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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21639 N 55th Drive Glendale, AZ 85308

$1,485,800
6 Beds
4.5 Baths
4,874 SqFt
Status Active
MLS # 6720104
Property Type Single Family Residence
Price Type --
Welcome home to your Arrowhead Lakes, Mediterranean inspired oasis! Your Tuscan style home is complete with an original hand-crafted entertainment center with built in fireplace perfect for relaxing in front of to take in the mountain and lake views. 5 hand painted niches, Venetian plaster, marble like columns, granite counters, travertine, wool carpet, and stained glass windows are just a few of the many custom touches throughout the house. This spacious and inviting floor plan boasts 6 bedrooms (2 on main floor) and 4.5 bathrooms (1.5 on main floor). Enjoy the views from the front balcony, back balcony, or the patio in the back that comes complete with an outdoor fireplace and built in bbq. Enjoy full lake access from private dock or relax in the play pool.

2993 S Tourmaline Drive Unit 34 Flagstaff, AZ 86005

$1,485,000
3 Beds
3.5 Baths
1,860 SqFt
Status Active
MLS # 6745060
Property Type Townhouse
Price Type --
This highly desirable, luxury condo offers an open floor plan with no steps, a private entry guest Casita, and a spacious walled-in wrap-around patio. Built in 2023, this home is packed with upscale features, including a Sub-Zero side-by-side refrigerator, Wolf oven/range, and built-in microwave. Enjoy Quartz countertops, a 7' kitchen island with bar seating, and a Tongue and Groove ceiling. The custom-built wet bar features a Sub-Zero wine refrigerator and copper bar sink. Additional luxuries include glass-fronted cabinets, an extended stone fireplace wall with a linear gas fireplace, and automated window coverings throughout, including blackout shades in the primary bedroom. Note: Pine Canyon membership is separate and not included. Over $76,000 Additional Upgrades Include: Kitchen dry bar in niche, including a subzero wine refrigerator with matching cabinets and under cabinet lighting. Upgraded Kitchen marble countertops. Fireplace cabinetry with floating shelves. Beams added in living room. Custom chandeliers throughout home. Garage epoxy flooring. Dynomat material between master/shared wall for noise cancelation. Custom built ins in kitchen cabinetry and drawers. Motorized power shades throughout home with blackout. Patio railing with gate that isn't included with units.

325 W Gurley Street Unit 302 Prescott, AZ 86301

$1,477,000
2 Beds
2 Baths
2,719 SqFt
Status Active
MLS # 6750468
Property Type Apartment
Price Type --
Imagine a stunning New York-style penthouse nestled in the heart of downtown Prescott, Arizona. This luxury residence designed by well-known New York architect Dan Kiser and finished by Haley Construction, blends the urban elegance of a Manhattan loft with the charming, historic backdrop of Everyone's Home Town. A private elevator with coded access offers the ultimate in luxury and security, ensuring that only authorized individuals can reach the penthouse, enhancing privacy and exclusivity. This penthouse boasts soaring ceilings, expansive windows, and an open-concept floor plan that invites natural light and showcases views of Prescott's famous Gurley Street and Iconic Granite Mountain. The interior is sleek and modern, featuring polished concrete and bleached wood floors, and high-end finishes. The spacious living area boasts a linear gas fireplace which serves as the centerpiece of the living area. Set within a stone surround and a ceiling height bleached wood accent wall, this fireplace makes a bold statement against the backdrop of the expansive view windows. The living area flows seamlessly into a gourmet kitchen, with Caesarstone counter tops, custom cabinetry, wine storage, a large island with seating, top of the line stainless steel appliances, and a Sub-Zero refrigerator. Large sliding doors lead from the dining area to a private terrace, where you can relax and enjoy the sights and sounds of downtown Prescott. This outdoor space is perfect for entertaining, with room for a dining set, or lounge chairs. The Primary suite exudes tranquility, with floor-to-ceiling windows and is the epitome of relaxation and refined luxury. The high ceilings and expansive layout make the space feel open and airy, giving the room a peaceful ambiance, perfect for unwinding after a long day. This room is designed with comfort in mind, featuring ample space for a king-sized bed and additional seating, so you can create your own personal retreat Connected to the primary suite is the custom-designed walk-in closet for him, a true masterpiece of organization and style. The closet features built-in shelves for accessories, along with deep drawers and hanging rods that allow for organization of your wardrobe. Adjoining the Primary Bathroom is the walk-in closet for her, which has been masterfully designed to combine elegance with practicality. Custom-built shelves, drawers, and hanging spaces provide ample storage for everything from your wardrobe essentials to accessories and jewelry. The custom tile walk-in shower in the master bathroom is a true work of art, designed to evoke a spa-like experience right at home. With its floor-to-ceiling tiles in soothing tones, this spacious shower is both visually stunning and highly functional. The sleek, frameless glass enclosure creates an open, airy feel, including a rainfall fixtureprovides a luxurious bathing experience. The master bath also boasts a large jetted soaking tub and is the ultimate indulgence, designed to provide a spa-like retreat right within your home. One of the many features of the master suite is the private access to the terrace. The terrace is perfect for enjoying a quiet morning coffee or unwinding at night with a glass of wine under the stars. Stepping outside of this luxurious space, one of the most appealing features of this penthouse is its prime location in downtown Prescott. Just a few minutes' walk from your front door, you'll find yourself in the heart of the famous Courthouse Plaza. This iconic square, lined with historic buildings, boutique shops, and lively restaurants, is the cultural and social hub of Prescott. Whether you're looking to enjoy a morning coffee at a local café, catch a live concert or community event, or simply stroll through the tree-lined park, the plaza offers something for everyone. Living here means you can experience the charm and vibrancy of downtown Prescott without ever needing a car, making your lifestyle both convenient and enriching. This penthouse captures the essence of big-city luxury while embracing the serene, small-town charm of Everyone's Hometown of Prescott, making it a unique and desirable living space.

