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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7430 W Whitehorn Trail Peoria, AZ 85383

Open House

New

$741,860

5 Beds

3 Baths

2,837 SqFt

Status Active

MLS # 6764460

Property Type Single Family Residence

Price Type --

November completion on this brand-new home! This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'Stork' floorplan features 5 full bedrooms plus a game room and a multipurpose room, 3 bathrooms, 2 Car-Garage and a private yard with views! Designer selected finish includes Burlap Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 8' doors, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Home is under construction, estimated photos of similar spec home to show layout, options may vary**

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22524 W Huntington Drive Buckeye, AZ 85326

$740,000

4 Beds

3 Baths

2,206 SqFt

Status Active

MLS # 6758316

Property Type Single Family Residence

Price Type --

Brand new build home on a 1-acre lot! Great curb appeal, brick accented facade, 3-car garage, and a front porch for enjoying the mountain views. The elegant interior has high vaulted ceilings, glossy tile floors, fresh neutral paint, thick baseboards, and modern light fixtures. You'll love the open layout to seamlessly all areas for endless entertainment! Wide-open kitchen showcases quartz counters, stainless steel appliances, a stylish backsplash, an island with a breakfast bar, a walk-in pantry, and plenty of cabinets. Retreat to the main suite to discover private backyard access, a walk-in closet, and a lavish bathroom with a freestanding tub & a tiled shower. There's a secondary bedroom with its own bathroom, ideal for a guest quarter or an office! Seize this opportunity!

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33618 W Encinas Lane Tonopah, AZ 85354

$740,000

6 Beds

3.5 Baths

3,536 SqFt

Status Active Under Contract

MLS # 6697818

Property Type Single Family Residence

Price Type --

New Custom Built Acre Home, that has not been lived in. The home features a split floor plan with 6 bedrooms* Open and spacious Kitchen and living room* All Tile Flooring* Granite Countertops* Ceiling fans in every room* Jack n Jill Bathroom* Foam insulation* Synthetic Stucco* Water softener plumbing* Spacious Laundry room* 3 car garage* Come and see the home today!! Buyer and Buyers agent to verify all pertinent information.

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29414 N 223rd Drive Wittmann, AZ 85361

$740,000

3 Beds

2.5 Baths

2,526 SqFt

Status Active

MLS # 6624080

Property Type Single Family Residence

Price Type --

FINAL OPPORUNITY! FINANCE INCENTIVES RAT! E BUYDOWN FIXED 4.875% JUST UNDER ONE-ACRE! NEW HOME, MOVE IN READY! 2526sqft single level home, 3-bedroom, Flex, 2.5 bath. 3 car tandem plus attached RV garage 15x52 w/ 14FT door at RV garage insulated and air conditioned! All tile no carpet! Open kitchen, beautiful white cabinets to the ceiling at kitchen, black door hardware, extended kitchen island, gourmet stainless steel appliances, impressive walk-In shower all tile and more! Privacy, privacy, privacy! Surprise Estates the ultimate sanctuary. We are located just outside the city of Surprise, with quick access to major freeway. Live better why wait!

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11054 E Utopia Avenue Mesa, AZ 85212

$740,000

6 Beds

4.5 Baths

3,133 SqFt

Status Active

MLS # 6737956

Property Type Single Family Residence

Price Type --

Discover elegance in this 2023 Toll Brothers home with 6 bedrooms and 5 bathrooms. Spanning 2936 sq ft, it features a first-floor in-law suite and primary suite, perfect for multi-generational living. The gourmet kitchen boasts quartz countertops, a stylish backsplash, a gas range, and a walk-in pantry. An upstairs loft offers versatile living space. The landscaped, pet-friendly backyard includes antimicrobial turf, mini putting green and an upgraded panoramic slider for seamless indoor-outdoor living. With $78k in premium upgrades, this home offers luxury without the hassle of building from scratch. Book your tour today!

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4687 E Donato Drive Gilbert, AZ 85298

$740,000

3 Beds

3 Baths

2,551 SqFt

Status Active

MLS # 6733713

Property Type Single Family Residence

Price Type --

Come home to this beautiful 3 bdrm, 3 full bath home in the sought after active adult community of Trilogy at Power Ranch! This home is 1 of the largest in Trilogy and features an expansive chef's kitchen with 12' ceiling,2 granite islands, GE Profile stainless appl incl dbl wall ovens,prep sink, island seating for 8 and so many cabinets. Great room has many windows & surround sound for movie nights! Relax in the pvt courtyard with coffee and the outdoor covered patio with soothing water feature for an afternoon icy drink.Primary suite features 2 walk in closets, dual vanities and corner soaking tub plus a private sitting room/den/workout flex space. This great community is guard gated and has wonderful amenities, pickleball, tennis, swimming, clubs, activities, onsite restaurant/bar.

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18405 W Denton Avenue Litchfield Park, AZ 85340

$740,000

4 Beds

3 Baths

2,927 SqFt

Status Active

MLS # 6743916

Property Type Single Family Residence

Price Type --

Your dream home is waiting for you! Discover this exquisite 4-bedroom, 3-bath residence equipped with a 3-car garage, an RV gate, and a welcoming courtyard., a soothing palette, blinds for privacy, and a blend of plush carpeting and tile flooring. The great room offers a cozy setting for intimate gatherings with loved ones. The delightful kitchen features granite counters, Cherry wood type cabinetry with crown 4'' molding and pull out drawers, recessed lighting, stainless steel appliances, a pantry, and an island with a breakfast bar for casual dining. You'll also find a den, perfect for an office or lounge. The serene main bedroom boasts direct backyard access, an ensuite with dual sinks, and a convenient walk-in closet.Play Pool with Travertine Tile, Synthetic grass, And Gazebo . Venture outside to an enchanting backyard, complete with a covered patio, travertine pavers, a charming gazebo, pristine artificial turf, and a refreshing pool. Make this gem yours now!

