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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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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3233 E Bluebird Place Chandler, AZ 85286

$859,900

5 Beds

4.5 Baths

3,778 SqFt

Status Active

MLS # 6740385

Property Type Single Family Residence

Price Type --

This exquisite 5-bedroom, 4.5-bathroom home is a perfect blend of luxury and comfort. The bedrooms feature brand new, plush carpeting, creating a cozy and inviting atmosphere. The heart of the home is the spacious kitchen, complete with a stylish island, sleek stainless steel appliances including a microwave, range, and dishwasher. The kitchen seamlessly flows into the family room, making it an ideal space for entertaining and family gatherings. Step outside to enjoy the sparkling pool, offering a refreshing retreat on warm days. This home combines modern amenities with elegant design, providing an exceptional living experience.

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20218 E Palm Beach Drive Queen Creek, AZ 85142

$859,900

4 Beds

2 Baths

2,350 SqFt

Status Active

MLS # 6736094

Property Type Single Family Residence

Price Type --

Back on the market do to buyers contingency expired and they were not able to sell there home!! Experience the allure of this stunning horse property situated on over 1 acre in Queen Creek, with no HOA—so you can bring all your toys! This home features a spacious 4-car garage and an RV gate, setting the stage for endless possibilities. Step inside to find an inviting interior adorned with beautiful tile flooring, soaring vaulted ceilings, a soothing color palette, recessed lighting, and an abundance of natural light. The chef's kitchen is a dream come true, showcasing elegant white cabinets, granite countertops, wall ovens, stainless steel appliances, a pantry, a stylish tile backsplash, double islands, and a breakfast bar—perfect for culinary enthusiasts.

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7566 W Gelding Drive Peoria, AZ 85381

$859,900

3 Beds

3.5 Baths

2,531 SqFt

Status Active

MLS # 6660598

Property Type Single Family Residence

Price Type --

** QUICK MOVE-IN HOME***3.99% FIRST YEAR RATE / 5.99% FIXED* On an 8,048 sq/ft lot sits a beautiful 2531 sq/ft home. nestled in a small, gated enclave. 3 bedrooms, 3.5 bathrooms including a multi-gen suite!! The 3rd bedroom is extended measuring 15X13.5!! WOW. It's like having 2 master bedrooms. 10' ceilings, 8' doors, a gourmet kitchen with LG appliances including wall ovens, huge multi-sliding glass doors, custom low volt, and electrical packages. Pecan 66'' cabinets, oversized island with quartz counters, wood look plank tile; custom front yard landscaping that includes a paver driveway. All selections have been completed. 3-car split garage.

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6105 W Kimberly Way Glendale, AZ 85308

$859,500

6 Beds

4 Baths

4,128 SqFt

Status Active

MLS # 6731137

Property Type Single Family Residence

Price Type --

**PRICE DROP* Plus $5,000 towards your closing costs. Executive style home! New paint & carpet. Walk in through the massive double doors to a formal living room and dining room. Follow the travertine stone flooring to the great room and chef's kitchen with overwhelming amounts of cabinets, some with pull-outs. Built in ovens and gas cooking. Breakfast nook with view of serene grass backyard and pool area. Master bedroom ensuite and 2 other bedrooms on the 1st floor. Check out the exquisite lighting throughout. Laundry is on 1st floor next to the walk-in pantry. Upstairs are the other 3 bedrooms and 2 baths. Game room could be another bedroom if needed. Outside is a gorgeous pool with waterfall and changing light colors along with the built in heated spa. Fruit trees too!

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19021 W Lawrence Road Waddell, AZ 85355

$859,246

4 Beds

3.5 Baths

3,197 SqFt

Status Active

MLS # 6726645

Property Type Single Family Residence

Price Type --

An 11' ceiling at the Family Room and 16' Multi Sliding Glass Door, making this home perfect for the indoor/outdoor living that is so desired in Arizona. You can enjoy the bright and cozy feel of the Sunroom located off the Dining Room or venture out onto the large Extended Patio to enjoy the outdoors. Located on a Corner homesite, this special plan has many highly desirable upgrades, such as the Extended Family Foyer with Backpack Rack and upper cabinets which helps to keep belongings organized, Manhattan Drywall Finish with Square Drywall Corners and mitered Base Boards, Super Shower in Owner's Suite, Gourmet Kitchen with Gas Cooktop, upgraded cabinets and countertops, along with a custom backsplash and walk in pantry. Too many additional upgrades to list, make this home a Must See!

