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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3081 W Ironwood Circle Chandler, AZ 85226

$779,500

4 Beds

3 Baths

2,768 SqFt

Status Active

MLS # 6751529

Property Type Single Family Residence

Price Type --

You've found it! This beautiful 2-story home in the Valencia Community is turn-key and waiting for your family to move in. The home features a vaulted ceilings, freshly painted interior, all new carpet on the 2nd floor, high end stainless steel appliances and so much more. The large gourmet kitchen with granite counters features ample cabinet space and a large garden window overlooking the backyard pool and patio. The entire main floor includes beautiful ceramic plank tile throughout, and the grand staircase is a focal feature of the great room and entrance. The main level includes one bedroom (or den), with three bedrooms and a very large bonus room upstairs. Newer custom ceiling fans and lighting throughout. The resort style back yard features a large garden, large grassy play area, plenty of additional concrete parking with an RV gate, and a sparkling diving swimming pool. This home is near the Price Rd. high-tech corridor, close to great shopping, restaurants, Chandler Mall and freeways. Bring your family to see this beautiful home!

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13552 W Phacelia Lane Peoria, AZ 85383

$779,107

4 Beds

3.5 Baths

3,070 SqFt

Status Active

MLS # 6740330

Property Type Single Family Residence

Price Type --

The 3,070 sq. ft. Mint is a stylish design that's a true breath of fresh air, arranged around an inviting, central courtyard on the way into the foyer. Upon entering, you see the spacious Great Room, connected to the open-concept dining and kitchen area, looking out toward the covered patio. The owner's suite occupies the rear corner and has a huge walk-in closet past its private bath. Another wing of the home features 3 bedrooms with walk-in closets arranged around a teen retreat room (optionally, a 5th bedroom). The owner's entry has a stop-and-drop area to keep things organized. The community offers a unique mountainside location with close proximity to great shopping, dining and entertainment options.

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8474 W Switchback Trail Casa Grande, AZ 85194

$779,000

4 Beds

2.5 Baths

2,768 SqFt

Status Active Under Contract

MLS # 6730240

Property Type Single Family Residence

Price Type --

MAGNIFICENT MOUNTAIN VEWS SURROUND THIS IMPRESSIVE CUSTOM 4BR HOME! Beautiful landscaping with extensive paver walkway & driveway greet you when you arrive. State of the art gourmet kitchen w/upgraded appl. pkg. refrigerator, huge breakfast bar, boundless counter space, spacious dining area, walk in pantry plus built in wine rack w/separate beverage refrigerator. Split BR plan, Master bath boast free standing tub, separate tile shower, Custom DBL vanity & mirrors plus enormous walk in closet. 2nd & 3rd BR's share a Jack & Jill bath w/ DBL vanity that has a private tub/shower. 4th BR also has a half bath. Enjoy the 10 ft. coffered ceilings, recessed lighting, granite counters, custom paint & gorgeous tile flooring T/O. You will love the full length covered back patio & beautiful views

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6923 W Spur Drive Peoria, AZ 85383

$779,000

3 Beds

3 Baths

2,357 SqFt

Status Active

MLS # 6674777

Property Type Single Family Residence

Price Type --

Nestled in the beautiful North Peoria locale, this smart home boasts $100,000 in upgrades, offering a blend of elegance and modern convenience. Upon entry, you'll find a seamlessly integrated smart system enhancing daily living. The gourmet kitchen stands out with its sleek stainless steel appliances and a 10-foot by 4-foot island featuring a stunning waterfall quartz countertop. Equipped with a farmhouse sink, wine refrigerator, and soft-close cabinet drawers, this kitchen combines style and functionality seamlessly. The 9-foot ceilings and 8-foot panel doors throughout create an open, spacious feel, complemented by plantation shutters in the living area and flex room. Enjoy cinematic experiences with the built-in surround sound system and Cat 5 wiring. The master suite offers a tranquil retreat with a spacious walk-in shower and closet, while an additional bedroom features an ensuite for guests or family members. Outside, the front and back yards feature finished pavers and artificial turf for easy maintenance, along with a patio for outdoor entertaining. The 2-car garage with extension provides ample space for vehicles or doubles as a workshop area. Outlets under the eaves simplify holiday light decoration. Conveniently located near shopping, dining, and major highways, this home offers luxurious living in a prime North Peoria location. Welcome home!

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6505 E Night Glow Circle Scottsdale, AZ 85266

$779,000

2 Beds

2 Baths

1,427 SqFt

Status Active

MLS # 6717639

Property Type Single Family Residence

Price Type --

THIS IS A FURNISHED UNIT BEING SOLD AS TURN-KEY-Come and enjoy the Terravita lifestyle. This guard gated community is loaded with amenities, heated pool/spa, clubhouse, tennis courts, fitness center and pickleball courts and great dining. Perfectly updated 2 bed/2 bath with open great room spacious and bright with views to the north with a south backyard. All newer appliances and newer furnishings included. Relax in backyard with covered patio & spa and BBQ. Highly desired community, interior lot ,and very quiet. Enjoy Arizona and all of the Terravita Country Club amenities and fabulous sunsets.

