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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9911 E Monterey Avenue Mesa, AZ 85209

$775,000
4 Beds
3.5 Baths
3,338 SqFt
Status Active Under Contract
MLS # 6743943
Property Type Single Family Residence
Price Type --
Experience luxurious living in this stunning 4-bedroom, 3.5-bath residence in Augusta Ranch! This home features Dual Master Suites with the primary suite on the first floor, 3-car garage with newly installed epoxy flooring, soft water system and a Tesla universal charging station hardwired into the garage, convenient RV gate, elegant stone accents, and a professionally and meticulously designed tropical landscape with 10 2-story high date palm trees. The home exterior was recently updated to include a custom, sand finish stucco, new paint/color scheme, and farmhouse lighting fixtures. Once inside, you are greeted by a living/dining room with vaulted ceilings, a neutral palette, plantation shutters, and a harmonious blend of carpet and travertine stone flooring. The great room boasts a stone-clad fireplace for intimate evenings with loved ones. The gourmet kitchen is complete with granite counters with a matching backsplash, custom cabinetry, stylish pendant/recessed lighting, built-in appliances, a handy pantry, and an island with a breakfast bar. You'll also find a den perfect for an office or study. Upstairs, the cozy loft provides additional space for relaxation and/or games with the family.The serene main bedroom features an ensuite with dual sinks and a walk-in closet. Outdoors, the enchanting backyard offers a covered patio, a basketball court, a golf course, and a refreshing pool with a uniquely designed cave slide and 6 ft waterfall, ideal for enjoying breathtaking sunsets.

1324 Rockwood Drive Prescott, AZ 86305

$775,000
2 Beds
2 Baths
1,495 SqFt
Status Active
MLS # 6759600
Property Type Single Family Residence
Price Type --
Welcome to your dream home in Prescott! This move in ready, brand-new contemporary ranch offers 2 bedrooms, 2 bathrooms, and 1,495 sqft of energy-efficient living. With stunning views of Granite Mountain, this ENERGY STAR-certified home features upgraded LG appliances, including the refrigerator, washer, and dryer. The beautiful quartz counters, large kitchen island, and energy-efficient appliances make the kitchen a chef's dream. The spacious master bath boasts a huge walk-in shower. Enjoy the fully landscaped front and back yards and the views of Granite Mountain in a 55+community. Choose from 6 area golf courses to enjoy while relaxing in your brand new retreat. 220v in the garage for car charging. Ideal for a lock-and-leave lifestyle, this home is perfect for escaping the Phoenix heat

1320 Rockwood Drive Prescott, AZ 86305

$775,000
2 Beds
2 Baths
1,490 SqFt
Status Active
MLS # 6759590
Property Type Single Family Residence
Price Type --
Experience Prescott living at its finest in this stunning contemporary ranch home. Boasting 1,490 sqft of move in ready, new construction. This 2-bedroom, 2-bath residence is perfect for a lock-and-leave lifestyle in a 55+community. The home features upgraded LG appliances, including washer, dryer, and refrigerator, along with gorgeous quartz countertops and a spacious kitchen island. The master suite includes a huge walk-in shower, ideal for relaxation. Enjoy the beautiful Granite Mountain views from the fully landscaped front and back yards. This home is easy to maintain. ENERGY STAR certified with a HERS index score of -50, this home offers superior energy efficiency. 220v installed in the garage for car charging convenience. Escape the heat of Phoenix and enjoy cool Prescott summer!

10020 E Wavelength Avenue Mesa, AZ 85212

$775,000
5 Beds
3 Baths
3,465 SqFt
Status Active
MLS # 6761343
Property Type Single Family Residence
Price Type --
Welcome to this highly upgraded 5-bedroom, 3-bathroom home offering 3,465 sq. ft. of luxurious living space, complete with stunning curb appeal featuring a paver driveway, stone accents, and a charming balcony. The entryway greets you with a warm and inviting board and batten feature wall that pairs perfectly with the neutral paint and wood laminate flooring throughout. The gourmet kitchen is a chef's dream, boasting quartz countertops, a gas cooktop, a spacious island with a breakfast bar, reverse osmosis, a subway tile backsplash, a single apron sink, pots and pans drawers, and extended cabinets into the dining area that overlooks the main living space. There's also a dedicated office flooded with natural light and equipped with a ceiling fan, a convenient downstairs bedroom and the laundry room is pre-plumbed for a sink. Upstairs, you'll find a spacious loft perfect for relaxation or entertainment, complete with a built-in projector. The primary suite offers private access to the balcony, two separate closets, a door that leads to the spa-like bathroom for extra privacy. The bathroom is equipped with dual sinks, a separate tub, and a large shower. Step outside into your backyard paradise, where you'll find a sparkling pool with water features, a baja step, and color-changing lights. The built-in pergola provides additional space for entertaining, and a gas stub is ready for your grill. The home also includes a 3-car tandem garage with overhead storage and a water softener. This community offers a world-class resort experience with amenities such as a luxurious pool, splash pads, numerous parks, Steadfast Farm, and a state-of-the-art clubhouse, The Mark, which hosts events year-round. Don't miss the chance to experience luxury living at its finestthis exceptional home could be yours!

