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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13600 N Fountain Hills Boulevard Unit 903 Fountain Hills, AZ 85268

Open House

$624,900

3 Beds

3 Baths

2,196 SqFt

Status Active

MLS # 6699821

Property Type Townhouse

Price Type --

Welcome to your dream home nestled in the gated community of La Strada, offering not just a residence, but a lifestyle. This meticulously crafted abode boasts 3 bedrooms and 3 bathrooms spread across a spacious 2196 square feet. Upon entering, you'll be greeted by breathtaking mountain views that serve as the backdrop to your everyday life. The home exudes elegance and modernity with remodeled bathrooms and kitchen featuring updated cabinets, luxurious Quartz countertops and no-fingerprint stainless steel appliances that elevate your culinary experience. The 2-car epoxy floor garage not only provides ample space for your vehicles but also offers convenient storage solutions. Inside, the living space is adorned with updated flooring and an inviting electric fireplace, perfect for cozy... evenings with loved ones. The primary suite is a sanctuary unto itself, boasting a huge rain glass shower and no-slip oversized tile, along with meticulous organized closets featuring built-in storage solutions. For the connoisseur, a built-in wine refrigerator awaits, while the custom coffee bar ensures your mornings are off to a delightful start. The kitchen features a sleek graphite sink, adding a touch of sophistication to your culinary endeavors. Entertaining is a breeze with a powder room showcasing a custom driftwood countertop and vessel sink. Additionally, the she-shed offers versatile space that can be transformed into an office, fitness area, or craft space, catering to our every need. Beyond the confines of your home, the gated community of La Strada offers resort-style amenities, including a pool. Centrally located, you're just a short walk or drive away from shopping, restaurants, and the famous fountain, allowing you to indulge in the vibrant lifestyle this community has to offer.

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41216 N Prestancia Drive Anthem, AZ 85086

Open House

$624,900

3 Beds

2 Baths

2,082 SqFt

Status Active

MLS # 6764616

Property Type Single Family Residence

Price Type --

Fall in love with this wonderfully upgraded and updated Telluride model in Anthem Country Club. Wonderful floor plan with multiple entertaining spaces. Enter the home from the front courtyard to a cozy living room and formal dining room. Kitchen has it all with tons of cabinets, beautiful granite counter tops and awesome island/breakfast bar. Main bath has been remodeled and is a must see and the secondary bath has granite counters and dual sinks. The family room off the kitchen and is where everyone hangs out and you can exit to the wonderfully landscaped backyard with built in BBQ and beautiful golf, mountain and sunset views awaiting you!! This home is the perfect size for full time living or locks and leave for the summer. Cozy up to the outdoor fireplace on an elevated patio to watch the magical AZ Sunset! WELCOME HOME! Anthem Country Club is home to two 18 hole championship golf courses with two restaurants, 2 work out rooms, 2 pools, tennis, pickle ball, bocce ball and lots of fun people!

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4690 Sidekick Drive Wickenburg, AZ 85390

$624,500

2 Beds

2.5 Baths

2,150 SqFt

Status Active

MLS # 6748703

Property Type Single Family Residence

Price Type --

Nestled in picturesque Wickenburg Ranch, on a corner lot, this exquisite home offers a perfect blend of modern amenities and serene desert living, with an open floor plan; featuring 2 spacious bedrooms, 2.5 well-appointed bathrooms, with sizeable den/office space. The upgraded kitchen has a large island with ample seating, state-of-the-art appliances, and extended counter space and cabinets. Custom shutters adorn the windows providing both privacy and an elegant touch to the home's interior. Indoor outdoor stereo speakers. A fully fenced yard where the backyard is perfect for both relaxation and entertaining with beautiful desert landscaping and a sparkling pool to create a tranquil retreat. This home is a true gem in Wickenburg Ranch, offering a lifestyle of comfort & convenience.

