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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4059 E Mesquite Street Gilbert, AZ 85296

$798,999

5 Beds

4 Baths

3,453 SqFt

Status Active

MLS # 6712653

Property Type Single Family Residence

Price Type --

Beautiful 5BR/4BA + loft home (1 lower level bedroom & full bathroom) surrounded by white fences, greenbelts, beautiful parks and a highly sought after neighborhood! Kitchen features granite, upgraded white cabinetry, stainless steel appliances, white subway tile backsplash, Restoration Hardware pendants, and Restoration Hardware drawer/cabinet pulls. Home comes with upgraded fixtures throughout this meticulously maintained home! 3 bedrooms upstairs with 2 bathrooms, one of which is a jack-and-jill. Primary bedroom suite includes double sinks, separate tub and shower, as well as an entry directly to the laundry room with included washer and dryer from the master closet. Home is a right down the street down from the largest park in Elliot Groves. Close access to the 202 and 60 Freeway.

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3642 E Roland Street Mesa, AZ 85215

$798,927

5 Beds

4.5 Baths

3,100 SqFt

Status Active

MLS # 6717258

Property Type Single Family Residence

Price Type --

Super popular brick accented Farmhouse elevation. This home is under construction with a late summer est. completion date. Seller finance contributions available! Brand new gated community. Great infill location with desirable schools, freeway access during the weekdays and a great gateway location for the weekends to head to the Salt River watershed lakes, mountains or a local hike! Fully finished price with complete upgrade package Nice appointments;; 8' IRON front door, KitchenAid Appliances, white Shaker style cabinets with tall uppers with LED lights underneath and a recycle center. 3 car tandem garage features a side ext door and dedicated 220v and 110v outlets for tools or EV charging. 8' interior doors with bronze hardware and fixtures. Taxes est. Pics are of a model home

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28864 N 32nd Glen Phoenix, AZ 85083

$798,800

4 Beds

3 Baths

2,375 SqFt

Status Active

MLS # 6681519

Property Type Single Family Residence

Price Type --

BRAND NEW HOME!! ONE OF THE BEST VIEW LOTS IN THE DEVELOPMENT! Here is your chance to buy a move in ready home with NO WAIT TIME. This is the beautiful Aspen Model situated on an amazing lot with awesome views! This 4 bedroom/3 bathroom home is one of the best Lennar floorplans they have. Everything is BRAND NEW including the backyard landscaping. Easy access to the entire valley and close to the new TSM Semiconductor Facility. Gated Community. Builder warranty transfers to new owner. Come take a look at this wonderful home before it is gone!

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12707 N 95th Place Scottsdale, AZ 85260

$798,500

4 Beds

2.5 Baths

2,106 SqFt

Status Active

MLS # 6714148

Property Type Single Family Residence

Price Type --

Charming and meticulously maintained home, offering 4 bedrooms and 2.5 bathrooms within its spacious 2,106 square feet. Nestled on a 6,037 square foot lot with direct access to the Scottsdale Trail system. Bike, walk, jog all the way to Tempe! This former model features wood floors throughout, enhancing its elegant appeal. The kitchen is a chef's dream, boasting custom roll out cabinetry,NEW state of the art Samsung fridge and dishwasher (8/2024) slab granite. new hardware and fans, and several newer Anderson windows.The kitchen area seamlessly flows into the open family room, complete with a natural fireplace and surround sound. The home is equipped with a shutter package, several remote blinds and custom Classy Closet organizers. ...CONTINUE READING The expanded covered patio area is perfect for outdoor entertaining, featuring mature landscape and built-in BBQ, all backing to a natural private area. The primary retreat includes luxurious bath with double granite-mounted sinks, a separate tub, and an updated shower. Additional amenities include a 2-car garage with a workbench area, loads of storage with custom cabinets and large pull down attic access. Enjoy all the community amenities with none of the hassle or expense! You have direct access to tennis courts, a heated pool, and a spa, with the HOA maintaining most of the front landscaping. The home also offers a first level office or bedroom option, a covered patio, vaulted ceilings, and an owned water softener. Enjoy the charming front courtyard area making this home a perfect blend of comfort and luxury. With easy access to the 101, a plethora of shopping and dining and excelling Scottsdale schools, this home has it all! Come take a look! Many upgrades just completed in August, 2024!

