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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18511 E Oak Hill Lane Queen Creek, AZ 85142

$780,000

5 Beds

4.5 Baths

3,745 SqFt

Status Active

MLS # 6741936

Property Type Single Family Residence

Price Type --

Discover the perfect blend of luxury and comfort in this stunning 5-bedroom, 4.5-bath home. With an inviting open floor plan, this residence features a spacious loft, ideal for relaxation or entertainment, and a dedicated den/office perfect for working from home. The gourmet kitchen opens to a bright and airy living area, leading to a covered patio where you can enjoy alfresco dining. Step outside to your private oasis, complete with travertine tile, updated heated pool and serene courtyard. The three-car garage provides ample storage. Nestled in a sought-after neighborhood, this home offers the ultimate in modern living. Welcome to your dream home!

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8819 E Lupine Avenue Scottsdale, AZ 85260

$780,000

3 Beds

2 Baths

2,068 SqFt

Status Active

MLS # 6740875

Property Type Single Family Residence

Price Type --

This corner lot on a quiet, walkable street in Scottsdale will have you swooning! With two living spaces, and one spacious kitchen, you will have plenty of room to spread out! This home comes with 2 attics, so lots of room for storage, three great sized bedrooms and an array of natural light. The backyard boasts a covered patio, grass, and pool with brand new pool equipment. Speaking of new, the HVAC is only two years old and the house will convey with owned solar that was installed in 2021. Your primary bedroom is more like a retreat with how spacious, bright, and appealing it is. The primary bathroom also underwent a luxurious update in 2024. With no HOA, and a FABULOUS location nearby shops, restaurants, hospitals, and easy access to the 101, you won't want to miss this lovely home!

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24 E Concorda Drive Tempe, AZ 85282

Open House

$780,000

4 Beds

2 Baths

2,552 SqFt

Status Active

MLS # 6762636

Property Type Single Family Residence

Price Type --

Here is an opportunity to be in the dreamy neighborhood of Alameda Estates. Close to everything! Blocks to downtown Tempe, the waterfront, excelling schools and ASU. This home is a blend of modern convenience, and low maintenance desert charm.This thoughtfully designed split floor plan provides privacy and space for everyone with multiple living areas, a beautiful backyard with a gazebo and fire pit, excellent for gatherings. Media lovers will appreciate the stereo speakers, creating an audio experience in the living room, bath, and workout room. Electric vehicle owners will love the convenience of the Neema 1450 outlet, making at-home car charging a breeze. Durable Gerard Stone-Coated Steel roof, a top-tier choice for durability and energy efficiency, and MyQ smart garage door technology

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208 W Portland Street Unit 659 Phoenix, AZ 85003

Open House

$780,000

2 Beds

2.5 Baths

1,431 SqFt

Status Active

MLS # 6757466

Property Type Apartment

Price Type --

Luxurious Portland Place condo with stunning views now available! Located in the heart of Phoenix on coveted Portland Park! This special unit is located on the TOP FLOOR overlooking the Japanese Friendship Garden & includes TWO UNDERGROUND PARKING SPACES. Open floor plan features 2 bed, 2.5 bath w/high ceilings, panoramic windows, brick fireplace, powder bath & laundry room. The luxurious kitchen offers wood cabinetry, granite counters, wall oven, new SS fridge and a huge island/breakfast bar. Each bedroom in this double ensuite plan has a luxurious private bath and custom walk-in closet. Amenities include include ROOFTOP POOL, BBQ grills, comfy seating areas & workout room! Walk your dog to Hance Park, hang out at Burton Barr library, or stroll over to Roosevelt Row and enjoy your life!

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17206 W Middlebury Street Surprise, AZ 85388

$779,995

3 Beds

3.5 Baths

2,219 SqFt

Status Active

MLS # 6646975

Property Type Single Family Residence

Price Type --

This incredible Davidson model, nestled in the heart of Sterling Grove Golf and Country Club is just waiting for your personal touch. A brand new home, with an atrium built in the middle that is perfect for your indoor/outdoor living. Three Bedrooms, three full baths and an incredible kitchen with island. There is plenty of counter and cabinet space for all of the chef's needs while cooking on the commercial style Kitchen Aid range. A short walk, or golf cart ride, brings you to the renowned Sterling Grove clubhouse. Here, all residents can enjoy three spectacular pools, two restaurants, workout facilities, an 18 hole putting course, as well as a full service spa. Be moved in before the holidays, and join us at Sterling Grove.

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6225 W Kerry Lane Glendale, AZ 85308

$779,995

5 Beds

3.5 Baths

2,895 SqFt

Status Active

MLS # 6753871

Property Type Single Family Residence

Price Type --

Come and see this incredible 5 bed 3.5 bath home. From the street you will quickly notice the super deep driveway and three car garage. The main level is open and spacious with living, dining, kitchen and great room that opens to the outdoor living through the huge retracting slider. Outside you will find a beautiful oasis including pool w/slide and jumping rock and a massive backyard space that just keeps going. Upstairs offers an oversized owner's suite, flanked by two other bedrooms that share a hall bath. At the end of the long hallway you will find two more bedrooms that share a J&J bath and a bonus room. The home lives far larger than the size would indicate. With lots of great updates throughout this home is warm and welcoming. Can come fully furnished.

