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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20075 E Maya Road Queen Creek, AZ 85142

$840,000

5 Beds

4.5 Baths

4,396 SqFt

Status Active Under Contract

MLS # 6743998

Property Type Single Family Residence

Price Type --

Don't miss your chance to own this spacious home in prime school districts. This bright & beautiful energy star certified home features 5 bedrooms, 4.5 bathrooms, a den & loft. This home is made for entertaining with open concept kitchen, living, & dining in great room. Dry bar off kitchen leads to formal dining room with a niche that doubles as the perfect bar. Take the party out to the courtyard on warm summer evenings or play lawn games in the large backyard. Downstairs master suite features sitting room, rain shower, jetted tub, vanity space, and large owner's closet. Enjoy the peace and quite of this retreat as the only space in the house without rooms above it. Upstairs has 3 bedrooms, 2 bathrooms, and oversized loft with mountain views. This is the ONLY floorplan!

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267 E Phelps Street Gilbert, AZ 85295

$840,000

5 Beds

3 Baths

3,479 SqFt

Status Active

MLS # 6763065

Property Type Single Family Residence

Price Type --

Just WOW! Prepare to be enchanted by this grand 5-bed masterpiece that beautifully combines modern comfort & convenience. Starting with a large front yard, 3-car garage, RV gate, & a cozy porch. Enter to find a den/office, formal dining room, & a desirable family room graced with abundant natural light. Additional features to love include tile flooring, wide windows, thick baseboards, custom walnut steps, archways, & ceiling fans. Well-appointed kitchen is a cook's delight, equipped with recessed & pendant lighting, a center island w/breakfast bar, stylish backsplash, SS appliances, a pantry, butler's service area, granite counters, & ample cabinetry all updated in 2024. Bathrooms were fully remodeled in 2023 &2024 as well. Sizable loft can be used as an entertainment area! Open the double doors to reveal the HUGE main retreat, showcasing an ensuite with two vanities, a freestanding tub, a floor-to-ceiling tiled shower, & a walk-in closet. The bedroom & bathroom downstairs is great for guests! Outside, you'll discover a spacious backyard offering a covered patio, grassy area, storage shed, and a swimming pool to cool off in the warm summer. Make this house your new home! Hurry!

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30521 N 126th Drive Peoria, AZ 85383

$840,000

4 Beds

3.5 Baths

3,528 SqFt

Status Active

MLS # 6752151

Property Type Single Family Residence

Price Type --

*Dream Home Alert: Exquisite Single-Level Oasis within gated community located in Vistancia, Peoria, AZ!* This stunning 4-bedroom, 3.5-bathroom single-level gem is nestled in the highly sought-after Vistancia community, known for its picturesque landscapes and unparalleled amenities. Home offers spacious living with 4 generously-sized bedrooms and 3.5 pristine bathrooms, this home offers the perfect blend of comfort and luxury. Enjoy the ease of single-level living, providing both convenience and accessibility. Step into an open-concept living space bathed in natural light. The modern kitchen, featuring sleek countertops and top-of-the-line appliances, seamlessly flows into the expansive living and dining areas—ideal for both everyday deal for both everyday living and entertaining...... The luxurious primary suite is your private sanctuary complete with a spa-like bathroom, double vanities, a soaking tub, and a separate shower. The spacious his & hers walk-in closets ensures you have ample room for your wardrobe. Versatile Space: With an additional three bedrooms, there's plenty of space for family, guests, or even a home office. Each room is thoughtfully designed with comfort and style in mind. Your vehicles and storage needs are effortlessly met with a generous 3-car garage. Enjoy the added convenience and security of ample space. Community Perks: Vistancia is more than a neighborhoodit's a lifestyle. Embrace the community's world-class amenities, including parks, walking trails, golf courses and recreational resort style pools. Experience the vibrant, friendly atmosphere that makes Vistancia a place you'll be proud to call home. Don't miss out on this incredible opportunity to own a piece of paradise in Vistancia.

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2318 E Carlise Road Phoenix, AZ 85086

$840,000

4 Beds

3 Baths

2,987 SqFt

Status Active

MLS # 6711439

Property Type Single Family Residence

Price Type --

Outstanding Santa Fe style home on acre plus loaded with space and privacy! Located in the desirable east Desert Hills on private dead-end road, this property has city water and no HOA! Walking distance to Cave Creek Regional Park trails. Large Master bedroom with gas fireplace, personal exit to back patio, and beautiful travertine accented bathroom with jet tub. Guest quarters with private exit to rear patio. Two additional bedrooms share a Jack and Jill style bath. Wide open living room floor plan with gas fireplace. New carpet and window coverings throughout home. This large property is a blank canvas for a pool, horse setup or workshop. Plenty of storage space with 4 car garage. Covered back patio faces North with a gas fireplace. New Trane AC Unit's installed 12/2018.

