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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31010 N 117th Drive Peoria, AZ 85383

$1,800,000 - 4Br/4Ba -  for Sale in Blackstone At Vistancia Parcel B9, Peoria
New
$1,800,000
4 Beds
3.5 Baths
3,836 SqFt
Status Active
MLS # 6759894
Property Type Single Family Residence
Price Type --
Enjoy resort living on the golf course in the prestigious gated community of Blackstone Country Club. This spotless 4 BDRM 3.5 BATH exceptional contemporary style home is ready to be your new home. W/ 3836 sq ft, a soaring 17' ceiling in main living space & packed w/ top of the line extras ranging from air conditioned 4 car split garages to a 500 bottle wine celler, to a $50,000 Control 4 system. W/ endless designer features this is a one of a kind luxury home. The gourmet kitchen includes Wolf/Subzero appliances, quartz countertops, huge island & an abundance of cabinets. Light & bright w/ tile t/o. Low maintenace yards, gas fireplace in courtyard, extended patio & tons of travertine plus a relaxing golf course view to enjoy the beautiful AZ sunsets. SEE DOC TAB FOR LIST OF UPGRADES.

17904 E Veit Springs Drive Rio Verde, AZ 85263

$1,799,999 - 3Br/4Ba -  for Sale in Trilogy At Verde River, Rio Verde
Open House
$1,799,999
3 Beds
3.5 Baths
2,912 SqFt
Status Active
MLS # 6684098
Property Type Single Family Residence
Price Type --
THIS EXQUISITE LUXURY HOME WITH CUSTOM UPGRADES THROUGHOUT AND MOUNTAIN VIEWS IS LOCATED AT THE PREMIER TRILOGY VERDE RIVER GOLF RESORT COMMUNITY. The home has a grand appearance due to the spacious Great Room with 10' ceilings, engineered white oak flooring, custom beams and lighting, plantation shutters throughout, a gourmet kitchen and a 20' multi sliding glass door that opens to the extended covered patio, pool, spa and outdoor kitchen. It's designed for entertaining with attention given to every detail and high-end finishes throughout. The custom kitchen is equipped with upgraded appliances, cabinets, custom walnut island, quartz counters, two ovens, amazing backsplash, beverage cooler, wine cooler, rollout shelves, oil rubbed pendants, undercabinet lighting and a large separate dining room; Luxurious primary suite with a custom beadboard ceiling, ceiling fan, spectacular bathroom with oversized shower, soaking tub and floor to ceiling tile; Two beautiful guest suites; Den/Office with beams, accent walls, built-in cabinet, French doors; Alcove with custom cabinets; Beautiful powder room with custom accent wall; Smart room with laundry sink and upgraded tile floors; Spectacular backyard with mountain views, heated pool with silver travertine surround, spa, firepit; Covered patio over 765 sq ft. with custom beadboard ceiling outdoor TV, speakers, 2 fans, built-in upgraded grill and refrigerator. 4-Car tandem garage with epoxy floor, air conditioning, electric charger; Plus, gorgeous landscaping, courtyard with sunscreens, outdoor lighting, 500 gal. propane tank, extra wide driveway, full house water filtration and softener. Experience Trilogy at Verde River, a stunning resort style community nestled against the beautiful Tonto National Forest. The amenities at Verde River are spectacular. The Community boasts an 18-hole Championship Golf Course with a picturesque driving range, putting green, and separate chipping/pitching practice areas. One visit and you will understand why the PGA Southwest Section selected Verde River Golf & Social Club to host the AZ Senior Open and AZ Match Play Championships in 2020, 2021 and 2022. The active lifestyle amenities continue with pickle ball and tennis courts, with Clubs designed for social or competitive play. Adjacent to the sport courts for your convenience are bocce ball courts and an open grass area for social gatherings. The Community Clubhouse is all encompassing including a critically acclaimed restaurant, Needle Rock Kitchen and Tap, with a hugely popular wine and beverage program, Helen's Kitchen, a chef's inspired kitchen designed for cooking classes, and The Market Place, a favorite of member's for grabbing a morning coffee or picking up a forgotten grocery item. Love the Arts? Spend time at the Art Loft, where classes are offered in a variety of disciplines. The Clubhouse has an Events Center, designed to manage the needs on any member event. Attached to the Community Clubhouse is Alvea Spa, complete with Spa and Salon services, and Afterburn Fitness, a state-of-the-art workout facility that offers a variety of group fitness classes. Following your workout, enjoy convenient locker room facilities, and steam rooms. Just steps away from the Clubhouse in the Resort Pool, Lap Pool, and Sauna, all of which are heated. Enjoy the view, with food and beverages at Eddy's Poolside. Have a dog? Experience a dog-friendly community with a 7.5-acre dog park, with canopy shading coming soon for those warm AZ days. Trilogy at Verde River's location provides residents with the tranquility of the Tonto National Forest and the convenience of a short drive to the heart of North Scottsdale. Get the best of both worlds and see why you could be calling the Community, Home!

