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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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!

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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.

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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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7603 N Via Del Elemental -- Scottsdale, AZ 85258

$800,000

3 Beds

2 Baths

1,720 SqFt

Status Active Under Contract

MLS # 6756372

Property Type Single Family Residence

Price Type --

Super charming home in the heart of McCormick Ranch, updated 3 bedroom, 2 bath, concrete and tile flooring and all new appliances. Brand New HVAC has just been ordered and will be installed soon. Featuring a grassy backyard with a covered patio, vegetable garden and mature orange tree. Surrounded by multiple parks and walking paths just a short walk to public tennis courts, Starbucks, Luci's, LA Fitness, and a variety of other local hotspots.

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15439 E Jojoba Lane Fountain Hills, AZ 85268

$800,000

3 Beds

2 Baths

2,089 SqFt

Status Active

MLS # 6754020

Property Type Single Family Residence

Price Type --

Beautiful home in Sunridge Canyon has stunning views and is move-in ready. Open floor plan includes great room with cozy fireplace that offers views of the pool and canyon. Large kitchen includes a gas cooktop, wall ovens and large island with breakfast bar. Master suite has private access to the patio, views galore and an ensuite bathroom with dual vanity, soaking tub, walk-in shower and large closet. Garage includes epoxy floors and extra storage. The backyard oasis is a dream with a large covered patio that opens to a refreshing pool with water feature and a view fence.

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250 E Voltaire Avenue Phoenix, AZ 85022

$800,000

3 Beds

2 Baths

2,357 SqFt

Status Active

MLS # 6742349

Property Type Single Family Residence

Price Type --

Welcome to your own slice of the Southwest! Nestled in the heart of the highly sought-after Moon Valley community, this eclectic home invites you to experience the vibrant spirit of Mexico. Bathed in natural light, every corner of this cherished residence exudes warmth and charm. Cozy spaces create a welcoming atmosphere, perfect for relaxing or entertaining. Step outside to your private desert oasis—a backyard retreat where you can unwind and enjoy the tranquility of the landscape. A unique oversized garage offers ample space for your vehicles, hobbies, or extra storage. This is more than a home; it's a lifestyle waiting for you.

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17963 E Silver Sage Lane Rio Verde, AZ 85263

$800,000

2 Beds

2 Baths

1,948 SqFt

Status Active

MLS # 6745100

Property Type Single Family Residence

Price Type --

Highly coveted Trilogy at Verde River Country Club, a SHEA Home Community! Elegant and comfortable open floor plan sold fully furnished! The gourmet kitchen offers massive Granite Island, bar seating, and stainless GE appliances. The sunny dining space easily seats 10. The beautiful backyard is accessed through a large patio with two sets of glass sliding doors and retractable screens, allowing seamless outdoor enjoyment. Additional office space offers numerous options and large laundry features extra storage! Featuring two large bedroom suites, the primary suite offers W/I shower and well-organized closet. Come be a part of the VERDE RIVER GOLF & SOCIAL CLUB! Furniture package does not include art, accessories or household goods.

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50006 N 22nd Avenue New River, AZ 85087

$800,000

3 Beds

3 Baths

2,631 SqFt

Status Active Under Contract

MLS # 6725347

Property Type Single Family Residence

Price Type --

It's a New River kind of life! Private front courtyard & EPIC views in all directions. This home has character & a great location! Living room boasts luxury tongue & grove ceiling with wood beams & stacked stone fireplace to highlight the room. Your gourmet kitchen offers beautiful Alder cabinets, granite counter tops, roomy kitchen island, eat-in kitchen, stainless steel appliances including a double oven & Sub-Zero refrigerator. 3 bedrooms, Den/office & 3 full bathrooms. The primary suite is roomy & has dual sinks, separate walk-in shower, jetted tub & private exit to the expansive back patio. This home has so many great features: Interior Alder doors, stone flooring, soaring ceilings, recessed lighting. Out back is the perfect space to entertain with an extended, covered patio and refreshing pool framed by more gorgeous mountain views.. Fully fenced with RV....gate. Extended 3 car garage. This is where the road ends, no traffic. Close but not too close to I17, TSMC (the new chip plant), grocery, retail, banking, restaurants & more. Also, just steps out your door is thousands of acres of the Tonto National Forrest & State Land Trust for biking, hiking & exploring.

