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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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 --

This Sedona home in Firecliff offers STUNNING RED ROCK VIEWS from the back patio & Bell Rock views from the front yard! Inside, discover elegant Travertine Stone flooring, granite counter tops, 10' ceilings & alder wood cabinets. Great Room boasts a gas fireplace that will heat the entire room. Step outside to enjoy patios surrounded by wonderful landscaping including colorful rose bushes and an Apricot tree! HOA fees covers landscaping making this a perfect low maintenance home. Enjoy resort style living with a gated, heated community pool complete with hot tub, cabana, BBQ and bathhouse. 3 golf courses, a yoga studio, tennis and pickleball courts are all within a mere 2 miles, along with the Bell Rock trailhead which is the gateway to the extensive Red Rock hiking/biking system.

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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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1116 W Courtney Lane Tempe, AZ 85284

$745,000

4 Beds

3 Baths

2,578 SqFt

Status Active

MLS # 6735488

Property Type Single Family Residence

Price Type --

$10,000 Buyer Concessions! Beautifully maintained North/South 4 BEDROOM 3 BATH 3 CAR GARAGE with RV GATE with 39 foot driveway on LARGE LOT in desirable SIERRA TEMPE! Split 4th Bedroom/Bath*Gas Heating/Hot Water(SWG)*Big Ticket Items-Roof & Multi-Zone A/C-have been replaced * INCLUDED with home: 2024 Upgraded Whirlpool Refrigerator, Upgraded Samsung W/D , ASG Security System and Clear Concepts soft water system (exterior spigots also plumbed with soft water) ** Quick access to I-10 & 202 Freeways, Sky Harbor Airport, Chandler Fashion Mall, 2 Outlet Malls & shopping of every kind! Variety of Restaurants too! A few minute drive to 8th Largest Park in US-South Mountain Park(16,000 acres)which offers 58 miles of hiking/biking! Kyrene School District. Campbell Community Park a short walk.

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2585 N 165th Drive Goodyear, AZ 85395

$745,000

2 Beds

2.5 Baths

2,363 SqFt

Status Active

MLS # 6726587

Property Type Single Family Residence

Price Type --

WOW! I Could Live Here!? Yes, Indeed. The Stunning Mirador Floor Plan, Impeccably Maintained, Updated, and Upgraded, Over-Looking a Spacious Common Area in PebbleCreek, The New Standard for 55+ Communities. The Upgrades are far too many to mention here. See the list in the Documents Section of the MLS. This luxurious Home on a Large Corner Lot is Perfect for Entertaining. 14 OWNED SOLAR Panels, 22 PRE-PAID LEASE SOLAR Panels, Lots of Extras. 2 Bedrm, 2.5 Bath, Den, Upgraded Kitchen Cabinets, R/O Water System, Extd Garage, Golf Cart Garage, Extd Patio. Motorized Sun Shade, Solar Tubes, Thermostatically Controlled Attic Exhaust Vent, Electronic Air Cleaners, Water Softener, Blackout Shades, Built-in Outdoor Kitchen, Garage Floor Coating, 3 HVAC Zones, Countless More Upgrades. Don't Miss it

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19619 N 69th Avenue Glendale, AZ 85308

$745,000

5 Beds

3 Baths

3,065 SqFt

Status Active

MLS # 6726139

Property Type Single Family Residence

Price Type --

ON GOLF COURSE W/POOL... DOCTORS/EMPLOYEES AT ARROWHEAD/PHX CHILDREN'S HOSP...WALK ONLY 3-4 BLOCKS TO/FM WORK. AMAZING 5 BR, 3 BA, HOME ON 12TH HOLE OF ARROWHEAD CC GOLF COURSE. PEBBLE-TEC, DIVING POOL & SPA.PLANTATION SHUTTERS, GRANITE COUNTER TOPS & BACK-SPLASHES, UPGRADED GE APPLIANCES, 18'' DIAGONAL TILE & WOOD FLOORING, DEEP DOUBLE SINK(2016),10 X 12 COVERED BALCONY OFF MBR, GROUND FLOOR COVERED PATIO ENTIRE LENGTH OF HOME W/BACKYARD BBQ & BAR AS WELL AS BUILT IN SEATING,CUSTOM WROUGHT IRON ARTWORK RAILING (ONE OF A KIND-$6000),DUAL PANE CUSTOM FRENCH DOORS TO BACK PATIO ($4000), FLOOR TO CEILING STUCCO FINISHED FIREPLACE W/MANTEL & HEARTH ELECTRIC),OUTDOOR LIGHTING,CAM LIGHTING ON ENTIRE BOTTOM FLOOR,TUSCAN CHANDELIERS, 3 CAR GARAGE,MIST SYSTEM, AUTO DRIP & WATER SYSTEM.

