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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N Chuckwalla Trail Queen Creek, AZ 85144

$1,599,000
5 Beds
3 Baths
3,605 SqFt
Status Active
MLS # 6623600
Property Type Single Family Residence
Price Type --
HILLSIDE VIEW LOT with new home to be built. 5/3 or could be 4+den, NO HOA! Standard features include covered patio, 4-car garage, granite throughout, tile surrounds, stainless appliances,10' ceilings and more! Buyer to select flooring, paint, cabinets, appliances, granite, etc. Floor Plan is flexible and can be changed or modified. Completion time is 9-10 months from ground-breaking. ALL photos are of a recently completed version of this plan. Drive by only at this time. Come see the views from this hillside property overlooking the SouthEast Valley. Builder sign on property.

21151 E Mewes Road Queen Creek, AZ 85142

$1,599,000
5 Beds
5 Baths
4,559 SqFt
Status Active
MLS # 6755707
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This stunning property features a main residence (3,525) with 4 bedrooms, 4 bathrooms, great room, a versatile bonus room, a cozy den/office, and a 4-car garage. Enjoy the outdoor oasis with a sparkling pool, garden areas, and views of the San Tan Mountains. Guests will love the 1,034 sqft casita, complete with a modern kitchen, great room, and bedroom w/ walk-in closet w/ stackable washer and dryer and 2 bathrooms. This private retreat is perfect for hosting visitors with their own space. Bring your horses to this charming neighborhood with ample space to add a sports court or other additions. It's the perfect blend of country charm and modern convenience. Close to Queen Creek shopping/dining. Freshly painted, come see!

8 Biltmore Estate Drive Unit 313 Phoenix, AZ 85016

$1,599,000
2 Beds
2.5 Baths
2,329 SqFt
Status Active
MLS # 6738169
Property Type Townhouse
Price Type --
Experience true luxury living at the Biltmore Fairway Lodge in this tastefully renovated condo. This 2 bed /2.5 bath + den has undergone a full interior remodel in 2022 . Every fixture meticulously chosen & over $600K in upgrades! Soaring high ceilings creates a stunning home with open living space complete with a premium chef's kitchen-luxury appliances include Wolf dual fuel range ,Subzero freezer/fridge drawers , Thermador refrigerator & wine cooler and Cove dishwasher. Spacious master w/ private balcony and incredible mountain views. Modern onsite amenities include heated pool & spa, fitness center & round-the-clock security with onsite management.

7705 E Doubletree Ranch Road Unit 38 Scottsdale, AZ 85258

$1,599,000
2 Beds
2.5 Baths
2,645 SqFt
Status Active Under Contract
MLS # 6752909
Property Type Single Family Residence
Price Type --
Welcome to the Gainey Ranch Experience! Stunning home in the gated golf course community of Arroyo Vista at Gainey Ranch! Highly desirable split floor plan with two master suites + an office/bonus room with lovely private updated courtyard. Chef's kitchen is light & bright with newer cabinets and soft close drawers, upgraded quartz countertops and stainless steel subway tile backsplash. Cozy fireplace in the living/dining room. Both full baths feature brushed nickel fixtures, quartz countertops, white shaker cabinets, large soaking tubs, and tiled walk-in showers with frameless glass doors. The new backyard landscaping makes this oasis complete with a private pool & a detached in-ground spa right off the primary bedroom patio. Gainey Ranch Estates Club offers a resort lifestyle with private pool and spa, 6 tennis courts, 4 pickleball courts, fitness workout gym, exercise room. Plus Hyatt Regency Scottsdale Resort & Spa At Gainey Ranch. Close to first class Gainey Ranch shopping and fine restaurants, Sprouts market, golf amenities, easy lock and leave. Optional membership to Gainey Ranch Golf Club.

24217 N 87th Street Scottsdale, AZ 85255

$1,599,000
4 Beds
2.5 Baths
3,839 SqFt
Status Active Under Contract
MLS # 6656646
Property Type Single Family Residence
Price Type --
Perfect investment or personal home, this stunning updated home in North Scottsdale boasts 4 bedrooms, 2.5 bathrooms & a generous 3,839 square feet of living space, all nestled on a sizable 1+ acre lot. Located in a sought-after subdivision, it offers beautiful mountain views, a premier location convenient to restaurants, shopping, golf and all Scottsdale has to offer. The interior is adorned with high-quality finishes, soaring ceilings, new light fixtures and a great room concept. The cook's kitchen features a large island, new Stainless Steel appliances, walk-in pantry and a casual dining area all seamlessly connected to an amazing outdoor entertainment space. The primary suite is exceptionally spacious, with a spa-like bath featuring a soaking tub, custom-tiled shower, double sinks, walk-in closet, exercise room, and private exit to outdoor living space. The backyard is designed for low maintenance outdoor living, featuring a spacious covered patio, relaxing sparkling pool, fire pit, putting green and even a new pickleball court! Additionally, there is an RV gate and parking area for added security and convenience. All this just 30 minutes from the airport!

