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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3040 W Russland Road Chino Valley, AZ 86323

$789,000

4 Beds

4 Baths

2,916 SqFt

Status Active

MLS # 6717245

Property Type Single Family Residence

Price Type --

Get away from it all! Come live on the wide open prairie, with amazing granite mountain views and access to state's trust land from the driveway. Hundreds of acres to explore, hunt, horseback ride etc! Feels like you are out in the country, but you're still minutes away from shopping, restaurants, etc. This spacious 2,916 sf home was built in 1978 and includes 4 bedrooms plus office, a formal dining area, with 11 garage spaces plus a 3 car carport-the home of a car enthusiasts' dreams! This is also the perfect mother in law situation-Live on one level, but there is a separate living space in the basement, with a family room, bedroom, laundry, storage, garage and private entrance, should you need it. The living room has lots of windows to capture those stunning views, plus a cozy stone fireplace for those winter evenings. Outside you'll find a large wrap-around deck for watching the sunrises and sunsets, Pronghorns, and those beautiful granite mountain views! This home is equipped with everything-a perimeter fence, horse stables, large carport, plus a massive 2400 sf, 10-car steel garage/workshop with a full bath & power.

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1108 S Roles Drive Gilbert, AZ 85296

$789,000

5 Beds

3 Baths

3,597 SqFt

Status Active

MLS # 6717622

Property Type Single Family Residence

Price Type --

Beautiful Gilbert Home in highly sought after Rancho Corona neighborhood. Located in close proximity to shopping, dining and entertainment. This Gorgeous 5 bed/3bath is an entertainer's dream! Boasting a custom bar area, wine closet, home theater, backyard oasis with sparkling pool, expansive decking/covered patio, built in BBQ and fire pit. This home also features vaulted ceilings, granite countertops, 42' maple kitchen cabinets, custom shutters and huge island/breakfast bar. Master suite includes split tub/shower, double sinks and walk in closet. 3-car garage with built in cabinets and RV gate. This has been a LOVED and BEAUTIFULLY maintained home over the years. Priced to sell, come see it TODAY!

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19690 W Marshall Avenue Litchfield Park, AZ 85340

$789,000

5 Beds

4.5 Baths

3,954 SqFt

Status Active

MLS # 6716440

Property Type Single Family Residence

Price Type --

3.99% interest rate!!!!! Welcome to your dream home! This 5-bed, 4.5-bath residence, built in 2021, features over $100k in upgrades, including a central vac system, tankless water heater, water softener, gas stubs, soft-close cabinets, Pebble Tec pool with in-floor cleaning, rock waterfall, and gas heater. Located in Litchfield Park, enjoy mountain views and serene greenscapes. Inside, find high-end finishes, a spacious den, and an open-concept living area with a chef's kitchen. The master suite has a spa-like en-suite and walk-in closet. The backyard offers a pool and outdoor dining space. Close to shopping, dining, and hiking, this home blends tranquility and convenience. Don't miss this exceptional property! Upstairs, the loft provides additional space for relaxation or entertainment. Each of the five bedrooms is generously sized, ensuring comfort for family and guests alike. The master suite is a true retreat, featuring a spa-like en-suite bathroom and expansive walk-in closet. Step outside to your private oasis. The backyard is a haven for relaxation and entertainment, complete with a sparkling pool and ample space for outdoor dining and lounging. The unobstructed views of the surrounding greenscapes and mountains provide a picturesque backdrop for any occasion. Located close to the best shopping, dining, and hiking trails, this home offers the perfect blend of tranquility and convenience. Enjoy the community amenities and the welcoming atmosphere that Litchfield Park is renowned for. Don't miss the opportunity to make this exceptional property your own. View it today and experience the unparalleled lifestyle this home has to offer.

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837 Jokers Wild -- Show Low, AZ 85901

$789,000

3 Beds

2.5 Baths

3,137 SqFt

Status Active

MLS # 6659891

Property Type Single Family Residence

Price Type --

Privacy, space and acreage are all offered in this amazing 3 bedroom, 2.5 bath home. With 4 acres and over 3,000 sq ft this property has room for family, friends, and animals. Dog kennels and runs, a chicken coop, a private well and even space for your horses! Inside you'll find a spacious kitchen with beautiful granite countertops, a primary suite with a bonus room that could be a sitting room, office or anything else you can dream of! Upstairs both guest bedrooms boast ample closet space, with a small bonus room/ closet in the back. The upstairs loft lets you look down into the open living room and outside you can enjoy the fenced in back yard, covered porches and beautiful scenery.

