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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1830 E La Salle Road Phoenix, AZ 85086

$779,000
4 Beds
3.5 Baths
2,584 SqFt
Status Active
MLS # 6757624
Property Type Single Family Residence
Price Type --
Nestled in the stunning Arizona desert, this gorgeous single-level 4-bedroom, 3.5-bathroom, 2584 sq ft home offers a rare blend of charm and modern convenience on a sprawling 1.67-acre lot. Boasting a 4-car garage and a 1,277 sq. ft. Quonset hut, the solar panels are owned outright and offer energy efficiency and long-term savings. This property has everything you need for comfort and space. Step inside and be greeted by warm Saltillo tile and coated concrete floors. The smooth concrete kitchen counters add a sleek, modern touch, while the split floor plan offers functionality and privacy. The welcoming foyer leads into a formal dining room and a cozy living room with a gas fireplace—perfect for entertaining or relaxing. The primary suite is a serene retreat, complete with a private exit to the covered patio and backyard, a spacious walk-in shower, a separate tub, and generous closet space. The split floor plan places two secondary bedrooms on the opposite side of the home, each with its own bathroom for added convenience. A well-equipped laundry room with a utility sink adds practicality. Outside, enjoy the expansive paver-covered patio, an ideal space for entertaining guests or simply soaking in the beauty of the desert surroundings. With ample room for all your toys, this property is perfect for those seeking space and freedom. Located just minutes from hiking and riding trails, this home offers the perfect balance of peaceful desert living with easy access to outdoor adventures. Come and experience the warmth and charm of this unique home!

36922 N 17th Place Phoenix, AZ 85086

$779,000
3 Beds
3 Baths
2,315 SqFt
Status Active
MLS # 6727547
Property Type Single Family Residence
Price Type --
SELLER IS OFFERING UP TO $10,000 CONCESSIONS. 1+ prime acres nestled in quiet neighborhood with no thru access-total privacy. Add a detached shop, horse stables, corrals, pool and more. 2 RV gates provide easy access for your RV, boat, & trailers. RV hookup & drain. Pomegranate, Fig, Lemon & Lime trees too! Courtyard entry w/custom gate & paver patio. 3-bedrooms - all ensuites w/jetted tub in Primary Bath. Bonus room gives you a gym, office, art studio, or dream closet. Large eat-in kitchen with Induction drop-in, 2 Convection Ovens, & tons of cabinets and counters. Newer dual-pane Andersen windows, R410a 5-ton and 2.5-ton mini-split keep your new home cool in the summer. Water Softener, Smart watering system & irrigation lines throughout. House is on city water- Don't miss this house!

7305 N 181st Avenue Waddell, AZ 85355

$779,000
3 Beds
2 Baths
2,188 SqFt
Status Active
MLS # 6732074
Property Type Single Family Residence
Price Type --
Charming and tasteful 3 bedroom 2 bath home with a pool on almost 2 irrigated acres AND an additional 16x12 (180 sq ft that is not included in the 2188 sq fts) DETACHED OFFICE with AC! This home offers a remodeled kitchen with bright white cabinetry and granite counters and new stainless steel appliances, updated baths with new vanities and flooring, solid surface flooring throughout (NO CARPET), a large family room and formal living room plus additional flex space. The fully fenced Pebble Tec pool has been resurfaced with updated equipment. New roof 2021, new AC units in 2022, and added pickleball court. This property offers flood irrigation, rain soft water softener, mature trees and is fully fenced. A property like this is sure to go quickly in the highly desired rural community of Clearwater Farms. Come experience country life just outside the city!

