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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

1322 E Colter Street Phoenix, AZ 85014

Open House

$825,000

4 Beds

3 Baths

1,800 SqFt

Status Active

MLS # 6689121

Property Type Single Family Residence

Price Type --

This is a TURNKEY 4 bedrm. 3 bth, +GARAGE located in the highly desirable N. Central Phx. corridor & NO HOA fees! This gem is just a walk or bike away from fantastic shopping, dining and nightlife. Family friendly neighborhood and located near Madison Schools. Recently Renovated w/over $145K+ in upgrades, this home is perfect for entertaining & family. New A/C, Updated plumbing & electrical, new roof in 2022, extended back patio, tile/back splashes, updated bathrooms, new turf, pavers, full master suite addition w/single car garage added. Interior is beautifully designed for hosting while the backyard is an entertainer's paradise. Meticulously maintained perfect for outdoor gatherings and leisurely afternoon. Boasting unparalleled walkability to the renowned Biltmore area, this home offers both luxury and convenience. Whether you're seeking a move-in ready haven or envision adding your personal touch, this property is sure to exceed your expectations. See attached document section for full list of amenities/updates. 1% FREE RATE BUYDOWN FOR 1st 12 Mos. w/PREFERRED LENDER, CRAIG CUSICK, Fairway Mtg. Ask for more details.

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7659 W Antelope Drive Peoria, AZ 85383

New

$824,990

4 Beds

3 Baths

2,604 SqFt

Status Active

MLS # 6764963

Property Type Single Family Residence

Price Type --

Special Financing Available!!!!!!!!!!!! This single-story Next Gen® home offers a separate suite with its own garage, entrance and living space. The main home includes an open area among the dining room, Great Room and kitchen, overlooking a covered patio. All three bedrooms, including the owner's suite, surround the space. An expansive garage with RV parking is great for additional storage. Photos are renderings of a model home, not the actual home.

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22936 E Nightingale Road Queen Creek, AZ 85142

$824,990

6 Beds

4.5 Baths

4,791 SqFt

Status Active

MLS # 6678882

Property Type Single Family Residence

Price Type --

Welcome to Ashton Woods newest community in Queen Creek - Madera Sultana - which features outstanding community amenities heated pool* Bocce* pickle ball courts* grill areas*play areas*open greenbelts throughout* and convenient access to the 24 freeway and shopping. Experience the ''wow'' factor when first walking into this Yellowwood floorplan with a huge main living and kitchen any chef or entertainer would love. The gourmet kitchen includes a 36'' stainless steel gas cooktop, wall oven, beautiful white shaker cabinets* island & baths silver gray cabinetry* quartz countertops . The primary bedroom is downstairs w/sep tub shower in primary bath*Other features include Guest suite and 4th bedroom on main level*, 8' interior doors, 4 1/4'' baseboards*large windows in the grteatroom area.

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7910 E Snowdon Circle Mesa, AZ 85207

New

$824,900

3 Beds

2.5 Baths

2,781 SqFt

Status Active

MLS # 6764703

Property Type Single Family Residence

Price Type --

Welcome to a highly desirable home on a corner lot home with easy access to the freeway! Situated on a cul-de-sac, it features a 2-car garage with an extended driveway, RV gate, and timeless stone accents. Discover a soft palette that promotes a welcoming ambiance enhanced by tile flooring, high vaulted ceilings, and plantation shutters. Large & airy open floor plan includes media niches and a cozy fireplace, making it ideal for relaxation & entertaining. Impeccable kitchen is a cooking enthusiast's dream, fully equipped with a pantry, recessed lighting, ample cabinetry with crown moulding, tile counters, built-in appliances, and a two-tier island with a breakfast bar. Additionally, this beauty offers a flexible den and bonus room. Tranquility awaits in the romantic main retreat. Plush carpet, a sunny bayed window sitting area, an ensuite w/dual sinks, make-up desk, and a walk-in closet complete the picture. The HUGE backyard boasts a covered patio, roof deck, and artificial turf. What's not to like? Act now!

