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.

What’s Your Home Worth?

Search for Your New Home

4698 Eagle Nest Court Pinetop-lakeside, AZ 85929

$740,000
3 Beds
2.5 Baths
2,481 SqFt
Status Active
MLS # 6713517
Property Type Single Family Residence
Price Type --
Luxury Waterfront property with best view in the neighborhood ** Brand New Roof ** Beautiful log sided home surrounded by tall pines ** Oversized picture windows and large deck overlooks the pond & streams flowing directly behind ** 3 bedrms split + DEN **Tongue & groove ceiling in the great room ** Granite counters ** upgraded cabinetry ** Gorgeous stone fireplace ** Split bedrooms with oversized primary suite ** large walk-in closet ** en-suite bathroom ** dual sinks ** jetted soaker tub ** oversized walk-in shower ** 3 private decks - 2 in back plus large front deck off the entry ** private cul-de-sac location. See features in more remarks: Luxury Waterfront property with best view in the neighborhood ** Brand New Roof ** Beautiful log sided home surrounded by tall pines ** Oversized picture windows and large deck overlooks the pond & streams flowing directly behind ** 3 bedrms split + DEN **Tongue & groove ceiling in the great room ** Granite counters ** upgraded cabinetry ** Gorgeous stone fireplace ** Split bedrooms with oversized primary suite ** large walk-in closet ** en-suite bathroom ** dual sinks ** jetted soaker tub ** oversized walk-in shower ** 3 private decks - 2 in back plus large front deck off the entry ** private cul-de-sac location. See features in more remarks: ADDITIONAL FEATURES: COMMUNITY: * Gated Community with streams throughout community, 7 ponds with walking trails HOME FEATURES: 3 bedrooms - split - Plus Den **NEW ROOF 5/2024** Pre-wired for Alarm system Water softener Floor outlets in den and great room for center room lighting needs Recessed lighting throughout Secondary bathroom is a split bathroom with shower and toilet for privacy Rain shower glass shower Recently painted interior walls with Sherwin Williams paint 2 large, covered patio deck with stained floors front & back + master deck Rain Gutters in all the right spots Energy Efficient home Tankless water heater Dual pane windows Bedrooms/Den with ceiling Fans with light Kits most rooms have dimming lights Wood blinds on All windows and French Doors Picture windows KITCHEN: Separate beverage refrigerator in kitchen Upgraded lite kitchen cabinets with lazy susan and roll out shelves Built in wine rack Highly upgraded cabinetry Beautiful granite countertops MASTER/PRIMARY BEDROOM: Walk-in shower Double sink vanity. Medicine Cabinet Private Covered Patio Deck from the Master Bedroom Heated Lamps at the Shower Entry for those cold winter days Enclosed toilet for privacy Jacuzzi Tub with beautiful Raindrop windows. Large Walk-in Master Closet with high/low clothes rods and shoe shelves. GARAGE: Painted/finished garage. LiftMaster Garage Door Opener Garage Service Door LAUNDRY: Laundry Room with Cabinets over Washer/Dryer laundry sink with lower cabinets and upper cabinets and clothes rod Enclosed Supply Closet WHITE MOUNTAIN LIVING: 4 Seasons - cool summers! 40 lakes 600 miles of rivers and streams Extensive hiking, biking trails Horseback riding Quad riding Winter skiing at Sunrise Ski Resort Fishing in lakes and streams throughout 7 Golf courses - 3 public courses Craft Shows Hot air Balloon festivals Music Festivals Car shows Antique stores Coffee shops Home decor stores

8520 E Indianola Avenue Scottsdale, AZ 85251

$740,000
4 Beds
3 Baths
1,995 SqFt
Status Active
MLS # 6717359
Property Type Single Family Residence
Price Type --
This move-in ready masterpiece has a little something extra up it's sleeve...Looking for a space to use as a VRBO, in-law suite, office, studio, second master, kid's play room? This home has it! What will you use it for? Completely redesigned with high end style & no wasted space this home features: soft close door/drawer cabinets in kitchen & all baths, quartz counter tops, contemporary lighting, fans, & fixtures t/o, beautiful hand scraped laminate floors with 12x24 modern tile in baths, laundry & hall, under cabinet lighting in kitchen, baths & living room, neutral paint, custom accent wall in large master bedroom, big master walk-in closet, 3 gorgeous bathrooms each with it's own unique look, original vintage block fireplace. Energy efficient LED lighting t/o. Large pool-size yard with pavers and pergola, low water-use & low maintenance landscaping. It doesn't end there; HVAC, electrical, plumbing, windows & doors, & exterior stucco updated in 2017. Be confident in this fully permitted home.

