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 99th 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.

Whats 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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21743 S 140th Street Chandler, AZ 85286

$1,850,000
5 Beds
3.5 Baths
4,081 SqFt
Status Active
MLS # 6759514
Property Type Single Family Residence
Price Type --
Gorgeous custom home, w/ BASEMENT on nearly 2 acres! Discover the epitome of luxury living in this breathtaking 5-bedroom, 3.5-bathroom home nestled on a rare 2-acre lot in Chandler. Custom features throughout include coffered ceilings, custom tile, snail shower, jetted tub, upgraded carpet, tile, stamped & stained concrete floors. Gourmet kitchen with hickory cabinets and large island. Modern kitchen with high-end appliances and plenty of counter space. Open-concept living areas filled with natural light and designed for comfort.This property boasts a perfect blend of sophistication, comfort, and outdoor entertainment, making it an ideal sanctuary for families and entertainers alike. Key Features: 5 spacious bedrooms designed for relaxation and privacy. 3.5 elegantly appointed bathrooms featuring modern finishes. A finished basement offering additional living space, perfect for a home theater, gym, or play area. Bonus Rooms: Two versatile bonus rooms that can be tailored to suit your needsideal for an office, craft room, or guest accommodations. Outdoor Oasis: Dive into your own private paradise with a stunning swimming pool complete with a grotto and waterslideperfect for family fun and entertaining guests. The expansive 2-acre lot provides ample space for outdoor activities, gardening, or future expansion. Detached Garage: An extra detached garage offers additional storage or workspace, ideal for car enthusiasts or hobbyists. Additional Highlights: . Beautiful landscaping that enhances the property's curb appeal. Oversized 3 car garage with custom cabinetry and epoxy floor. Detached 24'x30' shop with 8' rolltop door and 220 amp panel. Custom saltwater pool with rock grotto and waterfall, slide, and in-floor cleaning system. 2 separate pastures for the horses and plenty of room for all the toys. Custom built 40'x50' Barn, with 20' ceilings, and built in loft. Perfect for additional living, storage, or entertaining space. NO HOA! Don't miss out on this rare opportunity to own a piece of paradise in Chandler! Contact us today to schedule a private tour.

5705 S Topaz Place Chandler, AZ 85249

$1,850,000
4 Beds
3.5 Baths
4,402 SqFt
Status Active
MLS # 6751353
Property Type Single Family Residence
Price Type --
Welcome to your new home—an exceptional property nestled on an expansive, private lot with no neighbors behind. This meticulously maintained, move-in-ready residence offers over 4,300 square feet of luxurious single-level living, featuring four generously sized bedrooms and three and a half baths with an office/guestroom. Exuding elegance with soaring ceilings and an open floor plan, enhanced by a gas fireplace and large windows that boasts the family room's natural light. The gourmet kitchen is a chef's dream, complete with stainless steel appliances, a double wall oven, a spacious quartz island with a breakfast bar, and a walk-in pantry. The oversized primary suite includes a large walk-in closet, a full master bath with a separate shower and tub, a private toilet room, and dual sinks. The beautiful landscape surrounds the tranquil private pool. All of this and it backs to a 100 acres slated for city park. Come check out this gem before it's gone.

1117 W Coronado Road Phoenix, AZ 85007

$1,850,000
4 Beds
3.5 Baths
3,699 SqFt
Status Active
MLS # 6749718
Property Type Single Family Residence
Price Type --
WOW!A historic home on a double lot (nearly 1/2 acre) in the exquisite Encanto Palmcroft Historic District with a terrific ''livability'' factor!The large living and dining rooms have soaring beamed ceilings, glowing wood floors & elegant large windows while the family room has a vaulted ceiling and a bank of french doors opening to a spacious patio overlooking the lush yard,sparkling pool & ramada.Each of the four bedrooms has direct access to a bath plus a 1/2bath for guests.The eat-in kitchen has loads of cabinet and counter space w/ two sinks,breakfast bar & pantry.The breakfast room can double as an office! The finished basement features custom built-in cabinetry and can accommodate a pool table plus a separate workshop/craft/exercise/costco storage room. Truly a must see property!

