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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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!

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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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4380 N Preserve Drive Pine, AZ 85544

$799,000

3 Beds

3 Baths

1,485 SqFt

Status Active

MLS # 6681925

Property Type Single Family Residence

Price Type --

Home with lot next door! Seller is offering 1% of sales price to be used at COE to ''buy down'' the buyers loan interest rate with full price offer. Fully remodeled modern A-frame on a quiet, half acre corner lot in the highly sought after Portal IV community. The spacious wrap-around deck boasts panoramic mountain views, and endless opportunities for al fresco dining and hot tub soaks underneath the twinkling night's sky. The gated community offers seclusion and peace of mind. The sellers purchased the parcel next door and are offering it as part of the sale to protect your views as you desire! Smart appliances and features are noted throughout the home. Sellers are offering the home fully furnished with high-end furniture. Taxidermy does NOT convey.

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44621 N 10th Street New River, AZ 85087

$799,000

4 Beds

3 Baths

2,521 SqFt

Status Active

MLS # 6703043

Property Type Single Family Residence

Price Type --

A spectacular custom home with privacy, luxury details, no HOA, shade trees and gorgeous views. Open and spacious floorplan with walls of glass, soaring ceilings, gourmet kitchen with granite and stainless appliances. The primary bedroom has a seating area, master bath with jetted tub and large walk-in closet. There is also an ensuite guest bedroom with separate entrance. Two other bedrooms are well appointed with a large guest bathroom. The home is perfect for entertaining, loads of patio space with pavers and lush landscaping, and several mature citrus trees. There is a rooftop deck for enjoying the amazing sunsets. The property is walled for privacy, with plenty of space. Close to the Tonto Nat'l Forest. This is a one-of-a-kind home that has been impeccably maintained.

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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!

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1104 E Driftwood Drive Tempe, AZ 85283

$799,000

3 Beds

3 Baths

1,942 SqFt

Status Active

MLS # 6759111

Property Type Townhouse

Price Type --

Experience true luxury in this exquisite, fully remodeled lakefront home located in the The Lakes community. Boasting $200k in upgrades, this 3-bed/3-bath retreat is a rare gem on the lake. The gourmet kitchen is a chef's dream, featuring high-end Café appliances, quartz countertops, a massive island with captivating lake views, and a walk-in pantry. The primary suite offers a private balcony overlooking the tranquil waters, providing the perfect sanctuary. Enjoy elegance and durability with Aquaguard flooring throughout. Thoughtfully designed with ample storage and direct garage access, new roof, new windows and new AC, this turn-key residence ensures convenience and sophistication. Affordable HOA fee includes access to Rec Center, Lap Pool, Sauna, Pickleball, playground, gym and more.

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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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4629 W Summerside Road Laveen, AZ 85339

$799,000

6 Beds

4.5 Baths

3,785 SqFt

Status Active

MLS # 6756376

Property Type Single Family Residence

Price Type --

Say YES to this stunning custom-designed executive home! Its indoor and outdoor features are a must-see! This home is located in an urban village just south of Phoenix, Laveen Village. Just eight miles from Downtown Phoenix entertainment venues, restaurants, and sports arenas. Enjoy this half-acre private yard with open spaces, stunning sunsets, and mountain views—easy access to the 202 freeway connecting to I-10, with Sky Harbor Airport just minutes away. Laveen Village is where old western history and urban development meet, offering its residents a comfortable lifestyle. This home offers expansive living areas both inside and out. Flex space, living/dining rooms, chef kitchen, bedrooms, baths and so much more. Make this home the ONE for you!

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10226 E Thatcher Avenue Mesa, AZ 85212

$799,000

3 Beds

2.5 Baths

2,470 SqFt

Status Active

MLS # 6751403

Property Type Single Family Residence

Price Type --

Live in Luxury in the highly desirable Eastmark community! This 3-bedroom, 2.5 bathroom home boasts a stunning backyard oasis, perfect for both relaxation and entertainment. Dive into your private pool, complete with a swim-up bar and spa, or unwind under the spacious ramada. Whether you're hosting adult gatherings or enjoying fun family activities, this backyard is designed for every occasion. With north-south exposure and countless amenities, this home offers an exceptional lifestyle that goes beyond expectations. Discover all that Eastmark has to offer, a must see today! Don't let this one get away.

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1510 E Red Range Way Phoenix, AZ 85085

$799,000

5 Beds

3.5 Baths

3,185 SqFt

Status Active

MLS # 6686319

Property Type Single Family Residence

Price Type --

Arizona living at its finest! NEW and has never been lived in, this fabulous 5 bed, 3.5 bath residence is now on the market! Resting up against the Sonoran Preserve with no neighbors and NO HOA with these gorgeous Arizona Mountain View's can now be yours. A beautiful facade, 3 car garage, and tons of landscaping potential! Plenty of room to bring your horses and/or livestock. Discover a large open floor plan w/elegant wood-look flooring, recessed lighting, and neutral palette throughout. The kitchen is equipped w/everything the aspiring chef needs, ample cabinetry, a pantry, quartz counters, stainless steel appliances, and an island complete w/a breakfast bar. Dual masters complete two primary suites, one downstairs and one on the upper level! Each one features soft carpeting, a walk-in closet, and a private baths w/dual sinks and amazing views. Laundry upstairs AND downstairs. You'll also find a spacious loft where you can spend a relaxing Sunday evening, as well as a den perfect for an office. Enjoy breathtaking mountain views everywhere you look! Very unique property with over 2 acres this is truly a must see! What are you waiting for? Act now!

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10037 E Toledo Avenue Mesa, AZ 85212

$799,000

5 Beds

3.5 Baths

3,042 SqFt

Status Active

MLS # 6744586

Property Type Single Family Residence

Price Type --

Experience luxury living in this 5-bed, 3.5-bath Toll Brothers home in the sought-after Cadence neighborhood of Eastmark on a desirable N/S exposure lot. This move-in-ready home features a downstairs office, an upstairs loft, and a gourmet kitchen with quartz counters, an oversized island, and premium appliances. The tile flooring throughout adds a touch of elegance, while the fully finished backyard is perfect for entertaining. Enjoy top-tier amenities, including pools, gyms, and recreation areas in this vibrant community. Don't miss your chance to own this exceptional home!

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5910 E Hillery Drive Scottsdale, AZ 85254

Open House

$799,000

4 Beds

2 Baths

2,190 SqFt

Status Active

MLS # 6760266

Property Type Single Family Residence

Price Type --

Completely gutted brand new 4 bedroom home. Open floor plan features two living rooms, eat in kitchen and dining book. Designer finishes throughout. New ductwork, updated electrical throughout. New plumbing and updated trim. Gorgeous tilework., new appliances and fixtures. Everything is brand new. All new custom cabinetry throughout. Perfect location in 85254, Must see!!!!

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