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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10558 E Hawk Avenue Mesa, AZ 85212

$795,000

5 Beds

3.5 Baths

2,975 SqFt

Status Active

MLS # 6746899

Property Type Single Family Residence

Price Type --

Located in the heart of Mesa's prestigious Eastmark community, where luxury living meets a vibrant and connected lifestyle. As one of Arizona's most sought-after master-planned communities, Eastmark is renowned for its picturesque neighborhoods, award-winning schools, and an array of innovative amenities designed to enhance your quality of life. This exquisite former model home embodies elegance and sophistication, offering a seamless blend of style and functionality. From the moment you step inside, you'll be captivated the meticulous attention to detail that elevates every room. The gourmet kitchen is a chef's paradise, featuring stunning two-tone cabinetry, high-end granite countertops, and top-of-the-line stainless steel appliances, including a gas cooktop, double ovens, and a beautifully designed tile backsplash. The centerpiece of this home is the expansive 15-foot multi-sliding glass door, effortlessly connecting your indoor living space to the resort-style backyard. Whether you're hosting a gathering or enjoying a quiet evening, the sparkling pool and private patio, complete with a screen enclosure, provide the perfect backdrop for any occasion. Built with 2x6 construction, this home not only promises beauty but also durability and energy efficiency. This turn-key ready residence invites you to experience luxury living at its finest, where every detail has been thoughtfully crafted to create a sanctuary of comfort and elegance. Discover why Eastmark is one of Arizona's best-selling communities and make this exceptional residence your own, complete with new garage door systems featuring upgraded motors, a reverse osmosis water system, and fresh exterior paint.

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39009 N 9th Street Phoenix, AZ 85086

$795,000

3 Beds

2.5 Baths

2,142 SqFt

Status Active

MLS # 6762428

Property Type Single Family Residence

Price Type --

Situated in the desirable Apache Peak Ranch community, this Desert Hills home offers over an acre of space with endless possibilities. The corner lot features a circular drive, a sparkling pool, RV gate, RV parking with water, power, and storage, and a 4-car garage with built-in cabinets. An attached workshop, complete with a private bathroom, provides convenient access to both the backyard and home. Inside, the home boasts a large master suite with a walk-in closet, plenty of natural light, and oversized windows that brighten the space. The inviting backyard includes a covered patio, built-in BBQ area, garden, and a water harvesting system with a 1,000-gallon tank to support your landscape. With natural gas and private water service, this property offers both comfort and convenience.

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1701 E Amelia Avenue Phoenix, AZ 85016

$795,000

4 Beds

2.5 Baths

1,824 SqFt

Status Active

MLS # 6730716

Property Type Single Family Residence

Price Type --

THIS HIDDEN GEM SITS ON A CORNER LOT. HOME HAS BEEN METICULOUSLY TAKEN CARE OF. HOME SITS ON LARGE SPACIOUS LOT.LIKE HAVING YOUR OWN PRIVATE OASIS . CHARMING HOME FEATURES TILE AND HARD WOOD THRU OUT HOME AS WELL AS PLANTATION SHUTTERS, GRANITE COUNTER TOPS AND ALABASTER FINISHED WALLS. LARGE SPACIOUS YARD IS ON IRRIGATION. HOME HAS AN OPEN AIRY FEELING THAT FLOWS. GUEST HOUSE LOCATED ON SIDE OF HOME WITH OWN ENTRANCE, AND IS THE 4TH BEDROOM AND HALF BATH ADDITIONAL WORK SHOP OR OFFICE LOCATED IN BACK YARD AND 1 CAR GARAGE SEPARATE FROM HOME. THERE IS AN ADDITIONAL SPACE THAT IS CURRENTLY BEING USED AS AN OFFICE BUT HAS ALL THE PLUMBING AND SHOWER. IT CAN BE USED AS AN ADDITIONAL STUDIO. THIS HOUSE IS A DEFINITE MUST SEE. OWNER AGENT.

