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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946 W Roma Avenue Phoenix, AZ 85013

$759,000

4 Beds

3 Baths

2,227 SqFt

Status Active

MLS # 6721037

Property Type Single Family Residence

Price Type --

Exciting Opportunity! This property has recently had a significant price reduction, making it an even better deal.To sweeten the offer, the seller is willing to contribute towards a 2/1 mortgage interest rate buy-down for the buyer, or alternatively, contribute to the buyer's closing costs. Don't miss out on this chance to secure a great home in Melrose at an even better value Discover the Joy of Living in Melrose and this beautiful 3 bed, 2 bath residence featuring a full 500 square foot guest casita. Move-in ready with numerous upgrades & a prime location backing to the grand canal. Chef's kitchen with granite countertops, dual ovens, wine fridge, & island, newer stainless-steel appliances, newer HVAC & RO system, Renovated hardscape rear yard, with 2 covered patios for entertaining In a neighborhood with Front Yard Fridays, near award winning restaurants, boutique shopping & more.

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8959 E Sheena Drive Scottsdale, AZ 85260

Open House

$759,000

3 Beds

2 Baths

1,369 SqFt

Status Active

MLS # 6758814

Property Type Single Family Residence

Price Type --

Welcome to your dream home on a 9,000+sf lot taking in McDowell Mtn views and No HOA, where every detail has been meticulously crafted to offer a blend of sophistication and modern luxury. This completely remodeled residence boasts an array of high-end upgrades that set it apart from the rest. New Trane HVAC being installed week of Oct 14th! Step inside to discover a stunning living space highlighted by a sleek linear electric fireplace, perfect for creating a warm and inviting atmosphere, and level 5 quartz countertops throughout! The interior features all-new cabinetry that seamlessly integrates with top-of-the-line stainless steel appliances, ensuring both style and functionality in your kitchen. The engineered wood floors add a touch of elegance and durability—no luxury vinyl here! Every inch on this home has been refreshed with a fresh coat of paint, both inside and out, enhancing its pristine condition. Pella sliding door and all windows offer both beauty and performance, completing the home's high-end appeal. Hunter Douglas Honeycomb programmable automatic blinds being installed at kitchen window and family room. Hunter Douglas Honeycomb blinds being installed in all bedrooms. The garage is equally impressive, with a new modern garage door and opener matching the elegance of the front entry. Enjoy the benefits and savings of energy efficiency with paid-for solar. Out back enjoy a spacious backyard with sparkling pool, covered patio, and plenty of grass. This Scottsdale gem combines luxurious design with practical upgrades, making it the perfect choice for those seeking comfort and style in a premier location. Ask for full Upgrades & Remodeling List.

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711 Pine Creek Drive Lakeside, AZ 85929

$758,960

3 Beds

2 Baths

1,672 SqFt

Status Active

MLS # 6612046

Property Type Single Family Residence

Price Type --

BRAND NEW HOME TO BE BUILT! This virtual listing is an example of what we can build just for you. This custom home in The Shores of Rainbow Lake offers an open floor plan with grand, vaulted ceilings in the great room to bring the outdoors in. Features include: gas fireplace in the great room, granite countertops, stainless steel appliances, soft close cabinets, LVP floors, walk-in shower with tile surround, LP Smart Siding, Trex deck, iron railing, oversized 3 car garage, AC, gas heat, covered back deck and more. Beautiful pine trees on this gated lot with privileges to Rainbow Lake. Financing available. Estimated build time 12 months from permits. Other floor plans available to suit your needs. Let's create your perfect mountain dream home. Call for details. We have 2 other lots available, one next door and one across the street, see 6610023 and 6610019. Additionally we have virtual specs (to be built homes) listed on those lots as well to give you more ideas as other floor plans are available to build. See MLS 6612020 and 6612034. Build one of these homes or one of many other floor plans we have available or we'll design your home from your imagination. Let us help you build your dream home. Other plans will be priced out to build accordingly.

