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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11115 E Sunnydale Court Sun Lakes, AZ 85248

$824,000
2 Beds
2.5 Baths
2,660 SqFt
Status Active
MLS # 6728076
Property Type Single Family Residence
Price Type --
Beautiful Remodeled Home on Walking Path in Gated Community. 2 Bedroom Suites plus separate Den or 3rd Bedroom, 1/2 Ba off Hallway. Formal Living Room w/ Fireplace, Plantation Sutters, Crown Molding, Formal Dining Room. Large Open Kitchen and Family Room, hand picked Granite Countertops throughout, Island w/Microwave Drawer, Lg Pantry w/all pull out shelves, Vaulted Ceilings throughout, Tile Plank Flooring throughout, Bonus Room or Storage. Play Pool w/several jets. Large Back Yard, all Grass, Front Yard w/Artificial Grass, Pavers all around, Full Tile Roof with Solar Panels (Seller Owned), 2.5 Car Garage, to much to mention here, Come See this Gorgeous Home at end of Clu de Sac.

955 Rainbow View Drive Lakeside, AZ 85929

$824,000
3 Beds
2 Baths
2,112 SqFt
Status Active
MLS # 6750237
Property Type Single Family Residence
Price Type --
Envision a charming furnished home that exudes warmth and comfort from the moment you approach its beautifully landscaped driveway, in the prestigeous gated community of The Shores by Rainbow Lake. Just blocks from the lake. The covered porch welcomes you into an inviting entryway, leading to a home with flowing hardwood floors and an open great room that's perfect for gatherings. The heart of the home features a cozy fireplace with updated stonework, creating a serene ambiance. The entertainer's dining space is complemented by an island with elegant stone counters, offering ample counter space and a stainless gas range, all illuminated by stylish pendant lights... READ MORE... The large primary suite is a retreat within itself, boasting his and her closets, a private office space, and a beautifully updated ensuite with dual vanity and a dedicated makeup area, all encased by chic glass front storage. The walk-in glass shower and inviting soaker tub to add a touch of luxury. Two additional guest rooms offer comfort and style, with a gorgeous guest bath featuring a double vanity, shiplap feature wall, enchanting mirrors, and a glass door soaker tub/shower combination. A bonus living space opens up to a large back deck and a landscaped yard that's perfect for outdoor enjoyment. Completing this idyllic home is a 3-car garage with plenty of built-in storage, ensuring that every need is met with elegance and ease. This cabin is not just a house, but a sanctuary designed for those who appreciate the finer details and a touch of rustic charm. This cabin / home is in the prestigeous GATED community of The Shores. This community has it's own private launch to Rainbow Lake, tennis courts, pickleball courts, basketball and a gazebo gathering area. Beautifully landscaped community with high end custom homes throughout. The garage is an extended 3 car garage with an extended large storage area. This home has ample storage throughout! This home is set back on the lot with tons of privacy both front and back! This home has TRUE pride of ownership!!! This is a small list of items that do NOT convey to be provided. Please note that 'nothing' in the garage conveys. Imagine living in the White Mountains of Arizona where you have 4 beautiful seasons and where you can breathe in the fresh mountain air and enjoy the 40 lakes and over 600 miles of rivers and streams. In addition to the amazing fishing, this area has one of the most extensive trail systems in the southwest for hiking, biking, horseback riding, quadding and more. Sunrise Ski Resort is also just 40 minutes away with 3 beautiful mountains to ski, snow board or sled. If shopping is your interest, you will love the antique stores and the multitude of arts and craft shows that happen in the summer. The music festivals have something to fit everyone's enjoyment. Do you love to golf? There are 7 amazing golf courses, 3 that are public. The White Mountains, where this home/cabin is the best kept secret of Arizona! Come and explore and enhance your living! Pinetop-Lakeside was also voted 'Best Cabin Region in the U.S... Embrace the MAGIC!

