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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56444 N Vulture Mine Road Wickenburg, AZ 85390

$1,699,000
3 Beds
2 Baths
2,493 SqFt
Status Active
MLS # 6757823
Property Type Single Family Residence
Price Type --
Income property in Wickenburg, spanning across 12.432 acres with an additional 5 acres available, is a remarkable real estate opportunity that offers a range of features and amenities, main house 2493 sq ft w/3 bd -2 bath, walk in pantry equipped with freezer, new washer & dryer, 2 fireplaces creating a cozy environment, new flooring in master with 2 lg closets, impressive upgraded 1800 sq ft guest house 2bd/2 bath with ample space through out, stackable washer & dryer included, outdoor fireplace, salt water pool with new system, circular driveway offers easy access to both houses & horse set up, Arena 170 x 200, hay shed & tackroom 20 x 80 with full electric & outlets, 6 horse pens with covers, 20 x 24 square pen for training, private well, 3 septics, 3 Rv hook-ups, this is a must see

23955 N 112th Place Scottsdale, AZ 85255

$1,699,000
3 Beds
3.5 Baths
3,352 SqFt
Status Active
MLS # 6685578
Property Type Single Family Residence
Price Type --
One-of-a-kind home in the heart of Troon, designed around a gorgeous natural boulder. This unique floor plan seamlessly incorporates the boulder into the living space, offering a blend of modern design and natural surroundings. Enjoy stunning views from every window, showcasing the beauty of the Arizona landscape from every room in the house. This remodeled home is located in the prestigious gated community of Troon Ridge Estates 3. Every detail has been executed with meticulous attention, bringing sophistication and comfort into every corner of the space. (see features sheet for a full list). New dual pane Pella windows w/ Low-E glass & custom sliding doors enhance the home w/ state of the art insulation & natural light throughout. The split floor plan is ideal for entertaining and indoor/outdoor living at its finest. The open concept kitchen is equipped w/ Bosch & Thermador appliances, induction cooktop, complimented w/ new cabinetry, granite countertops, & honed quartz island. Gorgeous ceiling beams frame the space of the family/living area accentuating the length of the home. Two newer 3-ton HVAC units and 3 mini-split systems provide year-round comfort. The location is unmatched with the tranquility of Troon, 5 golf courses within 10 min & endless shopping, dining & hiking.

3310 S Horizon Place Chandler, AZ 85248

$1,699,000
5 Beds
4 Baths
4,039 SqFt
Status Active
MLS # 6736199
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the prestigious, gated golf and lake community of The Vistas at Ocotillo. This breathtaking 5-bedroom, 4-bathroom residence offers an unparalleled living experience with stunning waterfront views and luxurious amenities. As you step into this gorgeous home, you'll immediately be struck by the expansive, open-concept design and soaring ceilings that create a sense of grandeur and space. The heart of the home is a chef's delight, featuring a spacious kitchen with ample cabinet space, a massive island, and high-end finishes. The kitchen seamlessly flows into the large family room, where oversized windows frame picturesque views of the serene lake. Step outside to your own personal oasis, where the covered patio and built-in BBQ invite you to enjoy al fresco dining. The heated, negative edge pool with its stunning boulder waterfall is a focal point, offering a luxurious retreat right in your backyard. The home also boasts a 3-car garage with an epoxied floor and built-in cabinets, providing ample storage and organization. The owner's suite, conveniently located on the first floor, offers a private sanctuary with direct access to the picturesque outdoor space. Additionally, the first-floor also features a 5th bedroom that can be used as an office, providing flexibility for your needs. Experience the ultimate in luxury living with this exquisite home, where every detail has been thoughtfully designed for your comfort and enjoyment. Don't miss the opportunity to make this spectacular property yours.

30600 N Pima Road Unit 33 Scottsdale, AZ 85266

$1,699,000
3 Beds
5 Baths
4,146 SqFt
Status Active
MLS # 6630502
Property Type Single Family Residence
Price Type --
Rare Sincuidados 1.4 acre INTERIOR LOT. This home and gate hosted sub-division has it all. Enjoy the great view of Lone Mountain while lounging around the large covered patio, pool, hot tub or built in BBQ or maybe from the large rooftop deck. Four car garage for cars and toys with built-in cabinets and lots of additional storage space with separate entrance to backyard. Amazing Natural Area Open Space at rear of lot provides abundance of privacy. Large open kitchen won't disappoint with large island and counter space and sizable walk-in pantry off the kitchen and laundry room. Three full bathrooms and two half bathrooms, one half bath with entrance to backyard and pool. Bedrooms 2 & 3 very private full ensuite. love it. Enjoy any of four fireplaces, master, living room, family room or sitting area between kitchen and dining room. A few steps into the living room with beautiful plank tile and views to the backyard oasis. Large master suite with with large bathroom and walk-in closet and separate entrance to back patio to enjoy the pool area or that early morning cup of coffee. Enjoy the tennis/pickle ball courts, 8 miles of private roads for walking, jogging or riding your bikes or how about hiking the community owned Lone Mountain? Don't wait for this opportunity to call this unique and upscale neighborhood home.

