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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40312 N Chase Oaks Way Anthem, AZ 85086

$760,000

4 Beds

2.5 Baths

2,666 SqFt

Status Active

MLS # 6718045

Property Type Single Family Residence

Price Type --

Welcome to Anthem Parkside, where elegance meets comfort in this stunning abode. Step through the custom iron gate into a charming courtyard, complete with a tranquil water feature, setting the tone for serenity. Inside, discover a seamless blend of modernity and warmth with vinyl wood-look flooring and an updated kitchen boasting a generous island, Carrara marble countertops, and a herringbone marble tile backsplash & stainless steel appliances. The split floorplan ensures privacy. Owner's retreat featuring a luxurious spa super shower. 4Th bedroom doubles as a versatile office space. Outside, indulge in the private oasis of the backyard, featuring a sparkling pool, built-in BBQ, inviting firepit, and lush turf, perfect for relaxing in style. Welcome home to refined living at its finest.

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17205 W Middlebury Street Surprise, AZ 85388

$760,000

4 Beds

3 Baths

2,542 SqFt

Status Active

MLS # 6722037

Property Type Single Family Residence

Price Type --

Incredible opportunity to buy a brand new stunning home in golf course gated community ! This stunning 4-bedroom, 3-bath residence is complete with a 2-car garage, an inviting paver driveway, and tasteful stone accents. The great room showcases high ceilings, a soothing palette, and stylish wood-look flooring. The impeccable kitchen features sleek quartz counters, abundant wood shaker cabinets with crown moulding, recessed lighting, a subway tile backsplash, stainless steel appliances, a walk-in pantry, and a large island with a breakfast bar. The main bedroom offers plush carpeting, an ensuite with dual sinks, and a walk-in closet. The backyard boasts a covered patio and generous space for hosting memorable gatherings. Don't miss out on this one!

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2865 Nelson Lane Chino Valley, AZ 86323

$760,000

4 Beds

2.5 Baths

3,019 SqFt

Status Active

MLS # 6715565

Property Type Single Family Residence

Price Type --

New move in ready home in beautiful Chino Valley. 2,627 SF, 4-bedroom 2.5 bath Cottonwood model. with a split floorplan. This home sets on a large 42,233 SF North/South facing lot. This rural setting is surrounded by mountains and is only a 20-minute drive to Prescott. Local amenities like restaurants & a beautiful Safeway center are minutes away. Thoughtfully designed with modern amenities with the beauty of the Arizona high desert. Community offers a friendly and welcoming atmosphere plus a community area with a beautiful Gazebo. Upgrades include an expanded Great Room, appliance upgrade with frig, 3 car garage, added outlets, garage door openers & a door from Owner's suite to the large laundry room. Click the Docs Tab to see features & floor plan. Watch the tour & come see!

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769 E Prescott Drive Chandler, AZ 85249

$759,995

5 Beds

3 Baths

3,614 SqFt

Status Active

MLS # 6716583

Property Type Single Family Residence

Price Type --

Great Home in Kerby Estates. Formal Living & Dining Room. Large eat in kitchen with an island. Granite Counter Tops. Family room opens to covered patio and grassy backyard. First floor has one bedroom and full bath. There are 5 bedrooms, 3 full bathrooms. Huge loft for game night or movie night. Large Primary Bedroom and bath with separate tub and shower and generous closet. Situated on a Large lot. Covered Patio, Grass and Built In BBQ. Plenty of storage in the three car garage with garage cabinets. Original owners have kept this home well maintained. Close to Intel, Wells Fargo, Amazon, MicroChip and Chandler Mall. Near the 202 & 101 & the 10. Highly Rated Chandler Schools. Yes it is Hamilton High School. Chandler Airpark is close by.

