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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100 W Northern Avenue Unit 7 Phoenix, AZ 85021

$1,708,308
4 Beds
3.5 Baths
3,715 SqFt
Status Active
MLS # 6737176
Property Type Single Family Residence
Price Type --
Welcome to 100 Northern! Nestled in the prime location of North Central Phoenix, this gated, NEW, unique community features 3 different floor plans and only 17 homesites. Experience the elegant sophistication and uncluttered feel of these thoughtful, light flooded designs, where soaring ceilings, sleek lines, and open spaces all converge to evoke a true sense of serene ambiance throughout the home. This spectacular 2 level ''C'' plan features owner's suite, large den, and all primary living on the ground floor with 3 additional bedrooms, 2 baths (one ensuite) and large flex loft upstairs. Subzero/Wolf appliances, Trane AC units ,and tankless water heaters all set the standard for the list of included high-end features. Heated community pool, dog park and walking path cont.... all provide the outdoor enjoyment without the upkeep, cost and work of maintaining your own. Come and claim your new address at 100 Northern, the epitome of modern luxury living!

31 W Canyon Street Apache Junction, AZ 85120

$1,700,000
3 Beds
3.5 Baths
3,800 SqFt
Status Active
MLS # 6697663
Property Type Single Family Residence
Price Type --
Step into luxury with this stunning new construction home boasting vaulted ceilings adorned with rustic beams, a testament to its craftsmanship and charm. Indulge your culinary passions in the gourmet kitchen featuring custom cabinets, not one but two islands, and top-of-the-line appliances. Seamlessly blend indoor and outdoor living with a folding patio door, leading to a spacious wrap-around covered patio, perfect for entertaining or simply unwinding in style. Enjoy the sleek elegance of smooth wall finishes throughout the home. Plus, say goodbye to restrictive HOA regulations and embrace the freedom of no HOA. With a convenient drivet-hrough RV garage, this home is tailormade for those who value both functionality and sophistication. Don't miss your chance to make this dream home yours

10323 E Buckskin Trail Scottsdale, AZ 85255

$1,700,000
3 Beds
3.5 Baths
3,656 SqFt
Status Active Under Contract
MLS # 6751421
Property Type Single Family Residence
Price Type --
Unobstructed MOUNTAIN VIEWS, spectacular SUNSETS & dancing CITY LIGHTS await in this SIX CAR GARAGE custom home in the gated North Scottsdale community of Eagles Glen. The living room, with a grand stone fireplace,16-foot ceiling and sliders opens to the expansive patio, for ideal indoor/outdoor living. The executive office features built-in custom cabinetry & a curved wall of windows, providing a sophisticated workspace. The formal dining room, or club chair seating area, offers a built-in dry bar, custom cabinetry, & additional wall of curved windows. The open-concept family room showcases another stone fireplace and flows into the highly functional kitchen with a breakfast bar with seating for 6, custom alder cabinetry & breakfast room bathed in cascading sunlight with mountain views. The primary retreat is a sanctuary with a double door entry & private patio access, offering a peaceful escape. Plus a spacious primary ensuite with walk-in shower and custom walk-in closet. Two additional bedrooms with ensuite bathrooms & a powder room provide ideal comfort for guests. Step outside to your private oasis with STUNNING mountain vistas on a nearly one-acre lot, complete with a heated pool, waterfall feature, covered pavered patio, flagstone decking, gazebo, fire pit & mature natural desert landscaping! Car enthusiasts will be delighted by the impressive 1500 square foot SIX CAR tandem garage plus a large storage room. The home's beautiful natural schist stone and wood-look tile floors are complemented by new carpet in the guest bedrooms & light & bright fresh neutral interior paint throughout. This home features an inviting ambiance of warmth & comfort surrounded by breathtaking views. It is located close to golf courses, fine dining, shopping & hiking, offering the perfect blend of luxury & convenience.