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28414 N 101st Place Scottsdale, AZ 85262

$824,900

2 Beds

2.5 Baths

2,562 SqFt

Status Active

MLS # 6740136

Property Type Townhouse

Price Type --

Luxury Listing: Exquisite Townhouse in Troon North, Scottsdale, AZ Step into a world of unparalleled luxury with this masterfully remodeled (2021) and professionally designed 2 beds, 2.5 bath townhouse nestled in the prestigious Troon North, Scottsdale, AZ. This smart home, seamlessly integrated with ALEXA voice control, spans 2,562 sq ft and boasts cutting-edge features including a Tesla Solar System and a pristine 2-car garage equipped with a charging station and sleek epoxy floors. The whole-house Lutron smart lighting system, complemented by a new roof and solar tube sky lighting (2022), illuminates every corner with elegance. Indulge your culinary passions in the gourmet chef's kitchen, adorned with top-of-the-line Thermador appliances, custom cabinetry, and luxurious & leathered granite countertops that has a particular rustic charm & more traditional granite countertop centered around a massive island. The primary suite is your personal sanctuary, featuring a spa-like en-suite bathroom and an expansive closet with custom built-ins and a closet island that redefines organization and style. The renovated second bedroom and bathroom offer versatility, perfect for hosting guests or setting up a sophisticated home office. Situated just a short stroll from the world renowned Troon North Golf Club and mere minutes from Scottsdale's premier shopping, dining, and entertainment, this townhouse is a haven of sophistication and convenience. Embrace a lifestyle of opulence and modern convenience in this exquisite Troon North retreat. See the documents tab for a list of key luxury features.

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15712 E Chandler Heights Road Gilbert, AZ 85298

$824,900

4 Beds

2 Baths

2,092 SqFt

Status Active

MLS # 6739084

Property Type Single Family Residence

Price Type --

Welcome to this beautiful property located in Gilbert ~ 85298! This well cared for home is move-in ready and clean. This gorgeous property comes with stunning views of the San Tan Valley Mountain. Enjoy the fresh putting green or build your dream AZ backyard oasis. There is no HOA and horse privileges are permitted.

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8832 W Golddust Drive Queen Creek, AZ 85144

$824,900

3 Beds

2.5 Baths

2,861 SqFt

Status Active

MLS # 6723340

Property Type Single Family Residence

Price Type --

*PRICE REDUCED* Motivated Seller, bring an offer and let's get a deal done! NEW Privacy Fence ($6,000) just installed behind the pool. Sitting on a little over 3/4 of an acre lot just below the San Tan Mountain is this Beautiful single story home in the Goldmine Equestrian Estates. Not far from the city, escape to this little country community with great neighbors and trails for horseback riding, hiking and bike riding. Got horses?? Bring'em, home has a fenced in corral, stalls and tack room all ready for you. This home has a wonderful layout and open concept with large kitchen/island and great room, perfect for entertaining. It has 3 bedrooms, 2.5 baths and a large bonus room/game room(easily made into another bedroom) and or office...lots of possibilities!! Spacious Owners bedroom with large walk-in closet and renovated bathroom that offers a beautiful walk-in shower. It also has a 3 car garage with a rear garage door to the back yard. Lots of extra space to add a RV Garage, Casita, and or any kind of building you want to fit your needs. Priced below current comps and move-in-ready for its new Owners!! Put this on your list to see, you'll be glad you did!

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2714 W Country Club Drive Snowflake, AZ 85937

$824,900

4 Beds

2.5 Baths

5,454 SqFt

Status Active

MLS # 6687606

Property Type Single Family Residence

Price Type --

Here is the home you have been waiting for, get ready to say HELLO! This spacious and inviting residence boasts a unique blend of comfort, functionality, and outdoor allure. Situated on a generous 1.08-acre lot, this home offers a private tiled courtyard entry, setting the stage for a serene and welcoming atmosphere. Upon entering you'll notice the title and oak hardwood flooring, natural light coming in from the dual pane windows, and the well-designed floor plan. This home offers 4 bedrooms, 2.5 bathrooms, a basement with tons of storage, and an attached 3 car garage. Outside, the meticulously landscaped grounds offer a picturesque setting with lush grass and the delightful presence of fruit trees including plum, apple, and peach, adding both beauty and functionality to the outdoor... space. Whether you're hosting gatherings with loved ones, enjoying quiet moments of relaxation, or simply appreciating the beauty of nature, this property provides the ideal canvas for creating lasting memories and embracing the comforts of home.

