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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2366 E Shea Boulevard Phoenix, AZ 85028

$800,000

4 Beds

3 Baths

2,565 SqFt

Status Active

MLS # 6709967

Property Type Single Family Residence

Price Type --

Welcome to your dream home! Nestled in the Desert Vista Community off Shea Blvd, this beautifully remodeled property boasts an inviting backyard oasis complete with a above ground spa. Enjoy the seamless blend of Scottsdale & Phoenix amenities right at your doorstep. The home features a finished versatile attached room for living, rental, hobbies, or staff quarters. Primary Bedroom boasts a resort like stream shower! Don't miss the chance to own this stunning retreat in one of the best locations, where modern updates meet cozy charm. Walking distance to schools. Make this your next move and experience the perfect blend of comfort & convenience! Oh and by the way..interested in hiking, trails and views? This location offers all of that at your doorstep with marked trails in every direction

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29027 N 94th Place Scottsdale, AZ 85262

$800,000

3 Beds

2 Baths

2,098 SqFt

Status Active Under Contract

MLS # 6746422

Property Type Single Family Residence

Price Type --

There is nothing in the world like Scottsdale, golf course living. This beautiful home is perfectly tucked into Pinnacle Ridge at Troon North. The backyard is nestled near the tee box of hole number 5, providing the sights and sounds synonymous with a tranquil, private desert golf course environment. As you arrive at the curb you will notice the pride of ownership highlighted by the lush desert landscaping and courtyard where you'll spend time talking with friends and waving at neighbors. Through the front door, you're welcomed by an abundance of natural light, high vaulted ceilings, large open kitchen, and split floor plan offers 3 bedrooms and 2 bathrooms. As you exit the door to that backyard, the feeling of the cool, blue pool creates a reprieve from the hot summer day, or for enjoying the day with family as the birds chirp and the flowers blossom around you. A large laundry room and 3 car garage, and perfect location make this home check every box. Tour soon, this won't last long.

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826 E Marblewood Way Phoenix, AZ 85048

$800,000

4 Beds

3 Baths

2,668 SqFt

Status Active

MLS # 6715458

Property Type Single Family Residence

Price Type --

Discover the perfect blend of style and comfort! This stunning home features a modern desert exterior, 4 spacious bedrooms, 3 baths, and a 2-car garage less than 4 years old with over $100k in upgrades. Enjoy culinary creations in the gourmet kitchen equipped with gas cooktop, wall oven/microwave combo, silver gray shaker cabinets, a pewter island, and marble-look quartz counters with a white subway tile backsplash. The first floor boasts wood plank style tile, adding warmth and elegance. Each bathroom is meticulously designed with custom tile, and the master bath features a Carrera style shower surround. Additional luxuries include extended covered patio, 8' interior doors, pure white paint, and 5'' contemporary baseboards. Extra insulation added to attic. Garage is insulated, features epoxy floors & extra cabinets. Located near top-rated schools and close to shopping at Foothills Center, plus the serene Desert Foothills Park.

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234 E Orange Blossom Path Queen Creek, AZ 85140

Open House

$800,000

2 Beds

2.5 Baths

2,124 SqFt

Status Active

MLS # 6760798

Property Type Single Family Residence

Price Type --

Nestled in the prestigious Encanterra neighborhood, this upscale home with a 3-car garage embodies luxury and community charm. Step into your private oasis, featuring a hot tub, gas fire pit, and grill area—perfect for entertaining or relaxing under the stars. With no homes behind, enjoy the tranquility and privacy of your outdoor space. Inside, discover 10 ft flat ceilings, a chef's kitchen that's a culinary haven, equipped with upgraded 42'' cabinets with above and under cabinet lighting, soft-close doors, 11 rollout drawers, White Alaska granite countertops, a custom backsplash, a built-in Advantium microwave oven, built-in electric oven, wine refrigerator, and warming drawer. Every detail has been meticulously crafted, including a stunning 9ft sliding barn door. All bathrooms are beautifully upgraded with exquisite tile designs reaching the ceiling, adding a touch of elegance throughout this masterpiece. With a thoughtfully designed layout, this home is a perfect blend of sophistication and comfort. Experience the best of luxury living in Encanterra!

