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 99th 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.

Whats 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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40408 N 2nd Drive Phoenix, AZ 85086

$789,000
3 Beds
2 Baths
2,291 SqFt
Status Active
MLS # 6698453
Property Type Single Family Residence
Price Type --
**NEW HOME * COMPLETE AND MOVE IN READY !!.. SELLER WILL PAY 1% TOWARDS BUYERS CLOSING COSTS....High quality Saddle Mountain home. 1.252 acre lot with paved access and great views. No floodplain. Open spacious 3BR+ den/2BA greatroom floorplan. 42''X8'' plank style tile flooring plus carpet in all the right places. 10' ceilings throughout. Kitchen features white shaker cabinets with 42'' uppers and full overlay doors. Level 3 granite. GE appliances with refrigerator included. Nice size master bedroom with roomy walk in closet. Master bath has free standing upgraded tub, double sinks, and a spacious walk in shower. Beautiful tile surrounds in both baths with deco at 5'. Super energy efficient home including 2x6 walls with 5 1/2'' of foam in the walls and ceilings. Milgard vinyl Low E dual pane windows. Concrete has 18 thick footings, 3' grid pattern #3 rebar in floors, 30x20 apron for driveway, entry porch and back patio tie into driveway. 5 ton 15 SEER AC unit. Other features include: Upgraded 2 coat sand stucco finish. 80/20 Sante Fe finish 3/4 bullnose on the interior. 10 year warranty on the white elastomeric foam roof. 42 upper cabinets in the laundry room. Kitchen cabinets also have self close drawers and dovetailed drawer boxes. Phone and cable jacks to all rooms. (Cable wires have all been run and the house is ready for dish installation).Two tone interior paint. 8' knotty alder 2 panel plank entrance door. Garage soft water hose bib and extra hose bibs. Upgraded Clopay sandwich style panel garage doors and a Liftmaster belt driven opener with wifi. Soft water loop. Pre-plumbed for a hot water recirculation system. Doublewide stainless wash basin with shelf underneath. 2291 sqft livable. Entry is 215 sqft. Garage is 1163 sqft. Back covered patio is 513 sqft. Total under roof is 4182 sqft. Back covered patio is 47' long by 11' deep. Orientation allows the patio to be shaded after mid morning. Also part of the purchase includes a 25% share and ownership of a nice barn found on the parent 5 acre parcel for 4 lots total. This is an 8 stall barn and each owner will have two stalls. (See drone pics for photos) Builder has 43 years of experience and has managed, designed, and built 10,000+ homes. This home has quality you won't find from other builders. This includes extra concrete in the footers, extra rebar In the floor/slab, extra blocking in the framing for better insulation. You will not find better quality. 2 year structural / 1 year workmanship warranty. Bring the horses or toys! Or maybe you just want space from your neighbor. Beautiful views from this property.

1048 W Ridge Road Apache Junction, AZ 85120

$789,000
3 Beds
2.5 Baths
2,376 SqFt
Status Active
MLS # 6726579
Property Type Single Family Residence
Price Type --
3 bedrooms, 2.5 baths, enclosed study, 12-foot ceilings in Family room leading to expansive covered patio space with 12-foot ceilings, 12-foot sgd in family room ( this is stunning). Stacked 54 'cabs in kitchen with stainless steel appliances including chimney hood, with tile splash to top of hood. Owners retreat with expansive windows overlooking the back yard, double vanity, super shower with upgraded tile work and rain can. Plank style wood looking tile throughout with carpet in bedrooms. All bathrooms have upgraded tile work in bathtub and super shower. All BR's have upgraded quartz tops except powder bath. 3-car garage. Backyard space - large for pool = over 35 feet. Full utility room cabs with sink.

