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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25843 W Northern Lights Way Buckeye, AZ 85326

$765,000

4 Beds

3.5 Baths

2,900 SqFt

Status Active

MLS # 6698394

Property Type Single Family Residence

Price Type --

MOUNTAIN VIEWS! Fall in love with this gorgeous, irrigated 1.36-acre property situated in a uniquely quaint neighborhood! This energy-efficient home boasts 4 beds, 3.5 baths, a 3-car garage, and an RV gate. Inside, the harmonious open floor plan offers sliding glass doors to the back patio. Natural light filled the spaces, complemented by soft palette and porcelain tile flooring. Large dining room has a lovely bay window. Spotless kitchen displays recessed/pendant lighting, a walk-in pantry, granite counters, ample staggered cabinets with crown moulding, SS appliances, and an island with a breakfast bar. Owner's retreat provides plush carpet, outdoor access, an ensuite with dual sinks, and a walk-in closet. Grassy backyard includes a covered patio and a storage shed. Don't miss out!

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7147 E Rancho Vista Drive Unit 3007 Scottsdale, AZ 85251

$765,000

2 Beds

2 Baths

1,252 SqFt

Status Active

MLS # 6731296

Property Type Apartment

Price Type --

Unbeatable Location, Luxury Amenities - Motivated Seller! Step into modern living with this stunning 2-bed/2-bath condo featuring an open-concept design and courtyard views. Every detail exudes elegance, from high-end upgrades to the spacious primary suite with a huge walk-in closet and flexible space for dining, a home office, or a cozy den. Nestled within the lush, botanical beauty of Optima, enjoy resort-style amenities: two outdoor pools, an indoor lap pool with spas, steam saunas, indoor basketball and racquetball courts, a putting green, pickle ball court, a cutting-edge fitness center, full-time concierge, and an on-site restaurant. Located just steps from renowned restaurants, luxury shopping, and outdoor adventures, this rare opportunity won't last. All of this is within walking distance to numerous acclaimed restaurants, luxury shopping destinations, and various outdoor activities.

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6239 E Janice Way Scottsdale, AZ 85254

$765,000

3 Beds

2 Baths

2,053 SqFt

Status Active

MLS # 6748721

Property Type Single Family Residence

Price Type --

This residence in Greenbrier East offers a unique blend of comfort and style. The eat-in kitchen is a chef's delight, featuring stainless steel appliances, Silestone countertops, Oak glass door cabinets, an undermount sink, and a spacious walk-in pantry. Adjacent to the kitchen, the large dining room boasts a cozy brick fireplace, creating a warm and inviting atmosphere. The great room is perfect for both relaxation and entertaining, with French doors leading to the backyard, vaulted ceilings, and neutral tile flooring. The master suite is a true retreat with plush carpeting, dual closets, and a luxurious bathroom complete with dual sinks, a vanity, a custom shower with a built-in seat, a glass block window, and ceiling heat lamps. Step outside to the expansive backyard where you'll find a covered patio with outdoor speakers, lush synthetic green grass, mature plants, and a storage shed. Additional features include block fencing with RV gate/parking, a two-car garage with epoxy floors, and plantation shutters throughout. Located in a highly sought-after Scottsdale neighborhood, this home is just minutes away from top-notch shopping, dining, and entertainment options. Don't miss out on the opportunity to make this fantastic property your new home!

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40614 N Harbour Town Court Anthem, AZ 85086

$765,000

5 Beds

4 Baths

2,760 SqFt

Status Active

MLS # 6739908

Property Type Single Family Residence

Price Type --

Welcome to luxury living in the prestigious Anthem Country Club! This stunning 5-bedroom, 4-bathroom - detached guest house. Located on a serene cul-de-sac lot, with no neighbor to the East. Inside, you'll find elegant finishes, a gourmet kitchen, and ample living space. Live the country club lifestyle with an array of amenities, including a waterpark, pool, tennis courts, pickle ball, and fitness facilities. Enjoy breathtaking mountain views and direct access to the private golf course. Experience the ultimate in comfort and style in this exceptional property, perfect for families and entertaining. New AC, New Exterior Paint, New Water Heater, New Interior lighting and fans, New Soft Water System & Professionally Cleaned! Buyers agents welcome!

