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.

What’s Your Home Worth?

Search for Your New Home

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!

15359 N Fort Apache Place Prescott, AZ 86305

$1,775,000
3 Beds
4 Baths
2,983 SqFt
Status Active
MLS # 6715411
Property Type Single Family Residence
Price Type --
Exceptional modern craftsman style new home in iconic Talking Rock Ranch. Select your own colors, cabinets, appliances and more in this luxury home on nearly 1 acre. The builder has included a wide array of luxury products in this price, but if you would like to change or update the finishes, you still have time to personalize your new home! This spacious home lives large with an open floorplan and split bedroom layout. At 2983 sq feet, home offers dual master walk in closets & spacious primary bath, 3 guest bedrooms with 2 ensuite baths, plus a powder room. They kitchen has a large walk in panty and a large kitchen island. The great room is grand with high beamed ceilings and a contemporary fireplace. Build time is 8-10 months.

3039 E Bonanza Road Gilbert, AZ 85297

$1,775,000
5 Beds
4.5 Baths
4,009 SqFt
Status Active Under Contract
MLS # 6745619
Property Type Single Family Residence
Price Type --
Spectacular and rarely available custom home with fully appointed guest house in the coveted gated community of Whitewing. This completely renovated home features new HVAC, new wide plank wood floors, new kitchen, baths and windows throughout. In addition to 4 bedrooms & 3.5 baths in the main home, the detached guest house offers a perfect space for long term guests, including living, kitchenette, bedroom & full bath with walk in shower, dedicated laundry center and full one-car, temp control garage. This thoughtfully renovated custom home brings together all of today's favorite finishes within a stunning open concept. Enjoy a formal dining space with fireplace open to generous family room with a wall of glass to take in the lush park views. Elegant gourmet chef's kitchen features custom cabinetry, quartz counters & high-end appliances, and a lovely breakfast area with plenty of storage. The owners' retreat is sizable yet intimate, with a luxurious spa bath featuring vessel tub, custom wall finishes & gorgeous new lighting. There are two additional bedrooms with renovated third bath, ensuite guest space, beautiful office space with double doors, powder room & fantastic laundry center, rounding out the main house. Your ultimate outdoor sanctuary brings together the park views, expansive entertainment space with extensive use of travertine pavers & turf, a perfect dining pergola & grilling area, and refreshing Pebbletec pool & spa with stunning water & fire features. All of this luxury is yours just minutes from shopping, dining, schools and the Gilbert community activities. Welcome Home!

2283 E Aris Drive Gilbert, AZ 85298

$1,775,000
5 Beds
7 Baths
4,749 SqFt
Status Active
MLS # 6649212
Property Type Single Family Residence
Price Type --
Welcome to the prestigious Legacy at Freeman Farms and this highly upgraded residence. This home welcomes you through a private gated courtyard to a beautiful upgraded wrought iron entry door. The exterior offers a spacious insulated 4 car garage with an additional 1 car garage all with direct access to the home. The backyard oasis is a must see. The interior of the home boasts over 4700 square feet of absolute luxury. The split floor plan with 5 en suites all with walk in closets, including a guest quarters with it's own kitchen, sitting room, and attached garage bay, makes this home convenient to meet everyone's needs. The gorgeous master and master bath offer a sitting area, a built in bath tub, separate sinks, and an oversized quartz shower with a huge master closet. Relax in the enormous great room with soaring ceilings and a cozy gas fireplace. The Kiitchen is a chef's dream from custom cabinets, a huge center island with breakfast bar, stainless steel appliances, a Thermador 5 burner gas cook top, built in oven with microwave, a 48 Ge Monogram built in fridge, a walk-in pantry, granite counter tops and a beautiful tiled backsplash. The backyard features, a covered patio, built in barbecue and fire pit, a massive gazebo that has a built in mist system, can lights, a tv outlet, ceiling fan, and a sunshade. The oversized heated swimming pool with a gorgeous rock water fall and a relaxing spa are perfect for entertaining. From the Baja step, built in table with a bench, bar stools, waterfalls, and plenty of sitting area for lounging around the pool on the travertine tiled deck. The Vivint Security System, security cameras, and glass break sensors are an extra bonus!! You can own this home today! Don't miss out on this opportunity!!

