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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1141 N Wide Open Trail Prescott Valley, AZ 86314

New

$815,000

3 Beds

3.5 Baths

2,863 SqFt

Status Active

MLS # 6764799

Property Type Single Family Residence

Price Type --

Tremendous views, quaint courtyard & private location in Stoneridge golf course community. Spacious living room showcases long-distance views for guests and family. Double doors lead to office/den w/ courtyard views. Kitchen features granite countertops, custom cabinetry, gas cooktop, island, breakfast bar, pantry and dining with great views. Guest suite with private entrance from courtyard leads to spacious family/game/media room. Split floor plan, 10 foot ceilings throughout, oversized laundry room with abundance of cabinets, counter space and sink. Primary suite w views, dual vanities, vast shower and spacious closet. The home needs new flooring, interior paint & appliances. Priced to sell. Enjoy quiet times under the covered back patio/trellis and fantastic views. Remarks cont'd... Mature low-maintenance landscaping. Community features include a community center w/ fitness room, pool/spa, billiards room, pickleball, tennis & bocci courts! Welcome home!!

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28110 N 18th Lane Phoenix, AZ 85085

$815,000

3 Beds

2.5 Baths

2,550 SqFt

Status Active

MLS # 6759507

Property Type Single Family Residence

Price Type --

Stunning home in Fireside that is surrounded by mountains! This is a former model that is perfect for multi-generational living. Split floor plan...one side is a beautiful primary bedroom with very large bathroom and the other side of the home has another primary size bedroom with living/seating area. There is a full bath and additionalbedroom that can be closed by a door that separates this side of the home. The gourmet kitchen has a gas stove, pull outs, so many cabinets & a very large breakfast bar. The great room is large and perfect for entertaining all your guests. This home also has a very large office with beautiful glass French doors. Enjoy the backyard space that is perfect for those backyard BBQ's. This home is steps away from hiking trails and all the community amenities!

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1374 S Hazel Street Gilbert, AZ 85296

$815,000

5 Beds

2.5 Baths

3,518 SqFt

Status Active

MLS # 6749795

Property Type Single Family Residence

Price Type --

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4530 N Golf Drive Buckeye, AZ 85396

$815,000

4 Beds

2.5 Baths

3,039 SqFt

Status Active

MLS # 6563723

Property Type Single Family Residence

Price Type --

Welcome Home! This 4 bedroom/2.5 bathroom home is just a quick walk or golf cart ride to the Main Street restaurants, golf club, or community center. The pool, outdoor bar and grill, along with two grass filled side yards, is any entertainer's dream! With newly updated paint, kitchen appliances, light fixtures and window treatments, this home is move in ready! Check out this paradise soon!

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1597 E Carob Drive Chandler, AZ 85286

$815,000

4 Beds

3 Baths

3,364 SqFt

Status Active

MLS # 6725256

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Chandler, AZ! This completely remodeled luxury home offers unparalleled elegance and modern comforts that will captivate even the most discerning homebuyer. Key Features: Completely Updated: Every inch of this property has been thoughtfully renovated to offer a fresh, contemporary living experience. Natural Light and High Ceilings: Enjoy soaring ceilings that allow natural light to flood the living spaces, creating a bright and airy atmosphere. Custom Window Coverings: Elegant custom window coverings and plantation shutters add a touch of sophistication to every room. Real Hardwood Floors with office and game room as well. First floor master with French doors

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7141 E Rancho Vista Drive Unit 4004 Scottsdale, AZ 85251

$815,000

2 Beds

2 Baths

1,424 SqFt

Status Active

MLS # 6632314

Property Type Apartment

Price Type --

This luxury 2 bedroom, 2 bathroom condo offers a lavish and comfortable living experience. Located in a desirable area, this condo provides a sophisticated and stylish space for residents to enjoy. As you enter the condo, you are greeted by an open-concept living area that combines the living room, dining area, and kitchen. The living room is spacious and elegantly designed, featuring large windows that fill the space with natural light and offer panoramic views. The kitchen is a chef's dream, equipped with new quartzsite countertops, and ample storage space. It is designed to be both functional and visually appealing, making it a pleasure to prepare meals and entertain guests. The adjacent dining area is ideal for enjoying meals with family and friends, with plenty of space for a dining table and chairs. The condo features two luxurious bedrooms, each with its own ensuite bathroom. The bedrooms are spacious and offer a tranquil retreat for relaxation. Large windows allow natural light to fill the rooms, creating a bright and inviting atmosphere. The ensuite bathrooms are beautifully designed with modern fixtures. Amenities include concierge, indoor & outdoor heated pool and spa with women and men's locker room, fitness center, racquetball & basketball court. Walking distance from Scottsdale Fashion Square Mall, Old Town, restaurants, & so much more

