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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7016 E Grand View Lane Gold Canyon, AZ 85119

$1,500,000
4 Beds
3.5 Baths
3,821 SqFt
Status Active
MLS # 6723961
Property Type Single Family Residence
Price Type --
MOUNTAIN VIEWS in this desert paradise custom built for the entertainer, cook, or outdoor enthusiast (a quick hike to the Broadway Trailhead)! Enjoy rooftop sunsets, relax in your soaking tub next to the two-way fireplace, take a shower in the moonlight, or kick back with a cocktail from the built in wet bar. Guests will love the huge casita with full bath or secondary owner suite, and the yard is built to enjoy w/ outdoor fireplace and 5 covered patios! Gourmet kitchen w/ 2 dishwashers, 2 sinks, Wolf Gas French Cooktop, 2 wall ovens, Sub Zero Frig & Freezer Drawers, Built in Coffee / Espresso, cast iron farmhouse sink, & massive island. Southwest style handmade Mana Pottery tiles, Travertine, 2x6 construction, spray foam attic, fresh exterior paint! Huge lot with room to customize!

8438 E Jasmine Circle Mesa, AZ 85207

$1,500,000
6 Beds
6.5 Baths
5,235 SqFt
Status Active
MLS # 6759227
Property Type Single Family Residence
Price Type --
Wow, wow, wow!! This 5235 sqft buyer's dream house has MORE than your buyer's wish list! 6 beds+downstairs den+large upstairs game room with walk-out deck, and another bonus craft room! 6.5 baths!! 4 secondary bedroom suites...guest suite downstairs set apart by itself. The home sits on a private cul-de-sac lot of .332 acres with mountain & sunset views AND it's far from any neighbors behind you! True luxury living in Blandford's highly desirable master planned community of Legacy at Mountain Bridge. This gated community has too many amenities to list, but you can check out the pictures. Entertainer's backyard with built-in BBQ, island, fire pit, children's play area, dog run, garden boxes with fresh vegetables, and a generous sized covered patio with surround sound pre-wire...see next pg Gorgeous gas fireplace in living room with stone to ceiling. HUGE pantry and tons of cabinets...Check the options document tab to see the many upgrades such as: 2' extension at 2 car garage and insulated garage door, whole house water filtration system plus soft water loop, pre-wired surround sound inside and outside (living room, loft & patio); pre-wire for alarm system. Reverse osmosis system at kitchen sink is currently leased with monthly service so the RO system will be removed before closing, but the spicket remains and buyer can easily connect their own new RO system beneath the sink. Excellent community location close to 202 North freeway for an easy commute; excellent lot location, and absolutely gorgeous inside and out!

22602 N 80th Place Scottsdale, AZ 85255

$1,500,000
4 Beds
3 Baths
3,086 SqFt
Status Active
MLS # 6758896
Property Type Single Family Residence
Price Type --
Nestled in the private and gated community of Pinnacle Peak Estates II, this stunning home offers breathtaking mountain views right out the front of the home. At just over 3,000 square feet, this home is perfectly sized and the one-acre lot offers space to expand along with privacy. The back of the house showcases a wall of glass, with four sliding doors and windows that invite abundant indirect sunlight throughout the day. This unique feature also provides a panoramic view of the sparkling pool, visible from most rooms, creating a seamless connection between indoor and outdoor spaces. As you step inside, the high ceilings and Italian travertine floors immediately catch your attention, lending the home an expansive yet inviting feel. The split floor plan offers privacy, with the primary suite and bath and home office with a full bath (fourth bedroom) on one side, and two additional bedrooms with a shared bath on the other. The primary suite bath is a retreat, featuring dual vanities, a jetted soaking tub, a separate shower, and a walk-in closet. The kitchen has stainless steel appliances, walk-in pantry, center island with storage, a coffee/display niche, all overlooking the light filled family room with centerpiece fireplace. Outdoor living is just as enticing, with a large covered patio that stretches the length of the home, complete with a mechanical sunshade for added comfort. The heated pool, surrounded by ample decking, is perfect for lounging or dining. For added convenience, the home includes a three-car garage and a large laundry room with a sink and cabinetry. The leased solar panels enhance energy efficiency, while the Southwest styling welcomes guests with charm. With quick access to the 101 and Phoenix Airport, and so close to Kierland, Scottsdale Quarter, Fashion Square, and Desert Ridge, and more, literally minutes away, from the most desirable shopping areas in Arizona. This home combines luxury, convenience, and privacy in a sought-after location.

