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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607 W Villa Rita Drive Phoenix, AZ 85023

$749,000

8 Beds

3 Baths

2,853 SqFt

Status Active

MLS # 6754987

Property Type Single Family Residence

Price Type --

ASSISTED LIVING/BEHAVIOR Home; 3 full baths, 2 half baths, granite tops, travertine and laminate flooring, fenced pool and spa. Garage was converted and has two bedrooms/den/office with side doors exits and half bath, included in total living area (permitted and recorded - That could be converted back with no effort). Extra parking on side of property. Rollin shower's. Fully furnished,. ALSO for lease at $7500/mo. Technical lien on property not affecting license or zooning.

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21209 W Caravaggio Lane Wittmann, AZ 85361

$749,000

2 Beds

2 Baths

1,366 SqFt

Status Active

MLS # 6691627

Property Type Single Family Residence

Price Type --

Brand new home on 2+ acres fully fenced. Very bright home with lots of windows most covered by large front and back patios. Extended concrete surrounding home. Very nice granite countertops with beautiful backsplash, pantry, high-end range hood, custom barn doors thru out home. Extra-large utility room with sink, lots of countertops and storage room, walk-in closet in master. Tack storage building.

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8323 E Sells Drive Scottsdale, AZ 85251

$749,000

4 Beds

2 Baths

1,696 SqFt

Status Active Under Contract

MLS # 6722592

Property Type Single Family Residence

Price Type --

HUGE PRICE ADJUSTMENT! Literally nothing better than a BRAND NEW, ICE COLD AC AND a BRAND NEW ROOF in AZ! The time is NOW for this perfect furnished rental home in Old Town Scottsdale with a solid booking history, all the cash flow! REDUCED for a quick sale! This 4 bedroom, 2 bath home with just under 1700 square feet, a POOL, HOT TUB, 2 car garage and all the perfect additions to add to your portfolio OR make your Primary residence. Sellers have lovingly cared for this home and it's ready for its new owners. Minutes away from everything Scottsdale has to offer. Scottsdale Fashion Square, all the best Fine Dining Scottsdale has to offer. , Art, Theater, Spring Training, and the best of the Original Old Town Western shops. NEW HVAC and DUCT WORK COMING THIS WEEK!

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10773 W Swayback Pass Peoria, AZ 85383

$749,000

4 Beds

3 Baths

2,691 SqFt

Status Active

MLS # 6739729

Property Type Single Family Residence

Price Type --

This stunning 4-bedroom, 3-bathroom single-level solar home boasts an open floor plan, high ceilings, 2 master bedrooms and a large office/den The modern kitchen features white cabinetry, quartz countertops, a large island bar, and upgraded stainless steel appliances. The great room is spacious and well-lit, with double-sliding doors opening to a large backyard for entertaining. The oversized Master Suite impresses with a private water closet, dual sinks, a large walk-in shower, and a huge walk-in closet. Two guest bedrooms share a hall full bath, while the unique Guest Suite offers a private full bath. The home also includes a large dining area, a well-equipped laundry room, and a two-car garage. Owned 16kw solar system, Minutes away from dining, shopping and entertainment!

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24728 N 72nd Place Scottsdale, AZ 85255

$749,000

3 Beds

2.5 Baths

1,810 SqFt

Status Active

MLS # 6757884

Property Type Single Family Residence

Price Type --

**PRICED TO SELL** WELCOME! You'll love this recently updated home with new wood floors, updated bathrooms, beautiful kitchen with tons of counter space... plenty of room for multiple chefs or just to spread out. This home is light, bright and spacious! Primary bedroom is generously sized and has a luscious ensuite bathroom with dual sinks and a large walk in closet. Shared Jack and Jill bathroom for bedrooms 2 & 3 with dual sinks. Relax or entertain in your beautiful, low maintenance back yard with built-in barbecue, fireplace, and sparkling pool. Commuting couldn't be easier with it's easy, quick proximity to Scottsdale Rd and the 101. What's not to love? Don't wait.. come and see this home today!

