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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13281 N 71st Drive Peoria, AZ 85381

$784,000
5 Beds
3.5 Baths
3,169 SqFt
Status Active Under Contract
MLS # 6713311
Property Type Single Family Residence
Price Type --
Discover unparalleled luxury living in this exquisite TW Lewis home, boasting 5 bedrooms, 3.5 bathrooms, and a sprawling 17,431 square foot lot. With over 3100 square feet of meticulously designed living space, every detail of this residence exudes sophistication and comfort. The downstairs primary suite has a double door entry, wood floors, and features a beautifully remodeled bathroom complete with a lavish walk-in shower, alongside a spacious walk-in closet for added convenience and storage. Entertain with ease in the formal living and dining areas, or gather in the breakfast room and great room, seamlessly connected to the gourmet kitchen. Equipped with stainless steel appliances, double wall oven, built-in microwave, beverage cooler, and granite countertops, this kitchen is a culinary enthusiast's dream. Adjacent to the kitchen, you'll find a spacious laundry room with a utility sink, cabinets, and room for an additional refrigerator, providing ample space for organization and functionality. Upstairs, four generously sized secondary bedrooms await, along with a full bathroom and a jack-and-jill bathroom, offering comfort and privacy for family and guests alike. Step outside to your private oasis, where luxury meets recreation. The outdoors features a 3-car garage with cabinets, an extended height RV gate with ample parking space, and a resurfaced pickleball court for active entertainment. Relax and unwind in the sparkling pool or indulge in outdoor dining at the step-down built-in BBQ area. The massive resort-like backyard offers a covered patio, huge grass area, 3-hole putting green, and a drop-in hot tub, providing the perfect setting for outdoor enjoyment and relaxation. This exceptional property epitomizes luxury living at its finest, offering an unparalleled lifestyle with amenities that cater to every desire. Don't miss the opportunity to make this stunning residence your own and experience the epitome of luxury living firsthand.

3132 W Blue Eagle Lane Phoenix, AZ 85086

$784,000
4 Beds
3 Baths
2,812 SqFt
Status Active
MLS # 6742704
Property Type Single Family Residence
Price Type --
Absolutely stunning custom build! Amazing views and very private - situated on over an acre with private well! 4 bedrooms and 3 bathroom PLUS bonus rooms! Spa-like primary suite including indoor sauna! All furnishings included. Kitchen features custom cabinets and double fridge, built with luxury and functionality in mind! Step onto the full length patio that overlooks the mountains to the north. The backyard is a blank slate for resort style pool and finishes. An oversized septic tank was installed to make expansion on the house easy if you desire (drawings made for future casita plan). Would make an incredible forever home or is ready to go as a STR. This will not last!

8340 E Inca Street Mesa, AZ 85207

$782,900
4 Beds
3 Baths
2,383 SqFt
Status Active
MLS # 6741850
Property Type Single Family Residence
Price Type --
Welcome home to this exquisite residence nestled in the highly coveted MONTEBELLA AT MOUNTAIN BRIDGE gated community. Meticulously maintained as a part-time residence, this home offers a pristine living experience with a fantastic floor plan. As you step inside, you'll find a first-floor bedroom and bathroom, providing flexibility and convenience. The second level boasts a spacious primary suite with a luxurious bathroom, alongside two additional bedrooms, another bathroom, and an oversized loft area, perfect for relaxation or play. Situated on a stunning premium lot, this home features a backyard oasis complete with a BBQ area, firepit, sparkling pool, and jacuzzi, all backing up to a serene greenbelt. It's an ideal setting for outdoor gatherings and private relaxation. The MOUNTAIN BRIDGE community offers a wealth of amenities through its HOA, including access to a heated pool and spa, a modern workout facility, pickleball and tennis courts, disc golf, and exclusive use of the MB Owner's Club. This club features a covered patio with a fireplace, live entertainment, and a variety of group activities and clubs, ensuring there's always something to enjoy right at home. Conveniently located with easy access to Sky Harbor and Gateway Airports, this home also offers proximity to a wealth of outdoor activities including hiking, biking, kayaking, and tubing. For urban adventures, Tempe Marketplace, Old Scottsdale, and Scottsdale are just a short drive away, offering endless options for dining, shopping, and entertainment. Don't miss out on this opportunity to own a like-new home with numerous upgrades in one of Mesa's most desirable communities. Discover the epitome of Arizona living at MONTEBELLA AT MOUNTAIN BRIDGE.

