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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4430 N 22nd Street Unit 19 Phoenix, AZ 85016

$749,000

3 Beds

2.5 Baths

2,433 SqFt

Status Active

MLS # 6755037

Property Type Townhouse

Price Type --

Step into your perfect home in one of the city's most coveted neighborhoods. This sophisticated 3-bedroom plus den, 2.5-bathroom residence offers an expansive, open-concept layout that exudes both style and functionality. Enjoy the luxury of 11-foot ceilings and an abundance of natural light that creates a bright and airy atmosphere throughout. Each oversized bedroom features spacious walk-in closets, while the master suite is a true retreat with its elegant fireplace and spa-like bathroom, complete with a large walk-in shower and tub. Located just moments from the high-end shops and dining at Biltmore Fashion Park, this home combines modern luxury with unbeatable convenience. Embrace a lifestyle of elegance and ease in this stunning, upscale community.

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610 E Kristi Lane Flagstaff, AZ 86005

$749,000

3 Beds

2.5 Baths

1,734 SqFt

Status Active

MLS # 6756697

Property Type Single Family Residence

Price Type --

Quintessential Flagstaff Home in sought after Bennett Estates! Nestled in the pines, this MOVE-IN ready, SINGLE LEVEL 3BR, 2.5 Bath home is a gem. Located on a quiet cul-de-sac enjoy the outdoors on the inviting front deck or shaded open paver patio. Inside, spend your time enjoying the beautifully remodeled kitchen that boasts hickory cabinets and new appliances, a welcoming fireplace in the living room, and a spacious primary bedroom with wood floors, vaulted ceilings, and its own cozy fireplace. For the hobbyist, the insulated and heated 1-bay garage with 220V hookup is a perfect WORKSHOP. Don't miss this opportunity to own a wonderful home in Bennett Estates!

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1456 E Tuckey Lane Phoenix, AZ 85014

$749,000

3 Beds

2 Baths

1,534 SqFt

Status Active Under Contract

MLS # 6751297

Property Type Single Family Residence

Price Type --

Statement Piece! 1950's Ranch nestled in the Madison Manor neighborhood with breathtaking views of Piestewa Peak. Newly renovated with modern finishes creating a warm inviting timeless appeal. Exposed sandblasted stone brick exterior accented with a modern concrete stepping stone pathway and front raised bed planter showcasing the classic Mulberry Tree. The inside reimagined with an abundance of natural light filtering in from various reference points. Precision and detail considered with every switch and lighting placement throughout the home. Sprawling private backyard with artificial turf, raised flower beds and a sunken concrete sitting area ( by design). Quintessential Arizona outdoor living and entertaining at its best!

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29408 N 244th Drive Wittmann, AZ 85361

$749,000

5 Beds

2 Baths

3,100 SqFt

Status Active

MLS # 6686766

Property Type Single Family Residence

Price Type --

Wittmann, AZ - Spacious 3,100 square feet 5 bedroom and 2 bathroom floor plan on a one acre, corner lot located in the rear of the subdivision. Large lot can accommodate a guest house, RV garage addition, or a swimming pool, with option for horse privileges. 3 car garage. Beautiful mountain views to the North and South of the property. Tiffany-style chandelier in foyer. Archways with wood vega poles. Formal dining room. Flexible den that can be for use as an office. 3 skylights create a bright great room with natural sunlight. Kitchen dining area. Maytag stainless steel appliances. Large pantry. Custom master bathroom with a freestanding shower / freestanding bath tub and a walk-in closet. Laundry room with custom cabinetry storage and a built-in wine cooler. High ceilings. No HOA. Other upgrades include tile walkways and bathrooms, kitchen cabinet crown moldings, granite countertops, recessed lighting, wood-look floors in den and dining room, large baseboards, premium grade bathroom fixtures, plenty of outdoor lighting. New Fry's Marketplace retail center in the area.

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370 E Ranch Road San Tan Valley, AZ 85140

$749,000

3 Beds

2 Baths

1,645 SqFt

Status Active

MLS # 6757192

Property Type Single Family Residence

Price Type --

Dreaming of wide-open spaces and country living? Just over 2 ACRES This exceptional horse property in the heart of San Tan Valley, offers everything you need for your equestrian lifestyle! Plenty of room for your horses and all the toys! The property is fully fenced and includes multiple stalls, horse washing station. and tack room. Great room with open kitchen Vaulted ceilings, Newer roof all located minutes from freeways and shopping

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2914 W Donatello Drive Phoenix, AZ 85086

$749,000

5 Beds

3.5 Baths

3,541 SqFt

Status Active

MLS # 6760904

Property Type Single Family Residence

Price Type --

This is the most desirable contemporary floorplan that Toll Brothers offered when built in 2005. The soaring atrium with 28' ceilings, the large 8500 sf lot with mountain views with an over the top custom backyard and existing pool permit on the nicest street in the subdivision. You'll immediately see the attention to detail, move right in, the home has been repainted and is ready for immediate occupancy. 2 1/2 of the 3 1/2 bathrooms have been recently remodeled, all new LED lighting throughout every room. 5 bedrooms, 3 1/2 baths, office nook, large two door garage with one tandem spot has beautiful epoxy flooring. Enormous custom kitchen with island has a panoramic view of the backyard. Expansive travertine patio, covered patio and Ramada with retaining walls Australian palms and BBQ Is.