4530 E Yucca Street Phoenix, AZ 85028

$1,799,999
3 Beds
3 Baths
3,296 SqFt
Status Active
MLS # 6723041
Property Type Single Family Residence
Price Type --
Stunning single story, PV executive home. Quiet Lynn-Lea Heights, N/S Exposure, 85028 zip. ~ 3,300 sq.ft. living area, almost half acre, 3/3. Expansive Primary with ensuite, sitting area, fireplace, walk in closet. Oversized 2nd bd with ensuite/walk in closet. Large 3rd bd. -Murphy bed/office combo. Family room gas fireplace. Skylights. Gated, covered front courtyard. Custom cabinets, stone counters, stone, and hard flooring throughout. Wet bar. Chef's kitchen, dual oven. 2 walk in pantries. Private resort backyard, mature landscaping, outdoor kitchen, fireplace, garden room, large covered back lanai, pool/hot tub, gazebo. 2 oversized 2 car garages one 220v-EV fast charger ready. Covered/gated RV pad. Quick access to the 51 and all of valley. Walk to fine dining/shopping. Chaparral HS.

12001 N Miller Road Scottsdale, AZ 85260

$1,799,999 - 4Br/2Ba -  for Sale in Sundown Gardens/hoa Free, Scottsdale
New
$1,799,999
4 Beds
2 Baths
2,566 SqFt
Status Active
MLS # 6747530
Property Type Single Family Residence
Price Type --
Fantastic Opportunity in Sundown Gardens! This is truly the Swiss Army Knife of properties. Ready out of the box for a family, Add on to your liking or Build your dream compound! This acre sized lot has a 4 bed 2 bath updated block home with durable saltillo tile throughout. The interior was updated in 2017 with new interior doors, new Milgard aluminum windows and an eat in kitchen. There's a wood burning fireplace in the familyroom and the 5th bonus room can double as a bedroom, office or play room. Large covered front & back patios, roof was done in 2023 plus a new 200 AMP, solar ready electric panel! The back half of the property has a super cool playhouse w/AC and TV and a cozy studio/casita with AC, TV and a Kitchen as (Featured in Scottsdale Lifestyle Mag) Plus (2) Full RV hook-ups! What the sellers love about the property, in their own words; What I love about this sturdy block home... I love the beautiful palm trees around the beautiful blue pool. I love all the birds and bunnies that are always around. I love the cozy she shed. I love the brown Saltillo tile that is all throughout the house. I love the beautiful tiled shower walls in the bathrooms. I love the bonus room, it can be used for so many things. I love the size of the property, it feels much bigger then an acre. I love that the property is located near so many great restaurants, shopping and attractions like Trader Joe's, Natural Grocers, WM Phoenix Open, Barrett Jackson and the Polo Championships at West World!

