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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21611 S 191st Place Queen Creek, AZ 85142

New

$776,501

4 Beds

2.5 Baths

2,661 SqFt

Status Active

MLS # 6765459

Property Type Single Family Residence

Price Type --

MLS#6765459 January Completion! As you enter the Ramsey through the foyer, a hallway to the right leads to three secondary bedrooms and a full bath. Continuing straight, you'll pass a spacious laundry room before arriving at the open-concept kitchen, gathering room, and dining area. The primary suite is located at the back of the home, featuring a lovely private bathroom with double vanity sinks and a generous walk-in closet. Structural options added include; 4th bedroom and gourmet kitchen.

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18627 W Cathedral Rock Drive Goodyear, AZ 85338

$776,500

3 Beds

2.5 Baths

2,763 SqFt

Status Active

MLS # 6743269

Property Type Single Family Residence

Price Type --

Big Corner Homesite in Cul De Sac! Discover this stunning luxury single-story home, to be built within appx 5-6 months, in an exclusive all single-story community. This unique 60' wide residence features 3 bedrooms, 2.5 bathrooms, a versatile study or media room, pet shower, and a spacious 3-car tandem garage with a pavered driveway. The elegant, chef-inspired kitchen boasts a gas cooktop, wall oven/microwave, quartz countertops, 42'' upper cabinets, and opens to a spacious great room with a 20' multi-slide door, perfect for seamless indoor-outdoor living. The primary suite offers a zero-step entry shower, a huge walk-in closet with direct access to the laundry room. Spray foam insulation in the attic and exterior walls, plus a tankless water heater. Choose your finishes! Pics of model.

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1283 E Saragosa Street Chandler, AZ 85225

$775,999

5 Beds

3 Baths

3,662 SqFt

Status Active

MLS # 6714405

Property Type Single Family Residence

Price Type --

Stunning upgraded Home with 5 bedroom plus large flex room. Beautiful entry, large formal living and dining with tile, stone and plantation shutters. Kitchen has Cherry cabinets , stone flooring and corian counters. Large family room w/ gas fireplace. Guest bedrooms, full bath downstairs. Amazing master suite on second floor. Private pool in spacious backyard. Beautiful Park Across the street.

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19147 N 270th Avenue Buckeye, AZ 85396

$775,900

3 Beds

2.5 Baths

2,800 SqFt

Status Active

MLS # 6757649

Property Type Single Family Residence

Price Type --

Come check out this SPECTACULAR NEARLY NEW Voyage Model home loaded with upgrades and STILL UNDER PULTE'S ONE YEAR HOME WARRANTY COVERAGE! It all begins with amazing street appeal. But the real treat is out back with an Arizona Rainfall heated Pool & Firepit surrounded by Travertine & Artificial Grass in all the right places, fenced and with Mountain Views. Inside you will find LVP flooring throughout, matching Granite Countertops in Kitchen & Bathrooms, Cape Cod Maple Cabinets throughout the home, Ceiling Fans throughout the home & back Patio, Tray Ceilings in the Foyer, Den & Owner's Suite along with a Tiled Walk-in Shower. Custom Barn Doors in the Owner's Suite and Guest Wing Entry & high end Kitchen appliances. And for a bonus, how about an air-conditioned Garage. This home has it all

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10922 N 153rd Lane Surprise, AZ 85379

$775,500

5 Beds

3.5 Baths

4,177 SqFt

Status Active

MLS # 6744647

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This spacious 4,177 square foot residence boasts 5 bedrooms and 3.5 bathrooms, offering plenty of space for family and guests. The first floor features a guest or in-law suite complete with a full bathroom and a generous walk-in closet, providing comfort and privacy for visitors. Each bedroom comes with its own walk-in closet, and the master suite is a true retreat with two full-size walk-in closets and a full-size balcony, perfect for morning coffee or sunset views. The luxurious master bath is enhanced by a double-sided fireplace facing a large freestanding soaker tub, creating a serene and cozy atmosphere. The heart of the home is the chef's dream kitchen, equipped with three ovens, including gas and electric convection, a flat griddle top, and six burners. Entertain with ease around the expansive kitchen island that seats eight, and enjoy the convenience of a beverage fridge that holds up to 20 bottles of wine and over 50 cans of soda. While the house has been updated, there are still opportunities for you to add your personal touch. (Fixer Upper) The home backs up to a tranquil greenbelt, providing a serene and picturesque backdrop. Located in a gated community, this home is just 3 miles from the new Prasada shopping center and Costco, with easy access to the 303 and Northern Parkway, connecting you to the 101 and I-10. Practical updates include new AC units, a new roof, garage openers, a hot water tank, and a pool filter, all installed in April 2021 with warranties that transfer to the new owner. With a full-price offer, the home comes with fully paid and owned 59 solar panels. This home is priced to sell and is waiting for you to make it your own. Don't miss the opportunity to live in luxury and comfort in this exceptional property!