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7409 E Conquistadores Drive Scottsdale, AZ 85255

$758,000

3 Beds

2.5 Baths

1,957 SqFt

Status Active Under Contract

MLS # 6693806

Property Type Townhouse

Price Type --

Experience luxury low maintenance living in this gated North Scottsdale community located mins away from shopping, golf clubs, hiking and walking paths. This premium corner lot town-home gives easy access to the community entrance, mail box, gym/pool area and ample parking for guests. Enjoy the gorgeous sunsets and stary-lit nights with panoramic views of the Pinnacle Peak and the McDowell Mountains from your private rooftop deck. Walk into the light filled open-floor plan featuring a 15ft sliding glass door perfect for entertaining giving you that inside-outside feel. Upgraded wood-look tile flooring, and neutral grey paint gives you flexibility to personalize. The kitchen boasts stainless-steel LG refrigerator and GE appliances, gas stove, and upgraded pull out drawers The expansive kitchen island includes breakfast bar seating, deep stainless-steel double sinks and quartz counter-tops. Head upstairs to the split floorplan where the owner's suite is located away from the other bedrooms offering privacy. The spacious loft area separates the bedrooms and can be used as a flex space offering additional living area to this home. Off the loft area you will find the owner's suite with on-suite bath including an upgraded over-sized shower, dual sinks and upgraded custom closet. The meticulously maintained gated community grounds and upscaled amenities create a resort-like atmosphere and boasts a pool/spa, BBQ area and Ramada. You won't be disappointed and will appreciate the serene and relaxing living this home and surrounding areas offers.

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5811 W Irma Lane Glendale, AZ 85308

$758,000

4 Beds

2.5 Baths

3,019 SqFt

Status Active

MLS # 6694576

Property Type Single Family Residence

Price Type --

Welcome to this gorgeous home, with 4 spacious bedrooms, this residence offers both space and elegance, making it the perfect retreat for modern living. The home features gourmet kitchen, with luxurious granite countertops. Excellent floor plan with large formal living room with wood floor/high ceiling, and beautiful wood staircase. Step outside to discover a large private pool is your own oasis, where you can escape the Arizona heat. For those with a passion for cars or outdoor adventures, this property boasts a 3-car garage. Great location, close distance to two shopping center, 101 freeway. . Don't miss the chance to make it your own

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4512 E Turney Avenue Phoenix, AZ 85018

$758,000

3 Beds

1 Bath

952 SqFt

Status Active

MLS # 6748390

Property Type Single Family Residence

Price Type --

LOCATION LOCATION LOCATION - Arcadia Lot with Camelback Mt view! Ready to build your own dream home. Drive down this street and see the opportunity and what has been developed in this charming area in Arcadia. This 3 bedroom home is also available to live in as it stands. Venture into the inviting living room, featuring a neutral palette. The eat-in kitchen comes with wood cabinetry, a mosaic tile backsplash. Three cozy, well-sized bedrooms. Outside, the backyard includes a covered patio, a well-kept lawn, and the convenience of a rear entry RV gate that leads to the alley. Don't miss out on this fantastic opportunity!

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3031 E Vermont Drive Gilbert, AZ 85295

$757,500

3 Beds

2 Baths

2,289 SqFt

Status Active

MLS # 6718530

Property Type Single Family Residence

Price Type --

Price Reduction! Beautifully upgraded 3 bedrooms/2 bath home with a den. This stunning single-story home in coveted West Chaparral Estates. The open split floor plan features numerous upgrades, creating an immaculate and turnkey space. The large family room seamlessly connects to the kitchen, which boasts beautiful granite countertops, an island with a breakfast bar, and a separate dining area. Plenty of cabinets and counter space, and stainless steel appliances with a spacious pantry. Storage abounds, including a 3-car garage. Spacious master suite includes a huge walk-in closet & a gorgeous open master bath. The finished garage floor adds a polished touch. The oasis backyard features a sparkling pool with an auto-timed multi colored light that can be set to come at dusk new pool pump 2023. Recently painted inside and out. Maticulasly maintained.

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103 E Atacama Lane Queen Creek, AZ 85140

$756,900

2 Beds

2.5 Baths

2,123 SqFt

Status Active

MLS # 6737932

Property Type Single Family Residence

Price Type --

Discover the popular Captivate model located in the gated community of Encanterra Country Club. This impeccably maintained home is situated on a peaceful corner lot with convenient access to both Clubhouses. Enter through the inviting gated courtyard and step into a designer-built home that boasts neutral tones, plank tile flooring and elegant custom shutters throughout. The open room floor plan is perfect for entertaining, featuring a spacious living area with surround sound, a gas fireplace, and a niche wall. The dream kitchen includes upgraded white cabinetry, granite countertops, a stainless steel appliance package, and a large center island. Step out back and enjoy the well maintained yard. Built in BBQ, expanded stone pavers and mature trees. Make this home yours today!