30616 N 228th Avenue Wittmann, AZ 85361

$779,000
4 Beds
2.5 Baths
2,864 SqFt
Status Active
MLS # 6704404
Property Type Single Family Residence
Price Type --
Would you like country living, open space and quiet star filled nights, yet be close enough to town? If so, this spacious custom built home sitting on 2.12 acres may be for you. It boasts of an open floor plan, an expansive kitchen complete with granite countertops and custom cabinetry everyone dreams about. All the bedrooms are large, but the master bedroom is generous in size with a custom walk-in closest and luxurious master bathroom. You will appreciate the craftsmanship throughout the whole house. The attached 3 car garage is deep so you will have no problem parking your vehicles in it. For relaxation or entertaining, you will enjoy sitting outside in the inviting oversized covered patio area with an outdoor BBQ island and additional seating area as well. Mature landscaping accent the beauty of this home. Waiting outside is the 20x50 RV Barn with an attached covered 30x30 carport. Also, there is another 18x22 covered shed. No need to worry about space for the toys. Don't miss out on what this home has to offer and its all located just outside of the city of Surprise with easy access to major freeways and less than 30 minutes from Lake Pleasant.

5226 W Pinnacle Vista Drive Phoenix, AZ 85083

$779,000
4 Beds
3.5 Baths
3,638 SqFt
Status Active
MLS # 6725224
Property Type Single Family Residence
Price Type --
Your DREAM home awaits in Stetson Valley! This beautiful property offers 4 bedrooms + den, 3.5 baths, 3-car garage. Inside you will find a welcoming interior featuring a neutral palette & abundant natural light. Perfect for entertaining, it offers a formal living/dining room and a cozy family room with fireplace! The open-concept kitchen boasts quartz counters, staggered cabinetry, a pantry, center island, and SS appliances w/gas cooktop & 2 wall ovens. Spacious double-door den great for an office! Upstairs, you'll find a spacious loft along with large bedrooms. Primary bedroom has an ensuite with dual sinks, separate tub/shower, & a walk-in closet. Bedroom 2 has its own private bath. Can be a 2nd master or great guest room. Outside is an entertainers delight featuring a full length covered patio with mountain views, pavers, artificial turf and a sparkling heated pool and spa. Enjoy the surround sound in family room and patio. Newer Carpet/Paint 2023, backyard landscape updated 2023, newer water heater 2024. newer water softener 2024. Perfect family home!

4007 N 86th Street Scottsdale, AZ 85251

$779,000
3 Beds
2 Baths
1,888 SqFt
Status Active
MLS # 6699720
Property Type Single Family Residence
Price Type --
In this part of 85251 you do not have overhead power lines- a great benefit! Move-in ready 3 Bed 2 Bath 2 Car Garage home with upgrades: New HVAC 2023, New energy efficient designer interior doors/windows 2024, New underground sewer/plumbing lines. Re-configured floor plan with enlarged primary suite featuring New custom closet, New oversized laundry room/pantry and dog wash/utility sink. Located close to everything Old Town Scottsdale has to offer, and minutes to the 101 freeway for easy commuting. Home has been Pre-Inspected by a Home Inspector.

10434 E Texas Avenue Mesa, AZ 85212

$779,000
2 Beds
2.5 Baths
2,975 SqFt
Status Active
MLS # 6717437
Property Type Single Family Residence
Price Type --
**LUXURIOUS HOME with POOL in ENCORE at EASTMARK -RESORT STYLE-55+ COMMUNITY! ** Your New Home features: Open Layout, 2 Master Suites w/ Full Baths, Suite 2 w/private entry, 2,975 sq.ft of living space, Huge Office/Flex Room w/Frosted Glass Sliding Doors, New Exterior Paint, Upgraded Tile, Recessed Lighting, Auto-Remote Controlled Shades, Surround Sound, Bathrooms w/ Roll out Cabinets, New Water Softener & Purifier, Chef's Kitchen w/ Granite, Roll out Cabinets, Huge Island, Wolf Gas Stovetop, SS Appliances & Fridge, Your Backyard Boasts a Sparkling Pool w/ Water Features & Fountain, Gorgeous Travertine Tile on back patio & pool surround, Custom Brick BBQ w/Bull Gas Grill, Pro-Patio Misting System (Side & Back), Side Patio Pergola w/ shades & Newer Pool Heater (2021). Continue-click more- The Massive Flex Room is perfect for an Office, Game Room, Home Theater, Home Gym & More! The list goes on including: Instant Hot Water throughout the Home, Dishwasher was upgraded to the Bosch 800 series, Tons of Cabinet space & big pantry, Spectacular Pendant lighting in the Kitchen, Pre-Wire ready for TV & Audio in multiple rooms and on the back patio, 3 Car Garage is comprised of a double bay garage and a single bay garage, overhead storage racks, flooring installed in attic space in garage for extra storage space, New AC Condenser in the attic, Double locking gates to the pool area and weighted door control per City of Mesa code. Your home is perched right across from a green belt. You also have great curb appeal with beautiful landscaping in front and synthetic grass in the back for low maintenance. Encore is a sought after community with Amenities Galore. Clubhouse includes: Pool/Spa, Fitness Center, Pickleball, Tennis, Bocce Ball Courts, Crafts Room, internet Café, Events Desk & more! Encore is where you want to Live and Make New Friends!!! If you want to be active this is the place that has plenty of options!!!

