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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9020 N 33rd Way Phoenix, AZ 85028

$1,597,500
5 Beds
3 Baths
4,521 SqFt
Status Active
MLS # 6729215
Property Type Single Family Residence
Price Type --
Priced well below appraised value! Elegance & timeless charm will be found in this stunning Santa Barbara-inspired property located just mere steps from the Phoenix Mountain Preserve. This gorgeous residence greets you with rich hardwood plank & luxury Saltillo tile , high ceilings with wood beams plus beautiful wood cased windows. A central atrium creates an airy atmosphere with tons of natural light that can be adjusted with electric blinds. The open gourmet kitchen is a chef's delight with custom cabinetry, top-of-the-line stainless steel appliances with Taj Mahal leathered Quartzite countertops, an adjacent oversized laundry room, and a huge storage pantry. The heart of the home is the great room, illuminated by skylights and anchored by an authentic tiled fireplace. Step outside to to the entertainer's garden, with its large pool surrounded by lush trees. This beautiful home is perfect no matter what your lifestyles! With a large playroom/hobby room/craft room that can also be used as attached guest suite complete vaulted ceilings, fireplace, quartzite desk, lots of storage, sleeping loft and private bathroom. Flex room off loft would make a perfect kitchenette/coffee area. New Tesla Super Charger in Garage. Minutes to 51 access, downtown, airport, Basis Phoenix Primary, new PV Mall redevelopment, biking/walking trails, Press Coffee, 32 Shea, many other fine restaurants. Check out these amazing details & features: ***

3001 S Tourmaline Drive Unit 25 Flagstaff, AZ 86005

$1,595,900
3 Beds
3.5 Baths
1,888 SqFt
Status Active Under Contract
MLS # 6723084
Property Type Townhouse
Price Type --
Furniture included at list price with this Extremely sought-after, ground level condominium. It features an open floor plan, a guest Casita and a large walled-in wrap-around patio Built in 2021, This home is loaded with upgrades including Sub-Zero side-by-side refrigerator, Wolf oven/range and built-in microwave, Quartz countertops, 7' kitchen island with bar seating, Tongue and Groove ceiling, built-in custom wet bar with Sub-Zero wine refrigerator, copper bar sink and glass fronted cabinets, extended stone fireplace wall with linear gas fireplace and exposed wood beams and luxury top-down/bottom-up insulating, There are automated window coverings throughout, including blackout in the primary bedroom. Photos show different furniture than what conveys and is currently in property.

23491 N 125th Place Scottsdale, AZ 85255

$1,595,000
3 Beds
3 Baths
2,390 SqFt
Status Active
MLS # 6751411
Property Type Townhouse
Price Type --
Welcome to a modern, open-concept design completed in 2023 & only walking distance to the Mountain Lodge at Sereno Canyon, offering the lifestyle of resort living & showcasing crisp, clean architectural lines that seamlessly blend elegant living with the natural beauty of North Scottsdale's Sonoran Desert. Upon arrival, guests are greeted by a front fire-pit and paver patio, perfectly situated for gatherings against a backdrop of stone columns and walls. The modern glass entrance leads to a cozy foyer, unveiling a great room designed for both entertaining and relaxation, featuring a linear gas fireplace surrounded by floor-to-ceiling tile. Wide plank tile flooring extends throughout the home, complemented by custom chandeliers and lighting that create a bright, airy ambiance. The airy living area opens to the outdoor space, perfect for a low-maintenance lifestyle with covered patio finished with stone hardscaping, nestled near a private spool with stone wall water feature. Turf scaping outlined by desert vegetation & custom succulent wall planter complete the space. This carefree home is situated in an ideal setting for a relaxed lifestyle, surrounded by desert & mountain views, & in walking distance to the community's Mountain House Lodge featuring guest cottages, heated pools, fitness center, spa services & luxurious fine dining. Troon Golf course, Tom's Thumb trailhead and Pinnacle Peak are nearby to enjoy the beauty of the outdoor living in the Arizona desert.

