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 99th 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.

Whats 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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6031 E Waller Lane Phoenix, AZ 85054

$1,525,000
4 Beds
4.5 Baths
3,505 SqFt
Status Active
MLS # 6737135
Property Type Single Family Residence
Price Type --
Seller to give buyer a $25k credit. Gated Community! Located in Talinn at Desert Ridge. Premium N/S lot across from the park. 3,505 sq. ft. 4 bed 4.5 bath plus an office, a loft, 3 car garage w/ EV Charger & a pool. Chef's kitchen includes quartz counters, Island w/ a dramatic waterfall edge, built-in fridge, floor to ceiling white cabinets, a 48'' gas range, vent hood, & a pot filler. Butler's pantry & walk-in pantry. Wood like tile throughout. Primary suite has a walk-in closet & primary bathroom has sep tub & shower, vanities w/ down lighting. Resort style backyard has a pool, large grass area w/ artificial turf. Home is wired for motorized blinds, pre-wired for speakers & theater. Ring cameras inside/out plus Ring security system. Owner water softner. Neighborhood amenities include heated pool, spa & work out facility. A+ schools & parks. Close to shopping, Freeways & Mayo Clinic!

7117 E Rancho Vista Drive Unit 4006 Scottsdale, AZ 85251

$1,525,000
3 Beds
2 Baths
1,734 SqFt
Status Active
MLS # 6755060
Property Type Apartment
Price Type --
Old Town Scottsdale Living Resort Style Luxury. Welcome to the epitome of luxurious living where elegance and convenience converge in a stunning three-bedroom, two-bathroom corner unit. This highly sought-after residence offers unparalleled amenities and architectural excellence, all within a vibrant community surrounded by grand courtyards, soothing waterfalls, reflective pools, and lush terrace-style landscaping. Step into this rare gem and discover expansive wrap-around outdoor patios that provide the perfect setting for serene relaxation, lively gatherings, or simply soaking in the breathtaking views of Camelback Mountain. The open-concept living space is bathed in natural light, courtesy of the striking floor-to-ceiling windows that fill the home with an abundance of brightness.The gourmet kitchen is a chef's dream, featuring high-end appliances, sleek modern European-style cabinetry, and elegant granite countertops. The primary bedroom is a true retreat, complete with a walk-in closet and an en suite bathroom that boasts exquisite marble and stone tile, a glass-enclosed shower and soaking tub. Residents of this remarkable home enjoy the luxury of resort-style amenities right at their doorstep. The community includes swimming pools, an outdoor putting green, racquetball and basketball courts, a state-of-the-art fitness center, a spa, and saunasproviding everything you need for both relaxation and active living. For those who enjoy the convenience of city life, this residence is within walking distance to around 300 establishments, including a diverse array of restaurants, bars, coffee shops, and entertainment destinations. However, with such exceptional amenities and a prime location, you may find that you have everything you need right at home.This home offers a unique blend of modern luxury and lock and leave accessibility, making it an ideal choice for those seeking a sophisticated lifestyle in the heart of Old Town Scottsdale.

6942 E Thirsty Cactus Lane Scottsdale, AZ 85266

$1,525,000
3 Beds
2 Baths
2,472 SqFt
Status Active
MLS # 6749247
Property Type Single Family Residence
Price Type --
Wonderful home in Terravita Country Club with views of the 14 fairway and Black Mountain with stunning AZ sunsets! This remodeled home offers a fabulous kitchen, granite and luxury stainless appliances all overlooking the great room. The view windows offer unparalleled views of the surrounding mountains, sunsets and world-famous Saguaros. This Caelum model plan is perfect for guests to relax, both inside and out! The backyard is a resort paradise with a heated pool, large built in BBQ/entertaining bar, large gas fire-place and lots of outdoor seating with and covered patio areas to enjoy the best of Arizona resort living! This is a must see!

7374 E Woodsage Lane Scottsdale, AZ 85258

$1,525,000
3 Beds
2.5 Baths
3,472 SqFt
Status Active
MLS # 6747900
Property Type Single Family Residence
Price Type --
Exquisitely curated interiors create the distinguished ambiance offered in this very private, gracious villa. Discerning tastes will take note of the Ralph Lauren inspired fabrics and appointments throughout the spacious floorplan, with comfortable, open living spaces on the main level, including the dramatic vaulted entry & formal living room w/ wet bar, sophisticated Formal Dining, well-lit kitchen w/ charming breakfast room adjacent to the finely appointed Family/TV room, which overlooks the private patio with glass tiled dipping pool. Upstairs, the Primary Suite is a richly appointed sanctuary of it's own, separated by an open walkway from the secondary bedrooms. Additionally, an office/exercise room & delightful powder room exist on the main floor. (Newer roof w/ warranty.)

