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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6021 N 81st Place Scottsdale, AZ 85250

$814,900
3 Beds
2.5 Baths
2,332 SqFt
Status Active
MLS # 6681141
Property Type Single Family Residence
Price Type --
Excellent Scottsdale location & No HOA! Step into open floorplan, where the kitchen takes center stage with its entertainment-ready design featuring plentiful cabinets, SS appliances, spacious Island, sleek Silestone countertops, & enduring plank tile flooring. Beyond the kitchen lies ample space for family gatherings, complemented by additional formal dining & living areas, vaulted ceilings, a cozy fireplace, & French doors leading to a secluded atrium, perfect for enjoying tranquil mornings. The large first-floor master suite offers a retreat-like experience with its walk-in closet, walk-in shower, double sink vanity,& direct access to back patio. Upstairs, spacious secondary bedrooms & full bathroom & lots of closet space. Resort Style Backyard! Read Add'tl Remarks Outside, the professionally designed backyard invites relaxation with its inviting patio, artificial grass, Lemon fruit tree, evoking a resort-like atmosphere ideal for outdoor entertaining. A large laundry room provides ample storage space with cabinets and countertops, adding to the home's convenience. Beautiful White Window Shutters. Brand New Carpent installed 2023. New downstairs A/C installed 2022. New Kitchen Stainless Steel Cook Top Range with Duel Oven and New Dishwasher as of 2021. New Exterior Paint 2022. Home is Conveniently located within walking distance to Scottsdale schools, Chaparral Park and dog park with lakes, and a variety of shopping and dining options, this home offers easy access to the area's finest amenities. Nearby attractions such as Golf Club, Casinos, Museums, and the Salt River Ball Park provide endless opportunities for leisure and recreation. With its great location and proximity to ASU, SCC, and more, plus major thoroughfare, including the 101, this home epitomizes effortless Scottsdale living at its finest.

6963 E Grandview Street Mesa, AZ 85207

$814,900
6 Beds
3 Baths
3,372 SqFt
Status Active
MLS # 6693180
Property Type Single Family Residence
Price Type --
CUSTOM BASEMENT HOME IN AMAZING LOCATION! This spectacular home is just under 3400 SqFt nestled in the scenic enclave of North Mesa. Fully FINISHED BASEMENT, is an elusive feature that promises unparalleled versatility and space for your needs. Encompassing 6 bedrooms -3 upstairs & 3 downstairs, one is being utilized as office and has built ins and desks, 3 full baths, epitomizes luxurious comfort & functionality. Packed w/ upgrades that truly enhance its appeal and make it a standout choice. New Public Safety Building nearly a stones throw away & multitude of amenities for everyday living & convenience!

14820 N Skokie Court Phoenix, AZ 85022

$814,000
4 Beds
2 Baths
2,511 SqFt
Status Active
MLS # 6736682
Property Type Single Family Residence
Price Type --
MAKE OFFER! Welcome to your dream home in the heart of Moon Valley, where sophistication meets tranquility. This masterfully remodeled single- level residence is the epitome of luxury, designed to captivate the most discerning of buyers. Nestled on an expansive lot, this stunning 4-bedroom, 2-bathroom oasis offers a seamless blend of contemporary elegance and timeless charm. Step into an airy, light filled space with exquisite finishes. The open concept design effortlessly connects the living,dining and elegant entertaining. Nice Chef's kitchen w/ abundance of cabinets and nice appliances and quartz counters. Step outside to your private oasis featuring a sparkling pool, expansive patio area and mature manicured landscaping. Come live the Moon Valley lifestyle

12305 N Petra (lot 242) Circle Prescott, AZ 86305

$812,500
2 Beds
3 Baths
2,081 SqFt
Status Active
MLS # 6657532
Property Type Single Family Residence
Price Type --
TAKE ADVANTAGE OF BUILDER INCENTIVES! $20,000 BUILDER OPTIONS CREDIT or 1 YEAR INTEREST RATE BUY DOWN TO 5.99%. New home/lot in Whispering Canyon, mtn views & gorgeous skies await you with this .80ac lot. This ''right-sized'' model offers great room open concept design with highly upgraded kitchen cabinets, granite counters, walk in pantry, & s/s appliances standard. 17'' x 17'' tile flooring & carpet in the main living areas & 10' coffered ceilings add architectural interest. Split floor plan w/2 bedrooms & an office, den, or optional 3rd bedroom. Primary en suite has bathroom featuring dual sinks, walk in shower, & walk in closet. Front landscaping, paver patios and driveway are included. Select builder options & design finishes. Est completion time is 12 months. VISIT OUR MODEL HOM

