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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2140 W Clearview Trail Anthem, AZ 85086

$799,999

6 Beds

2.5 Baths

3,361 SqFt

Status Active

MLS # 6759009

Property Type Single Family Residence

Price Type --

Take a look at this Spectacular Anthem home, which has everything you could ask for. It comes with 2 newer A/C units and solar panels owned outright for low electric bills. The house is ideally located with no neighbors behind, view fencing, and stunning mountain views. The backyard is a beautiful oasis with a heated pebble tec play pool and spa, a covered patio, and a misting system. The home has a grand exterior with a 3-car garage, a stone facade, and a front patio with flagstone flooring. As you enter the home, you'll find a formal living and dining room with expansive ceilings, tile floors, and neutral paint. The kitchen is an entertainer's dream with a large island, granite counters/backsplash, stainless appliances, and extended upgraded cabinets with hardware and a desk. The great room is directly off the kitchen with a custom built-in entertainment center. The primary suite is downstairs with an exit to the backyard, an ensuite bathroom, dual sinks, a separate shower/tub, and a walk-in closet with a custom closet system including a safe cabinet. There is an additional room/office downstairs, a half-bath, and a laundry room. The large garage has epoxied floors, a soft-water system, a central vac, built-in cabinets, and above-head storage. Upstairs, you'll find 4 bedrooms and a large closed-off flex area that had an option to be a secondary primary. This home is a must see!

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21369 W Hillcrest Boulevard Buckeye, AZ 85396

$799,999

3 Beds

2.5 Baths

2,429 SqFt

Status Active

MLS # 6743385

Property Type Single Family Residence

Price Type --

Maximizing natural light and the best in energy-efficiency, this home boasts 10' flat ceilings, 4 beds, 3 baths, & an oversized family room with both a 12' and an 8' sliding glass door exiting to the extended covered patio. Cook up culinary delights in the gourmet kitchen, featuring upgrade GE stainless appliances, upgraded countertops, gorgeous shaker cabinets, a spacious corner pantry & tile accents at the backsplash. Your owner's suite is an inviting everyday escape showcasing granite countertops, tiled walk-in shower, and a deluxe walk-in closet. Gorgeous two-tone paint & 6''x36'' tile and upgraded carpeting throughout. 2x6 construction & extensive new home warranty. See you soon!

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2741 E Bridgeport Parkway Gilbert, AZ 85295

$799,999

8 Beds

6 Baths

3,983 SqFt

Status Active

MLS # 6725062

Property Type Single Family Residence

Price Type --

Discover your dream home with 4 raised garden beds and fruit trees. This unique semi-custom home has plenty of room to entertain, featuring 8 bedrooms, 6 bathrooms (4 with double sinks), solid core doors, and upgraded kitchen and baths. Enjoy modern amenities like a whole house water softener, Reverse Osmosis system, and Central Vacuum. With 10-foot ceilings downstairs, 9-foot upstairs, spacious mud room and laundry room, and close proximity to shopping, dining, and freeways, this home offers both luxury and convenience. Don't miss a chance to experience a haven where every detail enhances comfort and elegance.

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20312 E Via Del Rancho Road Queen Creek, AZ 85142

$799,999

4 Beds

2.5 Baths

4,962 SqFt

Status Active

MLS # 6722390

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the prestigious Montelena community! This exquisite residence features elegant hardwood floors and a chef's kitchen with top-of-the-line gas appliances, built-in ovens, and granite countertops. The open-concept layout connects the kitchen to a spacious family room with custom built-in bookshelves and a cozy fireplace. The master suite is a true sanctuary, which offers dual walk-in closets and a luxurious master bath. Enjoy the expansive counter space, oversized jetted tub and walk-in glass shower, . Upstairs, you'll find a fantastic bonus/game room that's perfect for play or relaxation, while the lower level features a dedicated media room for movie nights and entertainment. Large backyard to enjoy activities and plenty of room to add a pool.

