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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3501 E Gold Dust Avenue Phoenix, AZ 85028

$1,495,000
4 Beds
3 Baths
2,348 SqFt
Status Active
MLS # 6754407
Property Type Single Family Residence
Price Type --
Welcome to Paradise Gardens! Home has been lovingly restored & updated while maintaining the authenticity of Al Beadle's vision. Main home is 2,068sqft, 3 beds & 2 baths. Concrete & cork flooring, renovated walnut kitchen, wet bar & multiple seating areas create space for entertaining & relaxation. Primary features a spa-like bath with Steam Shower & free standing soaking tub. Sliding doors throughout home open it up to a resort style backyard where indoor-outdoor living seamlessly converge. Outdoor features include diving pool w/solar heat, vintage umbrellas, outdoor shower, fishpond w/waterfall, misting system, BBQ w/bev center & wood burning fireplace. Furnished 280sqft Pool House has a private bathroom & kitchenett that is great for overnight guests. Furniture*&Vintage Trailer convey! Vintage travel trailer currently being used as an office with additional sleeping quarters. Possibilities are endless! There is a small workshop for extra storage and/or tools. RV Gate is convenient for access and additional vehicles. Walk to the Phoenix Mountain Preserves to enjoy the multiple hiking trails, minutes to great neighborhood restaurants and easy 51fwy access. Come own a piece of architectural history and make it your home. HOME: Widely accepted as a Palo Verde Floor plan by Al Beadle, A1 Builders deviated from the original flat roof line during development. A common theory was this very deviation from flat roof to pitched roof initiated Al's departure from the project.

21390 W Sage Hill Road Buckeye, AZ 85396

$1,495,000
3 Beds
4.5 Baths
3,400 SqFt
Status Active
MLS # 6754670
Property Type Single Family Residence
Price Type --
Luxury Home for Sale in Verrado, Arizona Looking for your dream home? Look no further! We have an exquisite luxury home in Verrado, Arizona, that is sure to take your breath away. With stunning mountain views, this property offers the perfect blend of elegance and natural beauty. Features: - Three spacious bedrooms, plus a den and a bonus room, providing ample space for all your needs. - Four and a half bathrooms, ensuring convenience and comfort for you and your family. - A four-car garage, providing plenty of room for your vehicles and extra storage. - A beautiful pool that will be your oasis during the warm Arizona summers. - An amazing backyard, perfect for entertaining friends and family or simply enjoying peaceful moments, Mountain Views.

10043 N 106th Place Scottsdale, AZ 85258

$1,495,000
3 Beds
3.5 Baths
2,363 SqFt
Status Active
MLS # 6758225
Property Type Single Family Residence
Price Type --
Experience luxury in this fully remodeled custom home, featuring 3 beds, 3.5 baths, and a convenient powder room. Every inch exudes elegance with high-end finishes, and designer bathrooms. Your gourmet chef's kitchen is outfitted with built-in custom appliances and featues a large island with a buffet window for serving. Relax by the sparkling pool, including new equipment which is surrounded by beautiful landscaping and a stylish built-in grill area that is perfect for outdoor entertaining. Enjoy year-round comfort with a brand-new A/C system, including all new duct work. This home combines sophisticated design with modern amenities for an unparalleled living experience. Embrace the perfect blend of style and luxury in your new custom dream home.

