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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4424 E Hartford Avenue Phoenix, AZ 85032

$850,000

3 Beds

2.5 Baths

2,798 SqFt

Status Active

MLS # 6730076

Property Type Single Family Residence

Price Type --

Desirable home located in the quiet gated community of Santa Rita. Tucked away but close to everything. A prime location that is minutes to both the 101 and 51, the newly reimagined PV mall, Desert Ridge, Kierland/Scottsdale Quarter and much more. This Energy Star Certified Cachet home was built in 2016 and offers 3 bedrooms, 2.5 baths, a separate office, large loft space plus extra workspace. When you arrive at the home you are greeted by charm and character highlighted by the tasteful landscaping, exterior lighting, and arched entryway leading you to the front door. The main floor features a great room floor plan, large dual slider that provides seamless indoor to outdoor living, a separate office, and large kitchen. Private backyard space is the perfect spot to entertain and has brick pavers, a large covered patio with a built-in misting system, artificial turf and a putting green. The kitchen boasts a large island with ample room for bar seating, granite countertops, large walk-in pantry, stainless steel appliances, wall oven and microwave, reverse osmosis, and electric range cooktop. Upstairs the large primary suite is split from the two secondary bedrooms and bathroom. The primary bathroom has dual vanities, large soaking tub, walk-in shower, and generous walk-in closet. Separating the primary and secondary bedrooms is a wonderful loft space that can be utilized many ways depending on your needs. Large windows throughout the home provide great natural light throughout the home. Automatic window coverings throughout the home. Hard wired surround sound throughout the home. Large laundry room with lots of room to customize and make your own. Additional coat closet/storage closet across from the laundry room is a great bonus. Powder bath is located on the main level. 3 car garage with lots of built in storage. Community features multiple green spaces and a children's playground.

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20230 E Escalante Road Queen Creek, AZ 85142

$850,000

5 Beds

3.5 Baths

3,700 SqFt

Status Active

MLS # 6707126

Property Type Single Family Residence

Price Type --

Former Model Home w/ professionally cleaned tile and carpet! Perfect cul-de-sac home w/ 3 car garage & RV Gate. Elegant 2-Story complete with 2 Outdoor Entertaining areas, Mature Landscaping & Sparkling Pool. Custom Flooring, Wainscoting with Gorgeous Tile Work and Plantation Shutters throughout. 5 Oversized Bedrooms, Extra Office Room, 3 ½ Baths, and the Owners Retreat includes Tiled Walk-In Shower & Garden Tub, Raised Vanities and Oversized Walk-In Closet. The Chefs Kitchen complete w/ Stunning GE Café Stainless Appliances (w/gas stove), Staggered 36'' Maple Cabinets in a Creamy Dulce Glaze with Mesquite Granite Countertops. All appliances are included with Upgraded Pendants, Accessories, Hardware, Moldings, Trims, Ceiling Fans, Stereo & More! Professionally designed and move in ready

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1014 E Gaffney Road New River, AZ 85087

$850,000

4 Beds

2.5 Baths

2,699 SqFt

Status Active

MLS # 6753503

Property Type Single Family Residence

Price Type --

Set on 2.5 acres of breathtaking land, this 4-bed, 2.5-bath territorial home in New River offers stunning mountain views and is a true horse property. Perfect for equestrian enthusiasts, the backyard features a corral with 5 stalls, a tack shed, shop, and a cooled dog run. Relax by the refreshing oasis style pool or enjoy the desert landscape from the covered patio. Inside, the kitchen boasts stainless steel appliances, granite countertops, and an expansive island. The master suite offers a private exit, dual sinks, and a walk-in closet. The home also features newer AC units and a freshly coated roof. This 2.5-acre gem is a must-see!

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336 Park Avenue Prescott, AZ 86303

$850,000

4 Beds

3 Baths

2,147 SqFt

Status Active

MLS # 6726638

Property Type Single Family Residence

Price Type --

Behold the elegance and charm of 1926 at this Tudor-style home. Located in an Historic District, the residence stands as a testament to timeless craftsmanship and architectural grace. Original hardwood floors in living room, dining, main level bedrooms and office. Updated kitchen, with solid surface counters, walnut cabinetry. Main level living w/ 3 bedrooms, 1 full and 1 half bathroom. Arched doorways, tall, cove ceilings, original doors and wood burning fireplace all add to the storybook setting. Lower level has 3/4 bath, a spacious bedroom, laundry room, storage and bonus room. Arizona room has views of the mature landscaping , garden beds, and flagstone patio. This lovely space is ready for your quiet moments, entertaining guests. Parking on driveway & alongside and back streets.

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4779 N 205th Glen Buckeye, AZ 85396

$850,000

2 Beds

2.5 Baths

2,136 SqFt

Status Active

MLS # 6717362

Property Type Single Family Residence

Price Type --

CASITA & POOL on a private, elevated corner lot with mountain views! MANY HIGH END FURNISHINGS & ARTWORK IS INCLUDED! Sparkling pool with water feature, fire bowls, BBQ island, deck and covered patio make this resort style yard perfect for entertaining or simply enjoying the views. Guests will love staying in the private NextGen suite which features a kitchenette, spacious bedroom, bathroom, family room, laundry, separate entrance, and outdoor patio with exquisite mountain views. The main house is open, bright and highly upgraded. Here is the primary suite and separate office along with chef's kitchen. Designer finishes with custom lighting, upgraded flooring, quartz counters, espresso cabinetry, tiled surrounds, and large sliding glass wall that combines indoor/outdoor living.