3012 N 17th Drive Phoenix, AZ 85015

$775,000
3 Beds
3 Baths
2,115 SqFt
Status Active Under Contract
MLS # 6756155
Property Type Single Family Residence
Price Type --
Swooning over this one! 1940's classic ranch nestled in the heart of North Encanto Historic District. This residence boasts three spacious bedrooms & three bathrooms, each thoughtfully updated to blend modern comforts with historic charm. Open concept living area is the perfect space for entertaining or relaxing with family. Bonus room offers a multipurpose space to personalize to your needs. Retreat to the master suite, complete with an en-suite bathroom, offering a private oasis for relaxation. Love the Rain shower! The property includes a charming guest house, ideal for accommodating visitors or serving as a private office or studio. Step outside to discover your own personal paradise. The sparkling blue diving pool &spa offers a serene escape on hot AZ days. Located in a vibrant historic district, this home is just moments away from the local shops and dining. Experience the ideal blend of history, style and modern living in this exceptional property. Upgrades: Pool & Spa resurfaced (Sept 2024) Varible speed pump ( 2017) Sand filter replaced ( 2018) Exterior paint & guest house (Sept 2024) Updated baths (2023) HVAC (2015) Roof replaced (2014) Anlin energy efficient vinyl windows replaced (2023) Waste sewer line plumbing (2023 ) Casita conversion permitted 390 sq.ft with a kitchen & bath (2018) Luxury vinyl flooring throughout ( 2021/2023) Custom sunshade by Phoenix Tent & awning ( 2018)

16328 E Ridgeline Drive Fountain Hills, AZ 85268

$775,000
2 Beds
2 Baths
1,984 SqFt
Status Active
MLS # 6750159
Property Type Townhouse
Price Type --
Experience luxury in this FULLY FURNISHED gem at Firerock, renovated in 2024. Featuring elegant tile flooring, new fixtures, and spa-inspired bathrooms, this home exudes modern sophistication. Vaulted ceilings and an electric fireplace feature wall enhance the living space, while a gourmet kitchen with a Subzero fridge, in-wall oven/microwave & gas cooktop, caters to culinary enthusiasts. Stunning mountain views offer a serene desert retreat. The home includes advanced water treatment systems for added comfort. Beyond the home, enjoy a sparkling pool, spa, grill area, scenic walking paths, and a fitness center. Nestled in beautiful Fountain Hills, this home offers the perfect blend of luxury, convenience, and natural beauty.

36169 N Serrano Avenue San Tan Valley, AZ 85140

$775,000 - 3Br/3Ba -  for Sale in Shea Homes At Johnson Farms, Neighborhood 6a 20190, San Tan Valley
New
$775,000
3 Beds
2.5 Baths
2,173 SqFt
Status Active
MLS # 6764579
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This stunning Genova plan is perfectly situated on a premium homesite, offering unmatched privacy with no neighbors behind you and incredible curb appeal. Step inside and be captivated by the luxurious upgrades and thoughtful design throughout. The home features elegant tile plank flooring that extends seamlessly across the open floor plan. The gourmet kitchen is a chef's dream, showcasing Monogram stainless steel appliances, an intricate tile backsplash, upgraded white cabinetry, and an oversized island perfect for gatherings and entertaining. Retreat to the spa-like primary suite, where you'll find a beautifully upgraded tile shower surround, a deep soaking tub, and abundant natural light pouring in. The suite also features a double vanity with a built-in makeup station and under-cabinet lighting for a touch of luxury. For indoor-outdoor living at its finest, the expansive greatroom boasts a stunning wall of glass that opens to a serene outdoor space. The backyard is your personal oasis, featuring travertine flooring and a perfect balance of openness and privacy. Located just steps away from the new Algarve pool and the main clubhouse, La Casa, this home delivers both convenience and resort-style living. This is the one!

15865 E Lost Hills Drive Fountain Hills, AZ 85268

$775,000
3 Beds
2 Baths
1,970 SqFt
Status Active
MLS # 6751511
Property Type Single Family Residence
Price Type --
This is your chance to become the proud owner of this unique gem situated on a corner lot! Unparalleled beauty & impressive craftsmanship are truly shown in this fantastic haven that overlooks scenic mountains & city lights views. Well-maintained interior showcases wood-look tile flooring, high vaulted ceilings, plantation shutters, and an inviting fireplace in the large & airy living room. Fabulous eat-in kitchen comes with stainless steel appliances, ample cabinets with crown moulding, tile backsplash, a breakfast bar, and granite counters. Check out the main retreat, offering plush carpet, a walk-in closet, and an ensuite with dual sinks. Tranquil backyard boasts a refreshing pool, spa, and colorful sunsets behind the mountains. This property has everything you've been looking for!