34331 N 99th Way Scottsdale, AZ 85262

$1,525,000
3 Beds
3 Baths
3,110 SqFt
Status Active
MLS # 6751359
Property Type Single Family Residence
Price Type --
Experience the ultimate in luxury living w/ this stunning $400K makeover in the gated area of Legend Trail! This light, bright, open-concept GREAT ROOM design features top-of-the-line modern finishes throughout. Enjoy a very private, park-like setting that backs up to Natural Open Space on two sides. The resort-style backyard oasis boasts a sparkling neg edge pool & spa, fireplace, firepit & built-in BBQ. With over 3100 sq ft of beautifully updated living space, high 12' ceilings & abundant glass to capture the gorgeous desert surroundings, this home is a true gem. Impeccable stone & tile work adorns the entire space. 3 spacious bedrooms & fully remodeled baths, along w/ new custom cabinetry, doors, contemporary fireplace walls. Amenities include golf, tennis, pickle ball & fitness cente

1700 S River Valley Road Flagstaff, AZ 86004

$1,525,000
6 Beds
5 Baths
3,600 SqFt
Status Active Under Contract
MLS # 6748486
Property Type Single Family Residence
Price Type --
Mountain Grandeur in the Tall Pines! The home's design incorporates some outstanding architectural features from El Tovar Lodge, Hermits Rest & the Riordan Mansion. The home is surrounded by old growth pine forest dotted with an open meadow which creates a relaxing sanctuary to catch glimpses of the abundant wildlife. This log and rock masterpiece features 6 bed/ 5 baths, Australian Cypress wood floors, Quartz countertops, 2 massive rock fireplaces, HVAC heating and cooling system is 2 years old, New roof in 2022, Tank-less hot water heater installed in 2022, 2 car garage, fully fenced with electric entry gates & much more. There's a 4 stall barn & tack room with finished apartment above with mud room, 2 bedrooms, full bath and kitchen; the 4 stalls could be converted to another 3 car garage/ workshop

19650 E Jeanna Court Queen Creek, AZ 85142

$1,525,000
3 Beds
3.5 Baths
3,898 SqFt
Status Active
MLS # 6732118
Property Type Single Family Residence
Price Type --
Welcome to your dream home nestled in the heart of tranquility and luxury in Whitewing at Whisper Ranch. This exquisite three-bedroom residence combines designer touches with unparalleled outdoor amenities, offering a lifestyle of comfort and sophistication. Designer finishes and meticulous attention to detail throughout. The great room is adjacent to the dining area and gourmet kitchen- which is a culinary masterpiece, boasting top-of-the-line appliances, quartz countertops, and two center islands ideal for both casual dining and entertaining guests. Don't miss the center courtyard with dual access points and fall in love with the designer lighting and custom touches throughout. The primary suite is a serene retreat, complete with a spacious bedroom area, a walk-in closet, and an en-suite bathroom featuring a soaking tub and a separate glass-enclosed shower. Two additional bedrooms (each with en-suite baths) offer ample space for family or guests, each thoughtfully designed with comfort in mind. The home's large flex space is perfect for an exercise area, home theatre (it is prewired!) or huge playroom. Beyond the interior lies the true jewel of this property: an expansive backyard oasis. Step outside to discover a resort-like setting featuring travertine patio and a sparkling pool for refreshing dips on sunny days (it's heated for chilly days too!). Adjacent, a luxurious spa invites you to unwind under the stars. The outdoor kitchen, tucked under a large pergola, is equipped with a built-in grill and ample counter space, beckoning you to indulge in al fresco dining experiences. The landscaping with artificial turf, enhances the ambiance, creating a private paradise that is perfect for relaxation and entertaining. Fenced dog run located on one of two oversized sideyards, while your second sideyard features an RV gate with plenty of space to store your toys! HOA allows for casita or RV garage construction in sideyard too! Experience the epitome of luxury living in this meticulously designed home with unparalleled outdoor amenities. Whitewing at Whisper Ranch is a gated community featuring children's play area, clubhouse with communal kitchen and seating, dog run and more, located just minutes from Queen Creek's dining, shopping and entertainment areas.

8418 W Louise Court Peoria, AZ 85383

$1,525,000
4 Beds
5 Baths
4,025 SqFt
Status Active
MLS # 6724490
Property Type Single Family Residence
Price Type --
Discover this stunning North Peoria home with over 4,000 sq ft of living space on nearly half an acre. Highlights include a large pool with swim-up bar, expansive outdoor BBQ area, golf green, hot tub, misting system, and RV gate. Architectural plans for an RV garage with guest quarters are ready for permitting. Inside, enjoy a wet bar with kegerator, a spacious kitchen with high-end appliances, and a large pantry. The home features 4 en-suite bedrooms, 2 office spaces, and a teen room with a projector screen. The primary closet is fully custom and includes a built-in safe. Additional features include an elegant iron front door, smart home technology, and plantation shutters throughout. Located on a quiet cul-de-sac in a great neighborhood, this home offers luxury and privacy. Don't miss out on this rare find in North Peoria!

