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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16317 N 108th Place Scottsdale, AZ 85255

Open House

$1,558,400

5 Beds

3 Baths

3,896 SqFt

Status Active

MLS # 6737702

Property Type Single Family Residence

Price Type --

Don't miss this incredible opportunity! Ladera(same) model in MMR sold for $200,000 more in June. Update a fabulous executive home to your tastes. Unbeatable square foot price in both McDowell Mountain Ranch and Scottsdale for a 5BR/3BA. Newer Trane A/C units (2022), solar panels and incredible views add value to this light filled, private home with pool. Easy walk to community center.

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3022 S Clubhouse Circle Unit 57 Flagstaff, AZ 86005

$1,558,000

3 Beds

3 Baths

2,142 SqFt

Status Active

MLS # 6735684

Property Type Single Family Residence

Price Type --

Home is currently under construction. This unit has been enhanced with a large spacious patio. Situated within the high-country forest and including a covered wrap around patio with built-in BBQ, this spacious condo offers a unique mountain escape during any season. Featuring an open concept design, the great room and gourmet kitchen provide an easy flow making it the perfect layout for gathering with family and friends. Incentives are currently being offered. Please call the Pine Canyon Sales Office for more information.

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5250 E Deer Valley Drive Unit 435 Phoenix, AZ 85054

$1,556,951

2 Beds

2.5 Baths

2,025 SqFt

Status Active Under Contract

MLS # 6647664

Property Type Apartment

Price Type --

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Flagstaff AZ 86004

$1,555,000

5 Beds

3.5 Baths

4,920 SqFt

Status Active

MLS # 6703866

Property Type Single Family Residence

Price Type --

This stunning custom home on 2.5 acres is the realization of an arts and crafts vision singular to Flagstaff. From the careful details of the front doors, to custom built ins & woodwork, cherry cabinets, & tiffany style light fixtures, this is a work of art! Live your quiet dream in serenity surrounded by natural beauty, or create an entertainer's paradise. Delight in the chef's kitchen with a Viking suite of appliances. Lose yourself in the beautifully treed, gardened yard with mountain views. The lower level is pure fun. Entertain, work out, dance, play pool. Located in desireable Pine Mt. Estates, only steps from national forest, this is an equestrian & outdoor lover's dream. With 2 living areas, spacious rooms, custom office, 3 car garage, owned solar & AC, it's your perfect retreat. Furnishings available with a few exclusions (wood telephone on wall does not convey as well as personal antiques). We've completed an inspection and this home is in excellent shape! See additional documents for many details on items repaired, solar information and the vegetation on property.

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10603 N Skyline Drive Fountain Hills, AZ 85268

$1,555,000

4 Beds

3.5 Baths

4,046 SqFt

Status Active

MLS # 6749712

Property Type Single Family Residence

Price Type --

Brand New Construction featuring incredible views! This home offers the ease of single-level living with the added luxury of a walk-out basement. The main floor features a giant great room with expansive picture windows that capture the stunning views, alongside a gourmet kitchen that opens to a spacious covered terrace overlooking Red Rock, Four Peaks, and the surrounding landscape. Conveniently located near the Scottsdale border, this home provides easy access to everything the area has to offer. The main level also includes the primary bedroom, a dedicated office, and an inviting living area, while the walk-out basement surprises with a generous media room and two additional bedrooms. Guests will enjoy their own private retreat on the lower level. Come see our model home today

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4150 Black Mountain Road Wickenburg, AZ 85390

