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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5501 N 1st Street Phoenix, AZ 85012

$1,600,000
4 Beds
4 Baths
3,292 SqFt
Status Active
MLS # 6718206
Property Type Single Family Residence
Price Type --
Welcome to this charming North Central gem! Nestled in the prestigious Madison School District between the 7's, this spacious ranch-style home offers 4 bedrooms plus an office, 4 baths, and not one, but two primary suites with a split floor plan. Situated on over a 16,000 SF lot, it boasts an open concept floorplan, blending modern convenience with classic appeal. Enjoy the Arizona sun in the new pool installed in 2020. Plenty of room for toys and easy access to yard with RV gate. With its prime uptown location and walking distance from AJ's, the new Henry, Uptown Plaza, award winning public and private schools and all of North Central's best retail and restaurants, this home checks all of the boxes!

5000 E Lake Country Road Flagstaff, AZ 86004

$1,600,000
5 Beds
3.5 Baths
4,473 SqFt
Status Active Under Contract
MLS # 6702676
Property Type Single Family Residence
Price Type --
Luxurious Tudor Estate with Casita in Lakeside Acres, Flagstaff, AZ Welcome to 5000 E Lake Country Dr, an exquisite Tudor-style residence nestled on a sprawling 1-acre parcel within the highly coveted Lakeside Acres community in Flagstaff, Arizona. This classic Tudor home offers a unique blend of timeless elegance, modern amenities, and a detached Casita that redefines the concept of comfortable living. Main Residence Features: Spacious Living: The main house boasts a generous 4,473 square feet of living space, providing ample room for all your needs. Bedrooms & Baths: Discover 5 beautifully appointed bedrooms, with 3 full bathrooms and 2 half baths. The versatile 5th bedroom is currently utilized as a charming library, perfect for book lovers. Primary Retreat: The downstairs primary bedroom offers a tranquil oasis with a dual sink vanity, an expansive walk-in closet, a cozy gas fireplace, and a private patio exit. Gourmet Kitchen: The well-appointed kitchen features a gas range, built-in refrigerator/freezer, and an inviting eat-in dining area that opens to a delightful patio. Entertainment Hub: Entertain in style in the expansive family room with a vaulted ceiling, fireplace, and a wet bar. This space opens to another patio, making indoor-outdoor gatherings a breeze. Second Story Delights: Upstairs, you'll find 3 additional bedrooms, a loft area, and not one but two spacious entertainment rooms. One of these rooms is equipped with a bar and can accommodate your poker nights, ping pong tournaments, pool table challenges, and air hockey showdowns. Detached Casita: Above the separate 2-car garage, you'll discover a 521 square foot Casita offering versatile living options. This standalone retreat includes a bedroom, a 3/4 bathroom, and a well-equipped kitchen with a gas range. Outdoor Paradise: The 1-acre parcel offers plenty of room for outdoor activities, gardening, or simply relaxing in the serene surroundings. Enjoy privacy and tranquility on multiple patios, including one accessible from theprimary bedroom and family room. Location: Lakeside Acres is renowned for its desirable, upscale community feel, offering a peaceful retreat while still being conveniently located near Flagstaff's amenities. Flagstaff, Arizona, is known for its stunning natural beauty, recreational opportunities, and a vibrant cultural scene. This is a rare opportunity to own an elegant Tudor estate with a detached Casita in the esteemed Lakeside Acres community. Embrace the best of Flagstaff living in this remarkable home where timeless architecture meets modern comfort.

3546 E Norwood Circle Mesa, AZ 85213

$1,600,000
7 Beds
6.5 Baths
5,156 SqFt
Status Active Under Contract
MLS # 6702922
Property Type Single Family Residence
Price Type --
Beyond the community gates, nestled on a serene cul-de-sac lot, awaits a residence that epitomizes space and luxury. From the first glance, you'll be captivated by the array of amenities that this home offers, including a brand new guest house. This radiant ranch-style home welcomes you with an array of inviting spaces, including a formal dining area, living room, and a versatile den. The kitchen, recently remodeled to perfection, exudes magazine-worthy charm with its floor-to-ceiling white shaker-style cabinetry, a spacious wood-tone island with bar seating, luxurious quartz countertops, and top-of-the-line GE Cafe appliances including an oversized built-in fridge and freezer. Seamlessly integrated with the family room, adorned with a cozy gas fireplace and a built-in beverage center, the kitchen is an entertainer's dream. Boasting not one, but two owner's suites, thoughtfully separated from the other three bedrooms, this home offers unparalleled comfort and privacy. The primary suite spoils with dual vanities, a generously-sized tub, a walk-in shower, and an expansive walk-in closet. The second suite also impresses with its own walk-in closet and double vanities. The remaining bedrooms are equally spacious and enjoy the luxury of their own bathrooms. A newly constructed guest house beckons, boasting two bedrooms, two bathrooms, an open kitchen with a central island and new stainless steel appliances, a walk in pantry, garage, and a covered patio. Outside, the sprawling lot is a lush oasis, featuring citrus trees, a sparkling pool and spa, a built-in barbecue area, a sports court, a large covered patio, and ample space for outdoor enjoyment.

