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

9605 W Getty Drive Tolleson, AZ 85353

$495,000

4 Beds

3 Baths

2,273 SqFt

Status Active

MLS # 6669664

Property Type Single Family Residence

Price Type --

Welcome to your dream home, 4 bed 3 bath home with a custom designed backyard. Host parties enjoying the gas fire pit, corn hole lanes, putting green, gazebo and covered patio while creating memories with family and friends. This gorgeous kitchen comes with an open concept and plenty of cabinet space, recessed lighting, a center island and pantry. A spacious master bedroom with walk-in closet, double sink vanity and private bath. Plus a large flex room to be used for any of your needs. - Perimeter of the yard, fireplace and counter. Inside - Ruckus Smart Switch and Wifi Network Extension. Garage - MyQ App controlled Garage Door opener. COME SEE IT FOR YOURSELF

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18009 N 129th Drive Sun City West, AZ 85375

$495,000

3 Beds

3 Baths

2,874 SqFt

Status Active

MLS # 6671466

Property Type Single Family Residence

Price Type --

W E L C O M E to this newly-upgraded 2,874 sq.ft residence. Inside, you'll find a perfectly flowing layout showcasing a large expensive floor plan. clean lines and sleek designs. Soothing palette, recessed lighting & wide plank vinyl flooring are features you'll love! The stunning kitchen boasts granite & butcher block counters, updated cabinets with custom accents, black and SS appliances, custom island, walk-in pantries. End your busy day in your primary master suites with a jacuzzi tub. Lavish bathrooms, custom vanities, expansive custom showers. Large walk in closets in each room. Spend relaxing afternoons in the expansive large backyard patio, plenty of space for entertaining! 16,900 cul-de-sac lot. This home is a dream come true! Don't miss outi Living Room, Formal Dining Room, Family Room, Office, Primary Master Suite with/classic French doors that open to a private sitting room.

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14258 N 154th Lane Surprise, AZ 85379

$495,000

4 Beds

2.5 Baths

2,035 SqFt

Status Active

MLS # 6672000

Property Type Single Family Residence

Price Type --

Experience your own backyard retreat, complete with lush green grassy play area, a fenced pebble tec pool, and an extended covered patio perfect for family get-togethers and relaxation. Your extended paved RV parking area stands ready to accommodate your camper and outdoor toys. Step into the remodeled kitchen showcasing a custom-built granite top table complementing the counter tops, alongside a tastefully tiled backsplash, a stylish farmhouse sink, and modern stainless-steel appliances. Upstairs, discover four generously sized bedrooms each boasting walk-in closets, while a versatile office-den showcases a contemporary barn door which adds to the home's charm. Enjoy the durability and beauty of Cali Bamboo waterproof laminated flooring throughout the main living areas and wet spaces, including the stairwell. Additional features include ceiling fans, newer window blinds downstairs, and 4 convenient storage sheds. This meticulously cared for home reflects a true sense of pride in ownership.

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2149 S Olivewood -- Mesa, AZ 85209

$495,000

2 Beds

2 Baths

2,239 SqFt

Status Active

MLS # 6674996

Property Type Single Family Residence

Price Type --

This charming 2-bed, 2-bath plus den property in the active adult community of Sunland Springs is now for sale. Featuring vaulted ceilings, an updated kitchen including granite countertops and stainless steel appliances and an oversize Arizona room, this fantastic 55+ property is located just minutes from Superstition West shopping & dining, Sunland Springs Golf Club and is a short 30 minute drive to Sky Harbor Airport. Spend your days enjoying the active lifestyle of Sunland Springs playing golf, tennis, billiards, cards, or simply enjoying your day poolside with friends.