$1,550,000

4 Beds

3.5 Baths

3,038 SqFt

Status Active

MLS # 6734077

Property Type Single Family Residence

Price Type --

Welcome to your dream Santa Fe style oasis in Wickenburg! This gorgeous 4-bedroom, 3.5-bathroom horse property is the epitome of southwestern elegance and modern comfort. As you enter through the beautiful front courtyard, you'll immediately feel at home. The front door beckons you into a western showpiece with soaring ceilings, log beams, custom paint and a fantastic floor plan. The chef's kitchen is truly a masterpiece, featuring a Viking 6-burner gas stove, two kitchen islands, and all the space you need to create culinary delights. Step outside to your backyard paradise, where a fully fenced yard offers complete privacy. Enjoy evenings by the koi pond, dine al fresco in the outdoor dining area with a cozy fireplace and BBQ, and take in the beautiful landscaping. It's an entertainer's dream come true! Inside, the airy living spaces are perfect for both family gatherings and quiet nights in. A stunning dual-sided fireplace adds a touch of warmth and luxury to the primary suite and en suite bath, creating your own private retreat. The dedicated office provides a peaceful workspace, and the large additional bedrooms ensure comfort for everyone. For car enthusiasts, the attached 3-car garage and detached, climate-controlled 2-car garage provide plenty of room for your vehicles and toys. This home is ready to accommodate your equestrian lifestyle with all the amenities you need. Experience the unique blend of style, comfort, and functionality in this Santa Fe gem. Located in a vibrant community, this exceptional property offers unparalleled living in a prime Wickenburg location. Don't miss your chance to own this incredible home!

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12498 E Troon Vista Drive Scottsdale, AZ 85255

$1,550,000

2 Beds

2.5 Baths

2,155 SqFt

Status Active

MLS # 6751182

Property Type Townhouse

Price Type --

Located in the prestigious guard-gated community of Enclave at Sereno Canyon, this exquisite home boasts a premium corner lot, offering unobstructed views of the majestic McDowell Mountains including Tom's Thumb, and the Four Peaks vistas. This contemporary masterpiece is designed for luxury living, featuring a host of upgrades that elevate every aspect of the home. The kitchen is a chef's dream, equipped with Wolf cooking appliances, a built-in 48-inch counter-depth refrigerator, gas stove, ample cabinetry and countertop space and a stunning quartz waterfall island with seating. The Kitchen Elegance package, paired with above and under-cabinet lighting, creates a sophisticated ambiance that is perfect for entertaining. The great room & dining area, with their coffered 12-foot ceilings, are the epitome of elegance and open living, complemented by a striking floor-to-ceiling stone fireplace, two sets of nearly floor-to-ceiling four-panel sliding doors creating seamless indoor-outdoor living spaces, and custom paint throughout. The sliding doors lead to the perfectly sized and easy care covered back patio space which includes pavers, well-designed landscape, multiple lounge and dining areas, pre-plumbed gas line, and, of course, the views! The primary suite offers a serene retreat with private entry, 12-foot ceilings, and a dream bathroom complete with a separate shower and soaking tub, custom designed closet storage, and dual vanities. One additional ensuite bedroom, a private office with a large storage closet, a separate powder bath, and an oversized laundry make up the remaining living spaces. Solid core doors and plantation shutters throughout the home, upgraded tile and carpet, along with the steel and glass front door, add a touch of luxury and functionality. Extended paver patio at the front entry allows for neighborhood enjoyment and direct views of Tom's Thumb. Only steps away from the Mountain House Lodge and world-class amenities including fitness, dining, and pool. The epoxy-coated garage floor, ceiling storage racks, and walk-in storage closet provide ample space for organization. Experience the ultimate in luxury living with stunning views, contemporary design, and an array of high-end finishes.

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13630 W Peoria Avenue Surprise, AZ 85379

$1,550,000

4 Beds

5.5 Baths

7,249 SqFt

Status Active

MLS # 6746555

Property Type Single Family Residence

Price Type --

Presenting the legendary 7,200 square foot mansion on Peoria Ave that has graced the city of Surprise since the mid 1990's. The grand foyer greets you with an impressive spiral staircase with formal living and dining areas to each side. The heart of the home is the spacious great room with a cozy fireplace and gourmet kitchen. The spacious owner's suite includes dual walk-in closets, a private living room, jetted soaking tub, walk-in shower, dual sinks and a secret storage room. This impressive home also includes a massive entertainment room, two en-suite guest bedrooms, an apartment with private entrance, a separate guest home with a full kitchen, a den, laundry both upstairs and downstairs and oversized 6 car garage.

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41552 N 107th Way Scottsdale, AZ 85262

$1,550,000

2 Beds

2.5 Baths

2,922 SqFt

Status Active

MLS # 6757211

Property Type Single Family Residence

Price Type --

Come home to this charming Cochise Ridge home in meticulous condition, recently painted inside and out, new roof and in an extremely private setting. Two separate primary en suites, open living space, office or den, and ample breakfast area looking out on to the lush front courtyard, and views. Kitchen is fully equipped with double ovens, microwave, under counter lighting, spacious island and pantry. Backyard space offers several different sitting and dining areas, tranquil, pool, and exotic landscaping. Located conveniently on the mountain, a lifestyle membership can be purchased immediately. Contact club for additional information about golf privileges.

