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 99^th 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.

What‘s 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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13778 E Charter Oak Drive Scottsdale, AZ 85259

$1,595,000

3 Beds

2.5 Baths

3,060 SqFt

Status Active

MLS # 6740773

Property Type Single Family Residence

Price Type --

Experience luxury living in this guard gated Scottsdale Mountain home. Updated with light & bright finishes, floor-to-ceiling windows & sliding glass doors that frame breathtaking mountain views. The chef's kitchen boasts an immense island w/ stainless steel appliances & endless counter space that seamlessly flows into the family room & out to the backyard. Enjoy alfresco dining in the spacious covered patio, overlooking a sparkling lap pool. The primary suite is a true retreat, w/ direct access to the outdoors. The spa-like bathroom offers a large walk-in glass shower, a luxurious soaking tub, and an expansive walk-in closet. Secondary bedrooms are equally spacious, providing tremendous flexibility for your needs. This exquisite home combines elegance, comfort & breathtaking scenery. Go to our website for more information.

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19617 N 39th Drive Glendale, AZ 85308

$1,595,000

4 Beds

3.5 Baths

4,024 SqFt

Status Active

MLS # 6733689

Property Type Single Family Residence

Price Type --

Welcome to Vision Hill Estates! This brand-new, single-level home is perfect for creating unforgettable memories. With 4 spacious bedrooms, 3.5 luxurious baths, and a 3-car garage, it offers ample space for family and guests. The expansive lot, just under half an acre, ensures privacy and space to enjoy. Step inside to discover a large, open gourmet kitchen with high-end finishes, a walk-in pantry plus an additional room for extra storage. Conveniently located near the 101, 51, and 17 freeways, Vision Hills Estates provides easy commutes throughout the Valley of the Sun. The large backyard is ready for you to create your own private oasis. Don't miss this opportunity to make this stunning home your own in this exclusive community. Come and experience a blend of luxury and convenience. Energy Efficient home built with 2x6 construction and a 400 amp electrical panel.

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5450 E Desert Creek Lane Cave Creek, AZ 85331

$1,595,000

3 Beds

3.5 Baths

3,294 SqFt

Status Active Under Contract

MLS # 6667196

Property Type Single Family Residence

Price Type --

Custom built, one owner home near prestigious Rancho Manana of Cave Creek. Spectacular panoramic mountains views to the north with quiet, serene privacy can be yours. The quality is obvious throughout the large living room with fireplace, flowing into the kitchen with large, natural granite island, walk in pantry, large dining area, all looking out to north facing views. The outdoor ent ensuite bedrooms, a guest ensuite bedroom with kitchenette and a large office with terrific mountain views. This home is efficiently powered with the help of natural gas and two high end zoned A/C systems. An oversized 2 car garage offers an abundance of storage. The home is finished with high ceilings, custom inlaid stone, wood and tile floors, custom cabinetry and an open floor plan. Don't miss that the 2.37 acre vacant parcel to the west is currently on the market and for sale at $440,000. It could be added to the current 1.64 acres. This would provide you the opportunity to own 4+ acres in total. It may be possible to combine the parcels which should provide options for additional structures to be constructed, or you could sell the other parcel at a later date. Additionally, see the documents tab for reasons why Cave Creek should be your new home! This home is just what you've been looking for. If you want seclusion, privacy and quiet ...this is it!

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33101 N 82nd Street Scottsdale, AZ 85266

$1,595,000

5 Beds

3.5 Baths

4,026 SqFt

Status Active

MLS # 6713004

Property Type Single Family Residence

Price Type --

Your N. Scottsdale oasis can be found here! This stunning 5 bedroom home sits on just over an acre with expansive desert views seen from the covered balcony off the incredible primary suite featuring its own sitting room & 2 walk-in closets. Enjoy the propane heated sparkling pool & spa with true privacy in your dream backyard due to lush and mature landscaping on this corner lot! No HOA here- currently a successful vacation rental & great opportunity to take over if interested. The pride of ownership, extensive upgrades & high attention to detail the owners have had in maintaining this property has prevented the typical ''wear & tear'' of STR. Solar is OWNED & a huge asset for enjoying this property however you like (electric bills & list of major property upgrades in documents tab)!

