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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11641 N 23rd Street Phoenix, AZ 85028

New

$845,000

5 Beds

2 Baths

2,667 SqFt

Status Active

MLS # 6763639

Property Type Single Family Residence

Price Type --

The Epitome of Class, Comfort and Functionality is the heart of this HOME. This home has floor plan functionality that you are going to LOVE! It can be enjoyed as a 3 bedroom plus giant workout/theatre room plus den/office, 4 bedroom plus den/office or 5 bedroom if you need that. This one checks all the boxes...open layout, large kitchen, SPARKLING REMODELED POOL, 2 car garage with additional storage, resort like backyard with putting green, stunning mountain views, turn key enjoyment, easy frwy access, 15 mins to Sky Harbor International Airport, 4mi to Paradise Valley Mall and so much more. Some of the valley's best recreation are nearby including hiking (Phoenix Mountain Preserve), mountain biking, amazing fitness studios, golf (Pointe Golf Club On Lookout Mountain) and pickle ball.

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1861 N Bernard Circle Mesa, AZ 85207

$845,000

4 Beds

3 Baths

2,244 SqFt

Status Active

MLS # 6730707

Property Type Single Family Residence

Price Type --

Welcome to a dazzling desert sanctuary nestled within the illustrious gated community of Canyon Preserve. This rare and resplendent 4-bedroom masterpiece, set on a premium desert lot adorned with awe-inspiring natural rock formations and panoramic mountain vistas, redefines luxury and comfort. As you approach, a meticulously designed paver driveway guides you to the stately entrance of this palatial residence, setting the tone for the opulence that awaits within. The custom kitchen is an absolute chef's paradise, boasting an eye-catching backsplash, Café Signature oven and microwave, sumptuous quartz countertops, and sleek, modern hardware and fixtures. An integrated reverse osmosis system ensures the highest quality water. Adjacent to the kitchen, the laundry room is a paragon of elegance, featuring a butcher block counter space and ample cabinetry that make everyday chores feel like a luxurious experience. The great room exudes sophistication with its decorative wallpaper, designer lighting, and expansive sliding glass doors that open to the backyard. This seamless blend of indoor and outdoor living spaces invites you to bask in the stunning desert landscape and jaw-dropping mountain views. The primary bedroom serves as a serene retreat, offering picturesque views of the desert and mountains. The updated en-suite bath is a haven of luxury, featuring a walk-in closet with built-ins, a dual vanity with additional drawer space, and a linen closet for ample storage. Guest bedrooms are adorned with blackout shades, ensuring ultimate comfort and privacy. Throughout the home, ceramic Saltillo tile adds a touch of Arizona charm, enhancing the warm, inviting ambiance. The garage provides overhead storage, offering plenty of space for all your needs, ensuring your home remains organized and clutter-free. As a resident of the Canyon Preserve gated community, you'll enjoy access to the Mountain Bridge community center, where an array of fabulous amenities awaits. Delight in the pool, spa, tennis and pickleball courts, children's playground, fitness center, basketball courts, and a putting green, all designed to enrich your lifestyle. Discover the epitome of desert luxury in this beautifully updated home. Discover the unparalleled comfort, elegance, and breathtaking views that this exceptional property and community have to offer.

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28713 N 66th Avenue Phoenix, AZ 85083

New

$845,000

4 Beds

3 Baths

2,859 SqFt

Status Active

MLS # 6763082

Property Type Single Family Residence

Price Type --

Ideal location! Stunning 4-bedroom, 3-bathroom home in the desirable Pyramid Peak community, ideally located amongst the rolling hills of north Phoenix with easy access to all the city has to offer, while maintaining a peaceful desert setting. Unwind in your spacious 2860 sq ft interior featuring an open floor plan perfect for entertaining. Chef's kitchen with quartz countertops and custom backsplash. Primary master suite with walk in rain shower and separate his and her walk in closets. Step outside to your very private desert oasis. Sparkling heated pool with custom water feature for year round enjoyment. Covered patio with north exposure for al fresco dining. Low-maintenance mature desert landscaping. To many upgrades to list!

