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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14044 W Bronco Trail Surprise, AZ 85374

$797,777

6 Beds

4.5 Baths

4,876 SqFt

Status Active Under Contract

MLS # 6746932

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning, newly built residence boasts 6 spacious bedrooms and 4.5 luxurious bathrooms. Two Primary suites. One being down stairs. Enjoy modern living with an open floor plan, high-end finishes, and abundant natural light. The chef's kitchen features top-of-the-line appliances, with a large island, and a walk-in pantry. Relax or entertain in the expansive living areas, including a cozy family room. Additional highlights include a 4-car garage and access to community amenities like expansive green belts, parks, play areas and a community pool and BBQ's. Don't miss out on this perfect blend of comfort and convenience!

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4512 E Turney Avenue Phoenix, AZ 85018

$797,000

3 Beds

1 Bath

952 SqFt

Status Active

MLS # 6748390

Property Type Single Family Residence

Price Type --

INVESTORS - Arcadia Lot with Camelback Mt view! Welcome to this charming 3-bedroom residence, now on the market! Venture into the inviting living room, featuring a neutral palette. The eat-in kitchen comes with wood cabinetry, a mosaic tile backsplash. Each cozy, well-sized bedroom offers a retreat for relaxation and rest. Outside, the backyard includes a covered patio, a well-kept lawn, and the convenience of a rear entry RV gate that leads to the alley. Don't miss out on this fantastic opportunity!

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1784 Merzville Road Forest Lakes, AZ 85931

$797,000

3 Beds

2 Baths

2,072 SqFt

Status Active

MLS # 6722741

Property Type Single Family Residence

Price Type --

Bearfoot Hideaway is a stunning, well-maintained cabin for sale in Forest Lakes, Arizona, nestled in the tall pines of this coveted getaway community .The cabin has 3 Bedrooms plus a large separate bonus room that could be a 4th guest bedroom, studio, bunkhouse or game room. The interior features a spacious great room layout, perfect for gatherings, a large kitchen with ample cabinets and a big breakfast bar, and a dining space roomy enough for a large table. The living area includes a wood burning stove, numerous windows offering forest views and natural light, with beautiful Anderson windows installed in 2021. In-floor radiant heat, powered by an LP gas tankless water heater, ensures optimal comfort throughout. Outside, the property boasts a wrap-around covered deck ideal for outdoor... ... living, offering cool breezes, the aroma of tall pines, and a stress-relieving environment. A large firepit with log seats is where s'mores and tall tales are sure to be shared with family and friends. There is an extra covered patio area with a fenced pet run, perfect for an outdoor kitchen area and a safe space for pets. A large 2 car garage has lots of built in cabinets with plenty of space for your mountain toys and tool storage. Ingenious rain gutters are hinged to pivot under the eaves in winter to prevent snow damage, and a whole house generator, installed in 2023, ensures uninterrupted power supply. A separate shop building has plenty of space for a workshop or a future guesthouse. There is a carport on the side of the building, a great place to park your fishing boat under cover. The cabin comes furnished! Just bring your groceries-most furnishings will be included. The cabin is just steps from your backyard to the Sitgreaves National Forest. Forest Lakes is uniquely set as an island in the middle of the forest, home to the world's largest stand of Ponderosa Pine Trees. The area offers a four-season climate with the best summertime weather, just a two-hour scenic drive from Phoenix, providing a significant temperature drop of 30-50 degrees. Renowned for its idyllic setting and climate, Forest Lakes is a mountain paradise and the most coveted cabin getaway location within two hours of Phoenix, making it an ideal escape from the harsh summer weather. This property offers a rare opportunity to enjoy the Forest Lakes lifestyle. Don't miss out on the chance to make Bearfoot Hideaway your dream cabin retreat. Plan to see it today!

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5114 E Anderson Drive Scottsdale, AZ 85254

$795,990

4 Beds

3.5 Baths

2,472 SqFt

Status Active

MLS # 6750524

Property Type Single Family Residence

Price Type --

This stunning and popular ''Millennium'' floorplan is highly optioned with 4 bedrooms, 3.5 bathrooms in the new gated community of Arabella. This two-story, 2472 square foot home sits on a wonderful corner lot in the heart of the neighborhood and very lightly lived in. The home includes several notable features including quartz countertops in the kitchen and bathrooms, kitchen backsplash, two tone paint, wood-like tile throughout the first floor and upgraded plush grey carpet in the upstairs bedrooms and loft. Other upgrades include Kitchen Aid appliances, multi-split plantation shutters throughout, electric car charging outlet, commercial grade epoxy garage floors, and overhead garage storage racking.

