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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20755 W San Miguel Avenue Buckeye, AZ 85396

$793,936

3 Beds

3 Baths

2,477 SqFt

Status Active

MLS # 6714010

Property Type Single Family Residence

Price Type --

MLS# 6714010 Ready Now! The Arabian is a charming single-story home located in Victory at Verrado, a 55+ community. It features a quaint courtyard leading to the entry. The study is privately situated at the front of the home, alongside a secondary bedroom. The owner's suite is tucked away at the back for added privacy and relaxation. This home also includes a guest suite with an ensuite bath, perfect for visiting family. The owner's bath offers dual sinks, a large shower with a seat, and an enormous walk-in closet. The laundry room is conveniently located off the owner's entry, adjacent to the 2-car garage. Structural options include: paver front porch, garage service door, 12' x 8' multi sliding glass door at gathering room, 2' garage extension, guest suite in lieu of bed 2 and bath 3, and study in lieu of storage.

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27231 N 73rd Lane Peoria, AZ 85383

Open House

$793,840

5 Beds

4 Baths

3,176 SqFt

Status Active

MLS # 6748516

Property Type Single Family Residence

Price Type --

No back neighbor, scenic views! Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'Miraval II' floorplan features 5 full bedrooms plus a game room and library, 4 bathrooms, 4 Car-Garage and a private yard with views! Designer selected finish includes White Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 8' doors, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Home is under construction, estimated completion October *Photos of model home*

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13776 W Calle De Baca -- Peoria, AZ 85383

$792,990

4 Beds

3.5 Baths

2,938 SqFt

Status Active

MLS # 6751976

Property Type Single Family Residence

Price Type --

Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender. This elegant home features a first-floor owner's suite with a spacious den/office, an extended walk-in closet, a 2-foot rear extension, a cozy fireplace in the great room, and a large sliding glass door leading to a covered patio.

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2517 E Presidio Street Mesa, AZ 85213

$791,950

5 Beds

3 Baths

2,788 SqFt

Status Active

MLS # 6692840

Property Type Single Family Residence

Price Type --

This is Base Price on a New Build and does NOT Include Lot premium or Upgrades. Grove at Lehi is bringing their sophisticated style to a new Upscale Gated Community in the Citrus District of Northeast Mesa. The Palm Tree lined Grand Entrance and charming decorative gatehouse provides a sense of arrival and welcomes you inside this gated 108-homesite community. Incredible central park that offers a lighted pickleball court, playground, and ramada perfect for outdoor family fun! Grove at Lehi provides easy access to the Loop 202 with close proximity to Tempe, Scottsdale, and Gilbert. Larger Lots with offering 8ft and 10ft RV Gates. Come Check out this brand-new community. This is Base Price on a new Build and does NOT Include Lot premium or Upgrades. Not Final Price (Photos Are Of Model)

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21912 E Twin Acres Drive Queen Creek, AZ 85142

$790,990

4 Beds

3 Baths

2,604 SqFt

Status Active

MLS # 6763832

Property Type Single Family Residence

Price Type --

Wow! This amazing home has it all with a guest suite and plenty of room for all the toys. Madera West estates is conveniently located to all that Queen Creek has to offer. Minutes from the brand new Costco, Schnepf Farms, Queen Creek Market Place and the Queen Creek Olive Mill.

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18209 E Paria Canyon Drive Rio Verde, AZ 85263

$790,044

2 Beds

2 Baths

1,945 SqFt

Status Active

MLS # 6759499

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home in Trilogy at Verde River an amenity-rich guarded gate community! The Nice floorplan offers 2 bedrooms, 2 bathrooms, an open den, and beautiful upgrades throughout. Enjoy the upgraded 4' extension in garage, corner sliding door at great room, and the huge laundry room with a desk and upper and lower cabinetry. The kitchen has stunning Oxide Polished Quartz Countertops, tile backsplash, and high end stainless steel appliances. The primary suite has an upgraded bay window and a lavish ensuite and walk-in closet.. Do not miss out! The amenities at Verde River are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickleball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails.