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10605 E Kilarea Avenue Mesa, AZ 85209

$765,000

4 Beds

3 Baths

2,880 SqFt

Status Active

MLS # 6755013

Property Type Single Family Residence

Price Type --

Split 4 bedrooms and 3 full baths, accompanied by a versatile teen area that may effortlessly transform into a 5th bedroom. Spanning almost 2900 sqft, this home features a refreshing pool and a spacious private backyard with a patio, offering unobstructed views without rear neighbors. The 3-car garage comes with additional storage drop-down ceiling rack shelves. The gourmet kitchen has new appliances, refinished cabinets, and a sizable island, while a walk-in pantry adds to its modern allure. The Main Bedroom suite includes an opulent tub and shower, complemented by a generous walk-in closet. A tranquil oasis awaits in the backyard, where a large patio and sparkling pool create an ideal space for relaxation and entertainment.

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9240 N 101st Place Scottsdale, AZ 85258

$765,000

3 Beds

2 Baths

1,838 SqFt

Status Active

MLS # 6729628

Property Type Single Family Residence

Price Type --

This charming home is located in the desirable Casa del Cielo subdivision in the heart of Scottsdale Ranch. This detached residence is filled with natural light featuring high ceilings, new wood-look tile throughout, new patio pavers, new bath and kitchen fixtures, new kitchen cabinets, appliances and granite and a brand new A/C unit. This home is one of the few with this unique floor plan and is situated on one of the largest lots in the subdivision where you can enjoy the private backyard. The spacious living room boasts a fireplace and a wet bar, perfect for entertaining. The wonderful community offers walking trails, a community pool and spa, a community center, and Scottsdale Ranch Park with tennis, racquetball, and basketball courts, among other amenities.

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2717 W Haley Drive Anthem, AZ 85086

$765,000

3 Beds

2.5 Baths

2,944 SqFt

Status Active Under Contract

MLS # 6734587

Property Type Single Family Residence

Price Type --

Welcome! Step through the front door and feel the embrace of HOME! Three generously sized bedrooms and the library/bar await your return home. The family room boasts plenty of space plus a gas fireplace. The kitchen makes cooking enjoyable with the remodeled cabinets with pull out shelves and the walk in pantry. Never misplace a utensil again. The formal living and dining areas can be kept for fancy affairs or used to play pool and other games! Your private yard features a heated pool and spa as well as space to play and an elevated patio. This is the perfect entertaining space and many parties have been hosted here! And we have not even talked about the 3 car garage yet; storage for all of the holidays that you celebrate! There are no neighbors behind you and the corner location makes an easy in and out of the neighborhood. It is an easy walk to school as well and you are close to wonderful Anthem amenities!

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10864 E Reginald Avenue Mesa, AZ 85212

$765,000

4 Beds

4.5 Baths

3,967 SqFt

Status Active Under Contract

MLS # 6748375

Property Type Single Family Residence

Price Type --

This meticulously maintained home truly has it all! With just under 4,000 square feet of living space, it features 4 bedrooms, 4.5 baths, & a 3-car garage. The spacious kitchen boasts granite countertops & seamlessly flows into the formal living & dining rooms, perfect for entertaining. The master suite includes a versatile retreat, ideal for an office or nursery. The main level offers a bedroom with an ensuite, & upstairs, one of the bedrooms also has its own ensuite. The expansive upstairs bonus/game room is perfect for a teen retreat or additional entertainment space. A den/office on the first level provides even more living options. Step outside to a beautifully landscaped backyard, complete w/ a pool (added in 2010), fire pit, and built-in BBQ—perfect for outdoor gatherings.

