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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27874 E Mount Ord Drive Fort Mcdowell, AZ 85264

$805,000
3 Beds
2 Baths
2,400 SqFt
Status Active
MLS # 6698023
Property Type Single Family Residence
Price Type --
This 3 bedroom 2 bath, with loft, custom home sits on a large lot, 2.31 acre horse property in the very desirable, gated, Whitney Ranch Estates. The home has unbelievable charm and detail throughout with an open floor plan. The great-room has an amazing 22ft ceiling with a large fireplace that spans floor to ceiling (wood or gas). Large master suite with his and her closets, double sinks and walk in shower. There is a loft upstairs that has the ability to be converted to two additional bedrooms and bathroom. The designer open kitchen features white cabinets, granite countertops and high-end Bosch appliances. Outside, a perfect, covered wrap-around porch (2,120 sq.ft) to take advantage of the beautiful 360-degree mountain views. $50K Solar System installed March2022

2873 E Birchwood Place Chandler, AZ 85249

$805,000
5 Beds
3.5 Baths
4,015 SqFt
Status Active
MLS # 6723653
Property Type Single Family Residence
Price Type --
Welcome home to this stunning 2-story home in Riggs Ranch Meadows. On almost a 1/4 acre, enjoy this private backyard with mountain and water views, a lap/diving pool, and a covered patio. This large back yard borders a unique pond that is lined with large trees and cottonwoods. Custom 18'' tile flooring, new carpet throughout, granite countertops, and travertine backsplash. Kitchen presents custom cabinets with crown molding and rollout shelves. Enjoy two large master bedrooms, one upstairs and one downstairs. All bedrooms have walk-in closets and ceiling fans. 4' extension to a large 3-car garage, workbench, and endless storage. Don't miss out on this great opportunity!!!!

13819 N 30th Street Phoenix, AZ 85032

$805,000
5 Beds
2.5 Baths
3,050 SqFt
Status Active
MLS # 6741284
Property Type Single Family Residence
Price Type --
Beautiful single-family home featured in Sonoran Hills in Phoenix, AZ. As you enter the double doors of this spacious home, the expansive foyer and elegant curved staircase invite you in for more. Incorporating a subtle balance of sophisticated styling with a modern design, this home features 5 bedrooms and 2.5 baths in a 3,050 sq. ft. open-flow floor plan. The upgraded eat-in kitchen boasts granite countertops, a center island, raised panel cabinetry, desk area, and pantry, all in a layout ideal for large families or for those who like to cook and entertain. Additional features include vaulted ceilings, surround sound, a formal dining room, downstairs formal and informal living areas with fireplaces, upstairs loft area, a balcony offering captivating views of the McDowell Mountains, and a dedicated master retreat featuring spacious sleeping quarters, walk-in closet, and ensuite bathroom with garden tub, large shower, and dual sinks. Lastly, the home features a 3-car garage, low maintenance landscaping, and a private backyard retreat with covered patio space, Pebble Tec style pool, and no neighbors from behind for added privacyperfect for entertaining guests and family. Located within minutes of top-rated schools, hiking, shopping, restaurants, major highways, and the world-renowned Mayo Clinic, this is the house that's waiting for you.

2320 E Shangri La Road Phoenix, AZ 85028

$805,000
4 Beds
2 Baths
2,294 SqFt
Status Active
MLS # 6726316
Property Type Single Family Residence
Price Type --
Prized Location! Introducing a fully updated, move-in ready home featuring neutral, modern tones and a spacious layout. This property boasts a brand-new kitchen, updated flooring, and includes a diving pool and heated spa (propane). Contemporary fixtures throughout add to the home's appeal. This residence offers ample square footage, including a living room, dining room, family room, and a generously sized master bedroom. The completely renovated kitchen features new cabinets, quartz countertops, and all-new stainless steel appliances. Quiet Neighborhood, next to Phoenix Mountain Preserve, Trail 100. Close to the 51, Dreamy Draw, Piestewa Peak, and all the good food and entertainment and shopping. Huge Lot with ample parking and NO HOA!

