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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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!

19550 N Grayhawk Drive Unit 1028 Scottsdale, AZ 85255

$775,000
3 Beds
2 Baths
1,668 SqFt
Status Active
MLS # 6741375
Property Type Townhouse
Price Type --
MOUNTAIN VIEWS, NO STAIRS, ALL ONE LEVEL, NO CARPET - A peaceful retreat tucked in a quiet corner with quick ingress egress off Haulapai Drive this unit was completely rehabed 2 years ago. Features include all new luxury vinyl flooring, 5'' baseboards, kitchen & bath cabinets, quartzite (not quartz) counters, SS appliances, reverse osmosis, remote controlled blinds, murphy bed, all LED lighting, ceiling fans, new closet in primary & secondary bedrooms with custom closet design, built in cabinets throughout for additionoal storage cabinets with lighted displays & owned water softener. Garage features includes epoxy coated flooring & built in cabinets. No details missed on this one - move in ready & beautifully done! Make an apppointment today!

6537 E Palm Lane Scottsdale, AZ 85257

$775,000
3 Beds
2 Baths
1,582 SqFt
Status Active
MLS # 6754376
Property Type Single Family Residence
Price Type --
Experience the ultimate in modern living in this stunning, meticulously renovated home nestled in the highly desirable Hy-View neighborhood of South Scottsdale. Step inside and be greeted by the light-filled kitchen and dining area, complete with vaulted ceilings and sleek tile plank floors. The stylish cabinets and quartz countertops, every detail has been carefully curated to create a space that is both functional and luxurious. The primary suite is a true oasis, featuring a walk-in closet and a spa-like master bath with double sinks and a glass shower. Two additional bedrooms offer versatility as home offices or workout room while the backyard is perfect for outdoor entertaining with its covered patio and pool.

907 & 911 E Goodwin Street Prescott, AZ 86303

$775,000
4 Beds
2.5 Baths
2,161 SqFt
Status Active
MLS # 6746779
Property Type Single Family Residence
Price Type --
48 HOUR NOTICE REQUIRED. **PLEASE DO NOT DISTURB TENANT**INVESTOR'S ....This has VRBO, Air B&B, or Long Term Rental written all over it!!! Here we have 2 separate units less than ½ mile/5 minutes from the Prescott Square in Historic Prescott, Arizona!!! Both properties, basically a Duplex, are on a .16 acre lot that cannot be split.....911 Goodwin was built in 1953 as a single story cottage, has 1009 Square Feet, 2Bedrooms/1Bathroom, Original Wood Floors, Painted Cabinetry, Tile countertops, Newer Wall furnaces, & Laundry Room....907 Goodwin was built in 2007 as a 2 story home, has 1152 Square Feet, 2bedrooms/1.5bathrooms, with New Vinyl windows, Luxury Vinyl Flooring, White Cabinetry, Granite Tile Countertops, Open Deck, & Laundry Room. Off-street parking only with no garages. Bedrooms for 907 are upstairs with full bath & dual sinks. Backyards are both fenced, & both have been recently painted and roofed. Must see to appreciate.

735 W Aire Libre Avenue Phoenix, AZ 85023

$775,000
4 Beds
2.5 Baths
3,016 SqFt
Status Active
MLS # 6751508
Property Type Single Family Residence
Price Type --
Seller priced for quick sale! Beautifully updated two-story home with 4 beds + a very spacious enclosed loft. Kitchen features 2.5'' thick granite slab, under cabinet lighting, a large pantry & is perfectly positioned to overlook the backyard and family room. Newer equipment & resurfacing of pool & spa done recently. newer water heater. The bathrooms have all been remodeled as well & feature newer tiled showers, quartz counters, dual vanity & a huge walk-in closet. The large first floor master suite has a separate exit and a clear view of the backyard. The resort style backyard features a beautiful pool, spa, grass area, expansive covered patio, built-in BBQ & a side yard. 3-car garage w/ multiple walls of built-in storage cabinets as well.

