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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20063 N 98th Avenue Peoria, AZ 85382

$550,000

2 Beds

2 Baths

1,858 SqFt

Status Active

MLS # 6747446

Property Type Single Family Residence

Price Type --

UPDATED PRICE!!! RARE REMODELED HOME IN WESTBROOK VILLAGE! Beautifully designed 2-bedroom, 2-bathroom ranch-style home with 1,858 sq. ft. of living space. Owners spent over $165,000+ on the remodel (see documents tab for breakdown of costs). Step inside to a bright and open great-room living area featuring vaulted ceilings, gorgeous electric fireplace and luxury vinyl plank flooring. The elegant kitchen boasts a mixture of quartz slab counters on the perimeter & slate gray granite countertops on the island. These perfectly compliment the upgraded cabinets & SS Kitchen Aid appliance package purchased recently in 2023. There is also a huge breakfast room area just off the kitchen perfect for everyday meals. The primary bedroom is carpeted, providing a warm and comfortable retreat, and features its own bathroom with double sinks, a full bath, private toilet room, and a separate shower & tub, offering a touch of luxury and convenience. The secondary bathroom has been updated to a stylish 3/4 bath with a walk-in shower, remodeled in 2023. The laundry room may be one of the nicest rooms in the house as this was expanded and remodeled to provide plenty of countertop space, a sink, and cabinets to make laundry fun again! Step outside to the backyard, where you'll find a covered patio, desert landscaping, mature landscaping, synthetic grass, and a new irrigation system installed in 2023perfect for outdoor entertaining and convenience. This is a true LOCK & LEAVE HOUSE that also includes 2 garage spaces and is part of a vibrant community with countless amenities such as a biking/walking path, clubhouse/rec room, tennis courts, community media room, heated pool and spa, golf course, and workout facility. Don't miss your chance to own this move-in ready gem in a fantastic community!

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1431 E Wood Street Phoenix, AZ 85040

$550,000

5 Beds

4 Baths

2,136 SqFt

Status Active

MLS # 6738358

Property Type Single Family Residence

Price Type --

PRICED REDUCED TO SELL. Beautifully remodeled property with R-4 multi family residential zoning on HUGE 19,996 sq ft LOT - Endless Potential! Offering immense flexibility, this property is perfect for investors or developers looking to maximize their return, with the potential to build multiple units or houses. Modern upgrades and high- quality finishes throughout the main house. Don't miss this rare opportunity to own a versatile property with significant development potential here in Phoenix.

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2522 N 11th Street Phoenix, AZ 85006

$550,000

3 Beds

2 Baths

1,111 SqFt

Status Active

MLS # 6742322

Property Type Single Family Residence

Price Type --

MOTIVATED SELLERS!!! Discover your dream home in the Coronado Historical District. This newly renovated gem features new windows, flooring, and tile throughout. The stunning kitchen boasts custom Euro-style cabinetry, quartz countertops, and new stainless steel appliances. Enjoy updated bathrooms and an enclosed laundry room with cabinetry and a built-in seating area, perfect for an artist studio or more. Open French doors for seamless indoor-outdoor entertaining in the courtyard. The home also offers a brand-new roof with a 10-year warranty, a new hot water heater, turf grass, and front-yard irrigation. Located on a quiet street, yet close to downtown, Roosevelt Row, and Phoenix Country Club. Modern comfort meets historic charm!

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14867 W Windsor Avenue Goodyear, AZ 85395

$550,000

4 Beds

3 Baths

3,098 SqFt

Status Active

MLS # 6744603

Property Type Single Family Residence

Price Type --

Get ready to fall in love with this spacious 4-bedroom home boasting 3 full baths, a versatile loft (easily convertible to a 5th bedroom), and a 3-car garage. Nestled in the beautiful Rio Paseo Community in Goodyear. This gem is right in the heart of an entertainment district, surrounded by fantastic restaurants, a theatre, shopping hotspots, walk/bike paths, waterfall pond, parks, and top-notch schools. Step inside to discover a formal living and dining area, a large open kitchen featuring a breakfast bar, granite countertops, and stainless steel appliances (including a refrigerator). Downstairs you'll find a convenient bedroom with a full bath. Home is complemented by stylish touches such as stone decor on the kitchen island, a single bowl kitchen sink, new blinds and laundry room with built-in cabinets. Upstairs, you'll be greeted by 3 generously sized bedrooms, including an expansive retreat with double doors, a remodeled ensuite with a separate soaker tub and a spacious walk-in shower, double sinks, and a large walk-in closet. The backyard offers a full-length covered patio, providing ample space for your creative vision. Not to mention, several upgrades have been made between 2022 and 2023, including partial roof replacement, new flooring, water heater, water softener, AC units, upgraded kitchen, and remodeled bathrooms. Conveniently located near the I-10 and Loop 303 Freeways. This home is move-in ready and waiting for you to make it your own!

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19314 S 208th Place Queen Creek, AZ 85142

$550,000

3 Beds

2.5 Baths

2,185 SqFt

Status Active

MLS # 6751638

Property Type Single Family Residence

Price Type --

New $11,000 PRICE IMPROVEMENT! Welcome to this beautiful & immaculate Gateway Quarter home. Attractive paver driveway, and charming covered front porch with perfect view of landscaped walking trails across the street. Inside a den/office could be 4th bedroom, and the very open great room & kitchen are perfect for Gatherings of loved ones. Recessed lighting, and durable tile flooring. Gorgeous kitchen w/ crown molding on cabinets, granite countertops, stainless steel appliances,gas cook top, a walk-in pantry, and an island with a breakfast bar for casual dining. The main bedroom offers soft carpeting, an en suite with dual sinks, and an enormous walk-in closet. Low maintenance backyard showcases a large covered patio, artificial turf, gravel and Perfect location, Just blocks away from Costco, Aldi, Target, so many restaurants, and a huge tranquil nursery to stroll through.