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2520 E Linda Vista Drive Flagstaff, AZ 86004

$815,000

4 Beds

3 Baths

2,141 SqFt

Status Active Under Contract

MLS # 6745915

Property Type Single Family Residence

Price Type --

This move-in ready home on a sizable lot in Flagstaff features 4 bedrooms, 3 baths, a flex room/5th bedroom, and a den/study. Upgraded in 2021, it offers a stone-accented fireplace, a kitchen with new cabinets and brand new smart refrigerator, and a master bath with a cast iron tub and dual sink vanity. The landscaped yard includes a covered porch and paver patio. Updates include double-paned windows, Italian tile flooring, solid wood doors, new bathroom vanities, plumbing fixtures, lighting, Hunter ceiling fans, a gas tankless water heater, and a water softener. Located near Bushmaster Park and local trails, this home in Swiss Manor is a must-see.

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8170 E Del Caverna Drive Scottsdale, AZ 85258

$815,000

3 Beds

2 Baths

1,938 SqFt

Status Active Under Contract

MLS # 6723785

Property Type Single Family Residence

Price Type --

All furnishings are available! This remodeled, move-in-ready home offers 3 bedrooms, 2 bathrooms, and a 2-car garage with a spacious, open, and bright split floor plan facing the greenbelt. Key features include custom kitchen cabinets with quartz countertops, a kitchen island with breakfast bar, and a master bedroom with a large closet, double vanity sinks, a walk-in shower, and a custom linen closet. Additional features are plantation shutters, recessed lighting, solar tubes for abundant natural light, ceiling fans, and stainless steel appliances. The large, recently updated backyard patio is perfect for entertaining and relaxation. All-tile flooring provides a clean, cohesive feel. The garage features storage cabinets and an epoxy floor. Nestled near a cul-de-sac in the private, quiet center of the Heritage Village III community, you can stroll along tree-lined paved walking paths to wonderful amenities including pickleball and tennis courts, a basketball court, and two pools/spas. You can easily walk or bike from your new home to nearby shops and restaurants. Everything is convenient from this central McCormick Ranch location. Don't miss the opportunity to make this beautiful patio home yours!

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9028 N 107th Place Scottsdale, AZ 85258

$815,000

3 Beds

2 Baths

2,093 SqFt

Status Active

MLS # 6685119

Property Type Single Family Residence

Price Type --

A beautiful canvas to make your own! 3 Bedrooms and 2 full bathrooms, each bathroom has duel vanity sinks. There is a separate walk-in laundry room. Massive vaulted ceilings, desert oasis out back with a glistening royal blue pool, backyard has lots of potential to add to (mini golf, turf etc) is currently xeriscaped. Seller to offer a one year home warranty to home buyer. UPDATE* Brand new AC unit has been installed 8/23

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18681 E Apricot Lane Queen Creek, AZ 85142

$815,000

4 Beds

3 Baths

3,706 SqFt

Status Active

MLS # 6747326

Property Type Single Family Residence

Price Type --

MOVE IN READY!! Fresh paint inside & out with updated kitchen! Your new backyard is in an entertainer's paradise with a large pool with waterfall and fountain, patio, and plenty of green space to accommodate family, friends and pets!! With lot sizes in new homes getting smaller and smaller, you're gonna love this home that sits on just over 12,000 ft.²! And If you have cars or toys you need to park, look no further! This home features a three car garage, extended driveway, RV gate, and the ability to park an RV or trailer behind the gate with permission from the HOA! Located just a short walking distance to the Queen Creek wash trail system connecting you directly to Desert Mountain and Mansel Carter Oasis Parks, the Sonoqui wash trail, downtown Queen Creek and more!! Welcome Home

