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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3209 Rising Sun Ridge Wickenburg, AZ 85390

$820,000
2 Beds
2.5 Baths
2,191 SqFt
Status Active Under Contract
MLS # 6695553
Property Type Single Family Residence
Price Type --
Located in the Wickenburg Ranch resort community, this exquisite home boasts 2 bedrooms and 2.5 bathrooms, each meticulously designed and highly upgraded to offer unparalleled comfort and luxury. Stepping inside, the attention to detail is evident, with sleek finishes and modern amenities adorning every corner. The heart of the home lies in its stunning and private backyard, where a shimmering pool, encased in elegant heat resistant tile, beckons for relaxation and enjoyment. The outdoor fireplace provides a tranquil escape, perfect for alfresco dining or entertaining guests. An upgraded kitchen, equipped with state-of-the-art appliances and designer finishes, stands as the culinary centerpiece, inviting culinary creativity and gourmet gatherings. A standout feature of this residence is its 3 car garage, equipped with epoxy flooring and custom cabinets. Enhanced insulation in the entire home ensures year-round comfort, while owned solar panels exemplify a commitment to sustainability. In every aspect, this home epitomizes sophistication and refinement, offering a lifestyle of unparalleled luxury.

19306 N 62nd Drive Glendale, AZ 85308

$820,000
5 Beds
3.5 Baths
3,458 SqFt
Status Active
MLS # 6758443
Property Type Single Family Residence
Price Type --
This home is nestled in a serene neighborhood with scenic walking trails, lake, a tranquil water fountain, and a nearby park, offers both beauty and convenience. You'll enjoy easy access to local restaurants, shops, a highly-rated school, and other amenities, all within close proximity. This home boasts numerous upgrades, including a fully remodeled kitchen with modern finishes, updated bathrooms, and new shutter blinds throughout. A convenient en-suite living area downstairs provides a private space for guests. Step outside to the expansive, beautifully landscaped green backyard, perfect for outdoor gatherings, gardening, or simply unwinding in a peaceful setting. This property is the perfect blend of comfort, style, and family-friendly living. New appliances, freshly painted inside/out.

951 N Forest Court Chandler, AZ 85226

$820,000
4 Beds
2.5 Baths
2,948 SqFt
Status Active
MLS # 6762929
Property Type Single Family Residence
Price Type --
Oversized private lot on a unique corner cul-de-sac within another cul-de-sac w/only one neighboring home. Down the street from a park, elementary school, Intel, shopping, dining, the gym, freeways & more! Spacious, open, high ceilings & tons of natural light in this RECENTLY UPDATED home. Freshly painted inside 2024 & exterior '22. The kitchen has tons of cabinets, gorgeous quartz counters & sparkling stainless appliances. DOWNSTAIRS, the private, spacious owner's suite has a newly remodeled shower! Upstairs is a bonus/game/media room (or 2nd master) & 3 large bedrooms sharing the newly remodeled bath. NEWER ROOF, wired for surround sound, security system & central vac+energy efficient features. The spacious back yard has an extended covered patio, sports court & lush, green play area.

6838 E Almeria Road Scottsdale, AZ 85257

$820,000 - 3Br/3Ba -  for Sale in Village Grove 6, Scottsdale
New
$820,000
3 Beds
2.5 Baths
2,121 SqFt
Status Active
MLS # 6764207
Property Type Single Family Residence
Price Type --
Great Scottsdale location. Plantation shutters throughout. Large kitchen with Jenn-air gas cook top, wine fridge and double oven.Master bedroom suite has a sitting area. Master bath has a walk in double shower with rain shower head, double sinks and a jetted tub. Wood flooring in living room and formal dining. Plantation shutters throughout. Tankless hot water, Private pool and spa. Close to shopping and Downtown Scottsdale, Phoenix Botanical Garden, Phoenix zoo and Papago Park.

21097 E Sparrow Drive Queen Creek, AZ 85142

$820,000
3 Beds
2.5 Baths
2,516 SqFt
Status Active
MLS # 6755103
Property Type Single Family Residence
Price Type --
Discover an enchanting 3-bedroom + 2 den home looking for its new homeowners! This beauty displays a 3-car garage, paver driveway, timeless stone accents and is an ADT smart home. The perfectly flowing open floor plan will impress you with wood-look tile flooring, bountiful natural light, pre-wired surround sound and a whole house water softener system. Well-appointed kitchen is a chef's dream, fully equipped with a pantry, quartz counters, recessed & pendant lighting, abundant white cabinets with crown moulding, a prep island with a breakfast bar, mosaic tile backsplash, and top-of-the-line SS appliances such as double wall oven & electric cooktop. Romantic main retreat boasts plush carpet, a sunny bayed window sitting area, an ensuite with dual sinks, and a walk-in closet. Adding to the haven's functionality are the sizable den/office and a bonus room. Tranquility awaits in the spacious backyard, which provides a covered patio, artificial turf, and a sparkling pool, promising hours of fun & relief from the summer heat. Don't let this great opportunity pass you by!

