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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5320 S Dragoon Drive Chandler, AZ 85249

$859,000

4 Beds

2.5 Baths

3,098 SqFt

Status Active Under Contract

MLS # 6676785

Property Type Single Family Residence

Price Type --

Stunning 4 Bed, 2.5 Bath+Den/Office, 3 Car Garage on a Spacious Lot w/ a Private Backyard Oasis in the Highly Sought After, All Single Level Gated Community of Mesquite Grove Estates. Enter Into an Open Floor Plan, Dramatic 12' Ceilings, W/ Spacious Rooms & Custom Shutters. Entertainers Kitchen w/ Granite Counters, Large Island, Beautiful Cabinetry, and a Gas Range seamlessly connecting to the Family Room. Private Owner's Suite Features a Large En-Suite Bathroom W/ Soaking Tub, Dual Vanities, Large Closet & Private Backyard Access. Resort Style Private Backyard w/a Large Covered Patio, Extensive Pavers, Lush Artificial Turf, Pebbletech Heated Pool/Spa, Outdoor Kitchen/Bar w/a Built In BBQ, Sink, Fridge & Firepit For Endless Fun. Top-Rated A+ Schools Just Minutes Away. This Community Truly Has It All. Enjoy the Convenience of All Single Story Homes, Community Walking and Biking Paths, a Community Playground, and Expansive Lush Greenbelts Where You Can Participate in Community Activities Such As Movies In The Park and Food Trucks Once a Month. Just a Short Golf Cart Ride To The Nearby Lone Tree Golf Course or Walk to a Variety of Restaurants Including Pita Jungle, High Tide, Vero's Pizza and Fat Willies. Welcome Home!

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6811 W Monona Drive Glendale, AZ 85308

$859,000

4 Beds

3 Baths

2,327 SqFt

Status Active

MLS # 6686368

Property Type Single Family Residence

Price Type --

RARE! COMPLETELY UPDATED! PREMIUM WATERFRONT HOME! Right around the corner from COMMUNITY VOLLEYBALL, BASKETBALL COURT, PLAYGROUNDS, AND 1+MILE GREENBELT/WATERFRONT PAVED TRAIL! Home features open concept split floor plan with updated flooring, quartz countertops through out, stainless appliances, paint, hardware, light fixtures, bathroom shower and tubs, and primary bedroom walk in closet! 16.4KW owned solar, almost $0 electric bill! Covered patio, pool, hot tub, artificial turf, and palm trees makes this an entertainers dream with incredible indoor/outdoor living! Kayaks included in sale. Just minutes to shopping, restaurants, Westgate Entertainment District, State Farm Stadium, MLB Spring Training Stadium, 10+ golf courses, ASU West Campus, and more! Available fully furnished.

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9444 N 115th Place Scottsdale, AZ 85259

$859,000

2 Beds

2 Baths

1,900 SqFt

Status Active

MLS # 6741639

Property Type Single Family Residence

Price Type --

''There are three things that matter in property: location, location, location.'' This 2bd/2bth Edmunds home has them all! Located in beautiful guard-gated Stonegate w/no homes behind, this rare find has stupendous McDowell Mountain views, and it's just a 90-second walk to the community's 5-star amenities. The heated Olympic-sized pool & spa, surrounded by towering date palms, will make you feel like you live at your own private resort. Recent home updates incl new interior paint, a stainless gas range, microwave & dishwasher, carpet & newer wood-like floors. The home features a kitchen island w/granite counters & island seating, antique white cabs & stacked stone surrounds, new recessed lights & great outdoor spaces, including a separate raised patio and great mountain views! (More) The guard-gated Stonegate community has a Club House, 7 tennis courts, 2 pickleball courts, a half basketball court, a children's playground, an Olympic-size heated pool and spa, lush landscaping, beautiful palm trees and miles of hiking and biking paths with easy access to trails bordering the Pima-Maricopa Reserve, with views of the city, Camelback, Red Mountain and the Tonto National Forest in the distance. Stonegate is a well-run HOA with lots of green space and natural desert preserve areas. The community is conveniently located near golf courses, shopping, grocery stores, restaurants, numerous quality schools including Scottsdale Basis, great hospitals including the Mayo Clinic & Honor Health, Salt River Fields, the Arizona Boardwalk, Highway 101 and a short drive to Old Town Scottsdale. This is Scottsdale living at its finest!

