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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1703 W Davidson Circle Unit 0 Payson, AZ 85541

$799,000
3 Beds
2 Baths
1,760 SqFt
Status Active
MLS # 6727942
Property Type Single Family Residence
Price Type --
PRICED TO SELL!!! Hangar Homes in the Mazatzal Airpark in Payson don't go on the market all that often, especially when it's complete with a 44Ft Wide x 4OFt Deep x 16Ft High Hangar. This gorgeous 3 Bedroom, 2 Bath has all the amenities you need including upgraded flooring, granite countertops throughout, gas/wood fireplace with a custom mantle, 3-car garage, enclosed garden area, lots of trees for privacy and a whole lot more. Fire up your plane or your toys and come take a look at this beautiful home. The front yard, with it's welcoming fire pit, has hosted numerous BBQ gatherings over the years and underscores what makes this neighborhood so great - friendly, quiet and highly desireable. Whether it's a shiny new plane you want to protect or maybe a fleet of cars, there's Whether it's a shiny new plane you want to protect or maybe a fleet of cars, there's plenty of space to park inside & outside! HANGAR DIMENSIONS:: 44Ft Wide x 40Ft Deep x 16FT High Ceilings HANGAR OPENING: 40FT 6.5IN WIDE X 12'5' HIGH RV DOOR OPENING: 14FT High x 10FT Wide Roll-up Door with Remote Control The entire hangar is foam-insulated.

6856 N 12th Way Phoenix, AZ 85014

$799,000
4 Beds
2 Baths
3,016 SqFt
Status Active
MLS # 6728947
Property Type Single Family Residence
Price Type --
Incredible 3015 sq ft home in Midtown! All 4 Bedrms are spacious! MstBdRm is very large w/french doors leading out to private patio, extremely Lrg walk-in closet w/built-ins, MstBth has double sinks, Granite & Tiled Shower w/Jetspa tub. Open Great Rm concept that will dazzle the senses! Raised Hearth Gas FP, Oversized Tile thru-out the Home! (Carpet in BedRms only). Very Lrg Kitchen w/tons of cabinets, pot drawers, Lrg island w/wine rack & storage. Granite counters w/undermount KOHLER double sink. SS appliances! LRG walk-in Pantry and LRG laundry Rm w/built-in KOHLER utility sink & Granite counters. White Plantation shutters in BedRms, Ceiling fans, 2 New A/C units 2022, New Roof 2021, Wide plank baseboards thru-out, ''Click on MORE''... Solar Light tube skylite in Living Rm. Split Floor Plan, Recess Lighting thru out, and Tons of Storage closets thru-out! Entire home has been updated with Dual Pane windows! Guest BthRm was just renovated to add stunning Italian Tile & New BthTub. Back yard is Park Like with Mature Landscaping & winding sidewalks, Large Wood Burning Stone Fireplace, Exterior lighting, Ceiling fan added to covered back patio, two storage sheds! Double RV Gate lead to additional tandem parking. Garage has one full wall of built-in Cabinets & Epoxy flooring. New HotWater Heater added 2024! House is nestled in close to LUCI's at the Orchard, Sprouts, Biltmore shopping, tons o dining choices and quick access to Az-51. Highly rated Maddison School district is a Plus!

21837 W Winston Lane Buckeye, AZ 85326

$799,000
4 Beds
3 Baths
2,491 SqFt
Status Active Under Contract
MLS # 6729881
Property Type Single Family Residence
Price Type --
Home, sweet home! Situated on a 1.5 IRRIGATED acres, this gorgeous property offers unrivaled sunsets and beautiful mountain views! A classic, tasteful interior w/ multiple living areas provides plenty of open space for entertainment. The open concept kitchen features natural stained alder cabinetry, SS appliances, a spacious island w/ breakfast bar + a formal dining room. The well thought out floor plan includes a half bath with direct access to the back patio while the primary retreat ensures rest & relaxation with a private bathroom, dual sinks, a standalone tub, and dual walk-in closets. Step outside and take a short walk over to the detached storage garage with a guest living quarters above on the second level. Quiet peaceful nights with tons of room for all the toys PLUS NO HOA! Additional storage is available in the fully equipped laundry room. The property includes a garage with attached cabinets, providing plenty of parking and storage space. The breathtaking backyard is an entertainer's dream, boasting a covered patio, a separate garage, a lush green lawn, a built-in BBQ, and a handy shed. This captivating property seamlessly blends comfort and natural beauty, making it the perfect place to call your HOME!

