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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10020 E Strobe Avenue Mesa, AZ 85212

$869,000

5 Beds

4.5 Baths

3,650 SqFt

Status Active

MLS # 6759222

Property Type Single Family Residence

Price Type --

Gorgeous and stylish Woodside single-story home in the center of amenity rich Eastmark Community! This 5 bed, 4.5 bath complete with study offers an extended 3 car garage and is the perfect layout! Numerous stylish and structural features from 10' ceilings, 8' doors, extended external patio with matching pavers and a private gated courtyard! Upgraded cabinetry in this gourmet chef's kitchen with upgraded quartz countertops, an oversized island, accent lighting and matching stainless appliances with abundant storage in the inspiring walk-in pantry. Spacious great room concept perfect for gathering and entertaining. The Spa inspired oversized master suite has been extended 2', complete with an impressive master wall-to-wall glass shower, an 8' soaking tub, upgraded counters and lighting a pass-through door to laundry! Generous secondary bedrooms with individual and jack 'n jill bath options! Conveniently placed extended private den with glass doors! May extras include an Essential 2 Foot Garage Extension, Plantation Shutters, plenty of storage, upgraded windows, ceiling fans, carpets and much more! A must see! Show and Sell!

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7952 E Sandia Circle Mesa, AZ 85207

$869,000

5 Beds

3 Baths

3,365 SqFt

Status Active

MLS # 6751827

Property Type Single Family Residence

Price Type --

Discover a gem in Mesa's award-winning Las Sendas Community, a residence where elegance meets artistry. This single-level home with highly coveted split-floor plan boasts 5 bedrooms and 3 baths, spread over a generous 12,000 square foot lot with mature landscaping. Step into the heart of the home, where the kitchen enchants with 42'' maple cabinets, upgraded countertops, a custom tile backsplash, a spacious pantry, and a charming breakfast area. The expansive family room, with its cozy fireplace, beckons for gatherings and relaxation. The oversized mater bedroom is a sanctuary unto itself, featuring dual closets and a luxurious bath complete with a separate tub and shower. Throughout the home, built-ins, surround sound, and plantation shutters enhance the living experience.

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38500 N School House Road Unit 46 Cave Creek, AZ 85331

$869,000

2 Beds

2.5 Baths

2,109 SqFt

Status Active

MLS # 6703808

Property Type Single Family Residence

Price Type --

Home for Sale with New Appliances, Beds, Linens, Furnishings, Landscaped Front and Back. 5 minutes Walking distance to the special and highly popular Town of Cave Creek. Walking / Hiking path begins on School House Rd and continues up the mountain. Horse Riding and Boarding Facility on School House Road. Perfect Amenities on the Property. Excellent for Full Time Living, Rental and Winter Vacation. Pet Park, Pickle Ball Court, Heated Pool and Spa, Small Fitness Center. Responsible Neighbors. Mountain Views that are some of the best in the North Valley. You will love this Community. Seller will carry!

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4689 Sharp Shooter Way Prescott, AZ 86301

$869,000

3 Beds

2 Baths

2,683 SqFt

Status Active

MLS # 6731833

Property Type Single Family Residence

Price Type --

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640 Cosmos Way Prescott, AZ 86303

New

$869,000

4 Beds

3.5 Baths

3,533 SqFt

Status Active

MLS # 6763003

Property Type Single Family Residence

Price Type --

Location is everything! Discover tranquility in this mountain-view home within close proximity to downtown Prescott, offering stunning vistas of Thumb Butte & Hassayampa golf course. Step out onto the Trex decking, enjoying nearly 300 ft of golf course frontage without the HOA fees. Experience single-level living with 2 bedrooms and 2.5 baths on main level, plus a finished lower level featuring additional 2 bedrooms, 1 bath, infrared sauna, home theater, and game room. This home is ideal for extended family living! Spacious, pie-shaped lot spectacular views and unmatched privacy. The conditioned Arizona room on the main level expands your views and living space. For financing flexibility owner may carry with a substantial downpayment. Don't forget to view the features list for a list of upgrades and amenities in the home. Indulge in turn-key convenience by purchasing the home fully furnished with most artwork. This residence seamlessly blends modern amenities, breathtaking views, and versatile living options.