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14002 N 60th Street Scottsdale, AZ 85254

$845,000

4 Beds

2 Baths

2,348 SqFt

Status Active

MLS # 6693452

Property Type Single Family Residence

Price Type --

Welcome to this updated home with a spacious floor plan in a premium location in North Scottsdale! Close proximity to fine dining, shopping and the best local attractions. Large great room with high ceilings offers living flexibility and tons of natural light. The kitchen is equipped with brand new appliances and a sliding glass door that leads out to your covered patio and large backyard with swimming pool and grass yard. A two car garage and covered car port offer room for multiple vehicles and/or a workshop area. Don't miss this great opportunity to make this home your own!

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8920 N 83rd Street Scottsdale, AZ 85258

$845,000

2 Beds

2 Baths

1,846 SqFt

Status Active

MLS # 6751952

Property Type Single Family Residence

Price Type --

Located at the end of a cl-de-sac in the highly desirable El Paseo community in the heart of McCormick Ranch. One of very few free standing homes in this community. (No shared walls). Remodeled with travertine floors, granite countertops, pebble-tec pool with heated spa, new appliances, dual pane windows with shutters. Beautiful mountain views and an easy walk to Scottsdale's famous greenbelt walking/riding path and so much more!

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23501 S 213th Court Queen Creek, AZ 85142

$845,000

3 Beds

2.5 Baths

2,727 SqFt

Status Active

MLS # 6723828

Property Type Single Family Residence

Price Type --

This stunning Queen Creek residence boasts a single-level w/ 10 ft ceilings, split floor plan 3 bedrooms, a versatile flex/bonus space, 3 bathrooms, complemented by 3CG. Luxury enhancements abound, from slate tile to high-end fixtures. The chef-quality kitchen, complete w a 9ft center island & gas appliances, seamlessly connects to spacious living area w electric shades. The ensuite primary bedroom offers backyard access and a premium bathroom w/ dual vanities, a separate tub, & walk-in shower. The backyard is a resort-style oasis, featuring a 24K gallon heated freshwater diving pool, gazebo, sunken jacuzzi, outdoor BBQ, & custom exterior gates. The split 3-car garage includes built-in storage. Enjoy the exclusivity of this super-premium, private lot situated at the end of a cul-de-sac!

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5355 E Wallace Avenue Scottsdale, AZ 85254

$845,000

4 Beds

2 Baths

2,164 SqFt

Status Active

MLS # 6718927

Property Type Single Family Residence

Price Type --

MOTIVATED SELLERS! Welcome to your dream home in the highly sought-after 85254 zip code! This beautifully maintained residence boasts timeless charm and modern comfort. Step inside to find a cozy fireplace, newer appliances, granite counters with large seating island in the kitchen, and vaulted ceilings with exposed beams in the master bedroom and separate living room that creates an inviting atmosphere. The garage is temperature controlled for year-round convenience. Outside, discover a backyard oasis perfect for entertaining with a heated pool, elegant pavers, and low-maintenance synthetic turf. Plus, enjoy the freedom of no HOA! This home offers the perfect blend of luxury and convenience in an unbeatable location.

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1991 W Coconino Drive Chandler, AZ 85248

$845,000

4 Beds

3 Baths

3,037 SqFt

Status Active

MLS # 6726893

Property Type Single Family Residence

Price Type --

Amazing opportunity to own a home nestled within the prestigious Watermark at Ocotillo Community. This spacious 4 bed 3 bath home is one of Camelot's most desirable models! Step into the heart of luxury through the stunning kitchen, with exquisite cabinetry, stainless steel appliances, & lavish granite countertops that define culinary sophistication. Upgraded flooring showcases a seamless blend of plush carpeting, tile, and modern luxury vinyl plank. Fall in love with the resort-style backyard featuring a pebble tec pool & spa, an oasis for relaxation & entertainment. Enjoy the gas fire pit in the Fall & Winter! Prime location near major freeways, great schools, and large employers. Enjoy everything the Ocotillo lifestyle offers!