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23242 S 202nd Way Queen Creek, AZ 85142

$749,000

4 Beds

2.5 Baths

3,119 SqFt

Status Active

MLS # 6690634

Property Type Single Family Residence

Price Type --

Buyers spoke, Seller listened PRICE REDUCED BELOW MARKET so buyer can upgrade. BEAUTIFUL HOME, AMAZING PRICE. Stunning open concept floor plan on large premium lot backing to recessed walking trail & green belt with distant mountain views! Spacious greatroom w/gas fireplace and expansive view to resort style backyard. Chef's kitchen showcases 5 burner gas cooktop, loaded with cabinets & counter space ideal for family gatherings & open to greatroom. Primary bedroom is split w/his & her walk-in closets & patio access. Guest wing provides two additional bedrooms & full bath. 4th bedroom w/french doors is split & currently used as an office. Niche can be built-out for closet. Private dining room off entry offers view to front courtyard, could also be a flex area. You will be impressed with ample outdoor space for entertainment or relaxation. Play pool with cascading rock waterfall & BBQ area with granite topped high-top seating. Expansive kool decking & two large covered patios provide both dining & sitting areas. Easy care backyard could also be a nice grass area. Three car tandem garage provides work bench and service door. Special features include shutters, recessed & accent lighting, water softener, central vac, 20 tile floors & 4 baseboards. Refrigerator, washer, gas dryer & second refrigerator convey. HVAC units new 2021. Community offers greenbelt, basketball court & playground. Elementary school and American Leadership Academy are within one mile of the property. Queen Creek Marketplace offering many stores & services is approximately two miles from the property.

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2855 Joseph Lane Chino Valley, AZ 86323

$749,000

3 Beds

2 Baths

2,067 SqFt

Status Active

MLS # 6715561

Property Type Single Family Residence

Price Type --

REDUCED! Beautiful 3-bedroom 2 bath 2075 Sf home with lots of upgrades. Great home for family entertaining, this community is designed to provide ample space and privacy while enjoying the cooler high desert climate. You will love the spacious living area & large windows that showcase breathtaking views of the surrounding natural beauty. Many upgrades include master bath with a free-standing tub, Kitchen with upgraded cabinets, gorgeous countertops, gas appliances & flooring. Home includes a tankless hot water heater, sprinkler system plus a big 3 car garage, All on a 1-acre cul-de-sac lot! A must-see home! Click the Docs tab to see the floorplan. Watch the tour and come see!

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4155 E Page Avenue Gilbert, AZ 85234

$749,000

5 Beds

3 Baths

3,038 SqFt

Status Active

MLS # 6759741

Property Type Single Family Residence

Price Type --

Price To Sell! 3,000 SqFt w Pool in Morrison Ranch under $750k. This 5 bedroom, 3 bath home offers a full bathroom & bedroom on the main level. Situated w/in the popular Highland Groves community. This well thought out floor plan includes formal living, formal dining, family room just off the kitchen. Kitchen includes: Gas range, granite island, cherry cabinets w/ ample storage. Updated features include: ceramic tile throughout the main level and decorative wood tile on the 2nd level. Energy efficient LED lighting throughout. Sit back and relax in your low maintenance backyard with custom gazebo and sparkling pool with water feature!

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16502 W Monte Vista Road Goodyear, AZ 85395

