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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3855 S Mcqueen Road Chandler, AZ 85286

$549,500

3 Beds

2.5 Baths

2,107 SqFt

Status Active

MLS # 6562343

Property Type Townhouse

Price Type --

This beautifully upgraded Move-In Ready home is in the coveted Paseo Vista Village, just minutes from numerous employers, shopping, and dining. The home features a modern floor plan with plenty of space for entertaining and relaxing. The open concept living and dining area is perfect for hosting guests, and the kitchen is equipped with all the latest appliances. The home is energy efficient and features a number of upgrades, including tile flooring in extended areas, kitchen cabinet enhancements, and upgraded bathroom fixtures. The community pool is a great place to relax and cool off on hot days, and there are also ramadas and BBQ areas for entertaining guests.

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9545 E Carl Road Flagstaff, AZ 86004

$549,500

4 Beds

2 Baths

1,928 SqFt

Status Active

MLS # 6641021

Property Type Manufactured Home

Price Type --

Well-built private living backing to National Forest Land! Enjoy bright stars, Elk and Deer while being close to all amenities. 2.3 acres fully fenced, complete with horse arena, tack room & shed. Open and split floor plan with new LVP flooring. Deluxe primary bedroom with full bathroom, dual sinks, soaking tub, separate shower and walk-in closet. The solid construction consists of 2x6 exterior walls, double pane windows, and double insulated walls & ceiling built on solid ERBS anchored foundation. Roof built for heavy snow with 2x6 trusses. Built like a true home & space for everything!! Natl Forest is your backyard for walking, play, riding and more! Come see, private serene living at a fraction of the cost!

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1901 W Fairway Lane Payson, AZ 85541

$549,500

3 Beds

2 Baths

1,557 SqFt

Status Active

MLS # 6652071

Property Type Single Family Residence

Price Type --

As you walk through the front door into the foyer, you will notice the engineered hardwood flooring that is throughout the home, the secondary bedrooms are on your right, but first continue into the living room with vaulted ceilings with indirect lighting featured in multiple areas. Take in the fireplace and views of the deck and expansive backyard through large windows on either side of the fireplace that now has a pellet stove for added efficiency for heating in the winter months. As you walk further in, you will notice the gourmet kitchen with undercabinet lighting, designed by the owner, a renowned pastry chef now retired. There is an adjoining dining area with great views of the outdoors. After you take in the kitchen and dining area proceed into the primary suite that is spacious and also has access to the rear covered deck, pause for moment and take in the views into the back yard then proceed into the bathroom with spacious walk in closet along with walk in shower with glass enclosure. Wow! Now the best part is you go out on the deck, take in the views of the mountains and if you are lucky some of the areas wildlife or maybe a golfer saying a few choice words after shanking their drive. Then proceed down the stairs and into the backyard, walk among the trees and shrubs, over on the side of the home are raised beds that have drip irrigation set up for easy gardening. Then for those of you that tinker the workshop with outside ramp if you want to park your side by side that you can access from the garage too.

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1102 E 7th Street Mesa, AZ 85203

$549,500

4 Beds

3 Baths

2,194 SqFt

Status Active

MLS # 6671997

Property Type Single Family Residence

Price Type --

This 4 bedroom, 3 bathroom, one-level, Mesa home has a 1/1 819 sqft attached unit with its own entry, kitchenette, and laundry room is a diamond in the rough! The main house which is 3/2 1375 sqft is currently leased at $2100 until 10/31/24. A perfect House Hack! It has been well kept by the current owner and is move-in ready! Conveniently located near Fitch Park, Hohokam Stadium (Oakland A's), Sloan Park (Chicago Cubs), Main Street, Mesa Riverview Park, along with highway 60 & the 202! The SUNLAND MESA AMD community welcomes you inside the neighborhood, where peace is found! All appliances convey with the sale of the home. It's hard to find a property in this area with this unique setup! THIS PROPERTY WILL NOT LAST LONG!!!

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26604 W Quail Avenue Buckeye, AZ 85396

$549,500

2 Beds

2 Baths

2,105 SqFt

Status Active

MLS # 6686210

Property Type Single Family Residence

Price Type --

Beautiful 2-bed, 2-bath, plus den Pursuit model on a spacious corner lot in one of the quietest neighborhoods in Sun City Festival. The large backyard has an expanded patio and wonderful opportunities for outdoor living. The home features light-colored wood-look tile flooring and dark Alder cabinetry throughout the home that include roll-out trays. Gas SS appliances include cooktop/dual ovens. Light-colored granite countertops in the kitchen and bathrooms. The home includes Bow Windows in the dining area, built-in entertainment wall, tray ceilings in the gathering room and owner's suite, French doors at den, expanded laundry room. The 2-car garage includes an insulated garage door and soft water system. The expanded front patio allows views of the White Tank Mountains.