19711 W Georgia Avenue Litchfield Park, AZ 85340

$1,500,000
4 Beds
2.5 Baths
3,051 SqFt
Status Active
MLS # 6756040
Property Type Single Family Residence
Price Type --
NEW 2 BEDROOM GUEST HOUSE beautifully accents this 4 BEDROOM 2.5 BATH CUSTOM home on nearly an acre with room for RV & TRAILER PARKING, PLUS 5 CAR GARAGE SPACES. This property offers a wide range of possibilities: use the Guest House for multi-generational living, office space, studio space, rental income, entertaining space, pool house or simply for guests. This custom space offers beautiful finishes and upgrades. Both homes feature 10 ft ceilings. The main house offers an open, split floor plan with add'l den/office. Sparkling pool with a waterfall feature, built-in spa & large Baja step, plus an in-pool table. The grand gazebo offers added shade, along with the oversized covered patio. There is room for a lift in the 12' high guest house garage. You've got to see this!

3429 E Tina Drive Phoenix, AZ 85050

$1,500,000
5 Beds
3.5 Baths
3,202 SqFt
Status Active Under Contract
MLS # 6743509
Property Type Single Family Residence
Price Type --
Discover the highly sought-after Prato plan in Sky Crossing, where your dream backyard awaits! This amazing home features an oversized pool with a white noise fountain, hot tub, firepit, & an all-inclusive kitchen surrounded by ample turf for all your outdoor activities. Inside, you'll find elegantly customized finishes with timeless millwork & crown molding throughout. Every room showcases beautiful attention to detail & no expense has been spared. The great room's dramatic ceiling heights fill the space with natural light, perfect for family gatherings. Additional highlights include a private dining room, spacious loft, quiet office, & 5 bedrooms, including a secluded 1st floor in-law suite. Situated on a cul-de-sac with a pie-shaped homesite, this property offers exceptional privacy.. and separation from neighboring homes. Located in an amenity rich community with close proximity to freeways, Mayo Clinic, & Desert Ridge shopping, it truly is a one-of-a-kind gem.

3903 E Melody Drive Phoenix, AZ 85042

$1,500,000
4 Beds
4 Baths
4,485 SqFt
Status Active
MLS # 6748277
Property Type Single Family Residence
Price Type --
Welcome to your luxurious hillside retreat in the heart of Phoenix, AZ! This 4-bedroom, 4-bathroom masterpiece spans 4,485 square feet and sits on a private, elevated lot, offering panoramic views of downtown Phoenix, Sky Harbor Airport, and the iconic Camelback Mountain. Despite being just minutes from the bustling city and the convenience of the airport, this home provides the feeling of living in the country, as it backs up to the sprawling 1,600-acre South Mountain Park - your very own natural backyard. Imagine waking up to the sights and sounds of amazing wildlife and expansive, unobstructed views of the desert landscape. With access to miles of scenic trails, this property offers endless opportunities for outdoor exploration, hiking, and relaxation, all while enjoying the peaceful privacy that makes this home a true sanctuary. Step inside and be greeted by brand-new luxury vinyl plank floors that flow throughout the home, leading to an expansive great room with a cozy fireplace - the perfect setting for entertaining or relaxing with loved ones. The heart of this home, the kitchen, features White Shaker-style soft-close cabinets, elegant Quartz countertops, and a spacious island, creating the ideal space for culinary creations and family gatherings. This property offers both form and function, with a thoughtful layout that includes formal dining, a bright breakfast nook, and a full finished walk-out basement. The basement boasts a den and an additional bathroom, making it a versatile space for an office, gym, or guest suite. Tucked away in a small, privately gated neighborhood of custom homes, this property provides exclusivity and tranquility while being just minutes from I-10, downtown Phoenix, and Sky Harbor Airport. Whether you're soaking in the scenic views from the great room, retreating to the spacious bedrooms, or enjoying the serenity of your natural surroundings, this home is a peaceful, sanctuary-style retreat that offers the best of both worlds - close to the city, but with the tranquility of country living. This property is a rare opportunity to own a slice of Phoenix paradise. Don't miss the experience of breathtaking views, abundant wildlife and the luxurious comforts this home has to offer! Discover the Unexpected in this Architecturally Unique Luxury Home Step into a world where modern luxury meets bold, unconventional design. This one-of-a-kind property offers a distinctive floor plan that is as functional as it is imaginative, creating an atmosphere of surprise and delight at every turn. With open, flowing spaces and unexpected room layouts, this home invites you to embrace a lifestyle that is anything but ordinary. Each room has been thoughtfully designed to blend style, comfort, and creativity, offering the perfect canvas for those with a flair for the unique. From cozy nooks for intimate gatherings to expansive areas that inspire entertaining, this home offers flexibility and charm unlike anything else on the market. If you value a residence that stands apart, offering character and personality in every corner, this is your chance to own a true architectural masterpiece.