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318 E Elgin Street Gilbert, AZ 85295

Open House

$800,000

5 Beds

3 Baths

3,479 SqFt

Status Active

MLS # 6754157

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Gilbert! This expansive 5-bedroom, 3-bathroom residence boasts over 3,400sf of living space, offering an ideal blend of comfort and style. As you step inside, you'll be greeted by upgraded tile flooring that seamlessly flows through all the right places. Upstairs, you'll find plush carpeting in the bedrooms, providing a warm and inviting atmosphere. A standout feature of this property is the massive 4-car garage, offering lots of space for vehicles, storage, or a workshop. To top it off, this home has 2 new HVAC units! Located in the Allen Ranch community, this home is just moments away from parks, shopping, and dining options, while still offering the tranquility of a well-established neighborhood. Don't miss out on this Gilbert gem!

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5251 N 106th Avenue Glendale, AZ 85307

Open House

$800,000

3 Beds

2.5 Baths

2,148 SqFt

Status Active

MLS # 6759991

Property Type Single Family Residence

Price Type --

Your chance to own a property in the non-HOA community of Camelback Farms has arrived! Located 3 blocks away from the Dodgers/White Sox training facility & 2 miles from the Cardinal Stadium, be close to the action & entertainment! A 1- Acre (51,819 sqft) & a well-cared for irrigated property with 3 Beds & 2.5 Baths at 2,148 sqft, there are so many possibilities! Inside you will find the charm of a unique floor plan, with great sized bedrooms & spacious closets! Outside you'll find trees such as pecan trees & lush green grass lawn with plenty of room for whatever fits your vision! With a separate two-car garage, enjoy space for your vehicles & supplies. HVAC replaced in 2014 & roof done in 2013. Properties with this price don't come to the market often! Make an offer today

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17535 N 50th Way Scottsdale, AZ 85254

Open House

$800,000

4 Beds

2 Baths

1,912 SqFt

Status Active

MLS # 6738647

Property Type Single Family Residence

Price Type --

Home is only 3 years old! The perfect location! Gated community with playground and community pool. Bright, and airy open concept floorplan. Inviting kitchen effortlessly flowing into the living area. Quartz counters, espresso cabinetry. Tile flooring all throughout the home. NO carpet! Large sliders leading out to the backyard. Primary suite includes a huge walk-in closet, dual sink vanity, and a luxurious walk-in shower. 3 meticulously spaced out guest bedrooms, separated from the primary suite.

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1563 S Pennington Drive Chandler, AZ 85286

$799,999

3 Beds

2 Baths

1,236 SqFt

Status Active

MLS # 6744940

Property Type Single Family Residence

Price Type --

Waterfront lot! Completely renovated inside and out. Enclosed yard with private pool and covered patio. This 3 bed and 2 bath single story home has been completely remodeled and has its own lakeside deck for a tranquil and serene environment. All new appliances are included! Highly desirable location near top tech companies. Also available for rent.

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1570 W Azalea Drive Chandler, AZ 85248

New

$799,999

4 Beds

2 Baths

2,484 SqFt

Status Active

MLS # 6760933

Property Type Single Family Residence

Price Type --

This beautifully appointed home has 4 bdrms. 2 baths, a 3 car garage in the pristine Cottonwood Springs area of Chandler. Open yet private with tile wood-like flooring adding elegance to this lovely home in just the perfect places. Granite countertops and a stunning fireplace with stone to the ceiling for those cozy nights. Kick back in this charming entertainers yard that encompasses a European feel.. so sip a glass of wine and invite your family and friends over for a bbq and the perfect day! Near all shopping including Chandler Mall, Hospitals, restaurants. Easy access to freeways yet peaceful. Come see yourself...This will not disappoint we are awaiting your offers. Enjoy~

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199 N Old Mill Road Tonto Basin, AZ 85553

