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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18239 N 66th Place Phoenix, AZ 85054

$825,000

4 Beds

3 Baths

2,007 SqFt

Status Active

MLS # 6695644

Property Type Single Family Residence

Price Type --

Welcome to your new home in Paradise Ridge, where charm meets convenience in this delightful 4-bedroom, 3-bathroom home. Nestled within the highly sought-after gated community, this property offers a cozy retreat amidst the tranquility of its surroundings. Upon entering, you'll find yourself in a welcoming space, thoughtfully designed for both comfort and functionality. The open living area provides ample room for relaxation and entertainment, while the adjacent kitchen boasts modern amenities and plenty of storage space. The master suite offers a peaceful sanctuary with its own private bathroom, massive walk in shower and plenty of closet space with convenient washer/dryer, providing a quiet respite from the day's hustle and bustle. The remaining bedrooms are spacious and bright, offering flexibility for various needs. The downstairs private beauty suite can be easily converted back to a bedroom or a mother-in-law/flex space. Step outside to discover a sizable backyard, one of the largest in the community, offering plenty of room for outdoor activities and relaxation. Previously a parking lot for the model home, this space now provides ample opportunity for gardening, play, or simply enjoying the fresh air. Residents of Paradise Ridge enjoy access to community amenities such as a pool, spa, children's playground and walking trails, enhancing the overall lifestyle experience. With its convenient location near highway, Mayo Clinic, shops, and dining options, this home offers both comfort and convenience for everyday living!

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21030 E Misty Lane Queen Creek, AZ 85142

$825,000

5 Beds

2.5 Baths

3,435 SqFt

Status Active Under Contract

MLS # 6750731

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning residence is brimming with luxurious upgrades and is ready for you to move in and start living. The gourmet kitchen is a chef's delight, featuring elegant granite countertops, classic white shaker cabinets, a generous island, and high-end stainless-steel appliances. This culinary space seamlessly flows into the inviting family room, highlighted by a chic wood-planked feature wall. On the main floor, you'll find a versatile bedroom perfect for guests or an office. Head upstairs to discover a spacious loft, ideal for playtime or relaxation. The master suite is a true retreat, boasting a large bedroom, a lavishly upgraded en-suite bath, and a walk-in closet designed for ample storage. The upper level also includes three additional bedrooms, a convenient laundry room, and a well-appointed bathroom. Step outside to the backyard oasis, where a sparkling pool awaits for refreshing swims and sun-soaked lounging. The built-in BBQ area, featuring a sleek flat top grill, and a stylish ramada make this space perfect for entertaining. The home also offers a three-car garage for all your storage needs. And last but not least, convenient access to the Queen Creek Marketplace, plenty of new restaurants, shopping and the Frys Marketplace.

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3828 E Covina Street Mesa, AZ 85205

$825,000

4 Beds

2 Baths

2,673 SqFt

Status Active

MLS # 6748771

Property Type Single Family Residence

Price Type --

This custom home, situated on a spacious half-acre lot, features stylish upgrades and a brand new pebble tech pool. Located in a charming neighborhood characterized by grassy front yards and irrigated backyards, bring your animals and all your toys! This much land in the city doesn't come by often. The home is a split floor plan and has two large living rooms with the main living room having vaulted ceilings, showcasing added dimension and character with the wood beams and unique skylights overhead. The large primary suite includes a spacious closet and an en-suite bathroom complete with a standalone soaking tub and a separate shower. The kitchen provides plenty of cabinet space, a family-sized pantry, an eat-in area, and a separate dining room. The garage features newly installed epoxy floors, adding both style and durability. Every aspect of this home reflects attention to detail, with thoughtful designs and high-end finishes that make it truly special. Don't miss out on this one-of-a-kind custom home that offers all the modern amenities you desire.

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305 E Vera Lane Tempe, AZ 85284

$825,000

5 Beds

3 Baths

3,013 SqFt

Status Active Under Contract

MLS # 6749971

Property Type Single Family Residence

Price Type --

Corner Lot Home in Warner Ranch Estates ! 5-bedroom, 3-bathroom home nestled within the sought-after Warner Ranch Estates community. Enjoy the spaciousness of a 3-car garage, a sparkling pool, and an inviting fireplace in the family room. The bright and open kitchen is perfect for entertaining, and the downstairs bedroom and bathroom offer convenient guest accommodations. Upstairs, you'll find the remaining bedrooms, providing ample space for everyone. The vaulted ceilings add a touch of grandeur to the living spaces, while the corner lot location offers privacy and plenty of outdoor space. Don't miss this opportunity to make this your forever home!

