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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18544 E Caledonia Drive Queen Creek, AZ 85142

$750,000

5 Beds

3.5 Baths

3,745 SqFt

Status Active

MLS # 6744281

Property Type Single Family Residence

Price Type --

Your DREAM home is here in Sossaman Estates! This gorgeous 5-bed, 3.5-bath residence will surely impress you. Great curb appeal highlighted by a split 3-car garage, front porch, and a manicured landscape w/lush lawn & shade trees. Home exudes elegance with formal dining, living, & family rooms! Tall ceilings add to the airy feel, enhanced by tons of natural light. The impressive kitchen has granite counters, a huge island, butler's pantry, a walk-in pantry, and staggered cabinetry. Separate breakfast room is a plus! Upstairs, you'll find a large loft that provides versatility. Double-door main bedroom boasts an ensuite with a separate tub/shower, two vanities, & a walk-in closet. Outback, you have natural grass & a covered patio to relax or enjoy BBQ.

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2074 N 139th Drive Goodyear, AZ 85395

$750,000

3 Beds

2.5 Baths

2,342 SqFt

Status Active

MLS # 6752460

Property Type Single Family Residence

Price Type --

Welcome to your Backyard Entertainment Paradise. This exceptional property is like no other in this community. This home boasts a resort style heated pool for year round comfort, waterfalls, heated Spa with Baja Shelf/double spillway, Travertine deck, Custom Built In BBQ. Misting system at Patio with remote controlled Zipper Sun Shades to cool a full length patio. The gourmet kitchen features elegant white cabinetry with upgraded KitchenAid Stainless Steel appliances, gas cooktop, quartz countertops, and a spacious center island with bar seating. 3 glass sliders are adjacent to the Great Room. Large Glass Slider at Primary Bedroom is just steps from the pool or relax in the Luxurious Free Standing Tub in Primary Bath. Custom Plantation Shutters, Every detail in this home has been thoughtfully upgraded from tile flooring, plush carpet in the bedrooms, modern fans and lighting, as well as high-quality doors, baseboards, and hardware. The large laundry room provides ample storage with upper and lower cabinets, a utility sink, and plenty of counter space. In addition to the master suite, there are two more bedrooms and a flexible space that can be used as a home office or playroom. The 3-car tandem garage features built-in cabinets, a workbench, and a convenient service door leading to the side yard. This home offers the perfect combination of luxury, comfort, and style.

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30813 N 164th Drive Surprise, AZ 85387

$750,000

4 Beds

3 Baths

2,772 SqFt

Status Active

MLS # 6755321

Property Type Single Family Residence

Price Type --

WOW! Your dream home is here! Discover luxury and efficiency on a sprawling 1.2-acre lot, boasting a 4-car garage, additional carport, and vast space for your recreational vehicles. Step inside to a warm, inviting interior illuminated by recessed lighting, with durable tile flooring and a striking stone-accented fireplace in the bright great room. Entertain in style in the formal dining area or in the spacious kitchen, which features rich chocolate-stained cabinets, sleek granite counters, high-quality stainless steel appliances, and a generous center island with a breakfast bar. The expansive main suite offers a serene retreat, complete with a sitting area, direct backyard access, and a luxe private bathroom equipped with dual sinks, a soaking tub, and a walk-in closet... Functionalities include a laundry room with built-in cabinets and a utility sink. Outside, the full-length covered patio is perfect for enjoying scenic mountain views and envisioning future backyard transformations. This gem is truly a rare find! Come and experience it for yourself!

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2325 N 53rd Street Phoenix, AZ 85008

$750,000

2 Beds

1 Bath

1,005 SqFt

Status Active

MLS # 6759409

Property Type Single Family Residence

Price Type --

Investor Opportunity in Prime Location! Great for builders, investors, or homeowners looking to create something truly special in one of the most sought-after areas in town. The existing structure could be expanded or torn down, the value lies in the land and its prime potential. Located on a sizable lot with the possibility of splitting it into two parcels, build two new homes or a luxury single-family residence. The unique layout also offers the option to change the address to the street behind the house, Lewis Ave, giving you even more flexibility. Location is everything! Minutes away from Arcadia, downtown Phoenix, Old Town Scottsdale, and Sky Harbor Airport. Perfect for families, professionals, or those seeking a central, upscale lifestyle. Don't miss out on this opportunity!

