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 99th 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.

Whats 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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20856 W Werner Place Buckeye, AZ 85396

$759,900
4 Beds
3 Baths
3,080 SqFt
Status Active Under Contract
MLS # 6690492
Property Type Single Family Residence
Price Type --
Will pay 10K IN BUYER CONCESSIONS w full price offer! Use for Closing cost assistance or rate buy down! Ideally located on Sidney Park in Main Street Verrado, nature surrounds this home creating a highly ambient atmosphere. Featuring 4 bed 3 full bath, and relaxing outdoor spaces, backyard includes a pool, travertine decking, a pergola with built in BBQ, sink and cooking space- perfect for outdoor dining. The upgraded kitchen boasts granite countertops, stainless steel appliances, and abundant storage, open to the family, living and dining rooms. You will find a spacious primary suite, 3 large bedrooms, one w/ensuite bath. Offering the best of both worlds, privacy & proximity to all the amenities Verrado provides, dining, shopping, schools, beautiful hiking, this home is a must se

30093 N 129th Drive Peoria, AZ 85383

$759,900
2 Beds
2.5 Baths
2,180 SqFt
Status Active
MLS # 6699024
Property Type Single Family Residence
Price Type --
Absolutely gorgeous 2,180 sq ft 2 Bed, 2.5 Bath, 3 Car ''Genova'' on a private desert wash lot in Trilogy at Vistancia. This home is loaded with upgrades like crown molding in practically every room, built-ins at the Great Room and Den, multi-sliding glass doors at the Dining Room, and high end shutters! You will love the Gourmet Kitchen with raised panel designer cabinets with pullout drawers, large kitchen island with pendant lights, and stainless appliances including gas cooktop and wall oven. Primary Suite features a spa like bath with separate tub & shower plus a walk-in closet with custom closet organizer! Guest Suite is located at the front of the home and features an en suite bath with upgraded shower. Smart Space with built-in desk off the Kitchen area. Extended Paver Patio. Total privacy with mature landscaping and spacious desert wash behind. Large Covered Patio and gas stub is already in the back, making it very easy to add a built-in BBQ or gas fireplace! This home is owned by the original owner and it's always been a vacation home while being meticulously monitored on a weekly basis!

5743 S Crowley -- Mesa, AZ 85212

$759,900
2 Beds
2.5 Baths
2,686 SqFt
Status Active
MLS # 6721139
Property Type Single Family Residence
Price Type --
Welcome to this Elegant 2686 Sqft, 2 Bedroom +Den, 2.5 bath, 3 car garage Gem in the highly sought after 55+ Encore at Eastmark community! Step inside through the custom security door and you will be greeted with 10 ft. ceilings, 8 ft. doors, tasteful light 12x24 tile throughout the main living, custom white shutters and recessed lighting! Double doors lead to the well-appointed den featuring wood laminate flooring, ceiling fan and shutters. Adjacent to the den sits the spacious secondary bedroom boasting an oversized arched window with shutters, private ensuite and walk-in closet. Passing the open dining room you will step into the gorgeous gourmet kitchen featuring an oversized kitchen island with breakfast bar, tasteful pendant lighting, light quartz countertops, a stainless steel sink with RO system, soft water throughout the home, 42 soft close white shaker cabinets with lower pull out drawers, stainless steel appliances, built in oven and microwave, a five burner gas cooktop, built in microwave, Carrara marble backsplash, large walk in pantry with space for a mud room! The intimate courtyard extends your entertaining space and boasts a covered alum wood pergola, soothing water feature and mature foliage for extra privacy. The great room has been extended 4 feet allowing for extra living space and features surround sound. The owners suite presents a large soaking garden tub with neutral tile surround, separate shower with tile surround, sitting bench and glass doors, two separate vanities, a large walk in closet, linen closet and water closet. If you are looking for a hobby/storage room, the oversized laundry room features a wall of upper and lower white cabinets for ample storage! The well-manicured backyard sits on an oversized lot and features a covered patio with 4 foot extension, prewire for ceiling fans, epoxy flooring, synthetic grass with paver border, mature foliage, paver pathway to the courtyard and a shed for additional storage.