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3660 S Golden Eye Lane Gold Canyon, AZ 85118

New

$790,000

3 Beds

3.5 Baths

3,352 SqFt

Status Active

MLS # 6764447

Property Type Single Family Residence

Price Type --

Discover luxury living with the most desirable Toll Brothers SAN MATEO model, perfectly situated in a GREAT LOCATION. This exquisite residence boasts a breathtaking PRIVATE RESORT BACKYARD, backing to a large wash & featuring a built-in BBQ, FLAGSTONE seating area, PUTTING GREEN, & extended patio an entertainer's dream. The kitchen is a chef's delight, equipped with DOUBLE OVENS, a HUGE ISLAND with breakfast bar, granite counters, Stainless Steel appliances, HUGE WALK-IN PANTRY, & Wine Bar. Retreat to the large primary suite, complete with NEW GORGEOUS floor-to-ceiling tile, walk-in shower, his/her closets & an oversized tub for ultimate relaxation. The split floorplan includes 3 bedrooms, 3.5 baths plus an office/den & bonus/theatre room, ensuring ample space & PRIVACY!

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4918 E Windrose Drive Scottsdale, AZ 85254

$790,000

3 Beds

2 Baths

1,800 SqFt

Status Active Under Contract

MLS # 6755907

Property Type Single Family Residence

Price Type --

Experience Scottsdale Living at its finest! This beautifully remodeled home is nestled in one of Scottsdale's most coveted areas, the ''Magic Zip Code'', just steps away from the highly anticipated PV Mall Redevelopment site and 100+ local businesses, and minutes from the Kierland Commons/Scottsdale Quarter, world class shopping, dining, and entertainment, outdoor activities, and local events. This area combines upscale living with unbeatable convenience. Inside, the home has been extensively remodeled featuring a bright, open floor plan with elevated ceilings, smooth texture walls, ample natural light, and a neutral color palette that creates an inviting atmosphere.The living room is anchored by an elegant stack stone wood-burning fireplace, adding both warmth and sophistication to the space.The kitchen is beautifully crafted and features a large center island, extensive built-in cabinetry, elegant quartz countertops, a marble tile backsplash, a custom range hood, and stainless steel appliances. The seamless transition from the kitchen to the living area is ideal for both everyday living and entertaining. The luxurious primary suite is appointed with a beautiful en suite bathroom with a custom-tiled walk-in shower, spacious walk-in closet, and separate entrance to your backyard. Every detail of this home's interior has been thoughtfully curated to ensure a perfect blend of style and comfort. The backyard space is a true Desert Oasis that is perfect for entertaining and relaxation alike. Featuring a sparkling pool, large covered patio area, and ample yard space all surrounded by lush and mature desert landscape, this space is perfect for your own private enjoyment or hosting friends and family. With no HOA restrictions, and a nearly 10,000 sqft lot you have the freedom to further personalize your space! This beautiful home and thriving community is your opportunity to experience the BEST that Scottsdale has to offer!

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1211 Big Springs Trail Pinetop-lakeside, AZ 85929

$790,000

3 Beds

3 Baths

1,865 SqFt

Status Active

MLS # 6748412

Property Type Single Family Residence

Price Type --

Welcome Home! This exquisite 2024 custom-built Lakeside retreat offers the perfect blend of modern luxury & mountain charm. Nestled within the exclusive gated community of The Retreat at Walnut Creek, this 3-bed, 3-bath residence is designed for both comfort & style. Step inside to discover a thoughtfully crafted interior featuring vaulted ceilings and exposed beams that create an inviting atmosphere. The heart of the home boasts hand-crafted cabinetry & beautiful quartz countertops, complemented by woodgrain tile showers. Gather around the extended one-of-a-kind tile fireplace for cozy evenings or enjoy seamless indoor-outdoor living with covered porches both front & back, ideal for savoring the tranquil surroundings. Surrounded by tall pines, this quality build incorporates modern features such as spray foam insulation for energy efficiency and SPC waterproof flooring for durability. The low-maintenance LP siding ensures you can spend more time enjoying the beauty of mountain life and less time on upkeep. Don't miss your chance to own this exceptional Lakeside home where luxury meets nature. Make your private tour today and start living the mountain lifestyle you've always dreamed of!