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1022 W Las Palmaritas Drive Phoenix, AZ 85021

$800,000

3 Beds

2 Baths

1,783 SqFt

Status Active

MLS # 6751735

Property Type Single Family Residence

Price Type --

Welcome to your North Central Phoenix oasis! Situated on a third of an acre on one of the most desirable streets in the Royal Palm neighborhood, this beautifully maintained home offers the next owner an incredibly livable floor plan or an opportunity to make adjustments to make the home whatever you would like. The large, lush, irrigated corner lot offers north/south orientation and mature foliage. Steps away from Royal Palm Park and nestled in the heart of the neighborhood, this home is close to schools (including Sunnyslope High School), shopping, and dining. Don't miss your chance to make the classic North Central ranch home yours!

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114 W Adams Street Unit 808 Phoenix, AZ 85003

$800,000

3 Beds

2 Baths

2,301 SqFt

Status Active

MLS # 6760802

Property Type Apartment

Price Type --

Welcome to the second-largest home at historic Orpheum Lofts, the only full-service, pre-war condominium in Phoenix! 808 boasts an open kitchen/living/dining space, illuminated by 8 windows that allow for captivating views of Downtown Phoenix and South Mountain. 10'8'' ceilings with concrete beams and exposed brick walls. Viking oven, LG smart appliances, Empava induction stove, and Lutron smart home enabled. Three split bedrooms, two dens/offices, and two full bathrooms. Orpheum Lofts was originally built in 1931 as the Title and Trust building. Today, it's a full-service residential building with key-locked elevators, attended lobby, outdoor terrace, gym, and pool. Two storage units available. Walking distance to the light rail, Wren & Wolf, Footprint Center, & more!

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17404 N 70th Lane Glendale, AZ 85308

$800,000

4 Beds

2.5 Baths

2,611 SqFt

Status Active

MLS # 6760065

Property Type Single Family Residence

Price Type --

Introducing a magnificent single-story residence in the highly sought-after Coventry Estates! Excellent curb appeal with a desert front yard, striking stone detailing, an RV gate, and an extended driveway. You'll love hosting and entertaining in the formal living and dining rooms. The home exudes elegance with its high ceilings, plantation shutters, neutral paint, tile flooring, and plush carpeting in all the right places. Continue onto the bright family room that seamlessly flows into the kitchen. Prepare gourmet meals in the impeccable kitchen, fully equipped with granite counters & backsplash, wood shaker cabinetry, a pantry, a breakfast nook, and an island with a breakfast bar. Grand main suite has plush carpeting, a sitting area, a full ensuite, a walk-in closet, and outdoor access. Parking will never be an issue with the spacious 7-car garage and RV parking! The vast backyard invites you to unwind and have fun with a covered patio, a seating area, and a refreshing pool. This gem will not disappoint!

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2410 S 186th Drive Goodyear, AZ 85338

$800,000

4 Beds

3 Baths

3,012 SqFt

Status Active

MLS # 6763093

Property Type Single Family Residence

Price Type --

*RARE FIND: NO HOA, OVER 1 ACRE CUL-DE-SAC LOT, BORDERING FARMLAND* Charming desert curb appeal with ample driveway space, including grand semi-circle entry welcomes you in... Front courtyard offers expansive views, while the newly completed and fully permitted 7 car, drive thru garage with custom lighting, built in cabinets and a plug for the EV is a dream come true. As you enter you will find the open floor plan and generously sized living room and large kitchen perfectly set up for entertaining. The primary suite features separate entry, snail shower, jetted tub and large walk in closet. Secondary bedrooms share a jack and jill bath. In the peaceful backyard to watch the sunset over the White Tank Mountains while enjoying cooling off in your pool... You still have plenty of space to store your toys, create an RC/dirtbike track, build a casita, or do anything you can think of! This home is country living with city convenience in a location that can't be beat! These do not come up often, grab it for yourself!

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