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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28516 N 128th Drive Peoria, AZ 85383

$799,000
3 Beds
3 Baths
2,107 SqFt
Status Active
MLS # 6762843
Property Type Single Family Residence
Price Type --
Lavishly Updated & MOVE IN READY 3br 3ba Libertas w CASITA Nestled on a Premium Elevated 5th Hole Fairway Lot in Award Winning Trilogy at Vistancia. Tremendous Curb Appeal featuring Stone Accents Lush Desert Landscape & Stamped Concrete. Private Gated Front Courtyard hosts Casita w Full Bath & Murphy Bed ! Newer Upgrades include Trane AC, Light Colored Tile Plank Flooring PLUS Kitchen, Bath & Appliance Improvements. GOURMET Kitchen w Gas Cooktop, Roll Out Shelves, Staggered Cabinets, EXPANSIVE Quartz Island with Built in Cabinetry, Newer Fridge, Wine Fridge & Pendant Lighting . Primary BR with Bay Window , Updated Tile Shower and Generous Closet. BR 2 split and adjacent to Updated 2nd FULL Bathroom. Separate Den / Office . Extended Patio with Ceiling Fans & INCREDIBLE Privacy & VIEWS

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!

6007 W Potter Drive Glendale, AZ 85308

$799,000
5 Beds
3 Baths
3,068 SqFt
Status Active Under Contract
MLS # 6753238
Property Type Single Family Residence
Price Type --
Repriced $76k under original list! Wake up to captivating waterfront living in remarkable home at Camelot Views in Arrowhead Ranch, where style & character blend seamlessly. THREE bedrooms & 2 baths UP & TWO bedrooms & 1 FULL BATH DOWN spans over 3,068 sq. ft., offering over $67K in improvements, including Tesla OWNED SOLAR panels, an Energy Star duct system, & a freshly painted exterior. Experience lakefront views & a heated pool & spa, this home promises a lifestyle of comfort and distinction.Step inside to experience an atmosphere that is warm, inviting, and full of character. Soaring vaulted ceilings, a cozy fireplace, and a gourmet kitchen w/Italian granite counters, stainless-steel appliances, and a sun-drenched breakfast nook, this home is designed to impress. The spacious primary suite offers balcony access with serene lake views, a private ensuite with dual sinks, and ample closet space. Downstairs, the large bonus room provides flexibility for additional living or entertaining. Located in Arrowhead Ranch, this home is perfectly situated near the 101 freeway, top dining, shopping, and golf courses, offering both convenience and luxury. The 3-car garage and low-maintenance synthetic turf in the front yard make it easy to enjoy this home without the upkeep. The backyard is a true oasis, with a sparkling pool and spa, cozy Ramada, and a gas stub ready for outdoor entertaining. This home is more than just a place to liveit's an opportunity to elevate your lifestyle. Plan your private tour today to experience the charm and sophistication this property offers. Opportunities like this don't come along often, and this home won't stay on the market for long. The dream home you've been waiting for is heretake action now!

830 Hoosier Pass Prescott, AZ 86301

$799,000
3 Beds
3 Baths
2,759 SqFt
Status Active
MLS # 6763678
Property Type Single Family Residence
Price Type --
Nestled in the heart of the highly sought-after Prescott Lakes community, this recently remodeled home offers main-level living with breathtaking views of Granite Mountain by day & twinkling city lights by night. The mature landscaping creates an inviting first impression as you approach the home. Upon entering, you are welcomed by a modern tile foyer, with the living room to your left. This space features a soaring flat ceiling, a cozy gas fireplace, a large picture window, and beautifully laid diagonal wood floors, creating a warm atmosphere. Adjacent to the living room is the formal dining area, finished with the same stylish tile as the foyer, offering a seamless transition between spaces. The kitchen is a chef's dream, boasting stainless steel appliances, including a trash compactor, custom cherry-wood cabinetry, and stunning concrete countertops that add a unique, artistic touch. Just off the foyer, the den/office provides a flexible space that could easily be converted into a third bedroom if desired. The luxurious primary suite is a serene retreat, featuring an ensuite bath designed for relaxation. It includes a walk-in shower with rain glass, dual sinks with concrete countertops, ample cabinetry, and a spacious walk-in closet. This level also includes a second bedroom, a full bath, and a convenient laundry/mudroom that leads to the 2.5-car garage. Step outside onto the expansive covered deck, where you can soak in the panoramic views while enjoying Prescott's mild year-round climate. The lower level is a bonus, offering a large family room with picture windows that bring in plenty of natural light and access to the backyard and patio. The third bedroom is spacious and comes with an ensuite bathroom, perfect for guests or extended family. The backyard is an entertainer's dream, featuring a beautiful paver patio that extends beyond the deck, ideal for a firepit and providing privacy from neighboring homes. This home is a rare opportunity to enjoy the comfort and amenities of living in Prescott Lakes, with its resort-style offerings.

