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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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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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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501 E Desert Hills Estate Drive Phoenix, AZ 85086

$749,000

3 Beds

2 Baths

1,933 SqFt

Status Active

MLS # 6760740

Property Type Single Family Residence

Price Type --

This beautifully remodeled 3-bedroom, 2-bathroom residence boasts 1,933 sq ft of modern living space on a spacious .83-acre corner lot w/NO HOA. Step inside to discover a bright, open floor plan with a fully updated Kitchen with stylish quartz countertops, vinyl flooring, appliances including an electric range stove, fridge, dishwasher & built-in microwave. Enjoy the convenience of a wine fridge and relax knowing that the brand-new A/C & heating system will keep you comfortable year-round. This property is an equestrian enthusiast's paradise! With horse stalls, a corral, two RV gates,2 sheds, there's plenty of room for your animals, trailers and toys! Enjoy the tranquility of country living close to amenities. Don't miss out on this rare opportunity & make this stunning property your own

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2219 N 74th Place Scottsdale, AZ 85257

$749,000

4 Beds

3 Baths

2,118 SqFt

Status Active

MLS # 6752913

Property Type Single Family Residence

Price Type --

Location, location, location! Discover the essence of Scottsdale living in this centrally located gem. Just minutes from spring training camps, premier golf courses, Eldorado Park, the Greenbelt Trail System, Old Town Scottsdale, Fashion Square Mall, ASU, and Sky Harbor Airport, this property offers unparalleled convenience. With no HOA fees, it's an ideal choice for short-term rentals. Recently renovated bathrooms and flooring. Don't let this one slip away!

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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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