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 99^th 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.

What‘s 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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36222 N Wildflower Road Carefree, AZ 85377

$1,695,000

4 Beds

3 Baths

3,315 SqFt

Status Active

MLS # 6744597

Property Type Single Family Residence

Price Type --

ENJOY SPECTACULAR SUNSET VIEWS !PEACE & PRIVACY! Originally owned & designed by, Kilbane Architect, 4 bd/3ba/OFFICE-den.Over 1+ ACRE -Feels like 3!SW Contemporary; updated -great entertainment home; family home!ALL ONE LEVEL except for 1 bedroom upstairs w/awesome view deck! 12x48 porcelain tile flrs.!Poured Concrete counters;MBR split-soaking tub;sep shower;limestone floors; his/hers walkin closets;custom draperies;3 other spacious bedrms w/views! Office w/FP. LG Chef's kitchen w/2 full size Jennaire gas cooktop ovens.Butlers pantry ; viking fridge;wine fridge;floating shelves;open to LR. Several covered patios;2 outdoor FP's; Formal DR. GR w/FP.Skylights! Windows!Cntral Vac! Resort back yard w/diving pool ;Entirely walled in for pets?kids?Cantera decking;grass ;roses;fruit trees;3CG

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2647 E Vista Place Williams, AZ 86046

$1,695,000

3 Beds

3.5 Baths

4,184 SqFt

Status Active

MLS # 6692525

Property Type Single Family Residence

Price Type --

Discover tranquility & expansive beauty of the High Country. Stunning log home nestled on 5.03 acres secluded amidst towering juniper and pinon trees. A picturesque retreat boasts a charming wrap-around composite deck offering panoramic vistas, 3 bedrooms and 3.5 bathrooms, a spacious kitchen complete with a farmhouse sink, a welcoming great room & family room, versatile loft space, office for remote work or creative pursuits, hardwood floors, and luxurious in-floor heating. The main floor master suite offers a sanctuary with a generous walk-in closet, a separate jetted tub, and shower. Extra-large 2-car garage, measures 25x38, 950 sq ft, equipped with heating. Experience the epitome of mountain living in this idyllic haven.

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7250 E Paradise Drive Scottsdale, AZ 85260

$1,695,000

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!

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3523 E Cashman Drive Phoenix, AZ 85050

$1,695,000

5 Beds

3.5 Baths

3,710 SqFt

Status Active

MLS # 6730295

Property Type Single Family Residence

Price Type --

This stunning two-story home in the highly sought-after Sky Crossing Community features a great room floor plan with 5 bedrooms, 3.5 baths plus office/den, and a resort-like pool. Nestled at 3523 E Cashman Drive, Phoenix, AZ 85050, home is 3,710 sq ft and sits on a 15,308 sq ft oversized corner lot, one of the largest in Sky Crossing. Feel right at home in the Chef's kitchen with upgraded stainless appliances, a gas cooktop, an oversized island with seating, quartz countertops, and beautiful wood-look plank tile flooring that flows elegantly throughout the home. Enjoy the expansive backyard with an outdoor Ramada area and a resort-like pool featuring a swim-up bar, two baja shelves, a spa and multiple water features. Feel comfortable and relaxed while creating many memories for years!

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6601 E Military Road Cave Creek, AZ 85331

$1,695,000

3 Beds

3 Baths

4,045 SqFt

Status Active

MLS # 6744285

Property Type Single Family Residence

Price Type --

Nestled on the slope of Black Mountain, this renovated home offers breathtaking panoramic views throughout. Owned solar equals $25-30 electric bills! Recent upgrades include a NEW roof, redesigned landscaping, a completely resurfaced heated pool and spa and all NEW equipment. NEW smooth stucco and paint, a NEW septic system, and a dramatic entrance featuring a massive glass and wrought iron door, hinting at the craftsmanship within. Inside, the open floor plan and high ceilings create a spacious and airy atmosphere. The completely transformed kitchen features all NEW appliances, including dual refrigerators, dishwashers and ovens, refaced cabinetry, and a grand chandelier. Renovated baths, new lighting, and custom paint add a modern and distinctive touch. Polished stained concrete floors gleam throughout for a clean esthetic. Solid-core alder doors and cabinetry, and ceiling details add substance and interest. The rotunda foyer, illuminated by an enormous wrought iron chandelier, welcomes you with both elegance and sophistication. The natural flagstone walkway and the grand entrance set the tone for the opulence within. Notably, a large solar system ensures almost zero electric bills, aligning with a commitment to sustainability. In summary, this home seamlessly blends modern luxury with thoughtful design and eco-conscious features. From the grand entrance to the polished interiors, each element contributes to a sophisticated living experience complimented by the stunning backdrop of Black Mountain.

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4202 E Windsor Avenue Phoenix, AZ 85008

$1,695,000

4 Beds

2.5 Baths

3,420 SqFt

Status Active

MLS # 6716435

Property Type Single Family Residence

Price Type --

WOW! A new custom home in Arcadia Lite! Walk in to a spacious foyer with tall ceilings & tons of natural light. The living room is open to the kitchen & has spectacular views of the green grass & sparkling blue pool in the backyard. The kitchen boasts TWO islands, walk in pantry, induction cooktop, stainless steel appliances, quartz counter tops, & under-cabinet lighting. Enjoy hosting family & friends in the large dining area with additional cabinet storage. The master suite is a special oasis with a custom accent wall, wall sconces, and spa-like bathroom featuring double sinks, standalone tub, & pristine shower. The master closet even has it's own washer & dryer! The private backyard is ready for entertaining with both covered & uncovered patios and shimmering pool! RV gates! No HOA!

