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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2288 Richenbacher Circle Overgaard, AZ 85933

$860,000

2 Beds

2 Baths

1,677 SqFt

Status Active

MLS # 6722276

Property Type Single Family Residence

Price Type --

Framed by a picturesque 0.71 acre corner, cul-de-sac lot this 1677 SqFt 2 BR/ 2BA chalet is a stunning blend of rustic charm with modern comfort. This home's unique split log siding is featured both inside and out. This home boasts an inviting great room concept with a wall of windows, that offers a panoramic view of the beautiful well-manicured landscaping. This chalet features spacious and well appointed rooms, berber carpet, parquet flooring, ceiling fans and central heat and AC. The exterior boasts a cemented circular drive and 698 SqFt of decking with metal railing. The hangar which joins the taxiway is 48 x 50 with a motorized bi-fold door and a two car garage. This is a must see.

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3403 E Valencia Drive Phoenix, AZ 85042

$860,000

4 Beds

4 Baths

3,077 SqFt

Status Active

MLS # 6709216

Property Type Single Family Residence

Price Type --

Built in 2021, this like-new home offers a blend of modern design and comfort. With 4 bedrooms, 4 baths, and 3,077 square feet of living space, this single-story residence invites you to experience a lifestyle of ease and elegance. The kitchen is truly the heart of the home—a space where you can cook, gather, and create memories. With a huge center island and a walk-in pantry, it's both functional and inviting, seamlessly flowing into the open gathering room and casual dining area. Every corner of this home has been designed with care to create a warm and welcoming atmosphere. Located in a gated community with beautiful mountain views, this home is just minutes away from the highway for easy access. A must see!

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302 S Laguna Drive Gilbert, AZ 85233

$860,000

4 Beds

3 Baths

3,375 SqFt

Status Active

MLS # 6713631

Property Type Single Family Residence

Price Type --

What a RARE find in Madera Parc Estates! Nestled on a prime corner lot, this gorgeous home displays a 3-car garage w/attached cabinetry and a great curb appeal highlighted by a lush landscape w/artificial turf. Be greeted by a large living & dining room adorned with bay windows! Continue onto the spacious family room, featuring a fireplace for chilly nights. The impressive kitchen boasts SS appliances w/wine fridge, granite counters, a tile backsplash, white cabinetry w/crown molding, a pantry, and an island w/breakfast bar. Its French doors merge the inside/outside activities! Vaulted ceilings add to the airy feel, complemented by plantation shutters, archways, neutral palette, recessed lighting, and tasteful flooring - tile/wood/carpet. One bedroom & a large office complete the downstairs. Head upstairs to find the double-door main bedroom, offering an ensuite with dual sinks, separate tub/shower, & a walk-in closet. Need space for entertaining? The fantastic, tranquil backyard awaits you! With a covered patio, synthetic lawn, BBQ area, mature trees, and a sparkling pool, this yard promises year-round enjoyment. This gem won't disappoint. Explore it! Love it! Live it!

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14065 E Burnside Trail Scottsdale, AZ 85262

$859,999

4 Beds

3 Baths

3,025 SqFt

Status Active

MLS # 6724098

Property Type Single Family Residence

Price Type --

JUST COMPLETED New Construction desert home on 1.7 ACRES! This new build with NO HOA includes a gorgeous custom iron front door, a MASSIVE open Kitchen & living room with high-end Cabinets, White Quartz Countertops, 36'' Cooktop, Built-in Stainless Steel Microwave and double ovens, & upgraded flooring. The upgrades continue with a stunning Master Bathroom with a Freestanding Soaking Tub, Modern Shower and Beautiful Double Vanities, an oversized four car garage, & last but not least an upgraded full 12' patio to watch the sunset on 4 Peaks and Granite Mountain from.

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1851 E Ocotillo Road Phoenix, AZ 85016

$859,999

4 Beds

3 Baths

1,840 SqFt

Status Active

MLS # 6631090

Property Type Single Family Residence

Price Type --

!!! $65,000 Price Reduction !!! Be the first to live in this completely renovated single-story residence with Spectacular views of Piestewa Peak! It flaunts a large front yard, an OVERsized garage, lots of parking space, & a delightful front courtyard for your morning coffee. You'll LOVE the chic interior, boasting a spacious living room filled with abundant natural and recessed lighting. The gourmet eat-in kitchen presents meticulous attention to detail with new SS appliances, gleaming quartz counters, white shaker cabinetry, striking tile backsplash, and an island w/a breakfast bar. The main suite is a sanctuary, showcasing a pristine bathroom w/a step-in shower, dual sinks, a walk-in closet, & French doors to the back patio. Another primary bedroom retreat complete with it's own private full bathroom for convenience. A huge advantage for that multigenerational family. The home's elegance extends outdoors to the tranquil backyard, providing a covered patio that invites relaxation! Experience the grandeur that awaits in every corner of this remarkable gem! Walking distance to Granada Park.