7701 W Banff Lane Peoria, AZ 85381

$819,999 - 4Br/3Ba -  for Sale in Thunderbird North, Peoria
New
$819,999
4 Beds
3 Baths
2,622 SqFt
Status Active
MLS # 6764315
Property Type Single Family Residence
Price Type --
Welcome to your Oasis in Peoria, with 4 bedrooms 3 bathrooms, on A over 1 acre lot. This property is on a county island, and includes its own pool as well as stalls for up to 3 horses. This corner lot provides both space and privacy!

28143 N Desert Sky Trail Queen Creek, AZ 85144

$819,900
4 Beds
2.5 Baths
2,655 SqFt
Status Active
MLS # 6742550
Property Type Single Family Residence
Price Type --
Welcome to your quiet oasis with incredible mountain views! This stunning 4 bed, 2.5 bath home sits on 1.25 acres of land. Walk in the front door to an open floor plan with a massive kitchen surrounded by upgraded cabinets and quartz countertops. Built in 2021 with 2x6 exterior framing and sheered exterior walls with 10 and 12 foot ceilings, spray foam insulation at roof deck, synthetic stucco, quartz countertops, walk in tiled master shower, beautiful LED lighting, 3 car garage, built-in fireplace, and walk-in closets throughout. The elevated back patio provides great views of the mountains and surrounding areas. Come enjoy this gem that is far enough away from the city, but close enough for your needs. It won't disappoint!

9517 E Minton Street Mesa, AZ 85207

$819,900
4 Beds
2.5 Baths
3,026 SqFt
Status Active
MLS # 6694372
Property Type Single Family Residence
Price Type --
This beautiful Pulte home is located in the gated mountainside community of Boulder Mountain. Nestled at the edge of Usery Mountain Park, it is a three minute walk to all the hiking & biking trails Usery offers. Saguaro Lake is 15 minutes away. This home has been meticulously maintained & recently updated. It features vaulted ceilings, custom shutters on all windows, custom light fixtures, custom metal entry doors, Alder cabinets throughout, ceiling fans,& lots of extras. With an almost 13,000 sq foot corner lot, three-car garage with built- ins & working space, ample parking along with an RV gate. Lots of room to store all of your toys. Master bedroom downstairs. Upstairs three large bedrooms as well as a huge loft/game room. Kitchen has been recently updated with quartz countertops and a new backsplash, Stainless-steel appliances. This eat-in kitchen has a large island with plenty of seating, walk-in pantry, lots of counter space and storage. All bottom cabinets come equipped with pull outs. The spacious backyard is perfect for entertaining! It has a built-in gas grill along with a large island seating/bar. The sparkling pebble tec play pool is perfect for relaxing & enjoying the beautiful sunset or cooling off on those hot summer days. The large fire pit area is a nice place to gather on those cool nights as well. There is plenty of room for yard games or just sitting around visiting & enjoying the mountain views... The large, covered patio is complete with ceiling fans, an outdoor TV and roller shades that help keep the sun out. This neighborhood has easy access to the freeway, shopping and walk to Zaharis elementary school. Additional information: New AC units 3/21, new roof 4/24, custom entry doors 6/21, exterior paint 7/21. The new list keeps going. Please refer to the recent updates list in the docs tab for more details.

22851 S 204th Street Queen Creek, AZ 85142

$819,900
5 Beds
3.5 Baths
3,564 SqFt
Status Active
MLS # 6729806
Property Type Single Family Residence
Price Type --
Back on the Market! You do not want to miss this model Perfect 5 bedroom, 3.5 bathroom home with 3 car tandem garage and pool in the highly desirable Montelena community. This home features designer finishes throughout to include durable laminate wood flooring throughout the downstairs living spaces, fresh and light two tone paint throughout accented by magic black doors and gold trim hardware. The living room features a fireplace flanked bookshelves, woven wood window shades, and warm laminate wood floors. The kitchen features stunning dark cabinets accented with white tile backsplash, designer lights about a large island, SS appliances to include a gas stove, & granite counter tops. Click ''More'' for more home info There is a formal dining room and spacious eat in kitchen with tons of storage. The primary suite features coffered ceilings, white wood shutters, and fully remodeled bathroom with freestanding soaking tub and seamless glass shower with gold plumbing hardware and marble surround. Other features include a massive loft with built-in cabinets and wood shutters, hallway with additional storage cabinets and worktops, surround sound in loft, master bedroom, and family room, designer ceiling fans in all bedrooms, downstairs bedroom with full bath and downstairs powder room and much more! The backyard features view fencing, sparkling blue pool, grilling station and covered patio with TV mount. HOA allows stort term rentals!! Super convenient to Queen Creek Marketplace, Mansel Park, walk to QC Wash trail & much more!