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23024 W Sierra Ridge Way Wittmann, AZ 85361

$779,000

5 Beds

4 Baths

3,155 SqFt

Status Active Under Contract

MLS # 6692185

Property Type Single Family Residence

Price Type --

THIS MOVE IN READY PROPERTY HAS IT ALL! A beautiful balance of urban and rural living. Located on a one acre lot this home has plenty of room to spread out and store all your outdoor toys and accessories. This floor plan includes a guest suite, Jack and Jill bathrooms, and an office or formal dining room. In the kitchen is a chef's paradise with LOTS of counter space, luxury cabinetry, and room to add a mobile island if desired. Enjoy the Arizona summer from the GORGEOUS private pool or poolside ramada that is equipped with electricity. Owned solar means reduced electric bills and sustainability. This home will leave nothing to be desired!!

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4249 E Sagebrush Street Gilbert, AZ 85296

$779,000

4 Beds

3 Baths

2,524 SqFt

Status Active

MLS # 6722988

Property Type Single Family Residence

Price Type --

PREMIUM lot and UPGRADES in this popular Revolution NextGen floorplan. Situated next to the community pool, greenbelt and open space with no neighbors behind this is an opportunity to enjoy all of the Warner Meadow amenities. Features include: granite countertops, stainless steel appliances, attached guest suite complete with kitchen, laundry and separate entrance. Backyard has pavers, synthetic grass and covered patio. One of Lennar's finest. Welcome home to Warner Meadow!

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1401 W Ocotillo Road Phoenix, AZ 85013

$779,000

4 Beds

3.5 Baths

2,615 SqFt

Status Active

MLS # 6694300

Property Type Single Family Residence

Price Type --

Welcome to your dream home! Nestled in a prime location near Uptown Phoenix, this stunning 4-bed, 3.5-bath property is a true gem. The wood paneling ceiling with exposed wood beams adds a rustic charm that sets this home apart. The kitchen is a chef's delight, featuring pristine white cabinets, stainless steel appliances, gorgeous granite countertops, a subway tile backsplash, a center island, and a breakfast bar for additional seating. The exterior was recently painted with over 75k in upgrades inside! Don't miss the opportunity to call this stunning property your new home.

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19626 N Echo Rim Drive Surprise, AZ 85387

$779,000

3 Beds

3 Baths

2,810 SqFt

Status Active

MLS # 6732464

Property Type Single Family Residence

Price Type --

Hampton overlooks the 12th green at Cimarron Golf course and offers stunning fairway and mountain views in every direction. The gourmet kitchen boasts granite counters, a 5-burner gas stove, pull-out shelves, stainless steel appliances, water filter system. The house has designer paint and 18-inch neutral tiles laid diagonally. The estate home has great curb appeal with a paver-lined driveway and a front courtyard wall. You can step out to expansive golf course views from a huge, covered patio, which is perfect for entertaining and includes a stainless-steel grill. The spacious master bedroom has French doors leading out to the patio. The house also has a 3-car garage with storage cabinets, a soft water system, and a vacation mailbox. UV Windows 2021. All this house is missing is you

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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.

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6850 E Mcdowell Road Unit 72 Scottsdale, AZ 85257

$779,000

3 Beds

3 Baths

2,101 SqFt

Status Active

MLS # 6738650

Property Type Townhouse

Price Type --

Welcome to luxury living at its finest in the highly sought-after gated community of AIRE on McDowell, nestled in the heart of Scottsdale. This stunning 3 bed, 3 bath townhome, an end unit with prime views of the community amenities, offers the perfect blend of elegance and convenience. Step outside to enjoy 3 distinct outdoor spaces, including a private rooftop deck where you can relax with sunset views and take in nearly 360-degree panoramas of the surrounding mountains and cityscape. There is also a covered balcony extending from the main living area and a serene private patio off the bonus room. Inside, the open floor plan is perfect for both entertaining and everyday living. The gourmet kitchen is equipped with top-of-the-line appliances, including a built-in refrigerator and gas range, complemented by high-end countertops and upgraded cabinets. The second floor features 10ft ceilings, upgraded tile, and high-end finishes, along with a unique wrap-around balcony and a powder room. Residents of AIRE enjoy an array of amenities, including a heated pool and spa for year-round relaxation, an outdoor kitchen with a grill for al fresco dining, and a state-of-the-art fitness center to stay active without leaving home. Conveniently located, this townhome is just moments away from the vibrant attractions of Old Town Scottsdale, the lively ambiance of Tempe, and a plethora of dining and shopping venues to explore at your leisure.

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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!

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