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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2430 E Winston Drive Phoenix, AZ 85042

$739,000

-- Bed

1 Bath

378 SqFt

Status Active

MLS # 6734867

Property Type Single Family Residence

Price Type --

Interested in tiny home living? A Great location at the bottom of South Mountain! Wake up to Mountain views every day. the property is just a block away from the Mormon trail head, offering fantastic hiking and mountain biking opportunities. This charming 378-square-foot home might be perfect for you. Nestled on 1.46 acres, it features a spacious patio, a detached garage/workspace. Alternatively, you can build your dream home and use the tiny home as a guest house. The possibilities are endless! The home is on city water. Currently on septic but city sewer is a 100ft away.

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$739,000

4 Beds

3 Baths

3,087 SqFt

Status Active

MLS # 6762883

Property Type Single Family Residence

Price Type --

Beautifully appointed home in Chandler with amazing upgrades and oversized homesite w/ play pool. This popular open 4 bed/3 bath floor plan also offers a custom den/office. Complete with surround sound. Inviting kitchen with granite counter tops, GE state-of-the-art stainless steel appliances, gas stove & large island. Custom built entertainment center! Split floor plan with 2 primary suites, access to patio, walk-in closet and custom spa shower in primary bath. Fresh paint inside and out. New hardware throughout, crown molding and custom lighting. No detail was overlooked! 2 car garage with additional 1/2 car garage bay for all your toys and cars. This home is minutes away from the San Tan 202 freeway and access to downtown Chandler shops and restaurants. Make this yours today! !

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26841 N 14th Lane Phoenix, AZ 85085

$739,000

4 Beds

2 Baths

2,018 SqFt

Status Active

MLS # 6762621

Property Type Single Family Residence

Price Type --

This stunning home is nestled at the foot of a serene mountain preserve within the highly sought after master planned community of Fireside at Norterra. The fabulous interior showcases plantation shutters, on-trend color palette, tile flooring in common areas, and wood floors in bedrooms. Versatile formal dining room and desirable great room w/pre-wired surround sound. The open-concept kitchen boasts SS appliances, granite counters, travertine backsplash, recessed & pendant lighting, pantry, wood cabinetry, and a prep island w/breakfast bar. Primary bedroom has an ensuite with dual sinks. You won't want to leave the backyard with breathtaking views of the Sonoran Mtn Preserve. Fireside amenities include community center with gym, pools, tennis, parks and much more. Discover the spacious backyard, where tranquility meets outdoor living! It includes a firepit, an extended paver-covered patio, artificial turf, and a view fence for serene vistas. Fireside amenities feature a state-of-the-art community center that includes a gym, pools, tennis courts, parks, rock climbing wall, & much more. Enjoy endless recreation and relaxation just moments away! Wow, just WOW!

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2341 W Shadow Glen Court Anthem, AZ 85086

New

$739,000

3 Beds

3 Baths

2,454 SqFt

Status Active

MLS # 6765590

Property Type Single Family Residence

Price Type --

Unparalleled privacy on this expansive corner lot in Anthem Country Club! This single-level home has breathtaking sunset/city light views, perfect for luxurious desert living. With 2 bedrooms, an office & a casita featuring a new mini-split system, this home offers flexibility & comfort. The open floor plan is ideal for entertaining with a spacious great room & an updated eat-in kitchen with island seating. Recent upgrades include newer HVAC, roof & hot water heater. The extended 2-car garage provides ample storage & has room for a golf cart. Embrace outdoor living in the resort-style backyard, complete with a 600sf 5-hole putting green & solar lighting for evening enjoyment. This home offers the perfect blend of luxury and practicality in a serene setting. Main house is 2186; casita 268.

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741 S Rockcress Lane Show Low, AZ 85901

$739,000

4 Beds

3 Baths

2,026 SqFt

Status Active

MLS # 6665174

Property Type Single Family Residence

Price Type --

Beautiful TORREON Cabin! Gated & Within Walking Distance of the Club House w/Swimming Pool, Spa & Gym, Golfing & Family Center! Fully Furnished! 4 Bedroom, 3 Bath, Rear Entertainment Deck & Covered Front Porch, Recently Refreshed Kitchen, Decks, Bathrooms & More! Active Vacation Rental, Full-Time Residence, Summer Get-a-Way, or Winter Ski Cabin! Turn Key and Ready for Immediate Mountain Life ENJOYMENT! Side-By-Side ATV Available Outside of Escrow

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7500 E Deer Valley Road Unit 106 Scottsdale, AZ 85255

$739,000

4 Beds

2.5 Baths

2,371 SqFt

Status Active Under Contract

MLS # 6730432

Property Type Single Family Residence

Price Type --

Impeccable remodel and unbeatable location! Welcome to convenient North Scottsdale living with this spacious fully renovated 4/2.5 with multiple living areas and an upstairs den. Oversized primary bedroom and walk in primary closet. Back yard features exceptional privacy, paver pad for outdoor table/seating, and high-end artificial turf for minimal maintenance and maximum enjoyment. House is just a stone's throw from the community's large private green belt, perfect for cooler summer time walks! Custom touches too many to list, must see for yourself!

