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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948 W Redwood Drive Chandler, AZ 85248

$850,000

3 Beds

2 Baths

2,280 SqFt

Status Active

MLS # 6759509

Property Type Single Family Residence

Price Type --

Welcome to your Home Sweet Home! This property has been wonderfully updated including the island kitchen with its Quartz countertops, white cabinets & appliances. The bathrooms have also undergone updating, including the beautiful primary shower. Additionally this year, new carpet was installed in the bedrooms. The primary suite is split. In 2023, the roof & garage door were replaced. And in 2022, the AC and heater were replaced. You're going to love this backyard! The sparkling Pebble Tek pool graduates in depth from wading to diving and boasts a calming rock water feature. Adjacent to the pool is a matching Pebble Tek spa. Topping off this amazing backyard retreat is an outdoor kitchen with gas BBQ & sink, and a wood burning fireplace nestled in the corner for cool weather enjoyment!

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130 N Bay Drive Gilbert, AZ 85233

$850,000

5 Beds

4.5 Baths

3,063 SqFt

Status Active

MLS # 6748085

Property Type Single Family Residence

Price Type --

This stunning 5 bedroom, 4.5 bathroom home in an exclusive gated community offers 3,063 sq ft of meticulously crafted living space. The home boasts Owned Solar Panels and a 3-car air conditioned garage with 240V outlet and tandem parking. The floor plan features a loft, a guest quarter with a separate entrance and one of the secondary bedrooms has an en suite bathroom, so you'll have plenty of space to host family and friends! The primary bedroom has a walk-in closet and private en suite bathroom. With high ceilings and dual-pane windows, the atmosphere is airy and bright throughout. The kitchen includes a walk-in pantry, granite countertops, kitchen island, and a breakfast bar. Outside is a covered patio overlooking a private pool, surrounded by synthetic grass for easy maintenance. Community amenities include a walking path, playground, and secure gated entry, making this the perfect blend of luxury and convenience!

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10838 N 37th Place Phoenix, AZ 85028

$850,000

5 Beds

3 Baths

2,436 SqFt

Status Active

MLS # 6732188

Property Type Single Family Residence

Price Type --

Welcome To Your Dream Oasis! Discover this beautifully remodeled gem situated on an oversized lot in a cul-de-sac. This home boasts an inviting bright white kitchen that opens to an expansive dining and living areas, perfect for entertaining. Enjoy the beauty and comfort of wood floors throughout and stylish quartz countertops. Spacious Laundry Room/Butler's Pantry makes organizing a breeze and has plenty of room for an extra refrigerator. Spend your evenings in this lush backyard oasis by the custom stone fireplace after you've dined on the covered patio. The NEWLY BUILT GUEST HOUSE is Ideal for additional income or extra housing for family members. RV Parking behind the electric gate accommodates all your toys with ease. This one has it all! Don't wait!

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815 E Joy Ranch Road Phoenix, AZ 85086

$850,000

4 Beds

3 Baths

2,964 SqFt

Status Active Under Contract

MLS # 6751439

Property Type Single Family Residence

Price Type --

Rare opportunity to own this custom Southwest/Territorial home on 1.46 acres with no HOA in North Phoenix! This home has been sited perfectly on this lot, allowing for tons of room for your horses, RV's, toys, or guest house. Enjoy the sparkling pool, mountain views, and covered porches for relaxing or entertaining. Spacious split primary suite with access to the back patio and pool. Two other bedrooms are en-suite with walk in closets. The fourth bedroom is a mother-in-law suite, with sitting area, kitchen, and private covered patio. The home also has new interior and exterior paint, carpet, lighting, and ceiling fans. Minutes to shopping, hiking, boating and golf courses, which is an amazing place to call home!

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20911 E Excelsior Avenue Queen Creek, AZ 85142

$850,000

3 Beds

2 Baths

2,205 SqFt

Status Active

MLS # 6697543

Property Type Single Family Residence

Price Type --

Gorgeous stacked stone exterior in Orchard Ranch! RV Garage 30x40 with epoxy floor, fenced pool, outdoor living areas with covered and uncovered patio areas, plenty of room for horses, great room open to the fabulous kitchen. Vaulted ceilings welcome you into a great room with a stacked stone gas fireplace. The huge kitchen has stunning dual color cabinetry with quartz and granite countertops. Huge master suite has attached bath with custom vanity-dual sinks, huge jetted tub, separate shower and TWO walk-in closets, plus door to patio. Secondary bedrooms at the other end of the house share a hall bathroom with custom vanity. Huge laundry room with washer and dryer and tons of cabinets. 3 car garage PLUS RV Garage. IRRIGATED!! Corner lot is very private. 2 new AC units

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14999 N Highway 79 -- Florence, AZ 85132

$850,000

12 Beds

8 Baths

1,135 SqFt

Status Active

MLS # 6744796

Property Type Manufactured Home

Price Type --

This listing is for 4 parcels of land, each with one manufactured home with a paying tenant (2-yr lease). Over 5 acres total. Each mobile home is 3 bedroom, 2 bath. Positive cash flow on these four 1.25 acre lots fully fenced with electronic controlled access security gate. These homes are recently upgraded with paint, tile floors, granite countertops and new cabinets. Serviced by clean, clear water private well. Counts for bedrooms/baths are for all 4 properties combined, as are the taxes listed and lot size. Breakdown of units: 14945 - 1344 sf, lot 55126 sf, $1350 mo/rent. 14953 - 1568 sf, lot 56030 sf, $1850 rent. 14999 - 1134 sf, lot 57710 sf, $1450 rent. 15047 - 1296 sf, lot 55745 sf, $1500 rent. Fantastic opportunity!

