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 99th 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.

Whats 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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4444 E Sharon Drive Phoenix, AZ 85032

$744,000
4 Beds
3 Baths
1,989 SqFt
Status Active
MLS # 6750516
Property Type Single Family Residence
Price Type --
Every detail of this 5 Star energy efficient 4 bed 3-bathroom home has been thoughtfully designed to provide an exceptional living experience. Enjoy ultimate comfort and privacy with a split floorplan with two spacious primary BR & 2 BA. Beautifully appointed kitchen with backsplash and a pot filler, great for entertaining. Freshly painted interiors and brand-new carpeting throughout and dimmer switches added to create a modern and inviting atmosphere. The backyard is a private paradise with no rear neighbors. Complete with a sparkling propane heated pool, inviting firepit, and BBQ with convenient propane hookup. The property includes two RV gates accommodating your recreational vehicles and toys. The west side of the house features an RV plug-in and dump station for added convenience.

26860 N 102nd Lane Peoria, AZ 85383

$744,000 - 3Br/3Ba -  for Sale in Tierra Del Rio, Peoria
Open House
$744,000
3 Beds
2.5 Baths
2,356 SqFt
Status Active
MLS # 6762152
Property Type Single Family Residence
Price Type --
Discover this pristine, barely lived-in home in Tierra Del Rio, where modern elegance meets convenience. The gorgeous white kitchen features stunning quartz countertops and new stainless steel appliances, all with ample storage. Updated bathrooms and beautiful flooring throughout make this home truly move-in ready! Backing to miles of hiking trails, enjoy breathtaking mountain views and a serene lifestyle. This 3-bedroom, 2.5-bath home boasts a 3-car tandem garage, upgraded light fixtures, and an open floor plan that flows seamlessly from the kitchen to the great room. The expansive master suite includes a luxurious bathroom with a large walk-in shower and soaking tub. The private backyard oasis features an extended pergola, synthetic grass, fire pit, and RV gate. Just minutes from.... EVERYTHING: Loop 303 NEW & UPCOMING shopping and dining, AMAZING SCHOOLS, PLUS EASY ACCESS TO TSMC!! RARE opportunity to own a stunning home in Tierra del Rio, backing to miles of hiking trails. Gorgeous white kitchen with beautiful quartz countertops and backsplash. Brand new stainless steel appliances, ready for your culinary adventures. Abundant storage throughout, ensuring a clutter-free environment. Updated bathrooms with modern fixtures and finishes. Elegant tile flooring adds a touch of luxury and ease of maintenance. Spacious open floor plan with no wasted space, perfect for entertaining. Expansive great room that seamlessly connects to the kitchen. Inviting master suite featuring a large tiled walk-in shower and soaking tub. Dual vanities and generous walk-in closets in the master bath. Private backyard oasis with an extended pergola for outdoor enjoyment. Lush synthetic grass and rock landscaping, low maintenance and beautiful. Fire pit area, perfect for cozy evenings with family and friends. 3-car tandem garage providing ample parking and storage options. Minutes away from Loop 303 for easy access to shopping and dining - PLUS EASY ACCESS TO TSMC!!

387 W Larona Lane Tempe, AZ 85284

$744,000 - 4Br/3Ba -  for Sale in Warner Ranch, Tempe
Open House
$744,000
4 Beds
2.5 Baths
2,346 SqFt
Status Active
MLS # 6741459
Property Type Single Family Residence
Price Type --
Welcome to this exceptional single-story home, ideally positioned on a coveted cul-de-sac lot in the highly desirable Warner Ranch Community. Located just minutes from Chandler Mall and Intel, and within the renowned Kyrene School District, this home offers unparalleled convenience. With easy access to the I-10, 101, and 202 freeways, commuting and shopping are effortless. Plus, you're less than 20 minutes from Arizona State University, making this an incredible location for work, education, and entertainment. This home features a thoughtfully designed split floor plan with 4 bedrooms and 2.5 bathrooms, all under soaring vaulted ceilings. As you step inside, the open floor plan immediately welcomes you with a sense of spaciousness and elegance. The formal living room is perfect for hosting gatherings, while the cozy family room, complete with a sophisticated wall-mounted electric fireplace featuring a crystal set and multiple color options, offers a warm and inviting space to unwind. At the heart of this home is the beautifully updated kitchen, where no detail has been overlooked. It boasts a spacious island with striking granite countertops, brand-new cherry cabinets with elegant molding, and a charming tile backsplash. The breakfast area is perfect for casual dining and enjoying your morning coffee. Throughout the home, luxury and convenience abound. The living, family, kitchen, and main bedroom areas feature 24x24 ceramic tile flooring, highlighted by a stunning medallion centerpiece in the living room. The remaining bedrooms are adorned with rich cherry wood flooring, and the bathrooms have been completely renovated to reflect modern style and comfort. Ample storage space, including in the garage, ensures that organization is effortless. Recent upgrades provide peace of mind, including a newer water heater, energy-efficient HVAC and AC systems (2022), and a roof replaced in 2022. Step outside to your private backyard retreat, where an extended covered patio offers the perfect setting for outdoor dining and relaxation. The space is complemented by a citrus tree and vibrant flowering plants, adding natural beauty to your surroundings. You can also enjoy a spacious three car garage. This home offers the perfect blend of luxury, convenience, and comforttruly a rare gem in the Warner Ranch Community. Don't miss your chance to make this dream home your own!

