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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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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8824 E Sunridge Drive Sun Lakes, AZ 85248

Open House

New

$749,000

2 Beds

2 Baths

2,261 SqFt

Status Active

MLS # 6765371

Property Type Single Family Residence

Price Type --

THIS HOME HAS IT ALL! MOST POPULAR Sienna Floor Plan w/ DIAMOND LAKE VIEW in GATED, Adult Community of Oakwood featuring 2019 AC, Water Softener, LARGE COURTYARD, TONS of NATURAL LIGHT. 2 Bedrooms, 2 Baths & DEN! The Great Room w/ Stone Creek Entertainment wall is open to a SPECTACULAR EAT-IN KITCHEN w/ BEAUTIFUL CABINETS, GRANITE COUNTERS, RO, STAINLESS APPLIANCES & GAS STOVE. You'll love the storage space in the MASSIVE MASTER WALK-IN CLOSET w/built-in drawers & shelves, Laundry Room & 2-CAR PLUS GOLF CART GARAGE. Enjoy the AMAZING LAKE & FOUNTAIN VIEW from the EXTENDED PAVER PATIO W/BUILT IN BBQ. AMAZING LOCATION & GREAT SUN LAKES AMENITIES like: golf, tennis, pickleball, pools, fitness center, clubs, social activities & restaurants!

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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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7601 E Indian Bend Road Unit 2006 Scottsdale, AZ 85250

$748,000

2 Beds

2 Baths

1,625 SqFt

Status Active

MLS # 6733282

Property Type Apartment

Price Type --

Luxury condo living with breathtaking views in the prestigious gated community of Corriente! This charming condominium offers an open floor plan with split bedrooms +den. Spacious great room features a two-way gas fireplace and newly installed ceiling fans, laminate flooring stretches through the living areas and bedrooms, providing a sleek and contemporary feel. The kitchen is a chef's delight with a newly replaced gas stove, over-the-range microwave, and kitchen sink. Primary bath offers a spa-like experience with separate tub and shower, dual sinks, walk-in closet, and brand-new toilet. Assigned underground parking (2 spots) located just steps from the elevator. Enjoy resort-style amenities including a Clubhouse, Fitness Center and Pool & Spa. Don't miss this opportunity!

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985 S Vulture Mine Road Wickenburg, AZ 85390

$748,000

4 Beds

2 Baths

2,445 SqFt

Status Active

MLS # 6669013

Property Type Single Family Residence

Price Type --

Step inside & be greeted by a large great room featuring a cozy fireplace, the master suite boasts a generous walk-in closet, smart/utility room that can be used as an office or crafting space, kitchen is equipped with stainless steel appliances & ample counter space, from the kitchen enjoy outdoor living on the expansive deck overlooking the spool/pool complete with jets & scenic mountains, the finished walkout basement is Ideal for guests that offers additional living space and includes a bonus room that can be used as a home office or extra bedroom, RV garage 24 x 36 complete with a hoist for overhead storage & a convenient air hose, 4 horse pens, 1 RV plug-in, new roof underlayment was installed in 2022 ensuring peace of mind for years to come, room for all your hobbies & toys

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6114 Coconino Circle Pinetop, AZ 85935

$748,000

4 Beds

2.5 Baths

2,440 SqFt

Status Active

MLS # 6755457

Property Type Single Family Residence

Price Type --

NEW CONSTRUCTION!!! Cul de sac lot in the Counrty Club. Some finishes can still be chosen if buyer acts fast. Spray foam insulation in attic and perimeter walls to keep out noise and cold weather. Drywall is hung, builder will begin painting and other finishes soon, don't miss out on the custom home!

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37408 N 240th Drive Morristown, AZ 85342

$748,000

3 Beds

3 Baths

2,621 SqFt

Status Active

MLS # 6731330

Property Type Single Family Residence

Price Type --

Beautiful Custom-built Santa Fe style home with attached mother-in-law suite. Main home has two bedrooms and two full baths. Open living room-kitchen concept with large kitchen island and granite counter tops. Suite has one-bedroom, full kitchen and full handicap bath. Two car garage is attached to the main house and a gracious one car garage is attached to the suite. Home sits on 1.25 acres of horse property and shares a well with three other 1.25 acre properties. There is a RV pedestal next to home with a 50 amp and a 30 amp receptacle to accommodate two RV's with Sewer connections. Total acreage is fenced and at present, has one horse pen and a 20 ft Connex box for a tack room. Bring your horses and ATV's and enjoy this Arizona property. During construction home was wired for solar and a security system and is ready for final installation of solar panels and security system if desired by Buyer. Seller also has a transferable lease agreement with PHX Internet for a pole located on the SE corner of the property which provides monthly income to the property owner.

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4407 W Waltann Lane Glendale, AZ 85306

$748,000

3 Beds

2 Baths

2,124 SqFt

Status Active

MLS # 6729262

Property Type Single Family Residence

Price Type --

Experience the allure of Sunburst Farms in this spacious 2,000 sq ft single-level home on a generous .83-acre lot. Offering a serene and peaceful retreat. Surrounded by mature shade trees, enjoy relaxing on the large front porch in this quiet haven. The expansive backyard with RV parking provides ample space for outdoor enjoyment. Inside, discover tasteful updates including tile flooring, granite counters, a tile walk-in shower in the primary bath, and large windows that flood the home with natural light and picturesque views. Don't miss this exceptional opportunity!

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347 E Bracciano Avenue Queen Creek, AZ 85140

$747,881

2 Beds

2 Baths

1,882 SqFt

Status Active

MLS # 6716802

Property Type Single Family Residence

Price Type --

Indulge in the epitome of refined living with this exquisite 2 bed, den, 2 bath home, boasting over 1,882 sq. ft. of luxury and elegance. From the moment you step inside you'll notice this Refresh plan has detail found throughout. The heart of the home is a culinary enthusiast's dream - a gourmet kitchen that exudes sophistication with its pristine white cabinets and an impressive array of high-end stainless steel appliances. Whether you're whipping up a quick breakfast or preparing a lavish feast, this kitchen is sure to inspire your inner chef. The thoughtfully upgraded baths elevate your daily routine to a spa-like experience, featuring tasteful finishes and modern fixtures. Imagine unwinding in the serene ambiance of your master bath after a long day. This home is ready for you!

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