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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33011 N 131st Drive Peoria, AZ 85383

$749,990

4 Beds

3 Baths

2,415 SqFt

Status Active

MLS # 6729272

Property Type Single Family Residence

Price Type --

This beautiful 4 bedroom, study, 3 baths and 3 car garage home with its large picturesque, energy efficient windows will allow you to embrace the beautify this premier community has to offer. Both 10' and 8' doors allow for loads of natural Arizona sunshine. Perfect for entertaining, the gourmet kitchen boasts an oversized quartz island with upgraded stainless GE appliances and designer inspired custom herringbone tile backsplash. Personal relaxation is abundant in the spa-like owner's retreat with quartz countertops and custom subway tiled super shower in the bath. 2X6 CONSTRUCTION; NEW HOME WARRANTY.

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8672 E Edgemont Avenue Scottsdale, AZ 85257

Open House

$749,990

3 Beds

2 Baths

1,749 SqFt

Status Active

MLS # 6739133

Property Type Single Family Residence

Price Type --

This stunning 3-bedroom, 2-bathroom is bathed in natural light, featuring a kitchen with stainless steel appliances, a spacious island with a breakfast bar, elegant granite countertops, and custom cabinetry. The luxurious master suite is a private retreat, complete with a sitting room, a large walk-in closet, and a lavish bath that boasts double sinks, a soaking tub, and a glass shower. The spacious extra bedrooms offer plenty of room for family or guests. The backyard also includes a large storage unit, an extended covered patio, and convenient RV gate and parking. No HOA. Ideally located near Old Town Scottsdale, 101 freeway, ASU, downtown Phx, and soon-to-come Whole Foods.

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2993 E Shannon Street Gilbert, AZ 85295

$749,950

5 Beds

4 Baths

3,249 SqFt

Status Active

MLS # 6760494

Property Type Single Family Residence

Price Type --

STUNNING! 5 bed/4 Bath+Loft +Downstairs Den. Designer Upgrades, Resort-Style Yard. No Expense Spared! Plantation Shutters Throughout, Newer Flooring/Int. Paint, Main Floor Bedroom w/Ensuite Bath for Guests. Spacious Floorplan with Tall Ceilings & Clerestory Windows. Kitchen w/Quartz Counters, Island, Pantry, NEW BOSCH APPLIANCES! Enormous Loft and Main Bedroom w/Retreat Area large enough for office, Custom Cal. Closets. Additional 3 Beds up w/hall bath & Juliette Balcony. Are you ready for this yard? High End PebbleTec Pool with LED Changeable Lights, 2 Cascade Waterfalls, Stamped Concrete Patio, side yard with Syn. Grass. TRANE HVAC Unit w/Nest Thermo., Gar. Door WIFI connect, Spray Foam in Attic. North/South Lot near Pocket Park, 3 Community Pools, Low HOA and close to Gilbert Amenities

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14021 N 29th Street Phoenix, AZ 85032

$749,950

5 Beds

3 Baths

2,686 SqFt

Status Active

MLS # 6753590

Property Type Single Family Residence

Price Type --

Imagine a home nestled on a hillside, designed to maximize its breathtaking McDowell Mountain views. As you step inside, the open-concept living area greets you with high, vaulted ceilings and natural wood flooring. The kitchen is a chef's dream, with double ovens, a large central island, and a breakfast nook that opens to your backyard oasis. The master suite is a sanctuary of its own, with vaulted ceilings, and French doors leading to a private balcony that extends out towards the mountains. Downstairs bedroom is perfect for guests or aging family members! Peaceful, unified architecture area; a safe neighborhood with convenient access to freeways, events, and hospitals.

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20580 S 226th Street Queen Creek, AZ 85142