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3060 N Ridgecrest Street Unit 136 Mesa, AZ 85207

$789,000

5 Beds

3 Baths

2,968 SqFt

Status Active

MLS # 6687064

Property Type Single Family Residence

Price Type --

NEW interior Paint! This spectacular floor plan provides added versatility that showcases a bedroom and guest suite quarters with full bath on the main floor. Updated kitchen and bathrooms boast quality granite, newer fixtures & neutral textiles throughout. A contemporary touch to the kitchen offers SS appliances, a chef's Viking gas range & the addition of a wine fridge making this space positively ready to host family & friends. Some new flooring throughout of the house, open-& spacious making this home ready to move in. This private backyard is uniquely designed to enjoy the desert living, lush landscape, paved walk ways and a true garden setting. Located in the center of the community, walking distance to the community pools, parks, spa, golf, tennis, pickleball, hiking/biking trails A+ amenities + schools at your fingertips!

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7064 Moon Creek Circle Pinetop, AZ 85935

$788,800

4 Beds

3 Baths

2,502 SqFt

Status Active

MLS # 6760836

Property Type Single Family Residence

Price Type --

This delightful cedar-sided cabin, nestled among tall pines, offers ample space and comfort with its 4 bedrooms plus a bonus room, accommodating 12-14 people with ease. Constructed in 1999 and cherished by only one owner since, this custom-built home features a natural-gas powered fireplace, hot water heater, and furnace, ensuring year-round comfort. The interior boasts 9-foot ceilings and new stainless-steel appliances, complemented by freshly stained exteriors, enhancing its rustic charm. Enjoy the tranquility from the covered front and back porches. Conveniently located near the National Forest and included in the Pinetop Lakes Country Club recreation center, this cabin is a perfect blend of modern amenities and natural beauty. One of the sellers was a realtor in the state of AZ, though he is not currently active. Sellers' agent is related to the seller.

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18019 E Vista Desierto -- Rio Verde, AZ 85263

$788,000

2 Beds

2 Baths

1,543 SqFt

Status Active

MLS # 6749704

Property Type Single Family Residence

Price Type --

Total SHOWSTOPPER! Introducing a stunning single-level home in the exclusive community of Trilogy at Verde River. From the moment you walk in you'll be wowed by the Great Room floor plan and Luxury finishes throughout, including Custom stacked stone walls at entry, Custom built 300 bottle temperature-controlled wine wall with stone, ½'' thick glass and custom cabinetry, including programmable LED lighting and Wi-Fi temperature/humidity monitoring system. The Gourmet Kitchen is a chef's dream featuring Quartz countertops, decorative backsplash, luxurious stainless-steel appliances, beautifully upgraded cabinets and undercabinet LED lighting. Other notable upgrades include wood look tile flooring, Custom Window Treatments, Reverse Osmosis and Soft Water system, Central Vacuum System, integrated Surround Sound Speaker system, two-tone paint package, custom Barn Doors in the Primary Suite and enclosing the Den, upgraded baseboards throughout and a lot more. Experience the ultimate in Luxury Resort Living! This home is STUNNING - Inside and Out! Trilogy at Verde River offers upscale Resort living at its finest and the very best of all possible worlds, close to the conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert. The amenities are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickle ball 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. Whether you're seeking a second, winter home, or will live here year-round, Trilogy at Verde River is an ideal distance from the hustle and bustle of North Scottsdale. Attitudes here are different; there's a sense of community. You'll love the Resort living! What memories will you make?

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7081 W Knox Road Chandler, AZ 85226

Open House

$788,000

4 Beds

3.5 Baths

2,722 SqFt

Status Active

MLS # 6734632

Property Type Single Family Residence

Price Type --

Discover modern luxury in this newly built, move-in ready home within Chandler's premier resort style gated community. This 4bed, 3.5bath residence blends contemporary design with upscale living. The open floor plan features two retractable wall-size doors for seamless indoor-outdoor flow. Abundant natural light enhances the spacious feel. Enjoy the spa-like primary bathroom with a 3-piece shower system. The home includes integrated surround sound throughout the interior and exterior areas, low maintenance yard with a patio misting system, built-in BBQ, jacuzzi and several aftermarket upgrades. Community amenities feature resort-style pools, fire pits, fitness center, BBQ areas, basketball court, dog park, etc. Trails connect with Tempe's Highline canal trail. Close to shopping/dinning. Conveniently located near shopping centers with stores like AJ's Fine Foods, Trader Joes, Costco, Sam's Club, Ikea, close to pickleball courts, major freeways and Phoenix Sky Harbor airport. Experience luxury, comfort, and security in one of Chandler's most desirable neighborhoods. Don't miss this opportunity to own a turnkey luxury home. It makes a great second or vacation home, too!

