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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26702 W Sierra Pinta Drive Buckeye, AZ 85396

$737,777

2 Beds

2 Baths

2,023 SqFt

Status Active

MLS # 6657937

Property Type Single Family Residence

Price Type --

A MILLION DOLLAR VIEW WITH A HOUSE THROWN IN! THIS ONE OF A KIND HOME W/4 FT GARAGE EXT FEATURES $124,000 IN BUILDER UPGRADES & OVER $135,000 IN SELLER UPGRADES! Fabulous open concept floor plan offering Sweeping golf course and mountain views. Gathering space showcases a full wet bar & media wall w/fireplace. Highly upgraded Lux kitchen layout w/huge kitchen island/seating. The master en-suite is complete with bay window offering panoramic views, spa tile surround shower, & large walk-in closet. Den/flex room has french doors & custom murphy bed. An inviting 2nd bedroom w/adjacent bath for guests. The utility room has upper/lower cabinets & office niche. Enjoy outdoor living on your covered patio overlooking your beautiful water feature, fire pit, outdoor kitchen and stellar views!

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4192 E Carriage Way Gilbert, AZ 85297

$737,000

4 Beds

3 Baths

2,870 SqFt

Status Active

MLS # 6754171

Property Type Single Family Residence

Price Type --

** BEAUTIFUL SINGLE-LEVEL 4 BEDROOM/3 FULL BATH HOME -- SITUATED ON A SPACIOUS CORNER LOT IN DESIRABLE POWER RANCH ** You will Love Coming Home to this Wonderful Property, which features a Split Floorplan (Bedrooms are located in Separate Wings (More than One Secondary Bedroom would make a Great Guest Room, with Easy Access to a Full Bath) ** Large Eat-in Kitchen includes both a Walk-In Pantry & a Butler's Pantry ** Spacious Family Room with Gas Fireplace and Built-in Office Space ** Interior Laundry Room with Cabinets & Utility Sink (and includes the Washer and Dryer) ** Three Car Garage plus Extra Storage Space ** Large Covered Patio in the Landscaped Rear Yard ** Enjoy all of the Amazing Power Ranch Amenities: Pools, Spa, Parks/Greenbelts, Lake, Walking Paths, Clubhouses & More!! **

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2024 N Miller Road Scottsdale, AZ 85257

Open House

$737,000

4 Beds

2 Baths

2,200 SqFt

Status Active

MLS # 6701877

Property Type Single Family Residence

Price Type --

Come check out open floor plan home Pool & RV Gate. With an amazing back yard ready to entertain. This fully remodeled property. Features new roof, new windows, new flooring, new kitchen, and new restrooms. Waterfall island modern kitchen, recess lighting, new plumbing fixtures, new toilets, new ceiling fans. Home is basically new.

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22972 E Twin Acres Drive Queen Creek, AZ 85142

$736,990

4 Beds

3 Baths

2,836 SqFt

Status Active

MLS # 6739408

Property Type Single Family Residence

Price Type --

Brand new phase!. This home features a fantastic game/bonus room and is conveniently located to all that Queen Creek has to offer. Minutes from the brand new Costco, Schnepf Farms, Queen Creek Market Place and the Queen Creek Olive Mill.

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22657 E Happy Road Queen Creek, AZ 85142

$736,889

4 Beds

3.5 Baths

3,077 SqFt

Status Active

MLS # 6733054

Property Type Single Family Residence

Price Type --

This is a brand new Quick Start Home under construction in Queen Creek, with a Desert Modern Elevation. The Mint plan includes 4 bedrooms, 3.5 baths, 4 car garage. Gourmet Kitchen appliances that include a gas cooktop with a built-in oven/microwave and dishwasher. Move-in anticipated for October/November. Included in the Emerald Collection are 10 foot ceilings, 8 foot interior doors and paver driveway and paver courtyard. Please ask about our special financing incentives with Mattamy Home Funding.

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908 W Superstition Dr Drive Queen Creek, AZ 85140

$736,743

3 Beds

2.5 Baths

2,748 SqFt

Status Active

MLS # 6760460

Property Type Single Family Residence

Price Type --

NEW Palo Verde COMMUNITY! Inviting 3 bed 2.5 bath plus Den single level home with 10' ceilings that you are sure to fall in love with. Chefs' paradise featuring gourmet kitchen w/ stacked cabinets, quartz countertops, high end appliances & a Morning Kitchen/Butler's Pantry. The primary bedroom is very spacious, and the primary bath features a very large walk-in shower that is a must see. Plus, a 4 CAR TANDEM GARAGE! Amenities galore at North Creek including pool, outdoor fireplace, BBQ's, basketball & pickleball courts, Parks & playgrounds, walking paths, exercise stations & a nature sensory park! Home is under construction and should be complete Dec/Jan

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44533 N 44th Drive Phoenix, AZ 85087

$736,122

4 Beds

2.5 Baths

2,745 SqFt

Status Active

MLS # 6723527

Property Type Single Family Residence

Price Type --

This gorgeous split foor plan with entry courtyard boasts 4 bedrooms/2.5 baths. Gorgeous grey plank flooring with white cabinets, modern backsplash and quartz countertops. Open floor plan with retreat and flex room. Ready for move in. Must see!!

