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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20971 S Hadrian Way Queen Creek, AZ 85142

$785,000

4 Beds

4 Baths

2,865 SqFt

Status Active

MLS # 6725129

Property Type Single Family Residence

Price Type --

Bring your toys- this community allows RV's/Trailers/Boats, etc- Highly sought after Roman Estates in the heart of Queen Creek. Single level layout features 3 bedrooms + den/ 3 full baths, plus an attached casita with separate entrance W/I closet and full bath- perfect for guests or home office. This home includes a formal living / dining room combo with open kitchen & great room with gas fireplace. 42'' upper cabinets, center island, SS Appliances and a breakfast nook. The primary suite features a large walkin closet, separate exit to the back yard- split vanities with makeup counter, shower and large soaking tub. Outside, enjoy the play pool with soothing waterfall, basketball goal, and 2 phase pool pump. New grass back yard with firepit area, large side yard and 72' x 23' paved RV pad with 50 amp plug. The home home features 10' ceiling throughout, central vacuum, surround sound, security system, intercom, sun screens, and soft water loop. Both AC's have been replaced and new exterior paint 6/24. Great location to downtown Queen Creek shops, theaters, and restaurants. Also walking distance to Mansel Carter park with fishing lake, water park, soccer, tennis, baseball, and pickleball. Great Queen Creek school district and easy access to freeways.

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14063 W Bronco Trail Surprise, AZ 85387

Open House

$785,000

4 Beds

3.5 Baths

3,125 SqFt

Status Active

MLS # 6756012

Property Type Single Family Residence

Price Type --

Your DREAM home is here in Rancho Mercado! Sits on a corner lot, this gorgeous 4-bed, 3.5-bath property will leave you in awe. Displaying a mature landscape & a split 3-car garage w/paver driveway. Home exudes elegance with modern light fixtures, designer palette, high ceilings, tons of natural light, plantation shutters, surround sound, and wood-look tile flooring. Perfect for gatherings, the open layout connects the large living area to a formal dining room for a fluid environment! Featuring a fireplace, dry bar w/wine fridge, a media niche, and multi-sliding doors to the back, this gem makes entertaining an absolute delight. The gourmet kitchen boasts quartz counters, a walk-in pantry, white shaker cabinetry, tile backsplash, a prep island, and SS appliances w/cooktop gas & wall ovens. Large main bedroom is a true retreat! It has a barn door that opens to the immaculate ensuite with a soaking tub, separate shower, dual sinks, & a walk-in closet. One secondary bedroom also includes its own private bathroom, ideal for the guests. Laundry room with a built-in desk & storage. But beyond the interiors, the fantastic backyard holds its own charm! With a covered patio, well-laid travertine, artificial turf, a fireplace, a built-in BBQ grill, and a sparkling pool, this space promises year-round enjoyment. Don't just dream itcome and live it! Removabale pool fence also included!

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7802 E Northland Drive Scottsdale, AZ 85251

Open House

$785,000

3 Beds

2.5 Baths

2,292 SqFt

Status Active

MLS # 6755189

Property Type Townhouse

Price Type --

Nestled in the esteemed 55+ community of Villa Monterrey in Scottsdale, this meticulously upgraded home offers the perfect blend of modern sophistication and classic charm. The interior showcases rich hardwood floors, an owned solar system, and a state-of-the-art heating and cooling system, enhanced by ductless mini splits in key rooms for tailored comfort. The gourmet kitchen is a masterpiece, featuring custom cabinetry, discreet electrical outlets, a pot filler, and top-of-the-line KitchenAid appliances. The luxurious master bathroom provides a serene retreat, while the home theater, equipped with a 96'' retractable screen and immersive surround sound, promises unparalleled entertainment. Step outside to a beautifully designed outdoor living area, complete with a pergola, fireplace, and patio gas fireplace, two built in 4,000-watt heaters, an outdoor TV, and an illuminated fountain. The xeriscaped landscape, complemented by artificial turf and strategic lighting, including palm tree illumination, creates a stunning outdoor ambiance. Additional highlights include a separate laundry room with a new washer/dryer, a water softener, and a whole-house water filtration system. This property is a rare gem in one of Scottsdale's most sought-after communities.

