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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510 E Zion Place Chandler, AZ 85249

$775,000 - 5Br/4Ba -  for Sale in Enclave At Pinelake, Chandler
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!

1717 E Morten Avenue Unit 41 Phoenix, AZ 85020

$775,000 - 3Br/3Ba -  for Sale in Pointe 16, Phoenix
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.

36169 N Serrano Avenue San Tan Valley, AZ 85140

$775,000 - 3Br/3Ba -  for Sale in Shea Homes At Johnson Farms, Neighborhood 6a 20190, San Tan Valley
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!

808 W Avalon Drive Phoenix, AZ 85013

$775,000 - 4Br/3Ba -  for Sale in Mockingbird Manor, Phoenix
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!

7496 N Del Norte Drive Scottsdale, AZ 85258

$775,000 - 2Br/2Ba -  for Sale in Del Norte Gardens, Scottsdale
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.

23575 N 73rd Place Scottsdale, AZ 85255

$775,000 - 3Br/2Ba -  for Sale in Premiere At Pinnacle Peak Lot 1-133 Tr A-e, Scottsdale
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.

10558 E Hawk Avenue Mesa, AZ 85212

$775,000 - 5Br/4Ba -  for Sale in Eastmark, Mesa
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.

10059 E Thunderbolt Avenue Mesa, AZ 85212

$774,995 - 4Br/4Ba -  for Sale in Cadence At Gateway Phase 3 Parcel T, Mesa
Open House
$774,995
4 Beds
3.5 Baths
2,794 SqFt
Status Active
MLS # 6654232
Property Type Single Family Residence
Price Type --
Nestled in the Master Planned Community of Cadence you will enjoy all the amenities beyond your neighborhood. You will have access to community parks, pool, playground, and community center. This home is complete with top-tier design features in a desirable location, this is the home you've always dreamt of. The enormous kitchen boasts name-brand appliances, upgraded countertops, and ample cabinet space. Backyard areas provide ample space for activities, a pool to be installed, grilling, and vacationing at home. The personalization options are boundless with expertly designed finishes available throughout the home. This home gives you easy access to major commuter routes. Be the first to see this gorgeous home in person by scheduling a tour today!

1942 W Sienna Bouquet Place Phoenix, AZ 85085

$774,990
3 Beds
2 Baths
2,189 SqFt
Status Active
MLS # 6731863
Property Type Single Family Residence
Price Type --
Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. Introducing the Barletta, a sophisticated single-story home on a north-south facing corner lot, ready by Sept/Oct. It features an open floor plan with 3 bedrooms, 2 baths, a den, and a flex room. The Owner's Suite has a glass walk-in shower, and the Chef's kitchen includes a gas cooktop, linen-painted cabinets, and quartz countertops. A center slider opens to a covered patio for indoor-outdoor living. Upgraded tile, carpet, a full electrical package, and a landscaped front yard enhance this exceptional home.

11048 E Utah Avenue Mesa, AZ 85212

$774,900
6 Beds
4.5 Baths
3,133 SqFt
Status Active Under Contract
MLS # 6729116
Property Type Single Family Residence
Price Type --
This home checks off ALL the boxes! Built in 2023, this north/south facing, 6 bedroom, 4.5 bath, home features a captivating entertainer's backyard with gas firepit, BBQ island, water feature, and low maintenance turf. Fall in love with the beautiful open-concept kitchen with quartz countertops, an elegant backsplash, and a butler's area with walk-in pantry. On the 1st floor are 2 primary bedrooms with en-suite bathrooms and walk-in closets, a half-bath, and 4 bedrooms and 2 bathrooms on the second floor, along with a spacious loft and built-in desk space! Community amenities include a playground, fireplace, amphitheater, pavilions, as well as a bocce and basketball court. Nearby amenities include shopping, dining, a variety of A-rated schools, and the 202 freeway. CHECK,CHECK,CHECK!

1039 N Vista Verde Circle Litchfield Park, AZ 85340

$774,900
3 Beds
2.5 Baths
2,804 SqFt
Status Active
MLS # 6760766
Property Type Townhouse
Price Type --
Nestled amidst the scenic beauty of the Wigwam Patriot Golf Course, this exquisite home offers a lifestyle of luxury and serenity. Upon entering, you will be greeted by breathtaking views that span across the lush green fairways, tranquil lake, & majestic mountains. Enter a world of charm & elegance as you explore this meticulously crafted home. The spacious floor plan boasts 2.5 baths & 3 oversized bds ensuring ample space for relaxation and entertainment. Enjoy sweeping vistas from every corner of the home. 1st floor main suite features a large walk-in closet, a luxurious step-in shower, and a rejuvenating soaking tub. Upstairs bedrooms offer walk-out balconies, providing the perfect setting for watching stunning sunsets. Experience the ultimate in golf course living! The bright and cheery kitchen is a chef's delight, adorned with granite counters and custom cabinets. Prepare delicious meals while taking in the scenic beauty that surrounds you. Revel in the timeless elegance of hardwood floors, plantation shutters, and a cozy fireplace. Recent updates include neutral interior paint and the removal of all popcorn ceilings, ensuring a modern and inviting ambiance throughout. Whether you're an avid golfer or simply seeking a serene retreat, this home offers the perfect backdrop for living your dream!

22718 W Sierra Ridge Way Wittmann, AZ 85361

$774,900
4 Beds
3 Baths
3,017 SqFt
Status Active
MLS # 6676150
Property Type Single Family Residence
Price Type --
Custom-Built Entertainer's Dream on More than an Acre, ready to become Your Desert Oasis! Enter onto diagonal laid Porcelain Tile, expanding into Great Room where Beautiful Cherry Hardwood Floors adorn the home. Custom Cherry Cabinets in the Gourmet Kitchen and Hallway Nooks. Stacked-Stone Wet Bar and Fireplace to relax the night away. Floor plan is Split: Main Bedroom has a lavish walk-in closet, separate vanities, tiled walk-in shower. Melt those stressful days away in the Bathtub with Jets. Two Guest Bedrooms + one converted into Game Room that can store over 100 Wine Bottles! Tray Ceilings+Crown Moldings bring home a dynamic design. Kitchen w/Double Ovens, Granite Countertops, Eat-In Breakfast Bar. Come and See why YOU CAN TRULY FEEL AT HOME HERE. RV Gate, 3 Car Garage, Covered Patio. Exterior of Home was repainted 3 years ago. Com System/Surround Sound installed. Walk-in Pantry. Original owner - lovingly and meticulously maintained this Luxurious Home, spared no expense.

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