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10155 E Toledo Avenue Mesa, AZ 85212

$815,000

6 Beds

4.5 Baths

3,161 SqFt

Status Active

MLS # 6737050

Property Type Single Family Residence

Price Type --

Discover Unparalleled Luxury and Community Living! Step into this stunning Toll Brothers masterpiece in the coveted Cadence community. Boasting 6 bedrooms, 4.5 bathrooms, and a versatile loft, this home is designed for both elegance and functionality. With a two-car and one-car garage, modern upgrades like stylish lighting fixtures and a custom stair rail elevate the living experience. The gourmet kitchen is an entertainer's dream, featuring a spacious island with seating, a Wolf gas stove and microwave, and touches of luxury like a modern gold faucet, elegant backsplash, and butler's pantry. The main-level primary suite is a private retreat with an expansive wall-to-wall glass shower and chic barn door. The guest suite and large under-stair storage add even more convenience. SEE MORE Beyond your doorstep, indulge in top-tier community amenities. Take a dip in the play pool with twisting slides, swim laps in the dedicated pool, or work out at the MOTO Fitness Center, complete with a Spin Room and Movement Studio offering yoga, Zumba, and more. Host gatherings at the FLOURISH Community Center, or have some fun at GAME ON, where pinball and foosball await. The community also features six parks, a fenced dog park, and courts for basketball, volleyball, tennis, and bocce. Plus, enjoy the home's Bluetooth surround sound system, upgraded flooring, and easy access to highways 24, Loop 202, and US 60with new restaurants and shopping just minutes away. You're also a quick drive from PHX-Mesa Gateway and Phoenix Sky Harbor Airports.

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905 Malva Court Prescott, AZ 86305

$814,900

3 Beds

3 Baths

2,385 SqFt

Status Active Under Contract

MLS # 6747263

Property Type Single Family Residence

Price Type --

Stunning home in Prescott's sought-after Pinon Oaks neighborhood. Nestled on an elevated homesite at the end of a cul-de-sac, this single level home boasts exceptional curb appeal & commanding street presence. The mature landscaping in both the front and rear yards, with a fully fenced backyard, creates a serene and private retreat. As you step into the tiled foyer, complete with an elegant tile inlay, you'll find the formal dining room to your left, featuring stacked ceilings that add a touch of sophistication. To your right, an office with double-door entry offers the perfect space for work or study. The living area is warm and inviting, with beautiful wood laminate flooring, a gleaming granite tile hearth surrounding the gas fireplace and built-in niches that add character to the space A wall of windows and double French doors flood the living room with natural light, creating a bright and airy atmosphere. The kitchen is a chef's delight, with varying height Knotty Alder cabinets adorned with crown molding, granite counters, and stainless-steel appliances, including a 5-burner gas range with a convection oven. The breakfast bar and adjoining breakfast room offer versatile dining options, making this space perfect for both casual meals and entertaining. The split bedroom plan provides the primary suite with a private retreat, complete with dedicated access to the rear deck. The ensuite bathroom features a large double vanity, a spacious walk-in closet, a separate garden tub, and a walk-in shower, offering a spa-like experience. The guest bedrooms are generously sized, each with ceiling fans and stunning views. They share a well-appointed guest bathroom with a full tub/shower combo. Additionally, there is a convenient powder bathroom for guests. The laundry room is equipped with a deep utility sink and upper cabinetry for added storage. And let's not forget the spacious 3-car garage, providing ample room for your cars, toys, or extra storage. The expansive engineered wood deck runs the length of the back of the home, providing a perfect vantage point to enjoy the tremendous views, including Granite Mountain and Mingus Mountain, as well as the surrounding vistas. Stairs lead down to a flat, usable backyard adorned with deciduous trees and shrubs, all maintained by a drip irrigation system. The large paver party patio in the backyard offers endless possibilities for outdoor entertaining. Don't overlook the lower-level bonus room, heated and cooled with an electric mini-split system, which makes an ideal gym, studio, or hobby roomthis space is not included in the published square footage, offering even more flexibility for your needs. This home is ready for you to make it your own, combining elegance, functionality, and breathtaking views in a premier Prescott location.

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