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501 W Jasper Drive Chandler, AZ 85225

$550,000

4 Beds

2 Baths

1,961 SqFt

Status Active

MLS # 6745933

Property Type Single Family Residence

Price Type --

***PRICED BELOW COMPS!*** Walk into instant equity in this unassuming gem in Chandler! Motivated Seller. NO HOA!! A great property with HUGE potential! This 4bdrm/2bth home on a large corner lot insulated in highly sought-after neighborhood of Thunderbird Estates in Northern Chandler. Down the street from Knox Gifted Academy (Ranked #1 AZ Public School) and Apache Park (Basketball, Tennis, Racquetball and playground). Home was remodeled in 2019 and included new roof and a/c. There is room for an addition or guest house in the backyard! The interior has all modern finishes. This home's exterior and landscaping is essentially a blank slate, just waiting for a new owner to make it their own! *Perfect for a light-flip or DIY homeowner! PROPERTY FEATURES: a LARGE, gated, pull-through RV pad.

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4565 S Merriman Way Gilbert, AZ 85297

$550,000

4 Beds

2 Baths

1,793 SqFt

Status Active

MLS # 6747135

Property Type Single Family Residence

Price Type --

Welcome to 4565 S Merriman Way, a beautifully maintained 4-bedroom, 2-bathroom home offering an inviting living space. The open-concept kitchen features modern appliances, a spacious island, and ample cabinetry. Relax in the elegant master suite with a walk-in closet and an en-suite bathroom. The highlight of this home is the entertainer's dream backyard, complete with an outdoor BBQ kitchen, gazebo, fridge, and sink. Enjoy community amenities such as playgrounds, walking paths and tennis courts. Conveniently located near shopping, schools and major highways.

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6504 W Behrend Drive Glendale, AZ 85308

$550,000

4 Beds

2 Baths

2,313 SqFt

Status Active

MLS # 6765381

Property Type Single Family Residence

Price Type --

Move in Ready! Spacious 4-bedroom, 2-bath home in desirable Arrowhead Subdivision. Features an open concept kitchen to great room, fresh interior paint, and a prime location in Glendale with easy access to the Loop 101. Ideal for comfortable living!

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30061 N 70th Drive Peoria, AZ 85383

$550,000

4 Beds

3 Baths

1,818 SqFt

Status Active

MLS # 6748482

Property Type Single Family Residence

Price Type --

Your DREAM home is here in Sonoran Mountain Ranch! Backing the mountain preserve, this beauty offers privacy & serene views. Providing 4 beds, 3 baths, 2-car garage, & a low-care landscape. Home exudes refined style, showcasing an open layout paired with a fireplace, designer paint, archways, & wood-look tile flooring in all the right places. The impressive kitchen boasts SS appliances, granite counters, a double-door pantry, two-tone cabinetry, tile backsplash, & a 2-tier island. The den can be an office or play area! Main bedroom has a double-door entry, outdoor access, and an ensuite w/dual sinks & a walk-in closet. If entertaining is on your mind, the backyard awaits you! With a covered patio, artificial turf, & refreshing pool, this space promises year-round enjoyment. Move-in ready!

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818 N 87th Street Scottsdale, AZ 85257

$550,000

3 Beds

2 Baths

1,628 SqFt

Status Active

MLS # 6761025

Property Type Single Family Residence

Price Type --

LOCATION LOCATION LOCATION! Welcome to this spacious home, nestled in the heart of South Scottsdale, and ideal for someone looking for a home improvement project. With some modern updates, this home will easily return to its full potential. It has great bones and a fabulous layout with both a family room and a living room, spacious kitchen, and a pool that's serviced weekly behind a new wrought-iron fence and a newer variable speed pump and filter. New'ish SS appliances are staying, along with the W&D. An atrium off the family room is a perfect place for a flower garden or water feature. This is your opportunity to put your own touches and style on an affordable home in a prime location with a LOW HOA near the 101 and 202, and a 7 minute drive to both Old Town Scottsdale and ASU.

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18001 N 46th Drive Glendale, AZ 85308

$550,000

4 Beds

2.5 Baths

2,620 SqFt

Status Active

MLS # 6751622

Property Type Single Family Residence

Price Type --

Come see this beautiful 4bed / 2.5 bath home located in the Belair neighborhood on the golf course! Take in the beautiful scenery in your own private pool - You've gotta see this one!

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1036 E Sahuaro Drive Phoenix, AZ 85020

$550,000

3 Beds

2 Baths

1,735 SqFt

Status Active

MLS # 6760943

Property Type Single Family Residence

Price Type --

Welcome to the heart of Phoenix. This 3 bedroom 2 bath open floor plan is nestled in the desirable Pointe Tapatio community. Once inside you are greeted with a sunken seating area with a large fireplace. Gaze up to the vaulted ceilings with windows that provide ample natural light. The spotless kitchen has numerous cabinets for storage and a new marble backsplash to complement the granite counter tops. Double doors open to the master bedroom with a California walk in closet and dual sink vanity. Relax in the spectacular backyard with your private pool and covered patio. Multiple recent upgrades: paved front patio, front & back yard timed watering system with all new pipes and drips, new kitchen appliances, backsplash, extra plush carpet and MORE. DON'T MISS OUT ON THIS BEAUTIFUL HOME

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