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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16839 E Widgeon Court Fountain Hills, AZ 85268

$799,900
2 Beds
2 Baths
1,726 SqFt
Status Active
MLS # 6736053
Property Type Single Family Residence
Price Type --
Floor to ceiling update! 99% of home remodeled. 2 bedroom, 2 bath Patio Home walking distance to Fountain Park. 4 doors down from community pool. Upgraded kitchen with New Quartz countertops, white shaker cabinets and tile backsplash. New insulation, windows and doors throughout. AZ room on the back can be used for a 3rd bedroom or ? 2 car garage with extra storage . Vaulted ceilings and fire place in main living area. Custom upgrades everywhere. LOCATION,LOCATION, LOCATION! Better see this one before it is gone!

15828 N 10th Place Phoenix, AZ 85022

$799,900
3 Beds
3 Baths
2,191 SqFt
Status Active
MLS # 6760380
Property Type Single Family Residence
Price Type --
You will LOVE this recently updated home nestled on a prime corner lot with views of Lookout Mountain! Move-in ready with a brand new roof & fresh paint. Enter and be greeted by tons of natural light flowing through the high efficiency triple pane windows under soaring high vaulted ceilings. The open family room is centered around a fireplace and flows right into the spotless kitchen with SS appliances, quartz counters, tile backsplash and shaker cabinetry. Main bedroom is downstairs, with backyard access and an ensuite with dual sinks, separate tub/shower, & a custom walk-in closet. Versatile loft & other bedrooms await upstairs. Enjoy the spacious backyard w/ a well manicured lawn, trees, outdoor play set and a paver-covered patio. All of this PLUS an owned solar system! Don't miss out!

11301 N Northfield Street Surprise, AZ 85388

$799,900
2 Beds
2 Baths
2,503 SqFt
Status Active
MLS # 6741005
Property Type Single Family Residence
Price Type --
Welcome home to the prestigious Wayland floor plan in the Providence collection of Sterling Grove. View fence golf course lot! Exclusive design and location. Step inside to real wood flooring throughout. Stone island and beautiful wood cabinetry. Simple and elegant backsplash, gourmet kitchen with wall oven, oversized farmhouse sink, KitchenAid appliances. Pride of ownership is shown in every upgraded detail. Plantation shutters throughout. Eco-friendly milieu. Oversized living space with a den. Both the primary and the second bedroom have their own bathrooms. The primary shower is expansive glass with dual sinks, and a private toilet room. The primary closet is oversized and organized with drawers and more. The main living area features two oversized sliders that create a glass wall with light pouring into the home and showcasing the grassy golf course views. Step outside to the view! The yard is an oasis with turf and natural landscaping in order to savor the sweet life of all that Sterling Grove offers. A short walk to the club house with fitness center, spa, restaurant, tennis courts, pickleball courts, and more. Mountain views surround this premier community in Surprise. The sunsets are unmatched. Gated community with guards, close to the 303, the newly developed Prasada restaurants, shopping, theatre, and more. This is living at its finest. A true GEM in the heart of Surprise, AZ.

23202 W Durango Street Buckeye, AZ 85326

$799,900 - 4Br/4Ba -  for Sale in Sundance Parcels 32 33 And 35, Buckeye
New
$799,900
4 Beds
3.5 Baths
3,711 SqFt
Status Active
MLS # 6764916
Property Type Single Family Residence
Price Type --
These homes do not come up very often. This home sits on just over 1 acre of land and has over 3,700SF of livable space all on one level. There is the main house as well as a small guest home that has a bedroom and bathroom. This home has been fully remodeled and well taken care of, the home has newer floors, paint inside and out, quartz countertops, updated light fixtures, door knobs and hardware throughout. There has also recently been added artificial grass in the backyard and landscape rock. The HOA allows the home to build an RV garage on these lots for the people with lots of toys. The multiple accent walls throughout the home also give a very modern appeal to the home. This home is a must see.

