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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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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Show Low AZ 85901

$769,900

3 Beds

2 Baths

1,827 SqFt

Status Active

MLS # 6761570

Property Type Single Family Residence

Price Type --

Brand New Home in the highly sought after community of Torreon with amenities that are second to none! Nestled on a nicely treed cul-de-sac lot with paver driveway, no maintenance smart siding, covered front & back decks, alder cabinets, Trex decking, 8ft alder doors, Quartz countertops, Gas FP & more!

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16320 E Skinner Drive Scottsdale, AZ 85262

$769,900

4 Beds

4 Baths

2,616 SqFt

Status Active

MLS # 6709609

Property Type Single Family Residence

Price Type --

Nestled amid stunning mountain views, this home offers luxurious desert living with a perfect fusion of modern elegance and natural beauty. Enjoy panoramic vistas, thanks to generously sized windows and soaring 9-10' ceilings paired with elegant 8-foot doors. The open and airy design, drenched in natural light, creates an inviting atmosphere throughout. Step outside to the covered back patio, ideal for entertaining or simply unwinding while soaking in the breathtaking desert landscape. Private En Suites for the primary and 2 guest suites for optimal privacy and comfort. 4th guest room has ensuite with main living access. Spacious 3+ Car Garage & Workspace: Plenty of room for your vehicles, hobbies, or projects. 5000-Gallon Water Storage Tank provides added convenience for desert living.

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2977 E County Down Drive Chandler, AZ 85249

$769,900

5 Beds

3 Baths

3,610 SqFt

Status Active

MLS # 6754496

Property Type Single Family Residence

Price Type --

Beautifully Upgraded Sun River Home with Great Mountain Views! 3,610 Sq Ft w/5 Bedrms/3 Baths TRI-LEVEL plus HUGE Bonus Room w/Built-in Wet Bar & Custom Cabinets! 3 Bedrms & Bonus Room on Upper Level, Formal Dining & Kitchen on Middle Level, 2 Bedrms, Living & Family Rooms on Lower Level. Features Vaulted & 9'+ Ceilings, Tile, Carpet, & High-End Laminate Flooring, Gourmet Kitchen has Granite Countertops, 42'' Cabinets, Center Island, Desk, New Built-in Microwave & Access to 3rd Patio. Spacious Master Bedrm has Sliding Glass Doors to Upper Patio. Master Bathroom has Double Sinks, Large Walk-in Closet & Jacuzzi Tub. Family Room has Gas Fireplace & exit to Covered Patio by the Pool. Amazing Backyard Professionally Landscaped, Resurfaced Pebble-Tec Pool & Extended Kool Decking & Waterfall, BBQ Island Shell & Mature Landscaping, 10' RV Gate, 3-Car Garage w/New Overhead Storage, Water Softener & much more... Schools, Shopping, Restaurants & Entertainment nearby!

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9812 S 37th Drive Laveen, AZ 85339

$769,719

3 Beds

3.5 Baths

2,748 SqFt

Status Active

MLS # 6709066

Property Type Single Family Residence

Price Type --

Gorgeous brand new home in Ridge at Whispering Hills, a new community in Laveen. High end features throughout. The executive kitchen boasts double ovens, Oxide Honed Quartz countertops, and white painted cabinets and greyhound painted cabinets at the center island. Other highlights in the home include extended upper and lower cabinets in the kitchen nook, an extended dining room, a 16' multi-slider in the great room, upgraded paint in Snowbound, upgraded tile and carpet throughout, and an attached 3 car garage with a service door. There is a frameless walk-in shower and a shower at the secondary bath. Gated community access creating a serene and private living experience.

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9987 E Fanfol Drive Scottsdale, AZ 85258

$769,500

2 Beds

2 Baths

1,871 SqFt

Status Active

MLS # 6747663

Property Type Single Family Residence

Price Type --

Experience Luxury Living in Scottsdale Ranch. This is the perfect 2nd home and at the same time perfect for year round living! This stunning 2-bedroom, 2-bath gem is nestled in the exclusive resort-style community of Mission Monterey within Scottsdale Ranch. Tucked away in a peaceful cul-de-sac, this home offers a private courtyard with beautiful stone pavers and lush landscaping, creating the perfect space for outdoor relaxation and entertaining. Step inside to discover bright and inviting interiors with soaring vaulted ceilings and an open, fluid floor plan. The grand living area features a cozy, remodeled fireplace and plantation shutters, perfect for unwinding after a day in the sun. The spacious kitchen, equipped with stainless steel appliances, and elegant quartzite countertops, is a dream for any at-home chef. The primary suite is your personal retreat with a large walk-in closet featuring built-in storage, and a luxurious master bathroom with a super-sized Jacuzzi tub and separate shower. Additional upgrades include all-new tile flooring throughout, Hunter Douglas blinds, a remodeled second bathroom, new energy-efficient windows, and enhanced insulation to keep energy costs low. Enjoy your mornings on the private patio or take a dip in the fabulous heated community pool and spa. With attic storage, epoxy garage flooring, and easy access to the 101, shopping, fine dining, and the Scottsdale Ranch Community Center, this home offers the perfect blend of comfort, convenience, and style.

