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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2927 W Sousa Drive Anthem, AZ 85086

$749,999

4 Beds

2 Baths

2,547 SqFt

Status Active

MLS # 6705456

Property Type Single Family Residence

Price Type --

Your turnkey and fully renovated single-story home featuring 4 beds & 2 baths awaits! You'll only need to bring your suitcase! Step inside to discover a beautifully updated interior boasting an open concept floor plan. Entertain in style with this amazing spacious backyard that includes a built-in BBQ, synthetic turf and travertine pavers. There is plenty of room to relax. Enjoy the convenience of an oversized 3-car garage. Residents will have access to the community center offering a gym, waterpark, pools, fitness facilities, pickleball, and more. This completely remodeled beauty won the best home on tour award as voted by many local Realtors! Furniture is available for purchase on a seperate bill of sale. Motivated seller. Show it today! Don't miss out on this incredible opportunity!!

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2209 E Windsor Avenue Phoenix, AZ 85006

$749,999

3 Beds

3 Baths

2,444 SqFt

Status Active

MLS # 6723859

Property Type Single Family Residence

Price Type --

What a GEM! Comfort meets modern elegance in this beautiful home nestled on a large lot. Featuring a manicured landscape w/natural grass & mature trees, it offers a tranquil setting. Discover a desirable open layout paired with chic light fixtures, neutral palette, & tile flooring w/plush carpet in bedrooms. The kitchen boasts SS appliances, quartz counters, subway tile backsplash, white shaker cabinets, and an island w/breakfast bar. Two main bedrooms! One includes French doors to the back, and both feature a barn door that opens to the ensuite with dual sinks & a walk-in closet. You'll LOVE the peaceful backyard! A covered patio, artificial turf, elevated paver patio, & a hot tub complete the picture. PLUS! This value has a 2-car garage & 2 RV gates on both sides of the house. Just WOW!

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7042 E Portland Street Scottsdale, AZ 85257

$749,999

4 Beds

3.5 Baths

2,380 SqFt

Status Active Under Contract

MLS # 6700625

Property Type Single Family Residence

Price Type --

Nestled within Scottsdale's coveted North 70 gated community, this home offers luxurious living in a spacious 4-bedroom, 3.5-bathroom home. This immaculate residence features upgraded flooring, generously sized bedrooms, and spa-like baths that promise relaxation. The chef-inspired kitchen is an entertainer's delight, equipped with top-of-the-line appliances and perfect for hosting gatherings. The upstairs loft provides versatile a living space, complemented by upstairs laundry for added convenience. Enjoy beautiful views of Camelback from the primary bedroom. Situated on one of just ten oversized lots, the backyard boasts upgraded pavers and artificial grass for easy maintenance. Residents enjoy gated home access as well as a community pool. Come experience its charm firsthand!

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5045 W Top Hand Trail Laveen, AZ 85339

$749,995

3 Beds

2.5 Baths

2,740 SqFt

Status Active

MLS # 6728574

Property Type Single Family Residence

Price Type --

Entertaining is easy in the Harley plan, which boasts a well-appointed kitchen with a walk-in pantry and center island. You'll also appreciate a dining area and an adjacent great room overlooking a covered patio. This home will be built with a study, . A spacious primary suite with an attached bath and walk-in closet is separated from two secondary bedrooms for privacy. Additional features include a gourmet kitchen and a deluxe primary bathroom

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11029 E Ulysses Avenue Mesa, AZ 85212

Open House

$749,995

6 Beds

5 Baths

3,132 SqFt

Status Active

MLS # 6708170

Property Type Single Family Residence

Price Type --

With an idyllic blend of comfort and elegance, this move-in ready home perfectly fits your lifestyle. Overlooking the great room and accompanied by a casual dining area, the gorgeous kitchen is the perfect environment for entertaining guests with wraparound counter space and a sprawling central island. A large loft space on the second floor creates an abundance of living options that are perfect for the way you live. Features premium cabinets, countertops, a spacious island, and stainless steel KitchenAid appliances, upgraded flooring and cabinets, tiled primary shower and many electrical upgrades throughout the home. Come experience your dream home by scheduling a tour.

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11040 E Ulysses Avenue Mesa, AZ 85212

Open House

$749,995

4 Beds

3 Baths

2,936 SqFt

Status Active

MLS # 6740337

Property Type Single Family Residence

Price Type --

With an open-concept floor plan and expertly designed finishes, this move-in ready home is perfect for the way you live. The beautiful foyer welcomes you home with stunning views of the main living space and rear yard. The open-concept kitchen and great room provide the ideal space for entertaining. This 4 bedroom 3 bath home features a 3-car tandem garage, upgraded kitchen with stainless steel appliances, upgraded tile flooring throughout home with upgraded carpeting in all bedrooms, many electrical upgrades throughout the home, first floor bedroom with full bath, walk-in kitchen pantry, triple panel pocket sliding door, 10'' ceilings with 8'' doors, large island with abundance of cabinet space in Kitchen, and 2nd floor laundry with walk-in linen closet.