7934 W Orangewood Avenue Glendale, AZ 85303

$1,775,000
2 Beds
1.5 Baths
1,080 SqFt
Status Active
MLS # 6746362
Property Type Single Family Residence
Price Type --
Large 3.6 Acre Ranches are scarce in Glendale, but this sprawling horse property is available! The main residence features an inviting living room with a soothing palette and carpeting. Two cozy bedrooms provide peaceful retreat. Additionally, a separate modular home on the property offers versatile additional living space. The detached garages accommodate up to six vehicles & extensive storage space. The expansive grounds are an equestrian lover's dream, offering vast space for horses and facilities to maintain and train your equine companions. Don't miss out on this fantastic opportunity! R-6 Zoning also permits for developing a community if you are looking to invest and develop in the sought after city of Glendale this is your opportunity! Lets talk about the infinite possibilities!

17458 N 97th Street Scottsdale, AZ 85255

$1,775,000
4 Beds
2.5 Baths
3,130 SqFt
Status Active
MLS # 6755649
Property Type Single Family Residence
Price Type --
This spacious residence welcomes you with an impressive foyer that seamlessly flows into an open-concept main living area, where the kitchen serves as the heart of the home. High ceilings and abundant natural light fill the expansive living room and adjacent casual dining area, while a large formal dining room provides the perfect setting for intimate gatherings. The first floor features a luxurious primary suite with a generous walk-in closet and beautiful primary bath. Upstairs, an airy loft connects two sizable bedrooms, a large bathroom with dual vanity and private water closet, and a cozy corner flex space ideal for a coffee bar. Walk out to your resort style backyard with no one behind you and enjoy the Windgate Ranch life style.

305 S Genius Loci -- Payson, AZ 85541

$1,775,000
4 Beds
4 Baths
4,636 SqFt
Status Active
MLS # 6593511
Property Type Single Family Residence
Price Type --
Discover mountain living in the cool pines nestled within the breathtaking surroundings of The Rim Golf Club, this exquisite custom home offers a harmonious blend of luxury and natural beauty. Overlooking the 9th fairway, the residence boasts sweeping mountain views that will take your breath away. With resort-like features including a private pool, spa, beautiful outdoor flagstone patios, a fully-equipped kitchen, fireplace, covered deck, every day here feels like a getaway. Step inside the impressive entry and be greeted by the warm embrace of hickory wood flooring, vaulted ceilings of post and beam construction, carved interior doors, and floor-to-ceiling windows that frame the picturesque landscaping.The stone fireplace adds both coziness and grandeur to the living space. Enjoy the seamless flow of the open concept floor plan, perfect for entertaining. A beverage bar complements the gourmet kitchen, dining room, while a private office provides a quiet retreat. The primary ensuite is a spa-like haven, offering privacy, tranquility and outdoor access to the spa and pool. On the lower level, the ambiance of knotty pine interiors sets the tone. Two en-suite guest rooms provide comfort and privacy, along with a convenient kitchenette. A wine cellar and game room with a separate entrance enhance the allure of this level. With a 3 1/2 vehicle garage, your storage needs are well accommodated. Situated at the end of a cul-de-sac, the property enjoys a sense of seclusion, while being conveniently close to the clubhouse, cart path, and the national forest. This is mountain living at its finest, where the beauty of nature meets luxurious living. The Rim Golf Club combines spectacular Golf with premier amenities. Furnishings are for sale by by separate agreement. The pool and spa are fully automated. The 3 flat screen TV's convey with the sale. The blue chandelier light fixture over the breakfast nook is not included in the sale.

