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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

1761 S Alder Leaf Lane Show Low, AZ 85901

$775,000

4 Beds

3.5 Baths

3,261 SqFt

Status Active

MLS # 6491456

Property Type Single Family Residence

Price Type --

This luxury home is nestled in a quiet cul-de-sac on a ½ acre lot, in the breathtaking Meadows of Torreon Golf Club in Show Low, AZ. The Lodge's first floor provides a generous master suite, kitchen with all stainless-steel appliances, half bath, laundry room, and cozy great room with a gorgeous gas fireplace. The 2nd floor has 3 bedrooms, full bath, a loft with balcony, and another master suite!

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31106 N 138th Avenue Peoria, AZ 85383

$775,000

5 Beds

4.5 Baths

3,179 SqFt

Status Active

MLS # 6746944

Property Type Single Family Residence

Price Type --

Luxury meets nature in this stunning 5 bedroom, 4.5 bathroom home that backs up to a nature preserve! It is a true sanctuary, boasting breathtaking mountain views and no neighbors behind—ever! Step inside to discover a versatile den, spacious loft, and two primary bedrooms - one upstairs and one downstairs! The primary bedroom upstairs features a private balcony, perfect for enjoying beautiful sunsets over the serene nature preserve, and complete with his and hers walk-in closets. Step outside to a low-maintenance backyard with a sparkling saltwater pool, waterfall spa, and plenty of space to entertain or unwind. Nestled in a community with top-notch features and with access to hiking/biking trails just down the street, this home offers the perfect blend of luxury and outdoor adventure. Home features include epoxy garage floors, 3 car garage connected inside, pre-plumbed for sink in garage, huge understairs storage, and pool automation that you can control from your phone! Pool fence is available in garage cabinet.

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1508 N Alta Mesa Drive Unit 120 Mesa, AZ 85205

$775,000

3 Beds

2.5 Baths

2,142 SqFt

Status Active

MLS # 6698793

Property Type Townhouse

Price Type --

Priced thousands below current appraisal! LOCK AND LEAVE!!! Luxury living located in the highly desirable ''Clubhouse Village at Alta Mesa''! A home where you are steps away from the fabulous private golf course, splashing around in the pool or dining with friends at the clubhouse! Once inside you will be greeted with soaring ceilings, custom crown molding, plantation blinds throughout, gourmet kitchen with granite countertops, custom cabinets throughout, and a inviting patio area with built-in BBQ for relaxing and entertaining! In the garage you will find additional parking for your golf cart and climate controlled attic access! Too many amenities to list! Located close to restaurants, shopping, freeways and more! Call today!!!

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1521 E Pinchot Avenue Phoenix, AZ 85014

$775,000

4 Beds

2 Baths

1,921 SqFt

Status Active

MLS # 6740360

Property Type Single Family Residence

Price Type --

Be excited to see this highly renovated single-story home in a great location! Excellent curb appeal w/a large front yard, captivating brick accents, a 2-car garage, & paver driveway. Fall in love w/the immaculately designed interior, highlighting a desirable open layout enhanced w/soaring vaulted ceilings, recessed & stylish light fixtures, gleaming tile floors, an accented wall, & abundant natural light. Chef's kitchen is fully equipped w/quartz counters, a mosaic tile backsplash, a plethora of white cabinetry, a pantry, & an island w/a breakfast bar. Find your sanctuary in the main suite, offering soft carpeting, a sophisticated ensuite w/a soaking tub, a step-in shower, dual sinks, & a walk-in closet. Out the back, you have an open patio ideal for fun BBQs. Hurry! It's move-in ready!

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8707 E Valley Vista Drive Scottsdale, AZ 85250

$775,000

3 Beds

2 Baths

1,590 SqFt

Status Active

MLS # 6749028

Property Type Single Family Residence

Price Type --

Discover your dream home in this stunning, contemporary residence, nestled on a quiet cul-de-sac. This prime location is unbeatable, just moments away from the vibrant heart of Old Town Scottsdale, with its excellent restaurants, charming shops and amenities. Newly remodeled to perfection, this home boasts a chef's kitchen, an expansive open living area, and spa-like bathrooms, all designed with exceptional attention to detail. Step outside to your private oasis, featuring a bocce ball court, above ground spa, and a covered seating area perfect for outdoor entertaining. Make this exceptional property yours and experience the finest in luxury living! Furniture available for purchase.

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1129 E La Mirada Drive Phoenix, AZ 85042

$775,000

5 Beds

4 Baths

2,973 SqFt

Status Active

MLS # 6708369

Property Type Single Family Residence

Price Type --

This stunning 5-bedroom, 4-bathroom home at the base of South Mountain offers breathtaking views and luxurious upgrades throughout. Enjoy gorgeous mountain views from the living room, master suite, and backyard. The home features high-end finishes, including granite countertops, stainless steel appliances, and custom cabinetry. The spacious open-concept floor plan is flooded with natural light, creating a warm and inviting atmosphere. The master suite boasts a walk-in closet and a luxurious ensuite bathroom. Easy-to-maintain landscaping ensures you can enjoy your outdoor space with minimal upkeep. Conveniently located close to shopping, dining, and entertainment, this home also includes a two-car garage, energy-efficient windows, and plenty of space for entertaining!

