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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13536 W Phacelia Lane Peoria, AZ 85383

$832,181

5 Beds

3.5 Baths

3,548 SqFt

Status Active

MLS # 6740314

Property Type Single Family Residence

Price Type --

The 3,548 sq. ft. Olive floorplan offers the ultimate in living space and organizational excellence. A unique teen room offers extra living, hobby or socializing space in addition to the huge, combined Great Room, dining area and elegant kitchen. A large walk-in pantry, stop-and-drop and central laundry room help keep everything tidy. The owner's suite boasts two walk-in closets, while bedrooms 2 through 5 all have their own walk-in closet. A covered patio offers even more space for socializing, outdoor dining or simply enjoying the fresh air. The community offers a unique mountainside location with close proximity to great shopping, dining and entertainment options. Enjoy top-rated Peoria schools and great access to Loop 303 freeway with easy connections to I-17 and 1-10.

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4913 S Moccasin Trail Gilbert, AZ 85298

$832,000

5 Beds

3.5 Baths

3,871 SqFt

Status Active

MLS # 6690938

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Gilbert's prestigious Bridges community! This stunning property boasts 5 bedrooms and 3.5 bathrooms, providing ample space for comfortable living. The heart of the home features a large kitchen equipped with stainless appliances & a spacious island, perfect for entertaining guests or enjoying family meals together. With three distinct living spaces, including a cozy family room, an elegant formal living area, and a versatile loft upstairs, there's plenty of room for everyone to unwind & relax. Step outside to your own private oasis, complete with a sparkling pool, ideal for relaxing on sunny Arizona days. Built by Ashton Woods, this home combines quality craftsmanship with luxurious amenities. Don't miss out on the opportunity to make this your forever home

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904 E Vermont Drive Gilbert, AZ 85295

$832,000

3 Beds

2.5 Baths

2,549 SqFt

Status Active

MLS # 6736410

Property Type Single Family Residence

Price Type --

Seller open to concessions at closing. Like new home in luxurious Velvendo estates in the heart of Gilbert. 3-car garage, paver driveway, & private secure courtyard. You'll LOVE the open formal dining area, living room & the open layout graced w/ ceramic tile flooring throughout. Fabulous kitchen displays 40 inch cabinets w/crown molding, quartz counters, & butler's pantry. HUGE primary retreat offers large windows w/trending barn doors & a private ensuite equipped w/two vanities & two walk-in closets, and upgraded walk in shower. Sizable bonus room ideal for an exercise or additional lounging space. Serene oversized backyard awaits, which includes a covered patio, attached pergola, mature shade trees, landscape lighting & automatic drip system. Close to San Tan mall and downtown Gilbert Seller is open to seller concessions at closing. Epoxy garage floor.

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21422 W Meadowbrook Avenue Buckeye, AZ 85396

$830,120

3 Beds

2.5 Baths

2,493 SqFt

Status Active

MLS # 6756517

Property Type Single Family Residence

Price Type --

This charming 2,500 sq ft home in the coveted gated community of Verrado is perfect for you and your family. With three bedrooms, two and a half bathrooms, and a versatile flex space, it offers ample room for all your needs. The home features soaring 12' ceilings in the kitchen and great room, elegant quartz countertops, double-stacked cabinets, and abundant kitchen storage. The bright great room is enhanced by multiple windows, while a 16' sliding glass door opens to a backyard with breathtaking views of the White Tank Mountains and no rear neighbors. The primary bedroom suite includes a luxurious spa tub, a tiled shower, and a spacious closet. All bathrooms feature full-height tiled showers. Located just minutes from shopping, dining, two golf courses, and all the amenities!

