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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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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10701 E Simone Avenue Mesa, AZ 85212

$799,999

4 Beds

3.5 Baths

2,800 SqFt

Status Active

MLS # 6739888

Property Type Single Family Residence

Price Type --

Situated on a prime corner lot, this home boasts gorgeous curb appeal with an upgraded elevation complete with driveway pavers. Step inside and prepare to be captivated by the seamless blend of style and functionality, its a layout families dream of. Even the office can turn into another bedroom with a couple hundred dollars and 2 hours work. The main living area is adorned with tile flooring, modern paint, and an abundance of natural light. The culinary experience is elevated further with a massive pantry situated conveniently across from the drop zone, ensuring effortless organization and efficiency. Outside is an entertainers dream ready to bring friends and family together during the hot months and a place to relax during Arizona's cool months. Too many features to list, come see it!

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15423 N 54th Street Scottsdale, AZ 85254

Open House

$799,999

4 Beds

3.5 Baths

2,334 SqFt

Status Active

MLS # 6757834

Property Type Single Family Residence

Price Type --

Step into this inviting home located in Scottsdale's sought-after ''magic 85254'' zip code! Featuring two generously sized primary suites, each with its own private en-suite bathroom and walk-in closet, this home ensures comfort and privacy for everyone. The open floor plan effortlessly connects the kitchen, dining, and living spaces, making it ideal for hosting friends and family. The kitchen is a true highlight with granite countertops, shaker-style cabinets, a spacious walk-in pantry, a Sub-Zero freezer for additional storage, and a filtration system for clean, fresh water. Fresh interior and exterior paint, along with freshly painted cabinets and new carpet, gives the entire property a bright, move-in-ready feel. In addition, all big ticket items including the roof, HVAC, and water heater, are newer, ensuring peace of mind for years to come. Sitting on a large lot with a double RV gate and no HOA restrictions, this home is ideal for storing outdoor toys or creating extra storage. The low-maintenance backyard is a blank canvas, ready for your personal touch. Located in a fantastic school district and just minutes from the eagerly anticipated Paradise Valley Mall redevelopment and Scottsdale Quarter, this high-growth area offers easy access to premier shopping, dining, entertainment, and convenient connections to the 51 and 101 freeways. Schedule your showing today!

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10207 E Elmwood Drive Sun Lakes, AZ 85248

Open House

$799,999

4 Beds

3 Baths

3,435 SqFt

Status Active

MLS # 6739599

Property Type Single Family Residence

Price Type --

EXQUISITE home located on HOLE #7 of the Sonoran, w/GOLF COURSE & WATER VIEWS! Tasteful landscape w/mixtures of desert & turf, WATER FEATURES & fiber optic lighting. Lovely MARBELLA floorplan w/ a RARE FULL GUEST BATHROOM & guest bdrm downstairs + FULL 3 CAR garage, loaded w/UPGRADES, high end built-ins, PLANTATION SHUTTERS, VAULTED ceilings & cozy GAS fireplace. Kitchen has tons of cabinets w/PULL-OUTS, granite surfaces, WINE FRIDGE, LG peninsula & eat-in area for ENTERTAINING large groups. Massive OWNER'S RETREAT is also DOWNSTAIRS w/sep exit to more VIEWS! Primary ensuite has sep tub & shower, dual sinks, private toilet rm + NEW ROOF (2023) & NEWER HVAC making this home MOVE-IN READY! Located in the exclusive, GATED COMMUNITY of Oakwood w/tons of AMENITIES. See UPDATES LIST in docs tab Culinary enthusiasts will be drawn to the delightful kitchen, which boasts an abundance of wood cabinets, a chic tile backsplash, gleaming granite counters, stainless steel appliances with wall ovens, and a large center island with a breakfast bar. The sprawling main suite is a private retreat featuring a sitting area, direct backyard access, and a private bathroom equipped with dual sinks, a soaking tub, and a spacious walk-in closet. Additional amenities include a den with built-in cabinets accessed through double doors and a garage outfitted with attached cabinets. The backyard is an oasis designed for relaxation and entertainment, featuring a covered patio, built-in BBQ, an outdoor fireplace, a sitting area under an attached Ramada, and breathtaking views of the sunset over the greenbelt. Residents of this community enjoy access to a pool, spa, fitness center, and more. This exceptional home offers a blend of comfort and scenic beauty, promising an unparalleled living experience. Don't miss out on this gem!

