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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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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23060 E Oriole Way Queen Creek, AZ 85142

$854,900

3 Beds

3 Baths

2,307 SqFt

Status Active

MLS # 6759852

Property Type Single Family Residence

Price Type --

Located on one of the largest homesites in the coveted Barney Farms community, this highly upgraded, original-owner Craftsman-style home offers luxurious family living with 3 bedrooms plus den/flex room and 3 baths in a spacious 2307 SqFt featuring a great room layout and split bedrooms. The gourmet kitchen will delight the home chef with an abundance of upgraded cabinetry (including 42'' uppers, upgraded drawers, hardware, and crown molding), Quartz countertops with upgraded thick edge, stainless GE appliances including a gas cooktop, convection and microwave wall ovens and dishwasher; designer tile backsplash, a large walk-in pantry, and an island with breakfast bar and pendant lighting. 16-foot atrium sliding glass doors lead out from the great room to your dream backyard! You'll love the 560-square foot pool (still under warranty) with Pebble Sheen finish, upgraded Pentair Heat/Cool pump, upgraded filter and commercial grade cover; professional landscaping including easy-care artificial turf for kids and pets to play on, and extended covered patio with ceiling fan and a gas stub for your BBQ. The primary bedroom has access to the backyard, a tray ceiling, and an en-suite bath with dual sink vanity, oversized Marbella spa shower with rain shower and bench, and a walk-in closet with mirrored doors. Other features of this spectacular home include upgraded luxury vinyl plank flooring throughout living areas and baths, upgraded carpet and padding in bedrooms, laundry room cabinets & sink, larger tubs in secondary baths, a water softener, security system, upgraded front door, upgraded lighting and ceiling fans throughout, and a 3 car tandem garage with epoxy floors, hot and cold water faucet, service door to the backyard, extended paver driveway and RV gate. The HVAC system has a parts & labor warranty that is transferable! Barney Farms is a beautiful master-planned community featuring a deep-water lake, acres of parks and green spaces, walking trails, a gigantic 12,293 SqFt surface area pool and clubhouse, play areas, sport courts (including pickleball!), and other great amenities!

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9590 E Blazing Star Circle Prescott Valley, AZ 86315

$854,600

4 Beds

2 Baths

2,315 SqFt

Status Active

MLS # 6732658

Property Type Single Family Residence

Price Type --

Looking for room to breathe? Then look no further than this 2.01-acre, 4 bedrooms, 2 bath, 2315 sq. ft. home with open concept living, gorgeous views, spacious kitchen, with knotty pine cabinetry, that is throughout the home, granite countertops, walk-in pantry, stainless steel appliances, two refrigerators, one in main house, the other in the garage, 9 ft ceilings, stoned wood fireplace, with accent natural wood walls on each side. A reverse osmosis system in kitchen, NUVO whole house filtration with saltless water softener and a separate arsenic filtration system, plus a 2400 underground water storage tank with low level warning system. How about enjoying your morning drink in the large screened-in porch watching the breathtaking sunrises over Mingus Mtn. The perimeter is fully cross fenced/no climb with interior cross fencing/no climb and a double gate easy access for your yard toys, with a large additional cross fencing/no climb area for your pets. Mature trees, plus 4 producing fruit trees, enclosed garden, paver patio with a spacious Pergola, plus a paver outdoor firepit. 50' RV pad with 50-amp hookup. 3 car garage with built-in cabinetry, plus the full length of the garage up-top shelving for extra storage. 3 sheds, a 10x20 - spectacular She shed, a 10x14 - Tuff Shed & a 8x10 - garden shed. Whew... This home features simply too many upgrades to list, see under documents for more details.

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12321 N Otto (lot 217) Circle Prescott, AZ 86305

$854,500

3 Beds

3 Baths

2,081 SqFt

Status Active

MLS # 6657540

Property Type Single Family Residence

Price Type --

TAKE ADVANTAGE OF BUILDER INCENTIVES! $20,000 BUILDER OPTIONS CREDIT or 1 YEAR INTEREST RATE BUY DOWN TO 5.99%. New home/lot in beautiful Whispering Canyon with this .56 acre lot. This ''right-sized'' model offers great room open concept design with highly upgraded kitchen cabinets, granite counters, walk in pantry, and s/s appliances standard. 17'' x 17'' tile flooring & carpet in the main living areas and 10' coffered ceilings add architectural interest. Split floor plan w/2 bedrooms & an office, den, or optional 3rd bedroom. Primary en suite has and bathroom featuring dual sinks, walk in shower, & spacious walk in closet. Front landscaping included. Still time to select builder options, i.e. fireplace & design finishes, i.e. flooring & counters. Photos are of model.

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40220 N Fairgreen Way Anthem, AZ 85086

$854,000

4 Beds

2.5 Baths

2,738 SqFt

Status Active

MLS # 6761587

Property Type Single Family Residence

Price Type --

Welcome to this stunning Serenity model in the award-winning Anthem community! This single-level home features a breathtaking backdrop with view fencing overlooking a serene wash and walking trail. Enjoy your own backyard oasis, complete with a sparkling pool and a spacious Alumawood pergola, perfect for al fresco dining and entertaining. Inside, the home boasts brand new flooring and a fully remodeled gourmet kitchen with an oversized island. Energy-efficient features include owned solar, Andersen Windows, an updated HVAC system, and a tankless water heater. With an updated roof and thoughtful upgrades throughout, this property seamlessly blends style, comfort, and functionality. Don't miss your chance to make this gem home!

