountain Hills, AZ 85268

$870,000
3 Beds
2.5 Baths
2,469 SqFt
Status Active
MLS # 6754039
Property Type Single Family Residence
Price Type --
Beautiful custom home with no interior steps and $40k in upgrades, nestled in the coveted neighborhood of Stoneridge! This stunning street enchants with its meticulously designed homes, and breathtaking mountain views. As you enter you will love the beautiful, new iron glass door and the soaring vaulted ceilings. The upgraded kitchen boasts granite countertops,decorative tile backsplash, pull out drawers, stainless appliances, a wall oven/microwave, new RO system and a walk-in pantry. The spacious master is the perfect retreat featuring a jetted soaking tub, separate shower and its own private patio. Enjoy your morning coffee on the huge, covered deck with a stunning view of Four Peaks! The 2.5 car garage is wider and deeper then most with an insulated door. Move-in ready just for you!

26042 S 224th Place Queen Creek, AZ 85142

$869,990
5 Beds
4.5 Baths
3,947 SqFt
Status Active
MLS # 6742802
Property Type Single Family Residence
Price Type --
Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender. The Enchantment series is nestled within its own gated section of the sought-after Harvest community, just steps away from swimming pools, a catch-and-release lake, and a park. Enjoy the best of both worlds—peaceful living with easy access to shopping and entertainment. The spacious kitchen with a walk-in pantry, a gathering room, and a large patio makes it perfect for entertaining or simply relaxing. The owner's suite includes an upstairs retreat, while a guest suite is conveniently located downstairs. Don't miss out on this exceptional home.

4401 S Atlas -- Mesa, AZ 85212

$869,900
4 Beds
3.5 Baths
2,939 SqFt
Status Active
MLS # 6759832
Property Type Single Family Residence
Price Type --
Don't buy new! This 2022 upgraded PARK FACING home is as good as it gets. Fully upgraded Woodside 5029 plan features every finish a buyer would want! 160K in upgrades! Nearly 1/3 of acre MASSIVE CORNER LOT. Main living space features 15' multislide doors, EXECUTIVE kitchen package with full overlay maple cabinetry, HUGE QUARTZ ISLAND, top of the line appliance package including CHEF sized gas cooktop and hood, wall ovens and large butlers pantry. Upgraded plumbing and electrical fixtures throughout. Large playroom / office off the main living space. 3 bedrooms included jack+jill bath separate from the main living area and primary suite. Don't forget the SHUTTERS throughout, 3 car tandem garage and backyard rocked and ready for your future pool / landscape plans! See QUOTE+PLANS attached!

16204 S 31st Street Phoenix, AZ 85048

$869,900
5 Beds
3 Baths
3,076 SqFt
Status Active
MLS # 6755178
Property Type Single Family Residence
Price Type --
Welcome to your newly remodeled 5-bedroom, 3-bathroom home on a hillside in Ahwatukee's sought-after Mountain Park Ranch community. As you enter, you will find an elegant new iron front door leading to a large formal living and dining area with white shutters. The spacious and stunning kitchen boasts brand-new Quartz countertops and backsplash, a farm sink, stainless steel appliances, a beverage chiller, beautifully updated cabinets, and a spacious remodeled pantry offering plenty of storage. The large primary suite offers breathtaking views of the mountains and the preserve behind the home. Its bathroom includes double sinks, a ceiling fan, a spacious walk-in closet, and a separate soaking tub with more amazing mountain views. Enjoy new energy-efficient windows, fresh paint, and modern amenities like remote-controlled window coverings and solar panels throughout the home. Entertain in style with a paver patio featuring a state-of-the-art pizza oven, stylish awning, built-in TV, and newly resurfaced pool and deck area for outdoor fun and relaxation. Additional newer property upgrades include new carpet in 2023, new vinyl dual paned windows throughout 2023, $37,000 paid for Solar Panels 2021, New misting system and automatic retractable rear patio awning, fresh interior paint, newer roof 2019, newer A/C units 2016. Please see the detailed upgrade list in the document section of the MLS. This home is turn-key situated on a rare hillside lot in Mountain Park Ranch!

