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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2460 S Apache Drive Chandler, AZ 85286

$569,000

4 Beds

2.5 Baths

1,975 SqFt

Status Active

MLS # 6727216

Property Type Single Family Residence

Price Type --

Brand new roof, new HVAC, new stove/oven/microwave! This charming 4 bedroom and 2.5 bathrooms, is nestled in the heart of Chandler, a community celebrated for its parks, top-rated schools, and great dining. The kitchen offers access to each room on the main floor and the living areas are perfect for cozy family gatherings! The master suite offers a bright ensuite bathroom and a walk-in closet. Outside offering a covered patio ideal for al fresco dining, low-maintenance landscaping, and a refreshing pool! Close to major freeways, conveniently located near shopping, dining, and Chandler Fashion Center.

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7825 W Rovey Avenue Glendale, AZ 85303

$569,000

4 Beds

2 Baths

2,694 SqFt

Status Active

MLS # 6731089

Property Type Single Family Residence

Price Type --

This Beautiful home located in Tessera's gated community features *4 Bathrooms *2 Baths, Formal Living Room with Dining Room *Family Room*Granite counter*Tile floors in all common areas*Extended 3 car garage*Additional 4th Garage conditioned as workshop or can be used to store extra toys.*Lots of space for entertainment for large family*Beautiful front landscape with mature trees*RV Gate *Pavers/concrete laid out for RV parking Front/back yard*Across from Community Park*

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9038 W Orchid Lane Peoria, AZ 85345

$569,000

4 Beds

2.5 Baths

2,437 SqFt

Status Active

MLS # 6738790

Property Type Single Family Residence

Price Type --

Seller Concession Available ! Beautifully maintained single-story home nestled in a gated community on a quiet Cul-De-Sac. The kitchen is a chef's dream with granite countertops, a large island adorned with pendant lights, a gas cooktop, stainless steel appliances & LED lighting, all complemented by high ceilings. The split floor plan includes a versatile flex room, perfect for a home office or playroom. The luxurious primary bathroom boasts a soaking tub & a spacious frosted glass tiled shower, alongside a generous walk-in closet. The 3-car garage provides ample storage space. Enjoy the low-maintenance backyard, complete with artificial turf, a dog run, an RV gate, a kids' play structure. Plus, there are no two-story homes behind the property, ensuring privacy. Conveniently located, close to The Westgate Entertainment Complex! This home offers both tranquility and entertainment at your doorstep.

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18370 W College Drive Goodyear, AZ 85395

$569,000

3 Beds

2 Baths

2,099 SqFt

Status Active

MLS # 6750583

Property Type Single Family Residence

Price Type --

POOL PARTY-READY!! Welcome home to a stunning Meritage 3 bedroom, 2 bath home plus large den, located in the highly-sought after Sedella community in Goodyear. Home sits on a large lot with a beautiful landscaped backyard boasting a large sparkling pool, a large ramada with pavers, a beautiful gas fire pit for those cool desert nights, synthetic turf, large covered patio and dwarf fruit trees. Home also has a large RV Gate with generous paved parking, and RV parking IS allowed. From the moment you walk through the front entry, the spacious floor plan opens up to a great room with vaulted ceilings and a beautiful modern kitchen with a large island and a walk-in pantry, made for entertaining. Primary bedroom suite is split from other bedrooms for private tranquility..... All bedrooms have ample walk-in closets. This home shows pride of ownership and is move-in ready, and shopping and other conveniences are close by.