238 Paramount Drive Sedona, AZ 86336

$1,600,000 - 4Br/4Ba -  for Sale in Broken Arrow Hills, Sedona
Open House
$1,600,000
4 Beds
4 Baths
2,700 SqFt
Status Active
MLS # 6688113
Property Type Single Family Residence
Price Type --
Embrace Sedona's unrivaled charm with this exclusive turn-key mid-century heritage estate, uniquely embodying charm with timeless architecture and craftsmanship. Featuring a 3 BD main house and fabulous guest house, both exquisitely renovated, perched on over an acre of elevated living with unparalleled views of Red Rock wilderness. This retreat boasts a petite vineyard, resort-style patios, hot tub, natural stone waterfall, 3 outdoor fire-pits in a spectacular setting of stunning red rock panoramas. Enjoy modern comforts with recent energy-efficient HVAC, new upsized septic system, and more. A timeless home, designed to live large, awaits to enrich your life with its history, beauty, and panoramic views. Situated near the historic Broken Arrow trail, it's a property steeped in magic! ADDITIONAL FACTS: - This iconic area of Sedona's Broken Arrow emerged as a standout hit of the 1950s, notable for one of the most popular 1950 movies, known for its groundbreaking depiction of the sympathetic perspective of American Indian life. The movie was called Broken Arrow. This home is historical to Sedona. - Quality furnishings available outside of escrow with a bill of sale: Enjoy a turn-key move in ready experience by purchasing furniture, art, décor, housewares (includes dishes, flatware, etc). - Main House Renovated: 3 Bedrooms; 3.5 Baths; 1,900 SqFt - Guest Cottage/House Renovated: 1 Bedroom; 1 Bath; Living Area; Full Kitchen; 800 SqFt. - Outdoor space designed with peace and relaxation in mind - 3 Fire-Pits - Heated Hot Tub - Water Features - BBQ hooked up to natural gas - Style: Updated & renovated Mid-Century charm crafted with the distinctive technique of weeping mortar, a testament to meticulous construction and timeless architectural elegance. - Primary newer improvements made: New Energy efficient Heating and A/C in main house; new A/C & heating in guest house; new alternative septic system (up-sized the system and leach field. Main House offers its own Alternative septic system & the Guest House offers a conventional septic system); newer guest house roof; new recessed lighting throughout; electrical upgraded; added retaining wall; added pavered steps onto outdoor fireplace patio off main house - 3 Carports; No Garage - Ample Storage - Natural gas cooktops - Natural gas furnace for main house. Heat pump for guest house. - Amazing storage room with temperature-controlled cooling; perfect as a wine cellar - No HOA: There is a VOLUNTARY property owners association. The CCR's (deed restrictions) prohibit short term rentals (less than 30 day rentals) & also restrict renting the guest house, ensuring a serene environment to this special neighborhood. - Broken Arrow Hiking: Experience the thrill of Sedona's Broken Arrow offering an unmatched rock-crawling journey through iconic red rocks with breathtaking 360-degree wilderness views. Local mountain bikers love the dramatic descent down the Road of No Return, promising an unforgettable adventure.

5632 E Emile Zola Avenue Scottsdale, AZ 85254

$1,599,999
4 Beds
3 Baths
2,934 SqFt
Status Active
MLS # 6758030
Property Type Single Family Residence
Price Type --
High end Luxury home totally remodeled in highly sought after 85254. Enter into Great room with vaulted ceilings and wood beams. Chef's kitchen boasts custom cabinetry, island, walk in pantry, quartz countertops, and premium appliances while overlooking the sparkling pool. Spacious Primary suite with dual sinks, walk in shower, free standing tub, his/hers closets and private patio and exit to back yard . Additional en suite bedroom, Resort style yard with sparkling pool and extensive entertaining spaces, low maintenance with turf. NO HOA, RV gate. Easy access to freeways near upscale dining, shopping and golf, Kierland, Scottsdale Quarter, and minutes to the TPC Phoenix open and PV Mall revitalization. Schools are highly rated Paradise Valley School District.

