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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8372 E San Salvador Drive Scottsdale, AZ 85258

$1,580,000

4 Beds

3 Baths

2,486 SqFt

Status Active

MLS # 6747650

Property Type Single Family Residence

Price Type --

Fully Remodeled 4 Bedroom, 3 full bath shows like a model home. Open Great Room Layout with white gourmet kitchen, gas cooktop oversized textured stone center island overlooks lush green resort back yard with sparkling pool. 15' retracting glass door opens to Arizona outdoor living. Luxurious wide-plank wood floors throughout the home with no steps anywhere. Wide hallways, high ceilings, recessed can lights, and smooth stucco exterior make this 2014 remodel feel new. Low maintenance green turf with pavers. 3 Car Garage. Owner's suite overlooks pool and provides generous closets, spa jetted tub, walk-in shower, and private toilet room with smart-commode. Dining room with gas fireplace opens to front courtyard. Private back yard on this quiet street near Cochise Elementary. NEW 14 SEER A/C

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2230 E Belmont Avenue Phoenix, AZ 85020

$1,575,000

3 Beds

2 Baths

2,313 SqFt

Status Active

MLS # 6719843

Property Type Single Family Residence

Price Type --

Nestled perfectly against the Phoenix Mountain Preserve in the highly desirable Biltmore Highlands neighborhood, this home truly has it all. This original Hallcraft home has been completely reimagined by a previous owner/architect, transforming it into a contemporary, artistic, and architecturally unique haven. Enjoy complete privacy on the front patio perched perfectly above the city for the most amazing sunset viewings you've ever seen. The backyard is equally as secluded, with untouched preserve land directly outside the view fence. With no trails covering any inch of the mountain surrounding the back of the home, you have a private oasis with a beautiful pool and sitting area completely surrounded by mountain views. The home boasts a sleek modern kitchen featuring custom Italian cabinets, a Sub-Zero refrigerator, and Caesarstone quartz countertops with a waterfall island. Each bedroom is complete with floor-to-ceiling windows, perfectly capturing the city and mountain views. A private gate provides direct access to the extensive hiking trail system within the Phoenix Mountain Preserve, just a short walk from your backyard. Additional features include custom woodwork and cabinetry throughout, a garage with custom storage, and an electric car charger. Conveniently located near the 51 freeway, this home offers easy access to the entire city and is just minutes from downtown Phoenix and Sky Harbor Airport. Experience luxury, style, and unparalleled views in this extraordinary home - come see it for yourself!

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8145 E Juan Tabo Road Scottsdale, AZ 85255

$1,575,000

3 Beds

3 Baths

3,124 SqFt

Status Active Under Contract

MLS # 6743894

Property Type Single Family Residence

Price Type --

Nestled on a serene 1-acre lot with highly coveted southern exposure, this 3,124 square foot gem is a true entertainer's paradise. The home welcomes you with a beautifully landscaped front yard, featuring a circular drive leading to a side-entry 3-car extended garage, complete with ample built-in cabinets and an RV gate. Inside, the spacious living and dining area is bathed in natural light, with French doors that open to a vast covered patio, seamlessly blending indoor and outdoor living. The heart of the home is a bright and inviting kitchen and family room, perfect for gatherings and daily life. Designed with versatility in mind, the split floor plan includes 3 bedrooms, 3 bathrooms, a den, and an additional den/hobby room, providing plenty of space for both work and relaxation. Recently refreshed with soft, neutral tones and adorned with elegant plantation shutters, this home exudes comfort and style. The resort-style backyard is an oasis, featuring a large diving pool, a soothing spa, built-in BBQ, and expansive patios framed by lush greenery. The crowning jewel is the expansive view deck, where you can savor breathtaking mountain and sunset vistas. With its thoughtful design and array of features, this home is ideal for family fun and memorable entertaining.

