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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10914 E Cinder Cone Trail Scottsdale, AZ 85262

$1,685,000
3 Beds
2.5 Baths
3,900 SqFt
Status Active
MLS # 6758237
Property Type Single Family Residence
Price Type --
Luxury home in Candlewood Estates at Troon North * Open, 3 bedroom plus office and bonus room, game room, formal dining room and living room with zero interior steps * Private north/south exposure lot with mountain and sunset views * Resort-style outdoor living with a pool, covered dining patio, built-in BBQ and gas fireplace * A 3-car garage completes the residence *

4741 S Rockwell Street Gilbert, AZ 85297

$1,685,000
5 Beds
3.5 Baths
4,583 SqFt
Status Active
MLS # 6749864
Property Type Single Family Residence
Price Type --
Luxurious Living in Weston Ranch: A Dream Home in Gilbert, Arizona Welcome to a world of elegance and comfort in the prestigious gated community of Weston Ranch, located in the heart of Gilbert, Arizona. As you approach this stunning residence, the grand half-circle driveway beckons you toward a magnificent entryway adorned with stately Roman-style columns and majestic iron doors, setting the tone for the grandeur that awaits inside. Step through the doors and be immediately captivated by the soaring 14-foot ceilings that crown the expansive living spaces, all gracefully accented by rich wood flooring. The attention to detail in this home is nothing short of extraordinary, with solid 8-foot wood doors throughout and intricate finishes that exude timeless sophistication. The heart of the home is undoubtedly the gourmet kitchen, designed for both culinary artistry and entertaining. Here, you'll find top-of-the-line Wolf double convection ovens, a 42 SUB-ZERO stainless-steel refrigerator and freezer, a sleek dishwasher, custom cabinetry, and gleaming granite countertops. A spacious walk-in pantry completes this chef's paradise, ensuring ample storage for all your gourmet ingredients and kitchen essentials. For those who work from home, the dedicated den/office offers a quiet and productive space, while the formal dining and living rooms provide an elegant setting for hosting guests. The family room, anchored by one of the two gas fireplaces, is the perfect spot to unwind and create memories with loved ones. The primary suite is a private retreat, featuring a lavish bathroom with a snail shower equipped with dual heads, a luxurious jacuzzi tub, and a large walk-in closet with built-ins that offer both style and functionality. Additional bedrooms are generously sized, with a Jack & Jill bathroom that's perfect for family living. Outdoor living is equally impressive with lush, custom landscaping surrounding the property, creating a serene oasis in the desert. The backyard is an entertainer's dream, featuring a heated pool with a cascading waterfall, an in-ground cleaning system, and saltwater chlorination for a resort-like experience. A jetted hot tub, flanked by fire and water pots, adds a touch of luxury, all easily controlled with a remote. Multiple sitting areas invite you to relax and enjoy the warm Arizona evenings, while the sport court and 50-amp RV power hookup cater to your recreational needs. The oversized 4-car garage, complete with cabinetry, offers ample space for vehicles and storage, while the RV gate and block wall fencing ensure privacy and convenience. Additional amenities include plantation shutters, structured wiring, and a spacious laundry room with built-in cabinets and a sink, making everyday living a breeze. This Weston Ranch gem is more than just a home; it's a lifestyle. Don't miss the opportunity to own this exquisite property, where luxury meets comfort in one of Gilbert's most sought-after communities.

