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.

What’s Your Home Worth?

Search for Your New Home

6318 N 13th Street Phoenix, AZ 85014

$799,900
4 Beds
2 Baths
2,001 SqFt
Status Active
MLS # 6750979
Property Type Single Family Residence
Price Type --
Wow! Location, Location, Location! Come and see this North Central recently remodeled beauty! This single level, 4 bedroom with pool sits on a 1/4 acre lot. Featuring a spacious front porch, upgraded tile throughout, gorgeous remodeled kitchen with stainless steel appliances, granite counters, island with breakfast bar and pantry. Master bedroom includes a sitting area, walk-in shower, multiple closets and private door to resort backyard. Backyard has sparkling pool, oversized patio, outdoor fireplace, built in BBQ, large lawn area with gates on each side of the home. Madison school district is the best! Close to Biltmore Fashion park, Uptown Farmer's Market, Piestewa Peak, Luci's Marketplace, Melrose District and Downtown Phoenix. Tesla car charger in garage. This home is a 10!

2455 E Tonto Place Chandler, AZ 85249

$799,900
4 Beds
3 Baths
2,894 SqFt
Status Active
MLS # 6753857
Property Type Single Family Residence
Price Type --
Discover Serenity & Style at Your New Sanctuary Welcome to your elegantly appointed home, where comfort meets privacy with plush new carpet, a fresh roof, & an updated AC system. Nestled in a tranquil neighborhood, this residence ensures ultimate privacy with bedrooms smartly positioned on opposite sides of the house. The owner's suite & an additional bedroom with a private bathroom offers serene retreats. The kitchen, equipped with an electric flat cooktop and double ovens, simplifies entertaining while maintaining a classic charm. Spacious living areas provide ideal settings for relaxation and hosting gatherings. Enjoy quiet evenings on the secluded back patio, a perfect complement to this home's peaceful setting. Come start your new chapter.

2520 Nw Nw Passage Happy Jack, AZ 86024

$799,900
4 Beds
3 Baths
2,298 SqFt
Status Active
MLS # 6735230
Property Type Single Family Residence
Price Type --
Welcome to your DREAM MOUNTAIN retreat THAT BACKS NATL FOREST. This single-family home boasts 3 bedrooms and 2.5 bathrooms in the main home and 1 bedroom/ 1 bath and an unfinished loft in the 2nd home (approximately 1200 square feet), offering plenty of space for your family to unwind and create lasting memories. As you step inside, you'll immediately notice the vaulted ceilings and the warm, inviting atmosphere that flows throughout the residence.The property features a private well, ensuring a reliable and cost-efficient water supply. Cozy up on those cold winter nights next to the charming brick fireplace in the living room. With multiple dining areas, you'll have plenty of space to entertain and host gatherings with loved ones. Step outside onto the great front deck, perfect for enjoy Welcome to your dream mountain retreat in Happy Jack, Arizona! enjoying a morning cup of coffee or hosting summer barbecues. The fenced-in dog run provides a safe space for your furry friends and children to roam and play freely. Plus, the property backs up to the national forest, offering breathtaking views and endless opportunities for outdoor adventures, walk out your backdoor and you are there. RV enthusiasts will appreciate the large drive, providing ample space to park multiple vehicles , invite family or friends up with their RVs and explore the surrounding areas. Property is located in a NON-HOA community so horses, toys and RVs are welcome. The open kitchen is every chef's dream, it has a gas stove as well as an old fashion stove to bring back the nostalgia of great gramma's kitchen, complete with custom cabinets and plenty of counter space for preparing meals. You'll find a mini-master bedroom upstairs with a half bath and balcony, offering privacy and convenience for guests or family members. As well as a second oversized bedroom with 1/2 bath and a bonus a small office area or playroom for the kids to sit and relax with a book or movie. The spacious master bedroom is located on the main floor, providing easy access and comfort. Additionally, the garage has been converted into a second home, boasting 1 bedroom and 1 bathroom and an unfinished loft which could be another bedroom or office, making it perfect for extended family or potential rental income. This property is equipped with a backup generator, ensuring peace of mind during power outages. The mature trees surrounding the home provide shade and privacy, creating a serene and tranquil atmosphere. The downstairs guest bath was remodeled featuring an upgraded sauna shower with lights and music, adding a touch of luxury and relaxation to your daily routine. Located on a quiet street, you'll enjoy the peace and tranquility that Happy Jack has to offer. Immerse yourself in the beauty of nature, with hiking trails and outdoor activities just steps away from your front door. Don't miss out on the opportunity to make this mountain retreat your forever home.

19674 E Strawberry Drive Queen Creek, AZ 85142

$799,900
5 Beds
4.5 Baths
4,058 SqFt
Status Active Under Contract
MLS # 6725728
Property Type Single Family Residence
Price Type --
Home now priced well below appraised value from June 2024. Great location, minutes to Mansel Carter Oasis Park, Los Colinas Golf Club, Phx Gateway Airport, shopping, dining, and more. Stunning 4 bedroom home with attached casita! Welcome to your dream home! This spacious property features a beautiful 4 bedroom, 3.5 bathroom main house with a bonus attached 1 bedroom, 1 bathroom, living room, full kitchen, and 1-car garage casita - perfect for guests, craft workshop, rental opportunity, whatever you can imagine!The main home boasts ample living space, modern amenities and design, and a comfortable atmosphere for you and your loved ones. Located in the desirable, gated community of Cielo Noche, this home offers the best of both worlds - privacy & convenience.

