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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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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16613 W Fawn Drive Goodyear, AZ 85338

New

$779,900

3 Beds

2.5 Baths

2,731 SqFt

Status Active

MLS # 6765630

Property Type Single Family Residence

Price Type --

Stop your search because this home is the one you've been dreaming of! With *Breathtaking Mountain Views*, *4-car garage*, and *Sparkling pool* surrounded by luxurious travertine pavers, this property has it all. Imagine coming home to this stunning Richmond American home, built in 2020, offering over 2,700 sq. ft. of exquisitely designed living space, all nestled against the majestic Estrella Mountains. Get ready to fall in love with the heart of this home - the *gourmet kitchen*. Whether you're a seasoned chef or simply love hosting gatherings, this kitchen will fuel your creativity and passion. It features a massive island, gleaming quartz countertops, a 5-burner gas cooktop, sleek black stainless appliances, a butler's pantry with a wet bar, and a spacious walk-in pantry. This open-concept design flows seamlessly into the backyard, where two expansive arcadia doors invite you into your personal oasis. Picture relaxing by the *sparkling pool*, complete with a stacked stone water feature, a spacious covered patio, and mountain views that will never get old. Each of the generously sized bedrooms comes with walk-in closets, ensuring plenty of storage and comfort for everyone. The large formal dining room is the perfect flex space, easily converting into a game room, living room, or whatever your heart desires. Don't forget about the 4-Car Garage! There is no shortage of space for your toys, bikes, vehicles, or seasonal décor. Garage space like this is hard to come by! Living in the Estrella community means more than just owning a beautiful home, it's about embracing a lifestyle. You'll have access to two incredible residents' clubs, Starpointe & Presidio, both offering top-notch restaurants, fitness centers, community pools and endless opportunities for relaxation and recreation. Adventure awaits with nearby Fins hiking and biking trails, or unwind at Sip at the Ranch, a trendy wine bar just minutes away. Plus, essential conveniences like grocery stores, Walgreens, Starbucks, and more are only five minutes from your doorstep. This is more than a home, it's a way of life! Don't miss out on the chance to make it yours.

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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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5014 E Sleepy Ranch Road Cave Creek, AZ 85331

$779,900

3 Beds

2 Baths

2,428 SqFt

Status Active

MLS # 6702767

Property Type Single Family Residence

Price Type --

This beautiful home is in the gated subdivision of Colina Del Notre. The property features: N/S exposure, 2,428 sqft,1 lvl, 3 beds, bonus room, 2 baths, split floor plan, 10' ceilings, and plantation shutters. Spacious kitchen w/raised cabinets, induction cooktops, double center islands, breakfast bar, and all SS appliances. Large living room w/gas fireplace and a great view of the resort style backyard. Master suite w/dual sinks, walk-in closet, upgraded bathroom, separate tub & shower. Oversize 2 car garage provides plenty of space for a work bench, and climate controlled. The backyard features a large coverd patio, new built-in BBQ, spectacular water feature, fireplace, area w/synthetic grass, RV gate, and additional storage shed. New HVAC 2012 & 2018. New roof 2021 w/10 yr warranty

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1216 S Abilene Court Gilbert, AZ 85233

$779,500

5 Beds

3 Baths

2,659 SqFt

Status Active

MLS # 6760747

Property Type Single Family Residence

Price Type --

Welcome to your new home, residing in a large Cul-de-Sac lot 13,421 sqft! 4 bed 3 bath, split floor plan, 2649 sqft with a fully remodeled pool room which could be used as a mother-in-law suite. Pool room fully remodeled with bathroom, vanity, tile flooring, shower, paint, and mini split. Additional Updates include paint, baseboards, all new carpet, water softener, garbage disposal and dishwasher. Other features include pebbletech pool, putting green, fruit trees, RV gate and 3 car garage. You will enjoy the spacious open floor plan with a great backyard for entertaining. Great location only 10-minute drive to Downtown Chandler and Downtown Gilbert. Roof replaced 2018 Mother-n-law AC 2024 One of the house AC's 2020 other 1996.

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