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3821 E Monterosa Street Phoenix, AZ 85018

$850,000

3 Beds

2 Baths

1,514 SqFt

Status Active

MLS # 6747071

Property Type Single Family Residence

Price Type --

3 bedroom 2 bath block construction home with a resurfaced pool, huge grass backyard with entertainment covered ramada with electric & storage shed. The original carport has been converted to a large bonus room and currently being used as a 4th bedroom. The Central air & heating system are ducted into this room and buyer to verify square footage ... This area is prime for investors who have been building new homes !

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1085 Yaqui Drive Wickenburg, AZ 85390

$850,000

3 Beds

2 Baths

2,062 SqFt

Status Active

MLS # 6726025

Property Type Single Family Residence

Price Type --

Nestled within the rugged beauty of Wickenburg, Arizona, lies a haven for horse enthusiasts - 1085 S Yaqui Dr. This 1.475-acre property isn't just a home; it's a lifestyle, a sanctuary where the sun-kissed desert meets modern living. Step through the welcoming threshold of this 2,062 sq ft residence, and you'll feel the warmth of meticulous care. Sunlight spills through large windows, illuminating the open living spaces. The home boasts room for all your toys, equipped with a 3-car garage and an RV hook-up. Outside, the equestrian amenities await. A horse corral is already set up, along with a 30 ft x 10 ft horse shade and a 33 ft x 12 ft hay/trailer storage. But that's not all - there's a very spacious horse turnout area, ready for your personal touch. So many more amazing features await your discovery. Schedule a tour today to see them all. Your equestrian dreams await at 1085 S Yaqui Dr!

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33325 W Old Us Highway 80 Highway Arlington, AZ 85322

$850,000

4 Beds

2.5 Baths

2,299 SqFt

Status Active

MLS # 6753494

Property Type Single Family Residence

Price Type --

Welcome to this charming 4BR, 2.5 bath Farm house on a 7.68-acre lot with impressive mountain views! Detached 15X40 shop w/ cooler, lift & air compressor. Covered (15X40)RV pad & 20X40 covering for boat. Aprx 3 acre fenced pasture with sprinklers. Huge outdoor patio & entertaining space includes bar, sink, grill, smoker, fridge, kegarator, fans & speakers. Newer roof, HVAC's & recent exterior paint. Primary downstairs retreat boasting two spacious closets and an ensuite with a dual sink vanity. Kitchen with new SS appliances, lots of cabinets, walkin pantry & breakfast bar. Upstairs 1 bath & 3 bedrooms-1 with access to a balcony and 1 with attic storage space. Many extras include: shutters, firepit, spa, garden & RV outlets (50amp & 30 amp). Country living and no HOA! Many possibilities!

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39004 N 33rd Avenue Phoenix, AZ 85086

New

$850,000

4 Beds

4 Baths

3,206 SqFt

Status Active

MLS # 6763037

Property Type Single Family Residence

Price Type --

Enjoy your privacy without giving up the perks of living in town with nearby shopping, dining, and outdoor recreation. This 3206 sqft custom home was recently painted inside and out and sits on a quiet street with plenty of space to expand and includes an attached Casita with separate entrance off front Courtyard. The main home has 3 Bedrooms each with full Bathrooms, separate Office or 5th Bedroom, spacious eat-in Kitchen, Family Room, Great Room or Flex Room with wet bar. The Family Room and Primary Bedroom open up to a spacious covered Patio, large fully block-fenced Backyard with 2 RV Gates, sparkling Pool, built-in Fire Pit and BBQ area. Ample parking including an attached large double Garage with room to expand; add an RV garage, storage building or workshop. No HOA! Low assumable 3.25% mortgage. Home Warranty included.

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1694 E Aloe Place Chandler, AZ 85286

New

$850,000

4 Beds

3 Baths

2,780 SqFt

Status Active

MLS # 6762986

Property Type Single Family Residence

Price Type --

Stunning, high-end remodeled 4 bedroom plus den/office/playroom and 3 full bathrooms. Over $200K in recent upgrades. Gorgeous kitchen with sleek high-gloss cabinets, exotic black granite island with waterfall edge, quartz counters and lots of storage. Backyard truly feels like a resort with high-end artificial turf, extensive travertine hardscape, newly tiled diving pool, natural gas fire features including a large built-in fire pit. Large custom built-in BBQ. All new flooring throughout home. New doors and trim, baseboards, door and cabinet hardware, light fixtures and ceiling fans, and Toto toilets Plantations shutters throughout. New Trane 22 seer AC units, water heater and water softener. Smart home system. Electric vehicle ready 3-car garage with cabinets, storage racks, epoxy floors Too many upgrades to list--See full list in documents section. Must be seen to appreciate!

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8520 E Mackenzie Drive Scottsdale, AZ 85251

$850,000

3 Beds

2 Baths

1,421 SqFt

Status Active

MLS # 6755430

Property Type Single Family Residence

Price Type --

Charming, newly remodeled home in prime Scottsdale location. Home features new flooring, updated and modern kitchen. New appliances, updated modern light fixtures and fresh paint throughout the home. The backyard has its own private oasis, desert landscaping, with a resort size pool and area for entertainment and private enjoyment.

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