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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4263 W Bonnie Lane Queen Creek, AZ 85144

$825,000

4 Beds

4 Baths

3,043 SqFt

Status Active

MLS # 6748686

Property Type Single Family Residence

Price Type --

BRAND NEW Construction w/ Custom-Quality Upgrades! This beautiful Modern Farmhouse is located on a 1.25 ACRE of Horse Property. Gourmet Kitchen w/ WOLF Appliances, high-end Cabinets w/ 42'' uppers, White Quartz Countertops, Built-in Stainless-Steel Drawer Microwave & Wood Plank Tile Floors. Stunning Master Bathroom w/ Freestanding Soaking Tub, BEACH ENTRY Shower & Double Vanities. Exceptional Energy Efficient - boasting Spray Foam Insulation, Premium Trane AC units & High-end Windows. Superior Construction & Craftmanship includes Premium Roofing System, Premium Synthetic Stucco & much more! Estimated completion date in Jan/Feb.

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9 County Road N1029 -- Greer, AZ 85927

$825,000

1 Bed

1 Bath

1,250 SqFt

Status Active

MLS # 6699331

Property Type Single Family Residence

Price Type --

This is a hidden gem, adorable Log cabin, nestled in the woods. 1 Bedroom & 1 Bathroom & Loft with additional beds. Front covered deck over looks ponds. This is a true get away cabin in the woods. Large Great & Dining Room area. Free Standing Wood Fireplace. Kitchen & Cabinets space, has all the necessary amenities with Electric Stove, Microwave & Refrigerator. All rooms have large window to view all the outdoors & wildlife in the area. Very bright & Airy inside cabin with exposed beam in ceiling. Special engineered logs with insulated interior of log. Wrap around deck. Basement has workshop, laundry Washer & Dryer & Storage area. Plenty of room on 4 acres to have horses and build an additional cabin. Secluded but close to Greer Village, Lakes, Hiking, Fishing & Sunrise Ski Resort.

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1912 Timber Pt W Point Prescott, AZ 86303

$825,000

3 Beds

2.5 Baths

2,252 SqFt

Status Active

MLS # 6709377

Property Type Single Family Residence

Price Type --

Don't miss this stunning home in the Pines, Minutes from Historic downtown Prescott. This 3-bedroom, 3-bathroom home has been completely updated and remodeled and is Move-in Ready. Light and Bright with a great layout. The first level has a Formal Dining Room and a great room with a dual fireplace shared with the dining area in the Kitchen. Beautiful Granite Countertops, Single Basin Stainless Steel Sink. LG Stainless Steel Appliances. Spacious Laundry Room with Plenty of Cabinets. The primary Bedroom is also on the 1ST level. Brand new Custom Closets and a gorgeous Primary Bathroom has a walk-in shower and soaking tub. New Cabinets with Quartz Countertops. Brand New Top-of-the-Line LVP Flooring throughout the entire 1ST Level. Upstairs is a loft with a Pool Table and LVP Flooring Two additional bedrooms and a bathroom. Trees surround a Multi-Level Backyard in a tranquil, private, natural setting. The lower level has a Patio for sitting and BBQing. Stone steps to the upper level have a hot tub, and above that is a beautiful sitting area where you can enjoy the incredible wildlife of Prescott. The yard's perimeter is completely fenced ina new $6k Water Purification System.

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13183 W Lone Tree Trail Peoria, AZ 85383

