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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1527 E Germann Road San Tan Valley, AZ 85140

$785,000

3 Beds

2 Baths

2,063 SqFt

Status Active

MLS # 6752706

Property Type Single Family Residence

Price Type --

Beautiful and cozy house with a lot of space to continue growing. Tile and granite in floors, bathrooms and kitchen. Looks gorgeous and ready to be occupied. 3 bedrooms with a huge walk-in closet in the master. Additional room could be another bedroom, game room or a formal dinning room for your family celebrations. Garage for 2 cars and separate carport (garage style) for additional 4 vehicles. Citrics growing around the house and a lot of space for more fruit trees and vegetables in the 1.25 acre lot. Easy access to the Gateway Freeway 24 (2 miles away) and Superstition Highway (60). Easy to show too. The owner is usually at home.

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39029 N 21st Avenue Phoenix, AZ 85086

$785,000

4 Beds

2 Baths

1,948 SqFt

Status Active

MLS # 6756442

Property Type Single Family Residence

Price Type --

Looking for the perfect horse property with arena for your own use or extra income? This stunning 4-bedroom, 2-bath home with 3-car garage sits on a spacious lot, ideal for animal lovers. Outside has it all including arena with 7 fanned stalls, paddocks, chicken coop, and an additional livestock pen, covered patio, built-in BBQ, and RV pad with full hookups, and dump to septic. Inside, the open floor plan features beautiful tile flooring, plantation shutters, and a stylish kitchen equipped with wood cabinetry, mosaic tile backsplash, stainless steel appliances, recessed lighting, with island and breakfast nook. The spacious primary suite offers private outdoor access, a custom walk-in closet, and a luxurious ensuite with dual sinks, soaking tub, and a separate shower. Don't miss out!

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21108 W Caravaggio Lane Wittmann, AZ 85361

$785,000

5 Beds

3 Baths

2,776 SqFt

Status Active

MLS # 6741160

Property Type Single Family Residence

Price Type --

Discover your dream home in this stunning single-story residence! This modern, spacious home features plank flooring throughout, high end granite features and lots of space! With an open-concept layout and high ceilings, the interior is bathed in natural light, creating a warm and inviting atmosphere. The gourmet kitchen boasts stainless appliances, an large island, and lots of custom cabinetry, perfect for entertaining. Retreat to the luxurious master suite with a spa-like bathroom and a generous walk-in closet. Situated on a large lot, the property offers ample outdoor space for gardening, recreation, or future expansion. Don't miss this rare gem that combines modern living with the tranquility of a spacious lot!

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21921 N 98th Lane Peoria, AZ 85383

$785,000

5 Beds

4.5 Baths

3,047 SqFt

Status Active

MLS # 6757653

Property Type Single Family Residence

Price Type --

This exceptional 5-bedroom, 4.5-bathroom home is situated on a desirable corner lot in the prestigious Meadows community, offering extra privacy and space. Located in close proximity to both Sunset Heights Elementary and Liberty High School, it's perfect for those looking to settle in a vibrant neighborhood. The heart of the home is the gourmet kitchen, complete with stainless steel appliances, an oversized island with abundant storage, and a custom bar area featuring a beverage fridge. For ultimate convenience, the upstairs laundry room offers TWO washers and two dryers, with the Samsung set conveying. Inside, you'll find two bedrooms with en suite bathrooms, and every bedroom features spacious walk-in closets. Luxury upgrades include new, upgraded carpet (2020) and a primary bathroom remodel with elegant tile and a frameless glass shower. A brand-new water heater was installed in August 2024 and the exterior of the home was painted just a few months ago. The backyard is a true desert oasis, boasting a 23,000-gallon heated pool and an 8-person spa, both controlled by an app for modern convenience. With over 1,200 square feet of travertine-tiled patio and a lush grass area with an RV gate, this home is made for entertaining and enjoying Arizona living to the fullest. The Meadows provides resort-style living with a community pool, scenic walking trails, pickleball courts, and more for enjoying the beautiful Arizona weather. Don't miss your chance to own this beautifully upgraded home in one of Peoria's most desirable neighborhoods!

