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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7151 E Rancho Vista Drive Unit 2006 Scottsdale, AZ 85251

$1,624,999
3 Beds
2 Baths
2,222 SqFt
Status Active
MLS # 6656387
Property Type Apartment
Price Type --
*SELLER FINANCING AVAILABLE IN LOW 5'S* Step into this newly remodeled luxury 3 bedroom, 2 bathroom condo, spanning an impressive 2,222 square feet. Meticulously redesigned and upgraded, this condo offers a blend of sophistication, comfort, and contemporary style. As you enter, you are greeted by a spacious open-concept living area, featuring high ceilings and an abundance of natural light. The living room provides a welcoming space to relax and entertain, with ample room for plush seating arrangements and stylish decor. The kitchen is a chef's dream, meticulously designed with top-of-the-line appliances, sleek cabinetry, and luxurious finishes. It offers a perfect balance of functionality and elegance, making it a delightful space for culinary creations. The adjacent dining area provides a seamless transition for enjoying meals with family and friends. The condo boasts three well-appointed bedrooms, each offering ample space and comfort. The master bedroom is a tranquil retreat, featuring a walk-in closet and a luxurious ensuite bathroom. The additional bedrooms are generously sized and can be utilized as guest rooms, home offices, or a combination of both. The bathrooms have been remodeled to reflect a spa-like ambiance, with modern fixtures, elegant vanities, and beautiful tilework. With 2,222 square feet of living space, this condo also one of the largest patios in the entire community. Amenities include concierge, indoor & outdoor heated pool and spa with women and men's locker room, fitness center, racquetball & basketball court. Walking distance from Scottsdale Fashion Square Mall, Old Town, restaurants, & so much more

32541 N Thompson Road Queen Creek, AZ 85142

$1,624,000
4 Beds
3.5 Baths
3,284 SqFt
Status Active
MLS # 6750283
Property Type Single Family Residence
Price Type --
WOW - Fully custom, newly-built, and never lived in luxury home with a 6.500 square foot garage with 16-foot ceilings & 14-foot tall steel garage doors! No HOA! Over 3,200 square feet of living space with an open floor plan & huge entertainer's kitchen! Around 10,000 sqft of under-roof space! 16-foot wide powered glass door in the living room with an electric fireplace & vaulted ceilings! 42-inch custom solid wood cabinets with quartz counters, 5-burner cooktop, & a 14-foot wide island! Extra-large walk-in panty, and over-sized laundry room w additional storage. Primary suite has separate exit, walk-in tile rain shower, and an absolutely huge primary closet. 3 other bedrooms, plus a den/office/flex room! Garage has 200-amp sub panel & spray-foam insulation as well! Hiking trails nearby!

110 Appaloosa Way Sedona, AZ 86336

$1,620,000
4 Beds
3 Baths
2,609 SqFt
Status Active
MLS # 6748783
Property Type Single Family Residence
Price Type --
Southwest Luxury and Elegance abounds within this beautifully appointed Custom West Sedona Gem built by Casa Natural. With STELLAR Red Rock views of Thunder Mountain and Chimney Rock, get ready to fall in love the moment you pass through the entry gates. Privacy and Zen-like tranquility delight the senses combined with the perfect location with easy access to hiking/biking trails, shopping and dining. Creatively and masterfully designed with UPGRADES GALORE featuring Great Room Living with 10 &12 ft ceilings. Upon entering, the massive stacked rock wall invites you in, creating harmony with the red rock views through a generous array of glass windows. Several interior walls are angled, all with rounded corners complemented by gorgeous Travertine floors, majestic 8 ft wood doors and rich cabinetry throughout. Native Trees provide privacy from every room creating the feeling of remoteness and connection to nature. Chef's Kitchen boasts granite counters, center island w/ SS prep sink and sitting area, custom cabinets including generous pantry closet with custom slide outs, Stainless Premium KitchenAid gas cooktop, fridge, double stacked ovens and newer BOSCH dishwasher, breakfast nook, wet bar w/beverage fridge and additional office space w/storage. Easy transition to casual dining on the adjacent outdoor patio. SPACIOUS Primary Bedroom Suite offers incredible red rock views, dual vanities, walk-in shower, separate tub and spacious walk-in closet with built-in shelving system. Plenty of space for guests with an additional ensuite bedroom w/walk-in closet plus two more guest bedrooms/office space. Relax and rejuvenate in nature with a choice of two patios and HUGE north facing deck while taking in views of Lizard Head Rock and Cockscomb. In the cooler months, cozy up inside with a blanket and a novel next to the warmth of the steel walled fireplace accentuated by a stacked rock wall. Additional features include ceiling mounted speakers in great room, home alarm system, Carbon Monoxide detector, Berber carpet in bedrooms, recirculating hot water, water softener and reverse osmosis. Warranties in place for HVAC, Roof, Dishwasher and termite treatment . Hot tub, jetted tub, hood over cooktop is not warranted by Seller. Washer Dryer and TV do not covey with sale.

