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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Bogey Drive Williams, AZ 86046

$1,799,000
3 Beds
2.5 Baths
2,709 SqFt
Status Active
MLS # 6681641
Property Type Single Family Residence
Price Type --
AWESOME FLOORPLAN! You Will Absolutely Fall in Love with This Highly Functional 2700 Square Ft 3 Bedroom / 2.5 Bath, Great Room Concept Home on Over 2 Acres. High Ceilings, Butler Pantry, Jack and Jill Bath, Giant Walk-In Closet, Office, Huge Back Covered Patio, Mud Room, Separate Jack and Jill 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. NO HOA! So Start Thinking about Picking Out Your Finishes and Colors Today!

2295 Dragon Fly Lane Lakeside, AZ 85929

$1,799,000
6 Beds
7.5 Baths
7,645 SqFt
Status Active
MLS # 6733991
Property Type Single Family Residence
Price Type --
This one-of-a-kind property, inspired by grand design, offers a private indoor Pool, a separate Guest House, a fully remodeled kitchen equipped with top-of-the-line Viking ranges and a convenient butler's pantry. The expansive layout includes 6 well-appointed bedrooms and 7.5 bathrooms, ensuring ample space for family and guests alike. The residence boasts 5 fireplaces, adding warmth and ambiance to the already inviting atmosphere, in common living spaces as well as private bedroom! The attached guest house offers privacy and comfort, while the master suite provides a sanctuary of luxury with its opulent design. Artistic hardwood staircases lead to a great room with impressive second-level ceilings and a catwalk that overlooks the sophisticated formal dining room and parlor. The property also includes a vast bonus room, perfect for entertainment or leisure activities. The wrap-around covered porch and open sun deck invite residents to enjoy the picturesque sunsets over the lake, adding to the home's charm. Practical features such as the three-car garage with a new Trex-Deck mud porch provide convenience and functionality. With a total of 7,645 square feet, including a 180 square foot pool room, a 693 square foot guest house, a 741 square foot bonus room, and a 665 square foot storage room, this estate is not only spacious but also meticulously planned to accommodate a variety of needs. It stands as an absolute must-see for those who appreciate the blend of adventure and refined living, with the promise of year-round enjoyment in a setting that is both breathtaking and exclusive. What furnishings are there stay with the home. NEW Roof 2023 Screened in porch off of Master FIVE fireplaces Double / 2 sets of washer/dryers Recreational amenities are abundant, featuring an indoor swimming pool complemented by a hand-crafted stone water fountain, creating a tranquil oasis for relaxation. Additionally, The Shores presents a unique opportunity for those seeking a luxurious lifestyle in a gated community, which includes a private boating dock, tennis/pickle ball courts, and a community area. Imagine living in the White Mountains of Arizona where you have 4 beautiful seasons and where you can breathe in the fresh mountain air and enjoy the 40 lakes and over 600 miles of rivers and streams. In addition to the amazing fishing, this area has one of the most extensive trail systems in the southwest for hiking, biking, horseback riding, quadding and more. Sunrise Ski Resort is also just 40 minutes away with 3 beautiful mountains to ski, snow board or sled. If shopping is your interest, you will love the antique stores and the multitude of arts and craft shows that happen in the summer. The music festivals have something to fit everyone's enjoyment. Do you love to golf? There are 7 amazing golf courses, 3 that are public. The White Mountains, where this home/cabin is the best kept secret of Arizona! Come and explore and enhance your living! Pinetop-Lakeside was also voted 'Best Cabin Region in the U.S... Embrace the MAGIC!

8685 E Aster Drive Scottsdale, AZ 85260

$1,799,000 - 4Br/3Ba -  for Sale in Astoria, Scottsdale
New
$1,799,000
4 Beds
3 Baths
3,908 SqFt
Status Active
MLS # 6759496
Property Type Single Family Residence
Price Type --
Spacious, open, floor-plan home in the heart of Scottsdale! 4-Bdrm+Den+Casita with a desirable N/S exposure. The gourmet Kitchen & Family Rm flows together for ease of casual entertaining. But, hosting dinner parties is a breeze in the formal dining area. Kitchen includes Dacor dbl ovens & gas range/cooktop, Subzero built in refrig, large center island with seating, 2 sinks and custom cabinetry. Wet bar with additional sink. 2 gas fireplaces. Custom shutters throughout. Large primary bedroom and bath with a substantial walk in closet with custom shelving.Exterior paint in 2022. Absolutely gorgeous home with fantastic layout. Light, bright, & spacious. Minutes away from an abundance of shopping, dining, and golfing with close access to the 101 fwy to get you to anywhere in the valley.

