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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10150 W Spur Drive Peoria, AZ 85383

$810,000

3 Beds

2.5 Baths

2,996 SqFt

Status Active

MLS # 6689001

Property Type Single Family Residence

Price Type --

Nestled in the heart of Peoria, AZ, this exquisite single-story home boasts 3 spacious bedrooms, office & den with 2.5 well-appointed bathrooms including a massive primary suite with huge custom designed walk-in closet. The home's open floor plan invites you in with an abundance of natural light, illuminating the high-quality finishes and attention to detail. The gourmet kitchen, complete with top-of-the-line appliances, is a chef's dream, seamlessly flowing into a cozy living area, perfect for entertaining or quiet nights in. The primary suite is a private retreat, featuring a luxurious en-suite bathroom that promises relaxation. The true gem of this property, however, is the resort-style pool. This outdoor oasis a sparkling pool that beckons on hot Arizona days. The surrounding patio offers ample space for lounging, dining, and entertaining, all while enjoying the beautiful Arizona weather. This home is more than just a place to live, it's a lifestyle. With its combination of comfort, style, and luxury, this 3-bedroom with option for as many as 5 bedrooms home in Peoria, AZ, is truly a dream come true.

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2824 N Kashmir Street Mesa, AZ 85215

$810,000

4 Beds

3 Baths

3,222 SqFt

Status Active Under Contract

MLS # 6744484

Property Type Single Family Residence

Price Type --

Amazing Custom Home in Mesa Desert Heights with NO HOA and a NEW roof! This Home sits on a BIG 1/3 acre lot with an RV gate and an over sized 3 car garage. This backyard is an entertainers dream with stunning views from the outside observation Deck, a great covered patio, Built-in BBQ & Bar top, a charming built in Fireplace with built in seating and the best part is this home is a corner lot with NO rear neighbors.

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3038 Dawa Ovi -- Flagstaff, AZ 86005

$809,997

3 Beds

2 Baths

1,947 SqFt

Status Active

MLS # 6744901

Property Type Single Family Residence

Price Type --

1+ Acre Beautiful Lot in the in the Pines of Flagstaff. This beautiful 1947 square foot home has 3 bedrooms and 2 bathrooms with a large common area and kitchen. Primary Suite features 3 closests, seperate Shower and Jetted Tub. The unfinished basement is a blank slate. Plenty of room for horses. Plenty of area to ride your horses in the pines, property adjacent to the green belt. The real story is this beautifully wooded lot with a picnic area and plentry of privacy. Add a couple of Horse Stalls and this would make a great AirBnB for Phoenix area horse families. Don't miss this one. Plan your escape today.

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8607 S 16th Drive Phoenix, AZ 85041

$809,850

3 Beds

2.5 Baths

2,477 SqFt

Status Active

MLS # 6671297

Property Type Single Family Residence

Price Type --

EXTENSIVE UPGRADES LIST IN DOCS TAB!!! Welcome to your dream home in an exclusive gated community, right by the beautiful South Mountain Range. Enjoy stunning VIEWS of the MOUNTAINS & DOWNTOWN Phoenix from your backyard. This spacious home offers the option for bonus room to be converted to a FOURTH BEDROOM, perfect for guests or a home office. Relax in your RESORT-STYLED BACKYARD, lined by trees for added privacy. With a roomy three-car garage and a generous 1/3-ACRE LOT, storage shed, this home perfectly combines comfort and convenience. Additional amenities include a spacious storage shed, RV gate, and a covered patio adorned with sun shades - creating the ideal setting for al fresco dining or relaxation. Step inside, and the interior seamlessly blends sophistication with functionality. The wood-plank flooring adds warmth and character throughout, creating an inviting atmosphere. The heart of this home is the chef's kitchen, a culinary masterpiece equipped with quartz and granite countertops, a mini-bar for entertaining guests, a walk-in pantry, and upgraded soft-close cabinetry. The gas cook-top stove and a generously sized kitchen island complete the ensemble, making this open-concept kitchen the perfect hub for both culinary adventures and social gatherings. Versatility is a key feature of this residence, as the front office can easily be transformed into an additional bedroom, providing flexibility to accommodate your unique needs.

