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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18526 E Cloud Road Queen Creek, AZ 85142

$1,842,500
6 Beds
5 Baths
6,200 SqFt
Status Active
MLS # 6753942
Property Type Single Family Residence
Price Type --
Unleash your creativity with this expansive, unfinished home, ready to be tailored to your exact vision! Set on a sprawling 2 acres, this property offers the rare opportunity to craft your perfect residence from the ground up. With a generous 6,200 sq. ft the layout includes multiple bedrooms and bathrooms, allowing for flexible room configurations and personalized touches. Imagine creating expansive living areas, a gourmet kitchen, and luxurious master suites tailored to your taste. The on-site shop adds functionality, whether you need a workshop, storage, or an extra garage.Enjoy the benefits of a private, serene setting while still being conveniently accessible to local amenities and major roads.This is a rare opportunity to finish a home to your wants and needs.

2338 E Minton Street Mesa, AZ 85213

$1,840,000
6 Beds
4.5 Baths
5,194 SqFt
Status Active Under Contract
MLS # 6738479
Property Type Single Family Residence
Price Type --
Discover the epitome of elegance and luxury with the added benefit of no HOA. As you arrive, the beautifully landscaped front yard and towering palm trees create a dramatic entrance to this stunning property. The grand facade and welcoming entryway set the tone for the sophisticated interior that awaits. Inside, you'll find a spacious and open floor plan designed for both entertaining and everyday living. The living area features floor-to-ceiling windows that flood the space with natural light and offer breathtaking views of the backyard. The gourmet kitchen is a culinary masterpiece, boasting high-end appliances, custom cabinetry, and a large center island perfect for meal preparation and casual dining. The adjacent family room is a cozy haven, ideal for relaxing with family and friends. The primary suite is a private sanctuary, complete with a luxurious ensuite bathroom featuring a soaking tub, dual vanities, and a walk-in shower. Additional bedrooms provide ample space and privacy for family and guests. The fully finished basement adds significant value, offering versatile space for a home theater, gym, or additional living quarters. The backyard is a true paradise, with a sparkling diving pool with attached spa, built-in barbecue with an Ramada overhead, and plenty of space for outdoor dining and entertaining. Experience the best of luxury living, where every detail has been thoughtfully designed to create a truly one of a kind home.

36495 N Livorno Way Scottsdale, AZ 85262

$1,836,000
3 Beds
3.5 Baths
4,114 SqFt
Status Active
MLS # 6752289
Property Type Single Family Residence
Price Type --
Welcome home to luxury living in the Sonoran Desert, located within the gated Community of Treviso! Set on nearly an acre of land, this tranquil cul-de-sac property offers utmost privacy. Step into the charming gated courtyard adorned with a custom metal gate by a local artist and stone pavers. Inside, notice the soaring 12-foot ceilings in the spacious Living Room flooded with natural light. The chef's kitchen is a dream, boasting an expansive Typhoon Bordeaux granite Island, Quartz Countertops, and top-of-the-line stainless appliances. Retreat to the Primary Bedroom with its own private patio for sunrise vistas. The Primary Bathroom indulges with his and hers vanities, a glass shower enclosure with dual shower heads, and a luxurious soaking tub. The spacious secondary bedrooms both have en-suite full bathrooms. The office showcases has sliding doors that open to the center courtyard, two custom built-in desks, shelving and Barn Doors. The incredible backyard is perfect for entertaining with a heated pool & spa w/ automated LED lighting, low-maintenance artificial grass, and gorgeous landscaping. **Owned Solar System for lower electric bills and Auto Fertilizer for plants. Wood Shutters and automated blinds throughout the home. This home has been meticulously cared for and is move-in ready! Three-car garage. Perfect for a primary residence or a lock-and-leave winter home. This North Scottsdale location is great for mountain bike riding and hiking in the mountains. Close to Carefree and Cave Creek for dining, shopping, and nightlife.

4412 E Sells Drive Phoenix, AZ 85018

$1,830,000
4 Beds
4.5 Baths
2,731 SqFt
Status Active
MLS # 6700680
Property Type Single Family Residence
Price Type --
Experience the allure of this exquisite, newly built single-level sanctuary meticulously designed by Signature Homes, nestled in the vibrant heart of Phoenix Arcadia with awe-inspiring views of Camelback Mountain. Spanning 2,731 square feet, this home offers an enchanting blend of elegance and functionality, featuring 4 spacious bedrooms, each boasting ample walk-in closets and 4 luxurious en-suite full bathrooms, complemented by a convenient powder room and a dedicated office space. The gourmet kitchen is a culinary haven, seamlessly flowing into a grand great room adorned with a cozy fireplace, creating an inviting ambiance for gatherings and relaxation. A separate dining area, elegantly connected through a stylish butler's pantry, sets the stage for entertaining guests. Outside, the rear of the home unveils a large grassy area, an enticing outdoor kitchen and entertaining area, and ample space for a magnificent raised spool. Perfectly situated near top-tier dining establishments, premier shopping destinations, and esteemed schools, this home embodies the epitome of luxurious contemporary living, offering a lifestyle of unparalleled comfort, style, and sophistication.

