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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2954 E Page Avenue Gilbert, AZ 85234

Open House

$1,550,000

4 Beds

3.5 Baths

4,029 SqFt

Status Active

MLS # 6750501

Property Type Single Family Residence

Price Type --

Nestled in the heart of the prestigious neighborhood of Higley Groves, this stunning home offers a rare blend of luxury, comfort, and convenience. This spacious four bedroom, three bathroom residence boasts a large custom kitchen with a huge bar island—perfect for entertaining. Step outside to your private oasis featuring a sparkling pool with a fun water slide, a large outdoor kitchen with a pergola for shade, and ample space for relaxation or gatherings. Additional features include a 3-car garage, an RV gate for extra parking, a central vacuum system, a water softener, and a reverse osmosis (RO) system. Located near great schools, parks, and all the amenities this sought-after neighborhood has to offer, this home truly has it all. Don't miss the opportunity to make it your!

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8196 E Sunnyside Drive Scottsdale, AZ 85260

$1,549,999

4 Beds

3 Baths

3,097 SqFt

Status Active

MLS # 6709760

Property Type Single Family Residence

Price Type --

Discover refined living in this exquisite 4-bedroom, 3-bath home in the prestigious Scottsdale Country Club. Nestled on a large lot, this residence offers an oasis of tranquility with its sparkling pool and captivating golf course views. The spacious interior is a blank canvas, ready for your personal design touches. Imagine creating your dream home with elegant spaces perfect for both relaxation and entertaining. Enjoy the serene surroundings and exclusive lifestyle this community offers. A remarkable opportunity at an exceptional price for this highly sought-after area. Indulge in luxury and make this dream home yours today.

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8 Biltmore Estates Drive Unit 310 Phoenix, AZ 85016

$1,549,900

3 Beds

2.5 Baths

2,329 SqFt

Status Active

MLS # 6747648

Property Type Apartment

Price Type --

Beautifully maintained TOP FLOOR LUXURY and golf course views. Sunsets into your patio. Hardwood floors throughout. Wolf & Sub-Zero appliances, granite countertops, wine cooler, bar area with glass shelves, fireplace, custom lighting & ceiling fans. 2 large walk-in closets, big shower & dual vanities. Newer hot water heater & soft water w/ pans, 3 newer toilets & cabinet hardware. Fabulous clubhouse, incredible workout facility, pool, spa & 24/7 security guard. Fob necessary to enter all gates & elevators. 2 underground parking spaces with a storage room plus a bicycle room. Walk out Biltmore 8 and walk the Biltmore Circle, Happy Hour at the Biltmore Hotel, or indulge at the New Adobe Restaurant after playing 18 holes at the newly finished Biltmore Golf course. Best Location in Phoenix!!

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7412 E Monterra Way Scottsdale, AZ 85266

$1,549,000

4 Beds

3.5 Baths

3,395 SqFt

Status Active Under Contract

MLS # 6710375

Property Type Single Family Residence

Price Type --

This secluded retreat is custom-built and offers sunlit rooms, soaring ceilings, and walls of windows. It is situated on 1.2 acres of privacy, surrounded by lush desert. The property features 4 bedrooms, 3.5 bathrooms, and an inviting private Casita off the courtyard. Additional amenities include formal dining, a formal living room, a family room, and a second family room that opens to the courtyard through French doors. The main retreat features a fully equipped spa bathroom suite and spacious bedroom with a view of the backyard paradise through French doors. The kitchen includes a large island and dining area that opens to the family room, which features a two-way fireplace and expansive sunlit views of the pool and serene backyard. The property also boasts maintenance-free lush turf with the latest cool technology. Close to everything Scottsdale has to offer, including countless restaurants, shopping, and golf courses. The floor plan has been uniquely and thoughtfully designed; it has flexible living spaces and no wasted space, ensuring ultimate privacy for everyone. This home is a must-see.

