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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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!

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.

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.

1946 W El Cortez Trail Phoenix, AZ 85085

$799,000
3 Beds
2 Baths
2,391 SqFt
Status Active Under Contract
MLS # 6744602
Property Type Single Family Residence
Price Type --
Beautiful 3 bedroom/2 bath home in the outstanding Union Park community. This home's amazing features include a kitchen with white shaker cabinets, tile backsplash, Quartz counters, double wall oven, a large island, & large pantry. The kitchen is part of a large open living/dining/kitchen space with wood look floor tiles, & window coverings. The primary bathroom boasts a large vanity with double sinks and a gorgeous tiled super shower. The primary walk-in closet includes a built-in mirror with bench. The upgraded enclosed study features french doors. The beautiful backyard includes a covered patio wired for tv, pavers & synthetic grass. Don't miss this chance to purchase a turn key home close to all the amenities of Union Park and an easy one mile walk from The Shops at Norterra. Union Park features a 90x30 community pool w/cabanas, a play pool, outdoor bbqs, basketball court, tennis courts, pickleball courts. The community includes multiple outdoor community areas, children's play parks, pet spaces, & an elementary school an easy walk away.

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!

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.

4650 W Carla Vista Drive Chandler, AZ 85226

$799,000
4 Beds
2 Baths
2,536 SqFt
Status Active
MLS # 6742041
Property Type Single Family Residence
Price Type --
Reduced $35,000! Priced WAY under 7.11.24 Appraisal. $83,396 in Upgrades-see Docs. New engineered floors 8.3.24 (2017 tile in KT, FRM & Bathrooms). Resort-like backyard 2023 w/ new pebble tech coating on pool w/ water features. Backyard grassy yard completely surrounded by greenery, Homes rarely on market - close to INTEL. Desert Park 2 minutes to lake, sports, & railroad park. Walk to Carrillo Park w/ its Hummingbird Sanctuary. HOA only $44/mo. Hi Vaulted 15 ft entry. Formal Dining Rm for 10. 2023 GAS stove high vaulted KT w. 2023 stainless steel appliances. Huge sunny Fam Rm w/ gas fireplace overlooking pool & greenery. Hi vaults in spacious MBR. Remodeled MBR Bath $15k w/ jacuzzi tub. Prized 3 car garage w/extra long stall. HVACs replaced 2021 (#1) & 2014 (#2).

6618 W Red Fox Road Phoenix, AZ 85083

$799,000
5 Beds
3.5 Baths
3,611 SqFt
Status Active
MLS # 6752780
Property Type Single Family Residence
Price Type --
Don't miss your opportunity to own in the highly sought after Preserve at Boulder Mountain. This large 5 bed 3 bath home is located in a quiet neighborhood with picturesque views along with lovely curb appeal. The spacious living areas are excellent for entertaining guests, and the separate living quarters are well appointed, meaning guest never have to leave! Perfect for multi-generational living or the growing teenagers that want their own space. Your stunning kitchen features a gas cooktop, dual wall ovens, granite counters, tile backsplash, 42 inch custom wood cabinetry, & a large island with breakfast bar supplying an open layout that connects to the great room, perfect for gathering. For those who love to entertain, the butler's pantry & walk-in pantry provide ample storage and and counter top space that connects to the formal dining room and lively great room. Throughout the home you'll find quality finishes such as wood-like vinyl plank flooring, plush carpet in the bedrooms, recessed energy efficient LED lighting with one touch dimmer switches, and dual pane windows adorned by plantation shutters, allowing you to control the natural light streaming in and mountain views. The home boasts plenty of natural light, adding to its warm and welcoming atmosphere. With the new roof being installed in 2023 and a whole home water filtration system recently installed, this property has been meticulously cared for and is move-in ready, just waiting for you to make it your own. The primary bedroom is located on the main floor and features a luxurious upgraded bathroom with separate tub and shower, a dual vanity, private toilet room, and a large walk-in closet! Head to the backyard which provides a firepit & covered patio making it the perfect private area to relax and enjoy the outdoors while taking in the Arizona sunsets. The nextgen's private balcony with mountain views provides a serene escape. Don't miss the spacious three car extended garage with overhead storage, ensuring for a well kept garage. This mountain community is nestled into the desert landscape, but close to everything you need. Provides quick access to hiking trails at East wing, the Preserve, shopping, dining, and entertainment. Close to Paloma Community Park, the 303, and Lake Pleasant.

2726 N Hannon Ranch Lane Bisbee, AZ 85603

$799,000
5 Beds
4.5 Baths
3,554 SqFt
Status Active
MLS # 6665334
Property Type Single Family Residence
Price Type --
Perched on an elevated, 4.4 acre lot in the Mule Mountains, just minutes from Bisbee, this stunning, custom 5 bed/ 4.5 Bath, 3,554 sq ft. home offers quality craftsmanship & magnificent panoramic mountain views. Beautifully remodeled with new: Anderson windows, roof, deck, doors, flooring throughout, stucco, kitchen, appliances, master bath w/ dual shower, mini-splits, & paint inside & out. Landscaped yard w/ stone patio overlooking the canyon, sunrises, sunsets and stargazing. Step inside to discover an inviting & spacious interior filled w/ an abundance of natural light & majestic mountain views from nearly every window. Open floor plan, expansive and flowing between the kitchen and the great room, 2 en-suite main bdrms, a bonus room, & built out basement all make for wonderful living.

4229 E Acoma Drive Phoenix, AZ 85032

$799,000
4 Beds
2 Baths
2,353 SqFt
Status Active
MLS # 6753543
Property Type Single Family Residence
Price Type --
Beautiful and move-in ready, this lovely home is just waiting for it's new owners. Let the pictures tell the story. This home is practically new in every way! Numerous updates and upgrades added in the last four years include: new appliances, granite counters, LVP flooring throughout, new A/C combo unit, new electrical panel, and a Spa worthy primary bathroom just finished in August! Smart features include the thermostat, doorbell and garage door opener. There is a level 2 EV charger outlet in the garage. The complete list is under Documents tab. This is a block constructed home with extra blown-in insulation. The expansive back yard offers extened patio/pavers, grassy play area, a pool with a water feature, solar heat and removable fence. North Central location convenient to everything.

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!

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.

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