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20179 W San Juan Avenue Litchfield Park, AZ 85340

$809,701

4 Beds

3 Baths

3,147 SqFt

Status Active

MLS # 6572417

Property Type Single Family Residence

Price Type --

Open-concept, 3,147 square foot home with the perfect amount of space to in all the right places and is located on a N/S 9,143 square foot homesite with an 8' double gate. 4 bedrooms + study + retreat. 3 car tandem garage provides much desired storage space. The extended covered patio gives you extra room for outdoor entertainment and backyard is large enough for a pool. Gourmet kitchen with gas cooktop, upgraded cabinets and countertops with custom backsplash, upgraded flooring through out are just some of the custom choices that make this home a must see!

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3732 E Desert Cove Avenue Phoenix, AZ 85028

$809,000

5 Beds

3 Baths

2,394 SqFt

Status Active

MLS # 6693657

Property Type Single Family Residence

Price Type --

Indulge in the sheer magnificence of this enchanting abode nestled within the serene confines of the Shea Foothills Community. Revel in the opulence of this splendidly crafted sanctuary boasting five bedrooms and three lavishly appointed bathrooms. Every detail meticulously attended to, leaving no aspect untouched in this immaculate haven. Step into a culinary oasis with a brand-new kitchen adorned with exquisite quartz countertops and bespoke custom backsplashes, an epitome of sophistication. Luxurious designer accents adorn every corner, elevating the ambiance to one of sheer elegance, ensuring a seamless transition into your new haven.Outside, a paradise awaits, reminiscent of a five-star resort. Bask in the splendor of a sprawling backyard oasis, featuring a glistening pool to refresh on hot summer days, a putting green to refine your golfing skills, and a shaded BBQ area for alfresco dining experiences. As if that weren't enough, an esteemed Traeger Grille stands ready to elevate your culinary adventures. Nestled in a tranquil neighborhood, yet conveniently located close to PV, indulge in the ease of access to shopping, dining, and entertainment options. With proximity to the renowned WM Open, Scottsdale Airport, Loop 101, and SR51, convenience meets luxury seamlessly in this unparalleled location. Embrace the opportunity to make this exquisite residence your own - an oasis of tranquility and luxury awaits, ready to welcome you home.

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1973 W Brooke Lane Queen Creek, AZ 85144

$808,775

4 Beds

3.5 Baths

3,082 SqFt

Status Active

MLS # 6713580

Property Type Single Family Residence

Price Type --

Construction Starting Soon! 1.25 Acre Lot & No HOA. Stunning Semi-Custom Home, 12' ceilings in the main area, 4 bedrooms 3.5 baths, ensuite & office/den. An incredible gourmet kitchen, 9ft Island, ample counter space & eating bar. The main living area features a wall of glass with a multi sliding glass door that lets in plenty of natural light. The master suite is a true oasis. The Mudroom for your Drop Zone next to the awesome laundry room leaves you wanting not. Oversized 3+ Car Garage! Ask about a Casita or RV Garage. With its fantastic features and unbeatable price, this home is ready for your personalization! See the documents tab for the construction specifications. Expect to be blown away. More Home For Your Money.Pictures are of previous model and have some options not include

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3493 E Pinto Drive Gilbert, AZ 85296

$807,000

5 Beds

3 Baths

2,663 SqFt

Status Active Under Contract

MLS # 6697600

Property Type Single Family Residence

Price Type --

Welcome home to this beautiful 5 bedroom home in Morrison Ranch. This 2020 Fulton home has 2 bedrooms and den downstairs. Upstairs has 3 bedrooms with a loft. High ceilings lead to a beautiful open kitchen with tons of storage and oversized island with marble countertops. Gas stove, GE appliances. Walk in pantry and extra storage understairs. Oasis backyard with pool complete with baja shelf and waterfall, gas hook up, pavers, turf, misters and prewired for fan. Garage is complete with Tankless water heater, water softener and above storage.

