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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31106 N 161st Place Scottsdale, AZ 85262

$855,000

3 Beds

3.5 Baths

2,947 SqFt

Status Active

MLS # 6759524

Property Type Single Family Residence

Price Type --

North Scottsdale HORSE PROPERTY with breathtaking SUNSETS & MOUNTAIN VIEWS! Nestled on a 2.5 acre lot, this custom home offers serene living with a large horse corral & fenced backyard. 3 bed + loft, 3.5 bath layout includes a downstairs suite with outdoor access, perfect for guests or rental. The gourmet kitchen features a new induction cooktop, stainless steel appliances, & an island overlooking a great room with a propane gas fireplace. A custom wood & iron staircase leads to an office loft & bedrooms with separate balcony exits. Highlights include a master bath with jetted tub & dual shower heads, multiple elevated decks, new roof (2021), Pella doors & windows, water softener, & 3-car garage. North Scottsdale location with access to hiking paths, schools, & more!

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2068 S Sailors Court Gilbert, AZ 85295

$855,000

4 Beds

3 Baths

2,925 SqFt

Status Active

MLS # 6747779

Property Type Single Family Residence

Price Type --

Charming 4 bedroom, 3 bath home with den/office, Pool, Spa and 3-Car Garage located in Ashland Ranch in Gilbert. This home features a large open kitchen with stainless steel appliances, wet-bar, breakfast bar that seamlessly flows into the family room, where a cozy fireplace creates a warm and inviting atmosphere. The split master bedroom layout offers privacy, with the master suite thoughtfully separated from the other bedrooms. The master suite includes a luxurious en-suite bath, providing a serene retreat. Step outside to your private oasis, complete with a sparkling pool & spa, ideal for relaxation & outdoor entertainment. A large covered patio provides the perfect spot for dining & a well-maintained grass area adds charm & versatility to the outdoor space.

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6307 E Gelding Drive Scottsdale, AZ 85254

$855,000

3 Beds

2 Baths

1,704 SqFt

Status Active

MLS # 6742573

Property Type Single Family Residence

Price Type --

Welcome to a beautifully remodeled home in highly desirable 85254, perfectly situated on a quiet cul-de-sac. With 3 bedrooms, 2 baths, and 1,704 square feet of living space, this home offers a luxurious living experience in a prime location. The open-concept great room boasts wall-to-wall travertine flooring, creating a seamless flow throughout the home with a split floor plan. A recently updated kitchen features sleek white European-style cabinets, quartz countertops, stainless steel appliances, two pantries, a spacious kitchen island, and eye-catching glass tile backsplash. Also, included in the kitchen, are two 220 volt outlets on the counter. The primary suite is a true retreat, offering direct outdoor access, walk-in closet, and a private ensuite with top-of-the-line fixtures and walk-in shower. Remodeled Guest bath w barrier free entry to shower. Step outside to your backyard oasis, complete with a built-in BBQ island, wood/gas-burning pizza oven, water feature, fire pit, covered patio, and mature landscaping and large pavers. Additional features include RV gates and parking, ample storage space, and a recently upgraded lifetime metal roof. Behind the RV gate at the pad you will find one 220volt outlet, one 110 volt 30 amp outlet, and one 110 volt 15 amp outlet for all your RV needs. This is a rare opportunity to own a move-in-ready home in North Scottsdale, just minutes from Kierland, Scottsdale Quarter, golf resorts, and fine dining. Plus, with no HOA, this property is the perfect blend of luxury and convenience. Don't miss out on this exceptional home! (None of the interior artwork is included in this sale.)

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2810 Dillon Boulevard Chino Valley, AZ 86323

$855,000

4 Beds

3.5 Baths

2,844 SqFt

Status Active

MLS # 6761313

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 3 bedroom, 3.5 bath Woodland Model upgrades include a temperature controlled & insulated 2 car garage & RV garage, a guest suite with living area (4th bedroom), Bath & walk in closet, Maple 42''cabinets with crown molding and granite tops, laundry cabinets, Gas fireplace, Upgraded flooring and plumbing fixtures, Black frame windows and more! Click the Docs Tab to see features and floor plan. A beautiful home for entertaining!

