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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13195 W Golden Puma Trail Peoria, AZ 85383

$768,000

4 Beds

3 Baths

2,414 SqFt

Status Active

MLS # 6727941

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning one-year-old residence is nestled in an award-winning master-planned community, known for its exquisite design and luxurious amenities. The heart of the home is a spacious, modern kitchen that seamlessly opens to the great room, creating the perfect space for entertaining and family gatherings. New stainless appliances, huge island, and ample storage provides everything you need and want. Enjoy breathtaking views from your own backyard on a prime view lot. Featuring a travertine stone patio and low maintenance artificial grass. The home also features a 3-car tandem garage, providing ample space for vehicles and storage. Don't miss the chance to own a slice of paradise in this highly sought-after community w/even more amenities to enjoy!

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7710 E Gainey Ranch Road Unit 137 Scottsdale, AZ 85258

$767,500

2 Beds

3 Baths

1,184 SqFt

Status Active

MLS # 6763981

Property Type Townhouse

Price Type --

ABSOLUTELY STUNNING, fully renovated townhome in exclusive Gainey Ranch w/ dual mster bdrms! Tastefully designed w/ neutral colors & open concept. Gorgeous Kitchen boasts beautiful quartz counters, soft-close, custom cabinetry, SS appliances (range w/ air fryer) & peninsula w/ bar seating. ALL NEW flooring, trim, doors, handles, lighting/fans, stair railings, tiled showers, bathtub, faucets, toilets, + Smart-Home features including Google Hub, Nest Thermostat, Ring Doorbell & Garage Access from your phone! 1st floor mstr bdrm has spa-like shower, frameless glass doors & full body sprayer + custom built walk-in closet! Private Patio even has a water feature for tranquility! Even the Garage walls & floors have been redone! This home is truly amazing & A MUST SEE!!! Agent is related to selle

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20963 E Mayberry Road Queen Creek, AZ 85142

$767,500

5 Beds

4 Baths

3,158 SqFt

Status Active Under Contract

MLS # 6714401

Property Type Single Family Residence

Price Type --

Be prepared to fall in love with your next home on Mayberry. This amazing location is in close proximity to everything that Queen Creek has to offer. The brand new Costco is right down the street as well as all the shopping and dining options at Queen Creek Station all while being located within an award winning school district. This thoughtfully designed home has the right upgrades in all the right places. This floor plan is very functional with the master bedroom downstairs along with an additional full bedroom and bath on the main level. The additional 3 bedrooms and 2 baths along with the loft are located upstairs which provides great separation for privacy. The upgraded kitchen is the heart of this home with higher end shaker cabinets with soft close drawers, tile backsplash, undercount lighting, stainless steel appliances, custom lighting, butlers pantry and walk-in pantry as well. Enjoy your beautiful kitchen while overlooking your great room and your backyard oasis. Step outside to your sparkling blue saltwater pool with in-ground cleaning and variable speed pump, surround sound speakers (inside and out), built-in bbq, artificial turf and a mister system. A few additional upgrades to consider are: tray ceilings in the kitchen/great room, mudroom, cabinetry in laundry, soft water loop/softener, Do not miss your opportunity to call this beauty your next home!

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9808 S 37th Drive Laveen, AZ 85339

$766,402

4 Beds

3.5 Baths

2,966 SqFt

Status Active

MLS # 6709041

Property Type Single Family Residence

Price Type --

Charming new, single-level home in Laveen's new neighborhood, Ridge at Whispering Hills. Located at the base of South Mountain, Whispering Hills offers easy access to recreation, walking and biking paths, and private gated access. The 4 bedroom home features designer selections throughout including an executive kitchen with double ovens, Delicatus white granite in the kitchen, white painted cabinets, and two tone paint, natural tan and snowbound. Other features include an extended primary suite, a frameless walk-in shower, a shower at the secondary bath, a garage service door for the attached 3 car garage, and upgraded tile and carpet throughout.

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24710 N 27th Place Phoenix, AZ 85024