7235 E Paradise Drive Scottsdale, AZ 85260

$1,680,000
5 Beds
3 Baths
3,402 SqFt
Status Active
MLS # 6684806
Property Type Single Family Residence
Price Type --
This remodeled 5 BR 3 BA 3400+ sq ft home on acre cul-de-sac lot w/expansive lawn, landscaping, N-S exposure. Liv.Rm w/12 ft ceilings, separate Din.Rm. Large MBR w/gas fireplace, sitting area, bath area w/sunken tub,sep.sho & huge walk-in closet. 3 addt'l Bdrms, hall bath. Guest suite/office w/fireplace, huge shower & pvt.entry anchors west side of home.Inviting Fam.Rm w/firepl (gas or wood), soaring wood beamed ceilings. Large eat-in ktchn w/counter seating,walk-in pantry,Wolf range,Miele dishwasher,LG smart refrigerator & Profile microwave. Laundry Rm w/storage closet, work counter, stacked smart LG W/D. Luxury vinyl plank waterproof flrs. Greg Trutza designed park like backyard; fenced 20x40 htd pool & spa,MLB regulation batting cage, Lawn & raised garden beds w/separate irrigation. All of the improvements and upgrades in this totally remodeled home were completed in 2022-2023 and include: New roof and underlay - 2021 New luxury vinyl plank flooring through entire house - 2022 designated for industrial use that have the advantages of being waterproof, quiet and soft under foot. New baseboards through entire house - 2022 New doors and hardware through entire house - 2022 New switches and outlets through entire house - 2022 New LED ceiling lights through entire house - 2022 New grates and vents through entire house - 2022 New light fixtures inside and outside entire house - 2024 Entire home interior and garage painted 2022-2023 ENTRY WAY: New shatterproof glass installed next to front door Slate installed outside front door at entry way KITCHEN: New cabinets and hardware Newer sink Newer faucet with spray Newer Wolf oven (never used) Newer LG smart refrigerator with convertible middle drawer and custom ice cube feature Miele dishwasher with third cutlery rack and crystal/china cycle Newer GE microwave with high power vent Newer sliding glass doors Newer granite countertops Newer slate patio off of kitchen Built in gas grill on patio LAUNDRY ROOM: New cabinets New granite countertop New sink New smart faucet with spray New fan vent New LG smart stacked washer/dryer 5th BEDROOM/OFFICE SUITE with FULL BATHROOM & PRIVATE ENTRANCE: New fireplace tile surround Newer cabinet in bathroom Newer sink and faucet in bathroom Newer quartz countertop Newer shower doors Newer wall and floor tile in shower Newer shower head in oversized shower Newer bathroom hardware Newer Toto toilet MASTER BEDROOM: Newer fireplace surround Newer slate patio off master bedroom through sliding glass door MASTER BATHROOM: Newer mirror with tile border Newer cabinets Newer Kohler sinks Newer faucets Newer quartz countertop New tile bathtub Newer shower doors Newer bath faucet Newer shower tile Newer shower fixture Newer Toto toilet Newer bathroom fan Newer shatterproof glass window in shower area Newer bathroom hardware Newer built in ironing board in closet Huge/Oversized walk-in Closet HALL BATHROOM: Newer mirror with tile surround Newer cabinet Newer quartz countertop Newer Kohler sinks Newer faucets Newer bathroom hardware Newer Toto toilet Newer bathroom fan Newer Kohler heat retaining bathtub Newer tile in shower Newer shower head Tankless hot water heater for master and hall bath - 2022 Hot water heater - kitchen, laundry room and guest bath Newer water softener Outdoors: All block walls repaired, sealed and painted. Irrigation system checked with all new drip lines and emitters installed, all new lawn heads installed, by irrigation company Grass - plug aerated in 2022 (watering costs run between $150-$300 on average depending on the season). Newer pool water clock installed, remaining two clocks checked by irrigation company Swimming pool/Spa - all work completed in 2023 Pebbletec with LED Lighting Swimming pool is 20'x40' could be suitable for diving. There is also a large play step in the shallow end for relaxing or for young children. Pool is completely fenced with two decorative gates that can be locked. Pool Upgrades include: Newer interior tile border Newer in floor cleaning system Newer Pebble Tec interior (pool & Spa) Newer LED lights Cool deck resurfaced Newer pool heater Pool raised planter area resurfaced and sealed Backyard - large and park like area Large raised garden beds with separate irrigation. Three connected beds suitable for large vegetable, flower and herb gardens. Four carefully chosen citrus trees: prolific Lisbon lemon, blood orange, Minneola tangelo and Arizona sweet. Fig tree Large grassy space suitable for soccer, volleyball, badminton, croquet, informal baseball game. MLB regulation batting cage with new LED night lights - can also be used to practice your golf swing. There is additional room for a putting green, sports court, built in play sets, guest house/second office, gazebo, outdoor kitchen. You are limited only by your imagination in the ways that you can enjoy this spacious backyard. Garage: Complete wall of new storage cabinets There is extra roof covering material and luxury vinyl planks for changes, add-ons you may choose to do.