9457 E June Street Mesa, AZ 85207

$1,620,000
5 Beds
4.5 Baths
5,136 SqFt
Status Active Under Contract
MLS # 6735897
Property Type Single Family Residence
Price Type --
Welcome Home to June Street in the coveted Boulder Views neighborhood. Head inside & experience unparalleled luxury where exquisite custom finishes elevate every corner of this magnificent home. A grand entrance welcomes you through an impressive 10-ft metal-framed door with leaded glass insets, beneath a stunning chandelier that sets the tone for elegance. Step into the awe-inspiring great room, where soaring 15-20 ft ceilings & ambient up lighting create an atmosphere of opulence. This expansive space is complemented by Cantera stone fireplace & a wet bar w/ walk in wine cellar, perfect for entertaining. The primary suite was built with relaxation in mind. The impressive space features a sitting area in front of a hard carved stone fireplace and private exit to ((CONTINUED)) the backyard oasis. The ensuite has every extra touch you were looking for including separate sink spaces, one with a vanity section, walk in shower with 3 shower heads and a custom walk in closet that is perfection. Elegance continues with travertine flooring in the entry, hallways, utility room, kitchen, and dining room, all accented by 4-inch baseboards. A private study/office with rich hardwood flooring offers a tranquil work environment, while plush carpeting in the theater ensures cozy movie nights with family. Additional luxury touches include plantation shutters throughout and a high-end GE Monogram stainless appliances in the kitchen. Head outside to enjoy a dip in your pristine blue pool with large baja shelf or perhaps you would like to catch a breathtaking Arizona sunset from the roof deck so you can also enjoy your mountain views. On those brisk winter nights you can use either of the stone veneer fireplace sections that enhance the outdoor space. There is also a detached one-bedroom, one-bath casita featuring a kitchen and great room, offering an ideal space for guests or extended family.

34277 N 92nd Way Scottsdale, AZ 85262

$1,619,000
4 Beds
3 Baths
3,651 SqFt
Status Active
MLS # 6714944
Property Type Single Family Residence
Price Type --
ANOTHER PRICE REDUCTION! SELLER WANTS IT SOLD! A 2013' built Legend Trail custom home in the Estates. This beautiful home sits on over 1/2 acre with generous setbacks in a cul de sac! Spacious split floorplan full of upgrades and updates. (See Doc Section). Garage is an expanded 3 car with a separate storage room. Open Great Room that is equipped with a newly remodeled fireplace is great for entertaining. New appliances and updates throughout. Expansive Primary Suite has a cozy remodeled fireplace. New canned LED lights in every room. Patio and outdoor living area has it all! Recently expanded turf area, fire pit, nice sized pool, BBQ island and roof top deck. Two additional beautiful wood floored bedrooms. Legend Trail Golf Course is a a beautiful course tucked away in the communit All this nestled in Legend Trail with their low HOA fees and outstanding amenities. Must See!

