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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

16455 W Avenida Del Sol -- Surprise, AZ 85387

$567,995

4 Beds

3 Baths

2,480 SqFt

Status Active

MLS # 6682617

Property Type Single Family Residence

Price Type --

The Townsend has a gorgeous open floor plan with Guest Suite and 10' ceilings! Large Gourmet Kitchen with Quartz Countertops. Owners Suite has a deluxe Master Bath with Walk-in rain shower. Home is on a large lot in a secluded neighborhood. Home comes with paver driveway/walk way to entry. and is complete with stone front exterior on house! A Must See!!!!

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16399 W Avenida Del Sol -- Surprise, AZ 85387

$567,995

3 Beds

2.5 Baths

2,506 SqFt

Status Active

MLS # 6702001

Property Type Single Family Residence

Price Type --

Discover the essence of luxury in this home featuring an upgraded gourmet kitchen with quartz countertops, 42-inch cabinets, & expansive walk-in pantry. The spacious design includes 10-foot ceilings, staggered wood-look tile, and multi-slide patio doors that enhance the open, airy feel. The Primary suite bathroom features an upgraded shower with an added secondary rain shower head. Practicality meets style with 8-foot garage doors & paver driveway, offering ample space for storage and vehicles.

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16372 W Avenida Del Sol -- Surprise, AZ 85387

$567,995

4 Beds

3 Baths

2,480 SqFt

Status Active

MLS # 6718700

Property Type Single Family Residence

Price Type --

This home features a must have Guest Suite as well as dramatic 10' ceilings throughout and a tray ceiling at entry; a gourmet kitchen with quartz countertops, 42'' cabinets, a spacious open great room with a multi-slide door; a beautiful primary suite with a generous walk-in closet. The walk-in shower features a rain shower head. This home offers stylish pavers at driveway/walkway.

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935 Calle Azul -- Wickenburg, AZ 85390

$567,900

4 Beds

2 Baths

1,884 SqFt

Status Active

MLS # 6722019

Property Type Single Family Residence

Price Type --

Beautiful 4bed 2bath 2 car garage home with a large lot large patio RV gate with amazing views. Must see property in Wickenburg AZ.

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8718 N 180th Drive Waddell, AZ 85355

$567,250

5 Beds

3.5 Baths

3,548 SqFt

Status Active

MLS # 6715988

Property Type Single Family Residence

Price Type --

Don't miss out on this beautiful Pulte home in a Great location! Easy access to the 303, I-10 and Luke Air Force Base. This home has an amazing floorplan with the master suite downstairs and 4 large bedrooms plus a huge loft upstairs. The nice sized lot backs to a greenbelt with mountain views from the backyard. You can take this all in while enjoying some quality time under the expansive covered patio. Some of the many wonderful features you will find inside include, granite countertops, an eat-in kitchen, tasteful neutral flooring and tons of storage space. The laundry room has ample space plus a utility sink. The 3 car garage features shelving and an epoxy floor. Come see it today. This one won't last.....

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10221 S Bickwell Trail Apache Junction, AZ 85120

$567,028

4 Beds

2 Baths

2,386 SqFt

Status Active

MLS # 6739939

Property Type Single Family Residence

Price Type --

Experience the difference at Laurel at Blossom Rock! This stunning single-story Laredo design is currently under construction and features a spacious open-concept floorplan. The heart of the home includes an inviting kitchen with an island, seamlessly connected to a bright great room that opens to a private, covered outdoor living space. With 4 bedrooms, 3 bathrooms, and a convenient drop zone right off the 3-car garage, this home offers both comfort and functionality. Plus, $49,000 in premium upgrades are already included, and special financing options are available. The home is expected to be completed by November. Living at Blossom Rock means embracing the outdoors with community parks, miles of scenic trails, beautiful lakes, and signature events. Nearby the Superstition Mountains.

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2422 E Saint Anne Avenue Phoenix, AZ 85042

$567,000

5 Beds

4.5 Baths

2,599 SqFt

Status Active

MLS # 6743335

Property Type Single Family Residence

Price Type --

Welcome to this spacious 5-bedroom, 4.5-bathroom residence blends comfort, and modern living in the sought-after Arbor Subdivision. The spacious open floor plan seamlessly connects the living, dining, and kitchen areas. The gourmet kitchen features stainless steel appliances, ample cabinet space, and a large island. The home boasts five generously sized bedrooms, with the primary suite offering dual sinks, dual walk-in closets, and an en-suite bathroom. Enjoy mountain views from the beautifully landscaped backyard with a large covered patio, turf, and pavers. Additional features include a loft, office, and two-car garage. Arbor Subdivision provides well-maintained common areas, parks, and walking trails. Check it out!