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7806 E San Carlos Road Scottsdale, AZ 85258

Open House

$1,595,000

3 Beds

3 Baths

2,382 SqFt

Status Active

MLS # 6744714

Property Type Single Family Residence

Price Type --

Discover the epitome of luxury living in this exquisitely remodeled 3-bedroom haven. Each bedroom boasts its own private ensuite bathroom and walk-in closet, offering ultimate privacy and indulgence. A chef's dream, the kitchen is equipped with top-of-the-line Viking appliances and provides a stunning centerpiece for the home. Abundant natural light fills the space through large sliders that open to a serene courtyard. Experience peace of mind within the secure confines of this guard-gated community. Enjoy resort-style living with multiple swimming pools, nearby golf courses, and convenient shopping just moments away. This turnkey property offers effortless living without the stress of maintenance. Indulge in the ultimate lifestyle.

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30855 N 117th Drive Peoria, AZ 85383

$1,590,000

3 Beds

2.5 Baths

3,696 SqFt

Status Active

MLS # 6749385

Property Type Single Family Residence

Price Type --

Spectacular Toll Brothers home sitting on over 1/3 of an acre in the exclusive guard-gated community of Blackstone! The resort-style backyard features high-end travertine decking, heated pool & spa, built-in stone wrapped BBQ, fire pit and water features, pergola, lush greenery, and a power sun shade. Inside you will find a custom iron/glass front door, 10' ceilings throughout, white gourmet Kitchen with extra large island, lighted upper cabinetry, Wolf and Sub-Zero appliances, 15' glass pocket door in Great Room, 4' extensions in the Primary Suite and Breakfast Room, and an oversized Laundry Room. The Primary Suite has a custom built-in closet, a floor-to-ceiling luxury tile shower and soaking tub. OWNED solar and indoor/outdoor surround sound system. The 3 car garage has a 4' extension.

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9191 E Hoverland Road Scottsdale, AZ 85255

$1,590,000

2 Beds

2.5 Baths

2,417 SqFt

Status Active Under Contract

MLS # 6756627

Property Type Townhouse

Price Type --

Don't miss this rare opportunity to own a premier,corner lot in Desert Camp Villas at DC Ranch! Surrounded by a lush tranquil park, this single level home offers generous sized rooms & high ceilings. Year round outdoor living is yours with two patios. Enjoy McDowell Mountain Views on the east facing patio, complete with gas fire pit for cool evenings. Located on a cul-de-sac, this pristine home offers luxurious upgrades throughout including new wood floors in all bedrooms. The open den/office is a perfect blend of function & design; the kitchen features a full suite of Viking Professional SS appliances. DC Ranch Community Center is across the street w/ added pickle ball courts & updated gym. Conveniently located around the corner from restaurants and shopping at Market Street. If you're looking for a great lock & leave, this is it!

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1825 E Adams Street Phoenix, AZ 85034

$1,590,000

5 Beds

5.5 Baths

4,791 SqFt

Status Active

MLS # 6626952

Property Type Single Family Residence

Price Type --

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700 N Dobson Road Unit 22 Chandler, AZ 85224

