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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8319 E Bonnie Rose Avenue Scottsdale, AZ 85250

$750,000

4 Beds

2 Baths

1,828 SqFt

Status Active

MLS # 6754029

Property Type Single Family Residence

Price Type --

Entertainers Paradise! This stunning 4 bedroom open concept home has updates galore! Flooring is American Hickory Wood and Oversized modern tile! Kitchen and bathrooms have modern backsplash along with stainless steel appliances. 4th bedroom has additional outside entrance and massive walk in closet. Backyard has an awesome ramada and built in firepit. Sparkling diving pool has access from main backyard entrance and master bedroom and backyard is a perfect oasis with generous pavers, artificial turf and plenty of space! This beauty is situated just minutes from Old Town Scottsdale night life, Talking Stick Casino, Top Golf Entertainment, Chapparal Park, Lakes and Aquatic! Home is well maintained and is a steal at this price! Come Quick!

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8619 E El Charro Lane Scottsdale, AZ 85250

$750,000

3 Beds

2 Baths

1,522 SqFt

Status Active

MLS # 6640705

Property Type Single Family Residence

Price Type --

NO HOA, heated gas pool, selling FULLY FURNISHED; this 3 bed, 2 bath residence now on the market is just for you! Discover an elegant living area and formal dining room featuring wood-look flooring, plantation shutters, modern light fixtures, a cozy fireplace, and crisp palette throughout. The gorgeous kitchen, just off the cozy family room, boasts ample white canbinetry, quartz counters, mosaic tile backsplash, stainless steel appliances, and a lovely breakfast bar. Also including a charming backyard with a covered patio, grassy area, and a gas heated pool, this home is truly a dream come true! Don't miss out! This is currently an active Short term rental, with two years rental history averaging 65k/year.

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1169 Buckskin Court Show Low, AZ 85901

$750,000

3 Beds

3 Baths

2,778 SqFt

Status Active

MLS # 6743700

Property Type Single Family Residence

Price Type --

Breathtaking VIEWS!! Watch the peaceful sunrise or the magnificent monsoon storms roll in while relaxing on your expansive back deck, or comfortably inside on your sofa through your wall of windows. This gorgeous home does not disappoint, being meticulously maintained, & has all the bells & whistles the most discerning folks are looking for, including: Light, open split bedroom floor plan; tongue & groove ceilings; maple cabinets; granite countertops; black stainless steel appliances; solid oak, luxury vinyl, and tile flooring; wood stove for cozy comfort on those chilly nights; a huge laundry room; tons of cabinet space; 2 car garage; & a fully finished basement, complete with bar/kitchenette, bathroom and copious amounts of storage; all of this on .63 acre of a park like yard!

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9263 E Karen Drive Scottsdale, AZ 85260

$750,000

3 Beds

2 Baths

1,720 SqFt

Status Active

MLS # 6692041

Property Type Single Family Residence

Price Type --

Discover luxurious living in this meticulously designed single-family home at 9263 E. Karen in Scottsdale, AZ. With 3 bedrooms and 2 bathrooms, this stunning residence offers a perfect blend of comfort and elegance. Step inside to find an open-concept layout, accentuated by high ceilings and an abundance of natural light, creating an inviting atmosphere. The gourmet kitchen features high-end appliances, custom cabinetry, and exquisite countertops, ideal for culinary enthusiasts and entertaining guests. The spacious master suite offers a peaceful retreat with a spa-like ensuite bathroom and ample closet space. Outside, the meticulously landscaped backyard provides a private sanctuary with a covered patio and a sparkling pool, perfect for outdoor gatherings and relaxation. Situated in a prime and one of the most desirable Scottsdale locations, this prestine home offers convenient access to many upscale shopping centers, exquisite five-star dinning facilities, multiple outdoor recreational activities, world renown golfing, equestrian facilities, hiking trails and more. With the extremely low inventory of similar homes in this coveted residential area, buyer's should seize upon this unique opportunity to experience the luxury living at its finest. Time is fleeting and you should take action before this desert oasis is gone!