5 E 14th Street Tempe, AZ 85281

$1,500,000
5 Beds
3 Baths
4,319 SqFt
Status Active
MLS # 6728493
Property Type Single Family Residence
Price Type --
Amazing Tempe Location Offering A Ton Of Possibilities. Just Steps Away From ASU, Grady Gammage And The Spectacular Entertainment District Of Down Town Tempe. Single Level 5 Bedroom And 3 Bathroom Home With Huge Lot And Private Pool And Entertaing Area. Newer Windows, Newer Main Sewer Line, Updated Kitchen And A Split Floor Plan Which Allows A Great Opportunity For Private Residence, Rental For Students Or An Airbnb. Close To Light Rail, Sky Harbor, Restaurants And Tempe Town Lake. Two Separate Outdoor Entertaing Areas And Two Car Garage With Large Driveway Makes This An Ideal Property In An Incredible Neighborhood. Dont Miss Out On This Limited Time Opportunity To Create A Lifestyle And Business In An Unprecedented Location Which Wont Come Aailable Often.

8015 E Serene Street Carefree, AZ 85377

$1,500,000
3 Beds
4 Baths
2,674 SqFt
Status Active
MLS # 6741206
Property Type Single Family Residence
Price Type --
Simply Stunning Classic Carefree Contemporary! This unique and exceptional home offers a blend of elegance and modern comfort. Featuring 3 spacious bedrooms, 4 luxurious baths, this residence is designed to impress. The high-end finishes and features throughout the home are complemented by abundant natural light, creating a seamless transition to outdoors. Enjoy the convenience of a 3 car, air-conditioned garage, relax by the beautiful pool with a swim feature and exquisite glistening mosaic tile spa. The property boasts an elevated lot with breathtaking views from every room, enhancing your living experience with a constant connection to the outdoors. Located in a private setting with no HOA, this home ensures both tranquility, ease of care and your perfect lock/leave or full time home

20319 E Orchard Lane Queen Creek, AZ 85142

$1,500,000
4 Beds
2.5 Baths
2,474 SqFt
Status Active
MLS # 6747973
Property Type Single Family Residence
Price Type --
**EXTREMELY RARE R-43 MARICOPA COUNTY ISLAND PROPERTY - NO HOA or CC&R'S** This gorgeous one story home is situated on just slightly under an acre with a luxurious pool, an RV garage, and stunning mountain views. Once you step inside you'll immediately feel at home as you walk into the beautiful entryway that leads into the open concept kitchen, dining, and family room. This home is every designer's dream with over $375,000 in luxurious high end upgrades including but not limited to decorative wood beams, 10 ft back slider doors, built in Frigidaire refrigerator and freezer, fireplace, spray foam insulation and much more! The attention to detail in design and finishes are highly evident throughout the entire home. The backyard is your private oasis which includes a gorgeous pool complete with 2 pergolas, a rain water feature, and built in bbq which is great for entertaining. If you're looking for a timeless, luxurious home in a quiet and private neighborhood, come see what this beautiful home has to offer. **Warning Alert** BE READY to immediately fall in love!! Don't miss your chance to make this incredible home yours! Welcome home!