24 W Marlette Avenue Phoenix, AZ 85013

$1,850,000
4 Beds
3.5 Baths
3,155 SqFt
Status Active
MLS # 6750384
Property Type Single Family Residence
Price Type --
Built in 2015, this 4-bedroom, 3.5-bathroom home is perfectly located in the highly desirable North Central Corridor. Inside, the home features a thoughtfully designed split floor plan with vaulted ceilings that create an airy, spacious feel. The hardwood floors throughout add warmth and elegance, while large windows bring in abundant natural light. All windows feature blackout shades from The Shade Store. The gourmet kitchen features stainless steel appliances, a gas range top, Carrara marble countertops, and a large walk-in pantry. The open layout connects the kitchen to the dining and living areas, making it ideal for entertaining. The beautifully designed living spaces are enhanced by modern lighting and high-end plumbing fixtures. The master suite is a true retreat, offering a generous walk-in closet and a luxurious ensuite bathroom withCarrara marble countertops, a double vanity, and a beautifully tiled shower. The additional bedrooms are spacious and include walk-in closets with Classy Closet organizers. The bathrooms are equally impressive, featuring elegant tile work and modern fixtures. For added convenience, the home includes a versatile den, a well-appointed powder room, and an oversized laundry room complete with a sink and extra storage. The mudroom is equipped with built-in lockers, perfect for keeping everyday items organized. Recent updates have transformed the backyard into a private oasis, completed in 2022 by Roots First Landscape. Including a built-in fireplace, bocce ball court and an outdoor kitchenideal for entertaining and enjoying Arizona's beautiful weather. This home combines modern amenities with a prime North Central Corridor location just across Central Ave from the Murphy Bridle Path, Uptown Farmer's Market, excelling public and private schools and much more. Don't miss the opportunity to make it yours!

4122 E Mclellan Road Unit 9 Mesa, AZ 85205

$1,850,000
5 Beds
3.5 Baths
5,001 SqFt
Status Active
MLS # 6751573
Property Type Single Family Residence
Price Type --
Experience unparalleled elegance with this stunning estate, offering over 5,000 sq ft of refined luxury. As you arrive, the captivating glass entry door sets the tone for a home that harmoniously blends modern sophistication with traditional charm. This exquisite property features a thoughtfully designed split floor plan, with the primary suite secluded on one side and three additional bedrooms, accompanied by a separate family room, on the opposite side. Ideal for entertaining, the open-concept layout includes a chef's kitchen, a spacious living room with surround sound, and a wet bar that seamlessly connects to a resort-style backyard. The outdoor oasis is a true retreat, featuring a heated pool and spa, an outdoor kitchen with a pizza oven, a fire pit, a putting green, and an RV gate with a large parking pad. The home is located in the exclusive, gated Highgrove Estates community, offering privacy, large lots, and the convenience of nearby shopping, and a brand new tennis and pickleball court. Additional highlights of this residence include a 4-car garage, a study or 5th bedroom, formal dining, his and her closets, custom draperies and shutters, and recent renovations throughout, including flooring, paint, kitchen, and bathrooms. This home provides every amenity you could desire for a sophisticated and comfortable lifestyle.

8661 E Preserve Way Scottsdale, AZ 85266

$1,850,000
4 Beds
3.5 Baths
4,132 SqFt
Status Active
MLS # 6693606
Property Type Single Family Residence
Price Type --
Welcome to your slice of paradise in North Scottsdale, nestled in the serene embrace of a peaceful cul-de-sac w/in the gated community of Boulder Ridge. Prepare to be captivated by this newly renovated gem, designed w/ the entertainer in mind! Step into the heart of the home, where a chef's kitchen awaits, adorned w/ brand new quartz countertops, stainless steel appliances, dual ovens, a wine fridge, two pantries to accommodate all your culinary delights. Seamlessly flowing into the immaculate entertaining spaces, including the dining room, living area, family room, & cozy eat-in kitchen, this home offers the perfect setting for gatherings of all sizes. Expand your entertainment outdoors onto the oversized patio, sparkling heated pool, & enjoy the views of Arizona's cotton candy sunsets. Experience luxury at its finest in the newly revamped master retreat, boasting an all-new ensuite bath featuring a custom shower with elegant euro glass accents, adorned with marble and quartz finishes. Indulge in relaxation with a soaker tub overlooking the three-way master fireplace, creating a tranquil oasis within your own home. With four bedrooms and a spacious split floor plan, this home offers ample space and versatility to accommodate your lifestyle needs, whether it's for family, guests, or your personal sanctuary. Embrace the essence of refined living in this North Scottsdale haven, where every detail has been meticulously crafted to elevate your experience of home.

6146 E Dixileta Drive Cave Creek, AZ 85331

$1,850,000
4 Beds
3 Baths
3,269 SqFt
Status Active
MLS # 6716921
Property Type Single Family Residence
Price Type --
NEW OPPORTUNITY WITH $100K PRICE REDUCTION! 2.2 ACRE CAVE CREEK 4 BDRM/3 BATH WITH HORSE FACILITIES. From the circular driveway, you are welcomed through a stoned turret courtyard framed w/decorative steel doors into spacious open living with high ceilings, stone accents and warm neutral tones. Built in 2013, this newer home w/split floor plan offers a central home hub inclusive of a great room/dining room which seamlessly flows to kitchen/family living space. To the East of hub you find the primary suite, laundry, flex room, garage entrance; to the west - bedroom w/ensuite bath, two additional bedrooms and bathroom. Horse facilities include (3) mare motels, round pen, arena. Plenty of open land for pool and additions! 2-car attached garage & detached 4-car tandem garage/workshop.