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25037 S Ribbonwood Drive Sun Lakes, AZ 85248

$869,000

3 Beds

2 Baths

2,631 SqFt

Status Active

MLS # 6732045

Property Type Single Family Residence

Price Type --

GORGEOUSLY REMODELED, CUSTOM Borgata model (3 Bedroom PLUS DEN & 2 Bath) w/ PHENOMENAL GOLF COURSE VIEWS in the GATED, ADULT COMMUNITY OF IRONWOOD! You'll be delighted with all of the LUXURIOUS UPGRADES throughout this home like: Wood-Look tile, designer lighting, plantation shutters, neutral colors, NEWER HVAC SYSTEMS & 2-car plus GOLF CART GARAGE. The GREAT ROOM is open to the Chef's kitchen w/ QUATRZ, MASSIVE ISLAND, NEW APPLIANCES & HUGE WALK-IN PANTRY. The AMAZING MASTER SUITE has a SITTING ROOM & HUGE WALK-IN CLOSET. BOTH BATHROOMS ARE REMODELED! 2 OVERSIZED GUEST BEDROOMS & A DEN TOO! EXPANSIVE PAVER PATIO W/ GREAT GOLF COURSE VIEW & LOW MAINTENANCE LANDSCAPING. ALL OF THIS & Community amenities like: golf, tennis, pickleball, pools/spas, fitness center, clubs & restaurants!

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21002 N Desert Sands Drive Sun City West, AZ 85375

$869,000

4 Beds

3.5 Baths

4,379 SqFt

Status Active

MLS # 6761144

Property Type Single Family Residence

Price Type --

Beautifully Updated Golf Course Home on a Corner Lot! This stunning home boasts excellent curb appeal and a welcoming courtyard that leads you to the front door. As you step inside, you are greeted by an elegant formal living and dining area with soaring ceilings and abundant natural light. The home features new flooring throughout, fresh interior and exterior paint, and brand-new windows along with solar. The spacious family room showcases floor-to-ceiling windows, a cozy fireplace, a built-in entertainment center, and a wet bar - perfect for gatherings. The gourmet eat-in kitchen is equipped with an abundance of oak cabinets, granite countertops, a center island, stainless steel appliances, an electric cooktop, and wall-mounted oven and microwave. The expansive master suite offers a private entrance, a cozy sitting area, and a luxurious en-suite bathroom featuring a double vanity, freestanding tub, large walk-in shower, and private toilet. Upstairs, the bedroom/loft space includes an en-suite bathroom, stunning sunset and golf course views, and direct access to a private balcony. Step into the backyard oasis, which features a heated pool, artificial turf, remote-controlled sunshades, and an oversized awning. The large covered patio offers breathtaking golf course views, making it ideal for entertaining. Located in a community with plenty of amenities, this home is perfect for anyone who loves to entertain!

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4032 S Pleasant Place Chandler, AZ 85248

$869,000

4 Beds

2.5 Baths

2,708 SqFt

Status Active

MLS # 6753592

Property Type Single Family Residence

Price Type --

Welcome to this beautifully maintained home perfectly situated in the master planned community Fulton Ranch. Offering 4 bedrooms + den + bonus room, brand new water heater, surround sound in family room and back yard patio. Just minutes away from local shops, restaurants, parks and top-rated schools. Whether you are starting a family or looking for a peaceful retreat, this home offers something for everyone. Don't miss the opportunity to live in a fantastic community with great neighbors and all amenities you need nearby!

