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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2620 W Wolftrap Road New River, AZ 85087

$1,499,000
4 Beds
3.5 Baths
3,728 SqFt
Status Active
MLS # 6752662
Property Type Single Family Residence
Price Type --
Perched on a premium hilltop lot with no HOA, this impeccable home was newly built in 2021. Sellers added over $300k in upgrades! Offers the perfect blend of modern luxury and rural serenity. Located in one of New River's most picturesque neighborhoods, this spacious 4-bedroom, 3.5-bath residence showcases breathtaking mountain vistas and expansive desert views—ideal for those seeking peaceful, wide-open spaces outside of the city yet just 10 minutes from shopping and dining conveniences. As you step inside, you'll immediately appreciate the meticulous attention to detail. The open layout is designed to maximize the panoramic views from every room, enhanced by custom wall treatments and elegant finishes throughout. The main level is thoughtfully designed for single-story living, with a welcoming great room with fireplace, an open kitchen with large island, and the luxurious primary suite. This private retreat features a spa-like bath with a freestanding tub, dual vanities, and a generous walk-in closet with direct access to the laundry room, offering ultimate convenience. Also on the main level is an Air Conditioned 4-car Garage, fully equipped with custom cabinetry and an electric vehicle charging outlet. Downstairs is home to a second living room, three additional split bedrooms, two full baths, and an open bonus room providing flexibility for multi-generational living, large families, or long-term guests, with direct access to the large patio and beautifully landscaped backyard. Whether you're entertaining on the covered patio, enjoying a glass of wine on the balcony, or simply taking in the star-filled night sky, this home is perfect for those who value quality, tranquility, and a lifestyle surrounded by wide open spaces. See list of Features & Upgrades in Documents tab. Only 4 minutes to the I-17 and 8 minutes to Great Hearts Anthem K-12. Don't miss the opportunity to make this exceptional property your own!

42106 N Bradon Way Phoenix, AZ 85086

$1,499,000
6 Beds
5.5 Baths
4,561 SqFt
Status Active
MLS # 6738654
Property Type Single Family Residence
Price Type --
This stunning Rochester model home features a gourmet kitchen with GE Monogram appliances, massive counter space coupled with seemingly endless cabinet, drawer and pantry storage. Definitely a chef's dream! The newly (2023) remodeled backyard is gorgeous and boasts unparalleled privacy. you simply have to see it to believe it. Anyone would be proud to entertain guests inside and outside at this home. The flooring and lighting upgrades are beautiful. Fresh paint, inside and outside mean the lucky buyer will not have to worry about painting for years to come. This home is a resort within the Anthem Country Club resort. Come see it, let us awe you!

23006 N 86th Street Scottsdale, AZ 85255

$1,499,000
4 Beds
4.5 Baths
3,919 SqFt
Status Active
MLS # 6757661
Property Type Townhouse
Price Type --
Nestled in a quiet Pinnacle Peak corridor neighborhood, this beautiful 4 bedroom, 4,5 bathroom townhome boasts a charming old world feel with the luxury of modern, up-to-date finishes throughout. Situated on a corner homesite with only one connecting home, this end unit feels private and tranquil. A front courtyard lined with Saltillo tiles leads to a gated front entrance lush with greenery — the perfect place to enjoy your morning cup of jo. The entryway is rounded out by a gated front door for added security and style. Upon entering the home, the main level offers a front den/office/4th bedroom, formal living room with fireplace and a built-in bar situated nearby. The formal dining room features a custom built-in hutch for additional storage. The fully updated kitchen features stainless steel appliances, a large island with seating and plenty of cabinet space. As you make your way through the home, luxury vinyl plank flooring flows throughout the main living areas, accented by neutral modern tones and finishes including custom chandeliers. Upstairs, vaulted wood beam ceilings create a warm and inviting family room with a fireplace, custom built-in bar and balcony golf course views. The vaulted ceilings continue into the primary master suite outfitted with a sitting area, walk-in closet finished with barn doors, and an additional laundry space. This 3,919 sq. foot home includes a secondary master suite with an updated bathroom that has been completed with marble finishes and dual vanities. Heading to the cozy backyard, you'll find a fireplace for cool desert evenings and a built-in barbecue for grilling all year long. The space also includes a covered patio, perfect for entertaining and watching the Arizona sunset. Located across from the neighborhood park, community pool, tennis, in the La Vida community, this gorgeous townhouse is walking distance to Pinnacle Peak Country Club, shopping and dining with Market Street just a short drive away. This well-maintained home is the perfect fit for anyone looking for a touch of Spanish desert charm in the heart of North Scottsdale.