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2206 W Remington Drive Chandler, AZ 85286

$799,999

5 Beds

3 Baths

3,613 SqFt

Status Active

MLS # 6736475

Property Type Single Family Residence

Price Type --

Welcome to your new home in Price Corridor! Centrally Located Pecos Vistas 2 is a beautiful gated community built by Maracay Homes. This home boast 5 bedrooms, 3 full bathrooms and a spacious loft. A modification to the original floor plan brings great functionality to the first-floor bedroom which is accessible through a private entrance from the single car garage. Upgrades include Luxury Vinyl Plank flooring on first and second floor, 2 New AC units (2023), dual pane vinyl windows (2023), new blown in insulation, new tile surrounds in secondary bathrooms, custom Jacuzzi brand shower in Primary suite, New stainless steel refrigerator and dishwasher in kitchen, new ceiling fans, plantation shutters, interior & exterior paint.

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3413 S Litzler Drive Flagstaff, AZ 86005

$799,999

4 Beds

3 Baths

2,230 SqFt

Status Active

MLS # 6669596

Property Type Single Family Residence

Price Type --

Discover a peaceful haven nestled among the pines in the sought-after University Heights, while NO HOA. This captivating residence is a showcase of sophisticated design, featuring Venetian plaster walls, luxury vinyl spacious family rooms. The kitchen shines w/granite countertops & stainless steel appliances, leading to a private patio amidst Ponderosa pines. The primary suite offers a private walk-out patio, newly remodeled bath with a large shower. A flexible loft space provides an ideal setup for a playroom or home office, conveniently adjacent to the fourth bedroom. This immaculately maintained home blends tranquility with luxury while conveniently located close to shopping, restaurants, trails, downtown Flagstaff and easy access to hwy 89 to Sedona. Established short term rental.

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16105 N 183rd Drive Surprise, AZ 85388

$799,999

4 Beds

3.5 Baths

3,419 SqFt

Status Active

MLS # 6662982

Property Type Single Family Residence

Price Type --

Discover the perfect blend of comfort and convenience in this meticulously maintained home, nestled in the highly desirable gated community of Surprise Farms. This residence stands out with its unique combination of a spacious 2-car garage plus an impressive 40 ft RV garage, featuring a wall of attached cabinetry and epoxy flooring for unparalleled storage solutions. Boasting a true split floor plan, the home offers dual primary suites on opposite sides, ensuring privacy and comfort, while two additional guest bedrooms provide ample space for family and guests. The heart of the home, the kitchen, is a chef's delight with a custom backsplash, stunning 48-inch cabinets adorned with crown molding, sleek new hardware, and a large island—perfect for gatherings. The kitchen now features double ovens, with the new oven installed in 2022, offering a gas connection option, adding to its functionality and appeal. The great room, accented with a custom reclaimed wood feature wall and newly installed canned lights, creates a warm and inviting atmosphere. Energy efficiency is prioritized with shade screens on every window, a brand-new water heater, and new toilets throughout the home. Outdoor living is elevated with a built-in BBQ, fire pit, artificial grass, and travertine pavers in the backyard, complemented by a covered patio for year-round enjoyment. Practical features include a large walk-in pantry, laundry plus office space, and a main primary suite with custom tile in the shower and fully customized cabinetry in the closet. 35 ft concrete pad behind the gate can fit 2 cars. Located in one of the city's most sought-after master-planned communities, close to shopping, dining, elementary & high school within a mile radius and with children's playgrounds, this home offers both luxury and convenience. Don't miss the chance to make it yours!

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6992 W Quail Avenue Glendale, AZ 85308

$799,999

4 Beds

2.5 Baths

2,944 SqFt

Status Active Under Contract

MLS # 6721747

Property Type Single Family Residence

Price Type --

Exquisite home in the desirable Sierra Vista Estates. Upon entering, you will be greeted by a foyer with gorgeous custom stone that leads to the main living areas. The living room boasts natural light and an inviting atmosphere. The adjoining dining area is ideal for hosting gatherings with family and friends. You'll find the primary suite is particularly impressive, featuring a walk-in closet and an en-suite bathroom with luxurious amenities. Spacious and well-maintained, the interior makes this perfect for comfortable living. The eat-in kitchen is equipped with modern appliances, ample cabinet space, and a breakfast bar. Whether you are a seasoned chef or enjoy simple cooking, this kitchen will meet all your culinary needs. Step outside to a beautifully landscaped backyard, perfect for outdoor activities and entertaining guests. Whether you prefer to relax on the patio or lounge in the pool, there is plenty of space to make this outdoor area your own. Additionally, the neighborhood offers a sense of community and a peaceful atmosphere. Conveniently located to the 101, fabulous dining and shopping as well as top rated schools you won't want to miss this one!