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4697 N 204th Lane Buckeye, AZ 85396

$495,000

2 Beds

2 Baths

1,657 SqFt

Status Active

MLS # 6674327

Property Type Single Family Residence

Price Type --

MOVE RIGHT IN to this Kennedy on the corner! Situated in a quiet little niche of Victory, this Lennar floorplan is super popular - two bedrooms PLUS den, two baths, open kitchen/dining/great room. These original owners have maintained perfectly and upgraded - from custom metal screen security door to new lighting, ceiling fans, professionally painted throughout, epoxy garage floor, permanent heavy duty shelving & overhead storage in garage, professional landscape install extensive pavers in back & side yards. Ready to enjoy Victory living in a charming Victory neighborhood! FHA loan at 3.625 is Assumable!

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29417 N 123rd Glen Peoria, AZ 85383

$495,000

4 Beds

2.5 Baths

2,622 SqFt

Status Active

MLS # 6682362

Property Type Single Family Residence

Price Type --

Fantastic opportunity for this beautiful original-owner home in Vistancia Village that offers 4 bedrooms + den and loft in a spacious 2622 SqFt. The kitchen features 42'' white shaker-style cabinetry with hardware, granite countertops, subway tile backsplash, contemporary stainless/white Samsung appliances including a gas range and the matching refrigerator is included! Sliding doors lead out to the side patio with new pergola covering, pavers, and easy-care artificial turf, perfect for outdoor entertaining. Bedrooms and laundry are upstairs. The oversized primary bedroom has a step-out balcony and en-suite bath with extended dual sink granite vanity, framed mirrors, and large tiled shower with rain showerhead and glass surround. Upstairs bath also has granite counters and dual sinks,* and all bedrooms have walk-in closets. Other features include a den/office on the main level, under-stair storage, stone exterior elevation, and a 3 car garage. Community amenities include a private pool for the Village residents, and the Mountain Vista Club includes lap and resort pools, splash pad, tennis/pickleball courts, fitness studio, indoor basketball court, game room, and Vistancia's 3.5 mile Discovery Trail. See today!

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36990 N Aleutian Drive San Tan Valley, AZ 85143

$495,000

3 Beds

2 Baths

2,183 SqFt

Status Active

MLS # 6679966

Property Type Single Family Residence

Price Type --

An amAZing home for sale sitting on the border of San Tan Valley & Queen Creek only minutes from all new dining & shopping. This gated community has miles of walking trails throughout plentiful, lush open spaces along with 3 parks! This plan features 3 bedrooms (+office area off main bedroom),2 bath split floor plan. TWO outdoor living spaces: a courtyard & covered patio for your entertainment needs. The kitchen offers plenty of usable counters, & comes w/modern white shaker cabinets, quartz countertops & stainless steel appliances. & tile t/out all common areas! Smart home technology is included along w/14 seer 3 zone HVAC & energy saving features. Soft water loop! blinds! ceiling fans! & nicely landscaped backyard. Just had 1 yr inspection w/builder! Enjoy the AMAZING SUNSETS!

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380 E Hillside Drive Munds Park, AZ 86017

$495,000

3 Beds

2 Baths

1,470 SqFt

Status Active

MLS # 6683791

Property Type Single Family Residence

Price Type --

Beautiful and immaculate fully-furnished home in Munds Park. All you need are your personal items. Home has been very tastefully decorated by owners with forest/western motif, wowing every single person walking in. Very spacious corner lot feels much larger than it is with front grass for kids and pets (even a zip line!). Two large storage sheds have been built and installed in the property as well. Home has views to all directions from the front deck and inside kitchen, dining and living areas. Home has three bedrooms, two bathrooms, kitchen, living and dining areas, and also two additional living spaces: one currently used as a kids play area, and the other one for adults with a ping pong table and a bar. Vaulted ceilings in all living spaces.

