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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9240 E Broken Arrow Drive Scottsdale, AZ 85262

$865,000

4 Beds

2 Baths

2,167 SqFt

Status Active

MLS # 6738795

Property Type Single Family Residence

Price Type --

Elevate your lifestyle! Welcome to this stunning 4-bedroom, 2-bathroom residence nestled in Legend Trail community, a renowned master-planned neighborhood in North Scottsdale. This single-level gem is ideally located on a quiet cul-de-sac and boasts a range of modern features and incredible views. What makes this house unique? Stunning sunset views and mountain views. New roof and HVAC system, plus an electric car charger in the 2-car garage which also includes custom built-in cabinets. Open-concept kitchen and family room, formal living and dining areas, plank tile flooring, and plantation shutters throughout. Low maintenance front and back landscaping ensures you spend more time enjoying your home. You will also enjoy all the amenities of Legend Trail's community center which includes 2 pools, fitness center, tennis and pickle ball courts and clubhouse - all included in the HOA fee. Come experience the best of Scottsdale with cooler temperatures and nearby golf courses and hiking trails. Don't miss your chance to own a piece of this vibrant community!

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222 W Pelican Drive Chandler, AZ 85286

$865,000

6 Beds

3 Baths

3,557 SqFt

Status Active

MLS # 6752875

Property Type Single Family Residence

Price Type --

Newly renovated 2-story home in Arden Park community, with 6 bedrooms,3 full bathrooms, loft/office upstairs, and three car garage. New title at the first floor and new carpet on the second floor. New painting, new cabinet and countertop for kitchen and all the bathrooms. New lighting in the kitchen. Easy access to shopping, meals, entertainment, and top-rated schools. Easy access to the 202, school meals, and entertainment. The owner is an active real estate agent in the state of Arizona.

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548 N Swallow Lane Gilbert, AZ 85234

$865,000

5 Beds

2.5 Baths

3,945 SqFt

Status Active

MLS # 6727143

Property Type Single Family Residence

Price Type --

Welcome to the beautiful community of Rancho Collene. Pride of ownership is shown throughout this gorgeous property. This large 5 bedroom, 2 1/2 bath home also includes a massive game room/loft. Home was upgraded top-to-bottom in 2020 with top of the line flooring, paint, and appliances. Custom sun shades outside and plantation shutters inside for every window and slider help keep out the AZ heat. The side RV gate and RV pad allow access for all kinds of storage. Pool and spacious backyard allow for lots of entertainment. You don't want to miss this opportunity to own your dream home in Gilbert!

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38500 N School House Road Unit 43 Cave Creek, AZ 85331

$865,000

3 Beds

2 Baths

2,292 SqFt

Status Active Under Contract

MLS # 6711538

Property Type Single Family Residence

Price Type --

THIS IMMACULATE HOME IS PRICED TO MOVE! Come take a look at this 2022 newly built home that is highly upgraded with over $190,000 in upgrades and landscaping! The Chef's Kitchen feature's GE Monogram Appliances, huge Waterfall Granite center island, extended cabinets with interior lighting and under cabinet lighting in multiple areas. Home has 3 bedrooms, 2 bathrooms and a den/office. Custom flooring throughout finishes off this fantastic home. Garage has new Epoxy floors. There is a community pool, spa, firepit, and pickleball court. Minutes to downtown Cave Creek featuring, Harolds, Buffalo Chip and tons of shopping. Only 30 min to Sky Harbor International Airport. It doesn't get much better than this! Come see this beautiful home before it is gone!

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22300 E Quintero Road Queen Creek, AZ 85142

$865,000

4 Beds

3.5 Baths

3,194 SqFt

Status Active

MLS # 6702706

Property Type Single Family Residence

Price Type --

Motivated seller! Welcome to Queen Creek! This magnificent home has it all with soaring ceilings, custom stone work and a floorplan of your dreams. Enjoy your private gated court yard as you enter the well-appointed home, inside you will find a huge great room, a chef kitchen with a massive island, quartz countertops, a gorgeous primary suite with a beautiful bathroom and a dream custom closet. Step out to your private oasis HEATED pool and lush grassy yard. This split floor plan offers 3 additional large sized bedrooms with a flex room. The third rear bedroom has its own ensuite. You can enjoy the extended Laundry room with additional storage and extra closets throughout the home. Enjoy a 3 car garage and RV gate for extra parking and more!