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6715 N 15th Avenue Phoenix, AZ 85015

$750,000

4 Beds

2 Baths

2,501 SqFt

Status Active

MLS # 6731388

Property Type Single Family Residence

Price Type --

Welcome to this well-kept/like-new home! SOLAR is PAID OFF! This spacious residence boasts an oversized 3-car garage w/high entry doors & extended depth, complete with cabinets for all your storage needs. 4 spacious bedrooms and 2 baths, freshly painted with exterior roller shades throughout. The open split floor plan features tile and bamboo flooring, cozy family room with gas fireplace. Enjoy formal meals in the large dining space. The kitchen is a chef's dream, equipped with an upgraded gas stove, walk-in pantry, granite countertops, and a kitchen island. A spacious backyard offers a tranquil space for relaxation, complete with an above-ground spa and a charming pergola, custom built w/2x6 construction! A must see! Quality!

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42405 N Acadia Way Anthem, AZ 85086

$750,000

4 Beds

2.5 Baths

3,521 SqFt

Status Active

MLS # 6749711

Property Type Single Family Residence

Price Type --

Check out this Anthem gem which boasts updates/upgrades and a HUGE lot. The expansive living room is perfectly designed, seamlessly flowing into a formal dining area for gourmet meals. The great room is pre-wired for surround sound with built-in fireplace & entertainment center, enhancing your audio experience. Culinary excellence awaits in the kitchen, featuring white cabinetry, stainless steel appliances, a stylish tile backsplash, ample counters, a walk-in pantry & a large center island with a breakfast bar. Upstairs, a versatile loft awaits transformation into your private media center. Full back patio has remote control shades for sun protection & privacy. Easy access to an EV charger for maximum convenience. Retreat to the main bedroom, where a sleek ensuite boasts dual vanities, a soaking tub, and a walk-in closet. Additional amenities include a dedicated den and exercise room. The vast backyard offers a covered patio, a shed, artificial turf, and ample space for a pool, perfect for enjoying majestic sunset and mountain views. This Anthem treasure is an invitation to luxury and comfort. Experience it for yourself!

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1800 E Derringer Way Chandler, AZ 85286

$750,000

6 Beds

3 Baths

3,239 SqFt

Status Active

MLS # 6735268

Property Type Single Family Residence

Price Type --

*SELLER IS VERY MOTIVATED* THIS HOME HAS IT ALL, PLUS THE LOCATION! This home will check all your boxes! 6 bedrooms (2 of which being downstairs!), 3 full bathrooms, tall ceilings in all rooms, POOL along with plenty of yard still for entertaining and playing, RV gate, 3 car garage, and even a secret book case door that leads to an under stairs storage area! This is a must see!! BOTH AC units replaced in 2020! ******Orange room & Blue room have been painted white!!*******

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29040 N Brenner Pass Road San Tan Valley, AZ 85144

$750,000

4 Beds

2.5 Baths

2,534 SqFt

Status Active

MLS # 6753124

Property Type Single Family Residence

Price Type --

Wonderful semi-custom home on a fully fenced 1.33 acre property nestled in the San Tan Mountains with amazing mountain views. This 4 bedroom, 2.5 bath home features upgraded extended tile floors throughout & carpet in the bedrooms. Your gourmet kitchen has beautiful white cabinets, granite countertops with custom backsplash, RO system, large pantry, pendant lighting & oversized two-tone breakfast island overlooking your great room, which is perfect to entertain in. Primary bedroom has amazing views out back & bathroom has walk-in closet, colored marble double sinks, custom tiled bathtub & separate walk in shower with rainfall shower head, surrounding tile & stone. Other bedrooms are generous in size & you have upgraded secondary bathrooms. Home has custom two-tone paint throughout, ceiling fans in all the rooms, blinds throughout, custom barn door in guest bedroom, water softener & drinking filter system. Great inside laundry room with so much space & separate sink area. Your 4 car extended length garage is perfect for all your toys. This home has privacy & great 360 degree views all around. Your extended paver covered patio is great for backyard BBQ's & overlooks your large grassy area & desert landscaping. Did I mention the amazing closeup mountain views! This home has a private well with a connected water tank. Close but not too close to town and no HOA. Enjoy quiet living with the space, hop on your horses or go on an amazing walk around the San Tan Mountains Regional Park area with over 10,000 acres of desert with hiking/biking trails & a visitors center with wildlife exhibits, Too much to list, come check it out today!

