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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40614 N Harbour Town Court Anthem, AZ 85086

$764,000

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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5727 N 84th Drive Glendale, AZ 85305

$763,990

5 Beds

3.5 Baths

4,517 SqFt

Status Active

MLS # 6717343

Property Type Single Family Residence

Price Type --

MLS#6717343 Welcome to the Acadia floor plan at Stonehaven Voyage! This to-be-built home lets you pick options and customize to your preferences. This impressive two-story plan welcomes you with an inviting front porch leading to a grand foyer with a decorative spiral staircase. To one side is a formal dining room, and on the other, a study. The expansive gathering room opens to the kitchen, which features an oversized island with a sink. Choose an optional chef or gourmet kitchen and select your finishes and upgrades. The primary suite is downstairs and boasts his and her closets and vanities. The second story includes secondary bedrooms, bathrooms, and a game room. Customize with additional bedrooms, an optional extra laundry room, or a media room.

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10129 E Strobe Avenue Mesa, AZ 85212

$763,000

6 Beds

4.5 Baths

4,147 SqFt

Status Active

MLS # 6698389

Property Type Single Family Residence

Price Type --

Oversize home feature flexible floorpan with 6 bedrooms, den/office, loft, 4.5 bathrooms, and 3-car tandem garage with epoxy flooring. 9 ft high ceilings, recessed lighting, pre-wired surround sound, and plenty of natural light. Great room and kitchen with beehive fireplace, large island with breakfast bar, stainless appliances, and dining room are perfect for family or entertaining. One bedroom and den/office downstairs. Upstairs, primary suite has dual vanities, soaking tub, walk-in shower, and walk-in closet, and additional bedrooms are generously sized. Backyard with covered patio is ready for your imagination. Eastmark community benefits include: Community Center, community pool, the Great Park with a splash pad, lake, parks, trails, and more!... Eastmark offers Community Center, community pool, the Great Park with a splash pad, lake, parks, trails, and more!

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8743 E Bonita Drive Scottsdale, AZ 85250

Open House

$762,000

3 Beds

2 Baths

1,591 SqFt

Status Active

MLS # 6735351

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to your dream home in a perfect location near Chaparral park and Old Town Scottsdale! Step inside to a fresh interior with a neutral color paint scheme and partial flooring replacement. The living room features a cozy fireplace, perfect for those chilly evenings. The kitchen is a chef's delight with all stainless steel appliances and an accent backsplash. The primary bathroom boasts double sinks for convenience. Step outside to a fenced-in backyard with a private in-ground pool and a covered patio, perfect for entertaining. This home is a true gem!

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8757 W Missouri Avenue Glendale, AZ 85305

Open House

$761,262

4 Beds

4.5 Baths

3,704 SqFt

Status Active

MLS # 6729320

Property Type Single Family Residence

Price Type --

MLS#6729320 The 2-story Hampton is sure to impress with 5 bedrooms, 4.5 baths and a 3-car garage. When you walk through the front door of this stately home, you are greeted by a long foyer with a dedicated formal dining room to host events. The Hampton provides cutting-edge open-concept designs for the ultimate in modern living with the gourmet kitchen, casual dining, and gathering room flowing seamlessly together. Upstairs, you will find the spacious owner's suite with a retreat, luxurious bath and a large walk-in closet. Three additional bedrooms, a shared bath and a loft round out the second floor. Structural options include: upgraded gourmet kitchen appliances. Design upgrades include: upgraded maple cabinets with full overlay, 42 uppers, quartz countertops, upgraded tile.

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8940 W Camino De Oro -- Peoria, AZ 85383

Open House

$761,000

4 Beds

3 Baths

2,654 SqFt

Status Active

MLS # 6758932

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this custom built home on a large lot with no HOA and room for your toys. The interior features a neutral color scheme with fresh paint throughout and partial flooring replacement. The kitchen features stone counters with with an accent backsplash, and stainless steel appliances and beautiful wood cabinetry. The primary bedroom includes a walk-in closet. Step outside to a covered patio overlooking a private in-ground pool, outdoor shower, artificial turf and room for a future casita or a future RV garage. RV gate. The fenced-in backyard also offers a storage shed for added convenience. Walk to Campbells Restaurant for breakfast, close to Lake Pleasant , shopping and all that north Peoria has to offer.

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8717 E Thornwood Drive Scottsdale, AZ 85251

$760,000

3 Beds

2 Baths

1,525 SqFt

Status Active

MLS # 6754440

Property Type Single Family Residence

Price Type --

This beautiful 3 bdrm, 2 bath home is located in a desirable Scottsdale area close to Fashion Square, Old Town, and the 101. Situated on a spacious 8800+ sq ft corner lot, it offers something for everyone. The home boasts gorgeous curb appeal with artificial turf and a paver walkway leading to a charming front patio with shade structure. Inside, you'll find recent upgrades including granite countertops in the kitchen and bathrooms, as well as luxury vinyl plank (LVP) flooring throughout the main living areas and bedrooms—no carpet! The spacious backyard features artificial turf, a putting green, a built-in grill, a storage room, and an RV gate. Additionally, there's a 1-car garage with an extra driveway that's paved for additional parking. Come tour this one today.