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11507 E Utah Avenue Mesa, AZ 85212

$759,990

6 Beds

4.5 Baths

4,173 SqFt

Status Active

MLS # 6696375

Property Type Single Family Residence

Price Type --

Introducing this stunning six-bedroom, 4 1/2 bathroom home with an office and loft, boasting 10-foot ceilings on both levels. The famhouse style exterior features a paver driveway and inside the home features 8-foot doors with polishes chrome handles. With a 4 Panel Center slider off the great room, the space is bathed in natural light. Inside, find 6 x 36'' wood-look tile throughout the main areas and 4 1/4 inch baseboards. The primary bathroom showcases an enlarged shower, separate soaking tub, and dual vanities. Chrome bath faucets and upgraded vanity lighting adorn all bathrooms. The kitchen is a chef's dream with a 36-inch gas cooktop, separate wall oven, built-in microwave, painted shaker cabinets with hidden trash pull-out, polished nickel cabinet hardware, quartz countertops, and designer tile backsplash. This home is the epitome of luxury and comfort.

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5891 N 207th Avenue Buckeye, AZ 85396

New

$759,990

2 Beds

2.5 Baths

2,141 SqFt

Status Active

MLS # 6765488

Property Type Single Family Residence

Price Type --

This stunning Cardinal plan home, with breathtaking golf course views, is move-in ready! Featuring 2 spacious bedrooms, 2 ½ baths, and a versatile den, the home is centered around a huge great room with vaulted ceilings and exposed beams, creating an airy and inviting space. The gourmet kitchen boasts a large center island, GE Profile stainless steel appliances, including a 5-burner cooktop, double ovens, built-in microwave, and dishwasher. Warm wood cabinets, sleek quartz countertops, and neutral tile flooring throughout most of the home add elegance and style. The great room opens to an extended covered patio through a 15' multi-slide glass door, perfect for indoor-outdoor living. Complete with ceiling fans and window blinds, this home is a perfect blend of luxury and comfort. Up to $30K can be applied towards closing cost OR short / long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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16540 E El Lago Boulevard Unit 39 Fountain Hills, AZ 85268

$759,900

3 Beds

2.5 Baths

1,880 SqFt

Status Active Under Contract

MLS # 6753562

Property Type Townhouse

Price Type --

Original owners of one of the best lots in the Villa Estates subdivision. Conveniently located in the heart of Fountain Hills, close to shopping and dining and our famous fountain. Pride of Ownership shows in the upgrades of wood flooring, granite countertops, upgraded half bath and high end appliances. AC replaced 3 years ago, also garage cabinets and utility sink in garage. This gated community is well cared for and bright with green grass and trees.

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2461 E Penedes Drive Gilbert, AZ 85298

$759,900

4 Beds

3 Baths

2,880 SqFt

Status Active

MLS # 6751814

Property Type Single Family Residence

Price Type --

Discover the perfect blend of elegance and comfort in this stunning Atherton model, nestled in the highly sought-after Freeman Farms community. Featuring 4 bedrooms, 3 baths, versatile den and 3 car garage. The home's functional design and neutral decor offers a canvas for your personal touches. The kitchen includes, granite counter tops, stainless steel appliances, walk in pantry and seamlessly integrates with the living spaces, making it ideal for hosting gatherings or enjoying quiet family meals. The included refrigerator, washer, and dryer make your transition to this new home easier. Outside you will find professional landscaping with decorative pavers, synthetic grass, a built-in BBQ, and free-standing gazebo. Don't miss the opportunity to make this exceptional property your home!

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3506 E Lowell Avenue Gilbert, AZ 85295

