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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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.

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25634 N Singbush Loop Phoenix, AZ 85083

$779,000

5 Beds

3.5 Baths

3,482 SqFt

Status Active

MLS # 6701368

Property Type Single Family Residence

Price Type --

Nestled in the picturesque landscape of Stetson Hills in Phoenix, Arizona, stands an exquisite two-story house offering a blend of luxury, comfort, and breathtaking views. This magnificent home boasts five bedrooms, 3.5 bathrooms, and a refreshing pool, all set against the backdrop of majestic mountain vistas. A bedroom downstairs with a walk-in closet and private full bathroom. Two Brand new A/C condensers, brand new lights inside. High ceilings adorned with recessed lighting create an airy ambiance, while oversized windows flood the space with natural light, offering glimpses of the surrounding mountains from every angle. S/S appliances in the kitchen, nicely landscaped backyard and front yard. Close to shopping, grocery, retail, restaurants and major highways just seconds away

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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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2760 Dillon Boulevard Chino Valley, AZ 86323

$779,000

4 Beds

2.5 Baths

2,627 SqFt

Status Active

MLS # 6753082

Property Type Single Family Residence

Price Type --

Quick move in home beautiful Heritage Pointe. This popular 2627 SF Cottonwood model has a split 4 bedroom 2.5 bath floorplan plus a 4 car insulated temperature controlled garage with openers, a utility sink and wired for EV outlet. Upgrades include an extended covered patio, kitchen cabinets with quartz tops, cabinet hardware & crown moldings, laundry cabinets, gas cooktop, gas fireplace, matte black plumbing fixtures and a door from the master closet to the laundry room. Beautiful home for entertaining friends and family!

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2870 Nelson Lane Chino Valley, AZ 86323

$779,000

4 Beds

3.5 Baths

3,009 SqFt

Status Active

MLS # 6669765

Property Type Single Family Residence

Price Type --

REDUCED! 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 a 4-car temperature controlled & insulated garage with utility sink, expanded great room Maple Cabinets, gas fireplace, upscale plumbing fixtures, 10'wide x 8' tall sliding glass door, Upgraded barn door between Owner's bedroom & Bath. Click the Docs Tab to see features and floor plan. A beautiful must-see home!

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3143 E Tiffany Way Gilbert, AZ 85298

Open House

New

$779,000

3 Beds

2.5 Baths

2,702 SqFt

Status Active

MLS # 6759212

Property Type Single Family Residence

Price Type --

Welcome to 3143 Tiffany, perfectly situated on an enviable corner lot in the fabulous neighborhood of Shamrock Estates! From the moment you step through the expansive front foyer, you'll be greeted by the warmth of the real wood floors and the meticulously designed open layout. At the heart of the home is a gourmet kitchen that features granite countertops, staggered cabinetry, a premium R/O water filtration system, a gas cooktop, and double wall ovens—perfect for preparing memorable meals. With 3 spacious bedrooms, an office, and a generously sized bonus room that easily transforms into a 4th bedroom, this home has abundant space for everyone.The primary suite is a serene retreat, offering a custom walk-in closet, an enlarged, fully remodeled shower, and dual vanities that blend style with functionality. Enjoy year-round comfort in the Arizona sunroom, seamlessly connecting indoor and outdoor living spaces. Step outside into your own private resorta backyard paradise featuring a stunning swimming pool, custom gas fire pit, and an array of vibrant fruit trees (including orange, pink grapefruit, lemon, lime, and mandarin orange). Entertain effortlessly with the spacious pergola-covered patio and extensive paver-lined walkways. This home has had numerous upgrades, including updated bathrooms, a revamped laundry room, and a newly installed hot water heater. The attention to detail extends to the exterior, where the front entry has been beautifully redesigned and extended. Located in a vibrant community, Shamrock Estates offers five parks, basketball and sand volleyball courts, and scenic walking trails. Plus, you're zoned to the prestigious Chandler ISD, with the convenience of walking to CTA Freedom Elementary!

