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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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.

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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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1704 E Melrose Street Mesa, AZ 85203

$1,498,000

5 Beds

4.5 Baths

4,235 SqFt

Status Active

MLS # 6710518

Property Type Single Family Residence

Price Type --

2022 Farmstyle CUSTOM HOME in the private gated community: Overlook at Forest Knoll. This property is a rare gem...VIEW LOT. 5 bedroom home including guest quarters with separate entrance, Included Features: 12' flat ceilings at living room, 10'flat ceilings at bedrooms, 72'' LED fireplace, 5'' baseboards throughout, 8' shaker style interior doors, smooth 80/20 drywall texture, deluxe closet system at primary closet, laundry access from primary closet. Gorgeous designer spacious kitchen includes quartz counter, farmhouse apron front sink, soft close cabinet doors & drawers, 48'' commercial dual-fuel range, 2 Kitchen Aid dishwashers, KitchenAid Microwave drawer, & Ice Maker, 48'' Canopy hood. Baths complete with executive height vanities, square under-mount sinks, Moen faucets... & accessories, Koehler tubs and convenient access to the Gilbert and 202 Freeway entrance.

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6825 N 72nd Place Scottsdale, AZ 85250

$1,498,000

3 Beds

2.5 Baths

3,401 SqFt

Status Active

MLS # 6743631

Property Type Single Family Residence

Price Type --

Welcome to this architecturally and historically unique town home in an ideal Central Scottsdale location! Great restaurants, shops, nightlife and McCormick-Stillman Park are all within walking distance, AND the Ritz Carlton Paradise Valley Resort is opening very soon right across Scottsdale Road. You just cannot beat this perfect location. With an airy, contemporary design from ET Wright and the original model home for the community, you'll see an excellent example of a mid-century modern town home at its best. Plus with its fully remodeled interior re-imagined in 2016 with modern contemporary finishes, this home is turn-key. This spacious interior location rarely comes on the market. LOW property taxes! Only $1390!. It also boasts a huge, MAIN level, primary Bedroom suite. The community pool and clubhouse is located down the street. The property features a gated entry courtyard and private back yard displaying upgraded tile and landscaping. Meticulously maintained, the residence has many upgrades including new windows and doors as well as new kitchen and baths in 2016. It has great space for both indoor and outdoor entertaining. A massive great room and huge bedrooms are just some of the interior features. Here is a partial list of improvements.

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17892 E Colt Drive Queen Creek, AZ 85142

$1,497,000

4 Beds

3.5 Baths

4,007 SqFt

Status Active

MLS # 6718123

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the exclusive Dorada Estates, a gated community where luxury meets comfort. This stunning 2019 Toll Brothers residence offers 4007 sq ft of pure elegance, complete with a spacious 4-car garage and desirable north-south exposure. As you enter through the charming courtyard, you are greeted by soaring 12 ft ceilings and exquisite one-by-four-foot custom wood tile flooring throughout—no carpet here. The inviting sitting area leads into the family room, which is prewired for surround sound that extends to the patio. The 12 ft stackable sliding door offers breathtaking views of the custom pool and water feature, seamlessly blending indoor and outdoor living during those cooler days. To the west of the family room, you'll find a sophisticated formal... dining area. The heart of this home is the gourmet professional-grade kitchen, featuring an oversized island with barstools, gourmet kitchen, a 48-inch gas oven with hood and pot filler, and 12 ft cabinets that reach the ceiling. The extended kitchen boasts a built-in ice machine, mini fridges, and a wine fridge, perfect for entertaining. Step outside to your private oasis, complete with a sparkling pool, gazebo with grilling station, putting green, and bocce ball court. Lush landscaping along the fenceline ensures complete privacy, creating a serene retreat for everyone to enjoy. At the end of the day, unwind in your oversized master suite and luxurious bath, featuring an enormous walk-in shower with four heads. The extensive upgrades throughout the home are detailed in the attached document. Come experience the epitome of luxurious living!

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2325 N 64th Street Scottsdale, AZ 85257

Open House

$1,496,000

4 Beds

3 Baths

2,637 SqFt

Status Active

MLS # 6733867

Property Type Single Family Residence

Price Type --

PRICED BELOW APPRAISAL! Great value. Experience modern luxury in this newly constructed contemporary masterpiece located near Old Town Scottsdale. Custom designed with high-end finishes throughout, this home offers the ultimate in sophisticated living. The heart of the home is a chef's dream kitchen featuring Fisher and Paykel appliances, perfect for culinary enthusiasts and entertainers alike. Upstairs, the primary suite exudes comfort and elegance, while an entertaining loft boasts stunning mountain views and opens onto a second-story deck through expansive glass doors. On the first floor, a second en suite guest room provides privacy and comfort for visitors. The backyard is a sanctuary with a Thermador swim spa, ideal for relaxation and fitness. Swim against the jets for training or simply relax. This home combines contemporary design with luxurious amenities, offering a lifestyle of comfort and sophistication.

