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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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.

8702 E San Daniel Drive Scottsdale, AZ 85258

$1,474,965
4 Beds
3.5 Baths
2,081 SqFt
Status Active
MLS # 6605563
Property Type Single Family Residence
Price Type --
Custom upgrades abound in this beautifully appointed 4 Bedroom, 3.5 Bath, 2 car garage home located in the sought after McCormick Ranch community of Vista De Cielo. Rich warm neutral tones give this home a modern, comfortable feel. Upon entry through the frosted glass paneled door, you are greeted by open concept living spaces w/ an exquisite electric fireplace in the living room flanked by 2 large windows showcasing the beautiful, lush backyard, extended patio and sparkling pool! Adjacent to the large dining room w/ elegant chandelier is the custom island kitchen w/quartz countertops, 2 tone cabinetry, waterfall island, new Monogram appliances including double ovens, microwave drawer, hooded ss vent, 6 burner stove top and a 36-inch built-in fridge. Large double-door office off the kitchen (could be used as a 4th bedroom) with a stunning floor to ceiling tile walled powder room across from the office. Don't miss the master with walk out, large walk-in closet, frosted glass barn door entry to the master bath with opulent free-standing tub and multi-head shower behind glass partition...stunning. If that wasn't enough...all secondary bedrooms are ensuites with their own private baths! Large laundry comes with a washer and dryer, custom cabinets and a sink! No expense spared! New windows, new roof, new a/c unit, new landscaping, interior & exterior completely remodeled, new custom-made garage door, synthetic smooth stucco finish throughout, custom iron gates throughout yard. Don't miss an opportunity to own this one-of-a-kind home ideally located near award winning golf courses, famed shopping malls, renowned hiking paths & more!

N Bell Road Unit 4 Queen Creek, AZ 85144

$1,474,900
5 Beds
4 Baths
4,100 SqFt
Status Active
MLS # 6345746
Property Type Single Family Residence
Price Type --
Brand new BASEMENT home with approx 4,100 sq ft, on 2+ acre lot with NO HOA! 4 Bedrooms on main floor and 1 in basement. Plenty of time for Buyer to make selections for cabinets, paint, flooring, granite, etc. Standard features include granite throughout, tile surrounds covered patio, 4-car garage, tile roof... Much more! Estimated completion time is 9-10 months from ground-breaking. Drive by only.

21714 N 38th Place Phoenix, AZ 85050

$1,474,900
6 Beds
4.5 Baths
4,212 SqFt
Status Active Under Contract
MLS # 6742901
Property Type Single Family Residence
Price Type --
YOU'VE FOUND THE PERFECT FAMILY HOME IN THE HIGHLY SOUGHT AFTER COMMUNITY OF FIRESIDE AT DESERT RIDGE! Enter through the PRIVATE COURTYARD into this 6 BED/4.5BATH SPACIOUS 4302 SQ/FT(Builder) beauty with soaring ceilings, an Entertainers Kitchen featuring gorgeous Quartz tops and stainless steel appliances. The Floor Plan boasts a 1st Floor Split Master Suite with 2 large Walk-In Closets and luxury master bath. Designer touches at every turn, including a stunning gas fireplace, wood flooring and so much more. Step out into the manicured yard featuring a relaxing pool with water feature and plenty of space for entertaining or just relaxing. Just a short distance to the clubhouse complete with a fitness center, two heated pools, Tennis and numerous other amenities for the entire family.

21616 N 37th Street Phoenix, AZ 85050

$1,474,800
6 Beds
4.5 Baths
4,302 SqFt
Status Active
MLS # 6748243
Property Type Single Family Residence
Price Type --
What an opportunity to own this 6 bed, 4.5 bath Amazon model in the sought-after Fireside community near the school! With a 4-car garage, heated pool, 4,302ft² & located on a premium view lot with no neighbors behind, this won't last long! The main floor includes your open concept great room, upgraded kitchen, formal dining room, den/bonus room, primary bedroom suite (which is epic!), powder bath, laundry, & a casita/mother-in-law suite with a private entrance & bathroom! Upstairs you'll find the additional 4 bedrooms (all with walk-in closets), a loft, tech space, & two more bathrooms! The back yard is filled with beautiful travertine, a heated (& cooled!) pool with smart equipment + controls, a pergola-covered outdoor kitchen + firepit, & view fencing without neighbors behind you! The front yard's desert landscape is maintained with an auto drip system, as is the courtyard! The home also features a TON of upgrades including but not limited to a new dishwasher (2024), AC (2022), solar system, RO water system, soft water system, new back turf (2022), misters on the patio, outdoor security system, new pendant lighting, in-ceiling surround sound speaker system, landscape lighting, and more! See this one soon!

8927 E Wethersfield Road Scottsdale, AZ 85260

$1,470,000
3 Beds
3 Baths
3,116 SqFt
Status Active
MLS # 6750382
Property Type Single Family Residence
Price Type --
Charming 3 bedroom/3 bathroom home including separate entry guest casita located in a private gated community of 35 homes. Features include walk-in closets for each bedroom, custom cabinetry, granite counter tops, tile flooring throughout the great room/kitchen, open floor plan and spacious rear yard for entertaining. A gorgeous resort like pool with covered spa area make this hard-to-find home in a sought after Scottsdale location a one of a kind. Come see for yourself and make it yours today!

