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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2102 E Cavalry Road New River, AZ 85087

$1,700,000
3 Beds
3 Baths
1,477 SqFt
Status Active
MLS # 6703741
Property Type Single Family Residence
Price Type --
Rare opportunity to acquire this 8 acre New River property! Properties this size are becoming increasingly rare. Imagine an amazing horse ranch with close access to State Trust land or subdivide into 6 or 7 other parcels for a great home building project (see exhibit). The land is flat with no floodplain. The house is brick constructed (mid-century) with 3 beds & 3 baths, 2 car garage, 6 car shade cover, solar, dual pane windows and more! The roof is a few years old and the solar is 1 year (leased). Property is fully fenced. Well is shared with one other home.

210 E Ashwood Place Phoenix, AZ 85012

$1,699,999
4 Beds
3.5 Baths
3,290 SqFt
Status Active Under Contract
MLS # 6751183
Property Type Single Family Residence
Price Type --
Exquisite Custom Home in a Prime North Central Phoenix Neighborhood on a dead-end Cul-De-Sac Lot. No cars drive in front of this house. Walking distance to the famed Uptown Farmers Market and the Central Ave Bridle path. Built in 2017, Move in ready. Close to Brophy/Xavier, Sunnyslope, Madison Simis, Madison Meadows Day School and downtown hospitals. Hard Wood floors, Vaulted Ceilings, Shiplap walls, Heated Pool, Tankless Water Heater, Soft Water System, In Ceiling Speakers, Alarm System, Control 4 Smart Home System, backyard Turf, Split Bedroom/Bathroom mother-in-law suite

12620 E Troon Vista Drive Scottsdale, AZ 85255

$1,699,995
3 Beds
3.5 Baths
2,599 SqFt
Status Active
MLS # 6663184
Property Type Townhouse
Price Type --
NEW CONSTRUCTION-ESTIMATED COMPLETION SEPTEMBER 2024. Desert Contemporary style architecture! This open 3bdr/3bth floor plan offers ample space for entertaining. Views of Troon Mountain and close proximity to the Mountain House Lodge Community Amenity. The Caullins' welcoming covered entry and inviting foyer lead to the spacious great room and dining room, with views of the large covered patio beyond. The well-designed kitchen is equipped with a large center island with breakfast bar, plenty of counter and cabinet space, and ample dual pantries. The beautiful primary bedroom suite is highlighted by a huge walk-in closet and deluxe primary bath with dual-sink vanity, large soaking tub, luxe glass-enclosed shower with seat, and private water closet. Design appointed finishes throughout.

23810 N 123rd Way Scottsdale, AZ 85255

$1,699,995 - 3Br/4Ba -  for Sale in Sereno Canyon Parcel B1 Phase 4, Scottsdale
Open House
$1,699,995
3 Beds
3.5 Baths
3,489 SqFt
Status Active
MLS # 6707785
Property Type Single Family Residence
Price Type --
*Seller is offering a $60,000 incentive for closing costs or rate buy down* This beautiful new home offers an open-concept Kitchen with double wall ovens, 48'' Wolf rangetop and 48'' Sub-Zero fridge. The cathedral ceilings, 60'' Primo Fireplace and 90-degree Sliding Glass Door provide the ideal space for entertaining. The impressive Primary Suite showcases a deluxe Primary Bath with dual-sink vanity, large soaking tub, luxe shower with rainhead and seat and a spacious walk-in California Closet System. . Additional highlights include versatile Study space, attached Guest Casita, 2 car garage plus separate garage storage. Toll Brothers limited warranty includes 10-year structural coverage. Located within Toll Brother's gated community, Sereno Cany