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2458 E Preston Street Mesa, AZ 85213

$805,861

4 Beds

3 Baths

2,462 SqFt

Status Active

MLS # 6751502

Property Type Single Family Residence

Price Type --

No houses out front of you while your home is looking onto the nursey with lush green all around! This Spanish mission is at drywall right now and showing final price after all the upgrades/Options. Beautiful entrance with private courtyard walking up to your 8ft iron front door! Featuring nice upgrades with the wall of glass from your great room to your oversized north facing backyard. Gourmet kitchen with GE stainless steel appliance, pot filler and kitchen backsplash. Stunning finish colors. Designed with top notch options this is one to see! Don't forget the Wood look flooring throughout! ( Photos are of model)

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4910 W Mountain Hollow Loop Show Low, AZ 85901

$805,000

5 Beds

3 Baths

2,757 SqFt

Status Active

MLS # 6743878

Property Type Single Family Residence

Price Type --

Introducing your dream home! Nestled in a serene and welcoming neighborhood, this brand new build boasts five spacious bedrooms and 3 luxurious baths. Designed with modern living in mind, this home offers ample space for both relaxation and entertainment, making it perfect for growing families or those who love to host guests. One of the standout features of this stunning property is the primary room located conveniently on the ground floor. This provides easy access and a retreatesque atmosphere for the homeowners, ensuring privacy and comfort. The ensuite bathroom in the primary room is equipped with high-end fixtures and finishes, creating a spa-like experience right in your own home. Step outside to discover the beautifully landscaped yard, which offers a peaceful.. outdoor activities or simple relaxation. The meticulously designed garden area is perfect for those who enjoy nature and outdoor living. Whether you're hosting a summer barbecue or enjoying a quiet morning coffee, this landscaped paradise will be your sanctuary. Don't miss the opportunity to make this impeccable, move-in-ready home yours!

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5825 Snapdragon Lane Prescott, AZ 86305

$805,000

3 Beds

2 Baths

2,051 SqFt

Status Active

MLS # 6740604

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the highly sought-after Pinon Oak Subdivision! This stunning residence boasts a spacious and functional split floor plan with three bedrooms and two bathrooms, providing ample space for comfortable living. Step inside to find an inviting living area that seamlessly flows into the bright and airy Arizona Room, perfect for enjoying the beautiful weather year-round. The well-appointed kitchen features modern appliances and plenty of counter space, ideal for preparing delicious meals and entertaining guests. The large primary bedroom offers a private retreat with a generous en-suite bathroom and a private exit to the serene patio, allowing you to unwind in peace and tranquility. The additional bedrooms are well-sized and share a stylishly updated bathroom. Outside, you'll appreciate the expansive corner lot adorned with mature landscaping, creating a picturesque and private oasis. The garden shed provides extra storage for all your tools and outdoor equipment, while the dog run ensures your furry friends have plenty of space to play. For those with multiple vehicles or a penchant for hobbies, the three-car garage offers abundant space for parking and storage. Enjoy the convenience of living in a desirable neighborhood, with easy access to local amenities, schools, and parks. This home is a perfect blend of comfort, style, and convenience, making it an exceptional find in the Pinon Oak Subdivision. Don't miss the opportunity to make this incredible property your own!

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1827 E South Fork Drive Phoenix, AZ 85048

$805,000

4 Beds

3 Baths

2,894 SqFt

Status Active Under Contract

MLS # 6682810

Property Type Single Family Residence

Price Type --

Welcome to your desert oasis in the beautiful subdivision of Cabrillo Canyon. This exceptional single-level home features a NEW ROOF with warranty and offers the perfect blend of luxury & comfort. Boasting a generous 13,857 sqft lot. Step inside to discover a gourmet kitchen, with granite countertops & ss appliances. The heart of the home is the expansive open family room, where you can unwind by the cozy fireplace or entertain guests with ease. Adjacent to the family room, a stylish wet bar with granite countertops. Retreat to the split primary suite, your private sanctuary featuring raised sinks, granite vanity, upgraded shower enclosure, and a spacious walk-in closet. Step outside to discover your own private resort style backyard, complete with sparkling pool, lush turf, an inviting gazebo, and a built-in stainless steel grill, creating the ultimate outdoor living experience. Whether you're hosting weekend barbecues or simply unwinding after a long day, this outdoor space is sure to be a favorite gathering spot.

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