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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3057 W Mescal Arroyo Road San Tan Valley, AZ 85144

$750,000

6 Beds

4 Baths

3,285 SqFt

Status Active

MLS # 6677522

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this stunning property! The natural color palette throughout creates a soothing atmosphere. The kitchen features a center island and a nice backsplash. The master bedroom boasts a walk-in closet for added storage. Other rooms offer flexible living space for your needs. The primary bathroom includes double sinks and good under sink storage. Step outside to the fenced backyard with a private in-ground pool and a covered sitting area for entertaining. Don't miss out on this opportunity to own your dream home!

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38913 N 21st Avenue Phoenix, AZ 85086

$750,000

4 Beds

2 Baths

1,711 SqFt

Status Active

MLS # 6720420

Property Type Single Family Residence

Price Type --

Beautiful Desert Hills home, Inside, you'll find a cozy haven featuring 4 bedrooms and 2 bathrooms, providing ample space for both relaxation and rejuvenation. With two separate entrances to the property, you'll enjoy seamless access and the flexibility to accommodate your RVs, trailers, horses, and more. Located on a private 1.193 acre lot with gorgeous territorial and mountain views! It has horse corrals with electricity and water and is completely fenced off. The property features completely fenced acreage with wide gates for easy access.

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2976 E Country Shadows Street Gilbert, AZ 85298

$750,000

5 Beds

3 Baths

3,064 SqFt

Status Active

MLS # 6745500

Property Type Single Family Residence

Price Type --

This gorgeous home has been made even more beautiful with carefully crafted updates. Repositioned kitchen island with new quartz counter tops, upgraded backsplashes, refinished cabinets and a sleek stainless steel vent hood. This floor plan includes a bedroom and full bathroom downstairs and two separate garages (a 1 and a 2) with direct interior access. New woodplank tile flooring on first floor. Upgraded taller baseboards. Huge formal living and dining overlooks the pool from a wall of windows. Upstairs has four bedrooms and an office nook. Primary bedroom is oversized for even the largest furnishings. Two walk in closets and a remodeled en suite bathroom. Backyard has a resurfaced pool with new deck, built in BBQ, firepit and turf. List of updates available. This is a beauty! Must see!

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1969 W Josiah Trail San Tan Valley, AZ 85144

$750,000

4 Beds

2 Baths

2,328 SqFt

Status Active Under Contract

MLS # 6738410

Property Type Single Family Residence

Price Type --

Assumable VA Loan with a 2.5% interest rate! Welcome to your dream home! Built in 2021, this spacious and contemporary 4-bedroom, 2-bathroom home offers the perfect blend of modern luxury and serene country living. The home is within 10 minutes of grocery stores, shopping, dining, and hiking trails. Situated on over an acre this home has $50,000 worth of landscaping already finished. Key features of the home include four spacious bedrooms, two modern bathrooms, a large insulated garage with a 2.5-ton AC unit, a chicken coop, and a private hot tub for relaxing evenings under the stars. The home boasts an open-concept living area, a gourmet kitchen with plenty of cabinet space, and a luxurious primary suite with a spa-like ensuite bathroom.

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6906 E Hubbell Street Scottsdale, AZ 85257

$750,000

3 Beds

2 Baths

1,646 SqFt

Status Active

MLS # 6727988

Property Type Single Family Residence

Price Type --

Motivated Seller!! Beautifully updated 3/2 home in the highly sought after Scottsdale zip code of 85257 checks all the boxes. Close to Old Town, Spring Training, hiking Papago, the zoo, airport and so much more! The interior of this home is light and bright with open floor plan. Beautifully remodeled kitchen, all new appliances, added indoor laundry room, walk-in pantry, new flooring throughout & many beautiful finishes. Master bedroom has a walk in shower and access to the backyard pool. Large covered patio with sparkling pool and water feature are entertainers dream. The impeccable landscaping give this home great curb appeal.Home has been newly painted inside and out. Epoxied 22ft long 2 car garage. Garage has access to 50 amp if buyer has an EV. This home has pride of ownership.

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2571 N Acacia Way Buckeye, AZ 85396

$750,000

4 Beds

2.5 Baths

2,999 SqFt

Status Active

MLS # 6655000

Property Type Single Family Residence

Price Type --

Hot on the market! Welcome home to this stunning Verrado beauty with all the amenities! At 3000 sq ft there is room for all your hobbies, family & guests. Gorgeous courtyard w/ gated entry, durable wood laminate flooring throughout. 4 bedrooms, 2.5 bath, 3 car garage & fenced play pool w/spa! Abundant light throughout. As you enter take note of the pocket sliding doors to either your office or exercise room, the gorgeous dining room & two bedrooms at the front of the home. Take in the spacious living room, open kitchen & dining area. Sliding glass doors to your dream backyard. Owners suite, additional bedroom, laundry & garage access on the north end. Owners suite complete with private backyard access, gorgeous ensuite & large walk in closet. Welcome Home!

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3957 E Bellerive Drive Chandler, AZ 85249

$750,000

3 Beds

2.5 Baths

2,473 SqFt

Status Active

MLS # 6737494

Property Type Single Family Residence

Price Type --

Immaculate home is designed to perfection. Warm neutral decor, shutters, quartz counters thoughout, paver patio and pergola, turf, epoxy garage floors and ceiling can lighting upgrades just to name a few. Open concept living with greatroom and dining areas adjacent for entertaining. Kitchen features upgraded cabinetry, island, double ovens, gas cooktop and huge walk in pantry. Master suite offers walk in closet, tiled shower and soaker tub. 2 additional guestrooms share a private bath and one offers an additional walk in closet! Office space with french door for work or hobbies. Relax outdoors in front of the fireplace while you enjoy the serenity of the low maintenance backyard . Storage galore including a golf cart garage, extended 2 car garage and a climate controlled storage area.

