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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440 Raintree Road Sedona, AZ 86351

$1,499,999

3 Beds

3 Baths

2,006 SqFt

Status Active

MLS # 6722389

Property Type Single Family Residence

Price Type --

Stunning home and guest house in the beautiful Sedona countryside! WITH VIEWS! Property is currently used as a highly successful, upscale vacation rental! Incredible 2022 updates throughout. The beautifully upgraded 3 bed 2 bath main house boasts a variety of premium features, including stamped concrete, wood, and carpet flooring. The kitchen is equipped with high-end stainless steel appliances from Wolf, new countertops, and a striking Quartzite island with a leather finish. The hickory cabinets add warmth and sophistication to the space. Additional upgrades include a new perimeter fence and pavers. The home offers ample natural light, due to numerous windows and 13 skylights. The separate formal living room and family room feature a versatile gas or wood-burning fireplace. The master bath is a serene retreat, complete with a spacious walk-in shower featuring dual shower heads. A large walk-in closet provides ample storage, and an office nook offers a convenient workspace. The landscaped yard is a peaceful oasis, showcasing a variety of trees, including two mature plum trees, and fragrant rosemary bushes. Relaxation awaits in one of the two hot tubs, and Starlink WiFi ensures reliable internet access. The property is ideally located just steps from Jack's Canyon Trail and a short drive from all of Sedona's amenities. The 813 square foot guest house features a mini-split system for comfortable temperature control, a cozy wood-burning fireplace, and all electric appliances. This charming residence is the perfect accompaniment to the main house making this a plug and play investment!

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3743 E Hazelwood Street Phoenix, AZ 85018

$1,499,995

3 Beds

2 Baths

2,167 SqFt

Status Active

MLS # 6756925

Property Type Single Family Residence

Price Type --

Premium lower Arcadia opportunity on Hazelwood. Well cared for three bedroom and two baths plus office sits on 11,966 square foot lot including mature landscaping, large pool, barbeque area and a finished casita. Wonderful master suite with huge dual shower and walk in closet. Situated in one of the most desirable neighborhoods in Phoenix. Large .27 acre private lot is mid-block with no alley. Full remodel and addition completed in 2011 on this 2,167 sq ft home. This is a rare opportunity for a buyer to purchase a move-in ready home on Hazelwood at this price point. Otherwise, its a prime lot for a custom home.

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34642 N 52nd Street Cave Creek, AZ 85331

$1,499,995

2 Beds

2 Baths

1,935 SqFt

Status Active

MLS # 6753929

Property Type Single Family Residence

Price Type --

LOCATION ! LOCATION ! LOCATION ! Beautifully updated Home on 2.5 acres in the charming fun town of Cave Creek! Walk to Starbucks, restaurants, shopping and Golf..So convenient !! While still enjoying the luxury of your own ranch..Horseback Riding, biking and hiking trails take you into the Cave Creek Preserve from your driveway! Room for all your Horses and a spot ready to build a full size Roping Arena(with engineered plans) Features a brand new never been used Gourmet Chefs Kitchen TOP of the line appliances including a ZLINE natural gas range. Fantastic fenced backyard with a sparkling blue pool all ready for your finishing touches. New Flooring with southwest flair, Natural stone fireplace/gas insert. Make this your Winter Resort destination or Stay all year!!

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14437 N Valencia Drive Fountain Hills, AZ 85268

$1,499,995

3 Beds

3.5 Baths

2,573 SqFt

Status Active

MLS # 6717380

Property Type Single Family Residence

Price Type --

This popular Marden floorplan is ready to move in this fall. This home offers 2 bedrooms in the main house, separate office plus an attached casita for guests and a 3 car garage! Open concept floor plan is great for entertaining with sliding glass door to covered patio for indoor outdoor living. The kitchen boasts a huge island, Wolf appliances including 36'' cooktop and double ovens with 48'' Sub-Zero refrigerator. Enjoy the ambiance of the 60'' liner fireplace in the great room. Luxurious primary suite includes spacious walk-in closet, bathroom has dual vanities, walk-in shower and separate soaking tub. Imagine enjoying the upcoming holiday season in this amazing home!