8633 E Via Montoya -- Scottsdale, AZ 85255

$1,700,000
4 Beds
3 Baths
3,510 SqFt
Status Active
MLS # 6741102
Property Type Single Family Residence
Price Type --
Gorgeous Custom home in gated community of Los Gatos in North Scottsdale. Situated on almost an acre of serene private desert. This home was built for entertaining with a massive formal living and dining room, stunning fireplace and art display wall with custom lighting. The beautifully remodeled kitchen is light and bright and, features quartz counter tops, loads of storage, and counter space for all the chefs in the house. The backyard is the absolute show stopper of this home. Step out onto the huge covered patio and take in the sparkling pool, gazebo, hot tub, putting greens, Basketball sport court, roof top deck, and lush mature landscaping. Breathtaking views and north/south exposure. New AC's in 2022/2024. This incredible home has it all AND has horse privileges!

8724 E Russell Street Mesa, AZ 85207

$1,700,000
5 Beds
5.5 Baths
3,770 SqFt
Status Active
MLS # 6740161
Property Type Single Family Residence
Price Type --
360 degrees unobstructed VIEWS!!! NO HOA! DETACHED GUEST HOUSE! 7 car garage! Bring all your toys to this home in The Desert Uplands of Mesa! Lifestyle here is exceptional with a blend of tranquility & convenience. Nearby stores, restaurants, hiking & boating at Tonto National Forest & Usury Mountain Regional Park. All million $ plus homes. Experience elegance & comfort in this magnificent 5-bedroom, 4.5 -bathroom residence on a sprawling 1.22-acre lot! 2 story entry w/ elegant stairwell. Formal LR & DR with updated modern flooring. 2022 kitchen remodel offers white shaker cabinets, viking stove, lg prep island, true butlers kitchen & pantry. Family room has huge windows, gas FP & open to the kitchen. 1st floor office, bedroom & full bathroom. Attached 4 car extended garage. GUEST suite is detached & private. Guest suite: great room, full kitchen with island & informal dining area, full bedroom & bathroom. Has a page storage room & attached to full access to second garage. This home boasts MOUNTAIN, SUNRISE, SUNSETS & CITY LIGHT VIEWS from multiple view decks & form inside the home. Fenced in back yard has extended covered patio's built in BBQ, heated spa and diving pool. Bring all your toys!! No HOA!!

8588 W Gambit Trail Peoria, AZ 85383

$1,700,000
4 Beds
3.5 Baths
4,544 SqFt
Status Active Under Contract
MLS # 6753922
Property Type Single Family Residence
Price Type --
Step into this exquisite 4,500 sqft home, where sophistication meets comfort. The residence features an impressive layout with four bedrooms and three and a half bathrooms. The home features a spacious and elegant design, with charming architectural details throughout. The expansive primary bedroom suite offers a luxurious private sanctuary, with a balcony overlooking the panoramic mountain views. The spa-inspired primary bathroom, adorned with elegant tile flooring and bathed in an abundance of natural light, promises a serene retreat. Three additional bedrooms provide ample space and privacy for family and guests. The gourmet kitchen is a culinary enthusiast's dream, equipped with high-end appliances, generous counter space, and an open stylish layout that seamlessly integrates with the dining and living areas. Exposed brick walls and rustic charm enhance the home's unique character, creating a warm and inviting atmosphere. The living space is highlighted by a charming fireplace and vaulted ceilings, providing a cozy and welcoming ambiance. Elegant lighting fixtures and luxurious flooring throughout the home contribute to the overall sophisticated aesthetic. The outdoor living space is equally impressive, featuring a covered patio, outdoor kitchen with a fireplace, a pool, a spa, and an outdoor shower. The lush landscaping and stone accents create a serene and private oasis, while the mountain and city views offer a stunning backdrop. Additional features include a spacious five-car garage, a loft, a bar, and an outdoor courtyard, making this home ideal for entertaining. Fully renovated with semi-custom finishes, this property seamlessly blends modern conveniences with timeless elegance. Experience the epitome of luxury living in this remarkable home.

