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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20733 S 217th Way Queen Creek, AZ 85142

$770,995

3 Beds

2.5 Baths

2,740 SqFt

Status Active

MLS # 6743392

Property Type Single Family Residence

Price Type --

Our most popular floorplan! This single level home with an RV garage is truly in high demand. The entire garage and the garage doors are all insulated, there's an onsite RV cleanout, and the 2-car garage has 8' tall doors. The home has enormous closets throughout, huge multi-slide glass doors leading to the patio and overlooking the backyard, tray ceiling at the entry, and a large walk-in shower with a bench and rain shower head in the Primary Bathroom, just to name a few of the options. Hurry in because this Harley plan is also on a ¼ acre lot and these do not last long in this amazing community!

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44628 N 44th Drive New River, AZ 85087

$770,077

4 Beds

2.5 Baths

2,745 SqFt

Status Active

MLS # 6756307

Property Type Single Family Residence

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2929 W Amber Sun Drive Phoenix, AZ 85085

$770,000

4 Beds

3 Baths

2,532 SqFt

Status Active

MLS # 6762061

Property Type Single Family Residence

Price Type --

Welcome to this polished 4-bedroom, 3-bath home in the prestigious Stoneledge gated community. A rare built-in office with custom desk and storage is ideal for remote work. The gourmet kitchen features white cabinets, granite counters, and premium KitchenAid appliances, including a gas cooktop, double ovens, and a new fridge. Both a butler's pantry and an extra pantry add storage. The backyard retreat includes a saltwater pool, jacuzzi, BBQ island with smoker, fridge, and task lighting. Cool decking, travertine pavers, outdoor speakers, and a mounted TV complete the space. The garage has epoxy floors, custom cabinets, 220v power, and extra storage. Owned solar adds efficiency. Close to Fry's, Ridgeline Academy, and North Valley Christian Academy. A must-see!

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4817 E Evans Drive Scottsdale, AZ 85254

$770,000

4 Beds

2 Baths

2,074 SqFt

Status Active Under Contract

MLS # 6705345

Property Type Single Family Residence

Price Type --

Enjoy the best of Scottsdale living! Tucked back on quiet cul-de-sac, this N/S facing single level home offers outstanding curb appeal combined with a perfect location. At entry, you are immediately welcomed by formal living and dining room areas. Popular floor plan- kitchen extends to great room that opens to large covered patio and outdoor cooking. The 3 secondary bedrooms are big and offer versatility: fitness, office or playroom. Primary suite is spacious with sitting area, walk-in closet, full shower, dual vanities and access to backyard. Home is light and bright. New paint and carpet. No HOA. Finally, the backyard is an outdoor oasis with huge covered patio surrounded by lush cooling landscape. Large grass area is complimented by tranquil waterfall. Plus, there is a 2 level playhouse/storage that is ideal for inspiring creative play time. Close to top rated schools, shopping, restaurants and all that Scottsdale offers with easy access to L101 & SR51. Call today for your private tour.

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1275 E Stetson Lane Coolidge, AZ 85128

$770,000

3 Beds

2.5 Baths

2,688 SqFt

Status Active Under Contract

MLS # 6724974

Property Type Single Family Residence

Price Type --

****Seller Offering VA Assumption at 2.875% on existing mortgage balance. Buyer does NOT need to be a Veteran to assume this loan.**** Welcome to your dream home! This custom-built 3-bedroom, 2.5-bathroom house, completed in 2019. Nestled on a generous parcel of land with convenient flood irrigation, this is perfect for horse enthusiasts. The gourmet kitchen features self-closing Notty alder wood cabinets and drawers, an oversized nearly 6-foot island with extra storage, a gas range with pot filler, and a tankless water heater. Luxurious details include tile-planked wood floors, 8-foot solid wood doors throughout, and a huge master suite with a tiled walk-in shower and heat control. Additional amenities include granite counters in all bathrooms, a Jack & Jill bath with double sinks, a powder room, a wet bar. The home's energy efficiency is enhanced by a solar system, interior wall insulation and exterior foam insulation. Enjoy outdoor living with a firepit in the backyard, garden beds, and a fully landscaped front yard adorned with beautiful desert plants. Backyard patio is pre-plumbed with gas lines for outdoor grill. With two driveways, 3 car garage, and an RV gate, access is never an issue. Don't miss this exceptional property that seamlessly blends luxury, functionality, and ample space!

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9020 N Covered Wagon Trail -- Prescott Valley, AZ 86315

$770,000

3 Beds

2 Baths

2,195 SqFt

Status Active

MLS # 6745154

Property Type Single Family Residence

Price Type --

Beautiful spacious home in sought after Lonesome Valley on 2 fully fenced acres with electric gate. This open floor plan is an entertainers dream with chefs kitchen and all stainless appliances. Granite counters with impressive breakfast bar too! Private primary bedroom with great on suite bath, relax in the jetted garden tub. Need an office? There's a nice one here. The covered rear patio is perfect for unwinding and watching those great southwestern sunsets. 3 large sheds for hobbies, workshop, man caves or she sheds. Even storage. Big 3 car garage for your vehicles and toys. Got pups? There's plenty of room for them to roam here. Take a look today!