3838 E Tracker Trail Phoenix, AZ 85050

$1,619,000
4 Beds
4.5 Baths
4,448 SqFt
Status Active
MLS # 6712463
Property Type Single Family Residence
Price Type --
Experience the convenience of Aviano at Desert Ridge in a comfortable Toll Bros Venado home of the Mesquite Collection. A Tuscany style single story featuring: 3 car garage, Great room floorplan, high ceilings, spacious bedrooms, attractive granite countertops, tile surround baths, guest casita, 2 x 6 framing, extended 2 car garage w/ service door and much more. Come home to a premium lot w/ an optimal North/South exposure and relax in an appealing 4 column, extended, travertine floor patio that backs to an HOA open area or head off to the Aviano club house for an invigorating workout ... indoors or out. Entertain guests any time of year by the Italian-designed pool/heated spa beside an equipped BBQ seating area with a natural gas fireplace or just stargaze. It's all here. Strategically situated with EZ access to the 101/51 freeways and the endless points of interest that make the Valley of the Sun a top metropolitan place to live. Only minutes from Desert Ridge Marketplace/City North, the MIM, Mayo Clinic, Scottsdale Airpark and Sky Harbor. Benvenuto a casa! Available furnished.

492xx N 15th Avenue New River, AZ 85087

$1,600,000
4 Beds
4.5 Baths
3,983 SqFt
Status Active
MLS # 6736365
Property Type Single Family Residence
Price Type --
This is your opportunity to build an exquisite custom home boasting a captivating great room floor plan situated on an expansive 1.6 acre lot with 180-degree mountain views, providing the perfect canvas for your vision of luxury living. With the unique opportunity for the buyer to choose all finishes, this remarkable residence promises an unparalleled level of customization and sophistication. Step into the heart of this home, and be greeted by a kitchen that is as functional as it is beautiful. The buyer has the freedom to select their desired stone for the island, countertops, and backsplash, creating a kitchen that reflects their personal style and taste. Every cabinet in this culinary haven is equipped with slow-close drawers and doors, embodying the seamless blend of convenience and refine craftsmanship. With 42 upper cabinets and 30 lower cabinets, ample storage space is provided, ensuring a clutter-free environment. The 3cm countertop edge profile adds a luxurious finishing touch to this stunning kitchen. The elegance continues throughout the home with a choice of 12x24 or 24x36 tiles in all wet areas, creating a cohesive and visually pleasing aesthetic. The 8 baseboards and solid core doors add an extra layer of sophistication and durability. Floor-to-ceiling glass doors open up to a covered patio, seamlessly blending indoor and outdoor living spaces. Step outside and discover an oasis of relaxation and entertainment. The outdoor space boasts a fully equipped kitchen with a grill, and dual burner gas cooktop, offering the perfect setting for al fresco dining and culinary adventures. The centerpiece of the outdoor area is the stunning 20x50 swim-up beach pool with a separate spill-over hot tub, providing a luxurious retreat for relaxation and recreation. Every bathroom in this custom home features custom stone and tile showers, exuding opulence and sophistication. The master shower is equipped with dual body systems, ensuring a spa-like experience in the comfort of your own home. Satin nickel Moen fixtures add a sleek and modern touch throughout. Indulge in the opportunity to create your dream home with this exceptional custom residence. From the meticulously designed kitchen to the luxurious outdoor oasis, every detail has been carefully considered to provide the ultimate in comfort, style, and functionality. Embrace the chance to curate a space that reflects your unique vision, and experience the epitome of elegance and refinement in this remarkable custom home. Opportunity to create your own custom floor plan or add more space, or build a completely Off the Grid home if desired. Custom home builder is ready to start building for you! Solar upgrade, ICF insulation upgrades available.

953 W Sheppards Trail Globe, AZ 85501

$1,600,000
4 Beds
2 Baths
1,956 SqFt
Status Active
MLS # 6671909
Property Type Single Family Residence
Price Type --
Let the Views begin!! 360 Degree views from the home. Beautiful well maintained 4 bedroom home that is completely off the grid. Home sits on 158+ acres with fresh springs running throughout the property. Home is Custom built with 18'' insulation walls and 12'' insulated walls. Granite kitchen counter tops. Italian tile in primary bath. Beautiful commercial grade tile throughout the home. Acreage has 2 streams running thru the property to provide fresh water. Plenty of area to built future home. Fruit trees located on property. Gated private entry road.