4432 E Camelback Road Unit 120 Phoenix, AZ 85018

$1,850,000
3 Beds
3 Baths
2,840 SqFt
Status Active
MLS # 6713420
Property Type Townhouse
Price Type --
Welcome to #120 at 4432 N Camelback Road, a meticulously renovated, move-in-ready townhome located in the coveted Guard Gated community of The Village at Camelback. This fabulously curated property features a spacious floor-plan with an inviting open kitchen and living area that wonderfully lends itself to entertaining. The home offers three spacious bedrooms, including a master bedroom with a flex space that can be used as an office/sitting area, a den, two full baths, two powder rooms, and abundant storage throughout. Here you'll find exceptional ample outdoor living spaces including an expanded private side yard, covered patio, and backyard with a spa-perfect for relaxing, and two balconies. Enjoy views from this natural light-filled home. Recent renovations include new marble tile floors and shower in the master bath, new carpeting in the upstairs bedrooms, an updated skylight, and new barn-door entry into the master bedroom, updated guest bathroom, low-e windows and screens, and new washer and dryer in the laundry room. The entire interior has been repainted, custom window treatments, new designer light fixtures, and extensive landscaping enhance the home's appeal. Additional features include built-in bookcases, new pantry, updated closet doors, and storage closets in the garage. Discreetly tucked away behind The Village Tennis & Fitness Club, convenience is paramount here with the ease of walkable access to a plethora of local amenities including the new Global Ambassador, AJ's, Steak 44, hiking trails, and much more, offering the best of Phoenix living. Minutes away from Paradise Valley, Scottsdale, and the Sky Harbor International Airport. Come see this beautiful townhome and experience unparalleled comfort and convenience in an unbeatable location for yourself!

7147 E Rancho Vista Drive Unit 4011 Scottsdale, AZ 85251

$1,850,000
3 Beds
2 Baths
1,922 SqFt
Status Active
MLS # 6722919
Property Type Apartment
Price Type --
Available Fully Furnished w/ RH and Pottery Barn furnishings. A true Optima Camelview renovation masterpiece. Taking over a year to complete, there is simply no condominium like this in all of Optima Camelview. The attention to detail is unparalleled. From the moment you walk in you'll be awed by the very specious open floor plan which looks out towards the endless floor to ceiling glass windows and huge completely private terrace. Lavishly renovated from head to toe, no expense was spared in adding every luxury and feature to this breathtaking retreat. Exquisite custom cabinetry and countertops throughout. An extensive Wolf and Sub Zero appliance package, breathtaking custom quartzite slab gas fireplace, smart accent lighting controlled via Lutron Caseta, automated blinds through out +++ All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Womens Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.

3810 E Clarendon Avenue Phoenix, AZ 85018

$1,849,000
4 Beds
3.5 Baths
2,967 SqFt
Status Active
MLS # 6751106
Property Type Single Family Residence
Price Type --
This brand new, exquisitely designed property offers the perfect blend of modern luxury and comfortable living. This home features an open-concept layout with a spacious great room with fireplace and bar area, perfect for entertaining. The kitchen is a chef's delight, complete with high-end stainless steel appliances, a large island with seating, and a cozy nook perfect for casual dining.The luxurious primary suite includes a spa-like bath, walk-in closet, and office or workout space. The secondary bedrooms are generously sized, each with ample closet space and easy access to the beautifully appointed bathrooms. Step outside to your private oasis with a brand new pool and fully landscaped yard, ideal for Arizona living. Don't miss the opportunity to own this stunning move-in ready gem!

6737 E Rockaway Hills Drive Cave Creek, AZ 85331

$1,849,000
5 Beds
4.5 Baths
4,372 SqFt
Status Active
MLS # 6714785
Property Type Single Family Residence
Price Type --
Thoughtfully designed custom home nestled on 2+ acres and convenient to downtown Cave Creek. Versatile & open layout. Beautiful kitchen w/ large island, butler's pantry and premium appliances including Wolf/Sub Zero. Primary BR w/ gas fireplace, large bath, dual custom closets. Upstairs guest area w/ BR, seating area, full bath and balcony. 5th BR perfect for home office. Backyard w/ covered patio, fireplace & room for a pool opens to large, natural expanse. 3 car garage plus separate single bay garage at other side of home. R50 Insulated Concrete Form (ICF) wall construction provides excellent insulation. Owned solar panels further improve home's efficiency. New roof, fresh paint, exterior security cameras, extensive window treatment package. Horse property use permitted.

18223 W San Miguel Court Litchfield Park, AZ 85340

$1,848,800
6 Beds
6 Baths
4,100 SqFt
Status Active
MLS # 6704847
Property Type Single Family Residence
Price Type --
Fall in love with this newly built custom home located in the gated community of Russell Ranch, 6 bedroom 6 bath and an office/den. Fire sprinkler system, electric fireplace, multiple ceiling heights 10, 12 and 16 ft ceilings. RV garage, Detached casita with one bedroom, full kitchen, living room and laundry closet, water softener pluming ready. *Heated pool and jacuzzi *RV garage: double oversized door (size 14x14), RV plug, mini split AC system, spray foam, insolated garage doors. *3 car garage - EV Plug, spray foam, insolated garage doors *Electric panel- 400 amp electrical panel with a 200 amp sub panel

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