Open House

$749,000

3 Beds

3.5 Baths

2,192 SqFt

Status Active

MLS # 6757375

Property Type Single Family Residence

Price Type --

If you're dreaming of a larger home with a Casita on the Tuscany side of the award-winning resort community of PebbleCreek situated on an oversized lot with beautiful common ground views & Owned Solar, look no further! This well-maintained Talavera model is what you've been waiting for. This home sits on a prime corner view lot of 11, 426 square feet. It offers a spacious open floor plan, 3 bedrooms, a den, plus 3.5 bathrooms. The kitchen is oversized and provides an abundance of cabinets and a built-in desk. The laundry room is also extra-large and has plenty of additional cabinets and storage. The washer and dryer convey with the property. The primary ensuite is roomy with a huge walk-in closet and offers a beautiful view of Tuscany's common grounds. A full bathroom is adjacent to... to the guest room and a powder room is just down the hall. New paint and carpet as of 9/24 give a nice, updated feel. The garage is a dream, it's a full 3-car, extended, and the fridge in the garage is included in the sales price! This home is located SW of the Tuscany Clubhouse, it offers a panoramic view of a pretty common area, has professional landscaping, including paved walkways on each side yard with numerous mature citrus trees, an extended paver patio, an extended pergola, a built-in BBQ, a bar, a fire pit, and a water feature that adds the final touch to create a beautiful peaceful outdoor space ready for you and your guests. Everything you need for a resort lifestyle is waiting for you to make it your own! Please see the document section for list of property upgrades.

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10528 E Hawk Avenue Mesa, AZ 85212

Open House

$749,000

4 Beds

2.5 Baths

2,444 SqFt

Status Active

MLS # 6754905

Property Type Single Family Residence

Price Type --

Gorgeous Santa Barbara-style home in the highly sought-after Eastmark! This exceptional 4 bedroom home showcases an exquisite curb appeal complemented by a manicured front yard, pavers, and a courtyard. The captivated interior boasts a coveted open layout with tall trey ceilings, recessed lighting, wood-look tile flooring, pre-wired surround sound, and a fireplace. The kitchen features staggered cabinets, mosaic tile backsplash, granite counters, a large island, and SS appliances. The primary bedroom hosts an immaculate ensuite comprised of a dual sink vanity, a soaking tub, a step-in shower, and a walk-in closet. The stunning backyard was made for entertaining! Sit back & relax under the covered patio while sipping your favorite beverage, take a dip in the sparkling blue pool, and sunbathe around the pool. The 3 car garage offers attached cabinetry and epoxy flooring. Desirable location! Close to restaurants, major roads, and 15 minutes away from San Tan Village & Queen Creek Market Place. Act now!

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6786 W Gelding Lane Coolidge, AZ 85128

$748,900

3 Beds

3 Baths

2,492 SqFt

Status Active

MLS # 6735518

Property Type Single Family Residence

Price Type --

What a RARE find! This beautiful 3-bed, 3-bath home nestled on a 1-acre horse property will surely impress you! The charm begins with its great curb appeal highlighted by stone accent details & a desert front yard w/artificial turf. Inviting interior showcases tons of natural light, designer paint, tall ceilings, archways, & tile flooring t/out. Featuring a welcoming living/dining room combo, a formal family room w/fireplace & beam-and-plank ceiling, and a den, this gem offers versatile spaces for relaxation and entertainment! The impressive kitchen has SS appliances, a pantry, recessed lighting, wood cabinetry w/crown molding, & a peninsula w/breakfast bar. Large main bedroom boasts its own fireplace & backyard access! Its ensuite includes dual sinks, separate tub and snail shower, & two walk-in closets. Laundry room with sink & cabinetry. For added convenience, the house comes with two RV gates on both sides and a 3-car garage w/extended driveway. PLUS! The HUGE backyard, with a covered patio, gives you so much potential for your creative ideas. Enjoy the mountain views, providing an amazing backdrop to your living experience! Don't miss this fantastic opportunity!

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12961 N 151st Drive Surprise, AZ 85379

$748,000

4 Beds

3 Baths

3,541 SqFt

Status Active

MLS # 6756150

Property Type Single Family Residence

Price Type --

Discover the perfect blend of comfort and privacy in this stunning 4-bedroom, 3-bath home. Nestled on a huge corner lot with a lush greenbelt as your backdrop, this property offers unparalleled seclusion and beauty. Enjoy endless outdoor fun with your very own sport court and serene water feature, surrounded by vibrant landscaping. The private pool invites you to unwind in your own personal oasis. Whether entertaining guests or seeking quiet relaxation, this home provides everything you need for an exceptional lifestyle. Don't miss out on this unique opportunity to own a slice of paradise!

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