5917 E North Lane Paradise Valley, AZ 85253

$1,699,975
3 Beds
3 Baths
2,250 SqFt
Status Active
MLS # 6706610
Property Type Single Family Residence
Price Type --
Escape to your dream home, where luxury living awaits! From the moment you arrive, you'll be awe-inspired by the designer touches throughout this custom home, which has recently undergone nearly $400,000 worth of renovations. This style embraces the ideals of living with a mix of natural design elements: mixes of wood, metals, and natural stone create true modern simplicity. From the distinctive ambiance of the custom ''Polished Simplicity'' fireplace to the open-concept kitchen with waterfall quartz island that easily seats 6, dual-toned sleek cabinetry, high-end stainless-steel appliances, including a Column fridge, Induction range, Kraus workforce sink with designer two-toned faucet... you are transported into true luxury. The primary bedroom is a haven for relaxation The primary bedroom is a haven for relaxation, boasting exceptional finishes, a double entry door, an extended walk-in closet, an aesthetic designer wall, and an impressive spa-like bathroom suite: a floor-to-ceiling glass-enclosed free-standing soaker tub/a separate shower, a double-sink modern vanity with a private toilet room, and a slatted niche. The backyard is an oasis of peace and tranquility, with complete privacy as it backs a natural area of open space. The yard boasts a pebble-tech pool with a substantial paved patiothe covered patio with a tongue and groove ceiling has a dramatic concrete floor-to-ceiling fireplace. There's even a convenient outdoor bathroom! This home is truly one of a kind! Take advantage of this opportunity to own a slice of paradise..before it's gone!

718 Kohners Ridge Drive Happy Jack, AZ 86024

$1,699,900
6 Beds
4 Baths
7,566 SqFt
Status Active
MLS # 6735196
Property Type Single Family Residence
Price Type --
Welcome to your dream home in Happy Jack, Arizona! This stunning single-family property is located in the gated community of Starlight Ranchettes, and offers a luxurious and spacious living space that is perfect for families. Featuring 6 bedrooms and 3.5 bathrooms, this home provides ample space for everyone in the family to have their own private oasis. The dining room with bay windows is perfect for hosting dinner parties and gatherings, while the vaulted ceilings and antler chandeliers add to the elegance and charm of this home. One of the highlights of this property is the breathtaking views that can be enjoyed from multiple decks. Imagine sipping your morning coffee or winding down after a long day while taking in the serene and picturesque scenery. The bunkhouse above the garage provides a versatile space that can be used as a guest room or large office. The hickory cabinets, large kitchen island/ breakfast bar, desk area, walkin pantry, in the kitchen add a touch of sophistication while providing functionality for all your cooking and entertainment needs. Relax and unwind after a long day in the master bathroom jetted tubs or soak up the sun on the sun deck. With 4 back decks, there is plenty of outdoor space to enjoy the beautiful weather and entertain guests with the most amazing million dollar views. For pet owners, the dog run fenced area provides a safe and secure space for your furry friends to roam. The gas fireplace, wet bar, exposed wood beams, antler chandeliers add warmth and character to the home, creating a cozy and inviting atmosphere. Additional features of this property include 2 car garage, as well as a 1.5 garage around the back for all your toys.. This home also offers stainless steel appliances, bay windows, dual-pane windows, wood doors, and a fully finished basement with a game room, that could be used for more sleeping space too. . With a lot size of 2.07 acres and a large floor , there is plenty of room to grow and make this house your perfect home or bring the entire family. House comes furnished and seller is offering a $12,000 to buyer at COE for flooring allowance. Take a day and go exploring with great walks, bicycling, hiking, off road vehicles and more.. Don't let this future home pass you by.

1624 Gettysvue Way Prescott, AZ 86301

$1,699,900 - 4Br/3Ba -  for Sale in Dells At Prescott Lakes, Prescott
New
$1,699,900
4 Beds
2.5 Baths
5,232 SqFt
Status Active
MLS # 6760907
Property Type Single Family Residence
Price Type --
Elegant 5232sf home in The Dells at Prescott Lakes! Grand entry foyer, open great room w/ gas fireplace, huge kitchen with double island, formal dining room and private breakfast nook. Wraparound entry porch, expansive rear deck with outdoor fireplace and built-in barbecue, and a private courtyard patio with a koi pond and water feature--and the list goes on. The entire 2nd floor is a majestic master suite! Enter from a loft/sitting area with sweeping views of the granite dells to a large parlor, grand bedroom, enormous walk-in closet, and luxurious master bathroom w/ walk-in steam shower/sauna, PLUS a den w/ wet bar and fireplace; 2 separate private decks, 2 staircases and an elevator! Large, landscaped lot, 3 car garage and more! Chandeliers in nook and dining room do not convey.