6275 E Jacob Waltz Street Apache Junction, AZ 85119

$1,799,999
2 Beds
3.5 Baths
3,480 SqFt
Status Active
MLS # 6758332
Property Type Single Family Residence
Price Type --
This stunning property is nestled at the base of the Superstition Mountains offering breathtaking 360-degree views on the former site of Theodore DeGrazia's art studio. The home features 3480 sq ft on a 54,450 square foot lot, every room was designed for the homeowner to enjoy the views. Quality craftsmanship and custom details make this home a piece of art in the desert. Enter the main home though the custom Bella Grande iron doors into the main living space, marvel at the Superstition Mountains from your living room wall of windows that capture the stunning views and bring the outdoors in. Enjoy the gas or wood burning fireplace, large dining space and gourmet kitchen featuring custom milled solid Alder wood cabinets, Viking stainless appliances, Black Galaxy granite counters, oversized kitchen island with seating for 6, custom wine rack , tons of counter and cabinet space and a large walk-in pantry. The first-floor primary suite is spacious with views of the Superstition Mountains and a private exit to a sitting deck to enjoy the city light views. The en-suite features a tub/shower encased in beautiful Desert Sunrise granite. Make your way upstairs to the second-floor that features a spacious loft, balcony and a 2nd primary suite that has both views of the Superstition Mountains and City light views. This primary features a large walk-in closet, sitting room, private balcony and 2-way fireplace. The en-suite features 2 vanities, a large jacuzzi tub, custom walk in-shower with Mongolian Spring tumbled slate stone on the walls and floors. The property includes a generously sized, temperature-controlled(2 mini splits) detached three-car garage complete with a full kitchen(featuring cabinets and counters from the former DeGrazia Art Studio), full bathroom, walk-in closet and laundry. This could easily be made into a guest home. Tesla charging station. Some of the custom features of this home include, authentic handmade Saltillo tile throughout the home. Underground air returns for extra thermal efficiency. Solid wrought iron banisters and hand rails. Top of the line Pella windows, low emissivity, and dual pane. The primary suite's doors come from a Mission for authentic mission doors. A bridge built for Theodore DeGrazia's original estate, connecting the studio to his gallery, and some of his original fencing adorns the front of the property. The home is equipped with a full house fire suppression sprinkler system, the underground air returns also cool the built-in wine rack, and a fully wired home security system. Additional features include a central vacuum system, sound system including a subwoofer in the loft wall and Klipsch high end speakers in every room, a water softener system , reverse osmosis. Both fireplaces are propane-powered with the capability to burn wood. A 250-gallon buried propane tank serves the fireplaces, pool, spa, and cooktops. The residence also showcases 8 ft doors. Wired for Starlink satellite, dish, cable, and internet. Additionally, there's a smaller storage building located to the south of the main home with ceiling fan and existing power outlets for thermal control, etc. Come see this amazing property and all it has to offer.

5223 W Encanto Verde -- San Tan Valley, AZ 85144

$1,799,997
4 Beds
4.5 Baths
4,311 SqFt
Status Active
MLS # 6759132
Property Type Single Family Residence
Price Type --
Magnificent property with incredible mountain views at Encanto Real is a dream come true! This gorgeous home sits on over a one-acre lot, offering an exquisite curb appeal complemented by a carefully designed desert landscape, paver patios & pathways, a 4 car garage, and two RV gates. The stunning interior will take your breath away with its massive open floor plan; from the impressive tall ceilings to the oversized tile floors and the sophisticated light fixtures, the sheer beauty & impeccable attention to detail of this sleek & contemporary design will leave you in awe. The living room has an accented wall with a recessed electric fireplace, adding warmth & comfort to the atmosphere. Elegance & modernity seamlessly mix in this refined white kitchen showcasing stacked shaker cabinets with crown moulding, glass door cupboards, granite counters, high-end Kitchen Aid Stainless Steel appliances, and an island with a porcelain farm sink. Multi-sliding glass doors connect the outstanding interior with the outdoor living. Generously-sized owner's suite hosts a luxurious spa-like ensuite with high-end details that'll make you feel in paradise. Freestanding double slipper tub, two vanity sinks, large glass shower with built-in bench & double rain heads, make-up vanity, and a massive walk-in closet are features that can't be left unsaid. In addition, this fabulous layout includes a spacious family room for movie nights and an entertainment room comprised of a large wet bar & an oversized waterfall bar with seating area and easy access to the back patio. The bountiful laundry room includes attached cabinetry, a utility sink, and abundant counter space. The big covered patio is ideal for relaxing while enjoying your favorite beverage and contemplating colorful sunsets behind the Mtns. The expansive backyard is a blank canvas waiting on its new owner's creative touch to transform into a desert Oasis. This value is a true wonder! You don't want to miss it. Act now!