7406 W Whitehorn Trail Peoria, AZ 85383

$782,235 - 5Br/4Ba -  for Sale in Aloravita North Phase 3 Parcel 4, Peoria
New
$782,235
5 Beds
4 Baths
3,176 SqFt
Status Active
MLS # 6764998
Property Type Single Family Residence
Price Type --
Home for the holidays, December completion. Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'Miraval II' floorplan features 5 full bedrooms plus a game room and library, 4 bathrooms, 4 Car-Garage and a private yard with views! Designer selected finish includes Burlap Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 8' doors, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Photos of model home to show layout, options may vary*

24782 N 167th Drive Surprise, AZ 85387

$781,683
4 Beds
3.5 Baths
2,892 SqFt
Status Active
MLS # 6750053
Property Type Single Family Residence
Price Type --
MLS#6750053 November Completion! Step into a spacious and welcoming home! From the foyer, you'll find two bedrooms, a full bathroom, and a powder room just outside a versatile flex room ready for customization. The open-concept design seamlessly connects the great room, casual dining area, and kitchen with an island and quartz countertops, leading to a covered patio—perfect for stylish entertaining. Off the great room, one side features an additional bedroom and bathroom, while the other side offers a secluded primary suite complete with a generous walk-in closet and a stunning primary bath. A highlight of this floor plan is the two-car garage, along with a large RV garage, providing ample space for all your needs. Structural options include: bedroom 4 with private bath and large slider.

2630 Dillon Boulevard Chino Valley, AZ 86323

$780,000
3 Beds
2.5 Baths
2,150 SqFt
Status Active Under Contract
MLS # 6677060
Property Type Single Family Residence
Price Type --
3 bedroom, 2.5 bath beautiful home in Chino Valley. Only 20 minutes from Prescott. This model named The Orchard, has a livable split family floor plan and is 2150 SF. There is a 3 car, side entry garage plus a big RV garage with a service door, insuated garage doors, electric openers, added windows, plus a RV 240 volt 50 amp circuit outlet. The lot is 1.006 acres and the rear yard is fenced. The kitchen has upgraded 42'' cabinets and crown moldings plus solid surface counter tops. There are added cabinets in the inside laundry room. Kitchen has upgraded gas appliances. Tankless gas hot water heater and a fire sprinkler system. Floor plan and features in Docs tab. Lots more to see!

1326 Rockwood Drive Prescott, AZ 86305

$780,000
2 Beds
2 Baths
1,654 SqFt
Status Active
MLS # 6759713
Property Type Single Family Residence
Price Type --
Discover your dream home in Prescott! This move in ready, brand-new contemporary ranch offers a lock-and-leave lifestyle in a 55+ community. Ideal as a primary home or as a second home or retirement retreat. Featuring upgraded Cafe Series appliances, quartz countertops, and a large kitchen island, this home is both functional and luxurious. The master suite includes a huge walk-in shower, and you'll enjoy gorgeous views of Granite Mountain from your fully landscaped yard. ENERGY STAR-certified and with a HERS index score of -50, this home is designed for energy efficiency. Come to Prescott and work on your golf game at one of the 6 area golf courses. 220v is installed in the garage for car charging convenience. Escape the summer heat of Phoenix in style!

29606 N 21st Drive Phoenix, AZ 85085

$780,000
5 Beds
3 Baths
2,970 SqFt
Status Active
MLS # 6733621
Property Type Single Family Residence
Price Type --
Welcome to this stunning 2,970 sq ft home in the sought-after Dynamite Mountain Ranch, located in the foothills of Dynamite Mountain! Boasting 5 spacious bedrooms, 3 full bathrooms, and exquisite Venetian plaster throughout, this home offers both luxury and comfort. Enjoy the elegance of wood plantation shutters and the durability of tile and wood laminate flooring. Relax in your private hot tub under your pergola. Conveniently located near T.S.M.C., Norterra shopping center, and scenic mountain trails, this home perfectly blends serene living with urban convenience. Don't miss out on this exceptional property!

22045 N 51st Street Phoenix, AZ 85054

$780,000
3 Beds
2 Baths
1,735 SqFt
Status Active Under Contract
MLS # 6748774
Property Type Single Family Residence
Price Type --
Welcome to your dream home, nestled within a charming gated enclave surrounded by the world-class JW Marriott Resort & Spa. This exceptional property sits on an elevated golf course lot, offering unparalleled privacy and breathtaking views.The interior of this home is equally impressive, featuring a great room and dining area with expansive windows that flood the space with natural light. The spacious foyer provides a warm welcome, while the extra-large master bedroom is thoughtfully designed with a split layout for added privacy from the other two bedrooms. Both bathrooms were beautifully updated in 2024.. The open breakfast bar seamlessly connects the kitchen and great room, making it perfect for casual dining and entertaining.