6632 W Saguaro Park Lane Glendale, AZ 85310

$789,000
5 Beds
3 Baths
3,207 SqFt
Status Active
MLS # 6752443
Property Type Single Family Residence
Price Type --
Beautifully updated 5-bedroom, 3-bathroom home with a fully-paid $41K Solar system (14.58 kW) installed in 2023 and breathtaking Mountain views from most windows in this peaceful North Peoria-Glendale neighborhood. The open-concept great room and family room are perfect for gatherings of all sizes. The modern kitchen features stainless steel appliances, new vent hood, and a stylish backsplash. Upstairs Loft provides extra living space. The spacious primary bedroom suite includes a luxurious retreat with a sitting area, walk-in closet, tiled shower, and dual sinks. The large bedrooms will be perfect for your entire family. Tandem garage has been converted into a versatile studio with a kitchen, ideal for a guest suite or home office. Downstairs half-bathroom converted to include a shower. Experience Arizona's outdoor living in your lush green backyard oasis, complete with a covered patio, custom-designed natural gas fire pit, and dual vegetable garden planters. The front yard features mature landscaping with extended paver walkways and driveway creating an immaculate curb appeal. Conveniently located near Lifetime Fitness, CCV, hiking trails, and several top-rated Shopping and Dining options. Minutes from, easy access to the 101 and I-17 highways. This home is move-in ready with Brand New carpet and fresh paint inside and out. - A true gem.

10142 E Tupelo Avenue Mesa, AZ 85212

$789,000
2 Beds
2.5 Baths
3,194 SqFt
Status Active
MLS # 6759203
Property Type Single Family Residence
Price Type --
This Concert model is an entertainer's delight. Beautifully situated on a corner lot & backs a walking path, offers 3,194 sq ft of livable space & 2.25-car garage (room for a golf cart). Includes 2 lg ensuites, W-I closets, custom organizers, raised vanities with granite counters, dining/flex rm, den, spacious great rm with stacked stone fireplace & multi-slider with remote shades opening to an expanded travertine paver patio with extended B-I bbq island + gas fire pit. The gourmet kitchen offers an abundance of cabinetry, lg dbl-sided island with Magma Gold granite counters, SS appliances including dual fuel Fulgor range, wall mounted hood & W-I pantry. 2nd multi-slider with remote shades opens to pergola covered travertine courtyard. Whole home water filter system. Many extras! Encore, an award-winning 55+, offers clubhouse, Bocci ball, pickle ball, tennis, heated pool (with lanes) & spa. Also work-out facility, craft room, billiards, Proving Ground Cafe, meeting rooms, card rooms and a number of planned activities and groups to join.

17169 W Gracemont Street Surprise, AZ 85388

$789,000
3 Beds
2.5 Baths
2,001 SqFt
Status Active Under Contract
MLS # 6747005
Property Type Single Family Residence
Price Type --
Superbly upgraded ''Potomac'' model with 20 ft slider and an AMAZING backyard, pool + fountain! The Potomac's inviting covered entry and foyer reveal an expansive great room and casual dining area, and the desirable covered patio beyond. The well-designed kitchen is equipped with a large center island with breakfast bar, plenty of counter and cabinet space, and huge walk-in pantry. The serene primary bedroom suite is highlighted by a sizable walk-in closet and with dual-sink vanity, large luxe glass-enclosed shower with seat, linen storage, and private water closet. The sizable second & third bedroom features an ample closet and shared full bath. Additional highlights include a convenient powder room, centrally located laundry, and additional storage.