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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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6443 N 17th Place Phoenix, AZ 85016

$795,000

3 Beds

2.5 Baths

2,070 SqFt

Status Active

MLS # 6750816

Property Type Single Family Residence

Price Type --

This stunning 3 bedroom (plus Den/Office), 2.5 bathroom home is situated in the very desirable Madison Square sub-division & the Madison School District, centrally located in North Central Phoenix. This home is highly upgraded and features a gourmet kitchen with quartz countertops, stainless appliances, shaker gray cabinetry, gas range, and a large in-sink island. Additional features include 6x36 plank tile flooring, designer 4'' baseboards, newly installed berber carpet, upgraded ceiling fans & hardware, an upstairs flex/loft space & a tankless gas water heater. The 2-car garage offers plenty of storage. The backyard includes synthetic grass and a travertine tile patio. Located close to Phoenix's finest restaurants, shopping & the Phoenix Mountain Preserve.

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5321 W Linda Lane Chandler, AZ 85226

$795,000

4 Beds

2.5 Baths

2,970 SqFt

Status Active

MLS # 6762755

Property Type Single Family Residence

Price Type --

Welcome to this charming family home nestled in the heart of Chandler, offering a perfect blend of comfort and style. This spacious residence features a fantastic family-friendly floorplan with vaulted ceilings that create an airy, open atmosphere. The large remodeled kitchen boasts modern finishes and appliances, perfect for family meals and entertaining. The primary bathroom has also been updated with sleek, contemporary touches, providing a luxurious retreat. With new flooring throughout and ample living space, this home is move-in ready! Additional features include a 3-car garage with ample storage. Located in a desirable neighborhood, close to schools, parks, and shopping, this home is ideal for creating lasting family memories.

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3401 E Paradise Lane Phoenix, AZ 85032

$795,000

3 Beds

2 Baths

1,889 SqFt

Status Active

MLS # 6745441

Property Type Single Family Residence

Price Type --

Check out this rare desert gem! Located on a corner lot big enough for a pool and mini-golf course, this 3-bed, 2-bath ''farmhouse'' style property was home-sweet-home to one of the neighborhood's developers. Well-designed common areas offer ample space for maximum comfort and include an open kitchen, large laundry room / pantry, dining area, living room with generous built-in storage and wall-to-wall window seating, bonus room (currently used as a music studio), and an office / den than can be converted back into a 4th bedroom (has a closet). Laminate and tile floors throughout, granite and quartz countertops in kitchen and master bath. Roof and AC less than 5 years old, 2-car garage with workspace, detached barn, RV gate, rear carport, front and rear patios, and best of all: no HOA Ideal location with quick, easy access to 51 and 101 freeways, on the same block and street as the famed Boojum Tree venue, walking distance to Paradise Valley High School, Paradise Valley Community College, Fry's, and shopping, 5-minutes to Desert Ridge.

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6584 E Shooting Star Way Scottsdale, AZ 85266

$795,000

3 Beds

2 Baths

1,673 SqFt

Status Active

MLS # 6753844

Property Type Single Family Residence

Price Type --

Embrace the charm of this 3 bedroom 2 bath beauty. Enjoy Arizona and all that Terravita Golf and Country Club Community has to offer. High ceilings, travertine flooring, spacious and bright great room, enhanced by a gas fireplace and open to the dining and kitchen. Well-appointed and expanded kitchen boasts abundant custom cabinetry, recessed & pendant lighting, stainless steel appliances, granite counters, and tile backsplash. You'll love the main retreat showcasing wood-look floors and complemented by the ensuite walk in closet, dual vanities and a separate shower and tub. 2nd bedroom can function as a den or office and is a passthrough to the 3rd bedroom addition. Relaxing backyard covered patio. Garage has plenty custom built storage. Energy saving home with an owned solar system.

