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 99th 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.

Whats 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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1064 W Ridge Road Apache Junction, AZ 85120

$829,990
4 Beds
3.5 Baths
2,620 SqFt
Status Active
MLS # 6716299
Property Type Single Family Residence
Price Type --
Dessert Transitional exterior elevation with large windows in bedrooms 2 and 4, 4 bedrooms, 3.5 baths, enclosed study, tray ceiling in family room leading to extended covered patio space via 12-foot sgd. The kitchen has 2 toned cabinets in moonstone and white with upgraded back splash, stacked 54-inch cabs. Dining room cabinets in moonstone. Cabinets are 5-piece shaker style. Plank style tile flooring throughout with carpet in bedrooms. Super shower in OR with upgraded tile and rain can. Spacious backyard (39 feet from back of home to back wall) ready for a pool. 3-car tandem garage. Full utility room cabs with sink. 2X6 CONSTRUCTION & EXTENSIVE NEW HOME WARRANTY

1944 W Bramble Berry Lane Phoenix, AZ 85085

$829,990
5 Beds
4.5 Baths
3,018 SqFt
Status Active
MLS # 6714469
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, and/or price adjustments. Available now, the Prato two-story home with desirable north-south exposure features a first-floor owner's suite with a tiled walk-in shower and an additional suite. The chef's kitchen includes a gas cooktop and quartz countertops. Upgrades include laundry cabinets with a sink, tile and carpet flooring, and a center slider in the gathering room for easy outdoor entertaining. The home also offers a full electrical package, desert landscaping, and beautiful interior finishes.

2777 W Queen Creek Road Unit 16 Chandler, AZ 85248

$829,900
2 Beds
2.5 Baths
2,100 SqFt
Status Active Under Contract
MLS # 6725450
Property Type Single Family Residence
Price Type --
Welcome to waterfront luxury living in the exclusive gated community of Valerio at Ocotillo! The home features a 2100 square foot open floor plan with 2 bedrooms PLUS DEN/FLEX RM, 2.5 baths with soaring 10' ceilings throughout. A stunning home established in 2021 as part of a Master Planned Gated Community with modern Santa Barbara Style Architecture. T The large Great Room includes a 68'' fireplace with lovely built-in cabinetry on either side. Both the Great Room and Dining Room include upgraded Pella windows and sliding doors. A beautiful open Kitchen with abundant upgraded cabinetry, a large island with pendant lighting, quartz countertops, and upgraded GE Café appliances are a homeowner's dream. The large Master Bedroom also includes upgraded Pella windows The luxurious Master Bathroom features quartz countertops with dual undermount sinks and large frameless glass shower enclosure. Both bedrooms feature large walk-in closets with Classy Closets designed drawers and shelving. A Community Pool is steps away and all grounds are maintained. With breathtaking views, the home enjoys the Arizona sunset from the waterfront extended backyard patio. The owners have added $155K of additional upgrades over builder features including Extended Patio, Upgraded Tile, Gas Built-in BBQ Galore Cooker, Pella doors/windows, Smart Home system, Café appliances, Lighting, Entry gate, Shutters/Power Shades, Bath Mirrors, Cabinetry + Hardware, Plumbing Fixtures, Garage Epoxy + Cabinetry, and Exterior Plantings. Valerio at Ocotillo is a prime location within the trendy Downtown Ocotillo with amazing restaurants, coffee shop, and Saturday Farmer's Market. Situated minutes from the Intel/ Price Corridor, Ocotillo Golf Club, Pickleball Courts and shopping access. This gorgeous home makes this a beautiful year round, low-maintenance dream home or perfect for a lock and leave second home. Don't miss this one!

17992 W Willow Drive Goodyear, AZ 85338

$829,900
3 Beds
2.5 Baths
2,562 SqFt
Status Active
MLS # 6751800
Property Type Single Family Residence
Price Type --
Step into the lifestyle of your dreams with this FULLY REMODELED, open-concept gem by TW Lewis, nestled in the highly sought-after gated Fairways neighborhood of Estrella! This isn't just a home—it's a complete experience. Every inch of the interior has been meticulously transformed into a custom haven, featuring luxurious high-end finishes that radiate modern elegance from the moment you walk through the front door. Imagine living in a space where style meets sustainability, with FULLY OWNED SOLAR panels that provide NEGATIVE AVERAGE MONTHLY ELECTRIC BILLS! Gorgeous luxury wood plank floors flow seamlessly throughout the home, leading you to a gourmet kitchen that's every chef's fantasy. Picture yourself preparing meals with top-of-the-line commercial-grade stainless steel appliances, surrounded by stunning quartzite countertops, floor-to-ceiling custom cabinetry with custom pull-out shelves, and an array of designer features like a pot filler, instant hot water, and pantry. The primary retreat is your personal sanctuary, a place where you can unwind and recharge in the oversized walk-in tiled shower with a rain showerhead or soak your cares away in the standalone deep soaking tub. Even the half bath and laundry room make a statement with chic patterned tile flooring that adds a fun, modern twist. Need extra space? The spacious office/den can easily become a 4th bedroom, thanks to a stylish barn door that offers privacy for guests. And then there's the backyard, a true Arizona oasis that invites you to enjoy the outdoors all year round. Dive into the heated spa/pool, relax by the rock water features, or challenge friends to a game on the putting green. Entertain in style with the built-in BBQ, all while soaking in breathtaking mountain views. But the perks don't stop at your doorstep! Living in Estrella means access to resort-style amenities that make every day feel like a vacation, two resident centers, fitness facilities, community pools, splash parks, miles of hiking and biking trails, numerous parks, two lakes, shopping, dining, and so much more! Don't let this incredible opportunity slip away, this home is more than just a place to live, it's a lifestyle waiting to be embraced. Come see it before it's gone!

