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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22280 E Maya Road Queen Creek, AZ 85142

$835,000

4 Beds

3.5 Baths

3,022 SqFt

Status Active

MLS # 6711072

Property Type Single Family Residence

Price Type --

MOTIVATED SELLER! Large Charleston Estates Home. 4bed/3.5 bath + office Mother-in-law suite, split floor plan, pool with UV filtration system uses less chemicals, split 3-car garage, w/main pre-wired for EV charger, 3rd w/Tesla Wall charger. Living room w/recessed lighting & 12ft ceilings! Gourmet kitchen upgraded cabinetry w/receptacles under, upgraded granite counters, buffet counter, higher-tier countertop, 3 stage reverse osmosis water filtration system, large island w/Turkish lights over the breakfast bar, unique 3D design backsplash, walk-in pantry, SS appliances w/cooktop gas & double ovens. Spacious main bedroom w/ensuite, separate tub/shower, two vanities, & 2 walk-in closets. Front & back yard sconces are LED RGB lamps w/blue tooth connectivity. For tech lovers, the main bedroom also includes USB-C and ethernet, with additional connections in the office, third bedroom, & living rooms. PLUS! The property is pre-wired for audio, ceiling fan, & alarm system. All interior lights are Halo Home bulbs which can be controlled/dimmed via app. Beyond the interiors, the exterior lights are controlled via Spectrum app. The backyard holds its own charm! It boasts a 10,000-gallon pool with a UV-sterilized filtration system that uses fewer chemicals, as well as LED RGB lights & two fountains - both controlled by a wireless remote. Pre piped for gas next to waterfall. Surrounded by travertine and Astroturf, the space is elegant & private, with a 12-foot Ficus Indian Laurel (northwest corner) and a magnolia tree (northeast corner). Both the front & back yards have irrigation systems and LED RGB lamps w/blue tooth connectivity. The entire house is protected with a surge protector! The property's North/South exposure is also ideal for future solar panels. What's not to like? Act now!

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9016 S 16th Way Phoenix, AZ 85042

$835,000

4 Beds

3.5 Baths

2,866 SqFt

Status Active

MLS # 6704055

Property Type Single Family Residence

Price Type --

NO HOA, built in 2021 w/ stunning mountain & city views. 4 bed/3.5 bath, 2,850 sqft home on a large lot w/ highly upgraded, modern finishes. Crafted with impeccable attention to detail, this home features a striking custom entry door that opens to a vast, open floor plan designed to maximize both space and comfort. Upon entry, you are greeted by the tall vaulted ceilings, giving the main living area a grand feel. This home is light & bright w/ ample natural light. The kitchen is a chef's dream w/ an abundance of custom white cabinets, granite countertops, back splash, long center island, pantry & modern pendant lights... Entertain guests in the spacious living area, complete with a wet bar. The living room is anchored by a cozy stone fireplace, creating a warm and inviting ambiance. Downstairs, a full bathroom boasts a modern, light-filled design, featuring sleek fixtures. The large primary retreat is located on the main floor w/ a gorgeous ensuite featuring a modern tile floor & shower, upgraded modern fixtures, double sinks, storage shelves, and a large standing tub perfect for relaxation after a long week. Upstairs, 3 spacious bedrooms offer flexible living spaces that can be tailored to your lifestyle needs such as a home office, gym, craft room, children's rooms, or guest room. The front and back yards are beautifully landscaped. A newly installed block wall fence in the backyard ensures privacy. Located off a cul-de-sac, the home offers spectacular views of the mountains and the cityscape, providing a breathtaking backdrop for both everyday live and gatherings. This home includes 2-car garage & owned water softener system. This home is equipped w/ foam insulation throughout, providing added energy efficiency and comfort. Conveniently located near popular hiking trails, restaurants, and more!

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5880 S Joslyn Lane Gilbert, AZ 85298

$835,000

5 Beds

3.5 Baths

4,115 SqFt

Status Active

MLS # 6721447

Property Type Single Family Residence

Price Type --

Welcome to your new oasis in Gilbert's highly sought-after neighborhood! This immaculate 5-bedroom, 3.5-bathroom home is perfectly situated on a spacious lot, offering both privacy and convenience. As you enter, you are greeted by a bright and airy floor plan highlighted by soaring ceilings and large windows that bathe the interior in natural light. The gourmet kitchen is a chef's dream, featuring granite countertops, stainless steel appliances, ample cabinet space, and a generous island - ideal for preparing meals and entertaining guests. The luxurious master suite provides a serene retreat with a spa-like ensuite bathroom complete with dual vanities, a soaking tub, and a separate shower. Four additional bedrooms offer versatility for guests, children, or home offi space, all complemented by well-appointed bathrooms. Step outside to your own private backyard paradise, where you'll find a covered patio, perfect for al fresco dining or simply relaxing while enjoying the Arizona sunsets. The expansive yard is professionally landscaped and offers plenty of space for outdoor activities and gatherings. With a bonus casita with private entrance which can be versatile for guests or as an office space. Located in a prime Gilbert location, this home is just minutes away from top-rated schools, shopping, dining, parks, and recreational facilities. With easy access to major highways, commuting to Phoenix and beyond is a breeze.