808 W Butler Drive Phoenix, AZ 85021

$1,499,000
5 Beds
4 Baths
3,670 SqFt
Status Active Under Contract
MLS # 6744611
Property Type Single Family Residence
Price Type --
Welcome to your fully renovated estate in the coveted Royal Palm neighborhood in elegant North Central PHX! Modern design, high end finishes, single story, and over 1/3 acre lot! Open concept kitchen and grand room separate 2 living wings; perfect for large families, remote workers, and multi-generational households. Full update of plumbing (including underground sewer), HVAC, and electrical systems have been recently completed. Beautiful french oak engineered hardwood floors throughout, chef's kitchen with both electric and gas ovens, top of the line GE appliances with built in fridge, 12 ft long double waterfall island, and custom cabinetry! Upgrades too many to list, come see for yourself!

6055 E Indigo Sky Road Hereford, AZ 85615

$1,499,000
3 Beds
3.5 Baths
3,307 SqFt
Status Active
MLS # 6695048
Property Type Single Family Residence
Price Type --
This stunning Santa Fe style 3300 ft.² + is located between Bisbee and Sierra Vista AZ. Just off highway 92 backed against Thompson Peak. This property offers a perfect blend of modern elegance and serene desert living on a spacious 5 acre lot. The house offers two master suites and 2 1/2 bathrooms. The open concept layout flows seamlessly from the welcoming large foyer with Stackstone accents, to the expansive living areas. The gourmet kitchen is equipped with high-end appliances, granite countertops, butcher block Island, Stackstone backsplash and tons of maple cabinets. The huge main master suite provides a relaxing retreat with panoramic valley and Mountain View's walk-in closet, spa like bathroom and private balcony. A detached one bedroom, guest suite and a 40 ft RV garage/worksho

6777 E Evans Drive Scottsdale, AZ 85254

$1,499,000
5 Beds
3 Baths
2,770 SqFt
Status Active Under Contract
MLS # 6725629
Property Type Single Family Residence
Price Type --
Stunning remodeled property featuring a spacious 3-car garage in Kierland is a dream come true! Located less than a block away from the Kierland Golf Course. Fall in love with an exquisite interior showcasing plantation shutters, a soothing color palette, high-vaulted ceilings, gleaming wood floors, dazzling light fixtures, & bountiful natural light. Enjoy gathering your loved ones in the enchanting great room, adorned with a cozy fireplace, a unique-style wine cellar, & multi-sliders merging the indoor with the outdoor living. The beautiful gourmet kitchen boasts black cabinetry with brass hardware, waterfall counters, a gourmet-sized refrigerator, SS appliances, a stylish tile backsplash, & a peninsula with a breakfast bar. Discover a loft with endless possibilities! Double doors open t Double doors open to the serene main retreat, comprised of a walk-in closet & a lavish ensuite equipped with dual vanities & a delightful soaking tub. The amazing backyard is an entertainer's dream, offering a mini sports court, a sparkling swimming pool, & a covered patio! Don't miss out on this one!

