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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9381 E Vah Ki Inn Road Coolidge, AZ 85128

$1,575,000

3 Beds

2 Baths

3,241 SqFt

Status Active

MLS # 6672171

Property Type Single Family Residence

Price Type --

A unique luxury horse property that offers both a serene lifestyle and an exciting investment opportunity. 12 irrigated acres with a custom fully remodeled 3-bed, 2-bath home that seamlessly blends modern luxury with rustic charm. The interior has custom wood flooring, marble countertops and fireplaces throughout. The estate doesn't stop at the main house. A cozy 2-bed 1-bath guest house provides comfortable accommodations, while an 8-bed bunk house awaits your creative touch to transform it to additional living space or unique rental opportunity. 8 fully covered 30x15 stalls, complete with a tack room, lighted arena equipped with an automatic roping chute. This property has tons of potential to provide you income or enjoy as your own cowboy paradise.

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6508 E Old West Way Cave Creek, AZ 85331

$1,575,000

5 Beds

3 Baths

3,693 SqFt

Status Active Under Contract

MLS # 6710217

Property Type Single Family Residence

Price Type --

This Beautiful 5-bedroom 3 bath home on over an acre and a quarter lot will not disappoint. Amazing Mountain Views is what Cave Creek is all about. Start with the cozy covered front patio with an inviting fireplace. Inside you will be greeted by a large great room open to a spacious kitchen overlooking the fabulous backyard with a sparkling pool. The split floor plan is the perfect layout for the privacy everyone enjoys. The owner's suite is large with his and her vanities and a relaxing Jetta tub. Behind the bookcase you will find the secret bedroom with its own bathroom, perfect for guest or any other family member. Step outside and enjoy the large covered patio, breathtaking views of Black Mountain and the privacy that comes with a 1.25 acre lot. Situated at the end of a private dr

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3009 S Tourmaline Drive Unit 22 Flagstaff, AZ 86005

$1,575,000

3 Beds

3.5 Baths

1,891 SqFt

Status Active

MLS # 6742480

Property Type Apartment

Price Type --

Experience luxury living in the prestigious Pine Canyon Golf Community with this stunning single-level condo. This highly upgraded new build boasts 2 bedrooms and 2.5 bathrooms, accompanied by a charming 1-bedroom, 1-bathroom casita, perfect for guests, office or private retreats. The home is exquisitely upgraded throughout, offering elegance and modern conveniences at every turn. Enjoy serene, filtered views of the driving range from the beautifully landscaped outdoor spaces, perfect for relaxation or entertaining. The attached 2-car garage provides ample storage and convenience. Nestled within Pine Canyon's sought-after community, this residence is a rare gem that combines comfort, style, and a prime location. See attached upgrade list.

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16617 W Monterey Way Goodyear, AZ 85395

$1,575,000

2 Beds

2.5 Baths

3,172 SqFt

Status Active

MLS # 6716863

Property Type Single Family Residence

Price Type --

Welcome to your dream retreat! This stunning property features an innovative design where stackable patio doors seamlessly merge indoor and outdoor living spaces with mountain views and lake overlooking the golf course. Awake in the morning & enjoy views of lake and mountain right from your bedroom! Inside discover an open-concept floor plan that effortlessly flows onto an expansive outdoor patio, perfect for entertaining or enjoying quiet moments of relaxation. This Solstice model has over 3000 sf, formal dining room 2 large bedrooms, den and casita with separate den, oversize 3 car garage. PebbleCreek has over 200 clubs, 36 pickleball courts, 3 golf courses to enjoy, 2 restaurants, 330 seat theater and a lot more! This 1/4 acre lot is one of the best properties in PebbleCreek

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5411 S San Sebastian Place Chandler, AZ 85249

$1,575,000

5 Beds

4.5 Baths

4,383 SqFt

Status Active

MLS # 6696096

Property Type Single Family Residence

Price Type --

WELCOME BACK TO THE MARKET!!! COVETED SAN SEBASTIAN OF VALENCIA. JUST FINISHED COMPLETE PRIMARY BATH REMODEL, RENOVATED ENTERTAINMENT CENTER. NEW EPOXY FLOORS AND STORAGE RACKS IN GARAGES. NEW CARPET THROUGHOUT. This floor plan was award winning with TW LEWIS. 4383 sq ft, SINGLE level. 4 CAR GARAGES. 5 spacious bedrooms, 4 of which have their own EN-SUITE BATHROOMS. Home has been updated THROUGHOUT. WOOD FLOORS. Quartz counters. Iron front door. Newly painted exterior just last year. 12 foot ceilings. 2 extraordinarily LARGE Primary bedroom walk-in closets. Spacious lot that has multiple citrus trees and a fig tree. Artificial turf. 34,000 gal salt pool. Expansive under truss patio and oversized pergola. This neighborhood speaks for itself...an absolute gem