21353 S 213th Street Queen Creek, AZ 85142

$759,000
3 Beds
3 Baths
2,920 SqFt
Status Active
MLS # 6760713
Property Type Single Family Residence
Price Type --
Semi-custom elegance at a close-in Queen Creek location. The split, great room floor plan you love with a generous area for entertaining all of your favorite people, and a beautifully designed yard to bring the party outside with low maintenance landscaping, a lovely fire pit and 25 foot pergola for enjoying peaceful evenings. The gorgeous gourmet kitchen with upgraded white cabinets, stainless steel, miles of granite counters and a walk in pantry offers a large eat in area, breakfast bar AND a formal dining space.Relax and unwind in the primary ensuite bedroom sanctuary with his/her closets, and melt your cares away in the large soaking tub, or enjoy the luxury walk in shower. Split vanities are just the start of the high end upgrades which have been thoughtfully selected: wood look tile throughout most of the home, designer lighting, a security screen door and three year old multi zoned a/c unit combines a feeling opulence with energy and cost savings. Two large secondary bedrooms provide space for everyone and their gear, and the den/office can be used as a fourth bedroom. Room for all your toys with a split 3 car extended length, over height garage with cabinets galore, RV gate so you can enjoy your time away from the home as much as you'll love being in it. Surrounded by biking/walking paths and parks, this impressive neighborhood shows pride of ownership and offers nearby shopping, dining and entertainment. This is a gem of a home that you need to see to appreciate.

1146 E Kramer Circle Mesa, AZ 85203

$759,000
6 Beds
3 Baths
3,999 SqFt
Status Active Under Contract
MLS # 6757694
Property Type Single Family Residence
Price Type --
*PIC'S COMING SOON* This stunning large home, nestled within a gated community, offers a perfect blend peace and comfort. Spanning almost 4,000 sqft, the home features 6 spacious bedrooms and 3.5 bathrooms, making it ideal for families or entertaining guests. The primary suite features a spa-like bathroom with a soaking tub, walk in shower and double sinks. Each additional bathroom is generously sized, with ample closet space. outside, you'll enjoy a beautifully landscaped backyard with a pool, providing an oasis for relaxing and entertaining. This property also backs to the canal service road, great for walking or riding bikes! Just mInutes for the 101, 202, and US60. Great schools and all around great location!

90 E Leverenz Avenue Queen Creek, AZ 85140

$759,000
2 Beds
2.5 Baths
2,303 SqFt
Status Active
MLS # 6740162
Property Type Single Family Residence
Price Type --
Welcome to the stunning Captivate model, perfectly situated on a premium homesite with a walking trail next door. This exceptional home features a private casita with a separate entrance, ideal for guests or a personal retreat. The interior features an elegant gourmet kitchen, complete with top-of-the-line appliances, tons of cabinet space and stylish finishes, making it a chef's dream. Throughout the home, you'll find beautiful tile flooring and custom light fixtures that add a touch of sophistication. Cozy up by the built-in fireplace, creating a warm and inviting atmosphere for any occasion. The garage is spotless and has an epoxy finish and built in cabinets. This Captivate model offers luxury and convenience, providing a perfect blend of comfort and style!

