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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4430 E Des Moines Street Mesa, AZ 85205

$795,000

5 Beds

3 Baths

4,014 SqFt

Status Active

MLS # 6715090

Property Type Single Family Residence

Price Type --

This charming residence is nestled in Mesa's Valencia Groves community and offers five spacious bedrooms and three full bathrooms. Positioned on a secluded corner lot with a North/South exposure, this home enjoys privacy and ample natural light. The kitchen features a fantastic layout, ideal for entertaining, and seamlessly opens to the family room. Additional amenities include a convenient downstairs laundry room with a laundry chute. Outside, the backyard is a tranquil oasis, boasting a generous patio, a sparkling pool, and a delightful garden area. Don't miss the chance to make this your new home!

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306 N Virginia Street Prescott, AZ 86301

$795,000

5 Beds

3 Baths

2,247 SqFt

Status Active

MLS # 6567356

Property Type Single Family Residence

Price Type --

Property features 2 homes!!! Charming updated single level home in the Iconic historic area of Prescott and Walking distance to Whiskey Row. Main residence has 3 bedrooms 2 full bathrooms, spacious kitchen plus a sitting room/ den. A lovely front porch and gated and fenced front yard with 3 parking spaces The guest home features two bedrooms, a kitchen and a full bathroom. Current garage was converted to a large home office but would work great as an additional living space, man cave or easily could convert to a studio apartment. The possibilities are endless and this could be a two unit income producing short term rental.

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1813 E Jasmine Circle Mesa, AZ 85203

$795,000

4 Beds

3.5 Baths

3,117 SqFt

Status Active Under Contract

MLS # 6720376

Property Type Single Family Residence

Price Type --

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13905 N Spotted Eagle Drive Prescott, AZ 86305

$795,000

3 Beds

3 Baths

2,853 SqFt

Status Active Under Contract

MLS # 6733865

Property Type Single Family Residence

Price Type --

EXTREME PRICE REDUCTION. Live the good life on Spotted Eagle Dr and soar in a clear blue sky. This one level executive home is situated on 2+ acres with panoramic views and horse privileges but no HOA hassles. The bright and airy feel of the home is achieved by cathedral ceilings and the stunning views from the windows bringing the outside, indoors. The newer roof (2018) and exterior paint (2022) will last for many years to come. The expansive master suite has a gas fireplace and access to the open deck, as well as a 2 station sink arrangement, jetted garden tub and walk-in shower. The junior suite is large with a private full bath and a huge walk-in closet. Entertaining guests--the kitchen has a large and functional island and granite countertops that leads to the large living room. Live the good life on Spotted Eagle Dr and soar in a clear blue sky. This one level executive home is situated on 2+ acres with panoramic views and horse privileges but no HOA hassles. The bright and airy feel of the home is achieved by cathedral ceilings and the stunning views from the windows bringing the outside, indoors. The newer roof (2018) and exterior paint (2022) will last for many years to come. The expansive master suite has a gas fireplace and access to the open deck, as well as a 2 station sink arrangement, jetted garden tub and walk-in shower. The junior suite is large with a private full bath and a huge walk-in closet. The home is set up for entertaining guests; the kitchen has a large and functional island and granite countertops that leads to the large living room, opening on to the exterior deck. Need some reflection time? Read a good book in the library/study nook. This custom home is move in ready and waiting for you.

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183 Juniper Ridge Drive Prescott, AZ 86301

$795,000

4 Beds

4 Baths

3,826 SqFt

Status Active

MLS # 6701422

Property Type Single Family Residence

Price Type --

Welcome to 183 Juniper Ridge Drive in the heart of picturesque Prescott, AZ! Step inside to discover this generous floorplan with fabulous views! All main living spaces are conveniently located on the same floor including the family room, kitchen, formal & breakfast nook dining, office, 3 bedrooms, 2.5 bathrooms and an oversized 3-car garage. Downstairs features an expansive game room complete with a full bath. Whether hosting lively gatherings or enjoying quiet evenings, these spaces offer versatility and style. The interior is highlighted by plank luxury vinyl and tile flooring throughout, ensuring durability and ease of maintenance - say goodbye to carpet! Need additional storage? This home also features under-house storage space, a practical solution for your organizational needs. Set in a prestigious neighborhood, the property not only assures a safe and friendly community environment but also offers mesmerizing views that define the essence of living in beautiful Prescott. Ready to move in and start a new chapter? 183 Juniper Ridge Dr awaits you with open doors and endless possibilities. Don't miss out on making this beautiful house your new home.

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15021 N 19th Way Phoenix, AZ 85022

$795,000

4 Beds

4.5 Baths

3,142 SqFt

Status Active

MLS # 6698230

Property Type Single Family Residence

Price Type --

Located in Lookout Mountain, this quality built hillside home offers stunning mountain and city light views! Great kitchen with stainless steel appliances, 2 GE ovens, granite counter tops and casual dining. Ideal floorplan - living room with custom fireplace, formal dining and 4 bedrooms, each with a private bath, including a bedroom and full bath on the main floor for those that don't get along well with stairs! Finished basement with wet bar and fireplace. Large Master suite with balcony and spiral staircase to back patio that features a fabulous fireplace, built-in BBQ and those amazing views! 3-car garage with built in storage, RV gate and parking. Solar panels are owned. LOW LOW ELECTRIC BILLS! Very Close distance to Lookout Mountain hiking trails.

