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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5856 E Montara Place Mesa, AZ 85215

$775,000

3 Beds

2 Baths

1,888 SqFt

Status Active

MLS # 6738433

Property Type Single Family Residence

Price Type --

Best curb appeal in beautiful Apache Wells Golf & Country Club this 2022 custom home is a must see! This superb vacation/full time home w/an amazing amount of garage space--AND a full RV garage wraps around one of the quietest corners in the community. Open concept home w/split bedrooms, lives larger than it's 1888 sq ft. Gourmet kitchen w/soft close white cabinets, beautiful quartz counters, stainless appliances. Dining & great room, large windows, 9ft ceilings & sliding glass door to expansive patio. Master bedroom/master bath w/dbl vanity, large tiled shower & spacious walk-in closet. His & her 2-car garages are 466 sq ft each. The crown jewel is the over height, over length, 585 sq ft RV garage with 220 V plugin and interior RV dump. Click BLUE ''More'' for more information!! All garages w/ individual mini split HVAC, insulated doors and epoxy flooring are also perfectly suited to shop, craft room or personal workout facility. Pavered drive ways and intimate, private back yard. Your front porch is sure to be a source of neighborhood visiting and enjoyment This home is easily be adaptable to handicap accessibility!! Quick move in! Apache Wells is an amazing community with a low $74/month HOA (pd 6 mos in advance) which includes garbage collection and a wide variety of amenities. Fitness center, heated pool and spa, billiards, cards, art, quilting, biking and hiking clubs, brand new free standing wood shop, library, church and much much more!! Golf memberships are available through the pro shop. Apache Wells is located in NE Mesa with close proximity to shopping, outdoor hobbies, sports and culture. Transportation is easy via Loop 202, the US 60 and both Mesa Gateway and Sky Harbor Airport are an approximate 30 min drive. Apache Wells is in transition between the older manufactured home and brand new custom homes, get in on the early side and reap the benefits now!!

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3334 N 42nd Street Phoenix, AZ 85018

$775,000

3 Beds

2 Baths

1,583 SqFt

Status Active

MLS # 6754890

Property Type Single Family Residence

Price Type --

Beautifully Remodeled home that boasts Vaulted Ceilings, Granite Countertops, and Stainless Steel Appliances. Kitchen has Eat in Breakfast bar. Home has a much desired Split flooorplan with a large Primary Bathroom and Walk in Closet along with Dbl. Sinks and Walk in Shower. Private Lush backyard with Sliding doors from both the Living Room and Primary Suite. Fresh exterior paint just completed. Walking distance to many Local Arcadia Restaurants and Bars. Close to the Canal for Bike Riding or Long Walks. Don't miss out on this one!

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22216 E Pecan Lane Queen Creek, AZ 85142

$775,000

3 Beds

3 Baths

2,482 SqFt

Status Active

MLS # 6749916

Property Type Single Family Residence

Price Type --

A rare find! This energy-efficient single-story home offers a heated pool and a spacious kitchen with a large island, quartz counters, and upscale ceiling fans, perfect for entertaining. The open floor plan features 10' ceilings, wood-look tile, wide sliding glass doors to the back patio, and seamless indoor-outdoor living with solar screens. The split floor design includes an office (easy conversion to 4th bedroom), private secondary master suite, while the main owner's retreat boasts dual sinks and a walk-in closet. Surrounded by other single-story homes for a private retreat, plus a 3-car garage, RV gate, and outdoor natural gas stove and grill. This stunning property is a must-see! Serene backyard is made for entertaining! A covered patio, attached pergolas, built-in BBQ, storage shed, and a refreshing pool complete the picture. Hurry & make this one-of-a-kind home yours now!