5027 W El Cortez Trail Phoenix, AZ 85083

$810,000
5 Beds
3 Baths
3,713 SqFt
Status Active
MLS # 6751263
Property Type Single Family Residence
Price Type --
This Is It! Excellent Location On This Beautiful Home In Stetson Valley! Great Curb Appeal, Step Inside To Circular Foyer w/Soaring Ceilings, Formal Living w/Gas Fireplace, Dining/Family Room, 5 Bedroom/3 Full Bath (2 Downstairs), Plus Loft Area. Main Bedroom Has A Huge Additional Room w/Double French Doors, Perfect For Office, Gym, Etc, 2 Walk In Closets & Huge Tiled Walkin Shower. Kitchen Has Granite, Kitchen Island, Gas Cooktop, Gas Fireplace, Plantation Shutters, Energy Efficient Dual Pane Windows, Ceiling Fans Throughout & 3 Car Garage. The Backyard Is A Beautiful Oasis w/Heated Play Pool, Covered Patio, Gas Fireplace, Dog Run w/Artificial Turf, Built In BBQ Area, Mountain Views & Spectacular Desert Sunsets, The Premium Lot Is Very Private w/Open Greenbelt Areas On The Side & Back!!! Completing the downstairs, you have one bedroom and a versatile den/5th bedroom with a double-door entry. Other bedrooms, along with a cozy loft, await upstairs! The oversized main bedroom is a true retreat featuring a sitting room and an ensuite with dual sinks, a large tiled shower, & two walk-in closets. If entertaining is on your mind, the RESORT-STYLE backyard awaits you! With a paver-covered patio, firepit, view fence, artificial turf, and a sparkling pool, this space promises year-round enjoyment. The serene vistas provide a picturesque backdrop to your everyday living. What a RARE gem!

15229 S 18th Drive Phoenix, AZ 85045

$810,000
4 Beds
2.5 Baths
3,124 SqFt
Status Active
MLS # 6753074
Property Type Single Family Residence
Price Type --
This meticulously maintained 24-year-old home in the Phoenix Foothills is a gem waiting to be discovered. The owner has lovingly cared for this property since it was originally built, with updates and upgrades to ensure it remains in pristine condition. From the new roof with a transferable warranty to the freshly painted exterior and cinder block walls, this home exudes quality and attention to detail. Inside, you'll find maple cabinets in the kitchen and bathrooms, dual Whirlpool ovens, and a custom-built entertainment center. The spacious layout is perfect for entertaining, with a large kitchen island, JBL surround sound speakers in the family room, and a curved staircase leading to the second floor. The backyard is a paradise, with a Pebble Tec pool, in-floor cleaning system, and play pool for water volleyball. Located near the Bursera Trailhead hiking trail in Club West, this home offers the perfect blend of indoor and outdoor living. The low-maintenance landscaping, artificial grass turf, and controlled watering schedule make it easy to enjoy the stunning views and peaceful surroundings. Don't miss out on this opportunity to own a truly special home in a prime location. This home truly has it all - from the practical features like the radiant barrier in the attic that helps lower energy costs, to the luxurious upgrades like the JBL house and patio speakers with volume control in each room. The attention to detail is evident throughout, with a laundry room plumbed for a sink, a front and side iron security door with locking cylinders, and a natural gas stub in the back patio for easy barbecuing. The seller's love for this home shines through in every aspect, from the immaculate carpet to the inviting loft upstairs. The east-facing patio provides shade throughout the day, making it the perfect spot for outdoor dining or relaxation. And with a 5K incentive payable upon closing to the person who brings a buyer, there's even more reason to come see this stunning property in person. Don't miss your chance to experience the beauty and comfort of this home for yourself. It's a rare find in an exceptional location, offering the perfect blend of elegance, functionality, and convenience. Come see why this home is truly a special place to call your own.

19248 N 78th Lane Glendale, AZ 85308

$810,000
5 Beds
3 Baths
3,075 SqFt
Status Active
MLS # 6759885
Property Type Single Family Residence
Price Type --
Gorgeous curb appeal! Featuring 3,075 sq ft, 5 beds, 3 baths, 2 levels, 3 car garage, and fireplace. The upgraded chef's kitchen showcases quartzite stone countertops, under counter beverage refrigerator, wolf gas range, stainless steel appliances, upgraded lighting, soft close drawers & cabinets. Whole house water filtration system to every faucet & water softener. Formal dining and separate guest seating area, master balcony, upgraded flooring throughout. Artificial turf in front and back yards, 7 mature fruit producing trees (orange, lemon, lime, kumquats, and pomegranate), rose bushes, 2 producing grape vines, private herb & vegetable garden. The backyard bistro lighting, covered patio, sparkling gated pool, hot tub, wood burning fireplace, and up lighting create the perfect ambience to entertain guests.