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2736 W Florimond Road Phoenix, AZ 85086

$795,000

7 Beds

5.5 Baths

4,581 SqFt

Status Active

MLS # 6754492

Property Type Single Family Residence

Price Type --

Space abounds in this North Phoenix beauty. Seven bedrooms, five and half baths offer space for even the largest of families. Eat in kitchen overlooks family room and dining room, excellent space to unwind and enjoy life in the suburbs. Two lofts one of which comes with a pool table and has Juliet balcony overlooking front. Formal living and dining room, massive primary suite with private balcony, downstairs has a guest bedroom with on suite bathroom perfect for a live in situation with easy access and privacy. Backyard has private pool along with covered patio.

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44020 N 44th Lane Anthem, AZ 85087

$795,000

4 Beds

2.5 Baths

3,883 SqFt

Status Active

MLS # 6752582

Property Type Single Family Residence

Price Type --

Welcome to this exquisite fully custom home offering stunning, unobstructed mountain views and a backyard that's perfect for entertaining, complete with a sparkling pool and built-in BBQ. Situated in a desirable neighborhood, the property is loaded with many upgrades and recent renovations, delivering modern comfort and luxury at every turn. Inside, you'll find stylish plantation shutters, a huge loft, and beautiful cupboards. The master suite, located on the main floor, features a private exit to a covered deck, a tiled tub & shower, a large walk-in closet, and a double vanity. The 2nd floor includes three bedrooms, a loft, a game room, and a theater room, making it ideal for relaxation and entertainment. The oversized three-car garage is spacious with built in storage and epoxy floor.

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3121 E Hackamore Street Mesa, AZ 85213

$795,000

4 Beds

2 Baths

2,783 SqFt

Status Active

MLS # 6763423

Property Type Single Family Residence

Price Type --

The perfect 4 bedroom, 2 bath split floor plan in the coveted Kensington Groves community. This one owner home has been meticulously maintained with upgrades inside and a backyard oasis with pool, putting green, and artificial turf for low maintenance. With vaulted ceilings throughout the majority of the home, an extra large master bedroom, bathroom suite, with huge walk in closest, this is great for a family, couple, or generational family. The updated kitchen has cabinets to the ceiling with open shelving, granite countertops, island, and coffee/drink bar in the custom pantry. Cabinets have soft close hinges and drawer guides with pullouts on the lower cabinets for ease of storage. Buyers will also fall in love with the custom laundry room. The split 3 car garage (2 and 1) allows for numerous possibilities (wood shop, gym, crafts) in the single car unit. The double car unit has full cabinets at the rear for great storage. Two of the other 3 bedrooms currently have Murphy beds which are great for guest rooms and allow for additional space (music, yoga, crafts, etc.) The family and living rooms each have 3 windows open to the backyard oasis for plenty of light and great views. Welcome home!

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39012 N 8th Street Phoenix, AZ 85086

$795,000

4 Beds

3 Baths

2,851 SqFt

Status Active

MLS # 6680389

Property Type Single Family Residence

Price Type --

Discover this meticulously maintained home in Desert Hills, lovingly cared for by its original owner. Located in Apache Peak Ranch subdivision with only 28 homes, situated on a 1-acre with these rare amenities for the area: paved community roads, private water co, natural gas, and Cox Fiber Optics. The main home boasts 2140sf with 3 bedrooms, 2 bathrooms, vaulted ceilings, elegant wood shutters, and wood & tile flooring throughout. The guest house (casita) is 711sf and features a kitchenette, bathroom, and a closet/storage area with its own private front and rear doors leading to the back patio. Enjoy the lovely backyard, covered patio, built-in BBQ, newly installed putting green, charming gazebo plus plenty of Room for your RVs, & toys + more! You'll love the layout and feel of this home with unlimited options! Perfect for multigenerational families! Lovingly cared for and maintained by it's original owner with a newer roof, newer interior and exterior paint, newly remodeled second bath, newer HVAC units. Also featuring a spacious laundry room with utility sink and garage with an EV outlet for your electric cars, nice custom security screen doors, plenty of room to the north for your RV's, toys, parking. pool or to build a detached building. Casita with it's own front door entrance and rear door to back patio along with a nice storage area. 2nd bedroom with Murphy bed that conveys, primary Bedroom w/custom built-ins by California Closet and so much more!! Must see!!

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