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1855 W Patton Street Saint David, AZ 85630

$778,500

4 Beds

3 Baths

3,294 SqFt

Status Active

MLS # 6694403

Property Type Single Family Residence

Price Type --

HORSE LOVERS DREAM PROPERTY on 7.5 Acres! Horse facilities include 40' X 18' Hay barn, arena &round pen are lighted, equipment storage, multiple paddocks, stalls, round pen, wash rack, tack room & a bunk house with stacker washer, dryer &1/2 bath. 3 RV hookups, 2 wells. Irrigated pastures with individual valves on Rainbirds. Charming pond is home to ducks & is often visited by migrating birds. Solar system & propane tank are owned & will transfer with sale. Gorgeous home w/4 bdrms, 3 baths, 2 fireplaces, lots of custom cabinets & gourmet kitchen. Primary bedroom suite includes gas log fireplace, patio door to front full length (12' X 79') covered porch w/Kiva fireplace, luxurious master bath w/double sinks, jetted tub and spacious step in shower. Kitchen w/2 sinks, appliance garage, wine Refrig, Granite counters, reverse osmosis at sink and custom cabinets. Formal dining room w/custom cabinets and sink. Living room features a pellet insert fireplace & more custom cabinetry. Second bedroom was previous master bedroom w/private bathroom. Third & fourth bedroom share full bath in hall. Half bath in the back patio. Master suite is on it's own heat pump, water heater & septic system. Huge pantry room off kitchen & a trophy room between that & the workshop/double garage. COME VISIT, YOU AND YOUR CRITTERS WILL FALL IN LOVE!!

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14015 N Hampstead Drive Fountain Hills, AZ 85268

$778,000

3 Beds

2 Baths

2,122 SqFt

Status Active

MLS # 6760210

Property Type Single Family Residence

Price Type --

Welcome to your ideal home! This single-story gem boasts 3 beds, 2 baths, & a spacious 2-car garage, spanning 2122sqft of comfortable living space. As you step inside, you're greeted by the charm of beamed ceilings and a focal fireplace, creating a cozy ambiance. The home features energy-efficient windows and sliders installed in 2022, along with a new HVAC system for optimal comfort year-round. Enjoy the convenience of a circular driveway & the beauty of pavers & turf in the backyard, perfect for low-maintenance yet stylish outdoor living. Large pool was remodeled with new pebble tech, new equipment & extended cool decking. Massive space for RV with hookups and RV gate. Also included is the attached lot for a combined .60 acre of comfortable living space or room to expand with no HOA!

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15221 N Clubgate Drive Unit 2130 Scottsdale, AZ 85254

$778,000

3 Beds

2 Baths

1,849 SqFt

Status Active

MLS # 6753139

Property Type Apartment

Price Type --

A REMODELED STUNNER 3-bed unit next to Kierland Commons, the Scottsdale Quarter, & the Westin Resort & Spa! This home has featured extensive kitchen updates opening up the area, upgrading cabinetry, adding newer stainless appliances, stone countertops, & a R.O. water system! The main living area features sleek wood-like tile, a remote-start fireplace, & a dining nook! The guest rooms are well-sized with an upgraded guest bathroom & matching stone counters! The primary suite is spacious, with his & hers custom closets, including the primary bath having matching stone counters, dual sinks, & an updated tub + shower! The home has 2 NEW AC units (3/2022), new shutters throughout, a new tankless water heater, new water softener, new smart washer + dryer, & an epoxied garage! Come see ASAP!

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2310 E Sunnyside Drive Phoenix, AZ 85028

$778,000

3 Beds

2 Baths

2,148 SqFt

Status Active

MLS # 6727882

Property Type Single Family Residence

Price Type --

Discover this peaceful 3-bedroom family home that offers luxurious mountain views from both the front and back of the property. Step inside to brand new carpet and fresh paint throughout, enhancing the spacious feel of the vaulted ceilings. The completely redone backyard is ideal for hosting or a quiet evening decompressing outdoors. Indulge your morning coffee or a nightcap on the spacious second-story deck, soaking in the views. Enjoy the convenience of a two-car garage and two driveways. The updated upstairs master bath features a steam shower that makes relaxing an ease. Located within walking distance to a mountain preserve, great for those who appreciate the outdoors. This home is a hidden treasure in 85028. Come see it in person to truly appreciate the detail and charm.

