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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15981 W Cambridge Avenue Goodyear, AZ 85395

$775,000

2 Beds

2 Baths

2,238 SqFt

Status Active Under Contract

MLS # 6743148

Property Type Single Family Residence

Price Type --

Welcome to your new completely updated, move in ready home. No need to change a thing in this beautifully updated 2 bedroom / 2 bathroom with a den Sienna model comes with a soft, new color palette, all new LED lighting, elegant white granite and quartz countertops, shiplap accents, new waterproof wood look flooring throughout & large walk in, freshly tiled showers. Too many updates to list ! This home is also upgraded with extended depth garage bays, private heated spa & pool with multiple water features. Slider off your front courtyard makes it perfect to entertain friends or a quiet evening listening to your waterfall. Maximum energy efficiency from owned solar and a brand new AC installed in 2024 = fantastic savings in the summer months. Don't hesitate to come see this lovely home no

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3446 E Turney Avenue Phoenix, AZ 85018

$775,000

3 Beds

3 Baths

1,685 SqFt

Status Active

MLS # 6739560

Property Type Single Family Residence

Price Type --

ARCADIA LITE...Move-in ready OR remodel? This beautiful corner lot nestled in Arcadia Lite is ready for you to choose a now or later remodel/addition. The seller is including fully approved plans which have been accepted by the City of Phoenix. So you have the flexibily as this 3 bed/3bath home is perfectly move-in ready for the most discriminating buyer OR take advantage of the amazing corner lot opportunity and the pre approved plans and build an amazing home. No waiting, you could pull permit tomorrow. The design plans include an expansion of the home to 2300 sq ft, 10 ft ceilings, walk in closets, two car garage. This well thought out design can only happen on this unique corner lot in Arcadia Lite. Take advantage of this opportunity, it won't last long!

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2946 W Thorn Tree Drive Phoenix, AZ 85085

$775,000

4 Beds

3.5 Baths

3,247 SqFt

Status Active Under Contract

MLS # 6703295

Property Type Single Family Residence

Price Type --

Welcome home to the highly sought-after Stoneledge at North Canyon gated community! This Tahoe Model offers 4 bedrooms and 3.5 bathrooms, boasting a range of designer upgrades. The gourmet kitchen features a large granite center island, staggered cabinets, and a breakfast nook that seamlessly opens to the great room. Double sliding doors lead to your private backyard oasis with a sparkling pool. Upstairs, the expansive Master Suite includes a sitting room, a generously sized walk-in closet, and an upgraded master bath with dual sinks, a soaking tub, and a separate shower. Each of the other 3 bedrooms also boasts walk-in closets. This home is designed for energy efficiency and modern convenience, featuring a tankless water heater, Smart switches, motion lights, and an alarm and an alarm system. Stoneledge at North Canyon is a fantastic community with parks and walking paths, offering a blend of luxury and comfort for its residents.

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30224 N 170th Street Rio Verde, AZ 85263

$775,000

2 Beds

2.5 Baths

2,179 SqFt

Status Active

MLS # 6700763

Property Type Single Family Residence

Price Type --

Inclusive of 2 parcels for a total of 4.37 acres. Come experience endless panoramic 360-degree mountain views from every window of this unique home. It seamlessly combines quaint charm with modern amenities, boasting an open floor plan flooded with natural light upstairs. The lower level features a potential private living quarters for guests' or a flex space/game room and 3rd bedroom. Custom-built, this home is well insulated, has window coverings throughout, and a pre-built elevator shaft already in place. With 4.37 acres at your disposal, there's ample room for a garage, guest house, or horse setup. Just a short distance on a dirt road, bring your toys or horses and enjoy!

