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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27603 N 130th Drive Peoria, AZ 85383

$750,000

2 Beds

2 Baths

2,193 SqFt

Status Active

MLS # 6756311

Property Type Single Family Residence

Price Type --

WELCOME TO YOUR RESORT SANCTUARY ON OVERSIZED DESERT WASH LOT WITH BREATHTAKING VIEWS! Tuscan Stone Façade & Private Front Courtyard Greet You As You Arrive. Upon Entering You Will Notice The Meticulous Care & Updates Like NEW HVAC's, Whole House Filtration, Tile Throughout (No Carpet), Tall Baseboards & SMART HOME AUTOMATION For Peace Of Mind When You Are Away. Eat In Kitchen Offers Slider To Courtyard To Enjoy Your Morning Coffee, Upgraded SS Appls, THERMADOR GAS RANGE, Granite, Raised Panel Staggered Cabs w/Crown Molding, Glass Display & Undermount Lighting, Brkfst Bar w/Stone Accent & SKYLIGHT. Great Room Boasts CUSTOM STONE WALL w/Shelves, Fireplace & Surround Sound. Formal Dining Off Great Room w/Slider & Views Galore. Primary Suite w/Private Exit To Sneak Out To Your Spa & Bay Window w/Vast Views of Nature. Primary Bath Features Added BARN DOOR For Privacy, Custom Lighting & Mirrors +Custom Closet. Office Displays French Doors & May Be Used As 3rd Bedroom For Guests. Extended Covered Patio w/SPA Perfectly Positioned For Star Gazing, Blt-In BBQ & Fully Fenced Yard. Hubby's Dream Garage w/4FT EXT & BUMP OUT For Golf Cart Or Bikes , Tool Bench, Blt In Cabs, Epoxy, Service Door & NEW MINI SPLIT. Too Many Upgrades To Mention. Come See This Stunning Home For Yourself!

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8533 W Desert Elm Lane Peoria, AZ 85383

$750,000

5 Beds

3.5 Baths

3,118 SqFt

Status Active

MLS # 6696966

Property Type Single Family Residence

Price Type --

Owners just moved and Active again! Great house w/ an even better lot!!! This beautiful home sits on a very private corner lot so that you can enjoy the open space behind you from your very own resort like backyard. One of the few homes available that has a private casita (243sqft) for extended family or the occasional guest. This home has great flooring throughout, the eat in kitchen has granite counters, double ovens, built in wine rack, and large walk in pantry with additional storage under the stairs. The very spacious primary suite is conviently located on the main level. There is also a large loft that has been partitioned to create a 6th bedroom plus and has a balcony to enjoy the mountain views.. You don't see many 6 beds plus a loft in this price range. This home won't last!

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4315 N 16th Avenue Phoenix, AZ 85015

$750,000

3 Beds

3.5 Baths

2,000 SqFt

Status Active

MLS # 6734515

Property Type Single Family Residence

Price Type --

This 1948 home has been fully reconstructed with an added touch of modern flair. Located in a cul-de-sac in the desirable Bel Air neighborhood, this home was rebuilt from studs including an addition, creating a 3 bedroom / 3.5 bath modern home with a private ensuite in every bedroom. The massive kitchen features custom teak cabinets, a generous pantry, extra large island, stainless steel appliances, and a 36'' gas range. The home features a presidential ceiling in the living room, lvp flooring thoughout, custom pocket doors, an office, laundry room, and a huge back yard ready for you to create your dream oasis. There is no HOA and this home is located mins away from 2 major freeways, downtown, light rail, shopping and hospitals.

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15819 W Silver Breeze Drive Surprise, AZ 85374

$750,000

3 Beds

2.5 Baths

2,959 SqFt

Status Active

MLS # 6738465

Property Type Single Family Residence

Price Type --

UPGRADED BRIARWOOD SERIES HOME in GRAND! Tuscan elevation w/ stone accents provides great curb appeal. Upgrades & interior touches for this home including: Gorgeous ceilings in the living/dining room & Master Suite with coffered ceilings, crown molding & special lighting touches, Plantation shutters throughout, French doors at Den / 3rd Bedroom, Granite counters invkitchen, custom Cherry media center w/ gas fireplace, Powder half bath, private guest suite & updated shower, skylights, central vac, cabinets & sink in utility room plus a water softener. Luxurious Main Suite - dual closets, glass block snail shower, dual sinks, soaking tub & more. Approx $115K in upgrades! Gas BBQ Stub & Covered Patio! *Newer Roof* w./ 20 Year Warranty! Freshly painted exterior trim. Live the GRAND LIFE!