23494 N 167th Lane Surprise, AZ 85387

$740,000
5 Beds
3 Baths
2,848 SqFt
Status Active
MLS # 6670550
Property Type Single Family Residence
Price Type --
Prepare to meet your forever home! This stunning corner lot residence is conveniently situated across from Asante Community Park, offering an ideal family-friendly setting. Unwind in your custom sparkling pool, designed with your utmost comfort in mind, featuring both heating and cooling systems for year-round enjoyment. With over 2,800 sqft you are given plenty of opportunity to create everlasting memories with your loved ones. Discover a hidden treasure within the home, a secret workshop integrated with the fifth bedroom, delivering an undeniable 'wow-factor'. You are not going to want to skip this home!

2417 E Yucca Street Phoenix, AZ 85028

$740,000
4 Beds
2 Baths
2,628 SqFt
Status Active
MLS # 6707413
Property Type Single Family Residence
Price Type --
Fabulous opportunity at a terrific location! Your own TLC will update this property - a little bit of fix up will go a long way! This home has 4 spacious bedrooms, a great room and formal living room, 2 dining areas and plenty of storage. The flooring style includes engineered walnut wood floors, carpet and title. The kitchen cabinets were refaced and are in good condition. The dual pane windows are in good condition. The backyard has 2 patio spaces, a pool with a 1yr old multi speed pump, a privacy wall between neighbors and beautiful mature vegetation. No HOA; close to everything; mountain views - just to name a few benefits.

3846 S Big Sky Trail Flagstaff, AZ 86005

$740,000
4 Beds
2.5 Baths
1,860 SqFt
Status Active Under Contract
MLS # 6751111
Property Type Single Family Residence
Price Type --
Discover Flagstaff living at its finest in this meticulously maintained, custom-built single-owner home nestled within the coveted Ponderosa Trails community. Enjoy the privacy of the cul-de-sac location and the immediate convenience of the greenbelt and trails right out your doorstep. You will love all of the outdoor entertainment spaces, highlighted by an expansive multi-level deck, front and back flagstone patios, a built-in chiminea, and a custom-built table, ideal for hosting gatherings or simply relaxing in the trees. Inside, you'll find a well-appointed interior that's been lovingly cared for over the years. With three bedrooms upstairs and an additional bedroom on the main floor, this traditional floor plan will remain timeless for years to come. With its prime location and exceptional features, this home is a rare find. Don't miss this opportunity to make it yours!

3102 N 35th Street Phoenix, AZ 85018

$740,000
4 Beds
2 Baths
1,688 SqFt
Status Active
MLS # 6706486
Property Type Single Family Residence
Price Type --
PRICE DROP!! Motivated seller! This property offers an open floor plan, formal dining room with ceiling fan and fireplace, a very spacious living room area, and contemporary touches everywhere you look. Your new kitchen has granite countertops and backsplash, stainless steel appliances, modern cabinets with tons of storage space, stainless steel appliances, and island with breakfast bar. It's a split floor plan with the primary bedroom on one side of the home and three large secondary bedrooms on the other side. Your time will be spent relaxing and entertaining in the backyard that has a sparkling pool, above ground spa, golf putting green, and a covered patio. One look is all you need to fall in love with this amazing home.