3237 W Via Dona Road Phoenix, AZ 85083

$743,990
4 Beds
3 Baths
2,649 SqFt
Status Active
MLS # 6717870
Property Type Single Family Residence
Price Type --
Below Market Financing Available!!!!!!!!!!! This single-level home showcases Lennar's signature Next Gen® suite ideal for multigenerational living. The suite includes a one-car garage, separate entrance, living space, kitchenette, bedroom and bathroom. In the main home, an open floorplan allows for effortless transition between the Great Room, kitchen and dining room, with access to the covered patio through sliding glass doors. The luxe owner's suite is situated at the back of the home, while two secondary bedrooms are comfortable and private retreats. Some photos are of the actual home and some are renderings of a model home.

27152 N 71st Ave -- Peoria, AZ 85383

$743,000 - 3Br/3Ba -  for Sale in Aloravita North Phase 2 Parcel 8, Peoria
New
$743,000
3 Beds
2.5 Baths
2,452 SqFt
Status Active
MLS # 6764570
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the Aloravita community ! This 3 bed, 2.5 bath and office/Den with 3 car garage residence is built on $30k premium lot. offers a specious open layout and split floor plan. all stainless still appliance. Beautiful back yard with artificial golf putting green and no house behind back wall. Perfect home for you and your family. COME TAKE TOUR !!!

4459 E Voltaire Avenue Phoenix, AZ 85032

$742,900
4 Beds
2 Baths
2,034 SqFt
Status Active
MLS # 6739068
Property Type Single Family Residence
Price Type --
Welcome to your ideal family home—no HOA, no hassle! This well-maintained property offers extra parking, an RV gate, a gated pool, a large grassy yard, and an extended covered patio. It also features a spacious storage shed for all your gear. The 304 sq. ft. bonus room is perfect for a home office, playroom, or even a fifth bedroom, ideal for a growing family. Plus, the expansive backyard provides the opportunity to build an ADU, perfect for a home office, college student, nanny, or additional rental income. Just a short walk from Costco and the new Reimagine PV area with upscale dining, Whole Foods, and Lifetime Fitness, this home is ready for you to move in and start making memories! Say Yes To This Address.

7400 W Quail Track Drive Peoria, AZ 85383

$742,250
5 Beds
3 Baths
2,837 SqFt
Status Active
MLS # 6748512
Property Type Single Family Residence
Price Type --
October Completion-North/South Exposure. 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 White Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 9' ceilings, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Home is under construction, photos of similar spec home to show layout, options may vary**

5353 N La Plaza Circle Phoenix, AZ 85012

$742,000
2 Beds
2 Baths
2,085 SqFt
Status Active Under Contract
MLS # 6763470
Property Type Single Family Residence
Price Type --
Introducing an Exceptional Lock-and-Leave Residence with a Low-Maintenance Back Patio and Serene Community Park! This single-level patio home is perfectly situated within the highly sought-after gated community of La Plaza Hermosa, recognized as one of the premier patio home enclaves in North Central Phoenix. Within close proximity to an array of popular restaurants and shops, as well as the Uptown Farmer's Market, Murphy Bridle Path, and so much more. This elegant home boasts two spacious bedrooms, a versatile den/office, and two beautifully upgraded bathrooms, making it the epitome of thoughtful design. Upon entering, you'll be greeted by an expansive great room with soaring vaulted ceilings, highlighted by a cozy gas fireplace. Sunlight streams in through clerestory windows, creating a warm and inviting atmosphere. The addition of a stylish wet bar area enhances the entertainment possibilities. The recently renovated kitchen seamlessly connects to the family room and showcases modern amenities, including an electric cooktop, gleaming stainless steel appliances, and ample storage for all your culinary needs. Retreat to the generous primary suite, featuring a walk-in closet and a sliding glass door that ushers in the soothing natural light. The primary bathroom has been completely revamped, boasting a double vanity and a luxurious new shower, both adorned with brushed nickel hardware and faucets. Throughout the home, you'll appreciate the fresh interior paint, new windows with charming outdoor stucco accents, premium laminate flooring, and a contemporary bar with elegant quartz counters, a stainless sink, and a sleek faucet. The addition of new can lighting and light fixtures in select rooms enhances the overall ambiance. Plus, the new door hardware adds both functionality and style. Don't miss out on this gem!