7137 E Rancho Vista Drive Unit 2007 Scottsdale, AZ 85251

$810,000
2 Beds
2 Baths
1,242 SqFt
Status Active
MLS # 6756857
Property Type Apartment
Price Type --
Live in the heart of Scottsdale in this luxurious 2-bed, 2-bath condo at Optima Camelview. The open, split floor plan boasts elegant hardwood floors, granite countertops, updated cabinets, and a gourmet kitchen featuring stainless steel appliances and a gas stove. Step onto your expansive private patio with direct stair access to the resort-style pool and spa. Enjoy world-class amenities, including two outdoor pools, an indoor lap pool, spas, steam saunas, basketball and racquetball courts, a pickle ball court, state of the art fitness center, concierge services, and a yummy on-site restaurant. All just steps from premier shopping and dining!

8326 E Vista Drive Scottsdale, AZ 85250

$810,000
3 Beds
2 Baths
1,883 SqFt
Status Active
MLS # 6745990
Property Type Single Family Residence
Price Type --
Centrally located single level 3 bedroom, 2 bath home is within walking distance of the Hayden Greenbelt & minutes away from Talking Stick Fields, Casinos, Old Town, shopping, restaurants, & the 101. This well maintained home boasts granite countertops, & stainless steel appliances. The kitchen opens to the family room, which is perfect for entertaining family & friends. The master bedroom & bath are well appointed with double vanities, & a large walk-in closet with built-ins for easy and uncluttered storage. The rear yard is great for outdoor living with its large pool, covered patio & putting green in back yard. All this & no HOA! Just a short 16 minute drive to Sky Harbor Airport. Home is currently used as a short term rental. Furniture could be available upon a separate bill of sale Pool pump replaced in 2021. Plumbing replaced in the house to the street in 2021. Roof replaced 2021.

5309 N 148th Avenue Litchfield Park, AZ 85340

$810,000 - 5Br/4Ba -  for Sale in Palm Valley Phase 9, Litchfield Park
New
$810,000
5 Beds
4 Baths
3,446 SqFt
Status Active
MLS # 6763845
Property Type Single Family Residence
Price Type --
Located in the popular Palm Valley, this gorgeous 5-bedroom home boasts modern features throughout! The façade displays a 3-car garage, RV gate, & stone accents. Sleek interior showcases a HUGE open floor plan filled w/bountiful natural light, thanks to its wide sliding glass doors. Fresh neutral palette promotes an inviting vibe, enhanced by wood-look tile & carpet flooring, ceiling fans, & thick baseboards. Well-appointed kitchen will impress you w/ample espresso cabinetry w/crown molding, an island w/a breakfast bar, quartz counters, recessed lighting, a walk-in pantry, & high-end SS appliances such as a double wall oven & cooktop gas. Spacious main retreat features an ensuite w/two vanities, make-up desk, soaking tub, floor-to-ceiling tiled shower w/a drying area, & a walk-in closet This gem includes a 2nd Main Bedroom w/a Bathroom & a Large Den. Lastly, the private backyard w/a covered patio is the perfect spot for hosting social get-togethers. Act swiftly!

5970 W Potter Drive Glendale, AZ 85308

$810,000
4 Beds
2 Baths
2,523 SqFt
Status Active
MLS # 6724641
Property Type Single Family Residence
Price Type --
Priced Below appraisal! Full remodel, On the 16th tee box! Enjoy the back patio with golf & Mountain views! Love the high ceilings when u walk in. Floorplan offers split master, large form liv & din rms, fam rm large windows to make this one light & bright! Large island kitchen with W/W cabinets, new Frigidaire Gallery appliances & two Pantries. New plank tile flooring & ceiling fans thru-out. New custom floor to ceiling drapes. You love the huge master retreat with large master Walkin closet. Master bath offers frameless glass enclosed shower & soaking tub, dual sinks with quartz counters. Hall Bath updated with quartz also. Laundry built in sink & cabinet. Back yard offers new paver outdoor sitting area, synthetic grass, fruit trees. New front landscaping.

13609 W Vermont Street Litchfield Park, AZ 85340

$810,000
5 Beds
3.5 Baths
3,749 SqFt
Status Active
MLS # 6745941
Property Type Single Family Residence
Price Type --
This fantastic 5 bed, 3 bath residence now on the market is the one for you! Gated Community! 2 BRAND NEW AC UNITS, OWNED SOLAR!!! New water heater as well. Great curb appeal, with a large pool, covered patio, manicured grass landscape, 3 car garage, RV gate, and a welcoming front porch! Inside you will find a sizeable living area and formal dining room to delight your guests. Vaulted ceilings, soft carpet in all the right places, stylish columns, wooden shutters, and designer palette throughout! You'll also find a cozy family room and an open den ideal for an office or reading nook. The luxurious kitchen is comprised of redone white cabinetry w/crown moulding, a pantry, granite counters, built-in appliances such as dual wall oven, and a lovely breakfast bar. End your busy day in the primary bedroom, boasting private outdoor access, a walk-in closet, and a full ensuite w/dual sinks. Finally, the expansive backyard includes a covered patio, attached pergola, flagstone seating area, a fire pit, a convenient storage shed, and a sparkling blue pool! Your new home is waiting for you, act now!

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