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23730 N 125th Place Scottsdale, AZ 85255

$1,499,995

3 Beds

3 Baths

2,222 SqFt

Status Active

MLS # 6612078

Property Type Townhouse

Price Type --

Modern, Desert Contemporary style architecture! This open floor plan offers ample space for entertaining. Beautiful front and backyard landscaping with views of Troon Mountain and close proximity to the Mountain House Lodge Community Amenity. The Caullins' welcoming covered entry and inviting foyer reveals the spacious great room and dining room, with views of the large covered patio beyond. The well-designed kitchen is equipped with a large center island with breakfast bar, plenty of counter and cabinet space. The beautiful primary bedroom suite is highlighted by a huge walk-in closet and deluxe primary bath with dual-sink vanity, large soaking tub, luxe glass-enclosed shower with seat, and private water closet. Landscaping includes water feature, fire feature and built-in BBQ.

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1657 E Minton Street Mesa, AZ 85203

$1,499,991

4 Beds

3.5 Baths

3,499 SqFt

Status Active

MLS # 6750153

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Mesa! This stunning 4-bedroom, 3.5-bathroom home is currently under construction and scheduled for completion by the end of September. As you step inside, you are greeted by an open-concept floor plan that seamlessly connects the living, dining, and kitchen areas, creating a spacious environment perfect for both family living and entertaining. The gourmet kitchen features high-end stainless steel appliances, upgraded cabinet lighting, a large center island, and ample cabinetry for all your storage needs. Conveniently located just off the garage, the spacious pantry is designed with efficiency and organization in mind, making it the perfect solution for easy access and storage after shopping trips. The home also features a thoughtfully designed rear bathroom with dual access from both inside and outside, offering ultimate convenience for outdoor activities. Additionally, a charming bonus room provides versatile space that can be tailored to your needs, serving as the perfect extension of your living area. The luxurious master suite is a true retreat, complete with a walk-in closet and a spa-like en-suite bathroom that boasts dual vanities, a makeup vanity, a soaking tub, and a separate glass-enclosed shower. Outside, the backyard is a blank canvas ready for your personal touch, whether you envision a serene garden, a sparkling pool, or an outdoor entertainment area. With a prime location in Mesa, you'll enjoy easy access to the 202 Freeway.

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5714 E Paradise Lane Scottsdale, AZ 85254

$1,499,900

6 Beds

3 Baths

2,999 SqFt

Status Active

MLS # 6668134

Property Type Single Family Residence

Price Type --

Owner Financing Available! Welcome to your dream oasis in the heart of Scottsdale, where luxury meets location! This stunning property, located just a stone's throw away from Kierland Mall, offers an amazing opportunity to make this home an ideal Lock and Leave, Primary Residence or Short Term Rental. With 6 bedrooms and 3 baths, this spacious home is designed to accommodate your every need. Vaulted ceilings, open concept living space, fully renovated kitchen and baths, tile flooring throughout with an incredible resort back yard. Entertain friends and family in your private oasis with a heated pool. Sharpen your putting skills on your very own putting green and relax on the large covered porch. Management in place by GoodNight Stay, incredible income, run as a Short Term Rental.

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10995 E Lofty Point Road Scottsdale, AZ 85262

$1,499,900

4 Beds

3.5 Baths

3,238 SqFt

Status Active Under Contract

MLS # 6731631

Property Type Single Family Residence

Price Type --

Views, Views, Views...Welcome home to 10995 E Lofty Point Rd, Scottsdale, AZ 85262, located in the gated community of Mirabel Village in North Scottsdale. Resting on an oversized .79-acre lot, this light and bright single-story home with oversized 3 car garage is just what you've been waiting for, featuring 4 bedrooms, and 3.5 REMODELED bathrooms. Entertain in style from your open kitchen, boasting stainless steel appliances, and a new butlers pantry. Enjoy the flexibility of a charming guest casita and a welcoming front courtyard complete with gas outdoor fireplace and plenty of room for outdoor dining. The backyard space is an entertainer's delight. Backyard features include an attached infrared outdoor patio heater, motorized patio sunshade, poolside ramada, and a beautiful contemporary heated pool and spa, with multiple water/fire features all controlled from by the convenience of your Smart Phone. Embrace the chance to call this desert oasis your forever home...

