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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29809 N 170th Street Rio Verde, AZ 85263

$738,777

2 Beds

2 Baths

1,800 SqFt

Status Active

MLS # 6754701

Property Type Single Family Residence

Price Type --

This 2 plus acre horse property is a must see. The moment you walk trough the front door you will be amazed with the beautiful Mountain views, the fully fenced yard with turf for privacy and pets. then you will notice the custom barn boasting 3 16x16 stalls, and two huge turnouts that can be used as one great paddock. The detached two stall garage has a potential Casita/apartment. This is one of the homes that has the agreement completed with Scottsdale and Epcor water. The water bill with horses, 2 dogs, 3 people has been averaging 250 a month, for the summer and is less in the winter. Also no flood insurance needed, because the buildings are not in the floodplain. Info in attached documents Owner occupied - Seller is a licensed Realtor in the State of Arizona. owner/agent.

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34284 N Sandpiper Trail Queen Creek, AZ 85144

$738,431

3 Beds

3 Baths

2,770 SqFt

Status Active

MLS # 6726623

Property Type Single Family Residence

Price Type --

Welcome to this stunning home in Emblem at Oro Ridge, you will love the charming courtyard and 3 car tandem garage! Boasting 3 bedrooms, a hobby room, a den, and designer touches throughout this home is a dream. The Gourmet kitchen is gorgeous with Quartz countertops, stacked shaker cabinets, stainless steel gas appliances, under cabinet lighting, and upgraded waterfall kitchen island. Plus matte black fixtures, upgraded doors and baseboards, upgraded electrical and low voltage, and wood floors in main areas. The primary suite is spacious with a lavish ensuite featuring a dual sink vanity and a walk-in tiled shower. The backyard offers an expansive covered patio! Do not miss out on this home!

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5471 N 83rd Drive Glendale, AZ 85305

$738,300

4 Beds

2.5 Baths

2,210 SqFt

Status Active

MLS # 6741008

Property Type Single Family Residence

Price Type --

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2426 E Alta Vista Road Phoenix, AZ 85042

$738,200

4 Beds

3.5 Baths

2,599 SqFt

Status Active

MLS # 6580917

Property Type Single Family Residence

Price Type --

Welcome home to the highly sought after Arbors Community (Firwood) floorplan. 4 bedrooms, 3.5 baths Plus a Den or 5th bedroom. Easy access with first floor Primary Bedroom and Den/5th bedroom, vaulted ceilings, 3 upper bedrooms, open concept. Designer features throughout the home, including a chef kitchen, upgraded tile and carpet. Energy-efficient, paver driveway, large covered patio with walkway, finished yard backing to the greenbelt. Easy access to freeways, downtown events and the airport

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4422 N 75th Street Unit 2003 Scottsdale, AZ 85251

$738,000

2 Beds

2 Baths

1,209 SqFt

Status Active

MLS # 6760275

Property Type Apartment

Price Type --

Stunning 2nd Floor Condo with Expansive Private Balcony at the Coveted ENVY Condominiums in the heart of Old Town Scottsdale. Experience the luxury of 24 hour front desk service and secured underground parking for two vehicles. This beautifully designed 2 bedroom, 2 bathroom condo features a spacious walk in closet and a cozy nook area with an additional closet, ideal for a home office. Enjoy contemporary decor with 5 inch wood flooring and shades throughout (blackout shades in the bedroom). The kitchen boasts Poggenpohl cabinetry, quartz countertops, and high end Bosch appliances, along with a washer and dryer for your convenience. Take advantage of exceptional amenities, including a 4000 sq ft state of the art fitness center, the exclusive Black Label Lounge, and a pool area featuring a heated infinity pool and spa, complete with a 200 inch TV! All of this is just a short walk from the vibrant offerings of Old Town Scottsdale. This condo is perfect for either a primary residence or a second home. ENVY Residences was designed with an emphasis on quality and luxury amenities, featuring durable steel and concrete construction that sets it apart. The facilities are impeccably maintained, and the full sized gym is truly impressiveyou have to see it to believe it! Old Town Scottsdale is one of the few truly walkable communities in the Phoenix area, rich in culture and nightlife. The property is conveniently located within walking distance to everything you need! The HOA covers all utilities except for electric and internet/cable. We know you will fall in love with this property. Please reach out for more information!

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20078 W Campbell Avenue Buckeye, AZ 85396

$737,980

3 Beds

2.5 Baths

2,492 SqFt

Status Active

MLS # 6754489

Property Type Single Family Residence

Price Type --

The Ascent features 10' ceilings, 3 Bedrooms, Super laundry room, Game Room, 2 1/2 Bathrooms with an open Great Room design! Your home is LEED certified, including open-cell spray foam exterior walls and cathedral ceiling open-cell foam, plus the Rheia HVAC system combined to create a comfortable living space and a bonus of saving on your energy costs! Your Kitchen will have beautiful quartz countertops, stunning white painted cabinets, as well as Stainless Steel Kitchen appliances. Your floors will have a gorgeous 7X48'' LVP throughout and plush carpet in the bedrooms. Take a step outside to your very impressive, oversized covered patio and private backyard! This home in Award-Winning ''Verrado'' is a must see! Ready NOW! Mailing address for this house is Litchfield Park, 85340

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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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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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