17292 W Echo Lane Waddell, AZ 85355

$799,900
3 Beds
2 Baths
2,135 SqFt
Status Active
MLS # 6727822
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This home checks all the boxes, Single level, Open floor plan, Split floor plan, North/South exposure, backs to common area with Mountain views & RV GARAGE. The expansive 16' glass slider at the back of the great room allows lots of natural light to enjoy the views. A 50-foot RV garage, complete with a 50 AMP plug-in, water access, dumps on both sides, plenty of garage cabinets & epoxy floors. The kitchen is equipped with stainless steel appliances, a 4-burner gas cooktop, wall oven, built in Microwave, large waterfall Granite island with seating, timeless Travertine backsplash and huge walk in pantry. The Primary bathroom includes split vanities, a walk-in shower, a walk in storage/linen closet off of the toilet room, an amazing custom closet that includes plenty of hanging, drawer & cabinet space for organizing. Step outside to enjoy the large covered patio, built-in BBQ area with bar seating, pavers, and low-maintenance artificial turf. Just a few of the upgrades include ceiling fans in each room, custom security screen front door, automatic lighting in backyard, Surround sound in Great room and back patio, TV on back patio, utility sink in garage. You are just minutes from major Freeways, a new Safeway and the all new shopping area at Prasada.

26715 N 19th Drive Phoenix, AZ 85085

$799,900
4 Beds
3 Baths
3,265 SqFt
Status Active
MLS # 6755777
Property Type Single Family Residence
Price Type --
Located just minutes from the vibrant shops at Norterra, Happy Valley Towne Center, and Sonoran Desert Village, this home offers the perfect blend of comfort, convenience, and luxury. This stunning 4-bedroom, 3-bath home nestled in the highly sought-after 85085 area. From the moment you step inside, you'll be captivated by its spacious design, featuring a split floorplan, a cozy den, and both formal living and dining rooms. The heart of the home is the expansive great room, complete with granite counters, a gas range, and custom cherry wood cabinets. Enjoy the luxury of custom wood shutters and ceiling fans throughout. Recent upgrades include a water heater (2021, $2,000), dishwasher (2023, $700), stove (2024, $1,200), new flooring upon move-in ($25,000), and a brand new Trane AC system installed this week (2024, $24,000). Step outside to your private backyard oasis, perfect for entertaining or relaxing year-round. Take a dip in the heated Pebble Tech pool with a soothing waterfall feature, unwind in the spa, or gather around the outdoor fireplace. Fire up the built-in gas BBQ under the entertainment-sized covered patio, surrounded by lush, custom landscaping in both the front and back yards.

4142 E Zion Place Chandler, AZ 85249

$799,900
3 Beds
2.5 Baths
2,425 SqFt
Status Active
MLS # 6757318
Property Type Single Family Residence
Price Type --
Your DREAM home is here! This gorgeous home includes 3bed/2.5baths with an office. Its charm starts with a manicured landscape & a paver driveway. Home exudes elegance with designer paint, modern light fixtures, tons of natural light, and neutral & wood-look tile flooring t/out. You'll love the large living room with multi-sliding doors to the back! The gourmet kitchen boasts granite counters, ample white cabinetry, a walk-in pantry, a huge island, and SS appliances w/cooktop gas & wall ovens. Main bedroom has outdoor access and an ensuite that offers dual sinks & a walk-in closet w/laundry access. Discover the spacious backyard oasis on an Oversized Lot with a covered patio, built-in BBQ under the Pergola, & a sparkling pool for year-round enjoyment.