$759,900

4 Beds

2 Baths

2,740 SqFt

Status Active Under Contract

MLS # 6757349

Property Type Single Family Residence

Price Type --

This beautifully maintained home offers outstanding curb appeal and an immaculate interior, perfect for comfortable living & entertaining. Boasting 4 bedrooms and 2 full bathrooms, an oversized 3 car garage and a sparkling pool. The spacious & light-filled design features a large living room with built-in bookshelves and ample storage throughout. The primary suite is a private retreat with a versatile bonus room, ideal for use as a nursery, yoga room, home office, or dressing area. The primary bathroom includes double sinks, a separate shower & tub, and a large walk-in closet. All bedrooms are well-sized with generous closets, while the secondary bathroom also offers double sinks for added convenience. The heart of this home is the expansive kitchen, designed for both CONTINUED...... This beautifully maintained home offers outstanding curb appeal and an immaculate interior, perfect for comfortable living & entertaining. Boasting 4 bedrooms and 2 full bathrooms, an oversized 3 car garage and a sparkling pool. The spacious & light-filled design features a large living room with built-in bookshelves and ample storage throughout. The primary suite is a private retreat with a versatile bonus room, ideal for use as a nursery, yoga room, home office, or dressing area. The primary bathroom includes double sinks, a separate shower & tub, and a large walk-in closet. All bedrooms are well-sized with generous closets, while the secondary bathroom also offers double sinks for added convenience. The heart of this home is the expansive kitchen, designed for both function & style. It includes a tiled eating bar, gas stove, built-in microwave, an island, and a wrap-around peninsula with a breakfast bar. Storage is plentiful with both a large pantry & a utility pantry. A bright laundry room with a window, shelving, lower cabinets, and counter space adds extra convenience. Outdoors, you'll enjoy the large covered patio, perfect for relaxing or entertaining, & the sparkling pool. Citrus trees and a private, serene backyard make it the ideal space for outdoor living. The 3-car garage, complete with epoxy flooring, adds even more practicality to this exceptional home.With shutters on select windows and attention to every detail, this home is a true gem. Don't miss your chance to make it yours! Conveniently located near a neighborhood elementary school with easy access to shopping and the freeway. This property truly represents the best of what Gilbert, AZ has to offer.

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18459 W Carol Avenue Waddell, AZ 85355

$759,900

5 Beds

3 Baths

4,596 SqFt

Status Active

MLS # 6761081

Property Type Single Family Residence

Price Type --

A dream home in the desirable Cortessa Community. Freshly painted inside and out. Fully modern kitchen with upgraded cabinets and granite counters. Two new air conditioners and a new hot water heater. Four bedrooms upstairs with a Media room and a separate game room (Media room can be used as a 6th bedroom). Downstairs, has a full In-Law or guest suite with attached kitchenette and bathroom. New flooring throughout most of the home. Backyard oasis with a large in-ground swimming pool and an above ground spa. A weather and sun protected newly installed Pergola with lighting and fan. Pool security fence available. Home is move in ready.

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21073 N 63rd Drive Glendale, AZ 85308

$759,900

4 Beds

2 Baths

2,235 SqFt

Status Active

MLS # 6741741

Property Type Single Family Residence

Price Type --

Incredible property, perhaps the best lot at Arrowhead Ranch, priced $27K below 07/24 appraisal. Prime cul de sac location backing to the 8th green & siding to the 9th fairway's lake offering beautiful views, perfect setting for golf enthusiasts or anyone who enjoys picturesque surroundings. Ryland Prescott plan with 4 bedrooms, 2 baths, both living & family rooms adds to its versatility. Covered patio with golf course & lake views is a fantastic spot for relaxation or entertaining. The owned solar system (2023) & new roof in 2023 are excellent upgrades that enhance the home's energy efficiency & value. The 3-car garage is also a great feature, offering plenty of space for vehicles & storage. This property is a gem for anyone looking for a beautiful home in a picturesque setting.

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6209 E Blanche Drive Scottsdale, AZ 85254

$759,900

3 Beds

2 Baths

1,637 SqFt

Status Active Under Contract

MLS # 6720622

Property Type Single Family Residence

Price Type --

A rare gem in the Magic Zip Code. No HOA! Exquisite kitchen-family room features Thomasville cabinetry, granite tile countertops, mosaic backsplash, high vaulted ceilings, SS appliances, fireplace, skylight and a breakfast bar. Split floor plan primary bedroom has attached bathroom, double sinks, and a walk-in shower & closet. Enhancements encompass new windows, a panel prepped for solar installation, and interior-exterior paint updates. North/South exposure with beautiful curb appeal, low maintenance front yard and 3 car garage. Backyard is a tranquil haven complete with well-established landscaping and swimming pool with new pool pump. Conveniently located within walking distance of parks and schools. Ideal location close to Mayo Clinic, Kierland Commons, Scottsdale Quarter and PV M

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