12833 W Quinto Court Sun City West, AZ 85375

$775,000 - 3Br/4Ba -  for Sale in Corte Bella Country Club Unit I La Posada, Sun City West
New
$775,000
3 Beds
3.5 Baths
2,840 SqFt
Status Active
MLS # 6765427
Property Type Single Family Residence
Price Type --
Casual elegance w/an abundance of amenities is an understatement for this Corte Bella Country Club's finest home...The Mirada. Tucked w/in a cul-de-sac & an interior tract location, this entertainer home includes a POOL & CASITA! Private courtyard w/waterfall leads you through to the Casita private entrance & into year around AZ Lifestyle. Coated concrete & pavers at driveway, walkway & back patio. Secluded & privately fenced backyard, was masterfully re-designed by Arizona Rainfall in 2021. The masterpiece backyard includes firepit, gas heated pool w/lighting, water-fall feature, cool decking that awards you a relaxing retirement lifestyle year around. The Mirada is a 2-suite home w/half bath & den...all the rooms + casita, gives you 3 bedrooms & 3.5 bathrooms. Grand entry w/circular entrance into open concept split floorplan. Shutters, tile flooring, ceiling fans & recessed lighting throughout. Open great room includes fireplace, shelfs, & wet bar. Kitchen includes island, breakfast counter, SS appliances, casual dining space & light-colored granite counters. Den off entry, has French doors & shutters for private home office. Primary suite has a French door out to backyard. Primary bath includes walk-in closet, soaking tub, separate shower, walk-in closet, updated sinks & granite. 2nd suite includes walk-in closet & tub/shower combo. Large walk-in laundry room. This community includes all the amenities and lifestyle you deserve. Prestigious Corte Bella 45+ Guard Gated Community. Corte Bella is well known for their award-winning golf course, Pickleball Courts, Tennis Courts, 2 restaurants, 2 bars, gym, work out classes such as yoga, swimming pool, spa, sauna, and more!

7942 E Moreland Street Scottsdale, AZ 85257

$775,000
4 Beds
3 Baths
1,900 SqFt
Status Active
MLS # 6736790
Property Type Single Family Residence
Price Type --
Wow! Located near Old Town Scottsdale, you have to see this 4 bed, 3 bath home to believe it. The property boasts a rare, 800+ sq. ft. guest house (built in 2017)! Offering approx. 1,900 sq. ft. of living space, the main residence has been remodeled & features glossy floors, modern recessed lighting, & vaulted ceilings. The large great room benefits from natural light & is perfect for entertaining. The primary bedroom is nice! It features a kitchenette, walk-in closet, & ensuite with dual-vanities & a standalone tub as well as its own exit to the outdoors. The backyard has a covered patio & sitting areas with pavers. Like we said, this property has to be seen. With its rare features, great freeway access, & location near retail, dining, & entertainment galore, this is a unique find!

36601 N Mule Train Road Carefree, AZ 85377

$775,000
2 Beds
2.5 Baths
2,165 SqFt
Status Active
MLS # 6744709
Property Type Townhouse
Price Type --
Become the proud owner of this beautiful, fully furnished, 2 Bed, 2.5 Bath, plus a Den townhouse. Gated courtyard entry with a paver driveway. Impressive interior boasts wood floors, soothing palette, recessed lighting thru-out, and abundant natural light.The stunning chef's kitchen showcases shaker cabinets, center island with breakfast bar, high-end appliances, skylight, and subway tile backsplash. Cozy Den perfect for office or lounge area.Each bedroom has private outdoor access, walk-in closets and pristine ensuite. Enjoy endless views of the desert from the relaxing patio. This community boasts a heated pool, walking paths, and putting green. This home includes ALL furnishings in the purchase price.

20886 E Via De Arboles -- Queen Creek, AZ 85142

$775,000
5 Beds
3 Baths
4,054 SqFt
Status Active
MLS # 6736902
Property Type Single Family Residence
Price Type --
Stunning home in this beautiful neighborhood of Hastings Farms in Queen Creek. Check out the curb appeal and 3 split car garage! Walk in & take a look at the formal living room & dining room. Spacious and natural light give this area that homey feel. Step into the grand family room, large sliding door, room for all your friends & family gatherings. Kitchen features, huge island, pendant lighting, granite countertops, plenty of cabinet space, tiled backsplash, gas stove, wall oven, & stainless-steel appliances. It has a large panty. Across is your coffee spot, plenty of room for your gourmet coffee maker and more. Downstairs you will find a bedroom and a full bathroom. Go upstairs and enjoy the large loft. Make is game room, pool table, craft room... etc whatever you would like. There are 3 spacious bedrooms, hallway bath is roomy as well. Down the hallway you will find the grand space of the master bedroom. This is a suite that you will not want to miss taking a walk-through. Large room, windows make it have natural light. Master bath is huge, has a separate tub & shower, double sinks, and whoa, take a look at the master closet!! Go outside and spend time in the covered patio area. Grilling area is plumbed for gas if you like cooking with gas. The rest of the yard is green and has pavers in all the right places for little maintenance. It has a potting area to plant veggies or your favorite flowers. This house is a must see today!

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