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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18324 W Verdin Road Goodyear, AZ 85338

$769,000

4 Beds

2.5 Baths

2,827 SqFt

Status Active Under Contract

MLS # 6759058

Property Type Single Family Residence

Price Type --

Welcome to Your Dream Home in Estrella Mountain Ranch! This breathtaking 2019 Richmond American home spans an impressive 2,827 sq. ft. of beautifully designed living space on a 12,040+ sq. ft. premium lot. Every inch of this home showcases thoughtful design, luxurious upgrades, and a lifestyle of comfort and ease. Energy-Smart & Stress-Free Enjoy the freedom of no electric bills! This home features a $42K OWNED solar system and two storage batteries, keeping you powered up year-round. The garage also comes equipped with a Tesla car charger, making this the perfect home for eco-conscious living. A Chef's Delight Step into a gourmet kitchen that will ignite your passion for cooking and entertaining. With leathered granite countertops, a 5-burner gas cooktop, and an effortless flow into the living and dining spaces, this kitchen is truly the heart of the home. And for those beautiful Arizona evenings, a sliding wall of glass opens up to your backyard paradise. Outdoor Oasis Relax and entertain in style in your stunning backyard, featuring mountain views, astro turf, a custom pool with travertine decking, and a cozy firepit for those cool desert nights. The pergola is wired with power and gas ready for your future hot tub. Plus, a $26,000 outdoor kitchen upgrade with custom pavers and lighting makes this space the ultimate spot for gatherings, big or small. The Best of Both Worlds Adventure & Convenience Nestled in the heart of Estrella Mountain Ranch, this home gives you access to not one, but two residents clubs! Starpointe and Presidio boast incredible restaurants, fitness facilities, and endless ways to relax or stay active. Plus, explore the nearby Fins hiking and biking trails or sip your favorite wine at Sip at the Ranch, a popular new wine bar just minutes away. Essential conveniences like a grocery store, bank, Walgreens, and Starbucks are all just 5 minutes from home. Unbeatable Value With an appraisal of $776k in 2022, this home is an incredible find in today's market. If you're seeking a property that seamlessly blends luxury, location, and lifestyle, look no further, this is it! Book your tour today and step into the lifestyle you've been dreaming of!

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4655 N 183rd Drive Goodyear, AZ 85395

$769,000

4 Beds

3 Baths

2,603 SqFt

Status Active

MLS # 6762252

Property Type Single Family Residence

Price Type --

Highly sought after home in the Sedella Community This home screams quality and beauty. Along with the professionally landscaped front and back yard.as you enter through the front door you will be met with 10ft ceilings followed by the entrance into the gourmet kitchen with a very large island. your attention is brought to the 8ft sliding glass doors extending onto the massive patio that surrounds the pool with plenty of room to sit around the built in grill. Rv gate and 3 garages with plenty of storage this home has it all

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3770 E Colonial Drive Chandler, AZ 85249

$769,000

3 Beds

3 Baths

2,425 SqFt

Status Active

MLS # 6721258

Property Type Single Family Residence

Price Type --

Appreciate all the Finer Elements of this Exquisite Home in Solera, a Resort Style Community. Expansive Patio w/views overlooking both the 7 & 11 Fairways, the Lake and Recreation Center, Built in BBQ, Firepit, & lots of Entertaining Space. This Prestine Home is the Largest Floorplan w/ 3 Bedrooms, 3 Baths, a 2.5 car garage w/Epoxy Floors, Side Entry Door & 12'' Ceilings . Beautiful Hickory Hardwood & Tile flooring, Quartz Counters, Travertine Backsplashes, Gas Cooktop, Double Ovens, & Pantry complete this Amazing Chef's Kitchen, There's Formal & Family Lving space, w/a Two Way Accent Fireplace Creating lots of Cozy space to Entertain Family & Friends. Come see all that this Gorgeous Home has to offer. Make this YOUR Arizona ''Resort Home!