15078 W Highland Avenue Goodyear, AZ 85395

$799,000
4 Beds
3.5 Baths
4,200 SqFt
Status Active
MLS # 6731039
Property Type Single Family Residence
Price Type --
Just wow! Prepare to be enchanted by this stunning, energy-efficient home in Goodyear! The façade exudes charm with a 3-car tandem garage, RV gate with paved basketball, timeless stone accents, green grass, & a private courtyard. Be impressed by the great room that beckons with exposed beams on the high ceiling. Tile & wood flooring, plantation shutters in some windows, stone-accented walls, fire sprinklers, & an open den/office are worth mentioning. Large family room is adorned with surround sound speakers & media niche, setting the tone for countless memories. This refined gourmet kitchen showcases recessed lighting, travertine backsplash, a butler's service area, plenty of cabinets & cupboards with crown moulding, a center island, granite counters, a breakfast bar, a walk-in pantry stainless steel appliances such as cooktop gas, wall ovens, & wine cooler, & a lovely bay window in the dining area. The cozy loft boasts balcony access & built-in desk/cabinets. Owner's retreat is complete with a stone fireplace, a sitting room, & a lavish ensuite. The main bathroom is comprised of two vanities, a make-up desk, a soaking tub, a tiled shower, & a barn door leading to the walk-in closet. Finally, the dreamy backyard includes a covered patio, a fire pit area with a cement bench, a gazebo, multiple pergolas, a built-in BBQ, & a shimmering pool. This gem has it all! Hurry!

10503 E Fanfol Lane Scottsdale, AZ 85258

$799,000
3 Beds
2 Baths
1,934 SqFt
Status Active
MLS # 6732815
Property Type Single Family Residence
Price Type --
Located within the esteemed greater Scottsdale Ranch Association, Suntree East offers residents the benefits of being part of this highly sought-after community. This 3 bed/ 2 bath home is beautifully renovated and move-in ready. Step into the heart of the home with large over-sized porcelain tile throughout, a beautifully updated & bright kitchen with plenty of storage. Fully renovated master bath with soaking tub. Featuring a new HVAC system installed in 2022 for optimal comfort. Energy efficient solar panels & an EV Charging station. Monthly electric bills are usually zero. Golfers will love the proximity to Scottsdale's top golf courses. Minutes away from premier destinations like Kierland Commons, Scottsdale Quarter, and Fashion Square. Seize the moment, this gem is sure to go fast!

5998 W Arroyo Way Pine, AZ 85544

$799,000
3 Beds
3 Baths
2,156 SqFt
Status Active
MLS # 6733364
Property Type Single Family Residence
Price Type --
Majestic Mountain Views will take your breath away specifically to capture the best views from every room and every floor. Enjoy the wildlife in their natural setting. Lg kitchen with island. Two gas fireplaces. Low maintenance laminated flooring. Decks will accommodate entertaining your friends and family. Home comes with an extra lot. Paved driveway... Bedrooms on 1st level, Master with FP on lower level and another master on 2nd level with a den or private office....

