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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1845 E Hale Street Mesa, AZ 85203

$825,000

4 Beds

3 Baths

2,978 SqFt

Status Active Under Contract

MLS # 6753323

Property Type Single Family Residence

Price Type --

Large irrigated lot, 3 car garage, no HOA, recently remodeled home with a remodeled pool in North Mesa! As you step inside, you're greeted by a charming brick entryway that opens up to a spacious great room with white oak floors throughout. The light-filled kitchen is a showstopper, featuring soaring ceilings with rustic wood beams, quartz counters, ample storage and a convenient butler's pantry. Each of the four bedrooms is generously sized, providing plenty of room for relaxation. Sitting on a third of an acre, this property also boasts a 3 car garage and generous backyard with a spacious shed and sparkling pool, perfect for those hot Arizona days. The entire home exudes a modern farmhouse charm, blending contemporary updates with classic design elements. Conveniently located minutes minutes from the loop 202 freeway, shopping and dining. Come see this gem today!

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5121 W Whispering Wind Drive Glendale, AZ 85310

$825,000

4 Beds

2 Baths

2,647 SqFt

Status Active

MLS # 6753274

Property Type Single Family Residence

Price Type --

Single level, 3 car garage, acre+! Low maintenance yards. Beautiful. Fireplace in family room open to kitchen with granite countertops. Split Primary has newer carpet & patio access, along with huge bathroom that leads to the closet with full size washer & dryer. Ask about the air conditioned secret room above the laundry area. Generous storage throughout. Ample paved parking, RV gate to back property; RV electric, water & septic hook-ups on property. Putting Green w/ chipping & pitching stations. The garage has a mini-split with Insulated garage doors to keep it cool for all your DIY projects. Don't pass this one up.

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4136 E Glacier Place Chandler, AZ 85249

$825,000

4 Beds

3 Baths

3,270 SqFt

Status Active

MLS # 6762162

Property Type Single Family Residence

Price Type --

STUNNING POOLSIDE EXECUTIVE HOME LOCATED IN VAQUERO RANCH! THIS HOME FEATURES 4 BEDROOMS UPSTAIRS, ALL WITH WALK-IN CLOSETS, A SPACIOUS OWNER'S SUITE WITH A HUGE CLOSET, AN UPSTAIRS SPACIOUS LOFT, A DOWNSTAIRS OFFICE, 3 BATHROOMS, 3 CAR GARAGE & A GORGEOUS POOL! THE GOURMET KITCHEN IS A CHEF'S DREAM WITH GRANITE COUNTERTOP'S, LARGE ISLAND, ABUNDANT CABINETS FOR STORAGE, BACKSPLASH, GAS COOKTOP, DOUBLE OVENS, STAINLESS STEEL APPLIANCES & A BUTLER'S PANTRY LOCATED BETWEEN THE KITCHEN AND THE FORMAL DINING ROOM. THE OPEN CONCEPT FAMILY ROOM HAS A 3 PANEL SLIDING GLASS DOOR CREATING A PERFECT INDOOR/OUTDOOR LIVING ENVIRONMENT. THE NORTH FACING BACKYARD WITH A LARGE COVERED PATIO, FABULOUS POOL & A BOULDER WATER FEATURE IS A PERFECT PLACE TO RELAX & ENJOY WITH FAMILY & FRIENDS. A MUST SEE!

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9247 E Broken Arrow Drive Scottsdale, AZ 85262

New

$825,000

3 Beds

2 Baths

2,167 SqFt

Status Active

MLS # 6764729

Property Type Single Family Residence

Price Type --

Welcome to your dream oasis in the heart of Legend Trail, Scottsdale, Arizona! This immaculate single-level home boasts 3 spacious bedrooms plus a versatile den, offering ample space for work or relaxation. Step inside to discover a thoughtfully designed floor plan adorned with stylish finishes and abundant natural light throughout. The chef-inspired kitchen features sleek countertops, modern appliances, and a convenient breakfast bar, perfect for entertaining guests or enjoying casual meals. Unwind in the luxurious primary suite, complete with a lavish en-suite bath and a generous walk-in shower. Outside, the expansive backyard beckons with its lush landscaping and serene desert views, providing the ideal backdrop for outdoor gatherings or simply soaking in the Arizona sunshine. With access to premier amenities including a championship golf course, clubhouse, and fitness center, this is resort-style living at its finest. Don't miss your chance to experience the epitome of Arizona luxury living - come see this gorgeous property for yourself today!