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2353 Florian Meadow Trail Overgaard, AZ 85933

$855,000

3 Beds

3 Baths

2,898 SqFt

Status Active

MLS # 6663325

Property Type Single Family Residence

Price Type --

A custom 3 BR/3BA, 2898 SqFt cabin in a very pristine area of Overgaard. This home is nestled on a full acre that is heavily treed with mature Ponderosa Pines. The interior features a great room design with 30' knotty pine ceilings, a wall of windows, a duel fuel stone faced fireplace, a large kitchen with butcherblock countertop, an island with Silestone counter, wood, tile laminate and carpet flooring. The wood flooring is from the Chediski fire. It also boasts, a wet bar, a 24x24 Arizona room with a freestanding wood burning stove,. a loft with four permanent bunkbeds, an upstairs bedroom with bathroom. The master bedroom is downstairs with an en-suite bathroom with jacuzzi tub. There is also a game game room w/fireplace. The exterior boasts a patio with a fireplace and circular drive. This pristine homesite would make a wonderful horse property. Plenty of room for a barn with stalls and a round pen.

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2648 E Teakwood Place Chandler, AZ 85249

$855,000

5 Beds

3.5 Baths

4,015 SqFt

Status Active

MLS # 6711913

Property Type Single Family Residence

Price Type --

Large culdesac corner lot, 5-bedroom, 3 1/2 bath home is stunning! ALL NEW Interior paint. Upgraded kitchen & bathrooms with new quartz countertops and cabinets. All new carpet. Master bedroom on first floor. Chandler with A+ schools, restaurants and shopping walking distance. 5 large bedrooms. The open floor plan makes the home spacious, and a comfortable place for all to gather. Exit two oversized sliding glass doors to your oasis backyard. Enjoy shade under the large covered patio, or sun while floating in the pool. New turf area and large rock side yard make for easy maintenance. Enjoy fresh fruit from your fruit trees. A short walk to parks, bike paths and grills. Come explore what could be your home sweet home.

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5650 S Feliz -- Mesa, AZ 85212

$855,000

5 Beds

3.5 Baths

3,040 SqFt

Status Active

MLS # 6757009

Property Type Single Family Residence

Price Type --

Welcome home! This stunning Toll Brothers home nestled in the desirable Cadence master-planned community. This exquisite property sits on a premium lot directly across from a park and offers five spacious bedrooms, a versatile den, a loft, and 3.5 bathrooms. Step inside to find high ceilings, elegant LPV flooring, and designer touches throughout. The open-concept great room seamlessly connects to the dining area and covered patio through retractable glass doors, creating a perfect setting for indoor-outdoor entertaining. The gourmet kitchen features beautiful cabinetry, high-end appliances, quartz countertops, and gas cooking. Enjoy resort-style living with access to Cadence's impressive amenities, including a pool, fitness center, clubhouse, sports courts, playgrounds and a resort pool.

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25918 S 193rd Place Queen Creek, AZ 85142

$855,000

5 Beds

2.5 Baths

3,124 SqFt

Status Active

MLS # 6662345

Property Type Single Family Residence

Price Type --

**CUSTOM HOME ON CLOSE TO 1 ACRE**NO HOA**PLENTY OF SPACE ON EITHER SIDE OF LOT FOR ENDLESS POSSIBILITIES**PEBBLE TEC POOL AND SPA**NEUTRAL COLOR INSIDE**LARGE ENTRY**SEPARATE DINNING AND FORMAL LIVING ROOM**FAMILY/TV ROOM OFF KITCHEN**BREAKFAST BAR AND NOOK**DOUBLE OVENS**GRANITE**CUSTOM KITCHEN CABINETS**WALK-IN PANTRY**LARGE BEDROOMS**TRAVERTINE TILE IN ALL COMMON AREAS AND BEDROOMS**WOOD PLANK TILE IN BATHS**PLANTATION SHUTTERS**2 RV GATES**COME SEE ALL THIS WONDERFUL HOME HAS TO OFFER!**