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377 E Windsor Avenue Unit 17 Phoenix, AZ 85004

$787,500

2 Beds

2.5 Baths

1,881 SqFt

Status Active Under Contract

MLS # 6747939

Property Type Townhouse

Price Type --

Park7 on Windsor QUICK MOVE-IN HOME. LUXURY URBAN LIVING with no compromises including your own private sky lounge. Ideally located in Midtown Phoenix, close to all the action. Bespoke floorplans designed specifically for Park7 developed to create an exciting lifestyle on all levels with maximized privacy. Exceptional quality construction + design with solid CMU commons walls and 10ft ceilings throughout. Designer curated interior finish Packages with standard 24'' x 48'' large format tile floors, Bosch appliances, standard waterfall kitchen islands and floating vanities, tankless hot water, EV prepared garages and more! Relax under the night sky in your own private Sky Lounge - hot tub ready with fire pit and outdoor kitchen options.

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4172 E Bernice Street Gilbert, AZ 85295

$787,000

3 Beds

3.5 Baths

2,546 SqFt

Status Active

MLS # 6751746

Property Type Single Family Residence

Price Type --

Welcome to this stunning, customized estate nestled in the vibrant, tree-lined Cooley Station, one of Gilbert's most coveted communities! Imagine owning a brand-new home that has already received over $100,000 in premium upgrades by its previous owners, right after closing. This property stands out as one of the most customized in Cooley Station, featuring upgraded stainless steel GE Monogram appliances, a gas cooktop, soft-close cabinets and drawers, motorized blinds, shutters, upgraded wood floors, exquisite custom woodworking throughout, low-maintenance synthetic turf, and a custom waterfall that adds a touch of tranquility. The attention to detail in this move-in ready home is unmatched. Located on a desirable corner lot, the estate boasts incredible curb appeal that is sure to impress. Its prime location is just steps away from the community's exceptional amenities, including neighborhood parks with playgrounds, grills, and grassy areas, as well as the highly sought-after Ira Fulton Aquatic Center. Whether you're walking to the park, sending the kids off to school, or hopping on your bike to explore the newly opened retail spaces nearby, this community is designed to provide a wonderful lifestyle. With walkability at its core, Cooley Station offers easy access to dining, retail, and entertainment, making this home the perfect blend of luxury and convenience. Welcome home!

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29084 N 136th Lane Peoria, AZ 85383

$786,813

4 Beds

3.5 Baths

3,070 SqFt

Status Active

MLS # 6707925

Property Type Single Family Residence

Price Type --

New home ready for move-in. single-story Mint floorplan with Mid-Century Modern exterior elevation style. This 4-bedroom home with a 4 car-tandem garage. The kitchen features stainless steel appliances and stylish cream-tone cabinetry and beautiful white quartz countertops. Throughout the home, find upgraded baseboards and wood-like tile. Home warranty included.

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25123 N 76th Drive Peoria, AZ 85383

$786,702

4 Beds

3 Baths

3,296 SqFt

Status Active

MLS # 6717896

Property Type Single Family Residence

Price Type --

MLS# 6717896 Ready Now! The Azelia at Aloravita South Discovery offers a 2-story floor plan with 3,296 sq. ft., featuring 4 bedrooms, 3 bathrooms, a -car garage, and a formal dining area. This home is designed to impress. The foyer leads to a hallway that branches off: one direction takes you to a secondary bedroom and full bathroom, while the other passes the formal dining area and opens into the spacious, open-concept kitchen, casual dining, and great room. Enjoy Arizona's beautiful weather from your private covered patio. Upstairs, you'll find the remaining bedrooms and another full bathroom. The primary suite includes a private bathroom with double sinks, a spacious walk-in closet, and serves as the perfect retreat. Structural options include: multi door slider in great room, garage service door. Design upgrades include: gourmet kitchen appliances, upgraded tile and carpet.

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