9519 W Vista Bonito Circle Casa Grande, AZ 85194

$869,900
3 Beds
2.5 Baths
2,804 SqFt
Status Active Under Contract
MLS # 6708576
Property Type Single Family Residence
Price Type --
This exquisite 3-bedroom, 2.5-bathroom custom Santa Fe home, blends Southwest charm with contemporary comfort, situated on a mountainside lot. The luxurious kitchen features knotty pine cabinets, large pantry with pullout shelves, Wolf stovetop, Miele oven, Bosch dishwasher, and a Sub-Zero refrigerator/freezer. Entertain easily with multiple seating areas. Meticulous attention to detail is evident in the spa-like primary bath, which boasts two granite vanities, Jacuzzi bathtub, large shower, and indulgences like a walk-in closet, an additional closet, and a separate exit to the back patio. The garage features a durable epoxy-coated floor, and entire home benefits from a water softener. Enjoy outdoor living on the beautifully crafted flagstone patios. Adjacent 1.3 acre lot also available available for sale. Stay comfortable year-round with two newer Trane AC units. This home is a true gem, offering a unique combination of style, luxury, and functionality.

19332 W Huron Lane Buckeye, AZ 85326

$869,900
3 Beds
3 Baths
3,323 SqFt
Status Active
MLS # 6748386
Property Type Single Family Residence
Price Type --
Sellers are MOTIVATED to have new homeowners love this expansive beauty. Coupled with dropping interest rates, do not miss this opportunity to open the door to your next adventure. Welcome to your urban escape in the foothills of the Estrella's High Sonoran Desert. This stunning ranch style welcomes you with a stately entrance. Upon entering this entertainment-centric home, you will begin to envision making memories. The property features 3,323 sq ft, three bedrooms, three full baths, and a den with a closet that can flex as an extra bedroom, occupying a .766-acre corner lot with a three-bay garage, RV parking, and no HOA. This exclusive home presents a fresh ranch-style layout that speaks spacious living with impressive 12-foot ceilings catering to the relaxed or formal entertainer in you. This home sits in the desert dark skies, perfect for stargazing while entertaining guests in your expansive property. This beautiful home is in a private community where pride of ownership is visible throughout the community. Newly renovated in all the right places, this stunning home welcomes you onto beautifully new chiseled travertine flooring. Flanked with new hand-peeled viga poles. Inviting you to an expansive living room and formal dining room. Culinary enthusiasts will appreciate a chef's gourmet kitchen. Entertain your guest in a large, well-appointed kitchen, and enjoy ALL NEW stainless steel LG appliances, including large double ovens, a microwave with an air fryer, a 36-inch gas cooktop, a French door refrigerator, and a dishwasher. Beautiful solid hickory cabinetry with 42-inch uppers and hidden routed finger pulls is timeless. New granite countertops pull the warmth of a chef's kitchen together. Adjoining the heart of the home, guests will enjoy gathering in the breakfast room, with patio doors inviting you onto a full-length patio. The large gathering room boasts the comfort of a new carpet with plush padding and a refaced gas fireplace. Retreat to your spacious primary suite. The primary bathroom boasts a new American Standard jetted spa tub with ten jets, a large walk-in shower with dual shower heads, separate vanities with ample counter space, abundant cabinets, and coveted paired walk-in closets. Private wood-cased patio doors invite you onto a full-length entertainer patio to enjoy morning coffee or stargazing. The huge extended three-bay garage delivers 8ft. tall door stalls, 12ft. ceilings, and new garage openers. RV Parking, with a 30-amp plug-in, is perfect for travel enthusiasts. There is a 10ft. x 16ft. storage shed for those GO adventure items. BONUS includes complete architectural plans for a future RV garage on site. This home is truly turn-key. Interior doors have been raised to 8ft., with new solid knotty alder doors and wood-cased trim. New wood shutters, blinds, ceiling fans, and neutral interior paint throughout. All bathrooms have updated Kohler sinks, Moen fixtures, comfort height one-piece Kohler toilets, and custom granite counters. Custom floor-to-ceiling shower tile in bathrooms 2 & 3 have. New carpet with plush padding throughout.