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Rio Verde AZ 85263

$859,000

2 Beds

2 Baths

1,544 SqFt

Status Active

MLS # 6644064

Property Type Single Family Residence

Price Type --

Located in the heart of prestigious Trilogy at Verde River, this stunning Resort Collection home has it all!! It is highly upgraded and sits on one of the most spectacular Homesites in the Resort Collection Section of the Trilogy Community. Relax and enjoy the panoramic views of the Lake and the Golf Course!

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28050 N 110th Place Scottsdale, AZ 85262

$859,000

4 Beds

2 Baths

2,311 SqFt

Status Active

MLS # 6757825

Property Type Single Family Residence

Price Type --

Fantastic 4 bedroom home in North Troon. Close to golf, hiking, biking, Pinnacle Peak and Four Seasons Resort. New windows in 2017. All electric well maintained home with a minimal annual HOA fee.

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17632 E Chevelon Canyon Circle Rio Verde, AZ 85263

$859,000

2 Beds

2.5 Baths

1,679 SqFt

Status Active

MLS # 6750451

Property Type Townhouse

Price Type --

MAJESTIC VIEWS AND RESORT LIVING IN THE LUXURIOUS STYLE AWAIT A MOST SOPHISTICATED OWNER! This elegant home built in 2020 is perfectly located in the Resort Section of the prestigious Trilogy at Verde River. This highly sought after Valetta floor plan is thoughtfully laid out and boasts a Great Room open concept, 2 bedrooms, 2.5 bath and spacious DEN with Barn Doors. This gorgeous home provides countless upgrades throughout. The Gourmet Kitchen is the centerpiece of the home with an oversized island, all Stainless Steel Kitchen Appliances, pantry and stunning white cabinets. Sliding wall of glass off the Great Room opens to the extended patio for outdoor entertaining and brings in natural light to show off the tastefully appointed decor. Primary Suite is generously sized and offers a walk-in closet, double sinks and a walk-in shower. This exquisite home provides Resort Lifestyle at it's finest! Trilogy at Verde River offers upscale Resort living at its finest and the very best of all possible worlds, close to the conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert. The amenities are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickle ball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails. Whether you're seeking a second, winter home, or will live here year-round, Trilogy at Verde River is an ideal distance from the hustle and bustle of North Scottsdale. Attitudes here are different; there's a sense of community. You'll love the Resort living! What memories will you make?

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17615 E Bismark Lake Court Rio Verde, AZ 85263

$859,000

2 Beds

2.5 Baths

1,679 SqFt

Status Active

MLS # 6752228

Property Type Twin Home

Price Type --

ENJOY THE VIEW FROM THIS SOUGHT AFTER GOLF COURSE LOT ON THE GREEN OF THE 1ST HOLE AT TRILOGY VERDE RIVER GOLF RESORT. This beautiful upgraded 2-bedroom Valetta model has an office/den that can be an extra sleeping area for guests. This home is meticulously maintained with impressive views. Gorgeous kitchen with Upgraded Monogram Appliance Package, upgraded cabinets, backsplash, quartz island and pantry. Spacious great room with custom built in bar and multi sliding door perfect for enjoying the golf course views from the extended patio. Well-appointed primary suite with an luxurious shower, quartz counters, custom mirror and walk in closet. Epoxy-coated 2 car garage. Vibrant Desert Landscaping radiates both front and back. Don't miss this Rare opportunity to purchase this amazing home.

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8727 E Jasmine Street Mesa, AZ 85207

$859,000

3 Beds

3 Baths

2,321 SqFt

Status Active

MLS # 6749706

Property Type Single Family Residence

Price Type --

Welcome to this amazing home in the highly desirable gated community of Valencia at Mountain Bridge. Featuring 3 bedrooms, 3 baths, and 3 car extra deep tandem garage. This spacious residence includes a gourmet kitchen with granite countertops and a large island, beautiful greatroom floorplan plus a den, perfect for a home office or additional living space and so much more.. The open great room overlooks a beautifully landscaped backyard with view fencing, offering serene desert and mountain views. The community amenities include a clubhouse with heated pool, spa, fitness center, pickleball and tennis courts, playground, walking trails and so much more. Don't wait because this gem will not last.

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