38749 N 104th Way Scottsdale, AZ 85262

$1,799,000
3 Beds
3.5 Baths
2,544 SqFt
Status Active
MLS # 6703948
Property Type Single Family Residence
Price Type --
One of the very few DETACHED Haciendas in the Hacienda Village at Desert Mountain and comes with an extra exterior parking space. This charming home offers a wonderful courtyard entry with fireplace and lush vegetation, the functional great room floor plan has two suites in the main house and a separate Casita. The kitchen has dual Viking ovens, Viking Range and Viking refrigerator, microwave and nice sized island that opens up to the great room - ideal for entertaining. The owner's suite has his and her closets, soaking tub and fireplace. The Hacienda Village has its' own pool, spa, Ramada area with fireplace and exercise room. A wonderful lock and leave home with low maintenance.

11696 E Sand Hills Road Scottsdale, AZ 85255

$1,799,000
4 Beds
2.5 Baths
3,094 SqFt
Status Active
MLS # 6742276
Property Type Single Family Residence
Price Type --
This stunning home has undergone a complete remodel and is situated on an exceptional lot surrounded by open space on three sides, offering mountain views and a private, open feel. Located in the Desert Crest community of Troon Village on a cul-de-sac lot. As you step inside this elegantly upgraded home, take note of the brand new custom front door, which leads to the brand new Pella retractable door in the living room, opening up the inside to the outdoors. The interior also boasts wide plank LVP floors and lots of windows for filtered natural light throughout. The family room features a new fireplace and new exquisite stonework. The kitchen, open to the family room, has an extended island, luxurious Calacatta GOA quartz countertops, premium Dacor, Whirlpool and GE appliances, custom cabinets, new hardware and pendant lights, and a breakfast nook with views. The primary bedroom is spacious with a luxurious ensuite bath, featuring a soaking tub, separate shower, walk-in closet with built-in's, private toilet room, and dual sinks with vanity seating. The hall bath is all-new with a beautiful tile shower, vanity and hardware upgrades. Three additional guest bedrooms (one currently staged as an office) offer room flexibility. The doors throughout have been changed to 8-ft height throughout with fresh hardware, adding to the overall luxury of the home. The attention to detail extends to the backyard, where silver travertine enhances the outdoor living area, making it perfect for relaxation or entertaining. The refreshing pool is surrounded by tropical palms and reaching views! With all-new electrical fixtures, chandeliers, and fresh paint throughout, this home offers a blend of style, comfort, and luxury living. The property features AC units less than 18 months old and a top-tier water filtration system, ensuring comfort and convenience throughout.

10758 E Tamarisk Way Scottsdale, AZ 85262

$1,799,000
3 Beds
3.5 Baths
3,464 SqFt
Status Active
MLS # 6737024
Property Type Single Family Residence
Price Type --
Captivating contemporary residence in the Village of Cochise Ridge at Desert Mountain. This remarkable home boasts expansive living areas, four gas fireplaces, and two strategically positioned skylights infusing natural light for a crisp and clean aesthetic. The third bedroom showcases tall glass sliders, a closet, and a private bathroom with a shower. The Jr. suite offers privacy with its own exit, a spacious walk-in closet, & a bathroom featuring a shower. The primary bedroom provides easy access to the backyard from its private patio for seamless enjoyment of the spa and pool. Indulge in the wonders of the desert from the tranquil, sun-soaked south-facing patio, which offers breathtaking sunset views. The outdoor oasis includes a private pool, spa, and an inviting fireplace barbecue

11658 N 129th Way Scottsdale, AZ 85259

$1,799,000
5 Beds
4 Baths
4,220 SqFt
Status Active
MLS # 6745520
Property Type Single Family Residence
Price Type --
Nestled in the foothills of the McDowell Sonoran Preserve, this exclusive property boasts over 4200 sq ft of luxurious living & panoramic views. Designed for privacy and entertaining, this SINGLE LEVEL 5 bed 4 bath home has soaring ceilings and a desirable floorplan. The gourmet kitchen, & huge walk-in pantry flows seamlessly to the family room & built in wet bar. Each bdrm is generous in size & the primary has a cozy fireplace & large walk-in closet. The backyard features a large grassy area along with the stunning pool & spa that backs to the desert, offering privacy & breathtaking views. Don't miss out on this rare opportunity to own a property in Sabino Estates, an exclusive, gated community that offers serenity & calm in the heart of Scottsdale!

