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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28232 N 58th Street Cave Creek, AZ 85331

$850,000

3 Beds

2 Baths

2,592 SqFt

Status Active Under Contract

MLS # 6709358

Property Type Single Family Residence

Price Type --

Move-in ready! This stunning horse property in Cave Creek is the one you've been waiting for. Discover an impressive interior featuring a designer color palette, vaulted ceilings, gleaming wood-look floor with neutral tile, & a delightful brick fireplace. The fabulous kitchen boasts wood cabinetry adorned with crown moulding, granite counters, stainless steel appliances, recessed lighting, a pantry, & a peninsula equipped with a breakfast bar. The primary bedroom offers soft carpet in all the right places, a walk-in closet, & a private bathroom for added comfort. Enjoy outdoor living in the amazing backyard showcasing a covered patio, built-in BBQ, & a sparkling swimming pool with a spa! This Home will NOT disappoint! Seller will provide to Buyer 2.00% Sellers Concessions for Closing!!!

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914 N 6th Street Phoenix, AZ 85004

$850,000

2 Beds

3 Baths

2,081 SqFt

Status Active Under Contract

MLS # 6731855

Property Type Single Family Residence

Price Type --

**This Home has a story** A charming 1917 Craftsman Home in the Evans Churchill District just steps from the heart of Roosevelt Row, one of the last original residences in the area. Welcome to opportunity with Versatile City-zoning for mixed use - This property offers incredible flexibility whether you envision creating your Urban dream residence, a trendy restaurant, a retail business or other venture, the use permit offers great flexibility for an unparalleled opportunity in one of Phoenix's most sought-after neighborhoods. You'll be at the center of Phoenix's First Friday Art Walk creating a lively cultural experience. Surrounded by exciting new eclectic dining options, galleries and shopping, you'll never run out of places to explore. Plus, you're just a stone's throw away from ASU's downtown campus, easy freeway access, major sporting events, concerts, and endless dining options. Don't miss out on this rare opportunity to own a piece of Phoenix history in a location that has it all - uncover the endless possibilities this property has to offer!

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15802 N 71st Street Unit 307 Scottsdale, AZ 85254

$850,000

2 Beds

2 Baths

1,445 SqFt

Status Active

MLS # 6720703

Property Type Apartment

Price Type --

Great opportunity to own a FULLY FURNISHED unit with GOLF COURSE VIEWS!! Every room looks out onto the lush green Westin Kierland Golf Course! Split floor plan. Generous walk in closets in both bedrooms and the master bath offers a walk in shower and separate soaking tub so you can truly relax in your resort style vacation home! The kitchen has gas range and opens up into the living/dining space - all overlooking those rare golf course views! Sit back and enjoy a glass of wine on your spacious balcony watching the sun set. Unit is located just across the street from Kierland shopping center and Scottsdale Quarters, and also offers concierge 6 days a week, 2 fitness centers, a private wine cellar, heated pool, all behind a guarded gate entry.

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28917 N 66th Avenue Phoenix, AZ 85083

$850,000

4 Beds

3 Baths

2,967 SqFt

Status Active

MLS # 6710471

Property Type Single Family Residence

Price Type --

Experience luxury living in this exquisite next-generation home in the Pyramid Peak subdivision with endless mountain views. Next gen Suite has a dedicated AC unit, vinyl plank flooring, kitchenette, living area, 1 bed /1bath,separate entry, hookup for stackable washer/dryer and dedicated 1 car garage,Perfect for multi-generational living, having guests or an extra office. The Main home is split floor plan with 4 spacious bedrooms one is set up as a dedicated office and 2 full bathrooms. Kitchen is a chefs dream with white cabinetry, stunning quartz countertops, huge island for entertaining and stainless steel Monogram appliances with 6-burner gas stove, perfect for culinary enthusiasts. Enjoy seamless indoor-outdoor living with a stunning wall of patio doors that open to the backyard.. step outside to enjoy your private paradise featuring a heated pool and spa with a stunning stone backdrop and tranquil waterfall featureideal for relaxation and entertainment. Covered patio with an extended paver patio, dog run on the side yard with easy care artificial turf. This home combines luxury and practicality, offering a unique and versatile living space. Don't miss the opportunity to make this stunning property your own.