13355 W Domino Drive Peoria, AZ 85383

$789,000 - 2Br/3Ba -  for Sale in Trilogy At Vistancia, Peoria
New
$789,000
2 Beds
2.5 Baths
2,080 SqFt
Status Active
MLS # 6764730
Property Type Single Family Residence
Price Type --
This IMPECCABLY UPGRADED w/high-end finishes Lumina is situated on a N/S lot w/stone accents & SOLAR (built in 2019) shows PRIDE OF OWNERSHIP! The open concept floor plan w/DESIGNER TOUCHES everywhere has 2 large bedrooms both w/private baths, a powder room, private den/office w/French doors that features a BEAUTIFUL CUSTOM built-in wall unit. Neutral interior color palette of soft grays & whites invites you to step inside and fall in love - NO DETAIL WAS MISSED. GORGEOUS wood look tile floors in all the right areas, larger baseboards & PLANTATION SHUTTERS. GOURMET kitchen is ELEGANT & features an abundance of UPGRADED raised panel staggered cabinets w/soft-close doors/drawers & roll-outs, SPECTACULAR GRANITE c-tops, BUILT-IN MONOGRAM refrigerator, SS GAS APPLIANCES w/hood vent, DESIGNER backsplash, under cabinet lighting, OVERSIZED BREAKFAST BAR & walk-in pantry. BAR AREA with wine/beverage refrigerator across from dining area complements the space. Spacious great room has multi-slide doors, can lighting, floor outlet & overlooks the backyard oasis. Large Owner's suite w/dual sinks, GRANITE c-tops, framed mirror, tile shower w/decorative listelle, heavy glass shower door & an AMAZING CUSTOM CLOSET completes this space. The POPULAR SMART SPACE laundry area was thoughtfully designed for all of your additional storage needs. You will find a desk area, shelves, abundance of cabinetry w/ample counter space, laundry sink & a bench. Guest bedroom en-suite is upgraded w/granite c-tops, tile shower w/decorative listelle & framed mirror. Step outside to the FABULOUS backyard & enjoy entertaining under the covered patio w/TRAVERTINE PAVERS, sitting by the LINEAR FIREPIT & swimming in your sparkling water SOLAR POOL. Garage has built-in cabinets, epoxy floors, whole house water filtration system & garage service door that leads to outdoor trash enclosure. Amazing opportunity - this home is STUNNING!! Additional upgrades: extended kitchen cabinets (upper& lowers), tray/cutlery divider & recycle, hardware, central vacuum system, ceiling fans on patio, faucets/sinks, gas stub for dryer, surround sound in great room & patio, grout sealed, sinks, toilets, faucets, interior doors, two-tone paint, additional drawers under cooktop, insulation between great room wall & den/office, can lighting in great room, owner's suite & den/office. Chandelier in owner's suite & foyer do not convey. Home is located in award-winning gated, 55+ Trilogy at Vistancia with 5-star-resort style amenities at the 35,000 SF Kiva Club with indoor & outdoor pools, fitness center, day spa, cafe, billiards, meeting rooms, library, tennis courts, pickle ball, bocce ball, events & a plethora of activities to choose from. Outstanding Gary Panks-designed golf course is woven throughout the original part of the neighborhood. The Mita Club has additional outstanding community amenities. Easy access from Trilogy to the 303, shopping, restaurants, entertainment, Lake Pleasant & Paloma Park, Peoria's huge community park loaded with amenities.

23800 N 169th Avenue Surprise, AZ 85387

$789,000 - 4Br/4Ba -  for Sale in Asante Phase 1 Unit 4, Surprise
New
$789,000
4 Beds
3.5 Baths
3,172 SqFt
Status Active
MLS # 6765127
Property Type Single Family Residence
Price Type --
Entertain and Relax in Southwestern Splendor - Nestled on a spacious oasis of over 12,000 sq ft, this 3,172 sq ft desert dream home is calling your name. Impress guests with two gourmet kitchens - the main boasting gorgeous granite counters and a walk-in pantry, plus a well-appointed casita with a full kitchen for mother-in-law or teenager or an extra income rental. Sip drinks by the 14' x 28' heated saltwater pool or lounge on the large covered patio overlooking an artificial turf backyard - no grass to mow here! Experience the luxury of clean, soft water! Our fully functional water filtration system ensures safe drinking, while our advanced water softener eliminates harsh chemicals. Enjoy refreshing hydration and the peace of mind that comes with pure, healthy water. Four bedrooms, study, and 3.5 baths provide ample space for friends and family. Features include raised toilets and grab bars ensuring comfort for all. Garage parking for three vehicles keeps you sheltered from the sun. Home warranty and termite pest protection provide future peace of mind. Central AC means you can escape the valley heat inside year-round. Ceiling fans throughout. Convenience is key with a walkable community park and stores just minutes away. Located near major routes like US 60 and Hwy 303 for any urban exploration. North-south orientation takes full advantage of natural light. Washer, dryer, refrigerator and more appliances convey for simple, stress-free living. Don't wait to make this oasis YOURS - I guarantee this southwest charmer will not disappoint. For availability, notify me today to set up your private tour of this ideally located desert paradise!