2496 S Geronimo Head Trail Gold Canyon, AZ 85118

$1,499,000
3 Beds
3.5 Baths
4,163 SqFt
Status Active
MLS # 6756384
Property Type Single Family Residence
Price Type --
MOUNTAIN AND SUNSET VIEWS! Remarkable residence located in the prestigious Superstition Mountain Golf and Country Club situated at the foot of the majestic Superstition Mountains. Overlooking the 6th fairway of the Prospector course, this course was featured in the 2023 LPGA tour! A 24-hour secured guard gate leads you to this hidden gem of a neighborhood featuring world class amenities including two Nicklaus designed golf courses, spectacular clubhouse with fine dining, fully appointed sports club, a resort style pool and more. This home is immaculate with so many custom features and upgrades, you truly must see to appreciate. You'll love the exterior stone accents, private courtyard, outdoor kitchen & guest quarters all on one level. The captivating interior boasts archways, 8' alder wood doors, tile flooring, soaring ceilings, & surround sound throughout this well laid out split floor plan. An oversized two car garage just off the laundry room and connected to the main house includes overflow AC keeping it cool on those hot summer days as well as epoxy floors. A single car garage is located adjacent to the guesthouse. Additional amenities include a natural gas Generac generator and full house water softener. You are welcomed through the large front door into the great room with awe inspiring views of the golf course, a massive custom fireplace, and 14-foot ceiling. The chef's kitchen boasts Alder cabinets, granite, butcher block island, pantry and GE Profile refrigerator, gas stove top, oven and Advantium oven. Also featured is a stand-alone ice maker and wine refrigerator. With a view of the courtyard, the formal dining room hosts a table that will seat 10 people, a hutch and buffet. A stylish powder room with glamorous fixtures welcomes your guests. The huge Master Suite with gorgeous bay windows provides breathtaking mountain and golf course views to wake up to every morning, motorized privacy shades, sitting area, huge walk-in closet with custom shelving and W/D hook up. Remodeled master bathroom with tons of natural light includes double vanities, large walk-in shower, separate soaking tub and privacy room for commode. The adjacent Den/Office has custom built in desk, lighting, cabinets and separate exit to the back patio overlooking the golf course. The 2nd Master Suite has a large walk-in closet and an exit to a private sitting area overlooking the golf course. Privacy rules in this separate entry guest quarters offering a living room, a two-way fireplace, a wet bar w/cooler, a bathroom, & a walk-in closet w/stacked washer & dryer. The outdoor kitchen includes a built-in BBQ, granite counter tops and seating, The large, covered patio offers room for dining and sofa seating to enjoy beautiful sunset views and city lights. Don't just imagine! See it! Some furniture also available via separate bill of sale.

1437 E Aris Drive Gilbert, AZ 85298

$1,499,000
4 Beds
3.5 Baths
4,122 SqFt
Status Active Under Contract
MLS # 6742075
Property Type Single Family Residence
Price Type --
Welcome to your dream home, located in the coveted Waterston community and boasting the most sought-after Radiance floor plan! This stunning residence offers everything you need for comfortable and luxurious living. Enjoy porcelain tile throughout the house interior and exterior, especially large glossy tiles in the main living spaces, ensuring durability and easy maintenance. Enjoy endless summer days in your private swimming pool, equipped with an in-floor cleaning system for hassle-free maintenance. The expansive turf area provides ample space for outdoor entertainment, whether you're hosting a barbecue or playing with the kids. The property is adorned with a variety of tropical fruiting trees, including banana, mango, mulberry, fig, guava, apricot, and more, offering a fresh supply of home-grown fruits. Experience premium audio throughout the home with in-built surround sound speakers both inside and out. The main living area features electronic roller shades for effortless light control, while the remaining windows are fitted with stylish shutters. Additionally, enjoy the convenience of upgraded closets and garage cabinets, providing ample storage and organization solutions. This home also includes a spacious generation suite with a private entry, perfect for guests or extended family. With many more features and upgrades, this corner lot home in Waterston is a must-see. Don't miss the opportunity to make this exceptional property yours!

10622 E Tamarisk Way Scottsdale, AZ 85262

$1,499,000
2 Beds
2.5 Baths
2,922 SqFt
Status Active
MLS # 6751250
Property Type Single Family Residence
Price Type --
Welcome to this charming home nestled within the prestigious guarded gates of Desert Mountain, located in the serene village of Cochise Ridge. This residence offers two spacious primary ensuite bedrooms, perfect for comfort and privacy, along with a versatile central den/office. The updated kitchen is a chef's delight, featuring stainless steel appliances and a cozy breakfast nook that overlooks the inviting front courtyard. Step outside to the expansive wrap-around patio, where you'll find a spa, built-in BBQ, and multiple seating areas, all designed to enjoy the breathtaking views of Pinnacle Peak, McDowell Mountains, Continental Mountains, and the twinkling city lights in the distance. This home is a perfect retreat, whether you're seeking a lock-and-leave option or a full-time residence in one of Scottsdale's most sought-after communities.