1380 N Nielson Street Gilbert, AZ 85234

$1,700,000
5 Beds
3.5 Baths
3,835 SqFt
Status Active Under Contract
MLS # 6746363
Property Type Single Family Residence
Price Type --
This new construction custom home is in a gated community but is exempt from the HOA! Features a chef's kitchen with top of the line Dacor 30'' fridge, 30'' freezer with two styles of ice, and 36'' dual-fuel steam range with 42'' high volume vent hood, an incredibly quiet Bosch dishwasher, granite composite workstation sink, quartz counters throughout, butler pantry with built in convection oven microwave, and hidden outlets under the cabinets and island. Living room features a built-in electric fireplace, ceiling mounted surround sound speakers, 12' double slider door, and floor outlets under the couch. 4 bedrooms have ensuites and walk-in closets; bedroom 5 is currently set up as an office. Owner's suite is split from the other bedrooms and the ensuite features a deep soaking bathtub... with fast-fill faucet, large curbless shower with two heads and a wand, and spacious walk-in closet. Bedroom 5/Office includes French doors and two closets plus a networking cabinet. Hardwired internet to all TVs and mesh network. Lavish laundry room has electric and gas for the dryer and ample storage including an outlet in the pantry cabinet to charge cordless vacuum. ~400 sqft gym with rubber flooring, ceiling speakers, r/o water bottle filler, and direct access to garage. Dedicated outlet for fridge/freezer in laundry and garage. Oversized 4 car garage features insulated garage doors, electric vehicle pre-wire, smart openers, epoxy floor, utility sink, tankless water heater, and water softener. Exterior features farmhouse sconces, under-eave lighting, backyard flood lights, and holiday under-eave outlets. Back patio features ceiling speakers and is plumbed for a built-in BBQ and overhead heater. View fencing and gate to canal makes the property feel even larger and provides access to paths and fishing. Natural gas stub at power panel for backup generator. Ceilings in living areas and bedroom 5/office are 12'; all other ceilings are 10'. Starlink internet. Hardwired security system. Motorized blackout sun shades throughout. Zoning allows for an additional dwelling to be built on the property. Electric panel is oversized at 400 amps; septic is also 1,000 gallons oversized to accommodate a future 3 bed, 2 bath guest house. Electrical conduit pre-run under backyard turf to allow for pool/spa. Horses, livestock, chickens, and other animals allowed!

23663 S 231st Way Queen Creek, AZ 85142

$1,700,000
5 Beds
3.5 Baths
4,223 SqFt
Status Active
MLS # 6697697
Property Type Single Family Residence
Price Type --
STUNNING LUXURY! This incredible property has a long list of upgrades curated with style and care creating an experience you have to witness for yourself! This one-of-a-kind property will blow you away from the moment you walk through the custom iron double doors! You are met with endless custom upgrades that draw you in and make you feel like you're home. No expense was spared on any addition to this home, from the high-end wood-look tile flooring to the waterfall countertops, marble backsplash, and double stack cabinets in the kitchen to the marble shower surround in the primary suite. The backyard is an ENTERTAINERS PARADISE! $500K+ in high end finishes caters to those with discriminating taste. You can't find this caliber of home in other parts of town at this price!!! Don't miss it!!

26223 N 113th Avenue Peoria, AZ 85383

$1,700,000
4 Beds
4 Baths
3,550 SqFt
Status Active
MLS # 6743360
Property Type Single Family Residence
Price Type --
Welcome to your dream oasis in the desert! This exquisite custom-built home, nestled on a sprawling 2.5-acre lot in the highly desirable area of North Peoria, offers the perfect blend of luxury, space, and privacy. This smart home is more than just a place to live - it's a lifestyle. Oversized RV garage boasts enough space for up to 9 cars or store your RV and still have plenty of room for additional vehicles, tools and toys. Home also has 3 additional attached garage spaces. Resort Style outdoor living with private serene courtyard entrance to this home and your backyard features a gorgeous pool and spa with waterfall, grotto, and slide; outdoor kitchen and dining with an oversized bbq and wood fired pizza oven; built in gas fire pit; along with a large fenced in area that's perfect for enjoying the Arizona sunsets. Very well appointed interior includes a gourmet kitchen that really is the heart of the home featuring top of the line appliances, custom cabinetry, gorgeous countertops, large center island with seating and butlers pantry. Ceiling beams accentuate the great room space with large open windows and an eye catching entertainment area. Luxurious master suite with fireplace, spa like bathroom, on trend shower, dual vanities, jetted tub and walk in closet with built in cabinetry. This home is very efficient with features including solar system, private water well, pressure tank in insulated room in main garage, home fully spray foam insulated including garage, attic and RV garage. 250 gallon buried propane tank, 1500 gallon concrete septic tank. Amazing RV garage space is 40'x75' (3,000 sf). 14'x14' RV door. 10'x10' rear door with concrete pad out back. 10'x7' door on the front with an air conditioned room above the large walled off single car stall. RV garage has several 220v outlets for welders and/ or air compressors. Hardwired 2 post lift with additional 30 amp RV outlet. 1/2 bath in RV garage. Utility sink. This unique home has it all and then some.