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3785 W Silverdale Road Queen Creek, AZ 85144

$779,900

4 Beds

3 Baths

2,837 SqFt

Status Active

MLS # 6581821

Property Type Single Family Residence

Price Type --

About to break ground soon, single level 4 bedroom (or can be 3 + den), 3 bath, 4-car garage, stainless, granite throughout, covered patio, front courtyard, tile roof.... Buyer to select flooring, paint, granite, cabinets, etc. Estimated completion 9-10 months from ground-breaking. Drive by only at this time. Photos are of a completed version of this home.

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5533 E Superstition Boulevard Apache Junction, AZ 85119

$779,900

3 Beds

2 Baths

2,242 SqFt

Status Active Under Contract

MLS # 6751306

Property Type Single Family Residence

Price Type --

Welcome to Your Dream home! This meticulously maintained custom-built 3-bed, 2-bath home, with an office that can easily be a 4th bedroom, offers stunning Superstition Mountain views. Located on 1.25 acres, this home is designed for entertaining. Inside, enjoy large tile floors throughout and many custom features. The enclosed patio boasts a sparkling pool, built-in BBQ, sitting bar, and TV cabinet on the covered patio. Perfect for gatherings! The 3-car garage provides ample space for vehicles, and a seperate 1 car garage for storage, or a workshop. This unique property offers the ideal blend of luxury and tranquility. Hurry and check it out! This home won't last.

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4422 N 75th Street Unit 6013 Scottsdale, AZ 85251

$779,900

1 Bed

1.5 Baths

1,114 SqFt

Status Active

MLS # 6751249

Property Type Apartment

Price Type --

ABSOLUTELY GORGEOUS 6th floor 1 bedroom plus Den with built in custom murphy bed to use as second bedroom 1.5 bath unit with A+ NE MOUNTAIN VIEWS. BEST AND LARGEST MASTER BEDROOM IN BUILDING, ALL GLASS WITH SEPARATE EXIT TO BALCONY, motorized shades throughout, top end washer dryer included. Relax in style in Old Towns most modern highrise. Unit has beautiful wood floors throughout, Poggenpohl European style cabinets with Island, quartz countertops, Bosch appliances and much more. The amenities at Envy are 2nd to none boasting a 4000 sq ft fitness facility with all top of the line equipment, a pool/pool lounge area that rivals any Vegas Resort and the exclusive Black Label Lounge to top it off along with 24/7 concierge/security with underground secured parking. Live the high life

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75 W Willetta Street Phoenix, AZ 85003

$779,900

4 Beds

3 Baths

2,100 SqFt

Status Active

MLS # 6761506

Property Type Single Family Residence

Price Type --

Welcome to 75 W Willetta St, a stunning two-story home in the heart of Phoenix's historic district. This spacious property features 4 bedrooms and 3 bathrooms, offering ample space for comfortable living. The open-concept living area includes a cozy tile fireplace for relaxing evenings. The modern kitchen boasts beautiful marble countertops and stainless steel appliances. Recent upgrades include new sewer lines, all-new electrical, new framing, and a brand-new HVAC system. The home has been completely renovated, situated on the biggest lot on the block. Enjoy the convenience of a 2-car garage, 2-car carport, and additional parking space. Ideally located near local dining, shopping, and cultural landmarks, this home is a must-see!

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5208 W Trotter Trail Phoenix, AZ 85083

$779,900

6 Beds

4 Baths

4,070 SqFt

Status Active

MLS # 6758952

Property Type Single Family Residence

Price Type --

This impressive two-story home offers six spacious bedrooms and four modern bathrooms, making it perfect for larger families or those who love to entertain. The gourmet kitchen features a generous island, stainless steel appliances—including a dishwasher, microwave, cooktop, and double ovens—and a convenient pantry, all seamlessly flowing into the inviting family living area. Fresh interior paint enhances the home's bright and airy feel, while new carpet in the bedrooms and luxury vinyl plank flooring in the main living areas add both comfort and style. The primary bedroom is located upstairs alongside four additional bedrooms, with one bedroom conveniently situated on the main floor. Outside, a beautiful pool awaits, creating an ideal oasis for relaxation and fun.

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1688 E Lexington Avenue Gilbert, AZ 85234

$779,900

4 Beds

3.5 Baths

3,541 SqFt

Status Active

MLS # 6756015

Property Type Single Family Residence

Price Type --

Discover this beautifully maintained home in the heart of Gilbert, where modern comfort meets stylish living. Boasting an open floor plan, this gem includes a beverage bar with its own fridge and a media room complete with a projector and screen—ideal for entertaining guests. The exquisite wood-look tile floors and vaulted ceilings are sure to impress. Enjoy the outdoors with a sliding door that opens to a meticulously maintained backyard featuring a spacious patio that runs the length of the home. The first-floor owner's suite offers a walk-in closet and a luxurious en-suite bathroom with both a separate shower and tub. Additionally, a versatile loft upstairs provides extra space for relaxation or play. You won't want to miss this show stopper!

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