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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18750 N 90th Way Scottsdale, AZ 85255

$749,000

2 Beds

2 Baths

1,542 SqFt

Status Active

MLS # 6763848

Property Type Single Family Residence

Price Type --

Charming north Scottsdale residence at an amazing price and in an amazing location. This beautiful home offers an open floor plan with vaulted ceilings. Wood shutter complete the dramatic look. Convenient corner lot with stunning, yet low maintenance landscaping. The backyard boasts several intimate seating areas surrounding the sparkling pool. Bedrooms are split and the master has a walk-in closet and separate tub shower. The sunlit kitchen has SS appliances and tile backlash above the granite countertops. The flooring is tumbled travertine or luxtury vinyl in the bedrooms. This property is move-in ready and perfect for a primary residence or second home in a modern desert setting with many amenities a short distance away.

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7161 E Rancho Vista Drive Unit 2001 Scottsdale, AZ 85251

$749,000

2 Beds

2 Baths

1,388 SqFt

Status Active

MLS # 6763830

Property Type Apartment

Price Type --

This stunning interior-facing unit has a lovely terrace, creating a peaceful and inviting atmosphere. The beautiful kitchen features granite countertops, and a breakfast bar that seamlessly flows into the open dining and living spaces. Large windows throughout the unit extend to the terrace, filling the home with natural light and enhancing its warmth. Optima offers a wide range of luxurious amenities, including a 24,000 sq ft fitness center, lap pool, two spas, a steam room, basketball and racquetball courts, and an exercise room. The gorgeous landscaped grounds feature waterfalls flowing into pools, and a putting green. Residents also enjoy two outdoor pools/spas, on-site retail shopping, a dog park, and close proximity to Scottsdale Fashion Square for dining, shopping & more!

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10 Calle Del Oeste -- Sedona, AZ 86336

$749,000

3 Beds

3 Baths

2,574 SqFt

Status Active

MLS # 6733644

Property Type Townhouse

Price Type --

Panoramic views of Sedona in all her glory! Completely finished basement with views of Cathedral Rock, main level living with option of in law living on lower level, with external and internal entry access. Vaulted ceilings, mid century modern vibes, two decks, amazing Red Rock views, perfect location in West Sedona for hiking and amenity access: what else could you ask for?

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11040 E Tumbleweed Avenue Mesa, AZ 85212

New

$749,000

4 Beds

3.5 Baths

3,155 SqFt

Status Active

MLS # 6751775

Property Type Single Family Residence

Price Type --

Discover this stunning 4-bedroom, 3.5-bath home on a premium lot in the vibrant Bella Via community, adjacent to Eastmark, and just minutes from the Mesa Gateway area, home to innovative businesses, schools, retail, and dining. Featuring a 3-car tandem garage with a dedicated storage room, this home offers versatility with a den that easily converts to a 5th bedroom and a loft bonus space perfect as a second living room. Enjoy an outdoor oasis with a private saltwater pool, and travertine patio. Inside, experience functional elegance with contemporary finishes throughout. Steps away from a park with playground and splash pad, this home blends luxury with family-friendly amenities and scenic mountain views.

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2219 Fairway Drive Overgaard, AZ 85933

$749,000

4 Beds

4 Baths

3,314 SqFt

Status Active

MLS # 6697365

Property Type Single Family Residence

Price Type --

Step into luxury with this lavish 2-story retreat! Boasting 4 bedrooms, 2 full bathrooms plus 2 half bathrooms. With the unparalleled views, this home is a sanctuary like no other. Entrance is grand and you will be greeted by soaring ceilings, recessed lighting, and exquisite wood railings. The spacious kitchen is a chef's dream, featuring abundant cedar cabinetry, sleek black appliances, and more. The primary suite is a haven with its own fireplace and a spa-like ensuite, complete with dual sinks, a jetted tub, and a custom tiled shower. Entertain in style with a wet bar in the living room area. Outside, the expansive deck invites you to soak in the weather, scenery and wildlife. Don't let this once-in-a-lifetime opportunity slip away—make it yours today!

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605 E Coronado Way Payson, AZ 85541

$749,000

4 Beds

4 Baths

2,950 SqFt

Status Active

MLS # 6707516

Property Type Single Family Residence

Price Type --

Large windows to enjoy the Amazing panoramic views of Mogollon Rim and Diamond Point Amenities include Granite counter tops, stainless steel appliances, large floor tiles, Main bedroom has a slider to a garden area with shade awning and a jetted tub in bath. Large hobby/exercise room. Fully wired theater room. Crown molding, Pella windows, RO system,

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1715 E Cheery Lynn Road Phoenix, AZ 85016

$749,000

4 Beds

4 Baths

2,485 SqFt

Status Active

MLS # 6687701

Property Type Single Family Residence

Price Type --

This home qualifies for the Community Lending Program, including lender credit and interest rates below regular conventional rates. Completely rebuilt and reimagined in 2018, the main house features just over 2000 sf, 4 bedrooms, 3 baths, open concept living with large rooms and 9' ceilings. Well appointed kitchen with SS appliances, gas range w/ double oven, gourmet range hood and plenty of cabinetry and counter space. Spacious primary suite awaits with a private patio. The backyard is complete with a 500+ sf paver patio between the main house and the guest house. Dine al fresco or relax in your hot/cold spa. The 427 sf guest house serves as a fully functioning residence separate from the main house with kitchenette, bedroom and bathroom. Priced below 2024 appraisal.