809 W St Moritz Drive Payson, AZ 85541

$819,900
5 Beds
3 Baths
3,343 SqFt
Status Active
MLS # 6725287
Property Type Single Family Residence
Price Type --
Beautiful furnished remodeled home with 2 extra bedrooms and a full bath in basement 2 extra storage closets as well. Kitchen and bathroom remodeled with white shaker cabinets and extra pantry cabinets in kitchen. New vinyl plank flooring in basement, tile in laundry room and bathrooms. Five Panel doors, Large game room in walk out basement. Large primary closet with barn door. 2 large decks, views of the mountains. Fire pit area. 2 gas fireplaces and fenced dog run. Hook ups for kitchenette downstairs. Plans for 3rd car garage. New kitchen appliances, new washer and dryer, new carpet, new leaf filter gutters, new landscaping, new sun screens on all windows, new whole house filtration system/softer, decks refinished, new roof, new interior and exterior paint, overhead storage in garage.

8642 E Monterosa Avenue Scottsdale, AZ 85251

$819,750
3 Beds
2 Baths
2,007 SqFt
Status Active
MLS # 6758788
Property Type Townhouse
Price Type --
Welcome to your dream home in the sought after Sands East Community! This stunning single-story home is just minutes from the vibrant atmosphere of Old Town Scottsdale. Designed by the renowned architect ET Wright, each home in this community boasts a unique charm, and this one is no exception.Step inside to discover an inviting open floor plan bathed in natural light, creating a warm and welcoming ambiance. The seamless flow between the living areas makes it perfect for entertaining or simply enjoying a quiet evening at home. The beautifully designed backyard is an inviting retreat as well. With its incredible location, you'll have easy access to the best dining, shopping, and cultural experiences that Scottsdale offers. Don't miss the chance to make this exceptional home your own!

9799 W Rowel Road Peoria, AZ 85383

$819,500
4 Beds
2.5 Baths
2,744 SqFt
Status Active
MLS # 6746346
Property Type Single Family Residence
Price Type --
**PRICED TO SELL** DESIRABLE 'LANCASTER' FLOORPLAN W/GREATROOM, SPLIT MASTER, DEN & TEEN AREA + INSTANT CURB APPEAL W/STONE ACCENTS, PAVER DRIVEWAY & GREEN TURF YEAR ROUND IN A GATED COMMUNITY. INTERIOR FEATURES INCLUDE TILE FLOORING, RARE MONTE CRISTO SATIN GRANITE C/TOPS, GRAY SOFT-CLOSE CABINETRY W/PULLOUTS, 8-FOOT INTERIOR DOORS, PLANTATION SHUTTERS, KITCHEN ISLAND W/BAR SEATING & PENDANTS ABOVE, GAS RANGE, CUSTOM METALLIC EPOXY FLOOR COATING IN THE GARAGE, INSIDE LAUNDRY ROOM W/SINK + CABINETS. OUTSIDE YOU'LL FIND A FRONT GATED COURTYARD, RV GATE, REAR PATIOS, BOTH FULLY COVERED & PERGOLA STYLE AND GARDEN AREA. NORTH PEORIA LOCATION JUST OFF THE 'FOUR CORNERS' CLOSE TO SHOPPING, DINING & ENTERTAINMENT ALONG WITH DESIRABLE PUSD SCHOOLS! KEEP READING THE SUPPLEMENTAL REMARKS... NEW 18-SEER A/C UNIT, NEW WATER HEATER, WATER SOFTENER, CUSTOM IRON SECURITY SCREEN DOORS AND AT THE COURTYARD ENTRY, EXTERIOR COACH LIGHTS, RAIN GUTTERS, UNDER EAVE POWER OUTLETS FOR HOLIDAY DECOR, INSULATED 3G TANDEM GARAGE HAS SIDE DOOR AND OVERHEAD STORAGE RACKS, FIRE SPRINKLERS AND PAVER HARDSCAPE IN THE BACKYARD AND ON PATIO. ADDITIONALLY INSIDE IS A WALK-IN FOOD PANTRY W/FROSTED GLASS DOOR, STAINLESS APPLIANCES, SATIN NICKEL HARDWARE & FIXTURES, CEILING FANS, TALLER VANITIES IN THE BATHROOMS WITH DUAL SINKS IN MASTER & GUEST, WALK-IN CLOSETS IN THREE OF THE FOUR BEDROOMS, BUILT-IN SPEAKERS & SURROUND SOUND INSIDE AND OUT, TALLER BASEBOARDS WITH TWO-TONE PAINT SCHEME, UNDER CABINET LIGHTING IN THE KITCHEN, AMPLE RECESSED CAN LIGHTING, SECURITY SYSTEM, BRICK STYLE TILE IN THE ENTRY, BATHROOMS AND LAUNDRY ROOM. NEIGHBORHOOD HAS A PARK WITH PLAYGROUND, RAMADA AND GRASS SPACE.

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