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7225 E Villa Way Scottsdale, AZ 85257

$749,000

4 Beds

2 Baths

2,097 SqFt

Status Active

MLS # 6762266

Property Type Single Family Residence

Price Type --

Nestled in the lively South Scottsdale area, this exquisite 4-bedroom, 2-bathroom residence showcases modern elegance, featuring a brand-new pool installed in 2022, ideal for enjoying the Arizona sun. A new roof was added in 2018. Inside, the open-concept layout is highlighted by sleek finishes, flooding each space with natural light. The bedrooms serve as peaceful retreats, while the spa-inspired bathrooms exude a sense of luxury. This beautifully updated home harmonizes comfort with sophistication, conveniently located near Scottsdale's finest dining, shopping, and entertainment, ensuring a life of ease and opulence within a tranquil environment.

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550 S Emerson Street Chandler, AZ 85225

$749,000

3 Beds

2.5 Baths

2,561 SqFt

Status Active

MLS # 6743033

Property Type Single Family Residence

Price Type --

Beautiful upgraded home in highly sought neighborhood of Campo Verde. Open Concept with new large 4 panel slider that slides both ways open to yard. Gourmet kitchen with granite counters, island, stainless appliances, new pendants, backsplash and led lighting. Master bath has dual vanities, new led mirrors, upgraded tile walk-in shower, large garden tub with new tile surround. Large master closet is upgraded. Secondary bedrooms with jack and Jill bath. Upgraded bath with walk-in shower. Large den. New flooring and recessed lighting. Large yard with heated pool and spa. 3 car tandem garage with epoxy floors. Great Chandler location close to the 202 freeway, downtown Chandler, many shops and restaurants

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42711 N 6th Avenue New River, AZ 85087

$749,000

4 Beds

3 Baths

1,952 SqFt

Status Active

MLS # 6732164

Property Type Single Family Residence

Price Type --

Discover this newly built home surrounded by spectacular mountain views. Spacious 1.18 acre with No HOA, allowing horses and toys. Large RV gates are located on both sides of the home, maximizing usable space all enclosed by a newly installed block wall. Step inside to discover an open layout with vaulted ceilings, modern light fixtures & more. This spacious home offers 3-bedroom, 2.5 bath, plus an office, enough privacy for the whole family. This 3-car tandem garage with new epoxy floor offers 220v plug for electric vehicles, R.V etc. 2x6 framing, TRANE HVAC system, A.O Smith heat pump water heater for optimal efficiency. Whole house water filtration system, water softener and R.O system. Seller offering $10k CONCESSIONS on rate buy-down or landscaping credit with full price offer!

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25809 N Abajo Drive Rio Verde, AZ 85263

$749,000

3 Beds

2.5 Baths

2,973 SqFt

Status Active

MLS # 6713490

Property Type Single Family Residence

Price Type --

JUST FINISHED FRESH INTERIOR MAKEOVER!! A MUST SEE!! Large single level home in Rio Verde Country Club, 2973 S.F. Located on large unique, well manicured lot. 3 bedrooms, 2.5 baths, office, living and family rooms, kitchen with breakfast area. Formal dining rm w/butlers pantry and wine area. 11 ft ceiling in living room with gas fireplace. Very workable kitchen with breakfast nook and family room. Newer stainless steel appliances, oversiized walk in closets, large rear patio for entertaining,, mature landscaping. 2 car garage with additional golf cart garage.

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8536 E Mariposa Drive Scottsdale, AZ 85251

$749,000

3 Beds

2 Baths

1,619 SqFt

Status Active

MLS # 6750669

Property Type Single Family Residence

Price Type --

Welcome to this beautifully remodeled home nestled in the heart of Old Town Scottsdale. This charming residence, boasting 3 cozy bedrooms and 2 modern bathrooms, is a perfect blend of comfort and style. Step outside to enjoy the luxury of a private, heated pool, ideal for relaxation or entertaining. Situated in a prime location, this home is just moments away from the vibrant scenes of Scottsdale, including the renowned Fashion Square Mall and a plethora of exquisite dining options. Additionally, this property currently serves as a lucrative short-term rental, offering a fantastic income-generating opportunity. Don't miss out on the chance to own a piece of Scottsdale's finest living.

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5345 E Mclellan Road Unit 91 Mesa, AZ 85205

$749,000

4 Beds

3 Baths

2,439 SqFt

Status Active

MLS # 6752087

Property Type Single Family Residence

Price Type --

This beautiful home in the gated community of Alta Mesa Estates boasts pride of ownership, evident in its well-maintained condition. The furnished 4-bedroom, 3-bathroom, 3-car home features an updated kitchen with stainless steel appliances, a bright and airy family room with a fireplace, and a fenced pool with a heat pump installed in 2019. The backyard is a sight to behold, with mature landscaping, a putting green, covered patios, a built-in BBQ, and citrus trees. The formal dining area has a deck for enjoying sunrises and a front courtyard for sunsets. The home has been tastefully decorated with designer touches, including a barn door at the laundry room. The home faces north/south, & the block fence provides privacy and security.

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