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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492 W Redwood Lane Pinetop, AZ 85935

$745,000

3 Beds

2 Baths

1,793 SqFt

Status Active

MLS # 6752566

Property Type Single Family Residence

Price Type --

Discover your fully furnished dream home, built in 2021 and nestled in the serene Top of the Woods community. This contemporary residence offers a blend of high-end features and thoughtful design elements, ideal for modern living. The home is bathed in natural light through tinted dual pane windows, adorned with elegant Norman Shades for privacy and energy efficiency. Stay cozy by the gas fireplace on chilly evenings, and enjoy peace of mind with a powerful 22 KW backup generator. The expansive kitchen is a chef's paradise, featuring a large island with a butcher block countertop, a farmhouse sink, a gas range, and soft-close cabinets and drawers. The luxurious bathrooms boast granite vanities and beautifully tiled showers for a spa-like experience The spacious garage comes equipped with metal storage cabinets, providing ample space for all your toys and storage needs. Modern conveniences include a tankless water heater and composite decking on both the front and back decks. Relax or entertain on the spacious covered back deck, surrounded by the beauty of tall pine trees. Experience contemporary living in a tranquil setting. Call today for your visit and make this exquisite Top of the Woods home your own!

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4331 E Campbell Avenue Phoenix, AZ 85018

$745,000

3 Beds

2 Baths

1,437 SqFt

Status Active

MLS # 6722879

Property Type Single Family Residence

Price Type --

This lovely home is perfectly located on a corner lot in the heart of Arcadia. You'll love the sense of peace from the mountain views of Camelback Mountain and Piestwa Peak. Charming three-bedroom, two-bathroom home with recent upgrades; third bedroom ideal as an office or den. The neighborhood makes it even more special w/ hiking, biking, restaurants & Scottsdale Schools!

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719 W Kings Avenue Phoenix, AZ 85023

$745,000

4 Beds

2.5 Baths

3,173 SqFt

Status Active

MLS # 6726154

Property Type Single Family Residence

Price Type --

Back on the Market! This 4-bedroom, 2.5-bathroom home, meticulously maintained by the original owners, combines luxury and comfort on a desirable corner lot. The bright, open floorplan features vaulted ceilings and new luxury vinyl plank flooring. The spacious living areas flow effortlessly, perfect for relaxation and entertaining. The kitchen offers ample counter space and an eat-in dining area. Upstairs, enjoy a versatile loft space ideal for an office, playroom, or extra lounge area. The master suite is a private retreat with an en-suite bathroom. Outside, a diving pool, travertine patio, and safety pool net complete this beautiful backyard. Don't miss this opportunity!

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9645 N 32nd Street Phoenix, AZ 85028

New

$745,000

3 Beds

2 Baths

2,334 SqFt

Status Active

MLS # 6765373

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to your future home! This property boasts a fresh interior with a neutral color paint scheme, providing an inviting atmosphere as soon as you walk in. The living room features a cozy fireplace, perfect for relaxing evenings. The primary bathroom is a haven with a separate tub and shower, complemented by double sinks for added convenience. The kitchen is a chef's dream, equipped with all stainless steel appliances and a stylish accent backsplash. Outside, you'll find a private in-ground pool, a covered patio, and a fenced-in backyard, ideal for entertaining. This home ticks all the boxes for a comfortable and modern lifestyle. Don't miss out on this gem!

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5444 E Virginia Avenue Phoenix, AZ 85008

$745,000

3 Beds

2 Baths

1,519 SqFt

Status Active

MLS # 6754127

Property Type Single Family Residence

Price Type --

Welcome to 5444 E Virginia Ave, a stunning home nestled in the heart of Phoenix, AZ. This beautifully maintained property offers a perfect blend of modern upgrades and classic charm, making it ideal for those seeking comfort, style, and convenience. Situated on a spacious lot, this home features 3 bedrooms and 2 bathrooms, The open-concept living area flows seamlessly into the upgraded kitchen, boasting recently upgraded appliances, granite countertops, and plenty of cabinet space for all your culinary needs. Large windows flood the home with natural light, creating a warm and inviting atmosphere. New HVAC system installed 2023, roof replaced 2022 with 5 year warranty. Great outdoor space with covered patio and inviting firepit to fully enjoy the beautiful Arizona nights.

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4275 S Las Villa Way Gold Canyon, AZ 85118

$745,000

2 Beds

2 Baths

2,452 SqFt

Status Active Under Contract

MLS # 6741178

Property Type Single Family Residence

Price Type --

Welcome to your exquisite Gold Canyon retreat! This well-cared-for home features 2 spacious bedrooms, a versatile den, and a 3-car garage, providing ample space for all your needs. The inviting courtyard sets the tone for the elegant interior. The backyard is an entertainer's paradise, complete with a sparkling pool, relaxing spa, and a built-in kitchen. Gather around the cozy gas fire pit or enjoy a friendly game on your private putt-putt golf course. Home features newer HVAC, heated pool. With views of the Superstition Mountains, this home seamlessly blends luxury, comfort, and outdoor fun, offering an idyllic escape in a stunning setting.

