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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41704 N Rolling Green Way Anthem, AZ 85086

$818,000
3 Beds
3.5 Baths
2,730 SqFt
Status Active
MLS # 6744371
Property Type Single Family Residence
Price Type --
Welcome to Anthem Country Club and this fabulous home! No shortage of entertaining space here with a private front courtyard, heated pool and spa, outdoor fireplace and built in BBQ and pergola! And that is just for the outdoor entertaining! Inside find plenty of space with a formal living area, formal dining or belly up to the breakfast bar! Enjoy the cozy fireplace in the family room! The home has 2 bedrooms, a den/office, 2.5 baths and a casita off of the front courtyard with a full bath! Primary bath has exit directly out to the pool and spa for your convenience. The guest bedroom has a full bath right outside the door and is a nice size. The back and side yards are amazing and beautifully landscaped with synthetic turf and lots of desert plants along with the wonderful pool and spa! Covered patio space is great for outdoor dining and then there is the built in bbq and fireplace too! Who could ask for more! Solar lease in place leaves you with little to no monthly electric bills with APS. And, the home has been well maintained including having updated the roof, the AC, flooring, and more! New refrigerator and microwave in 2024. You can move right in and be worry free. Welcome to Anthem Country Club where you feel like you are on vacation every day! Two beautiful club houses with pools, tennis, work out facilities, bocce ball, pickle ball, and tons of events to keep you busy throughout the year. If you are a golfer - wow! Enjoy two 18 hole championship golf courses designed by the late Greg Nash. And outside the gates of Anthem Country Club you will find many other activities including MORE pickle ball courts, sand volleyball, water park, tennis, skate park, Adventureland playground for the kiddos, catch and release fishing ponds, and even a little train that chugs along the tracks for something different to do. WELCOME HOME!!

19814 N Shadow Mountain Drive Surprise, AZ 85374

$818,000
2 Beds
2.5 Baths
2,529 SqFt
Status Active
MLS # 6722995
Property Type Single Family Residence
Price Type --
IMMACULATE HOME W/VIEWS of 14th GREEN & 15th TEE of Desert Springs + MTN & SUNSET VIEWS! Gorgeous 12 x 24'' tile. Kitchen w/custom cabinets & pull-out drawers, granite, & handmade porcelain backsplash. Spa-like Mbath has stunning tiled roll-in shower w/curved wall, rain showerhead + 5 sprayer heads, custom raised cabinets, Onyx vessel sinks, granite, custom mirrors & lights, & raised toilet w/bidet. 2nd bath also upgrd w/granite, enlarged tiled roll-in shower, copper sink, ceiling fan, & raised toilet w/bidet. Den w/built-in cabinets w/storage. Powder rm w/suspended vanity, + mother-of-pearl sink & lite. Laundry w/dbl sink, cabinets, closet & counter. 3-car extd garage w/epoxy, cabinets/rack & wkbnch. Extd patio w/BBQ kitchen & epoxy. NEW NEUTRAL PAINT! $2000 credit for flooring.

15651 S 5th Street Phoenix, AZ 85048

$817,900
5 Beds
2.5 Baths
3,111 SqFt
Status Active
MLS # 6762380
Property Type Single Family Residence
Price Type --
Fantastic home located in the highly desirable community, The Foothills. Situated on a premium hillside lot, this home will amaze you. Soaring vaulted ceilings from the moment you walk through the front door. You will be adore the open concept of the family room, kitchen and breakfast nook. The elegant kitchen features a generous sized island, great for entertaining, an ample amount of cabinetry and stainless steel appliances. Enjoy cozy arizona evenings in front of the fireplace. First floor primary bedroom features a beautiful en-suite and private access to the awe inspiring oasis backyard. Exceptional hillside views. Your backyard features a built-in BBQ with an adjacent fireplace. Enjoy swimming year round with a heated pool and spa. This home is a must see