31904 N 19th Avenue Phoenix, AZ 85085

$1,475,000
7 Beds
6.5 Baths
6,460 SqFt
Status Active
MLS # 6748389
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the prestigious gated community of Sonoran Foothills! This stunning retreat boasts over 6,400 sq. ft. of luxurious living space, including 7 bedrooms and 6.5 bathrooms. As you arrive, the striking entrance with a semi-circular driveway and flagstone walkway sets the stage for what's inside. Step through the grand double doors into a dramatic foyer with dual curved staircases that lead to the second floor. The open and airy floor plan features expansive living areas, highlighted by large picture windows and soaring ceilings that create a sense of grandeur. On the main level, you'll find an elegant dining room and a spacious living room, perfect for entertaining. The casual family room with a cozy fireplace flows seamlessly into the gourmet kitchen, which is a chef's dream with its granite countertops, stainless steel appliances, upgraded cabinets, walk-in pantry, gas cooktop, and double wall ovens. Also featured on the main level, is an ensuite guest bedroom, a dedicated office with double-glass doors, a convenient powder room, and a well-appointed laundry room with cabinets and a sink complete this level. The second floor offers a thoughtful layout with two generously-sized bedrooms sharing a Jack-and-Jill bathroom, an additional ensuite bedroom, and the luxurious primary bedroom. The primary suite is a true sanctuary, featuring a private sitting area, a balcony overlooking the serene backyard oasis, and a spa-like bathroom with a walk-in shower, large soaking tub, and dual vanity stations. The fully-finished basement adds versatile living space with 2 bedrooms, 2 full baths, and a spacious living area that can be customized to suit your needs. Outside, the expansive backyard is a haven for relaxation and recreation, featuring a heated pool and spa, a charming outdoor fireplace, and a basketball court. With double 2-car garages, this home ensures you have ample space for both vehicles and storage. Enjoy all the community amenities that Sonoran Foothills has to offer- pools, splash pad, parks, sports courts and club house. Located just minutes from convenient freeway access, shopping, dining, and award-winning schools!

32731 N 74th Way Scottsdale, AZ 85266

$1,475,000
5 Beds
4 Baths
3,738 SqFt
Status Active
MLS # 6731334
Property Type Single Family Residence
Price Type --
Located in the wonderfully discreet gated community of Las Piedras in North Scottsdale lies this exceptional residence. Directly across from the community pool, spa and fitness room it is accessed by a gated courtyard to the front door. The bright, spacious interiors begin with an open plan living area including the kitchen and breakfast nook, formal dining area and living room. Sliding doors open to a covered patio and private rear yard with putting green. The primary bedroom suite includes a large bedroom, beautifully appointed bathroom and fitted closet. The home is complete with 4 additional bedrooms, one used as a home office. From the front courtyard you access the guest house above the 3 car garage. Beautifully located near restaurants and shopping it offers luxury desert living.

7131 E Rancho Vista Drive Unit 2011 Scottsdale, AZ 85251

$1,475,000
3 Beds
2 Baths
1,886 SqFt
Status Active
MLS # 6637093
Property Type Apartment
Price Type --
Located near Old Town Scottsdale in the Optima Camelview, this urban residence is the essence of modern city living. Thoughtfully designed, this haven offers comfort and style bathed in natural light with floor-to-ceiling windows and captivating views of one of the community pool areas from two private balconies. Three generously sized bedrooms are perfect for relaxation while the bathrooms offer premium fixtures and finishes. The kitchen is equipped with sleek cabinetry, stainless appliances and offers plenty of space for culinary exploration. Residents of Optima can enjoy amenities such as the state-of-the-art fitness center, multiple pools and spas, and the lush landscaped gardens. The prime location is moments away from fine dining, shopping, entertainment and the best that Scottsdale has to offer. The community also offers 24-hour security and underground parking.