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5209 N 145th Drive Litchfield Park, AZ 85340

$850,000

5 Beds

4.5 Baths

4,473 SqFt

Status Active

MLS # 6736383

Property Type Single Family Residence

Price Type --

Amazing move in ready Gem in the heart of Litchfield park. This one has 5 large Bedrooms, full Casita with separate entrance downstairs, 4.5 baths, huge loft, master down, and a 3 Car Tandem Garage nestled in the enclave of exquisite estates & Amenities. Gourmet Kitchen features gas cooking and stainless appliances with no homes in backyard for maximum privacy. Kitchen featuring a large Granite Island, In wall Oven and microwave, Gas Cooktop, walk-in Pantry & Butlers Pantry. The expansive upstairs loft welcomes oversized bedrooms with seperate walk in closets including jack and Jill bath between two of the bedrooms and another bedroom with a private bath! Indulge in the Outdoor Pool, upgraded landscape including synthetic turf and putting green! This is a one will go fast!!

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3411 E San Xavier Road Sierra Vista, AZ 85635

$850,000

6 Beds

5.5 Baths

4,539 SqFt

Status Active

MLS # 6711465

Property Type Single Family Residence

Price Type --

This Beautiful multi-generational home with its 6br 5bth +1/2 bth by the pool. Home is 4538sqft +1056sqft walk out fully finished basement, 3 car garage with storage room, Home offers a Parents suit that is 1095sqft with a private entrance, Fully finished basement with Living room, Pool table that stays with the home, Bedroom, and bathroom, also has private patio and walk up exterior stairs for the young adult. Two Master suits with private bathrooms, two large bedrooms with shared bathroom. Central Vacum. This amazing home sits on 1.7 acers with a sparkling pool with slide and waterfall. Pool is completely fenced. Some Nice fruit trees , grass RV gate and block wall surrounding the back yard for total privacy.

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5345 E Evans Drive Scottsdale, AZ 85254

$850,000

3 Beds

2 Baths

1,736 SqFt

Status Active

MLS # 6722634

Property Type Single Family Residence

Price Type --

Remodeled and ready to move in! Gorgeous Home built with SLUMP BLOCK on a CORNER LOT! The yard is filled with LUSH LANDSCAPE including ORANGE & LEMON TREES! Sparking Pool with a PAVED COVERD PATIO and GRASSY TURF make outdoor living here wonderful! The CHEF'S KITCHEN offers so much GRANITE COUNTER TOP space to food prep! GORGEOUS NEWER WHITE CABINETS brighten up the kitchen & extend over to the EAT-AT ISLAND where the island doubles as an ENTERTAINING AREA with a WINE FRIDGE and BAR SEATING! The DINING AREA has a HUGE CUSTOM WINDOW to the patio. This home also features a brick wall-to-wall WOOD BURNING FIREPLACE in the family room. FRENCH DOORS the the pool area with GRASSY TURF. MATURE FLOWERY LANDSCAPING in the front yard! RV GATE and RV PARKING. No HOA! NORTH/SOUTH Exposure.

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1642 E Circle Mountain Road New River, AZ 85087

$850,000

4 Beds

2 Baths

2,433 SqFt

Status Active

MLS # 6751380

Property Type Single Family Residence

Price Type --

Rare horse property with NO dirt roads to your driveway! Another Legacy Builds Stunner! Perfectly situated on a nice flat 1.35 acre lot with 365 degree mountain views this grand open concept 2024 construction home presents you with all the best of modern living with all the creature comforts of southwest living! New River is notorious for its wide open spaces, starry night skies, and horses and horsepower! Vaulted ceilings and ample windows create a large and airy space for central living and the builder NEVER skimps on storage. 10 foot ceilings throughout and 12 foot ceilings in the main living area! Spray foam insulation throughout and Milgard Windows. 4 bedrooms PLUS a large office. Extended length 3 car garage! Grand primary suite! Huge walk in closet! Upgrade list available.