21714 E Caldwells Court Queen Creek, AZ 85142

$742,000
4 Beds
3 Baths
2,569 SqFt
Status Active
MLS # 6747983
Property Type Single Family Residence
Price Type --
SELLERS OFFERING 10K TOWARD BUYERS CLOSING COSTS OR BUY DOWN WITH FULL PRICE OFFER. Discover your dream Nextgen home! This meticulously maintained property features everything you need for comfort and convenience. The attached Casita is a true gem, equipped with a complete kitchen, cozy bedroom with a spacious walk-in closet, a full bathroom with an easy-access step-in shower, and its own one-car garage with an epoxy-sealed floor and additional storage. Step outside to enjoy the delightful 10 x 16 no-maintenance Trex deck, perfect for relaxing or entertaining. This versatile space is ideal for family, friends, or rental income. The main house offers three generous bedrooms; all with walk in closets, and two bathrooms, with a spacious open floor plan that seamlessly blends the kitchen, living room, and dining area making it an entertainer's paradise. The kitchen boasts ample storage with a walk-in pantry, elegant marble countertops, a large island, and soft-close cabinet doors. Retreat to the large primary bedroom featuring an en suite bathroom with a custom barn door, walk-in shower, and an expansive walk-in closet. The 2 car garage entered into through the large laundry room also has epoxied floors. Step into the backyard, a tranquil oasis designed for low maintenance and relaxation. Enclosed by a custom-painted block wall, you'll find a sparkling pool with a soothing waterfall, along with a designated shaded pet area, complete with a pet door leading into the main house. Nestled in a quiet cul-de-sac, this property is just steps away from a small park, while a larger community park just a house away hosts fun events throughout the year. Additionally, you are only a couple of hundred yards from the scenic urban Queen Creek Wash Trail, perfect for walking and biking. The Queen Creek Wash trail is approximately 6 miles and connects to the Sonoqui Trail system to provide approximately 11 miles of beautiful nature and parks. Downtown Queen Creek and Queen Creek Marketplace are also just a couple of min away providing lots of dining options and shopping. This home has it all comfort, style, and versatility! Don't miss this exceptional opportunity to own a piece of paradise in Hastings Farms.

25634 N Cordova Lane Rio Verde, AZ 85263

$742,000 - 3Br/3Ba -  for Sale in Rio Verde Unit 5, Rio Verde
Open House
$742,000
3 Beds
2.5 Baths
2,723 SqFt
Status Active
MLS # 6695530
Property Type Single Family Residence
Price Type --
Discover the epitome of resort-style living in this meticulously maintained 3-bed, 2.5-bath home nestled within a vibrant adult community. Situated on a coveted golf course lot in a serene cul-de-sac, this residence boasts breathtaking Mazatzal and Four Peaks mountain views. Inside, a spacious great room with a beamed vaulted ceiling, tile floors, wet bar, and the fireplace offers an inviting retreat. The master bedroom features a walk-in closet, while outside, the flagstone tiled patio showcases a desert mural and panoramic vistas. Water features and an observation deck provide idyllic spots to savor morning coffee or soak in the Sonoran desert's majestic sunrises and sunsets. Community amenities include a clubhouse, tennis court, pool, spa, golf course, workout facility, and more!

9050 W Tonopah Drive Peoria, AZ 85382

$742,000 - 5Br/4Ba -  for Sale in Dove Valley Ranch Parcel 6, Peoria
Open House
$742,000
5 Beds
3.5 Baths
4,011 SqFt
Status Active
MLS # 6727804
Property Type Single Family Residence
Price Type --
***HOME WARRANTY INCLUDED*** ***Seller Offering Concessions to BUYER with acceptable offer.*** Welcome To Your DREAM HOME!! Presenting A Beautiful DREAM HOME In Spectacular Dove Valley Ranch! Resort Backyard With Sparkling Pool WOW! You Must Come Take The Tour of This Beautiful DREAM HOME! Five Large Spacious Bedrooms And Loft. Storage Everywhere. Beautiful Private Dream Master Suite Downstairs With Private Patio. You'll LOVE The 3 CAR GARAGE...And The Large Concrete Pad At RV Gate. Your Search Is Over! Come See This AMAZING DREAM HOME TODAY!!

8404 W Palo Verde Drive Glendale, AZ 85305

$741,929
5 Beds
3 Baths
3,268 SqFt
Status Active
MLS # 6755753
Property Type Single Family Residence
Price Type --
MLS#6755753. October completion! The Breckenridge at Stonehaven Voyage. This spacious one-story floorplan has it all! The welcoming front porch entry leads to an impressive foyer. A cozy guest bedroom with walk-in closet and nearby full bath are conveniently located just off the foyer. A home office with views of the kitchen creates a connected space to stay productive. The expansive island overlooks the casual dining and gathering room. Tucked away for privacy, two additional bedrooms each with walk-in closets share a hall bath. The plush owner's suite includes a Large walk-in closet and spa-like bath complete with soaking tub and separate shower. Structural options included: bedroom 5 in lieu of dining, expanded laundry in lieu of tandem, pre plumb for laundry sink, gas line for future dryer, gas line for future outdoor kitchen, and RV gate.

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