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3000 E Misty Mountain Loop Prescott, AZ 86303

$775,000

3 Beds

2 Baths

2,044 SqFt

Status Active

MLS # 6718714

Property Type Single Family Residence

Price Type --

Hidden treasure in the tall Ponderosa Pines just south of Prescott on 2 acres with 3 bed 2 baths and a 3 car garage. So many upgrades to make it a year round home or a great get away that is fully functional for the entire family. Metal roof over this beautiful 2044 sqft home and a 5 year warranty along with over $200,000 in upgrades so that it can be a year round home. Full list is attached however to name just a few updates include Anderson windows, Prestige security doors, plank board flooring, porcelain tile in the kitchen, stainless steel appliances, front yard fencing, with 3 gates, AC, and a whole house backup generator. Landscaping was updated to allow proper drainage so nothing puddles and you have easy access to your property. Seller was considering building a workshop and started a PAD and driveway ( see pictures). Garage itself will fit 2 cars, UTV and still have room to move. Additional storage sheds on property for items less needed. Well was recently serviced and produces 15 gpm, more information in documents along with a survey, septic pump and functional certification for transfer of ownership. Hot Tub will not convey. Pictures do not give this property justice and should be seen in person.

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8710 N Prescott Ridge Road Prescott Valley, AZ 86315

$775,000

4 Beds

2 Baths

2,316 SqFt

Status Active

MLS # 6719299

Property Type Single Family Residence

Price Type --

Step into this beautifully updated home in Prescott Valley, where modern elegance blends seamlessly with comfort, creating a haven you'll never want to leave. Imagine waking up to breathtaking views right outside your front door, setting the perfect tone for each day. From the moment you walk in, be greeted by the gleaming new flooring that harmonizes perfectly with the fresh indoor and outdoor paint, flooding the home with natural light and a sense of openness. Relax in the spacious living room, complete with a cozy fireplace that sets the scene for intimate gatherings or quiet evenings in. Enhanced by the addition of brand-new quartz countertops in the kitchen, this home presents 4 full bedrooms, 2 bathrooms, all situated on a sprawling 6-acre plot of land. The two-car garage with an epoxied floor, offers not just functionality but a touch of luxury. With new toilets and other essential updates already taken care of, moving in and making this house your home is as easy as can be. Newly graded pad ready for your RV or Barn. Come see it before it's gone and experience the perfect blend of modern luxury and comfort in Prescott Valley!

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8634 E Monterosa Avenue Scottsdale, AZ 85251

$775,000

3 Beds

2 Baths

1,936 SqFt

Status Active

MLS # 6717698

Property Type Townhouse

Price Type --

Located in the Sands East Townhouse community, this home was recently renovated and has been has impeccably maintained. Open living, dining, and kitchen floorplan with new flooring, quartz countertops, eat-in bar top, stainless steel appliances, and custom white cabinets. Primary suite features large window and remodeled bathroom with dual sink vanity and oversized shower. Backyard includes covered patio and expanded tile patio with multiple areas to dine, lounge, and entertain. Desert front and back landscaping with new plants, lighting, and drip irrigation. Additional features include new interior paint, 2 guest bedrooms, and NEST thermostat. Home is located just minutes from Scottsdale's top resorts, shopping, golf, and restaurants.

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2473 E Mead Drive Gilbert, AZ 85298

$775,000

5 Beds

2.5 Baths

2,890 SqFt

Status Active Under Contract

MLS # 6738091

Property Type Single Family Residence

Price Type --

Located in highly sought after Freeman Farms, this home sits on a premium lot offering privacy (no neighbors behind), stunning views of San Tan Mountains, countless upgrades, smart home compatibility. and so much more. This Cayman Floor plan is unique, as it has 5 bedrooms (split floor plan), 3 bathrooms, plus an office at the front of the home, and an extended garage allowing space for storage and large vehicles. The extensive list of upgrades include, 42'' cabinets to kitchen/hallway/laundry room, Kutch Professional Natural Gas Range, 11 Stage R/O system, Water Filtration system for the entire home and Premium Bamboo Flooring in all bedrooms. Pavers were professionally installed running the length of the home, extending to the pool and covered patio. Smart home compatibility features include all locks to the home, garage door opener, irrigation, 2 zone surround sound system (inside & out), 2 (220V) electric car chargers in garage, 11 Camera Security system, pool feature and more. This home checks all the boxes and really must be seen in person to see all that it has to offer.