11884 W Grant Street Avondale, AZ 85323

$740,000
6 Beds
2.5 Baths
4,039 SqFt
Status Active
MLS # 6726187
Property Type Single Family Residence
Price Type --
Gorgeous remodeled home w/ amazing Chef's Kitchen! Fabulous appliance package including a SUBZERO refrigerator, WOLF Steam oven for cooking quickly while locking in moisture, WOLF induction cooktop, COVE dishwasher, & SUBZERO wine cooler. Quartz counters & custom cabinets. Entire home has been updated including flooring, interior paint, new baths w/ quartz counters & tile in 2022. Gorgeous oversized pie shaped yard w/ RV gate & slab, new salt water pool system & beautiful tropical oasis, mature trees including lime, oro blanco grapefruit, lemon, avocado, blood orange, apricot, pomegranate, banana plant, passion fruit & garden area all on drip. Smart thermostat system w/ A/C units just serviced. Great floor plan w/ main bedroom upstairs. Great closets. This home is fantastic & read Misting system. Powder room can convert to full bath and there is an area upstairs for another hall bath if buyer needs this. Don't miss the mini refridge in the kitchen with cabinet panels. Minutes from Nascar raceway and Cardinals stadium.

1911 E Olive Court Gilbert, AZ 85234

$740,000
3 Beds
3 Baths
2,886 SqFt
Status Active
MLS # 6704501
Property Type Single Family Residence
Price Type --
$25K BELOW APRAISD VALU! BACK ON THE MARKET! Buyers failed to fund. This beautiful 3 bedrm home was built with your family in mind! Nestled in a quaint cul de sac in Sonoma Ranch, just walking dist. from the Elem School. Extrmly lg back yard offers plenty of possibilities for the kids & they'll spend countless hours in the newly resurfaced pool with new cool deck and a new variable speed pump all redone in 2023. Enjoy the cool evenings and beautiful sunrises on the lg balcony directly off your master bedroom. The master also boasts dual walk-in closets! The loft area upstairs makes for a fun hang-out/study area for the kids and the fmly room has a cozy gas fireplace for those cool holiday evenings! The 3 car garage offers lots of storage and the chef will appreciate the gas kit appliances

4130 E Marlene Drive Gilbert, AZ 85296

$740,000 - 3Br/3Ba -  for Sale in Elliot Groves At Morrison Ranch Phase 1, Gilbert
Open House
$740,000
3 Beds
2.5 Baths
2,381 SqFt
Status Active
MLS # 6753249
Property Type Single Family Residence
Price Type --
Welcome to Morrison Ranch, this single level home sits on a north side corner lot, with inviting HOA maintained trees lining the front and west side. This home is located centrally in the delopment giving quick access to major cross streets yet a tranquil interior locaiton. The home is a close few homes away from the Central Park area giving easy access for the outdoor amenities that Elliot Groves has to offer. This development has huge amounts of park, and greenbelt space giving it a park like atmosphere. The home has had a fresh exterior paint, and the landscape is lush and green with extensive use of pavers all around the home. There is a large side gate for easy access to the rear yard, and both side yards are wide, with planters across the back. There are 3 garage spaces with a split 1 car and direct access 2 car garage that also has access to the side yard. As you enter the home you are greeted by 8-foot doors throughout and 10-foot Tray Ceilings, with Art Gallery style design. This home offers a split floor plan with 2 large bedrooms with walk-in closets, and full bathroom to the front of the home, and a Parlor or Formal dining. The gallery hall leads to the great room, Butler's Pantry, and Large Den. The Great Room offers a stone accent media wall and a Giant Kitchen Island. The Kitchen is equipped with a 36-inch gas cooktop, double oven, convection microwave wall system, and walk-in corner pantry with 42-inch uppers Staggered with raised panel doors and pulls. Adjacent to the kitchen is a large Breakfast room with access to the patio. From the great room, you have a 14-foot 3-panel full wall slider that opens up to the covered patio area, offering awesome indoor-outdoor living in those perfect weather months. The Primary Suite is at the rear with ample space and a perfect bathroom offering a large dual vanity, large soaker tub, and Huge walk-in shower, and also a large water closet. Through the Primary Closet, you have direct access to the laundry room, The laundry room has dual access from the main area and the primary suite and offers great storage and a folding table. The flooring throughout the main areas is wood-look porcelain tile, with the bedrooms having LVP wood, making the entire home hard surface flooring for easy maintenance and made to last, the baseboards are 6-inch to stand out. This home is set up perfectly for so many we hope you make it your home soon!