New

$799,999

2 Beds

3 Baths

1,540 SqFt

Status Active

MLS # 6765056

Property Type Single Family Residence

Price Type --

This 2.53-acre property features a Residential/Commercial opportunity (2000 sf. Shop with a 9000# exterior vehicle lift) with views of the surrounding mountains for miles and miles! This beautifully crafted home has many smart home features including Full RING interior/exterior security system throughout including cameras, lights, keypad, and window/door sensors. Smart lock front door, App controlled front gate, App controlled wireless window blinds throughout home, Bluetooth mirror and exhaust fan in guest bathroom, Starlink equipment (conveys). Master bedroom custom shower, & custom walk-in closet. Water softener, propane on demand water heater. The upper deck has plumbed propane, Bluetooth surround sound system, 55' smart TV, Flood lights, recessed led lighting, celling fans, Trex de This 2.53-acre property features a Residential/Commercial opportunity (2000 sf. Shop with a 9000# exterior vehicle lift) with views of the surrounding mountains for miles and miles! This beautifully crafted home has many smart home features including Full RING interior/exterior security system throughout including cameras, lights, keypad, and window/door sensors. Smart lock front door, App controlled front gate, App controlled wireless window blinds throughout home, Bluetooth mirror and exhaust fan in guest bathroom, Starlink equipment (conveys). Master bedroom custom shower, & custom walk-in closet. Water softener, propane on demand water heater. The upper deck has plumbed propane, Bluetooth surround sound system, 55' smart TV, Flood lights, recessed led lighting, celling fans, Trex decking, multiple power outlets and teak wood patio furniture (conveys). The lower patio has a 2yr old Tuff Spa - 240V hot tub (conveys), plumbed propane with BBQ grill connection. The attached Shop features a roof top swamp cooler, built-in cabinets w/countertops and sink. Full RV hook-ups next to the shop with 100amp service. Large doggie door with attached kennel (conveys). 12x20 Gazebo will convey (to be erected in next couple of months). Plenty of room to build guest house, horse facilities etc. Just 7 miles from Roosevelt Lake for fishing & water sports, and many mountain roads and trails for riding. Don't miss out on this one-of-a-kind property with many uses!

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18372 W Ivy Lane Surprise, AZ 85388

$799,999

6 Beds

4.5 Baths

5,262 SqFt

Status Active Under Contract

MLS # 6757446

Property Type Single Family Residence

Price Type --

Beautiful Turn key and updated home in the Surprise Farms subdivision. This home is spacious with a great multigenerational floorplan. This is a 6bed, 4.5bath, 4 car garage home with RV gate, pool and backs to a community park. No neighbors behind. Updated kitchen with new stainless steel sink, white cabinets with hardware, stainless steel appliances, granite counter tops, tile backsplash, large island, pantry and eating area. There are downstair bedrooms, office with built in custom desk and book shelves, formal dining room, living room with custom entertainment center, fireplace and laundry room downstairs. Primary bedroom suite, movie room and additional spacious bedrooms upstairs. New tile and carpet flooring throughout. 1yr Home warranty plan provided by Seller.

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35645 N 3rd Street Phoenix, AZ 85086

$799,999

4 Beds

3 Baths

2,350 SqFt

Status Active

MLS # 6749123

Property Type Single Family Residence

Price Type --

Bring your toys & horses! This amazing 1+ acre property has room for both, including 2 RV gates for easy access to backyard & horse stalls/arena. Open floorplan with great room is perfect for entertaining! The recently renovated kitchen offers plenty of cabinet/counter space, walk-in pantry, granite countertops & stainless steel appliances. Primary suite includes full bath with separate shower & soaking tub, dual sinks & walk-in closet. Split separate bedroom with ¾ bath would be great for guests/in-law set up! Indoor laundry & new tankless water heater. Save on electricity w/owned solar! Huge backyard with covered patio and salt water diving pool! This lot includes circular drive for extra parking, RV electric hookup & a 6-stall mare motel with water/electricity large tack room & arena.

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