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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10142 E Trent Avenue Mesa, AZ 85212

$849,000

4 Beds

2.5 Baths

2,462 SqFt

Status Active

MLS # 6759108

Property Type Single Family Residence

Price Type --

Stunning 4-Bedroom Toll Brothers Home with Pool & Spa - Turn-Key Perfection! Welcome to your dream home! This highly upgraded Toll Brothers masterpiece boasts 4 spacious bedrooms, 2.5 luxurious bathrooms and countless premium finishes, offering an unparalleled living experience. Dive into luxury with your heated pool and spa, perfect for year-round relaxation and entertainment. The backyard is an entertainer's dream with a fully landscaped oasis, extended patio, and built-in outdoor speakersideal for hosting or simply unwinding. Inside, the open-concept living space features a built-in fireplace, setting a cozy ambiance, while built-in speakers deliver high-quality sound for an immersive entertainment experience both indoors and out. The extended 27ft garage offers ample space for oversized vehicles, storage, or a workshop. This home is truly turn-key ready, with everything from high-end upgrades to thoughtful design elements already in place. With its luxurious features and meticulous attention to detail, this is a rare opportunity to own a move-in ready gem that offers the best in comfort, style, and convenience. Schedule your private tour todaythis one won't last long!

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1700 E Lakeside Drive Unit 1 Gilbert, AZ 85234

$849,000

3 Beds

3 Baths

2,836 SqFt

Status Active

MLS # 6715055

Property Type Townhouse

Price Type --

On the water!! Love this water view of Val Vista Lakes from this terrific townhome in highly desired Breckenridge Bay!! Enter this sensational view property & gaze through the wall of glass windows/doors in the great room onto your backyard & lakes!! Soaring high ceilings in the great room & entry make this home just an incredible treat! Kitchen has a super nook area with same views of this blue fabulous Val Vista Lake scene! Primary bedroom is huge and enjoys the same wonderful views of Val Vista Lake! Primary bathroom features double vanities, sep. shower & tub, & a water closet. Additionally, the primary suite has a huge sep. walk in closet! 2nd bedroom (ensuite) is huge with a large bathroom & walk in closet! 3rd bedroom is large (downstairs) & large bathroom close by. Location, location, location---but could use some updating--for a new fresh on-trend look!! Make it just what you want!!

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1431 E Mclellan Boulevard Phoenix, AZ 85014

$849,000

3 Beds

3 Baths

2,312 SqFt

Status Active

MLS # 6740819

Property Type Single Family Residence

Price Type --

Discover this beautifully updated, single-story home, perfect for multi-generational living, nestled on an oversized lot with North/South exposure in the highly regarded Madison School District. This Arcadia-like gem boasts an open floor plan, elegant tile flooring throughout, and a stylish kitchen featuring white upgraded cabinets, a large island, walk-in pantry and granite countertops. Enjoy the benefits of dual-pane windows, a newer roof, and much more. The property includes a detached oversized 2-car garage/workshop and a charming casita (480 sq. ft.) with its own living area, bathroom and kitchenette. Electric gate provides entry to rear parking incl an RV spot. Offers low-maintenance landscaping and convenient access to Sky Harbor, dining, shopping, and the best of Central Phoenix.

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2325 N 160th Avenue Goodyear, AZ 85395

$849,000

4 Beds

3.5 Baths

3,634 SqFt

Status Active

MLS # 6756042

Property Type Single Family Residence

Price Type --

PRISTINE 4 BEDROOM 3.5 BATH WITH POOL IN SOUGHT-AFTER GATED COMMUNITY OF PALM VALLEY! PREMIUM LOT BACKING TO GREENBELT! 3 CAR GARAGE! TENS OF THOUSANDS IN UPGRADES! This beautiful home boasts 10' ceilings throughout, open concept Kitchen/Great Room, Guest Suite, Game or Flex Room, Den, Formal Dining, 20'' tile floors, stone niche with gas fireplace, granite countertops, upgraded cabinets with crown molding, double ovens, gas cooktop, R/O system, pull-out shelves, split Primary Bedroom with walk-in shower and garden tub, 8' doors throughout, custom shades, and the list goes on. Relax and entertain in your private back yard with pool, pergola, built-in BBQ, covered patio, and landscape lighting. RV gate with paver pad included. Excellent location near shopping, restaurants, and the I-10.

