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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28505 S State Route 89 -- Congress, AZ 85332

$1,499,000

3 Beds

2 Baths

1 SqFt

Status Active

MLS # 6695957

Property Type Manufactured Home

Price Type --

Discover this 14-acre property, ready for equestrian and other animal facilities, with a private well and water rights. The flat land boasts fruit trees and cacti, creating a homely atmosphere. The main home features a gated Tex-Mex courtyard with covered entryways, enhanced by a recent Trane Heating/Cooling system, stone water feature, and flagstone walkways. Surrounding garden beds add charm. The guest house offers two covered entries, full kitchen, bathroom, master and guest bedrooms with wood cabinetry. A versatile Hogan Building adds further potential. Perfect for a luxurious, rural lifestyle with modern conveniences.

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3312 E Flower Street Phoenix, AZ 85018

$1,499,000

4 Beds

2.5 Baths

2,018 SqFt

Status Active

MLS # 6704230

Property Type Single Family Residence

Price Type --

Stunning residence nestled in the sought-after Arcadia Neighborhood! This beautifully renovated home boasts an abundance of space, sitting on nearly an acre of land. Enjoy the luxury of your own private paradise, complete with a refreshing pool, spa, and a wood-fired pizza oven. Spacious garage/workshop separate from the main house. With its loft and bathroom, this versatile space offers endless possibilities. RV owners parking area equipped with all hookups. Thoughtfully designed interior featuring 4 bedrooms, 2.5 bathrooms. The kitchen has custom cabinets and an expansive island, seamlessly connecting to the inviting living and dining areas. Don't miss out on the opportunity to experience the epitome of the good life in this exceptional home, perfectly situated in a desirable location

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15 E Cactus Wren Drive Phoenix, AZ 85020

$1,499,000

4 Beds

2.5 Baths

3,741 SqFt

Status Active

MLS # 6706102

Property Type Single Family Residence

Price Type --

Set on a desirable North Central Corridor cul-de-sac, this incredible Spanish-style home is a must-see! Discover seamlessly connected, sunlit living areas with exposed, vaulted ceilings and plantation-shuttered windows. An exquisitely updated kitchen treats you to a host of stainless steel appliances, beautiful granite countertops, and an oversized island. The loft-level primary suite showcases two cedar-lined walk-in closets and a luxurious ensuite. French doors beckon you out to the entertainer's patio with a built-in BBQ grill, lush lawn, and pristine pool. Located right off Murphy's Bridle Path, find yourself close to some of Phoenix's best schools, local shops, bars, restaurants, the Uptown Farmer's Market, and Phoenix Mountain Preserve. Come for a tour today!

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841 E Mclellan Boulevard Phoenix, AZ 85014

$1,499,000

4 Beds

4 Baths

3,740 SqFt

Status Active

MLS # 6724305

Property Type Single Family Residence

Price Type --

This gorgeous home is the perfect house. It boasts 10' ceilings throughout. All four bedrooms have an attached bathroom. The kitchen was recently remodeled, with a beautiful island, granite counters, and high end appliances. There are very few hallways in the house so all the square footage consists of gigantic rooms, perfect for entertaining. It's around the corner from MTA and in the desirable Madison School district.

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5702 E Shea Boulevard Scottsdale, AZ 85254

$1,499,000

4 Beds

3 Baths

3,441 SqFt

Status Active Under Contract

MLS # 6684866

Property Type Single Family Residence

Price Type --

$100K PRICE IMPROVEMENT! Stunning property on over an acre of land, offers picturesque views overlooking the 2nd hole of the Orange Tree Golf Course. Main house features 3 bedrooms and an office, a well-appointed kitchen w/ granite countertops, gas range, & ample storage space. Added in 2018, a full guest house w/ its own kitchen, provides versatile living arrangements for guests or extended family members. A beautiful saltwater pool, graces the expansive backyard, perfect for relaxation & entertainment. Automatic gates flank the circular driveway, ensuring privacy & offering ample parking space. Situated within the esteemed 3C's school district & conveniently close to community amenities, making it an ideal choice for buyers seeking both comfort & convenience. NO HOA!