8245 E Bell Road Unit 240 Scottsdale, AZ 85260

$775,000
3 Beds
2 Baths
1,819 SqFt
Status Active
MLS # 6762520
Property Type Townhouse
Price Type --
This gorgeous townhome is 100% turn-key, comes fully furnished and has an outstanding location in this beautiful gated community. Features include an updated, spacious kitchen with stainless steel appliances, breakfast bar and eat in kitchen. Home is light & bright w/ soaring ceilings, large living room w/ fireplace & bar area, and beautiful mountain views. Huge primary bedroom & bath w/ tiled shower, double sinks and his & her closets. 2 nice size additional rooms w/ ceiling fans and large closets (flooring for these 2 rooms is in the garage). Relax on your private covered patio overlooking park w/ mountain views. Enjoy a 2 car garage with indoor access. Wonderful, convenient location offers an abundance of golf, hiking and fine dining options, w/ Sky Harbor about 20 minutes away.

39447 N Kennedy Drive San Tan Valley, AZ 85140

$775,000
3 Beds
2 Baths
1,905 SqFt
Status Active
MLS # 6740999
Property Type Manufactured Home
Price Type --
Buyer failed to perform!!! Amazing potential on this 3bed 2 bath, 3.70 acre horse property located just a stone's throw away from town, you'll have easy access to shopping dining and local amenities making this home an ideal choice for those seeking balance of rural charm and urban convenance. 3 Large pastures, flood irrigation and covered stalls are just a few bonuses that this property has to offer. Come see for yourself!

22911 E Thornton Road Queen Creek, AZ 85142

$775,000
5 Beds
3.5 Baths
3,407 SqFt
Status Active
MLS # 6702079
Property Type Single Family Residence
Price Type --
Ask for SELLER CONCESSIONS to buy down your rate! Welcome to your dream home nestled in the heart of Barney Farms, where luxury meets adventure! This stunning property boasts a prime location within Barney Farms community, offering residents exclusive access to a 22-acre deep water lake for unparalleled kayaking and canoeing experiences. But there's more-Barney Farms is a paradise for outdoor enthusiasts, with amenities like volleyball courts, pickleball, zip lining, and scenic walking trails right at your doorstep. In addition there is the ultimate aquatic retreat at the community's expansive 12,000 square foot aquatic center. Dive into one of the multiple community pools, relax under one of the 17 ramadas, or explore the various parks scattered throughout the neighborhood. Inside this magnificent home, you'll find 5 spacious bedrooms and 3.5 bathrooms, perfect for accommodating family and guests. The attached 4-car garage provides ample space for all your vehicles and toys. Step into the gourmet kitchen, where stylish design meets functionality. Admire the sleek range hood, gas appliances, and farmhouse sink, complemented by crisp white cabinets and an open floorplan ideal for entertaining. Outside, the landscape is a true oasis, complete with lush foliage, elegant pavers, and low-maintenance synthetic grass - the perfect setting for outdoor gatherings or simply enjoying the Arizona sunshine.

10080 E Mountainview Lake Drive Unit 159 Scottsdale, AZ 85258

$775,000
2 Beds
2 Baths
1,152 SqFt
Status Active
MLS # 6697685
Property Type Apartment
Price Type --
Welcome to luxury lakeside living at Scottsdale Bay Club in the prestigious Scottsdale Ranch community. This fully remodeled ground floor unit offers breathtaking views of Lake Serena, ensuring a serene and picturesque backdrop for your daily life. This meticulously updated 2-bedroom, 2-bathroom residence boasts modern finishes and attention to detail throughout. Step inside to discover an inviting living space, flooded with natural light and designed for both relaxation and entertainment. The kitchen is a chef's dream, featuring sleek cabinetry, premium appliances, and ample counter space for culinary endeavors. Enjoy meals with a view in the adjacent dining area, overlooking the tranquil waters of the lake. Continue.... The spacious bedrooms provide comfortable retreats, each offering privacy and comfort. The master suite includes a luxurious ensuite bathroom and generous closet space, while the second bedroom offers versatility for guests or a home office. One of the highlights of living at Scottsdale Bay Club is the direct gate access to Scottsdale Ranch amenities. Residents can take advantage of tennis courts, racquetball, volleyball, playgrounds, basketball courts, and a baseball field, all within walking distance. Cross the walking bridge over Via Linda and discover a vibrant array of dining, shopping, and entertainment options. From bars and restaurants to a pharmacy, gym, nails salon, bank, coffee shops, and even an ice cream parlor, everything you need is just steps away. Additional features of this exceptional property include a one-car garage for convenient parking and storage. With its prime location, stunning views, and luxurious amenities, this ground floor unit at Scottsdale Bay Club offers a lifestyle of unparalleled comfort and convenience. Don't miss your chance to experience resort-style living in the heart of Scottsdale. Schedule your private showing today and make this lakeside retreat your own.