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3036 E Hermosa Vista Drive Mesa, AZ 85213

$760,000

4 Beds

3 Baths

3,312 SqFt

Status Active

MLS # 6760942

Property Type Single Family Residence

Price Type --

Your DREAM home is here! This gorgeous property, with 4 beds & 3 baths, will surely impress you. A 3-car garage w/extended driveway and a well-manicured landscape w/synthetic lawn are just the beginning. The welcoming foyer is adorned with dramatic high ceilings that make a grand impression! Home exudes elegance with designer paint, stylish light fixtures, abundant natural light, and tasteful flooring - tile & soft carpet in all the right places. You'll love the separate living room, formal dining room, and a large family room w/fireplace for chilly nights! The impressive kitchen has built-in appliances, quartz counters, a walk-in pantry, glass tile backsplash, ample white cabinetry, a butcher block island, and a peninsula w/breakfast bar. Its cozy nook boasts a French door to the back. There is a storage room under the stairs! For added versatility, you have a cozy loft and a bonus room await upstairs. The double-door main bedroom features a lavish ensuite with a soaking tub, tiled shower, dual sinks, & a walk-in closet. If entertaining is on your mind, check out the fantastic backyard! With a covered patio, well-laid pavers, and a sparkling pool & spa combo, this space promises year-round enjoyment. The citrus trees & a storage shed are added perks. What's not to like? This gem is truly a MUST-SEE!

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26613 W Quail Avenue Buckeye, AZ 85396

$760,000

3 Beds

3.5 Baths

2,800 SqFt

Status Active Under Contract

MLS # 6747777

Property Type Single Family Residence

Price Type --

VOYAGE MODEL WITH 3 BEDS, 3.5 BATHS, POOL AND VERY LARGE OWNED SOLAR SYSTEM. Upgrades throughout including custom bar with beverage cooler, white cabinetry with striking Cambria counter tops. Each bedroom is ensuite and the Primary Bath has a custom vanity and an added door to the laundry room for convenience. The extended rear patio is equipped with a misting system. Beyond that is the Pool and built-in BBQ. All surrounded for privacy with a block back wall. Look for more detail in the documents tab above.

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10753 E Sebring Avenue Mesa, AZ 85212

$760,000

4 Beds

3 Baths

2,800 SqFt

Status Active

MLS # 6754850

Property Type Single Family Residence

Price Type --

This exceptional property combines modern amenities with a tranquil setting, making it an ideal choice for your next home. Don't miss the opportunity to make this gem yours! The heart of the home features a high-end gourmet chef's kitchen with gas stove, large island, commercial hood, and complemented by sleek modern gray cabinets and pristine quartz countertops. Enjoy the chic ambiance of tile wood flooring and brand new baseboards and interior paint. The spacious open layout is perfect for entertaining guests. This home features an upgraded option for a larger laundry room and pantry, as well as an enclosed office. The 3-car garage offers plenty of storage and parking options.

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19130 E Sunnydale Drive Queen Creek, AZ 85142

$760,000

3 Beds

2 Baths

1,707 SqFt

Status Active Under Contract

MLS # 6745092

Property Type Single Family Residence

Price Type --

A beautiful mini ranch in the perfect location of Queen Creek AZ! This property has it all for the horse & animal lover! Perfectly set up w/ an arena off of the 6 stall mare motel!, Fenced grass pastures, that are irrigated & lush w/ Bremuda for the horses to graze. Massive hay barn, easily fits 2 squeezes, or you can park your RV in its shade! Large gated access at the back & front of the property for big trucks, & horse trailers. The gorgeous home has a wide open floor plan, tile in all the right places, remodeled & beautifully updated, Master bedroom, is split, w/ private bath & walk in closet. Guest rooms have ample space, & full guest bath, dinning or den in great room, 3 car garage, multiple AC's and Splits. Mountain views, country living, yet close to all amenities.

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6868 Deuces Wild Road Show Low, AZ 85901

$760,000

4 Beds

2.5 Baths

2,613 SqFt

Status Active

MLS # 6741782

Property Type Single Family Residence

Price Type --

Bring your animals and come live the quiet, country life in this gorgeous 4 bedroom 2.5 bathroom home on 5 acres (approx. 217,800 sf) , with forest service land on 2 sides. Enter the front door and up a short flight of stairs you will find a large open concept living room, dining room, and kitchen. Large dual paned windows (all installed this year) allow for a ton of natural light. The kitchen features ample cabinet space and plenty of room to work. Off the kitchen you will find a bonus room with endless possibilities: a craft room, homeschool space, or just room to relax. Three bedrooms and two bathrooms are also on this level. The master bedroom allows access to the back deck with a hot tub. Downstairs is a ½ bath with laundry, an additional bedroom, and access to the 2-car garage. Outside is landscaped with a storage shed, well house, greenhouse, round pen and barn. The barn is 36' X 36' with 4 stalls, hay storage, and a tack room (12' X 12 with locking door).

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