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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4414 E Campbell Avenue Phoenix, AZ 85018

$749,000

3 Beds

2 Baths

1,408 SqFt

Status Active

MLS # 6741123

Property Type Single Family Residence

Price Type --

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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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1319 W Rhea Road San Tan Valley, AZ 85144

$749,000

3 Beds

2 Baths

2,286 SqFt

Status Active

MLS # 6711787

Property Type Single Family Residence

Price Type --

1319 W Rhea Rd was built in 2022, is near scenic BLM land and is fully landscaped, sitting upon over 1.5 acres with NO HOA. This move-in ready home with horse property potential has it all AND room to add a casita! Curb appeal greets you upon arriving, then take notice of the air conditioned 3.5 car garage - ideal for storage, hobbies, or additional vehicles. You'll pass by a covered front porch on your way inside, then enjoy the abundance of natural light, gorgeous tile flooring, neutral color palette and tasteful upgrades. Upon entering there's a den/office immediately to your left, and a huge open concept living/dining area which shares space with the immaculate kitchen. This kitchen features stainless steel, professional grade appliances worth nearly $30k, an expansive island, ample counter surface and a number of cabinets providing all the storage you'll ever need. And a pantry to boot! Near the laundry room, you'll find two secondary bedrooms about equal in size. The primary bedroom accommodates large furniture and boasts a luxurious en suite bathroom with double sinks, spacious shower, and a massive walk in closet. The enormous backyard features a lengthy covered patio, more dreamy mountain views, is landscaped to perfection and has TWO RV gates. Privacy, acreage, and upgrades in a newly constructed home - what more could one need?! Make this your home sweet home today!

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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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756 W Nido Circle Mesa, AZ 85210

New

$749,000

4 Beds

2.5 Baths

2,670 SqFt

Status Active

MLS # 6766297

Property Type Single Family Residence

Price Type --

This beautiful home on a sprawling cul de sac lot has 4 bedrooms, 2.5 baths Split floorplan with all bedrooms upstairs. Formal Living room, Dining room, Family room and Eat in Kitchen. Sparkling pebble-tec pool and lots of yard space, PLUS a huge detached Workshop/RV garage. Solar panels and a new HVAC.

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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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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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11040 E Tumbleweed Avenue Mesa, AZ 85212

$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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