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16509 W Rowel Road Surprise, AZ 85387

$549,500

5 Beds

2.5 Baths

3,201 SqFt

Status Active

MLS # 6692221

Property Type Single Family Residence

Price Type --

Stunning backyard features heated pool, raised spa & lovely waterfall feature. Mature landscaping, covered patio, fountain, entertaining area, pavers, and garden with producing lime, fig and grapefruit trees! 5 bedrooms, 2.5 bath w/ 3.5 car-garage! 2 replaced AC units ($14k). Beautiful gourmet kitchen with 42'' maple cabinets, pull-out shelves, walk-in pantry & generous breakfast bar seating. Sep living and family rooms. Downstairs den with 1/2 bath. Wide stairs w/custom railing leads to open loft (perfect flex space) plus 4 large bedrooms including the Master w/ walk-in closet, luxurious bath w/ split his/her vanities, separate garden tub & shower, private toilet closet. Garage built-ins & service door. New exterior paint 2023; paver sidewalks, solar screens, fans, utility sink!

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25 S Willow Creek Street Chandler, AZ 85225

$549,500

4 Beds

2.5 Baths

2,144 SqFt

Status Active

MLS # 6695275

Property Type Single Family Residence

Price Type --

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222 W Roma Avenue Phoenix, AZ 85013

$549,500

3 Beds

2 Baths

1,316 SqFt

Status Active

MLS # 6695432

Property Type Single Family Residence

Price Type --

Nestled in a quaint and picturesque setting, this historic corner lot property offers a unique living opportunity with two charming homes on a single lot. The main house, brimming with original charm, features two cozy bedrooms and one bathroom. Immaculately preserved, this home delights with period details and a warm, inviting atmosphere that only a historic house can offer. Modern upgrades such as dual pane windows, a new sewer line, & copper plumbing enhance comfort without detracting from the home's vintage appeal. Tucked away in the back is a delightful studio home, perfect as a guest house or rental opportunity. This compact yet efficient space includes one bedroom and one bathroom, providing privacy and comfort. The property also has a detached garage with plenty of storage space!

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2 County Road N2148 -- Alpine, AZ 85920

$549,000

3 Beds

3 Baths

1,772 SqFt

Status Active

MLS # 6697234

Property Type Single Family Residence

Price Type --

Tucked at the end of the road, you will find a gorgeous 3-bedroom 3-bathroom home, ready for you! Enter the front door to the open concept floor plan, living room features a fireplace with insert for the winter nights. The kitchen is generous in size with plenty of room to work. Large dining area for gathering with friends and family. Arizona room to enjoy the four seasons and watch the wildlife. Master suite is cozy with a ¾ bathroom. Two additional bedrooms and two more bathrooms, one with laundry and access to the back deck. An attached one car garage features a workshop room complete with 220 V and a bonus room for a home office, gym or just additional storage. With 1.69 acres (approx. 73,616 sf) you have space to enjoy the outdoors.

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6405 N Oakley Court Casa Grande, AZ 85194

$549,000

4 Beds

2 Baths

2,050 SqFt

Status Active

MLS # 6700934

Property Type Single Family Residence

Price Type --

BRAND NEW Construction with Custom-Quality Upgrades throughout! This beautiful Modern Farmhouse is located on a 1.41 ACRES of Horse Property. NO HOA. Gourmet Kitchen w/ high-end Cabinets w/ 42'' uppers, White Quartz Countertops, Stainless Steel Appliances & Wood Plank Tile Floors. Stunning Master Bathroom w/ Freestanding Soaking Tub & Modern Glass Shower. Exceptional Energy Efficient - boasting Spray Foam Insulation, Premium AC unit & High-end Windows. Superior Construction and Craftmanship includes Premium Roofing System, Premium Synthetic Stucco & much more! COMPLETED in Oct/Nov.

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12320 W Luxton Lane Avondale, AZ 85323

$549,000

4 Beds

3 Baths

2,272 SqFt

Status Active

MLS # 6678265

Property Type Single Family Residence

Price Type --

INCREDIBLE OPPORTUNITY to live close to it all in the West Valley. With 4 beds, 3.5 baths, flexible retreat area and 3 car side by side garage, this dream homes shines from the stunning curb appeal to the endless possibilities in the large north facing backyard. This bright and open plan boasts 10' flat ceilings, 8' doors and an expansive 16' sliding glass door to the extended outdoor patio. The gorgeous kitchen provides you the opportunity to shine as a chef with upgraded coconut shaker cabinets, quartz countertops, stainless GE appliances, pot filler, herringbone tiled backsplash and oversized center island. Energy-efficient, extensive new home warranty and excellent customer service...there is not time like TODAY. See you soon!

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4026 Desert Moon Drive Wickenburg, AZ 85390

$549,000

2 Beds

2.5 Baths

1,678 SqFt

Status Active

MLS # 6590654

Property Type Townhouse

Price Type --

Well appointed Valletta Model Home, the LARGEST square foot Duet SHEA builds for Wickenburg Ranch, 1668 sq ft. Features include the EXTRA bath and LARGER office space. $40,000 spent on wood flooring throughout the house. Primary suite w/glass slider that opens up to a paver patio covered by a beautiful pergola. Dual sinks, and walk-in closet. Guest Ensuite w/granite counters. Generous Great Room Exit through the multi-glass sliding doors to the expansive views while enjoying your built-in BBQ. Kitchen has granite counters, wall ovens, pantry and R/O water system. Laundry space has upgraded upper and lower cabinets. HOA maintained landscaping front & rear. All around beautiful home. Seller will pay $10,000 towards closing cost. This covers your $8,000 club membership and more

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