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26431 W Sequoia Drive Buckeye, AZ 85396

$864,900

2 Beds

2.5 Baths

2,529 SqFt

Status Active

MLS # 6753782

Property Type Single Family Residence

Price Type --

FANTASTIC VIEW HOME...2 BD 2.5 BA JOURNEY former model home, Golf Course, Lake and Mountain View's. Highly upgraded home includes Golf Cart Garage with AC. Home has PAID SOLAR. Courtyard entry with custom gate and KOI Pond. Chef's kitchen and Butler's Pantry. Primary and Guest suites in separate wings for privacy. Backyard with covered patio,misters,retractable awning & fireplace. Separate Pergola with overhead gas heater. Built in outdoor BBQ grill island. Spa overlooks golf course, lake, fountain and White Tank Mountains, VIEWS,VIEWS,VIEWS...... Furnishings available outside of escrow. This home is ready to enjoy all Festival has to offer from your own OASIS....This is a must see home.

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36627 N 18th Drive Phoenix, AZ 85086

$864,900

3 Beds

2 Baths

2,246 SqFt

Status Active

MLS # 6759814

Property Type Single Family Residence

Price Type --

Experience the essence of Southwest charm on this 1-ac Desert Hills property! This beautifully rebuilt 3-bdrm home, completed in 2022, boasts all the right finishing touches, meticulously chosen to create the feel of a brand-new custom home but with yard improvements including a pool & turf. Step into an expansive open concept living space that flows into a gourmet kitchen, featuring custom cabinetry, stainless-steel appliances, and a large island with granite counter tops. The primary suite includes a spacious walk-in closet and a private exit to the backyard oasis. Outside, you'll find a tranquil retreat with a covered patio in site of mountain vistas! Enjoy the easy-care turf lawn, fully fenced pool and a yard with ample room for additional improvements! Private well. create a perfect backdrop for both relaxation and entertainment. After a refreshing swim, unwind in the nearby sauna, or enjoy quiet moments under the charming gazebo. The fully block-fenced backyard ensures privacy and serenity for all your outdoor gatherings. Perfectly located near an array of shopping, dining, and recreational amenities, this home offers the ideal blend of natural beauty and modern conveniencetruly the best of Southwest living.

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2231 E Fandango Drive Gilbert, AZ 85298

$864,900

4 Beds

3 Baths

2,649 SqFt

Status Active

MLS # 6732682

Property Type Single Family Residence

Price Type --

RARE - 2 Homes Under 1 Roof - Lennars MOST POPULAR Trillium Floorplan - upgraded like Model & Absolutely Stunning VIEWS of the Mountains - NO Homes behind peering into your backyard - very Serene. Main Home is almost 2000 SF w/ Gourmet Kitchen, Massive Island w/ Quartz Countertops , 42'' Luxurious White Cabinetry. SEP Casita has lockable private access to Main Home with FULL KITCHEN, Spacious FAMILY Room , LAUNDRY & WALK IN CLOSET + PRIVATE BEDROOM along w/ its Own Private Entrance and Attached Single Car Garage w/ private access. Great for multi family or elegant guest quarters. Stainless Steel Appliances in both Kitchens, Split 3 Car Garage. Master Bedroom Split with Double Vanities & Oversized Walk In Shower & HUGE Walk In Closet. Backyard professionally landscaped backyard with green grass, sprinklers & pavers. 3rd Car Separate Garage insulated with HVAC & vent for use as shop. Family Room has built in surround sound with speakers. Casita Closet is pre-plumbed for washer & dryer, but currently being used as traditional closet. Ring Doorbell & Security System w/ Eero Equip already installed. Gated luxury community has 2 community parks with covered ramadas, basketball court and walking paths.