9781 E Gamble Lane Scottsdale, AZ 85262

$1,595,000
4 Beds
3 Baths
3,166 SqFt
Status Active
MLS # 6754348
Property Type Single Family Residence
Price Type --
Fantastic opportunity to own a completely remodeled, single level home in the Monument at Troon North. Fall in love with its gorgeous open floorplan featuring wood floors, linear fireplace in great room, chefs kitchen with Wolf Range, double ovens, under/over/inside cabinet lighting, huge breakfast island and quartzite counters. Your favorite room will be the dining room with its lovely view and wall to wall hutch that makes a statement. The inviting primary suite features cozy fireplace and a exit to back patio and view deck. Enter primary bath thru barn door into spa like bath with free standing tub, double sinks, huge shower, private water closet and large walk in closet with organizers. Huge second ensuite with lots of closet space and lovely bath with backlite mirrors, tiled mirror, tiled wall and a lot of style. Large 3rd and 4th bedroom offer walk in closets, shutters, nicely sized, 4th has private patio. Well laid out laundry room with sink and extra refrigerator space. This corner lot gem is a must see, desert landscape with a lot of lights and RV gate, this lot is large enough for putting green, pool and ramada! Garage is 3.5 at least and extended.

14147 W Greentree Drive Litchfield Park, AZ 85340

$1,595,000
4 Beds
3.5 Baths
4,110 SqFt
Status Active
MLS # 6756275
Property Type Single Family Residence
Price Type --
This stunning remodeled ranch on Wigwam's Red Golf Course offers luxury and comfort in every detail. Featuring 4 bedrooms, a separate office, and 3.5 bathrooms in 4110 sq ft of living space, this single-level home includes a 3 car garage with a separate golf cart door. The heated pool and spa, covered outdoor kitchen and open floor plan make this property perfect for entertaining and enjoying the Arizona weather. With Vaulted ceilings, spectacular views and chef's kitchen this ranch is a blend of modern luxury and classic charm. Don't miss the opportunity to own this exceptional property in a PRIME golf course location.

1430 S Cherry Circle Dewey, AZ 86327

$1,595,000
5 Beds
6 Baths
8,713 SqFt
Status Active
MLS # 6751002
Property Type Single Family Residence
Price Type --
You'll fall in love with this exquisite mountain estate, set on nearly 4 acres of picturesque land nestled within the foothills of Dewey. Offering breathtaking 360-degree views of the surrounding mountains, this ''R. Dewey Ranch'' property is the perfect ranchette, designed for those who appreciate both luxury and beauty. Whether you dream of creating a vineyard, cultivating gardens, raising horses, or hosting gatherings for loved ones, this estate provides the ideal setting. Upon approach, you're greeted by a charming covered front paver porch that spans the length of the house, inviting you to take in the serene surroundings. Step inside to be captivated by the soaring ceiling of the great room, where the floor-to-ceiling river rock wood-burning fireplace serves as a stunning focal poin Gorgeous wood floors and a wall of windows in the dining room flood the space with natural light, creating an inviting atmosphere for entertaining or simply relaxing. This architecturally stunning home features 5 spacious bedroom suites, each thoughtfully designed for comfort and privacy. The heart of the home is the gourmet kitchen, a chef's paradise equipped with a commercial-style Viking range, a side-by-side cabinet-front refrigerator, a stainless steel Viking hood, and an abundance of designer cabinetry. Custom granite countertops, tile floors, island with a breakfast bar, and a massive walk-in pantry complete the kitchen, making it a space where culinary dreams come to life. The wet bar, complete with a beverage refrigerator, offers a convenient spot for serving guests, enhancing the home's entertaining capabilities. Down the hall, the family room provides an intimate gathering space, featuring tongue and groove ceilings, peeled-pole accent columns, built-in cabinets and bookshelves, a fireplace, and a built-in desk. This cozy retreat is perfect for family evenings or quiet reading sessions. The primary suite is a luxurious and spacious retreat, with double French doors leading to the back deck. The suite features a two-way gas fireplace that faces into the spa-like ensuite bathroom, where you'll find a dual-sink vanity, a large walk-in closet, a stone tile walk-in shower, and a jetted soaking tub positioned beneath a window that allows natural light to pour in. Additional main-level amenities include a well-appointed laundry room with built-in cabinets and ample counter space, a powder room, and a sunroom that houses a hot tub, providing a private oasis for relaxation. Ascending the front staircase, you'll find a versatile loft space overlooking the great room. With built-in cabinets and desks, this area is ideal for a home office, study, or homeschool room. Down the wood-floored hallway are 3 additional ensuite bedrooms, each with walk-in closets and beautifully appointed bathrooms. The last room on this level can serve as a nursery, playroom, office/den, or an additional bedroom, offering flexibility to suit your needs. Descending the back staircase to the basement level, you'll discover a theater room, perfect for movie nights, and a vast gym room with a wall of mirrors, providing a dedicated space for fitness enthusiasts. Adjoining the theater room is a game/billiards room, ideal for entertaining. Beyond the double French doors lies an in-law suite, complete with a living, dining, and kitchenette, leading to the fifth bedroom suitean ideal setup for guests or extended family. The home also features substantial garage space, with a 4-car garage on the main level and an additional attached 2-car garage on the basement level, ensuring plenty of room for vehicles, storage, or a workshop. The outdoor spaces are equally impressive, with expansive decks on both the upper and main levels, the latter spanning the entire back of the home. The sprawling grassy backyard invites exploration, leading you to a charming children's playhouse, a pool-sized pond/water feature, and four paddocks ready for horses, gardens, or even a vineyard. The home has new roofing, gutters and skylights that were all updated in 2022. With security doors on each exterior door, you can enjoy the fresh mountain breeze flowing through the home every day. Surround yourself with unparalleled luxury, peace, and quiet in this exceptional mountain estate, where stunning views and serene surroundings await. This remarkable home is ready to be yours, offering a lifestyle of comfort, beauty, and tranquility.