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17219 W Vacaville Street Surprise, AZ 85388

$749,995

4 Beds

3.5 Baths

2,721 SqFt

Status Active

MLS # 6648240

Property Type Single Family Residence

Price Type --

This Pennrose is located in an all ages neighborhood and has front yard landscaping and travertine front porch to welcome you home. With 4 bedrooms, 3.5 baths and 3 car tandem garage. When you enter the home there is a bedroom with attached bath for your guest. Then you enter the living and kitchen area with white cabinets nice sized island with stainless steel appliances with a statement backsplash. Multi Panel Slider that goes out to the oversized patio for entertaining. Upstairs is the primary bedroom with larger bath and two additional bedrooms and loft. This home is an amazing completed home for a growing family that will love all that we offer, pools, tennis, pickleball, 18 hole putting green, fitness center, and restaurants.

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11462 E Utopia Avenue Mesa, AZ 85212

$749,990

6 Beds

4.5 Baths

4,179 SqFt

Status Active

MLS # 6735295

Property Type Single Family Residence

Price Type --

''Introducing this stunning six-bedroom, 4 1/2 bathroom home with an office and loft, boasting 10-foot ceilings on both levels. The famhouse style exterior features a paver driveway and inside the home features 8-foot doors with satin nickel handles. With a 4 Panel Center slider off the great room, the space is bathed in natural light. Inside, find 8 x 36'' wood-look tile throughout the main areas and 4 1/4 inch baseboards. The primary bathroom showcases an enlarged shower, separate soaking tub, and dual vanities. Brushed nicke bath faucets and upgraded vanity lighting adorn all bathrooms. The kitchen is a chef's dream with a 36-inch gas cooktop, separate wall oven, built-in microwave, painted shaker cabinets with hidden trash pull-out, satin nickel cabinet hardware, quartz countertops, and designer tile backsplash. This home is the epitome of luxury and comfort.

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22689 E Roundup Way Queen Creek, AZ 85142

$749,990

5 Beds

4.5 Baths

4,142 SqFt

Status Active

MLS # 6694908

Property Type Single Family Residence

Price Type --

Welcome to your dream home with our stunning Diamond Floor Plan! This spacious two-story home boasts 4,127 sq ft of luxurious living space, featuring 5 oversized bedrooms and 4 1/2 bathrooms, perfect for accommodating your growing family or hosting guests. Step into the expansive great room, highlighted by a breathtaking 4-panel slider that seamlessly merges indoor and outdoor living. The kitchen is a culinary paradise, equipped with built-in appliances, elegant white and natural stained shaker cabinetry, quartz countertops, a tiled backsplash, and polished nickel hardware. Indulge in premium interior finishes including wood plank tile floors in the main living spaces, upgraded plush carpeting in the bedrooms, loft, and a dedicated office space. Pamper yourself in the upgraded bathrooms adorned with stylish fixtures and lighting. Additional convenience items include a double gate, garage service door, and soft water pre plumb. Nestled in the vibrant community Madera near the new Frontier Family Park, this home offers access to an array of amenities including a sparkling pool, hot tub, pickleball, bocce ball courts, basketball court, playgrounds, and more!

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7206 W Gambit Trail Peoria, AZ 85383

$749,990

3 Beds

2.5 Baths

2,510 SqFt

Status Active

MLS # 6663369

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. Ready for immediate move-in, this Parklane residence boasts a chef's kitchen with granite countertops, stainless steel appliances, and a generous pantry. Enhanced with upgraded flooring throughout, the home features a master bathroom with a luxurious glass walk-in shower.

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22444 E Orchard Lane Queen Creek, AZ 85142

$749,990

4 Beds

3 Baths

3,220 SqFt

Status Active

MLS # 6690240

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. The Enchantment series resides within the sought-after Harvest community, nestled in its own gated enclave. Positioned conveniently opposite swimming pools, a catch-and-release lake, and a park, it offers a serene retreat away from the hustle and bustle yet remains close to shopping and entertainment amenities. The spacious kitchen, complete with an island and pantry, caters perfectly to entertaining or unwinding. Located next to open space at end of the street. Don't let this opportunity pass you by.

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5899 N 207th Avenue Buckeye, AZ 85396

$749,990

3 Beds

3.5 Baths

2,288 SqFt

Status Active

MLS # 6695250

Property Type Single Family Residence

Price Type --

This popular Gorgeous Starling floorplan with golf course views offers extra suite living for those out-of-town guests or a second master suite! 12' ceilings in the kitchen/great room with a multi-slide glass door leading out to the covered patio is perfect for indoor/outdoor living. The gourmet kitchen is well equipped with Quartz counters & tile backsplash, GE SS Profile appliances including double ovens, 5 burner cooktop, built-in microwave, and fridge! 3 bedrooms plus a den completes this fantastic home! Wood-look tile throughout most rooms, ceiling fans and window coverings! ^^Up to $30K can be applied towards closing cost OR short/long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited restrictions apply.

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