3038 E Waterman Way Gilbert, AZ 85297

$1,599,000
4 Beds
3.5 Baths
4,148 SqFt
Status Active
MLS # 6704121
Property Type Single Family Residence
Price Type --
We are LIVE and ready for private tours. This home is spectacular! Great livable floor plan with a teen/flex room. Big rooms with extra space for all your personal items. Oversized 3 car garage with tall ceilings for extra storage. The backyard is amazing with a sports court, a great pool, and lots of open space. The casita is perfect and has a private entrance for guests. You'll be glad you looked at this home.

27828 N 143rd Street Scottsdale, AZ 85262

$1,599,000
5 Beds
7 Baths
6,238 SqFt
Status Active
MLS # 6743354
Property Type Single Family Residence
Price Type --
Discover the epitome of luxury and privacy in this stunning custom-built home located in the prestigious Rio Verde Foothills. Nestled on nearly 2 acres, this fully furnished, move-in-ready estate offers an unparalleled living experience with its exquisite design and high-end amenities. Spanning 6,200 square feet across two levels, this expansive residence features 5 bedrooms, 7 bathrooms, an oversized 3-car garage, a heated pool and spa, a dedicated media room, a fully equipped gym, and much more. The open floor plan seamlessly connects the living spaces, beginning with a gourmet kitchen that boasts natural Alder wood cabinetry, a 6-burner gas cooktop, double wall ovens, a warming oven, dual sinks, a raised counter island with additional seating, and a charming breakfast nook overlooking the luxurious backyard. The ground floor primary suite is a sanctuary of comfort, complete with a cozy sitting area by the fireplace, a television, direct access to the backyard, and an opulent ensuite bathroom featuring a jetted bathtub, steam shower, dual vanities, and abundant natural light. The adjoining walk-in closet is generously sized to accommodate all your wardrobe needs. For entertainment enthusiasts, the home includes a custom theater room with a 7-foot screen, a state-of-the-art sound system, and seating for up to 8 guests. The main level also offers a formal living room with a striking floor-to-ceiling stone fireplace, a formal dining room with seating for 8, an additional bedroom that opens to a private patio with chimineas and a grill, and a spacious workout room equipped with full weights and workout stations. The upper level hosts 3 additional bedrooms, each with its own walk-in closet and ensuite bathroom. A versatile flex room on this floor features a fireplace, a dedicated bar area, a television, and access to a patio that offers breathtaking views of the desert landscape, including the Four Peaks Mountain range. The backyard is a true oasis, showcasing a newly constructed $200,000 heated swimming pool and spa, surrounded by elegant travertine tile. Additionally, the property features a full-size sport court and a raised bed garden area. The adjoining parcel further expands the lot, providing ample space for outdoor activities. A highlight of this home is the impressive solar system, which powers the entire property, ensuring low energy bills even during the peak summer months. The system includes battery storage capable of powering the home for nearly a week in the event of a blackout, offering complete peace of mind. Home is also close to Four Seasons Troon, Troon North Golf Club, Scottsdale National Golf Club, Swan Sushi, Needle Rock Kitchen & Bar as well as miles of hiking, biking, and equestrian trails

27 E Cactus Wren Drive Phoenix, AZ 85020

$1,599,000
5 Beds
3.5 Baths
3,712 SqFt
Status Active Under Contract
MLS # 6693943
Property Type Single Family Residence
Price Type --
WELCOME TO YOUR DREAM ENTERTAINMENT HOME! Host large gatherings easily in this beautifully renovated property on a large cul-de-sac lot in the prized North Central corridor. This contemporary home boasts five generously sized bedrooms, three and a half bathrooms, and an additional bedroom/office and bonus room; ideal for multi-generational living. The first-floor owner's suite and additional bedroom with an ensuite bathroom upstairs, provide ample space and privacy. Luxury plank vinyl flooring is featured throughout, except in bathrooms. The kitchen features new, high-quality cabinetry and top-of-the-line appliances, including two Fulgor Milano ovens, a stove, and a warming drawer. These appliances come with both stainless steel and matte black doors, not just panels The in-ceiling stove vent is space-saving and seamlessly blends into the kitchen. The dishwasher and speed oven are from Café. The fridge and freezer towers are from Jenn Air, featuring a stainless steel exterior and an obsidian black interior. The soffits in the kitchen have been removed, providing a sleek, modern look. The kitchen also boasts a 10' island with cabinets and a table. The backyard features a pool, patio, and regulation-sized pickleball court. Additionally, the home has new electrical, a new roof, and new water/sewer lines, ensuring that the home is both functional and beautiful.

3011 Avienda Del Sol -- Lake Havasu City, AZ 86406

$1,599,000
4 Beds
3 Baths
2,418 SqFt
Status Active
MLS # 6747825
Property Type Single Family Residence
Price Type --
Experience luxury living in Lake Havasu City with this exquisite home offering stunning lake and mountain views. The residence boasts vaulted ceilings, enhancing its open and airy ambiance. Enjoy a tranquil backyard oasis featuring a sparkling pool and fire pit—perfect for relaxation and entertaining. A charming casita with a kitchenette adds convenience and flexibility for guests. The property also includes a 65-foot deep RV garage with a 14-foot door, ideal for storing large vehicles. Embrace the ultimate in lakeside living with this exceptional home.

