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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9487 E Trailside View Scottsdale, AZ 85255

$1,475,000
3 Beds
2.5 Baths
2,775 SqFt
Status Active
MLS # 6692735
Property Type Single Family Residence
Price Type --
Welcome to DC Ranch's premier & highly desired gated community, Terraces at Desert Parks Village! This exquisite and immaculately cared for home features a North/South exposure with a wonderful open floor plan, high ceilings, a private courtyard, 3 large bedrooms, 2.5 baths, 3 car garage (with brand new opener w/camera) a heated pool and epitomizes luxury living with state-of-the-art enhancements and elegant finishes such as; refinished cabinetry throughout, newer Viking appliances, newer HVAC systems, new water heater, new water softener, newer water filtration system, tinted windows with new sun screens, Hunter Douglas fabric window coverings, retractable awnings, surround sound, home security system with cameras and much more! The gourmet kitchen boasts gorgeous Quartz counters, under & over counter lighting and an extended island creating the perfect place to enjoy your morning coffee! This Monterey home neighborhood has wonderful parks and sidewalks, perfect for afternoon walks! This gem not only offers luxurious living spaces but also great proximity to the best of Scottsdale's amenities, including shopping, dining and outdoor activities. It represents a perfect blend of comfort, convenience, and sophistication & will not disappoint the fussiest of buyers!

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!

6208 E Lonesome Trail Cave Creek, AZ 85331

$1,475,000
4 Beds
3 Baths
2,945 SqFt
Status Active
MLS # 6600738
Property Type Single Family Residence
Price Type --
Multigenerational home with large guest quarters, private lot and lovely mountain views! This NextGen home is just what you have been looking for! The main home boasts an open floorplan with a sophisticated owner's suite, two large secondary bedrooms, and a cozy office/den. While the guest suite features a own private living area, eat-in kitchen, large bedroom, and bathroom with a separate entrance to back yard and single car garage. The possibilities are endless!! This is Arizona living at it's best.! The backyard oasis includes a private pool, heated spa, and turf play area. North/South exposure. This floor plan offers a brilliant use of space and is a must see!

3854 E Fargo Street Mesa, AZ 85205

$1,475,000
4 Beds
5 Baths
3,993 SqFt
Status Active
MLS # 6688447
Property Type Single Family Residence
Price Type --
This beautiful gated community of Trovita Norte welcomes you to this stunning, immaculate 5 bedroom, 4.5 bath property with an oversized garage and front and back yards that are virtually maintenace free. Large kitchen with upgraded appliances and terrfic island/breakfast bar that can seat up to 8. This immaculate home is a definite ''must see!''

24667 N 116th Street Scottsdale, AZ 85255

$1,475,000
4 Beds
4 Baths
3,391 SqFt
Status Active
MLS # 6751835
Property Type Single Family Residence
Price Type --
Motivated Seller, Bring ALL OFFERS...This 4 bedroom, 4 bathroom home features a sleek contemporary remodel with an open layout, high-end finishes, and abundant natural light. Enjoy a gourmet kitchen with a new wine chilling room. The hidden pantry offers a clever storage solution, keeping your culinary essentials out of sight while maintaining an uncluttered, modern aesthetic. The master suite offers a spa-like bathroom and expansive closet. Relax by the pool with stunning mountain views or entertain in style. With a 3-car garage and stylish design, this home seamlessly blends comfort and sophistication. Experience Scottsdale living at its finest.

1734 E Mossy Oak Court Unit 3 Flagstaff, AZ 86005

$1,475,000
3 Beds
2 Baths
1,812 SqFt
Status Active
MLS # 6722862
Property Type Apartment
Price Type --
Escape to Serenity in this Luxurious Mountain Retreat Nestled in the heart of mountain pines, this luxurious condo offers the perfect retreat for those seeking tranquility and adventure. Wake up to the chirping of birds and the rustle of squirrels, unwind by the cozy fireplace, or step onto your private balcony, to breathe in the crisp, fresh air. The location offers filtered mountain views and overlooks green space and the driving range beyond. Walk to the clubhouse and pool or sport courts. This single owner home includes many upgrades, from wood floors throughout, to upgraded lighting. Throughout this high-end residence, attention to detail is evident in every corner. From the hand-selected art pieces to the meticulously crafted furniture and the custom window treatments, each element contributes to an atmosphere of luxury and comfort. This is not just a house; it is a testament to impeccable taste and a commitment to luxurious living. Entirely single level, with no interior or exterior steps and gated courtyard family and pets will love this easy access. Two single car garages flank the courtyard, one with direct access to the home. Whether you're hitting the golf course, exploring hiking trails, or simply relaxing in nature, this mountain getaway provides the ideal blend of comfort and outdoor beauty. This lock and leave getaway is one of the best priced properties in Pine Canyon. Looking for the ultimate retreat? You've found it. Seller prefers a 30-day close. Furnishings are negotiable via separate Bill of Sale, with the exception of items listed in Attachment A.