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6617 E Evening Glow Drive Scottsdale, AZ 85266

$1,575,000

3 Beds

2.5 Baths

2,784 SqFt

Status Active

MLS # 6758361

Property Type Single Family Residence

Price Type --

Terravita sought-after Aurora model! Impeccably maintained with 13 foot soaring coffered ceiling and multiple rows of windows to bring in beautiful Arizona sun and sunsets. Three bedrooms, 2.5 baths, 2 car garage and spectacular backyard with pool. Lovely landscaping! Split primary and guest areas. Entrance has colorful Chihuly chandelier. Travertine flooring throughout. All cabinetry in home feature exotic woods: zebrawood, burled walnut, Bird's eye maple, Wenge and Rosewood! Open floorplan with lots of windows and doors to outside. Den/office off entrance. Plenty of great built-in cabinetry. Great room, dining room, kitchen and nook area also surrounded with windows and door to patio. Kitchen is a chef's dream! Great island design with extended seating area. See Floor Plan! Subzero refrigerator/freezer, new gas cook top with SS vent, new French door double ovens, new microwave, large pantry, exotic wood cabinetry with some glassed front upper cabinets, designer backsplash. Great room has stacked stone with a tiled framed fireplace. Striking chandelier over table. Primary bedroom large and again with lots of windows. Separate alcove seating area. Doors to patio. Hallway with exotic wood linen cabinet. Primary bath has separate exotic wood vanity areas, large whirlpool tub, walk-in shower. Second bedroom is spacious with glass fronted linear closet. Bathroom has exotic cabinetry and lovely stone with walk-in shower. Powder room has stunning glass bowl sink with designer faucet. Large laundry room and beverage/serving room. Lots of cabinets, sink and wine cooler. The backyard! A continuation of immaculate attention to detail! An entertainer's paradise. Covered and paved patio area has extended slatted cover. Stacked stone seating wall with stone featured fireplace. Pool with wall of water features. Multiple seating and dining areas. Separate grill area. Paved walkway on side of home and the lush landscaping is everywhere. Roof and HVAC replaced. This home is truly a magnificent gem! Make it your own!

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20063 N 83rd Place Scottsdale, AZ 85255

$1,575,000

3 Beds

2.5 Baths

2,704 SqFt

Status Active

MLS # 6740838

Property Type Single Family Residence

Price Type --

Step into this exquisite single-story home nestled on a coveted corner lot overlooking the lush Golf Course in the exclusive guard-gated Talon Retreat community at Grayhawk. This TW Lewis home offers stunning sunrises, tranquil desert views and vibrant golf course activity. This refined residence offers an open floor plan with soaring 12' ceilings, gas fireplace with natural stone surround, a gourmet kitchen with elegant Shaker cabinets, sleek quartz counters with timeless Calacatta Gold marble herringbone tile backsplash. The serene primary suite provides a tranquil escape with a cozy sitting area and private access to a secluded patio. Relax in the backyard sanctuary complete with heated pebble tech pool, gas fire pit and sweeping mountain vistas. Situated in a peaceful and impeccably manicured neighborhood and a short leisurely stroll to a vibrant shopping district and exceptional dining.

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22023 N 34th Way Phoenix, AZ 85050

$1,575,000

5 Beds

4 Baths

3,568 SqFt

Status Active

MLS # 6757379

Property Type Single Family Residence

Price Type --

Discover the modern gem you've been waiting for! Built in 2021, this stunning home is better than new! Nestled in Sky Crossing, a sought-after master-planned community in North Phoenix, this home offers luxury, comfort, and convenience. With 5 bedrooms, 4 bathrooms, and a spacious great room, this open-concept design is ideal for family living and entertaining. The gourmet kitchen features a large island, gas cooktop, built-in combo ovens, an abundance of cabinetry, and a custom beverage bar. Granite countertops, stainless steel appliances, walk-in pantry and a butler's pantry make this the ideal kitchen. Step outside and enjoy your private oasis, featuring a heated saltwater pool and spa, a built-in gas fireplace, low-maintenance turf, all backing to serene open space. OWNED SOLAR!!! Owned solar equals significant utility savings! Inside, the great room is accented by a custom gas fireplace with beautiful tile work, while the multi-slider doors flood the space with natural light, seamlessly connecting indoor and outdoor living. A full bedroom with a wall bed and en-suite bathroom is located downstairs which ideal for guests or extended family. Upstairs, the master suite is a peaceful retreat with a walk-in tiled glass shower, double vanity, and an expansive closet. The versatile loft offers space for a home office, media room, or workout space while the 2nd floor laundry room adds convenience. A three-car tandem garage with a Tesla EV charger completes this exceptional home. Sky Crossing offers residents access to premium amenities, including a state-of-the-art fitness center, a resort-style pool, and a vibrant community calendar filled with events and activities. Located minutes from Desert Ridge shopping, dining, and with easy access to the 101, 51, and I-17 freeways, this home is in a prime location. Don't miss out on this rare opportunity to own a modern, luxurious home in a thriving community. Your dream home awaits!