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6836 N 13th Place Phoenix, AZ 85014

$1,694,500

4 Beds

4.5 Baths

3,195 SqFt

Status Active

MLS # 6745364

Property Type Single Family Residence

Price Type --

Opportunity is knocking. *TO BE BUILT* Welcome to your future dream home in one of Phoenix's most sought-after neighborhoods! Nestled in the prestigious, A+ rated Madison School District, this rare, custom build opportunity offers you the chance to create a home that's as unique as you are. Imagine designing your perfect sanctuary, tailored to your every desire, right in the vibrant heart of Uptown Phoenix! Whether you envision a modern architectural masterpiece or a charming, classic farmhouse, this prime location offers the perfect canvas to bring your vision to life. Stroll through the nearby trendy cafes, indulge in gourmet dining experiences, or enjoy a night out at the local bars, all within a stone's throw of your future doorstep. *Photos are of previous homes. This is more than just a lot; it's an invitation to build your forever home in a community known for its charm, convenience, and top-tier amenities. Don't miss out on this incredible opportunity to create the home you've always dreamed of, in a location that truly has it all.

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6836 N 13th Place Phoenix, AZ 85014

$1,694,500

4 Beds

4.5 Baths

3,195 SqFt

Status Active

MLS # 6745366

Property Type Single Family Residence

Price Type --

Opportunity is knocking. *TO BE BUILT Discover the endless possibilities of crafting your dream home in one of Phoenix's most coveted neighborhoods! Located in the prestigious Madison School District, known for its A+ rating, this rare custom build opportunity allows you to design a residence that perfectly reflects your style and aspirations. Imagine creating your own oasis, tailored to your every wish, right in the lively heart of Uptown Phoenix. Whether your vision is a sleek, modern architectural gem or a timeless, classic farmhouse, this prime location serves as the ideal backdrop to bring your dreams to life. Enjoy the convenience of trendy cafes, gourmet dining, and vibrant nightlife, all just steps from your future doorstep. Please note: Photos are of previous builds.

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60 S Falling Leaf Road Show Low, AZ 85901

$1,690,000

4 Beds

4 Baths

3,250 SqFt

Status Active

MLS # 6610376

Property Type Single Family Residence

Price Type --

Brand New Mountain Modern Lux home to be constructed . Hand-crafted with attention to details and designer finishes. The main large open concept living space is perfect for entertaining and fully opens to your own golf course. A gourmet chef's kitchen with an oversized island w/additional cabinetry. High end appliance package, 2 master suites, 8' alder doors, open cell spray foam insulation & sound deadening insulation throughout & much more. Photos are of recently completed homes and of high quality construction. Buyer to obtain a construction loan or pay cash. Buyer can make custom selections and finishes throughout the home to make it their own! Renderings represent a conceptual image of initial home to be built.

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41893 N Bonanza Lane San Tan Valley, AZ 85140

$1,690,000

3 Beds

2 Baths

2,230 SqFt

Status Active

MLS # 6747014

Property Type Single Family Residence

Price Type --

Discover the ultimate rural retreat on this nearly 5-acre horse property in the Queen Creek Ranchos neighborhood! The main house features 3 bedrooms, 2 bathrooms across 1,780 square feet with a stylish kitchen that includes beautiful granite countertops. A 450 sq. ft. casita offers additional accommodations with 1 bedroom, kitchenette, full bathroom and laundry room. In 2023, a new outdoor space was added with a brand new heated pool and spa surrounded by travertine, a built-in grill under a pergola, and a wood-burning fire pit. The property offers extensive equestrian facilities, including a 13-stall barn, a large riding arena, and a metal hay shed. The property also boasts an equine therapy pool, ideal for horse enthusiasts, along with a 1,080 sq. ft. workshop for versatile use.

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3353 E Gemini Court Chandler, AZ 85249

$1,690,000

6 Beds

5.5 Baths

5,388 SqFt

Status Active

MLS # 6744220

Property Type Single Family Residence

Price Type --

Beautiful home in the sought after Bela Flor custom neighborhood. 6 bed, 5.5 bath with basement, private pool and basketball court. Vaulted ceilings through out. Custom gourmet kitchen with top of the line cabinets, granite countertops and premium wood floors. Huge island, breakfast bar, stone backsplash and upgraded appliances. Designer accents throughout with cantera columns, stone arch ways, wood beam ceilings and premium wood floors. Amazing den/office with private exit to front yard, formal dining with designer tray & brick ceiling details, large family room with fireplace. Huge open basement with 3 bedrooms and 2 bathrooms downstairs. Entertainers backyard with the large patio cover, built in BBQ, pergola, pool, court area and large turf area. Come see this home for yourself!

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2502 N 85th Street Mesa, AZ 85207

Open House

$1,690,000

4 Beds

3 Baths

3,299 SqFt

Status Active

MLS # 6733761

Property Type Single Family Residence

Price Type --

Stunning new Farmhouse architectural custom home. 3299 sf livable with designer interior finishes including oak floors in livable areas and master bath. Custom cabinetry, white quartz counters with extensive use of visual comfort light fixtures and high end finishes. Automated swimming pool with spa and baja shelf and in water lounge chairs. This home is a must see in the high desert and includes a fenced desert landscaped yard with synthetic grass in front and back. Room for RV parking or future RV Garage.

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