$1,590,000

6 Beds

4.5 Baths

5,200 SqFt

Status Active Under Contract

MLS # 6738230

Property Type Single Family Residence

Price Type --

Experience unparalleled luxury in this 5,200 sq ft custom home, located in the exclusive La Glorieta community on just under ½ an acre. This residence features 6 bedrooms, 4¼ baths, and a versatile den/office. The property makes a striking impression with its extended driveway and spacious 3-car garage. Inside, you'll find Saltillo flooring, high ceilings with exposed beams, and abundant natural light, creating a welcoming and sophisticated atmosphere. Also a formal dining room and cozy family room with a fireplace. The chef's kitchen is a culinary delight, showcasing rich wood cabinets, granite countertops, stainless steel appliances, recessed lighting, a built-in desk, double wall ovens, a pantry, a center island, and a breakfast bar. This home is the essence of AZ luxury living! Double doors open to the main retreat, comprised of soft carpet throughout, private outdoor access, a convenient sitting area, a walk-in closet, & an enchanting bathroom with dual vanities. The amazing backyard is an entertainer's dream, including a pergola-style covered patio, manicured landscape, built-in BBQ, & a sparkling swimming pool with a stone waterfall & a slide! This gem is TRULY a remarkable place to call HOME!! Don't miss out!

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1314 E Coyote Pass Carefree, AZ 85377

$1,589,000

3 Beds

2.5 Baths

2,786 SqFt

Status Active

MLS # 6658952

Property Type Single Family Residence

Price Type --

Rare opportunity! Beautiful custom home in the highly sought after Boulders Community. Perfectly sited on the world renowned North Course, this home presents a Southwest contemporary style that is timeless. Tastefully remodeled kitchen and baths and travertine flooring add to the charm. Thoughtful design and abundant windows showcase the high desert palette. Single level with a generous, shaded patio and mature landscaping, the location is ideal with large homesites in the desirable north community providing uncommon privacy. A new water heater and concrete tile roof for easy maintenance. Discover the Boulders. Close to all the shopping, dining and fun events of Carefree and Cave Creek. The world famous Boulders Club offers championship golf, tennis, pickleball and fitness.

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3018 N 50th Street Phoenix, AZ 85018

$1,585,000

5 Beds

4.5 Baths

3,819 SqFt

Status Active

MLS # 6739740

Property Type Single Family Residence

Price Type --

Experience the best of Arcadia living - walking distance to the greenbelt, OHSO, all of Arcadia's best amenities. This home features 5 bedrooms, 4.5 bathrooms, and over 3,800 square feet of luxurious living space. The gourmet kitchen boasts slab granite counters, an island, an eat-in area, and opens to a large family room. The primary suite includes a private balcony with Camelback Mountain views, dual walk-in closets, a jetted tub, and a walk-in shower. With two primary suites, one on each floor, the home offers flexibility and privacy. Enjoy high ceilings, formal living and dining areas, a loft, and covered patios in front and back. The property includes a three-car tandem garage and ample sized backyard. Situated on a cul-de-sac street and in the popular Arcadia Osborn neighborhood.

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28729 N 107th Street Scottsdale, AZ 85262

$1,585,000

4 Beds

4.5 Baths

4,197 SqFt

Status Active Under Contract

MLS # 6725068

Property Type Single Family Residence

Price Type --

Welcome to the coveted, guard gated community of Candlewood Estates at Troon North! Surrounded by breathtaking desert landscape, renowned golf courses, pickle ball, tennis courts, hiking, and biking trails. Property is situated on an elevated Cul-De-Sac lot. Modern sleek curb appeal with low maintenance landscaping. Upon entering you are welcomed with an abundance of natural light, 20+ foot ceilings, and picturesque windows highlighting majestic mountain views. Open floor plan with great indoor outdoor flow. Resort style backyard- adorned with greenery, inviting pool and spa, outdoor fireplace, built in BBQ and misting system. Perfect for entertaining! 4 Bedrooms, 4.5 Bathrooms. Spacious upper level primary retreat featuring a romantic fireplace and balcony. Open concept kitchen with walk in pantry and dedicated dining space. Spacious large laundry room with built in sink. 3 Car Garage. Ample storage throughout. Attached Casita with full bath. 2022 Water heater, newer RO system and soft water system, and brand new washer and dryer.

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