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10954 E Tripoli Avenue Mesa, AZ 85212

Open House

$785,000

5 Beds

3.5 Baths

3,712 SqFt

Status Active

MLS # 6750341

Property Type Single Family Residence

Price Type --

Big and Beautiful! If you are in need of space in all the right places this is the home for you. When entering the home double doors open up into large office. Primary bedroom is on the main level with a 5 piece bath and massive walk-in closet. Secondary bedrooms are on the second floor with two sharing a jack and Jill bathroom. The additional bedrooms are split from the others with a full bath. Huge Loft separates the bedrooms. The back yard is a kids dream with a sparkling pool. 3 car tandem garage with an additional huge storage area.

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9648 E Rainbow Avenue Mesa, AZ 85212

Open House

$785,000

5 Beds

4 Baths

2,942 SqFt

Status Active

MLS # 6690254

Property Type Single Family Residence

Price Type --

Welcome to contemporary living! This striking home boasts modern curb appeal with charming brick accents and lush turf landscaping, setting the stage for unparalleled elegance. Step inside and prepare to be captivated by the seamless fusion of style and functionality. The kitchen serves as the heart of the home, showcasing sleek white cabinets and modern hardware that exude timeless allure. Experience the utmost convenience with a single basin sink and coveted pots & pans drawers, ensuring effortless organization and efficiency in culinary endeavors. The expansive primary bedroom, conveniently located downstairs, offers a retreat of unparalleled luxury and comfort. (CLICK TO READ MORE) Pamper yourself in the lavish ensuite bathroom, featuring dual sinks and a sumptuous soaker tub, all complemented by a stunning subway tile backsplash that ascends to the ceiling, adding a touch of contemporary flair. Venture upstairs to discover a thoughtfully designed layout, with a loft space and two additional bedrooms, providing ample space for rest and relaxation. The upstairs bathroom offers convenience and privacy, ensuring comfort for all occupants. Modern amenities abound in this exquisite home, including a tankless water heater for endless hot water supply and a spacious 3-car garage with a convenient pull-through feature, offering unparalleled functionality and convenience. Just like a world-class resort, this community offers a luxurious community pool, splash pads, numerous parks spread throughout, the Steadfast farm, the Handlebar Diner, and its very own state-of-the-art clubhouse The Mark. The Mark hosts events throughout the year and a wide variety of family-friendly games to play. Experience the pinnacle of luxurious living in this immaculate home.

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4955 E Windrose Drive Scottsdale, AZ 85254

Open House

$785,000

3 Beds

2 Baths

1,738 SqFt

Status Active

MLS # 6744244

Property Type Single Family Residence

Price Type --

Absolutely wonderful Scottsdale home freshly remodeled is ready for you! This 3 bed 2 bath home just had a well deserved interior update with all new tile flooring throughout, MAJOR lighting upgrades, both bathrooms totally replaced. The kitchen has all new stainless steel appliances, refinished cabinetry, and a fresh tile backsplash. You'll love the large living room with vaulted ceilings and a massive picture window overlooking the pool! HVAC, Roof, and Windows (high end dual pane) all replaced within the last 5 years! Both front and back yards are low-maintenance desert landscaping with a small section of grass in the back. Located in a perfect spot near shopping, dining, and freeway access in Scottsdale in a NO HOA neighborhood! See the list of total upgrades/updates!

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8644 E Bonnie Rose Avenue Scottsdale, AZ 85250

Open House

$785,000

4 Beds

2 Baths

1,620 SqFt

Status Active

MLS # 6747076

Property Type Single Family Residence

Price Type --

This amazing 4 bed 2 bath home waits for you in Scottsdale and has NO HOA! Enjoy an open layout letting in plenty of natural light. Tile and luxury vinyl flooring, recessed lights, chrome fixtures, and modern lighting all add to the home's updated feel. The kitchen has an island with deep sink, waterfall edge quartz countertops, and newer appliances. The primary bedroom is a cozy getaway with two separate closets and bathroom with a walk-in shower. The guest bathroom also sees quartz counters and a full bath. The backyard features pavers, an RV gate, and automatic sprinkler system. This home was remodeled in 2022 including the floor, kitchen, baths, and plenty of extra features. Conveniently near Scottsdale Fashion Square, Old Town, Chaparral Park, and tons of shopping and dining!