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27101 N Palo Fiero Road Rio Verde, AZ 85263

$1,575,000

3 Beds

3 Baths

3,949 SqFt

Status Active

MLS # 6757927

Property Type Single Family Residence

Price Type --

Welcome to your dream home, nestled in the highly sought-after Tonto Verde community. GOLF COURSE MEMBERSHIP available for purchase. This bright and energetic 3,949 sq. ft. residence offers breathtaking views of the fairway and Four Peaks from its expansive large windows, allowing natural light to fill every corner. The oversized primary suite offers comfort & space to unwind, while the other two spacious bedrooms provide ample room for family or guests. With 3 full bathrooms, this home is perfect for both everyday living and entertaining. The heart of the home is the open kitchen, featuring a large island ideal for meal prep or gathering with friends. The kitchen flows seamlessly into the living areas, where you'll find a wet bar—perfect for hosting and making memories. Situated on a large lot, the backyard is a true resort style living space, featuring a beautiful pool overlooking the stunning landscape, providing a tranquil escape after a day on the course. Don't miss out on this incredible opportunity to live in a community that combines luxury living with an active lifestyle!

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8 Biltmore Estates Drive Unit 124 Phoenix, AZ 85016

$1,575,000

2 Beds

2.5 Baths

2,376 SqFt

Status Active

MLS # 6744554

Property Type Apartment

Price Type --

Luxurious and carefree lock and leave living on the Biltmore Estates golf course with stunning course, city skyline and sunset views. This perfect 2 bedroom plus den condominium is a rare opportunity as it has one of the very best locations in the complex, is highly upgraded and is in immaculate condition. Located on the ground level, it offers a large patio with direct access to the course and pool. Its location, toward the south end of the complex, offers the very best views and privacy. The great room, with floor to ceiling doors and fireplace, opens to the lush patio and golf course/green grass views. Gorgeous kitchen with an island features quartz counters, quality cabinetry with pullouts and Sub Zero/Wolff appliances. The spacious primary bedroom suite, also opening to the patio and the same great course views, includes a large bathroom and two generous walk-in closets. The second bedroom suite has its own east facing patio and, along with the large den, is separate from the other living areas. This 8 Biltmore Estates community sits on the Estates golf course, one of two 18 hole public courses in the surrounding Biltmore community. Features include a beautiful clubhouse with catering kitchen, large workout facility, lovely heated pool with spa and outdoor kitchen, underground parking. The renowned Biltmore Hotel with its restaurants and spa, 8 pools, and brand new clubhouse with stunning views from its patio are just steps away. Nearby Biltmore Fashion Park offers more dining and shopping.

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21062 N 76th Avenue Glendale, AZ 85308

$1,575,000

4 Beds

4.5 Baths

4,042 SqFt

Status Active

MLS # 6734454

Property Type Single Family Residence

Price Type --

SINGLE STORY WATERFRONT luxury property in the beautiful EAGLE HEIGHTS subdivision is now for sale! This stunning, move-in ready property features all the upgrades and amenities you could desire, including private entry courtyard with stone fireplace, 3-car garage, dream kitchen with upgraded cabinets with crown molding, granite countertops, large island with center sink and breakfast bar, stainless steel appliances. All bedrooms very large & each has their own WALK -IN-CLOSET and OWN FULL BATHROOM, spacious master bedroom and master bath with granite counters and his and hers sinks. The great room also includes a triple sliding glass door which allows for indoor/outdoor living and dining. Ideally located, this home is situated in a very desirable area, with quick access to the 101freeway Bulldog(metal) security screens through out the house. Surround sound through the house .A lot of upgrade through the house, such a Venire stone all around house .Extra insulation inside the walls through out the house. Solid wood planks all interior doors. Extra window sills on all windows. This property having two APN's ;APN 200-19-350 also included as part of this sale.