5604 S 225th Avenue Buckeye, AZ 85326

$1,500,000
4 Beds
3.5 Baths
3,417 SqFt
Status Active
MLS # 6735525
Property Type Single Family Residence
Price Type --
Wow, exceptional 4-bedroom property in Roosevelt Citrus at Buckeye! This Ranch-style beauty sits on a massive 3.1-acre lot, offering tons of space for livestock & endless potential to get creative. Fully fenced-in, 4-car garage, fun basketball slab, and a low-care desert landscape are features that can't be left unsaid. The interior boasts clean lines that favor a western & functional design completed with plantation shutters, wood-look plank tile flooring, recessed lighting, and a soft grey palette. The formal living room has a dry bar, making it easy to entertain. The large family room boasts an exposed beam ceiling, pre-wired surround sound, and wide sliding glass doors connecting your home inside & out. The bright dining room is attached to the kitchen for ease in serving wonderful meals! Fall in love with the gourmet kitchen equipped with a plethora of cabinets, subway tile backsplash, granite countertops, high-end stainless steel appliances, an undermount farm-style sink, a spacious island, and a walk-in pantry. The owner's suite has outdoor access & a pristine ensuite with two vanity sinks, a tiled step-in shower, and a bountiful walk-in closet. The expansive backyard is tastefully divided. Game room has plenty of room for pool table and any other family fun. Out the back, discover a Desert Oasis with multiple covered patios, a resort-like in ground pool, and a sunken covered patio with TV, a bar, and a space for an outdoor kitchen. Further out, you'll find a tack room and feed bay with storage, stalls, a roping arena approx 120 x 220 with sand footing. The roomy 4 stall plus - mare motel style barn connected to an irrigated grass turn out. Additional corrals allow you to have space for all your animals. RV hook ups set up for convenience, and so much room for all your toys and rec. vehicles. NO HOA to slow you down, opportunity abounds. So many amenities and upgrades, words don't do this beauty justice. You must see it!

12211 N 57th Street Scottsdale, AZ 85254

$1,500,000
5 Beds
2.5 Baths
3,093 SqFt
Status Active
MLS # 6747612
Property Type Single Family Residence
Price Type --
Fabulous territorial home in Century North, a quiet Scottsdale neighborhood nestled within the large lots of 85254! On over 1/4 acre of immaculate xeriscape, this 3,093 sq ft energy-efficient home features a large, crystal clear pool, oversized pass-through garage, separately gated RV parking, large covered front and back patios, dog run and much more! A high ceiling entryway welcomes you into this great 5 bedroom/2.5 bath single level home with an additional large bonus/flex/game room. Every square foot of home has been remodeled, included wood-look ceramic tile plank flooring throughout, gourmet kitchen with stone counters, custom cabinetry, wall oven, vaulted wood-beamed ceilings in dining and living rooms connected via a two-way fireplace. 16kW of solar = avg bill less than $100)!

3002 E Hanging Rock -- Payson, AZ 85541

$1,500,000
3 Beds
4 Baths
5,069 SqFt
Status Active
MLS # 6712092
Property Type Single Family Residence
Price Type --
MOUNTAIN VIEWS THAT TAKE YOUR BREATHAWAY! Welcome to this warm and spacious home located in the Rim Golf Club. Providing main level living with a spacious kitchen, and dining area that highlights the breathtaking views of the Granite Dells Mountain Range. Beautiful dual fireplace with stone and copper accents that provides a gentle feel of separation to the spacious den with access to a perfect deck to be enjoyed. A separate expansive covered/uncovered deck faces the majestic Mogollon Rim absolutely ideal for entertaining and enjoying the four seasons. The main suite provides dual closets with built-ins, a hidden cedar closet, dual sinks, walk-in shower and deck access. Enjoy your own patio located off of the home office and laundry area. Lower-level living boasts family room with covered deck access perfectly designed for privacy and a superb view. Split floor plan provides one guest suite with deck access an additional full bath and an additional guest room. You will also be delighted with a tucked away space that is perfect for a home gym, home theatre or hobby room. Do not miss the bonus storage area perfect for decorations. Come see this perfectly situated home today!

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