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8637 E San Miguel Avenue Scottsdale, AZ 85250

$775,000

4 Beds

3 Baths

2,149 SqFt

Status Active

MLS # 6706932

Property Type Single Family Residence

Price Type --

PRICE REDUCTION! This beautifully designed single family home was renovated 2 years ago with soaring vaulted ceilings and exposed wood beams & duct work. As you enter the home you are greeted with the soaring ceilings and jaw-dropping 14ft island. The custom wood wall cladding guides you to either floor. Bathrooms perfectly combine modern touches & natural elements to create stunning, warm and comfortable spaces. The upstairs guest bedroom has detached bathroom with custom finishes and a unique laundry chute. Master bedroom is oversized with a separate toilet room, walk-in closet, walk-in shower, soaking tub. Lower level has laundry room, bonus room & projector TV, built-in desk & the 3rd bedroom & 3rd unique bath. Seller will put up wall for 4th bedroom downstairs - if buyer desires.

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4950 E Laurel Lane Scottsdale, AZ 85254

$775,000

4 Beds

2 Baths

2,046 SqFt

Status Active

MLS # 6742063

Property Type Single Family Residence

Price Type --

4-BEDROOM HOME IN THE MAGIC 85254 ZIP CODE NEAR PV REIMAGINED - Located on north/south corner lot within walking distance of shopping, dining & entertainment, including that at the exciting mixed-use transformation underway at the former site of Paradise Valley Mall. Close to 51 Freeway for easy commuting. ** NO HOA ** Wood-look plank tile installed throughout the home in 2021. LIGHT & BRIGHT w/ contemporary kitchen cabinetry, light fixtures, ceiling fans & accents. Kitchen w/ stainless-steel GE refrigerator installed in 2023. Large primary bedroom w/ custom walk-in closet. No interior steps. Resort-style fenced pool. Beautifully manicured yards w/ citrus trees, fenced dog area & storage shed. Built-in work bench & cabinetry in garage.. ** APPRAISED AT $795,000 IN JULY 2024 **

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730 E Mckinley Street Phoenix, AZ 85006

$775,000

3 Beds

2.5 Baths

1,411 SqFt

Status Active

MLS # 6730749

Property Type Single Family Residence

Price Type --

LET'S GO !!! ALL THE CHARM AND CHARACTER WITH MANY MODERN UPGRADES NOW AT A GREAT PRICE . HUGE RENTAL POTENTIAL TOO. HIGH CEILINGS, OPEN CONCEPT KITCHEN, SEPARATE MASTER SUITE, 2 ADDITIONAL BEDROOMS WITH SHARED BATHROOM AND A TV ROOM WITH HALF BATH PLUS STACKED WASHER/DRYER. WRAP AROUND BACK PATIO DECK AND FRONT PORCH PLUS CARPORT AND MATURE LANDSCAPE.

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13293 E Remington Road Prescott Valley, AZ 86315

$775,000

4 Beds

2 Baths

2,571 SqFt

Status Active

MLS # 6708593

Property Type Single Family Residence

Price Type --

Welcome to your new home at 13293 E Remington Rd, nestled in Mingus West, a vibrant and growing community of Prescott Valley, AZ. This exquisite single-level house offers a spacious layout covering 2,571 SF, encompassing four well-appointed bedrooms, two bathrooms, a 4-car garage plus an RV garage. As you enter, you are greeted by a vast great room that seamlessly transitions into a delightful game room—ideal spaces for entertaining and relaxing with family and friends. The kitchen, designed with functionality in mind, overlooks these areas ensuring that you're never too far from the action. This property doesn't just cater to your indoor needs but extends its comfort to the outdoors. Experience the joy of outside living with features like raised garden beds ready for your green thumb, various fruit trees that promise seasonal delights, and a serene pond that invites tranquility into your backyard. The extensive covered patios provide a comfortable space to enjoy the outdoors any time of the day. Car enthusiasts or those needing significant storage will be thrilled with the 4-car garage and additional RV garage, providing ample space for vehicles, tools, and toys. Situated in a friendly neighborhood, this home strikes a perfect balance between personal and social, indoor, and outdoor, practicality and luxury.

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