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15221 N Clubgate Drive Unit 1023 Scottsdale, AZ 85254

$624,500

2 Beds

2 Baths

1,401 SqFt

Status Active

MLS # 6768194

Property Type Apartment

Price Type --

Open and bright floor plan with spacious great room with wood look flooring and freshly painted. Perfect for entertaining home with eat in kitchen overlooking the great room and easy access to the patio area surrounded by lovely landscaping. The Master Suite is spacious with a walk in closet. Oversized 2 car garage. The community pool, spa and exercise facility exudes a resort feeling to relax and enjoy. Walking distance to the Westin Resort and golf course, the high end shops and restaurants of Kierland Commons and Scottsdale Quarter. Living the life of Kierland, urban lifestyle and conveniences with a resort atmosphere.

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2113 E Kempton Road Chandler, AZ 85225

$624,500

4 Beds

2 Baths

2,279 SqFt

Status Active

MLS # 6772214

Property Type Single Family Residence

Price Type --

Motivated Sellers! Right between Downtown Chandler and Gilbert, easy access to freeway, across the street from brand new state-of-the-art park for the kids! Perfect starter home, 2nd home, or investment! Single level, split floor-plan, with expansive open lay out! Low landscape backyard with large covered patio, enough grass for the kids and dogs, diving pool with new variable speed pump, and mature landscaping with orange tree make this the ideal backyard for all buyers! Brand new AC unit!

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1467 County Rd 3140 -- Vernon, AZ 85940

$624,000

3 Beds

2 Baths

2,840 SqFt

Status Active

MLS # 6750877

Property Type Single Family Residence

Price Type --

LOCATION, LOCATION, A Hunters Dream. gorgeous 5 acres border national forest with lots of ponderosa pines. QUIET area and great VIEWS from 2nd story, Kitchen for a chef- large cabinets (lights top & bottom), double ovens, freezer, and large pantry with electric outlets, Handicap accessible-doors & hallway. Enjoy the fresh air with Double hung windows. Grow your own vegetables in the greenhouse and use the chicken pen for your eggs. Also enjoy 7 apple trees, blackberries, rhubarb and so much more. Two car garage (fits 2 large trucks) or for your toys. No HOA. 20 degrees cooler than Phx. Act fast before this gem is gone. Want another 5 ac next to this? see MLS #6756610.

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146 E Riviera Drive Tempe, AZ 85282

$624,000

3 Beds

2 Baths

2,638 SqFt

Status Active Under Contract

MLS # 6748461

Property Type Single Family Residence

Price Type --

*Seller willing to offer concessions towards rate buy down or closing costs* Experience the refreshing vibes of Tempe in this gorgeous completely remodeled, move-in ready basement home! All new flooring and baseboards, new 5-ton HVAC, new roof, new white shaker kitchen cabinets with ample storage & under cab lighting, new quartz counters and backsplash, stainless gas range & hood, farmhouse sink w/touchless faucet, all updated lighting and fans throughout. Nest thermostat, all new interior/exterior paint, massive finished basement w/Galaxy Concrete coating. Bathrooms are remodeled w/modern tile, walk-in rain shower upstairs, new tub, new fixtures, new toilets and sinks! Step outside through the new French doors to an oversized backyard & sparkling blue pool w/ new variable speed pump. All new rock and turf too! Come experience this corner lot north/south facing next to the Tempe bike corridor and just 2 mi to the light rail. The neighborhood utilizes the Tempe Orbit shuttle that goes straight to ASU or the light rail! This home is walkable to nearby restaurants and breweries with immediate freeway access. Central location near water activities on Tempe Town Lake and Papago Mountain Bike Trails. This city intertwines laid-back vibes with an active lifestyle in a place where everyone is welcome and community is at the core!

