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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6169 Skyview Circle Pine, AZ 85544

New

$749,999

3 Beds

3 Baths

2,281 SqFt

Status Active

MLS # 6765049

Property Type Single Family Residence

Price Type --

Welcome to your mountain sanctuary! This stunning 3-bedroom, 3-bathroom home offers a perfect blend of natural beauty and modern comfort, boasting panoramic mountain views that will take your breath away. Step into the expansive living room, bathed in natural light streaming through numerous windows and a beautiful French door that showcase the awe-inspiring scenery surrounding this property. The focal point of the room is a beautiful fireplace, creating a cozy ambiance, making it the perfect space to unwind and enjoy the warmth of both the fire and the captivating views. The well-appointed kitchen, complete with modern appliances and ample counter space, is a haven for culinary enthusiasts. Whether you're entertaining guests or preparing a family feast, the adjacent dining CLICK ''MORE'' area provides the perfect setting to enjoy delicious meals while soaking in the mesmerizing mountain vistas. This home features three spacious bedrooms, each offering a peaceful retreat with views that will make waking up a delight. The finished basement adds versatility to the property, hosting a private bedroom and bathroom that can serve as a guest suite, home office, or a cozy den to escape and relax. As you step outside, the expansive deck beckons you to take in the fresh mountain air and marvel at the breathtaking views that stretch across the horizon. Nestled among the trees, this property provides the perfect balance of serenity and privacy. The two-car garage offers convenience for your vehicles and outdoor gear, ensuring that you can fully embrace the mountain lifestyle. This home is a true haven for those seeking a retreat from the hustle and bustle of everyday life. If you've been dreaming of a home with panoramic mountain views, a large living room with a fireplace, and a peaceful setting surrounded by nature, this is your opportunity. Besides electronics and artwork, this home is 100% Turnkey. With all the upgrades already completed, all it needs is you!

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2162 E Carla Vista Place Chandler, AZ 85225

$749,999

5 Beds

3.5 Baths

3,135 SqFt

Status Active

MLS # 6743061

Property Type Single Family Residence

Price Type --

Discover this stunning 5-bedroom, 3.5-bath home ready for its new owners in Chandler! Enter into a spacious living/dining area with soaring ceilings. The flow of natural light through the large windows adds to the inviting ambiance, making this room a focal point for family life. The large kitchen flows seamlessly into the family room, perfect for gatherings. A main-level bedroom and bath offer an ideal home office or guest suite. The oversized master suite features a luxurious bath with a soaker tub, separate shower, and double sinks. Upstairs, a cozy loft awaits your relaxation. The kitchen boasts granite countertops, a pantry, breakfast bar and study nook, with plantation shutter windows. Step outside to your private backyard with a covered patio, lush greenery, and built-in BBQ...

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18922 W Clinton Street Surprise, AZ 85388

$749,999

3 Beds

2.5 Baths

2,936 SqFt

Status Active Under Contract

MLS # 6740432

Property Type Single Family Residence

Price Type --

WIth over 150K invested in the back yard you can't beat this price! For the buyer that wants it all and ready to go. Loaded with upgrades and better than new. RV garage with passthrough rear garage door, 2 RV gates, and a paver driveway! Fresh elegant wood-look flooring and neutral palette with thoughtful/classy fixtures. Prepare delicious meals in this gorgeous kitchen, comprised of white cabinetry w/crown moulding, a pantry, quartz counters, and tasteful lighting, subway tile backsplash, SS appliances, and an island w/a breakfast bar. Upstairs you will find a cozy loft where you can spend a relaxing Sunday evening! Primary bedroom has large walk-in closet and spacious bathroom with a large modern shower. Resort style yard with a BI-BBQ and huge 2023 automated pool!! Don't forget about the cozy open den, ideal for an office or reading nook. Finally, the wonderful backyard includes a covered patio, seating area, artificial turf, and a sparkling blue pool! What are you waiting for? Act now!

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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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