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8474 W Switchback Trail Casa Grande, AZ 85194

$769,000

4 Beds

2.5 Baths

2,768 SqFt

Status Active

MLS # 6730240

Property Type Single Family Residence

Price Type --

MAGNIFICENT MOUNTAIN VEWS SURROUND THIS IMPRESSIVE CUSTOM 4BR HOME! Beautiful landscaping with extensive paver walkway & driveway greet you when you arrive. State of the art gourmet kitchen w/upgraded appl. pkg. refrigerator, huge breakfast bar, boundless counter space, spacious dining area, walk in pantry plus built in wine rack w/separate beverage refrigerator. Split BR plan, Master bath boast free standing tub, separate tile shower, Custom DBL vanity & mirrors plus enormous walk in closet. 2nd & 3rd BR's share a Jack & Jill bath w/ DBL vanity that has a private tub/shower. 4th BR also has a half bath. Enjoy the 10 ft. coffered ceilings, recessed lighting, granite counters, custom paint & gorgeous tile flooring T/O. You will love the full length covered back patio & beautiful views

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7210 N 175th Avenue Waddell, AZ 85355

$769,000

3 Beds

2 Baths

2,026 SqFt

Status Active

MLS # 6753624

Property Type Single Family Residence

Price Type --

Beautiful custom slump block 3 bed, 2 bath home on almost two tree lined flood irrigated acres in coveted Waddell. This amazing Horse Property is on a private road. Home has it all from the covered courtyard entry, duel AC units, newly upgraded country kitchen w/ stainless steel appliances and quartz counter tops, 3 large bedrooms, split floor plan, great room, central laundry room, garage cabinets, and back covered patios where you can watch the beautiful sunsets.. Outside features 5 fenced pastures, round pen, Barn/ shop with bathroom, wash rack, tac and feed room, 6 huge covered heavy steel pipe stalls with electric and water. Rear entrance for loading livestock. Horse trails right out your back door just minutes from the White Tank Mountains where there are endless riding. trails.

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1239 E Kramer Circle Mesa, AZ 85203

$769,000

5 Beds

3 Baths

2,781 SqFt

Status Active

MLS # 6741871

Property Type Single Family Residence

Price Type --

Discover this exquisite 5-bedroom, 3-bath residence on a peaceful cul-de-sac! You're greeted by fantastic curb appeal boasting a 3-car garage, an extended driveway, an immaculate front yard with stone accents. The living/dining room welcomes you with a soothing palette, plantation shutters, and attractive wood-look flooring. The great room features soaring ceilings and a cozy fireplace. Sliding doors open to a beautifully landscaped backyard with an inviting pool and putting green. The chef's kitchen is equipped with granite counters, abundant white cabinetry with crown moulding, mosaic tile backsplash, stainless steel appliances, pantry, and an island with breakfast bar. The main bedroom offers clerestory windows for natural light, an ensuite with dual sinks, and a walk-in closet. Outside, the covered patio, putting green, and refreshing pool create an enchanting oasis. Make this gem yours today!

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1450 S Central Drive Chandler, AZ 85286

$769,000

5 Beds

3.5 Baths

3,462 SqFt

Status Active

MLS # 6739107

Property Type Single Family Residence

Price Type --

Move in ready 5 bed 3.5 bath home in ideal Chandler location. Enter home to light & bright, expansive dining & living room area with featured lighted wood wall. Walk through to back of home to find model gourmet kitchen with upgraded granite countertops, large kitchen island, gas stove, beautiful white cabinets, upgraded lighting & eat in kitchen area. Family room opens to kitchen & possesses beautiful large picture windows w/ backyard view, stone wall & fireplace, bar & billiards exemplary for large gatherings. Downstairs also contains a 1/2 bath, lg storage closet & bedroom 5, with walk in closet, & attached bath making a great guest suite. Upstairs discover all new carpet throughout, Massive Primary Bedroom w/ large upgraded bath, dual sinks, vanity, large walk shower and separat tub, and immense walk in closet. 3 additional oversized bedrooms upstairs all have walk in closets and share upgraded secondary bath with dual sinks, vanity and walk in shower. Tranquil Backyard has extended patio, large shade trees and beautiful landscaping. All of this just steps to community park and close to all amenities, highways, and Chandler schools.

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3354 W Judd Road San Tan Valley, AZ 85144

$769,000

4 Beds

2.5 Baths

2,489 SqFt

Status Active

MLS # 6720208

Property Type Single Family Residence

Price Type --

***ARIZONA'S PREMIER CUSTOM BUILDER PERSENTS LUXURY AT ITS BEST MODEL HOME IN THE AREA. Many builders in the area are overpricing less quality builds for much more in the same neighborhood. This 4 bedroom 2.5 bath Contemporary Grand Style grand floor plan over 2400 sq ft will not last. Raised ceilings, high end doors, without paying extras for upgrades in the model center. This home has all upgrades included and ready for the discerning buyer. Grand entry Custom door imported from finest architectural Amalfi designer, by design kitchen cabinetry and glass backslash. French tied plush carpet, upgraded smooth texture walls like a true custom built. Extended kitchen cabinetry and panel doors throughout and more.

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