17871 E Paria Canyon Drive Rio Verde, AZ 85263

$1,599,999
3 Beds
3.5 Baths
3,249 SqFt
Status Active
MLS # 6758076
Property Type Single Family Residence
Price Type --
This Gorgeous Never before lived in New Build at the Trilogy Verde River Community is sure to delight! Enjoy Resort Style living with Three spacious bedroom suites, a Den, a 4-Car Garage and Luxurious upgrades throughout. Walk in the front door and experience an Open Concept with a Massive great room, Stunning 12' Ceilings, a Fully Equipped Gourmet Kitchen with a Beautiful expansive center island and attached Dining Room... an Entertainers Dream! The Master Suite has a Beautiful Full Glass Shower, Soaking Tub, Dual Vanities, and a HUGE walk-in closet. Enter the backyard through a 20' multi-slide door to your expansive patio, built in grill area, fireplace and sweeping Mountain Views. Verde River Golf and Social Club includes Golf, Tennis, Pickleball, Spas, Pools & More

37325 N 29th Avenue Phoenix, AZ 85086

$1,599,999 - 6Br/5Ba -  for Sale in Calle Cima De Montoya, Phoenix
New
$1,599,999
6 Beds
4.5 Baths
3,636 SqFt
Status Active
MLS # 6759908
Property Type Single Family Residence
Price Type --
Stunning Custom Hillside Luxury Home with Unparalleled Privacy and Views Seller paid interest rate 2:1 buy down now offered! Experience ultimate privacy and breathtaking views in this custom, privately-gated hillside home. Nestled atop a mountain in the exclusive Desert Hills community, this spacious residence offers a seamless blend of indoor and outdoor living spaces, perfect for entertaining or enjoying tranquil solitude. Perfect for multi-generational living, this home offers versatility and comfort for all family members. On the main level, you'll find the updated kitchen with extensive custom cabinets, granite countertops, high-end appliances, and plenty of storage, including a huge walk-in pantry. The views are stunning from the dining room, family room and master bedroom with a luxurious ensuite and walk-in closet. Bedrooms two and three each with generous walk-in closets complete the main level with direct entry from the extra deep 3 car garage. The lower level provides 3 additional bedrooms and recreational spaces, ensuring ample room for everyone. It includes a theater room with stadium seating for 9, full gym/ exercise room, and bonus/game room, providing ample space for relaxation and recreation. Additional storage closets on both levels add to the convenience. The property has a whole house H20 Concepts water system, owned propane tank and private commercial grade gated driveway. Lighting, garage doors and commercial quality gate are all app / Wifi controlled. 2000sf graded pad to east of home ready for future projects. Triple pane windows by Pella, eight-foot solid core interior/exterior doors and ten-foot ceilings throughout, including vaulted ceilings in select areas. Over $250k has been invested in upgraded landscaping and improvements, enhancing the beauty and functionality of the 2.4-acre private hillside lot. This home is extremely well-insulated, with power bills averaging less than $300 a month, an amazing feat for a home of this size. Conveniently located between Anthem and Tramonto, east of I-17, this home offers spectacular views over Anthem, Scottsdale, and Cave Creek, extending to the Four Peaks mountain range over 50 miles away. Enjoy the added bonus of watching the Anthem 4th of July fireworks from the comfort of your patio.

2619 E Cherrywood Place Chandler, AZ 85249

$1,599,999
5 Beds
3.5 Baths
3,732 SqFt
Status Active Under Contract
MLS # 6727443
Property Type Single Family Residence
Price Type --
Do Not Wait~LOCATION LOCATION~LOCATION~PRIVACY, LAND, IMMACULATE, CUSTOM HOME FOR TRACK HOME PRICE~NOT ON MAIN STREET~LAND VALUE ALONE IS $900K~PRICED $165,000 BELOW July 2024 Apppraised Value! Seller Wants to review all offers NOW~BRING YOUR CHECK BOOK~PHONE YOUR INVESTORS & ON THE FENCE BUYERS~DON'T MISS OUT ON THIS OPPORTUNITY~NEW WINDOWS & ACs~5 bed /3.5 bath~South facing backyard w/ turf, putting green, Rectangular Diving Pool & Spa~Travertine Covered patios, Outdoor Kitchen w/ Chef sized grill, RV gate, & loads of land for GRASS, GUEST HOME, GARAGES, TENNIS or PICKLEBALL COURTS, GARDENS~CHICKENS~It can all be your reality~CRISP WHITE WALLS & cabinetry, updated countertops, S/S appliances, fixtures, Induction~Citrus trees & mature grape vines~FIRST VINTAGE taste available~Side entry AND loads of parking, LOT IS 20% LARGER THAN OTHER AVERAGE SIZED CIRCLE G LOTS~sides to small private and gated City of Chandler canal only accessed by rare CoC pick up truck or Circle G neighbor running~Mature ornamental Orange keep yard framed in on the east side~THEY GROW LIKE A MANICURED WALL OF GREEN~Experience luxury living in this amazing neighborhood of luxury large lot homes and large wide streets and low HOA. YOU CANNOT CHOOSE A BETTER LOCATION FOR INVESTING AND IMPROVING, THE VALUE IS UNMATCHABLE~There are many homes with RV garages, batting cages, gardens, soccer fields, Pickle ball courts, basketball courts, volleyball, tennis, you name it, and even guest homes the size of regular homes. The gated courtyard and motor court keep your doors and drive private too. The gated parking available is definitely over 4, building a separate driveway to the future guest house, is easy to picture. Garage is light and bright with side cabinets, work bench space, storage closets and overhead storage too. Make your dream a reality! PLANS AVAILABLE FROM THE ORIGINAL BUILD AND AGENT CAN EMAIL IMMEDIATELY FOR YOUR REVIEW.