$825,000

2 Beds

2.5 Baths

2,305 SqFt

Status Active Under Contract

MLS # 6665154

Property Type Single Family Residence

Price Type --

This home exudes comfort! The front walkway and courtyard are paved with tumbled travertine, in an appealing pattern. The welcoming front courtyard is perfect for relaxing with coffee in the morning. Glass inserts in the front door allow light into the entry with the security screen allowing fresh air flow. The home has wood look tile flooring throughout, laid diagonally to enhance the open feeling, and offering continuity of design. With the variegated colors in the tile, any furniture color or style will nicely blend. A den is just off the entrance. With plantation shutters, it can be open to the entrance or closed for privacy. While a great space for an office, it also works as a third sleeping area. Another bedroom is nearby. Large enough for a king bed, this bedroom also has plantation shutters and an en-suite bath. The main living area is very open, allowing for a variety of furniture arrangements. Suncreens on the west facing windows keep the home cooler in summer months. Central to this area is the kitchen, with an oversized granite topped island with a gas range top. Cabinets in the kitchen feature roll out shelving, and appliances are GE and GE Profile. The dishwasher and disposal have recently been replaced with new models. The sink is a granite composite, The owners updated the backsplash to a neutral subway style tile, and installed led lighting over the island and in the area near patio doors which gives enhances the open feeling. The Primary Suite is spacious with large windows overlooking the lush, landscaped rear yard. This room has a separate patio entrance, with a security screen door. You can drift to sleep with the sounds of the fountain nearby. The Primary Bath has separate vanities, including an area for make-up and a walk-in shower. The closet has been customized by Classy Closets. A powder room is discreetly located near the front of home. Another spectacular feature of the home is the Smart Space. The owners have customized a pantry closet in this space. Perfect for an office, hobbies, or additional storage, this space also houses the washer and dryer with hanging space and a sink. This room leads to the 2-car, climate-controlled garage. Storage racks in the garage provide extra storage. A third garage is accessed from the front courtyard. The back patio incorporates the same beautiful travertine and has been enhanced by the addition of a pergola. A fountain graces the landscape with a soothing, quiet stream of gently cascading water. Both the BBQ grill and Television in this space convey. Walking Distance to dog parks, and the Mita Club is less than 5 minutes away. The HOA recently acquired the golf course and restaurant, and the assessment levied for this has been paid in full. Solar panels are on a prepaid lease. Buyers pay the Capital Improvement Fee. Listing Agent is a friend of the owners of this home. Trilogy at Vistancia is an age restricted community. Please contact Trilogy to learn more. Buyer to verify all facts and figures. Listing Agent is a friend of Sellers.

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425 S Pioneer Street Colorado City, AZ 86021

$825,000

7 Beds

6 Baths

4,935 SqFt

Status Active

MLS # 6749890

Property Type Single Family Residence

Price Type --

This very UNIQUE CUSTOM 4900 Sq.Ft. Home sits on a LARGE .96 ACRE corner lot that includes 2 Homes in ONE with 2 Kitchen spaces, 2 Laundry rooms, and separate entrances. The front entry has vaulted ceilings that lead into a large gathering area or greatroom w. marble flooring. The massive KITCHEN area comes with Massive Island, GRANITE COUNTERTOPS, custom walnut cabinets, pantry, and ALL STAINLESS STEEL APPLIANCES. The LARGE MASTER comes w/ a walk-in closet, HUGE walk-in shower, & vanity. The ''can be'' independent BASEMENT APARTMENT has family room/GAME ROOM, cold storage room, 3 Bedrooms, 2 Bathrooms & GAME ROOM with space to add a kitchen with all roughed in plumbing and electrical. The 3rd Floor has a loft area w/ 2 large bedrooms w/ a balcony and bathrooms. The BACKYARD is BEAUTIFULLY LANDSCAPED w/ auto watering system, large deck for stargazing, play set and relaxing sauna area. Extremely efficient home with high-end ANDERSON Windows, 16-Seer Mini-split climate control systems and a top of the line full home water filtration system. YOU WON'T FIND ANOTHER HOME LIKE THIS, so Hurry before it's gone.

