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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5009 E Gelding Drive Scottsdale, AZ 85254

$1,795,000
5 Beds
3 Baths
3,000 SqFt
Status Active
MLS # 6754158
Property Type Single Family Residence
Price Type --
Spectacular 5 bedroom, 3 bathroom, 17' high cathedral ceiling Remodel in a cult-a-sac close to everything. Huge Master Shower and Closet with separate washer and dryer hookup in Mst Closet. Entertainers Delight! NO HOA:-) With this property, you can either have a pickle ball court in the back yard or a fully approved 1200 sqft 2 bedroom, 2 bathroom guest house with permit ready to build. This property would be amazing with 7 bedrooms, 5 bathrooms, 4 car garage under $2,000,000 in Scottsdale on a half acre. Very private.

7250 E Paradise Drive Scottsdale, AZ 85260

$1,795,000
5 Beds
3 Baths
3,650 SqFt
Status Active
MLS # 6708996
Property Type Single Family Residence
Price Type --
Welcome to the Cactus Corridor. Single level home, Situated on 1/2 acre lot, 3 car garage, & sparkling play pool, mature landscaping & fruit trees. NO HOA. This home features 5 spacious bedrooms PLUS a dedicated office, perfect for remote work. You're greeted by soaring high ceilings and windows that create an open feel. Multiple living spaces are the ideal setting for family gatherings and entertaining guests. Formal dining. Bright and open kitchen with white cabinets, kitchen island, & granite countertops, Oversized garage provides plenty of room for your vehicles and additional storage. Living room with real fireplace. Oversized primary bedroom with French doors to the backyard. Separate soaking tub and walk in shower, dual sinks and large walk-in closet. For those who love to travel, Scottsdale Airport is just a short drive away, making your getaways and business trips incredibly convenient. Shopping enthusiasts will appreciate the close proximity to Kierland Commons and Scottsdale Quarter, where you can indulge in a variety of dining, shopping, and entertainment options. Don't miss out on the opportunity to own this exceptional Scottsdale property, where luxury meets convenience. Experience all that this magnificent home has to offer!

3720 E Boot Track Trail Gilbert, AZ 85296

$1,795,000
4 Beds
3.5 Baths
3,557 SqFt
Status Active
MLS # 6686515
Property Type Single Family Residence
Price Type --
Freshly painted and ready for a new owner! Stroll down the tree lined streets to discover unparalleled luxury in this magnificent Toll Brother's estate nestled in Lakeview Trails at Morrison Ranch. This freshly painted, single story, highly updated home showcases soaring ceilings and exquisite finishes throughout. Paid off solar and soft water system are an added bonus for the energy conscious buyer! The chef's kitchen is a culinary masterpiece, featuring top-of-the-line Wolf appliances, Sub-Zero custom cabinetry refrigerator, wine display and a spacious layout that is perfect for entertaining. Retract your oversized sliders to step outside to your own private oasis, complete with a swim-up sunken bar, hot tub, Infrared dry sauna, outdoor shower and a meticulously landscaped backyard that is an entertainer's delight on a premium lot that backs to a walking trail, with no neighbors behind. The RV gate adds convenience and functionality to this already stunning property. Live the resort lifestyle in this remarkable home, where every detail has been carefully curated for the discerning buyer. Now is the ultimate chance to experience the epitome of luxury living TODAY!