1326 N Central Avenue Unit 405 Phoenix, AZ 85004

$799,900
2 Beds
2 Baths
1,655 SqFt
Status Active
MLS # 6684670
Property Type Apartment
Price Type --
Experience the epitome of luxury loft living in the heart of vibrant downtown Phoenix. This exceptional fourth and fifth-floor residence offers a unique blend of style and sophistication. Step inside to discover a spacious 2-bedroom, 2-bath unit situated on the northeast corner of the building, providing breathtaking panoramic views of uptown, Piestewa Peak, the Phoenix Mountain Preserve, Camelback Mountain, and beyond. Both bedrooms are lofted above the living space, featuring extra-tall ceilings and glass railings that ensure the sweeping views remain unobstructed, even from the comfort of your bed. Wake up to the awe-inspiring sight of the city skyline or drift to sleep under the stars, all from the privacy of your own urban sanctuary. As if that wasn't enough, ascend to the 6th- As if that wasn't enough, ascend to the 6th-floor rooftop deck, where 360-degree views of downtown and uptown await. Perfect for entertaining or simply relaxing, this exclusive retreat offers a picturesque backdrop for every occasion. Indulge your culinary desires in the chef's kitchen, complete with a gas cooktop and oven, ample countertop space, and a convenient walk-in pantry. Whether you're whipping up a gourmet meal or simply enjoying your morning coffee, this kitchen is sure to inspire your inner chef. Don't miss your chance to elevate your lifestyle with this unparalleled urban oasis. Live, entertain, and unwind in style, surrounded by the best that downtown Phoenix has to offer. Welcome home to luxury loft living at its finest.

6302 N 85th Street Scottsdale, AZ 85250

$799,900
4 Beds
2 Baths
1,637 SqFt
Status Active
MLS # 6753885
Property Type Single Family Residence
Price Type --
Remodel completed Sept 2024! Charming Scottsdale ranch with 4 bedrooms, 2 bathrooms and a beautiful blue sparkling pool, located in a great neighborhood with no HOA! This home features; New kitchen, new Frigidaire Gallery appliances, Gas range, new cabinets & countertops, new lighting, New windows with lifetime warranty, new bathrooms, new vanities, neutral tile in main areas, new wood like flooring in bedrooms, huge sliding glass door to large covered patio overlooking pool. Quality work and all new with warranties. This home has so much character and charm! The backyard has ample room for entertaining with a large covered patio, low maintenance landscaping and pool. This lovely home is located in the heart of Scottsdale close to fabulous restaurants, shopping, and entertainment.

2296 Roadrunner Road Sedona, AZ 86336

$799,900
3 Beds
2 Baths
1,654 SqFt
Status Active
MLS # 6730196
Property Type Single Family Residence
Price Type --
Short-Term Rental Friendly: Maximize your investment with no HOA restrictions. Energy Efficient: Owned solar panels mean significantly reduced utility costs (owner APS bill less than $20 / month). Corner lot: No neighbors to one side and next to quiet cul de sac. Outdoor Oasis: Savor red rock views from your beautifully landscaped backyard, complete with patio pavers and debris-resistant gutter screens. Spacious Third Bedroom: Perfect for an artist's studio, in-law suite, or home office, featuring skylights and extra insulation. Modern Kitchen: Enjoy sleek quartz countertops and an updated design. Charming & Unique: A custom front screen door with a hammered copper panel welcomes you into a warm, inviting space with Saltillo tile flooring, a cozy fireplace, and a versatile woodstove. This enchanting home blends style, comfort, and unmatched location.

3370 Windy Lane Heber, AZ 85928

$799,900
3 Beds
3 Baths
2,634 SqFt
Status Active
MLS # 6346324
Property Type Single Family Residence
Price Type --
UNDER CONSTRUCTION. Fantastic views of the town of Heber below. This spectacular 1.6 acre lot is situated at the highest elevation of Heber in beautiful Summer Place North, a gated community of exquisite homes on paved roads. Full length covered view decks look out over canyon and forest. Fireplaces, soaring ceilings, downstairs Master suite, stainless appliances, granite, and more! Estimated completion summer/fall 2024. Escape the heat! Perfect 70 degree weather in the summer! Still time to pick out granite, cabinets, flooring etc! No appt needed to show!