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20955 E Mayberry Road Queen Creek, AZ 85142

$739,000

5 Beds

4 Baths

3,158 SqFt

Status Active

MLS # 6712015

Property Type Single Family Residence

Price Type --

Discover this inviting 5-bedroom, 4-bathroom residence offering a perfect blend of luxury and comfort, ideal for both relaxation and entertaining. Nestled in a tranquil neighborhood, the home boasts a spacious and inviting layout with plenty of natural light throughout. The heart of the home is the upgraded kitchen, featuring top-of-the-line stainless steel appliances, custom cabinetry, a prep kitchen, oversized pantry, chef's stove, 2 ovens and elegant quartz countertops. It seamlessly flows into a cozy family room, creating an open-concept space perfect for gatherings. Upstairs you will find the large loft perfect for movie nights and 3 generously sized bedrooms with walk in closets and one bedroom with an attached bathroom. On the first floor the primary suite is a true retreat, complete with an en-suite bathroom featuring a walk-in shower, dual vanities and a dressing table. The fifth bedroom, also on the first floor, is the perfect retreat for guests with access to a semi-private bathroom. Step outside to your private oasis! The travertine tile patio is perfect for outdoor dining and lounging, overlooking a sparkling pool that promises endless summer fun. The beautifully landscaped yard offers a serene escape, perfect for both relaxation and entertaining guests. Additional features include a three car tandem garage, a spacious laundry room and a separate entry from the garage. This meticulously maintained home is move-in ready, offering a luxurious lifestyle in a sought-after location minutes away from Queen Creek Marketplace, area dining and quick access to local freeways. Neighborhood amenities include 2 large parks, green space, community grills, pickle ball and basketball courts. Don't miss the opportunity to make this exceptional property your own! This home is agent-owned.

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1195 W Laredo Avenue Gilbert, AZ 85233

$739,000

5 Beds

3 Baths

3,255 SqFt

Status Active Under Contract

MLS # 6712328

Property Type Single Family Residence

Price Type --

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4602 Mountain Gate Circle Lakeside, AZ 85929

$739,000

3 Beds

2 Baths

2,877 SqFt

Status Active

MLS # 6726744

Property Type Single Family Residence

Price Type --

Look no further! This is your stunning custom dream home in the White Mountains of AZ! Big open living room with T & G ceilings, rock accented pellet stove and built in shelving. Split floor plan features large primary bedroom with private deck. Primary bath has a garden tub and walk in shower. Two guest rooms one with access to back deck and yard, Central A/C and heat. Huge covered back deck with T & G ceilings to enjoy the four seasons and family entertaining. Covered front deck to enjoy morning coffee. Exclusive gated Mountain Gate subdivision that features a private pond with waterfall, walking and biking paths along a private creek.

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626 E Palomino Drive Gilbert, AZ 85296

$739,000

4 Beds

3 Baths

2,026 SqFt

Status Active

MLS # 6716784

Property Type Single Family Residence

Price Type --

NO HOA. FULLY REMODELED. Beautiful crafted home with gorgeous views! A huge park beside and behind, with basketball court, sand volleyball, kids playground, covered benches and tables. BRAND NEW 2024: shingled ROOF, dual pane WINDOWS, LVP wood FLOORING, GE Cafe Series APPLIANCES, KITCHEN including new cabinets/quartz countertops/porcelain tile backsplash, BATHROOMS fixtures/plumbing/tile, designer LIGHTING, ELECTRICAL, PLUMBING, ''easy to maintain'' LANDSCAPE, extended PATIO. Furniture available on a separate ''bill of sale''. Bonus room can be converted to 4th bedroom at buyer's request.

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2402 W Cj Drive Flagstaff, AZ 86001

$739,000

3 Beds

2.5 Baths

2,128 SqFt

Status Active

MLS # 6748951

Property Type Single Family Residence

Price Type --

Impeccable, spacious home has a beautiful open floor plan & shows like a model. That gorgeous furniture? It's all included! 9-ft ceilings; huge windows; large, great room & dining area; the private courtyard & the lemonade worthy front porch make it perfect for entertaining. Loaded w upgrades including wood-look Tile & Vinyl floors, stainless appliances, granite counters & maple cabinets. Walk-in closets in every bedroom. Primary has 2 closets & oversized walk-in tiled shower. Ample storage w closet under the stairs. Air Conditioning of course! Don't forget the car charger in the garage. Only a 1 minute walk to the park. Truly a turnkey home!

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1239 E Kramer Circle Mesa, AZ 85203

$739,000

5 Beds

3 Baths

2,781 SqFt

Status Active

MLS # 6741871

Property Type Single Family Residence

Price Type --

Discover this exquisite 5-bedroom, 3-bath residence on a peaceful cul-de-sac! You're greeted by fantastic curb appeal boasting a 3-car garage, an extended driveway, an immaculate front yard with stone accents. The living/dining room welcomes you with a soothing palette, plantation shutters, and attractive wood-look flooring. The great room features soaring ceilings and a cozy fireplace. Sliding doors open to a beautifully landscaped backyard with an inviting pool and putting green. The chef's kitchen is equipped with granite counters, abundant white cabinetry with crown moulding, mosaic tile backsplash, stainless steel appliances, pantry, and an island with breakfast bar. The main bedroom offers clerestory windows for natural light, an ensuite with dual sinks, and a walk-in closet. Outside, the covered patio, putting green, and refreshing pool create an enchanting oasis. Make this gem yours today!

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