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28448 N 95th Place Scottsdale, AZ 85262

$1,546,860

3 Beds

2.5 Baths

2,667 SqFt

Status Active

MLS # 6653166

Property Type Single Family Residence

Price Type --

Troon North masterpiece of modern luxury! This stunning property boasts a top to bottom extensive remodel, showcasing a crisp, clean, and contemporary style that shines from every angle. The rooftop patio, offers breathtaking 365-degree views of Pinnacle Peak Mountain and the Phoenix valley's evening city lights. Step inside and be impressed by the flawless attention to detail, evoking the feel of a model home. Luxury finishes abound, from the striking multiway fireplace to the elegant entry and lighting. Upgrades include a new roof and walking deck, and Thermador Chef's kitchen appliances, complemented by beautiful Pergo flooring throughout. Unwind in the remodeled Spool area, complete with new equipment, or adventure up the spiral staircase and be in awe of the sonoran desert all around

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3124 E Blackhawk Drive Gilbert, AZ 85298

$1,545,000

4 Beds

4.5 Baths

4,324 SqFt

Status Active

MLS # 6661174

Property Type Single Family Residence

Price Type --

This spacious beauty in Acacia Estates boasts the addition of a separate living quarters and a recent remodel with high-end upgraded features such as solid hardwood knotty alder doors and baseboards, a Chef's kitchen with GE Monogram appliances, 3 beverage fridges and a 4-car insulated and temperature-controlled garage. Additional highlights include front yard artificial turf, plantation shutters throughout, remote blackout shades in the bedrooms and a home surveillance system. Other luxury features such as a private courtyard, ensuites in secondary bedroom, attached casita with a full bathroom remodel to include an oversized shower and soaking tub

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8148 W Avenida Del Sol -- Peoria, AZ 85383

$1,545,000

3 Beds

2.5 Baths

5,554 SqFt

Status Active

MLS # 6713008

Property Type Single Family Residence

Price Type --

Custom Basement home on 1.6-acres. Crafted with Structural Insulated Panel walls and featuring a full basement with soaring 10-foot ceilings, this residence also offers a 5.2KW OWNED solar system. The heart of the home, the kitchen, has been completely gutted and redesigned to perfection, showcasing top-of-the-line appliances, and a spacious walk-in pantry. Dining room area has been expanded adding additional square footage onto the footprint of the home. Primary bath has also been gutted and redesigned to perfection with a very large walk in shower with tub wet room, dual sinks, and a private toilet room. Primary bedroom has a door right out to your backyard. Entertain in style with an expansive covered patio overlooking a luxurious new pool and jacuzzi, creating a private retreat for relaxation and enjoyment. For the automotive enthusiast, a remarkable 4,000-square-foot detached garage awaits, providing ample space for up to 20 cars with tabled and lighted workshop area. Additional features include a three-car attached garage with epoxy floors, brand-new flooring throughout most of the house, a tankless hot water heater, and an RV gate for added convenience, and also a private well. Home has a coveted North-South exposure. Located mere moments from the shores of Lake Pleasant and surrounded by scenic hiking trails, this residence offers the perfect blend of serenity and convenience. Embrace the vibrant lifestyle of the area, with abundant shopping options and the promise of a new entertainment district just moments away.

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1822 E Palmaire Avenue Phoenix, AZ 85020

Open House

$1,540,000

4 Beds

3.5 Baths

3,339 SqFt

Status Active

MLS # 6743671

Property Type Single Family Residence

Price Type --

Experience modern luxury in this exceptional 4-bedroom, 3.5-bathroom home with an office space, nestled among new custom homes valued over $2 million. This home perfectly combines energy efficiency and contemporary luxury, featuring owned solar panels, an EV charger, and a solar heated/cooled pool. Enjoy four outdoor seating areas, a gas fireplace, and breathtaking mountain views, ideal for year-round relaxation and entertainment. The home is filled with premium upgrades like Thermador appliances, Moen faucets, and granite/quartz countertops. Located in a quiet cul-de-sac with no HOA fees, this property offers both privacy and style. Explore more of what this home offers: a spacious office, elegant bidets in three bathrooms, Sierra Pacific windows and doors, and extra-deep cabinets for ample storage. This unique, non-cookie-cutter design ensures you'll stand out in a community of high-end homes. Enjoy the convenience of built-in pest control stations and close proximity to hiking trails, Piestewa Peak, and a canal. Don't miss this exceptional opportunity to live in luxury!

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4825 N 72nd Way Scottsdale, AZ 85251

$1,539,000

3 Beds

3.5 Baths

2,235 SqFt

Status Active

MLS # 6729878

Property Type Townhouse

Price Type --

Welcome home to your jewel box in the heart of Scottsdale's high-profile 85251 zip code! This modern masterpiece sits in Royale Gardens, a lush and tranquil tree-lined community reminiscent of Old Hollywood. Completely redeveloped from the foundation up and featuring both Scandinavian and contemporary design, this custom two-story residence features a rare 3 bedroom, 3.5 bathroom layout that is both spacious and perfect for entertaining. Stunning from the finest materials used, including imported hardwood floors, floating staircase, glass enclosed showers, recessed LED lighting, marble bathrooms, and a world-class gourmet kitchen with Sub-Zero integrated refrigerator and Corian countertops.