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1531 E Montebello Avenue Phoenix, AZ 85014

$825,000

3 Beds

2.5 Baths

2,159 SqFt

Status Active

MLS # 6756132

Property Type Single Family Residence

Price Type --

Located in the highly sought-after area off 16th St and Bethany Home, this remodeled home in North Central boasts an ideal location in the Madison School District. With travertine floors, cherry wood cabinetry, granite counters, and stainless steel appliances including a Thermador 6-burner gas range, the chef's kitchen is a standout feature. The oversized master bedroom offers a walk-in closet and updated bath with double sinks, a separate tub, and shower. Other highlights include a Lutron lighting system, tankless water heater, and front yard landscaping included in the HOA fee. Enjoy a low-maintenance lifestyle with a quaint outdoor patio area. Recent upgrades include new shower doors, driveway, epoxy garage floors, interior paint, bedroom carpeting, A/C, landscaping, exterior paint, sunscreens, tankless water heater, and a newer roof. This turnkey home also boasts a chef's kitchen with Thermador appliances and ample storage. Just minutes from the airport, Starbucks, boutiques, and top restaurants, this home offers both convenience and charm.Recent upgrades and attention to detail throughout the home make it move-in ready and a standout in the neighborhood. Additionally, its proximity to the airport, popular shops, and restaurants adds to the convenience and appeal of this property.

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1802 N Williams -- Mesa, AZ 85203

$825,000

5 Beds

2.5 Baths

2,375 SqFt

Status Active

MLS # 6749973

Property Type Single Family Residence

Price Type --

Discover Modern Comforts in a Storybook Setting! Don't be fooled by the charming, storybook exterior—this home is brimming with modern accents, updates, upgrades throughout and NO HOA! Nestled on a lushly landscaped, irrigated, and fenced corner oversized lot, this five-bedroom, two-and-a-half-bath gem is full of delightful surprises. Step inside and be greeted by a host of brand-new features, including a new roof, insulation, piping, water heater, doors, and hardware. Updated electrical systems ensure peace of mind, while gas appliances, a wood-burning or gas fireplace, and a beautifully crafted mantle bring warmth and elegance to the heart of the home. The spacious split floor plan offers a primary suite downstairs, featuring a stunning new bath addition with a soaking tub and separate shower. Upstairs, four generous bedrooms provide ample space for family, guests, or a home office. Outside, a detached workshop with its own electric subpanel is a dream for the craftsman in the family and offers extra storage for all your toys. Thoughtful upgrades include an elevated concrete pad beside the workshop, landscape irrigation lines, and additional electric outlets throughout the property, making outdoor entertaining in your rear oasis a breeze. Centrally located with easy access to freeways, shops, restaurants, museums, downtown Mesa, Tempe Town Lake, and Scottsdale's entertainment districts, this home offers the perfect blend of convenience and comfort for exploring nearby attractions and enjoying the best of the area.

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1904 E Freeport Court Gilbert, AZ 85234

$825,000

3 Beds

2.5 Baths

2,235 SqFt

Status Active Under Contract

MLS # 6749399

Property Type Single Family Residence

Price Type --

Beautiful, newly remodeled home located in gated subdivision in coveted Val Vista Lakes Community. Home is in a cul-de-sac and has direct access to the walking path, greenbelt, and community rose garden. Home is steps away from the water. Step in through your oversized front door to be greeted by vaulted ceilings throughout and views of your back patio. Home is open, light, bright. Kitchen has brand new SS appliances, walk in pantry, abundant storage space with new shaker cabinets. Washer and dryer are brand new. Primary suite has walk in closet, large bathroom with double sinks, separate shower and soaking tub. Backyard has water feature, raised flower beds, storage on side yard. Garage has built in cabinets and newly installed workbench and multiple gorilla overhead storage units.

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793 Bills Loop Forest Lakes, AZ 85931

$825,000

7 Beds

3 Baths

2,264 SqFt

Status Active

MLS # 6696136

Property Type Single Family Residence

Price Type --

THREE cabins on 1.05 acres with zoning already in place to add a fourth one. This slice of heaven, the ''Rustic Rim Hideaway'' has hosted many happy visitors. Rustic charm with knotty pine walls and wood burning fireplaces-each cabin has a fully equipped kitchen, shower, bath and all the furnishings. The 3 bedroom cabin sleeps 6 and each of the 2 bedroom cabins sleep 4. Nestled in Forest Lakes-one of AZ's most sought after places where temperatures are 20-30 degrees cooler than the valley! This is relaxation at it's best with private porches, sitting areas, lawn games and BBQs. Tons of opportunities for outdoor adventure as this property adjoins the Sitgreaves National Forest packed with trails and lakes. This property has been diligently maintained.