132 E Green Apple Lane Payson, AZ 85541

$759,000
3 Beds
2 Baths
2,638 SqFt
Status Active
MLS # 6725308
Property Type Single Family Residence
Price Type --
Discover your perfect mountain home in the lovely, gated community of Hunter Creek Ranch - One of the most sought-after places to live in Arizona's majestic ''Rim Country''. This incredibly beautiful mountain / forest retreat near Christopher Creek features paved roads, underground utilities, its own sewer system and water distribution infrastructure. When you arrive at this wonderful 1/2 acre homesite, you discover the large, open and covered Trex deck areas , and you will be captivated by the surrounding forest and mountain views. You will also notice an intriguing, spring-fed pond right below you! As you enter the great room area, you will love the charm that is accentuated by knotty pine walls, soaring, vaulted ceilings and a great fireplace area. The island kitchen is open and...... spacious and there is also a large pantry / laundry area as well. Other nice features in this 2638 sq. ft. livable home include three spacious bedrooms, two bathrooms, three levels including a full lower level recreation room/office, and a two-car garage. Escape to your Dream Cabin Home and enjoy the fresh air, cool breezes, nearby mountain streams, hiking trails and six picturesque Rim Lakes. Don't miss this Great Opportunity!

17521 E Silver Sage Lane Rio Verde, AZ 85263

$759,000 - 2Br/2Ba -  for Sale in Trilogy At Verde River, Rio Verde
New
$759,000
2 Beds
2 Baths
1,752 SqFt
Status Active
MLS # 6758500
Property Type Single Family Residence
Price Type --
This Beautiful, PRISTINE, highly upgraded ~ Meticulous, OPEN CONCEPT Acacia floor plan is in the prestigious gated community of Trilogy at Verde River! Enveloped in natural light this stunning home boasts upgraded finishes such as wood look tile flooring, custom upgraded lighting, decorative tile-work, Custom Shutters and much more. State-of-the-art, modern kitchen showcases high-end GE Monogram appliances, large kitchen island, sleek upgraded cabinetry, pendants & recessed lighting. Den is enclosed with modern custom designed Barn Doors. Owner's retreat offers luxury ensuite bathroom w/ dual sinks. Walk out to the oversized covered patio and enjoy your stunning Desert Retreat! Trilogy at Verde River offers upscale Resort living at its finest and the very best of all possible worlds, close to the conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert. The amenities are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickle ball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails. Whether you're seeking a second, winter home, or will live here year-round, Trilogy at Verde River is an ideal distance from the hustle and bustle of North Scottsdale. Attitudes here are different; there's a sense of community. You'll love the Resort living! What memories will you make?

906 N Autumn Sage Court Payson, AZ 85541

$759,000
3 Beds
2 Baths
2,319 SqFt
Status Active
MLS # 6698935
Property Type Single Family Residence
Price Type --
STUNNING HOME IN CHAPARRAL PINES ON A CORNER LOT! SINGLE LEVEL AND UPGRADES GALORE*GREAT ROOM*DINING AREA*KITCHEN INCLUDES: S/S APPLIANCES, SLAB GRANITE,KNOTTY HICKORY CABINETS, PANTRY*HARD WOOD FLOORING THROUGHOUT*VERY OPEN FLOOR PLAN* CEILING IS VAULTED W/TONGUE AND GROOVE*8'DOORS*LARGE MASTER SUITE WITH CROWN MOLDING & OWN ENTRY TO BACK COVERED DECK W/JACUZZI*MASTER BATH HAS SLATE TILE FLOORING,TUB, AND LARGE WALK IN SHOWER*LARGE MASTER CLOSET W/BUILT INS*TWO ADDITIONAL SPACIOUS BEDROOMS*OVERSIZED 2 CAR GARAGE W/WORK SHOP OR STORAGE FOR YOUR GOLF CART*THERE ARE TWO COVERED PATIOS WITH PLENTY OF SPACE FOR ENTERTAINING*THIS IS A HIGHLY UPGRADED HOUSE WITH THE PERFECT LOT*WILDFLOWER RIDGE IS AN AMAZING SUBDIVISION IN CHAPARRAL PINES*THE CLUBHOUSE HAS EVERYTHING YOU COULD DREAM OF!!!