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3150 N Eagle Landing Road Show Low, AZ 85901

$569,000

2 Beds

2 Baths

1,679 SqFt

Status Active

MLS # 6752586

Property Type Single Family Residence

Price Type --

We may say this often - but it is true - Escape to the Pines! This perfect lot that backs to State land in Creekside at Eagle Mountain Estates is a beautiful gated community in Show Low. This very spacious 2 bedroom, 2 bath home with a separate little office area off the kitchen (which has a large walk in pantry and gas range) is perfect for relaxation retreat away or living here permanently . Enjoy the warmth of the living room fireplace during those cooler mountain evenings or step outside into your enclosed pavered yard—perfect for peaceful mornings with a book or safe playtime for your pets. This home also features a generously sized two-car garage that provides extra space for larger vehicles or additional storage (think UTVs!). Residents appreciate the community's strict no short-term rental policy, which preserves the neighborhood's quiet charm. Whether you're seeking a permanent residence or a seasonal retreat, this home offers an ideal setting for a tranquil lifestyle surrounded by natural beauty. Explore the opportunity to call this serene dwelling your own!

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2475 N 163rd Drive Goodyear, AZ 85395

$569,000

2 Beds

2 Baths

2,088 SqFt

Status Active

MLS # 6759367

Property Type Single Family Residence

Price Type --

This fabulous 2 bed/2 bath residence now on the market is for you! Featuring great curb appeal, a low-care landscape with mature shade tree, and a 2 car + golf cart garage. A spacious open floor plan w/elegant wood plank flooring, formal dining area, a 2-way fireplace, and neutral palette throughout. The gorgeous kitchen is comprised of wood cabinetry w/granite counters, a pantry, brand new SS dish-washer/gas stove top-oven. Newer ''Samsung Bespoke ''refrigerator, new pen lighting & recessed lighting, completes the breakfast bar. You'll love the primary bedroom, with a walk-in closet and an esuite w/dual sinks. You'll also find a cozy open den/sitting room! Finally, the lovely backyard includes a covered patio, extended paver seating area, a built-in BBQ, gas fire pit and fountain.

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7901 W Missouri Avenue Glendale, AZ 85303

$569,000

4 Beds

2.5 Baths

2,961 SqFt

Status Active

MLS # 6771300

Property Type Single Family Residence

Price Type --

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10441 W Los Gatos Drive Peoria, AZ 85383

$569,000

4 Beds

3 Baths

2,698 SqFt

Status Active

MLS # 6779637

Property Type Single Family Residence

Price Type --

Amazing 4-bedroom and Den Residence in Casa Del Rey! You're greeted by 3-car garage, welcoming porch**Impressive entryway leads you to a charming living/dining room w/ Earth-tone palette**Spacious Family Room boasts Soaring Ceilings, Clerestory Windows for ample natural light**Gorgeous Kitchen comes w/Granite Counters, Custom Wood Cabinetry w/Crown Molding, SS appliances, a large Pantry, and a two-tier peninsula with Breakfast Bar**Convenient Downstairs Bedroom & full Bath** Upstairs, the Loft provides additional Living Space**Large Master Suite with Spacious Master Ensuite with Separate Tub/Shower and Large Walk-In Closet**Large Secondary Bedrooms**Double Sinks at Hall Bath**Ceiling Fans throughout**Step Outside to Eye Appealing Backyard with Extended Covered Patio & Large BBQ Island The cozy primary bedroom offers a sitting nook, an ensuite with double sinks, and a walk-in closet.Unwind in the enchanting backyard, complete with a full-length covered patio, stylish pavers, pristine artificial turf, and a built-in BBQ with a dry bar for outdoor get-togethers. Make this gem yours now!

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3055 N 33rd Place Phoenix, AZ 85018

$569,000

4 Beds

2.5 Baths

2,108 SqFt

Status Active Under Contract

MLS # 6725209

Property Type Townhouse

Price Type --

Beautiful newer townhome in a quiet gated community centrally located near Biltmore and Arcadia - close to restaurants, shopping, entertainment and just 10 minutes to downtown Phoenix and Sky Harbor International Airport. First floor has an open floorplan with high ceilings and wood plank tile flooring, Kitchen has a large island with bar seating, granite counters, large pantry, and bay window dining area. It is open to the family room, which has an oversized triple sliding glass door leading out to a covered patio and pavered backyard. Oversized garage has separate side yard exit. Upstairs you enter a huge loft space with vaulted ceiling. 4 bedrooms are split from each other for added privacy - Master at one end, two bedrooms at the other end and the fourth halfway between.

