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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306 W Alamosa Drive Chandler, AZ 85248

$1,550,000

6 Beds

5.5 Baths

5,149 SqFt

Status Active

MLS # 6755839

Property Type Single Family Residence

Price Type --

Enter thru private courtyard, private fireplace. Casita guest quarters. Dramatic curved staircase. Travertine flooring, Formal living and dining rooms! Chef's delight in upgraded kitchen with Viking appliances, built in refrigerator. Granite, breakfast bar, butlers pantry, family room w/ stone fireplace and built in. Master Suite downstairs. Granite counters, walk in shower, dual sinks, makeup vanity. Jacuzzi tub. Two walk in closet w/organizers. Laundry on each floor. Downstairs Den/office. Upstairs bonus/loft with stunning built in. Jack and Jill Bath. Bedroom 5 with private bath. Baths with extensive use of tile/granite/stonework. Backyard with private heated pool, grotto, stone slide and Built in BBQ area. Firepit,4 car garage w/ cabinets. Border common park area.

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200 W Portland Street Unit 1411 Phoenix, AZ 85003

$1,550,000

2 Beds

2.5 Baths

2,185 SqFt

Status Active Under Contract

MLS # 6746141

Property Type Apartment

Price Type --

Exquisite Turnkey Luxury Penthouse in Portland on the Park! Come see the only corner unit on the 14th floor fully furnished with incredible views to the north, east and south. 11 foot ceilings throughout and motorized window coverings for the plethora of windows. You'll love the gourmet kitchen with ultra-high-end Gaggenau appliances. Large outdoor balcony. Beautiful custom bathrooms and closets. Includes 2 prime parking spots and an 8x10 climate controlled storage unit. Building amenities include concierge, pool, spa, fitness center and rooftop lounge.

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2968 E Posey Court Payson, AZ 85541

$1,550,000

3 Beds

3 Baths

3,048 SqFt

Status Active

MLS # 6749066

Property Type Single Family Residence

Price Type --

This 3,480sf, Pioneer Log Home, sitting on just over 1 acre in a private gated community, will take your breath away! Constructed of Massive Western Cedar Logs, carefully sited into the natural surroundings with a year round creek at the rear of the home has unmatched beauty! This home features a 2 way wood burning fireplace that heats both the large great room and spacious master bedroom, Small pond and waterfall feature in great room, big kitchen with gas cook top, kitchen island, breakfast bar, and giant laundry area/ mud room, and fire suppression system. Walk upstairs to find another living area, two huge bedrooms, and giant jacuzzi tub with double sinks and walk in shower! Bring the outdoors in with floor to ceiling windows, and great natural lighting. There is 5,000 Square Feet Under Roof which includes the covered porches, breezeway and the garage (provided by the owner).

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39667 N Country Lane Queen Creek, AZ 85140

$1,550,000

4 Beds

2.5 Baths

2,861 SqFt

Status Active

MLS # 6600764

Property Type Single Family Residence

Price Type --

This beautiful equestrian estate on 3.3 acres is located in a highly sought-after neighborhood w/ a rare find, COVERED ARENA! The arena boasts 120'x125' w/ sprinklers, & seating area w/ fire pit. The 12 stall barn is complete w/ auto waters, fans, feeders, pavers, AI station, tack room w/ rotating tack wall & feed room! Added features include 5 RV Hookups, 8 ton pellet bin, 6 Bay Exercise Walker, pastures, barn office, & more! The shop is complete w/ roll up door, bathroom, washer/dryer & loft. The backyard is complete w/ the pool and spa. The home is comprised of 10' ceilings, new paint & carpet t/o, 2 dens/offices, 2 fireplaces, kitchen w/ ample cabinet/counter space, built-in appliances, walk-in pantry, breakfast bar, & an island. Another rare feature in Arizona is FLOOD IRRIGATION. Very few horse properties offer irrigated property. And even fewer offer their own community irrigation well in addition. For all those many projects around the house or working on the toys, check out the workshop, otherwise known as a steel building with a bathroom and loft for extra storage. Additional Barn Features Include: 120' x 175' lighted barn and covered arena 12 stalls w fans, auto water, feeders. 120' x 125' lighted, sand arena Water system 6 wash rack and tie-out bays Set of stocks with stainless steel cabinets and sinks for AI process. Paver walkways Large tack room with rotating tack wall. Multiple saddle racks and bridle hooks. Feed room Office with bathroom and AC 8 ton pellet bin 2 large irrigated pastures w shade structure. 6 horse exerciser/panel walker 5 RV hookups Large 50' x 60' shop w bathroom and washer/dryer Large parking area and hay storage