2081 W Maplewood Street Chandler, AZ 85286

$775,000
4 Beds
3 Baths
2,836 SqFt
Status Active Under Contract
MLS # 6763367
Property Type Single Family Residence
Price Type --
Unveil the charm of this perfectly maintained 4-bedroom retreat, a flawless blend of convenience & functionality! You'll LOVE the spacious layout boasting an inviting living room, formal dining & desirable great room open to a chef's dream kitchen w/newer appliances and walk-in pantry. Bedrooms are split for privacy or perfect mother-in-law setup. Romantic primary bedroom in its own wing includes spa-like ensuite w/large walk-in closet. Step into a backyard paradise w/sparkling clean pool & spa, garden beds, citrus, relaxing covered patio. Split garages and RV gate for parking options, with 20-amp service and storage galore! Location can't be beat in South Chandler with excellent schools, close to Intel, easy freeway access and a hub of shopping & restaurants. This gem is move in ready!

10956 S Oakwood Drive Goodyear, AZ 85338

$775,000
5 Beds
3 Baths
3,539 SqFt
Status Active
MLS # 6763972
Property Type Single Family Residence
Price Type --
This stunning 5-bedroom, 3-bathroom executive home is nestled in the prestigious Estrella Mountain Ranch, offering a luxurious lifestyle with access to incredible amenities, including lakes for boating and fishing, miles of scenic trails, golf courses, residents' clubs, and fine dining options like Cafe Bebida and the Lakeside Grill. The home is set on a large lot with breathtaking mountain and backyard views. The home has been beautifully updated within the last four years, featuring a premium GE Café kitchen package, remodeled kitchen, laundry room, and bathrooms. Fresh paint inside and out, along with new AC units, a new roof, and modernized lighting and security fixtures, elevate the living experience. Step into a resort-style backyard with a newly plastered and upgraded pebble-tech pool, complete with a waterfall feature. Multiple flagstone patios, a pergola, built-in BBQ island, outdoor fireplace with bench seating, and lush landscaping featuring palm, shade, and fruit trees create an entertainer's paradise. The space is perfect for hosting gatherings or enjoying peaceful mountain views through the view fence. The home is designed with families in mind, offering a spacious layout with built-in shelving, crown molding, an oversized 3-car garage with extensive storage, and a large oak staircase leading to a loft area. The primary suite offers a luxurious retreat with a private balcony, whirlpool tub, and double walk-in closets. Two downstairs bedrooms, one of which could function as a game room, offer flexibility and ease of access. Upstairs, three bedrooms feature walk-in closets and serene views, with the primary suite boasting an electric awning for outdoor comfort. This home is a true gem, combining elegant living with practical upgrades and a stunning natural setting. Perfect for families looking for an executive lifestyle with access to top-notch community features.

7912 E Pecos Lane Scottsdale, AZ 85250

$775,000
3 Beds
3 Baths
2,130 SqFt
Status Active
MLS # 6762566
Property Type Townhouse
Price Type --
Welcome to this beautifully updated patio-home located in the heart of Scottsdale! Step inside to discover a spacious and bright floor plan that boasts style and high-quality touches, including hardwood & elegant travertine tile flooring. This inviting home features TWO generously sized PRIMARY SUITES, one upstairs and one downstairs, each complete with its own private patio/balcony, offering privacy, relaxation and views of Camelback Mountain. The living room seamlessly connects to the dining, kitchen & den areas, making it perfect for entertaining. The backyard features a covered patio/pergola & desert landscaping with a peaceful water fountain. You have to see this home in person! Residents of Laguna San Juan can take advantage of the various amenities, including two heated pools and.. a clubhouse, and a workout facility. The neighborhood itself offers an array of recreational options such as parks, lakes, and bike/walking trails, ideal for those who enjoy an active lifestyle. Additionally, the convenience of having grocery stores nearby and being in close proximity to Old Town Scottsdale makes this location even more appealing for those seeking both convenience and a vibrant social scene. This home is truly move-in ready. Don't miss this gem in a prime Scottsdale location!

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