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13230 W Castlebar Drive Sun City West, AZ 85375

Open House

New

$778,000

3 Beds

2 Baths

2,856 SqFt

Status Active

MLS # 6764397

Property Type Single Family Residence

Price Type --

Spectacular Sunsets & Mtn Views on the 18th hole of the prestigious Briarwood Country Club * 2022 Renovated 3 bed/2 bath Homestead, H788 model * 100k of additional improvements * Open concept w/ amazing kitchen island w/ quartz waterfall counters * SS Frigidaire appliances & Samsung range w/ conv/ air fryer * Primary suite w/ expansive walk-in closet w/ built-in shelving & 5 piece luxury bath w/ enclosed wet room w/ soaking tub & water closet * Generous size laundry space that can double as a Flex Room * 2022 Lux vinyl plank flooring * NEW remote blinds throughout * NEW contemporary tile roof * 3 NEW patio's, cover & landscape * Dual Pane Anderson windows * 3 NEW panels of glass replaced for patio doors * NEW Anderson Screens * NEW Front Doors * NEW Water Heater. Extended 2.5 car garage. IMPROVEMENTS: Over $100,000 From 2022 to 2024 by sellers: New Front Door & Storm Door 2023 Replaced Skylight 2024 New Roof 2022 w/ 10 yr transferable warranty All New Landscaping & 3 New Patios 2022 New Patio Cover w/ Lifetime Warranty 2022 New Samsung Washer & Dryer 2022 Replaced Glass in Three Patio Doors 2022 New Anderson Screens in All Windows 2022 New Water Heater 2022 Remote Window Coverings 2022 New Garage Door & Opener 2022 New Thermostats 2022 New Dimmers 2022 New Ring Doorbell & 3 Exterior Cameras & much much more! * The following exterior items do not convey: * Dome Lights * Tiki Lights * Some Yard Art (2 metal cactus in back) * * Some Furnishings & contents available on Separate Bill of sale * SUN CITY WEST HAS 4 RECREATION CENTERS & 7 GOLF COURSES. THERE ARE 2 PRIVATE GOLF COURSES BRIARWOOD & HILLCREST, OPEN TO THE PUBLIC! Rec Centers with swimming pools, lap pools, Hot tubs and every activity, work shop, and craft you can think of! Bowling, Pickleball & Tennis are just a few of the many activities & many clubs! Close to shopping, restaurants & entertainment! Close to Spring Training Base Ball Fields. Close to Arrowhead Mall, Lake Pleasant Growing amenities like medical facilities, hospitals, entertainment, shopping & restaurants!Close to Grand Ave, Bell Rd & the 303! The list goes on & on!

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19009 W Lawrence Road Waddell, AZ 85355

$776,725

3 Beds

2.5 Baths

2,780 SqFt

Status Active

MLS # 6717681

Property Type Single Family Residence

Price Type --

our guests will be impressed as they enter your formal foyer and see the 11' ceilings in the Family Room of this very open floor plan. With 2773 sq ft, this home has the perfect amount of space in all the right places. The Owner's Suite has an impressive Walk-In Shower with custom tile. The Gourmet Kitchen is a Cook's Delight, with walk in pantry, gas cooktop, upgraded cabinets, countertops. Upgraded flooring throughout. Enjoy the versatility of having both a study and retreat. All 3 bedrooms include walk-in closets. Enjoy even more storage with this highly sought after 4 car garage! Too many additional upgrades to name make this home a ''Must See''! 2X6 CONSTRUCTION; EXTENSIVE NEW HOME WARRANTY

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