27689 N Makena Place Peoria, AZ 85383

$799,000
2 Beds
2.5 Baths
2,610 SqFt
Status Active Under Contract
MLS # 6733487
Property Type Single Family Residence
Price Type --
'Aurora' ON GOLF COURSE on QUARTER ACRE LOT, CLOSE TO KIVA CLUB, with HUGE GARAGE & NO CARPET. Impressive curb appeal with 3 HUGE PALM TREES & mature landscaping. LUXURIOUS 12-FT CEILINGS & 20-IN NEUTRAL TILE everywhere except bedrooms w/ NEW 2023 WIDE PLANK LUXURY VINYL floors. Kitchen has TWO LARGE ISLANDS, engineered stone c-tops, tile backsplashes, abundant cabinets with rollouts, s/s appliances. HUGE PRIMARY RETREAT features a large bedroom with bay window & sliding glass door to back patio, bath with ATTRACTIVELY TILED SHOWER with heavy duty glass, SOAKING TUB WITH JETS & tile surround, TWO WALK-IN CLOSETS & - the HIDDEN GEM of the primary suite is a great hideaway for reading, art studio, TV watching, exercising or an office. The relaxing great room adjacent to the kitchen has a GAS FIREPLACE & a lot of windows for great light and observing the backyard and golf course, space for casual dining & sliding door to the back patio. Other: ENSUITE GUEST BEDROOM, den, powder room, dining room and PRIVATE COURTYARD off the kitchen. 2-car garage with cabinets is EXTENDED 4 FT & has additional storage area for golf cart, bicycles & more. This floor plan lends itself well to ENTERTAINING as does the back patio & yard. Enjoy pleasant days overlooking the GOLF COURSE and chilly winter evenings with your guests around the FIREPIT. ALL FURNITURE, FURNISHINGS AND ACCESSORIES AVAILABLE BY SEPARATE BILL OF SALE. This home is located in award-winning gated, 55+ Trilogy at Vistancia with 5-star-resort style amenities at the 35,000 SF Kiva Club with indoor & outdoor pools, fitness center, day spa, cafe, billiards, meeting rooms, library, tennis courts, pickle ball, bocce ball, events & a plethora of activities to choose from. Outstanding Gary Panks-designed golf course is woven throughout the original part of the neighborhood. The Mita Club has additional outstanding community amenities. Easy access from Trilogy to the 303, shopping, restaurants, entertainment, Lake Pleasant & Paloma Park, Peoria's huge new community park lo a great hideaway for reading, art studio, TV viewing, exercising or an office.

7600 E Golden Eagle Circle Gold Canyon, AZ 85118

$799,000
3 Beds
3 Baths
2,997 SqFt
Status Active
MLS # 6734320
Property Type Single Family Residence
Price Type --
SHOW STOPPER!! Located in Superstition Golf & Country Club, Tuscany-inspired Golden Eagle Village, this newly painted villa is highly upgraded w/ spacious, light & open floor-plan .Beautiful gated entry with new non slip tile. Alder cabinets, granite countertops, 5-burner gas cooktop, kitchen island, breakfast bar, large walk-in pantry, 8' solid core doors, vaulted ceiling, wood & tile floors throughout & central vac. 3 bedrooms, 3 bathrooms, 2 fireplaces, 3 spacious courtyard patios, built-in BBQ & built-in garage cabinets. Upstairs patio recently replaced decking 2024 w/5 yr warranty. Spectacular views of Prospector Golf Course,& Superstition Mountain, Park & water feature right out your front door. Superstition Mountain is a 24-hour guard gated community w/ private streets. Located just blocks away from the 36 hole private Nicklaus designed champion golf course and club house are stunning. This home will not disappoint.

1951 E Sarona Court San Tan Valley, AZ 85143

$799,000
4 Beds
3 Baths
2,585 SqFt
Status Active Under Contract
MLS # 6736190
Property Type Single Family Residence
Price Type --
Looking for a beautiful, like-new home where the garage and parking are not just an afterthought? Welcome to Laurel Ranch and this lovely 4-bedroom, 3-bath home w/ 3-car tandem garage and attached 44' RV garage plus (2) RV gates. Over $100k in builder upgrades. Stunning gourmet kitchen has quartz counters, center island, hardwood soft-close cabinets, slate black appliances, walk-in pantry & breakfast nook. Kitchen opens to Great Room w/ surround-sound speakers, Lutron Smart Lighting and center-meet slider to backyard. Spacious primary suite features deluxe walk-in tile shower w/ rain shower head, dual sinks, GIANT closet w/ convenient pass-thru to laundry room. Bedrooms 2 & 3 separated by full third bath w/ dual sinks. Bedroom 4 w/ ensuite bath is perfect for guests. Beautiful wood-look tile and carpet in bedrooms. Ceiling fans and 2 blinds throughout. Electrical upgrades include whole house surge protection, holiday lighting pkg. + many more. Save $$$ on RV storage rental! Park your toys in the 1,339sqft INSULATED garage. RV garage has front and back garage doors and 50amp service outlet. More parking avail on each side of home. lnviting curb appeal w/ paver walkway & driveway, synthetic grass and landscape lighting. Large, grassy backyard & covered patio. Home sits on a spacious 1/3-acre premium lot on quiet cul-de-sac street. Come visit this fabulous home today!