Phoenix AZ 85087

$1,500,000
3 Beds
3 Baths
2,200 SqFt
Status Active
MLS # 6620636
Property Type Single Family Residence
Price Type --
The highlight of this property is its subdividable nature, providing an opportunity to create distinct living spaces or investment opportunities. Additionally, the parcel is equipped with a domestic well, ensuring a consistent and reliable water supply for any future development. Currently gracing the property is a remarkable barndominium that seamlessly blends functionality with comfort. Boasting 2,000 square feet of shop space and an expansive 2,400 square feet of living space, the existing structure showcases the potential for a versatile lifestyle and various usage possibilities. For those seeking to create a customized living space, a well-placed pad is ready for construction, allowing you to build your dream home amidst the natural beauty of this generous acreage

5136 N 10th Way Phoenix, AZ 85014

$1,500,000
4 Beds
3.5 Baths
3,525 SqFt
Status Active
MLS # 6748715
Property Type Single Family Residence
Price Type --
**PRICED UNDER APPRAISED VALUE!!** Rare opportunity to own a BRAND-NEW Thomas James home on a tucked away street surrounded by new construction between Midtown and Biltmore north of Camelback. This 4 bed, 3.5 bath, 3,532 sq ft home comes complete with an open concept split floorplan, a private office and many luxury home features. 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 first level primary suite, complete with a spa-like bathroom. The three additional bedrooms upstairs are generously sized and offer ample closet space. A very large upstairs bonus room offers additional family living space. Professionally designed backyard with pool. 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. Transitional modern farmhouse with light and bright finishes.

3417 W Roaring Fork Drive Pinetop, AZ 85935

$1,500,000
5 Beds
6 Baths
3,533 SqFt
Status Active
MLS # 6672251
Property Type Single Family Residence
Price Type --
Nestled alongside the picturesque 18th tee box of the renowned Pinetop Lakes Country Club, this impressive A-Frame designed split log cabin with stone accent sits on 0.38 acres, 3533+/-sqft, has 5 bedrooms and 6 baths, 2 car garage, storage area, laundry/mud room, loft/family room, grand stone gas fireplace. Step inside and be greeted by a spacious and inviting interior with soaring ceilings and abundant gathering spaces. Each of the five large bedrooms boasts its own private bathroom, ensuring optimal privacy and comfort for every guest. Bask in the expansive views of the lush greenery from the comfort of your own home, where the beauty of the outdoors seamlessly blends with the cozy warmth of indoor living. Income property with mgr. Unwind after a day of adventure in the White Mountai knowing that your personal sanctuary awaits. Property is being sold turnkey with fine antique furniture and unique collectibles adorn every corner of this turnkey home, adding a touch of timeless elegance. Conveniently located near the world's largest Ponderosa Pine Forest, Pinetop Lakes Country Club provides easy access to an array of outdoor activities from golf and tennis. Sunrise Ski Resort, Lakes for fishing to hiking and wildlife watching. With major commercial airports in Phoenix, Albuquerque, and Tucson just a short distance away. Adjoining 0.33 acre lot is also available.

2799 E Jade Place Chandler, AZ 85286

$1,500,000
4 Beds
3.5 Baths
3,933 SqFt
Status Active
MLS # 6742990
Property Type Single Family Residence
Price Type --
As seen on American Dream TV! Experience luxury living at Whitewing! This exquisite 4-bedroom, 3.5-bathroom home, with a den is nestled within an exclusive gated community. This home boasts 3,933 sqft. of tastefully updated living space on a sprawling 18,750 sqft lot. Highlights include new Bosch A/C units, new carpet & wood floors, Tesla charger, office built-ins, built-in fridge, and marble tiles. Gorgeous Cantera stone accentuates the charming fireplace as well as the half-bathroom sink. The kitchen features a wall oven, a built-in refrigerator, a walk-in pantry, granite countertops, and a kitchen island. Enjoy formal dining or a quick meal at the breakfast bar. Step outside to a covered patio that overlooks a Home & Garden inspired backyard, complete with retractable shades, rock-waterfall pool feature, outdoor garden, landscape lighting, additional water feature, misters, built-in gas fireplace & barbecue grill and outdoor bar, 2 ramadas ideal for entertaining. Bonus fruit trees - lemon, pomegranate, blood orange, and clementine! Additional features include a 3-car garage with cabinets and an RV gate. This home offers unparalleled luxury, comfort, and privacy. Don't miss out on this exceptional opportunity!

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