6880 E Peak View Road Scottsdale, AZ 85266

$1,775,000
4 Beds
3.5 Baths
3,470 SqFt
Status Active
MLS # 6730618
Property Type Single Family Residence
Price Type --
This one has it all! Acre lot with pool/hot tub, bbq/firepit sitting areas and plenty of privacy. 4bed 3.5 bath property w/teen room and office. Prepare to be impressed by a captivating interior showcasing tile floor, soothing palette, high ceilings, bountiful natural light, & a delightful fireplace ready to enjoy. Experience indoor & outdoor living from the living area with multi-sliders leading to the back patio! The incredible chef's kitchen is a cook's delight offering gray shaker cabinets, SS appliances, wine fridge, wall oven, stylish tile backsplash, a walk-in pantry, quartz counters, & an island with a breakfast bar. Cozy den perfect for an office and additional media/game room! Oversized main retreat features back patio access and a lavish ensuite.

8526 E Country Club Trail Scottsdale, AZ 85255

$1,763,000
3 Beds
2.5 Baths
3,662 SqFt
Status Active
MLS # 6723044
Property Type Single Family Residence
Price Type --
Welcome to the exclusive Pinnacle Peak Country Club Estates, single level golf course living at it's finest. Situated on over a half acre Golf Course lot with extended 3 car garage, RV gate workshop and artist's Studio, this 3 bedroom 2.5 bath home includes a dream kitchen with a 7 foot island and high end appliances. Kitchen storage is available in the walk in pantry as well as the storage in the oversized laundry room. Two fireplaces warm the winter chills in each of the living areas. One guest room has a private patio while the other has access to the front patio with fountain. The pool was recently re-surfaced and has new equipment. The primary bedroom is oversized with an en-suite bathroom with dual head shower. Amazing views and manned guard gate make this the perfect home.

28623 N Sweep Court Rio Verde, AZ 85263

$1,760,000
3 Beds
3.5 Baths
2,681 SqFt
Status Active
MLS # 6756010
Property Type Single Family Residence
Price Type --
BRETHTAKING MOUNTAIN VIEWS FROM ELEVATED LOT OVERLOOKING THE 16TH GREEN! Plus, walking distance to the club amenities. Perfect for entertaining or enjoying a quiet relaxing evening. Popular Latigo floorplan has 2 bedroom suites plus a separate casita, spacious courtyard w/fireplace, private backyard, covered patio w/built-in fireplace & BBQ. Luxurious primary suite w/sliding doors to enjoy views, lavish bathroom, quartz counters, 2 walk-in closets; Kitchen with high-end appliances, large island, quartz counters; Great room with views, multi-sliding doors to the patio; Formal dining; Separate office w/built-in cabinets. Engineered floors, plantation shutters, recessed lighting throughout; Beautiful guest suite; Spacious casita, built-in cabinets, walk-in closet and bathroom. More... Den/Office w/built-in bookcases; Smart space/laundry, built-in desk, lots of storage; Powder room. Large backyard with spectacular views; 3 car garage, epoxy floors, built-in cabinets and electric charger. 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!

9826 N 85th Street Scottsdale, AZ 85258

$1,760,000
4 Beds
2.5 Baths
2,569 SqFt
Status Active
MLS # 6697364
Property Type Single Family Residence
Price Type --
Welcome to Paradise Park Manor, nestled in the prestigious McCormick Ranch community of Scottsdale. This fully renovated gem offers unparalleled luxury and comfort, boasting 4 bedrooms, 3 baths, and a host of amenities perfect for modern living. The open-concept floor plan creates an inviting space for both entertaining and everyday living. The heart of the home is the gourmet kitchen, featuring top-of-the-line appliances, custom cabinetry, and a sprawling island, making it a chef's delight. Relax and unwind in the spacious living area, complete with a cozy fireplace and views of the lush green belt beyond. A must see property.

Leave a Reply

Your email address will not be published.