5549 E Saguaro Vista Drive Cave Creek, AZ 85331

$1,700,000
4 Beds
4.5 Baths
4,124 SqFt
Status Active
MLS # 6735458
Property Type Single Family Residence
Price Type --
Discover the Sedona, a contemporary open-concept design to be built. Car collectors and RVers will appreciate the storage, featuring an oversized 3-car tandem garage plus a 49' deep RV garage. The home includes 4 bedrooms, office, 4.5 bathrooms, island kitchen, and a guest suite with a private living room. The owner's suite boasts a free-standing tub, a walk-through shower, and an oversized walk-in closet. Enjoy quality finishes such as 90/10 smooth walls, 8' doors, quartz countertops, and 12' ceilings in the great room and kitchen. The build is enhanced by energy-efficient spray foam insulation, 2x6 framed exterior, fully sheathed construction, and a post-tension foundation. Pictures are from a model home w/ available options. Buyer to verify all facts and specs.

17650 N 98th Way Scottsdale, AZ 85255

$1,700,000
3 Beds
4 Baths
2,792 SqFt
Status Active Under Contract
MLS # 6742586
Property Type Single Family Residence
Price Type --
Looking for resort style living yet in proximity to everything? Live it in Scottsdale's prestigious Windgate Community. Enjoy privacy in your beautifully upgraded home with fine finishes, luxurious community centers, guarded gate, breathtaking views of the McDowell Mountains, your private desert backing home, & in proximity to Scottsdale's finest. This gorgeously appointed single level home welcomes you with soaring ceilings throughout, a grand foyer, 8' doors, and natural oak flooring throughout. Recently remodeled by Elliot Barkan Luxury Builders and meticulously maintained, your home features... Recently remodeled and meticulously maintained, your home features... an open-concept kitchen that opens to multiple pools from your 15' 4 expansive panel sliding doors. Entertain your guests with SS Dacor appliances, 42'' upper Alder cabinets, and white Macaubus Quartzite Countertops with deep random veins, and a beautiful focal point media/fireplace wall. Enjoy privacy with your split floor plan, all ensuite home with a grand great room, & your large den/bonus room. See feature sheet for an extensive list of upgrades. Your impressive community amenities include 25/7 guard gated entry, resort style 10,000 sqft clubhouse with 3 swimming pools, 3 spas, high tech teen pavilion, playgrounds, basketball, volleyball, pickleball & tennis courts. Enjoy meandering greenbelt with hiking, biking and Equestrian trails throughout, or a short stroll to DC Ranch Village Racquet Club, the McDowell Sonoran Preserve (35,500 Acres) & the Gateway Trailhead with full services & over 45 miles of hiking, mountain biking or Equestrian trails. Make resort style living your new life & home.