7514 E Oasis Circle Mesa, AZ 85207

$799,000
4 Beds
3 Baths
2,536 SqFt
Status Active
MLS # 6737114
Property Type Single Family Residence
Price Type --
PRICED TO SELL!! GORGEOUS REMODELED HOME in gated LAS SENDAS Master Planned Subdivision! QUALITY BUILT BY BLANDFORD HOMES and meticulously maintained by original owner! HIGHLY UPGRADED AND UPDATED featuring 4 Bedrooms plus Office, 3 Baths, 3-car garage, on LARGE Cul-de-sac lot. Resort like backyard: fireplace, built-in BBQ, custom firepit with matching gabion seatwall, 12x12 gazebo, Pebble Tech Pool with built-in fountains and rock waterfall. New poolvac makes cleaning a breeze! Light and bright with soaring ceilings in entry. Recently painted exterior and roof with new flat concrete tiles and upgraded premium underlayment. Both HVAC systems were replaced with Trane efficient condenser units, including new air handlers in attic. Huge primary suite boasts new mesquite hardwood floors, remodeled primary bath with beautiful custom cabinets, and a private 10x20 walk-out deck! Upgraded Italian porcelain floors and Venetian plaster walls downstairs. Ground floor office with beautiful wood floors and built-in cabinetry. Kitchen has brand new butcher block island and new black island cabinets with a built-in wine chiller! All newer upgraded SS and black kitchen appliances including Dacor refrigerator with fresh food drawer!! Designer window treatments throughout! You will love the custom built tortoise enclosure for the desert tortoise Buster with a second burrow to accommodate a second tortoise. 7 Fruit trees + garden. MUST SEE!!!

12833 W Marlette Avenue Litchfield Park, AZ 85340

$799,000
4 Beds
3 Baths
2,851 SqFt
Status Active
MLS # 6737417
Property Type Single Family Residence
Price Type --
Discover unparalleled value in the coveted Bethany Estates of Litchfield Park with this exquisite 4-bedroom, 3-bath property, set on a spacious 3/4 acre lot. It's the perfect setting for your dream landscape design. With OWNED solar, say goodbye to high electric bills! Inside, elegance meets functionality with beautiful tile flooring that flows into a gourmet kitchen, boasting stainless steel appliances for your culinary creations. Located just 10min away from the up & coming Glendale's Entertainment & Shopping District. This outstanding residence combines the chance to live in a sought-after neighborhood, save on electricity with owned solar, plus the opportunity to personalize your outdoor living space, making it a wise and luxurious investment.

27638 N 45th Way Cave Creek, AZ 85331

$799,000
6 Beds
3 Baths
3,203 SqFt
Status Active
MLS # 6740357
Property Type Single Family Residence
Price Type --
Don't miss out on the opportunity to make your dream home a reality! This exquisite 6-bed, 3-bath residence is a haven of luxury and convenience. Boasting a 3-car garage, RV gate, and enchanting desert landscape, it's the epitome of upscale living. The interior of this home is inviting and comfortable, with a welcoming living room featuring a bay window and elegant wood flooring. The cozy family room is sure to be a favorite spot for intimate gatherings, while the formal dining room sets the stage for memorable dinner parties. Overall, this dream home seems to offer everything one could desire for comfortable and stylish living. The combination of practical features and elegant touches makes it truly irresistible. The backyard is a paradise, displaying a full-length covered patio, built-in BBQ, spa, and refreshing pool. Unwind on the balcony with stunning mountain views. Make this gem yours today!

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