196 W Janice Place Munds Park, AZ 86017

$799,900
4 Beds
3 Baths
2,049 SqFt
Status Active
MLS # 6741492
Property Type Single Family Residence
Price Type --
Welcome to your dream retreat in Munds Park! This stunning two-story home offers unparalleled access to the national forest and popular hiking and UTV trails, nestled on a serene cul-de-sac street in one of the area's most desirable neighborhoods. This spacious 4-bedroom, 3-bathroom residence includes a versatile bonus room, ideal for a home office or playroom. The heart of the home features a recently updated, gourmet kitchen complete with a commercial-grade Wolf stove, a brand new refrigerator, and a charming new walk-in pantry with a barn door. Enjoy year-round comfort with a newer A/C unit and stay cozy by the two gas fireplaces. (CONTINUED) The property boasts fresh newer flooring throughout and a large Trex deck that overlooks the forestperfect for entertaining or simply relaxing in nature. Additional highlights include a convenient garage, an outdoor gas fire pit, and a picnic table for alfresco dining. The expansive lot provides added privacy, and there are no HOA fees to worry about. Located just a mile from the renowned Pinewood Country Club and close to the lake, hiking and biking trails, local park, restaurants, and a convenient store, this home is an ideal choice for a year-round residence or seasonal getaway. Only 17 miles south of Flagstaff and a two-hour drive from Phoenix, it offers a perfect escape from the heat. Come experience the charm of this beautiful home and make it your own!

42017 N Crooked Stick Road Anthem, AZ 85086

$799,900
4 Beds
4 Baths
2,730 SqFt
Status Active
MLS # 6748303
Property Type Single Family Residence
Price Type --
Welcome to Anthem Country Club living! This home is north/south oriented on the 9th fairway of the Persimmon Golf Course and features a main house (2 bdrs & den), Casita (1 bdr, 1/2 bath), and Cabana (1 bdr, full bath). Venetian plaster paint featured throughout home and floor to ceiling stacked stone wall in FR and Den. You will find beautiful granite slab counters, a Subzero built in fridge, Bosch dishwasher, and GE gas range in the kitchen. So many wonderful gatherings will happen outside underneath the covered patio while grilling on the gas built-in BBQ and enjoying the wood burning fireplace. Full roof replacement 2024 (warranty), new R/O system 2024 (warranty), 2 AC's replaced in 2019 (warranty), and exterior paint 2024.

11175 N 109th Place Scottsdale, AZ 85259

$799,900
3 Beds
2.5 Baths
1,993 SqFt
Status Active
MLS # 6734060
Property Type Townhouse
Price Type --
A PRIVATE HEATED POOL, JACUZZI and OUTDOOR KITCHEN a one-of-a-kind townhome in this highly sought after neighborhood. Relax in the private courtyard surrounded by mature flowering trees and shrubbery, a meandering pressed concrete walkway and soothing water feature. This 1993 sq. ft., 3-bedroom, 2.5-bathroom, 2 car garage townhome has had many renovated features. See Feature Sheet. The kitchen has abundant painted cabinetry, enhanced by subway tile surrounds, granite tops, new SS appliances, double basin SS sink and RO drinking system. Step outside through the French doors into the resort-like backyard. Spend many of your days and evenings relaxing in the pool or just lounge in the covered area or enjoy access to a community heated pool and spa, tennis courts, and scenic walking paths Just minutes from HonorHealth Scottsdale and Mayo Clinic. Quick access to Loop 101, and you're just minutes from Sky Harbor International Airport, Scottsdale Airport, Ancala Golf Club, and stunning hiking trails along the McDowell Mountains.