351 S Solomon Drive Morristown, AZ 85342

$779,000
3 Beds
2 Baths
1,724 SqFt
Status Active
MLS # 6693004
Property Type Single Family Residence
Price Type --
3 FULL ACRES!! Entertainer's Paradise! Saddle up and come on out West to Morristown and start living that cowboy life that you've been dreaming about! This amazing remodeled ranch home has it all including a gorgeous kitchen with new cabinets, butcher block counters, new stainless steel appliances, breakfast bar, open concept with 18' ceilings! You can customize this home and build a loft to expand the square footage if desired. The pavement ends just before the edge of the property where there is plenty of space to build your dream garage! The massive backyard has block fencing and is fully landscaped with turf, rock, pad, volleyball court, full length C Patio, and more! The massive built in firepit was built to be pallet size for those outdoor winter gatherings! Bring your RV and hook up to water, electric, and sewer. 2 RV gates, 20' plus another 15' along with 3 large sheds. The south acre plus is fully fenced and has a shade structure on the west side. The secondary bedrooms are very large, with one having it's own loft! The master bedroom is the size of 2 master bedrooms with very high ceilings. The possibilities are endless with this property! Get your slice of Heaven while it's still available. Large parcels like this one are rare. Let your dreams run wild in the Wild Wild West! Roof and AC were recently replaced.

1930 N Haiden Lane Willcox, AZ 85643

$779,000
3 Beds
2 Baths
2,432 SqFt
Status Active
MLS # 6755059
Property Type Manufactured Home
Price Type --
Discover your serene haven in this picturesque 14-acre pecan orchard, complete with a cozy manufactured home, private well, and an incredible yard including a delightful splash pad. Whether you're dreaming of expanding your agricultural pursuits or seeking a peaceful retreat with modern amenities, this property offers the perfect blend of rural charm and convenience. Property Features: Location: Serenely nestled on 16 acres of fertile land, ideal for cultivating pecans and enjoying the countryside only 2.5 miles from Interstate 10 and the city center of Willcox. Pecan Orchard: 14 acres of pecan trees planted in 2016 and 2021, providing aesthetic beauty and an anticipated 500-1000lbs/acre of income-producing harvest beginning this fall. Orchard Equipment: 2007 LS 5055 Tractor with self-leveling front loader - 55 HP - 380 hours. 1997 Toro 580D Groundsmaster 16 ft. mower. Two Private Wells: 6-inch domestic well, drilled in 2008 with a 12,000 gallon water storage tank and a 3HP booster pump. 8-inch irrigation well drilled in 2019. Manufactured Home: A well-maintained residence offering modern comforts and a relaxing atmosphere. Open Living Spaces: The interior boasts an open floor plan that seamlessly connects the living room, dining area, and kitchen, ideal for gatherings and everyday living. Kitchen: Fully equipped with modern appliances, ample counter space, and a breakfast bar for casual dining. Master Suite: A spacious master bedroom with a 10x10 sitting area, and an en-suite bathroom, complete with a soaking tub and separate shower. Additional Bedrooms: Two additional bedrooms, perfect for family members or guests, each with ample closet space and natural light. Scenic Views: Enjoy stunning views of the surrounding pecan orchard from almost every room in the house. Expansive Porch: The highlight of the home, a 21 x 72 metal porch ideal for relaxing and entertaining, overlooking the picturesque pecan orchard. Outdoor Oasis: Adjacent to the porch, a nearby splash pad provides a refreshing recreational space and doubles as a pickle ball, volleyball, and basketball court. Beyond the porch, the property offers a landscaped yard with potential for gardening or outdoor activities. Fenced Front Yard: A privacy fenced-in front yard with lush grass and a patio area, perfect for outdoor relaxation and safe play. Storage Container: 40 foot Conex box attached to the carport. Small storage shed adjacent to the Conex box. Two- Acre Area in Back of Property: Perfect space for building a custom home, or constructing an arena and hay barn. Property is zoned agricultural and is an active participant in NRCS EQuip program and with USDA.