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43211 N 16th Street New River, AZ 85087

$850,000

4 Beds

3 Baths

2,958 SqFt

Status Active

MLS # 6620566

Property Type Single Family Residence

Price Type --

A hidden gem in Desert Hills / New River. This 2.5 acre property on level ground features tons of potential for the right buyer. This block home features 3 bedrooms / 2 full bath in the main house with an attached guest quarters with a full bath and separate entry from the exterior with it's own single car garage. The property has a pool with gazebo off of the den / kitchen area that is private and secluded. The property has a detached 2 car / shop with electric and a barn to the south of the shop. Plenty of opportunity to make this a horse property or storage for your toys. Property features a private well with water storage as well. Best of all the property is in move in shape so you can start living right away.

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2348 N 28th Place Phoenix, AZ 85008

$850,000

4 Beds

4 Baths

2,143 SqFt

Status Active

MLS # 6757634

Property Type Single Family Residence

Price Type --

Welcome to this exceptional investment opportunity, where cash flow meets potential! This well-maintained property not only generates solid rental income but also offers numerous avenues to boost your monthly returns. With its own entrance, kitchen, and bath, the casita is ideal for short-term rentals, offering an attractive option for vacationers or professionals seeking temporary housing. The property's prime location and zoning flexibility present further opportunities. This is not just a property—it's a gateway to maximizing your investment potential.

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4204 W Harrison Street Chandler, AZ 85226

$850,000

4 Beds

2.5 Baths

2,567 SqFt

Status Active Under Contract

MLS # 6730931

Property Type Single Family Residence

Price Type --

Perfect Family Home!! In charming Chandler neighborhood. Location is fantastic!! Beautiful home within walking distance to schools, Desert Breeze Train Park, shopping and dining. Close to Intel, Freeways and 15 minutes to Sky Harbor Airport. Split floorplan and incredible sunlight, quiet street and well maintained home. Fabulous for entertaining, great backyard with pool, large outdoor covered patio and synthetic grass area. Desert landscaping for simple maintenance. Inside enjoy your newly remodeled kitchen, vast open spaces and high ceilings.

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5414 N 82nd Street Scottsdale, AZ 85250

$850,000

3 Beds

2 Baths

2,011 SqFt

Status Active

MLS # 6709750

Property Type Single Family Residence

Price Type --

Welcome to your dream home! Located right in the heart of Scottsdale just minutes away from entertainment, restaurants, bars and the Scottsdale Fashion Square Mall. The luxurious master suite offers a tranquil retreat with a spa-like bathroom, complete with a soaking tub and walk-in shower. Each additional bedroom is generously sized, providing ample space for family or guests. Outside, your private oasis awaits with a backyard that features a sparkling pool, perfect for cooling off on summer days. This home is perfect for anyone looking to enjoy the best of modern living in a convenient, vibrant location. Brand new A/C installed 2024! Don't miss the opportunity to make this extraordinary house your own!

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4708 E Montecito Avenue Phoenix, AZ 85018

$850,000

2 Beds

1 Bath

1,097 SqFt

Status Active

MLS # 6623894

Property Type Single Family Residence

Price Type --

Arizona Canal lot, ideal for redevelopment. Camelback Mountain vistas. Convenient to shopping, restaurants and schools.

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26199 S 227th Street Queen Creek, AZ 85142

$850,000

4 Beds

4.5 Baths

3,621 SqFt

Status Active

MLS # 6754975

Property Type Single Family Residence

Price Type --

Experience luxury living in this turnkey home, featuring high ceilings, expansive windows, and abundant natural light. Enjoy versatile spaces with a dedicated office and a separate movie room, while the serene primary suite offers a spa-like bathroom with his-and-her sinks and an additional powder space. Each junior suite comes with its own bathroom, ensuring comfort for everyone. The low-maintenance backyard, complete with lush turf and shade-providing trees, adds to the appeal. The original owners did not skip on the details, making it a dream home to move into! This community has something for everyone to enjoy. It features two outdoor parks, children's orchards, playgrounds, a scenic lake, and bike paths, pools and more! DISCOVER YOUR DREAM LIVING TODAY!!!!

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11983 W Creosote Drive Peoria, AZ 85383

$850,000

2 Beds

2 Baths

1,982 SqFt

Status Active

MLS # 6712439

Property Type Single Family Residence

Price Type --

Luxurious, low maintenance lifestyle with access to North Peoria's premier golf and country club! Welcome to this 2 bedroom, 2 bath plus den home with scenic views of the golf course and surrounding desert. Highly upgraded with beautiful gourmet kitchen, amazing cabinetry, gorgeous under cabinet lighting, stainless appliances, upgraded granite countertops, tile backsplash, walk in pantry and large seating island. Amazing wall of cabinets and shelving in the dining area. 5 Wall mounted TVs convey. Upgraded interior window shades and shutters, Rear patio electric roller shade, Upgraded ceiling fans interior and exterior, front screen door and office Murphy bed/desk combo are just some of the amazing improvements. Exterior paint 6/2024. You are going to love this home!!

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