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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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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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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18653 N 259th Avenue Buckeye, AZ 85396

New

$735,000

2 Beds

2 Baths

2,077 SqFt

Status Active

MLS # 6764899

Property Type Single Family Residence

Price Type --

WOW! WHAT A VIEW! This 2-bed, 2-bath, plus den Pursuit model backs up to State Trust Land offering unobstructed views of the natural desert and White Tank Mountains. This homesite is a rare find...not many like it exist. Plus, the home is packed with custom, non-builder upgrades contracted through the owner. The attractive kitchen includes custom white cabinets, Mexican tile backsplash and premium stainless-steel appliances. The expanded owner's suite features custom bath cabinetry, countertops, fixtures and a frameless glass low-threshold shower. The den is highlighted with built-in shelving and cabinetry. The extended garage includes built-in storage cabinets. The backyard patio is a relaxing paradise, with incredible views, Saltillo tile, firepit and outdoor kitchen with refrigerator.

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35711 N 136th Place Scottsdale, AZ 85262

$735,000

3 Beds

2 Baths

1,824 SqFt

Status Active

MLS # 6763301

Property Type Single Family Residence

Price Type --

Welcome to this stunning Morgan Taylor built home, located in the highly coveted subdivision of Rio Verde Foothills.. This home offers 360 degrees of breath-taking views and is situated to show off Four Peaks from the back patio. With extensive upgrades throughout the home and backyard, its perfect for any entertainment needs. This is a turn-key home and is move in ready for anyone who wants a quiet and private location. You will be surrounded by a plethora of mountain biking trails, hiking, off-road trails, and gorgeous national forrest just minutes away. This home is Grandfathered into EPCOR Water Rights making it a smooth transition for new owners, eliminating any hauled water issues or fees associated with entering in-to EPCOR agreements.

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6911 E Russell Street Mesa, AZ 85207

$735,000

4 Beds

3 Baths

2,206 SqFt

Status Active

MLS # 6756635

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bedroom, 2.75-bath home, nestled in the desirable Las Sendas community of Mesa, Arizona. Built in 2019, this modern gem offers 2,206 square feet of beautifully designed living space. The home features a gorgeous custom kitchen, perfect for culinary enthusiasts and entertaining guests. Enjoy the privacy and security of a gated community while benefiting from the serene surroundings and exceptional amenities that Las Sendas has to offer. This property combines contemporary elegance with a welcoming atmosphere, making it an ideal choice for those seeking a comfortable and stylish living experience.

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14052 N 58th Street Scottsdale, AZ 85254

$735,000

3 Beds

2 Baths

1,408 SqFt

Status Active

MLS # 6760918

Property Type Single Family Residence

Price Type --

Sellers have spared no expense in updating/upgrading/adding custom features at this home, including kitchen, bathrooms, flooring, lighting, fans, closets, paint, Dual pane windows, 16 seer hvac, water heater, reverse osmosis water system, front security door, window coverings, appliances and water softener to start. Open great room floorplan. BONUS: oversized heated & cooled 345 SQ FT GARAGE w/upgraded electrical system and CASITA POTENTIAL. PLUS detached insulated/drywalled tuff shed with lighting/electric for workout rm or office. PLUS, Garden Tuff shed with lighting/electric. Extended patios including remote controlled polar shades. Private and shaded 2024 hot tub. Manicured and private artificial turf rear yard with puppy palace or catio backs to wash. RV gate w/electric opener too!

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18256 N 75th Avenue Glendale, AZ 85308

$735,000

3 Beds

3 Baths

2,896 SqFt

Status Active

MLS # 6738094

Property Type Single Family Residence

Price Type --

Discover this inviting home on a nearly half-acre lot in the coveted Hidden Manor neighborhood! With plenty of space for creative updates, this property is a blank canvas ready for your personal touch. Enjoy the expansive pool and exclusive shared access to a tennis court, perfect for active lifestyles and community fun. Hidden Manor offers a welcoming atmosphere and a strong community spirit. Don't miss this opportunity! Additional photos available!

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7221 E Eclipse Drive Scottsdale, AZ 85266

$735,000

3 Beds

2 Baths

1,856 SqFt

Status Active

MLS # 6763932

Property Type Townhouse

Price Type --

EFFORTLESS LIVING + ABUNDANCE IN LIFESTYLE + UNBEATABLE LOCATION!!! Experience the best of North Scottsdale living in this newly redesigned home in the exclusive gated community Solstice at Sevano! A community offering resort style living, nearby amenities and surrounding picturesque mountain vistas. Widely popular single level open floor plan with current interior design elements, natural light and tastefully furnished. Recent upgrades include fresh interior paint (2024), luxury vinyl plank floors (2020), HVAC (2017/2018) and water heater (2019). The outdoor area is a private sanctuary for tranquil enjoyment and relaxation. The professionally landscaped outdoor retreat offers a covered patio, extended patio pavers, seating areas, landscape lighting details and serene water feature... This gated community embodies a resort enclave with community heated pool & spa, BBQ area, covered ramada with fireplace and patio space for relaxing and entertaining. Located in the heart of N. Scottsdale, within minutes to world-class events like Barrett-Jackson Auto Show, Waste Management Phoenix Open, Scottsdale Arabian Horse Show and more. Other surrounding conveniences include Scottsdale Quarter, Kierland Commons, Market Street at DC Ranch, golf, hiking, biking trails and so much more! ** Furniture can be available on a separate bill of sale, excluding staging pieces**

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6925 E Paradise Lane Scottsdale, AZ 85254

$735,000

3 Beds

2 Baths

1,716 SqFt

Status Active Under Contract

MLS # 6760370

Property Type Single Family Residence

Price Type --

Welcome home to this gorgeous single level home featuring 3 bedrooms and 2 bathrooms in the heart of Scottsdale. This home offers a open layout and is withing walking distance to Scottsdale Kierland. The primary bedroom is oversized with a walk in closet and exterior access to the amazing backyard featuring a gorgeous pool. The backyard features several areas for entertaining with a covered patio and large grass area. This neighborhood offers the convenience of shopping, nearby golf, restaurants and easy access to the 101.

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1774 N Spring Valley Road Parks, AZ 86018

$735,000

3 Beds

2 Baths

1,525 SqFt

Status Active

MLS # 6716760

Property Type Single Family Residence

Price Type --

Cool serene mountain retreat nestled in the heart of Parks north of the I-40. Just 15 minutes west of Flagstaff, this well maintained craftsman style home is on a level lot with mature pines and gorgeous landscaping throughout the one acre plus property. This original owner lovingly crafted the beautiful and timeless woodwork throughout this home including the one of a kind staircase. This custom and remodeled home has upgraded windows, doors, electrical, plumbing and insulation. The kitchen has unique design elements with a pantry complete with all pull out drawers for convenience. Three cozy bedrooms with large view windows for night time star gazing from the comfort of your bed. There is a bonus room perfect for another bedroom, or for gaming or movie night. Two multi purpose workshops have enormous amounts of storage for all your crafting, outdoor equipment and sports gear. Outside are charming outdoor entertainment areas with both open and covered decks for parties or bird watching. Lovely fire pit and both a hot tub and dry sauna for those cool mountain evenings . There is plenty of room for volleyball and badminton. Close access to forest service land for off road vehicles and hiking trails. Close enough for easy access to the I-40 but far enough from any highway noise on county maintained roads. Also close to 2 stores, deli, restaurant, post office and a highly rated elementary school. This one is true Country Living at its Best!!

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