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1 Easy Street Unit 15 Carefree, AZ 85377

$859,999

2 Beds

2.5 Baths

1,847 SqFt

Status Active

MLS # 6703167

Property Type Townhouse

Price Type --

This unique location offers the epitome of luxury and convenience, where every amenity is just steps from your doorstep in this upscale community. This 2 bedroom, 2.5 bath townhome has a Den, that could be an office or an optional 3rd bedroom. From the moment you enter, you'll be captivated by the open concept design, gourmet kitchen, and opulent primary suite with gorgeous view of Black Mountain. The amazing mountain views that surround this community only enhance the tranquil, luxurious atmosphere. Community features Pool, Spa, Putting Green, Bocce Ball and much more!!! Come see how sweet life can be at The View Carefree!!!!

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17654 W Guthrie Street Surprise, AZ 85388

$859,995

3 Beds

3.5 Baths

2,730 SqFt

Status Active

MLS # 6647069

Property Type Single Family Residence

Price Type --

Step foot into this Calistoga floor plan located in an Active Adult neigborhood. Upon entry you see the great room with vaulted ceilings and a 20 ' multi slider leading you to the outdoor oversized patio for those indoor/outdoor BBQ's. The beautifully appointed kitchen with upgraded KitchenAid appliances and neutral toned quartz countertop and backsplash that goes to the 10' ceiling will impress your guest. Cabinets and sink in large laundry room, primary bath has sit down vanity and shower with exquisite tile and quartz for that luxury spa feel. This 3 bedroom, 3.5 bath home gives you an open concept with tile in all the main areas and upgraded carpet in the bedrooms. Don't miss this great opportunity to enjoy this home and community with all the amenities that your heart desires.

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1954 W Sienna Bouquet Place Phoenix, AZ 85085

$859,990

5 Beds

4.5 Baths

3,018 SqFt

Status Active

MLS # 6752480

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, &/or price adjustments. Move-in October. Two-story Prato floorplan with first-floor owner's suite featuring a glass walk-in shower, plus an additional first-floor suite. Chef kitchen with Whirlpool gas cooktop, white cabinets, and quartz countertops. Upgraded tile and carpet, center slider for indoor-outdoor flow, upstairs suite with added bathroom, Smart Home technology, soft water loop, and front yard desert landscaping with main line to the backyard.

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1946 W Sienna Bouquet Place Phoenix, AZ 85085

$859,990

4 Beds

3.5 Baths

2,938 SqFt

Status Active

MLS # 6752490

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, &/or price adjustments. Move-in October. Popular two-story Prato floorplan with 2.5 car garage. First-floor owner's suite with glass walk-in shower, chef kitchen with Whirlpool gas cooktop, 42'' white cabinets, and quartz countertops. Features include French doors at the den, laundry sink and cabinets, upgraded tile and carpet, center slider for outdoor living, an upstairs suite with added bathroom, and Smart Home technology. Desert landscaping in the front yard.

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22608 E Stacey Road Queen Creek, AZ 85142

$859,990

3 Beds

2.5 Baths

3,203 SqFt

Status Active

MLS # 6732029

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. Welcome to the Enchantment series, situated in the exclusive gated area of the desirable Harvest community. Perfectly located across from swimming pools, a catch-and-release lake, and a park, this home offers a tranquil escape while remaining close to shopping and entertainment. The oversized kitchen, island, and pantry cater to all your entertaining needs, while the expansive L-shaped patio is an entertainer's dream. Don't miss out on this exceptional opportunity.

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20091 E Robin Road Queen Creek, AZ 85142

$859,900

5 Beds

4 Baths

2,881 SqFt

Status Active Under Contract

MLS # 6749792

Property Type Single Family Residence

Price Type --

This stunning home is a true oasis, perfect for families and those seeking a multi-generational living arrangement. Enjoy the luxury of a backyard designed for entertaining and relaxation, featuring a covered patio, sparkling pool with a slide & waterfall, & an in-ground trampoline surrounded by synthetic grass. The spacious kitchen is a chef's dream, with granite countertops, ample cabinet and counter space, a gas cooktop, a large island, and stainless appliances. It's ideal for hosting family and friends. The in-law suite, complete with an en-suite bathroom, offers privacy and comfort. The master bedroom is located on the opposite end of the hall, providing additional separation. A den/office with a projector and screen is included, perfect for home theater or work-from-home needs. Don't miss this incredible opportunity to live in this sought-after tree lined community of Queen Creek Station.

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5508 N 83rd Drive Glendale, AZ 85305

$859,900

4 Beds

3 Baths

4,253 SqFt

Status Active

MLS # 6761122

Property Type Single Family Residence

Price Type --

Find your peace in the center of the action in Glendale, AZ! This stunning 4-bedroom, 3-bathroom residence spans over 4,253 sq. ft. on an expansive 18,350 sq. ft. lot, within the security of a cul-de-sac. The exterior has it all! Enjoy the private courtyard off the main entrance, a sparkling pool, and tranquil koi pond. Entertain with the built in grill, fire pit, and massive backyard. Then move inside to the Great Room with an oversized kitchen island, granite countertops, gas cooktop, and plenty of room for seating. For movie lovers, the dedicated home theater comes complete with a Klipsch surround sound system and projector, offering an immersive cinematic experience. The spacious primary suite includes a private balcony, en-suite bathroom, and 2 walk-in closets. This large, unique home also comes with central vac to make everyday maintenance a breeze. Located near parks, shopping, and dining, this home perfectly combines luxury, comfort, and convenience truly an oasis waiting for you!

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