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2325 W Highridge Road Wickenburg, AZ 85390

$750,000

3 Beds

2 Baths

2,748 SqFt

Status Active

MLS # 6762876

Property Type Single Family Residence

Price Type --

Discover the epitome of quality craftsmanship in this beautiful custom Crissman home, perfectly situated on 2.5 acres of prime horse property in the coveted Sonoran Estates community, right in Wickenburg. This expansive residence boasts a thoughtfully designed split floor plan that offers the ideal balance of privacy and space, featuring formal dining, family, living, and breakfast rooms—perfect for both everyday living and entertaining. The luxurious master suite provides a tranquil retreat, while a versatile den doubles as an exercise room or home office. A separate workshop/storage room adds to the home's functionality. The property includes a 2-car attached garage and an impressive detached 2-car garage with a 3/4 bath, offering endless possibilities for use. Step outside to the extensive covered patio, complete with a convenient kitchen pass-through, where you can enjoy breathtaking views of Vulture Peak. The beautifully landscaped grounds include fruit trees behind the house, creating a serene outdoor oasis. This home also comes equipped with security shutters and doors for peace of mind. Recent upgrades include two brand new AC units, ensuring year-round comfort. Don't miss this opportunity to own a slice of paradise with incredible views, top-notch amenities, and plenty of room for your horses, all just minutes from the heart of Wickenburg!

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10436 E Cochise Avenue Scottsdale, AZ 85258

$750,000

2 Beds

2.5 Baths

2,041 SqFt

Status Active

MLS # 6757868

Property Type Townhouse

Price Type --

This exceptionally maintained home features numerous quality updates, including slab granite countertops, soft-close cabinetry, stainless steel appliances, updated plumbing fixtures, and tile shower surrounds. The vaulted ceilings and abundant natural light create a welcoming atmosphere. Both bedrooms have ensuite bathrooms for added privacy. Enjoy the spacious North-facing patio on a corner lot with ideal N/S exposure. The oversized 2-car garage includes built-in storage. Located in a 55+ community with pools, tennis courts, and Lake Serena, it's less than a mile from Scottsdale Senior Center. Furnishings included.

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3760 W Roberts Road San Tan Valley, AZ 85144

$750,000

4 Beds

3 Baths

2,543 SqFt

Status Active

MLS # 6746029

Property Type Single Family Residence

Price Type --

Welcome to this 4 bed + den 3 bath 2543sqft San Tan Valley Home with a Next Gen Suite with its own private entrance! Sitting on an acre lot, this home is conveniently located minutes away from restaurants, coffee shops, grocery stores, and the Hunt Highway. This home is equipped with carpet and tile flooring, granite counter tops, inside laundry, New 2023 AC Unit, dual pane windows, covered back patio, storage shed, ramada and gazebo out back with unobstructed mountain views and much more! See this home today before it is gone!

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844 E Desert Drive Globe, AZ 85501

$750,000

4 Beds

4 Baths

2,771 SqFt

Status Active

MLS # 6752939

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This beautifully designed 4bd/4ba custom home offers the perfect blend of luxury, comfort, and convenience. The main home has 3 nice sized bedrooms, and 3 spa-like bathrooms. There is a separate guest suite with its own entrance off the rear patio, that has been used as an Air BnB. Every detail of this home has been thoughtfully designed with high-end finishes, including tile floors, beehive gas fireplace, custom cabinetry, and a whole house backup generator. The spacious kitchen features newer premium appliances, tons of counter space, 2 wine refrigerators, and plenty of storage space. The owner's suite has his & her separate bathrooms and 2 walk-in closets. There is a separate 450 sq ft detached flex space, currently used as a gym. This home has it all.