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77 S Presidio Drive Gilbert, AZ 85233

$855,000

5 Beds

3 Baths

3,830 SqFt

Status Active

MLS # 6745996

Property Type Single Family Residence

Price Type --

BEAUTIFUL AND SPACIOUS LARGE HOME IN A DESIRABLE LOCATION! HOME BOASTS 5 BEDROOMS, 3 BATHROOMS, AND TONS OF STORAGE SPACE!!! LARGE AND SPCAIOUS KITCHEN AND FRESH PAINT THROUGHOUT THE HOME. BACKYARD IS WELL MAINTAINED WITH LUSH LANDSCAPING. ENERGY EFFICIENT AIR CONDITIONERS THAT WERE REPLACED LESS THAN 5 YEARS AGO. SOLAR SYSTEM ON THE ROOF INCLUDED AND WILL BE PAID OFF AT THE TIME OF CLOSING. THIS BRINGS DOWN THE UTILITY BILLS SUBSTANTIALLY WITH GREAT SAVINGS! RV GATE WITH PARKING ON THE SIDE OF THE HOME. VERY NICE, WONDERFUL, QUIET NEIGHBORHOOD! RARE TO FIND A HOME THIS SIZE IN THIS LOCATION AT THIS PRICE POINT! PLEASE BRING YOUR BUYERS. THEY WILL NOT BE DISAPPOINTED!!!

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200 W Portland Street Unit 821 Phoenix, AZ 85003

$855,000

2 Beds

2 Baths

1,425 SqFt

Status Active

MLS # 6723094

Property Type Apartment

Price Type --

Downtown gem in the sky! Exceptional residence in Portland on the Park is true comfort for the urban dweller - Luxuriate in the modern, industrial feel of this 2 bed 2 bath furnished condo. Glorious views overlooking downtown Phoenix. Floor to ceiling windows, lofted ceilings, engineered hardwood floors. Designed for the true cook with quartz counters, gas cook top, & Bosch stainless appliances. Stunning community offers a rooftop lounge with 360 degree views of the city, mountains, Hance Park/Japanese Friendship garden. Slip into the resort-like heated pool, or kick back in front of the 80'' Outdoor TV, BBQ gas grills & outdoor gas fire pit. Extensive fitness center. Close to lightrail, eclectic restaurants, shopping, entertainment, sport events, airport. True live-work-play environment!

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6738 S Rachael Way Gilbert, AZ 85298

$855,000

4 Beds

3 Baths

2,740 SqFt

Status Active

MLS # 6741651

Property Type Single Family Residence

Price Type --

Seville Golf & Country Club! Enjoy the incredible lifestyle this community has to offer! Your backyard oasis awaits, backing to a greenbelt/park — year-round swimming with your heated/cooled pool, spa, patio, built-in BBQ island, screened patio and fire pit. Inside, you'll be impressed by the extensive remodel of this 4 bed/3bath home (den could be 4th) featuring upgraded hardwood & tile flooring, recently painted, plantation shutters, beautifully updated bathrooms, and a stunning stacked stone fireplace with entertainment wall. The heart of the home, the kitchen, with granite countertops, island, pantry, and stainless steel appliances. The primary suite boasts a luxurious spa-style bathroom, with a soaking tub and an updated shower. This home is immaculate and move in ready!

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2555 Nelson Lane Chino Valley, AZ 86323

$855,000

4 Beds

3.5 Baths

3,125 SqFt

Status Active

MLS # 6674913

Property Type Single Family Residence

Price Type --

REDUCED! Quick move-in spec with a 3125 SF split floor plan located at Heritage Pointe in gorgeous Chino Valley. Enjoy the rural lifestyle while being only 20 minutes away from Prescott. Close to local restaurants & shopping. This beautiful home sets on a 1-acre lot with a 2-car side entry garage plus an attached large RV garage with dump, both temperature-controlled. Lots of upgrades. 42'' cabinets, big walk-in pantry, solid countertops, flooring, gas appliances, tankless gas water heater, sprinkler system & much more. A must-see home! Watch the Virtual Tour and come see! Click the Docs Tab to see features and floor plan.

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