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23852 N 167th Lane Surprise, AZ 85387

$567,000

4 Beds

3 Baths

2,016 SqFt

Status Active

MLS # 6781319

Property Type Single Family Residence

Price Type --

Stunning Family Home with Private Outdoor Oasis This spacious 4-bedroom, 3-bathroom home offers the perfect blend of comfort and luxury, with an inviting front patio that welcomes you into a well-designed living space. As you step inside, you'll immediately appreciate the open, airy feel of the home with its modern finishes and thoughtful layout. The heart of the home features a beautifully kitchen that flows seamlessly into a cozy living room, making it perfect for both everyday living and entertaining. The master suite is a true retreat, offering privacy and tranquility with its own ensuite bathroom and walk-in closet. Step outside to your own private paradise. The backyard is an entertainer's dream, with a heated pool complete with a tranquil water feature, ideal for relaxing or hosting summer gatherings. Enjoy outdoor cooking and dining with the built-in BBQ area, and when the sun gets too bright, simply extend the retractable awning for shade and comfort. Whether you're lounging by the pool or enjoying a meal with family and friends, this outdoor space is perfect for creating lasting memories. With its ideal layout, stylish features, and amazing outdoor amenities, this home truly offers the best of both worlds indoor and outdoor luxury!

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2398 W Arroyo Way San Tan Valley, AZ 85144

$567,000

4 Beds

2.5 Baths

2,535 SqFt

Status Active

MLS # 6707047

Property Type Single Family Residence

Price Type --

Beautiful single family home featured in popular community ''Morning Sun Farms' located in Queen Creek, AZ. This highly preferred [single level] home incorporates a subtle balance of contemporary finishes with a modern design. The home features 4 bedrooms, +Den/5th bedroom, 2.5 bath(s), 2,534 sq ft open concept floor plan, nicely appointed kitchen w/ granite countertops, large [eat-in] island, dual ovens, gas cooking, raised panel cabinetry, ss appliances, and walk-in pantry. Also, this home features large great room space, 9ft+ ceilings, tile flooring, modern plumbing/lighting fixtures [fans], dual pane [low-e] windows, 2'' wood faux blinds, designated dining space, and a dedicated master retreat featuring a spacious sleeping quarters, separate shower/tub, dual sinks, and large walk-in. closet. Lastly, the home features a 3-car tandem garage w/ new epoxy floors & built-in storage cabinets, and a private [resort style] backyard equipped with covered patio space, sparkling heated pool, built in BBQ [w/ dedicated gas line], mature landscaping, backyard wall raised for increased privacy, and separate RV gate --perfect for entertaining guests & family. Morning Sun Farms offers residents plenty of walking & bike paths, green spaces, and is just minutes away from great shopping, restaurants, and entertainment.

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441 S Dodge Drive Chandler, AZ 85225

$567,000

3 Beds

2 Baths

2,162 SqFt

Status Active

MLS # 6736916

Property Type Single Family Residence

Price Type --

Fantastic location in the popular single level community in Kempton Crossing. Well maintained one owner 3BR 2BA plus large den, large kitchen with island and granite counter tops , breakfast nook, formal dining, formal living room and family room with gas fireplace, upgraded tile and wood flooring through out the home, Oversized lot with mature backyard and cover patio, 3 car garage, the home is one of a kind for the subdivision only one built, Kempton crossing is a unique community where all homes are single level with 7400 sqft minimum lot size, this home is the only one of its floor plan in the community, enjoy several nearby family parks with pickle ball courts, biking or walking along the canal and convenient close access to freeway and many stores.

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34475 N Fortini Way Queen Creek, AZ 85144

$566,610

5 Beds

3.5 Baths

2,937 SqFt

Status Active

MLS # 6748798

Property Type Single Family Residence

Price Type --

From AZ-24, take Ellsworth Rd, south. Make a right onto Thompson Pkwy. Turn left onto Tesota Way. The sales office will be on your right.

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4901 W Hunter Trail San Tan Valley, AZ 85143

$566,090

5 Beds

3 Baths

2,926 SqFt

Status Active

MLS # 6778084

Property Type Single Family Residence

Price Type --

Elite community with a lot of amenities! The perfect blend of functionality comes to life. This stunning home boasts 5 bedrooms, 3 baths, bonus space, office and walk-in closets, ensuring that there's room for everyone. The island takes center stage, serving as a social hub where family and friends can gather. Whether you're preparing a gourmet meal or enjoying a family breakfast, the kitchen is designed to be a culinary haven. dark cabinets, granite counter tops with a generous amount of wood look tile! Stepping outside, the 3-panel sliding glass door offers an additional living space that seamlessly extends the indoor experience. Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings, better health, real comfort and peace of mind.

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