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1070 Dusty Lane Show Low, AZ 85901

$869,000

6 Beds

3.5 Baths

3,162 SqFt

Status Active

MLS # 6695621

Property Type Single Family Residence

Price Type --

This house as it all!!!! No expense spared on this fully remodeled home. Luxurious eat in kitchen with imported granite top and custom rustic maple cabinets. Granite carried throughout, all the way to the well house. 6 beds, 3.5 baths. Huge laundry with sink and custom cabinets. Custom built in dog kennel. Plenty of parking with an 8 car drive through garage/shop. Huge grass front yard with sprinkler system. Raised bed garden with individually controlled drip and a fence to keep the elk out. Private well with new well house, above and underground pumps, and 1200 gal tank. Backup generator with 500 gal owned propane tank. Nearly everything in this home has been updated. Too many upgrades to list please see the full list in documents tab.

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15226 S 18th Drive Phoenix, AZ 85045

$869,000

5 Beds

3.5 Baths

3,684 SqFt

Status Active

MLS # 6750716

Property Type Single Family Residence

Price Type --

ABSOLUTELY GORGEOUS on an incredible Preserve Lot w/ expansive Mountain Views. This home offers 5 bedrooms, 3.5 Bathrooms a Den, Formal Living & Dining Room. This home boasts a spacious Master Bedroom w/ Sitting Area & Gas Fireplace, a Walk out Deck to view the most Amazing Sunsets! Huge master bath has double sinks, garden tub, walk in shower, and 2 walk in closets. Spacious Kitchen has granite countertops, 42 inch maple cabinets, eat in kitchen, & walk in panty. Spacious Family Room w/contessa stone gas fireplace. Dramatic spiral staircase & open loft makes for a spectacular entry to this executive home. Extensive tiled patio, Pebble Tech Pool w/waterfall, with Backyard Mountain Views! Wood Blinds throughout home. Come see your new home today!

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17149 E El Pueblo Boulevard Fountain Hills, AZ 85268

$869,000

4 Beds

2.5 Baths

2,896 SqFt

Status Active

MLS # 6657609

Property Type Single Family Residence

Price Type --

Two houses on one property! (CALCULATED PRICE PER SQ. FT. INCLUDING THE GUEST HOUSE IS APPROXIMATELY $300 per sq. ft.)! The main house is 2096 sq. ft. Downstairs features a high-ceiling spacious living / dining room; a fully appointed kitchen with appliances, a family room with access to the two-car attached garage, and two bedrooms sharing a bathroom. The upstairs quarters is wall to wall tiled, with an En Suite master bedroom, newly remodeled bathroom, a walk-in closet, and a balcony with amazing views of the mountains. Access to the back yard is through two side gates, one that can accommodate an RV and the other to reach the guest house. The main house has two central air conditioning units. The master bedroom suite in addition has a new mini split A/C. Casita: The Guest House is 800 sq. ft. Newly completed, the one-bedroom / bathroom wall-to-wall tiled guest house has a functional and efficient floor plan with a spacious living area, electric fireplace, full size kitchen with appliances, a large master bedroom, a closet with sliding mirrored doors, as well as a walk-in closet. The bathroom is tiled to ceiling with an exquisite crystal counter top lighted vanity. The laundry room includes a sink, washer and dryer. A private concrete driveway leads to the guest house with paved parking for multiple cars. Air conditioning is handled by a 3-ton four zone ductless split unit. The backyard has plenty of room for placing a swimming pool and spa or RV parking. This property affords great living opportunities for anyone looking for separate living quarters, including the possibility of generating rental income by living in one and renting the other. Supermarket shopping or Fountain Lake are a mile away, and freeway access is convenient and easy through scenic Ft. McDowell reservation route without having to drive through town!

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312 E Windsor Avenue Unit 14 Phoenix, AZ 85004

$869,000

2 Beds

2.5 Baths

2,050 SqFt

Status Active

MLS # 6652436

Property Type Townhouse

Price Type --

Our eyes are made to see forms in light: light and shade reveal these forms. Rising like the sun over Midtown Phoenix is Soleil. Inspired by Original Modernism; built for connoisseurs of live, work, play. There's a renaissance going on in PHX and you can be close to it all. Uber or light rail yourself to 3 rd Street Promenade and into secluded hidey holes! And when you need to unwind? You're 15 minutes away from exciting, desert hiking trails. It's here you'll witness sun-setting colors pour and splash themselves all over the Sonoran Desert.

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