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1215 E Cambridge Avenue Phoenix, AZ 85006

$798,500

4 Beds

3 Baths

2,415 SqFt

Status Active

MLS # 6730909

Property Type Single Family Residence

Price Type --

Discover luxury in this beautifully remodeled 4-bedroom, 3-bathroom home. The open floor plan welcomes you with a blend of opulence and functionality. The kitchen boasts new stainless steel appliances, quartz countertops and walk-in pantry flowing seamlessly into an open dining and living space. The master offers a private retreat with a walk-in closet and ensuite bathroom evoking spa-like ambiance. Cambridge has an additional ensuite bathroom located off the west-wing bedroom. Both the ensuite and guest bathrooms share the same elevated finishes of the master. Upgrades include a new roof, electrical wiring/panel, laundry room, garage, outdoors pavers, ... and more! Cambridge represents the pinnacle of modern living with its blend of luxury, functionality, and comfort.

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3108 W Ravina Lane Anthem, AZ 85086

$798,000

2 Beds

2.5 Baths

2,542 SqFt

Status Active

MLS # 6752133

Property Type Single Family Residence

Price Type --

Nestled on a premium large lot adorned with lush landscaping, this meticulously maintained home offers a serene oasis with birds and butterflies. Enjoy an eco-friendly lifestyle with a state-of-the-art solar panel system—no electric bills and APS credits since 2018! The property boasts numerous upgrades, including a new 16 SEER HVAC system, a 2018 roof, and a fresh exterior paint job in 2024. Step into the gourmet kitchen featuring high-grade granite counters, a new Bosch dishwasher, a new gas stovetop, and swipe-under counter LED lighting. The primary bedroom suite offers a custom-designed closet and an upgraded bathroom with a luxurious walk-in shower. The extended 3-car garage has many features, complete with epoxy-coated flooring, ceiling insulation, temperature-controlled air circulation, storage racks and cabinets, and an EV charging outlet. The home also features a whole-house water treatment and softener system, and high-speed fiber optic 5G digital internet ensures you stay connected. Situated in the award-winning Anthem Country Club, this home comes with access to an array of top-notch amenities, including two golf courses, two clubhouses, two pools, two fitness centers, and two restaurants. Additionally, residents enjoy full access to the extensive amenities of the Anthem master community, offering an unparalleled lifestyle.

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23702 S Desert Sands Drive Sun Lakes, AZ 85248

$798,000

4 Beds

3 Baths

3,373 SqFt

Status Active

MLS # 6758691

Property Type Single Family Residence

Price Type --

This Sun Lakes home is ready for new owners! Located in the highly sought-after gated community of Oakwood you will love the lifestyle this home has to offer! This stunning home has a bright, spacious floor plan with over $30k in upgrades! The downstairs primary bedroom features 2 walk-in closets, a curbless shower, and a separate jacuzzi tub. On the main level you also have a bedroom, full bathroom, and laundry room. Enjoy cooking and entertaining in your open kitchen/living area, with huge island and built-in appliances with custom cabinetry. The backyard is perfect for year round enjoyment with a large covered patio, water feature, fire pit, and private hot tub. Golf enthusiasts will love the proximity to the golf course, club house and all the amazing amenities

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253 N Fraser Drive Mesa, AZ 85203

$798,000

5 Beds

5 Baths

3,307 SqFt

Status Active

MLS # 6750348

Property Type Single Family Residence

Price Type --

Stunning Multigenerational Home has a mother-in-law suite, Plus adjacent Casita, NO HOA, tree lined streets, Large lot, RV parking, Pool, New Roof 2023, New Electrical Panel 2022, Gorgeous Kitchen w/vaulted ceiling, Granite countertops, Walk-in Pantry, Lots of Cabinets & Drawers, Gas Stove, Double Ovens, Huge Dining area with Lots of Natural light, Newly remodeled primary bathroom w/Glass Enclosed Shower, Dual sinks, Split floor plan, Large Bedrooms, Remodeled Bathrooms & Spacious great room. The main home has 4 Bedrooms & 4 bathrooms which includes the Mother-in-law suite that has a bedroom & separate living area & kitchenette. ('MIL suite' has multiple uses!) Ext. casita has Excellent tenant for 3 yrs,($1,050 mo.), is willing to continue leasing. Tenant - also willing to vacate. click This Beautiful home is centrally located in a historic district of Mesa, minutes to the 60 or 202 freeways. Enjoy the downtown Mesa Farmer's Market-every Saturday, Amazing artists at the Mesa Center for the Arts, cultural events like Dia de los Muertos Festival and Merry Main Street! Fabulous restaurants, amazing shops & museums are nearby for your enjoyment!! Hop on the light rail and ride all the way into Phoenix for a Diamondbacks game, Suns game or Music Concert. So much, so Close, so AWESOME!!!