3045 N Marigold Drive Phoenix, AZ 85018

$1,795,000
3 Beds
3 Baths
2,289 SqFt
Status Active
MLS # 6710761
Property Type Single Family Residence
Price Type --
''TO BOLDLY GO WHERE 'SCOTTSDALE'S PREMIER LUXURY BRAND' HAS NEVER GONE BEFORE'' - RELEASING A GEOMETRICALLY PERFECT, UNIQUE CREATION IN A SECLUDED ARCADIA NEIGHBORHOOD TO FORM PART OF THE 'RESIDENCES OF DISTINCTION' COLLECTION, MAKING A GRAND STATEMENT IN DESIGN! LIVE WHERE TWO STREETS MERGE ON A SIGNATURE CORNER LOCATION NEAR THE PRESTIGIOUS ARIZONA COUNTRY CLUB! Street-side it's spectacular with contrasting white & black geometric design against the green front yard landscaping. Pivot through the floor-to-ceiling glass entry door and waiting across the threshold is simply a MAGNIFICENT MASTERPIECE!! The entire home has 'Never-been-seen-before' signature 'RESTORATION HARDWARE' chandeliers, is SINGLE LEVEL with hand designed wood inlay ceilings, Skylights, Engineered Hardwood Flooring, Real Moss wall-art, 'jaw-dropping' custom designed Barn Doors & focal point Fireplace with Brazilian Quartz Backdrop. 3 bedrooms (DUAL PRIMARY SUITES), 3 BATHROOMS, & SEPARATE OFFICE/DEN for accommodation is sensational. The primary suite has it's own PAJAMA LOUNGE, and the en-suite bathroom has separate TUB & SHOWER, dual vanities, and massive WALK-IN CLOSET! The Signature 'European style' black & white 2-toned Kitchen fully integrated with COVE/WOLF/SUBZERO APPLIANCES includes GAS RANGE & BUILT-IN COFFEE MAKER, is almost a statement within itself and opens to Formal Dining room & Great room. Venturing outdoors is a pure experience & immediately creates BACKYARD ENVY! WRAP AROUND LAP POOL perfect for fitness enthusiasts, BAJA TANNING SHELF & JACUZZI perfect for laid back relaxation, BBQ & BEVERAGE CENTER perfect for entertaining, COVERED PATIOS perfect for sundowners & 'El-Fresco dining, HUGE BACKYARD perfect for 'furry friends' or Kickball.. And with Inside Laundry, 2 CAR GARAGE & E-V CHARGING STATION, off street parking.... THIS IS NOT JUST A STATEMENT BUT AN ENTIRE STORY!! FEATURING - Everything from the Underground Plumbing/ Up is completely Brand New including Electrical, Plumbing, Gas Lines, HVAC, Roof, Tankless Water Heater, Pool & SPA including Pool Equipment & Heater, Landscaping, H2O System & Ambient Lighting, 2 Car Garage with non-slip Flooring & Built-in Cabinetry, Dual Pane Windows & Sliders Throughout, Signature Chandeliers & Fans, All New Appliances including washer & Dryer. Custom designed Window Treatments & Hardware, Every Item is Handpicked for this Magnificent Abode!

2688 E Joy Drive San Tan Valley, AZ 85140

$1,795,000
6 Beds
4 Baths
2,954 SqFt
Status Active
MLS # 6687444
Property Type Single Family Residence
Price Type --
Spectacular horse property nestled on over 3 acres of land in San Tan Valley is a dream come true! This beautiful 5 bed 3 bath farm house has North/South exposure with a new 1 bed 1 bath guest quarters. The home has a beautiful interior with many upgrades. This property also has a roping arena, stalls, finished barn, and grazing pasture. This farm house is turn key and ready for to be enjoyed. PLUS! This home features a fully equipped detached guest house, providing privacy & comfort, ideal for visitors or relatives. Fall in love with the oversized backyard, complete with a full-length covered patio great for relaxation & entertainment. This expansive space offers tons of space for all your toys & ample room for any equestrian activities!! A true gem for those who cherish outdoor living! Don't miss out!

