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 99th 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.

Whats 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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29317 N Horton Creek Trail Rio Verde, AZ 85263

$849,000
2 Beds
2 Baths
1,542 SqFt
Status Active
MLS # 6751491
Property Type Townhouse
Price Type --
Welcome to your dream retreat in the heart of the exclusive gated golf course community of Trilogy at Verde River! This stunning single-story home boasts a private split 2 bedrooms, 2 bathrooms floor plan which includes a versatile office space with built-in cabinets at your disposal. Perfectly positioned on a premium golf course lot, this home offers 180 degree exquisite mountain and golf course views day or night with an expansive covered patio perfectly positioned to take it all in while relaxing by the gas firepit. Step inside to discover a thoughtfully designed layout that blends comfort and elegance. Bathed in ample natural light and offering sleek tile flooring throughout, the spacious living areas flow seamlessly connecting the living and dining areas, truly making this kitchen... Welcome to your dream retreat in the heart of the exclusive gated golf course community of Trilogy at Verde River! This stunning single-story home boasts a private split 2 bedrooms, 2 bathrooms floor plan which includes a versatile office space with built-in cabinets at your disposal. Perfectly positioned on a premium golf course lot, this home offers 180 degree exquisite mountain and golf course views day or night with an expansive covered patio perfectly positioned to take it all in while relaxing by the gas firepit. Step inside to discover a thoughtfully designed layout that blends comfort and elegance. Bathed in ample natural light and offering sleek tile flooring throughout, the spacious living areas flow seamlessly connecting the living and dining areas, truly making this kitchen the heart of the home! The kitchen is the epitome of modern style meets functionality featuring quartz countertops and a large island, perfect for meal prep, casual dining, and entertaining guests. Complete with soft-close shaker cabinets adorned with designer finishes providing both style and convenience offering a perfect blend of form and function for everyday living and hosting. The primary suite is the perfect sanctuary offering breathtaking views as well as luxurious amenities including a spa-like primary bath featuring a large shower, double sinks and walk-in closet! Even your car will get pampered in the two car garage featuring epoxy flooring! Outside, immerse yourself in the vibrant community life, where you'll find endless opportunities for recreation and leisure. Enjoy the resort-style amenities where you can enjoy the clubhouse and its many community events, relax poolside with eats and treats at the poolside restaurant, Eddy's Poolside, stay fit in the lap pool or relax in the outdoor whirlpool. After you work on perfecting your serve on the tennis or pickleball courts or engage in a friendly competition of bocce ball or cornhole you can enjoy a savory dinner at communities exclusive restaurant Needle Rock Kitchen and Tap. Need some down time and pampering, relax at the amazing Alvea Spa where the menu of services will not disappoint! This community also offers a Social Club with enriching social experiences and exclusive access to a culinary studio, art studio, fitness center, and member-only social areas. With a packed calendar of events, there's always something exciting to enjoy. Experience the perfect blend of luxury, leisure, and lifestyle in this exceptional home. Don't miss your chance to live in this coveted community, where every day feels like a vacation!

