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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2366 W Naranja Avenue Mesa, AZ 85202

$790,000

5 Beds

3.5 Baths

3,171 SqFt

Status Active

MLS # 6753631

Property Type Single Family Residence

Price Type --

This recently fully remodeled home with a full Mother-In-Law Suite has plenty of space, style and functionality! The separate Mother-In-Law Suite has its own full kitchen, living area, large bedroom, bathroom, walk in closet, separate entrance, and is accessible from the main house if desired. Think of all the possibilities! Sitting on a 1/4 acre corner lot within the highly rated Dobson Ranch Community, this home has many upgrades include new luxury cabinetry, quartz counter tops, fire clay farm sink, stainless steel appliances, new wood look plank flooring, new roof, new AC unit on En-Suite, updated landscaping, sparkling pebble tech pool, gazebo, basketball court, large covered patio, and much more. Located near 101 freeway, tons of restaurants, shopping, and nearby Tempe! Please Visit the Dobson Ranch Community Website to see a full description of all the amenities and benefits the Dobson Ranch Community has to offer! There are recreation centers, swimming, pools, pickle ball courts, lakes, and much more!

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1602 W Milagro Avenue Mesa, AZ 85202

$790,000

4 Beds

3 Baths

2,685 SqFt

Status Active Under Contract

MLS # 6698790

Property Type Single Family Residence

Price Type --

Brand New Roof finished 9/23!! Act now and take advantage of your chance to own the best home on Dobson Ranch Golf Course! Right when you walk in, you'll see the custom iron front door, beautifully updated floors, a HUGE open kitchen with GE Cafe white appliances and a waterfall island, vaulted ceilings, a detached office, & don't forget the dry bar area with two beverage/wine fridges!! Upstairs, you have four bedrooms, a beautiful primary suite, and a panoramic walk deck with views of the golf course! Outside is a NEW Pebble Tech pool and an entertainer's dream yard! All your big-ticket items are covered with new dual-pane windows and sliders throughout, new pool equipment, a new garage door and motor, a new water heater, a patio roof, and more. See it today and experience the best of the AZ lifestyle!

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10408 E Raintree Drive Scottsdale, AZ 85255

$790,000

3 Beds

2 Baths

1,702 SqFt

Status Active

MLS # 6727482

Property Type Single Family Residence

Price Type --

Lovely, inviting 3 bedroom home nestled on a private lot backing a lush wash with mountain views. Many upgrades including beautiful shutters, upgraded tile flooring, a great kitchen with lots of white cabinets and drawers, great storage, center island with Butcher Block top, beautiful Granite countertops and a breakfast bar for additional seating. All Stainless Steel kitchen appliances, including Refrigerator that conveys. Ceiling fans throughout, and spacious bedrooms all on the same side of the home. Spacious Primary bedroom includes Arcadia door for access to the inviting backyard, walk-in closet and Granite topped vanity in the bathroom. Great sought after McDowell Mountain Ranch community that offers walking paths, community pools, community center, tennis courts and more. Excellent schools, close to parks, shopping, restaurants, much more.

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32321 N 133rd Drive Peoria, AZ 85383

$789,990

4 Beds

2.5 Baths

2,569 SqFt

Status Active

MLS # 6713932

Property Type Single Family Residence

Price Type --

SOAK UP THE SUN! This beautiful Ravenna floor plan is located on a desirable homesite with panoramic mountain views. Beautiful Spool and Pergola back yard with Turf. The chef's kitchen features white cabinets, granite/quartz counters and stainless-steel appliances with a gas 5 burner cooktop Farm House sink and walk-in Pantry. The owner's suite boasts a walk-in super shower with Standard and Rain Shower heads, double sinks, and LARGE walk-in closet. 3 additional bedrooms and a BONUS room allows for plenty of space including a 3 vehicle garage with Tesla charger. Larger laundry room with Washer and Dryer included. Enjoy watching sunsets on the mountains while you cool of in your amazing backyard.

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1960 W Desert Forest Trail Phoenix, AZ 85085

$789,990

5 Beds

4.5 Baths

3,018 SqFt

Status Active

MLS # 6708641

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 plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. Move-in ready, the Prato two-story home features a first-floor owner's suite, a chef's kitchen with a gas cooktop and quartz countertops and upgraded tile and carpet throughout. The gathering room's center slider opens to outdoor entertaining. An upstairs bathroom creates an additional suite, and the home includes a whole-house electrical package. The front yard is fully landscaped with desert plants, completing this elegant home.

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14052 N El Pueblo Boulevard Fountain Hills, AZ 85268

$789,900

4 Beds

3 Baths

2,410 SqFt

Status Active

MLS # 6656902

Property Type Single Family Residence

Price Type --

This single-story 4 bedroom, 3 bath home with 2,410 square feet of generous living space is sure to impress! The well-equipped, eat-in kitchen will delight any chef with the abundant countertops, cabinetry and stainless steel appliances. The master bedroom provides a private sanctuary with ensuite bath and walk-in closet. The additional bedrooms ensures there is plenty of space for work, play and rest for everyone. Relax under the covered patio in the backyard or in the private front courtyard. Centrally located, this home with no stairs benefits from a short commute to schools, stores and restaurants.