$749,900

5 Beds

3.5 Baths

4,125 SqFt

Status Active

MLS # 6749504

Property Type Single Family Residence

Price Type --

''Honey, stop the car!'' This one-year-new dream home in Ashton Wood's Madera community, located in the sought-after 'Maquis' neighborhood, is exactly what you've been searching for! Rarely available and move-in ready, this spacious two-story gem sits on the largest Diamond Model lot in the area. On the first level, you'll find two large offices or flex rooms, conveniently situated between the kitchen, family room, and a half bath. The second level features five generously sized bedrooms, three bathrooms, and a spacious loft. With numerous high-value upgrades, this property offers exceptional value. Enjoy beautifully maturing landscaping in both the front and back yards. The home includes an electric vehicle charging outlet, soft-water pre-plumb, a $9,000 Wi-Fi-enabled water... softener, 3-car tandem garage and an RV gate. Inside, you'll find an enlarged primary bedroom shower, 10-foot ceilings on both floors, custom blinds in every room, tinted rear windows, and brand-new appliances, including a refrigerator, washer, and dryer. Additional upgrades include matte black cabinet handles and door hinges, new light fixtures, and a fresh coat of interior paint. Living in the Madera community means access to fantastic amenities like a sparkling pool, hot tub, pickleball and bocce ball courts, a basketball court, playgrounds, and more. Located in vibrant Queen Creek, this home is conveniently close to shopping, dining, Frontier Park, Pecan Lake Entertainment, Queen Creek Marketplace, and the Queen Creek Olive Mill. Plus, you'll have easy access to the 24 Freeway and Phoenix-Mesa Gateway Airport. Don't miss your chance to own this exceptional home!

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16336 W Indianola Avenue Goodyear, AZ 85395

$749,900

3 Beds

2.5 Baths

2,082 SqFt

Status Active

MLS # 6745872

Property Type Single Family Residence

Price Type --

This beautiful residence is in the active 55+ Pebblecreek Community and offers the perfect blend of style and comfort. With over $90,000.00 in upgrades, the main house features 2 bedrooms, 2.5 baths and a den. The den has a murphy bed and closet, providing a flexible space for as a 3rd bedroom or home office. The charming, attached casita includes a full bath, counterspace and is ideal for guests or a private retreat. This home has an open layout with neutral tile floors and an abundance of natural light. The kitchen showcases wood cabinetry with crown molding, built-in appliances, granite countertops, an updated mosaic backsplash and an island with a breakfast bar for casual dining. The primary bedroom is a serene haven, featuring plush carpet, bathroom has dual sinks and a large walk-in close. The backyard is perfect for relaxation, boasting a large pergola covered patio and an open area to enjoy your outdoor oasis. This home offers comfort, style, and a welcoming community, don't miss the opportunity to make it yours!

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21 Hummingbird Circle Sedona, AZ 86336

$749,900

2 Beds

2 Baths

1,653 SqFt

Status Active

MLS # 6759448

Property Type Single Family Residence

Price Type --

Discover this diamond in the rough, nestled in the coveted Chapel area of Sedona! Situated on a tranquil .31-acre lot at the end of a quiet cul-de-sac, this 1653 sq ft, 2-bedroom, 2-bathroom home offers immense potential as a peaceful retreat with magnificent red rock views. Light-filled and move-in ready, the home features easy-to-maintain tile floors, gas heating, evaporative cooling, and an irrigation system for the lush landscaping that surrounds the property. The fully fenced backyard is a private oasis with mature trees, abundant patios, and ample space for outdoor living—perfect for year-round enjoyment. Picture yourself relaxing in a jacuzzi, with the stunning sunset over Cathedral Rock as your backdrop. The spacious master bedroom includes a cozy fireplace, a walk-in closet, and opens into a bright sunroom with French doors that showcase breathtaking views. A separate room provides the ideal space for a private office or den, while the in-law setup adds versatility to the home. This property is a true hidden gem, offering the perfect blend of tranquility and potential for those looking to add their personal touch. With a bit of polish, this energy-efficient sanctuary could become a stunning Sedona treasure. Don't miss the opportunity to make this unique property your own!

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2925 W Amber Sun Drive Phoenix, AZ 85085

$749,900

4 Beds

3 Baths

2,590 SqFt

Status Active

MLS # 6747633

Property Type Single Family Residence

Price Type --

The search is finally over! This stunning 4-bedroom, 3-bathroom residence in the gated community of Stoneledge features a 2-car garage, paver driveway on a gorgeous mountain side lot. Step into the expansive great room w tall ceilings, neutral palette, plantation shutters, and plenty of space to host family and friends. The gourmet kitchen is equipped with granite counters, abundant white cabinetry, gorgeous lighting, and oversized center island with a breakfast bar for casual dining. You'll also find a versatile den, ideal for an office or study. The tranquil main bedroom offers plush carpeting, an ensuite with dual vanities, and large walk-in closet. The serene and private backyard includes artificial turf and custom pergola for outdoor entertaining and hosting. Don't miss out!

