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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870 W Shellfish Drive Gilbert, AZ 85233

$574,900

3 Beds

2.5 Baths

2,035 SqFt

Status Active

MLS # 6751826

Property Type Single Family Residence

Price Type --

Centrally located in the highly desirable Gilbert Islands community, this home offers both modern amenities and an eco-friendly lifestyle. Equipped with solar panels and an EV charging station, it's perfect for the environmentally conscious homeowner. This charming residence features a spacious layout with 3 bedrooms plus a loft/den, a large family room, and a well-appointed kitchen with stainless steel appliances and new granite countertops. Enjoy the serene ambiance of a quiet street across from the lake, with a private backyard that backs to a treed park—no neighbors directly behind. The resort-like outdoor space includes a large pool, ample gardening area, and side-yard storage for your toys. Great access to local amenities, schools and shopping.

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406 E Glenhaven Drive Phoenix, AZ 85048

$574,900

4 Beds

3 Baths

2,303 SqFt

Status Active

MLS # 6762786

Property Type Single Family Residence

Price Type --

Come see this beautiful, upgraded 4 bed, 3 full bath home in a quiet section of The Foothills. The kitchen features custom upgrades including Wellborn cabinets, quartz countertops, island, and pendant lighting. The guest bedroom is downstairs, with full bath. The owner's suite features vaulted ceilings, shutters, and a private balcony to enjoy the gorgeous mountain views. The attached bonus room can be used as an office, nursery, or workout room. The owner's bath has a custom tile shower, huge vanity with quartz countertop, dual sinks, and upgraded flooring. The custom closet has a built-in dresser and shelves. Both secondary baths have been updated with new vanities, quartz countertops, fixtures, and paint. The private north-facing backyard is perfect for entertaining or unwinding while taking in the gorgeous mountain views. New refrigerator and dishwasher installed this year. Roof and HVAC are less than 6 yrs old and will give you years of enjoyment without worry or cost.

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9136 E Plata Avenue Mesa, AZ 85212

$574,900

5 Beds

2 Baths

2,167 SqFt

Status Active

MLS # 6764130

Property Type Single Family Residence

Price Type --

Better than New!! Welcome to this Stunning Fully Remodeled 5-Bedroom 2-bathroom Home with100k in Quality Upgrades you wont find in a new build! This beautiful residence is meticulously updated. Home features appliances, custom cabinetry, Barndoor, lighting, and generous counter space perfect for both cooking and entertaining. Spacious living area flows into 5 well maintaned bedrooms, 5th bedroom used as a bedroom but could be a den, provides a great space for family and guests. Bathrooms have been beautifully updated, with modern finishes and fixtures. New landscaping in both front and back yards include sleek pavers. The backyard is designed for entertaining with welcoming lush synthetic grass complete with an above-ground pool, ideal for summer. See doc tab for generous list of upgrades

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2218 W Curry Street Chandler, AZ 85224

$574,900

4 Beds

2 Baths

2,040 SqFt

Status Active

MLS # 6774650

Property Type Single Family Residence

Price Type --

Welcome to Your Dream Family Home! Fall in love with this stunning North Chandler residence featuring 4 Bedrooms, 2 Baths, and a Sparkling Pool—perfect for Family Fun and Relaxation! This beautiful Home boasts impressive Curb Appeal with a Spacious 2-Car Garage and an RV Gate for all your toys and adventures. Step inside to discover a Bright and Inviting Interior, highlighted by a completely remodeled Chef's Kitchen. Enjoy Upgraded Premium Cabinetry, a large Kitchen Island, Granite Countertops, and a cozy Eat-in Dining area, all complemented by elegant Tile Flooring and Soft Carpet in just the right places. The welcoming Living Room features French doors that lead to your own oasis—a Crystal-Clear Pool surrounded by a Covered Patio. The Oversized Main retreat is a true sanctuary, offering His and Hers Closets, a resort-style Ensuite Shower, and easy access to the backyard patio through more French Doors. Additional highlights include a Soft Water System, Dual-Pane Windows, recent Attic Insulation, and a Drop-Down Ladder in the Garage for extra storage. Both front and backyards are equipped with a Sprinkler System, and the New Turf creates a low-maintenance, green space. Enjoy modern conveniences with a 3-Stage Efficient Pool Motor, an Outdoor Hot and Cold Shower by the Pool, and Wi-Fi-controlled A/C thermostat and Garage Door. Located in a peaceful neighborhood, this home is surrounded by Parks and Common Areas, perfect for family outings and community fun. Don't miss this incredible opportunity....this gem is priced to sell!