31023 N 117th Drive Peoria, AZ 85383

$1,700,000
3 Beds
3.5 Baths
3,836 SqFt
Status Active
MLS # 6676605
Property Type Single Family Residence
Price Type --
You will need a sharp eye to identify all the upgrades in this Semi Custom Toll Bro luxury home in the prestigious guard gated golf course community of Blackstone Country Club. So many upgrades & options - to name a few - Each bdrm has en suite & walk-in closet, 52 pnl OWNED Solar, ''A'' spark score, foam attic insulation, custom iron entry door, 12' ceilings t/o (custom upgrade), wood flooring, stone electric fireplace wall, Wolf/Sub Zero appliances, upgraded cabinets & roll out shelving, plantation shutters, 20,000 gallon heated Pebbletec pool, gas firepit, covered outdoor kitchen, bocce ball area, lg covered patio, split 3 car over-sized garage w/ storage & epoxy coated flooring, mature trees & shrubs & tons of travertine. Tons of added storage. List of all upgrades in supp doc section Toll Brothers Semi Custom in Blackstone Country Club 31023 N. 117th Dr Peoria AZ 85383 3836 sq ft 3 bedroom, 3.5 bath Added Options and Upgrades: *Kitchen - *SubZero Wolf appliances - 48 built-in refrigerator and 48 dbl oven with 6 burner gas cooktop and griddle, Wolf built-in microwave *Top of line Quartzite island and countertops in Taj Mahal *42 raised panel upgraded cabinetry with stacked lighted display cabinets *Cabinets are soft close with upgraded door construction and roll out shelves at all bottom cabinets *Cast iron white undermount Kohler sink *Subway tile backsplash *Lazy Susan *RO System *Custom 12x9 custom pantry with adjoining 7x12 storage room lined in shelving *Added transom windows under cabinets *Under cabinet ribbon lighting Great Room - *Ceiling to floor stone wall with electric fireplace *Bar with leathered Quartzite countertop & roll out shelving plus SubZero Bev Fridge *Sonos surround system *Secondary bathrooms - *All sinks are upgraded to undermount, subway tile surrounds at both tub/showers to ceiling *Cast iron white tubs, Toto Toilets *Upgraded Quartz countertops *Upgraded wood medicine cabinets to match cabinets Laundry Room - White Subway backsplash *Added 42 white raised panel cabinets *Added door from master closet to laundry room *Designer floor tile *Master bath - *Separate soaking tub and large tiled shower *Custom floor to ceiling rain glass window behind tub *Upgraded undermount sinks *Custom mirrors *Custom backsplash to ceiling at both vanities *Roll out cabinets *Added seated makeup/vanity *Huge walk-in closet with Classy Closet system *Raised 12' ceilings throughout except for baths and laundry rooms (Only Aracena model in community with 12' flat raised ceilings - custom change) *Custom Iron Entry Door with Sidelites *Wood Flooring throughout except for baths, pantry and laundry rooms *Solid Core Interior Doors *Designer light fixtures, Chandeliers and ceiling fans throughout *Ceiling fans in every room *Plantation Shutters throughout *Smart home - features many items voice controlled including thermostats, lighting, music, landscape lighting, irrigation, pool and water features, Ramada lighting, garage doors, and more. Garage - *Extra large/wide 3 Car split garage *4 foot extension on each garage *Epoxy floors *Raised 12' ceilings - custom upgrade ($25k 6 years ago) *Ceiling storage racks *Side Service door Misc: Added gas lines, hose bibs, floor outlet in great room, raised weeps on back patio, custom pantry, 2 - 12x20 sliding glass doors at great room, sokit above kitchen cabinets, two backsplash transom windows at kitchen, moved island for more space between counters, wing wall in powder room, additional a/c unit, custom changes to master shower Front yard with paver courtyard - custom lighting at portico and garages Artificial turf, added pavers including driveway, mature tree and shrubs, added rain gutters, prewired for speakers Front and Back watering system on timer Backyard - Unobstructed mountain views - HUGE 17,000+ sq ft lot 4-step epoxy finish *Gas hot water heater with recirculation. Oversized 12'x32' covered patio with over 2000 sq ft of Silver Plata travertine and over 1500 sq ft of synthetic turf, a 24'x16' covered ramada/outdoor kitchen outfitted with Kitchenaid stainless steel 59,000 btu 5-burner grill, 26,000 btu double side burner and large stainless sink with running water. Custom 20,000 gallon heated Pebbletec abalone-shell pool with in-floor cleaning system, Intellichem automated pool chemical system, Pentair equipment, three 4' sheer decent water features and three pop-up bubblers in the oversized Baja step, with 16'x24 travertine coping. Energy Ekicient - *2X6 construction *OWNEDSOLAR 58Panasonicpanels *Added 3rd a/c unit at build for Master bedroom & bath *Entire exterior sheathed in wood (rare in AZ) *Cathedral foam attic insulation *Tinted window film on sliders, front door, hall windows and front bedroom windows *Nest thermostats *Soft water system *Added rain gutters at back of house *Added sokits in kitchen *Custom barn door masterbed/bath *Niche lighting *Wood ceiling at enrty Most Upgrades were done post close ARCHITECTURAL CUSTOM OPTIONS/UPGRADES 12' ceilings throughout (only Aracena in Blackstone) SoHits in kitchen/dining rooms and over stacked cabinets Widened space between counter and island in kitchen Transom windows under kitchen cabinets SoHit/wall at flex room Window over tub in master bath Vanity in master bath Dividing wall in powder room Added pantry/storage rooms 4' garage extensions

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