13243 W Milton Drive Peoria, AZ 85383

$849,000
2 Beds
2.5 Baths
2,080 SqFt
Status Active
MLS # 6755455
Property Type Single Family Residence
Price Type --
ELEVATED VIEW LOT with FANTASTIC MOUNTAIN VIEWS from the ENTERTAINER'S BACKYARD. 2020-built 'Lumina' like brand-new has OUTSTANDING upgrades & features PLUS ADDITIONAL HIGH-END FEATURES ADDED IN 2022-23. You & your guests will love the VIEWS while enjoying the OUTDOOR GAS FIREPLACE w/stacked stone(2023), BUILT-IN BULL GAS BBQ(2022) w/privacy wall(2023) & the extended travertine paver patio w/GAS FIREPIT. Faux grass, full fence & beautiful landscaping enhance this PRIVATE backyard. From patio enter through MULTI-SLIDE GLASS DOORS to great room & view the fabulous focal point ELECTRIC FIREPLACE (2022) w/ floor to ceiling TILE WALL behind. STRIKING CHEF'S KITCHEN w/ QUARTZ COUNTERTOPS, subway tile backsplash, GE Profile BUILT-IN S/S APPLIANCES, GE Monogram stainless vent hood & GLASS & TILE backsplash behind the GAS cooktop. EXTENDED CABINETRY with 42-in. uppers & rollouts provides abundant storage. APRON SINK & CUSTOM PENDANT LIGHTS. WOOD-LOOK PLANK PORCELAIN TILE FLOORS plus textured low-nap carpet in bedrooms. Primary suite has large bedroom with VIEWS, beautifully upgraded bath enhanced with QUARTZ countertop, dual Memoirs square cast-iron sinks, shower tiled to ceiling w/WATERFALL INSET. All baths, including half-bath, have Memoirs ELEVATED TOILETS. En-suite guest room has upgraded bath w/QUARTZ countertop & TILE tub/shower surround. Fabulous SMART SPACE(tm) provides even more storage, plus washer, dryer, sink & WALK-IN PANTRY. Versatile enclosed den with double doors. Outdoor trash enclosure. CLOSE TO DOG PARK & MITA CLUB. This home is a gem! Home is located in award-winning gated, 55+ Trilogy at Vistancia with 5-star-resort style amenities at the 35,000 SF Kiva Club with indoor & outdoor pools, fitness center, day spa, cafe, billiards, meeting rooms, library, tennis courts, pickle ball, bocce ball, events & a plethora of activities to choose from. Outstanding Gary Panks-designed golf course is woven throughout the original part of the neighborhood. The Mita Club has additional outstanding community amenities. Easy access from Trilogy to the 303, shopping, restaurants, entertainment, Lake Pleasant & Paloma Park, Peoria's huge community park loaded with amenities.

1928 E Greentree Drive Tempe, AZ 85284

$849,000
4 Beds
2.5 Baths
2,544 SqFt
Status Active
MLS # 6759779
Property Type Single Family Residence
Price Type --
The Alta Mira Beauty you have been waiting for. This lovely single-level home with 2544 square footage in South Tempe features four bedrooms, 2.5 baths, and a fabulous location. (Warner and McClintock just off the 101) The charming courtyard welcomes you as you enter with a beautiful iron door. The house has been updated, including a new roof and AC in 2020, a kitchen with 42-inch upper cabinets, granite and Corian counters, and fireplaces in the family room and the primary bedroom. It truly has everything you've been looking for! Solar panels that are paid for and built-in office furniture and Murphy bed. The primary bath has been updated with a large soaking tub and a separate shower. There are two closets with California closet built-ins. Updated Diving pool - Baja deck & built-in BBQ

1113 N Scenic Drive Payson, AZ 85541

$849,000
3 Beds
2.5 Baths
2,638 SqFt
Status Active
MLS # 6707457
Property Type Single Family Residence
Price Type --
Welcome to a haven of luxury and nature in the prestigious, privately gated Chaparral Pines Golf Community. This custom home offers unparalleled living with picturesque mountain views right off the expansive front deck, where you can unwind and watch the sunset paint the sky each evening. The home features floor-to-ceiling windows that perfectly frame the stunning mountain vistas, ensuring you never miss a moment of the breathtaking scenery. Your backyard is a true natural paradise, backing directly onto the Tonto National Forest. Here, you'll enjoy direct access to forest trails and the opportunity to observe diverse wildlife in their natural habitat. The main level is expertly designed for both entertaining and everyday living. It features the primary bedroom and a convenient half bath, creating an ideal layout for effortless living. The spacious front deck is perfect for hosting gatherings or simply soaking in the stunning vistas. The home's split-plan layout ensures privacy and comfort with a separate downstairs area that includes a welcoming family room, two additional bedrooms, and a full bath. Guests or family members will appreciate their own private walk-out covered patio, offering a peaceful retreat amidst nature. Chaparral Pines is more than a community; it's a lifestyle. Indulge in an array of exclusive amenities, including a championship golf course, a luxurious clubhouse, a fitness center, a sparkling swimming pool, dog park and much more. As a resident, you'll also have access to the world-class amenities at The Rim Club, providing even more options for recreation and relaxation. Whether you're golfing in the cool summer months, engaging in winter activities, or simply enjoying the year-round beauty of this exquisite location, your new home at Chaparral Pines offers the ultimate in luxury and leisure.