2123 E Aris Drive Gilbert, AZ 85298

$1,825,000
5 Beds
6 Baths
4,235 SqFt
Status Active
MLS # 6724152
Property Type Single Family Residence
Price Type --
I'M GORGEOUS!! Step into luxury and comfort with this exquisite residence nestled in the prestigious Legacy at Freeman Farms. This home is a haven of sophistication boasting 5 bedrooms, 4 full baths, 2 half baths, and a wealth of unparalleled amenities. Meticulously maintained and thoughtfully designed, this sprawling single-level home features custom wood flooring, elegant tray ceilings, and upgraded ceiling-to-floor cabinetry. The kitchen is a chef's dream with quartz and granite countertops, Viking appliances, large walk in pantry, and four beverage drawers for effortless entertaining. Experience ultimate convenience with 5 HVAC zones, a separate pool bathroom, and a 4-car garage complete with cabinets and EV chargers. Smart home enthusiasts will appreciate the Nest and Arlo systems seamlessly integrated throughout. Entertainment reaches new heights with a dedicated home theater featuring stadium seating, a 12 Speaker Dolby Atmos system featuring Klipsch speakers for a cinematic experience like no other. Outside, the true resort-inspired backyard is an oasis unto itself. Lounge by the large custom pool with a slide and swim-up bar, serenaded by dual water features. Gather around the sunken entertainment area with an outdoor kitchen, gas firepit, and outdoor speakers under a grand pergola. Gorgeous landscaping and lush turf adds to the allure of this meticulously landscaped retreat. This home is truly one of a kind, offering far too many upgrades to list here. View the documents tab for a comprehensive overview. Don't miss your chance to own this remarkable property that epitomizes luxury living in highly desirable Gilbert.

10304 N 101st Street Scottsdale, AZ 85258

$1,825,000
3 Beds
2.5 Baths
2,993 SqFt
Status Active
MLS # 6731576
Property Type Single Family Residence
Price Type --
Discover luxury living at its finest in this stunning home nestled in the prestigious gated community of The Island at Scottsdale Ranch. As you enter, you'll be captivated by the abundance of natural light that fills the open and airy living spaces. The home boasts new tile flooring throughout, enhancing its coastal appeal and providing a seamless flow from room to room. The gourmet kitchen features premium appliances, custom cabinetry, and ample counter space for meal preparation and entertaining. The adjacent dining area and spacious living room, with large windows overlooking Lake Serena, create an inviting atmosphere for gatherings and social events. The primary suite is a true sanctuary, offering a private retreat with a luxurious en-suite bathroom complete with dual vanities, jetted tub, and a separate walk-in shower. A unique bonus room off the primary provides versatile space that can be used as a home office, gym, or nursery, tailored to your specific needs. Step outside to your private backyard oasis, where you will find a sparkling pool and spa, meticulously landscaped yard, a covered patio, built in BBQ and your own private dock on picturesque Lake Serena. Enjoy boating with the included Pontoon boat, fishing, or simply relaxing by the water, all from the comfort of your own home. Located just minutes from Scottsdale's premier dining, shopping, and entertainment destinations, as well as top-rated schools and recreational facilities, this home offers the ultimate in convenience and luxury.

5511 N 2nd Street Phoenix, AZ 85012

$1,825,000
4 Beds
4.5 Baths
3,134 SqFt
Status Active Under Contract
MLS # 6751876
Property Type Single Family Residence
Price Type --
Experience the perfect blend of modern luxury and timeless charm in this stunning 2018 construction home with that sought-after Arcadia ambiance. As you approach, a welcoming covered front porch with a cozy gas fireplace invites you in. The elegant glass-paneled front door opens to a gracious entry alcove, leading to a spacious Great Room and an open-concept kitchen, ideal for everyday living and entertaining. Wide plank oak flooring, pristine white cabinetry, marble countertops, and high-end stainless steel appliances set the stage for culinary delights, while a custom hood over the gas range adds a touch of sophistication. The Great Room boasts a grand gas fireplace with a custom stone surround, complemented by wood beams in the vaulted ceiling. Sliding Arcadia-style doors seamlessly merge indoor and outdoor living. The primary suite is a serene retreat with a coved ceiling and French doors opening to the patio. The luxurious his-and-hers master bath features exquisite finishes and a spacious walk-in closet designed by California Closets. All 3 secondary bedrooms have en-suite with walk-in closets. A versatile bonus room, complete with a charming barn door, is perfect for a children's playroom or home office. Additional highlights include a three-car garage, built-in BBQ, smart home technology, and in-wall speakers throughout, ensuring this home is truly move-in ready. Situated in the desirable Madison School District and steps away from the Bridal Path, this home offers unparalleled access to the best of North Central's shops and restaurants.