2601 E Kiowa Street Sierra Vista, AZ 85650

$789,000
5 Beds
3 Baths
4,554 SqFt
Status Active
MLS # 6748073
Property Type Single Family Residence
Price Type --
Over 4,500 livable sqft on 1.47 acres in a highly desirable location offers a perfect blend of luxury, practicality, and flexibility. Originally a custom builder's personal home, Poly-Steel construction, Anderson casement windows, + new Bosch high-efficiency heat pump installed in 2023. Main house w/ 4 bedrooms + flex room & 2 baths. Great room w/ gas fireplace + formal dining. Gourmet kitchen w/ gas cooktop, custom cabinetry, under-cabinet lighting, and a walk-in pantry. Kitchen is adjacent to a casual dining area and family room. Owner's suite features custom closet + flex room ideal retreat or exercise room w/ private entrance. Guest quarters w/ kitchenette, bath, and private entrance, perfect for multi-generational living, shift workers, or potential rental income. Property includes 3-car attached garage + additional 5-car oversized garage with a 4-post hydraulic lift & 5hp dual-stage compressor, both with evap cooling. 5 additional outbuildings include a single-car garage ~295 sqft, finished metal-roof building with AC ~304 sqft, garden shed ~226 sqft, storage shed ~255 sqft, and a shipping container ~ 169 sqft. Stunning mountain views. Expansive covered patio, block wall, an RV gate + room to park an RV, and no HOA.

6914 E Phelps Road Scottsdale, AZ 85254

$789,000
3 Beds
2 Baths
1,715 SqFt
Status Active
MLS # 6745231
Property Type Single Family Residence
Price Type --
Welcome to this inviting 3-bedroom, 2-bath home on a cul-de-sac! The freshly repainted interior features vaulted ceilings, a modern palette, wood-look flooring, and a cozy fireplace. The kitchen offers granite counters, shaker cabinets, recessed lighting, tile backsplash, stainless steel appliances, and a serving window. Enjoy the extra space in the sunroom. The main bedroom has backyard access, dual sinks, and a walk-in closet. Outside, relax on the newly painted pool deck with a patio, fire pit, ramada, putting green, and pool. Seller open to discussing creative financing options. See it today!

873 W Aster Drive Chandler, AZ 85248

$789,000
5 Beds
3 Baths
3,076 SqFt
Status Active
MLS # 6753487
Property Type Single Family Residence
Price Type --
Welcome to this beautifully updated and immaculately maintained 5-bedroom, 3-bath home in the sought-after master-planned community of Ocotillo! This home boasts an ideal spacious, open and bright floor plan with a convenient bedroom and full bathroom located downstairs. The roof was newly replaced in 2024, and the exterior of the home was freshly painted in 2023. The kitchen is perfect for entertaining, featuring granite counters, refinished cabinets, a large island with a breakfast bar, walk-in panty, double ovens, newer sliding glass door to the patio, 2024 microwave, a 5-stage RO filter for the kitchen sink and 2021 GE French door refrigerator. In 2024, much of the interior was repainted, newer nickel door and hinge hardware were installed throughout, and ceiling fans with lights and remotes were added to all bedrooms. The primary bedroom is generously sized with a huge walk-in closet. All bathrooms upstairs were updated in 2022. The home also includes a 2022 gas water heater and a 2-stage kinetic whole house filter and softener. Step outside to the backyard oasis, complete with a custom outdoor kitchen featuring a gas built-in BBQ, sink and side burner, a sparkling pebble tech pool with newer variable speed pool pump, a grassy area, pavers, a garden and ample space for entertaining. Living in Ocotillo offers access to beautiful lakes, walking and bike riding paths, children's play areas, low HOA fees, pickleball, tennis, basketball courts and the stunning Ocotillo Golf Club! With highly rated Chandler schools and a prime location near freeways, shopping, restaurants and more, this home truly offers it all!