5250 E Deer Valley Drive Unit 158 Phoenix, AZ 85054

$1,679,000
3 Beds
3 Baths
2,319 SqFt
Status Active
MLS # 6759771
Property Type Apartment
Price Type --
Luxurious fully furnished condo with over $250,000 in upgrades that is move in ready. Great room and gourmet kitchen are ready for entertaining with high-end appliances. Upgraded amenities include a Sub-Zero fridge & dishwasher w/ panel fronts, bar area & 2 beverage refrigerators. Primary bedroom has slider out to deck & chandelier is a white house replica. Each bedroom has a bathroom, private patio off 2nd bdrm. Remote controlled silhouette blinds throughout. Enjoy the wrap around patio with built in BBQ. Two parking spots & storage unit in secure garage. Upscale amenities including a beautiful clubhouse with chef's kitchen, theatre room, an Olympic length pool, large fitness, infrared sauna, firepits & member services for community events. Across the street from restaurants & shopping

5528 E Windstone Trail Cave Creek, AZ 85331

$1,675,000
4 Beds
3.5 Baths
4,761 SqFt
Status Active
MLS # 6732339
Property Type Single Family Residence
Price Type --
Gorgeous home built by Toll Brothers on a great oversized interior lot in a gated community! Enjoy entertaining family & friends in the amazing kitchen featuring custom cabinets w/hardware, stainless appliances, gas cooktop, built-in refrigerator, island for meal prep or entertaining, butlers pantry, window at kitchen sink, pendant lighting. Formal living has a beautiful stone fireplace! Spacious dining & family rooms have Cantera stone accents! Wood plank tile, custom shutters, window treatments & lighting! Master has large soaking tub w/tile surround, large tiled walk-in shower, beautiful granite counters & built in vanity area for makeup, walk-in closet, & view deck to enjoy! Spacious secondary bedrooms & baths! All bedrooms are upstairs. Large loft great for watching movies! Outback 2 patios w/travertine pavers, grass for kids or pets to play, a large pool to enjoy with travertine pavers around, built in covered pergola with firepit and custom BBQ island. Brick Paver front driveway with split 3 car garage and beautiful curb appeal. This home has quality features and shows pride of ownership! This location borders North Scottsdale and you will love this community and the lifestyle it offers!

27557 N 61st Place Scottsdale, AZ 85266

$1,675,000
5 Beds
3.5 Baths
4,294 SqFt
Status Active
MLS # 6678808
Property Type Single Family Residence
Price Type --
Nestled within the prestigious gated community of the Preserve, this semi-custom Monterey home with BRAND NEW roof is a true gem offering privacy, spaciousness and luxury living. From the moment you step inside, you'll be captivated by the grandeur of this home. Soaring ceilings, an abundance of natural light, beautiful design elements, stunning NEW engineered wood floors, and stylish NEW lighting, add a contemporary touch to this must-see home. Designed with a flexible floorplan, this meticulously maintained property offers a generous 5 bedrooms, 3.5 baths, an office, a loft, and multiple gathering spaces, ensuring that there is room for everyone and every occasion. The heart of this home is the expansive open family room, complete with a cozy fireplace, perfect for relaxing evenings. The gourmet eat-in kitchen seamlessly combines style and functionality with quartz countertops, stainless steel appliances, a NEW modern custom tile backsplash, and a spacious island with seating. Double ovens, a gas cooktop, and a farmhouse-style sink make cooking a dream! The primary suite, part of a well-conceived split floor plan, is a true retreat. It provides direct access to the serene covered patio and features a primary bathroom with dual vanities, custom cabinetry, a beautifully tiled resort-style shower with glass enclosure, a separate tub, and two walk-in closets, each thoughtfully appointed with custom built-in shelving for your wardrobe essentials. Downstairs you will discover two more well appointed bedrooms, a bathroom, and a private office, while the upstairs boasts a spacious loft that can be used for either work or play, along with two more bedrooms and another bath. The laundry room on the lower level offers plenty of counter and cabinet space, along with a sink for added convenience. The extremely private lot and outdoor living space is a true oasis. Step onto the covered patio with flagstone accents and take in the picture-perfect landscaping, featuring both desert and grassy areas. Enjoy outdoor cooking with the built-in BBQ, relax in the sparkling pool, and enjoy entertaining with the ample outdoor dining and lounge areas, all against the backdrop and open space of the Sonoran Desert. Additional highlights of this upgraded home include wood shutters, a remodeled powder bath with new vanity and fixtures, fresh paint, sleek flat baseboards throughout, garage cabinets and ample storage. Don't miss the chance to make this exceptional property your forever home!