12014 S 181st Drive Goodyear, AZ 85338

$805,000
3 Beds
2.5 Baths
2,563 SqFt
Status Active
MLS # 6708029
Property Type Single Family Residence
Price Type --
WINNER OF BEST HOME ON ESTRELLA MTN RANCH TOUR !! Whether you are searching for a year round place to call home or a part-time retreat, this 2,563 sq ft David Weekley home in The Reserve of Golf Canyon will check the boxes on your wish list. This lovingly cared for property in better than new condition has more to offer with comfort and relaxation in mind. Located in the highly sought-after Estrella Mountain Ranch Resort Community. Living here offers access to: Golf Club of Estrella, a Nicklaus Design golf course and Troon managed facility 2 lakes and yacht club with use of kayaks, paddle boats and sailboats 65+ miles of hiking and biking trails 2 luxurious clubs complete with resort-style pools, kiddie splash pad, restaurants, 2 elite fitness centers and community rooms Sports courts including pickle ball, basketball & volleyball. BBQ pavilions and community parks with playgrounds, picnic areas and dog parks 2 Elementary Schools and 1 High School Easy access to I-10, the 101, 202 & 303 offers a convenient drive to State Farm Stadium, home of the Arizona Cardinals, Phoenix Raceway, downtown Phoenix, Scottsdale, shopping & more All this, surrounded by stunning mountain views. From the well-constructed 2x6 frame with many energy efficient features to the thoughtfully designed layout of the Splendor model to the over $90K in upgrades, you will love coming home at the end of the day! Start your day by enjoying coffee or tea in your sunny courtyard while you look out over the Estrella mountains. This spacious pavered outdoor living area surrounded by beautiful Arizona landscaping will energize you for the day ahead. And whenever you feel like you need to just clear your mind, step into your beautifully landscaped backyard complete with a fully pavered huge patio tucked under a full length of the house overhang to shelter you. This property on a wash with a view fence offers solitude as you take in the mountains to the north and south. Enjoy the beautifully designed cactus bed, the centerpiece of this yard, as well as pygmy palms, an ocotillo, a pomegranate bush, a Chasteberry tree, a Meyers lemon tree and a stately Mesquite tree which offers respite from the hot sun under its full umbrella. Take in all that nature has to offer, watching every native creature beautifully cohabitating with each other. Once inside, this gently lived in 3 BR 2.5 Bath home will not disappoint. As you step through the Therma Tru fiberglass front door, an open concept layout invites gatherings of all sizes with a beautifully designed kitchen waiting for your creations. GE Profile electric convection wall oven & microwave, 36 5-burner gas cooktop and Dry Convection dishwasher and stainless steel double sinks make your culinary creations enjoyable! Upgrades in this space with a Gourmet Kitchen Island include granite countertops, a Bosch 36 counter depth French door refrigerator, Oakcraft soft close cabinets, glass subway tile kitchen backsplash, Kichler ceiling fan and 20 offset tile flooring. This space also invites the outside in with ThermaTrue French doors overlooking the courtyard and both 12ft and 16ft sliders overlooking the landscaped and fully irrigated backyard. The Owner's Retreat (17' x 14) is bright and sunny with Hunter Douglas Silhouette sheer shades offering everything from privacy to full sun. The Master Bath with dual vanities and upgraded quartz countertops, soaking tub, roll-in shower and water closet offers comfort, privacy and loads of storage. The Walk-In Closet offers space for all your belongings. In addition, a generous sized linen closet stores all your linens and much more. The split floor plan allows family members or guests privacy, a generous footprint, Norman Shutters on all windows, a Jack and Jill bath with cultured marble sinks and upgraded backsplash, large linen closet and walk-in closets. The Study/Flexspace (12'8 x 12') and Utility Room complete with brand new washer, dryer, sink, loads of cabinet storage and a window both conveniently located right off the kitchen and garage entry round out the floor plan. Plenty of room for cars and storage in your tandem 3-car garage. Whole house upgrades include Kichler ceiling fans in all rooms, upgraded cabinetry throughout, custom flooring, front & back yards landscaped. Whole house custom designed water filtration system and water softener. Remote control sunshades (2) and lighted fans (2) offer protection and comfort from the AZ sun. A diamond in this 20,000 acre resort-style master planned community, put this house at the top of your list to view today!