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1852 N 39th Street Phoenix, AZ 85008

$825,000

2 Beds

2 Baths

1,912 SqFt

Status Active

MLS # 6731808

Property Type Single Family Residence

Price Type --

One of a Kind Amazing Property. Over half Acre property 23,871 irrigated lot. RV Gate with RV Parking, Gated 2 Car Garage. Wonderful Heated Pool built in 2018 with rock waterfall. Outdoor Kitchen with gas, griddle, fridge, green egg, sink. umbrella and solar lights. 17X10 Barn 14' in Height with electric and water plus an additional storage shed. Extended Patio-Pergola. Interior Remodeled with plank tile flooring, granite island kitchen, soft close cabinetry and stainless appliances, whole house water filtration system with reverse osmosis. Master bath recent remodel with walkin shower walkin closet and vanities and barn door. Open Kitchen Great room floorplan, fish tank included with sale. Brand New Fence on back of property. SPECIAL FINANCING AVAILABLE 1% RATE REDUCTION AND 10K 4 CC Lot could be split in the back or built on.

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8117 E Lewis Avenue Scottsdale, AZ 85257

$825,000

4 Beds

3 Baths

1,921 SqFt

Status Active Under Contract

MLS # 6704136

Property Type Single Family Residence

Price Type --

Welcome to your ideal sanctuary nestled in the heart of Scottsdale! This fabulous residence embodies everything you've been yearning for. Set on a sprawling lot designed for entertaining, this property boasts a glistening pebble-tec pool. Step inside to discover a well-appointed interior.providing ample space for comfortable living. Whether you're hosting gatherings or enjoying quiet time, this home offers the perfect backdrop for every occasion. The kitchen has SS appliances, granite counter tops and white cabinets. Conveniently located near premier shopping destinations and top-rated restaurants, yet tucked away in a tranquil neighborhood, this residence offers the best of both worlds. Experience the epitome of Scottsdale living in this charming abode. Your dream home awaits!

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2098 Summer Breeze Drive Prescott, AZ 86303

$825,000

4 Beds

3 Baths

3,104 SqFt

Status Active

MLS # 6710136

Property Type Single Family Residence

Price Type --

Huge price adjustment! Tired of the Phoenix heat? Nestled in Ponderosa Pines and pinion, you'll find a beautiful Prescott home, with great room and soaring ceilings, hardwood flooring and stone fireplace are beckoning you into the knotty pine and granite kitchen and dining area. The upper rear deck is available for breakfast or coffee anytime. You'll feel like you are in the treetops. A den/library/study is inside double doors and could be a 4th bedroom, complete with a closet. Gorgeous primary bedroom suite with door to the outside decking. Primary bedroom bath garden jetted tub awaits. Double sinks. Also on main floor is laundry and half-bath. Lower level has two bedrooms, bath and huge game /billiards/hobby or family room plus a living area with sliders to patio.

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9782 W Buckhorn Trail Peoria, AZ 85383

$825,000

4 Beds

3 Baths

2,872 SqFt

Status Active

MLS # 6757112

Property Type Single Family Residence

Price Type --

Experience luxury living in this sensational home nestled within the gated community of Pleasant Valley. Meticulously maintained by the original owners, this single-level floorplan is designed for effortless entertaining or quiet relaxation. The chef's kitchen boasts extensive cherrywood cabinets, granite countertops, updated stainless steel appliances, and a large kitchen island that overlooks the family room featuring a cozy fireplace. French doors lead to a lush, private backyard, highlighted by a serpentine stacked stone pool with a rock water feature. Enjoy ultimate privacy with no neighbors behind, creating the perfect oasis. This home also offers a spacious 3-car garage with a 4' extension, along with an RV gate and RV parking. Owned solar with a battery back up for energy savings.

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7720 N 181st Avenue Waddell, AZ 85355

$825,000

3 Beds

2 Baths

2,024 SqFt

Status Active

MLS # 6753868

Property Type Single Family Residence

Price Type --

Rare find! 2 acre horse property only minutes from Hwy 303!You'll know it's special as you drive up to the expansive front lawn and then see the welcoming front porch! The 3 bed 2 bath home w/split floor plan, living room, vaulted ceilings,ceiling fans,family room with dining area, eat in kitchen w/corian counters. Primary en suite bedroom w/step in shower and walk in closet-slider to back patio! Huge 2nd bedroom! Nicely sized 3rd bedroom-great for home office. 2 garages! Everything you'll want outside too- covered patio, separate pergola covered BBQ area,fenced yard, fully fenced pasture, lighted arena, covered stall/tack area w/water and power, flood irrigation.