18083 E Silver Sage Lane Rio Verde, AZ 85263

$799,900
2 Beds
2 Baths
1,948 SqFt
Status Active Under Contract
MLS # 6739044
Property Type Single Family Residence
Price Type --
Priced to Sell! LUXURIOUS HOME IN EXCLUSIVE GOLF COURSE COMMUNITY OF TRILOGY VERDE RIVER ~ Designed for entertaining, custom finishes throughout, spectacular backyard. Kitchen equipped with upgraded cabinets, large island, beautiful granite, custom backsplash, oversized pantry; Luxurious primary suite w/ plantation shutters, lavish bathroom, beautiful shower & backsplash, walk-in closet; Great room has custom 3D stacked stone accent wall, multi-sliding door to enjoy the beautiful patio and backyard; Large dining room. Separate office with built in bookcase. Spacious guest room; Fantastic smart space/laundry, new quartz counters, built-in desk, storage. Private backyard, 48'' Heston BBQ, fire pit seats 8-10 guests, uplighting; Both garages have built-in cabinets & epoxy floors. Plus, an electric charger, plantation shutters throughout, canned lighting, 9 ceilings, 8' doors, generous storage and tile floors, RO Sys, new interior and exterior paint. Enjoy the Arizona Lifestyle with golf, pools, pickle ball, tennis, bocce ball, wine club, gym, spa, restaurant, pool bar, clubs, concerts, hiking, rafting, off-road adventures. Experience Trilogy at Verde River, a stunning resort style community nestled against the beautiful Tonto National Forest. The amenities at Verde River are spectacular. The Community boasts an 18-hole Championship Golf Course with a picturesque driving range, putting green, and separate chipping/pitching practice areas. One visit and you will understand why the PGA Southwest Section selected Verde River Golf & Social Club to host the AZ Senior Open and AZ Match Play Championships in 2020, 2021 and 2022. The active lifestyle amenities continue with pickle ball and tennis courts, with Clubs designed for social or competitive play. Adjacent to the sport courts for your convenience are bocce ball courts and an open grass area for social gatherings. The Community Clubhouse is all encompassing including a critically acclaimed restaurant, Needle Rock Kitchen and Tap, with a hugely popular wine and beverage program, Helen's Kitchen, a chef's inspired kitchen designed for cooking classes, and The Market Place, a favorite of member's for grabbing a morning coffee or picking up a forgotten grocery item. Love the Arts? Spend time at the Art Loft, where classes are offered in a variety of disciplines. The Clubhouse has an Events Center, designed to manage the needs on any member event. Attached to the Community Clubhouse is Alvea Spa, complete with Spa and Salon services, and Afterburn Fitness, a state-of-the-art workout facility that offers a variety of group fitness classes. Following your workout, enjoy convenient locker room facilities, and steam rooms. Just steps away from the Clubhouse in the Resort Pool, Lap Pool, and Sauna, all of which are heated. Enjoy the view, with food and beverages at Eddy's Poolside. Have a dog? Experience a dog-friendly community with a 7.5-acre dog park, with canopy shading coming soon for those warm AZ days. Trilogy at Verde River's location provides residents with the tranquility of the Tonto National Forest and the convenience of a short drive to the heart of North Scottsdale. Get the best of both worlds and see why you could be calling the Community, Home!

8817 S 18th Way Phoenix, AZ 85042

$799,900
4 Beds
4 Baths
3,903 SqFt
Status Active
MLS # 6712076
Property Type Single Family Residence
Price Type --
Prepare to fall in love with this stunning 4-bed, 4-bath home in Mountainside Estates! Starting with a 3-car garage and stone accents. Fabulous interior features a den/office, formal dining room, and a welcoming living room paired with media niches and a gas fireplace. High-vaulted ceilings add to the airy feel, complemented by tile flooring, ceiling fans, and lovely archways. Open-concept kitchen boasts recessed & pendant lighting, a pantry, SS appliances, granite counters, tile backsplash, cabinets with crown moulding, a prep island with a breakfast bar, and a breakfast nook ideal for quick meals. A cozy loft with balcony access is perfect for a reading nook! The main retreat provides plush carpet, double-door entry, an ensuite with dual sinks, soaking tub, and a mirrored door closet. PLUS! 2nd primary bedroom has a walk-in closet and a bathroom. Enjoy amazing mountain views from the relaxing balcony. The backyard includes a covered patio and plenty of space for get-togethers. All bedrooms include their own private bathroom and walk-in closet. Don't let this gem slip by!

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