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3438 N 30th Street Phoenix, AZ 85016

$795,000

3 Beds

3 Baths

2,017 SqFt

Status Active

MLS # 6693796

Property Type Single Family Residence

Price Type --

Welcome to this beautifully remodeled home that will not dissappoint! Vaulted ceilings in the main living space greet you as soon as you walk through the door. Major remodel in 2021 including all new flooring, plumbing, kitchen, bathrooms, paint inside and out, windows, AC, tankless water heater, and pool equipment. Enjoy and relax with your family and friends in the private backyard with heated pool. Centrally located, easy access to freeways, Camelback Mountain, Old Town Scottsdale, great restaurants and shops. Parking is available for 4 cars in driveway, additional street parking.

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325 Montazona Trial Trail Sedona, AZ 86351

$795,000

3 Beds

2 Baths

2,700 SqFt

Status Active

MLS # 6735695

Property Type Single Family Residence

Price Type --

Priced significatly below current value so you can put your personal touches on it. Don;t miss out. New Roof, New HVAC system. Home is located within a HOA whihc does not allow Short Term Rentals. If you are looking for a quite neighborhood where you and your neighbors know one another this is it. With the emilimnation of Short Term Rentals who don't have to worry about weekly vistors raising He''ll every night during their vacation. Peace and quite and breathtaking views.

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38506 N 12th Street Phoenix, AZ 85086

$795,000

4 Beds

2 Baths

2,168 SqFt

Status Active

MLS # 6758104

Property Type Single Family Residence

Price Type --

One of the standout features of this property is the custom-built, 40x40 workshop! Fully insulated with sprayed-in insulation, ensuring a comfortable working environment year-round. Two overhead doors—one 12x14 and the other 10x10—providing easy access for larger equipment or vehicles. For automotive enthusiasts or hobbyists, the workshop includes a 9,000 lb clear floor hydro lift and an 80-gallon air compressor, making it ideal for any mechanical or fabrication projects. Property Interior features a beautifully designed open kitchen, perfect for both casual and formal dining. Included is an eat-in area with a central island, solid surface countertops, and a tiled backsplash. Shutters throughout add a touch of elegance, while the cozy fireplace in the living area provides a warm and inviting atmosphere. The master features exterior French doors leading to the backyard. The split master floor plan offers privacy, and the en-suite bathroom includes a double sink vanity, a separate tub, and a walk-in shower. Whether you're looking for space for hobbies, storage, or running a home-based business, this property offers unmatched versatility and convenience designed for a wide variety of uses!

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7447 E Christmas Cholla Drive Scottsdale, AZ 85255

$795,000

4 Beds

3 Baths

2,153 SqFt

Status Active

MLS # 6721056

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home perfectly nestled in the high Sonoran Desert surroundings of North Scottsdale! Gorgeous upgrades throughout combine with a flexible and spacious floor plan to provide you an amazing combination of style and livability! Large expanded gourmet kitchen features slab granite counters, upgraded stainless steel appliances, gas range, center island and large walk-in pantry. The kitchen flows to the great room anchored by built-ins, fireplace and a view to your sparkling play pool! You will also find 4 bdrms (4th could be den/office), dual closets in owner's retreat, huge loft which could easily afford another bedroom, home theater, gym-endless options, renovated baths and all appliances included! HVAC replaced in 2021 and all new irrigation systems front and back!

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23113 N 89th Place Scottsdale, AZ 85255

$795,000

3 Beds

2 Baths

1,835 SqFt

Status Active

MLS # 6721084

Property Type Single Family Residence

Price Type --

The hidden gem of N. Scottsdale's desirable Pinnacle Peak Area-Welcome to Desert Village! A beautiful gated enclave of single level homes! This charmer is quietly nestled in the back of the community and features 3 bdrms, 2 baths and a recently refreshed kitchen w/ Quartz counters, breakfast bar, large center island and newer appliances. The owner's retreat features a renovated spa bath w/ a huge walk-in shower, stunning blue cabinetry and dual vanities. You'll be on vacation every day with a large covered patio, gas firepit and built in hot tub! Don't forget to check out the amazing community pool! Just minutes from amazing restaurants-ranging from the elegance of Mastros to the folksy charm of The General store! AJ's plaza is next door, as are the best hiking trails in the valley!

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21747 E Russet Road Queen Creek, AZ 85142

$795,000

4 Beds

3 Baths

2,614 SqFt

Status Active

MLS # 6741348

Property Type Single Family Residence

Price Type --

Charming Home in Queen Creek, AZ Welcome to 21747 E Russet Rd, a stunning residence nestled in the heart of Queen Creek, AZ. This beautifully maintained and recently updated home offers a perfect blend of comfort, style, and modern living, making it an ideal choice for people seeking both convenience and tranquility. Home features vaulted ceilings, 8 ft interior doors, new interior and exterior paint, flooring, baseboards, hardware, RO water system, and so much more! Spacious Living Areas: Boasting 4 bedrooms and 3 bathrooms, and on office/den. This home provides ample space for living and entertaining guests. The open-concept floor plan seamlessly connects the living room, dining area, and kitchen, creating a warm and inviting atmosphere. Modern Kitchen

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