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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3750 E Rochelle Circle Mesa, AZ 85215

$751,850

5 Beds

4.5 Baths

3,100 SqFt

Status Active

MLS # 6726754

Property Type Single Family Residence

Price Type --

Searching for a HUGE YARD a long stately brick paver driveway AND a new build home? Look no further! Awesome location in North Mesa's grove area. Small gated infill community being built by respected local builder Blandford Homes! This price is the base price, plus the lot premium, it also includes a nice standard feature package plus a design studio credit to make personalized selections at the Design Studio. Final price will be determined after options and upgrades are selected at the Design Studio. Purchase price includes: an iron front door, 2x6 exterior framing, dual pane vinyl Low E windows, covered front porch and rear patio, choice of both interior doors and fixture and hardware colors. Deepest location in a cul-de-sac. Pictures are of an upgraded model home. Taxes estimated.

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42177 N Cutbow Trail San Tan Valley, AZ 85140

$751,147

4 Beds

3.5 Baths

2,744 SqFt

Status Active

MLS # 6734842

Property Type Single Family Residence

Price Type --

Welcome to Edgewood Estates conveniently located in the Queen Creek Corridor. Discover this stunning home featuring a spacious great room and a gourmet kitchen with a large island, perfect for entertaining. With 4 bedrooms and 3 baths, including a luxurious primary bath with a resort-like shower and freestanding tub, you'll enjoy ultimate comfort. Additional highlights include a media room, a dedicated home office, and a 3-car tandem garage. This home combines elegance and functionality, offering a stylish and versatile living space for every need. ^^^Up to 5% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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17762 W Colter Street Litchfield Park, AZ 85340

Open House

$751,089

6 Beds

4 Baths

3,850 SqFt

Status Active

MLS # 6752221

Property Type Single Family Residence

Price Type --

MLS#6752221 Ready Now! The Hampton is a 2-story floor plan with 3,850sq. ft., featuring 6 bedrooms, 4 bathrooms, a 3-car split garage, game room, primary suite retreat, study, dining area, and a courtyard. Welcome to your dream home, this floor plan is designed for luxury. The spacious owner's suite has its own foyer leading to a primary bath with split vanities and a large walk-in closet. The primary suite retreat enhances your private haven. All bedrooms are upstairs, ensuring privacy from the active first level. This floor plan could be perfect for your next move. Structural options include: Guest suite downstairs, garage service door, bedroom 5 upstairs.

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20715 S 217th Way Queen Creek, AZ 85142

$750,995

4 Beds

3 Baths

2,980 SqFt

Status Active

MLS # 6744329

Property Type Single Family Residence

Price Type --

Welcome to Light Sky Ranch! This Pearce plan is located on an extra large lot. It boasts a smartly designed layout, with the main floor featuring a spacious great room and an eye-catching gourmet kitchen with a built-in pantry, center island and adjacent dining room with extended covered patio access. A first floor bedroom and full bathroom add separate space for guest or office use and a mudroom provide added convenience. The second floor offers a laundry room, a large loft and three bedrooms, including a relaxing primary suite with a private bath and expansive walk-in closet. In addition to a 2-car garage, you'll also love the possibilities that come with a 40' attached RV garage! A charming paver driveway and exterior stone elevation harmoniously blends convenience and sophistication.

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377 E Windsor Avenue Unit 19 Phoenix, AZ 85004

Open House

$750,575

3 Beds

2.5 Baths

1,967 SqFt

Status Active

MLS # 6694671

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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5703 S Dante -- Mesa, AZ 85212

Open House

$750,440

5 Beds

4 Baths

3,314 SqFt

Status Active

MLS # 6706166

Property Type Single Family Residence

Price Type --

MLS#6706166 August Completion! The Revere at La Mira Expedition Collection welcomes you with a stunning courtyard, leading to an inspiring spiral staircase and a grand foyer. The spacious and elegant formal dining room, an entertainer's dream, connects seamlessly to the butler's pantry and the expansive kitchen. The gourmet kitchen, featuring an island and an adjoining breakfast room, overlooks the inviting gathering room. Additionally, there is a guest bedroom with a full bath on the main floor. Upstairs, you'll find a game room, three secondary bedrooms, two full baths, a laundry room, and the private owner's suite. The owner's bath boasts dual vanities Structural options include a gourmet kitchen, extended patio, loft, and an added 5th bedroom, paver front porch and garage service door.