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37202 Ne Greythorn Circle Carefree, AZ 85377

$1,550,000

3 Beds

3.5 Baths

3,088 SqFt

Status Active

MLS # 6732284

Property Type Single Family Residence

Price Type --

This nearly new Catalonia model by Toll features a fantastic great room split floor plan w/great Black Mountain views in gated Reserve at Tranquil Trail. 3 ensuite bedrooms, 3.5 baths, an office, & a bonus room plus a 3 car garage all on one level w/a gorgeous pool/spa & gazebo. Upgrades throughout including courtyard entry w/travertine pavers & modern water feature, huge great room w/sliding pocket door, gas fireplace, wood-look tile floors, dark wood cabinets, granite counters, glass tile backsplash, SS appliances, custom lighting, clerestory windows, plantation shutters, & ceiling fans. Large primary bedroom w/lavish bath featuring dual sinks, floating tub, tiled shower surrounds w/dual shower heads, & walk-in closet w/organizers. Great secondary en suite bedrooms and bonus room in

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14434 N Adero Canyon Drive Fountain Hills, AZ 85268

$1,550,000

3 Beds

3.5 Baths

2,585 SqFt

Status Active Under Contract

MLS # 6649914

Property Type Townhouse

Price Type --

Introducing this stunning 2023 new construction home nestled just a 1⁄4-mile away from the Adero Canyon hiking trailhead, this lock-and-leave home is the epitome of modern luxury. Located in a gated community, this smart home offers the perfect blend of convenience and elegance. As you step inside the courtyard, you'll be greeted by a thoughtfully designed casita with a wet bar and full bathroom, providing an ideal space for guests or a private retreat. Solid core interior doors and custom closet finishing showcase the meticulous attention to detail throughout. The kitchen is a chef's dream, boasting top-of-the-line Wolf appliances, including a double oven, gas 6-burner range, and a built-in microwave. The 48-inch Sub Zero Refrigerator adds both style and functionality. Waterfall stone counters made of kitchen-grade marble with a leather finish, a full marble stone backsplash, and soft-close Maple cabinets create an inviting and sophisticated atmosphere. The great room is a perfect space for relaxation and entertainment, with stunning views. Enjoy the warmth of a gas fireplace, and the convenience of pre-wired surround sound. Step outside to the outdoor oasis, where you'll find a brand new spool, built-in gas grill, and space for a green egg or pizza oven. A television hook-up and upgraded landscaping complete the picture, offering incredible views to complement your outdoor gatherings. The primary suite features convenient electronic top-down/bottom-up blinds that allow you to control the natural light, while a soaking tub and a barn door addition to the en-suite bath enhance the luxurious feel. The walk-in closet features custom storage upgrades for optimal organization. This home is not just a residence; it's a lifestyle. Whether you're drawn to the hiking trails, the smart home features, or the meticulously designed interior and outdoor spaces, this property is ready to welcome its new owner. This is an opportunity to experience the pinnacle of contemporary living. Don't miss your chance to make this dream home yours.

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5124 N 10th Way Phoenix, AZ 85014

$1,550,000

5 Beds

4.5 Baths

3,809 SqFt

Status Active

MLS # 6748714

Property Type Single Family Residence

Price Type --

**PRICED UNDER APPRAISED VALUE!!** Tucked in a private enclave of new Luxury homes by Thomas James Homes. This 5 bed, 4.5 bath, modern style home comes complete with an open concept split floorplan and an attached private entry casita featuring a bedroom, bath and a home office or gym. The design of the home is perfect for entertaining, with a gourmet kitchen featuring high-end stainless-steel appliances, quartz countertops, and a massive island. The home has a very large great room, and floor-to-ceiling windows that flood the space with natural light. Retreat to the spacious grand suite, complete with a spa-like bathroom and large walk in closet. The three additional bedrooms are generously sized and offer ample closet space. The lush backyard is complete with patio and swimming pool. A very large upstairs bonus room offers additional family living space. A bike ride away from Luci's at the Orchard, Rokerij and minutes from the 51, close to the Valley's best schools, including Brophy and Xavier.