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5137 N 183rd Lane Litchfield Park, AZ 85340

$740,000

4 Beds

3 Baths

3,430 SqFt

Status Active

MLS # 6738557

Property Type Single Family Residence

Price Type --

Seller offering $10,000 closing credit to buyer with full price offer. Nestled in the beautiful Azure Canyon subdivision, this contemporary home was completed in October 2022 and boasts a thoughtfully designed open floor plan that prioritizes space and functionality. The inviting formal dining area is perfect for gatherings, while the kitchen features granite countertops, a gas cooktop, stainless steel appliances, and a spacious two walk-in pantries. With four well-appointed bedrooms, an office, and a flex den, this home offers ample room for family and guests. The primary suite serves as a serene retreat, complete with a luxurious bathroom featuring a free-standing tub, separate shower, and large walk-in closet. It's convenient location allows easy access to the I-10 and SR 303.

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4062 S Wayne Place Chandler, AZ 85249

$740,000

4 Beds

3 Baths

2,762 SqFt

Status Active

MLS # 6762782

Property Type Single Family Residence

Price Type --

This stunning home offers a blend of modern amenities and classic charm. With custom Elfa closets throughout, organization is a breeze. Plank floors and fresh interior paint create a warm and inviting atmosphere. Upgraded cabinets with slide-outs and granite countertops enhance the kitchen's functionality and style. The primary bedroom is a true retreat, featuring a large walk-in shower. A full bed/bath on the main level provides convenience for guests Upstairs, a spacious loft offers versatility for a home office, playroom, or additional bedroom. Outside, enjoy the Arizona sunshine in your heated pool and spa. The in-floor cleaning system ensures sparkling water, and the recently replaced heater and variable speed pool pump provide efficient and comfortable enjoyment. A split 3-car garage and RV gate offer ample space for your vehicles. This home also features an R/O and soft water system for added convenience and comfort. Located in the Chandler school district, this property offers a desirable location and excellent amenities.

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21984 N 97th Glen Peoria, AZ 85383

$740,000

4 Beds

4 Baths

3,286 SqFt

Status Active

MLS # 6755348

Property Type Single Family Residence

Price Type --

Nestled in the highly sought-after neighborhood of The Meadows, this stunning home offers luxury and convenience. The gourmet kitchen features a massive island, professional-grade refrigerator, gas stove, double ovens, granite countertops, double-stacked cabinets, and a walk-in pantry—perfect for the home chef. Situated on a prime corner lot, just steps from the community center and pool, the backyard is an entertainer's dream with a built-in BBQ, outdoor fireplace, pool, spa, misters, and a serene water fountain. The primary suite, located on the first floor, boasts a spacious bathroom with a wet room, freestanding tub, shower, and an oversized closet with custom built-ins. The home offers flexible living spaces, including a den, loft, office, and two laundry roomsone on each floor. Jack-and-Jill bedrooms and a split secondary bedroom provide privacy and functionality. Located near Lake Pleasant, shopping, restaurants, schools, the public library, and scenic hiking and biking trails, this home combines luxury living with the best of neighborhood amenities.

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724 E Gemini Place Chandler, AZ 85249

$740,000

4 Beds

3 Baths

2,932 SqFt

Status Active

MLS # 6763157

Property Type Single Family Residence

Price Type --

Located near a golf course! SOLAR owned. Come see this gorgeous 4-bedroom, 3-bathroom home with a refreshing pool. Lots of curb appeal with a 3-car garage, mature landscaping, and a welcoming entrance into the home. Discover the inviting formal living room with an optional den/office space with beautiful tile flooring throughout the home. Check out the desirable great room designed for entertaining, enhanced with interior built-in shelves, and a beautiful gas fireplace for casual evenings with the family. The large kitchen includes a breakfast bar, granite counters, plenty of cabinetry, recessed lighting, SS appliances, double wall ovens, and a pantry closet. Don't forget about the dining area with great views of the pool. The main bedroom includes an ensuite bathroom, with dual sinks, a separate shower & tub, a vanity, and a walk-in closet. The remaining bedrooms are spacious with nice size closets. There are two additional hall bathrooms that are shared. Laundry inside with lots of storage. Washer & dryer will convey. Roof installed (2020). HVAC installed (2020). Water softener installed (2022). Water heater installed (2022). The backyard boosts of a covered patio, a fully fenced sparkling pool, a wood burning fireplace, a grassy area with a side yard. Make this gem your today!

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2512 E Plum Street Gilbert, AZ 85298

$740,000

4 Beds

3 Baths

2,728 SqFt

Status Active

MLS # 6763438

Property Type Single Family Residence

Price Type --

You'll LOVE this corner lot home in the esteemed Freeman Farms! This beauty displays a well-maintained front yard, a convenient 4-car tandem garage, and a gated courtyard. Its spacious living areas ar excellent for hosting and entertaining guests. The home exudes elegance with its tall ceilings, lovely chandeliers, graceful archways, and tile flooring. The heart of the house is the spotless kitchen, fully equipped with a gas cooktop, wall ovens, recessed lighting, granite counters & backsplash, a pantry, an island, and beautiful wood cabinetry with crown molding. Find your sanctuary in the main suite, offering dual sinks, a step-in glass block shower, and a walk-in closet. Your guests will enjoy the casita with their own living space, sleeping area, full bath and private entrance! Take advantage of the guest's quarter, complete with a sitting room and a full bathroom. The perfectly sized backyard has a covered patio, pavers, and a fire pit for outdoor relaxation. Don't delay. Make this yours today!

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