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3832 E Indigo Bay Drive Gilbert, AZ 85234

$840,000

5 Beds

3.5 Baths

3,549 SqFt

Status Active

MLS # 6727937

Property Type Single Family Residence

Price Type --

UPDATE 9/7-New Exterior Paint! If you want a gorgeous, turn-key home in one of Gilbert's best neighborhoods... you're not going to want to pass up on this home! Over 3,500 sqft of gorgeous upgrades including a modern kitchen with granite countertops, solid white cabinets, a gas range, and a large island! Every inch of this home is beautiful down to the remodeled bathrooms. But wait, THERE'S MORE! Enjoy fresh citrus poolside, watch your kiddos or pups play on the large grassy area, and be sure to check out the cute playhouse. If all of that wasn't enough, the owner has maintained the home in stellar condition with an updated roof & AC units. RUN DON'T WALK!

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1512 W Ardmore Road Phoenix, AZ 85041

$840,000

5 Beds

3 Baths

3,308 SqFt

Status Active

MLS # 6717611

Property Type Single Family Residence

Price Type --

This is your Dream Home! Escape the City life in this absolutely spectacular spacious Dream Home which spans over 3,300 sqft. Nestled in a prime location at the foot of the South Mountain hiking trails in the exclusive gated Commons at South Mountain community. As you enter this well-appointed home through the gated courtyard, you are greeted by abundant space and beauty with a formal front room, a large great room, and an open floor plan. The delightful well-appointed island kitchen and built-ins, seamlessly opens to the family room, creating a harmonious flow throughout the home. Whip up Gourmet meals on your gas cooktop, surrounded by beautiful dark granite counters, designer cabinetry, and a Large center island as the perfect space for entertaining. Whether in the formal dining area, or the off kitchen breakfast nook, relax and enjoy your culinary delights. Each of the 5 spacious bedrooms are well laid out with high ceilings, with one separated from the others, making for a quiet in-home office or guest room. The Master bedroom leaves nothing to want for with its large western facing windows and a spa-like en-suite bathroom for the ultimate in luxury and privacy. There is also an added bonus space where family members can relax and enjoy an additional layer of peace and quiet. This East-facing home allows for great ambient lighting throughout the day, with a spacious covered patio that greets you with stunning views of the nearby mountains and front row seats for our world class Arizona sunsets. This home backs to a private community park, providing additional privacy and natural beauty. An RV gate and drive through 3rd-bay garage make storing your toys simple. Beautiful custom pavers weave throughout the maintenance-free landscape on all parking and walkway areas. Don't miss the opportunity to own this exceptional property with its stunning views and premium amenities. Experience the true essence of luxurious living! Motivated Seller! Bring Your Best Offer. This stunning is now available at a reduced price and the seller is motivated to sell. Don't miss this opportunity to own a beautiful property at a fantastic price. Submit your best offer today!

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9019 N 87th Way Scottsdale, AZ 85258

$839,980

2 Beds

2 Baths

1,984 SqFt

Status Active

MLS # 6747249

Property Type Single Family Residence

Price Type --

Motivated Seller * McCormick Ranch Charmer * This beautifully decorated single level home with a tropical courtyard & koi pond, private pool & spa, citrus trees & side patio, has everything you could desire in the best location in Scottsdale! Roof recently coated & new pebble-tech pool surface * Step inside and see the remarkable kitchen with decorative backsplash, white finished cabinets & stainless-steel appliances * Wood tile planks dress out all the high traffic areas & bathrooms * Extra room could be converted to 3rd bedroom * Parks, pools, courts, trails & Lakes that you can enjoy year-round! Kayak in the subdivision lake! Everything close by including baseball spring training, aquariums, hospitals, casino, exquisite dining & shopping too. Short-term rentals are allowed min 30 days.