40626 N Laurel Valley Way Anthem, AZ 85086

$817,900
4 Beds
2.5 Baths
3,263 SqFt
Status Active
MLS # 6754510
Property Type Single Family Residence
Price Type --
4-Bedroom Home with Oversized Lot and Pet-Friendly Features! Welcome to this spacious 4-bedroom, 2.5-bathroom home nestled on an oversized lot in a highly sought-after neighborhood. Perfect for families and pet lovers, this property offers ample space, modern amenities, and unique pet-friendly features. A versatile den that can be used as a home office, playroom, or extra living space. A large, open-concept kitchen with plenty of counter space, stainless steel appliances, and a spacious island. A fully equipped laundry room with a standing shower that can double as a convenient dog wash station, making pet care easier than ever. The oversized lot provides plenty of space for outdoor activities. The gated side yard is perfect for pets, offering a secure space to roam.

2055 S Marble Street Gilbert, AZ 85295

$817,400
5 Beds
3 Baths
2,493 SqFt
Status Active
MLS # 6713621
Property Type Single Family Residence
Price Type --
This stunning home in the highly desirable Ashland Ranch features a gorgeous tile saltwater pool with beautiful waterfalls, 5 bedrooms (1 room set up downstairs as an office), and 3 bathrooms with a 3-car garage. Light and bright open floor plan with gorgeous window coverings (shutters) throughout the home. The separate living/family room gives you extra space. The kitchen looks out over the backyard paradise with its lush lawn, pool, and entertainer area. The backyard has a custom automated patio cover, a custom tile grill island, a natural gas fire pit, and more. Amazing grass yard with flowering bushes, palm trees, and storage on the side with an RV gate. Walking distance to Ashland Elementary School & Park, many restaurants, shopping, and entertainment districts are just minutes away. If you've been searching for your dream home, look no further. This property has everything you desire and more: - Heated saltwater pool and spa with Elevated Stone Edge. Waterfalls and Cobalt Blue Glass Tile (no need to resurface every 12 years as you would with pebble tech or plaster). - Kitchen Black cabinets and marble countertops - Newer GE Microwave and KitchenAid dishwasher - Recently installed laminate flooring in the master bedroom, upstairs hall, and another bedroom. - Newer carpet on the stairs and an additional bedroom - Equinox louvered roof that can be adjusted - BBQ Travertine stone tile grill island with round table seating - Whole Patio Mist system and outdoor fans - Plantation Shutters throughout the home - Lion BBQ Grill and Lion Fridge. - Additional lighting beneath the barbecue island - Natural gas Travertine fire pit - Outdoor backyard lighting - Water softener and R/O system - Laundry chute, a convenient feature that simplifies the chore of laundry. - Doggie doors - Outdoor Holiday designated lighting outlets. - A garden area with irrigation - Newer drip system - The mature backyard with grassy area, Palm trees and bushes.

7381 W Bent Tree Drive Peoria, AZ 85383

$816,990 - 4Br/4Ba -  for Sale in Aloravita North Phase 3 Parcel 14, Peoria
New
$816,990
4 Beds
3.5 Baths
3,167 SqFt
Status Active
MLS # 6763842
Property Type Single Family Residence
Price Type --
Welcome to the Aloravita lifestyle! This beautiful designer home will have you from hello! The beautifully landscaped front yard will be your invitation to the desert contemporary designed iron entry door. The main level boasts a great room floor plan with gourmet kitchen layout, including waterfall island, decorative backsplash,s/s appliances, separate beverage refrigerator, gas cooktop, quartz counter tops, and a walk-in pantry. The main level is also home to a spacious office/den, covered patio, and en suite guest bedroom. Ascend the stairs to the second level to enjoy the spa-like primary suite including upgraded tile and glass shower with rain shower head, dual sinks, and large walk-in closet. Level two is also home to the loft, laundry room (with cabinets), two bedrooms, and a full hall bath. This stunning home also features a car tandem garage with exterior keyless entry pad. Enjoy spectacular mountain views, biking, hiking and walking trails, as well as nearby golf, shopping, and dining opportunities.