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1481 S Carriage Lane Chandler, AZ 85286

$824,900

4 Beds

3 Baths

2,755 SqFt

Status Active

MLS # 6760420

Property Type Single Family Residence

Price Type --

Welcome to 1481 S Carriage Ln a stunning single-story home spanning 2,755 sqft, featuring 4 bedrooms plus a den, 3 bathrooms, and a 3-car garage, all nestled within a secure gated community. This beautifully designed residence boasts 10-foot ceilings throughout and a thoughtfully crafted split-bedroom floor plan that ensures both privacy and comfort. The gourmet kitchen is the heart of the home, overlooking a spacious family room and a bright breakfast area. It features elegant quartz countertops, a matching backsplash, a large island, stainless steel appliances, upgraded cabinets, a gas cooktop, and a walk-in pantry perfect for both everyday meals and entertaining. The master bedroom is a private retreat with a luxurious full bath, complete with a separate tub and shower, double sinks, and a generous walk-in closet. Bedrooms 2 and 3 are connected by a Jack and Jill bathroom, while Bedroom 4 is conveniently located near the third full bathroom. The versatile den opens to both the living room and formal dining area, offering the perfect space for a home office or additional entertainment area. Step outside to a relaxing backyard oasis, featuring low-maintenance synthetic turf, a cozy fireplace, and a built-in BBQ perfect for hosting friends and family.Electric Vehicle ready complete with a level 2 vehicle cahrging station. Located in a prime area with quick access to A+ rated schools, shopping malls, major employers, and freeways, this home offers the perfect blend of luxury, convenience, and lifestyle. Don't miss this golden opportunity!

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28990 N White Feather Lane Unit 141 Scottsdale, AZ 85262

$824,500

2 Beds

3 Baths

2,647 SqFt

Status Active

MLS # 6760840

Property Type Townhouse

Price Type --

Enjoy one of the finest homes in all of Stonedge. Beautifully remodeled and some of the best views in all of Stonedge. There are zero steps for the main level living which includes the primary suite, kitchen/dining, family room and the office/den. Gorgeous private patios with amazing mountain views both front and back. The second floor space includes a wonderful 2nd bedroom with ensuite bathroom and southern boulder views with it's own private deck. A huge multi purpose loft with bar and another large patio adds to this wonderful floor plan. Twinkling lights, sunset colors and beautiful desert views add to this wonderful home. The 2024 designer remodel includes an updated kitchen with quartz countertops and new appliances, gorgeous primary and 2nd bedroom bathrooms and new carpet New LED lighting, carpeting, painting and other designer finishes complete this beautiful home. This wonderful home has it all with the location, quality remodeled finishes, smart floorplan and privacy.

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3010 E Desert Lane Phoenix, AZ 85042

New

$824,500

4 Beds

2.5 Baths

2,788 SqFt

Status Active

MLS # 6763730

Property Type Single Family Residence

Price Type --

Stunning home with mountain views! Welcome to your dream home in the sought-after Navarro Groves gated community! This beautiful corner lot property features a spacious, open floor plan designed for both comfort and entertainment. Step into the gourmet chef's kitchen, where culinary dreams come true! Equipped with stainless steel appliances, dual wall ovens, and abundant granite countertops, perfect for meal prep or hosting gatherings. The kitchen island provides extra space, and the chic white cabinets offer ample storage for all your cooking essentials. Flow seamlessly into the expansive great room, ideal for family gatherings or cozy nights in. The large, serene master suite ensures privacy and relaxation, ... while the well-sized secondary bedrooms are perfect for children or guests. Nice courtyard and three split car garages Unwind in your tranquil backyard while soaking in the stunning mountain views. Enjoy a spectacular backdrop of South Mountain Park & Preserve, offering captivating vista views with immediate access to an array of trail systems, trailheads, parks and recreation! Located just minutes from the I-10 Freeway, this home offers convenient access to Phoenix Sky Harbor International Airport and an extensive selection of golf courses, entertainment, dining, shopping and more! Enjoy the neighborhood greenbelts, ramada, and BBQ facilities. Don't miss the chance to make this exceptional property your home!

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2317 W Horsetail Trail Phoenix, AZ 85085

$824,500

4 Beds

3 Baths

2,831 SqFt

Status Active

MLS # 6735543

Property Type Single Family Residence

Price Type --

A rare find! This beautiful single-level home is move-in ready for you! Come inside to discover tons of newly renovated upgrades. Plantation shutters, wood-look tile flooring, chic light fixtures. You'll LOVE the living room, formal dining room, and the family room complemented by a fireplace. Gorgeous kitchen is a chef's dream, equipped with 5-burner stovetop, buffet with ample cupboard space, a prep island with a breakfast bar, butler's service area, pantry, glass tile backsplash, a breakfast nook, and stainless-steel appliances which includes a wall oven. Enjoy the amenities with access to 2 separate community pools, clubhouse, tennis courts, volleyball court and dog park. Tandem Garage with epoxy floor. Water filtration and separate water softener system. Beautifully landscaped. Let's not forget about the den/office with a private bathroom. The relaxing backyard offers 2 different covered patios, pavers, and a built-in BBQ. Act now!

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