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8219 E Sells Drive Scottsdale, AZ 85251

Open House

$849,000

3 Beds

2 Baths

2,213 SqFt

Status Active

MLS # 6744515

Property Type Single Family Residence

Price Type --

Experience the perfect blend of modern luxury and homey comfort in this beautifully remodeled residence, free from HOA restrictions. This home has been thoroughly updated, featuring new plumbing, electrical systems, roof, and an upgraded sewer line. Inside, you'll find 3 spacious bedrooms and 2 stylish bathrooms. The oversized master suite includes a generous walk-in closet, a luxurious soaking tub, and a separate shower. The heart of the home is the stunning kitchen, featuring a large island, stainless steel appliances, pristine quartz countertops, and sleek shaker cabinets. The family room is enhanced by a cozy gas fireplace, adding warmth and charm. Additional highlights include an epoxy-finished garage floor for easy maintenance and durability. Ideally situated within walking distance of Old Town, Chaparral Park, and a variety of shopping destinations. Enjoy modern elegance in a prime location with this exceptional property.

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2677 E Teakwood Place Chandler, AZ 85249

$848,990

6 Beds

4 Baths

4,060 SqFt

Status Active

MLS # 6746970

Property Type Single Family Residence

Price Type --

This stunning 6 bedroom, 4 bathroom residence in Riggs Ranch Meadows is now available. The floor is fully tiled, has a chef's kitchen, granite countertops, stainless steel appliances, 2 refrigerators and large pantry. The main level offers a spacious family room, living/dining area, a full bedroom and bathroom, and laundry room with 3 washers and 3 dryers. The upstairs primary suite has a large bedroom, bathroom with a bathtub/shower, standing shower, dual vanity, private toilet and an extended walk-in closet. There are 4 more bedrooms, 2 of which have dedicated full bathrooms. The patio is tiled and shaded. The backyard has a beautiful pool and turf lawn. The 3 car garage has built-in storage and epoxied floor. Upgrades include 2 AC/heat pumps, an 80 gallon water heater and EV charger.

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13453 W Katharine Way Peoria, AZ 85383

$848,888

2 Beds

2.5 Baths

2,252 SqFt

Status Active

MLS # 6750730

Property Type Single Family Residence

Price Type --

Check out this ''MUST SEE'' RARE 4 CAR GARAGE, corner home. Trilogy homes with this much garage space are few and far between. As you walk through the custom ''vented'' iron front door, you notice how welcomed and relaxed you begin to feel in this home. The spaciousness and light are abundant. This is a SOUTH FACING BACKYARD home with NEUTRAL GREY PALETTE, bright space and TONS of upgrades. Your GOURMET KITCHEN boasts neutral white cabinets stacked with glass faced uppers to the ceiling for you to display your treasures. QUARTZ COUNTERTOPS throughout! There is plenty of natural light in addition to over/under cabinet dimmable lighting. When you walk towards the back of the great room, you begin to notice you have an entire other living space outside! As you pass through the 15ft sliding glass door, it starts to feel even more welcoming as you start hearing the FOUNTAIN flowing from the TRAVERTINE patio space. A built in BBQ and HOT TUB invite more feelings of COMFORT and LUXURY. This spacious home gives you plenty of room for gatherings with fellow CAR CLUB enthusiasts, hosting Mahjong games or happy hours! When you become an owner in Trilogy, you will wonder why you waited so long to move! Come see the light of this UNIQUE and INVITING open concept home! Motivated Seller !

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1009 E Tuckey Lane Phoenix, AZ 85014

$848,800

4 Beds

3 Baths

2,305 SqFt

Status Active

MLS # 6735787

Property Type Single Family Residence

Price Type --

Completely renovated from the ground up in 2016 by Anderson-Jackson, this sought-after home in North Central Phoenix features classic design elements with a spacious floor plan. Kitchen is stunning with maple cabinets, quartz, & S.S appliances (gas cooking). The master bed features a walk/in closet & a separate exit to the patio. The ensuite bath is equipped w/ a custom vanity with dual sinks & quartz counters. Porcelain tile flooring trimmed with tall baseboards, crown molding, & Milgard DP windows add to the elegance of the home. Energy-saving features such as cellulose wall insulation, air and duct sealing, R8 insulated ducts. Luci's, Vig, Uptown farmer's market all a short walk/bike/drive away. Located in the Madison School District, this home offers both style and efficiency. 14 SEER HVACs help keep the home cool and efficient with a remarkable 58 HERS score. Additional quality perks include a Rinnai gas tankless water heater and an OnQ structured wiring panel. Everything from the roof, two 3.5 ton HVAC systems, plumbing, and more were all updated in 2016. See features list from 2016 in docs.