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2409 W Acoma Drive Phoenix, AZ 85023

$569,000

4 Beds

3 Baths

2,557 SqFt

Status Active Under Contract

MLS # 6746657

Property Type Single Family Residence

Price Type --

Beautifully maintained, energy-efficient home features owned solar panels, RV gate + parking, a charming front yard & inviting entry to start. Step inside to travertine & wood floors stretching across an open layout w/ vaulted ceilings. Additional upgrades include plantation shutters throughout, an open & spacious kitchen equipped w/ stainless steel appliances, granite counters, tile backsplash, breakfast bar & a whole house water filtration system. The spacious main suite boasts its own fireplace, sitting/office area, direct backyard access, & a private bathroom featuring dual sinks + a walk-in closet. The large laundry room has built-in cabinets & a utility sink. This is one of the largest single stories in the neighborhood that has 2 en suites. Pool has motorized safety cover. Outside, the sizable backyard boasts a covered patio, two sheds, a spa, refreshing pool, and ample space for lively barbecues. Don't miss this delightful haven!

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240 W Dorado Circle Litchfield Park, AZ 85340

$569,000

3 Beds

2.5 Baths

1,672 SqFt

Status Active

MLS # 6743546

Property Type Single Family Residence

Price Type --

Welcome to this beautifully remodeled 3-bedroom, 2.5-bath home in the highly sought-after neighborhood of Old Litchfield Park. This exceptional property offers NO HOA and is short-term rental friendly, making it an ideal choice for both homeowners and investors. The home features exquisite Spanish-inspired touches throughout, offering a unique blend of elegance and comfort. In 2024, the kitchen and bathrooms were fully remodeled with designer touches that elevate every space. The heart of the home is the spacious eat-in kitchen, perfect for family gatherings and entertaining. It boasts a walk-in pantry, a convenient pot-filler faucet over the stove, and ample space for all your culinary needs. Adjacent to the kitchen is a separate office, ideal for remote work or as a quiet study. The primary suite is a true retreat, featuring a remodeled bathroom with a large, luxurious shower that adds a touch of spa-like serenity. The living area is highlighted by a beautifully designed fireplace, creating a warm and inviting atmosphere. Step outside to discover two stunning new pergolas on both the front and back patios, perfect for outdoor dining and relaxation. The property also features a beautifully crafted designer side gate that enhances the home's curb appeal. The large diving pool offers a perfect oasis for relaxation and entertainment. This home has been maintained, with a newer flat roof, hot water heater, and pool pump all replaced in 2020, ensuring peace of mind for years to come. Located just a short walk from Stagg's Park, Litchfield's Lake, the Recreational Center, and the iconic Wigwam Resort, this home offers a perfect balance of luxury and convenience. Don't miss the opportunity to make this exceptional property your own!

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5720 S Wildrose -- Mesa, AZ 85212

$569,000

2 Beds

2 Baths

1,818 SqFt

Status Active

MLS # 6731718

Property Type Single Family Residence

Price Type --

Discover elevated living in the stunning 55+ Encore community. This Manhattan model home is nestled on a desirable corner lot beside a tranquil park. From the moment you arrive, curb appeal captivates with lush surroundings. Inside, soaring ceilings and an extended great room create a sense of openness, while the private study offers a perfect space to unwind or work. The gourmet kitchen boasts a massive island and walk-in pantry, ideal for any culinary endeavor. Outside, relax on your extended porch or covered patio adorned with travertine, or challenge yourself on the 4-hole putting green. The 2.5 car garage, with epoxy floors and built-in cabinets, completes this thoughtfully designed retreat.

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