12738 W Colter Street Litchfield Park, AZ 85340

$780,000
4 Beds
3 Baths
3,265 SqFt
Status Active
MLS # 6742507
Property Type Single Family Residence
Price Type --
Beautifully Remodeled 4-bed, 3-bath home in Colter Common**This stunning property features New Tile and Carpet, a Gourmet Kitchen with Granite Countertops, Stainless Steel Appliances, Large Island with Enough Seating for 4, and a Large Walk-In Pantry**The Master Suite boasts a Walk-in Shower, Soaking Tub, Double Sinks, and a Spacious Walk-in Closet**Generously Sized Secondary Bedrooms**Enjoy Modern Lighting, 10-foot ceilings, a cozy Fireplace in the Family Room**Large Covered Patio Open to Low-Maintenance Backyard with a 4-Hole Putting Green**Additional Highlights include a 3-Car Tandem Garage, RV gate with Allowed RV Parking, and Unique Stone Exterior**Located near Top Rated Schools, Wigwam Resort & Golf Club, and Prime Shopping and Superb Dining**This home Offers Luxury and Convenience*

4699 N 152nd Drive Goodyear, AZ 85395

$780,000
5 Beds
3.5 Baths
4,310 SqFt
Status Active Under Contract
MLS # 6722343
Property Type Single Family Residence
Price Type --
Welcome to your own personal retreat with plenty of room to entertain! This fully remodeled space conveniently located in Palm Valley features an open floor plan with high vaulted ceilings, 3 large living spaces, 2 separate eating areas, an enclosed office, 5 bedrooms, 3.5 baths, and your own resort style backyard. With all of this home has to offer, you'll have room for everyone. Entertain your family and friends in your amazing kitchen complete with a large island, granite countertops, stainless appliances, and gas range. The adjoining family room is wired for home theatre surround, perfect for dinner and a movie! Furniture is available for sale. Please inquire separately. Your guests will be blown away with your amazing backyard complete with a Pebble Tech pool and spa, with water features including a slide, waterfall, LED pool lights and grotto. Outdoor fans and misters, an extended patio, firepit, outdoor speakers and outdoor island with built-in charcoal grill make this a backyard paradise. After a long day in the sun, retreat to your dream primary suite. Featuring a large sitting area and built in storage, the bedroom is your own private apartment to get away. Entering the bathroom, you will be welcomed with 3 separate vanities, soaking tub, and large walk-in shower. The suite is finished off with a massive walk-in closest, large enough to be its own bedroom! Other features include an oversized 3 car garage with epoxy floors and post tension slabs as well as additional overhead garage storage. RO system and Kinetico Water Softener, installed in 2021. Two Trane AC/furnace units installed in 2022. Sellers are including all major appliances as well as secondary refrigerator. Updates in 2024 includes new flooring throughout, new refrigerator, fresh paint, refinished cabinets, a butler's pantry, new pool heater, and new landscape rock. Not to mention the added benefits of going green with solar power. Situated two doors down from a park close to a cul de sac and easy access to Camelback Road. Only 10 minutes from 1-10 and less time to the 303 makes this a commuters paradise. Convenient to groceries, coffee, restaurants, sought after school district, multiple spring training facilities, Cardinals Stadium, Westgate Center, and golf galore.

20664 W Marshall Avenue Buckeye, AZ 85396

$780,000
2 Beds
2 Baths
2,236 SqFt
Status Active
MLS # 6716343
Property Type Single Family Residence
Price Type --
Nestled in the heart of Victory at Verrado, this luxurious 55+ community residence offers an unparalleled retirement living experience. Imagine driving into your beautifully landscaped oasis, greeted by a stunning facade with stone accents and a spacious 2-car garage. As you step inside, the expansive open floor plan captivates you with its vaulted ceilings adorned with exposed beams and elegant wood-look flooring that flows seamlessly throughout. The neutral palette creates a soothing ambiance, perfect for relaxation. Your gourmet kitchen awaits, featuring ample cabinetry, sleek quartz countertops, and a pantry for all your culinary needs. The subway tile backsplash adds a touch of modern elegance, while the stainless steel appliances and recessed & pendant lighting highlight the sophisticated design. The centerpiece is the island, complete with a breakfast bar, ideal for casual dining or entertaining guests. After a day of enjoying the vibrant community, retreat to your primary bedroom, a sanctuary with a walk-in closet and a lavish ensuite boasting dual sinks. The luxury continues outdoors with a wonderful backyard, where a covered patio invites alfresco dining and relaxation. The artificial turf ensures a pristine look year-round, while the sparkling pool beckons for a refreshing dip. This fantastic 2-bed, 2-bath home in Victory at Verrado is more than a residence; it's a lifestyle tailored for luxury and comfort in a thriving 55+ community. Welcome home!

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