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1239 E Galvin Street Phoenix, AZ 85086

$775,000

3 Beds

2 Baths

1,576 SqFt

Status Active

MLS # 6760071

Property Type Single Family Residence

Price Type --

Welcome to this charming 3-bedroom, 2-bathroom home, offering the perfect blend of comfort and outdoor living. The property is an equestrian lover's dream, with a well-maintained riding arena, a round pen with two access gates, and covered stalls equipped with an automatic watering system to make horse care easy. There's also a custom-built tack room with plenty of storage for all your equipment. For added convenience, the property includes an RV hook-up and a septic system, making it ideal for hosting trailers and other vehicles. The spacious lot gives you room to enjoy the serene desert surroundings, with a covered patio and a built-in fire pit area where you can relax and entertain. Inside, the home is just as inviting. The open living room features high ceilings with exposed wooden beams, filling the space with natural light. The kitchen offers stainless steel appliances, a breakfast bar, and plenty of counter space, making it perfect for everyday cooking or hosting family and friends. The master suite is a cozy retreat, with sliding barn doors leading to a walk-in closet and a private bathroom with dual sinks. The additional bedrooms are versatile, providing space for guests, a home office, or extra storage. Whether you're looking for a comfortable home or a property that caters to your passion for horses, this place has it all. Don't miss out on this fantastic opportunity!

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4937 S Deer Trail Trail Prescott, AZ 86303

$775,000

4 Beds

5 Baths

3,543 SqFt

Status Active

MLS # 6717722

Property Type Single Family Residence

Price Type --

SHORT TERM RENTAL OPPORTUNITY! Escape to serene Prescott living in this cozy retreat with radiant heated floors, multiple fireplaces, and a luxurious Jacuzzi tub in the main bathroom next to the living room. The primary suite boasts a fireplace, custom closet, and spa-like bathroom. The home features ample living space, an elevator for easy access (recently serviced), and two-car garage with epoxy flooring. Additionally, there's an extra large one car carport for parking convenience. With five bathrooms, three full baths and two half baths, everyone's needs are accommodated. The private gated entry, with remote control ensures security and exclusivity. Seamlessly blending timeless charm with modern upgrades, this retreat promises an inviting haven in Prescott's picturesque landscape

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3114 S Ashley Drive Chandler, AZ 85286

$775,000

5 Beds

3 Baths

3,676 SqFt

Status Active

MLS # 6721926

Property Type Single Family Residence

Price Type --

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2372 W Binner Drive Chandler, AZ 85224

$775,000

4 Beds

2.5 Baths

3,321 SqFt

Status Active

MLS # 6709961

Property Type Single Family Residence

Price Type --

Welcome to luxurious and convenient living in Chandler! This exceptional 4-bed home presents a unique opportunity to embrace a tranquil suburban lifestyle all while being within walking distance to some of the best restaurants and shopping at Chandler Fashion Square Mall. Minutes from Intel, PayPal, and businesses in the Price Corridor, this home is situated in a highly sought-after neighborhood, in a top-rated school district, and exudes charm and sophistication at every turn. The spacious and thoughtfully designed floor plan boasts a formal front living and dining area, a kitchen that opens to the family room, office/den and half bath downstairs. Travel up the wide staircase and you will find a loft with 3 large bedrooms and the large master retreat. Outdoor area includes covered patio

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423 S Arroya Road Apache Junction, AZ 85119

$775,000

3 Beds

2 Baths

1,555 SqFt

Status Active

MLS # 6742946

Property Type Single Family Residence

Price Type --

Looking for storage? This property has a RV/Car Enthusiast/Storage garage that's bigger than your house by more than 2 times! Here it is!! This Massive, almost 4,100 sq ft metal semi-truck garage (originally) (55X74X24) A 16-foot electric door and 2-14-foot electric garage doors. Has a concrete slab in front that could accommodate 6 more vehicles AND it is already equipped with a mother-in-law option with septic/water and electric, just needs to be completed! Now, the house. Fully remodeled in 2017 to include new tile floors throughout, stainless appliances, cabinets, quartz countertops, showers/tubs and all fixtures, hardware and roof updating! Enclosed backyard with an inground spa, pond or could be a garden area, mature trees, citrus trees and 2 sets of double RV gates. Sitting in an unincorporated county island, across from State Trust land that allows for Sunrise and Sunset photos for miles with no interruption! In your back yard are the Superstition Mountains, see that Cougar on the mountain from your living room window! Call for details and a personal tour of this property that will not disappoint!

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4356 E Rancho Tierra Drive Cave Creek, AZ 85331

$775,000

4 Beds

3 Baths

3,116 SqFt

Status Active

MLS # 6730274

Property Type Single Family Residence

Price Type --

This charming home offers the perfect blend of comfort, style, & functionality in the heart of Cave Creek. Step inside to discover an open floorplan, vaulted ceilings & natural light. The kitchen features granite countertops, ss appliances, island, & ample cabinet space. The adjacent dining area & fam room w/fireplace make it perfect for entertaining guests. The large master suite includes walk-in closet & large bathroom w/dual vanities, soaking tub, & sep shower. Addtl bedrooms are generously sized, offering plenty of space for family, friends or an office. Step outside to a beautifully landscaped yard, cov patio, & sparkling pool. The lot provides privacy & plenty of room for outdoor activities. 3 Car garage, & proximity to top-rated schools, shopping, dining make this a must see!

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