30311 N 52nd Place Cave Creek, AZ 85331

$1,475,000
4 Beds
3.5 Baths
4,002 SqFt
Status Active
MLS # 6668830
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the prestigious gated community of Montevista, nestled in the serene landscapes of Cave Creek, AZ. This stunning Toll Brothers residence offers over 4,000 square feet of luxury living space, boasting 4bds, 3.5ba's, plus an office to accommodate your lifestyle needs. As you step through the double front entry doors, you'll be greeted by the grandeur of 12' ceilings and a thoughtfully designed floor plan, perfect for entertaining family and friends. The well-appointed kitchen is a chef's delight, while the adjacent living spaces flow seamlessly, creating an inviting atmosphere throughout. Indulge in outdoor living at its finest with an amazing backyard oasis featuring a sparkling pool, relaxing spa, captivating water features, and a cozy fire pit a cozy fire pit area. Enjoy the lush greenery of the turf grass lawn and revel in the privacy of the oversized lot nestled within two cul-de-sacs. Retreat to the spacious primary bedroom suite, complete with double vanities, a large shower with multiple showerheads, and a luxurious soaking tub for ultimate relaxation. A private secondary bedroom with its own en suite bathroom and walk-in closet provides comfort and convenience for guests or family members. Additional highlights of this remarkable home include a large den, ample storage space, a wet bar for entertaining, a tesla electric charging station just to name a few. Montevista community offers residents access to a large grassy park with a basketball/pickleball court, a kids' play structure, and various recreational amenities for an active lifestyle. Don't miss the opportunity to call this fabulous property your own. You won't want to miss out on this exceptional home!

14035 E Sahuaro Drive Scottsdale, AZ 85259

$1,475,000
5 Beds
2.5 Baths
3,459 SqFt
Status Active
MLS # 6712867
Property Type Single Family Residence
Price Type --
A daydream come true! Surrounded by stunning mountain views and located in a quiet cul-de-sac. Newly remodeled to a clean, modern and sophisticated aesthetic. The backyard features low-maintenance turf, plenty of space for entertaining and magnificent views of Arizona's spectacular sunsets! Relax to the tranquil sound of the water feature, soak in the jacuzzi or play in the sparkling, turquoise pool. Enjoy privacy inside with a large primary suite that feels like a spa. Thor gas range, 2 new Trane ACs, tankless water heater and many more upgrades that make life a breeze. An epoxy-floor 3 car garage and side paver drive extending to the backyard creates a perfect set up for your toys. Located near Basis, Mayo, trails and many other attractions. It's time to start loving your life here!

3637 E Appaloosa Road Gilbert, AZ 85296

$1,475,000
5 Beds
3 Baths
3,511 SqFt
Status Active
MLS # 6740656
Property Type Single Family Residence
Price Type --
Welcome to this beautifully remodeled single-level home, built in 2020, located in the prestigious Lakeview Trails of Morrison Ranch. This residence has been meticulously upgraded to surpass even the highest standards in the area, with every detail thoughtfully curated to create a luxurious and comfortable living space. Enjoy the warmth and beauty of white oak hardwood flooring throughout, complemented by new baseboards and trim. The exquisite kitchen renovation boasts slim shaker, floor-to-ceiling cabinetry with white oak accents and island, Caesarstone countertops, top-of-the-line GE Café appliances, a Brizo faucet, and Restoration Hardware knobs and pulls. A 72'' Dimplex fireplace with a custom wall surround adds a cozy yet sophisticated touch to the living area. The master bath offers spa-like tranquility with a full renovation featuring a tile wall, floor-to-ceiling frameless shower glass, large format floor tile, a deep soaking tub with slab marble surround, custom white oak cabinetry, Pottery Barn knobs and pulls, updated lighting, mirrors, and Kohler faucet hardware. All secondary bathrooms have been remodeled with designer finishes, new hardware, and updated lighting. The fully rebuilt laundry room includes custom cabinetry, a desk area, countertops, dual washers and dryers, and designer tile flooring. Modern conveniences such as LED lighting throughout, in-ceiling speakers, custom built-in his and hers master closets, an office with double doors, and a large bonus/playroom enhance the home's functionality. The outdoor oasis features a large covered patio with a pergola, a built-in grill area, a fire pit, artificial turf, and a fenced and heated saltwater pool. Permanent holiday lighting adds year-round ambiance. Situated on a premium lot just one house away from a playground and open space, this home offers both convenience and tranquility. Don't miss this unique opportunity to own a home that combines luxury, comfort, and prime location. This exceptional residence is a true gem in Morrison Ranch, ready to welcome you home.