2763 E Laurel Street Mesa, AZ 85213

$799,900
4 Beds
3.5 Baths
2,739 SqFt
Status Active
MLS # 6717875
Property Type Single Family Residence
Price Type --
This beautiful home in Mesa is one of kind and a true hidden gem! A custom-built corner-lot home that offers a nearly 10,000 sq ft lot, a 3-car garage, NO HOA and modern architecture at its finest. The home features 4 bedrooms, multiple bonus rooms, 3.5 baths, and dual master suites on the ground level. The updated interior showcases polished concrete floors, a luxurious double master shower and a big, open central kitchen that provides seamless flow for entertaining and backyard access. Lastly, step outside to your private oasis - a covered back patio that leads to the manicured backyard that has citrus trees, turf, pavers, a covered gazebo and a heated pool thats perfect for year-round enjoyment.

3024 S Bell Place Chandler, AZ 85286

$799,900
5 Beds
3.5 Baths
3,815 SqFt
Status Active
MLS # 6756585
Property Type Single Family Residence
Price Type --
BASEMENT HOME in prime Chandler Location. The perfect blend of space, style, and serenity, this 5-bedroom, 3.5-bathroom Chandler home has it all! Picture enjoying movie nights in the cozy basement or sharing meals in the beautifully updated kitchen. Step outside to your private oasis—mature trees, a large covered patio, and a tranquil sitting area next to a charming water fountain create the ideal setting for relaxation and outdoor fun. Large primary en suite includes walk in shower, dual sinks, and large walk in closet. Open concept living sees a large great room area filled with natural light - large windows in the living room showcase the lush backyard and the windows in the dining room offer a serene setting while dining. A large granite covered island anchors the kitchen and 42'' Upper cabinets add to the practicality and beauty of the kitchen. The hallway leads you to a built in desk area perfect for homework area or a home office. Further down you find large secondary bedrooms, a full bathroom, and a large laundry room. Head down to the basement and you will find updated flooring, a great wet bar area and a large open space perfect for hosting the big game, or playing pool! 2 more bedrooms and a full bathroom with dual sinks finish out the basement.

7249 E Roosevelt Street Scottsdale, AZ 85257

$799,900
3 Beds
2 Baths
1,581 SqFt
Status Active
MLS # 6751266
Property Type Single Family Residence
Price Type --
Absolutely stunning, newly rebuilt home! Calling it a remodel would be an understatement; this home has been entirely reconstructed, with no expense spared. EVERYTHING IS BRAND NEW! The property features a circle driveway and a paver patio entryway with a custom Craftsman porch. Upon entering the large open-concept space, you'll be captivated by the stunning engineered wood beam. The expansive kitchen includes double-sided cabinets and a kitchen island with ample storage. The beautiful dining area retains the home's character with a charming fireplace. Upgrades abound, including high-end stainless steel appliances and gorgeous quartz countertops throughout. The home also boasts upgraded large stone tile in all the right places. There are three bedrooms and two bathrooms, each featuring custom tile work in the showers and baths. The master bedroom includes a private exit to the large covered back patio, which features an additional stunning structural beam. The custom-designed diving pool is a highlight, and the low-maintenance backyard is equipped with solar nighttime lighting for both the front and back lawns. The property also includes an RV gate. All design and permits for this new build and reconstruction were approved and signed off by the City of Scottsdale, with plans available. This includes new windows with a warranty, a new roof, a new AC unit and ductwork, synthetic stucco wrapping the house and backyard fence, and new electrical and plumbing systems. The home comes with contractors' warranties and a one-year seller's warranty. Located in South Scottsdale, this property is perfectly situated close to everything. It's an excellent opportunity for anyone seeking zero-maintenance living or an Airbnb investment, with no HOA restrictions.

40548 N Barred Place San Tan Valley, AZ 85140

$799,900 - 4Br/4Ba -  for Sale in Paloma Ranch, San Tan Valley
Open House
New
$799,900
4 Beds
3.5 Baths
2,923 SqFt
Status Active
MLS # 6762017
Property Type Single Family Residence
Price Type --
This exceptional single-level home is a true showcase of style and functionality, boasting a wide array of high-end upgrades. If you're seeking a turn-key ready property, your search ends here.The gourmet kitchen is a chef's dream, featuring floor-to-ceiling cabinets, quartz countertops, a designer tile backsplash, and stainless steel appliances, including a wall oven, gas cooktop, and an expansive island with a breakfast bar. A spacious walk-in pantry and convenient butler's pantry offer ample storage solutions.The kitchen flows effortlessly into the dining nook and great room, which is complete with a built-in entertainment center, surround sound, and a stunning multi-slide glass door that opens to create seamless indoor-outdoor living. There's also a bonus area that can be used as a den, office, or formal dining room, providing extra versatility.The split floor plan ensures privacy, with generously sized secondary bedrooms featuring a shared Jack-and-Jill bath, plus an additional full guest bath. The primary suite offers a private exit to the backyard, an en suite bath with dual vanities, a step-in shower with dual shower heads and an oversized walk-in closet. The backyard is truly a resort-style retreat, with a sparkling salt water pool that includes a water feature, Baja step, and in ground cleaning system. The low-maintenance landscaping includes artificial turf, a putting green, and travertine pavers, and misters under the extended covered patio. Additional highlights include a 3-car tandem garage with a concrete pad and RV gate ** RV PARKING WELCOMED** . This stunning property is easy to show and move-in ready!

Leave a Reply

Your email address will not be published.