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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24275 N 160th Avenue Surprise, AZ 85387

$649,900

5 Beds

4.5 Baths

3,444 SqFt

Status Active

MLS # 6764923

Property Type Single Family Residence

Price Type --

MOVE IN READY, BRIGHT GREAT ROOM PLAN , QUICK CLOSE!! 5 BEDROOM PLUS LOFT, 4.5 BATH , 3 CAR GARAGE 9'CEILINGS, GOURMET KITCHEN LAYOUT, UPGRADE CABINETS , QUARTEZ KITCHEN TOPS, SPA SHOWER IN MASTER BATH, LUXURY VINYL FLOORING. 2'WHITE BLINDS, CEILING FANS, FRONT YARD LANSCAPING COMPLETED, ENERGY STAR QUALIFIED HOME, INDOOR AIR PLUS. A SHORT DISTANCE FROM THE COMMUNITY POOL AREA, PICNIC AREA, TOT LOTS, BASKETBALL, PICKLE BALL COURTSAND SO MUCH MORE.

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8301 W Escuda Drive Peoria, AZ 85382

$649,900

3 Beds

2 Baths

2,307 SqFt

Status Active Under Contract

MLS # 6772531

Property Type Single Family Residence

Price Type --

This gorgeous single-level home in a peaceful cul-de-sac is the one for you! Enter through the custom double doors to find a living room that beckons you to unwind and a formal dining room ready to hold special occasions. The kitchen is equipped with built-in appliances, granite counters, a center island, a breakfast bar, and a breakfast nook perfect for casual dining. The primary bedroom boasts direct outdoor access, an ensuite with dual sinks, a walk-in shower, and a huge closet. Venture outside to discover a sizeable low-maintenance backyard with a covered patio, hot tub, and a refreshing pool. This community includes restaurants, AWARD WINNING golf courses, Activity Center, library, pickleball courts and exercise facility to name a few. Join some clubs and watch your calendar fill up!

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15045 N 20th Place Phoenix, AZ 85022

$649,900

3 Beds

2 Baths

1,537 SqFt

Status Active

MLS # 6776568

Property Type Single Family Residence

Price Type --

welcome to this gem in the desert overlooking the city with stunning mountain views. rare remodeled from top to bottom and professionally designed home with attention to detail. home is also available for rent or lease purchase. owner agent with fast answers.

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3540 N Sonoran Hills Mesa, AZ 85207

$649,900

5 Beds

3 Baths

2,475 SqFt

Status Active

MLS # 6780637

Property Type Single Family Residence

Price Type --

Experience upscale living in an award-winning gated community offering an extensive list of amenities such as pickleball & tennis courts, a beautiful boutique-style spa & fitness center, numerous parks & trails, and a world-class golf course. This gorgeous 5-bedroom home features vaulted ceilings, abundant natural light, and spacious kitchen with center island and SS appliances. With an open layout, neutral color palette, and modern finishes, this home gives off a refined sophistication. Retreat upstairs to your luxurious primary suite with covered walk-out balcony to enjoy the beautiful Arizona sunsets. With one bedroom and full bath on first floor and 3 additional bedrooms on the second floor, this home is flexible and functional, as well as elegant. 2021: New laminate wood flooring in upstairs hallway, master bedroom and upstairs south-facing bedroom; kitchen water filtration system installed; new range, refrigerator, and washer/dryer. 2023: UV safe tint on Western facing windows; new dishwasher and microwave.

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349 E Atlantic Drive Casa Grande, AZ 85122

$649,900

6 Beds

3.5 Baths

2,671 SqFt

Status Active

MLS # 6780941

Property Type Single Family Residence

Price Type --

This impressive FULTON home boasts a full basement and solar panels, nestled in a resort-style lake community on over a quarter-acre lot. The residence includes four bedrooms and 2.5 bathrooms in the main living area, as well as two additional bedrooms, a full bathroom, and a bonus room in the basement. Evident pride of ownership shines throughout the property. Updates include new flooring in 2023 and a new gas stove. The backyard is an oasis with lush fruit trees, a built-in BBQ, and ample space for a potential pool.

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14200 W Village Parkway Unit 2254 Litchfield Park, AZ 85340

$649,900

2 Beds

2 Baths

1,723 SqFt

Status Active

MLS # 6781698

Property Type Townhouse

Price Type --

Ready to tee off into the ultimate lifestyle? Cachet at the Wigwam offers an unbeatable value, perfectly located on the 10th hole of the Red Course with stunning golf course views. Step inside to find elegant flooring, soft neutral tones, and a versatile den that offers endless possibilities. The stylish kitchen features large cabinets with crown molding, a tile backsplash, quartz countertops, matching appliances, and a breakfast bar. The primary suite includes a tiled shower, dual sinks, and a spacious walk-in closet. Unwind on the covered patio, taking in the beautiful Arizona evenings under the firepit and breathtaking scenery. Fantastic amenities include a pool, clubhouse, and fitness center. This is AZ outdoor/indoor living at its finest!