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10411 N 42nd Street Phoenix, AZ 85028

$825,000

8 Beds

3 Baths

2,700 SqFt

Status Active Under Contract

MLS # 6749460

Property Type Single Family Residence

Price Type --

Welcome to this spacious 8-bedroom, 3-bathroom home, which previously operated as an assisted living facility over a year ago. This well-maintained property boasts vaulted ceilings and a skylight in the kitchen, providing a bright and airy atmosphere throughout. The large backyard features a private, gated pool and spa, perfect for relaxation and entertainment. Additionally, part of the backyard serves as a blank canvas, offering endless possibilities for customization or expansion. Conveniently located just off Shea Blvd and the 51 freeway, with stunning mountain views, this property offers easy access to a variety of dining and shopping options, as well as other amenities. This unique home is ready to be transformed into your ideal space, whether as a private residence, rental property, or business opportunity.

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5763 W Johnny Mullins Drive Prescott, AZ 86305

$825,000

3 Beds

3 Baths

2,048 SqFt

Status Active

MLS # 6757315

Property Type Single Family Residence

Price Type --

This beautifully updated 2048 sqft home features a spacious, open floorplan with vaulted ceilings, offering a light & airy feel throughout. The cozy fireplace in the great room adds warmth and charm, perfect for chilly nights. The spacious kitchen has a subzero fridge, gas cooktop and large entertaining island. The master suite offers a luxurious retreat with a jetted soaking tub & walk in shower. The split bedroom design ensures privacy for everyone. Situated on a quiet cul-de-sac, the home boasts a large 10,000 sq ft lot with a fenced backyard backing to HOA open space, offering added privacy. Additional highlights include an inviting front porch, a new roof, dog run area, an extended paver patio with a gas firepit & more. The covered patio offers a built in BBQ & private dining area.

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18958 N 91st Way Scottsdale, AZ 85255

$825,000

3 Beds

2 Baths

1,568 SqFt

Status Active

MLS # 6749694

Property Type Single Family Residence

Price Type --

!!ASSUMABLE 2.3% INTEREST RATE!! Start living in this enchanting 3-bedroom corner lot home in Ironwood Village, featuring a captivating desert landscape and a 2-car garage. Inside, vaulted ceilings and plantation shutters enhance the wood-look floors throughout the expansive living area, highlighted by a cozy fireplace. Chef's kitchen is equipped with stainless steel appliances, white cabinets, a pantry, tile backsplash, quartz counters, recessed lighting, and a peninsula with a breakfast bar. Retreat to the main suite offering direct backyard access and a chic bathroom with dual sinks and a soaking tub. The serene backyard, complete with a covered patio and lush greenery, offers a perfect setting for enjoying breathtaking sunset views. Make this home yours today!

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22407 N Galicia Drive Sun City West, AZ 85375

$825,000

3 Beds

2.5 Baths

2,726 SqFt

Status Active

MLS # 6757808

Property Type Single Family Residence

Price Type --

This Luxury Home features a Formal Great Room with clear views of the 5th Hole of the Corte Bella Golf Course, Plantation Shutters and a Large Den. The Large Island Kitchen looks into the Family room with Sliding Glass Doors that lead onto the Covered Patio, overlooking the Heated pool and onto the Golf Course. The Master Suite allows you to wake up to the Morning Sunrise . Three Large Bedrooms . Two Separate Garages One two car garage and one Single Car. THIS IS A MUST SEE!! LOCATION, LOCATION LOCATION!!

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7606 W Libby Street Glendale, AZ 85308

$825,000

4 Beds

2.5 Baths

3,225 SqFt

Status Active

MLS # 6723740

Property Type Single Family Residence

Price Type --

Welcome to this spacious and inviting single-level home located in the sought after Hidden Manor subdivision. Boasting 4 bedrooms and 2.5 bathrooms and 3,225 square feet, offering ample space for comfortable living and entertaining. The expansive family room is ideal for gatherings, with a fireplace adding warmth and charm. The primary suite is a private retreat complete with a spacious walk-in closet and en-suite bathroom featuring dual vanities, a jetted-tub, and a separate shower. Three additional bedrooms offer comfort and versatility, accommodating guests, family members, or home office needs. Outside, the property sits on a generous lot spanning 15,921 square feet, offering plenty of room for a pool or garden. **New roof installed in late 2022** **Exterior painted in June 2024**