28411 N 159th Street Scottsdale, AZ 85262

$1,599,000
3 Beds
3.5 Baths
3,807 SqFt
Status Active
MLS # 6627922
Property Type Single Family Residence
Price Type --
NEW CONSTRUCTION HOME with INCREDIBLE VIEWS! Presidio Homes hits it out of park with this expertly crafted home nestled among an enclave of luxury estates. With neatly paved roads and no HOA, you have the rare opportunity to enjoy your 1-acre home site your way. This unique contemporary home offers unrivaled mountain views from every room. The great room is open and airy with multiple patios and oversized sliders to usher in bright sunlight and expansive views. The east patio features a retractable slider for seamless indoor/outdoor entertaining. The luxurious owner's suite on the north wing offers privacy from two guest en suites on the south wing. A den with its own patio is quietly tucked away from all the noise and is large enough to be used as a TV room, office, or an enclosed formal dining room. The kitchen and great room feature custom cabinetry, quartz countertops, professional appliances, Mohawk plank wood flooring, and a linear gas fireplace with quartz hearth and surround to add warmth and style. The en suites bedrooms have walk-in closets and feature quartz countertops, floating custom cabinetry, fine porcelain flooring, European glass with porcelain surrounds and luxury fittings. In addition, the owner's suite has two large closets and a beautiful soaking tub. The laundry room also features quartz countertops and custom cabinetry, and is large enough to serve as a craft room. Details such as Mohawk wood plank flooring, solid core doors, energy efficient windows, and extensive LED recessed lighting ensure this home will be a haven of comfort, style, and convenience. The oversized 3-car garage is insulated, and the garage floor is protected by a durable resin finish. A paver driveway, walkways, and patios as well as landscaping and landscape lighting are featured along the front and sides of the home. The backyard is open for you to create your unique resort lifestyle. The new well will serve four homes, and it has great water pressure. Additional details such as LED recessed lighting under the soffits surrounding the exterior of the home, as well as lighting under the steps, create a warm inviting ambiance. A nice little bonus is that there are two exterior switched outlets to accommodate holiday lighting. Now that's convenient! Presidio Homes cuts no corners with the extra comforts you cannot readily see. They take pride in their craftsmanship, they are perfectionists in their finishes, and they build with your comfort in mind. For example, did you know that they insulate interior walls to provide quiet and privacy between bedrooms? That's an extra worth mentioning...but it doesn't stop there. To read a complete list of all the extras, please see the Features list. With the rare combination of construction excellence, stunning views, 1-acre home site to use as you like, and the quiet enjoyment of this serene environment, you truly won't find a better home than this one. It's perfect. Welcome Home!

5719 E Sweetwater Avenue Scottsdale, AZ 85254

$1,599,000
4 Beds
2.5 Baths
2,875 SqFt
Status Active
MLS # 6738666
Property Type Single Family Residence
Price Type --
Check out this stunning, fully remodeled 4 bedroom plus office / bonus room 2.5 bathroom residence nestled in a quiet setting across the street from 40 acre Sereno Park. This home has undergone extensive upgrades inside and out, top to bottom, soup to nuts... everything is brand new! Multiple indoor and outdoor sitting areas, sparkling rebuilt pool and low maintenance artificial turf. Step into a culinary haven adorned with exquisite granite counters complemented by floorto-ceiling white shaker cabinets that provide ample storage and timeless elegance. Details include sleek tile backsplash and stainless steel GE appliances, Illuminated by gorgeous light fixtures. The master bedroom has sliding glass doors, an en suite bathroom, and a JINORMOUS walk-in closet. This home is a true gem!

1300 E Coyote Pass -- Carefree, AZ 85377

$1,599,000 - 4Br/3Ba -  for Sale in Boulders Carefree Unit 4 Phase 1, Carefree
Open House
$1,599,000
4 Beds
3 Baths
3,167 SqFt
Status Active
MLS # 6757062
Property Type Single Family Residence
Price Type --
Open with Gourmet Kitchen, extensive upgrades and no steps! Enter to gorgeous wood planked ceiling, wooden beams, granite counters, large island, Bosch stainless appliances, gas cooktop. Great Room features stacked stone gas fireplace, wet bar, wine chiller & VIEWS. 2 New 18 SEER Trane A/Cs, Silicone Roof foam coated 5 yrs ago w/recent re-seal,all new skylights; New Water Softener, 2 water heaters, Re-circ pump. New plumbing fixtures, screens, satin nickel door hardware, outlets, switches, dimmers. 2.5 car garage w/cabs, new panel w/240V outlet for Golf Cart outlet/EV. New Pavers at entry & 3 large courtyards. Bfast patio & primary bedroom have direct Mountain view. Two primary suites. White Shutters. 2 community pools & heated spas, one very close by. Furnishings convey, see private rema

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