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3649 N 56th Street Mesa, AZ 85215

$830,000

5 Beds

4.5 Baths

3,211 SqFt

Status Active

MLS # 6745144

Property Type Single Family Residence

Price Type --

Do not miss this almost brand new home built in the gated and resort style community of Reserve at Red Rock. Pull up to this beautiful home with a very welcoming elevation and style. This prime location is close to top rated schools, including the new ALA campus, 202 on-ramp, shopping, dining and golf courses in the area. Low maintenance landscaping, covered porch and wider paver driveway welcome you to your new home. Enter the upgraded iron door to beautiful flooring, fresh and bright colors and upgrades everywhere you look. Fantastic en-suite bedroom right off the front door is perfect for a guest room or generational living with its own bathroom and walk-in closet. Pass through to the well appointed kitchen with upgraded white shaker dovetail cabinets with soft-close cabinets with stainless steal appliances, extensive stone backsplash, unique matte granite counters and opens up to the dining and living rooms as well as the 4 panel slider heading out to the backyard. You'll feel the plush carpet as you head upstairs to view the remaining living space. The master en-suite offers a large bathroom and walk-in closet with custom designer tile and nicer finishes. 3 car tandem garage offers an EV outlet. Spend time to check out the multi-million dollar private clubhouse with a heated pool, spa, workout room, playgrounds, sport courts, trails, pickle ball courts and so much more.

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2317 E Taxidea Way Phoenix, AZ 85048

$830,000

5 Beds

3 Baths

2,780 SqFt

Status Active Under Contract

MLS # 6744988

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Ahwatukee nestled in a quiet neighborhood backing the Preserve on a Premium hillside lot! This stunning and fully remodeled 5-bedroom home offers designer touches throughout. The gourmet kitchen is a chef's delight with high-end Koville cabinets, new quartz countertops, a 5x9 spacious island and all new high-end appliances. The spacious primary suite offers privacy and an amazing view of the Preserve right out your bedroom window. The backyard oasis includes a sparkling Pebbletec pool and spa, new turf landscaping and new metal pergola. Located just minutes from local parks, top rated schools, shopping and dining and easy access to highways and Phoenix Gateway Airport. **NEW 30 YEAR Roof!! Don't miss this incredible opportunity in Ahwatukee!

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2820 E Ranch Court Gilbert, AZ 85296

$830,000

4 Beds

2.5 Baths

2,915 SqFt

Status Active

MLS # 6759059

Property Type Single Family Residence

Price Type --

This stunning 4-bedroom, 2.5-bathroom home with a den and 3-car garage sits on a spacious corner cul-de-sac lot in the highly sought-after Rancho Corona neighborhood. The oversized kitchen features a large island, refrigerator, built-in microwave, ample cabinetry, new quartz countertops, walk-in pantry, large sink, and a built-in desk, perfect for meal prep and gatherings. The home boasts a formal dining area and a great room with built-in speakers, perfect for entertaining. Shutters throughout add a touch of elegance. The master suite includes a cozy seating area with a fireplace, a separate exit to the patio, double sinks, a sunken jacuzzi bathtub, walk-in shower, and spacious His & Hers walk-in closets. An additional bedroom also features a walk-in closet. (see more) While the family room is warmed by a second fireplace. The 3-car garage offers plenty of storage space, and the large grassy backyard, shaded by mature trees, is perfect for outdoor enjoyment. This beautiful Gilbert home is walking distance to a hockey rink, parks, restaurants, and shopping, offering the perfect blend of luxury and convenience.

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20439 N 87th Drive Peoria, AZ 85382

$830,000

6 Beds

4 Baths

4,015 SqFt

Status Active

MLS # 6750554

Property Type Single Family Residence

Price Type --

Seller is offering a $10,000 credit towards a rate buy down or closing costs with an accepted offer by 10/5/24!! Discover this expansive 6 bedroom, 4 bathroom home with a versatile loft area that can be tailored to your needs. The kitchen has beautiful white cabinets and granite countertops, and plenty of storage. Hardwood floors run throughout the home, adding warmth and elegance. Step outside to the sparkling pool, ideal for summer gatherings or unwinding after a long day. Situated in a peaceful cul-de-sac with a 3 car garage. With a great location close to freeways, restaurants, and shopping, you will have everything you need in just minutes away.

