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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38923 N 57th Place Cave Creek, AZ 85331

$799,000

3 Beds

2 Baths

2,418 SqFt

Status Active

MLS # 6710993

Property Type Single Family Residence

Price Type --

Absolutely stunning home located in the gated, desirable and beautiful Rancho Manana golf community. Walking distance to shopping, restaurants, music and more! There are many unique features throughout the home, including vaulted ceilings with wood beams, natural flagstone flooring, and a cozy gas fireplace in the family room. Kitchen has granite counter tops, and S/S appliances. The master suite is spacious with two large closets. You will love the outdoor living space that provides plenty of room to enjoy peace and solitude of the outdoors, while offering optimal space to entertain and enjoy the mountain views and incredible sunsets in this timeless territorial home.

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4555 E Tierra Buena Lane Phoenix, AZ 85032

$799,000

5 Beds

3 Baths

2,927 SqFt

Status Active

MLS # 6712629

Property Type Single Family Residence

Price Type --

SELLER CREDIT towards rate buy down or concessions with accepted offer prior to JUNE 18. 5bed/3bath Family Home with New Roof installed 2023. New pool equipment and acid wash in 2024. Inside you'll find multiple living areas with a large formal dining offering ample space for your family. Nice large laundry offering additional storage space. Private primary retreat overlooking backyard with tons of natural light. Large eat in kitchen with Granite counters, island and knotty alder cabinets becomes a great hangout space overlooking the massive main living area. Out back enjoy a nice real grass play areas and a sparkling pool and spa for the kids. Highly desirable Phoenix neighborhood. Close to everything in both Scottsdale and North Phoenix. Leaseback option also available.

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14623 W Plum Road Surprise, AZ 85387

$799,000

4 Beds

2 Baths

2,514 SqFt

Status Active

MLS # 6716578

Property Type Single Family Residence

Price Type --

This beauty features an expansive front yard, owned solar panels, and an inviting front porch perfect for welcoming guests. Parking will never be an issue here, with a spacious 3-car garage and an easy-access open lot for your toys, RVs, and more. Fall in love with the exquisite interior highlighting vaulted ceilings, exposed beams, plantation shutters, soothing paint tones, sleek wood-plank tile flooring, and a generous living room with a contemporary fireplace. Enjoy a delightful feast in the formal dining room with stylish light fixtures! Gourmet kitchen is designed with high-end SS appliances, quartz counters, alluring tile backsplash, ample white cabinetry with crown molding, a walk-in pantry, recessed lighting, and an island with a breakfast bar. Escape to the vast backyard, which provides a covered patio, an outdoor kitchen with a built-in BBQ and a brick pizza oven, lots of space for memorable gatherings, and fantastic mountain views! Don't miss the grandeur that awaits in every corner of this remarkable residence! Solar Owned!

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8252 E Inca Street Mesa, AZ 85207

$799,000

3 Beds

3 Baths

2,001 SqFt

Status Active

MLS # 6716806

Property Type Single Family Residence

Price Type --

Welcome to your new home, an exquisite turn-key property showcasing modern and sleek upgraded finishes throughout. From Dacor appliances to a Brizzo faucet, this home epitomizes top-notch quality. It features three spacious bedrooms, three bathrooms, and an office with soaring ceilings, providing ample space for comfort and productivity. The interiors are thoughtfully designed with custom built-ins throughout, offering both functionality and aesthetic appeal. The custom fireplace accent wall serves as a striking focal point, while the integrated wine rack adds a touch of elegance to your living space. Pet owners will appreciate the convenience of the dedicated dog wash, and custom pot filler built in the kitchen. Ensuring your furry friends are as comfortable as you are. The backyard is a low-maintenance desert oasis, perfect for those seeking a lock-and-go lifestyle. Enjoy the serene outdoor setting without the hassle of extensive upkeep. This home truly offers the best of both worldsluxury living with convenience and ease.

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5406 W Saddlehorn Road Phoenix, AZ 85083