10613 E Diffraction Avenue Mesa, AZ 85212

$1,475,000
6 Beds
5.5 Baths
5,704 SqFt
Status Active
MLS # 6663410
Property Type Single Family Residence
Price Type --
This BEAUTIFUL home w/CASITA is OVERFLOWING w/DESIGNER upgrades!! GOURMET kitchen w/granite countertops, HUGE island w/sink, tiled backsplash, 42'' cabinets + stainless appliance suite w/wall ovens! Open concept great room w/GORGEOUS built-in entertainment center w/STONE gas FIREPLACE! PRIVATE owner's suite w/sitting room + ensuite bath, BIG walk-in shower + soaking tub! Separate den! Loft! Media room! CASITA w/kitchen, bedroom, living room, bath, laundry + separate entrance! SO many living options in this multi generation home! FANTASTIC backyard OASIS w/built-in swimming pool w/waterfall, fire features, pergola w/sunken kitchen + swim up seating/counter, gas fire pit, pavers/faux grass + covered porch & balcony! This is true LUXURY LIVING! Located in award winning EASTMARK! WELCOME HOME

5955 E Louise Drive Phoenix, AZ 85054

$1,475,000
4 Beds
4.5 Baths
3,505 SqFt
Status Active Under Contract
MLS # 6691694
Property Type Single Family Residence
Price Type --
This prime property in the TALINN Community boasts a prime location near Desert Ridge marketplace, High street mall, Scottsdale quarters in 3 mile radius. The 4 bed/4.5 bath home features a heavily upgraded GOURMET KITCHEN with high-quality appliances, quartz countertops, and an island, perfect for entertaining. A downstairs bedroom and bath add convenience, while TWO MASTER BEDROOM options upstairs provide versatility. The loft serves as a game area or media setup, enhancing entertainment possibilities. Outside, a beautiful pergola and elegant landscaping create a serene outdoor retreat. Excellent school zone. With a heated COMMUNITY POOL and children's playground, the community offers a luxurious lifestyle. In summary, this home offers a perfect blend of comfort, style and functionality

10730 N Linda Lane Flagstaff, AZ 86004

$1,474,999
4 Beds
4.5 Baths
4,285 SqFt
Status Active
MLS # 6738049
Property Type Single Family Residence
Price Type --
The electric gate opens. You take in the glorious ponderosa pines, the beautiful front yard, the circular driveway, the sprawling, welcoming single-level home, and the barn. The Alpacas come closer, curious. The mountains glow and shimmer as a stunning backdrop on one side, the national forest invites you on the other. As you breathe in and process this beauty, you know. You are home. Welcome. This is a unique opportunity to live your dream in a single-level home on almost 4 treed acres, backing national forest on 2 sides, with a separate guest house/apartment and a 6 stall barn with a workshop. The design of the home is fabulous. Family and friends will gather in the newly upgraded kitchen and dining area, or spill over into the greatroom. The wall of windows in the greatroom allows you to feel like you are surrounded by nature while relaxing inside. Behold the ponderosas, blue skies and the ever changing colors of the mountains in the near distance. The sunroom on the side of the kitchen is a perfect office or, why not? Use it as a sunroom. Do you need privacy? There is a bedroom and bathroom behind the kitchen, perfect as a guest suite, exercise area, or your office. The entry room is that highly desired second living area or play area. With a spacious primary bedroom and two additional bedrooms and bath, live and entertain with ease. Start every day peacefully waking to the mountain's dazzling and subltly changing hues in the morning sunlight. You may never want to leave. But wait. There is a detached apartment above the garage! House your teenager, your guest or rent it out! Equestrian? You will adore the 6 stall steel barn in excellent condition that now includes a full workshop. Toys? When you see the three car garage and additional breezeway you will want to buy more - there is plenty of space to store them. The breezeway lends itself to many uses. Imagine! RV? Hook it up! (septic for RV is not permitted). Let's walk the property. Breathe in the tranquility of the pines and enjoy the views of the mountains on your back deck. Listen to the soothing sounds of your water feature, the calming whispers of the wind in the trees and the birds chirping. Time to explore! Mount your horses, put on your hiking shoes or get your bike ready - lose yourself in the National forest from your back yard. You must spend time here to understand the peace, tranquility and opportunities offered by this unique home. Let us inpsire you. The home inspection has been completed. This home is in excellent condition. Owners are meticulous. Welcome.

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