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140 W University Drive Mesa, AZ 85201

$750,000

9 Beds

2 Baths

2,738 SqFt

Status Active

MLS # 6732483

Property Type Single Family Residence

Price Type --

Discover the perfect investment opportunity with this established care facility. This property is thoughtfully designed to provide a comfortable and safe environment for its residents. Each senior enjoys the privacy of their own room, complemented by spacious community areas for dining and living. The bathrooms are fully handicap accessible, ensuring ease of use for all. Outside, a large, beautifully landscaped yard offers a serene setting for relaxation and outdoor activities. Located in a highly desirable area, this facility combines convenience with excellent amenities. Don't miss out on this exceptional investment chance! Long term tenant in place with 5 years remaining on lease. Access to be provided during due diligence period.

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20436 W Terrace Lane Buckeye, AZ 85396

$750,000

5 Beds

3.5 Baths

3,107 SqFt

Status Active Under Contract

MLS # 6686344

Property Type Single Family Residence

Price Type --

''Welcome to Verrado'' This popular Coronado model offers 5 bedrooms, 3.5 bathroom and so many upgrades. Large, downstairs Master Bedroom retreat has walk in closets, Custom Master Bathroom with Walk In Rain Shower.New window treatments. Entire first floor is porcelain tile and flows beautifully from the spacious Living Room to the Dining Room, Eat-In Kitchen,Extended Family Room. Ceiling fans throughout the home. Guest bathroom entirely upgraded. New exterior paint, professional landscape lighting.Sparkling pool(with cover) and Pergola. Above all of this, the home sits adjacent to one of Verrado's 80 parks on a tree-lined street within walking distance of schools, MAIN STREET, restaurants, shopping, hiking/biking trails, pools gym, etc

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1921 E Greentree Drive Tempe, AZ 85284

$750,000

3 Beds

2 Baths

1,999 SqFt

Status Active Under Contract

MLS # 6759757

Property Type Single Family Residence

Price Type --

This beautifully maintained Tempe home offers everything you've been looking for and more! Recent upgrades include a new roof, pool equipment, turf, attic insulation, fresh interior paint, and a brand new washer and dryer. The home features mature desert landscaping, North/South exposure, and sits on a corner lot. Inside, the flagstone courtyard leads to a formal living and dining area with vaulted ceilings and French doors. The kitchen boasts stainless steel KitchenAid and Maytag appliances, white cabinetry, granite countertops, and a breakfast nook. The primary suite offers direct patio access and a luxurious ensuite including a soaking tub and separate shower. Outside, enjoy the Pebbletec pool, spa, turf grass and no HOA! Goodwin Park just seconds away has a playground + basketball!

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25555 N Windy Walk Drive Unit 94 Scottsdale, AZ 85255

$750,000

2 Beds

2 Baths

1,556 SqFt

Status Active

MLS # 6747833

Property Type Townhouse

Price Type --

This unique offering of a rare, single level, open concept townhome with attached 2 car garage in the prestigious 24/7 guard-gated Skye Top enclave within Troon Village affords the very best of all possible worlds, situated close to and connected by a new 4-lane road all the way from the front gates to the cosmopolitan conveniences of North Scottsdale, yet secreted within the pristine privacy of the guard-gated Troon Village. Guests are greeted in the foyer with vaulted ceilings and immediately taken by the picturesque floor to ceiling windows and glass doors drawing in natural light and captivating views of saguaro cacti and native flora. Sunset views, coupled with the backdrop of highly coveted Pinnacle Peak, are enjoyed not only from the large private patio, but also from the large private patio, but also from all main living/dining areas and spacious primary bedroom. The 2 bedroom + den layout is centralized by a light and bright great-room, open to the dining area and island kitchen that leads to the laundry room and large garage with storage shelving. Interior has been tastefully updated with new pot lighting throughout all rooms, paint, new kitchen appliance package, neutral wood & tile floors, matte black hardware and redesigned fireplace accent wall, to give this desert dwelling its modern personality. Conveniently located across the street from the heated community pool/spa and rec room and minutes to world class golf, hiking, dining and shopping and world famous Four Seasons resort.