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8042 E Quartet Avenue Mesa, AZ 85212

New

$756,704

5 Beds

3.5 Baths

3,399 SqFt

Status Active

MLS # 6764387

Property Type Single Family Residence

Price Type --

MLS#6764387 November Completion! The Lewiston is a spacious two-story floor plan at Hawes Landing, offering 3,399 sq. ft. of well-designed living space with 5 bedrooms, 3.5 bathrooms, a 3-car tandem garage, formal dining room, study, and an upstairs loft. As the second-largest plan in our Landmark Collection at Hawes Crossing, it delivers both style and functionality. The foyer leads to a private study and formal dining area, which flow into the open-concept kitchen, great room, and additional dining space—perfect for hosting gatherings. Upstairs, you'll find all the secondary bedrooms, a loft, and the luxurious primary suite featuring dual vanity sinks and a spacious walk-in closet. The conveniently located second-floor laundry provides thoughtful design. Structural options include: paver front porch, garage service door, elevation C, double interior doors at study, and super shower at owners bath.

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10224 W Quail Avenue Peoria, AZ 85382

$755,980

4 Beds

3.5 Baths

3,221 SqFt

Status Active

MLS # 6728139

Property Type Single Family Residence

Price Type --

Award winning Phoenician floorplan, across green area! Our popular 'Phoenician' floorplan features 4 full bedrooms plus a game room and a media room, 3.5 bathrooms, 2 Car-Tandem Garage and a private yard with views! Designer selected finish includes White Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 8' doors, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Photos of actual home-make this home yours perfect for the holidays!

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1215 E Kramer Circle Mesa, AZ 85203

$755,900

5 Beds

3 Baths

3,960 SqFt

Status Active

MLS # 6749977

Property Type Single Family Residence

Price Type --

Welcome to your dream home nestled in a highly sought-after neighborhood! This stunning 4-bed + Den & 3-bath gem offers an expansive 3,960 square feet of luxurious living space and has been meticulously updated to provide the ultimate in comfort and style. Built in 2001, this home exudes timeless appeal while featuring modern enhancements that truly set it apart. Step inside to discover a freshly painted interior that perfectly complements the brand-new carpet and flooring throughout. The heart of the home boasts beautifully painted cabinets with new hardware, light fixtures, and pulls, adding a touch of contemporary elegance to your daily living experience. The spacious and airy living areas are perfect for both entertaining and cozy family nights. You'll appreciate the recently serviced A/C units that ensure year-round comfort, no matter the season. The upstairs hall bath has been tastefully refinished, providing a spa-like retreat for relaxation. Your backyard oasis awaits with a pristine pool that has been drained, cleaned, and refilled, ready for endless days of fun and relaxation. The garage door has been expertly repaired, adding functionality and curb appeal to this already impressive property. Don't miss the opportunity to make this turnkey home your own. Every detail has been thoughtfully considered and upgraded, making this residence truly move-in ready. Experience the perfect blend of luxury and convenience in a space designed for making memories. Seize the chance to bask in this meticulously cared-for residence, where every update has been executed with precision and care. Envision the endless possibilities that await at your new home sweet home!

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19701 S 231st Way Queen Creek, AZ 85142

$755,772

5 Beds

4 Baths

2,993 SqFt

Status Active

MLS # 6668542

Property Type Single Family Residence

Price Type --

BEAUTIFUL GREAT ROOM, LOFT PLAN-PRIMARY DOWN. READY FOR MOVE IN!! 5 BEDROOM, 4 BATH, GOURMET KITCHEN LAYOUT, WHITE SHAKER CABINETS, GRANITE KITCHEN TOPS, TILE FLOORING, SPA SHOWER IN THE PRIMARY BATH, FRONT YARD LANDSCAPED WITH ARTIFICIAL TURF, PAVER WALKWAY & DRIVEWAY. ALL THIS, IN THE NEW PREMIER MASTER PLAN COMMUNITY, IN QUEEN CREEK, FEATURING A 22 ACRE LAKE. THIS IS THE CENTERPIECE OF THE COMMUNITY. KAYAKING AND CANOEING, AQUATIC CENTER WITH LAP AND SPORT POOL SPLASH PAD, BOCCE BALL, PICKLE BALL, BOARDWALKS AND RAMADAS THROUGHOUT AND MUCH MORE.. THE HOME INCULDES 2'' FAUX WOOD BLINDS, CEILING FANS, TANKLESS WATER HEATER+++ KATHERINE MECHAM BARNEY SCHOOL IN THE COMMUNITY.

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