2505 W Black Ridge Trail Prescott, AZ 86305

$1,600,000
3 Beds
3 Baths
3,200 SqFt
Status Active
MLS # 6743215
Property Type Single Family Residence
Price Type --
New Private Property new build, unconstructed roads are unsafe for public driving at this time! Lot 16's unique slope & layout make it perfect for a home design that captures stunning views & blends seamlessly w/ the natural terrain. With the garages positioned towards the road, the design maximizes rear facing views, which are enhanced by expansive windows and ample DECK space. The home features a lower level perfect for a SHOP/RECREATION AREA, but can be easily changed to a THEATER ROOM/GYM/PRIVATE GUEST SUITE. Crystal Creek Builders will prioriize your vision. Customize every aspect, from design to materials, and you can trust the experienced team to bring your dream to life on this exceptional lot. New private property new build, unconstructed roads are unsafe for private driving at this time! Prescott National Forest, but it's an easy 10 minute drive to the best of what Prescott has to offer. From the lively PRESCOTT COURTHOUSE SQUARE & WHISKEY ROW to ample retail and a thriving arts community, Prescott has all the charm of a small town but with big-city amenities. Additionally, HIKING & BIKING TRAILHEADS, along with many outdoor activities are at Stringfields front door. DISCLAIMER: Property is offered as a Design Build of Crystal Creek Builders on Stringfield Lot 16. Lot price is $275.000 and home is budgeted at $1.200.000. Subject to change depending on final design and Buyer/Owner finish selections.

12405 Forest Service 772 Road Flagstaff, AZ 86005

$1,600,000
2 Beds
1.5 Baths
1,705 SqFt
Status Active
MLS # 6310059
Property Type Single Family Residence
Price Type --
Incredible Opportunity! This gorgeous,10.9 acre property has I-17 highway frontage with an interchange just off the Newman Park Exit and borders the Coconino National Forest. Zoned General, 10 acre minimum. Current home was previously used as a bar/restaurant. There are two additional, small, rustic cabins, RV hookups, an equestrian arena & ponds / water holes. Zoning & proximity to I-17 interchange may allow for use as an auto service station, campground, convenience market, hotel-motel, info center, museum, RV park, rest area, restaurant or truck stops. Also listed commercial ML# 6312512. Please call with questions today before this amazing Northern Arizona property is gone!

11687 E Del Timbre Drive Scottsdale, AZ 85259

$1,600,000
3 Beds
2.5 Baths
2,848 SqFt
Status Active Under Contract
MLS # 6759172
Property Type Single Family Residence
Price Type --
Incredible remodel in the 24-hour Guard-Gated Community of Stonegate! New Roof, New AC, Completely Remodeled Pool, New Kitchen, New Baths, and Real Hardwood Floors!!! This list barely scratches the surface of all of the wonderful updates in this home! You will feel right at home as you enter through the custom front door and are met with soaring ceilings, views of your beautiful new back yard through the new sliding glass multi-slide doors, and 2 stunning fireplaces. The kitchen features high end stainless steel appliances, new custom cabinetry, quartz counters, quartz slab backsplashes, a pot filler and designer selected fixtures. Primary suite will exceed your expectations with its large bedroom, free-standing tub, glass shower, dual vanities and custom closet! This is truly a must see! Continue into the immaculate main retreat, boasting private backyard access and a spa-like bathroom. A soaking tub, glass enclosure tiled shower, dual vanities, and a large walk-in closet complete the main bathroom. All bedrooms have soft carpet and a ceiling fan! The large laundry room includes a washer, a dryer, and plenty of cabinets for added storage. Host fun gatherings in the backyard featuring a sparkling blue pool, covered patio, and grass area. Don't let the home of your dreams slip by!

18140 W Marshall Court Litchfield Park, AZ 85340

$1,600,000
4 Beds
4.5 Baths
3,896 SqFt
Status Active
MLS # 6737384
Property Type Single Family Residence
Price Type --
Brand New Beautiful Custom Home In Lovely Gated Community!! This custom built home was crafted with high end features from construction to cosmetics. 4 bedrooms, 4.5 bath, en suites in every room. Additional office space, plus another game room/theatre room/bonus room. High end gourmet kitchen with custom cabinets. Beautifully landscaped exterior and interior with firepit, spa and pool! Marble entryway, 16 ft wide by 10 ft high sliding door, oversized garage with 14 ft RV gate. Enjoy this private community close to mountain trails, while still conveniently located next to a variety of shops, restaurants, and freeway access! Definitely a must see!!

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