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705 E Arrowhead Court Payson, AZ 85541

$799,999

4 Beds

3 Baths

2,505 SqFt

Status Active

MLS # 6720290

Property Type Single Family Residence

Price Type --

Million dollar views of the Mogollon Rim. State of the art water treatment system. Heated floors. New tankless water heater. Remote control overhead storage in garage. Premium upgrades in kitchen and bathrooms: custom cabinets, marble/tile shower, walk-in jetted tub. Kitchenette, pellet stove on lower floor. Separate office in 3rd car garage with its own mini-split air conditioner. Large half acre with low maintenance landscaping. 3 car garage. 4 bedrooms and 3 bathrooms. 2500 square feet. This is an absolute ''must see''.

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5921 E Woodridge Drive Scottsdale, AZ 85254

$799,999

4 Beds

2 Baths

2,240 SqFt

Status Active

MLS # 6680622

Property Type Single Family Residence

Price Type --

MAGIC 85254 ZIP CODE! 5 minutes to restaurants & shopping at Kierland Commons. This single level 4 bd/2 ba Tatum Horizons home has a large *5th bedroom with closet * office, features spacious soaring ceilings. Chef's kitchen w/ granite countertops, all NEW kitchen appliances. Exterior of home has been freshly painted. Enjoy a yard w/ mature fruit trees, foliage, private pool and spa, all set in a desert landscape. The Pool/Spa have NEW variable speed pump, NEW cartridge filter system, NEW multicolor LED lighting for outdoor entertaining, NEW Sprinkler system vacuum breaker, NEW whole house on water filtration system, Electrical NEW Home battery, Electrical wiring re-done, Solar panels PAID OFF. NEW light fixtures entryway/Library, NEW $7000 custom front door. REDUCED & READY TO GO!

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1623 E Hidalgo Street Apache Junction, AZ 85119

$799,999

4 Beds

3 Baths

2,636 SqFt

Status Active

MLS # 6740402

Property Type Single Family Residence

Price Type --

Just over 3/4 of an acre NON HOA home in Superstition Mountain Estates is nestled against the back drop of the majestic Superstition Mountains! Featuring 4 bd, 3 bath & 3 car garage this home epitomizes luxury living! Upon entering you will find 10-ft ceilings, 8 ft doors, recessed lighting creating a very open feel. The open floor plan seamlessly blends the living, dining & kitchen area creating a very inviting and spacious environment perfect for both entertainment and everyday life. The modern kitchen boasts with stainless steel appliances, granite countertops & an expansive island, making it a chef's dream! Large dual pane windows throughout home allowing for natural light & offering breathtaking views! Master suite features an extra large room, shower, walk in closet & soaking tub!

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7818 E Northland Drive Scottsdale, AZ 85251

$799,999

3 Beds

3 Baths

2,400 SqFt

Status Active

MLS # 6746948

Property Type Townhouse

Price Type --

Welcome to your dream turn-key home, perfectly situated for both convenience and relaxation in the Historic District of Villa Monterey! This stunning property offers views of the Iconic Camelback Mountain, and with arts and culture at your fingertips, this neighborhood attracts older clientele with youthful spirits. Nestled near Fashion Square and Old Town Scottsdale, a vibrant mix of restaurants, nightlife, and shopping awaits. Step outside to discover a huge, quiet, and private oasis perfect for entertaining, gardening, or simply unwinding in your own secluded space. Inside, the home boasts beautiful upgrades throughout, including a new roof, full exterior paint, new dual pane windows throughout, and elegant French doors. Please see document tab for a full list of upgrades.

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