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12827 S Hermit Road Buckeye, AZ 85326

$574,900

4 Beds

2 Baths

2,161 SqFt

Status Active Under Contract

MLS # 6729702

Property Type Single Family Residence

Price Type --

Welcome into your beautiful spacious horse property with a pool located on just over an acre! The property is fully fenced and has a 2 car garage. You'll love this spacious floor plan, with 4 bedrooms, 2 bathrooms and has tons of natural light throughout with vaulted ceilings. The gorgeous kitchen has custom cabinets, stainless steel appliances and a breakfast bar. The owner's suite features tons of space, with a large master bathroom that has a separate tub and shower and double sinks. Out back you'll find a fenced pool with a large baja step and is surrounded with travertine decking. The extended covered patio makes for great entertaining space. This oversized lot has tons of space to build horse stalls, storage sheds etc. Home is located in a non HOA community. Come out to see it!

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4570 S Felix Place Chandler, AZ 85248

Open House

$574,900

3 Beds

2.5 Baths

1,983 SqFt

Status Active

MLS # 6757381

Property Type Single Family Residence

Price Type --

Welcome to Parkview Place, a beautiful GATED Ocotillo community. This home has been meticulously maintained by original owner and shows like a model! Fabulous floor plan features 3 bedrooms, 2.5 baths PLUS a large open LOFT and 2 car garage. Modern Craftsman design features 42'' white cabinetry, stainless steel appliances, quartz kitchen countertops, wood plank style tile, upgraded carpet in bedrooms, white blinds, satin nickel fixtures and finishes, 8' four panel sliding patio door and much more. Artificial turf in yard and sparkling community pool with BBQ area.. At Parkview Place, convenient, low maintenance living meets exceptional design & innovation. Snedigar Park and the Fulton Ranch walking paths and lakes just steps away. Fabulous lock and leave opportunity!

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19001 W Desert Mirage Drive Surprise, AZ 85388

$574,500

3 Beds

2 Baths

2,010 SqFt

Status Active Under Contract

MLS # 6756108

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Surprise! This stunning 3-bedroom, 2-bath residence with a den boasts impressive curb appeal, featuring a tranquil front porch. Inside, you'll find a meticulously maintained space, highlighted by a gourmet kitchen with custom cabinets, a pantry, an oversized island, and stainless-steel appliances. The open-concept design seamlessly flows to an inviting outdoor area with dual sliders, a covered patio equipped with ceiling fans and TV hookups, and a self-cleaning, heated, and cooled saltwater pool with a beautiful water feature. The owner's suite is a spacious retreat, featuring a spa-like bathroom and a custom closet. Additional highlights include plantation shutters, solar, sun screens, and an oversized garage with built-in cabinets. Come see it today!

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18313 E Spring Valley Court Rio Verde, AZ 85263

$574,449

2 Beds

2 Baths

1,678 SqFt

Status Active

MLS # 6758949

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home in the Resort Collection at Trilogy at Verde River. The Valletta offers a well thought-out layout with 2 bedrooms, 2 bathrooms, and an office. Enjoy Beautiful Gold Landscape Package which Includes Pavers and upgraded window covering package. The kitchen is stunning with Barcelona Granite Countertops and a spacious kitchen island with a breakfast bar. The great room boasts a 12 foot multi-slide door that open to the covered patio. The primary suite has a lavish ensuite with a huge tiled shower and walk-in closet. Do not miss out on this home The amenities at Verde River are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickleball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails.