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3314 W Dynamite Boulevard Phoenix, AZ 85083

$795,900

6 Beds

3.5 Baths

4,135 SqFt

Status Active

MLS # 6718794

Property Type Single Family Residence

Price Type --

Hold on to your hats! This incredible property will blow you away with its design that perfectly blends functional elements and stylistic touches for warm climates, reflecting a mix of Mediterranean and Southwestern influences. With nearly 4,000 square feet of fabulous living space, this home offers a multi-generational living environment featuring a primary ensuite bedroom on the ground floor and a second primary bedroom upstairs. As you enter, you are greeted by a large, open dining and living area. Venturing further, you'll discover a spacious gourmet kitchen with an abundance of cabinets and a central island. Adjacent to the kitchen is the family room, destined to become the heart of gatherings with friends and family. On the second floor, an enormous loft awaits, perfect for a game room, along with five additional bedrooms. All this sits on almost half an acre of fully fenced property. The rear yard is a paradise with a sparkling swimming pool, extensive pavers, a covered patio, children's play areas, and a pergola. Some of the many nearby amenities include Deem Hills Recreation Area for hiking, Adobe Dam regional Park for sports facilities and golf, and the Wet N Wild water park. ASU West campus is also close by along with the Norterra Shopping Center for dining, shopping and entertainment including a movie theater. Why are you still reading this and not running to see this house before it's gone, gone, gone!

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825 E Farmers Lane San Tan Valley, AZ 85140

$795,900

2 Beds

2.5 Baths

2,247 SqFt

Status Active

MLS # 6742432

Property Type Single Family Residence

Price Type --

First impression of this Create model is an inviting, relaxing front porch. Step inside to where you will spoil guests with a large bedroom, gorgeous en-suite, and walk-in closet. Next, a rather large den with custom smoked glass doors, built in wall to wall bookshelves, and desk. On to a true chefs kitchen! Plenty of cabinet space, stunning countertops, and custom lighting to pull the kitchen together with the great room featuring a custom floor to ceiling stone wall and an electric fireplace. Set the perfect table, and mood, nightly. The large owners suite includes a beautifully tiled shower, and huge closet. Note the unique custom screen door at the rolling wall of glass as you step on to your inviting patio with a custom in ground spa, gas fire pit, and built in BBQ. Welcome Home!

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5888 S Boulder Street Gilbert, AZ 85298

$795,020

4 Beds

3 Baths

2,795 SqFt

Status Active

MLS # 6747288

Property Type Single Family Residence

Price Type --

This beautiful new 2-story home features a gourmet kitchen with 30-inch gas cooktop, backsplash, upgraded extended kitchen island, pendent prewire above island, Della Terra Quartz in kitchen, upgraded cabinetry, 8 ft. slider in dining room, speaker pre-wire in great room, Spa bath with freestanding tub, double sinks at bathroom 2, upgraded bath light fixtures, soft water loop and so much more. The community has delightful amenities including a pool, spa, walking and biking paths, and more!

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3245 Aspen Lane Pinetop-lakeside, AZ 85929

$795,000

2 Beds

1.5 Baths

1,278 SqFt

Status Active Under Contract

MLS # 6743284

Property Type Single Family Residence

Price Type --

On the golf course of White Mountain Country Club in guard gated White Mountain Summer Homes. 5th Fairway. .48 acres. 1278 sf. 2 bedrooms, 1.5 baths plus a spacious loft. Covered deck and uncovered balcony w/ great views of the golf course. 1 car garage was enclosed into a laundry storage area. Vaulted ceilings, interior wood ceilings, wood flooring in kitchen and hallway.

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5796 Hidden Oak Drive Pinetop, AZ 85935

$795,000

3 Beds

2.5 Baths

1,893 SqFt

Status Active

MLS # 6744954

Property Type Single Family Residence

Price Type --

What is your WHY? Move out of the big city? Summer Getaway? This is it! This newer cabin is on a large cul-de-sac type lot and is professionally landscaped with lots of pines, oaks and fruit trees. Green grass, fire pit and hot tub! Covered, front and back trex patio deck. Split bedroom plan: Primary on one side, 2 guest bedrooms and bath on other side. Pine interior doors, ceiling and wainscoting. Large walk in shower with tile surround in primary bath. Guest bath has double sinks separate from tub and toilet. Granite counter tops in kitchen and baths . Stainless steel Kitchen appliances, 5 burner gas stovetop. Large breakfast bar plus a dining room. Great room has a rock, gas fireplace with wood mantle and rock hearth. Oversized 2 car insulated garage with storage or work area.