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10538 E Sheffield Drive Mesa, AZ 85212

$825,000

6 Beds

3.5 Baths

4,002 SqFt

Status Active

MLS # 6754952

Property Type Single Family Residence

Price Type --

Possible Assumable Loan with a 3.875%**PRICED BELOW COMPS** Back on market due to buyer could not preform. Why wait for a new build when you can get a home with over 150k in upgrades from a beautifully designed backyard to upgrades fixtures and a lot of Wall Designs to clearly make this home give off the WOW factor! Imagine living in a home that offers the best of both worlds - the convenience of single-level living with the added bonus of a second floor! This exceptional home features 5 bedrooms, 3.5 baths, and a 3-car garage. The First level has the Primary Suite and 3 additional bedrooms and 2.5 bathrooms. The second story offers a loft, two bedrooms, and a bath, that's perfect for accommodating guests or creating a private retreat

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4327 S Kimberlee Drive Chandler, AZ 85249

Open House

New

$825,000

5 Beds

4 Baths

3,914 SqFt

Status Active

MLS # 6764175

Property Type Single Family Residence

Price Type --

This stunning 2-story home in Chandler 85249 is giving ALL the vibes! Offering a blend of space, elegance, and potential that's hard to come by. As you pull up, you'll be greeted by the expansive 3-car tandem garage, providing ample parking and storage space for all your vehicles, tools, and toys. Step inside and prepare to be wowed by the HUGE open entryway, highlighted by a striking balcony that lines the second floor. The soaring ceilings and natural light create an airy and inviting ambiance, making this the perfect blank canvas to bring your vision to life. Freshly painted, the home is ready for you to add your personal touch. With neutral tones throughout, the possibilities are endless for customizing each space to suit your style. Whether you're planning to upgrade the kitchen, personalize the living areas, or design a dreamy backyard retreat, any investment you make in this property will make you happy you did. One of the home's crown jewels is the private pool-ideal for cooling off on those hot Arizona days or entertaining guests in your own backyard oasis. Imagine spending weekends lounging poolside, hosting BBQs, or enjoying quiet evenings under the stars. Upstairs, you'll find the spacious bedrooms, perfect for relaxation and privacy. The second-story layout offers a flex space retreat away from the main living areas, allowing you to unwind in comfort after a long day. The primary suite is particularly inviting, with ample room to create your own luxurious sanctuary. Location is everything, and this home does not disappoint! Nestled in a prime Chandler zip code, you'll enjoy easy access to shopping, dining, and entertainment. Plus, you're just minutes away from major highways, making commuting a breeze. This home is a rare find-offering both incredible value and room to build even more. Whether you're looking for your next home or an investment opportunity, this property checks all the boxes. Don't miss your chance to make it yours!

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2324 W Tanya Trail Phoenix, AZ 85086

Open House

$825,000

3 Beds

2.5 Baths

2,739 SqFt

Status Active

MLS # 6690866

Property Type Single Family Residence

Price Type --

Discover the epitome of desert living in this exceptional 1+ ACRE property in North Phoenix, where privacy meets convenience in a breathtaking setting with NO HOA! This home is a sanctuary of peace and tranquility, perfectly situated just minutes from ANTHEM COUNTRY CLUB, the vibrant NORTERRA shopping and dining scene, BOULDER CREEK HIGH SCHOOL, Sonoran Health Medical Center, Lake Pleasant, and a short TRAIL RIDE North or South to state land. Experience unparalleled energy efficiency with OWNED SOLAR PANELS that dramatically reduce your energy bills. This remarkable residence boasts a welcoming circular driveway leading to a spacious 2-car garage, an RV GATE with plenty of space for RV PARKING, and a charming courtyard entry. Step inside to find an interior that embodies modern elegance with an abundance of natural light, and a soothing color palette. With fire sprinklers installed throughout, this home features a formal dining room and a spacious living room equipped with surround sound, media niches, perfect for entertaining or quiet evenings in. The fusion of tile and carpet flooring under high ceilings, illuminated by recessed and pendant lighting, creates a warm and inviting atmosphere. The gourmet kitchen is a chef's dream, complete with built-in appliances, a walk-in pantry, GRANITE countertops and backsplash, ample cabinetry accented with crown molding, a prep island, and a breakfast bar. Adjacent to the kitchen, a cozy breakfast nook with a bay window offers a delightful spot for casual dining. The primary suite features direct outdoor access, an en-suite bathroom with dual sinks, a soaking tub for ultimate relaxation, and a spacious walk-in closet. With ample space for future HORSE STALLS, BARN or even a SPARKLING POOL, this incredible backyard features a tranquil water feature, a full-length COVERED PATIO, and a gazebo, making it the perfect venue for weekend gatherings and creating unforgettable memories. This property is not just a home; it's a lifestyle waiting to be embraced. See for yourself the true beauty and rare opportunity this North Phoenix gem offers.

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