10887 E Peak View Road Scottsdale, AZ 85262

$1,595,000
3 Beds
3 Baths
3,284 SqFt
Status Active
MLS # 6751836
Property Type Single Family Residence
Price Type --
Beautiful Custom Build in Highly Desirable Guard Gated Community of Candlewood Estates at Troon North. Walking distance to Brown Ranch Trail. Enjoy Breathtaking Views of the Mountains and Watch the Sunset Over the Sonoran Desert. The House is Nestled on a Corner Lot of a Cul-De-Sac Surrounded by Protected Land Giving You Privacy. Recently Renovated; Wood Floors, Custom Built Cabinets, Pella Doors, Custom Power Blinds, Primary Bath, and SubZero/Wolf Appliances. A Resort Style Backyard and Pool. Pool Equipment, Outdoor Kitchen Equipped with Twin Eagles BBQ, Teppanyaki Grill, and Power Super Burner in June 2022. No Expense Spared on Upgrades. Water Features and a River Flowing Into the Pool to Complete Your Own Private Resort. Don't Miss This Perfect Opportunity to Have Your Own Oasis.

7834 N 11th Avenue Phoenix, AZ 85021

$1,595,000
4 Beds
3.5 Baths
3,480 SqFt
Status Active Under Contract
MLS # 6746049
Property Type Single Family Residence
Price Type --
This is the home you've been waiting for! Built in 2018, featuring stunning surfaces, an amazingly functional floorplan, a brand new pool and yard, and located in one of the best neighborhoods in North Central, this is an absolute must see. This residence offers a spacious and functional layout with an office and a split floor plan that includes a luxurious master suite with a large bathroom and walk-in closet. The kitchen features a large island, high-end cabinets, and quartz countertops. The open living area features the best of ''great room'' living with defined spaces but flow and breadth. Features are too numerous to list but will be sent upon request. The generous lot includes a backyard perfect for entertaining and a huge patio ideal for alfresco dining.

2740 E Friess Drive Phoenix, AZ 85032

$1,595,000
5 Beds
4 Baths
4,230 SqFt
Status Active
MLS # 6744180
Property Type Single Family Residence
Price Type --
Luxury living- this custom-built home (1 owner) is nestled into the edge of the mountain preserve in a gated community on a private street. Beautiful mountain views. Inside find a spacious layout featuring 12-foot high ceilings and an abundance of natural light. The master suite boasts a massive walk-in closet, luxurious jetted tub, and snail shower. Private casita, ideal for guests / multi-generational living. Two covered back patios with stunning city views with a private gated courtyard offers additional space for relaxation and enjoyment. This home features 3 Trane air conditioners, water softener, and two 40-gallon water heaters. Plumbed with propane for fireplace, an outdoor grill and fire-pit. Amazing location - close to hiking, freeways, & more. Space to build ADU/play area/ et