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3735 Ridgeview Terrace Wickenburg, AZ 85390

$859,000

2 Beds

2.5 Baths

2,211 SqFt

Status Active

MLS # 6755905

Property Type Single Family Residence

Price Type --

A charming, former model single-story home in Wickenburg Ranch gated community with decorator touches and spectacular mountain views equivalent to resort views. Step into the foyer with den/office and powder room. Generously-sized second bedroom has an en-suite bathroom and built-ins. The Primary Suite is spacious with walk-in closet, upgraded bathroom with large tub and oversized walk-in shower. 3 private patios to enjoy the serenity and exotic cacti. Custom wooden shutters throughout. Three car tandem garage with built-ins. Located approximately 1 mile from the Golf and Social club. Two golf courses: Lil Wick- 9 hole, Par 3, and Big Wick- 18 hole, Par 71. Inquire for Golf Membership Information. The social membership allows you to enjoy dining and a variety of classes offered.

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5419 E Everett Drive Scottsdale, AZ 85254

$859,000

3 Beds

2 Baths

2,112 SqFt

Status Active

MLS # 6743039

Property Type Single Family Residence

Price Type --

GREAT NEIGHBORHOOD! Beautiful home in sought-after 85254 zip code with 1/3rd-acre lot, no HOA, open floor plan, and vaulted ceilings! Great curb appeal with North/South exposure, private courtyard, mature landscaping, and automatic watering/yard lighting. Inside, there's a great room with beamed ceilings and an updated kitchen with quartz countertops, hardwood cabinets, and stainless steel appliances. Bedrooms have walk-in closets and there is even a small office for when you need a little time away. Yard is very private with a covered patio, palm trees, RV parking, 220v electric hook-up, and storage shed. Area is well-known for top-rated schools and being a great place to raise a family or retire. MUST SEE!

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16097 W Vernon Avenue Goodyear, AZ 85395

$859,000

4 Beds

3.5 Baths

3,634 SqFt

Status Active

MLS # 6688486

Property Type Single Family Residence

Price Type --

ONE OF A KIND & OWNED SOLAR!!! ($80,000) Zero to very low APS bills! Located in one of Palm Valley's most desired gated communities! 16,000+ ft lot w/ no neighbors behind! 4 HUGE bedrooms, den & bonus room! Spacious gourmet kitchen w/ a massive island, quartz counters, stainless appliances including wall ovens, wine fridge & custom tile backsplash! Huge master suite features dual sink vanities, custom shelving in walk-in closet, snail shower & oversized garden tub. Custom iron/glass front door. Plantation shutters. Highly upgraded light fixtures & ceiling fans. 20 inch tile in traffic areas. Water softener & home water filtration system. Surround sound inside & out. 8 ft doors/10 ft ceilings. Resort-style backyard w/ sparkling pool, water feature & hot tub, built-in BBQ, firepit.... and extended pavered patio. Additional upgrades include a French door exit to the patio, stylish entertainment center with stone accents, walk-in closet in guest rooms, oil rubbed bronze hardware, gorilla racks in garage for additional storage and much more!

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22034 N 28th Place Phoenix, AZ 85050

$859,000

4 Beds

2.5 Baths

2,492 SqFt

Status Active

MLS # 6749335

Property Type Single Family Residence

Price Type --

Welcome to Sky Crossing, a vibrant community surrounded by great dining and shopping options. This modern two-story home offers 4 bedrooms (w/ 2 bonus rooms), 2.5 baths, and thoughtful design throughout. The spacious family room flows seamlessly into the kitchen and dining areas, perfect for entertaining. A versatile den on the main floor makes for an ideal home office or guest room. The primary bedroom is a luxurious retreat with a stunning En Suite bathroom and a custom walk-in closet. The home features carpet, fresh paint, designer wallpaper, and stylish light fixtures that add warmth and elegance. Step outside to your private backyard oasis with low-maintenance turf and an extended paver patio, perfect for gatherings. Living in Sky Crossing means enjoying top-notch amenities, including a community pool, spa, splash pad, fitness center, and basketball courts. The event lawn is perfect for hosting picnics and barbecues with friends and neighbors. Sky Crossing is more than a place to live; it's a place to thrive.