460 Foothills South Drive Sedona, AZ 86336

$1,795,000 - 4Br/3Ba -  for Sale in Foothills South Unit 1 Amended, Sedona
Open House
New
$1,795,000
4 Beds
3 Baths
2,883 SqFt
Status Active
MLS # 6760813
Property Type Single Family Residence
Price Type --
This stunning modern contemporary luxury home, designed by architect from NY & Sedona, is located in the gated Foothills South subdivision, offering breathtaking views of Thunder Mountain. With 2,883 SqFt of living space on a .54-acre lot, this 4-bedroom, 3-bathroom home features floor-to-ceiling windows, flooding the open floor plan with natural light. Highlights include a two-way gas fireplace with Venetian plaster surrounds, a tongue-and-groove wood ceiling, and a remodeled kitchen with Quartz countertops, backsplash, induction cooktop, and updated lighting. Enjoy 360-degree views from the rooftop deck, a fully fenced backyard, and a gated courtyard. Additional features include a 3-car garage and a tankless water heater. Many new improvements since 2021. Ideal for year-round living! The home includes practical features like a tankless water heater, with recirculating hot water, and instant hot water. A locked storage unit outside beneath the roof-top deck. The outdoor beauty of this home offers total privacy with AZ plants, complimented by a fully fenced backyard. A gated courtyard with a custom iron gate is a great spot for your morning tea and coffee. To ensure the home was in perfect comfort and more luxuriously appointed, the following home improvements were added since 2021... HOME IMPROVEMENTS 2021 Outside of house painted 2021 Outside wall lights and solar driveway lights installed 2021 Closet redesign in large master suite 2021 Garage storage cabinets installed 2021 Master bedroom sliding barn door added 2021 California Closets added to master and guest bedroom 2021 Entrance door to large guest bedroom added 2021 Closet and sliding door added to large guest bedroom 2021 New ceiling fans installed throughout the home 2021 New ceiling lights installed in guest bath and in dining room 2021 All walls and ceilings painted 2021 New wall switch plates, outlet plates and switches installed 2021 All new doors painted and installed & new handles installed 2022 New custom front door with glass frame installed 2022 New living room window shades installed 2022 Landscaping additions (front and back) 2022 Irrigation lines added 2022 New gutters 2023 Kitchen remodel: Quartz countertops & backsplash; new lighting; induction cooktop; ceiling fan; new sink and faucet 2023 New energy star central air conditioning unit installed on west side 2023 Dedicated 220 outlet added in garage 2023 Ring doorbell 2024 Tankless water heater installed 2024 Laundry room redesigned with sink 2024 New washer/dryer

9590 E Quarter Circle Loop Gold Canyon, AZ 85118

$1,790,000
4 Beds
3 Baths
2,785 SqFt
Status Active
MLS # 6696137
Property Type Single Family Residence
Price Type --
Beautiful new custom Home located in Gold Canyon East at Barkley Ranch with a Golf Course View of the 10th Green of the Dinosaur Course. This home exudes incredible views of outdoors and seems to bring those elements inside the home. The home has beautiful cabinetry, beautiful countertops and is full of beautiful details and incredible home finishes from wood flooring and wood ceiling boxed beams, marble master bath, to a built in barbecue. The home is nestled around a resort style pool with tiled Baja shelf and spa overlooking beautiful stoned columns with copper scuppers that pour water into the pool. (click on More...) The patios have travertine pavers and synthetic grass and firepit inside the fenced yard overlooking the 10th green of the golf course with beautiful views from all of the main rooms of this incredible new custom home. Home is almost completed and will be ready to move in soon.

744 Paseo Granada -- Lake Havasu City, AZ 86406

$1,790,000
5 Beds
5 Baths
3,218 SqFt
Status Active
MLS # 6741013
Property Type Single Family Residence
Price Type --
Excellent location and loaded with features! Across the street from the golf course! Contemporary home located in the Residential Estates area. Two Story 5 bedroom 4 full baths. 56 ft. Dbl. R.V. garage w/half bath and 14' door. Living room, Chefs kitchen and Formal dining flow together. Dbl. Refrigerator, 48'' gas range all Stainless Steel Appliances. Built in cabinetry with electric colorful fireplace in living room. Room at entry could be office with the master suite and 3 additional bedrooms upstairs. Master suite has separate bath and oversized shower, dbl. vanities with quartz tops. Laundry Room, Rec. room upstairs. Storage throughout. Beautiful home with many amenities a must see. Inviting private backyard with new turf and heated pool with extra large baja shelf. owner/agent