14834 E Valley Vista Drive Fountain Hills, AZ 85268

$1,599,990
3 Beds
3.5 Baths
3,239 SqFt
Status Active
MLS # 6674079
Property Type Single Family Residence
Price Type --
Spectacular New Construction! Discover this hillside haven with mesmerizing views, day and night. Situated on a spacious pool-size lot on the border of Scottsdale, this home showcases contemporary architecture, including a gourmet kitchen with stacked-to-the-ceiling cabinets, upgraded appliances like a gas range and built-in fridge, a waterfall island, and elegant hardwood floors. The impressive great room features high 12' ceilings leading to a large covered terrace, perfect for soaking up the views. The expansive master suite offers panoramic views and a luxury super shower. Enjoy generous room sizes and a game room in the walk-out basement. The interior boasts Santa Fe smooth wall texture, a sand stucco exterior, and complete landscaping front and back. This Energy Star Certified home is meticulously upgraded throughout. And there's so much more! Don't miss out on this perfect blend of luxury and comfort.

104 W Night Glow Drive Phoenix, AZ 85085

$1,599,900
5 Beds
4.5 Baths
4,454 SqFt
Status Active
MLS # 6698967
Property Type Single Family Residence
Price Type --
Super amazing over the top acre plus custom home with really spectacular views south of carefree highway. This home has it all, including attached RV garage, movie theater ,8 foot knotty alder doors through out, tumble chiseled travertine and all the finishes you would come to expect for a hillside compound with this location , Adjacent to the Phoenix Sonoran Preserve so lots of biking and hiking trails for miles right off of your property. The most impressive part about this property is the location, perched at the top of the hill south of carefree highway boasting some of the best views the north valley has to offer. Amazing brand new pool and spa just built, including salt water, fire pots and multiple water features. Buyer to verify all information. Just reduced 100kon 09/09/2024

12411 E Troon Vista Drive Scottsdale, AZ 85255

$1,599,900
4 Beds
4 Baths
2,722 SqFt
Status Active
MLS # 6652528
Property Type Townhouse
Price Type --
Brand new in Sereno Canyon, North Scottsdale! This stunning residence offers breathtaking views and nature trails, featuring an open contemporary design with approximately 2722 sq. ft. of luxury. The kitchen is a culinary masterpiece with a large island, Sub-Zero fridge, Wolf range & double oven. Enjoy the living area with a 60'' linear fireplace and 12' ceilings, creating a bright and inviting space. Three bedrooms, each en-suite, provide comfort. A separate casita with a 4th bedroom and full bath ensures flexibility for guests. Guard-gated community surrounded by McDowell & Troon Mountains, offering peace of mind and exclusivity. Minutes away from North Troon Golf Club, Pinnacle Peak Park, and more. Ideal The fabulous community clubhouse and pool, now open and within walking distance, provide a perfect retreat for relaxation and socializing. Open contemporary design HOA maintains front yard landscape, roof replacement, exterior Maint. of Unit. Excellent lock and leave.

5120 E Paddock Place Scottsdale, AZ 85254

$1,599,000
4 Beds
3.5 Baths
3,643 SqFt
Status Active
MLS # 6751557
Property Type Single Family Residence
Price Type --
Welcome to your dream home in a brand-new, exclusive gated community sprawled across 121.7 acres of modern luxury and top-notch amenities! This stunning residence, built just 18 months ago, sits on a generous 10,000-square-foot lot and boasts a thoughtfully designed floor plan perfect for contemporary living. Step inside to discover an expansive great room that forms the heart of the home, featuring a sleek linear gas fireplace and a large kitchen island that's ideal for both cooking and entertaining. The home's large glass doors and windows invite natural light and seamlessly connect you to the beautifully landscaped backyard, outfitted with low-maintenance artificial turf for year-round enjoyment. Versatility is a hallmark of this property, with a spacious bonus room ready to be transfo

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