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14226 W Parkland Drive Sun City West, AZ 85375

$574,400

2 Beds

2 Baths

2,103 SqFt

Status Active

MLS # 6761226

Property Type Single Family Residence

Price Type --

Welcome to this spectacular home-resort style living with a serene interior atmosphere! Meticulously updated San Carlos model featuring private, heated pool and amazing views of the 18th fairway of the Grandview Golf Course-situated on a large lot in a low tax area with no HOA fees! Come inside this luxurious dream home that features custom granite countertops throughout, upgraded GE Profile S/S kitchen appliances & updated spa-inspired bathrooms, plantation shutters T/O, popcorn ceilings removed, wall corners bullnosed, int/ext neutral paint, OWNED SOLAR BLANKET HEATING SYSTEM FOR POOL, automatic Remote-Controlled Misters on rear patio, Culligan water softener system & mature fruit trees, beautifully landscaped, Oversized utility room w custom utility sink-storage & pull-out faucet.

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8762 E Posada Avenue Mesa, AZ 85212

$574,000

4 Beds

2 Baths

2,516 SqFt

Status Active

MLS # 6732222

Property Type Single Family Residence

Price Type --

Highly sought-after MOVE-IN READY single level home with 4 spacious bedrooms and 2 full bathrooms! The open kitchen features a large island, granite counters, tile backsplash, and stainlesss steel appliances- perfect for hosting gatherings with family and friends. The walk-in pantry provides ample storage space for all your kitchen essentials. Outside you will find a private pool with a waterfall feature and pergola, perfect for outdoor entertaining and relaxation. The primary bedroom is spacious with a bathroom that offers dual sinks, separate shower/bathtub, and a large walk-in closet. A new AC was installed this year, so you don't have to worry about the heat. Quick access to 202 & 60 freeways! Don't miss out on the chance to make this house your home! Gilbert Schools/Mesa taxes

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20221 N 31st Street Phoenix, AZ 85050

$574,000

5 Beds

3 Baths

2,177 SqFt

Status Active

MLS # 6749488

Property Type Single Family Residence

Price Type --

Immaculate 5-Bedroom, 3-Bath Move-In Ready Home with Fresh Updates, and Backyard Paradise. Discover the perfect blend of modern luxury and convenience. This newly painted 5-bedroom, 3-bathroom home is move-in ready and packed with features that make it an exceptional find. With two brand-new AC units installed in May 2024, you'll enjoy year-round comfort in this energy-efficient, beautifully upgraded property. Step inside to find a bright, open layout with plenty of space to entertain. The living room is prewired for a large TV, ready for your home theater setup—perfect for movie nights or watching the big game in style. The home also features a remodeled master bathroom and new flooring upstairs, adding a touch of luxury at every turn. The wardrobe in the upstairs guest room conveys with the property, offering added convenience. Outside, the backyard oasis awaits, featuring a charming pergola and fruit trees that create the perfect setting for outdoor gatherings or peaceful evenings at home. Location couldn't be betterCostco is less than a mile away, and you're just minutes from Desert Ridge Marketplace for shopping, dining, and entertainment. Plus, with easy access to Loop 101 and SR-51, commuting anywhere in Phoenix is a breeze. This stunning home checks all the boxes: space, style, comfort, and a prime location. Don't miss this incredible opportunityschedule your showing today before it's gone!

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29502 N 126th Lane Peoria, AZ 85383

$574,000

4 Beds

2 Baths

2,287 SqFt

Status Active

MLS # 6767268

Property Type Single Family Residence

Price Type --

WELCOME TO YOUR NEW HOME! As you step through the beautiful, lush front yard, you'll immediately feel at home. Inside, enter through a wide foyer and spacious living room which flows seamlessly into the family room, just off the updated kitchen. The kitchen boasts granite counter-tops, a large island with a breakfast bar, and opens into a roomy breakfast nook. This home features a split floor plan with a generous primary bedroom, a large en-suite bath, a walk-in closet, and a stylish tiled shower. On the opposite side, you'll find three additional bedrooms and a full bath. Outside, enjoy a large grassy play area and a recently installed pool, perfect for relaxation or entertaining. Three car tandem garage and spacious inside laundry room add to the efficiency of this home. See it today

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