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28341 N 112th Way Scottsdale, AZ 85262

$1,550,000

3 Beds

3 Baths

3,003 SqFt

Status Active

MLS # 6748198

Property Type Single Family Residence

Price Type --

Seller willing to carry! Experience a blend of modern luxury and architectural brilliance in this meticulously remodeled 3-bedroom, 3-bathroom masterpiece near Troon North in Scottsdale. No expense has been spared in this complete transformation, offering the finest high-end finishes and bespoke details. The home is graced with oversized 32'' x 32'' porcelain tiles in a stunning White Carrera/Calcutta Marble finish, providing a seamless and elegant foundation throughout. Each spa-inspired bathroom is a sanctuary of luxury, featuring dual shower systems, Kohler Veil wall-hung toilets, Brizo and Lefton fixtures, and wall-hung vanities with high gloss and glass/metal finishes, topped with quartzite and glass countertops. The kitchen, a culinary work of art, boasts natural quartzite countertops, an oversized island with a waterfall edge, and a 12-inch bar overhang. The iridescent glass backsplash adds depth and dimension, while Miele appliances bring precision and sophistication. The kitchen flows effortlessly into the expansive living room, where a Modern Flames fireplace, elegantly wrapped in Carrara Marble, creates a warm and inviting ambiance. NanaWall patio doors seamlessly connect the indoors to the spacious backyard, which features natural desert landscaping, offering a serene and low-maintenance outdoor experience. The home is bathed in natural light, thanks to all-new storefront metal-framed windows. The exterior is painted in a warm white, perfectly complementing the modern design. Inside, the level 4 drywall is flawlessly finished, highlighted by LED recessed lighting and custom fixtures that enhance the home's contemporary aesthetic. Every detail, from the state-of-the-art fixtures to the impeccable craftsmanship, has been thoughtfully curated to create a residence that epitomizes luxury living. This home offers an unmatched opportunity to own a piece of modern elegance in one of Scottsdale's most sought-after locations. Whether you're looking for a personal retreat or a sound investment, this property promises a lifestyle of unparalleled quality and refinement.

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6023 E Campo Bello Drive Scottsdale, AZ 85254

$1,550,000

5 Beds

3 Baths

3,796 SqFt

Status Active

MLS # 6759947

Property Type Single Family Residence

Price Type --

RARE Mantissa model with a BASEMENT! This floorplan is known for its open-concept Great Room & easy flow design. Soaring 12' ceilings. New windows. Light & bright. The Kitchen features an oversized granite-covered island & breakfast bar, built-in espresso & coffee makers, veggie sink, warming drawer, loads of cabinets, soft-close drawers, pull-out shelves, gas cooking & stainless appliances. Renovated Primary Bathroom has a stand-alone tub, two spacious vanities, an oversized shower with multiple water jets & two walk-in closets. Two more bedrooms & bathroom on the main floor. Downstairs is a bonus room, two bedrooms & a bathroom. Amazing Outdoor Kitchen with pergola, BBQ, sink, fridge, side burner, blender, cooler. Multiple seating areas. Heated pool & hot tub. Great location. No HOA.

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11638 E Estrella Avenue Scottsdale, AZ 85259

$1,550,000

3 Beds

3 Baths

3,125 SqFt

Status Active

MLS # 6729566

Property Type Single Family Residence

Price Type --

Welcome to your dream oasis in North Scottsdale! This charming 3-bedroom ranch-style property sits on an expansive, oversized lot in a prime location. The possibilities are limitless with this gem! The spacious interior boasts 3 bedrooms, providing ample room for a growing family, guests, or a dedicated home office. Step outside to your private paradise, where the generous lot size allows for endless creative opportunities. Imagine designing your own resort-style outdoor retreat, complete with a lush garden, pool, or even a spacious patio for entertaining under the Arizona sun. The premium location ensures convenience to renowned golf courses, upscale shopping, and exquisite dining experiences that Scottsdale is famous for. With its desirable single-level layout and abundant lot size...

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