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9749 S Grandview Drive Tempe, AZ 85284

$749,900

3 Beds

2 Baths

2,171 SqFt

Status Active Under Contract

MLS # 6750988

Property Type Single Family Residence

Price Type --

Gorgeous home sited on large cul-de-sac lot featuring a 3-car gar, RV gate & mature landscaping. Skylights add more natural light & vaulted ceilings give an inviting atmosphere throughout. Beautifully remodeled kitchen equipped with an oversized island, breakfast bar, SS appliances, tiled backsplash & quartz countertops. Sizeable bonus room off master, with access from kitchen and separate exit to back patio. This is an ideal space for a home office, music/reading room or so much more! Spacious master suite with French doors offers a spa-like bathroom: clawfoot tub, large tile & glass walk-in shower, linen closet and walk-in closet. Amazing backyard boasts lush landscaping including citrus trees and 2 covered patios. The private spa and pool with a water feature make this a true oasis!

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1318 E Bermuda Bay Court Gilbert, AZ 85234

$749,900

4 Beds

3 Baths

2,355 SqFt

Status Active

MLS # 6751696

Property Type Single Family Residence

Price Type --

Experience the perfect blend of comfort and outdoor enjoyment in this stunning remodeled home in Val Vista Lakes! Nestled on a coveted oversized cul-de-sac, it offers a 3-car garage with extended driveway. Surely to impress with the bright living room and a harmonious great room that provide cozy fireplaces to keep you toasty warm during the cooler months. Newer vinyl plank & carpet flooring, vaulted ceilings, and stylish light fixtures add to the overall décor. Well-appointed kitchen is fully equipped with stainless steel appliances, custom cabinets, quartz counters, a center island with a breakfast bar, and a breakfast nook with a bay window. The downstairs bedroom and bathroom offer the perfect private retreat for guests, Upstairs you will find a sizable loft that is ideal for an office or TV area. The two secondary upstairs bedrooms are spacious and filled with natural light, creating bright and welcoming spaces. Continue on to the airy primary retreat boasting an ensuite with dual sinks, make-up desk, soaking tub, and a mirrored door closet. Escape to the dreamy backyard that invites you to unwind! It includes a covered patio, grassy area, and a refreshing pool. This amazing abode has it all!

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2850 Lazy Eight Court Overgaard, AZ 85933

$749,900

3 Beds

2.5 Baths

2,331 SqFt

Status Active

MLS # 6735718

Property Type Single Family Residence

Price Type --

This beautifully maintained & energy efficient 3BR, 2 ½ BA chalet has everything you're looking for, including a HEATED & COOLED (vented) 2 car garage! This tranquil setting is situated on a ponderosa pine tree studded 2.55-acre estate with an active HOA but $0.00 dues. Perfectly located on a paved county-maintained road w/low flow traffic at the end of a cul-de-sac. Once inside, the wall of windows offers a light and bright feel w/vaulted t&g ceilings, remote controlled blinds, stacked stone gas (propane) fireplace, and hardwood floors! The spacious kitchen provides ample counterspace with granite countertops, knotty hickory cabinets w/pullout drawers and large pantry too! Master bedroom downstairs, a guest bedroom up plus a HUGE bonus room that can easily accommodate 4 beds for kids or guests. Suitable for full time offering central gas heat, A/C plus insulated & heated (ETS). Crawlspace for a workshop or extra storage. There's lots of decking and a huge paver patio area for BBQ's, star gazing and watching the elk & deer that frequent the area. Exterior visual and audio surveillance too.

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26715 N 72nd Lane Peoria, AZ 85383

$749,900

4 Beds

3 Baths

2,779 SqFt

Status Active Under Contract

MLS # 6759853

Property Type Single Family Residence

Price Type --

Welcome home to this gorgeous, upgraded home exuding charm & elegance! This one-story gem features sweet curb appeal, tandem 3-car garage w/an extended driveway, & a welcoming courtyard for relaxing mornings. Enter to find an open layout with formal dining, wood look flooring, modern light fixtures, & neutral palette. The gourmet kitchen has an oversized island w/breakfast bar, SS appliances, quartz counters, espresso cabinets w/crown moulding, & modern backsplash. The main suite has an oversized lavish bathroom w/ dual sink vanity, large tub, & a huge walk-in closet. The cozy bonus room is perfect for family or play time! The serene backyard offers a covered patio & artificial turf. All found in the highly coveted and pristine neighborhood of Aloravita in North Peoria. This is the one!

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