25555 N Windy Walk Drive Unit 60 Scottsdale, AZ 85255

$829,900 - 3Br/3Ba -  for Sale in Skye Top At Troon Lot 1-96 Tr A-f, Scottsdale
Open House
$829,900
3 Beds
2.5 Baths
2,105 SqFt
Status Active
MLS # 6757503
Property Type Townhouse
Price Type --
Welcome To Skye Top at Troon. An exclusive guard gated, highly desired location in North Scottsdale nestled into the base of Troon Mountain. This home offers 3 spacious bedrooms, 2.5 baths and a 2 car garage. It has been completely remodeled, and updated with beautiful designer upgrades. The front bedrooms offer beautiful views of Pinnacle Peak. The spacious living area boasts vaulted ceilings and views of Troon Mountain. Relax in your beautifully landscaped backyard/patio at the base of Troon Mountain. This gated community has a clubhouse and pool.

24619 S Ribbonwood Drive Sun Lakes, AZ 85248

$829,500
2 Beds
2.5 Baths
2,631 SqFt
Status Active
MLS # 6734586
Property Type Single Family Residence
Price Type --
Golf lot home in Sun Lakes. Unobstructed views of the 18th Green. This Borgata Model is a 2BR w/large den, and bonus room, both that could be converted to bedrooms. Spacious kitchen with pullout shelving, long peninsula w/travertine tile counters & wet bar. Primary bedroom includes a sitting area, huge soaking tub, separate shower, double sinks and large walk-in closet. Second bathroom has a walk-in tub/spa w/shower. Formal living room W/wood burning fireplace. Your large extended patio w/Ramada allows you to enjoy the sunrise, and golf course views from your pristine desert landscaping. Perfect for large gatherings. Take a swim or jacuzzi across the street in the Voax pool, or walk to the club house and enjoy all the amenities.

194 E Canyon Creek Drive Gilbert, AZ 85295

$829,088
5 Beds
3 Baths
3,593 SqFt
Status Active
MLS # 6706973
Property Type Single Family Residence
Price Type --
Welcome to your dream home located in Gilbert Commons! This beauty offers a 3-car garage, RV gate, & mature landscape. Enter through the custom double door to discover a den/office, formal dining room, & a harmonious great room graced w/bountiful natural light. Highlights include wood-like flooring, designer paint, vaulted ceilings, ceiling fans, & lovely archways. Open-concept kitchen features SS appliances, plenty of honey oak cabinetry, recessed lighting, & a center island. HUGE loft w/balcony access is ideal for an entertainment area! Owner's retreat is upstairs, equipped w/plush carpet, double door entry, & an ensuite comprised of dual sinks, make-up desk, & a walk-in closet. Wonderful backyard w/a covered patio, fire pit, & a sparkling pool will surely impress you. Don't miss it!

6445 W Fullam Street Glendale, AZ 85308

$829,000
4 Beds
2.5 Baths
2,656 SqFt
Status Active
MLS # 6758872
Property Type Single Family Residence
Price Type --
Your dream home is finally here! Explore this stunning 4-bed, 2.5-bath residence boasting a 3-car garage, an RV gate, a paver driveway, and attractive stone accents. The living room features high ceilings, a soothing palette, classic plantation shutters, and wood flooring. Gather loved ones in the inviting great room, complete with a cozy fireplace for relaxing evenings. Cook delicious meals in the kitchen, equipped with a breakfast nook, granite counters, custom wood cabinetry with crown moulding, a stylish tile backsplash, sleek stainless steel appliances, a walk-in pantry, and a large center island with a breakfast bar for casual meals. The sizeable main bedroom offers an ensuite with dual vanities and a convenient walk-in closet Wet areas has luxury Vinyl flooring. Unwind in the enchanting backyard, showcasing a covered patio for al fresco dining, low-maintenance artificial turf, a built-in BBQ, and a refreshing pool for endless summer fun. Make this gem yours now!