12734 E Casitas Del Rio Drive Scottsdale, AZ 85255

$1,799,995
3 Beds
3.5 Baths
2,451 SqFt
Status Active
MLS # 6733956
Property Type Townhouse
Price Type --
NEW CONSTRUCTION - ESTIMATED COMPLETION JANUARY 2025. Modern, Desert Contemporary style architecture. This 3 bedroom 3.5 bath with study offers ample space for entertaining. The Palmer is situated on a desirable lot with unique exteriors. Delight in the details of an inviting foyer that flows into an expansive great room and dining room leading to a wrap-around, covered back patio offering beautiful sunsets and mountain views. The well-designed kitchen is equipped with a large center island and breakfast bar with abundant counter and cabinet space. The beautiful primary bedroom suite is enhanced by a large walk-in closet, deluxe primary bath with dual sink vanity, large soaking tub, glass-enclosed shower & private water closet. Landscape includes spool, outdoor kitchen and fire feature.

23788 N 123rd Way Scottsdale, AZ 85255

$1,799,995
3 Beds
3.5 Baths
2,785 SqFt
Status Active
MLS # 6727015
Property Type Single Family Residence
Price Type --
*Seller is offering a $40,000 incentive for closing costs or rate buy down* This brand new home comes with a pool and landscaped backyard! The Stellan plan has a private guest casita, 3 car garage, bonus room & spacious great room featuring 13' ceilings. The stunning kitchen includes a 48'' Subzero fridge, ample storage & Wolf appliances. The great room boasts a 60'' linear fireplace & 12' glass pocket door leading to the oversized covered patio. The backyard features an outdoor kitchen, pool & landscaping. Additional features include a study and bonus room. Toll Brothers limited warranty includes 10-year structural coverage. Located in Toll Brothers' newest amenity-rich gated community, Sereno Canyon.

18114 E Parker Creek Road Rio Verde, AZ 85263

$1,799,910
3 Beds
3.5 Baths
3,004 SqFt
Status Active
MLS # 6736596
Property Type Single Family Residence
Price Type --
Discover the best-kept secret in the Scottsdale area with this immaculate and practically new built home in the breathtaking community of Trilogy at Verde River. Are you looking for all the luxury and perks of a new build without the wait? Seeking unparalleled value in an extraordinary community? Step into this magnificent home, featuring the highly desirable Orion floorplan and you will instantly see all of the little details that set it apart from the rest. With its incredible layout, this home includes 3 bedrooms, 3.5 bathrooms, plus an office and a separate den. No detail was overlooked, and no expense was spared with an incredible designer touch that meticulously flows inside and out! The gourmet kitchen is a chef's dream, with top of the line GE Monogram stainless-steel appliances, stunning granite countertops, endless custom cabinets, and a spectacular kitchen island with an extended breakfast bar. The soaring ceilings in the great room and multi-panel sliding door seamlessly blend indoor and outdoor living. And you definitely won't be disappointed when you step outside. Relax with a cocktail in the shade and enjoy the incredible mountain views, or jump in the refreshing crystal blue pool to cool off. For those chilly winter nights, you can cozy up with a glass of wine by the custom built fireplace and be mesmerized by the vast views of the Mazatzal Mountains changing colors right before your eyes as the sun goes down in the evening. This extraordinary community offers a resort-style pool, world-class golf, and incredible mountain views in every direction. Live the resort lifestyle at the Verde River Golf and Social Club, and feel like you're on vacation every day. From delicious 5 Star dining at Needle Rock Kitchen and Tap, to the laid back atmosphere at Eddie's Poolside Bar, it's the amenities here that truly set this community apart. Endless activities and opportunities await, from bocce ball, pickleball, and tennis to hiking and mountain biking in the surrounding Tonto National Forest. There's something for everyone to enjoy. Come see what makes this one-of-a-kind community so special and start living the good life today!