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30317 W Roosevelt Street Buckeye, AZ 85396

$624,000

3 Beds

2 Baths

1,659 SqFt

Status Active

MLS # 6730388

Property Type Single Family Residence

Price Type --

Welcome home to this 3 bedroom, 2 baths, horse property nestled on an over 1-acre lot! Inside, you will be welcomed by the striking vaulted ceilings, tile flooring, Y neutral palette. The spacious great room enjoys plenty of windows & backyard access for a bright and airy entertaining experience. The eat-in kitchen features plenty of wood cabinets w/crown mouldings, SS appliances, granite counters, & a peninsula w/breakfast bar. Have a great night's sleep in the main bedroom boasting soft carpet & an ensuite w/dual sinks & a walk-in closet. The sizable backyard provides a relaxing covered patio storage shed, above-ground spa, corral & stalls for horses. Lighted riding arena with an RV plug. Do not miss this vast lot, perfect for all your projects or RV parking. Don't wait til its too late

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170 W Midway Street Payson, AZ 85541

$624,000

3 Beds

2 Baths

2,150 SqFt

Status Active

MLS # 6718786

Property Type Single Family Residence

Price Type --

A little over an acre with great panoramic views of the Rim. Wonderful house with plenty of storage space. Very cozy front room with vaulted ceilings and a great fireplace. Kitchen with walk-in pantry. Large rooms with plenty of storage. Spiral staircase off the front room leads to a loft space above.

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3135 W Molly Lane Phoenix, AZ 85083

$624,000

4 Beds

2.5 Baths

2,985 SqFt

Status Active

MLS # 6741058

Property Type Single Family Residence

Price Type --

Priced below others in the area for quick sale, this highly upgraded home has a play pool, heated spa, built in bar in the living room with a wine chiller and a liquor cabinet for entertaining, formal dining convenient to the kitchen, easy to maintain, like new real wood floors throughout, and granite kitchen and bathroom counters. The Large Master bedroom is upstairs with a huge walk-in closet a master bath with a separate shower, jetted tub and a bidet. A spacious loft which could be converted into a bedroom. An office, half bath, with upgraded vanities and all living areas are down stairs. all bedrooms are upstairs. Has two AC units for lower utilities. Window shades, BBQ Island with Fridge and Fire pit Come and see. You will love it.

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6718 N 59th Drive Glendale, AZ 85301

$624,000

6 Beds

3.5 Baths

2,624 SqFt

Status Active

MLS # 6748306

Property Type Single Family Residence

Price Type --

Motivated Seller!! NEW Built, NO HOA. Main house has 4 bedrooms with 2.5 baths and a guest house with 2 bedrooms and 1 bath. The delightful kitchen includes refrigerator, dishwasher, range, a central island with a breakfast bar for casual dining, and granite countertops that extend to bathrooms. Highly desired Glendale area close to restaurants, shops and State Farm Stadium. Additionally it has an RV gate in the front AND the back next to the guest house.

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3614 W Alyssa Lane Phoenix, AZ 85083

$624,000

4 Beds

3.5 Baths

2,744 SqFt

Status Active

MLS # 6737844

Property Type Single Family Residence

Price Type --

Become the proud owner of this gorgeous residence in Riordan Ranch! Fantastic curb appeal featuring great curb appeal, meticulously maintained landscape, and stunning mountain views. Discover an inviting living room with soaring ceilings, clerestory windows for ample natural light, and a blend of carpet and wood flooring. The great room has sliding doors leading to the backyard w/sparkling pool. The kitchen boasts granite counters, ample wood cabinetry with crown moulding, recessed lighting, SS appliances, a pantry, and a peninsula w/ a breakfast bar. Downstairs features a complete private Guest suite w/bedroom, den & bathroom perfect for in law, guests, nanny etc. Close to 1-17 & 303 & fabulous shopping, dining, movies, schools, medical, short hop to new TSMC plant. The backyard oasis is highlighted by a covered patio, a pristine lawn, and a refreshing pool for cooling down on hot summer days. Make this gem yours!

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