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2433 W Old Paint Trail Phoenix, AZ 85086

$749,000

5 Beds

3.5 Baths

3,952 SqFt

Status Active

MLS # 6749833

Property Type Single Family Residence

Price Type --

Walk into to your dream home with breathtaking mountain & city light views on Old Paint Trail in Tramonto! This beautifully updated gem boasts 5 spacious bedrooms, including a marvelous remodeled master suite downstairs, an additional home office/den, & an enormous loft. You'll stay cool with newer HVAC units (2021) & save with solar. Situated on an elevated lot of over 10,000 sq. ft., the expansive grassy backyard offers privacy with no two-story homes behind you. Enjoy the extended walkout deck, perfect for outdoor relaxation & views. Inside, you'll find refinished cabinets, granite countertops, stylish tile, & a custom fireplace wall. Additional features include a gas range, updated fixtures & plantation shutters. The community amenities include pools & spa, basketball, volleyball & tennis courts. Experience magnificent sunset views, comfort & style in this exceptional home!

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7227 E Texas Ebony Drive Gold Canyon, AZ 85118

$749,000

3 Beds

2 Baths

2,278 SqFt

Status Active

MLS # 6628879

Property Type Single Family Residence

Price Type --

If You're Looking For A Customized & Redone Bradshaw Model, Look No Further! GORGEOUS & Totally Updated & Upgraded Like New Customized Bradshaw Model Features Newer Roof, Heating & Cooling, Kitchen w/Custom Cabinets, Stone Slab Counters, SS Appliances, Sink Faucet & Island, Baths w/Custom Walk-In Showers, Vanities & More! Ceramic Plank Flooring, Custom Lighting, Upgraded Fans, Fixtures & Hardware, Newer Paint Inside & Out, Custom Window Treatments, Recessed Electric Fireplace & Recessed Oversized TV & The List Goes On! PREMIUM South Facing Golf Course Location For Winter Sun & STUNNING Sunsets, Extended 2 1/2 Garage, Lush Landscaping & More! Move In & Enjoy!

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13611 W Merrell Street Avondale, AZ 85392

$749,000

5 Beds

3 Baths

3,626 SqFt

Status Active

MLS # 6695765

Property Type Single Family Residence

Price Type --

Step into luxury! Prepare to be wowed by this amazingly upgraded home! Only the finest materials were used. This versatile floorplan offers 5 beds / 3 baths / 3 car garage + POOL! One bed & full bath downstairs w/exit to cov'd patio. Enter into the formal living & dining rooms where clerestory windows are decorated in carved wooden panels. (Removable) Porcelain tile (24 x 48) has been laid throughout both upstairs and down. The stairs are marble and granite. The focal point of the family room is a grand, carved wooden media unit. The kitchen has lovely marble backsplash extending up to the ceiling. The master suite has a double shower w/multiple shower heads using the same awesome materials. Too many upgrades & special features to list. Must see for yourself. It's one of a kind!!!

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2643 N 162nd Lane Goodyear, AZ 85395

$749,000

3 Beds

2 Baths

2,962 SqFt

Status Active

MLS # 6708410

Property Type Single Family Residence

Price Type --

Absolutely! Here's a compelling property description for a PebbleCreek home with those features Stunning 3-Bedroom Home on the golf course in PebbleCreek Welcome to your dream home located in the prestigious PebbleCreek community! This exquisite 3-bedroom, 2-bath residence is perfectly situated on a prime golf course lot, offering breathtaking views and an unparalleled lifestyle. Spacious Bedrooms: Enjoy the comfort of three generously sized bedrooms, including a luxurious master suite with a walk-in closet and a private en-suite bathroom featuring dual vanities and a spa-like shower. Outdoor Kitchen perfect for entertaining, overlooking the 18th fairway. Amenities, include championship golf courses, pools, fitness centers, and a vibrant social scene and 36 pickleball courts! This home has just been repainted with neutral colors, all brand new kitchen appliances and new grill on the outdoor kitchen.

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12736 W Auburn Drive Peoria, AZ 85383

$749,000

2 Beds

2.5 Baths

2,260 SqFt

Status Active

MLS # 6730604

Property Type Single Family Residence

Price Type --

RARE FIND - in the most sought after area of Trilogy, just steps away from the Kiva Club & a short walk to V's Taproom. PRE-PAID SOLAR LEASE-no payments. Step inside this GORGEOUS 2 bed, 2.5 bath, office/den & incredible WET BAR fully equipped with a wine/beverage center, tons of cabinets, granite c-tops & under cabinet lighting. Perfect for entertaining family & friends. Plenty of space to gather w/the large great room, dining room & breakfast areas. SPECTACULAR kitchen features HIGHLY UPGRADED raised panel staggered cabinets w/larger crown molding & black glazing, STUNNING granite c-tops w/decorative backsplash, large breakfast bar, SS appl, GAS COOKTOP & pendant/undercabinet lighting. Private den/office w/double French doors & custom shelves. GORGEOUS owner's suite w/travertine c-tops, double sinks, designer tile shower & large walk-in closet w/cabinet pass-through into laundry room. Second bathroom upgraded as well. Smart space has an abundance of cabinetry for storage, laundry sink, BUILT-IN hobby desk & office desk. Step outside to your own PRIVATE OASIS - covered travertine patio w/extended pavers, mature landscaping & motorized sunscreen. Don't miss this AMAZING HOME in the BEST LOCATION in Trilogy!! START ENJOYING RESORT-STYLE LIVING AT ITS FINEST. Additional upgrades - oversized tile laid on a diagonal (no carpet) t/o, lighting/ceiling fans, faucets/sinks, framed mirror, reverse osmosis, interior doors, hardware, 4 ft. extended garage w/built-in cabinets & epoxy floor, water softener & gated/wall garbage enclosure. Enjoy low electric bills w/PRE-PAID SOLAR.

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