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18324 W Highland Avenue Goodyear, AZ 85395

$769,000

5 Beds

3 Baths

3,110 SqFt

Status Active Under Contract

MLS # 6712389

Property Type Single Family Residence

Price Type --

Welcome to the gated Community of Sedella! This immaculate 5-bed, 3-bath, split floor plan is an entertainer's dream. Complete w/ diving pool, fire pit, XL covered patio coupled w/ outdoor fans, speakers & misters. You'll appreciate the open living/dining room layout accompanied by a private theater area. The 16 ft wide sliding glass doors merge the indoor living space with the outdoors. Built-in speakers w/ volume control & CAT 5 wiring throughout. The kitchen features soft-close white cabinets with crown molding, stainless steel appliances, granite countertops & a large island/breakfast bar. The master bedroom features an onsite bathroom, dual vanities, soaking tub, a sit-down shower, & a large walk-in closet. Assumable VA loan available at 2.25%.

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6151 W Donald Drive Glendale, AZ 85310

$769,000

3 Beds

2 Baths

2,040 SqFt

Status Active

MLS # 6758790

Property Type Single Family Residence

Price Type --

Stunning Lake lot! Top of the Ranch Centex home. Remodeled showplace has open floorplan with vaulted ceilings. Front living/dining room. Rear family has raised hearth fireplace. Gourmet kitchen has newer custom raised panel cabinets. Newer stainless appliances. Granite counters. New (2023) plank tile flooring. New 5'' baseboards thru-out. Freshly painted interiors (2024). Plantation shutters. Large master suite has French doors to back. Incredible lake views in backyard. Newer salt-water, pebble-tec play POOL is both heated/cooled & has custom electric cover. Newer 6 Person above ground spa. Extended lot off lake not included in sq.ft. has outdoor firepit. Custom pavers & artificial turf. EV Stage 2 Fast Charge in garage + new hybrid hot water heater. This home is AMAZING! Lease is paid off - Zero Balance - Average APS Electric Bill last 25 month $71.57

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10722 E Palladium Drive Mesa, AZ 85212

$769,000

4 Beds

3.5 Baths

2,800 SqFt

Status Active

MLS # 6707650

Property Type Single Family Residence

Price Type --

SELLER OFFERING UP TO 3% CONCESSIONS. Luxury in the Heart of the Tech Corridor. Two Primary Suites, 3-car tandem gar, chef's kitchen, spa bath, 4 bed, 3.5 bath, bonus room w/custom glass & no carpet. Paver porch & new custom screen welcome your guests in style. 5-star back yard w/artificial turf, pergola. water feature-North-facing & an entertainer's dream. Chef's kitchen has 49 cabinets double-stacked to the ceiling, double ovens, additional work/prep/nook, massive island & pantry. Open floor plan to accommodate any need. All interior walls insulated for sound, Minka Aire fans throughout ( top-rated as silent), 10' ceilings, 8' doors, Epoxy Garage Floor, Mini-Split A/C Storage Galore & Wired for EV charging station. Too many upgrades to list. No expense spared. This is a must-see home.

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16601 S 34th Way Phoenix, AZ 85048

$769,000

3 Beds

3 Baths

2,317 SqFt

Status Active

MLS # 6715177

Property Type Single Family Residence

Price Type --

Exceptional waterfront residence in Ahwatukee's highly coveted Lakewood Community! Tastefully updated & upgraded! 3 full bedrooms + downstairs den/office and bath! Kitchen offers granite counters & stainless steel appliances & views of the lake! Master suite also offers spectacular views of the lake & private balcony! The master also has a sitting area for relaxing or home gym space! Remodeled, spacious master bath has barn door entrance, new dual sink vanity & separate shower & jetted tub! New windows in 2022! Lakewood offers ramadas w/ picnic tables & BBQ grill, 2 tot lots, swing set, 2 Lakes w/ 4 boat docks, catch & release fishing, walking paths & bike lanes! South Mountain Park nearby for year round hiking, & mountain biking. Award winning Kyrene Schools & Desert Vista High!