13051 N 70th Street Scottsdale, AZ 85254

$1,799,000
4 Beds
4 Baths
3,586 SqFt
Status Active
MLS # 6755937
Property Type Single Family Residence
Price Type --
Nestled in the coveted Desert Estates neighborhood, this charming ranch-style home sits on a sprawling half-acre lot with striking curb appeal. The mature desert landscaping and expansive front ramada offer the perfect setting to relax and take in the stunning evening sunsets. Inside, the home boasts recent updates, incl interior paint, new kitchen featuring granite countertops, ample cabinetry, a buffet bar, extra storage, & renovated bathrooms. Addt'l upgrades include a re-coated roof, new lighting, and so much more! The spacious family room & an impressive laundry/pantry room are sure to delight any buyer. The main living area flows seamlessly into an open-concept kitchen & family space, w/ large windows throughout the home showcasing backyard views and breathtaking sunrise moments. The primary suite features an oversized walk-in closet, dual sinks, and private access to the backyard oasis, while the secondary bedrooms are generously sized, including one with an ensuite, perfect for guests. Designed for entertaining, the backyard is a true desert paradise with an expansive covered patio for outdoor dining, a built-in BBQ, a synthetic lawn, a sparkling diving pool, a fire pit, and beautiful desert landscaping. An additional storage room is conveniently located on the south side of the property. With no HOA and located within the top-rated Scottsdale school district (Sequoya, Cocopah, and Chaparral), this home offers unbeatable value. Enjoy easy access to world-class shopping, dining, and entertainment at Kierland Commons and Scottsdale Quarter, as well as proximity to premier events like the Barrett-Jackson car auction and the WM Phoenix Open. Plus, you're just minutes from the 101 and 51 freeways, providing quick routes to Sky Harbor Airport and Downtown Phoenix. Don't miss the opportunity to own this exceptional, turn-key desert estate!

3149 S Prospector Circle Gold Canyon, AZ 85118

$1,799,000
4 Beds
3.5 Baths
3,072 SqFt
Status Active
MLS # 6159305
Property Type Single Family Residence
Price Type --
Build your Dream Home in Prospector Village at Superstition Mountain Golf and Country Club. Top of the line Luxury Finishes. Lot 1 (Golf Course Lot). Two single level 3,000+sqft, 3Bdrm + Den 3.5 Bath floor-plans available. Three car garage option. Superstition Mountain Golf & Country Club is a private guard gated community with two Jack Nicklaus courses, magnificent clubhouse, sports club with swim/tennis/fitness and so much more! Built by Landmark Custom Home Builders. Photos are of previous models. Prices are subject to change

3089 S Prospector Circle Gold Canyon, AZ 85118

$1,799,000
4 Beds
3.5 Baths
3,072 SqFt
Status Active
MLS # 6142764
Property Type Single Family Residence
Price Type --
Build your Dream Home in Prospector Village at Superstition Mountain Golf and Country Club. Top of the line Luxury Finishes. Lot 5 (Golf Course Lot). Two single level 3,000+sqft, 3Bdrm + Den 3.5 Bath floor-plans available. Three car garage option. Superstition Mountain Golf & Country Club is a private guard gated community with two Jack Nicklaus courses, magnificent clubhouse, sports club with swim/tennis/fitness and so much more! Built by Landmark Custom Home Builders. Photos are of previous models. Prices are subject to change

3119 S Prospector Circle Gold Canyon, AZ 85118

$1,799,000
4 Beds
3.5 Baths
3,072 SqFt
Status Active
MLS # 6142777
Property Type Single Family Residence
Price Type --
Build your Dream Home in Prospector Village at Superstition Mountain Golf and Country Club. Top of the line Luxury Finishes. Lot 3 (Golf Course Lot). Two single level 3,000+sqft, 3Bdrm + Den 3.5 Bath floor-plans available. Three car garage option. Superstition Mountain Golf & Country Club is a private guard gated community with two Jack Nicklaus courses, magnificent clubhouse, sports club with swim/tennis/fitness and so much more! Built by Landmark Custom Home Builders. Photos are of previous models. Prices are subject to change

4330 W Box Elder Lane Show Low, AZ 85901

$1,799,000
6 Beds
6 Baths
4,500 SqFt
Status Active
MLS # 6724011
Property Type Single Family Residence
Price Type --
Wow!! This is the pride of Torreon and can now be yours. This fantastic house has so many extras it will be hard to mention even a few of them. This 6 bedroom 6 bath home was built with the highest quality amenities throughout the home. Quartz countertops throughout, high end gas range, 2 tankless water heaters. soft water system, 2 hvac systems 5/8 inch fire rated drywall , tons of storage, 2 laundry rooms, it has a hardwired alarm system and intercom for all bedrooms and back deck, 2000 sq ft of t&g wood ceilings also features a 5 car garage with its own bathroom! This home has 6000 sq ft of pavers in the front and back with its own gas firepit, looking at the prettiest golf holes in Torreon #15 on the Tower course, looking at the green and pond.

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