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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377 E Windsor Avenue Unit 24 Phoenix, AZ 85004

Open House

$754,900

2 Beds

2.5 Baths

1,881 SqFt

Status Active

MLS # 6694407

Property Type Townhouse

Price Type --

Park7 on Windsor QUICK MOVE-IN HOME. LUXURY URBAN LIVING with no compromises including your own private sky lounge. Ideally located in Midtown Phoenix, close to all the action. Bespoke floorplans designed specifically for Park7 developed to create an exciting lifestyle on all levels with maximized privacy. Exceptional quality construction + design with solid CMU commons walls and 10ft ceilings throughout. Designer curated interior finish Packages with standard 24'' x 48'' large format tile floors, Bosch appliances, standard waterfall kitchen islands and floating vanities, tankless hot water, EV prepared garages and more! Relax under the night sky in your own private Sky Lounge - hot tub ready with fire pit and outdoor kitchen options.

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9426 E Los Lagos Vista Avenue Mesa, AZ 85209

Open House

$754,700

4 Beds

3 Baths

3,321 SqFt

Status Active

MLS # 6724287

Property Type Single Family Residence

Price Type --

**AMAZINGLY REMODELED HOME with a SPARKLING POOL AT AUGUSTA RANCH GOLF COURSE COMMUNITY** Your New Home is perched on a Premium Corner Lot just steps away from the Golf Course! This Gem Features: 4bd/3bth + Giant Loft, Formal Living & Dining Rooms, Family Room w/ Fireplace, Luxuriously Upgraded Foyer Chandelier upon Entry, Custom Balusters & Stair Railings, New Polished Porcelain Tile & Charleston Oak Luxury Vinyl Tile throughout, Upgraded Chandeliers in Dining Room & Master Closet, New Vanity in Downstairs Bath, Plantation Shutters, Dual Pane Windows, Custom 2-Tone Interior Paint, Chef's Dream Kitchen w/ Upgraded Cabinetry + Island, SS Appliances & Walk-In-Pantry. Backyard Oasis features a Covered Patio, Custom Pavers, Pool w/Water Features & New Pool Pump+Vacuum. Click More to cont'd Don't forget your 3 car garage & 3 slab parking spaces out front! Your Family Room has a Gas Fireplace perfect for getting cozy on those chilly nights. The Large Master Suite upstairs has a vaulted ceiling & the Master Bath has Dual Sinks, Separate Shower & Tub + Huge Walk-in-Closet spiced up with Chandeliers. You have 2 additional Large Bedrooms upstairs & 1 Bedroom downstairs with a glass sliding door leading out back to your custom paver pad and pool. Downstairs Bedroom could be a perfect office! The Loft upstairs is oversized with a portion that would be perfect for that home office or study area as well! Your New 3,321 sq.ft. Dream-Home has a great multi-functional floor plan that would be hard to find anywhere else. This is an Entertainer's Dream! The Location is Magical & you can access the Golf Course through a passageway in front of your home. Perfect for those sunset walks or maybe even walking the dog. You have 5 parks within the community with 4 play structures, 3 full sized basketball courts, 3 sand volleyball courts, 9 ramadas and plenty of open space. This home is perfect for the growing family with Excellent Schools in the community or nearby! Great Shopping, Restaurants & quick Freeway Access are all here for you! COME GET THIS ONE BEFORE IT'S GONE!

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7438 W Quail Track Drive Peoria, AZ 85383

$754,550

4 Beds

3.5 Baths

3,007 SqFt

Status Active

MLS # 6749173

Property Type Single Family Residence

Price Type --

October completion-North-South Exposure! Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'Phoenician II' 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 Burlap 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. *Photo of model home to show layout, options will vary.

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27223 N 73rd Lane Peoria, AZ 85383

Open House

$754,525

4 Beds

3.5 Baths

3,007 SqFt

Status Active

MLS # 6761710

Property Type Single Family Residence

Price Type --

October completion-no back neighbor! Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'Phoenician II' 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 Burlap 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 similar spec to show layout, options may vary**

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2441 W Pinegrass Road Show Low, AZ 85901

$754,500

3 Beds

2 Baths

2,103 SqFt

Status Active

MLS # 6665994

Property Type Single Family Residence

Price Type --

Looking for a cabin with a more modern feel? Then look no further than this tremendous home built in 2022. The house consists of 3 bedrooms and 2 bathrooms, providing ample space for a comfortable living environment. Conveniently attached to the house is an oversized 2 car garage with a pavered driveway providing ease of access and parking for guests. Upon entering the home you'll notice large windows providing an abundance of natural light, the open/split floor plan, beautiful floor to ceiling stone gas fireplace, and so much more. The spacious main bedroom suite offers a tranquility escape with the large shower room, private toilet room, walk-in closet and dual vanity combining functionality with a modern design. The other 2 bedrooms are perfect for any of your desires. Going... outside you'll notice both the front porch and back deck are covered and offer opportunities for relaxation and entertainment, with the trex deck ensuring durability and low maintenance. As if this isn't enough there is a pavered firepit area to extend the gathering places. overall, this property offers a blend of modern amenities, functional design, and outdoor living spaces, making it an ideal choice for comfortable living and entertaining.