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11955 Hamilton Way Flagstaff, AZ 86004

$750,000

3 Beds

2 Baths

2,108 SqFt

Status Active

MLS # 6750091

Property Type Single Family Residence

Price Type --

Escape to privacy & panoramic views with this stunning Timberline property! Set on over 2.5 acres, this 3-bed, 2-bath home features an expansive 2100+ sq ft layout with an open floor plan, vaulted ceilings, & elegant tile flooring. Step outside to a large deck & patio to soak in beautiful views of the San Francisco Peaks & Mt. Humphries. Complete with a 2-car garage, RV parking & 2 additional sheds, this wonderful property is surrounded by million dollar homes and has plenty of room for expansion. Bring your bikes, 4x4 or hiking boots as the home is located near miles of trails in the Coconino National Forest leading right from the neighborhood. This home has been a successful short term vacation rental for several years and offers both residential charm & great investment potential.

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8625 N 12th Avenue Phoenix, AZ 85021

$750,000

4 Beds

2 Baths

2,228 SqFt

Status Active

MLS # 6764082

Property Type Single Family Residence

Price Type --

INCREDIBLE POTENTIAL WITH THIS PROPERTY..HOME NEEDS A LOT OF WORK BUT SITS ON A 19,484 SQUARE LOT..HOME ALSO IS LOCATED ON A CUL DE SAC LOT.. BUTLER PARK IS JUST A FEW MINUTES AWAY..EASY ACCESS TO ALL AREAS OF TOWN..POSSIBLY COULD BE SPLIT INTO 2 LOTS..BUYERS NEED TO DO THEIR OWN DILIGENCE REGARDING ANY LOT SPLITS.

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14424 N San Carlos Drive Fountain Hills, AZ 85268

$750,000

4 Beds

2 Baths

2,296 SqFt

Status Active

MLS # 6756586

Property Type Single Family Residence

Price Type --

You don't want to miss this 4-bedroom gem! It greets you with a 2-car garage and an RV gate/parking. Inside, you'll feel at home with inviting features such as plantation shutters, vaulted ceilings, carpet & tile floors, and a sizable living/dining room with wall niches and a gas fireplace. Cook delightful meals in the quaint kitchen, boasting SS appliances, a plethora of wood cabinets, ample counters, and a serving window with a breakfast bar. Unwind in the sizable main suite showcasing a sitting area, direct backyard access, and a private bathroom with dual sinks and a soaking tub. Enjoy serene afternoons in the backyard with a covered patio, paver patio, and ample space for a pool! Make it yours now!

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31730 N 169th Avenue Surprise, AZ 85387

$750,000

4 Beds

2.5 Baths

2,800 SqFt

Status Active

MLS # 6717678

Property Type Single Family Residence

Price Type --

Brand new property that encapsulates luxury and functionality. This stunning residence boasts 4 bedrooms and 2.5 bathrooms, accompanied by a versatile Hobby Room. Expanding over 2800 SqFt, this home harmoniously blends spaciousness with coziness. With a 2 Car Garage and an additional 43ft RV Garage, set on a sprawling 1.13-acre lot, this property is a haven for practicality and adventure. Step inside to discover the timeless allure of vinyl plank flooring, complemented by quartz counters and elegant white shaker cabinets. The thoughtfully designed Jack and Jill bathroom enhances convenience and privacy. Nestled in a prime location, this home is nearby brand new Fry's Marketplace, Starbucks, Barro's Pizza, Jersey Mike's, and more!

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