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38334 N 20th Street Phoenix, AZ 85086

$789,900

4 Beds

3 Baths

2,466 SqFt

Status Active

MLS # 6730191

Property Type Single Family Residence

Price Type --

Gorgeous Home in Desert Hills Experience luxury living in this stunning Desert Hills home featuring PAID IN FULL SOLAR and NO HOA. This spacious property boasts an extended 3-car garage (over 1,000 sq ft) with additional storage room and exterior door. The private upstairs bonus room, currently a game room, can easily become a second master bedroom, fourth bedroom, or casita, as it is pre-plumbed for added convenience. The gourmet kitchen is a chef's dream with knotty alder cabinets, an appliance garage, granite countertops, stainless steel appliances, and ample storage space. The master suite offers dual walk-in closets, a zero-grade walk-in shower, and a separate soaking tub for ultimate relaxation.Flexibility is key with a dining area that can be used as a den, fifth bedroom. Additional highlights include a new upstairs AC unit, upgraded flooring, shutters, LED lighting, and tech upgrades. With extra closets for storage and modern amenities throughout, this home is a perfect blend of style and functionality.

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22772 E Poco Calle -- Queen Creek, AZ 85142

$789,900

6 Beds

4.5 Baths

3,153 SqFt

Status Active

MLS # 6729369

Property Type Single Family Residence

Price Type --

This Toll Brothers Savannah model checks all the boxes with its smart home features, security cameras, alarm system, and surround sound in all the right places. Not to mention the space available with 6 bedrooms, 4.5 baths, large great room, and roomy loft. And the best part is the indoor/outdoor living with the full retractable glass door that leads you to the spectacular pool surround by timeless travertine and a cozy fire pit to enjoy your nights together. Come see this amazing home today!

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3896 Twisted Trail Prescott, AZ 86301

$789,900

3 Beds

3 Baths

2,750 SqFt

Status Active

MLS # 6720861

Property Type Single Family Residence

Price Type --

Discover the essence of Southwest charm in this Santa Fe style home nestled in the Yavapai Hills subdivision. Revel in breathtaking views from the spacious Trex deck offering an ideal setting to enjoy Arizona's stunning sunsets. The views are the star of the show with expansive windows bathing the home in natural light. The courtyard entry welcomes you into a spacious interior with mission style cabinets and Southwest tile accents. A studio space with adjoining bathroom, offers flexibility for creative pursuits or additional living needs. This timelessly designed home offers a perfect blend of Santa Fe charm and contemporary living. Whether you seek tranquility or love to entertain, this home offers a unique opportunity to experience the essence of Southwest living at its finest.

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3467 E Appaloosa Road Gilbert, AZ 85296

$789,900

3 Beds

3 Baths

1,976 SqFt

Status Active

MLS # 6758600

Property Type Single Family Residence

Price Type --

LANDSCAPING UPGRADE IN 2024! BEAUTIFUL BACKYARD RESORT W/TRAVERTINE PAVERS, COVERED PATIO& POOL NOW INCLUDES PUTTING GREEN & HIGH-END TURF. THIS HIGHLY UPGRADED SINGLE LEVEL SMART-HOME BOASTS 3 BEDS, 3 BATHS, GREATROOM, FORMAL DINING& 3 CAR TANDEM GARAGE. FROM THE WELCOMING FRONT PORCH THRU THE INTELLIGENTLY DESIGNED FLOORPLAN, THIS HOMES EXUDES PRIDE OF OWNERSHIP. PRIMARY BEDROOM HAS PRIVATE POOL ACCESS, ENSUITE BATH W/DUAL VANITIES& SPA SHOWER. GOURMET KITCHEN INCLUDES QUARTZ COUNTERS, GAS COOKTOP, ISLAND W/BREAKFAST BAR, STAGGERED CABINETRY, MOSAIC BACKSPLASH& RECESSED & PENDANT LIGHTING. GREATROOM FEATURES ACCESS TO BACKYARD OASIS, SURROUND SOUND& FIREPLACE. PLANTATION SHUTTERS, ARCHWAYS, WOOD-LOOK TILE& HIGH-GRADE CARPET. WATER SOFTENER, TANKLESS WATER HEATER, SOFT-CLOSE CABINETS T/O

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4376 E Anderson Drive Phoenix, AZ 85032

Open House

$789,900

3 Beds

2.5 Baths

2,231 SqFt

Status Active

MLS # 6733830

Property Type Single Family Residence

Price Type --

APPRAISED JUNE 24 FOR $800,000.00 Nearly fully remodeled 3 bed/2 ½ bath + loft single family home. Desert Ridge community 5 minutes from Kierland, The Scottsdale Quarter. Soaring ceilings with formal living and dining furthering you into the open kitchen, informal dining and family room. Kitchen includes white shaker cabinets, granite countertops, SS appliances and walk-in pantry. Your new backyard oasis is truly resort style living with pebble tech pool, custom landscaping, covered patio with misters. Upstairs boasts a spacious loft, three bedrooms and newly remodeled master bathroom. Upgrades include: -Ceiling fans -Base boards -Chandeliers -Dual water softener osmosis system. -New white Italian tile throughout. -Plantation shutters -Exterior Gas line -Security Sys

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9616 W Patrick Lane Peoria, AZ 85383

$789,500

4 Beds

2.5 Baths

2,646 SqFt

Status Active

MLS # 6763044

Property Type Single Family Residence

Price Type --

This is it! You'll love this upgraded 4BR home with a den/office, high 10 foot ceilings, open kitchen & dining area with large living room, plus professionally landscaped front and back yards with private pool, travertine, and water feature. Kitchen has quartz countertops, stainless appliances, and lots of upgraded cabinets. Extra 2 foot home extension in the back provides extra room in the master bedroom, patio and dining area. Flooring is upgraded wood-plank tile and 4 foot garage extension with epoxy flooring and built-in cabinets. Fourth bedroom has a Queen size Murphy bed and shelving that will be perfect for guests! Front entry way is secured with an upgraded custom iron gate and pavers, perfect for outdoor furnishings.

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