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2298 Aspen Run Pinetop-lakeside, AZ 85935

$864,000

4 Beds

3 Baths

2,260 SqFt

Status Active

MLS # 6730920

Property Type Single Family Residence

Price Type --

Escape to Mountain Luxury in Pinetop Indulge in the fine mountain living you've longed for with this breathtaking new construction cabin nestled in the heart of Pinetop's majestic White Mountains. This stunning retreat boasts four spacious bedrooms and three modern bathrooms, providing ample space for family and guests to unwind in comfort. As you step inside, the grandeur of deep vaulted ceilings with exposed truss beams greets you, framing a spectacular full custom tile fireplace that anchors the living space. The warmth of the huge barn wood accent wall is complemented by the beauty of waterproof engineered flooring throughout, crafting a comfortable, rustic and modern atmosphere. Gourmet experiences await in a state-of-the-art kitchen featuring (see supplement)

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11841 N 113th Way Scottsdale, AZ 85259

$864,000

3 Beds

2.5 Baths

2,404 SqFt

Status Active

MLS # 6690132

Property Type Single Family Residence

Price Type --

The mountain views and adjacent open space from this home are unparalleled, offering a breathtaking vista that stirs the soul and captivates the imagination making it a rare find. Marvelous updates abound in this 3 bedroom, 2.5 bath beauty with captivating sunset and McDowell Mountain views! Carefully selected walls were removed in the entry and kitchen for a more accessible, open floor plan. Updated wood and tile flooring flow throughout this home with electric blinds on each floor. Entertaining is a breeze in the modern kitchen with generous Granite countertops, stainless steel appliances, new sink and updated backsplash. Every detail was thoughtfully selected from the LED lights on the stairs to the newly remodeled bathrooms. Appreciate a serene primary bedroom showcasing a stunning... new chandelier and enjoy peace of mind and comfort with 2 newer AC units, new duct-work and newer water heater. Live like you are always on vacation and delight in a lush private Pebbletec pool and extended cool deck perfect for entertaining or stargazing at night. Step beyond the newly painted fence and enjoy countless hiking and biking trails that make this beautiful abode a rare find. The 2-car epoxy floor garage offers a Tesla electric vehicle charging area and many storage options. There is so much to love here!

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5743 N 208th Lane Buckeye, AZ 85396

$863,865

3 Beds

3.5 Baths

2,870 SqFt

Status Active

MLS # 6714356

Property Type Single Family Residence

Price Type --

MLS#6714356 Ready Now! The Shire in Victory at Verrado, a 55+ active lifestyle community, offers a great open floorplan layout with beautiful mountain views. Enter the foyer area and stop by the private study to work from home or read a book. Two private guest bedrooms are on either side of the foyer - each has its own full bath and walk-in closet. Enter the heart of the home and enjoy the open gathering room that seamlessly connects to the kitchen with center island and dining area. Perfect for entertaining! Structural options include: paver front porch, 15' x 8' multi sliding glass door, additional 2 car garage, upgraded square corners, 5 baseboards, pre-plumb for future laundry sink, and gas line for future outdoor kitchen.

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7659 W Tether Trail Peoria, AZ 85383

$862,990

5 Beds

4.5 Baths

4,132 SqFt

Status Active

MLS # 6717198

Property Type Single Family Residence

Price Type --

Welcome to Ashton Woods newest community in Peoria -The Sanctuary at Aloravita. Welcome to your dream home with our stunning Diamond Floor Plan! This spacious two-story home boasts 4,132 sq ft of luxurious living space, featuring 5 oversized bedrooms and 4 1/2 bathrooms, perfect for accommodating your growing family or hosting guests. Step into the expansive great room, highlighted by a breathtaking 4-panel slider that seamlessly merges indoor and outdoor living. The kitchen is a culinary paradise, equipped with built-in appliances with gas range stove, elegant white painted shaker style cabinets, Della Terra quartz countertops, White Mosaic tiled backsplash, and polished nickel hardware. Indulge in premium interior finishes including 6x36 wood style plank tile floors in the main living spaces, upgraded plush carpeting in the bedrooms, loft, and a dedicated office space. Ascending the staircase, the second level unveils an owner retreat that exudes tranquility. The expansive owner's suite includes dual vanities in the bathroom and a large walk-in closet. Additional bedrooms on this level offer ample space for family or guests, each thoughtfully designed with comfort in mind, including a large loft for that extra needed space. Pamper yourself in the upgraded bathrooms adorned with stylish fixtures and lighting. Additional options in this home are 8 foot interior doors, soft water pre plumb, and paver driveway. Great location close to dining, freeways, parks, and entertainment!

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