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2501 E Campbell Avenue Phoenix, AZ 85016

$765,000

4 Beds

2 Baths

2,031 SqFt

Status Active

MLS # 6712418

Property Type Single Family Residence

Price Type --

Location! Location! Location! this amazingly renovated Split floor 4b 2b with Camelback Mountain Views is in the most sought after Biltmore area, minutes walk to Biltmore Fashion Park, shopping, restaurants, coffee shops, freeways, hospitals, downtown. Renovated with high end materials, pergo flooring, marble, counters, and lights. New plumbing Main line, New sewer lines, New ac Ducting, New electric RV gate, Too many to list. Huge potential corner lot with tons of backyard space to build a casita! Priced Low for quick sale. A very unique Gem, BE the first to claim this art piece, must see for yourself, won't last, send offers NOW! Seller willing to offer concessions to assist with buyer's closing cost.

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21165 E Thornton Road Queen Creek, AZ 85142

$765,000

4 Beds

3 Baths

3,073 SqFt

Status Active

MLS # 6723497

Property Type Single Family Residence

Price Type --

WOW!!! $5,000 in seller concessions! This beautiful one year old, single-story Taylor Morrison Home is over 3,000 SF w/ 4 bedrooms, den, 3 baths, and a 3-car tandem garage. Great location on a huge lot! The open gathering room and casual dining flow seamlessly into the kitchen with granite, upgraded cabinets, large island and walk-in pantry. Enjoy entertaining in the formal dining room or outside on the covered travertine patio. A bedroom and full bath off the foyer is perfect for overnight guests. The spacious owner's suite overlooks the backyard and features a spa-inspired bath and large walk-in closet. The oversized sliding glass door takes you to the large backyard with no neighbors behind, grass yard, paver walk, garden boxes, RV gate and more. This is one you don't want to miss.

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1347 E Palo Verde Street Gilbert, AZ 85296

$765,000

5 Beds

3 Baths

3,530 SqFt

Status Active Under Contract

MLS # 6737215

Property Type Single Family Residence

Price Type --

Welcome to your dream home located in the heart of Gilbert, AZ! This stunning single-family residence offers a perfect blend of comfort, style, and convenience. Nestled in a peaceful neighborhood, this home boasts a spacious and well-maintained exterior with lush landscaping that adds to its curb appeal. As you step inside, you'll be greeted by a bright and airy open floor plan that seamlessly connects the living, dining, and kitchen areas. The kitchen is a chef's delight. The living area is designed for relaxation and entertainment, with windows that let in plenty of natural light and provide a great view of the backyard. This home offers 5 generous bedrooms and 2.5 bathrooms, including a luxurious master suite with a walk-in closet and an en-suite bathroom equipped with dual vanities, a soaking tub, and a separate shower. Each bedroom is spacious, providing plenty of room for family and guests. Moving to the crown jewel, the backyard is an unbelievable oasis with a custom pool and covered patio area ideal for outdoor dining and gatherings. The area offers a serene space for relaxation or play. It would be difficult to find another outdoor space like it in Gilbert!

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208 W Portland Street Unit 257 Phoenix, AZ 85003

$765,000

2 Beds

2 Baths

1,659 SqFt

Status Active

MLS # 6716506

Property Type Apartment

Price Type --

Experience the best of downtown living at Portland Place, one of the premier buildings in the area. Nestled between two parks, this rare corner unit features travertine floors throughout and NE views overlooking the Japanese Friendship Garden and Margaret T. Hance Park. The spacious, light-filled layout includes a split 2-bedroom floor plan, open island kitchen, & large living room. The wrap-around balcony offers ample room for outdoor relaxation. Amenities at Portland Place include a rooftop pool, gym, beautiful lobby, and underground parking. Located within walking distance to restaurants, coffee shops, one of the best Jazz Clubs in America, a Farmers Market, Roosevelt Row Art district, & the light rail. Portland Place offers unparalleled convenience and urban living at its finest.

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