5833 W Desperado Way Phoenix, AZ 85083

$1,495,000
4 Beds
4.5 Baths
3,810 SqFt
Status Active
MLS # 6759873
Property Type Single Family Residence
Price Type --
Welcome to the epitome of luxury living in Stetson Valley! This highly upgraded, meticulously cared for home is unlike any other. It's rare that a 3800+ sq/ft, single level home, in a quiet cul-de-sac lot, w/ gorgeous mountain views, complete privacy, and a long list of upgrades becomes available in the sought after community of Stetson Valley. The OWNED SOLAR (2 Tesla Powerwalls) stores energy for later use and allows home to operate 'off grid.' The 12.75kW Tesla solar panel array services entire property and eliminates electric costs completely! In fact, they provide the owner with monthly credits that result in an annual check from APS! Tesla Supercharger for vehicle charging is a bonus. More 'big ticket' improvements: NEW ROOF (2023). NEW 80-gallon water heater & exterior paint (2024) Step inside and you'll appreciate the open floor-plan and abundant views of the surrounding mountains. There is a 'zero threshold' at the front door for ADA accessibility and easy moving. Each of the 4 bedrooms are spacious in size and include an en-suite full bathroom. Each bedroom has brand new carpet installed. There is plenty of space to spread out by taking advantage of the open study/den space and the dedicated dining room - both complete with real hardwood flooring, and custom high-end chandeliers. Dimmable lighting is available throughout. Real wood shutters. The primary suite is a perfect owner's retreat and includes a serene sitting area that overlooks the flowing water coming from the multiple pool fountains - as well as the stunning sunsets over the mountains. Primary bath features walk-in shower, a deep soaking tub, and an oversized walk-in closet. Head over to the kitchen to take in the 10-foot-wide granite island, stainless steel appliances (Bosch & Viking brand), and the walk-in pantry. RO drinking water and soft water systems are newer installs. 12 foot ceilings in living areas and primary bedroom, 10 foot ceilings on secondary bedrooms. This oversized 3 car garage provides ample space for a work area, and has epoxy floor paint, a large stainless-steel sink, and an abundance of custom lighting. Just inside the garage door is a spacious laundry room equipped with another stainless-steel sink, 2 dedicated circuits for a fridge and freezer, and option to install a gas or electric dryer. ADT wired and Frontpoint Wireless alarm systems are both available, plus two installed cameras and window/door sensors installed. This home's curb appeal is truly special and impresses at first site! The high-end turf, the meticulously maintained plants, and the entry/courtyard smooth patio pavers set the tone for the luxury vibe that awaits inside and out. Irrigation lines, and drainage pipes are installed in the courtyard - enabling for a 'no mess' watering and drainage setup. The backyard is something to marvel - with a clear view of surrounding mountains, and plentiful upgrades to enjoy and create lifelong memories with, including: a heated, pebbletech saltwater pool, equipped with baja step, in floor cleaning system and cascading water feature fountains. The spa flows graciously into the pool for extra ambiance. There are 2 hard plumbed gas-powered BBQ grills - perfect for cookouts, with spacious bar and island seating for guests. Newly installed landscaping lighting. Gas firepit with seating bench. Don't forget the custom putting green to help sharpen up your golf short game! Home is just 2 mins walk to one of Deer Valley School District's newest K-8 Schools (Inspiration Mountain). Lot adjacent to school is slated for a community/city park! it's just 10-15 mins to I-17 and retail/dining/entertainment options at The Shops at Norterra. Take the 3D virtual tour to fully capture the beauty and essence of this truly special property and plan a tour today!

6445 S Honor Court Gilbert, AZ 85298

$1,494,000
5 Beds
3.5 Baths
3,700 SqFt
Status Active
MLS # 6700971
Property Type Single Family Residence
Price Type --
Experience the ultimate vacation vibe every day in this freshly painted resort-style TURN KEY home that feels like an exclusive getaway estate. This exquisite single level semi-custom 5 bedroom home is in the Seville Golf Club in Gilbert. The open floor plan offers a spacious great room with a custom Cantera stone fireplace, upscale kitchen w/ a huge island and a professional gas range. The secluded backyard centers around a beautiful heated saltwater pool & spa w/ swim up bar, and entertainment portico. Low-maintenance turf, mature landscaping, in-ground trampoline, fire pits & BBQ complete the serene setting. The primary suite & huge spa like bathroom include dual sinks/vanities, soaking tub & glass block shower. There is also a secondary suite PLUS 3 more bedrooms. This impeccably maintained property is TURN-KEY and ready for new owners. There is quick access/short-cut to the clubhouse for golf enthusiasts. All furnishings, decor, kitchenware, TVs, etc. are negotiable. Truly Amazing Property! For information on the country club lifestyle please visit Seville Golf & Country Club website.