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9922 W Jessie Lane Peoria, AZ 85383

$745,000

3 Beds

2.5 Baths

2,422 SqFt

Status Active

MLS # 6759928

Property Type Single Family Residence

Price Type --

Your next home is here! This perfect property at Sunset Ranch next to the highly desirable Meadows Community in North Peoria offers great curb appeal, easily manicured landscaping, a 3 car garage AND RV gate/parking. The impressive interior boasts a spacious open layout with separate living & dining areas, den with double barn doors that could be an extra bedroom or an office, tall ceilings with crown moulding, wood-look plank tile flooring, soft carpet, and neutral paint throughout. The kitchen features staggered cabinets with more crown moulding, matching appliances, ample counters and an island with breakfast bar. The large owner's suite has outdoor access, seating area, and an ensuite with dual porcelain vessel sinks, a separate tub & shower, and a walk-in closet. The entertainer's backyard is comprised of an extended covered patio, a built-in eat-in bar, attached pergola, year-round lush green lawn and a crystal blue pool. Cap all those features off with neighborhood amenities, including a pickleball courts, playgrounds, walking paths and more! Hurry and make an offer, this home won't last!!

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43127 N 14th Street New River, AZ 85087

Open House

$745,000

5 Beds

3 Baths

2,526 SqFt

Status Active

MLS # 6751802

Property Type Single Family Residence

Price Type --

Gorgeous New River Home with over $50k in upgrades!! Beautiful rustic home with large lot and dramatic mountain landscapes! Walk into the entrance by a draw bridge across true desert landscape into the front door you will notice the fireplace in the Great room overlooked by the expansive kitchen with full appliances. Tile throughout except master & 3 bedrooms. The master is split from 3 other bedrooms and features 1 bedroom with its own detached full bath, optional for guest use. All appliances included! The backyard is fully block fenced with an RV gate. Well is shared between & each individually metered, located on the corner of the property. Solar typically covers 10 months of electric bill for the year with 5 people use! The other 2 mo approx. $30 per mo. Come see for yourself!

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10223 E Salt Bush Drive Scottsdale, AZ 85255

Open House

New

$745,000

3 Beds

2 Baths

1,604 SqFt

Status Active

MLS # 6764585

Property Type Single Family Residence

Price Type --

This beautifully kept McDowell Mountain Ranch Home features upgrades galore! The interior offers a functional floor-plan with large tile throughout the living areas. The main room offers true open plan living/dining and kitchen, a natural gathering space. Currently a game room, the secondary living room could be utilized in any number of ways. The primary bedroom is a spacious retreat... its bathroom features stunning double sinks with quartz countertop, a large shower, separate soaking tub and huge walk-in closet. The 2nd and 3rd bedrooms share a second bathroom with tub/shower combo and the same gleaming quartz countertops. The backyard is truly an oasis... from the sparkling pool w/ water feature, al-fresco dining space, low maintenance landscaping and an over sized corner lot. A generous 2 car garage with direct access into the laundry/mud room. Nestled at the end of a cul-de-sac, this stunning home is available FULLY FURNISHED, down to the silverware and linens! McDowell Mountain Ranch Community amenities are unmatched. From the Aquatic and Fitness Center w/ lap pool, diving boards, water slides, lazy river and state of the art fitness equipment... to the Community Center, multiple parks, hiking trails, playgrounds and sport fields and courts, including pickleball. McDowell Mountain Ranch Golf Club is one of few, premier public golf courses in Scottsdale. Shopping, dining and entertainment options abound!

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6826 E Monterey Way Scottsdale, AZ 85251

Open House

$745,000

3 Beds

2 Baths

1,980 SqFt

Status Active

MLS # 6733512

Property Type Single Family Residence

Price Type --

Looking for a 3 bedroom, 2 bathroom with a den located in South Scottsdale? Look no further! Charming single level home features a spacious open floor plan, new floors in the living room area, fresh interior paint, new light fixtures with plenty of natural light! Spacious bedrooms with ample closet space, den, dining area, over-sized laundry room and flex space for office. Enjoy the private and peaceful backyard. Covered patio with mature landscaping. A perfect gathering spot for friends and family. Close to Old Town shopping, ASU and Scottsdale Fashion Square.

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8308 E Holly Street Scottsdale, AZ 85257

Open House

$745,000

4 Beds

2 Baths

1,648 SqFt

Status Active

MLS # 6730275

Property Type Single Family Residence

Price Type --

All New Remodel with designer touches, New Kitchen, Quartz counters, New LG appliances, including (2) Refrigerator's, Front load Washer/Dryer, Large pantry, New bathrooms, New windows, New Roof, New Landscape (front & back), New R.V. gate, New interior/exterior doors, lots of attention to detail, built in the 1960's, architectural features focus on the highly sought after mid-century modern design, with original breeze block entry, clean lines, large windows, open floor plan easy access to Scottsdale bike path, schools, freeways, large park, Scottsdale shopping, nightlife, and spring training, owner/agent

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