8277 E Tailspin Lane Scottsdale, AZ 85255

$1,799,900
4 Beds
2.5 Baths
2,853 SqFt
Status Active
MLS # 6725375
Property Type Single Family Residence
Price Type --
Discover unparalleled luxury living in this exquisitely remodeled 4-bedroom, 2.5-bathroom retreat nestled in a serene neighborhood. Boasting a host of premium amenities, this home offers a blend of sophistication and functionality. Step into the chef's kitchen, where culinary dreams come to life with high-end Thermador appliances (inc. nugget ice maker, espresso machine, and wine fridge) sleek countertops, and ample storage in custom cabinetry. Entertain in the adjoining dining and living areas, enhanced by natural light and stylish finishes. The master retreat beckons with its spa-like atmosphere, featuring a separate tub, spa, and dual vanities for a private escape. Three additional bedrooms provide flexibility for guests or a home office, each offering comfort and contemporary design. Outside, indulge in resort-style living with a shimmering pool to cool off on warm Arizona days, complemented by a professionally landscaped putting greenan entertainer's delight and a golfer's paradise right at home. Adding exceptional value, this residence features owned solar panels, ensuring energy efficiency and significant cost savings. Enjoy the peace of mind and environmental benefits while reducing utility expenses year-round. Located in a sought-after community with easy access to amenities, schools, and recreational facilities, this home presents a rare opportunity for luxurious living in a prime location.

19899 E Natalie Way Queen Creek, AZ 85142

$1,799,500
4 Beds
3.5 Baths
4,269 SqFt
Status Active
MLS # 6725556
Property Type Single Family Residence
Price Type --
LAST NEW HOME AVAILABLE!! Brand New Toll Brothers Home Just Completed!! Prime Location and Private Gated Community at Whitewing at Whisper Ranch! Community allows Guest Homes, RV Garages and Casitas to be built on this Large 22,578sq ft Oversized Lot! Home is Located across from the Community Center and Large Greenbelt. Located in Queen Creek AZ with Stunning Multi Million Dollar Homes, Mountain Views, Green Belts, Outdoor Firepits and Covered Sitting Areas! The Home Boasts an attached Casita with Separate Entrance. 14ft Soaring Ceilings in Great Room and Multiple Sliding Walls of Glass Doors create an Expansive Living Space with Natural Light. The Chefs Kitchen with Large Oversized Island is the Heart of this Amazing Home. Book Matched Quartzite in Kitchen and Primary Bedroom is Stunning

000k Bogey Drive Williams, AZ 86046

$1,799,000
3 Beds
3.5 Baths
3,095 SqFt
Status Active
MLS # 6681636
Property Type Single Family Residence
Price Type --
LUXURY AWAITS! All the I's have Been Dotted and the T's are Crossed When It Comes to this This Amazing Nearly 3100 Square Foot 3 Bedroom / 3.5 Bath, Great Room Concept Home on Over 2 Acres. High Vaulted Ceilings, Butler Pantry, Office, Additional Craft Room, Oversized Front and Back Covered Patios, Both Additional Bedrooms are On-Suite Bedrooms, Mud Room, Separate Laundry Room, 2 Air Conditioning, Units, 3 Car Garage and City Utilities. All of this is Conveniently Nestled in the Perfect Location Between Elephant Rocks Golf Course and National Forest. Experience Beautiful Mountain Views with Cool Breezes in the Summer or Listen to the Pop of the Fire as You Watch the Snow Fall in the Winter. Escape to the Trails for Hiking and Biking or Put Your Cowboy Boots on a Go Dancing Downtown.

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