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1410 Sierra Vista Drive Prescott, AZ 86303

$770,000

4 Beds

2.5 Baths

2,666 SqFt

Status Active

MLS # 6660210

Property Type Single Family Residence

Price Type --

Gorgeous home located in the Hassayampa Hills of famous Prescott, Arizona features breathtaking views from the front yard to the backyard both day and night. Serene, peaceful, majestic, comfortable are just some of the words to describe the emotions embodied in this incredible home. Home has been upgraded and features an open floorplan concept w/ a gourmet kitchen featuring gas cook top, wall oven and microwave, white shaker cabinets, stainless steel appliances, backsplash and upgraded lighting. Most of the floor has been updated w/ luxury vinyl plank flooring. Off the massive primary bedroom there is a large Arizona room lined with sliding glass doors and custom tile flooring. Home features an additional room that is being used as a gym This home is a gem in the best part of town. Large lot can accommodate additional structure up to 50% of the square footage of the home for a mother in law suite/vacation rental

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3945 E Altadena Avenue Phoenix, AZ 85028

$769,999

3 Beds

2 Baths

1,707 SqFt

Status Active

MLS # 6760631

Property Type Single Family Residence

Price Type --

Beautifully remodeled 3 bedroom, 2 bath home with an amazing backyard oasis! Pool party, bbq, evening movie, ping pong, child's play or conversation around the fire - spacious backyard for all ages! Plus RV gate and large side yard. Inside enjoy an updated kitchen with granite countertops, SS appliances and breakfast bar open to great room. Flex space for formal dining/living room. Many updates include all new flooring, all new int/ext doors, windows & shutters, bathrooms, int/ext paint, laundry room, bonus room (office/workout), saltwater pool, travertine pavers, gas firepit, turf and more! See home improvement list in docs tab. NO HOA! Conveniently located off SR 51 and close proximity to the new PV Reimagined with restaurants & retail, plus the Phoenix Mountain Preserve.

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3470 W Jasper Drive Chandler, AZ 85226

$769,999

4 Beds

3 Baths

2,959 SqFt

Status Active

MLS # 6744032

Property Type Single Family Residence

Price Type --

Rare chance to own in Valencia- this floorplan has not been available for quite some time. Major remodel done around 2008-2009 with high-end finishes- hardwood flooring, upgraded low-e windows everywhere except kitchen and fm room, custom shutters t/o, custom hand-stained and hand-distressed cabinets t/o, added and upgraded lighting, custom granite counters, custom shower glass, and more. All appliances stay. 2024 all new carpet and ext paint, int paint refreshed too. 4 full beds plus a den/office and lots of closet space. Trane HVAC units. Outside is a paradise with a welcoming front yard, beautifully landscaped. Backyard has a fantastic pool, built-in BBQ area, beautiful stone work, citrus trees, and tons of side yard space with a double gate. And you know this area- Kyrene Schools, easy access to 4 freeways, easy drives to ASU, Sky Harbor, ++. Welcome home!

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600 W 3rd Street Tempe, AZ 85281

$769,995

4 Beds

3 Baths

2,013 SqFt

Status Active Under Contract

MLS # 6753275

Property Type Single Family Residence

Price Type --

What if you could generate an 8% return tax free on the house your child lives in while attending ASU? Inquire to learn more about opportunity zone advantages and renting out rooms! This completely remodeled house is a TRUE UNICORN! It boasts incredible character, lush landscaping, and opulent living a stone's throw away from Mill in the heart of ASU's Fun Zone.... If you want it as a personal residence then have the attached ADU apartment rental help shoulder the mortgage. Don't wait to find the next one like it, there aren't any!!1562 square foot Main house and 451 square foot attached apartment ADU.

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22701 E Lords Way Queen Creek, AZ 85142

$769,990

6 Beds

5.5 Baths

4,142 SqFt

Status Active

MLS # 6744478

Property Type Single Family Residence

Price Type --

Welcome to Ashton Wood's highly sought-after Diamond floor plan, showcased in the chic Farmhouse exterior. This spacious 4,127 sq-ft home features 6 generously sized bedrooms, 5 1/2 bathrooms, and a 3-car tandem garage. On the main floor, you'll find a sunlit office, a convenient powder room, and a guest bedroom with a full bath, perfect for multi-generational living or guests. The gourmet kitchen showcases built-in stainless steel appliances, 42'' white shaker cabinets, elegant Crisp Stria Quartz countertops, and a stylish tiled backsplash. Warmth and charm are added by tile wood-plank flooring in the main living areas and bathrooms, complemented by upgraded carpet in the bedrooms and loft. This home seamlessly blends contemporary and cozy design elements, including the Moen Gibson Premium Bathroom package, designer floor tile in the primary bathroom, Meridian vanity lights, and a white wood stair railing. Additional features include a double gate, garage service door, soft-water pre-plumb, 8' interior doors, and extra ceiling lights in the great room. Conveniently located near shopping, dining, and the new Frontier Park, Madera offers residents access to a pool, spa, pickleball courts, and picnic areas.

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13018 W Peoria Avenue El Mirage, AZ 85335

$769,990

3 Beds

2 Baths

1,944 SqFt

Status Active Under Contract

MLS # 6744116

Property Type Single Family Residence

Price Type --

Welcome to the highly sought after community of Dysart Ranchettes! RARE to find No HOA 1+ acre irrigated horse property with wrap around driveway and endless property to store your toys! Brand new roof and AC unit! Offering 1944 sq ft of fully remodeled open concept living space! Home comes highly upgraded with premium cabinetry, shutters, flooring and much more. Full upgrades list can be provided upon request. Layout features spacious 3 bedrooms, 2 bathrooms, 1 large den/office room, 2 car garage, 2 RV gates, sparkling pool/spa, and best of all a 2 bedroom detached property that can be used as pool room, casita, or glorified storage facility. Front yard features desert landscape with low maintenance artificial turf. Don't miss out on your future home!

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