$766,000

4 Beds

2.5 Baths

2,733 SqFt

Status Active

MLS # 6713863

Property Type Single Family Residence

Price Type --

Inside Photo's show current paint and if re-painted**Seller to credit $7,500.00 towards Buyers closing cost at the close of escrow**Gorgeous two-story home nestled in the desirable community of Desert Peak with mountain views and indoor-outdoor resort-style living. This spacious 4 bedrooms/2.5 bathrooms with 1 bedroom/den & 1/2 bath located downstairs flows seamlessly from room to room. Head upstairs to a large loft, master suite & bath, 2 bedrooms & second bathroom. Large master suite with walkout patio to enjoy the Arizona sunsets, master bathroom vanity has double sinks, separate shower, relax while soaking in the jetted garden tub. Nice size master walk-in closet will check all your boxes! Loft that you can use as a game room, office or whatever your heart desires. Gorgeous eat-in-kitchen is fit for entertaining and features granite counter tops, island for extra prep & storage, stainless steel appliances, gas stove, two wall convection ovens, R/O drinking water system. Ceiling fans & all windows throughout are tinted to help keep energy cost down. Resort-style desert oasis backyard features covered patio, tile and cool decking throughout the back yard, sparkling gas heated pool and relax in the hot tub under the stary nights. This home is ideally located less than a few minutes from Route 101 & 51, premier dining, shopping, entertainment and much more. This home is truly a must see! Don't miss your chance to own this distinctive home and start making heart warm memories with your friends and family!

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2142 W Hide Trail Phoenix, AZ 85085

$765,106

4 Beds

3.5 Baths

2,718 SqFt

Status Active

MLS # 6727818

Property Type Single Family Residence

Price Type --

Move in ready home! Popular Virtue 493 plan with primary suite downstairs. Spacious great room open to the gourmet kitchen with gas cooking, stainless steel appliances, upgraded luxury vinyl plank flooring, and stained maple cabinets. Easy maintenance with front and side yard landscaping included! The Retreat collection at Union Park features multiple parks, community pool, and rec center. Conveniently located with quick access to schools, shopping, restaurants, all the conveniences of urban town living.

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28488 N Tame Lane Queen Creek, AZ 85144

$765,000

4 Beds

3 Baths

2,766 SqFt

Status Active

MLS # 6715869

Property Type Single Family Residence

Price Type --

MOVE-IN-READY! You will definitely be impressed by the quality of this home as soon as you walk through the front door! This new build is unlike others with its higher end finishes like 10 foot ceilings, 8 foot doors, wood plank tile and upgraded carpet, chef's kitchen layout with stainless steel appliances and quartz countertops, with beach entry shower, and stand alone tub in in the primary suite just to name a few! But the highlight of this home is its HUGE lot, NO HOA, Room to build a casita or detached garage, but still has franchise water & paved access! But the icing on this one is the INCREDIBLE DESERT VIEWS!!! These photos do not do it justice, you MUST SEE this home in person!!! Homes with views like this don't exist very often in this price range. DON'T MISS THIS ONE!!

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22025 W Bajada Drive Wittmann, AZ 85361

$765,000

4 Beds

2 Baths

2,157 SqFt

Status Active Under Contract

MLS # 6741959

Property Type Single Family Residence

Price Type --

Welcome to your slice of the American Southwest in Wittmann! This stunning 4-bedroom, 2-bathroom home on 2 acres is where rustic charm meets modern convenience. With beautiful tile flooring throughout and soaring 10-foot ceilings, the space feels open and inviting from the moment you step inside. The heart of the home is the kitchen, featuring rich knotty alder cabinets that add warmth and elegance. The primary suite is your personal retreat, complete with an en suite bathroom that offers both a separate shower and bath for those well-deserved moments of relaxation. Plus, with a private exit to the patio, you can step right out to enjoy your morning coffee or a quiet evening under the stars. Outside, the amenities are just as impressive. A well-insulated 30x40 detached garage... equipped with 120V and 240V outlets, remote electric openers, and an external keypad, is perfect for storing all your toys - from ATVs to boats. And when the Arizona sun gets too hot, dive into your in-ground, 6-foot heated pool for a refreshing escape. But that's not all - this property comes with an additional 4.4 acres of flat, usable land, perfect for creating your very own equestrian paradise. Bring your horses, build the barn of your dreams, or simply enjoy the wide-open space. This is more than just a home; it's a lifestyle waiting for you to embrace. Don't miss this rare opportunity to own a piece of Wittmann that has it all! Sale includes parcels 503-34-330C, 503-34-330D and 503-34-331

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14850 E Grandview Drive Unit 239 Fountain Hills, AZ 85268

$765,000

2 Beds

2 Baths

2,059 SqFt

Status Active

MLS # 6751313

Property Type Apartment

Price Type --

See sunrises, sunsets and city lights from the balconies of this spacious Villa. Located on one of the highest points in Fountain Hills, this two bedroom two bath Villa can be your seasonal getaway home or your full-time residence. Be a part of The Villas at Copperwynd, a luxury condominium community that redefines the desert lifestyle. This Villa features nine foot ceilings with spacious hallways. Granite tile countertops, walk in pantry, gas cook top, under cabinet lighting and hardwood cabinets are just some of the special features in the kitchen. Master bath includes 36'' high vanity with high windows that provide natural light. Both bedrooms have balconies that provide remarkable views of the Sonoran desert. Furnishings available on a separate bill of sale (some personal items and art work will be retained by seller). Next door is the Adero Scottsdale Resort and Club offering a health club, spa, tennis and swimming pools. Inquire at the club for membership information. Shopping only minutes away. Five public golf courses are nearby. Hiking at the Adero Trailhead. Only about 30 minutes from Phoenix Sky Harbor Airport. Note that HomeGuard Warranty Protection is in place.