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2448 E Amber Court Gilbert, AZ 85296

$1,575,000

6 Beds

6.5 Baths

5,204 SqFt

Status Active

MLS # 6736219

Property Type Single Family Residence

Price Type --

Live the ultimate lifestyle in this rare find: an exquisite home on over a half-acre lot, nestled in the prestigious gated community of TH Ranch. Recently updated in 2024 with fresh paint throughout, this luxurious retreat promises an unparalleled lifestyle, combining modern amenities, ample space, and a tropical ambiance that will transport you to vacation mode every day. The interior boasts a gourmet kitchen with granite countertops and custom wood cabinets, beautiful flooring that blends wood plank tile and plush carpet, and custom wooden shutters that add elegance and privacy. An expanded walk-in pantry meets all your culinary needs, and a versatile casita can serve as a bedroom, garage, or guest suite with a bath and fridge. The exterior features a sparkling pool with a stunning waterfall feature and an expansive lot with space for an RV garage, all set amidst lush landscaping that provides a serene and private outdoor oasis. Centrally located close to downtown Gilbert, SanTan Village Shopping Center, and a variety of amazing restaurants, this home offers the perfect blend of luxury, comfort, and convenience, making it the ideal place to call home.

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29617 W Eagle Drive Palo Verde, AZ 85343

$1,575,000

7 Beds

6.5 Baths

4,664 SqFt

Status Active

MLS # 6730184

Property Type Single Family Residence

Price Type --

Welcome to your dream farmhouse, where high-end elegance meets country living! This stunning estate features a modern black-and-white exterior that radiates sophistication & charm. The main home boasts 5 spacious bedrooms, a den perfect for a home office, & a private home gym. With a 3-car garage & luxurious finishes throughout, every detail has been meticulously crafted for comfort &style. Step inside to discover a gourmet kitchen with all high-end appliances, quartz countertops, modern cabinetry, luxury plank flooring & a walk-in pantry. The owner's suite is a true retreat, featuring a spa-like bathroom and a spacious bedroom designed for relaxation. No detail was left undone, from the multiple chandeliers hanging from the vaulted ceiling to the charming Dutch door leading to the backyard. Above the garage, you'll find a versatile studio apartment, ideal for guests or additional living space. This property doesn't stop there; it also includes a detached 52x40 RV garage with its own separate studio apartment and workshop, catering to all your hobby and storage needs. Set on a sprawling horse property with irrigation, this estate is ready for your equine companions with existing fencing and pens. The breathtaking mountain views offer a serene backdrop to your everyday life, making this home a true escape from the city. Out back, enjoy the seating area with a fire pit, perfect for watching the sunset every evening. If you have been searching for the ultimate compound: this is it! Enjoy the freedom of no HOA and embrace the high-end country living vibes this property exudes. For those seeking luxurious living with the freedom to roam, this is your perfect haven.

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22034 N 59th Place Phoenix, AZ 85054

$1,574,999

4 Beds

4.5 Baths

3,505 SqFt

Status Active

MLS # 6752073

Property Type Single Family Residence

Price Type --

Shea Home's best selling Model 5016 on one of the largest Premium Lots in Talinn. NO HOMES TO THE REAR, This living space stands out from others in the area, boasting a generous wall of windows that offers unobstructed views from the living rooms, kitchen and Primary bed. DESIGNER EXPERTISE: Recently completed in 2022, this Shea luxury home showcases designer enhancements throughout. The artisan-crafted real wood plank slat panels extend from the base molding to the impressive 26-foot vaulted ceiling, creating a stunning focal point. Each hand-cut panel is uniform in height and width, featuring a mix of 2- to 4-inch-wide strips arranged in a striking horizontal and vertical pattern. Every custom piece was hand-stained and meticulously installed, ensuring precise spacing and perfect leveling, which accentuates the grandeur of the ceilings and complements the kitchen island design. Prior to installation, the accent wall was treated with three coats of designer-grade paint for an impeccable backdrop. Specialty scaffolding was necessary to navigate the height and stairway proximity, ensuring a flawless installation. This artisanal feature is truly one-of-a-kind, requiring hundreds of expert hours to create, making it unmatched in any other home. Additional features of the NO-STEP main level include stunning wood-look tile floors, a pre-wired surround sound speaker system, and ceiling fans in every bedroom. Barn doors enhance the office off the Foyer, while texturized wall decor adds a unique touch. The gourmet kitchen is equipped with four ovens, including air-fry and convection, and a well-appointed coffee bar that complements the expansive cabinetry. An organized walk-in pantry easily houses groceries from the adjacent 3-car garage. The large laundry room includes your new washer and dryer, and offers ample shelving and cabinets for multifunctional use. The home also includes a full-home water purification system. With over $300,000 in customizations, this residence is ready for you to move in TODAY! Don't miss the amazing detailscheck out the video. 3D tour available. Conveniently located within 3 miles of Desert Ridge shopping and dining, with quick access to the 101. LAYOUT: Enjoy unencumbered mountain views and breathtaking sunsets from Great Room, Kitchen, Dining and Primary Bedroom. This home features four ensuite bedrooms, an office, and a loft. The loft overlooks an open great room with clerestory windows set high in the 26-foot vaulted ceiling, flooding the space with natural light. The second master suite is located downstairs next to the office, making it a perfect guest oasis or a potential in-law suite. Upstairs, the expansive loft offers stunning views and can serve as a bonus living room, game room, media room, or study. The primary suite also boasts unobstructed mountain views. This award-winning model by the luxury brand Shea Homes (similar to those at Ritz-Carlton Paradise Valley) includes high-end upgrades, such as four ovens, ceiling fans in every bedroom and on the patio, and a surround sound system both inside and out. Better than buying a new home, this property comes with completed landscaping and a pool, ready for you to enjoy!