12204 W Blackhawk Road Casa Grande, AZ 85194

$805,000 - 3Br/3Ba -  for Sale in Val Vista Estates Unit Ii, Casa Grande
Open House
$805,000
3 Beds
2.5 Baths
2,510 SqFt
Status Active
MLS # 6743594
Property Type Single Family Residence
Price Type --
Discover this custom-built home on 1 acre in Val Vista Estates, offering 2,510 sqft of contemporary elegance. This open floor plan is 1-story w/ spacious living area, a gourmet kitchen w/ sprawling quartz island & beverage fridge, & ample storage thruout (walk in Pantry!). The home has 3 bedrooms, a den, & a luxurious primary suite w/ a spa-like bathroom. The expansive lot offers endless possibilities for outdoor living, from creating your dream garden to designing the perfect space for entertaining under the wide-open western skies. Don't miss sunrise from the spacious patio!The oversized garage, w/ three doors, a pass-through bay, 220 outlet, & toy storage, is perfect for all your needs. ENERGY EFFICIENT home w/ Spray Foam Insulation thru-out. Low-E Windows. Ceiling Fans. Don't miss out

29527 W Polk Street Buckeye, AZ 85396

$800,000
5 Beds
4.5 Baths
3,311 SqFt
Status Active
MLS # 6656723
Property Type Single Family Residence
Price Type --
Your dream home awaits you in Buckeye! This brand-new property boasts a 3-car garage and an attractive curb appeal that invites you to discover more. The sophisticated interior boasts breathtaking attention to detail, porcelain tile flooring, chic light fixtures, high ceilings, and a formal dining room. The expansive open floor plan with sliding glass doors to the back patio is designed for relaxation or entertaining. The modern kitchen is a delight, equipped with plenty of cabinetry, stainless steel appliances, a walk-in pantry, sleek quartz counters, tile backsplash, and a waterfall island with a breakfast bar ideal for quick morning coffee. The grand owner's retreat stands out! Direct outdoor access, a pristine ensuite with a sit-down shower, and a walk-in closet complete the picture. Highlights include a fully equipped casita perfect for your guests. Finally, the massive backyard has a covered patio and pavers. What's not to like? This beauty is ready for you to move in and enjoy!

1553 E Kennedy Avenue Coolidge, AZ 85128

$800,000
5 Beds
4 Baths
3,461 SqFt
Status Active
MLS # 6739416
Property Type Single Family Residence
Price Type --
This exceptional property sits on just over 1 acre, providing ample space for animals and recreational vehicles. Located in a gated community of custom homes, it offers tranquility away from busy roads. Features include wood plank tile floors, an open-concept great room, a gourmet kitchen with an oversized island, quartz countertops, crown molding, custom hardware and lighting, plantation shutters, reverse osmosis, and soft water systems. The home also has a bedroom with a large en-suite bathroom and a separate entrance, perfect for multi-generational living or Airbnb. Additional highlights include an oversized 3-car garage, full fencing with custom pipe rail and gates, and protection from high-density housing. Enjoy the growing Coolidge and Florence areas with new restaurants, shop

4821 S Avitus Lane Mesa, AZ 85212

$800,000
4 Beds
3.5 Baths
3,711 SqFt
Status Active
MLS # 6752585
Property Type Single Family Residence
Price Type --
Discover your dream home on a premium corner lot in Eastmark, close to parks, schools, and community amenities! This spacious 4-bedroom, 3.5-bath gem offers 3,711 sq ft of flexible living space. The first floor features a home office, a bright dining room with views of the landscaped yard, and a gourmet kitchen with quartz countertops, double ovens, a ceiling-high backsplash, and a roomy pantry. The primary bedroom is also on the main floor, offering privacy with an en suite bath and a walk-in closet that connects directly to the laundry room. Cozy movie nights await in the living room with surround sound. Extras include a custom wrought iron front door and energy-saving shutters.