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38803 N 23rd Avenue Phoenix, AZ 85086

$825,000

2 Beds

2 Baths

1,580 SqFt

Status Active

MLS # 6666192

Property Type Single Family Residence

Price Type --

Desert Hills AZ home on approx 1.5 acres in a COMMERCIAL residential zone, offering many possibilities. The property features completely fenced acreage with wide gates for easy access, 2 parcels on a private well, a 2200-gallon holding tank exclusively for your use only, along with a new septic system 1,250-gallon and reserve field in place. Ideal for expansion, there's potential to add 3 baths w/ another dwelling. Highlights are a versatile space w/ 2 10' bay roll-up commercial doors, 600 sq ft office/living area and 900 sq ft insulated 12' ceiling garage equipped w/ AC/heat. This XL garage space is perfect for various projects and business ventures. Property additionally showcases NEW ROOF installed 1 year ago. All appliances convey with sale. More: Plans for 1200 sq-ft metal shop for poured pad on property ready for build, are included. 3 mini-splits, 2 in house, 1 in office, and new A/C in shop. If you're looking for an efficient space, minimal restrictions, business/commercial acreage, room to grow on a versatile commercial residential property in a highly sought-after location, this is the place! Horses welcome. Horse fencing conveys. BRING AN OFFER.

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13219 W Annika Drive Litchfield Park, AZ 85340

$825,000

5 Beds

3.5 Baths

3,897 SqFt

Status Active

MLS # 6762971

Property Type Single Family Residence

Price Type --

Luxury living at its finest in this highly desired gated community of Dreaming Summit in Litchfield Park! This beautiful single-level floor-plan boasts 5 bedroom / 3.5 bathrooms / 3,897 sf / 3-car garage / RV gate - all on 1/3 of an acre (15,000 sf). NEW ROOF underlayment (2021). Beauty ensues as you enter through the 8' solid wood door into a foyer w/ 10' ceilings, decorative lighting, plantation shutters, 12''x24'' neutral colored tile & 5.25'' baseboards. This is a 3-way split floor-plan w/ solid surface flooring throughout. The builder allotted maximum space in the areas where it matters the most. The spacious living room can accommodate any furniture arrangement or game-room experience. It has upgraded LED recessed lighting, cutout for a hutch/entertainment center, sliding glass door w/ beautiful backyard views, & walkways to the kitchen & living room. The kitchen includes plenty of cabinet storage, granite counters, pantry cabinets (2), stainless steel appliances & a gas range/oven. For those that like to entertain, this has a great-room feel with the space created between the kitchen, eat-in dining area & family room. The primary room can be a multi-functional space w/ your preference of a sitting area, personal desk, workout space - OR all of these options combined! The attached bath has a large walk-in shower, stand-alone soaking tub (w/ tile surround & granite seating), split vanities, private toilet room & a huge walk-in closet. The shower includes a tile surround, decorative pebble floor, two waterfall heads, no steps & is ADA compliant. The guest bedrooms are all spacious and the full guest bathrooms have been outfitted w/ granite counters, under-mount sinks, upgraded lighting & remodeled tile surrounds. The backyard is the ultimate oasis w/ a sparkling diving pool, custom paver patio (w/ drainage), alumawood patio extension, artificial turf, mature landscape, raised garden beds (w/ shade covers & irrigation) & paver sidewalk added at side-yard.

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30611 N 41st Way Cave Creek, AZ 85331

$825,000

4 Beds

2 Baths

2,284 SqFt

Status Active Under Contract

MLS # 6708113

Property Type Single Family Residence

Price Type --

Semi-custom TW Lewis single story home is situated on a large PREMIUM cul-de-sac lot with UPGRADES galore. N/S exposure, 3-car garage and backs to common area with no neighbors behind. Features include: vaulted ceilings, spacious open floorplan, granite countertops, newer appliances, high end vinyl plank flooring throughout, tinted windows and custom blinds for added energy efficiency, pebbletec diving pool with remodeled decking, grass area in backyard and low maintenance front yard landscape. REMODELED kitchen and baths. This is truly an oasis in the desirable Desert Willow Estates. Enjoy the AZ sunshine year round on the extended covered patio. Welcome home!

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