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15408 W Bobwhite Way Surprise, AZ 85387

$784,999

4 Beds

2 Baths

2,507 SqFt

Status Active

MLS # 6750763

Property Type Single Family Residence

Price Type --

POOL, UPGRADES, LAND, and PRIVACY! Come and see why this are is BOOMING!Custom finishes throughout and a sprawling/split floorplan make this home a perfect escape for you and yours! 4 car garage, HORSE RIGHTS , POOL, RV GATE..the works! This is an amazing opportunity to nestle in on the ground floor of a fast growing nieghborhood, and ride the wave if appreciation!

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3740 E Page Avenue Gilbert, AZ 85234

$784,990

4 Beds

2.5 Baths

3,026 SqFt

Status Active

MLS # 6747961

Property Type Single Family Residence

Price Type --

This exceptional home sits on a spacious 10,000+ sq. ft. corner lot and offers over 3,000 sq. ft. of living space with a 3-car garage. The main level features bright and open living areas, along with the master suite for added convenience. Upstairs, you'll find three generously sized bedrooms and a versatile game room or office. This home is packed with upgrades, including a brand-new roof, updated AC units, new windows, fresh carpet, stylish shutters, and refreshed kitchen and bathrooms. The backyard is perfect for entertaining, with a large grassy area, a revamped pool surrounded by a travertine patio, a hot tub (which can convey with the house if interested), and a covered patio equipped with a swivel TV mount—ideal for catching the game from anywhere in the yard. Inside, there's a detached bar in the living room, which can also convey with the home if desired. Additionally, the sellers were grandfathered into an exclusive solar program that keeps their energy bills low year-round. Inquire for more information about this unique benefit.

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9289 E Pine Valley Road Scottsdale, AZ 85260

$784,990

3 Beds

2 Baths

1,946 SqFt

Status Active

MLS # 6729560

Property Type Single Family Residence

Price Type --

Discover your dream home in a highly sought-after Scottsdale community! This stunning 3 bed/2 bath split floor plan home features a spacious den that can easily serve as a 4th bedroom with a full closet. Recently updated, the home boasts a brand-new kitchen with granite countertops, new stainless steel appliances, refinished cabinetry, and a large island with a sink and breakfast bar. Freshly painted throughout and new carpet throughout add to the home's pristine condition. Enjoy the elegant formal living and dining areas, or relax in the cozy family room with a fireplace just off the kitchen. The fantastic floor plan offers 10' ceilings, creating an open and inviting atmosphere. The lush, mature backyard is a private oasis with a grass area and a fenced-in pool, perfect for entertaining and unwinding. Located close to top-rated schools, shopping, and recreational facilities, this home offers the perfect blend of comfort and convenience. Don't miss out on this exceptional opportunity to own a beautifully upgraded home in a prime location!

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14209 N Ashbrook Drive Fountain Hills, AZ 85268

$784,900

3 Beds

2 Baths

1,505 SqFt

Status Active

MLS # 6696716

Property Type Townhouse

Price Type --

Experience the pinnacle of Fountain Hills living in this meticulously renovated 3- bedroom, 2 -bathroom twin home. Revel in the Arizona sunshine in your backyard oasis, featuring a beautiful spool, a putting green for leisure, and a spacious covered patio with built-in-BBQ, perfect for entertaining, Arizona room with A/C. This residence seamlessly blends modern aesthetics with comfort, providing an inviting retreat in the heart of Fountain Hills.

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18221 E Paria Canyon Drive Rio Verde, AZ 85263

$784,012

2 Beds

2 Baths

1,761 SqFt

Status Active

MLS # 6721834

Property Type Single Family Residence

Price Type --

Come take a look at this brand-new stunning home in Trilogy at Verde River. The Acacia layout boasts 2 bedrooms, a den, and a spacious great room. The kitchen features beautiful Alder Shaker Cabinets, Calacatta Jubilee Quartz Countertops, and high-end stainless steel appliances. The great room offers a 15' Multi-slide door and upgraded tile flooring. The primary suite has a luxurious ensuite with dual sink vanity, framed mirrors, a tiled shower, and a walk-in closet. Additional features include a 4' garage extension, a patio with pavers, and an upgraded bay window in the primary room. 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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