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15440 W Buckhorn Trail Surprise, AZ 85387

$799,990

4 Beds

3 Baths

2,600 SqFt

Status Active

MLS # 6710469

Property Type Single Family Residence

Price Type --

NEW BUILD COMPLETED - NOW READY FOR MOVE IN! With Builder Incentives, a qualified Buyer can purchase, with a interest rate. Builder HOME WARRANTY included!! Built on over 1 ACRE, NO HOA CORNER LOT! 3 or 4 Bed, 3 Bath (Den or 4th opts avail) Large open Great Room, Spacious 10' high interior ceilings! Home has upgraded Quartz kitchen countertops, Plank Flooring, Stainless Steel Appliances, Custom 42'' upper cabinets, large kitchen Island & BIG walk-in Pantry. Separate Owners Tub & Large Shower in the Owners private ensuite. HUGE Primary Bedroom sq footage. 4 car garage, yes all included! The over one Acre Backyard has Block Walls, see photos. Near Shopping, Freeways & Excellent schools. This is the last available Lot at Pinnacle Vista Ranches, don't miss out! BRING ALL OFFERS

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10214 W Oberlin Way Peoria, AZ 85383

$799,990

4 Beds

2.5 Baths

2,602 SqFt

Status Active

MLS # 6751053

Property Type Single Family Residence

Price Type --

This stunning 4-bedroom, 2.5-bath home in the Northlands community offers million-dollar views and luxurious features. The Bradshaw model showcases a spacious layout with a 15-foot custom glass slider, wood-like tile floors, and a striking stone feature wall. The gourmet kitchen includes upgraded cabinets, granite countertops, double ovens, a gas range, and a large island. The primary retreat boasts an en-suite bathroom, walk-in closet, and super shower. Additional highlights include a heated pool, raised spa, gas fire pit, custom pergola, grass play area, and a 4-car garage. Upgrades include plantation shutters, a water softener, and advanced pool equipment. Enjoy breathtaking views, hiking trails, and biking paths right at your doorstep.

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17429 E Starflower Court Queen Creek, AZ 85142

$799,990

4 Beds

3 Baths

2,100 SqFt

Status Active

MLS # 6738768

Property Type Single Family Residence

Price Type --

Welcome to your NextHome! As you pull into the home, you will see a beautiful pueblo style home surrounded by citrus trees with the magnificent backdrop of the San Tan Mountains. You will be greeted by the scenic view everytime you drive home. The home offers three bedrooms and two baths in the main home. You will walk into a grand family room. There is a beautiful kitchen with wood cabinets and a formal dining area. The master bedroom offers plenty of space with a separate tub and tile shower. Another great feature of this home is the detached casita with its own separate entrance. The casita boasts 400 sq ft with one bedroom, one bath, and a kitchenette. It is ideal for either giving family some personal space or renting it out. This property is on one acre of San Tan citrus land. There is a private pool in the backyard with the privacy of a block fence. Enjoy a pool party with a BBQ while you enjoy the San Tan Mountains and see the spectacular Arizona sunsets. The land is on a flood irrigation system. It currently boasts 45 beautiful fruit trees. You can make a farm/ranch out of the land. With no neighbors to the south, the trees make it a quiet and private piece of land. This is a great opportunity to own some fruitful land. Come see and walk the land for yourself to see the beauty of it. This property offers a lot of what you're looking for! Come and see for yourself.