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4393 N Twisted Trail Prescott, AZ 86301

$1,529,000

3 Beds

2.5 Baths

2,492 SqFt

Status Active

MLS # 6735957

Property Type Single Family Residence

Price Type --

Find your personal Shangri-La in this new custom-built Tuscan Style Masterpiece, tucked privately into spectacular granite outcroppings, known as Arizona's Garden of the Gods. A rare opportunity to live in what could have been a State Park with an entrance that will take your breath away. No expense spared or detail overlooked in this gorgeous new custom home built by one of Prescott's most experienced teams. Features: -Chefs kitchen w/Wolf range+pot filler -Grand MBath w/steam shower, soaking tub, sauna, his/hers closest -MBed w/ gas fireplace & balconies -Huge private deck -Travertine flooring -Oversized 3-car garage w/ epoxy coating -Tile roof+gutters Private gated community features a huge pool & trail system w/ access to a 1300-acres of wilderness. +NEW CUSTOM home - completed but never occupied +Rare opportunity to purchase a new home in a subdivision with only 4 closed home sales since 2014! +11 minutes / 6 miles to downtown Prescott in small, private gated community +Designed & built for low maintenance and efficiency with spray foam + regular insulation, 16 SEER mini-split HVAC, Envirowise ERV, instant hot water system, high quality windows and doors, and much more. +Design for lock and go vacationers or part time residence with a low maintenance landscape +LUXURY FINISHES INCLUDE: -Mediterranean rustic chiseled Travertine tile in Versailles pattern with matte sealer -Custom Ironwork Banisters and Railings -Kitchen Countertops/Backsplash - Calacatta Taupe Polished Quartzite -Kitchen Island - Michelangelo Polished Quartzite -Bathrooms - Typhoon Bordeaux Granite -Custom Cabinetry Throughout the House -Signature Kitchen Suite 36- Inch Built in French Door Refrigerator -36 Wolf - All-Natural Gas Range w/ Griddle -24 Wolf Microwave Insert -24 Cove Dishwasher -Under Cabinet lighting -Custom 8' Knotty Alder Doors -Custom Pinky's Iron Entry Door -Sierra Pacific Window & Door Package -Metropolitan Light Fixtures throughout -TimberTech Vintage Series Decking (Tigerwood), durable, low maintenance, fade & stain resistant, moisture resistant, protective warranties, sustainable, made in the USA.

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5535 E Sheena Drive Scottsdale, AZ 85254

$1,529,000

5 Beds

3.5 Baths

4,412 SqFt

Status Active

MLS # 6727206

Property Type Single Family Residence

Price Type --

Beautiful LaPalma 5 bed/3.5 bath, RARE basement home in a gated community. Owners took pride in modernizing the house, throughout the years. With brand new carpet in the master bedroom, hard wood floor on the main level, fully renovated master bathroom, updated Chef's kitchen with a brand new 6 gas burner cooktop and Caesarstone quartz countertops, RO system. water softener, mister system for your backyard oasis, with a built-in outdoor kitchen, pool plumbed to even install a slide. Home also includes indoor/ outdoor stereo speakers and childproof security doors to the patio. Heated pool/spa, beehive fireplace w/built-in bench, covered patio, grass, and fruit trees. The floor plan has a master suite, with 3 bedrooms on the main floor, plus 2 large bedrooms, full bath, and a bonus/great room downstairs. Amazing house for entertaining. Home located in the magic zip code 85254.

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5455 E Lincoln Drive Unit 1016 Paradise Valley, AZ 85253

$1,529,000

2 Beds

2.5 Baths

1,702 SqFt

Status Active

MLS # 6639094

Property Type Apartment

Price Type --

Indulge in loft living at Mountain Shadows Resort! exquisitely upgraded 2-bedroom loft home is adorned w/ designer touches & meticulous details. Nestled against the breathtaking backdrop of Camelback Mountain, Mountain Shadows Resort offers a distinctive lifestyle in a community of only 41 condo & loft homes, providing a serene Paradise Valley setting w/ full privileges at the resort iincluding a pool, spa, gym, restaurants & concierge services. There's also the unique opportunity to join the rental pool for stress-free income generation. Welcome to the epitome of resort living in Paradise Valley! Step into this two-story residence that emanates unparalleled style, offering turn key living at its finest. Furniture is avail for purchase. Property has ability to be in rental pool program.

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