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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4032 E Earll Drive Phoenix, AZ 85018

$745,500

3 Beds

3 Baths

2,015 SqFt

Status Active

MLS # 6736069

Property Type Single Family Residence

Price Type --

Seize the opportunity to transform this ARCADIA-OSBORN, north facing, gem into your dream project. Move in and renovate, or an opportunity to build new in one of the most desired zip codes convenient to local dining, great shopping, entertainment, airport and Scottsdale schools. Arcadia is known for scenic views and proximity to the best Phoenix has to offer. Booming area with many remodels and flips.

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$745,000

4 Beds

3 Baths

2,944 SqFt

Status Active

MLS # 6757700

Property Type Single Family Residence

Price Type --

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$745,000

4 Beds

2.5 Baths

3,144 SqFt

Status Active

MLS # 6753171

Property Type Single Family Residence

Price Type --

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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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$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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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 --

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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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7027 N Scottsdale Road Unit 225 Scottsdale, AZ 85253

New

$745,000

2 Beds

2 Baths

1,233 SqFt

Status Active

MLS # 6764146

Property Type Apartment

Price Type --

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4503 E Decatur Street Mesa, AZ 85205

$745,000

5 Beds

3 Baths

3,200 SqFt

Status Active

MLS # 6750847

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the sought-after Valencia Groves community of Mesa, Arizona! This modern and spacious gem is perfectly situated near to a serene park with a playground, field, and basketball courts. It backs onto a lush greenbelt, offering unparalleled privacy and tranquility. Upgrades and Updates: New Anlin low-e windows installed in 2024 with a lifetime warranty that's transferable to the new owner. New whole-home saltless water conditioner and filter in 2024. The 4 yr old, high-efficiency A/C units were inspected, tuned up, and charged with freon in 2024. In 2023, new plumbing under sinks, new high end dishwasher, new patio roof, tile roof inspected and all missing or damaged tiles replaced, all irrigation valves for front and back were replaced, and new designer paint and finishes. New gas water heater 4 years ago. Flooring upgraded in 2021. Kitchen and bath remodel in 2019 featuring carrara marble countertops and high-end appliances. Plantation shutters throughout the home. Exterior was recently totally repainted and updated with modern touches. The 3-car garage is extra long, accommodating your vehicles and extra storage. The driveway to the home is long enough to park two vehicles in all three spaces, with an additional drive next to the double-gate that leads to the backyard. From the moment you step inside, you'll be captivated by the expansive layout. The pictures simply don't capture the true scale of the generously sized rooms - ensuring ample space for relaxation and family time. Each bedroom can comfortably accommodate a king-sized bed. Whether you're hosting gatherings or enjoying quiet moments, this home is designed for comfort and versatility. The backyard is a true sanctuary, featuring a spacious area adorned with mature trees and lush greenery and a sizable patio, ideal for outdoor living and entertaining or for kids and pets to run and play. You'll also enjoy the beauty and bounty of citrus trees both in the front and back, adding a touch of nature's splendor right at your doorstep. The Valencia Groves neighborhood is known for its peaceful ambiance, making it the perfect setting for your family to grow and thrive. Don't miss the opportunity to experience this exceptional home where every detail has been thoughtfully considered for a truly modern and comfortable lifestyle. Come see for yourself why this home is not just a place to live, but a place of your own.

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$745,000

3 Beds

2 Baths

1,519 SqFt

Status Active

MLS # 6754127

Property Type Single Family Residence

Price Type --

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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 --

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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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