$799,000

4 Beds

2.5 Baths

2,577 SqFt

Status Active Under Contract

MLS # 6717338

Property Type Single Family Residence

Price Type --

This beautiful, one-owner home in popular Stetson Valley sits on a premium lot backing a greenbelt and offers 4 bedrooms + office and 2.5 baths in 2577 SqFt. Well-designed for family living and entertaining, the spacious great room has a custom entertainment center matching the kitchen cabinets, wiring for surround sound, and multi-panel corner sliding glass doors that open up to the covered patio and a fantastic backyard! You'll love the privacy and mountain views afforded by living along the greenbelt, the 5-hole putting green, the pergola-covered sitting area with paver floor and gas fireplace, outdoor kitchen with built-in gas BBQ and counter seating, and easy-care artificial turf for kids and pets to play on. The side yard has a fenced dog run with a doggy door into the home. The* chef in the family will enjoy the gourmet kitchen complete with a gas range, multiple ovens, stainless exhaust hood, shaker-style cabinetry with crown molding & roll-out shelves, Quartzite countertops, subway tile backsplash, extra large walk-in pantry, and extended island with waterfall edge, undermount sink, and breakfast bar. The spacious primary bedroom has an en-suite bath with extended dual sink vanity, zero-entry tiled shower with multiple shower heads and bench seating, and a walk-in closet. Secondary bedrooms share a full bath with double sinks and tub/shower combo. The home office features Colonial glass doors and a custom workstation with cabinets and shelving designed to hide cords and cables for a clean, modern look. Other features include a designer entry wall, upgraded plank tile and carpet flooring, modern ceiling fans, rain gutters, laundry room with plumbing for a sink, newer interior paint, a front courtyard, and a 2 car garage. See today!

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7449 E Soaring Eagle Way Scottsdale, AZ 85266

$799,000

2 Beds

2 Baths

2,060 SqFt

Status Active

MLS # 6717798

Property Type Single Family Residence

Price Type --

Experience tranquility in your South-facing backyard with stunning mountain views, covered patio, and custom pergola for outdoor living. This meticulously maintained 2-bed, 2-bath home boasts an extra den/office space, or turn into a 3rd bedroom. The kitchen seamlessly flows into a spacious family room featuring a dual gas fireplace. Enjoy Winfield's amenities like a 13,000 sqft clubhouse, heated resort-style pool, spa, fitness center, and 8 tennis courts (including 2 clay) and 2 pickleball courts with pro services for social play, competitions, and clinics. Live the vibrant Winfield lifestyle!

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87 E Hampton Lane Gilbert, AZ 85295

$799,000

4 Beds

2 Baths

2,916 SqFt

Status Active Under Contract

MLS # 6721443

Property Type Single Family Residence

Price Type --

Welcome to Your Dream Home! Built in the heart of the coveted Gilbert Commons community, this stunning former model home offers a rare blend of luxury, privacy, and convenience. Located in Gilbert, Arizona, known for its vibrant lifestyle and top-rated amenities, this residence is perfectly positioned for effortless freeway access and proximity to the best shops and restaurants. Spacious and Inviting: With 4 generously sized bedrooms and 2 bathrooms, this home is designed to accommodate families of all sizes. The primary suite is a true retreat, featuring an oversized bedroom, a massive walk-in closet with floor-to-ceiling shelving. Gourmet Kitchen: The heart of this home is its expansive kitchen, boasting a large island that seamlessly flows into the open-concept living room It's perfect for entertaining and creating memorable family moments. Outdoor Oasis: Step outside to your private backyard paradise. The extended patio is ideal for dining, while the sparkling pool with a fun slide invites endless summer enjoyment. Prime Location: Enjoy the tranquility of living next to a serene greenbelt/park area with no neighbors on three sides, ensuring unparalleled privacy and a picturesque setting. Meticulous Upgrades: This home radiates pride of ownership with owned solar panels, a new roof with a radiant barrier, a water softener and conditioner, a new hot water heater, a new electrical panel, an epoxy-coated garage floor, and a newer HVAC system ensuring comfort and efficiency year-round. Why You'll Love It: Every detail of this home has been meticulously maintained to offer the perfect blend of modern convenience and timeless elegance. Whether you're hosting a pool party, enjoying a quiet evening in your secluded backyard, or simply unwinding in your luxurious primary suite, this home offers a lifestyle of unparalleled comfort and sophistication. Don't miss the opportunity to make this exceptional house your new home.

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30218 N 162nd Way Scottsdale, AZ 85262

$799,000

3 Beds

2.5 Baths

2,480 SqFt

Status Active

MLS # 6721584

Property Type Single Family Residence

Price Type --

Experience Arizona living on this expansive 2.5-acre horse property, perfectly situated to capture stunning panoramic views of the Four Peaks Mountains. Custom-built in 2000, this exquisite estate merges timeless design, comfort, ideal haven for those seeking a sophisticated yet rustic lifestyle. The owner has recently enhanced the property with a fresh exterior paint job and the installation of a new AC unit, ensuring it's market-ready. The property includes a two-horse corral with shade and water, along with approx. 1 acre of turnout. Rio Verde, Arizona, offers a unique blend of suburban and rural charm within a welcoming community. Located just 10 miles east of North Scottsdale, near the McDowell Mountain Preserve Tonto National Forest yet still within easy reach of the Phoenix Valley

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13326 W Blue Bonnet Drive Sun City West, AZ 85375

