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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713 N Banning Circle Mesa, AZ 85205

$600,000

4 Beds

3 Baths

2,753 SqFt

Status Active

MLS # 6730306

Property Type Single Family Residence

Price Type --

NO HOA** NEW ROOF, NEW AC, OWNED SOLAR AND FRESHLY PAINTED LIVING ROOM & DINING. This Meticulously maintained 4 bedroom, 3 bathroom tri-level home boasts a Huge game room \ Bonus room for all your entertainment or work at home needs! The Owner Suite includes a beautifully redesigned bathroom with contemporary fixtures and luxurious shower. Situated on a Cul De Sac lot and designed with an oversized driveway for ample parking for all your vehicles and recreational toys. Located in a prime location close to parks, premiere golf and a variety of dining options. Also very close proximity to Superstition Springs Mall, Fat Cats at Longbow, US 60 and Red Mountain 202 Freeways. Talk about a combination of Convenience and Leisure! Come see this AMAZING home for yourself

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$600,000

2 Beds

2 Baths

1,440 SqFt

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11835 S 217th Avenue Buckeye, AZ 85326

$600,000

3 Beds

2.5 Baths

2,546 SqFt

Status Active

MLS # 6727734

Property Type Single Family Residence

Price Type --

Unique opportunity! 5 Fenced Acres with electronic gate and additional gate access, Private well, 2 Power drops, Freshly painted exterior, NEW skylights. The large wrap-around outdoor patio area, indoor patio, and separate tiled front atrium are perfect for entertaining or relaxing in the shade and enjoying the gorgeous mountain views. Kitchen has been updated with a new farmhouse style sink and includes a built in refrigerator. Energy efficient adobe structure keeps cool in the heat of summer. Styled by custom wood ceilings and a stunning archway, you'll be sure to love the generous living area. Don't miss your chance to own

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14971 W Pinchot Avenue Goodyear, AZ 85395

$600,000

3 Beds

2.5 Baths

2,810 SqFt

Status Active

MLS # 6736779

Property Type Single Family Residence

Price Type --

ALL the major items replaced!! Complete Roof replacement 2020. New Induction cooktop. Bosche dishwasher,Washer/Dryer LG approximately 6 yrs young, HVAC 2-zone w/filtration system (Trane)12 yrs. Hot Water heater 2022. OWNED SOLAR 48 panels, 7.8 kW! Home offers fantastic spaces for all! As you enter you will be greeted with a spacious foyer and 2 flex rooms with vaulted ceilings and large windows allowing natural lighting to shine in! Kitchen offers a phelora of cabinets and counter spaces, informal eating area, open to the space great room with a wall of shelves and even a library ladder, and both areas have easy access to the outdoor living area and heated swimming pool with water feature. Covered patio with additional pergola!! Extensive LED landscape lighting both (click more) in both back and front yard. Home offers 2 bedrooms with private bathrooms and another guest room. Primary bedrooms presents 2 walk-in closets, bath with separate shower/bathtub, dual sinks and linen closet! Laundry room w/LG appliances, built-in cabinets and counters, and additional space for perhaps an extra fridge? 3 full car attached garage. Lots of potential and great back /side yard. PebbleCreek is an award winning Active Adult Commuity with something for everyone to enjoy! 3 Golf Courses, Pickleball, tennis, Indoor/outdoor swimming pools, restaurants, fitness centers, and so much more! Be sure to put this home and community on your must view list!

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7030 N 12th Street Phoenix, AZ 85020

$600,000

4 Beds

2 Baths

1,688 SqFt

Status Active

MLS # 6753596

Property Type Single Family Residence

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$600,000

3 Beds

3 Baths

1,966 SqFt

Status Active

MLS # 6760309

Property Type Single Family Residence

Price Type --

Step into a piece of history with this beautifully maintained 3-bedroom, 3-bathroom mid-century home in the Encanto Manor Historic District. Ideal as either a lucrative Airbnb investment or a serene family residence, this home boasts original details that capture timeless charm. Enjoy cozy gatherings around the wood-burning fireplace in the parlor or the gas fireplaces in the living room. The inviting interior features warm brick accents, graceful arched transitions, and period tiling, complemented by a modern kitchen with granite countertops and a pantry. Additionally, a separate guest quarters offers flexibility for visitors. Perfectly situated near Dark Hall Coffee, Sprouts Farmers Market, Chase Stadium, Encanto Park with its two nine-hole golf courses and an amusement park!