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24409 W Morning Vista Lane Wittmann, AZ 85361

Open House

$735,950

4 Beds

2 Baths

2,140 SqFt

Status Active

MLS # 6748086

Property Type Single Family Residence

Price Type --

This Sante Fe Territorial style 4 BD/2 BA home is perfectly situated on 1 acre offering panoramic mountain views with a North/South exposure. Completed in 2021. Great curb appeal, extended drive, added pavers and a ciruclar pull through. The front porch is welcoming and extended. Open Concept with tons of natural light. Great Room. New LVP flooring. Chef's kitchen with top notch finishes throughout! BK nook! Custom interior paint. Media wall features custom accent with linear fireplace. The Primary Suite is spacious with separate tub/shower, dual sinks, walk-in closet and private entrance leading to the patio. NO HOA! Bring your Horses & Toys! 3 Car Garage w/ storage, RV gate, Two exterior RV hook ups with 30 AMP, water and drains. Storage Shed with Roll up door. New high school nearby.

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22435 W Bobwhite Way Wittmann, AZ 85361

$735,000

3 Beds

2.5 Baths

2,526 SqFt

Status Active

MLS # 6661398

Property Type Single Family Residence

Price Type --

FINAL OPPORUNITY! FINANCE INCENTIVES RATE BUYDOWN FIXED 4.875% JUST UNDER ONE-ACRE! NEW HOME, October move in! 2526sqft single level home, 3-bedroom, Flex, 2.5 bath. 3 car tandem plus attached RV garage 15x52 w/ 10X10 at rear of RV garage. Spacious open kitchen, 42'' cabinets, quartz countertops, extended kitchen island, gourmet stainless steel appliances, large owner's suite with impressive walk-In shower all tile and more! Privacy, privacy, privacy! Surprise Estates features quality new homes on just under one-acre homesite with attached RV garage, bring all your toys!! Pristine desert surroundings make Surprise Estates the ultimate sanctuary. We are located just outside the city of Surprise, with quick access to major freeways and less than 30 minutes from Lake Pleasant

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1277 S Hunter Creek Drive Payson, AZ 85541

$735,000

3 Beds

2 Baths

1,828 SqFt

Status Active

MLS # 6737973

Property Type Single Family Residence

Price Type --

Come to the cabin! This half log sided home is nestled in the gated Hunter Creek subdivision, located in the Christopher Creek area about 25 miles east of Payson. This home has lots of windows letting in the perfect amount of natural light. Watch lots of wildlife from the comfort of your porch, this home boarders USNF. At about 6000 feet in elevation you will enjoy the cool summers and mild winters!

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19080 E Oriole Way Queen Creek, AZ 85142

$735,000

6 Beds

4.5 Baths

4,083 SqFt

Status Active

MLS # 6692444

Property Type Single Family Residence

Price Type --

Nestled within the serene Cortina neighborhood of Queen Creek, discover this captivating residence. Boasting a convenient RV gate and proximity to esteemed schools, parks, dining options, and more, this home offers a lifestyle of ease and accessibility. Step inside to find a thoughtfully designed floor plan featuring a first-floor junior suite, a second-level loft, and an executive office, all bathed in natural light. Ascend to the upper level to retreat to the spacious primary suite, complete with a private balcony overlooking scenic views. With an expansive 4-car garage, this home effortlessly caters to your needs. Outside,the backyard beckons with its grass landscape and covered patio, perfect for outdoor relaxation and recreation.

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40805 N Harbour Town Way Anthem, AZ 85086

$735,000

2 Beds

2.5 Baths

2,372 SqFt

Status Active

MLS # 6748535

Property Type Single Family Residence

Price Type --

Anthem Country Club ~ Original owner has meticulously maintained this 2 bedroom, den, 2.5 bath as a second home! Enjoy the fantastic golf course and mountain views from the elevated sitting area under the pergola. Backyard also features a built-in BBQ, gas firepit and covered patio. Other updates include quartz counters in kitchen and baths, contemporary white cabinets with pullouts, flattened kitchen peninsula, built-ins in den, built-ins in primary bedroom walk-in closet, water softener and filtered drinking water. Kitchen includes gas cooktop and wall ovens. Refrigerator, washer & dryer included. Primary bath offers walk-in shower, dual sinks and walk-in closet. Custom window treatments. Extended length garage and cabinets for additional storage. New exterior paint 2023.

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