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100 W Northern Avenue Unit 13 Phoenix, AZ 85021

Open House

$1,495,500

3 Beds

2.5 Baths

3,063 SqFt

Status Active

MLS # 6759072

Property Type Single Family Residence

Price Type --

Welcome to 100 Northern! Nestled in the prime location of North Central Phoenix, this unique, gated new community features 3 different floor plans and only 17 homesites. Experience the elegant sophistication and uncluttered feel of these thoughtful, light flooded designs, where soaring ceilings, sleek lines, and open spaces all converge to evoke a true sense of serene ambiance throughout the home. This 2 level plan features the owner's suite and all primary living on the ground floor with additional bedrooms and flex loft upstairs. Subzero/Wolf appliances, Trane cont. AC units, and tankless water heaters all set the standard for the list of included high-end features. A community pool, dog park and walking path all provide the outdoor enjoyment without the upkeep.

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Show Low AZ 85901

New

$1,495,000

4 Beds

3.5 Baths

3,232 SqFt

Status Active

MLS # 6760708

Property Type Single Family Residence

Price Type --

Come and experience ''Mountain Luxury'' in this meticulously maintained custom built home with breath taking views of the fairway! FULLY FURNISHED with attention to every detail. Boasting 3 Master Suites, Gourmet Kitchen w/Subzero Frig, Lg Walk-In Pantry, Game Rm w/Bar, Flex Rm/w Murphy bed & more!

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6333 E Desert Forest Trail Cave Creek, AZ 85331

$1,495,000

4 Beds

4 Baths

3,580 SqFt

Status Active

MLS # 6628091

Property Type Single Family Residence

Price Type --

CASITA & MOUNTAIN VIEWS! Masterpiece built on a peaceful cul-de-sac has everything you've ever dreamed of! This gem flawlessly blends contemporary sophistication & glamour. Starting with an attractive façade displaying a 2-car garage w/a paver driveway, RV gate, low care desert landscape, stone accents, & a relaxing front porch. You'll LOVE the meticulously maintained interior showcasing hardwood flooring throughout the main home, abundant natural light, & surround sound. Experience comfort & connection in the expansive great room, offering a cozy fireplace & sliding glass doors leading to the back patio. Open-concept kitchen equipped w/recessed & pendant lighting, cabinets adorned w/crown moulding, a walk-in pantry, SS appliances, granite counters, travertine backsplash, & large island with a breakfast bar. Grand owner's retreat highlights direct outdoor access, an ensuite with dual sinks, make-up desk, and a walk-in closet. Unique features of this home are the den with double doors & attached guest quarters with a separate entry, kitchen (no stove), garage and yard. The large & private backyard boasts a covered patio, seating areas, artificial turf, & an enticing pool perfect for year-round entertaining. The home features fully automated Hunter Douglas window coverings (Silhouttes and Luminettes) new exterior paint, high end lighting, wood flooring, 5 inch baseboards, custom master closet and is obsessively cared for. Words don't do it justice.

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7378 E Del Acero Drive Scottsdale, AZ 85258

$1,495,000

3 Beds

3 Baths

3,472 SqFt

Status Active Under Contract

MLS # 6650859

Property Type Single Family Residence

Price Type --

This impeccably renovated villa offers a luxurious, modern resort lifestyle in convenient guard-gated Gainey Village Villas. Through the elegant gated front courtyard, step inside the grand foyer to soaring ceilings and abundant light in the great room with updated granite fireplace and bar area. The remodeled contemporary kitchen, featuring Woodmode cabinets, stainless steel appliances and quartz countertops, opens to a breakfast room bathed in sunlit windows, and a cozy den. The spacious upstairs primary bedroom with beautifully redone custom bath is split from the other two bedrooms and has a large walk-in custom closet. Two additional bedrooms are joined by an ensuite Jack and Jill bath. An additional office/4th bedroom is downstairs, with a full hall bath, to easily host winter visitors! Cozy up to the outdoor kiva fireplace and grill and dine alfresco in the private manicured yard, all with a hard-to-find 3-car garage! A must-see home in Gainey Village, where world-class restaurants and shopping are but a short walk away!

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27722 E Mount Ord Drive Fort Mcdowell, AZ 85264

$1,495,000

3 Beds

2.5 Baths

3,083 SqFt

Status Active

MLS # 6667696

Property Type Single Family Residence

Price Type --

Welcome to this stunning southwestern home in Sunflower, AZ, offering the perfect blend of comfort & luxury. Nestled in a private gated community, this property boasts breathtaking mountain views and enjoys the great climate of Sunflower. This home features 3 bedrooms, 2.5 bathrooms, a bonus room, providing ample space for relaxation. The open-concept living area is perfect for hosting gatherings, while the well-appointed kitchen, complete with modern appliances and a spacious island. Outside the property spans 5.22 acres across 3 parcels, making it ideal for horse enthusiasts. The property includes grass paddocks, corrals & hay storage, Solar Electrical System, Community well, whole home off grid.

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