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3074 Brooks Range -- Prescott, AZ 86301

$769,000

3 Beds

3 Baths

2,204 SqFt

Status Active

MLS # 6576511

Property Type Single Family Residence

Price Type --

With a compelling offer, the seller is prepared to contribute to the buyer's interest rate buy-down or concessions. Discover this exquisite three-bedroom, three-bathroom residence in the serene Prescott Lakes neighborhood, offering panoramic views that stretch to the majestic San Francisco Peaks. Recently upgraded with $150,000 in improvements, this home features elegant hardwood and tile flooring throughout. The chef's kitchen is a highlight, boasting a walk-in pantry, quartz countertops, and a large island, ideal for social gatherings. The generous master suite includes patio access, a luxurious jetted tub, a walk-in shower, and a spacious walk-in closet equipped for a washer and dryer, adding convenience to this beautiful home. Prescott Lakes is an elite community of 1,500 homes surrounding a 210-acre, championship golf course designed by Hale Irwin. Community Details: The 12,000 square foot Athletic Club includes a gym, both indoor and outdoor swimming pools, tennis and pickle-ball courts, and social spaces. The clubhouse offers exceptional views and houses a bar, dining area, pro shop, and multiple meeting rooms.

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4528 E Hobart Street Mesa, AZ 85205

$769,000

5 Beds

3 Baths

2,418 SqFt

Status Active

MLS # 6732669

Property Type Single Family Residence

Price Type --

Welcome to your new exquisite resort-style home with a stunning backyard paradise. Take a dip in the heated pool and enjoy cozy conversations under the stars by the adobe-style fireplace. Fire up the outdoor grill & sizzle your ribs to perfection. Inside You'll find grand arched entryways, an eat-in kitchen with a breakfast bar, game room with pool table, and gorgeous backyard oasis with a heated pool, grill, and firepit Incredible property on close to 1/3 acre in Mesa. Property is an active Airbnb and can be sold furnished and without guests/tenants.

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4007 N 86th Street Scottsdale, AZ 85251

$769,000

3 Beds

2 Baths

1,888 SqFt

Status Active

MLS # 6699720

Property Type Single Family Residence

Price Type --

In this part of 85251 you do not have overhead power lines- a great benefit! Move-in ready 3 Bed 2 Bath 2 Car Garage home with upgrades: New HVAC 2023, New energy efficient designer interior doors/windows 2024, New underground sewer/plumbing lines. Re-configured floor plan with enlarged primary suite featuring New custom closet, New oversized laundry room/pantry and dog wash/utility sink. Located close to everything Old Town Scottsdale has to offer, and minutes to the 101 freeway for easy commuting. Home has been Pre-Inspected by a Home Inspector.

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18829 E White Wing Drive Rio Verde, AZ 85263

Open House

$769,000

2 Beds

3 Baths

2,700 SqFt

Status Active

MLS # 6760765

Property Type Single Family Residence

Price Type --

This popular model was used in Tonto Verde and the owner chose high end finishes that have stood the test of time. Wood plank tile flooring and carpet in excellent condition, The third bedroom with this floorplan has been modified to serve as a den/office with it's own bath. Perfect for work or overflow guest quarters. The guest suite is split and can be closed off for privacy. Primary suite is spacious with sitting area, large walk in custom closet, and slider access to patio. High end furniture is available on a separate bill of sale. Deep 2 car garage with golf cart bay, tiled patio with a propane fireplace and bar. Get ready to relax and enjoy this friendly 55 plus golf community.

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1505 E Elysian Pass Queen Creek, AZ 85140

Open House

$769,000

2 Beds

2.5 Baths

2,304 SqFt

Status Active

MLS # 6728061

Property Type Single Family Residence

Price Type --

This is a stunning Captivate model in the lovely Encanterra Country Club community. From the street you will notice the attention to detail with many uncommon features and upgrades. The home has solar power under the Shea Xero 20 year prepaid lease, a resort back yard with heated/chilled pool, covered patio and custom fireplace. As you enter, you will notice wood plank style tile laid on bias throughout the living areas. The large second bedroom/casita has a private bath with walk in shower, private living space and a separate entrance from the front patio. The spacious main suite has plenty of room for large furniture, private bath and custom walk in closet. The upgraded kitchen features a granite island with gas cook top, stainless-steel built-in appliances, upgraded cabinets and custom backsplash. The upgrades don't end in the kitchen --- plantation shutters, neutral tile plank flooring, beautiful tile work in the 2.5 bathrooms, doors for privacy in the den/office, door to smart space along with an outside access side door.

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