6439 N 75th Avenue Glendale, AZ 85303

$1,699,000
3 Beds
2 Baths
2,110 SqFt
Status Active
MLS # 6633883
Property Type Single Family Residence
Price Type --
Total of three parcels available see private remarks for more information. Excellent investment opportunity. Property is currently zoned for R-1 Max 3.525 units/dwellings per acre Can be subdivided for high density allowing for smaller lot sizes. Rezoning is not a requirement for high density Rezoning would be required for multi-family and a pre-application meeting is required. Centrally located to 101 Freeway and I-10 and close proximity to State Farm Stadium, Westgate Entertainment District and Desert Diamond Arena.

8919 E Calle Del Palo Verde -- Scottsdale, AZ 85255

$1,699,000
3 Beds
3 Baths
2,891 SqFt
Status Active
MLS # 6731379
Property Type Single Family Residence
Price Type --
Best value in Canada Vistas. Updated and well cared for home in a most desirable North Scottsdale GATED COMMUNITY. This home is ready to move in boasting it's Gourmet Kitchen with high end appliances . Manicured yard on quiet interior lot makes this home stand out! Better hurry as it is priced to sell!!

36547 N Montalcino Road Scottsdale, AZ 85262

$1,699,000
3 Beds
3.5 Baths
4,257 SqFt
Status Active
MLS # 6673760
Property Type Single Family Residence
Price Type --
Don't miss this, best home and NEW PRICE in Treviso! Enter your private courtyard with fireplace, showcasing intricate matching custom iron doors. Inside is a beautiful, open floorplan with views through walls of glass. Auto shades included. The kitchen will delight the family chef, a bonus wine room to wow your friends or convert back to butlers pantry. Immense granite island and separate quartz U-shape counter gathering area for casual dining. Entertain outdoors with a pergola covering, sparkling pool, jacuzzi and a stunning firepit that wraps around the jacuzzi. A separate, casual family room boasts room for games & activities, away from the kitchen and living areas. Primary suite has dual-sided walk-in shower, free-standing tub, and outdoor patio fountain. Your home search ends here! Two more generously sized guest suites and a separate den/office with custom built-ins situated on opposite side of the home. Three car garage with epoxy flooring, and mature landscaping all around. This home is immaculate and beautifully maintained by original owners. Some furnishings may be available separate bill of sale for the snowbird not wanting to hassle with furnishing it. Easy walk to Mirabel if joining a country club is on your wish list. Quick close also available. There are choices during your home search, we get it. But you will NOT be disappointed with this gem. It is the most immaculately kept and well maintained home you will see. Guaranteed. It feels brand new, at half the price of Toll's new communities. And it has all the upgraded features you want. Please give this one some consideration. Seller will be most appreciative and make it an easy transaction. She is downsizing and must sell.

6038 Orion -- Lakeside, AZ 85929

$1,698,000
5 Beds
4 Baths
3,915 SqFt
Status Active
MLS # 6718783
Property Type Single Family Residence
Price Type --
Discover the ultimate in luxury lifestyle on this elevated lot in Starlight Ridge Estates with unforgettable views! Arguably one of the best lots in the White Mountains. Situated in a private cul de sac connecting to the National Forest and Reservation. Perched at the end of the community every area of this estate has spectacular views and has been completely renovated. The result, a sophisticated custom home where functionality is key, yet still elegant, warm and inviting. The unique design truly elevates the principles of timeless appeal and resort style living. Enjoy the outdoors year-round with choices of warm summer days, cool winter evenings, take refuge from the sun under many expansive covered patios, or just relax in privacy.

10243 N 58th Place Paradise Valley, AZ 85253

$1,696,000
4 Beds
3 Baths
2,693 SqFt
Status Active
MLS # 6727530
Property Type Single Family Residence
Price Type --
Turn-key offered fully furnished. Country Estates w/private large yard & new pool! 4 bedroom with 3 baths. Double bedroom that could easily be split for a 5th bedroom! BRAND new pool remodel just completed! Spacious open split floor plan w/ 2 master suites, high ceilings, skylights & lots of natural light. Expanded custom chef's kitchen w/ beautiful custom cherry cabinets, 3 sinks, 2 refrigerators, top of the line appliances- wolf, subzero, gas cooking & built in steamer. Quality luxury finishes- tile & Berber carpeting throughout, thermo pane windows, sophisticated lighting & sound systems, central vacuum, . Resort style mature landscaping w/ sparkling pool & lawn.