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2423 E Dahlia Drive Phoenix, AZ 85032

New

$495,000

3 Beds

2 Baths

1,440 SqFt

Status Active

MLS # 6693564

Property Type Single Family Residence

Price Type --

PERFECT LOCATION! MOVE IN READY! This inviting 3-bed, 2-bath home offers comfort and style. Close to schools, shopping, dining, and hiking trails with easy access to the 51 Fwy. The open layout seamlessly merges living and dining areas. A neutral palette, wood-look flooring, and tons of natural light enhance the space. The spotless kitchen features SS appliances, quartz counters, pendant lighting, white cabinetry, and a natural butcher block island. The large main bedroom boasts two closets & a private bathroom. An extra-large laundry room with a utility sink adds convenience. Outside, enjoy a covered patio and storage shed. PLUS, ENJOY A NEWER SOLAR SYSTEM WITH NO COST TO THE BUYER! A WIN-WIN for any buyer!

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4320 Buffalo Ridge Wickenburg, AZ 85390

Open House

$495,000

2 Beds

2 Baths

1,580 SqFt

Status Active

MLS # 6684581

Property Type Single Family Residence

Price Type --

This charming home in Wickenburg Ranch boasts a spacious and inviting layout perfect for comfortable living. This 2 bed, 2bath residence features a welcoming ambiance with a seamless blend of functionality and style. Upon entering, you're greeted by wood-look tile flooring that exudes warmth and durability throughout the home. The open floor plan is ideal for both relaxation and entertaining. The kitchen is a focal point, adorned with granite countertops, a large island, and ample cabinetry providing both elegance and practicality. Whether you're preparing meals or hosting gatherings, this kitchen is sure to inspire culinary creativity. In addition this, thoughtfully designed home includes an office/den with french doors for privacy. Outside, the low-maintenance desert landscaping adds to the home's curb appeal while minimizing upkeep. Completing the property is a three-car garage, providing convenient parking and extra storage. Offering comfort and style in equal measure, this Wickenburg Ranch residence is the epitome of desert living at its finest.

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3516 S Seneca Way Gilbert, AZ 85297

Open House

$495,000

3 Beds

2.5 Baths

1,931 SqFt

Status Active

MLS # 6690472

Property Type Single Family Residence

Price Type --

WOW !! This Stunning home is Nestled in the serene neighborhood of Power Ranch. Pristine and immaculate, YOUR NEW 3 Br ,2.5 bath ,1car garage home offers a spacious open concept layout designed for modern living. Sunshine filled gives brightness shining in daily . The Master suite is a sight to behold. DBL sinks, walk in closet and a make up area. The heart of the home is a gourmet kitchen adorned with sleek appliances and ample counter space. Step outside through an oversized almost full wall of sliding glass doors to an upgraded backyard with artificial turf & pavers t/o. Enjoy a great relaxation setting for endless summer days and starlit evenings. On cold chilly nights your living room turns into a romantic colorful flame changing room with a built in modern flame fireplace. Need more privacy the living area is equipped with electric roller shades .YES what else does one need. This house has everything anyone could want. All higher end bronze fixtures through this home adds a touch of class and character. The Community is filled with fun amenities LOCATED IN THE LAKE SUBDIVISION . A pool , spa, BBQ area ,gazebo, walking path , playground ,tennis, basket ball courts and so much more. Don't take my word for it come feel the fun, serenity and beauty for your self.

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517 E Manhatton Drive Tempe, AZ 85282

Open House

$495,000

3 Beds

2 Baths

1,446 SqFt

Status Active

MLS # 6646349

Property Type Single Family Residence

Price Type --

Step into modern comfort and style with this updated home that seamlessly combines sophistication and functionality. The open kitchen concept invites you to explore your culinary creativity while enjoying the glow of abundant natural light that fills the space. This solid block built single-story residence has three bedrooms and two bathrooms, offering convenience and a touch of luxury. The well-thought-out design extends beyond the kitchen, with separate living areas providing versatility for various activities and lifestyles. Situated in a prime location, the property not only offers a great place to call home but also the convenience of being in close proximity to parks, schools, shopping and the freeway. Additionally, the home is on a larger lot, providing outdoor space

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