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1404 N Bernard -- Mesa, AZ 85207

$795,000

3 Beds

3.5 Baths

3,025 SqFt

Status Active

MLS # 6740332

Property Type Single Family Residence

Price Type --

Welcome to this remarkable residence where luxury meets convenience! Nestled near Usary Mountain and Red Mountain, this home boasts breathtaking mountain views from the kitchen, breakfast nook, and living room. Enjoy the serene beauty of your surroundings with the added comfort of energy-efficient owned solar panels. Step inside to discover a thoughtfully designed living space featuring Hunter Douglas remote control window coverings in the living room, main bedroom, and bathroom. The main bedroom showcases custom walk-in closet cabinetry, providing ample storage and organization.The chef's kitchen is a dream come true with high-end appliances, including a built-in SubZero refrigerator/freezer and a Thermador Pro gas stove. The kitchen is equipped with under-upper-cabinet additional electric outlets inside the cabinets for convenience. Solar tubes enhance the space with natural light. The exterior of the home is equally impressive, offering a north-side yard with concrete for easy access and double gates, and a south-side storage shed. The garage features epoxy floors, built-in cabinets, and a refrigerator location plumbed for water. Step outside to your private oasis with a $15,000 Pool Ramada featuring a remote-controlled power awning and a covered patio with a SunSetter remote-controlled awning. The upgraded irrigation system with Schedule 40 piping ensures efficient water distribution for your landscaping needs. Conveniently located near the 202 freeway and 20 minutes Sky Harbor Airport, this home offers both luxury and practicality.

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4396 E Yellowstone Place Chandler, AZ 85249

$795,000

5 Beds

4 Baths

2,585 SqFt

Status Active

MLS # 6750343

Property Type Single Family Residence

Price Type --

If you are looking for a stunning home that perfectly combines quiet and relaxation with convenience, activities and amenities, then this is the home for you. Located on an oversized corner lot in the highly sought after gated community of Finisterra, this home is just blocks away from restaurants, golf, shopping and the area's best schools. Spend time in the community's lush green parks, or just stay home and enjoy one of the most breathtaking resort style backyards you will ever see. Your choices are endless. When you pull up to this home you will immediately notice its gorgeous curb appeal, highlighted by the beautiful pavered driveway and charming courtyard. Step through the custom iron front door into this popular casita floorplan and experience the upgrades, starting with the kitchen and its 42-inch white cabinetry, granite countertops, custom backsplash and stainless-steel appliances. The great room is large, inviting, open to the kitchen and features a dual slider which connects the great room to the private, pavered courtyard, effortlessly expanding your indoor/outdoor living experience. The downstairs master retreat is spacious, and the en-suite bathroom features an oversized custom tile walk-in shower, a dual vanity, and upgraded lighting and fixtures. Upstairs, you'll find a second master bedroom with its own en-suite bathroom and walk-in closet, providing comfort and privacy for family or guests. The casita, complete with its own bathroom and huge closet, provides the perfect getaway for guests, a home office or a home gym. The centerpiece of this home is undoubtedly the resort-style backyard. No expense has been spared in creating this outdoor oasis, featuring a travertine pool deck, a custom-built sunken BBQ area, a swim-up bar, multiple lounging spaces, and an exciting built-in water slide. Whether you love to entertain or simply enjoy spending time with family in a stunning outdoor setting, this backyard has it all. This home is more than just a place to liveit's a lifestyle. Don't miss your opportunity to experience it for yourself. Schedule your tour today!

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15028 W Elm Street Goodyear, AZ 85395

$795,000

6 Beds

3 Baths

4,020 SqFt

Status Active Under Contract

MLS # 6738437

Property Type Single Family Residence

Price Type --

Get ready to fall in love with this fully remodeled gem in the coveted Palm Valley neighborhood. This gorgeous home, refreshed between 2020 and 2021, offers a seamless blend of luxury and practicality. With 6 generous bedrooms—including 2 conveniently situated on the main level—and 3 modernized bathrooms, this home provides the perfect space for both comfortable living and great entertaining. The heart of the home is a truly gourmet kitchen featuring custom cabinetry, an impressive 11-foot island, and top-of-the-line Viking appliances. The interior showcases stylish wood plank tile flooring and custom plantation shutters that add a touch of sophistication throughout. A few recent upgrades include a newer roof, fresh interior and exterior paint, and beautifully remodeled bathrooms. The property also boasts a high-quality water softener system, ensuring convenience and comfort for everyday living. The expansive lot is designed for enjoyment, featuring a stunning pool surrounded by lush landscaping. Two large pergolas enhance the outdoor entertaining experience, offering ample space for gatherings and relaxation. A three-car garage with an RV gate adds practicality and ample storage space. This is the one-of-a-kind, hard-to-find beautiful home you've been searching for. With its thoughtful floor plan and exceptional features, this move-in-ready residence in Palm Valley is a true sanctuary. Don't miss your chance to make this hard-to-find property your own!

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