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1453 E Vesper Trail Queen Creek, AZ 85140

$775,000

2 Beds

2.5 Baths

2,173 SqFt

Status Active

MLS # 6717023

Property Type Single Family Residence

Price Type --

Enjoy the Encanterra Lifestyle & Living in this Popular Genova Model Masterpiece, METICULOUSLY maintained, situated on a N/S Exposure ''HARD TO FIND'' PREMIUM Corner Lot w/a LARGE lush landscaped common side area & a backyard that backs to a LARGE landscaped area offers a TREMENDOUS amount of PRIVACY! EMBELLISHED with upgrades & designer custom details (prior owner was a designer from Canada) this GORGEOUS home will be sure to check off all the boxes. Floorplan features 2 bedrooms, 2.5 baths + Den, Formal Dining Rm. w/2 sets of rolling walls of glass and coffered ceilings leading out to your very own resort style & VERY PRIVATE backyard. Added features & upgrades incl; covered patio, travertine pavers, putting green, gas fireplace, built in BBQ and a SPECTACULAR pool & spa, several outdoor areas for entertaining, truly AZ indoor/outdoor living at its finest. Chefs Kitchen w/LARGE center island, granite counters, 42'' staggered cabinets, dual ovens, wine chiller & stainless appliances. Additional features incl; real wood & travertine tiled floors, Built-in vac system, custom built-in cabinetry in Den, tiled showers, golf garage and so much more! Recent Upgrades/Updates completed; Wall to wall custom desk in Den, Guest Bathroom, Auto Outside Lighting, Front Door, Pool Pump, Storage Racks in Garage, Ext. Painting, Solar Replaced, Overflow Alarm on AC Drain Pan, Water Fliter & AC regularly inspected, New HIGH-Quality Carpet in both Bedrooms. Truly a MUST SEE! 1% FREE RATE BUYDOWN FOR 1st 12 Mos. w/PREFERRED LENDER, CRAIG CUSICK, Fairway Mtg. Ask for more details.

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510 E Zion Place Chandler, AZ 85249

Open House

New

$775,000

5 Beds

4 Baths

3,100 SqFt

Status Active

MLS # 6762613

Property Type Single Family Residence

Price Type --

Stunning well cared for home exuding curb appeal w/ striking concrete paver driveway and a charming covered porch. Inside, an open and airy great room awaits, leading to a gourmet kitchen outfitted with 42-inch upper cabinets, quartz countertops, a double oven, a center island, and a walk-in pantry. Adjacent to the kitchen is a cozy morning room, illuminated by two large windows. The main level also features a mudroom guest suite and full bathroom. Upstairs, a central loft, laundry room, and three spacious bedrooms accompany two bathrooms with cultured marble countertops. The owner's suite is a true retreat, offering an oversized walk-in closet and a deluxe en-suite bath with a walk-in shower. High end upgrades throughout!

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1717 E Morten Avenue Unit 41 Phoenix, AZ 85020

Open House

$775,000

3 Beds

2.5 Baths

2,109 SqFt

Status Active

MLS # 6757542

Property Type Single Family Residence

Price Type --

Experience urban luxury in this meticulously upgraded and newly painted 3 bed, 2.5 bath, multi-level townhome nestled in the gated community of Pointe 16. Conveniently located by the pool and visitor parking. Private downstairs room offers flexible use, perfect for a home office or guest room with direct access to a serene gated patio and a 2-car garage for convenience and storage. The 2nd story expansive living room w/ surround sound speakers, along w/ a large open patio, creates the perfect setting for relaxation or entertainment. Gourmet kitchen features granite countertops, large island with seating, custom-tiled backsplash, Sub-Zero refrigerator, Wolfe gas range, under-cabinet lighting, and soft-close drawers complete with built in organization. 3rd floor primary suite features an all tiled walk-in shower, dual sink vanity, and large walk-in closet. Upstairs laundry with full-size washer and dryer included. Along with 2 guest rooms and stairs leading to a rooftop Patio with STUNNING 360° views. Also features a tankless water heater AND central vac system. Directly across the street from the Hilton Phoenix Resort at the Peak, and within minutes of Dreamy Draw Recreation Area, The 51, Airport, Downtown, AND more! It's a must see.