1526 E Lexington Avenue Gilbert, AZ 85234

$824,000
4 Beds
3 Baths
2,610 SqFt
Status Active
MLS # 6755392
Property Type Single Family Residence
Price Type --
This unique, highly-upgraded one-level home in the boutique Brighton Estates community offers a split floor plan with 4 bedrooms and 3 full baths. Built in 2017 by CalAtlantic/Lennar, the home features 10-foot ceilings, wood-like ceramic tile floors, and a modern open layout. The private courtyard entry leads to a front bedroom with its own en-suite, ideal as a second primary, home office, or guest suite. An additional flex space in the center of the home can serve as a playroom, office, or sitting area. The expansive primary suite is a true retreat, with a large bedroom, walk-in closet, and spa-worthy bathroom with marble shower and freestanding tub. The open living and kitchen area is the heart of the home, with access to the resort-style backyard through large patio sliders. The gourmet kitchen boasts a giant island, upgraded cabinets, double ovens, and gas cooktop. Enjoy low-maintenance living with features like 3 cooling zones, Nest thermostats, and window treatments to keep you comfortable. Conveniently located just 5 minutes from downtown Gilbert and 10 minutes from Freestone Park and the San Tan entertainment district.

29068 N 136th Lane Peoria, AZ 85383

$822,177
5 Beds
3.5 Baths
3,548 SqFt
Status Active
MLS # 6735591
Property Type Single Family Residence
Price Type --
A soon to be complete single-story Olive with a Spanish exterior elevation style. This 5-bedroom home plus a flex room offers 3 and a half baths and a 3 car garage. The kitchen features stainless steel appliances and stylish cream-tone cabinetry and beautiful white quartz countertops. Throughout the home, find upgraded baseboards and wood-like tile. The home and community are at the base of a mountain and are near Vistancia. Home warranty included.

21418 W Meadowbrook Avenue Buckeye, AZ 85396

$821,904
4 Beds
3 Baths
2,650 SqFt
Status Active
MLS # 6756550
Property Type Single Family Residence
Price Type --
Upgraded and luxurious! This stunning 2,500 sq ft home in the sought-after gated community of Verrado is ideal for you and your family. With four bedrooms, three bathrooms, and a flexible space that can be customized to your needs, this home has it all. Enjoy the grandeur of 12' ceilings in the kitchen and great room, along with elegant quartz countertops, double-stacked cabinets, and ample kitchen storage. The bright great room, enhanced by multiple windows, opens through a 16' sliding glass door to a backyard with breathtaking views of the White Tank Mountains and no rear neighbors. The primary bedroom suite features a spa-like tub, a tiled shower, and a spacious closet. All bathrooms are beautifully appointed with full-height tiled showers and quartz countertops.

21479 E Pecan Lane Queen Creek, AZ 85142

$821,000
4 Beds
3 Baths
3,122 SqFt
Status Active
MLS # 6742654
Property Type Single Family Residence
Price Type --
PRICE IMPROVEMENT !!! Step into a world where your HOME truly feels like a RETREAT. Imagine whipping up culinary masterpieces in an AMAZING KITCHEN that will leave you in awe. With SOFT-CLOSE cabinets that glide effortlessly, a GAS COOKTOP for precision cooking, and DOUBLE OVENS for all your baking needs, this space is a chef's dream. The KITCHEN BACKSPLASH and GRANITE COUNTERTOPS add a touch of elegance and durability, while the stylish KITCHEN HOOD complements the modern aesthetic. Beyond the kitchen, discover UPGRADED FLOORS that lead you to one of the LARGEST LOTS in the area. Your backyard is an ENTERTAINER's PARADISE, featuring a stunning 16,000-GALLON LAP POOL with OWNED SOLAR HEATER PANEL to extend your swimming season. You Must See It For Yourself ! Ask Listing Agent For Video ! Enjoy the lush, SYNTHETIC GRASS that requires minimal upkeep and relish the PRIVACY of having NO NEIGHBORS behind you. Inside, the HUGE MASTER BEDROOM offers a sanctuary of space, complete with a VAST WALK-IN CLOSET and DUAL VANITY. STORAGE is never an issue with a MASSIVE 3-CAR GARAGE, fully equipped with plenty of RACKS for all your belongings. An RV GATE ensures you have room for all your adventures. This property is not just a home; it's a LIFESTYLE. Every detail has been carefully crafted to offer comfort, convenience, and a touch of LUXURY. Come and explore your FUTURE OASIS today! You need to SEE this HOME !!!