7264 S Quinn Avenue Gilbert, AZ 85298

$800,000
5 Beds
3.5 Baths
3,535 SqFt
Status Active
MLS # 6756187
Property Type Single Family Residence
Price Type --
Welcome to this beautifully designed 2-story home in the highly sought-after Adora Trails community. This spacious residence boasts over 3,500 sq. ft. of living space, offering a perfect blend of luxury, comfort, and functionality. From the moment you step inside, you'll be greeted by gorgeous wood floors, a neutral color palette, and tasteful design touches that create a warm and inviting atmosphere. Featuring 5 bedrooms, 3.5 baths, a den with custom built-ins, and a large loft, this home provides plenty of space for family and guests. The gourmet kitchen is a chef's dream, equipped with granite countertops, stainless steel appliances, and ample storage. The open-concept layout flows seamlessly into the living and dining areas, perfect for entertaining. Step outside into your personal oasis on an oversized lot, complete with a sparkling pool and spa and a large patio, perfect for Arizona's sunny days. The backyard offers endless possibilities for outdoor fun and relaxation. Other highlights include a luxurious primary suite with a spa-like bathroom, upgraded finishes throughout, and a prime location within Adora Trails, known for its community amenities, including a community pool, parks, trails, and a clubhouse with gym. Don't miss this rare opportunity to own a move-in-ready, elegantly appointed home in one of Gilbert's premier neighborhoods!

2731 E Mead Court Gilbert, AZ 85298

$800,000
5 Beds
2.5 Baths
3,433 SqFt
Status Active
MLS # 6759088
Property Type Single Family Residence
Price Type --
Welcome to your own private oasis! This five bedroom, two and a half bathroom home in the heart of South Gilbert in Shamrock Estates is stunning from top to bottom! Boasting tile floors, a grand staircase with multiple seating areas, granite countertops, a gas range, stainless steel appliances, ample kitchen storage, a beautiful formal dining area and plenty of space for entertaining family and friends. The oversized primary bedroom suite is complete with a double vanity, separate tiled shower and tub, and a huge walk-in closet. Enjoy the loft and spacious bedrooms upstairs, or relax out on the balcony and enjoy the cooler weather to come. The backyard is a piece of paradise with it's crystal blue salt water pool and spa, built-in BBQ, multiple seating areas and tropical landscape. Minutes from multiple parks, shopping, restaurants, entertainment and the Gilbert Regional Park, this house has everything you need.

100 N Pleasant View Cornville, AZ 86325

$800,000
3 Beds
2 Baths
2,759 SqFt
Status Active
MLS # 6637479
Property Type Single Family Residence
Price Type --
Home on the Oak Creek! This home is on a private 1.88 acres of beach front on the Oak Creek! Sprawling ranch home w/ all the space needed. Combined living room & dining Room arrangement or switch it out with the family room that has a brick gas fireplace.Large Chef's kitchen w/ high end appliances including Viking Gas Stove,Bosch DW,Subzero Refrigerator, granite counter tops & a butcher block area by the walk-in pantry butler door. 3 bedroom,2 full baths plus a powder room. Master Bd has private patio, huge walk-in closet, separate jetted tub, walk in shower and sinks. The laundry room is equipped with Maytag washer/dryer water, a water basin and next to the craft room w/ endless storage and an attached 2 car garage. Tile Roof, front/back porch patios, fenced w/ well house and shed

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