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W Pima Road Maricopa, AZ 85139

$750,000

4 Beds

3 Baths

2,842 SqFt

Status Active

MLS # 6760429

Property Type Single Family Residence

Price Type --

TO BE BUILT! Discover the endless possibilities with this custom-built, multi-generational home, where mountains and saguaro cacti create a breathtaking backdrop. Perfectly designed for extended family living, this property offers both privacy and shared spaces, all within a setting that's truly one-of-a-kind. This unique opportunity allows you to put your personal touch on the final finishes, making this dream home truly your own. The home boasts 10-foot ceilings throughout, enhancing the spacious and airy feel of the interior. A 15-foot collapsible patio door seamlessly connects the indoors with the outdoors, allowing for an effortless flow between the living area and your private outdoor oasis. PHOTOS OF PREVIOUSLY BUILT MODEL. Built with 2x6 construction and spray foam insulation, this home is as energy-efficient as it is sturdy, providing comfort and peace of mind. A walkable attic offers additional storage space and ease of access. Outside you will find wide-open spaces, ideal for outdoor activities, gardening, or simply soaking in the desert's natural beauty. The panoramic mountain views and towering saguaros offer a sense of tranquility and connection with nature that's hard to find elsewhere. Best part is, there's no HOA! Please note, buyers will need to secure a construction loan to complete the purchase.

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856 E Village Cir Drive Phoenix, AZ 85022

New

$750,000

4 Beds

2 Baths

2,006 SqFt

Status Active

MLS # 6762051

Property Type Single Family Residence

Price Type --

Full remodeled home located in the Villages HOA. Turn key. Additional upgrades include grass backyard, fencing, insulated walls, roof resurfaced, EV outlet, newer appliances, modern interior, new water heater, water softener, too many to mention it all. Will not last long. The lot itself is arguably the best in the development. If you never have been here it is like a little PV oasis. Shadow mountain views and desert buffer between neighbors.

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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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1201 W Washington Avenue Gilbert, AZ 85233

$750,000

4 Beds

3 Baths

2,876 SqFt

Status Active

MLS # 6755750

Property Type Single Family Residence

Price Type --

Welcome to this stunning/beautiful two-story home situated on an inside corner lot in the heart of Gilbert, AZ. This 5-bedroom, 3-bathroom residence offers everything you need for comfortable and luxurious living. As you approach the home, you'll notice the impressive 3-car garage and RV gate, providing ample space for vehicles, as well as extra parking available on the large side yard. The spacious backyard is a true oasis, featuring a sparkling blue pool, complete with a soothing water feature, perfect for cooling off during Arizona's warm days. The large, tranquil grassy area is ideal for outdoor activities, gardening, or simply unwinding in your own private sanctuary, complete with a little house/shed for endless possibilities. Inside, you're greeted by vaulted ceilings that create an open and airy atmosphere. The formal living and dining rooms provide an elegant space for hosting gatherings and special occasions. The open eat-in kitchen is a chef's delight, complete with a center island and breakfast bar, stainless steel appliances, and seamless flow into the cozy family room. Here, you can enjoy evenings by the gas fireplace, making it the perfect spot for relaxation. Upstairs, the primary bedroom serves as a luxurious retreat, featuring an ensuite bathroom with dual sinks, a separate shower, a deep soaking tub, and a spacious walk-in closet. Three additional bedrooms and a guest bathroom are also located on the upper level, providing plenty of space for family and guests. A fifth bedroom is conveniently located downstairs, ideal for a home office or guest room. The home is part of a friendly community that offers a pool, park, and playground, making it a great place for get togethers. Its location is unbeatable, with popular restaurants, convenient shopping, McQueen Park, and local schools just a short drive away. Don't miss the opportunity to make this incredible home your own and enjoy all that Gilbert has to offer!

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28275 N 168th Avenue Surprise, AZ 85387

$750,000

4 Beds

2 Baths

2,280 SqFt

Status Active

MLS # 6662260

Property Type Manufactured Home

Price Type --

Welcome to your ideal equestrian/winter retreat nestled on nearly 5 acres of pristine land. The heart of this home is the expansive kitchen, perfect for whipping up delicious meals for family & friends,Adjacent to the kitchen is a separate dining room, providing a cozy space for gatherings, fully furnished accommodating up to 10 people, the bedrooms offer a range of sleeping arrangements, including a queen bed in BR #1, 2 twin beds in BR #2, another queen bed in BR #3, and a full bed plus 2 twin beds in BR #4. horse enthusiasts, this property is a dream come true with facilities for up to 20 horses, including 12 pens with automatic waterers The horse pens are designed for flexibility, with various sizes available, including 5 covered pens measuring 12x40, 2 covered pens measuring 20x40

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19049 E Poco Rio Drive Rio Verde, AZ 85263

$750,000

3 Beds

2.5 Baths

2,288 SqFt

Status Active

MLS # 6742854

Property Type Single Family Residence

Price Type --

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