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11460 N 71 Street Scottsdale, AZ 85254

$1,499,900

4 Beds

2 Baths

1,868 SqFt

Status Active Under Contract

MLS # 6749763

Property Type Single Family Residence

Price Type --

FANTASTIC REMODELED FAMILY HOME ** BEAUTIFUL MODERN RECENTLY COMPLETED NEWLY UPDATED ** 4 BEDROOMS ** 2 BATHROOMS ** HUGE OPEN GREAT ROOM ALL NEW KITCHEN AND DINING ** ALL NEW FLOORING ** ** NEW INTERIOR AND EXTERIOR PAINT ** NEW AC 2021 ** NEW GAS WATER HEATER 2021 ** BOTH MASTER AND GUEST BATHROOMS COMPLETELY REMODELED ALL NEW CABINETS & COUNTERTOPS IN KITCHEN AND BATHROOMS ** NEW QUARTZ COUNTERTOPS ** NEW ROOF 2019 ** NEW BARN ROOF 2023 ** NEW FRONT AND GABLE END CONCRETE BOARD SIDING 2022 ** NEW DUAL PANE WINDOWS 2012 ** NEW EXTERIOR DOORS 2022 ** NEW COVERED RAISED PATIO ROOF ** MUST SEE !!!!!

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3015 E Daley Lane Phoenix, AZ 85050

$1,499,900

3 Beds

3.5 Baths

2,779 SqFt

Status Active

MLS # 6737721

Property Type Single Family Residence

Price Type --

Welcome to your perfect family home in one of the most sought-after communities in North Phoenix, Astarea in Sky Crossing! This hard-to-find ranch-style home boasts upgraded features throughout starting with a dream backyard that includes a heated pool, outdoor kitchen, extended patio with full motorized roller shades, commercial misting system for true full year-round indoor-outdoor living. The massively upgraded interior has a gourmet kitchen with Monogram Gas appliances, built in refrigerator, oversized island, pull out custom shelves to start. Every bedroom has its own full bath, walk-in closet and smart fan. Property includes a separate home office with built in cabinetry that can double or serve as a home gym or another guest bedroom. The laundry room comes with custom cabinetry. All carpeting is new and upgraded. The community provides a state-of-the-art Gym, Community center, parks and activities. Highly rated schools nearby. Your new family home is just minutes from Desert Ridge shopping and numerous nearby eateries. Location, location, location with easy access to the 101, 51, and I-17 freeways. For a virtual tour go to Vimeo video 997864865

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19974 E El Nido Lane Litchfield Park, AZ 85340

$1,499,812

4 Beds

3.5 Baths

3,250 SqFt

Status Active

MLS # 6752380

Property Type Single Family Residence

Price Type --

FORMER MODEL HOME W/RV GARAGE; fully furnished; no leaseback; incredible gourmet kitchen with Thermador appliances including sliding in gas range, hood vent, built in refrigerator, two wine refrigerators, stacked cabinets with lighted uppers, 12' sliding glass door and 12' ceilings; outdoor pool w/water feature, outdoor furniture & modern firepit; MOUNTAIN VIEWS; custom tiling, custom wall & ceiling treatments; firesprinklers, ATTACHED CASITA; 4 bed, 3.5 bath, study & 3 car plus RV GARAGE; all furniture and accessories included.

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10147 W Camino De Oro -- Peoria, AZ 85383

$1,499,775

4 Beds

3 Baths

3,025 SqFt

Status Active

MLS # 6702235

Property Type Single Family Residence

Price Type --

This LIGHTLY LIVED IN and STUNNING CUSTOM HOME in a FANTASTIC LOCATION on an ACRE LOT in a MARICOPA COUNTY ISLAND adjacent to Peoria has a perfect BLEND of LUXURY LIVING with a FUNCTIONAL FLOOR PLAN*GOURMET KITCHEN includes CALACATTA QUARTZ with WATERFALL at island, DOUBLE STACK WHITE SHAKER CABINETS, DOUBLE OVENS, BEVERAGE FRIDGE, prep sink, walk in pantry, POT FILLER, and GAS COOKTOP*SPLIT OWNER SUITE has SPA LIKE BATHROOM with STAND-ALONE TUB, BEAUTIFUL TILE WORK at the frameless SHOWER, and DIRECT ACCESS to LAUNDRY*Other UPGRADES include ENERGY EFFICENT SPRAY FOAM, soft water and R/O, oversized water heater, 4-CAR garage with EPOXY Floors, multiple car chargers, smart home, WOOD-TILE throughout - and SO MUCH MORE*COME BY and SEE WHY you WILL WANT to CALL THIS PLACE YOUR ''HOME''

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