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3651 E Donato Drive Gilbert, AZ 85298

$750,000

6 Beds

5 Baths

3,575 SqFt

Status Active

MLS # 6751629

Property Type Single Family Residence

Price Type --

A spacious 6-bedroom, 5-bath home with 10' flat ceilings is located on a quiet street near Bridges Elementary School. This two-story residence offers a perfect blend of style and comfort. The main floor includes a guest suite with a private bath, another bedroom and bath, a formal dining room, and a gourmet kitchen featuring granite countertops, an island, and a large pantry. The bright family room with high ceilings opens to a low-maintenance backyard with a covered patio. Upstairs, the master suite features a walk-in closet, dual sinks, and a soaking tub. Four additional bedrooms, including two with a Jack and Jill bath, along with a loft and laundry room, complete the upper level. Ample storage, a built-in desk area, and a well-designed layout make this home move-in ready!

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3519 E Piccadilly Road Phoenix, AZ 85018

$750,000

4 Beds

2.5 Baths

1,909 SqFt

Status Active

MLS # 6716471

Property Type Single Family Residence

Price Type --

Welcome Home to Piccadilly Reimagined! This Arcadia Lite charmer is just what you've been looking for! As you pull up to your new abode you'll be greeted by a lush yard and welcoming front porch. Step inside and you'll be wow'd by the bright, open floor plan perfect for entertaining and everyday living alike! This home has been thoughtfully updated and features a large primary suite, three additional bedrooms, a full hall bathroom and convenient powder room off of the living room. Outside you'll find your oasis in the desert! The large patio, built-in BBQ, fire pit, a perfectly-sized grass area and raised flower beds make this house the perfect home! This property has it all and is located just minutes from the best dining, shopping, and hiking Phoenix has to offer!

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16018 N 17th Way Phoenix, AZ 85022

$750,000

4 Beds

2.5 Baths

3,061 SqFt

Status Active

MLS # 6739357

Property Type Single Family Residence

Price Type --

Situated in a prime location with breathtaking views of Lookout Mountain, this expansive home boasts over 3,000 sq ft of living space with no HOA restrictions.The oversized primary suite is a true retreat, featuring plenty of flexible space and the ability to convert into two bedrooms. The home also offers a beautiful formal dining room for hosting family gatherings and entertaining guests. Hardwood floors flow throughout the main living areas, giving the home a warm and inviting feel. The large kitchen is a chef's delight, featuring ample prep and storage space and a central island, while the cozy living room includes a charming wood-burning fireplace. Step outside to your private backyard oasis, complete with a 60' x 90' covered patio, pool and high privacy walls making it the perfect outdoor space to entertain. Energy-efficient and cost-saving solar panels were installed on 11-2-23, reducing utility costs by over $1,200 in the first year.

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18228 W Montecito Avenue Goodyear, AZ 85395

$750,000

4 Beds

4 Baths

3,687 SqFt

Status Active Under Contract

MLS # 6719938

Property Type Single Family Residence

Price Type --

Discover luxury and comfort in this exceptional home, perfectly situated in a serene neighborhood with stunning mountain views and privacy. This thoughtfully designed property offers an array of premium features and modern conveniences, making it an ideal choice for discerning homeowners. Key features include: breathtaking mountain views from the back of the house, providing a picturesque and tranquil setting. Ultimate Privacy with Single-story homes on either side and no houses behind ensure maximum privacy, Convenient RV gate located at the side of the house. Nice Layout with Jack and Jill bathroom. Wonderful Garage Innovations with Side garage door openers with battery backup for added security and convenience. Gourmet kitchen featuring new Bosch dishwasher, granite counter tops, seating island and large walk in pantry. Main floor den with French doors that could be used as a bedroom - Plus the full 4 piece main floor bathroom beside den/bedroom which makes this perfect for generational living. New lifetime warranty for the hot water tank. New aluminum shed for extra storage. Built in natural gas BBQ, Fire pit and a natural gas hook up to the house. Amazing outdoor entertainment - Saltwater pool with water feature and in floor cleaners, pergola and rear patio roof extension with an outdoor ceiling fan and pre wired speakers. Pad and 220 hook up for a hot tub and the pool is ready for a heat pump hook up. OWNED 8.8 kWh solar system and whole house surge protector. Rachio yard irrigation system for efficient lawn care you can control by your phone. Owned home security system with sensors on all windows and doors and garage door. Wemo wall switch for front porch lights and Nest thermostats upstairs and downstairs. Both garage doors are insulated with reflective foil inside for added temperature control. This is a rare floor plan with only two homes in the neighborhood featuring this layout. This home is a perfect blend of luxury, functionality, and modern technology, offering a comfortable and secure living environment. Don't miss the chance to own this rare gem in a sought-after location!

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15802 N 71st Street Unit 210 Scottsdale, AZ 85254

$750,000

2 Beds

2.5 Baths

1,432 SqFt

Status Active

MLS # 6684574

Property Type Apartment

Price Type --

Located in the prestigious Landmark Community of Scottsdale, this contemporary remodeled 2-bed, 2.5-bath condo offers a luxurious and convenient lifestyle. With its spacious 1432 square feet of open living space, high-quality finishes, generous-sized bedrooms with walk-in closets, and ensuite spa-like bathrooms this unit perfectly balances space and style. Steps away is Kierland Commons and Scottsdale Quarter, which offers world-class dining, shopping, and entertainment. Landmark offers a 24-hour guard gated entrance, resort-style heated pool, and spa, fitness center with locker rooms, steam room, business center, and on-site concierge.Immerse yourself with resort-style living in the heart of Kierland. This fabulous getaway is ideal as a primary resident or as a perfect lock and leave.

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