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29869 Feather Mountain 27 Ac -- Paulden, AZ 86334

$775,000

3 Beds

2 Baths

1,754 SqFt

Status Active

MLS # 6749465

Property Type Single Family Residence

Price Type --

Welcome to your own slice of paradise! Breathtaking views from this amazing home nestled on 26+ acres of pristine land yards from the Prescott National Forest. Open and split floorplan, this home features 3 bed and 2 full baths. The living room boasts a gorgeous wood burning fireplace and vaulted ceilings. Bright and neutral kitchen with large island, ample cabinet space, and solid surface countertops. Retreat to the primary suite complete with a spacious bath, sitting area, and massive closet. Additional bedrooms offer comfort and privacy for family and guests. 3 car attached (31'x23') garage AND 4 car attached RV garage (19'.6''x45'.10'') with 16' ceiling. RV garage includes 1/2 bath and workshop area. Enjoy the endless views from the hot tub located on the deck. Strong 12+gpm well/.

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316 W Elk Song Trail Payson, AZ 85541

$775,000

3 Beds

2.5 Baths

1,740 SqFt

Status Active

MLS # 6632758

Property Type Single Family Residence

Price Type --

Unique community on Haigler Creek. Has approx 140 ft creek frontage . creek runs year round and is stocked by G&F in summer. Backs to forest svc land. 3 story log siding home. Extra room on 1st level is not included in sq ft. Garage has extra storage plus Storage shed. Ramp to house for easy access. Covered deck on 3 sides of house. Balcony off one upstairs bd.. Master bd on main level. Pantry and laundry room off kitchen. antler chandelier included

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1690 W Yucca Drive Wickenburg, AZ 85390

$775,000

3 Beds

2 Baths

2,446 SqFt

Status Active

MLS # 6690342

Property Type Single Family Residence

Price Type --

Welcome to your dream Spanish-style retreat! This charming home boasts exquisite architectural details, including beautiful, vaulted wood ceilings that add warmth and character to the interior. Step inside to discover a large, spacious floor plan that provides ample room for comfortable living and entertaining. The centerpiece of the living area is a floor-to-ceiling brick fireplace, perfect for cozy evenings spent with loved ones. The kitchen and bathrooms feature unique tile designs, adding a touch of Spanish flair to the home's aesthetic. Prepare meals in style in the spacious kitchen with upgraded appliances. With three bedrooms, there's plenty of space for family and guests to relax and unwind. Plus, with a 5-car garage, you'll have ample storage for vehicles and outdoor gear. Situated on over an acre of land, this property offers privacy and tranquility, allowing you to escape the hustle and bustle of everyday life. Seller replaced the roof in January of 2024 and the bedrooms windows are being replaced by Renewal by Anderson. And let's not forget about the breathtaking mountain views overlooking the lush greens of the golf course - the perfect backdrop for enjoying your morning coffee or evening cocktail.

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1037 E Moreland Street Phoenix, AZ 85006

$775,000

2 Beds

2 Baths

1,572 SqFt

Status Active

MLS # 6757462

Property Type Single Family Residence

Price Type --

GREAT INVESTMENT OPPORTUNITY......This property located in the HISTORICAL GARFIELD DISTRICT, has 2 SEPARATE LIVING DWELLINGS on it. The first unit is 1572 Sqft. It is 1 bedroom with a separate den that can be used as a 2nd Bedroom, in what was converted from the original storage cellar accessed by a newly tiled set of stairs. The unit has 2 bathrooms that were fully updated with new vanities and tiled Shower/Tub combos. The unit has a mixture of the original hardwood flooring along with some newer installed tile & NO CARPET. The kitchen has a kitchen island w/ breakfast bar with storage space underneath, granite countertops, upgraded cabinets, gas stove, updated sink, over range microwave oven & fridge included. The area which houses the water heater includes a full size washer & dryer. There is access to a yard and the long drive thru a security door in the laundry room. The long driveway provides room to park multiple vehicles along the side of the house with entry to the driveway via Moreland Street with a sliding gate that can be locked for added security. The exterior of the dwelling is surrounded by crushed rock for easy maintenance. The 2nd dwelling ,Built in 2016, is on a Single Level , and has over 1400 Sqft. of living space. It offers 2 Bedrooms and 2 Bathrooms. Both bedrooms have adjustable lighting level settings for the recessed lights, and ceiling fans too. Both bedrooms offer have walk-in closets and provide direct access to their own separate bathrooms which have a newer mirrored vanity and come with a nicely tiled tub/shower combo with sliding doors. In 2024 the flooring throughout the unit was given new tile thus there is NO CARPET. The unit has a kitchen with upgraded stainless steel appliances, granite countertops, and a granite covered kitchen island with breakfast bar w/ storage underneath it. There is an eat-in dining area next to the kitchen and a convenient doorway from the kitchen directly to the side of the unit. The spacious laundry room includes a washer and dryer as well as has a large area of shelving that can serve as a pantry and also houses the hot water heater on a raised platform. On the outside there is a carport and can park 2 cars behind a security gate or use space for a patio which has a door from the carport directly into the unit through its laundry room. The front of the home has easy to maintain crushed rock and is just a few feet away from a bus stop and about 150 yards from an overpass that allows access to safely cross over from the south side of the highway to the north side. The 2 dwellings have all separate utilities except for sharing a single water meter .

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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.

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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

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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!

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