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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2468 S Salida Del Sol -- Chandler, AZ 85286

$862,700

4 Beds

2 Baths

2,446 SqFt

Status Active

MLS # 6745020

Property Type Single Family Residence

Price Type --

Experience luxury, gorgeous remodeled Ocotillo home in Chandler. It features custom solid surface cabinets and quartz mitered countertops throughout, with seamless wood-look vinyl flooring with no carpet. Highlights include a 10-foot metal bifold exterior door, a custom built in electric fireplace, and stylish black hinges and hardware. The bathrooms boast fluted tile, custom glass showers, Delta faucets. The master shower has a built-in seat with a handheld wand, and a waterfall tub faucet. The garage offers a triple epoxy finish, and laundry room has a custom built in. Enjoy a matured private landscaped yard, Pebble Tech play pool, jacuzzi with BRAND NEW 400K BTU heater, and newly redone cool deck. Newer AC units complete this move-in ready home.

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35108 N 139th Way Scottsdale, AZ 85262

$862,000

4 Beds

3 Baths

3,582 SqFt

Status Active

MLS # 6720222

Property Type Single Family Residence

Price Type --

Experience the best of Scottsdale in this custom home with breathtaking views. The chef's kitchen with breakfast nook and walk-in pantry opens to a cozy yet spacious family room w/fireplace. There's a separate dining room too. The home offers 4 bedrooms plus an office, with the flexibility to transform spaces into additional office areas, a gym, a den, or extra bedrooms to suit your lifestyle. The split primary suite provides owner privacy and comfort. Wood and tile flooring in main living areas. Step outside to your own resort-style backyard, featuring a covered patio, built-in BBQ, Pebble-Tec pool, fire pit, turfed yard, and a rooftop deck. This property is ideal for horses, pets, and kids, with pipe rail fencing for added safety. Easy access to all Scottsdale amenities.

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5535 W St Moritz Lane Glendale, AZ 85306

$861,782

4 Beds

3.5 Baths

3,106 SqFt

Status Active

MLS # 6762300

Property Type Single Family Residence

Price Type --

Ready Now!! Near all the amenities and park area. 4 Bedrooms, bonus room, with with 16ft slider, Granite counter tops, 42'' Dayton Birch Flagstone Cabinets with black hardware, Subway tile backsplash, gourmet collection gas appliances, wood look tile and upgraded carpets!! Great sized backyard with covered patio to enjoy. Just steps away from all the amazing amenities Legends has to offer.

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18522 W Cathedral Rock Drive Goodyear, AZ 85338

$860,511

3 Beds

3.5 Baths

3,216 SqFt

Status Active

MLS # 6734140

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! 3 beds, 3.5 ba + Study + Multi-Gen Suite (Bed 3 + Living/Media Room + Full Bath, Private entrance at 1-car). You will love the 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, Pavered Driveway, & Gated Courtyard. Enjoy the Indoor-Outdoor Living with a 16' Slider at the Greatroom. The Primary Suite has a Zero Step Entry Shower, a 12' Slider to the backyard, Large Bathroom, & Walkin Closet with a door into the laundry room. Spray Foam Insulation at Attic & Exterior Walls, Plus a Tankless Water Heater. Pics of Model.

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1 Easy Street Unit 11 Carefree, AZ 85377

$860,392

2 Beds

2.5 Baths

1,847 SqFt

Status Active

MLS # 6653234

Property Type Townhouse

Price Type --

PRICE IMPROVMENT per market data! Come see the SHOW HOME to experience the unparelled craftsmanship, upscale features, and breathtaking mountain views! Under Construction, estimated delivery Q4 2024.

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5117 E Windstone Trail Cave Creek, AZ 85331

$860,000

3 Beds

2.5 Baths

2,214 SqFt

Status Active

MLS # 6730628

Property Type Single Family Residence

Price Type --

Explore this enchanting 3-bedroom gem nestled in Tatum Ranch. A welcoming 3-car garage and picturesque desert landscaping sets the stage. Step into an open layout that captivates with vaulted ceilings, contemporary wood-look flooring, and a spacious great room, perfect for relaxing evenings. The delightful kitchen is a chef's dream, complete with pristine white cabinets, stainless steel appliances, granite counters, a mosaic tile backsplash, recessed lighting, and a large island with a breakfast bar. The sizable master bedroom itself offers double doors, a chic bathroom with dual sinks, a barn door leading to a walk-in closet. With access to the covered patio you can easily cool off in the sparkling pool as you admire your huge backyard. Outside, you'll find a covered patio, sitting area, fire pit, built-in BBQ, and a refreshing pool, ideal for entertaining or quiet reflection. Enjoy the added convenience of a garage with attached cabinets. There's so much to love about this home. Experience it for yourself!

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753 E Mountain Sky Avenue Phoenix, AZ 85048

New

$860,000

6 Beds

4.5 Baths

3,432 SqFt

Status Active

MLS # 6764073

Property Type Single Family Residence

Price Type --

WOW! Fantastic floor plan. Spacious 6 bedroom (5 bedroom plus office) 1 bedroom down with en-suite bath. total of 4.5 baths. situated in an excellent foothills location backing to a private hillside preserve lot! Beautifully upgraded home with custom cabinetry at kitchen with soft-close hardware, granite countertops, stainless appliances. Double ovens, Elegant plantation shutters, travertine stone flooring, soft water system. Custom beverage center with built-in wine fridge. Balcony off master offer scenic views. Backyard is entertainers dream with sparkling pool, fireplace, built-in bbq and sitting area with pergola. Excellent views of private hilside preserve!