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220 Seco Way Sedona, AZ 86336

Open House

$845,000

2 Beds

2 Baths

2,526 SqFt

Status Active

MLS # 6740146

Property Type Townhouse

Price Type --

Wow what a stunner! This West Sedona townhome is the perfect lock and leave to suit your active Sedona lifestyle. Home is comprised of the most spacious floorplan in the subdivision, with direct Red Rock Views to flood through the large windows in the Great Room for everyday living enjoyment. The kitchen has gorgeous granite counters, beautiful backsplash complimented by undermount lighting, and vaulted ceilings with exposed beams. There is ample natural light throughout with clerestory windows and skylights, plus a large flex room that could be a bedroom, den, office, or grandkids room. With mature Peach trees in your front yard, and an Apple tree and Grapevines in your private back patio, you have an established home waiting for you to have it all in sweet, safe, quiet little Sedona. Arroyo Seco subdivision is close to several local Trailheads for your hiking pleasure: Thunder Mountain is just one of a few, less than a half mile away. Your neighborhood coffee shop, pizza parlor, smoothie bar, library, and hair stylist are all less than a half mile away too. The HOA is famous for maintaining the beautiful pool, hot tub and manicured grounds, incredible Red Rock Views throughout the subdivision, with friendly neighbors-not to mention the fantastic coverage that the HOA offers for your monthly dues! A spacious two car tandem garage plus an additional laundry room inside the home, a large Primary walk-in closet, and an office round out your future home. No stairs or steps inside the home make for easy single level living. You CAN be in the middle of it all, while still magically having peace and quiet in our sweet little Sedona. Furniture package available. Owners are licensed Agent and Broker.

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17829 E Cindercone Road Rio Verde, AZ 85263

$844,999

3 Beds

2 Baths

1,752 SqFt

Status Active

MLS # 6695609

Property Type Single Family Residence

Price Type --

Welcome Home to Trilogy at Verde River. This community is like a cruise ship that doesn't leave port. There are so many social activities associated with The Trilogy Lifestyle! This Acacia Model Floor Plan is Located on the North Side of Trilogy at Verde River Nestled Beside an NAOS Area Protecting the Views Directly Behind the Home. This Open Kitchen to Great Room Concept is Best Known for Bringing the Outdoor Living Inside with the Large Sliding Glass Doors. Covered Patio, Fire Pit, and Easy-to-Maintain Backyard Complete Make this a Perfect Lock & Leave Option. Trilogy at Verde River Boast a Large Clubhouse with both Bar & Dining Options. The Resort Style Pool & Spa are Accompanied by Eddie's Poolside Bar & Grill. Alvea Spa has All Your Health & Rejuvenation Needs. Come Experience TVR!

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1945 W Horsetail Trail Phoenix, AZ 85085

$844,990

4 Beds

3.5 Baths

2,938 SqFt

Status Active

MLS # 6752495

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, &/or price adjustments. North-facing, two-story Prato floorplan with 2.5 car garage. First-floor owner's suite with glass low-threshold walk-in shower, chef kitchen with Whirlpool gas cooktop, white cabinets, and quartz countertops. Features upgraded tile, carpet, center slider for indoor-outdoor living, laundry cabinets with sink, upstairs suite with added bathroom, surround sound, Smart Home package, and front yard desert landscaping with a main line to the backyard.

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2841 E Wisteria Drive Chandler, AZ 85286

$844,900

5 Beds

3.5 Baths

3,824 SqFt

Status Active Under Contract

MLS # 6717001

Property Type Single Family Residence

Price Type --

$5,000 REDECORATING ALLOWANCE ***Motivated Seller *** Nestled on a spacious corner lot in one of the most coveted neighborhoods, this stunning home welcomes you with its charming paved driveway. As you step inside, you're greeted by an inviting entryway that leads to the main floor where the elegant master suite and a cozy guest room await. Downstairs, two more bedrooms offer a private retreat, complete with a luxurious full bath. The basement is an entertainer's paradise, boasting state-of-the-art surround sound, gleaming granite counters, and a sleek wet bar. Imagine hosting movie nights with the 4K projector and the impressive 120-inch screen that comes with the home. Step outside to discover the entertainer's backyard, where a pebble tec play pool sparkles under the sun, sparkles enhanced by a serene water feature. The area is perfect for gatherings, with ample space and a sense of privacy provided by the RV gate and the expansive three-car garage. The home has been meticulously updated with a newer GE Profile refrigerator and microwave, a new pool filter system, a water heater, and upgraded Kohler bath fixtures. The addition of elegant baseboards and real hardwood floors adds a touch of sophistication, while the modern alarm system ensures peace of mind.

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