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6708 W Pleasant Lane Laveen, AZ 85339

$830,000

5 Beds

4.5 Baths

4,153 SqFt

Status Active

MLS # 6743962

Property Type Single Family Residence

Price Type --

This expansive property has all the room you're looking for inside and out! Just under an acre with 4153 SF, 5 bed/4.5 bath, 5 car garage, RV gate and pool. Guest casita with separate entrance off the gated courtyard w/fireplace. Chef's eat in kitchen boasts gas cooktop, double ovens, plenty of cabinets/storage, granite counters and walk in pantry. Two large entertaining/living areas. Master bedroom downstairs with huge loft and 3 more bedrooms and 2 more baths upstairs.Lg covered patio, above ground hot tub, pebble tec pool with waterfall and large play area in this private and spacious yard with plenty of more room to add anything you need!

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2501 E Encinas Avenue Gilbert, AZ 85234

$830,000

5 Beds

3 Baths

3,251 SqFt

Status Active

MLS # 6701823

Property Type Single Family Residence

Price Type --

REDUCED! REDUCED! REDUCED! Highly desirable and sought after location in a great school district! This home sits on a large lot and has 5 large bedrooms, 3 baths, huge family room with a cozy fireplace, large remodeled kitchen has skylight to bring in tons of natural light, formal living and dining rooms. The large backyard has a children's play area beautiful pool for play time and keeping cool and great hot tub chilly evening relaxing. Plenty of room to grow a large family and entertaining! Lots of shopping and restaurants and easy access to highway to make getting around the valley in a snap.

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31314 N 1st Place Phoenix, AZ 85085

$830,000

4 Beds

3.5 Baths

3,191 SqFt

Status Active

MLS # 6700102

Property Type Single Family Residence

Price Type --

Step into this two story desert beauty located within the rolling mountains of the Sonoran Desert. Spanning 3191 sq/ft of dramatic lofty ceilings, open floor plan & an abundance of natural sunlight. Highlights include a centralized kitchen with GE cafe stainless steel appliances, timeless quartz countertops, a butler station, walk in pantry % water softener filtration system. Notable spiral staircase leads to a spacious loft, upstairs laundry & bedrooms that overlook sunsets & mountain views. Multiple bonus rooms include an intimate built in office, opportunity for a drop zone off the garage, an additional bedroom downstairs which could be used as a second office, media room, play or craft room. An impressive backyard renovation includes an extended covered patio with pergola, built in BBQ & kitchen, mature & lush landscape with fruit trees & an expansive turf play area. Brimming with family appeal, this award winning Taylor Morrison gated community is the perfect balance of location & Arizona lifestyle.

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8538 E Rovey Avenue Scottsdale, AZ 85250

$830,000

4 Beds

2 Baths

2,272 SqFt

Status Active

MLS # 6729964

Property Type Single Family Residence

Price Type --

Great price for sought after Scottsdale location where homes are being updated &remodeled, making this neighborhood, close to downtown Scottsdale and NO HOA very desirable w/ Flexibility for vacation rental too. Corner lot w/ covered courtyard entry. Open concept design w/beamed ceilings and French doors from the great room that opens to the backyard and pool. 4 Bdrms PLUS a Large Bonus room! Primary Suite w/ updated bathtroom & another bedroom have access via French doors to the nicely landscaped backyard w/ artificial turf, patio, and a recently resurfaced pool w/ new tile & extended decking. Perfect floorplan for owners working remote. Built in planters and fruit bearing trees! Kitchen w/newer appliances & Brand New gas cooktop. Freshly painted w/ new baseboards. 2 car garage Extra Large laundry room/pantry off of the kitchen. New exterior paint in 2024 and brand new interior paint and baseboards! Wood flooring added to all the bedrooms recently. Enjoy the spacious Primary suite bathroom that was remodeled with a deluxe free standing tub and large spa like shower. Soft water system and drinking filtration system too. Home is near the canal trail system, Scottsdale trail system, and numerous parks. The location is close to downtown Scottsdale where you can enjoy all the shopping, restaurants, entertainment, festivals, and events. Close access to the 101 too!

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