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18856 E Aubrey Glen Road Queen Creek, AZ 85142

$848,778

3 Beds

3.5 Baths

3,130 SqFt

Status Active

MLS # 6625124

Property Type Single Family Residence

Price Type --

MLS#6625124 VIRTUALLY STAGED PHOTOS ADDED. Welcome to Belmont at Legado Summit! This grand 1-story home is greets you with a porch that leads into a spacious foyer. As you enter, you'll find yourself in an open-concept area that seamlessly combines the kitchen, great room, dining room, and a covered patio. On one side of the home, there is a2-car garage, 2 bedrooms with ensuite full bathrooms, and a storage room. On the other side, you'll find a 2-car garage, laundry room, and a luxurious primary suite. The primary suite boasts a spacious bedroom, a beautiful bathroom & walk in closet. Structural options include: RV gate in backyard, multi slide door at great room, 2 car garage addition, re-plumb for future utility sink and laundry and garage, and gas line for future outdoor kitchen.

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705 N Grapevine Drive Payson, AZ 85541

$848,000

3 Beds

3.5 Baths

3,110 SqFt

Status Active

MLS # 6619542

Property Type Single Family Residence

Price Type --

Located in the highly desirable guard gated community of Chaparral Pines. Hear the breeze through the pine trees that surround the home on the large 19,000+ SF lot overlooking the 16th green from your private backyard patio. At night, step out onto the golf course and enjoy your beautiful home filled with soft amber light, yet still able to look up and see millions of stars in the dark sky! This split-level home features a large kitchen, living and dining area, complemented by rustic exposed beams and a stone fireplace. Upstairs you'll discover a spacious master suite complete with a bonus/sitting room and private balcony. Need to relax your muscles? Head downstairs to a private sauna! Live here year round and invite your friends and family, or make this your favorite tall pines weekend retreat!

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10450 N 25th Place Phoenix, AZ 85028

$848,000

4 Beds

4 Baths

2,500 SqFt

Status Active

MLS # 6733640

Property Type Single Family Residence

Price Type --

COMPLETELY REMODELED CUL DE SAC HOME ON 1/4 ACRE LOT FEATURING ** 2 MASTER BEDROOMS**. NEW PLUMBING SEWER AND SUPPLY LINES, NEW ELECTRICAL, NEW ROOF, NEW HEAT PUMP, NEW INTERIOR AND EXTERIOR DOORS, WOOD PORCELAIN TILE PLANK FLOORING, ZERO CURB WALK IN SHOWERS, 36'' GAS COOKTOP KITCHEN AID STAINLESS STEEL APPLIANCES WALKING DISTANCE TO SCHOOLS, HIKING AND BIKE TRAILS.

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4414 S Ferric -- Mesa, AZ 85212

$847,000

4 Beds

3.5 Baths

2,881 SqFt

Status Active

MLS # 6757904

Property Type Single Family Residence

Price Type --

Welcome to your dream home that has it all! This immaculate turn key, like-new bright home boasts 4 bedrooms plus a den and a loft, 3.5 baths, beautiful designer chef's kitchen, built-in speakers, 360 degree views of mountain ranges, 10yr no cost transferrable builder warranty, tankless water heater, EV-ready outlet, and a resort like backyard with a heated pool, putting green, and sport court. This home's other standout features are a luxurious super shower with a rain shower head in the Primary bathroom, 8-foot doors, a downstairs guest suite, and 10-foot ceilings throughout. The highly coveted neighborhood of Eastmark has over 70 parks, pools, a game room, and miles of walking and biking paths with a low HOA. The home is close to Inspirian Peak Park, coffee shops, restaurants and more

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