2181 W Whispering Springs Show Low, AZ 85901

$820,250
3 Beds
3 Baths
2,052 SqFt
Status Active
MLS # 6750141
Property Type Single Family Residence
Price Type --
*LOCATION LOCATION! This home is located in the Torreon Golf Community. Don't miss this Fantastic opportunity to own your own Paradise in the Pines! Brand New Construction. Corner Lot. This home boasts Premium Wood Flooring, Quartz Countertops, Large walk in pantry, Anderson Windows, Remote Control Gas Fireplace, Upgraded Gas Furnace, Gorgeous Primary Bedroom with Large walk in shower and free standing tub. The Views, The Pines, The Friendly Wildlife, this home has it all. The only thing missing is you! Amenities include Community Pool, Tennis, Pickle Ball, Fitness Center and Restaurant. Also rest easy home or away because Torreon has a 24 hour 7 days a week Private Security Patrol.

2615 Dillon Boulevard Chino Valley, AZ 86323

$820,000
3 Beds
2.5 Baths
2,465 SqFt
Status Active
MLS # 6695516
Property Type Single Family Residence
Price Type --
REDUCED! Live the Rural lifestyle of Chino Valley while only 20 minutes to Prescott, Airport & Golf! This Homestead model includes 3 bedrooms, 2.5 baths, an extended great room plus a 3-car temperature controlled & insulated garage, All on a 1+ acre lot with mountain views. Rear covered patio plus a front porch, both big enough for entertaining! Other upgrades include a Super-sized shower in the master suite, upgraded tile & wood looking vinyl flooring & lighting. The island kitchen includes upgraded cabinets, hardware & crown moldings, Energy Star appliances, a gas cooktop, built in oven/microwave & dishwasher. The large great room has a gas fireplace & there is a casual dining area in the great room plus a large formal dining room. Tankless gas water heater. Watch the tour & come see!

21521 E Twin Acres Court Queen Creek, AZ 85142

$820,000
5 Beds
4.5 Baths
4,119 SqFt
Status Active Under Contract
MLS # 6744267
Property Type Single Family Residence
Price Type --
Modern 4119 sq ft residence in the best Queen Creek location. Starting with a 3-car garage, RV gate, timeless stone accents, inviting front porch, and a courtyard. Enter through the custom double doors and discover an impressive interior with wood-look tile flooring, crown moulding, archways, and plantation shutters. You'll surely love the large & bright living room adorned with pre-wired surround sound and the formal dining room. Fabulous kitchen boasts a pantry, subway tile backsplash, SS appliances, granite counters, a center island, plenty of white cabinetry, and a breakfast bar. PLUS! This beauty includes an open den/office, bonus/media room, and a cozy loft ideal for a reading nook. 2 staircases, 3 laundry hookups, and 2 NEW AC units. Oversized owner's retreat won't disappoint! Plush carpet, an ensuite with two vanities, a separate shower & tub, and a sizable walk-in closet complete the picture. Feels like you're on a vacation every day in this dreamy backyard, which provides a covered patio, pergola, built-in BBQ, fire pit, and a sparkling pool and spa. This gem promises a lifestyle like no other!

