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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15265 N 104th Way Scottsdale, AZ 85255

Open House

New

$869,000

4 Beds

3 Baths

2,132 SqFt

Status Active

MLS # 6763054

Property Type Single Family Residence

Price Type --

LOCATION! LOCATION! LOCATION! Well-kept home walking distance to Community Center/pool/tennis courts/school. Walk to Thompson 105! Large kitchen with white cabinets. Sparkling pool with lots of afternoon shade. Wood floors, unique mud room, bedroom on main. Walk-out deck with views of McDowell Mtns! Newer ac and roof! Solar panels! Perfect home in the award-winning McDowell Mountain Ranch community with A+schools and all the amenities you want! New roof-2019. New AC-2020. New water heater-2022. Solar panels-2015. Water softener & RO system. 2-car garage, lots of storage with quiet motor.

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19422 N 67th Lane Glendale, AZ 85308

$867,000

5 Beds

3.5 Baths

3,988 SqFt

Status Active

MLS # 6738109

Property Type Single Family Residence

Price Type --

Stunning Arrowhead home w/ huge pool & lush landscaping! Nestled at the top of cul-de-sac, this impressive 3,988 sq ft home sits on over a 1/3 acre w/ 2x6 construction & dual pane windows. It features five spacious bedrooms and 3.5 updated bathrooms. The primary bathroom shower has multiple body sprayers & free standing tub. The expansive game room offers surround sound, wet bar, a custom wormy oak ceiling, space for a pool table & views and access to the pool. The kitchen cabinets are Sapele wood & have sturdy pullouts in all lowers, granite countertops, Kitchenaid & Bosch appl. The beautifully refinished pebble tec diving pool has a new variable speed pump. Backyard has a small orchard w/ citrus & pomegranate trees, a cactus garden & plant covered gazebo! Low HOA fees! The family room has a stone wood burning fireplace, new carpet and surround sound. Large windows with views of the pool and lush green yard. First floor has oak wood flooring in kitchen and traffic areas. All bedrooms are upstairs and there is a desk study area in the hall. The desk and cabinets are mahogany wood. There are 2 staircases in the home which if needed could divide the home into 2 living areas. There are 3 a/c units and 2 water heaters. This is a MUST SEE home to appreciate. All bathrooms have been fully updated. Laundry room is located upstairs with the bedrooms. Both stairways have custom wood railing and spindles. Garage has separate space for storage or for a dedicated workshop. The cactus garden includes valuable mature organ pipe cactus and a large saguaro along with a well-located cozy private seating area. In addition to very low traffic in the cul-de-sac itself, its smaller street front footage creates additional highly usable space in the back yard leaving a comfortable grass area and a brick patio off the dinning room. Swimming pool has a 10' deep diving well. The pool includes a large shallow shelf ideal for small children or for a space for adults to hang out. Pool also has a Bahia shelf and ample bench space. Pool is 46' long down the center, which allows its use to swim laps. The location is so convenient to the 101, Costco, fine and casual dining, Arrowhead Hospital and the New Phoenix Children's Hospital. Arrowhead is a golf community with Arrowhead Country Club just down the street. Residents can join for a fee, which includes tennis, pool & a gym. Original owners have kept this home beautiful! Note: Artwork in the primary bathroom does not convey.

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22678 E Pegasus Parkway Queen Creek, AZ 85142

$866,990

4 Beds

4.5 Baths

3,623 SqFt

Status Active

MLS # 6732024

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 plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. Located in an exclusive gated enclave within the vibrant Harvest community, the Enchantment series offers a prime location near swimming pools, a catch-and-release lake, and a park. It provides a quiet retreat close to shopping and entertainment. The well-appointed kitchen, featuring a large island and pantry, is perfect for entertaining or relaxing. Additionally, there's a full guest suite with a living room, ideal for visitors or permanent guests. Don't miss this opportunity.