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7157 E Rancho Vista Drive Unit 2010 Scottsdale, AZ 85251

$835,000

2 Beds

2 Baths

1,346 SqFt

Status Active

MLS # 6661401

Property Type Apartment

Price Type --

*SELLER FINANCING AVAILABLE IN THE LOW 5'S * This luxury, completely remodeled 2 bedroom condo with modern finishes is a stunning residence that exudes sophistication and style. Every detail of this condo has been meticulously designed to create a luxurious living experience. Large windows allow for an abundance of natural light to flood the room, creating a bright and airy atmosphere. The kitchen is a chef's dream and the countertops are made of exquisite quartz, providing both durability and a sleek aesthetic. The dining area is situated adjacent to the kitchen and is perfect for hosting intimate dinner parties or enjoying meals with family and friends. A modern chandelier hangs above the dining table, casting a warm and inviting glow. The master bedroom is a luxurious retreat, featuring a spacious layout and plush carpeting. It offers a serene atmosphere, allowing you to relax and unwind after a long day. The en-suite bathroom is a sanctuary of relaxation, featuring a spa-like shower with rainfall showerheads, a sleek vanity with modern fixtures, and beautiful porcelain tiles. The second bedroom is equally impressive, with its own spacious layout and ample closet space. It can serve as a guest room, home office, or a comfortable space for family members. Additional features of this remodeled condo include in-unit laundry facilities, central air conditioning, and ample storage throughout the space. Amenities include concierge, indoor & outdoor heated pool and spa with women and men's locker room, fitness center, racquetball & basketball court. Walking distance from Scottsdale Fashion Square Mall, Old Town, restaurants, and so much more!

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21956 N 59th Lane Glendale, AZ 85310

$835,000

5 Beds

3 Baths

3,066 SqFt

Status Active

MLS # 6749945

Property Type Single Family Residence

Price Type --

Amazing views surround this Arrowhead ranch Golf Course home on the signature 5th hole of legends. Mountain, Golf and Water views from every window. Home has 1 full bedroom and bathroom downstairs. Gourmet kitchen, granite countertops, granite in all the bathrooms. Generously sized bedrooms. Extended covered patio, pebbled-tec play pool, close to shops, dining and Westgate Sports and Entertainment center.

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26521 N 115th Street Scottsdale, AZ 85255

$835,000

2 Beds

2 Baths

1,625 SqFt

Status Active

MLS # 6694284

Property Type Single Family Residence

Price Type --

Private lot with boulder and mountain views on a quiet street in the Troon Area of Scottsdale. The home features two bedrooms, two baths, great room, kitchen and breakfast dining, office, laundry and a two car garage with built-in storage cabinets. The private backyard has a pebbletec pool and covered patio with no homes behind to block your views. Desert Views is a small quiet community with access to hiking and biking trails and very little traffic. The home is extremely well maintained and lightly lived in which provides the new owner to move in and enjoy the Arizona lifestyle.

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1703 W Lodge Drive Phoenix, AZ 85041

New

$834,900

4 Beds

2.5 Baths

3,388 SqFt

Status Active

MLS # 6764042

Property Type Single Family Residence

Price Type --

Spectacular Mountain & City Light Views welcome you to this lovely gated community of Talasera! WOW! Take in the beauty of the Majestic South Mountains as you enter this 4 bedroom/ 2 ½ bath single level home on spacious .46 acre lot boasting a sparkling pebbletec play pool. Desirable open floor plan with large dining room and bonus room offering private exit to courtyard. Spacious entertainer's kitchen opens to great room-featuring an abundance of cabinets and granite countertops, stainless appliances w/ 5 burner gas stove. Large split primary suite provides its own exit to back patio plus bath w/ large snail shower & Jacuzzi tub. Jack & Jill secondary bedrooms. Peaceful and serene spacious covered patio. Nearby popular mountain hiking trails.What an opportunity- needs a little TLC.