13063 W Hummingbird Terrace Peoria, AZ 85383

$789,000
2 Beds
2 Baths
2,111 SqFt
Status Active
MLS # 6762409
Property Type Single Family Residence
Price Type --
SPECTACULAR Serenitas with amazing RESORT-LIKE BACKYARD including sparkling HEATED POOL w/fountain & SPILLOVER SPA + BUILT-IN BBQ. Relax or entertain on the HUGE covered patio with TRAVERTINE pavers surrounded by lush/mature landscaping with lighting and palm trees. Plus, PREPAID SOLAR, SOUTH-FACING orientation, and PREMIUM elevation with stone! The OPEN CONCEPT floorplan features an impressive rotunda entry and has 2BD, 2BA, plus Den/Office with PLANTATION SHUTTERS throughout. EAT-IN KITCHEN has an abundance of cabinets (some w/rollouts), stainless steel appliances including GAS cooktop, wall oven and large granite island with bar seating. The spacious great room has a built-in entertainment center with electric FIREPLACE and overlooks the backyard. The fabulous owner's suite features a BAY WINDOW, large upgraded tile shower w/premium glass door, dual vanities, and TWO CLOSETS, including a WALK-IN CLOSET. Guest room is split from the owner's suite for privacy. Garage is EXTENDED 4-FT in length and boasts epoxy floor, built-in cabinets, workstation, utility sink, and a side bump-out area for extra storage or golf cart. More extras: 10-ft ceilings throughout, reverse osmosis, NEW water softener, central vacuum, oversized pantry, and post-tension slab foundation. This home has the DREAM BACKYARD in the PRIVATE & PEACEFUL setting that you've been looking for - COME SEE! This home is located in award-winning gated, 55+ Trilogy at Vistancia with 5-star-resort style amenities at the 35,000 SF Kiva Club with indoor & outdoor pools, fitness center, day spa, cafe, billiards, meeting rooms, library, tennis courts, pickle ball, bocce ball, events & a plethora of activities to choose from. Outstanding Gary Panks-designed golf course is woven throughout the neighborhood. The Mita Club has additional community amenities. Easy access from Trilogy to the 303, shopping, restaurants, entertainment, Paloma Park, and Lake Pleasant.

27355 N 83rd Drive Peoria, AZ 85383

$789,000
5 Beds
4.5 Baths
3,912 SqFt
Status Active Under Contract
MLS # 6728717
Property Type Single Family Residence
Price Type --
Stunning Executive Home backing to mountain and open desert views. Upon entry your eyes are taken by the curving expresso staircase to the cathedral ceiling. The main floor features a full bedroom (currently being used as an office) and 3/4 bath. You have a formal living room and a formal dining room with a butler's pantry to the kitchen. Note the cove molding throughout. The kitchen is open to the family room. Here you find expresso tone cabinets, granite countertops, glass back splash, double ovens, gas cooktop, microwave, stainless steel appliances. Kitchen island and breakfast bar. All looking out to pool and mountain views. Eat in kitchen area and lots of cabinets. Family room sports a gas fireplace, surround sound system, ceiling fan and more windows out to pool and patio area. Upstairs you find a game room large enough for your pool table, card table, or hobby area. Two dormers, one with a built in desk area, the other open for your imagination. The master suite and 3 other bedrooms are here. One bedroom is ensuite with its private bath, the other two guest bedrooms share a Jack N Jill bath with dual sinks. The master bedroom is large enough for that bedroom set you have had your eyes on but did not have the room. With windows that look out over the desert and mountains. The bathroom has a his and hers sink set up, walkin shower and jetted tub for those long luxurious soaks you love. The walkin closet is large with plenty of shelving and hanging space. Out in the back yard you will entertain for hours. Paver patio with builtin BBQ; you will put comfy chairs around the firepit and will splash and cool off in the heated play pool complete with a waterfall. Designed for volleyball net for when the friends come over to play with friendly rivalry. There is a set up for portable fencing if you need to have the pool fenced. The home has three zones of heating and cooling for energy efficiency. You will love calling this your new home.

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