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18615 W Cathedral Rock Drive Goodyear, AZ 85338

$865,175

4 Beds

3.5 Baths

3,036 SqFt

Status Active

MLS # 6733715

Property Type Single Family Residence

Price Type --

Beautiful Luxury 1-Story Home in all 1-Story Community To Be Built in appx 5-6 Months & just 10 homesites remain! Unique 60 ft Wide Home with 4 beds, 3.5 ba + Study + Pet Shower + Multi-Gen Suite (Includes Bed 4 + Living/Media Room + Full Ba+ Full Size Laundry Hook-Up + Private entrance at 1-car). Classy Chef-Inspired Kitchen w/Gas Cooktop, Wall Oven/Micro, Pot Filler, Quartz Countertops, 42'' Upper Cabinets, 10' Ceilings, 8' Doors, 5 1/4'' Baseboards, The 2-car garage has a 6ft Extension + XL Pavered Driveway, & Gated Courtyard. Enjoy the Indoor-Outdoor Living with a 12' Slider at Kitchen and a 20' Multi-Slide at Great Room. The Primary Suite has a Zero Step Entry Shower, and a door to the backyard. Spray Foam Insulation Attic & Exterior Walls, Plus a Tankless Water Heater Pics of Model

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22003 N 36th Street Phoenix, AZ 85050

$865,000

3 Beds

2 Baths

2,345 SqFt

Status Active

MLS # 6751682

Property Type Single Family Residence

Price Type --

Discover your perfect home in the coveted neighborhood of Aviano! This newly painted, move-in-ready residence features 3 generously sized bedrooms and 2 beautifully appointed bathrooms, all within an inviting open-concept layout that enhances space and flow. Plantation shutters throughout add a touch of elegance and ensure privacy. Convenience is key with this property's prime location—just moments from Loop 101, Desert Ridge, and Pinnacle High School. Inside, you'll find a master suite with both a separate garden tub and walk-in shower, plus two spacious private closets. The kitchen is a culinary dream with a built-in wine cooler, ideal for entertaining and relaxation.

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9450 N 83rd Place Scottsdale, AZ 85258

$865,000

3 Beds

2 Baths

1,865 SqFt

Status Active

MLS # 6753959

Property Type Single Family Residence

Price Type --

Welcome to Scottsdale's premier McCormick Ranch community! This exceptional home is situated on a large corner lot with a deep pool and picturesque mountain views. You will be greeted by the home's vaulted ceilings, creating a bright and open atmosphere. Plantation shutters are thoughtfully installed in every room, adding timeless elegance while offering privacy and light control. With Mountain View Park across the street you have quick access to walking, biking, trails, and golf courses.

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2830 E Janelle Way Gilbert, AZ 85298

$865,000

4 Beds

3.5 Baths

4,553 SqFt

Status Active

MLS # 6743020

Property Type Single Family Residence

Price Type --

This one owner home is very gently lived in as it was a second home. A Beautiful courtyard with outdoor covered patio welcomes you. This home has an open floor plan and has recently been freshly painted. Downstairs you'll find a large family room and chefs kitchen along with formal dining. Upstairs you'll find an extremely large Primary Bedroom is a WOW factor with sitting area, attached office/exercise room, ensuite bathroom and very large walk in Primary closet. Speakers through out the home! three guest bedrooms, laundry room, tv loft room. Step outside to this resort style North/South facing yard with swimming pool and putting green. This floor plan does not last long. Quick walk to community park.

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25174 N 73rd Lane Peoria, AZ 85383

$865,000

5 Beds

3.5 Baths

4,457 SqFt

Status Active

MLS # 6750599

Property Type Single Family Residence

Price Type --

Wow! Gorgeous 5 bedroom, 3.5 bath home plus loft or 6 bedroom? This home is an Entertainers Delight; Gourmet Granite Island kitchen, plenty of Maple cabinets, Black Stainless Steel appliances, Mornings at the Breakfast bar, Happy hour at the built in Wine bar, separate living, family and formal dining rooms. Ceramic tile flooring, plush carpet & designer 2 tone interior paint. Upstairs to Master Suite with soaking tub & separate shower, dual sinks & large walk-in closets. One bedroom with full bath downstairs. Backyard oasis features; Sparkling Blue Salt Water pool with Refreshing Waterfall, Newly painted Cool Deck, Full covered patio, Huge Green Grass field of a yard for the Kids & Puppies to run, Mature fruit trees, RV gate & Corner lot! Elem, Jr High & High schools nearby! Enjoy Savings with the leased solar panels! Fantastic new ''Trailhead Shopping Area'' featuring wonderful restaurants & Safeway supermarket just down the street! Hurry!