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22941 W Blue Sky Drive Wittmann, AZ 85361

$860,000

3 Beds

2 Baths

2,140 SqFt

Status Active

MLS # 6689563

Property Type Single Family Residence

Price Type --

Voted Best home on Tour! This 4-bedroom, 2-bathroom, 2-car garage property boasts a custom horse setup with 4 stalls featuring runouts, 3 turnouts, a circular concrete drive, and 3 RV gates with a 30 amp hookup. The heated pool with a waterfall adds a touch of luxury. With no HOA restrictions, this property is ideal for horse enthusiasts. The seller has invested over $500K in upgrades, making it a remarkable find. The home sits on nearly 2 acres and includes 4 20X20 stalls with mats and waterers, a locking tack shed with a washer, its own water heater, a propane tank, and enclosed hay storage that holds a squeeze. Additionally, there is a shaded dog house with a run and auto water. The property features a covered 30X38 shade for your LQ or RV, 3 sprinklered turnouts with shade and water, each approximately 150X20, and a 120X110 lighted, sprinklered arena. For more details and before pictures, refer to MLS # 5763130 and the doc tab. There are 6 before photos included with the photos. At the end of the day when you are ready to kick back with a cold one, hang out with your friends by your heated pool and barbeque under the covered patio. And, your new home also features a newer A/C, newer roof, on-demand water heater, and split floorplan. There is a water softener, reverse osmosis, and a newer dishwasher, refrigerator, and washer and dryer. The pool equipment is also newer. The warranties include roof and A/C. So, the major upgrades are complete. The landscaping is on automatic waters and was all new about 5 years ago so it's mature and lush. There is also a variety of citrus trees. So, come and make this your own.

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3216 E Branham Lane Phoenix, AZ 85042

$860,000

3 Beds

2.5 Baths

2,588 SqFt

Status Active

MLS # 6727761

Property Type Single Family Residence

Price Type --

SELLER EXTREMELY MOTIVIATED!! Meticulously cared for, amazing floor plan and resort feel day in day out. This home has alllll the features and upgrades... Tranquil water fountain greets you as you walk through the custom front door (complete with custom window tint WITH warranty) ...step into your VAULTED foyer with custom tile inlay-3 bedrooms, 2.5 baths + an office space at 2,588 SqFt. Chef's kitchen with premium WOLF stove, HUGE island, revers osmosis, wine fridge and stainless appliances. Primary bedroom has built in storage cabinets and dual separate vanities. Plantation shutters throughout, NEW exterior paint & hot water heater just 2 yrs ago, night time LIGHTS installed around ENTIRE perimeter, AC serviced YEARLY and NEW 2024 pool sweeper. Resort style backyard complete with sun shades and 3 separate patio exits: off PRIMARY BEDROOM, kitchen and a separate COURTYARD patio off entry way area. You have TWO huge GRASS yard areas for playing and activities, a PUTTING GREEN, a pool with BUILT IN swim up BAR, outdoor kitchen featuring BBQ/wine fridge/regular fridge and storage. Did I mention NEW MISTERS installed 2022 and gorgeous fire pit?? This is a show stopper, come see for yourself and feel just how peaceful and elegant this home truly is.

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2061 S High Sierra Court Show Low, AZ 85901

$860,000

3 Beds

2 Baths

2,071 SqFt

Status Active

MLS # 6723870

Property Type Single Family Residence

Price Type --

Your own private custom home awaits you in the gated community of Snow Creek, nestled in the cool Wht Mountains of AZ. this stunning 3 bedroom, 2 bath home spans 2,071 sq. ft. and is situated on a double lot totaling .86 of an acre. the home features exquisite custom rock work throughout both it's interior and exterior adding a unique charm. The spacious great room, complete with a cozy gas fireplace provides a welcoming space for gatherings. The large kitchen equipped with ample cabinets and counter space ensures that entertaining is a breeze. the homes split floor plan offers convenience and privacy with a Jack and Jill bath servicing two bedrooms. The large master bedroom is truly designed for ultimate relaxation. Oversized 2 car garage and gorgeous mountain view

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9307 W Plum Road Peoria, AZ 85383

$860,000

4 Beds

2.5 Baths

2,960 SqFt

Status Active Under Contract

MLS # 6732902

Property Type Single Family Residence

Price Type --

Situated in Westwing Mountains beautiful community of Escena, this home is the GEM of the neighborhood. Featuring 4B, 2.5b, it has UPGRADES GALORE. GOURMET kitchen boasts upgraded 42in cabinets with under cabinet lighting, large granite island, double ovens, gas cooktop, SS appliances & is the perfect space for entertaining. In addition to the flex media room, the great room features under cabinet lighting & a gorgeous 12 foot tall tile FIREPLACE. Bathrooms feature stunning WALK-IN showers. Multiple arcadia doors open to spacious travertine patio with FIRE PIT & sitting area. Custom POOL with water feature & a perfectly manicured yard will excite every buyer. 4 car garage with built in cabinets, plus RV gate. This home is what dreams are made of & can be yours. PRICED TO SELL!!

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8100 W Orangewood Avenue Glendale, AZ 85303

$860,000

3 Beds

4.5 Baths

3,100 SqFt

Status Active

MLS # 6730894

Property Type Single Family Residence

Price Type --

Step into this one of a kind beautiful home. This home boast pride of ownership with 1 owner who designed and built this home 42 years ago. Attention to detail went into every space of this home. A few details to note, it is located on almost 1 acre of irrigated land. Kitchen offers sub zero built in refrigerator, trash compactor and coffee bar with ins-ta hot. Central vacuum system throughout. 2 full master suites with built in tiled tubs and showers. Cedar lined closets with built in drawers and cabinets. Beautiful backyard with lap/diving pool with a built in spa, and built in BBQ. Guest house/pool house to be used as you desire. 2 RV gates with RV parking. The list goes on and on. Come see for yourself all this property has to offer.

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