8637 E Mulberry Street Scottsdale, AZ 85251

$869,900
3 Beds
2 Baths
1,852 SqFt
Status Active
MLS # 6739592
Property Type Single Family Residence
Price Type --
IT'S A STEAL- $120K BELOW SELLERS COSTS!! AIRBNB ''MOST LOVED HOMES'' TURN-KEY VACATION RENTAL OR PERFECT MOVE-IN READY HOME!! This Old Town Scottsdale gem has had a complete makeover with tasteful finishes to blend with any pallet. Open, bright & spacious, featuring luxury vinyl plank flooring, beautiful kitchen w/42'' cabinetry w/soft close drawers, slab quartz counters, HUGE kitchen island-perfect for entertaining, custom tiled baths both featuring dual vanities, massive laundry with storage & washer/dryer, stainless appliances including fridge, ample recessed lighting and list goes on. Situated on a cul-de-sac corner lot with tranquil yard!! Incredible value for this prime location!! Furnishings available...

744 N Moon Road Apache Junction, AZ 85119

$869,500
3 Beds
2.5 Baths
2,202 SqFt
Status Active
MLS # 6762324
Property Type Single Family Residence
Price Type --
This Semi-Custom, lightly lived in home shows like a a model & delivers IN YOUR FACE Superstition Mountain VIEWS from many interior rooms & the rear Custom Paver patio! This very elegant & immaculate 3 bedroom, 2.5 bath home sits on a 1+ acre lot in the Arroyo Vista gated community! Kitchen is light & open with white Quartz Counter Tops, custom tile backsplash from the counter tops to the ceiling, SS appliances, breakfast bar at kitchen island with Custom light fixtures, SS range hood, walk-in pantry & mountain views from the 3 large windows. Large Primary bath with Custom shower, garden tub, dual vanity sinks & custom plumbing & light fixtures. Additional upgrades include white Plantation Shutters, Electric Custom window shades, custom driveway pavers. Click MORE for additional features. This home has gorgeous upgraded, light wood patterned, plank tile through out the home in all wet, living, bath and hallway areas and upgraded carpet in all bedrooms. Large guest bath also includes raised dual vanity sinks, updated plumbing and light fixtures, undermount sinks, matching vanity hardware, Quartz counters and tub/shower. The 3 car garage design provides extra wide space so you have plenty of room to open your vehicle doors and due to the smart design has a large area between the 2 car and single car garage allowing for a work space or cabinets instead on the side of your garage walls. The utility room has upper cabinets over the washer/dryer and vanity top with cabinets across from the washer and dryer. The half bath includes a custom pedestal sink with upgraded faucet and light fixtures. Each room has ceiling fans, Sunscreens over the windows, ENERGY STAR Qualified Low E, vinyl frame dual pane windows. Home also has a built-in soft water loop and comes with a water softener.

28968 N Phoebe Place Queen Creek, AZ 85142

$869,000
5 Beds
4 Baths
2,882 SqFt
Status Active
MLS # 6659276
Property Type Single Family Residence
Price Type --
PRICE REDUCED 30 K Beautiful new custom home is now complete. This home has so many extras, 400 Amp power panel ready for a casita RV Garage 2'' X 6'' walls with spray foam insulation including the garage. Upgraded 42'' cabinets to the ceilings, 60'' fridge and freezer, oven combo with air fryer. Quartz counter tops with farm house sink to compliment this amazing kitchen and breakfast room. 5 Bedrooms with private entrance to Mother-in-law bedroom with en suite handicap accessable shower. Enjoy all of the advantages of this beautiful Custom home with no HOA with plenty of room for your horses, a casita and all of your recreational toys. This amazing dream home is finally completed ready for you and your family, (Floor Plan and Elevation of the home is available under the document

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