22222 N 36th Way Phoenix, AZ 85050

$1,490,000
4 Beds
4 Baths
4,507 SqFt
Status Active
MLS # 6711244
Property Type Single Family Residence
Price Type --
RARE Opportunity in highly sought after area - Resort style backyard, remodeled kitchen, huge lot. Be prepared to fall in love with this beautiful forever home! Located in the prestigious Aviano at Desert Ridge community, this home boasts an incredible position near parks and the Aviano clubhouse. It provides so much flexibility with living spaces--4 bedroom, 4 bathroom, office, theater room, and workout room with stone flooring throughout. 2 carport and 3 car garage. The primary suite is absolutely gorgeous including a private roof top deck and extra custom closet for 200+ shoes. Gourmet kitchen w/ brand new ss appliances, butler's pantry, breakfast nook, and granite countertops. Backyard is an absolute oasis with a built in BBQ, gas log fireplace, dining area, large covered patio, lush landscaping, oversized pool, and jetted hot tub.

1825 E Woodchuck Lane Pinetop-lakeside, AZ 85935

$1,490,000
4 Beds
3 Baths
3,371 SqFt
Status Active
MLS # 6714077
Property Type Single Family Residence
Price Type --
Introducing this enchanting log cabin home nestled in the heart of Pinetop, Arizona, on a sprawling +/-2.5 acres of pristine wilderness. This property offers a perfect blend of rustic charm, modern amenities, and the serenity of nature. As you approach this idyllic cabin, you'll be captivated by the towering mature oaks and majestic pines that provide shade and a sense of tranquility. The lush greenery surrounding the cabin evokes a sense of natural serenity.

311 W Monterosa Street Phoenix, AZ 85013

$1,490,000
6 Beds
4 Baths
4,372 SqFt
Status Active
MLS # 6727196
Property Type Single Family Residence
Price Type --
Looking for tons of square footage , open spaces and a large lot just off central in phoenix!? This is your chance. Experience unparalleled luxury in this exquisite brand new modern home. With 6 bedrooms, 4 baths, and a separate casita featuring a full kitchen and bath, this property offers versatility and comfort. Enjoy expansive living spaces adorned with high-end finishes and one of a kind design. Designed for both relaxation and entertainment, this home exemplifies contemporary elegance and sophistication, promising a lifestyle of unparalleled refinement and convenience.

1681 Black Canyon Trail Heber, AZ 85928

$1,490,000
8 Beds
8 Baths
4,662 SqFt
Status Active
MLS # 6752440
Property Type Single Family Residence
Price Type --
LOCATION! CUSTOM cabin on 4+ acres with amazing mountain views, no traffic, custom finishes throughout, 8 bedroom suites so each bedroom has a private en-suite bathroom, custom showers and custom vanities! Private shared well and this cabin has a separate 2500 gallon water tank, heated bathroom floors, Upgraded AC systems, custom metal shake roof, exterior finishes are hardie board so virtually maintenance free, custom wood floors, custom designed finishes throughout, vaulted ceilings, large deck with fireplace, detached garage, instant hot water system with multiple water heaters, custom kitchen cabinets with granite counter-tops, central vacuum system, dual side by side fridge/freezers and so much more! This cabin is priced for a quick sell! Seller may carry mortgage with good offer!