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20802 N Grayhawk Drive Unit 1035 Scottsdale, AZ 85255

Open House

$754,500

3 Beds

2.5 Baths

2,481 SqFt

Status Active

MLS # 6739066

Property Type Townhouse

Price Type --

Pure perfection!!!! This home is so pristine perfect in every way that your buyer will not be able to resist. Two Trane HVAC units recently installed . Gorgeous wide plank flooring, designer fans and light fixtures. The kitchen features recently replaced Frigidaire appliances and beautiful tile and backsplashes. Your senses come alive as you enter the courtyard leading to the front door. Peace and serenity are the treasures here. The patio adjacent to the living room is positively delightful and promises an inviting and rewarding experience. Come home to GRAYHAWK

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377 E Windsor Avenue Unit 14 Phoenix, AZ 85004

Open House

$754,325

2 Beds

2.5 Baths

1,881 SqFt

Status Active

MLS # 6762724

Property Type Townhouse

Price Type --

Park7 on Windsor QUICK MOVE-IN HOME. LUXURY URBAN LIVING with no compromises including your own private sky lounge. Ideally located in Midtown Phoenix, close to all the action. Bespoke floorplans designed specifically for Park7 developed to create an exciting lifestyle on all levels with maximized privacy. Exceptional quality construction + design with solid CMU commons walls and 10ft ceilings throughout. Designer curated interior finish Packages with standard 24'' x 48'' large format tile floors, Bosch appliances, standard waterfall kitchen islands and floating vanities, tankless hot water, EV prepared garages and more! Relax under the night sky in your own private Sky Lounge - hot tub ready with fire pit and outdoor kitchen options.

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11051 E Ulysses Avenue Mesa, AZ 85212

$753,995

4 Beds

2.5 Baths

2,980 SqFt

Status Active

MLS # 6761828

Property Type Single Family Residence

Price Type --

This Fairhope Prairie is a spacious 4-bedroom, 2.5-bathroom residence featuring a 3-car tandem garage. Experience the perfect blend of style and functionality with this thoughtfully designed home: Large first floor Flex Den, 2nd floor loft along with all 4 bedrooms, Upgraded Kitchen: Features a stylish tiled backsplash and upgraded stainless steel appliances, tiled primary bathroom shower, Laundry Room on 2nd floor, Luxury Vinyl Plank Flooring entire 1st floor, tile flooring in bathrooms and laundry room, upgraded carpet and Maple Truffle cabinetry throughout the home. This home combines modern upgrades with thoughtful design you are sure to love.

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380 E Bittercress Avenue Queen Creek, AZ 85140

$753,054

2 Beds

2 Baths

1,928 SqFt

Status Active

MLS # 6723110

Property Type Single Family Residence

Price Type --

Discover the perfect blend of elegance & comfort in this upgraded Nice floorplan with 2 bed, den, 2 bath home & 1,928 sq. ft. of living space. The $30,000 lot premium & over $160,000 in upgrades make this a standout property. The gourmet kitchen is a highlight, featuring JennAir® appliances, quartz countertops, white cabinets, a stylish tile backsplash, & a single bowl undermount sink. Enjoy luxurious baths with upgraded tile shower surrounds & a heavy glass primary shower enclosure. The home also boasts upgraded flooring throughout, a 15' multi-slide door overlooking the backyard with a covered patio & extended pavers. Designed for comfortable living with a SmartSpace area & thoughtful details throughout. It's move-in ready! Come & see why this home is the epitome of refined living!

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33002 N 131st Drive Peoria, AZ 85383

$752,990

3 Beds

2.5 Baths

2,302 SqFt

Status Active

MLS # 6680608

Property Type Single Family Residence

Price Type --

BRAND NEW 3 beds, study, 2.5 bath and 3 car garage. This home has great entertaining with gourmet kitchen and spacious family room with 12' sliding door leading to the very large patio...perfect for this backyard with a view! 10-11' ceilings; The kitchen boasts an oversized island with granite countertops, upgraded GE appliances and custom backsplash. Personal relaxation is key in the key spa-like owner's retreat with floor to ceiling tiled super shower and HUGE walk-in closet. All baths boast quartz countertops and custom tiled backsplashes. Quality 2x6 construction, custom designed front yard landscaping and paver sidewalks.

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8628 W Solano Drive Glendale, AZ 85305

Open House

$752,632

4 Beds

3.5 Baths

3,704 SqFt

Status Active

MLS # 6763308

Property Type Single Family Residence

Price Type --

MLS#6763308 The two-story Hampton is sure to impress, featuring four bedrooms, four baths, and a three-car garage. Upon entering through the front door, you'll be welcomed by a grand foyer that leads to a dedicated formal dining room, perfect for hosting events. The Hampton showcases contemporary open-concept design, where the gourmet kitchen, casual dining area, and gathering room flow effortlessly together for modern living. Upstairs, you'll find the spacious owner's suite, complete with a cozy retreat, a luxurious bath, and a large walk-in closet. The second floor also includes three additional bedrooms, a shared bath, and a versatile loft space. Structural options include: gourmet kitchen, super shower at primary bath, 42'' upper cabinets.

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19749 S 231 St. Way Queen Creek, AZ 85142

$751,988

4 Beds

3.5 Baths

3,048 SqFt

Status Active

MLS # 6707641

Property Type Single Family Residence

Price Type --

PRICE WAS REDUCED FROM ORIGINAL PRICE OF $784,988!! GREAT ROOM PLAN, W/LOFT, MAIN BEDROOM IS DOWNSTAIRS, ATRIUM DOORS LEADING TO BACK PATIO, 4-BEDROOM, 3.5 BATH, 3- CAR GARAGE, UPGRADED 42'' CABINETS, GRANITE KITCHEN TOPS, 10' CEILINGS, GOURMET KITCHEN LAYOUT, HERRING BONE DESIGN FLOOR TILE, TANKLESS GAS WATER HEATER, WATER SOFTENER, ETC... 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+++ KATHERING MECHAM BARNEY SCHOOL IN THE COMMUNITY.

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