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27305 N Gary Road San Tan Valley, AZ 85144

$785,000

4 Beds

2 Baths

2,575 SqFt

Status Active

MLS # 6756247

Property Type Single Family Residence

Price Type --

Country living at it's finest on this 1.28 acre non HOA property! Open floor plan single level 4 Bedroom, 2 Bath, extended depth 3 Car Garage! Insulated RV garage and workshop with LED Lighting & 220V power! 30' wide x 50' deep with 2 Doors 12'x12' & 12'x14'. Outdoor RV parking also with RV Gate and long driveway with tons of parking! Beautiful fenced salt water pool with water feature! Extended alumawood trellis off patio with built-in BBQ, ! Mature Landscaping including over 17 Fruit Trees. 15k in new windows with lifetime warranty 2021, custom blinds and shutters 2021, remodeled guest bath 2021, new toilets 2021, new attic insulation 2023, new pool filter 2022, new water heater 2023, new sprinkler valve box 2022, whole house water softener 2021, RO system 2021. Come and tour today!

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8408 E Sheridan Street Scottsdale, AZ 85257

$785,000

3 Beds

2 Baths

1,942 SqFt

Status Active

MLS # 6761005

Property Type Single Family Residence

Price Type --

A beautifully renovated move-in ready Scottsdale Estates home with brand new interior and exterior paint, bright open concept kitchen, oversized primary bedroom with newly renovated en-suite bathroom. The front and back landscaping was recently improved for low maintenance living yet endless entertaining with a diving pool, putting green, pergola patio seating plus fire-pit area. A 240EV Volt Outlet is installed in the carport with extra car parking in the driveway. This incredible South Scottsdale location nears Old Town, Scottsdale schools and many parks, and easy access to the 101 freeway.

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13323 W Rancho Drive Litchfield Park, AZ 85340

$785,000

4 Beds

5 Baths

4,636 SqFt

Status Active

MLS # 6745274

Property Type Single Family Residence

Price Type --

Dream Home with 2 huge master bedrooms one upstairs and the other one downstairs Every bedroom has its own bathroom and there is an additional guest restroom 18ft ceilings in some areas vaulted ceilings and private pool, Basketball Court, large covered patio

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40 Rim Trail Circle Unit 53 Sedona, AZ 86351

$785,000

2 Beds

2 Baths

1,988 SqFt

Status Active

MLS # 6754139

Property Type Townhouse

Price Type --

Easy living at The Ridge includes large open living room with fireplace, a sitting room (with fireplace) off the master bedroom, an ''Arizona Room'', inground spa, a minimalist kitcen (complete with menus from local restaurants) tile and carpeted flooring...The Collectives and their restaurants are around the corner...Sedona Golf Resort and pickle ball courts are seconds away. House has been repainted inside, including the dark ceilings. Kitchen lighting has been changed to cam-lighting. Screens have been added to the back area to provide more privacy. Neighbors are friendly!

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40208 N Lytham Way Anthem, AZ 85086

$785,000

4 Beds

3.5 Baths

3,304 SqFt

Status Active Under Contract

MLS # 6761920

Property Type Single Family Residence

Price Type --

Great value here! Plus - OFFERING $10,000 TOWARDS MTG RATE BUYDOWN OR CLOSING COSTS! Sonoma floor-plan with four bedrooms, dedicated office with built-ins. Spacious kitchen, kitchen dining plus island seating. Abundance of cabinets and counter space. Great room for daily living plus Inviting living room and dining room. Large primary bedroom w/full en-suite. HIS and HER vanities. Large closet w/built ins. Split bedrooms. Guest bedroom with full en-suite, plus two bedrooms with Jack n' Jill. Spacious laundry room. Tile in all the right places, NEW carpet. Inviting back yard. Large covered patio. Easy care landscaping. Nice putting & chipping green. 3 car garage. Great neighbors! Back patio great for morning coffee & evening sunsets