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4144 S Zephyr -- Mesa, AZ 85212

$825,000

3 Beds

2.5 Baths

2,970 SqFt

Status Active

MLS # 6752869

Property Type Single Family Residence

Price Type --

Discover gorgeous curb appeal on a spacious corner lot, accentuated by brick details and dark shutters. Step inside and be captivated by the meticulously designed interior featuring upgraded luxury vinyl flooring that flows effortlessly into the main living areas, enhanced by modern lighting and abundant natural light. The living room offers custom built-in cabinets and a massive wall slider that opens to the backyard, blending indoor and outdoor living. The gourmet kitchen is a chef's dream, showcasing an expansive island, ceiling-high cabinetry, two-toned cabinets, a single basin sink, reverse osmosis system, recycling center, and elegant pendant lighting. Enjoy the added convenience of a morning kitchen complete with a beverage fridge, sink, and additional cabinetry. (CLICK FOR MORE) The luxurious primary suite will leave you in awe with its spacious layout, natural light, private backyard exit, dual sinks, abundant cabinet and counter space, and a walk-in shower tiled to the ceiling with a rainfall showerhead. The enormous walk-in closet connects to the oversized laundry room, which features artistic tile, grey upper and lower cabinets, butcher block countertops, and a utility sink. The additional two bedrooms each have their own walk-in closet and share a dual-sink bathroom. Accent walls in these rooms add a touch of sophistication. Additional highlights include two drop zones off each garage entrance, a water softener, and an electric vehicle charger in the garage. The backyard offers an extended paved patio and low-maintenance artificial turf, ideal for relaxation or entertaining. Living in this home feels like a world-class resort with access to a luxurious community pool, splash pads, parks, Steadfast Farm, and The Mark clubhouse, which hosts year-round events and family-friendly activities. Experience the pinnacle of luxurious living in this immaculate home!

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737 E Mountain Sky Avenue Phoenix, AZ 85048

$825,000

4 Beds

3 Baths

2,861 SqFt

Status Active Under Contract

MLS # 6745318

Property Type Single Family Residence

Price Type --

Mountain Preserve LOT! This fantastic 4 bed, 3 bath residence only available due to relocation! Move in ready, newer windows/plus 3 car garage are just the beginning. Discover a spacious dining & living area w/elegant wood-look flooring, plantation shutters, and soaring ceilings. Continue into the cozy family room, boasting a fireplace to keep you warm during the winter months. The chef's kitchen is comprised of designer wood cabinetry w/granite counters, a pantry, tile backsplash, SS appliances, a prep island, and a breakfast nook. Upstairs you'll find a cozy loft where you can spend a relaxing Sunday afternoon. The primary bedroom showcases a sizeable sitting room w/a 2-way fireplace, private balcony access, a walk-in closet, and a lavish ensuite w/dual sinks. Finally, the wonderful backyard includes a covered patio, well-laid pavers, a built-in BBQ, lush grassy area, and a sparkling blue pool/spa combo! What are you waiting for? Act now!

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38500 N School House Road Unit 45 Cave Creek, AZ 85331

$825,000

4 Beds

2.5 Baths

2,292 SqFt

Status Active

MLS # 6750894

Property Type Single Family Residence

Price Type --

Premium private lot that sides to the common area. Newer 2021 built single level 4 bed 2.5 bath home w/ an office & a 2 car garage in the heart of Cave Creek! Open floorplan w/ the primary bedroom split from the secondary bedrooms. Wood-like tile throughout. Kitchen is open to the family room w/ dark expresso cabinets, huge island w/ quartz counters, a dramatic waterfall edge, w/ seating & pendant lighting above. A pantry, upgraded SS appliances, gas range, a hood & a breakfast nook seating area. Primary bedroom has a barn door that closes off the primary bathroom & includes dual sinks & separate tub & shower. Tankless water heater. Backyard w/ custom pavers & sprinklers. Amenities include community pool, spa, firepit, & pickleball court. 5 min walking distance to the Town of Cave Creek

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