603 W Grand Canyon Avenue Flagstaff, AZ 86001

$1,790,000
6 Beds
5 Baths
3,105 SqFt
Status Active
MLS # 6728080
Property Type Single Family Residence
Price Type --
Unique Downtown Flagstaff property. Three residences on a large .33ac lot (6 bedroom/5 bath total). Live in one home and rent/AirBnb the other two. The main house remodeled in 2009, is 1671 sqft, 3 bed, 2ba, one with roll-in shower, plus a bonus room, 2-car garage, sauna, greenhouse, rainwater tank, large garden shed and fenced perimeter. The upstairs apartment was built in 2005, 1072 sqft, 2bd, 2ba with Peaks view, 1-car garage plus parking pad, energy efficient trombe wall and structurally insulated panels. The cottage was remodeled in 2008, 362 sqft 1bd, 1ba, perfect for family, guests, home office or rental. It has a private yard and entrance, 100 sqft storage shed. Per the city, there is potential to rezone the parcel to high-density residential (HR). 8 off street parking spots.

1152 W Sunrise Place Chandler, AZ 85248

$1,788,000
5 Beds
3.5 Baths
4,530 SqFt
Status Active
MLS # 6755541
Property Type Single Family Residence
Price Type --
Stunning & Immaculate gated Custom Estate located in highly desired Vistas At Ocotillo. Very private half acre cul-de-sac lot. 5 bedroom, 3.5 bath, plus Executive office & Bonus/Game room. Completely remodeled with the highest quality/designer finishes throughout. Formal living & dining. Family room with electric fireplace & surround sound. Expansive gourmet kitchen with quartz counters, island, custom white cabinets, farm sink, s/s GE Monogram appliances, gas cooktop, & pendant lighting. Breakfast room. Recessed LED lighting throughout. Large DOWNSTAIRS master suite with sitting area. Master bath with soaking tub, glass shower, & huge closet. Paradise perfect backyard w/pebbletec pool, spa, covered patio, bbq, firepit, & grassy play area. This turnkey estate is a Perfect 10 !

7114 E Pasadena Avenue Paradise Valley, AZ 85253

$1,780,000
4 Beds
2.5 Baths
2,640 SqFt
Status Active
MLS # 6684144
Property Type Single Family Residence
Price Type --
LOCATION LOCATION LOCATION. Walking distance to Fashion Square Mall & all entertainment/dining Old Town Scottsdale has to offer. Home has incredible views of Camelback Mountain & an open floor plan that you'll fall in love with. Beautiful private courtyard w/ room for a pool. Kitchen includes BlueStar oven range, Carrara marble counters & a natural soap stone counter island w/ so much space to make even the best of chefs jealous. The oversized master suite will blow you away. Master bathroom has separate tub w/ oversized remodeled shower. Other features include gorgeous private backyard, high end artificial turf & white lady banks rose bushes to give the home a high end California feel to it. Upgraded lighting throughout, quartz countertops in the laundry room.

18815 E Country Meadows Court Queen Creek, AZ 85142

$1,775,000
5 Beds
4.5 Baths
3,649 SqFt
Status Active
MLS # 6713370
Property Type Single Family Residence
Price Type --
Incredible brand new custom home that is truly a sight to behold. This stunning property boasts 3649 SF, 5 beds, 4.5 baths, and a HUGE custom 2000 square foot extended 12 car garage for those car enthusiast or an amazing shop/man cave. Home has soaring 10-14 foot ceilings throughout, perfect great room floor plan, and it is situated on an acre lot across the street from the ''A'' rated Casteel high school. The Chefs kitchen is complete with 60'' built in refrigerator, beautiful custom cabinetry, top of the line Jennair appliances, and a convenient butler's pantry for all your culinary needs. Custom dedicated dog wash station in the laundry room. This property is truly something special and is offered 36K below recent appraised value!

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