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23575 N 73rd Place Scottsdale, AZ 85255

Open House

$775,000

3 Beds

2 Baths

1,629 SqFt

Status Active

MLS # 6759434

Property Type Single Family Residence

Price Type --

This beautifully remodeled 3-bedroom, 2-bathroom home is a coastal-inspired gem located in the desirable gated community of Los Portones, North Scottsdale. With its inviting open floor plan, the home features modern updates and coastal charm throughout. Situated on a spacious lot, it provides ample outdoor space for entertaining or relaxation. Residents enjoy access to scenic walking paths, and the location is conveniently close to shopping, dining, schools, and parks, offering a perfect balance of tranquility and urban convenience in a secure, picturesque setting.

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808 W Avalon Drive Phoenix, AZ 85013

Open House

$775,000

4 Beds

2.5 Baths

2,187 SqFt

Status Active

MLS # 6759742

Property Type Single Family Residence

Price Type --

Charming home located in the historic neighborhood of Campus Vista. This 2,100+ SF residence has been beautifully updated for modern living. Enjoy corner windows for natural lighting, that embrace the character of the home. The living and dining rooms feature built-in storage and access to a covered terrace. Kitchen is complete with granite countertops, stainless appliances, glass tile backsplash, and gas cooking. Spacious bedrooms with large walk-in closets. Guest bath offers a separate tub and shower, while the split primary suite offers a slider to the terrace, dual sinks, and jetted tub. Additional features include a carport, extra parking pad, and gated access to a detached two-car garage. Enjoy your private grassy backyard, lush greenery, and the option for flood irrigation. Campus Vista came to be in the 1940's and housed students and faculty for the then new Phoenix College. Just a 5 min walk down the street. Conveniently located just minutes from the Downtown area. Near Banner University Hospital, St. Joe's Hospital, Phoenix Children's, and many more medical facilities. Encanto Park just minutes away with nature trails, fishing ponds, a boathouse, park rides, and two golf courses. A wide variety of restaurants and shops all around. Quick access to the freeways.Embrace this perfect blend of charm and convenience!

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36169 N Serrano Avenue San Tan Valley, AZ 85140

Open House

New

$775,000

3 Beds

2.5 Baths

2,173 SqFt

Status Active

MLS # 6764579

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning Genova plan is perfectly situated on a premium homesite, offering unmatched privacy with no neighbors behind you and incredible curb appeal. Step inside and be captivated by the luxurious upgrades and thoughtful design throughout. The home features elegant tile plank flooring that extends seamlessly across the open floor plan. The gourmet kitchen is a chef's dream, showcasing Monogram stainless steel appliances, an intricate tile backsplash, upgraded white cabinetry, and an oversized island perfect for gatherings and entertaining. Retreat to the spa-like primary suite, where you'll find a beautifully upgraded tile shower surround, a deep soaking tub, and abundant natural light pouring in. The suite also features a double vanity with a built-in makeup station and under-cabinet lighting for a touch of luxury. For indoor-outdoor living at its finest, the expansive greatroom boasts a stunning wall of glass that opens to a serene outdoor space. The backyard is your personal oasis, featuring travertine flooring and a perfect balance of openness and privacy. Located just steps away from the new Algarve pool and the main clubhouse, La Casa, this home delivers both convenience and resort-style living. This is the one! Rare ability to purchase a golf membership within 7 days after closing! No need to wait on the waiting list!

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7496 N Del Norte Drive Scottsdale, AZ 85258