52312 N 461st Avenue Wickenburg, AZ 85390

$1,695,000
3 Beds
2 Baths
1,794 SqFt
Status Active
MLS # 6733592
Property Type Single Family Residence
Price Type --
Welcome to your dream estate! Custom-built home sits on a 5-acre property in the desirable Wickenburg/Forepaugh area perfect for horse enthusiasts, here's what makes this property truly exceptional- tile floors elegant and easy to maintain wood shutters adds a touch of classic charm, pantry, utility sink in laundry room, bar area for entertaining, master suite walk-in closet, luxurious shower with double heads, knotty alder doors, tile baseboards, tongue & groove patio ceilings, full-size roping arena, ideal for practicing, priefert roping chute, 2 RV plug-Ins, 4 stall free style horse walker ,wash rack ,custom tack room with pavers, automatic waters, 12 covered stalls, 4 (30x40) pens, 3 (60x40) pens, 2 (50x 100) pens, hay shed, custom entry, quarter minus driveway, top notch facility,

4644 Griffiths Spring Flagstaff, AZ 86005

$1,695,000
3 Beds
3 Baths
2,924 SqFt
Status Active
MLS # 6759634
Property Type Single Family Residence
Price Type --
Step into this stunning 3 bedroom, 3 bath, 2,924 sqft single level home nestled in the heart of the prestigious Forest Highlands Golf Community. Backing up to a serene canyon filled with heavily treed Ponderosa Pines and offering filtered views of the golf course, this home delivers both privacy and picturesque beauty. The expansive open-concept living area features soaring 19-foot vaulted ceilings, complemented by rich wood flooring and a striking stone-to-ceiling gas fireplace. A wall of windows floods the space with natural light, creating a seamless connection between the indoors and the stunning outdoors. The oversized deck is perfect for entertaining, offering a tranquil setting surrounded by nature. With ample space and an unbeatable location, this home provides the ultimate in relaxation and sophistication. Don't miss this opportunity to own a slice of paradise at Forest Highlands. Tucked away amidst 1,100 acres of pristine alpine beauty, Forest Highlands exudes an unparalleled sense of exclusivity and serenity. With two championship golf courses designed by Tom Weiskopf and Jay Morrish, Forest Highlands sets the stage for unforgettable golf experiences. The community offers an array of exceptional amenities, including two clubhouses, multiple dining options, tennis courts, swimming pools, and miles of hiking and biking trails. Forest Highlands is a retreat where luxury meets nature, ensuring a harmonious lifestyle for its residents.

41709 N Signal Hill Court Anthem, AZ 85086

$1,695,000
5 Beds
4.5 Baths
4,319 SqFt
Status Active
MLS # 6740096
Property Type Single Family Residence
Price Type --
WOW THE VIEW!!! Golf Course and Mountain panoramic Views. Just priceless. You're going to love this property. This Rochester model is spacious and luxurious every where you turn. Large enough to host parties but cozy in all the right areas. New air conditioning systems made in the USA. Solar system lease paid in full which virtually eliminates electric bills. Updated travertine surrounding the pool and backyard entertaining areas. Wall of windows in the living and dining areas make for a spectacular indoor outdoor living experience. Views from nearly every window! Enjoy your morning coffee with the most amazing views, extensive mature landscaping, heated pebble tech pool/spa with cascading water features, fire pit and fire pots, and Ramada, misting system, outdoor shower, and stunning sunrises! This beautifully updated Contemporary Rochester Model is perfect and ready for you to enjoy all the Anthem Country Club has to offer. A very private location with golf course, and mountain views all day long.. All NEW A/C units, Shows like a model. Only 30 minutes to Scottsdale and Sky Harbor Airport. Soaring 12 foot ceilings; and there are no interior steps. Built-in professional appliances-including a 48'' frig, 6 burner gas cooktop w/stainless hood, microwave oven, double ovens, warming drawer, wine chiller and dishwasher. There are slab granite countertops in the kitchen with a custom backsplash. Under cabinet accent lighting in kitchen. Master Retreat offers His and Hers closets with California Closet organizers, and a huge walk in shower. Plantation Shutters in all other Bedrooms and no carpet. Automated Light filtering shades in main rooms. Oversized laundry with cabinets, East facing private backyard with golf course, mountain views. Built in BBQ, Beautiful sunrise views from backyard, oversized 4 car garage with sealed floors and cabinets, RO and water softener systems, speakers thru out house, Iron courtyard entry gate, Pour a glass of wine and relax in the Mountain and Golf Course panoramic views while enjoying your backyard and pool! FINALLY...a true turnkey opportunity in Anthem Country Club for the most discerning Buyer! This home will blow your socks off! Country Club Lifestyle with Resort Style Amenities...Anthem Country Club is managed by Club Corp which offers many great benefits to members that reciprocate around the world! Two 18 hole golf courses, Persimmons and Ironwood, designed by Greg Nash. 2 Pro shops, 2 sets of men's and women's lounges / locker rooms, 2 member restaurants, 2 gyms, 2 pools, 2 spas, several tennis courts, Gorgeous Ball Room for ongoing Member events and private events venues available as well, 2 Impressive guard gated entrances, all surrounded by breathtaking mountain and golf course views...you will love being a member of the Anthem Golf & Country Club!

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