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4625 E Garnet Circle Mesa, AZ 85206

$1,499,000

5 Beds

4.5 Baths

5,654 SqFt

Status Active

MLS # 6698697

Property Type Single Family Residence

Price Type --

Nestled inside the exclusive 46-home gated community of Sunny Mesa, this custom property perfectly combines modern touches and classic elegance. The red brick façade provides tremendous curb appeal for this corner lot sitting on just over half an acre. This recently renovated estate features 5 bedrooms and 4.5 bathrooms with a versatile layout and OWNED SOLAR. The front entry leads you to your sunken living room with gas fireplace followed by the formal dining area. The gourmet kitchen shines with custom cabinetry, a huge island, built in fridge, and high-end Bosch and Thermador appliances. The primary bedroom features an upgraded en-suite with two walk-in closets - one with its own dedicated laundry and the other was converted from a secondary bedroom for optimal size and fully customized. The west corridor of the home has the perfect guest quarters for next-gen living with 1.5 bathrooms, living room, kitchenette, plus an additional 735 sqft of flex space. The backyard features a large grass lawn, citrus trees, and an extended patio area leading to the pebbletec diving pool with pool cooler and spa. There's plenty of parking and storage with 3+ car garage, extended driveway, and RV gate/parking. Close to the highly coveted Franklin at Brimhall elementary school and US-60 freeway. This amazing property is ready for its new owners!

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3791 W Highway 80 Highway Bisbee, AZ 85603

$1,499,000

4 Beds

2 Baths

2,523 SqFt

Status Active

MLS # 6121153

Property Type Single Family Residence

Price Type --

March 2021: Seller installed, on the secondary well, a solar submersible pump! FOUR registered wells in all, surface water rights & possible mineral rights are included with this majestic 168 acre historic mountain ranch, appropriately named Rocky Creek Ranch. Upon crossing over Banning Creek via the driveway's bridge and under a lush canopy of mature trees, it's like you've stepped back in time as you approach several rustic outbuildings, 2 historic homes including the charming Rock House w/ concrete walls, corrals, windmills & lush grassy meadows that teem with wildlife. Nestled in Bisbee's beautiful Mule Mountains along the jaw-dropping stretch of Hwy 80, magnificent rock formations, waterfalls & seasonal streams abound. ~20 miles East of Fort Huachuca, home to the Buffalo Soldiers.

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13829 N Sunflower Drive Fountain Hills, AZ 85268

$1,499,000

4 Beds

4.5 Baths

4,490 SqFt

Status Active

MLS # 6615071

Property Type Single Family Residence

Price Type --

Are you looking for a haven of peace with luxurious inside and outdoor living? Great volumes, natural light, exquisite finishes, a gourmet kitchen, a sparkling pool and spa, split floor plan in a low traffic area are only but a few of the many features of this palatial home. There is no better scenery to start the day than the breathtaking views from the terrace off the vast primary bedroom. Two other guest rooms each have their own bathroom, and for added guest privacy, there is a casita with its own entrance. The primary and guest bathrooms, and casita have been remodeled. For the cold days, 5 fireplaces inside and outside will keep you warm. There is a 3-car garage and 6 additional spaces available on the paved driveway. The kitchen is fitted with high end Thermador appliances. Whip up your favorite summer meals using the outside kitchen complete with grill and undercounter fridge while keeping cool under the water misters. The owners have spared no expenses in their upgrades to make their home a dream come true, ready for family and entertainment. Wait no more. It is ready for you

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330 N Portland Avenue Gilbert, AZ 85234

