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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20252 W San Miguel Avenue Litchfield Park, AZ 85340

$749,120

3 Beds

2.5 Baths

2,321 SqFt

Status Active

MLS # 6743368

Property Type Single Family Residence

Price Type --

our guests will be impressed as they enter your formal foyer and see the 12' ceilings in the family room of this gorgeous new home has the perfect amount of space to in all the right places with 3 large bedrooms, 2.5 baths, study and extra storage throughout. Room for entertainment with the extended covered patio. The master suite has an impressive walk-in shower and walk-in closet PLUS upgraded quartz countertops and flooring. Gourmet kitchen with a walk-in pantry, gas cooktop, upgraded cabinets and countertops with custom backsplash, upgraded flooring throughout are just some of the custom choices that make this home a must see! 2X6 CONSTRUCTION; EXTENSIVE NEW HOME WARRANTY.

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4061 W Bonnie Lane Queen Creek, AZ 85144

$749,000

4 Beds

3 Baths

2,766 SqFt

Status Active

MLS # 6749437

Property Type Single Family Residence

Price Type --

BRAND NEW Construction w/ Custom-Quality Upgrades! This beautiful Modern Farmhouse is located on a 1.25 ACRE of Horse Property. Gourmet Kitchen w/ WOLF Appliances, high-end Cabinets w/ 42'' uppers, White Quartz Countertops, Built-in Stainless-Steel pull-down Microwave & Wood Plank Tile Floors. Stunning Master Bathroom w/ Freestanding Soaking Tub, BEACH ENTRY Shower & Double Vanities. Exceptional Energy Efficient - boasting Spray Foam Insulation, Premium Trane AC units & High-end Windows. Superior Construction & Craftmanship includes Premium Roofing System, Premium Synthetic Stucco & much more! Estimated completion date in Jan/Feb.

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4469 W Bonnie Lane Queen Creek, AZ 85144

$749,000

4 Beds

3 Baths

2,766 SqFt

Status Active

MLS # 6748687

Property Type Single Family Residence

Price Type --

BRAND NEW Construction w/ Custom-Quality Upgrades! This beautiful Modern Farmhouse is located on a FENCED 1.25 ACRE of Horse Property. Gourmet Kitchen w/ WOLF Appliances, high-end Cabinets w/ 42'' uppers, White Quartz Countertops, 36'' WOLF Gas Cooktop & Range, Built-in Stainless-Steel pull-out Microwave & Wood Plank Tile Floors. Stunning Master Bathroom w/ Freestanding Soaking Tub, BEACH ENTRY Shower & Double Vanities. Exceptional Energy Efficient - boasting Spray Foam Insulation, Premium Trane AC units & High-end Windows. Superior Construction & Craftmanship includes Premium Roofing System, Premium Synthetic Stucco & much more! Estimated completion date in Jan/Feb.

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1 County 1000 Road Greer, AZ 85927

$749,000

4 Beds

2 Baths

2,010 SqFt

Status Active

MLS # 6527284

Property Type Single Family Residence

Price Type --

Escape to one of Arizona's small & charming towns just 26 miles from Sunrise Ski Resort & 37 miles to Hon-Dah Casino! 2 beautiful acres located in the heart of the village within walking distance to the stream, shops & restaurants. Great layout, many upgrades throughout the cabin. Large yard with tasteful stone accent walkway & stone/beam fencing. Excellent history as a successful short term rental.. A new tree house complete with a worm digging station and zip-line. A new, creek-fed pond was just dug out on the second acre & it is zoned to allow horses. You're in for a wonderful adventure & serenity with this 4-bedroom, 2-bathroom. Perfect home, vacation rental or investment opportunity- find out why everyone falls in love with this adorable mountain escape!

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22310 S Date Creek Road Congress, AZ 85332

$749,000

3 Beds

2 Baths

1,685 SqFt

Status Active

MLS # 6655090

Property Type Manufactured Home

Price Type --

Beautiful Equine Facility! Cozy Home with addition casitas on the property. 2 Arenas, Round Pen, 2 Pole Barns and animal Runs. Great place for Country living while still being close to town. Approximately 30 mins from Wickenburg.

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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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