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25807 N 19th Glen Phoenix, AZ 85085

$854,000

4 Beds

3 Baths

2,628 SqFt

Status Active

MLS # 6737667

Property Type Single Family Residence

Price Type --

This home offers 4 bedrooms and 3 baths, one of the secondary bedrooms is an en-suite. The open floor plan includes a Study, providing flexibility and additional living space. The split floor plan ensures privacy and convenience. The kitchen is a chef's dream, featuring a gas stove with a 5-burner cooktop and granite countertops throughout. The kitchen also boasts a large island with a granite top, providing ample space for meal preparation and gathering. The master bedroom is a private retreat, featuring a hot spa for ultimate relaxation. Upgraded tile floors throughout, offering a luxurious and low-maintenance living environment. The home is equipped with modern conveniences, such as a saltwater softener added in 2023 for improved water quality, and a tankless water heater that was replaced in the same year, ensuring energy efficiency and a continuous supply of hot water. The washer and dryer are included, making laundry a breeze. The highlight is the backyard with a 15x20 brick patio with a cover, perfect for outdoor entertaining and relaxation. The entire backyard is beautifully landscaped with flowering shrubs, creating a picturesque setting. Adding to the charm is a tall southern oak tree, providing shade and a touch of nature. The backyard also includes ponded plants that will remain, adding a tranquil element to the space. The garage offers additional storage options with its metal storage cabinets, as well as a convenient workbench and shelves for those who enjoy DIY projects. The garage is also insulated, providing comfort and energy efficiency. This exceptional property is located in a vibrant community with a variety of amenities. The community hub features an event lawn, playground, outdoor barbecue, basketball and pickleball courts. Union Park's resort-style pool and is surrounded by covered cabanas and lush landscaping. With easy access to major highways, shopping centers, dining options, entertainment venues, this is a special opportunity you won't want to miss.

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5100 S Hudson Place Chandler, AZ 85249

$852,909

3 Beds

2.5 Baths

2,427 SqFt

Status Active

MLS # 6743675

Property Type Single Family Residence

Price Type --

Lovely new single-story, designer accented home in the gated Treeland community. Currently under construction, this home is due to complete by the end of October 2024. The home offers a spacious floor plan featuring 3 bedrooms, 2.5 bathrooms, a den, and attached 3-car garage. The kitchen features stainless steel built-in appliances including a 30'' gas cooktop and quartz countertops with a waterfall edge island. Other highlights include a 12' multi-slider at the dining room, Bryant maple buckskin cabinets, glass French doors at the den, upgraded 8'' x 36'' tile plank flooring, and a separate tub and shower at the primary bath. The laundry room is pre plumbed for a sink and there are pavers at the driveway and front porch.

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845 W Edgemont Avenue Phoenix, AZ 85007

$852,500

4 Beds

3 Baths

2,926 SqFt

Status Active

MLS # 6746372

Property Type Single Family Residence

Price Type --

This home is on the Golf course of Encanto a 18 hole golf course. This home was built with a formal living room, formal dining area, large family room with lots of picture windows to the golf course. Large oversized kitchen with informal dining again with picture windows to the course. Master is in the front of the house facing North, other bedrooms face West or South. Two car garage, large lot, has been a rental with non smoking. Home has renters present currently till August 2025 Please do not disturb

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2654 E Virginia Street Mesa, AZ 85213

$850,950

5 Beds

4.5 Baths

3,615 SqFt

Status Active

MLS # 6745610

Property Type Single Family Residence

Price Type --

This is Base Price on a New Build and does NOT Include Lot premium or Upgrades. Grove at Lehi is bringing their sophisticated style to a new Upscale Gated Community in the Citrus District of Northeast Mesa. The Palm Tree lined Grand Entrance and charming decorative gatehouse provides a sense of arrival and welcomes you inside this gated 108-homesite community. Incredible central park that offers a lighted pickleball court, playground, and ramada perfect for outdoor family fun! Grove at Lehi provides easy access to the Loop 202 with close proximity to Tempe, Scottsdale, and Gilbert. Larger Lots with offering 8ft and 10ft Side Gates. Come Check out this brand-new community. This is Base Price on a new Build and does NOT Include Lot premium or Upgrades. Not Final Price (Photos Are Of Model)

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29806 N 155th Street Scottsdale, AZ 85262

$850,000

4 Beds

3 Baths

2,858 SqFt

Status Active

MLS # 6704241

Property Type Single Family Residence

Price Type --

UNDER CONSTRUCTION, estimated completion is in August, 2024. NO HOA , large lot (1.02 acre) allows for endless backyard improvements, unobscured MOUNTAIN VIEWS from the patio, low cost and reliable water source with new shared well. A short drive to loop 101, Scottsdale Quaters, Kierland. Tonto National Forest, the Verde River, and Trilogy Golf Course are also within 10 minutes drive. The pictures are of the model. The house is under constructions and might not be available at base price due to construction progress and upgrades installed at builder's discretion. Please request the up-to-date list of installed upgrades and cost estimate.

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1114 S Kinzer Court Payson, AZ 85541

$850,000

3 Beds

2 Baths

1,978 SqFt

Status Active

MLS # 6740946

Property Type Single Family Residence

Price Type --

Amazing new build in the exclusive Green Valley Vista Subdivision, This home boast nearly 2000 Sq Ft and backs the National forest with spectacular views of the Matazal mountain range from the great room, Master bedroom and the covered deck.

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