4145 E Morrow Drive Phoenix, AZ 85050

$849,000
4 Beds
2.5 Baths
2,675 SqFt
Status Active
MLS # 6725974
Property Type Single Family Residence
Price Type --
This updated home, situated on a cul-de-sac, features 4 genuine bedrooms, a den, and a large additional flexible space upstairs! The roof was redone in 2022, and the AC units were replaced in 2021. Both the interior and exterior were repainted in 2022. The large pie-shaped lot showcases a stunning backyard complete with a concrete sport court, a gated diving pool with a slide, a ramada, and a grassy area, all bordered by single-story homes, offering mountain views and North/South exposure. The home is zoned for the highly-rated Paradise Valley High School. Plus, there's no HOA—this is an opportunity you won't want to miss!

4918 S Forest Avenue Gilbert, AZ 85298

$849,000
4 Beds
3.5 Baths
3,670 SqFt
Status Active
MLS # 6720413
Property Type Single Family Residence
Price Type --
Indulge in luxury living w/ this 2014 build, energy-efficient home, available for immediate move-in! Enjoy the perfect blend of space & coziness, ideal for both entertaining & relaxing. The open great room & eat-in kitchen, featuring a breakfast bar island w/ granite counters, stainless appliances w/ new stove/oven, are perfect for gatherings. Host holiday dinners in the formal dining room & unwind in the spacious game room. Retreat to the master suite w/ dual vanities, a large soaking tub, & a large walk-in closet. Split 3 car garage offers versatile storage options, while the resort-style backyard boasts a private pool, paver patio & low maintenance yard w/ artificial grass. This rare model has an extended second loft space for family fun. All carpet was just replaced w/ plush padding.

1209 N Earhart Parkway Payson, AZ 85541

$849,000
3 Beds
3 Baths
2,128 SqFt
Status Active
MLS # 6743861
Property Type Single Family Residence
Price Type --
Stunning home in the Mazatzal Mountain Airpark that backs The National Forest! This 3 bedroom, 3 bathroom home features 2,125 sq. ft., a split floor plan, a 3 car garage and great views of the Mazatzal Mountains. The living room has vaulted ceilings, wood floors, and a gas fireplace with beautiful floor to ceiling stonework. The kitchen has granite counter tops, a breakfast bar, island, stainless steel appliances and a pantry. The spacious master suite features a walk-in closet, double sinks, and a large walk-in shower. Off the garage is the first workshop with a bathroom and a large storage room. The second workshop is in the backyard and has a garage door for easy access while working on projects. You'll love the beautifully landscaped backyard with a water feature and a huge, covered patio with piped propane, perfect for barbequing and enjoying nature with the National Forest right at your backyard.

1671 Constable Street Prescott, AZ 86301

$849,000
3 Beds
2.5 Baths
2,445 SqFt
Status Active
MLS # 6726852
Property Type Single Family Residence
Price Type --
Gorgeous Prescott Lakes home on premium view lot. Minutes from downtown, shopping, golf trails. This bright and airy 2445 sf home with 3 bedrooms and 2.5 bathrooms is located next to common area. Custom upgrades, including: stone accented fireplace, decorator/media niches, porcelain tile, laminate flooring, Kohler fixtures, granite counters, maple cabinets, recessed lights. Contemporary Great Room plan is entertainer's dream w/ surround sound, a kitchen island, formal & informal dining, butler pantry and pantry. Split floor plan with a unique flex space between guest bedrooms. Covered patio w/ surround and w/gas stub for BBQ. Tesla Solar System & Tesla Charging Station in the spacious 3 car garage and tankless water heater. Fitness Center, tennis,pools & more! Fitness Center Membership Dues are required $152.14 monthly, in addition to Qtrly HOA fees. The buyer is required to pay a one time fee pay .005% of the agreed upon sales price to the Club at Prescott Lakes.