Open House

New

$775,000

2 Beds

2 Baths

2,187 SqFt

Status Active

MLS # 6761474

Property Type Townhouse

Price Type --

Former model home located in the heart of McCormick Ranch across from the community park, pool and tennis courts. This meticulously maintained townhome showcases an array of modern upgrades for comfortable living. Enhanced w/energy-efficient double-pane Milgard windows/doors, 5-ton, 15 SEER HVAC system installed 2021, solar tubes for natural light, soft water system (2019), and Culligan filtration. The spacious wrap-around yard offers privacy & convenience, with sun screens, an electric awning, a flagstone patio, & a tranquil fountain. Inside, the kitchen boasts granite countertops, pull-out shelving, abundant cabinets for storage, & LED lighting. The propane gas fireplace is a bonus! 2 car garage w/Wi-Fi-enabled garage door opener includes a utility sink, built-in cabinets, .... ... closets with shelves & an attic ladder for your storage needs. The master suite features two closets, including a spacious walk-in closet with built-in shelving and a 6' closet with sliding mirrored doors. Ceiling fans, complete with convenient bedside wall switches, provide comfort throughout. The master bath offers a luxurious separate soaking tub and a large walk-in shower with a built-in bench and shelves for added convenience. Solar tubes have been thoughtfully installed in both bathrooms and the living room, infusing the home with natural light. The secondary bedroom is spacious and features a walk-in closet, ceiling fan and views of the community park. For peace of mind, the home is covered by Sexton termite protection. Outside, motion detector lights have been installed at the front, side, and back for added security and convenience. Additionally, the roof boasts high-quality underlayment at both 30 and 90 pounds, ensuring durability. McCormick Ranch is the City of Scottsdale's first up-scale master-planned community of 27,000 residents, with golf courses, lakes, miles of public trails, parks, resorts, shopping centers, an outstanding hospital campus surrounded by medical specialists and city municipal services, was once the 4,200-acre working ranch of Anne and Fowler McCormick. This home sits just across from Comanche Park which features a playground, drop-in Ramada, Basketball Court, 2 lighted tennis courts and and exercise course. The current owner enjoys the close proximity to her fitness club, favorite restaurants and coffee shops.

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10558 E Hawk Avenue Mesa, AZ 85212

Open House

$775,000

5 Beds

3.5 Baths

2,975 SqFt

Status Active

MLS # 6746899

Property Type Single Family Residence

Price Type --

Located in the heart of Mesa's prestigious Eastmark community, where luxury living meets a vibrant and connected lifestyle. As one of Arizona's most sought-after master-planned communities, Eastmark is renowned for its picturesque neighborhoods, award-winning schools, and an array of innovative amenities designed to enhance your quality of life. This exquisite former model home embodies elegance and sophistication, offering a seamless blend of style and functionality. From the moment you step inside, you'll be captivated the meticulous attention to detail that elevates every room. The gourmet kitchen is a chef's paradise, featuring stunning two-tone cabinetry, high-end granite countertops, and top-of-the-line stainless steel appliances, including a gas cooktop, double ovens, and a beautifully designed tile backsplash. The centerpiece of this home is the expansive 15-foot multi-sliding glass door, effortlessly connecting your indoor living space to the resort-style backyard. Whether you're hosting a gathering or enjoying a quiet evening, the sparkling pool and private patio, complete with a screen enclosure, provide the perfect backdrop for any occasion. Built with 2x6 construction, this home not only promises beauty but also durability and energy efficiency. This turn-key ready residence invites you to experience luxury living at its finest, where every detail has been thoughtfully crafted to create a sanctuary of comfort and elegance. Discover why Eastmark is one of Arizona's best-selling communities and make this exceptional residence your own, complete with new garage door systems featuring upgraded motors, a reverse osmosis water system, and fresh exterior paint.

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437 E Marconi Avenue Phoenix, AZ 85022

Open House

$775,000

4 Beds

3 Baths

2,012 SqFt

Status Active

MLS # 6700180

Property Type Single Family Residence

Price Type --

Great living space w/spectacular mountain views! NO HOA! This 4-bedroom/3 bath home in Moon Valley features: An attractive corner lot w/curb appeal, sparkling pool and spa w/ new energy-efficient, variable-speed ''intelliflo'' pumps, bright and spacious open floor plan & tall, vaulted ceilings. A great place to work from home, relax and entertain. Stainless steel kitchen appliances, custom pull-out drawers, remodeled bathrooms; new luxury vinyl flooring, newer large appliances, smart thermostat, well-maintained newer roof with warranty. The private, large back yard features a diving pool & optional safety fence that inserts into patio perimeter). Lighted hot tub spa, artificial turf, covered patio with remote-controlled lighting, fabulous landscape & outdoor ambiance.

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