27832 N Silverado Ranch Road Peoria, AZ 85383

$1,475,000
4 Beds
3.5 Baths
3,532 SqFt
Status Active
MLS # 6752926
Property Type Single Family Residence
Price Type --
Discover the tranquility of mountain vistas and the Sonoran Desert with this stunning home! This highly sought-after Whistler plan by Taylor Morrison is nestled in the esteemed Northlands community of North Peoria. Revel in nearby hiking and ATV trails, nearby Lake Pleasant, and breathtaking sunsets. Located in the prestigious Summit Section, this home backs onto the magnificent Calderwood Butte, offering sweeping panoramic views. With exceptional curb appeal, this home is bathed in natural light. The gourmet kitchen boasts upgraded quartzite waterfall countertops, white pinstriped cabinets, and stainless steel appliances, flowing seamlessly into a coffee/wine sitting area looking out to the amazing view. *BUT WAIT, THERE'S MORE* The kitchen is open to the spacious family room with a large built-in entertainment center. The generous primary bedroom features a custom closet with ample storage. With three additional bedrooms and 2.5 bathrooms, there's plenty of space for family and guests. Unwind under the extra-wide pergola, savor the views, enjoy a cocktail, and listen to the soothing sounds of your pool's waterfalls. Whether you love hiking, spending a day at the lake, or simply enjoying the tranquility of your surroundings, this remarkable home offers it all. Don't miss out - come see it today!!

22881 E Via De Olivos -- Queen Creek, AZ 85142

$1,475,000 - 4Br/4Ba -  for Sale in Church Farm Parcel H, Queen Creek
New
$1,475,000
4 Beds
3.5 Baths
3,625 SqFt
Status Active
MLS # 6756968
Property Type Single Family Residence
Price Type --
Not a single detail has been missed in this home thoughtfully curated by an interior designer, with an eye for sophistication. This home seamlessly blends elegance and comfort in this stunning 4 bedroom, 3.5 bathroom home nestled in the heart of Queen Creek. Boasting 3,625 square feet of thoughtfully designed living space, this residence seamlessly combines style with functionality. As you step inside, you are greeted by a spacious open-concept layout that features a statement wine wall housing 420 bottles, embellished with ambient lighting and additional shelving to display all your spirits! Mirroring your dedicated wine room is a custom designed built-in office, with quartz counters, hidden charging ports and floor to ceiling functional storage. Following down the hallway you first pass the walk in the pantry and coffee bar. Built with storage and aesthetics in mind, these are not only functional but perfect for those who appreciate dedicated spaces. Upon entering this custom designed kitchen you are welcomed with an 11 foot quartz island which is complimented by the floor to ceiling custom cabinetry. Elegance continues to grace this space with an 8 burner 'Ilve' gas stove placed as the focal point of the kitchen, with a range that extends to the hood. New appliances including a gold hardware dual faucet sink that discern this space from others you have seen before. Seamlessly built in are the 'Jennair' fridge and freezer, paneled with custom cabinetry, making this space warm and inviting. Ambient under and over lighting accentuate the glass door displays and offers a comfortable and elegant atmosphere for winding down. Shared with the kitchen you will see the living room and formal dining. Dining is complemented with a fluted wood accent wall and distinguished chandelier which defines the space. The sizable living area offers a thoughtfully designed media wall and soaring 'Panoramic' doors showcasing your large outdoors patio and outdoors oasis. Marble 'Arctic White' patio tiles and automatic sun shades keep your patio cool and elegant while you enjoy your choice of music with your outdoor speakers. Take a dip in the pool or lounge with guests while entertaining under your built in shaded steel cantilevered pergola, your guests are sure to be impressed. Finish up with conversations by the built in natural gas fire pit while kids enjoy the yard and the dogs enjoy the dog run. Retreat to your primary suite secluded and complete with an electric fireplace and solid oak floors for optimal relaxation. Steps away is your primary bathroom finished with a stand alone soaking tub, dual sinks and walk in shower with dual shower heads. This space only gets better with the custom designed walk in closet with dedicated shoe wall and ample hanging space. Like most of the home, this space is embellished with warm under lighting that continues to bring elegance throughout. Each additional bedroom provides ample space and comfort for family and guests. Separate from the primary suite, you can be sure of your privacy and their comfort. Don't miss the opportunity to make this exceptional custom designed property your own.