3106 N 70th Street Unit 2004 Scottsdale, AZ 85251

$816,000
2 Beds
2.5 Baths
1,835 SqFt
Status Active
MLS # 6700367
Property Type Townhouse
Price Type --
***Seller offering assistance towards rate buy-down or closing costs*** Discover modern luxury living in this stunning EnergyStar-certified construction! This two-story end unit townhome features a sought-after skydeck with breathtaking views of Camelback, Papago, and Four Peaks Mountains. Entertain effortlessly in the expansive great room with vaulted ceilings, two-story window wall with electric shades, and a Chef's Kitchen equipped with Bosch stainless steel appliances. Relax in the bright primary suite with an oversized spa bath and spacious walk-in closet. Enjoy the convenience of a ground-level guest bedroom, full bath, den/office, two-car garage, and private yard. Located within walking distance to Old Town's attractions and with easy access to major highways.

9516 E Hansen Way Gold Canyon, AZ 85118

$815,000
4 Beds
3 Baths
2,738 SqFt
Status Active
MLS # 6646298
Property Type Single Family Residence
Price Type --
JUST COMPLETED New Construction contemporary desert home on 1.25 ACRES with direct backyard views of the Superstition Mountains! This new build with NO HOA includes a gorgeous custom iron front door, a MASSIVE open Kitchen & living room with high-end Cabinets, White Quartz Countertops, 36'' Cooktop, Built-in Stainless Steel Microwave and double ovens, & upgraded flooring. The upgrades continue with a stunning Master Bathroom with a Freestanding Soaking Tub, Modern Shower and Beautiful Double Vanities, an oversized four car garage, exceptional energy efficiency with spray foam insulated walls & ceilings, upgrading A/C system, Premium Stucco, & last but not least an upgraded full 12' patio to watch the sunset on the Superstition Mountains from.

14039 E Burnside Trail Scottsdale, AZ 85262

$815,000
4 Beds
3 Baths
2,738 SqFt
Status Active
MLS # 6724081
Property Type Single Family Residence
Price Type --
JUST COMPLETED New Construction contemporary desert home on 1.7 ACRES with direct backyard views of Granite Mountain & 4 Peaks!! This new build with NO HOA includes a gorgeous custom iron front door, a MASSIVE open Kitchen & living room with high-end Cabinets, White Quartz Countertops, 36'' Cooktop, Built-in Stainless Steel Microwave and double ovens, & upgraded flooring. The upgrades continue with a stunning Master Bathroom with a Freestanding Soaking Tub, Modern Shower and Beautiful Double Vanities, an oversized four car garage, exceptional energy efficiency with spray foam insulated walls & ceilings, upgrading A/C system, Premium Stucco, & last but not least an upgraded full 12' patio to watch the sunset on Granite Mountain from.

21127 W Minnezona Avenue Buckeye, AZ 85396

$815,000
3 Beds
2 Baths
2,519 SqFt
Status Active
MLS # 6748737
Property Type Single Family Residence
Price Type --
Welcome to the exclusive Gated Community of Verrado Highlands! This home showcases pride of ownership and is move-in ready, fully furnished with all essentials. The open-concept living, dining, and kitchen areas create a spacious atmosphere. The living room offers ample space for large furniture and views of the backyard. The gourmet kitchen is equipped with 42'' cabinets, additional upper cabinets, soft-close and rollout drawers, quartz countertops, a custom herringbone backsplash, a premium stainless steel appliance package with a gas cooktop, and a walk-in pantry. The expansive master bedroom features floor-to-ceiling windows, a walk-in closet, and a stunning master bath with a floor-to-ceiling tiled shower, dual vanities with quartz countertops, and a standalone soaking tub. Two additional bedrooms share a secondary bath, while the office/den boasts dual glass French doors for added privacy. The home also includes extra cabinetry for storage. Step into the backyard, an entertainer's paradise that backs a natural desert landscape! It offers multiple seating areas, an extended covered patio, raised platform, fire pit, pergola with a built-in barbecue and fridge, water fountain, commercial-grade misters, artificial turf, and pavers. The garage features epoxy flooring and built-in cabinets. Additional highlights include complete home water filtration sytem, custom Hunter Douglas window coverings, surround sound throughout and backyard pre-wired, 10' and 12' ceilings, 8' doors, tankless water heater, and so much more. Verrado is a vibrant community lifestyle with a focus on outdoor activities and social engagement. You will not be disappointed.