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3418 E Montecito Avenue Phoenix, AZ 85018

$750,000

3 Beds

2 Baths

1,658 SqFt

Status Active

MLS # 6757102

Property Type Single Family Residence

Price Type --

Welcome to 3418 E Montecito Ave, a charming home located in the highly desirable Arcadia Lite neighborhood of Phoenix. This inviting property features 3 bedrooms, 2 bathrooms, and over 1,600 sq. ft. of comfortable living space. Upon entering, you'll find a bright and spacious living area that seamlessly connects to a cozy dining space, ideal for both entertaining and everyday living. The primary suite offers a peaceful retreat with a generous walk-in closet and an en-suite bathroom featuring dual vanities and a walk-in shower. Two additional bedrooms provide flexibility for guests, family, or a home office. Step outside to the backyard oasis, complete with a covered patio, mature landscaping, and a sparkling pool—perfect for relaxing and enjoying the Arizona sunshine.

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22914 W Sunland Avenue Buckeye, AZ 85326

$750,000

3 Beds

2 Baths

1,956 SqFt

Status Active

MLS # 6763666

Property Type Single Family Residence

Price Type --

You've found your dream ranch! This fully fenced property sits on almost two acres of land and features a main home, a bunkhouse, a covered 3,100 square foot barn area, half acre arena, irrigated pasture, and 6 covered corrals! The main 3 bed, 2 bath home has been freshly painted inside and out and all of the electrical outlets and switches have been updated. The kitchen features knotty wood cabinets with crown moulding, granite countertops, and stainless appliances. The formal family room is perfect for relaxing, the large bonus room is great for a hobby room or a second living area. All bedrooms have updated ceiling fans and recessed lighting. The bountiful laundry room has a utility sink and space for a workbench. Enjoy the country-style living with mountain views! Come visit today!

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2351 W Toledo Place Chandler, AZ 85224

$750,000

4 Beds

2.5 Baths

3,321 SqFt

Status Active

MLS # 6752612

Property Type Single Family Residence

Price Type --

Pride of ownership is shown in this remarkable residence featuring a spacious 3-car garage in Castille! New carpet, freshly painted bedrooms, custom walk-in closet for corner bedroom, and remodeled pool/backyard. Enjoy cozy nights at home by the charming fireplace in the family room! The well-appointed kitchen boasts white cabinetry, granite counters, a chic mosaic backsplash, stylish light fixtures, built-in appliances, & an island complete w/a breakfast bar. Discover a convenient loft providing the perfect spot for a reading area! The main bedroom showcases soft carpet & a private bathroom w/dual sinks. Host memorable gatherings in the amazing backyard including a swimming pool & a covered patio! Don't miss out!

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4137 E Sourwood Drive Gilbert, AZ 85298

$750,000

3 Beds

3 Baths

2,551 SqFt

Status Active

MLS # 6761254

Property Type Single Family Residence

Price Type --

Beautiful Cimarron floorplan home for Sale in Trilogy at Power Ranch! This amazing home offers charming curb appeal, and everything you could want inside, with upgrades like travertine flooring, plantation shutters, and more! It is an entertainer's delight with an upgraded kitchen featuring granite countertops, a giant kitchen island, perfect for meal prep or entertaining, stainless steel appliances, no shortage of cabinets and storage, with both a Formal Dining Room and additional dining space in the family room. The kitchen looks out to the beautiful courtyard where you can enjoy those stunning Arizona sunsets. The family room is spacious with a gas fireplace, and sides to the Arizona Room for additional in-door/outdoor living! The Master Bedroom is your own retreat, as its spacious enough to fit oversized furniture and has updated wood-plank tile flooring and bay window, with a door to the backyard. The Master Bathroom is huge, featuring two separate vanities, glass shower and separate soaking tub with jets, a massive walk-in closet, and a den that would make for the perfect office, craft room, home gym, you name it! The secondary bedrooms are both spacious as well, each with their own access to full bathrooms. And don't forget about the backyard, aka your own desert oasis, with a private pool that's perfect for keeping cool in the summer months, or even doing laps! This amazing home has it all, welcome home!

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