10595 S State Route 69 -- Mayer, AZ 86333

$1,490,000
3 Beds
5 Baths
4,666 SqFt
Status Active
MLS # 6752671
Property Type Single Family Residence
Price Type --
Welcome to your dream horse training facility!! Positioned on 12 sprawling acres of picturesque landscape in Mayer, AZ. This exceptional property combines western life with luxury living! A grand 4,666 square foot home features 3 spacious bedrooms and a versatile loft. Enjoy the convenience of a dedicated laundry room and a well-appointed office. The two master bathrooms offer opulent amenities, including tile finishes, a walk-in shower, a classic clawfoot tub, and a soothing jacuzzi tub. The expansive kitchen boasts upgraded appliances, granite countertops, and ample space for culinary creativity. The great room is a showstopper with its floor-to-ceiling rock fireplace, creating a warm and inviting atmosphere. The property includes a 4,000 square foot horse barn with 10 stalls, a wash rack, and a tack room with a sink and refrigerator, ensuring top-notch care for your horses. The facility also features four large turnouts with shade structures, a cutting pen, a round pen, and a hot walker. A hay shed provides convenient storage, while 8 RV hookups offer accommodation for guests or staff. Enjoy lush green pastures, mature trees, and the peaceful sound of the seasonal creek flowing through the property. The front 2 acres of the property are zoned commercial!! Benefit from low utility costs with a septic tank, and 2 private wells!!! There are 3 heat pump units, a water softner unit and reverse osmosis. The home includes a 3-car garage, and an additional storage shed with its own porch, perfect for hobbies or extra storage needs. This property is more than just a home; it's a complete equestrian paradise offering luxury, functionality, and breathtaking beauty. Don't miss the chance to make this exceptional estate your own.

16237 E Cholla Drive Fountain Hills, AZ 85268

$1,490,000 - 4Br/3Ba -  for Sale in Fountain Hills Arizona Final Plat No 423 Blocks 1, Fountain Hills
Open House
$1,490,000
4 Beds
3 Baths
3,227 SqFt
Status Active
MLS # 6759544
Property Type Single Family Residence
Price Type --
Step into a realm of unparalleled sophistication with this exquisitely reimagined Fountain Hills estate, fully transformed in 2024 to embody the very essence of luxury living. Offering 360-degree mountain views from every window, this residence is a harmonious blend of contemporary elegance and thoughtful design, where no detail has been overlooked. As you enter, the warmth of engineered wood flooring flows effortlessly throughout the expansive living areas, complemented by sleek metal railings and custom designer finishes. At the heart of this home is a chef's dream kitchen, showcasing top-tier Café appliances, including a 42'' built-in refrigerator. The space is meticulously crafted with custom cabinetry and refined countertops that seamlessly unite beauty and practicality making it a perfect balance of form and function. The primary suite is a retreat of pure tranquility, featuring a spacious bedroom with panoramic views and a custom-designed walk-in closet that provides an abundance of tailored storage. The en-suite bathroom evokes a spa-like ambiance, featuring a grand walk-in shower, a freestanding tub, intricate tile work, and a double vanity that speaks to refined luxury. An additional touch of indulgence comes with the built-in mini fridge, elevating the suite to a new level of relaxation and comfort. The outdoor living spaces are equally captivating, offering fresh desert landscaping and Arizona's natural beauty as your backdrop. Spend evenings under the covered ramada or by the outdoor fireplace, taking in the stunning sunsets. The shimmering pool offers the ideal setting for cooling off during warm desert afternoons, creating a serene outdoor oasis. Set on over an acre of prime land, this estate provides exceptional privacy, space, and tranquility. Newly installed windows and doors flood the home with natural light, while updated trim, baseboards, and high-end finishes complete the home's sophisticated aesthetic. A brand-new roof ensures that the home's beauty is matched by its lasting quality and durability. This estate is more than a homeit's an architectural masterpiece, offering a rare opportunity to own a slice of modern luxury in the heart of Fountain Hills. Don't miss your chance to make this extraordinary property yours.

11474 E Aster Drive Scottsdale, AZ 85259

$1,489,000
4 Beds
3.5 Baths
3,100 SqFt
Status Active
MLS # 6755999
Property Type Single Family Residence
Price Type --
Welcome to 11474 E Aster Dr, a remarkable residence nestled against a picturesque mountain backdrop in quiet Ancala West. This 4 bedroom, 3.5 bath, home offers soaring ceilings with a blend of modern conveniences and timeless charm. Step inside to discover a spacious eat-in kitchen, outfitted with new stainless steel appliances, granite countertops, and ample storage. The kitchen seamlessly integrates with the family room, creating an ideal space for both everyday living and entertaining. Designed with a thoughtful split floor plan the expansive primary bedroom offers generous closet space and doors that open directly to the stunning yard. The backyard boasts a sparkling pool with waterfall, a gas fire pit, and a well-appointed outdoor kitchen.

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