5528 N 131st Drive Litchfield Park, AZ 85340

$849,000
5 Beds
3.5 Baths
3,918 SqFt
Status Active
MLS # 6719044
Property Type Single Family Residence
Price Type --
Stunning home in the gated Dreaming Summit! Situated on an over 1/2-acre lot, this RARE find promises an unparalleled living experience. Displaying a 3-car garage, RV gate, and a great curb appeal highlighted by stone accent details & manicured landscape. The grand entry leads to a sunken living room & a formal dining room, both adorned with high ceilings! Continue onto the inviting family room, offering a fireplace for chilly nights. The gourmet kitchen boasts granite counters, ample wood cabinetry, island w/breakfast bar, and high-end SS appliances w/cooktop gas & double ovens. Natural light filled the interior, complemented by designer paint, elegant light fixtures, tasteful flooring - porcelain tile & plush carpet in all the right places. One bedroom downstairs, with its own bathroom. Head upstairs to find the double-door, oversized main bedroom! This true retreat features a two-way fireplace that connects to the ensuite with dual entries, two vanities, a jetted tub, a separate shower, & two walk-in closets. Another highlight of this room is the cozy sitting area, providing sliding doors that open to the expansive balcony. Need space for entertaining and gatherings? You have a HUGE, RESORT-STYLE backyard waiting for you! With a full-length covered patio, lush lawns, firepit, BBQ area, well-laid pavers, mini basketball court, raised planter beds, and a sparkling PebbleTec pool, this setup guarantees year-round enjoyment. Explore it! Love it! Live it!

1719 W Aloe Vera Drive Phoenix, AZ 85085

$849,000
4 Beds
2.5 Baths
2,702 SqFt
Status Active Under Contract
MLS # 6706873
Property Type Single Family Residence
Price Type --
WE NEED AN OFFER! This METICULOUSLY MAINTAINED home, with TONS of UPGRADES (see upgrade list on file), nestled in the DESIRED, GATED Sonoran Foothills, is the perfect blend of comfort, ENERGY EFFICIENCY & convenience! It boasts a SPLIT FLOOR PLAN, chef's kitchen & PRIVATE firepit & BBQ. The light, bright great room has 10' ceilings, 20x20 tile, a front flex room & opens to the beautiful kitchen featuring a Breakfast bar island, large pantry & GAS stove. The spacious Primary suite w/ a MASSIVE walk-in closet & vanities provides ample storage & personal space. LEASED SOLAR to minimize energy costs. Situated on a serene cul-de-sac street & next to a park, it's close to hiking trails, shopping & the I-17 freeway. Amenities: clubhouse, tennis, pool, volleyball, basketball, dog park, & tot lot.

16238 S 4th Street Phoenix, AZ 85048

$849,000
4 Beds
2.5 Baths
2,712 SqFt
Status Active
MLS # 6738150
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This spacious single-family residence boasts 4 bedrooms and 2.5 bathrooms is waiting for you! Soaring 12' ceilings throughout give the home a feel of openness that provides a sense of luxury and comfort. The thoughtfully designed floor plan includes a split primary suite, offering privacy and tranquility away from the other bedrooms. The primary suite features ample space, and a spa-like bathroom, creating a perfect retreat. Step outside to discover a gorgeous backyard set against a stunning mountain backdrop. Whether you're hosting gatherings, enjoying a quiet morning coffee, or simply soaking in the serene views, this outdoor space is sure to become your favorite spot. Don't miss the opportunity to make this beautiful house your home.

15303 E Rio Verde Drive Scottsdale, AZ 85262

$849,000
5 Beds
3.5 Baths
4,604 SqFt
Status Active
MLS # 6681236
Property Type Single Family Residence
Price Type --
Move in ready rare ranch style home WITH a full basement! The full acre of land has no HOA and includes a separate 1000 sqft workshop with its own electrical panel, and plenty of room for a pool and horse stables! This 4600sq/ft, 5 bed, 3.5 Bath home is a true gem located on a paved road. The main level has new paint and carpet, a remodeled kitchen, great room with vaulted ceilings. Primary suite has spa tub, walk in shower, walk in closet, washer and dryer in master closet. The 3 car garage features built in shelving and basement access. The basement offers a 5th bedroom, large great room with kitchenette, full bath and plenty of space for a den/playroom with built in shelving. This home is hooked up to 2 shared wells that put out over 100gm, and 400 amp electrical service

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