2223 E Tonto Place Chandler, AZ 85249

$1,699,500
7 Beds
5.5 Baths
4,809 SqFt
Status Active
MLS # 6730103
Property Type Single Family Residence
Price Type --
WOW! Stunning South Chandler single-level home with a 2023-new Guest House/Casita! Highest-quality construction and finishes throughout with almost 5,000 sq.ft. total, and a total of 7 bedrooms and 5.5 baths. Enormous gourmet kitchen with two islands, quartzite countertops, dual wall ovens, gas cooktop, and built-in refrigerator. Main house has a spacious primary bedroom, an en-suite mini-master, and a Jack-and-Jill bathroom; guest house has 2 bedrooms/2 baths. Resort-style background with huge sparkling pool, outdoor kitchen, and firepit for entertaining. 2023 Guest House has the finest and newest finishes and upgrades; must be seen to appreciate! Few opportunities like this with a Guest House come on the market in this extremely popular location in Chandler; simply a must-see property!

280 Goodrow Lane Sedona, AZ 86336

$1,699,000
4 Beds
4 Baths
3,257 SqFt
Status Active
MLS # 6757325
Property Type Single Family Residence
Price Type --
Centrally Located West Sedona GEM with NO HOA. Amazing Investment Opportunity or Primary Residence. TWO SPACIOUS Primary Bedrooms PLUS Two Spacious Guest Bedrooms PLUS Home Theater (or 5th bedroom) PLUS Bonus Room. Quality throughout this Custom-Built Cavanaugh Classic on a .74 acre lot in Goodrow Estates. TONS of Space in Front and Back Yards with Endless Possibilities to Build your heart's desires - LARGE RV Garage, Casita, Hot Tub, Putting Green.Great Room boasts beautiful and bright hardwood floors, high ceilings, louvered shutters. Adjacent dining room seats 18-20 comfortably with a gorgeous view of the lush green backyard. Chef's Kitchen boasts granite counters w/ prep island, large walk-in pantry, Stainless Steel Appliances including 5-burner gas cooktop, Dacor double stacked ovens w/warming drawer & microwave, stainless steel sink and plenty of custom storage cabinets. Perfect for casual dining at the elevated bar in the kitchen and easy transition from kitchen to dining room. North Primary Bedroom has large walk-in closet, dual vanities and walk in shower. Easy access to Bonus Room currently used as an exercise room with a pet door and dog run for smaller furry loved ones. South Primary Bedroom has a large walk-in closet, jetted tub, walk-in shower and separate dual vanities. Views of the Park-Like backyard from both. Movie and Popcorn Anyone?? Enjoy tiered seating in the AWESOME Home Theater with Eight Comfy Recliners w/beverage holders, Granite Counter Beverage Station with dual sink and extra storage. All theater furniture, appliances, fixtures, equipment and supplies (fountain soda machine, Pop Corn Maker, blender, nostalgic items) are available. This space can easily be converted to a 5th Bedroom. Resort style back yard features 30' Round Dough Boy Above Ground Pool, Volleyball Court, Tether Ball, BBQ Station with Blackstone and Jenn Air Grills, Fire Pit, Raised Flower Beds, Artificial Turf Area, Elevated Decks and Patios with views of the Mogollon Rim, and several private areas to find your Zen Self! All surrounded by mature native trees and plants, providing privacy and tranquility. Also the perfect Party Venue for large and small gatherings. Truly amazing setting when all lit up at night. Be awed by the native wildlife that cohabitate in this special enclave of Sedona. Two-car garage w/separate bays with climate control. Protective coating on floors. Extra Custom features in garage include wet bar with upgraded counters and soft-close cabinetry, electric fireplace, microwave, mini fridge, dual compartment utility sink, quarter bath. Additional features include 2 Carrier WeatherMaker 8000VS Furnaces w humidifiers providing ultimate comfort year-round. Pre-Wired for generator, central vac, recirculating hot water pump, electric sprinkler system for plants, Sale Includes Two LG washers and Two Dryers, Four Exterior Storage Sheds, Blackstone and Jenn Air Grills, 2-Person Sauna, Outdoor Yard and Patio Furniture, Exterior String Lights, Extra Fridge, Electric Fireplace, Gym Equipment, All Home Theater Furnishings, Bunk Beds.