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1804 Meadowbrook Road Prescott, AZ 86303

$600,000

3 Beds

2 Baths

1,700 SqFt

Status Active

MLS # 6761248

Property Type Single Family Residence

Price Type --

Mid Century modern one level gem on a large level lot in the tall pines offering modern upgrades and amenities with room to park RV with power hookup and no HOA! Close to historic downtown Prescott's restaurants, shops and events, Thumb Butte trails, Dignity Health, Prescott and Yavapai Colleges, public and charter schools. Newer roof and windows. Open concept living with on-trend laminate flooring; updated kitchen featuring solid surface countertops, stainless appliances, island with extra counter space and storage, and tile backsplash; spacious living area with rock fireplace; primary suite with on-trend vanity and white subway tile surround in tub shower; two bedrooms with updated full bath; large family room (not included in square footage) opening to fenced backyard with dog run; small private office; laundry room. Tall trees, 10x12 workshop w/220, covered patio, gas fire-pit, two storage sheds and low maintenance native landscaping. Spotless and absolutely move-in ready.

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9036 E Halifax Circle Mesa, AZ 85207

$600,000

4 Beds

2 Baths

1,900 SqFt

Status Active

MLS # 6765309

Property Type Single Family Residence

Price Type --

Here's the home you have been looking for! This move in ready home has been updated throughout the years and features 4 bedrooms, 2 bathrooms, vaulted ceilings, a private heated pool and a 2 car garage. This energy efficient home includes a brand new 19 seer AC unit, New windows throughout, and a new roof with a 10 year warranty. The updated kitchen consists of resurfaced cabinets, SS appliances including induction cooktop, corian countertops, custom tiled backsplash and an island. The kitchen opens to the family room and features a gas fireplace & a work station. The primary bedroom is split from the 3 guest bedrooms and includes french doors that lead to your private heated salt pool. Step out back to enjoy the low maintenance backyard including a built in BBQ, covered patio with extended pavers & walkway, expansive use of turf offering multiple seating areas, citrus trees and more. Additional upgrades include new security doors front & back, neutral paint, shutters, new garage door, new hot water heater and a new salt cell. All of this is conveniently located just off of the 202 freeway and offers easy access to shopping, schools, hospitals, restaurants, multiple lakes and the Salt River. Move this one to the top of the list before it's too late!

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41908 W Arvada Lane Maricopa, AZ 85138

$600,000

5 Beds

4 Baths

3,292 SqFt

Status Active

MLS # 6764885

Property Type Single Family Residence

Price Type --

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1909 E Libra Drive Tempe, AZ 85283

$600,000

3 Beds

2 Baths

1,564 SqFt

Status Active

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Property Type Single Family Residence

Price Type --

Beautiful 3BR/2BA Home with Pool, Garage, and 2024 Upgrades! This move-in-ready gem has it all! Featuring a sparkling remodeled pool and a new roof and AC installed in 2024, this home offers modern comfort and peace of mind. The completely renovated kitchen and baths boast fresh finishes, while new windows flood the space with natural light. Enjoy sleek, new flooring throughout and plenty of storage in the 2-car garage. Whether you're hosting poolside or relaxing indoors, this home is perfect for both entertaining and everyday living. Don't miss your chance—this one won't last long!

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3747 E Dover Street Mesa, AZ 85205

$600,000

4 Beds

2 Baths

2,344 SqFt

Status Active

MLS # 6775227

Property Type Single Family Residence

Price Type --

$25k PRICE IMPROVEMENT! Welcome home to this beautiful 4-bedroom property! Located in the desirable Crosspoint neighborhood, near parks & restaurants, this fabulous house, will welcome you with w/a 2-car garage, grassy front yard, & a relaxing front patio. Inside, you'll find soaring vaulted ceilings, wood flooring, & comfortable great room w/an inviting fireplace. The living room is ideal for entertaining w/backyard access & bay windows in the dining area. The kitchen has shaker cabinets, granite counters, tile backsplash, & a peninsula w/breakfast bar. Tray ceilings, & an ensuite w/dual sinks, a fully tiled shower, a soaking tub, & a large walk-in closet are some of the features you will love about the primary suite. The backyard features grass and an in-ground trampoline.

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7507 E Roosevelt Street Scottsdale, AZ 85257

$600,000

3 Beds

2 Baths

1,180 SqFt

Status Active

MLS # 6779019

Property Type Single Family Residence

Price Type --

WOW what a gorgeous Property!!! This 3 bed / 2 bath home sits on a Generous Lot and has been Completely Remodeled by LICENSED CONTRACTORS. House Boasts: POOL, New White Shaker Soft Close Cabinetry, Custom Backsplash, Quartz Counters with Waterfall, New Appliances, Walk in Pantry, New Tile and Laminate Flooring, Remodeled Bathrooms, All new Electrical and Plumbing Fixtures, New Doors / Baseboards and Trim, Custom Finishes, Fresh Paint Inside and Out, Dual Pane Windows, Newer HVAC and Roof, New Landscaping, Covered Patio, Custom Gates and MUCH MUCH MORE!!! All for under 600k. Wonderful location close to Shopping, Dining and Entertainment. Loops 101 and 202 nearby for quick commute anywhere in the VALLEY. Tremendous School District. Do not miss out on this AMAZING OPPORTUNITY.

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