9280 E Thompson Peak Parkway Unit 42 Scottsdale, AZ 85255

$1,825,000 - 3Br/3Ba -  for Sale in Dc Ranch, Scottsdale
New
$1,825,000
3 Beds
2.5 Baths
2,600 SqFt
Status Active
MLS # 6755509
Property Type Townhouse
Price Type --
Wonderful opportunity in the heart of Tapadero at DC Ranch. Front courtyard pool and exquisite back yard experience with amazing sunset views. Both outside experiences make this the perfect entertainers home. The Owners suite is separate from the secondary bedrooms and Den. The den area includes wall to wall book shelves and built in desks. Situated directly between the Country Club at DC Ranch and all the amenities of the Desert Camp Recreation Center. Enjoy the path and trail system which winds through all the neighborhoods and ends at Market Streets restaurants and shops.

7260 E Eagle Crest Drive Unit 19 Mesa, AZ 85207

$1,820,000
5 Beds
4 Baths
5,404 SqFt
Status Active
MLS # 6710854
Property Type Single Family Residence
Price Type --
STUNNING 5BR/4BA, 5,400 SQFT CUSTOM HOME IN LAS SENDAS! Private end of the cul-de-sac single level home tucked up next to Tonto National Forest w/ unobstructed views of SUNSETS & RED MTN. Exquisite craftsmanship & finishings w/ travertine floors inside & out, marble showers, copper sinks, granite counters/vanities & custom knotty alder doors/cabinets. Oversized Mstr Retreat w/ two way fireplace, sitting area, huge bath & custom wood closets. Chef''s kitchen w/ Subzero frig & Thermador cooktop & stoves. Elegant Great Room and dining room w/ wood beams, fireplace & french doors opening onto front & rear patios PERFECT FOR ENTERTAINING. Resort back yard w/ Stone fireplace, gazebo, custom glass-tiled pool & spa. Theater room, central vac, home audio system, alarm & more!

14840 E Valley Vista Drive Fountain Hills, AZ 85268

$1,814,999
4 Beds
3.5 Baths
4,046 SqFt
Status Active
MLS # 6671685
Property Type Single Family Residence
Price Type --
Move in ready home! This stunning home features a walk out basement with unparallel views of the city lights, Salt River Indian Reservation, and mountains. These views are real! Located close to Eagle Mountain and Firerock! This brand new home features GE Monogram appliances, upgraded hardwood flooring, and quartz countertops throughout. This home includes backyard landscaping and overlooks the protected easement with incredible views. The primary bedroom, office, and living area on the first floor. When you walk downstairs you will be shocked by the walk out basement featuring a large media room. Guest's can enjoy their own floor. The three car garage and outside storage closet create an abundance of storage space.

3179 E Portola Valley Court Gilbert, AZ 85297

$1,810,000
5 Beds
4 Baths
4,099 SqFt
Status Active
MLS # 6754463
Property Type Single Family Residence
Price Type --
Discover this stunning 5-bedroom gem in a gated community on a peaceful cul-de-sac! The property boasts an impressive 1,196 sq ft, 4-car garage, an attractive paver driveway, an RV gate, eye-catching Cantera stone accents, an impeccably maintained landscape, and a charming front porch. Inside, you will find 10-14' coffered ceilings, floor-to-ceiling windows that flood spaces with natural light, and elegant travertine tile flooring. The inviting great room has a striking stone-clad fireplace for cozy evenings and a wet bar for entertaining. The formal dining room is designed to host memorable gatherings with loved ones. Double doors lead to a den, ideal for an office or study. The Primary bedroom offers plush carpeting, a romantic stone-clad fireplace, and a spa-like ensuite with dual vanities, a jetted tub, and a walk-in closet. Cook delicious meals in the gourmet kitchen, complete with gleaming granite counters, abundant white shaker cabinetry with crown molding, a custom tile backsplash, sleek stainless-steel appliances, inclusive of 2-premium dishwashers, pendant/recessed lighting, a walk-in pantry, and a two-tier island with a breakfast bar for casual dining. The enchanting hugh backyard showcases a covered patio for shade on sunny days, a gazebo for outdoor dining, a built-in BBQ, a warm fire pit with a sitting area, and a sparkling gas heated pool (41' long by 7' deep), a stone grotto, ramada, outdoor grill, grass area and RV gate for storage. Security Camera System (16 Cameras), Alarm System, and remote security window coverings (Roller Shades on Primary BR windows), Whole House Water System, including RO water, New Custom Garage Doors - Insulated (includes Elite maintenance package on doors until 11/2026). Make this masterpiece yours today! See document page for upgrades.

10532 N 128th Place Scottsdale, AZ 85259

$1,805,900
3 Beds
3.5 Baths
3,228 SqFt
Status Active
MLS # 6646495
Property Type Single Family Residence
Price Type --
New home to be built in the Shea corridor. Aura is a gated neighborhood of 12 contemporary homes. This Essence model starts at 3,228 square feet with 3 bedrooms, 3.5 bathrooms, plus den and club room. The modern custom kitchen is a chefs dream with Wolf/Sub Zero appliances. The owner's retreat is a spa experience with dual sinks, free-standing tub, and walk-in shower. Pool and landscape is not included in price.

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