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3026 E Longhorn Drive Gilbert, AZ 85297

$785,000

4 Beds

3.5 Baths

2,758 SqFt

Status Active

MLS # 6749206

Property Type Single Family Residence

Price Type --

Beautifully Upgraded and in Pristine condition. This STUNNING Meritage home, boasts a Spacious high-end kitchen with Richly finished Cabinets, Large Island, Quartz Countertops and Stainless Appliances, Breakfast nook, Butlers pantry, and Walk-in pantry. 2 MASTER SUITES! Luxurious main Master has Dual Sinks with Cultured Marble counters, Separate Tub, His & Hers closets, and tons of natural light. Second Master comes with attached Den/Sitting area and can be used as Guest Suite or Mother-In-Law Quarters. Prime location near SanTan Mall, Frys and Costco. Includes Private Courtyard, Soaring 10-ft ceilings, 8-ft Solid Core doors, plantation Shutters, Central Vac and Surround Sound. Optional 4th bedroom possibliltiy! Conversion of bonus room to 4th bedroom is Easy Option. Quick close possible

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18280 W Thistle Landing Drive Goodyear, AZ 85338

$785,000

3 Beds

2.5 Baths

3,192 SqFt

Status Active

MLS # 6746800

Property Type Single Family Residence

Price Type --

Welcome to this meticulously maintained and nicely upgraded home located in the desirable Master master-planned community of Estrella. This beautiful property offers a large oversized deep lot, amazing mountain views, and a peaceful and quiet neighborhood. There is no shortage of space to entertain family or friends. The expansive recently remodeled kitchen offers maple staggered cabinets, quartz counters, a modern tiled backsplash, GE Monogram appliances, and a huge walk-in pantry. The kitchen is open to the family room and breakfast/dining room, allowing plenty of space for guests to mingle and hang out. The backyard is perfect for experiencing Arizona living at its best with the heated pool and spa, large covered patio, fireplace, and raised paver seating area. The mountain views from the backyard are breathtaking as the sun rises in the east in the mornings. Plus, there is ample room to add a putting green or other outdoor entertainment space in the backyard if desired. The primary en-suite is split from the other 2 bedrooms and offers a large en-suite with fully tiled shower, deep soaker tub and double vanities. The home offers a formal living room, but if that is not preferred, the room can easily accommodate a pool table for game nights. The Community of Estrella is amazing, with mountain views galore, 2 lakes, numerous parks, two resident centers, community pools, a splash park, hiking/biking trails, restaurants, shopping, and top-rated schools!

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9950 E Elmwood Street Mesa, AZ 85207

$785,000

3 Beds

3 Baths

2,434 SqFt

Status Active Under Contract

MLS # 6734234

Property Type Single Family Residence

Price Type --

Welcome to this stunning single-story home situated on 1.23 acres of land. With breathtaking mountain views, this property boasts 3 bedrooms in main home and 1 in attached guest quarter, 3 bathrooms. The separate attached guest quarter would also be perfect as a home office. Enjoy the luxury of quartz countertops and upgraded cabinets in the kitchen. Escape our Arizona heat while you cool off in your own backyard pool. This home offers a perfect blend of comfort and elegance for your ideal living space! bedrooms provide ample space for family and guests, each thoughtfully designed with comfort and style in mind. Ideal for guests, in-laws, or a home office, the detached casita offers complete privacy and convenience. This versatile space includes a bathroom and living area, beautifully appointed to match the main house's high standards. Step outside to your private backyard retreat, where a shimmering pool invites you to unwind and soak up the sun. Enjoy the shade on the extended covered patio, perfect for outdoor entertaining. Situated on a vast 1.229-acre lot, there's plenty of room for your toys, equipment, or any desire. Additional features include a two-and-a-half car garage. Don't miss this opportunity to own a piece of paradise with unmatched elegance and versatility!

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