707 E Ocotillo Road Phoenix, AZ 85014

$1,499,000
5 Beds
3.5 Baths
2,990 SqFt
Status Active
MLS # 6745849
Property Type Single Family Residence
Price Type --
Welcome to this BRAND-NEW modern gem in the highly coveted North Central Phoenix neighborhood, located within the desirable Madison School District. This stunning home features an open floor plan with soaring 16-ft vaulted ceilings and 5 spacious bedrooms, 3.5 bathrooms. The gourmet kitchen features two separate sinks, a large quartz island with a waterfall edge, and huge walk-in pantry. The primary suite includes a modern bathroom with a stand alone tub and large walk in closet. There is an additional primary suite with a beautifully appointed bathroom. Stylish laundry room with two quartz countertops and ample cabinetry. Step outside to a backyard retreat with a pergola, sparkling pebble-tech pool with a Baja step, and a paver patio perfect for gatherings.

5717 E Parnell Drive Cave Creek, AZ 85331

$1,499,000
5 Beds
4.5 Baths
4,043 SqFt
Status Active
MLS # 6723875
Property Type Single Family Residence
Price Type --
***Price Enhancement*** Proudly presenting, an exclusive retreat nestled in the unparalleled gated community of Lone Mountain!! 5 BED/ 4.5 BATH, 5 CAR GARAGE (epoxy coated) & CASITA!!! This extraordinary home is the largest model and the only one of its kind in the community!! As you enter through the custom-designed iron front doors, you'll be presented with a stunning view through a wall of sliding glass doors out to your very own backyard oasis, with a sparkling pool, heated jacuzzi spa, travertine decking, artificial turf, waterfall and fire feature. Admire the privacy while enjoying outdoor entertaining under a ramada with a gas fireplace, built-in BBQ, mini fridge and cafe lighting. This premium lot has views to the desert preserve with some of the most beautiful skylines and sunsets! Rich wooden floors set the tone for your formal dining room with a stacked stone fireplace and faux wood ceiling beams for an added touch of character. Feel inspired to cook in your exquisite gourmet kitchen. Fully equipped with built-in SUB ZERO, WOLF, and Miele Stainless Steel appliances, six-burner gas range, and double ovens ensuring you have the best tools for every culinary creation. Upgraded cabinetry provides ample storage, while sleek granite countertops offer abundant workspace for meal prep. Enjoy your expansive center island, with a built-in wine fridge and seating for all your gatherings. Whether entertaining guests for a short or long stay you have a delightful CASITA with a full bath that is both charming and a versatile addition to your home. Primary Owner's closet upgraded with flooring and tastefully redesigned by California Closets. Engage in movie nights in your very own theater room, wired with surround sound, projection screen and all the equipment needed! Extra Perk...VIKING freezer in garage will convey with the sale!!! Pride of ownership and loved by its original owners. Come view this magnificent home!!!

7731 E Manana Drive Scottsdale, AZ 85255

$1,499,000
4 Beds
4 Baths
4,200 SqFt
Status Active
MLS # 6716693
Property Type Single Family Residence
Price Type --
Bring your fusiest buyers to the coveted Sonoran Hills community of Scottsdale! This meticulously remodeled gem offers 4,200 sq ft of luxury living, blending modern elegance with timeless charm. With 4 bedrooms & 4 bathrooms, including a split primary bedroom, there's room for everyone to spread out. Discover coffered ceilings, oversized bedrooms, cozy up to the great room fireplace or soak up the Arizona sunshine in your private pool. Entertain in the formal dining room or enjoy casual meals in the sunny breakfast nook overlooking the sport court & pool. A Tesla charging station & solar panels make this home a ''state of the art'' property. And an entire house humidifier that works through the AC system to keep the home from being ''dry'' because of the desert environment. Embrace sustainable living with 43 LG solar panels and a water softener, while enjoying the luxury of sunscreens for added comfort. The huge upstairs office/playroom offers more space to work, craft or play. In addition, the home is equipped with a whole house humidifier. Located in the prestigious 85255 zip code, you'll love the convenience of nearby amenities and easy access to everything Scottsdale has to offer. Don't miss your chance to own a piece of paradise with a LOW HOA!

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