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7037 S Trophy Lane Gilbert, AZ 85298

$750,000

3 Beds

2 Baths

2,740 SqFt

Status Active

MLS # 6738885

Property Type Single Family Residence

Price Type --

Welcome to your dream home nestled in the heart of a prestigious country club community. This beautiful residence offers 3 spacious bedrooms plus a versatile bonus room, perfect for a home office, playroom, or guest retreat. Step inside to discover a thoughtfully designed open floor plan, featuring contemporary finishes and an abundance of natural light. The kitchen is a chef's delight, boasting sleek countertops, stainless steel appliances, and ample cabinetry. Relax and unwind in the luxurious master suite, complete with a stylish en-suite bath and sitting room. In the backyard, enjoy your own private paradise. Dive into the sparkling pool and entertain with the built in BBQ and gas firepit. With solar panels installed, you'll benefit from energy efficiency and reduced utility bills.

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14191 W Artemisa Avenue Surprise, AZ 85387

$750,000

5 Beds

3.5 Baths

3,462 SqFt

Status Active

MLS # 6724429

Property Type Single Family Residence

Price Type --

*VA Assumable loan at 5.125%*Ask Me! Gorgeous 5-bedroom residence located in Rancho Mercado. You'll be impressed by an enchanting open layout offering a designer palette, tile flooring, recessed lighting, & plantation shutters. The remarkable kitchen boasts stainless steel appliances, a plethora of white cabinets adorned with crown molding, granite counters, a walk-in pantry, a chic backsplash, & an island w/a breakfast bar for casual dining. The generously sized loft ready to become anything you'd like! Perfect layout with soft carpet in rooms and wood look tile t-out, dual master suites, the downstairs primary bedroom boasts a ensuite w/dual vanities, & a walk-in closet. Enjoy gatherings in the backyard oasis, including a pergola-style covered patio & a refreshing swimming pool & spa!

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5035 E Robin Lane Phoenix, AZ 85054

$750,000

3 Beds

2 Baths

2,121 SqFt

Status Active

MLS # 6728153

Property Type Single Family Residence

Price Type --

Stunning 3Bedroom 2 Bathroom in Desert Ridge gated community. Spacious split floor plan with 9ft ceilings. Formal dinning and eat in kitchen. Granite counter tops with stainless steel appliances and lots of cabinet spaces in kitchen. Large master suite with classy walk-in closet. Stone fireplace in family room. Laundry room with extra counter space. Covered patio. View fencing in backyard. Very private with no homes directly behind you. Walking distance to the Marriott. Great location!

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6761 W Sonnet Drive Glendale, AZ 85308

$750,000

4 Beds

3 Baths

3,053 SqFt

Status Active

MLS # 6739241

Property Type Single Family Residence

Price Type --

WOW! Come see this beautiful home before it's too late. Open and Spacious kitchen with quartz counter tops, beautiful white cabinets with newer hardware, large kitchen island, large family room with cozy fireplace. All bedrooms including loft are very spacious. Plenty of space to entertain in your elegant formal living & dining room. Spacious master bedroom with addtional seating area, walk in closet, separate shower and tub. Newer roof 2021. Backyard offers plenty of area for entertaining, enjoy swimming in your pool that was just resurfaced July 2024. 3 car garage. Fridge, washer and dryer included. Close to shopping, and so much more. All furniture is for sale, on a separate bill of sale.

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