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22838 N De La Guerra Drive Sun City West, AZ 85375

$858,000

2 Beds

2.5 Baths

2,784 SqFt

Status Active

MLS # 6689724

Property Type Single Family Residence

Price Type --

Golf Course Beauty w/3 car garage & courtyard. Don't miss out on this upscale Figueroa Model, nestled in a desirable interior location of Corte Bella on the 13th fairway! 10 ft ceilings, 8ft interior doors, 2 ensuites, den and powder room. Casual dining with a view of the course + formal dining in the gathering room! Butler pantry including beverage cooler, XL pantry, walk-in storage closet & huge laundry room w/cabinets galore! Kitchen has a huge island w/ prep sink. Top of the line, stainless steel appliances, counter depth fridge, breakfast nook. Massive outdoor living space designed for daily enjoyment & entertaining. This will become your favorite place to end the day of you as you enjoy the colorful AZ sunset. Some furniture available outside of escrow. Corte Bella Country Club is 45+ is a guard-gated Del Webb community. Offering 2 restaurants & bars, a fitness center, heated pool & spa, locker and shower rooms, day spa, tennis, pickleball, bocce ball, social HOA activities and planned excursions and special interest clubs. Corte Bella Golf Club is a semi-private club. Corte Bella residents may NOT use the recreation facilities in Sun City West but may play golf on the SCW public golf courses. Corte Bella is well known for its award-winning golf course, restaurant, and amenities.

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22462 N 80th Lane Peoria, AZ 85383

$858,000

5 Beds

2 Baths

2,824 SqFt

Status Active

MLS # 6760556

Property Type Single Family Residence

Price Type --

Your dream home is finally here! This beautiful 5-bedroom, 2-bath residence boasts a 3-car garage, an RV gate, and an impeccably designed front yard. Inside, you'll find a living/dining room with high ceilings and stone tile flooring. You'll also find a dry bar perfect for entertaining. The spacious great room boasts classic plantation shutters and a surround sound home theater system. Kitchen equipped with quartz counters, white shaker cabinetry, chic pendant lighting, stainless steel appliances, and a center island with a breakfast bar. The main bedroom offers wood flooring, an ensuite with dual sinks, and a walk-in closet. Gorgeous Backyard for entertaining features a pool with a fountain, built in gas grill, gas fire pit, and an in-ground trampoline. Enjoy breathtaking sunsets in the enchanting backyard, showcasing a covered patio, pristine artificial turf, a shed for added storage, a warm firepit, a built-in BBQ, and a sparkling pool for endless summer fun. This gem will sell fast!

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2840 Dillon Boulevard Chino Valley, AZ 86323

$858,000

4 Beds

3.5 Baths

2,844 SqFt

Status Active

MLS # 6753087

Property Type Single Family Residence

Price Type --

Quick move in home at Heritage Pointe in gorgeous Chino Valley. Enjoy the rural lifestyle while being only 20 minutes away from Prescott. Close to local restaurants, Safeway Center & shops. This 4 bedroom, 3.5 bath Woodland Model's upgrades include a outdoor great room, 42'' Cabinets with crown moldings & hardware, Laundry cabinets, Designer Granite tops, barn door between master and bath, a gas fireplace, flooring, a 2 car side entry garage plus a large attached temperature controlled RV garage. A must see home! Watch the Virtual Tour! Click the Docs Tab to see features and floor plan.

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68 E Folklore Trail Hereford, AZ 85615

$857,000

2 Beds

2 Baths

2,344 SqFt

Status Active

MLS # 6721016

Property Type Single Family Residence

Price Type --

This is an amazing and gorgeous property in the canyons with lots of mature trees and a variety of wildlife around. This custom built home sits on nearly 7 acres that includes the home with 2344 sf that features 2 bedrooms and 2 baths along with a large living, dining room, along with a kitchen and a balcony to sit and enjoy the wonderful views all around. There's loads of windows to take advantage of all there is to see. You'll find a large garage that has a roll up door on each end along with a large patio area that's great to sit and enjoy the birds. There is fencing around the property and an endless list of amenities that are on the description attached in the documents tab to review. You won't want to miss this opportunity for such a gorgeous place to call home!

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23181 E Nightingale Road Queen Creek, AZ 85142

New

$855,990

4 Beds

3.5 Baths

3,230 SqFt

Status Active

MLS # 6763794

Property Type Single Family Residence

Price Type --

Brand new phase!. This amazing home has a full guest suite and is conveniently located to all that Queen Creek has to offer. Minutes from the brand new Costco, Schnepf Farms, Queen Creek Market Place and the Queen Creek Olive Mill.

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