621 E Coronado Way Payson, AZ 85541

$829,000
3 Beds
3 Baths
2,711 SqFt
Status Active
MLS # 6696469
Property Type Single Family Residence
Price Type --
Nestled among towering Pines, this unique home commands breathtaking panoramic views of the majestic Rim. Its custom design boasts solar panels and a cutting edge Geo-thermal system that heat and cool the fully electric home with precise efficiency, keeping energy cost at little to nothing. Two (could be 3) of the bedrooms and 2 bathrooms are on the main level. One of the only homes in all of Payson with a private well and city water, to ensure smooth operation of these sophisticated features along with a water filtration system. Reinforced steel security shutters cover every window and both garage doors at the touch of a button. Ease of use of all the upgrades and innovative features are some of the greatest attributes of this sanctuary. The office/bonus room downstairs is perfect for working from home in a quiet private setting. The oversized 550 square foot garage has tons of storage on both sides. The landscaping and foliage on the entire .83 acres is so beautiful. Welcome home to your retreat in the mountains of Arizona where innovation and tranquility converge.

4188 N 182nd Lane Goodyear, AZ 85395

$829,000
4 Beds
3.5 Baths
2,599 SqFt
Status Active Under Contract
MLS # 6756851
Property Type Single Family Residence
Price Type --
Nestled in a charming neighborhood, this meticulously maintained former model home with many upgrades features a spacious layout with an open and elegant kitchen. Enjoy seamless indoor-outdoor living with multi-slide patio doors leading to a covered patio, heated saltwater pool, and hot tub. The transformed 3rd car garage includes a kitchenette, ½ bath, media projector, and mini-split A/C unit, perfect for various uses. An owned solar system adds eco-friendly benefits offering very minimal energy cost. Conveniently located near amenities and schools, this home is ideal for modern living.

5527 Dripping Springs Drive Pine, AZ 85544

$829,000 - 3Br/3Ba -  for Sale in Solitude Trailes, Pine
New
$829,000
3 Beds
3 Baths
1,858 SqFt
Status Active
MLS # 6764795
Property Type Single Family Residence
Price Type --
Once in a while a special home comes on the market that is perfect for residing in the day your escrow closes. This 3 bedroom 2 ½ bath home in a preferred tranquil gated area of Pine gives you a warm, friendly feeling when you arrive. All the amenities you will need, including an efficient kitchen with a half bath and laundry room easily accessible, leads to door for attached 2-car garage providing protected entry in colder months. Great room shows off extra-large windows for enjoying the local wildlife, plus a gas fireplace for warmth and ambience during winter evenings. Central air & heat, new roof earlier this year, a generator provides any emergency power needed. Whole house water filter system, Interior recently painted, reverse osmosis, tank-less recirculating water heater. plus a compressor added about 4 years ago. This home has everything to make your life stress-free. Composite decking, Heavy aluminum deck rails, and Cast aluminum patio furniture is included under the covered patio that gives you a front-row seating to the Elk and Deer who come to visit. Come - Relax - Enjoy!

1395 E Loveland Lane San Tan Valley, AZ 85140

$829,000
3 Beds
2 Baths
2,098 SqFt
Status Active
MLS # 6748112
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This stunning property offers the perfect blend of country living and modern convenience, situated on a sprawling 1.21-acre lot with no HOA restrictions. Whether you're looking for space to spread out, entertain, or enjoy the outdoors, this home has it all. The home features three spacious bedrooms along with a versatile den/office area that can be tailored to your needs. The primary bathroom has been beautifully remodeled with beautiful finishes. Brand new carpet in the bedrooms ensures a fresh and comfortable living experience. The 3-Car Garage offers plenty of room for vehicles, storage, and more. The expansive backyard is an entertainer's paradise! Enjoy a full-size basketball court complete with lights, perfect for day or night play. There's also an in-ground trampoline and a playground area with sand, making it a perfect place for kids! Also in the very back of the lot is electric and water for a shop. There are 2 RV gates and an RV Pad for easy access to the yard. Third car garage has a A/C wall unit, electric outlets, and can be used as a small shop/office. Just a short drive from the 24 freeway, you're less than 10 minutes away from convenient access to the rest of the valley. The Queen Creek Marketplace and Costco are only 15 minutes away, offering a wide range of shopping, dining, and entertainment options. Plus, you're close to numerous restaurants and other amenities, making this location ideal for both relaxation and convenience. This property offers a unique opportunity to own a spacious home with endless possibilities, all without the constraints of an HOA. Don't miss your chance to make this incredible home your own!

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