30709 N 170th Street Rio Verde, AZ 85263

$820,000
3 Beds
3 Baths
2,457 SqFt
Status Active
MLS # 6761212
Property Type Single Family Residence
Price Type --
Discover the charm of this custom-built, private residence set on 1.2 acres, ready for you to call home. Relish in the stunning mountain sunrises from your covered back deck or 360° views from the rooftop deck, offering ever-changing panoramic views of the McDowell, Mazatzal, Four Peaks, Granite, and Superstition mountains. This elegant home boasts solid Knotty Alder cabinetry throughout, a split floor plan, 10-foot vaulted ceilings, and solid wood beams in the entryway. The spacious living room features a cozy corner fireplace, while the oversized laundry room provides ample storage. The master suite opens to a private courtyard with mountain views. The en suite bathroom includes a generous closet, walk-in shower, soaking tub, and dual vanity sinks. The beautifully designed kitchen is a culinary enthusiast's dream, with a large center island, substantial pantry, wine cooler, large oven and warming drawer, granite counters, and a large granite sink. The kitchen flows seamlessly into a spacious dining area, perfect for entertaining. Adjacent to the courtyard and main home, the 337 sqft private casita features its own entrance, full bath, oversized closet space, mini-split HVAC, and water heater. This charming home sits on over an acre of land and includes a private dog run, three-car oversized garage, and a 2600-gallon water storage tank. Assured water for the property is provided by EPCOR and monitored by Dynamite Water Co. No HOA fees. Bring your horses, RV, boat, farm animals, and toys. This home is ready for you to move in and make it your own.

5956 E Lone Mountain Road Cave Creek, AZ 85331

$820,000
3 Beds
2 Baths
2,048 SqFt
Status Active Under Contract
MLS # 6729743
Property Type Single Family Residence
Price Type --
Nestled on over 2 acres of scenic, pristine natural desert land, this property features 3 spacious bedrooms, including a convenient lower-level bedroom, and 2 bathrooms. Enjoy breathtaking panoramic 360-degree mountain views from every window, creating a serene and picturesque backdrop for your daily life - Million-dollar views at less than a million-dollar price! This home also includes a 4-car garage with separate air conditioned 500 sq. ft. workshop, perfect for your cars, hobbies, and projects. With ample space for your toys, horses and RV, you have the ideal setting for crafting your dream outdoor lifestyle. The town of Cave Creek allows for up to 10 horses and offers the opportunity to build a casita on the property for even more possibilities. Located just minutes from the town core, this property offers the perfect blend of convenience and tranquility. Zoned Dr-89, which allows 10% of lot size under roof can be used for existing house, new guest house and/or barn with a height max of 25 feet, setbacks are 60 feet front and back and 30 feet on both sides.

660 E Riviera Drive Chandler, AZ 85249

$820,000
4 Beds
3 Baths
3,001 SqFt
Status Active
MLS # 6758876
Property Type Single Family Residence
Price Type --
Stunning mini-estate w/ sparkling pool & scenic lake view lot located in prestigious gated community of Lagos Vistoso! This beautiful home is remodeled to perfection w/ open floorplan, designer painted interior, elegant plantation shutters throughout, refined flooring, dramatic custom lighting, 12 ft. built-in bookcase w/ library style rolling ladder, built-in entertainment center & spacious guest bdrm downstairs & large upstairs loft. Beautiful gourmet kitchen features upgraded cabinetry w/ glass uppers, newer stainless steel appliances, add'l beverage fridge, farmhouse drop sink, cooktop w/ subway tile backsplash. Luxurious primary suite upstairs w/ elegant bathroom. Beautifully landscaped resort-like backyard w/ refreshing PebbleTec pool, oversized patio & breathtaking lake views. This property is ideally situated near shopping, dining and entertainment. The beautiful Bear Creek Golf Complex and the Springfield Golf Resort are each less than a half mile away, making this an ideal home for golf enthusiasts! Two renowned BASIS charter schools, one primary, one secondary, are both located very close to Lagos Vistoso. Don't miss this beautiful home in an exclusive community close to countless amenities!

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