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11656 N 135th Place Scottsdale, AZ 85259

$798,000

3 Beds

2.5 Baths

1,945 SqFt

Status Active

MLS # 6729798

Property Type Townhouse

Price Type --

Beautiful townhome at the base of McDowell Mountains backing to private natural area. Upgrades throughout including electronic awning, firepit and gas bbq on patio ready for your perfect outdoor evening. Community includes heated pool & spa. Large master with balcony with beautiful city lights. Slab marble counters with extended Calacatta marble island, glass cabinet inserts, under cab lighting, beveled mirror backsplash, Bosch gas range, Bosch dishwasher. New flooring with no carpet in home. Recently remodeled bathrooms, epoxy garage floor, loads of storage. Roof is less than 10 years old replaced in 2015. You cannot go wrong with this property!! Close to hiking trails, new restaurants, and Mayo clinic. Owner is motivated so bring all offers.

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2530 W Balao Drive Phoenix, AZ 85085

$798,000

4 Beds

2.5 Baths

2,604 SqFt

Status Active

MLS # 6746207

Property Type Single Family Residence

Price Type --

Happen to stumble upon a magic lamp recently? Magic is the only way to describe this home...only this took more than 3 wishes. Single story, 4 car garage, pool, OWNED solar, and no neighbors behind, what more can you ask for? At 2,604 sqft this wonder offers 4 bedrooms and 2.5 bathrooms. Key features include soaring 10ft ceilings, 8 ft doors, all tile throughout, epoxied garage with an overheight garage door, surround sound speakers inside and out, owned water softener, tankless gas hot water heater, gas BBQ stub, utility sink stub in garage, and so much more. A Chef's DREAM with a gas cooktop, double wall ovens, granite counters, large island, custom wet bar, and a large walk-in pantry. You're new heated pool pairs well with the Gorgeous views, new Pergola, pavers, 1000psi mister system, pavers, and a gated dog run. This home shows like a Model, is Turn-Key, and has been well cared for over the last few years. Ideally located, this home is minutes from access to the I-17 and the 303, is mere minutes from the new TSMC chip plant, and amazing shopping and dining at the nearby Norterra and Desert Ridge. You can take a quick drive South to downtown Phoenix, or a cool drive up north to Sedona or Flagstaff....the options are endless. This area is booming with lots of growth, without compromising the views and natural beauty.

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5342 W West Wind Drive Glendale, AZ 85310

$798,000

5 Beds

3 Baths

3,360 SqFt

Status Active

MLS # 6700828

Property Type Single Family Residence

Price Type --

This Charming Family Home is in a Prime Location. Welcome to your dream home. This beautifully 5-bedroom, 3-bathroom house boasts an open floor plan, tiled floors in all the right places, and a spacious backyard oasis. Key features include a spacious kitchen with granite countertops, a luxurious primary suite with a spa-like bathroom, and a cozy fireplace in the family room. Located in the highly desirable Northwood Glen neighborhood, residents enjoy easy access to top-rated schools, local shops, restaurants, and parks. Commuters will appreciate the proximity to major highways and public transit. Don't miss out on this incredible opportunity! Come and see this amazing home today. This 3,360 square-foot home sits on a spacious 0.39-acre lot and features a 3-car attached garage and an RV gate, perfect for storage and parking. Recent upgrades include a new living room, primary suite, and bedroom carpet. Newer house roofing and garage underlayment, an updated shower in the primary bathroom, newer pool cool-deck, pool tiles, pop-outs, pebble tech, and spaw blower

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1805 E Appaloosa Road Gilbert, AZ 85296

$798,000

6 Beds

3 Baths

3,331 SqFt

Status Active

MLS # 6735349

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Gilbert! This beautifully updated property offers the perfect blend of modern amenities and classic charm. With six spacious bedrooms and three luxurious bathrooms, there's plenty of room for the whole family. Key Features include. - New Flooring and Fresh Paint: Step into a bright and fresh space with all-new flooring and a freshly painted interior, ready for your personal touch. Sparkling FENCED Pool:** Enjoy Arizona's sunny weather in your own private pool, perfect for relaxation and entertaining. Two Living Rooms:** Plenty of space for family gatherings and entertaining guests. Cozy Fireplace , create warm and inviting memories around the fireplace, ideal for those cooler desert evenings. Welcoming Ambiance: This home exudes a welcoming atmosphere, making it the perfect place to create lasting memories. Located in a desirable neighborhood of Gilbert, you'll have access to excellent schools, shopping, dining and recreational opportunities. Don't miss the chance to make this beautiful house your new home!

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