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23392 S 209th Place Queen Creek, AZ 85142

$745,000

5 Beds

3 Baths

3,177 SqFt

Status Active

MLS # 6728050

Property Type Single Family Residence

Price Type --

$31,000 below market value! Nestled against the serene backdrop of a lush greenbelt, this stunning 5-bedroom home in Hasting Farms is the perfect one for you. Equipped with energy-efficient solar panels and an RV gate, this residence caters to both environmental consciousness and practical needs. Step inside and discover a beautifully appointed interior featuring archways, a mix of carpet and wood-look tile floors, and a soothing neutral palette. The formal dining area sets the stage for festive meals and cherished gatherings, while the great room, highlighted by recessed lighting and vibrant paint, provides a spacious setting for creating lasting memories. The home's thoughtful design includes windows with special tinting to reduce heat, ensuring a comfortable environment year-round.. The delightful kitchen is a chef's dream, boasting staggered beautiful upgraded cabinets, stainless steel appliances with double wall ovens, a stylish tile backsplash, granite counters, a walk-in pantry, and a center island with a breakfast bar. A massive walk in pantry! Retreat to the main bedroom, a serene sanctuary featuring an ensuite with dual sinks, a soaking tub, shower and a walk-in closet. The laundry room is equally impressive, complete with ample cabinets and a utility sink. 5 full bedrooms and a den that could be a 6th bedroom and 3 full bathrooms. Outside, the lush backyard features a covered patio and ample space for a pool or various outdoor activities, making it an ideal spot for relaxation or entertainment. Owned Solar offsets upto 95% of your electric bill! This home is a smart home with smart thermostats, a security system, water softener, a doggie door, fresh paint inside and outside, professionally cleaned carpets and entire home cleaned and so much more! You will absolutely love this beautiful home!

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$745,000

4 Beds

2 Baths

2,200 SqFt

Status Active

MLS # 6701877

Property Type Single Family Residence

Price Type --

Come check out open floor plan home Pool & RV Gate. With an amazing back yard ready to entertain. This fully remodeled property. Features new roof, new windows, new flooring, new kitchen, and new restrooms. Waterfall island modern kitchen, recess lighting, new plumbing fixtures, new toilets, new ceiling fans. Home is basically new.

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12705 N 89th Place Scottsdale, AZ 85260

$745,000

3 Beds

2.5 Baths

1,568 SqFt

Status Active

MLS # 6732172

Property Type Single Family Residence

Price Type --

Gorgeous remodel inside and out! This 3 Bedroom/2.5 Bath cul-de-sac home is light and bright. Open concept floor plan with a large family room, cozy fireplace, huge kitchen w/ extended cabinets, Quartz counters, custom island w/built-in microwave, eat-in nook, and SS appliances. Neutral luxury vinyl plank flooring throughout. Huge primary suite w/remodeled bath, low-grade entry shower, dual vanity and walk-in closet. Two spacious secondary bedrooms and guest bath with tub. Fun backyard w/ sparkling pool, new turf, covered patio and mountain views! Inside laundry, cute half bath and 2 car garage. Roof replaced 2014, HVAC and water heater 2019, interior 2020, and pool/turf 2023! Neighborhood offers paths, greenbelts, tennis courts and a community pool. A+Schools! Turn-key home!

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100 Bell Wash Court Sedona, AZ 86351

$745,000

3 Beds

2 Baths

1,782 SqFt

Status Active

MLS # 6725742

Property Type Single Family Residence

Price Type --

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7496 E Via De Luna Drive Scottsdale, AZ 85255

$745,000

3 Beds

2.5 Baths

1,957 SqFt

Status Active

MLS # 6726857

Property Type Townhouse

Price Type --

Luxury townhome with 3 bedrooms + a LOFT in the special gated community of Pinnacle II at Silverstone, This highly upgraded home is situated on a corner lot for added natural light and privacy. The great room has an oversized sliding door which provides a wall of windows that opens up to a private patio. The kitchen has a huge island with stainless steel appliances -including a gas range, and refrigerator and a custom backsplash. The primary bedroom includes a bathroom with double sinks, oversized shower and spacious walk in closet. This home includes a rooftop patio with spectacular, unobstructed views of the mountains. The laundry room is conveniently located upstairs and the washer and dryer are included. You have to see it! This is a truly special property!

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2465 E La Costa Place Chandler, AZ 85249

$745,000

4 Beds

3 Baths

3,511 SqFt

Status Active

MLS # 6690338

Property Type Single Family Residence

Price Type --

Welcome to this impeccably maintained 4-bedroom, 3-bathroom home located on a quiet cul-de-sac. Thoughtfully designed for both comfort and functionality. The main level features a spacious master bedroom with a ensuite bathroom and ample closet space. Up stairs has an extra large loft perfect for family gatherings.The heart of the home lies in the meticulously updated light and bright kitchen, boasting modern fixtures, high-end appliances, and abundant storage solutions. Outside, the large covered patio overlooks a sprawling backyard complete with a pristine pool and lush lawn, a serene escape for outdoor living and entertaining. Walking distance to Hull Elementary school, and parks with lots of amenities. CONCESSION OF $4,000.00 AVAILABLE TO BUYERS.

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