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35338 N 27th Drive Phoenix, AZ 85086

$834,900

4 Beds

3.5 Baths

4,177 SqFt

Status Active

MLS # 6752963

Property Type Single Family Residence

Price Type --

Stunning and meticulously maintained, this 4-bedroom home (plus 2 bonus rooms) boasts 3.5 bathrooms and spans two stories in the picturesque Tramonto community. The versatile floor plan includes one bedroom and a bonus room on the main level. The primary suite is generously sized with a private bathroom featuring dual vanities, a jetted tub, separate shower, private toilet, and a spacious walk-in closet. Tramonto is a sought-after master-planned community offering an array of amenities such as walking paths, parks, swimming pools (including a kiddie pool), playgrounds, tennis courts, basketball and volleyball courts and more. Conveniently located in north Phoenix near the I-17 and Carefree Highway, residents enjoy easy access to shopping and dining options.

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949 E Holland Park Drive Gilbert, AZ 85297

$834,900

4 Beds

3.5 Baths

3,338 SqFt

Status Active

MLS # 6747395

Property Type Single Family Residence

Price Type --

PRICED BELOW APPRAISAL! The perfect 2 story home is now available in the desired Kensington Estates! This home features an ideal kitchen with staggered dark wood shaker style cabinets, high-end stainless steel appliances, custom pendant lighting over the Quartz counter-top island, walk-in pantry with separate butler's area for additional storage, wide plank tile flooring throughout, 2 custom slider doors for inside/outside entertaining, one secondary bedroom with ensuite bathroom downstairs, upstairs has a cozy loft for kids/bonus area, primary bedroom is spacious with a sitting area, primary bathroom has dual sinks, separate walk-in shower and soaking garden tub, HUGE walk-in closet with custom shelving & more. The back yard has a covered patio with travertine and synthetic grass area

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6827 E Orion Drive Scottsdale, AZ 85257

$834,900

3 Beds

2.5 Baths

2,005 SqFt

Status Active

MLS # 6697708

Property Type Single Family Residence

Price Type --

TAKE ADVANTAGE OF SPECIAL LIMITED TIME 2% BUYER INCENTIVE TO BUY DOWN THE INTEREST RATE OR PAY THE BUYER'S CLOSING COSTS. COME FALL IN LOVE WITH THIS BEAUTIFUL HOME WITH GREAT PRIDE OF OWNERSHIP. DRAMATIC CONCERTO FLOOR PLAN WITH 3 BEDROOMS AND 2 1/2 BATHS. DOWNSTAIRS YOU'LL ENJOY AN AWESOME KITCHEN, DINING ROOM AND LIVING ROOM, POWDER ROOM PLUS A COVERED PATIO AND EASY CARE YARD. THERE ARE 3 BEDROOMS AND 2 BATHS UPSTAIRS PLUS A LOFT AND LAUNDRY ROOM. WALK OUT ON THE OVERSIZED BALCONY OFF THE PRIMARY BEDROOM. THE 2 CAR GARAGE IS WIRED FOR A CHARGING STATION FOR YOUR ELECTRIC CAR. SKYE IS A HIGHLY DESIRABLE NEIGHBORHOOD CLOSE TO ASU SKY SONG AND A VIBRANT ARRAY OF COMMUNITY AMENITIES. IT'S A STRATEGIC LOCATION. EASY TO GET TO ALMOST ANYWHERE IN THE VALLEY. GREAT VALUE.

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3631 S Greythorne Way Chandler, AZ 85248

$834,888

3 Beds

2 Baths

2,763 SqFt

Status Active

MLS # 6651616

Property Type Single Family Residence

Price Type --

Don't Miss It! Needs some updates home will be priced accordingly!! Bring Your Offer !! 🙂 Feel the Beauty and Serenity as You Enter This Community! Beautiful gated community surrounded by lakes and Ocotillo Gold Golf Course. This 3 bedroom plus den/office executive home features a split single- story floorplan. Spacious primary suite with jetted garden tub, bidet, snail shower and dual closet. Family room includes gas fireplace open to island kitchen and nook. Kitchen Includes stainless steel profile microwave, convection oven, Dacor gas cooktop, 3 car garage, Apache Stone front elevation, private backyard with built-In BBQ.. Updates Include added ceiling insulation, re-roofed 2 years ago, ,exterior paint 3 years ago. Home has been meticulously maintained. Don't miss this one!!!

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6067 S 174th Place Gilbert, AZ 85298

$833,000

4 Beds

2 Baths

1,985 SqFt

Status Active Under Contract

MLS # 6733768

Property Type Single Family Residence

Price Type --

Home is now vacant. Absolutely beautiful property on over 1 acre! NO HOA! Plenty of room for all of your toys. There is a 3 car garage, with a long driveway to boot! Roof is less than 10 years old! Bathrooms were recently remodeled. The backyard has a jacuzzi that stays. There is a gazebo installed as well. The kitchen and bath countertops have been upgraded. There are shutters throughout, and a rolling shade on the sliding door. New windows were recently upgraded. Bring your RV, bring your horses.......there are so many possibilities! Irrigated lot , get out here and dream up ways for you to enjoy this gorgeous property!!

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