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2474 E Westchester Drive Chandler, AZ 85249

$649,900

4 Beds

2.5 Baths

2,884 SqFt

Status Active

MLS # 6782548

Property Type Single Family Residence

Price Type --

LOCATION LOCATION LOCATION! SELLER SPENT $$$$$$ TO REMODEL THE HOUSE, VERY CLEAN AND NICE AND THE BEST QUITE NEIGHBORHOOD

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937 N Vale Street Mesa, AZ 85201

$649,900

4 Beds

3 Baths

3,227 SqFt

Status Active Under Contract

MLS # 6782626

Property Type Single Family Residence

Price Type --

This expansive 3,227 sq ft ranch-style home sits on a generous 17,960 sq ft lot, offering the perfect blend of indoor and outdoor living. Located just minutes from Arizona State University (ASU), Old Town Scottsdale, Sloan Park (home of the Chicago Cubs), and Sky Harbor Airport, you'll enjoy the convenience of being close to great shopping, dining, and entertainment, with easy access to the 202 and 101 freeways. The home features 4 spacious bedrooms and 2.5 bathrooms, with a den that includes custom built-in cabinets. The family room is warm and inviting, centered around a cozy brick fireplace—a perfect spot for family gatherings. The formal dining room boasts elegant wood floors, while the living room features built-in cabinets, adding both character and functionality to the space. Outside, the large private backyard is a true retreat. Enjoy the inviting pool, complete with a custom hydraulic pool cover and a shade structure, making it perfect for relaxing or entertaining. There's also an outdoor shed for additional storage, ideal for tools or gardening supplies. The Arizona Room, with windows that open to the outdoors, brings in plenty of natural light, further enhancing the home's seamless connection to its serene surroundings. This property is an exceptional find, offering ample space, comfort, and a highly sought-after locationperfect for those who want to experience the best of Mesa's living with a private backyard oasis.

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16036 W Sandia Park Drive Surprise, AZ 85374

$649,900

2 Beds

2 Baths

2,273 SqFt

Status Active

MLS # 6733325

Property Type Single Family Residence

Price Type --

Beautifully remodeled Windrose model with too many updates to list here. Triple garage and large fenced yard. Very modern colors with floating custom media wall. Vinyl flooring, granite counter tops, newer Stainless appliances, under cabinet kitchen lighting, inside laundry, pavers and cool decking on the back patio and fenced front courtyard. HVAC system replaced in 2018. Outside painted recently; newer PVC irrigation with drip system and new control box. Newer sinks, lighting and painted cabinets throughout - plus so much more.

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11910 E Amanda Road Gold Canyon, AZ 85118

$649,900

3 Beds

2 Baths

1,987 SqFt

Status Active

MLS # 6753721

Property Type Single Family Residence

Price Type --

A MUST SEE Home in Gold Canyon. Photos don't do justice to this charming 3 bedroom 2 bathroom newer home located in Gold Canyon. Enjoy your time on the front patio morning or night. Inside you will find the 2 additional bedrooms (one with murphy bed) to the right and office to the left. Continuing, the beautiful tile floor leads you into a spacious entertainers kitchen. Kitchen features stainless steel appliances, wall ovens, quartz counter tops, island and dark cabinets. Kitchen opens up to family room which has stunning views. Main bedroom is located off of the family room in the back of the house. Backyard features artificial turf, easy to maintain landscaping and a great space to host!

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4497 S Watauga Drive Gilbert, AZ 85297

$649,900

3 Beds

2 Baths

2,324 SqFt

Status Active

MLS # 6785256

Property Type Single Family Residence

Price Type --

Pride of ownership shines through in one of Gilbert's most sought-after communities! This split floorplan truly appeals to everyone—and I mean everyone. With tile flooring throughout and abundant storage, this home sits proudly on a corner lot, offering an extended covered patio, mature trees, and a ready-to-plant garden. Inside, the open kitchen invites you to entertain, with ample space for gatherings big and small. The centrally located den adds versatility, perfect for a game room or home office. This home is a must-see for those ready to embrace both comfort and community!

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18412 N 48th Place Scottsdale, AZ 85254

$649,900

3 Beds

2 Baths

1,659 SqFt

Status Active

MLS # 6786173

Property Type Single Family Residence

Price Type --

Welcome to Belmont at Triple Crown! This perfect 3-bedroom, 2-bath home offers a convenient lifestyle in the heart of a desirable gated community. Step into a spacious, open-concept floor plan perfect for entertaining with natural light that highlights every room. Enjoy Arizona's sunny days and beautiful evenings by the private pool, ideal for relaxation listening to the fountain or hosting poolside get-togethers .Resort-Style Amenities: Take advantage of the community pool, spa, fitness center, and clubhouse—all just steps away within this exclusive 85254 neighborhood. Prime Location: Located in Scottsdale, close to top-rated schools, shopping, dining, and more.

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