12593 E Desert Cove Avenue Scottsdale, AZ 85259

$1,675,000
4 Beds
2.5 Baths
3,356 SqFt
Status Active
MLS # 6750510
Property Type Single Family Residence
Price Type --
Welcome Home to this completely remodeled home in Sierra Foothills! Highly desired gated community with gorgeous mountain views. Step inside to the open concept layout featuring high ceilings with crown molding throughout. Gorgeous finishes were selected including wood look tile floors, white double stacked cabinets, quartzite countertops, marble showers and Restoration Hardware bathrooms vanities. This home also has an office with AV storage closet and media/theater room featuring a wet bar. A backyard that dreams are made of with waterfall featured pool, misting system throughout, luscious vegetation, outdoor kitchen, firepit, and grassy area. Located near BASIS, Mayo Clinic, hiking trails, golfing, this Arizona home can't be beat!

2850 E Boot Track Trail Gilbert, AZ 85296

$1,675,000
4 Beds
3.5 Baths
3,806 SqFt
Status Active
MLS # 6740749
Property Type Single Family Residence
Price Type --
Welcome to this unrivaled gem in Warner Groves at Morrison Ranch, now available! This beauty flaunts a well-manicured landscape, brick detailing, a cozy front porch, and a 3-car garage with a paver driveway. Prepare to be impressed by an exquisite interior featuring an inviting hallway adorned with pendant lighting! The spacious living room highlights expansive windows, recessed & decorative light fixtures, calming color schemes, gorgeous hardwood floors, and a built-in entertainment hutch with an electric fireplace. The heart of this home is the stunning eat-in kitchen, designed with high-end SS appliances, including a gas cooktop and a wall oven. Elegant quartz counters, recessed lighting, a subway tile backsplash, a plethora of white shaker double stak cabinetry, a walk-in pantry, and a large island with a breakfast bar elevate the space. Discover a sizable den with stylish tile flooring and a charming chandelier ideal for a home office. The two bonus rooms are excellent for an additional bedroom or a game room! Find your sanctuary in the romantic main suite, showcasing a luxurious ensuite with a sliding barn door, dual vanities, a stand-alone tub, a seat-in tiled shower, a walk-in closet, and direct backyard access. Secondary bedrooms enjoy a Jack & Jill bathroom. Modern conveniences include a water softener and a tankless water heater. The home's elegance extends outdoors to the enchanting backyard. A covered patio, a Travertine tile flooring, artificial turf, a built-in BBQ, and a crystal blue pool complete the picture. Excellent location! It has easy access to the 202 and 60 freeways, restaurants, shopping, and more. Plus, it's within the highly rated Gilbert Schools district. Hurry! Your paradise awaits!

8856 E Via De Luna Drive Scottsdale, AZ 85255

$1,675,000
3 Beds
3 Baths
3,030 SqFt
Status Active
MLS # 6747334
Property Type Single Family Residence
Price Type --
Stylish 3-bed, 3-bath residence in North Scottsdale's most charming gated community, Canada Vistas. This 3,030 sq ft home sits in a quiet cul-de-sac, offering a light and bright kitchen with quartz countertops, built-in breakfast bar, Dacor gas cooktop, Wolf double oven, and ample storage space. The family room, with a beverage center including beverage refrigerators, seamlessly connects to the kitchen. With a split floor plan, the owner's suite offers a massive walk-in shower, dual sinks, and a spacious closet, and two additional bedrooms and an office. The interior of this gorgeous home is bathed in natural light, and provides views of the yard featuring a covered patio, heated pebble Tec pool, spa, waterfall, custom BBQ island, fireplace, flagstone, and synthetic grass area. Additional