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22421 N 34th Street Phoenix, AZ 85050

$1,575,000

3 Beds

3.5 Baths

2,978 SqFt

Status Active

MLS # 6749997

Property Type Single Family Residence

Price Type --

Welcome to this stunning 3 bedroom, 3.5 bathroom home located in the prestigious Sky Crossing subdivision. Built in 2020, step into this exquisite Plute home, where natural light floods the open floor plan. Whether you're whipping up a gourmet meal or simply enjoying your morning coffee, this kitchen is sure to impress even the most discerning buyer with its dual ovens, stainless steel appliance, oversized kitchen island and pantry. The primary suite is spacious with an attached en-suite that includes tiled, walk-in shower, dual vanities, and large walk-in closet. Your family and company will also enjoy their own spaces in the oversized bedrooms. This smart house features a state-of-the-art system with keyless entry and an app-controlled garage, a hardwired Sonos Sound System, as well as a Vivant security system that is added for peace of mind. The radiant barrier will also help with those electric bills and keep you cooler in the summer and warmer in the winter! Step outside through your wall of slider doors into the luxurious backyard that is an entertainer's dream! The pool and spa contain so many upgrades which include marble pavers and decking, glass waterline tile, and a pebble brilliance interior, and these are just a few of the oasis-like setting upgrades! Enjoy all the Sky Crossing amenities has to offer along with its location, which is just a short distance away from schools, parks and shopping!

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9588 E Preserve Way Scottsdale, AZ 85262

$1,575,000

4 Beds

4.5 Baths

3,214 SqFt

Status Active

MLS # 6685538

Property Type Single Family Residence

Price Type --

NEW NEW NEW ROOF, PAINT AND CARPET JULY 2024. Experience the epitome of Arizona living! Revel in the stunning mountain vistas from this exquisite property nestled within the esteemed Legend Trail Golf Course Community. Privately gated, relish in tranquility alongside a serene wash with natural landscaping. This residence boasts a 2-car garage & a private courtyard with a decorative fountain. Sheer beauty & mesmerizing attention to detail everywhere you look! The modern living room is enhanced with an entertainment niche, surround sound, & a fireplace. Highlights include tile flooring, high ceilings, fire sprinklers, plantation shutters, a formal dining room, 4 sizable bedrooms with their bathrooms, & a wet bat including a wine cooler. Look at document section for improvements. Chef's eat-in kitchen delight has granite counters, built-in appliances, a walk-in pantry, recessed lighting, cabinets adorned w/crown moulding, an island w/breakfast bar, & a pass-through window w/another breakfast bar for casual dining. The grand owner's retreat will impress you, showcasing a sunny bayed window sitting area, direct outdoor access, & an ensuite comprised of a make-up desk, two vanities, a jetted tub, & a walk-in closet. Oasis-style backyard provides a covered patio, a built-in BBQ, a lemon tree, a refreshing pool & spa combo, & amazing views. What's not to like? This dream home is the perfect one for you!

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18221 N 53rd Street Scottsdale, AZ 85254

$1,575,000

5 Beds

3.5 Baths

4,274 SqFt

Status Active

MLS # 6698722

Property Type Single Family Residence

Price Type --

Located in the Triple Crown community, this rare 5 bed, 3.5 bath with basement features an open floor plan, wood flooring, high ceilings, arched entryways, and numerous windows creating natural light throughout the home. Home features family room with gas fireplace, formal dining/great room, and newly updated chef's kitchen with stainless steel appliances, kitchen island, separate bar, and room for dining seating. Primary suite holds dual vanities, separate bathroom, oversized shower, and enclosed toilet. Main floor holds 2 guest bedrooms; basement holds additional 2 guest bedrooms and large family/game room. Entertain and enjoy Arizona's weather in the backyard with new private pool, covered patio perfect, and separate BBQ area. Recent upgrades include new roof, HVAC unit, flooring, interior and exterior paint, and kitchen and pool remodels. Triple Crown features community park with basketball court, sand volleyball, playground, and multiple areas for your family to dine, grill, and play. Home is located just minutes from Scottsdale's top resorts, shopping, golf, and restaurants.

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