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5825 E Scarlet Circle Mesa, AZ 85215

$839,970

4 Beds

3 Baths

2,462 SqFt

Status Active

MLS # 6723375

Property Type Single Family Residence

Price Type --

Amazing Neighborhood Plus Huge Incentive for Quick Move In! Private lot, Cul-de-Sac Street only 14 homes! Very Popular Floor Plan With Upgraded White Cabinets, Quartz Countertops, 10' Ceilings, Iron Front Door, Wall of Glass, Wood Look Tile Thruout Entire House. Gourmet Kitchen and Stunning Owner Suite. Large Showers and Freestanding Tub. Nice Layout with Split Bedrooms. Walk to the Community Pool and Fitness Center with sport courts, party room and plenty of grassy areas to play in. Red Mountain is a Prominent Feature in the Whole Neighborhood, Walk for hours in Our Trail System Without leaving the Community or Red Rock is close to many hiking trails, NE Mesa's Saguaro and Canyon Lakes, Salt River and more! Also close the freeway/airport/shopping and restaurants.

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3628 N 59th Street Mesa, AZ 85215

$839,970

4 Beds

3 Baths

2,462 SqFt

Status Active

MLS # 6757655

Property Type Single Family Residence

Price Type --

Major Incentives for a Quick Close! Highly upgraded with White Cabinets, Quartz Countertops, 10' Ceilings, Iron Front Door, Wall of Glass, Wood Look Tile Thruout Entire House. Gourmet Kitchen and Stunning Owner Suite. Super shower Adds More Closet Space, Nice Layout with Split Bedrooms. Walk to the Community Pool and Fitness Center with sport courts, party room and plenty of grassy areas to play in. Red Mountain is a Prominent Feature in the Whole Neighborhood, Walk for hours in Our Trail System Without leaving the Community or Red Rock is close to many hiking trails, NE Mesa's Saguaro and Canyon Lakes, Salt River and more! Also close the freeway/airport/shopping and restaurants. Really can't beat the location! Ask about Closing Costs Incentive!!

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22868 E Thornton Road Queen Creek, AZ 85142

$839,946

6 Beds

4 Baths

3,718 SqFt

Status Active

MLS # 6686094

Property Type Single Family Residence

Price Type --

Beautifully designed Redwood w/ Loft plan , 6 bedrooms & 4 full baths, 3 car tandem garage. **Quick Close ! BARNEY FARMS a Premiere Master Planned Community in Queen Creek w/ RESORT like atmosphere. LAKE COMMUNITY w/ a large Amenity Center , 3 Community Pools to enjoy, Pickle Ball , full court basketball, Sand Volleyball & Bocce ball, Corn hole, Walking trails, Kayaks & Canoes , Catch & Release fishing, Ramada's, Greenbelts thru-out and tree line streets. **The home includes a beautiful Gourmet Kitchen w/ SS Chimney Hood, Highly upgraded 42'' cabinets, kitchen C-tops w/ Satin Finish, Nicely upgraded flooring thru-out. Spa Shower in Masterbath, Tanklless water heater, Garage Service Door , ''16 SEER RATING, FOR AC'' ENERGY STAR , AIR FRESH PLUS HOME! KMB K-6 School on community.

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23202 W Durango Street Buckeye, AZ 85326

$839,900

4 Beds

3.5 Baths

3,711 SqFt

Status Active

MLS # 6703145

Property Type Single Family Residence

Price Type --

These homes do not come up very often. This home sits on just over 1 acre of land and has over 3,700SF of livable space all on one level. There is the main house as well as a small guest home that has a bedroom and bathroom. This home has been fully remodeled and well taken care of, the home has newer floors, paint inside and out, quartz countertops, updated light fixtures, door knobs and hardware throughout. There has also recently been added artificial grass in the backyard and landscape rock. The HOA allows the home to build an RV garage on these lots for the people with lots of toys. The multiple accent walls throughout the home also give a very modern appeal to the home. This home is a must see.

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4730 E Desert Forest Trail Cave Creek, AZ 85331

$839,900

3 Beds

2 Baths

2,056 SqFt

Status Active

MLS # 6750376

Property Type Single Family Residence

Price Type --

Welcome to this delightful 3-bedroom, 2-bath home set on just over an acre, offering both privacy and tranquility. The interior features travertine floors and a great room with vaulted ceilings, creating a spacious feel. The kitchen boasts granite countertops and stainless-steel appliances, with ceiling fans throughout for added comfort. Perfect for those who love outdoor living, this property includes a covered patio and an entertainer's backyard with a fireplace, built-in BBQ area with a pizza oven, space for a refrigerator, bar seating, and ample room to add a pool. The 2-car garage offers floor-to-ceiling storage cabinets for plenty of storage space. Conveniently located close to all the amenities of the city.

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