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22770 Fox Ranch Road Munds Park, AZ 86017

$1,550,000

3 Beds

2.5 Baths

2,416 SqFt

Status Active

MLS # 6662555

Property Type Single Family Residence

Price Type --

All reasonable offers considered! Act fast to secure with built in equity since its listed below 3 appraisals! Open to investor offers! Flexible Financing Available Seller willing to carry with sizeable down and Interest rates tailored to fit your needs. Peace & Quiet on 11+ Acres Perfect for Short Term Rental, running a business, hobby farm, or simply embracing tranquility. Price Lowered - Owner Extremely Motivated! Over 300k in Equity immediately! ACT NOW NO HOA, 11.98 Acres Bordering the majestic Coconino National Forest, this property offers a rare opportunity to live in harmony with nature while enjoying Munds Park amenities just a stone's throw away. -Custom Home Features Stainless appliances, wood stove, entertainers bar, spacious bedrooms, large mudroom, and more! Available fully furnished! -Peace of Mind Amenities Equipped with Briggs & Stratton generator, septic system, and shared well for continuous comfort. -Equestrian Paradise Full arena, round pen, cross-fenced areas, shelters, and out-buildings provide everything you need to care for your horses. A haven for both horse and rider! -Four-Season Comfort Mild climate ensures year-round enjoyment of your outdoor pursuits. Don't miss out on this once-in-a-lifetime opportunity to own your slice

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11218 N 56th Street Scottsdale, AZ 85254

$1,550,000

5 Beds

4.5 Baths

4,210 SqFt

Status Active

MLS # 6604383

Property Type Single Family Residence

Price Type --

You cannot find a property like this in 85254! A one-owner sprawling ranch. NO HOA! Over 4,000 sf sits on .8 acre estate-sized lot in a beautiful multi-million dollar neighborhood. Private frontage road. 5 bedrooms/4-1/2 baths. Dual oversized masters. RV gate and parking, circle drive. Vaulted ceilings, 2 fireplaces, large AZ room with HVAC. Private backyard with Pebble Sheen diving pool, gazebo, sport court and sunsets! This rare find has a great split floor plan and is very well maintained! Newer roof, remodeled pool/equipment. Walk to Orange Tree golf! Top-rated Scottsdale Schools. Close to fabulous restaurants, retail, Costco, Trader Joes, Sprouts, Wholefoods, Kierland/Scottsdale Quarter/new PV Mall. Turn this rare opportunity into your dream home.

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21258 E Orion Way Queen Creek, AZ 85142

$1,550,000

4 Beds

2.5 Baths

3,392 SqFt

Status Active Under Contract

MLS # 6694789

Property Type Single Family Residence

Price Type --

Beautiful Custom Estate in the Exclusive Gated Pegasus Air-park community. The Prime 1.1 Acre lot allows room to build your personal aircraft Hangar, RV garage and /or Casita with direct access to the taxiway. The taxiway leads to a 5000 ft runway with night landing lights. Comfortable Luxury living is complete with a serene landscape, pool and outdoor kitchen on this stately home. The extended 4-car garage with oversized garage doors and expanded driveway allows ample parking accommodations. For the accomplished achiever to relax in this stunning spacious comfortable single level Estate. Aviation enthusiast or toy lover live your dream in the nicely appointed Custom Estate in one of the finest gated fly in communities you'll find.

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14834 E Birchwood Place Chandler, AZ 85249

$1,550,000

4 Beds

3.5 Baths

3,178 SqFt

Status Active

MLS # 6705095

Property Type Single Family Residence

Price Type --

If you are looking for a unique county island horse property, look no further! This gorgeous 3178 square foot home sits on 1 1/2 acres of horse property! It offers 4 bedrooms, that includes an oversized master with an en suite, sunken jetted tub, walk in shower and walk in closet, beautiful formal dining room, plus an eat in kitchen with custom cabinets and large island! Great room that includes wall built ins and a fireplace! Full size laundry room equipped with a sink, folding counter and lots of cabinet space for storage! This home is esquite from it's large open floorplan, to it's 12 foot solid wood doors throughout, mountain views, 6 car garage equipped with heat/AC and custom cabinets, with an empty backyard pallet for someone to create something amazing!! Homeowner owns well right

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5377 E Herrera Drive Phoenix, AZ 85054

Open House

$1,550,000

4 Beds

3.5 Baths

3,604 SqFt

Status Active

MLS # 6756616

Property Type Single Family Residence

Price Type --

**Luxurious Home in Premier Gated Community** Experience elegance in this stunning residence featuring a spacious living and dining area. The gourmet kitchen boasts a Miele 6-burner range, Sub-Zero fridge, double Dacor ovens, and a sleek granite island with a veggie sink. The master suite offers a marble bath with a jetted tub, walk-in glass block shower, and custom closet. Enjoy an ensuite secondary bedroom, Jack-and-Jill bath, versatile den/office, plantation shutters, and wood-look tile. The private backyard oasis includes an epoxy-coated patio, heated pool with spa, artificial grass, mature trees, built-in BBQ, and remote shades. Conveniently located near Desert Ridge, JW Marriott, Wildfire Golf Club, top schools, and major freeways.

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