688 Pine Creek Drive Lakeside, AZ 85929

$1,675,000
5 Beds
5.5 Baths
3,915 SqFt
Status Active
MLS # 6612020
Property Type Single Family Residence
Price Type --
BRAND NEW HOME TO BE BUILT! This virtual listing is an example of what we can build just for you. Let's build a custom home on perhaps the last Lake waterfront lot in The Shores at Rainbow Lake. This 5+ bedroom, 5.5 bathroom home offers an open floor plan with grand, vaulted ceilings in the great room to bring the outdoors in. Your spacious, main floor primary suite is split from the other two main floor bedrooms, both with private, full bathrooms. Of course we remembered a half bath downstairs for your visitors as well. Imagine the lake views from your balcony upstairs off your bedroom/rec room/office with bathroom. For those that love to entertain, we'll build a walk-out basement to the lake that you can design however you choose. Would you like a mother-in-law or guest suite with kitchenette, full bedroom and bathroom; storage area; a couple of bedrooms plus a bathroom; a game room; theater room; a man cave; an indoor/outdoor entertaining area with a bar, pool table and dart boards? The sky is the limit. Custom home features include: gas fireplace in the great room, granite countertops, stainless steel appliances, soft close cabinets, LVP floors, walk-in shower with tile surround, LP Smart Siding, Trex deck, iron railings, oversized garage, AC, gas heat, covered back deck with fireplace and more. Beautiful pine trees on this gated lot on Rainbow Lake. Build your own dock! Financing available. Estimated build time 12-15 months from permits. Other floor plans available. Let's customize the perfect lake home of your dreams, whether small and cozy or grandeur! Call for details. Also see lot listing 6610019 for more details on this lot. We have 2 other lots available across the street, see 6610047 & 6610023. Additionally we have virtual specs (to be built homes) listed on those lots as well to give you more ideas as other floor plans are available to build. See MLS (6612034 & 6612046). We can build you any of these homes, a large sampling of other floor plans, or draw your plans from your imagination. Let us help you make your dreams come true. Other plans will be priced out to build accordingly.

23214 N 85th Street Scottsdale, AZ 85255

$1,675,000
3 Beds
3 Baths
2,849 SqFt
Status Active Under Contract
MLS # 6685786
Property Type Townhouse
Price Type --
Come see the light-filled space and forever views of this tastefully updated home. With only one common property wall and no neighbors on three sides, this contemporary beauty lives like an open single-family residence on a quarter acre of landscaped privacy. Featuring 3 suites, soaring vaulted ceilings, 8 foot tall windows, and expansive hardwood floors, you need to see it to believe it. Don't forget the 36'' induction cooktop, satin black pearl kitchen counters, marble backsplash, family room gas fireplace, outdoor fireplace, and the oversized garage. A large personal pool with an aerating/cooling fountain completes your hidden oasis. Located in a private gated community with a unique 2-acre park and it is only ten minutes to the 101 and seventeen to Kierland and The Quarter.

32803 N 74th Way Scottsdale, AZ 85266

$1,675,000
3 Beds
3.5 Baths
3,265 SqFt
Status Active
MLS # 6735301
Property Type Single Family Residence
Price Type --
In the tranquil gated community of Las Piedras, close to the boulders, shopping and dining, lies this exceptional residence. Accessed by a gated front courtyard the home begins with a wonderful living room with updated fireplace and doors to the pool. The elegant kitchen was totally remodeled and features a large center island and high end appliances and is complimented by a dining area with bar. The primary bedroom suite offers a large bedroom with room for office or seating, well appointed bathroom and dual closets. The private rear yard boasts a modern saltwater swimming pool and spa, covered patio for outdoor dining and seating area. The home is complete with a work from home office and 2 additional bedroom suite. With community pool and fitness room it offers luxurious desert living.

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