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6131 E Monterey Way Scottsdale, AZ 85251

$850,000

3 Beds

2 Baths

1,536 SqFt

Status Active

MLS # 6735995

Property Type Single Family Residence

Price Type --

Discover this adorable, recently remodeled 3 bedroom, 2 bath home in a tranquil neighborhood just minutes from Old Town Scottsdale. The spacious living room flows seamlessly into the open kitchen, perfect for entertaining. Retreat to the primary suite with a private bath. Step outside to the inviting backyard featuring a diving pool with slide and large covered patio, ideal for summer fun. Enjoy the convenience of nearby Papago Park, shopping, and all the amenities you need. Don't miss out on this charming gem in a prime location! Buyer and Buyer's Broker to verify any and all items that are of material issue.

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7381 W Paso Trail Peoria, AZ 85383

Open House

$850,000

5 Beds

3.5 Baths

3,376 SqFt

Status Active

MLS # 6741370

Property Type Single Family Residence

Price Type --

LOCATION, LOCATION, LOCATION! Step into this exquisite Taylor Morrison Cottonwood floorplan, nestled in the highly desirable Terramar neighborhood. This expansive home features five bedrooms, three and a half bathrooms, and a three-car garage, providing all the space you need. Recently updated with fresh interior paint, brand-new flooring, and sleek new baseboards, it exudes modern elegance. Outside, your private oasis awaits: mature trees, your very own garden area, a sparkling heated swimming pool and spa, and inviting spaces like a gazebo and fire pit for ultimate relaxation and entertainment. Situated on a premium lot and close to top-rated schools and shopping, this home offers both luxury and convenience. Don't let this exceptional property slip away—make it yours today! This is more than just a house; it's a place to call home. Don't miss the chance to make this exceptional property yours!

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19107 E Sunnydale Drive Queen Creek, AZ 85142

$849,999

4 Beds

3 Baths

2,457 SqFt

Status Active Under Contract

MLS # 6732642

Property Type Single Family Residence

Price Type --

Welcome to luxury living in Queen Creek! This stunning custom-built residence offers unparalleled elegance and modern amenities. It is one of the few homes that has irrigation through Chandler Heights. Featuring 4 bedrooms and 3.5 bathrooms this home showcases a completely new and renovated interior. Check out the meticulous attention to detail, with custom door and cabinet colors that add a touch of sophistication to every room. The master bathroom is a sanctuary, complete with a luxurious bathtub and a rain shower head . The spacious layout includes a unique basement, providing extra room for entertainment. The A/C and hot water heater are also only a few years old. The property is situated on a 1.22-acre lot. With no HOA, you have the freedom to build your perfect backyard.

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3320 N 44th Street Phoenix, AZ 85018

$849,999

2 Beds

2 Baths

1,780 SqFt

Status Active

MLS # 6693877

Property Type Single Family Residence

Price Type --

ARCADIA LITE! The Ritz Carlton, Four Seasons, and W Hotels all boast furnishings created by the same artisan cabinetry maker who created the Antoine Proulx cabinetry in this contemporary Zen sanctuary. This property harmoniously blends live & work environments in a spacious garden setting, complete with a fire feature and fountains. Serenity abounds within the private walls of weathered steel and block, perfect for meditation and outdoor yoga. The generous shade structure invites you to make full use of the outdoor living environment year-round. Architecture by Luis Salazar. This home is virtually soundproof, with a split floor plan, gourmet kitchen, and skylights. It offers two en-suites, a separate home-office or studio, and an additional room ideal for a newborn nursery.

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