5719 E Muriel Drive Scottsdale, AZ 85254

$759,000
4 Beds
2 Baths
1,941 SqFt
Status Active
MLS # 6730969
Property Type Single Family Residence
Price Type --
No HOA! New AC Unit (2022)! This cul-de-sac gem in the highly sought-after 85254 Magic Zip Code offers the best of Scottsdale living with Phoenix taxes and access to top-rated Paradise Valley schools. Enter into a spacious home with soaring ceilings and an open floor plan, ideal for entertaining. The kitchen boasts hardwood cabinets and stainless steel appliances, while the cozy family room features a Travertine fireplace and easy access to the backyard. The master suite includes dual walk-in closets, a soaking tub, and dual vanities. Outside, enjoy a PRIVATE POOL, lush lawn, and covered patio on a generous 9,000 SQUARE FOOT LOT! This home features four bedrooms and two bathrooms within 1,941 square feet of living space. Built in 1987, it includes a two-car garage with shelving. Enjoy preferred north/south exposure. Located in the Magic 85254 Zip Code, it offers a Scottsdale mailing address, Phoenix taxes, utilities, and zoning, and is within the Paradise Valley school district. The home includes convenient indoor laundry, a wood-burning fireplace, plant/art shelves, a built-in microwave, and a kitchen pantry with shelving. Block wall fencing for privacy complete the outdoor features. Within a few miles to restaurants and shopping.

6210 E Red Oak Circle Hereford, AZ 85615

$759,000
3 Beds
3.5 Baths
2,434 SqFt
Status Active
MLS # 6687825
Property Type Single Family Residence
Price Type --
Make this New Custom WALSTON HOME plan all your own! Located in desirable Kings Ranch Subdivision on a 2.47 Acre Corner Lot. This 2434 SF home offers 3br/3ba and 1 half bath. Den/Office. Includes a Linear Deluxe Fireplace in Great Room. Coffered Ceiling and 40x96 Wrought Iron Door at Entrance. Oakcraft Timeless Stained Alder Cabinetry throughout with 42'' uppers, soft close doors. Open Kitchen with 10 ft Island, 3CM Granite throughout. Appliances GE Cafe Pkg Double Oven combo SS, GE Cooktop, GE DW, and GE Hood Vent. Upgraded Tile Floors throughout and in all Bedrooms. Ceiling Fans in Great Room, and Bedrooms. 3 X-Large 12x8 Milgard Tuscany Sliders accessing the back patio from the Great Rm, Dining, and Master Suite. Extra-large Pantry with added shelving, a convenient Laundry Room includes a folding area with lower cabinets for storage. Delta Matte Black faucets. Bath Tile Surrounds w/Niches. One 2-Car Garage 18x8 door and One 1-car garage 9x8 door that both access home. 2x6 frame construction fully sheared. Soft water Loop, Front Courtyard. Driveway to Rd, front yard landscape w/drip. Fence block backyard wall with man gate and 10 ft RV gate. High Speed Internet. Completion 08/30/2024. Photos soon!!

1541 N Blue Grass Ranch Drive Lakeside, AZ 85929

$759,000
3 Beds
2.5 Baths
2,398 SqFt
Status Active
MLS # 6746939
Property Type Single Family Residence
Price Type --
Owner Financing Available - Successful AirBNB for years with great cashflow - Popular Blueridge Estates with NO HOA & on large 19,906 sqft lot + mature Aspen & Pine Trees! 3 Bedrooms + Loft layout with lots of upgrades including T&G vaulted ceiling , large wall of windows looking out to forest & floor to ceiling stone gas fireplace. Open kitchen with custom cabinets, pull out drawers, appliance garage, double sinks, double ovens, 5 burner gas stove top, & spacious eating area. Master has gas fireplace, two walk-in closets, walk-in shower, Jacuzzi tub, & door to back patio hot tub! Back patio is 60' wide, ideal for entertaining. RV connection & EV charging! Close to all that Lakeside/Pinetop has to offer including restaurants, lakes, fishing, and Sunrise Ski Resort!

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