14562 W Georgia Avenue Litchfield Park, AZ 85340

$815,000
4 Beds
3.5 Baths
3,022 SqFt
Status Active
MLS # 6748823
Property Type Single Family Residence
Price Type --
Your dream home is finally here! Start living in this gorgeous residence in Palm Valley! A 3-car garage with a paver driveway, RV gate, and gated courtyard are just the beginning. Enter to discover a spacious open floor plan that promotes a modern feel. Pre-wired surround sound, tile flooring, high ceilings, stylish light fixtures, and upscale ceiling fans add to the overall decor. Don't miss the formal dining room and the bonus room that can be used as a media room! Spotless kitchen is a chef's delight, equipped with abundant cabinets with crown moulding, recessed & pendant lighting, granite counters, a prep island with a breakfast bar, top-of-the-line stainless steel appliances, and a walk-in pantry. Large main retreat boasts plush carpet, outdoor access, and a stunning ensuite bath. Two vanities, make-up desk, soaking tub, shower with a drying area, and a walk-in closet with an organizer complete the picture. One Jack & Jill bathroom! Enjoy mountain views from the serene backyard, showcasing a roof deck, covered patio, pavers, fire pit, and built-in bench. This turn-key gem awaits you!

3075 N Pleasant View Drive Prescott Valley, AZ 86314

$815,000 - 5Br/6Ba -  for Sale in Lynx Lake Estates 2, Prescott Valley
New
$815,000
5 Beds
6 Baths
3,837 SqFt
Status Active
MLS # 6765013
Property Type Single Family Residence
Price Type --
If you're looking for the perfect multi-generational living property, this is it! Situated on a fenced 1/2-acre homesite in the heart of Prescott Valley, this property offers two homes for the price of one. The main home, remodeled in 2020, features 5 bedrooms, an office (or potential 6th bedroom), and 3.5 bathrooms, making it ideal for a large or extended family. On the main level, you'll find a welcoming living room, with an adjacent oversized family room that can easily accommodate a formal dining space. The kitchen is a chef's dream, complete with granite countertops, plentiful cabinet and counter space, and newer appliances, including a dishwasher, range, and microwave. For casual dining, enjoy the breakfast bar or the informal dining area, giving you flexible options for every meal. The primary suite is a true sanctuary, offering a spacious bedroom and a luxurious bathroom with dual vessel sinks, granite countertops, and a beautifully tiled walk-in shower. Upstairs, you'll find 4 more bedrooms and 2 full baths, offering plenty of space for family or guests. Recent upgrades to the main home include luxury vinyl flooring on the lower level, modern lighting fixtures, updated toilets, ceiling fans, a laundry sink, and charming plantation shutters. Plus, an owned solar system services the main home, adding energy efficiency. The detached casita, just under 1,000 sq ft, features 2 bedrooms, 2 bathrooms, and its own 1-car garageperfect for extended family, guests, or even rental income. Outside, the property provides ample parking for boats, RVs, and other recreational vehicles. The backyard is ideal for outdoor living, with a covered paver patio wired for a hot tub, artificial grass flanking the pathway to the lovely Pergola that creates a shared yet private entertainment space. The property is enhanced by fully mature, fruit-bearing trees, along with privacy fencing and two large sheds (one with a loft) for additional storage. Both the main home and casita have had recent roof replacements, making this property move-in ready and perfect for multi-generational living.

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