10239 N 125th Street Scottsdale, AZ 85259

$1,595,000 - 5Br/5Ba -  for Sale in N/a, Scottsdale
New
$1,595,000
5 Beds
5 Baths
2,700 SqFt
Status Active Under Contract
MLS # 6757417
Property Type Single Family Residence
Price Type --
STUNNING parcel with SPECTACULAR views! Over 2 acres of natural landscape, perfect for your dream home. Currently graced with a charming, hacienda style home, featuring a gorgeous courtyard, basement apartment with wine cellar, as well as a separate casita. Surrounded by nature - the perfect place to envision your Oasis in the desert. Possibility to build MASSIVE family compound, with over-sized home, casita, separate gym, sports courts, RV-multiple garages, horse barns, etc. per builder's/homeowner's imagination. Fresh desert air, brilliant star-filled skies, striking mountain views and spectacular sunsets! Minutes away from all the best & most sought-after activities/events. SPRING TRAINING, GOLF, HORSEBACK RIDING, HIKING, PICKLE BALL/TENNIS, BOATING. CLOSE to Scottsdale Airpark & PHX

808 E Carver Road Tempe, AZ 85284

$1,595,000
4 Beds
3.5 Baths
3,938 SqFt
Status Active Under Contract
MLS # 6755810
Property Type Single Family Residence
Price Type --
Discover unparalleled luxury in this custom South Tempe estate, situated on a sprawling 28,000-square-foot lot in one of the area's most coveted neighborhoods. The expansive 1,200-square-foot RV garage has been transformed into an air-conditioned haven, perfect for a game room or movie theater. With architectural plans in place, there's also the option to convert it into a 2-bedroom, 2-bath guest house or use the space to store your RV or boat. Inside, 12-foot ceilings throughout create an open and elegant ambiance. The gourmet kitchen is a chef's delight, boasting a 6-burner Viking stove, granite countertops, a spacious island, a breakfast nook, and premium appliances. The master suite is a serene retreat, complete with a jacuzzi tub, dual vanities, and an expansive walk-in closet, while all additional bedrooms also feature walk-in closets. One bedroom is a private mother-in-law suite, offering direct access to the resort-style backyard. Outside, your personal paradise awaits with a sparkling pool, waterfall, and slide. Two built-in grill areas, a wet bar, and expansive covered patios offer the perfect setting for outdoor entertaining and relaxation. Ideally located, this home offers exceptional walkability to South Tempe's best dining and shopping, including Postino South Tempe, Ghost Ranch, Craftsman Cocktails & Kitchen, Bahama Bucks, Sprouts, Sole Sports, and One Tribe Yogaall just half a mile away. You'll also enjoy proximity to top-rated schools, Tempe Sports Complex, and major attractions like ASU, Sky Harbor Airport, and the Cardinals training facility. With no HOA and an unbeatable blend of luxury, convenience, and entertainment, this home offers a truly unmatched lifestyle in one of the most desirable communities in South Tempe.

31509 N 55th Way Cave Creek, AZ 85331

$1,595,000 - 5Br/5Ba -  for Sale in Santolina, Cave Creek
New
$1,595,000
5 Beds
4.5 Baths
4,142 SqFt
Status Active
MLS # 6757142
Property Type Single Family Residence
Price Type --
If you have been searching for perfection, you have arrived. Every inch of this home was designed with intention. This highly upgraded home on a premium lot embodies the best of both indoor and outdoor living. In over 4100 SF, there are 5 bedrooms/4.5 baths including a casita with a separate entrance and a guest wing with 3 bedrooms (1 is en-suite) and a playroom/living room. Huge great room with a full wall of sliding doors. Executive kitchen with professional grade 48'' KitchenAid gas range/oven and Sub-Zero fridge, 2 addl'l ovens and 2 dishwashers, quartz counter and a massive island, expanded laundry room and extended breakfast room to include an additional seating area. This wonderful outdoor space was designed for a small gathering or hosting a crowd-sparkling pool with motorized child safe pool cover, outdoor sound system and no maintenance turf. Enjoy popsicles poolside and grilling in the outdoor kitchen, once the seasons change, cozy up by the fireplace and roast marshmallows. Owned solar with extremely low electric bills. Enjoy exclusive access to community amenities, including walking trails, recreational areas, and more. Trek 15 minutes north and you'll find Cave Creek's most established haunts, while 20 minutes south is world class shopping. Please reach out to us for a full list of upgrades

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