17417 E Monument Court Rio Verde, AZ 85263

$1,699,000
4 Beds
3.5 Baths
3,090 SqFt
Status Active
MLS # 6751165
Property Type Single Family Residence
Price Type --
Incredible New Construction home on the largest lot of this wonderful Trilogy at Verde River community. Located just one house away from the multi-million dollar clubhouse with fine dining, swimming pools, championship golf course, pickleball courts, and lots of planned activities like live music and painting. You'll need to see to believe! Step inside your beautiful new home from the protected private courtyard to the oversized great room with stunning fireplace, inviting kitchen and dining rooms, and engaging views to your private backyard paradise. This upgraded kitchen will delight the pickiest of chefs. Enjoy the oversized patios with artificial turf, low-maintenance landscape and view of the Tonto National Forest OR add pools and activities to delight your family.

7247 E Bent Tree Drive Scottsdale, AZ 85266

$1,699,000
4 Beds
4 Baths
3,415 SqFt
Status Active
MLS # 6735449
Property Type Single Family Residence
Price Type --
Wow!! Amazing buy in North Scottsdale with oversized, fully functional detached casita. Your in laws, out of town guests or teens will love this private living off of the resort- like rear yard with refreshing pool and spa. This one was designed for entertainment. Culdesac lot with N/S facing lot. The interior was just transformed into a 2024 luxury home with finishes seen in 3 million $ homes. The true great room floor plan is perfect for the buyer that's downsizing for the formal living room living. The upscale kitchen with massive island is adjacent to the entertainment room with oversized contemporary fireplace. Seller just added a wall of glass that leads out to the massive covered patio overlooking the refreshing pool, Mtn. Views and city lights. WOW, let's go!

24062 N 123rd Court Scottsdale, AZ 85255

$1,699,000
3 Beds
3.5 Baths
2,475 SqFt
Status Active
MLS # 6742757
Property Type Single Family Residence
Price Type --
Discover this exquisite 3-bedroom, 3.5-bath gem on a tranquil cul-de-sac! This gorgeous residence boasts a 2-car garage, pristine desert landscaping, and sweeping mountain views. Fall in love with the delightful great room with high ceilings, a soothing palette, elegant tile flooring, and a cozy fireplace for relaxing evenings. The gourmet kitchen comes with quartz counters, ample white shaker cabinetry with crown molding, stylish pendant and recessed lighting, a tile backsplash, stainless steel appliances, a pantry, and a large island with a breakfast bar for casual dining. Retreat to the primary bedroom, complete with a lavish ensuite with dual sinks, a soaking tub, and a walk-in closet. Outside, enjoy the spacious covered patio with a built-in BBQ and serene views. No expense was spared to create a truly comfortable environment - including a whole home soft water and RO system, fully electric/automated Zebra shades on every window (including sliders), custom Valley Light Gallery lighting throughout the home, beach (no-step) shower entrances, 72-inch linear gas fireplace, 24/7 monitored security system, high-end surround sound system & epoxied garage with built-in cabinets to name a few. Don't miss the opportunity to make this exceptional home yours come and experience all the charm and elegance it has to offer! The Community offers a recreation center, picnic spots, workout facilities, and well-maintained common areas. Make this gem yours today!

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