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8203 N 173rd Avenue Waddell, AZ 85355

$765,000

4 Beds

3.5 Baths

3,310 SqFt

Status Active

MLS # 6755926

Property Type Single Family Residence

Price Type --

Move-in ready, highly desirable Delfino model in Granite Vistas! Located on a premium corner lot, this gorgeous home offers amazing curb appeal, striking stone detailing, RV garage and an extended driveway. The impeccably designed interior boasts extra tall ceilings, plantation shutters, plank tile flooring, and a sizable living room perfect for a formal dining area that is great for hosting and entertaining. The great room is adorned with an accent wall, tray ceilings and recessed lighting t/out. The stunning gourmet kitchen is fully equipped with a gas cooktop, a wall oven, and a farmhouse sink, quartz countertops, soft-close cabinetry, oversized waterfall island and large walk-in pantry. Dual primary bedrooms, one on the main floor with walk-in closet and its own bathroom. Venture upstairs to find a cozy loft ideal for a reading nook, home office or game room. The sizable primary bedroom has an extra-large bathroom with dual sinks with lots of counter space and a separate vanity area. The upstairs laundry room is oversized with a farm sink, extra counter space and cabinetry. The home's elegance extends outdoors to the serene backyard with a covered patio, pavers, outdoor lighting and low maintenance turf. There's extra space on the side of the home, perfect for a pet area or storage. The RV gate is a bonus, leading to a paver side yard great for extra parking. This home has too many extras to mention Tour this home today to see everything this home has to offer. List of upgrades: *RV Garage *RV Gate *GFCI outlets outside of RV Garage *15X40, 14ft. high garage door *Mini split in RV Garage *RV dump station *50 Amp electrical *Hose bib *Epoxy flooring *Sunscreens *Tray ceilings *Lots of storage *Plantation shutters *Upgraded Ceiling fans *Farmhouse sink in kitchen and laundry *Oversized Quartz island with waterfall edges *Gas stub for firepit *Upgraded electrical panel *Security cameras *Rain gutters *Pigeon mitigation system

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1067 E Seminole Drive Phoenix, AZ 85022

$765,000

3 Beds

2.5 Baths

2,972 SqFt

Status Active Under Contract

MLS # 6734387

Property Type Single Family Residence

Price Type --

Nestled near the base of the Lookout Mountain Preserve this home features 3 beds/2.5 baths plus an office/den bonus room and is everything you've been looking for! Upon entry you are greeted by a sizable formal family room that is filled with natural light, enhanced by soaring ceilings, and a formal dining space with brand new wood floors. As you make your way to the heart of the home, you will find an open concept kitchen featuring granite countertops, stainless steel appliances, a separate beverage fridge and an extended island with barstool seating for five. The kitchen seamlessly flows into the cozy family room, equipped with a fireplace and french doors that open up to your backyard oasis. Step outside to your covered patio, lush mature landscaping, built-in grill, a pergola great for alfresco dining, and a putting green. This private retreat is designed to be enjoyed! Upstairs, you'll find a spacious primary suite that boasts its own cozy fireplace and private balcony. The primary ensuite features a generous walk-in closet, jacuzzi tub, separate walk-in shower and a double vanity with granite countertops providing ample storage. Also upstairs you will find a flexible bonus room that can serve as a den or office as well as two additional spacious guest bedrooms filled with natural light and a guest bathroom featuring double vanities, granite countertops, a walk-in shower and sleek finishes. From the home's remarkable features, to the convenient access to the best that Moon Valley has to offer, this home is a can't-miss!

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2850 E Azalea Drive Chandler, AZ 85286

$765,000

4 Beds

2.5 Baths

2,478 SqFt

Status Active Under Contract

MLS # 6749886

Property Type Single Family Residence

Price Type --

A stunning remodel just completed. This beautiful single level home with 4 bedrooms, 2.5 baths and 3 CG, located on a corner lot and showcases a luxurious kitchen with a large island with quartz countertops and large sink. All cabinets updated with paint, new tiles flooring throughout the house and wood laminate in all bedrooms, new baseboards throughout. The master bathroom and 2nd bathroom were a 100% remodel with new shower, tile, toilet, counter-tops and shower. Fresh paint throughout the house including doors, ceiling and garage.

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