2910 W Adventure Drive Anthem, AZ 85086

$740,000 - 4Br/3Ba -  for Sale in Anthem Unit 17, Anthem
Open House
$740,000
4 Beds
2.5 Baths
2,738 SqFt
Status Active
MLS # 6747955
Property Type Single Family Residence
Price Type --
Seller may consider buyer concessions if made in an offer. Welcome to this stunning property, featuring a neutral color scheme that complements the cozy fireplace. The kitchen is a chef's dream, with an accent backsplash and center island. The primary bedroom is a relaxing retreat, offering a walk-in closet, double closets, and an en-suite bathroom with a separate tub and shower, plus double sinks. Three car garage for your toys. Step outside to a covered patio overlooking a private in-ground pool, built in bbq and includes a putting green too and fenced in backyard. This property offers a unique blend of comfort and sophistication. Come visit Anthem, planned community full of parks, trails and community centers and pools.

2539 E Geneva Drive Tempe, AZ 85282

$739,999 - 4Br/2Ba -  for Sale in Tempe Royal Palms Unit 8, Tempe
New
$739,999
4 Beds
2 Baths
2,235 SqFt
Status Active
MLS # 6765799
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This stunning, fully renovated property offers modern luxury and convenience at every turn, ensuring a turnkey living experience. The open-concept living and dining area is filled with natural light, creating an inviting atmosphere for relaxation and entertainment. Located just a few minutes from Phoenix Airport and 4 miles from the ASU campus and Cubs spring training facility, this home provides easy access to major highways, including the 101, 60, 202, and Interstate 10. Indulge your culinary passions in the gourmet kitchen, equipped with high-end GE Café appliances, a 36' 6-burner stove, sleek cabinets, granite countertops, and elegant sinks and fixtures. Dive into your refreshing pool, recently resurfaced with pebble tech and complemented by a ... new filter and pump. The backyard features heat-reducing deck paint, updated hardscaping, and a misting system for summer comfort. Recent upgrades include an updated electrical panel and solar system (2022), a roof (2022), a water heater (2022), and upgraded ductwork for the HVAC system (2024). The master bedroom boasts a sliding glass door that opens directly to the pool area. Experience luxury with all-new flooring throughout, fresh interior paint, new door hardware, and wood shutter window coverings. Modern conveniences include LED recessed lighting, updated electrical outlets with dimming switches, and new ceiling and exhaust fans in the remodeled bathrooms. Feel secure with an ADT security system and enjoy the newly insulated 2-car garage. The property features new exterior paint, LED lighting, and beautifully landscaped grounds, creating stunning curb appeal. An automatic sprinkler system maintains the lush gardens, and the covered patio is equipped with misters for added comfort. A built-in barbecue cooking area makes outdoor gatherings a breeze. This home seamlessly blends style and functionality, perfect for entertaining and everyday living. Don't miss your chance to own this modern oasis, complete with every upgrade you could wish for! It also presents a fantastic opportunity as an Airbnb or second home, with an option to purchase most of the interior furniture.

7236 W Aurora Drive Glendale, AZ 85308

$739,999
4 Beds
2 Baths
2,394 SqFt
Status Active Under Contract
MLS # 6757824
Property Type Single Family Residence
Price Type --
You'll LOVE this gorgeous 4-bed, 2-bath home in Sierra Verde! Great curb appeal with a 2-car garage, RV gate, & a well-manicured landscape. Fabulous interior showcases vaulted ceilings, a neutral palette, abundant natural light, and tasteful flooring - plush carpet & wood-look tile. Featuring a formal living/dining room and an open-concept family room w/fireplace, this gem offers spaces for both relaxation & gatherings! The gourmet kitchen boasts SS appliances, subway tile backsplash, recessed lighting, white shaker cabinetry, a walk-in pantry, and an island w/breakfast bar. The cozy den provides versatility! Double-door main bedroom has an ensuite with dual sinks, separate tub/shower, & a walk-in closet. Enjoy the backyard oasis with a covered patio, lush lawn, & a fenced pool! Just WOW!

Leave a Reply

Your email address will not be published.