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11846 N 40th Place Phoenix, AZ 85028

$865,000

3 Beds

2 Baths

1,853 SqFt

Status Active

MLS # 6759200

Property Type Single Family Residence

Price Type --

Rare opportunity to be on Stone Creek Golf Course's 7th green inside of this unique 24/7 guard gated Hidden Lakes community. Delight in your own heated pool & spa while enjoying breathtaking sunsets. This single level home has been tastefully updated with new roof, cabinets, countertops, bathrooms, appliances, flooring, windows, doors, Alexa controlled LED lighting, and much more! The private community offers another pool & spa with pickle ball and tennis courts available to residents. With PV reimagined set to open soon, you'll be in the heart of of the newest shopping and entertainment to hit the PV area. Located just a couple of miles from Kierland & Scottsdale Quarter with easy freeway access, and plenty of trails... this location is highly sought after.

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5707 E Killen Loop Prescott Valley, AZ 86314

$865,000

3 Beds

3 Baths

2,418 SqFt

Status Active

MLS # 6736062

Property Type Single Family Residence

Price Type --

Welcome to your dream home, stunning Energy Star certified Smart home with owned solar. As you arrive, a paver driveway leads to the inviting front entrance and covered porch, setting the tone for what lies beyond. Inside, plank tile flooring flows seamlessly throughout the open floor plan, complemented by plush carpet in the three bedrooms. A bonus room, which features custom closet doors and adjustable drawers. A great room with a modern gas fireplace on remote, adjoining dining area invites all the comfort and relaxation of a home. The gourmet kitchen is a chef's delight with stainless steel appliances, including a Bosch refrigerator, 5 burner gas cooktop, wall oven and microwave, centered around a large kitchen island with quartz countertops and a stylish backsplash. A walk-in pantry provides ample storage. The laundry room is equipped with cabinets, folding countertop, and a utility sink. This room is wired for a solar pack. Quartz countertops grace each bathroom, including the luxurious owner's suite with its modern tiled shower, freestanding bathtub, and executive height dual sink vanity. A spacious walk-in closet completes the suites appeal. Outside, professionally landscaped grounds on a drip system adorn the front and back, with the backyard featuring a covered paver patio off the great room, an extended open patio, artificial grass, raised garden beds, a shed, and a block privacy fence for entertaining in style. The extended 2-car garage boosts custom cabinets, a workbench, overhead storage and shelf storage. A Wi-Fi booster for seamless connectivity. Custom window blinds, great room and owner's suite are remote-controlled for added convenience and comfort to this modern oasis of a home.

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28995 N Royce Road Queen Creek, AZ 85144

$865,000

3 Beds

2 Baths

1,828 SqFt

Status Active

MLS # 6708255

Property Type Single Family Residence

Price Type --

Rare 5-acre horse property with unbelievable San Tan Mountain views! No HOA! Beautiful Ranch home with stone exterior and circular drive. Large arena, tack room and corrals! New kitchen cabinets and quartz counter tops being installed. New matching kitchen appliances. Master bedroom with double sinks, separate bathtub and walk in shower and walk in closet. Gated pool with new water pump and sweeper. Front and back covered patio to watch those AZ sunrises and sunsets! Come check out this one-of-a-kind property!

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4832 W Saguaro Park Lane Glendale, AZ 85310

$865,000

5 Beds

3 Baths

2,434 SqFt

Status Active

MLS # 6746057

Property Type Single Family Residence

Price Type --

The Prestigious community of Saddleback Meadows. Original Owners, care of the home does not go unnoticed. Touches of custom wood and molding through out the home. Intercom system, Central vacuum system. Wonderfully large pool to enjoy. No HOA. Just down the street from a golf course off Pinnacle Peak rd. There's hiking on the Thunderbird Park. Access to shopping centers and entertainment. Easy access from I-17 and 101.Two lots on each side available for sale or all purchased all together.

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