$1,499,000

4 Beds

3 Baths

3,691 SqFt

Status Active

MLS # 6696663

Property Type Single Family Residence

Price Type --

Don't miss out on this custom home located in a desirable Whitewing luxury gated community! Situated right next to the Gilbert Riparian Preserve, the location is highly sought after. This beautifully designed home features tray and coffered ceilings to add visual interest and dimension to the ten-foot ceilings. Nine-foot doors throughout add a modern touch. The bedrooms are expansive, with two of the bedrooms equipped as Master Suites with roll in showers. Right off the foyer there is a sitting room, and home office. Wait until you see the open floorplan of the family room, kitchen and dining room! The kitchen features high end appliances, granite countertops, and beautiful hard wood cabinets. Storage opportunities are endless, even in the laundry room! This home also features two walk-in pantries. With energy savings in mind, the builder increased the insulation in this carefully constructed home. An expansive backyard will beckon you to relax and enjoy the full-length covered patio. This half acre lot has multiple options for a pool location. Are you needing room for all your vehicles and toys? Look no further! This home has multiple oversized garages. One of the garages is a drive through that is tall enough to accommodate a boat! Location, amenities, and curb appeal! This home has it all!

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7120 E Kierland Boulevard Unit 311 Scottsdale, AZ 85254

$1,499,000

3 Beds

3 Baths

1,718 SqFt

Status Active

MLS # 6726461

Property Type Apartment

Price Type --

Experience luxury living in North Scottsdale's prestigious Optima Kierland! This community boasts an array of amenities, including an expansive skydeck with a temperature-controlled pool, indoor putting green, golf simulator, and a world-class fitness center featuring basketball courts, yoga studios, and massage rooms. This RARE 3-bedroom + laundry room west-facing condo is available furnished. The kitchen is equipped with Bosch stainless steel appliances, a wine fridge, quartz countertops, and ceramic tile flooring, seamlessly flowing into the dining and living areas with 9-foot floor-to-ceiling glass windows that open to the balcony terrace. The split floor plan includes three spacious bedrooms, each with walk-in closets, and two parking spaces. Walk to Kierland and Scottsdale Quarter!

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6519 E Amber Sun Drive Scottsdale, AZ 85266

$1,498,750

3 Beds

2.5 Baths

2,783 SqFt

Status Active

MLS # 6743676

Property Type Single Family Residence

Price Type --

TERRAVITA LIFE STYLE LIVING - Aurora Model. 3 bedrooms 2.5 baths w/den. 3 car garage with North/South exposure. Wonderful interior fairway lot - no noise here! Interior of home has plenty of windows for an abundance of light! Entrance has tiled flooring with the den off entry. Kitchen is tiled with gas cook top island, plenty of cabinets with built in double ovens and refrigerator and dishwasher with select granite counter tops. Great south backyard with hot tub and fireplace with bench seating. Backyard designed for entertaining. The Aurora model is loved for its unique architectural appeal: Soaring 13' coffered ceilings, spacious master suite set quietly separate from 2 guest bedrooms and den with an eat-in island kitchen. This home is a must see. Floor plan under documents tab

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5916 E Sandra Terrace Scottsdale, AZ 85254

$1,498,500

5 Beds

3 Baths

3,872 SqFt

Status Active

MLS # 6751173

Property Type Single Family Residence

Price Type --

Located in the heart of North Scottsdale this immaculately renovated 5BR, 3BA home spanning 3,872 sqft in the highly sought after 85254 Magic Zip Code! This home is expertly designed with wood-like tile floors, new cabinetry, honed granite counters, and fresh neutral paint. The versatile layout includes a fully remodeled kitchen, downstairs bedroom with a full bath, spacious loft, and a sophisticated game/ bunk room. The 2024 HVAC is another notable feature to this home. Entertain with ease in the resort-style backyard featuring a pool, spa, built-in BBQ, pergola, fire pit, and low-maintenance artificial turf. Minutes from Scottsdale Quarter, Kierland, Desert Ridge, parks, shopping, fine dining, all major highways and more. This home offers unparalleled convenience and style!

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