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1960 W Desert Forest Trail Phoenix, AZ 85085

$799,990

5 Beds

4.5 Baths

3,018 SqFt

Status Active

MLS # 6708641

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. Move-in ready, the Prato two-story home features a first-floor owner's suite, a chef's kitchen with a gas cooktop and quartz countertops and upgraded tile and carpet throughout. The gathering room's center slider opens to outdoor entertaining. An upstairs bathroom creates an additional suite, and the home includes a whole-house electrical package. The front yard is fully landscaped with desert plants, completing this elegant home.

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1915 N Bernard Circle Mesa, AZ 85207

$799,990

3 Beds

3 Baths

2,375 SqFt

Status Active

MLS # 6727027

Property Type Single Family Residence

Price Type --

*PRICED WELL BELOW COMPS* Welcome to Canyon Preserve at the award-winning Mountain Bridge Community! This cul de sac lot sits next to Tonto National Park and features beautiful mountain views. Step inside to a cozy living room perfect for hosting guests. This custom-designed great room was extended to provide a more spacious feel and a wall of glass was added to showcase the backyard and Tanto National Park views. The stunning kitchen offers white cabinets, granite counters, SS appliances, and a breakfast bar on the center island. The primary bedroom features a lavish ensuite with dual sinks, a makeup area, and a walk-in closet. The office boasts a custom-designed built-in desk. Enjoy mountain views from this carefully chosen lot. Walk to the world-class pool and association amenities.

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16021 S 13th Avenue Phoenix, AZ 85045

$799,990

5 Beds

2.5 Baths

3,184 SqFt

Status Active

MLS # 6729723

Property Type Single Family Residence

Price Type --

Welcome home to your Club West Oasis! This highly upgraded home has it all! A custom Iron door w/Schlage keyless entry lock welcomes you into this stunning home featuring vaulted ceilings, wood floors, wet bar w/wine fridge (2020), formal living+ dining room leading into the entertainers kitchen. In the kitchen you will find custom cabinets w/under cabinet lighting, SS appliances + more. Spacious floor plan with Primary bedroom & 1/2 bath downstairs. Primary room ft. incredible views, remodeled bathroom, door to backyard pool oasis. Upstairs you will find 4 oversized bedrooms (one w/ balcony access), full bathroom & wall of built in cabinets. So many upgrades (full list in documents tab) including new roof(2021), A/C(2019 & 2023), turf(2019), shutters(2021), pool resurfaced(2024) +more!

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15243 N 11th Street Phoenix, AZ 85022

$799,990

4 Beds

3 Baths

2,448 SqFt

Status Active

MLS # 6732717

Property Type Single Family Residence

Price Type --

Beautiful retreat near the preserve that offers miles of hiking trails to delight! Expansive backyard with two patios, large turf play area, outdoor kitchen, multiple seating areas all nestled under the trees with gorgeous mountain views. Outdoor lighting in the trees make for delightful evenings under the stars. Inside the home are four bedrooms, living room, family room, formal dining room, in addition to an eat in kitchen. This home has a great flow for entertaining with french doors to both patios. All kitchen appliances are GE Profile (2022),Vinyl welded double glazed windows (2023), Roof replaced (2021) New HVAC in 2018. Electrical sub-panel added in 2022.And the list goes on!

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15717 W Linksview Drive Surprise, AZ 85374

$799,950

3 Beds

3 Baths

2,779 SqFt

Status Active

MLS # 6701833

Property Type Single Family Residence

Price Type --

A trifecta 3bed/3bath/3 car garage on the 13th T-Box of Granite Falls South * A Handsome Mesquite Model at 2779sf * This is a split bedroom floor plan affording comfort & privacy to the owners and their guests * Granite Countertops in Kitchen w/Island * Featuring recent updating of 2-HVAC systems * Water Softener * Water Heater * SS Refrigerator French Door w/water & ice dispenser * New Carpeting & there is also attractive neutral tile * Irrigation * other important features are Gas Cook Top * Plantation Shutters throughout * Gas Fireplace in Media Wall * SE facing backyard * All Furniture & BBQ convey with the home * The only thing missing is YOU!

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