9419 N 111th Drive Sun City, AZ 85351

$779,000
2 Beds
2.5 Baths
2,803 SqFt
Status Active Under Contract
MLS # 6741956
Property Type Single Family Residence
Price Type --
This luxurious, one-of-a=kind home is awaiting your inspection. Rancho Estates features large sprawling lots with exquisite homes. It is a sought after area for car collectors and hobbyists. This home features a circular driveway and desert mesa rock landscaping with unique dioramas in front and backyards. A Gigantic Great Room features a vaulted ceiling and floor to ceiling fireplace. Beautiful marble floors throughout. An Onex feature wall welcomes visitors at the door. Chef's kitchen with lots of granite counter space and stainless steel appliances. Extra large Master Suite with on-suite bathroom featuring double sinks and separate tub and shower. Many more amenities. Sun City location offers use of all recreation facilities Sun City has to offer.

3060 N Ridgecrest -- Unit 98 Mesa, AZ 85207

$779,000
4 Beds
3 Baths
2,733 SqFt
Status Active
MLS # 6732528
Property Type Single Family Residence
Price Type --
Two Story Home nestled on a lush oversized lot in the highly desirable neighborhood of Las Sendas. This property has a perfectly laid out backyard with loads of space to make your own. The extended covered patio includes space for dining and outdoor living. Pavers extend across from side entry gate to covered patio to the enlarged pool area. A raised terrace behind the pool is the perfect place to add a spa or firepit. Newer A/C units replaced in 2020/2021. Pool resurfaced with new pebble tec 2020. Fresh interior paint including doors and trim makes this home feel brand new! Kitchen includes granite counters, Island with storage, and Stainless Steel appliances. North / South exposure ensures your evenings will be enjoyable in this gorgeous private backyard. Las Sendas is an award winning community with upscale ammenities such as 2 heated community pools and spas, Tennis Courts, Pickle Ball Courts, Bocci, Basketball, Sand Volley Ball, Soccer and Baseball fields, Childrens Play Structures & Splash Pad, Party Ramadas, a fitness center, spa, and community center available to host events. Minutes from Saguaro Lake, Salt River Recreation Area, Usery Park and Located close to the 202 Red Mountain / San Tan Freeways.

2890 Dillon Boulevard Chino Valley, AZ 86323

$779,000
4 Beds
3.5 Baths
3,009 SqFt
Status Active
MLS # 6753108
Property Type Single Family Residence
Price Type --
Quick move in home at Heritage Pointe in gorgeous Chino Valley. Enjoy the rural lifestyle while being only 20 minutes away from Prescott. Close to local restaurants, Safeway Center & shops. This 4 bedroom, 3.5 bath Cottonwood Model has been upgraded with an expanded outdoor patio, Owners Suite extension, 42'-inch cabinets, lighting package, a 4 car garage and more! A must see home. Watch the Virtual Tour! Click the Docs Tab to see features and floor plan.

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