8837 W Runion Drive Peoria, AZ 85382

$799,000
5 Beds
3.5 Baths
3,338 SqFt
Status Active
MLS # 6762685
Property Type Single Family Residence
Price Type --
Welcome to your dream home! Breathtaking backyard with heated salt water pool and spa, Built-in natural gas barbecue, covered patio with ceiling fans and misting system, artificial grass area, and natural gas fire pit. Two master bedrooms, the downstairs master bedroom has custom bath and French doors going to the patio, second master bedroom, located on the second floor. Additional bedroom downstairs as well as the study. On the second floor you'll find a loft with pool table and additional bedrooms, Garage is air-conditioned for more comfort, electric service for an EV and has a service door. Portable pool fence which conveys

14724 E Dale Lane Scottsdale, AZ 85262

$799,000
4 Beds
3 Baths
2,444 SqFt
Status Active
MLS # 6684946
Property Type Single Family Residence
Price Type --
*Seller is offering 10K for buyer to put towards rate buy down or closing cost.* Discover your desert sanctuary, a sprawling 1-acre property crafted for the equestrian lifestyle. Revel in direct access to beloved trails like Granite Mountain, Fraesfield, and Pinnacle Peak, with a gated entry for seamless ''ride in/ride out'' access. Nearby, Western enthusiasts find solace in institutions like Cowboy University and Kimes Ranch, while English riders enjoy Arabian show barns and performance horse facilities. As the sun sets, retreat to your single level home featuring vaulted ceilings, upgraded ceramic tile flooring, and a soothing color palette. Cozy up by the gas fireplace in the inviting great room, relishing shared memories and the promise of countless adventures. Plus, the convenience of a 4 car garage with ample room for all your toys ensuring that every adventure is well equipped. With pull around access for horse trailers, maneuvering becomes effortless, no backing up required. Custom gates add both security and style to your oasis, while ensuring that your equine companions are safe and secure. And with the added luxury of a shared well, water worries for you and your animals fade away. Live the equestrian dream, where every ride is an adventure, every day is a celebration of the bond between horse and rider, and every moment is embraced in the comfort of your cherished home.

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!

5220 E Kelton Lane Scottsdale, AZ 85254

$799,000
4 Beds
2 Baths
2,074 SqFt
Status Active Under Contract
MLS # 6758957
Property Type Single Family Residence
Price Type --
This one-owner, single level home sits on an oversized (12,500 sq ft) lot in the highly desirable 85254 zip code, with NO HOA. Complete with 4 beds, 2 baths, and 3 car garage, this split-floorplan gem has a large backyard with covered patio, mature landscaping, separate gated RV parking/ hookup and plenty of room for a pool. Perfect opportunity for an end-user buyer or an investor looking to add to their rental portfolio. Hurry, hurry!!

9206 W Pinnacle Vista Drive Peoria, AZ 85383

$799,000
5 Beds
3 Baths
3,647 SqFt
Status Active
MLS # 6760238
Property Type Single Family Residence
Price Type --
One of the largest lots in the subdivision! Opposite the green belt, 3 patios and a large balcony off the primary bedroom. RV gate that allows for 2 trailers side by side. Soaring vaulted ceiling entrance, 9 foot custom interior doors, 5 bedrooms with additional bonus room, 2 bedrooms DOWNSTAIRS, Large wet bar with built-in cabinets. Hickory wood floors in entry and stairs, 3-car garage with built in cabinets, epoxy flooring, 100 amp electrical panel with dozens of outlets, large shed, sparkling newer (2022) POOL! Ideal location near Lake Pleasant , shopping and restaurants...A+ West Wing Elementary and Sandra Day O'Connor HS

33834 N 43rd Street Cave Creek, AZ 85331

$799,000 - 5Br/3Ba -  for Sale in Dove Valley Ranch Parcel B, Cave Creek
New
$799,000
5 Beds
3 Baths
3,698 SqFt
Status Active
MLS # 6757763
Property Type Single Family Residence
Price Type --
PRICED WELL UNDER MARKET! Beautiful., well maintained home in gated community of Dove Valley Ranch. This wonderful 5 BR, 3 BA home has a spacious floorplan perfect for family, friends & entertaining. Entry opens to LR/DR and home office, game room or flex space. The expansive kitchen incorporates a 72'' built-in refrigerator/freezer, extensive storage, custom pantry & island. Adjacent Great Room wired for surround sound. The oversized downstairs BR includes a sitting area & adjacent full bath. Upstairs has a bright, oversized Master Suite, 3 secondary BR's & full bath. The rear yard borders open space. Enclosed, air conditioned rear patio is designed for year around use.

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!

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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