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1703 W Sleepy Ranch Road Phoenix, AZ 85085

$790,000

4 Beds

2.5 Baths

2,699 SqFt

Status Active

MLS # 6731215

Property Type Single Family Residence

Price Type --

Enter this beautiful North facing home in the exclusive Sonoran Foothills gated subdivision. One of a kind back yard & sail covered tiled patio. Built-in BBQ area, water fountain, grass yard with lots of greenery & grape vines. Come enjoy this great room floor plan. Large open beautiful kitchen with island, granite, dark cabinets, stainless steel appliances, built-in desk area, breakfast area & open to great room with stone fireplace. Good sized formal dining room for entertaining or family gatherings. Large master suite is split & has wonderful bath with vanities, granite, oval tub & walk-in shower. 3 other bedrooms (4th used as office). 2 full baths, powder room and a 3 car garage!

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15038 N El Sobrante Avenue Fountain Hills, AZ 85268

$790,000

3 Beds

2 Baths

1,913 SqFt

Status Active Under Contract

MLS # 6689717

Property Type Single Family Residence

Price Type --

Back on market, buyer could not perform. Completely remodeled inside and out! Four Peaks MOUNTAIN VIEWS from back yard AND front yard. Largest lot in the area, at nearly 0.5 an acre. PRIVACY, lot behind home cannot be built on! Pool can be placed in backyard, photo renderings included and estimate available by request. This stunning Southwest-inspired home embodies the essence of the desert landscape while offering modern updates and quality craftsmanship throughout. Be amazed by the Four Peaks mountain views, a truly beautiful landscape to welcome you home. Attention to detail is evident in every corner, from the hickory engineered hardwood floors that stretch seamlessly throughout to the 5'' baseboards and 4'' door trim that add a touch of elegance Modern light fixtures illuminate every space, while new door hardware adds a subtle yet stylish upgrade. The centerpiece of the living area is the striking stone fireplace, creating a cozy ambiance perfect for gatherings with loved ones. The kitchen is a chef's dream boasting new stainless steel LG ThinQ appliances, hickory cabinets with self-closing doors, new granite countertops, and an acacia wood bar top that adds warmth and character. Both bathrooms have new toilets and new vanities. The primary bathroom features new stone tub and a new tiled shower, offering a spa-like retreat right at home. The exterior has undergone a thorough makeover, with all stucco repaired and fresh new paint, ensuring a pristine appearance for years to come. New roof membrane installed, and covered patio flat roof was renewed, as well as new HVAC in 2023! Venturing into the backyard, the addition of rock and flora desert-landscaping adds texture to the vast outdoor entertainment space. The hot tub deck offers a private oasis with another breathtaking view of the Four Peaks mountains. A convenient RV drive and gate further enhances the functionality and charm of this property, with a 30amp RV plug. Let's not forget about the entry, featuring new lodge poles, and refinished over-sized front door creating a grand entrance for your guests. No detail was overlooked! Just down the road is Four Peaks Park, a very short stroll to enjoy a plethora of outdoor activities with pickle ball courts, tennis courts, basketball courts, baseball fields, picnic tables and bbq, table tennis and corn hole, playgrounds, drinking fountains, restrooms and a large grassy soccer field - and all are equipped with lights for evening fun! Embrace this lifestyle to its full potential and enjoy your new Fountain Hills home.

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7313 E Valley Vista Drive Scottsdale, AZ 85250

$790,000

3 Beds

2 Baths

2,307 SqFt

Status Active

MLS # 6720515

Property Type Single Family Residence

Price Type --

Immerse yourself in this premier gated subdivision in the heart of the Scottsdale Resort Corridor. At home, step inside and discover this single level space with soaring ceilings and an abundance of natural light. Enjoy entertaining friends in your large open great room with its classic and cozy gas fireplace or move to the South facing backyard complete with outdoor fireplace, Camelback views, brick paved patio, built in BBQ and Pebbletec pool with water feature This move in ready home offers a new roof, new paint inside and out, new hot water heater and carpeting in all three bedrooms. The large eat in kitchen has storage to spare and a charming shady side patio. Don't miss your chance to own this fantastic full time home or seamless lock and leave in the Heart of Paradise.

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