Open House

$799,000

3 Beds

3 Baths

3,263 SqFt

Status Active Under Contract

MLS # 6722052

Property Type Single Family Residence

Price Type --

A luxurious single-family home on a prime lot overlooking Briarwood Country Club golf course. This gem features 2 main bedrooms with ensuites, vaulted ceilings, and panoramic golf course and mountain views. The expansive 1000+ sq ft main suite boasts a kitchenette, walk-in closet, dual shower heads, dual sinks, and vanity. Enjoy the stunning pool with multiple light designs and an electric retractable cover. Recent updates include can lights, plantation shutters, and high-end tile floors. The updated kitchen offers granite counters and stainless steel appliances. The spacious back patio with travertine tile includes covered and open areas, perfect for entertaining. The extra-wide garage has space for a golf cart. Located in the desirable 55+ active adult community of Sun City West.

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2501 N Woodland Hills Drive Prescott, AZ 86305

Open House

$799,000

4 Beds

3 Baths

3,204 SqFt

Status Active

MLS # 6724089

Property Type Single Family Residence

Price Type --

Classic Home, nestled on a 1.20 acre lot. This Prescott home was originally built in 1958! The surrounding trees offer privacy, peace and natural beauty. 3204 sq ft of living space, featuring a spacious living room with fireplace, formal dining , family room and open kitchen; with large windows to frame the views and allow natural light. Three guest bedrooms are comfortably sized with large, deep closets. The updated primary bedroom is a sanctuary, complete with a gas fireplace, an ensuite bathroom with jetted tub and walk in shower. Two balconies overlook the green surroundings. Walk in closet is lovely, enhanced with cedar siding. Many outdoor living spaces - decks, patios, and plenty of gardening opportunities. 4 CAR GARAGE with HVAC, paved drive, EV charger, RV parking. NO HOA!.

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135 E Northern Avenue Phoenix, AZ 85020

$799,000

4 Beds

3 Baths

2,523 SqFt

Status Active Under Contract

MLS # 6727778

Property Type Single Family Residence

Price Type --

Exceptional ranch-style home in the coveted North Central Corridor! This meticulously maintained residence features many upgrades, including beautiful wood flooring in the main living areas and front bathroom, and dual pane windows and doors for energy efficiency and comfort. This home boasts wood plantation shutters, a charming white brick gas fireplace in the family room, and sliding doors from both the family room and master bedroom that open to the spacious backyard. The kitchen and all three bathrooms have been updated to modern standards, and the laundry room was expanded in 2000 for added convenience. A new AC unit was installed in 2023 for reliable cooling. The large backyard is a paradise for entertaining, with a fenced pool set off to the side for safety and enjoyment, an expansive lawn perfect for play and gatherings, and citrus trees for fresh fruit from your own garden. The built-in gas BBQ grill is ideal for outdoor cooking, and the south-facing patio ensures you can enjoy the sun throughout the day.This home offers everything on your wish list, including 4 bedrooms, 3 bathrooms, a private fenced pool, a 2-car garage, solid 100% block construction, and location in the highly-regarded Madison School District. Don't miss the opportunity to make this dream home your own!

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8505 S Breezy Pine Road Mayer, AZ 86333

$799,000

3 Beds

3 Baths

3,196 SqFt

Status Active

MLS # 6727926

Property Type Single Family Residence

Price Type --

A Cabin up North, that's more like a Dream Home! Gorgeous Views! Ponderosa Pines! Cool Weather! AirBnB Opportunities! 3 Bedrooms / 3 Baths / 3,120 s.f. on 2.25 Acres / Built 1999 This secluded, turn-key 3-story home and detached Workshop/Garage/Yoga room are ready for you and your family to enjoy year-round. Located just south of Prescott in the Prescott National Forest. The main (2nd) level includes a large kitchen, Granite countertops, an island, custom Hickory cabinets, lots of storage, stainless steel appliances, a dining area, a family room, 2 guest bedrooms, a full guest bathroom, and a mud room. The large master suite is on the top floor with a private loft, a sitting room, 2 closets, a master bathroom, and a balcony. The lower level has wainscoting, tongue and groove ceiling, a full bathroom and walkout patio adding another dimension to the home for privacy. Use it for a recreation room, additional bedroom, or office. Conveys with FURNISHINGS & a Tractor (see pix of Tractor in garage). Ready to AirBnB at ~$500/night if you choose to. APS power grid, plus Solar (leased ~$70/mo) Private Water Well with (2) 1500 gallon Water Tanks Septic System; plumbed for Fire Sprinklers. NO HOA Tax Parcel 205-14-247C; Prop Taxes only $1420 (2022 Final) SELLER FINANCING potential: Sub2 opportunity to take over ~$720k loan at 4.375%, PITI ~ $4500.

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