3274 Maverick Drive Wickenburg, AZ 85390

$1,475,000
3 Beds
3.5 Baths
2,763 SqFt
Status Active Under Contract
MLS # 6754592
Property Type Single Family Residence
Price Type --
This stunning, one-of-a-kind Latigo home boasts a prime hillside location with unobstructed panoramic views of the golf course, desert hills & mountains. Spanning over 2,700 sqft of luxury, this home features custom upgrades throughout, including shiplap ceilings with beams, intricate inlaid tile work & a spa shower with floor-to-ceiling glass and soaking tub. The next-gen suite offers a private entry, built-in mini fridge & bar sink. Enjoy open living spaces, a gourmet kitchen & beautifully appointed bedrooms. Owned solar, a travertine courtyard with a custom fountain, wood-burning fireplace topped with backyard oasis featuring built-in pool, fire pit, BBQ & cooking area. A full corner of sliding walls of glass for seamless indoor-outdoor living complete this exquisite property. MUST SEE

2211 E Camelback Road Unit 702 Phoenix, AZ 85016

$1,475,000 - 2Br/3Ba -  for Sale in Residences At 2211 Camelback Condominium, Phoenix
New
$1,475,000
2 Beds
3 Baths
2,985 SqFt
Status Active
MLS # 6760687
Property Type Apartment
Price Type --
Views of Piestwa Peak from every room! Fully Remodeled Immaculate Condo at the Residences at 2211! Two primary Bedrooms and a Den/media room or 3rd bedroom. 3 bathrooms, Primary bedroom bath updated 2 yrs ago. Kithcen with Dacor appliances and stone counter top. Tile and wood flooring plus high-end carpet in bedrooms. Hunter Douglas remote control shades. Surround sound throughout, 2 parking spaces. Laundy room includes washer/dryer. Club room for entertaining up to 100. Full catering kitchen. Fully equipped gym, sauna and massage room. Roof top heated pool, fireplace, jacuzzi, 2 BBQ pits with fridge, warmers and all utensils. Rooftop party room with huge TV and seating for parties and a band. 24 hour Concierge and Valet. Available for immediate occupancy!

5216 E Barwick Drive Cave Creek, AZ 85331

$1,475,000
4 Beds
4 Baths
4,354 SqFt
Status Active
MLS # 6743171
Property Type Single Family Residence
Price Type --
Welcome to this stunning semi-custom 4 bedroom, 4 bathroom, plus a casita Toll Brother's home. Located on .35 acres in the highly sought-after gated community Montevista. This beautiful property features 2 primary suites. It is nestled on a spacious cul-de-sac lot that backs to a wash, with a sparkling pool, and large green space. This home provides plenty of room for outdoor entertaining and the mountain views and desert sunsets are gorgeous. Step inside to discover a meticulously maintained interior with high-end finishes throughout. The open concept floor plan offers a seamless flow from the living room to the gourmet kitchen, complete with granite countertops, stainless steel appliances, and a large island with additional seating; ideal for entertaining. Both primary suites offer luxurious ensuite bathrooms with dual vanities, a soaking tub, walk-in showers and more. The two additional bedrooms on the main floor open to a beautifully upgraded full bathroom. The casita opens to a partial kitchen, built in shelves and hardwood floors, perfect for guests or a home office. Upstairs is the second spacious primary bedroom that has a separate sitting area, walk-in closet, vanities and two walk out balconies ideal for both sunrises and sunsets. This home sides to a green space which provides the utmost privacy. Enjoy the peaceful surroundings and breathtaking sunsets from the comfort of your own backyard. This home is located close to all the local schools, minutes from Cave Creek, Desert Ridge, Kierland, Scottsdale Quarter, parks and so much more!

6900 E 1st Avenue Unit 1 Scottsdale, AZ 85251

$1,475,000
3 Beds
3.5 Baths
2,010 SqFt
Status Active
MLS # 6685905
Property Type Townhouse
Price Type --
Seller financing available! 20% down payment (preferred) at 5.99% interest rate / 6.05% APR; 10% down payment at 6.99% interest rate / 7.06% APR. Nearly new 4-story townhome in the heart of old town Scottsdale! Level 1: Full studio suite & private bathroom; attached garage. Level 2: Living room, high-end kitchen, half bath & walk-out covered patio. Level 3: Master suite & 2nd bedroom, 2 full baths. Level 4: Wet bar, small game area, large rooftop deck. Use the entire property or live in the main home & rent out the lower-level studio to generate income (short-term vacation rental could cover as much as half your monthly payment). Located across the street (towards old town) from the iconic Hotel Valley Ho

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