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14102 E Highland Avenue Fountain Hills, AZ 85268

$1,574,995

4 Beds

4.5 Baths

2,978 SqFt

Status Active

MLS # 6717196

Property Type Single Family Residence

Price Type --

Move in early 2025! Designer appointed Thaxton Modern offers room for family and guests. A nice front courtyard offers privacy for the attached casita making great outdoor space and inviting entry to the home. This home features additional bonus room and separate office. Open concept kitchen, casual dining and great room with fireplace opens to covered patio and spacious backyard for entertaining. Kitchen boasts Wolf appliances including 36'' cooktop, double ovens and built in 48'' Sub-Zero side by side refrigerator! Primary suite with luxurious bath with separate soaking tub, walk-in shower and two walk-in closets. Final opportunity for this amazing floorplan!

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9363 E Superstition Mountain Drive Gold Canyon, AZ 85118

$1,570,000

3 Beds

3 Baths

3,497 SqFt

Status Active

MLS # 6671612

Property Type Single Family Residence

Price Type --

SPECTACULAR Mountain and Desert views. This open floor plan is an entertainers DREAM for both inside/outside living! Built in 2023, you will love this exquisitely designed estate with its earth tone palette. Gourmet kitchen fit for a chef with abundant cabinet space with a charging station, gas range with pot filler, breakfast area and large pantry. Indoor/outdoor bar. Huge master suite on east wing features picturesque views, MASSIVE his and her closets and a COLOSSAL walk in shower. Separate entry bedroom with kitchen amenities perfect for visitors or to be used as a mother in law suite. Exercise/hobby room easily could be converted to 4th bedroom. Dramatic and tranquil front courtyard paired with the backyard bide for a year round OASIS. This gated golf course community is a MUST SEE

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6131 E Kings Avenue Scottsdale, AZ 85254

$1,565,000

5 Beds

3 Baths

2,639 SqFt

Status Active

MLS # 6741591

Property Type Single Family Residence

Price Type --

LOCATION, LOCATION!!! Located in ''MAGIC ZIPCODE'' of 85254 (Scottsdale address and Phoenix city services) Kings 2.0 is are top demanded 5BR vacation home! This completely updated home has everything including vaulted ceilings, incredible open kitchen concept, an indoor-outdoor primary shower, heated salt water pool, putting green and more. It is located in North Scottsdale's most desired zip code, 85254. You are just steps away from premier shopping centers and boutiques like the Kierland Commons and Scottsdale Fashion Square. For a more laidback experience, a quaint park is right across the street, perfect for outdoor picnics, soccer games, and all sorts of family fun! Move IN Ready Home!

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14118 E Highland Avenue Fountain Hills, AZ 85268

$1,559,995

3 Beds

3.5 Baths

2,359 SqFt

Status Active Under Contract

MLS # 6717266

Property Type Single Family Residence

Price Type --

This contemporary Meyer home is our most popular plan! This home features a beautiful detached casita and the main home has 2 bedrooms and a private study. Open foyer leads to the kitchen with large island, Wolf appliances including double ovens and Sub Zero 48'' side by side refrigerator. Sliding glass doors from great room with fireplace to enjoy outdoor entertaining. The primary bedroom is tucked away at the back of home and features a separate soaking tub, walk-in shower and spacious closet. This beautifully designer appointed home is ready to move in Summer 2025!

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