6301 E Redfield Road Scottsdale, AZ 85254

$1,470,000
5 Beds
3 Baths
2,895 SqFt
Status Active
MLS # 6754911
Property Type Single Family Residence
Price Type --
This remodeled modern farmhouse home in the highly sought after 85254 zip code is turnkey and ready for a new owner. It has an open concept kitchen to living floor plan, large island, stainless steel appliances, and a custom-built in breakfast nook that makes this home perfect for entertaining family and friends. This 5 bed 3 bath, with a dedicated office ( currently used as a bunk room) is ideal for a family, great second home or investment property. With a full cosmetic update and luxury finishes this home is truly turnkey. The dream backyard comes complete with a large, covered patio with an outdoor tv, sparkling pool, putting green, bocce ball, hot tub, RV gate, upgraded pool equipment, and an a outdoor shower. Fantastic location just minutes from the Scottsdale Quarter, Golf, Kierland Commons, and not far from events like the Waste Management Open and the Barrett Jackson car show. Home is being used as a short-term rental and is being sold fully furnished.

7347 E Turquoise Avenue Scottsdale, AZ 85258

$1,470,000
3 Beds
3 Baths
2,439 SqFt
Status Active
MLS # 6714079
Property Type Single Family Residence
Price Type --
This impressive residence, nestled in the heart of Scottsdale, epitomizes luxury living at its finest! This stunning 3-bedroom, 2.5-bathroom home boasts a seamless floor plan, a private split master suite, soaring ceilings, and a cozy great room complete with a fireplace. Take in the picturesque southern views of the shimmering pool and Jacuzzi from the comfort of your home. The expansive dining patio is ideal for entertaining, surrounded by lush citrus trees. The bright and airy kitchen features double ovens, an electric cooktop, a convenient breakfast bar, and a cozy breakfast nook. The oversized Master Bath is a serene oasis, offering a luxurious soaking tub, a tall vanity for him, and a dedicated makeup vanity for her. Step outside to the verdant backyard oasis, enclosed by a towering block fence, where you'll find a heated pool, relaxing spa, and soothing waterfalla perfect retreat for both relaxation and entertaining. This home is situated in a gated community that exudes a relaxed yet refined ambiance, with amenities that include a heated swimming pool, inviting jacuzzi, and well-maintained tennis court. Whether used as a primary residence, lock-and-leave property, or a second home, this residence offers the ultimate blend of comfort, elegance, and sophistication in an enviable Scottsdale location.

8430 E Fairmount Avenue Scottsdale, AZ 85251

$1,470,000 - 4Br/3Ba -  for Sale in Pointe Scottsdale Unit 1, Scottsdale
New
$1,470,000
4 Beds
3 Baths
2,451 SqFt
Status Active
MLS # 6760913
Property Type Single Family Residence
Price Type --
Welcome to a beautifully remodeled home with modern upgrades and an open-concept layout. The home features added square feet of permitted living space, enhancing its functionality. The Master Suite offers a spacious closet, dual vanities, a soaking tub, and a separate shower. Throughout, you'll find sleek 24x48 tile flooring, while the gourmet kitchen boasts a waterfall island, quartz countertops, new cabinetry, and appliances. The front door is equipped with smart glass that shifts from clear to frosted on demand, providing instant privacy and added security. Outside, enjoy a resurfaced Pebble Tec pool, new pump, pergola, built-in BBQ, and paver patio—perfect for entertaining. With upgraded electrical, new windows, and fresh paint throughout, this move-in-ready gem is waiting for you!

3675 E Strawberry Drive Gilbert, AZ 85298

$1,470,000
4 Beds
3.5 Baths
3,778 SqFt
Status Active
MLS # 6745503
Property Type Single Family Residence
Price Type --
Stunning Single-Level Home in Highly Desirable Bridges North! This 4-bedroom, 3.5-bath gem features one of the most popular floorplans, with soaring 12-foot ceilings in the entry and great room that set this home apart. The layout offers everyone their own space and privacy, making it perfect for families and hosting guests. Be sure to check out the documents tab for a full list of after-closing upgrades, including a kitchen remodel, new carpet, and dolomite marble countertops in the bathrooms. This home invites you to entertain, with plenty of room to gather and make lasting memories. The backyard is a true retreat, featuring 27 towering Ficus trees for complete privacy, and a modern pool with smooth hand-polished plaster embedded with blue glass and abalone shells. This home is guaranteed to impress! Located in the heart of Bridges North, you're just steps away from playgrounds, splash pads, basketball courts, and scenic trails. Plus, Gilbert Regional Parkright across the streetis still being built out, with exciting amenities to look forward to, including tennis, pickleball, and a future 25-acre surf park with a sandy beach.

3809 N 51st Street Phoenix, AZ 85018

$1,470,000
3 Beds
2 Baths
2,289 SqFt
Status Active
MLS # 6703197
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the heart of charming Lower Arcadia, a beautifully laid-back Ranch style gem that invites comfort and exudes modern elegance! Just imagine being perfectly positioned: a short drive east transports you into the heart of Old Town Scottsdale. Here, you'll discover a world pulsing with dynamic energy—shop to your heart's content, indulge in eclectic cafes, lively bars, and an endless variety of restaurants that promise a new culinary adventure every day. For those who thrive on sports and culture, you're in luck! Arcadia offers prime people-watching and is a stone's throw from all the Spring Training action. Plus, downtown Phoenix is just a few minutes to the west, where you can root for the Suns at The FootPrint Center or enjoy a ball game at Chase Field. Step inside and be captivated by the generously sized primary suite, complete with a separate sitting room and a master closet fit for the biggest binge shopper. Two wonderfully appointed auxiliary bedrooms feature walk-in closets, providing ample storage space. The amazing secondary living space is perfect for a boisterous movie night or a quiet reading room, offering versatility for any lifestyle. The kitchen boasts newly installed white modern shaker style cabinets, adding a touch of contemporary flair to the heart of the home. The large grass backyard is perfect for long summer days by the pool, creating an idyllic outdoor oasis for relaxation and entertainment. This home isn't just a place to live; it's a lifestyle. Come and see for yourself why this Lower Arcadia treasure is the perfect place to call home. Your dream home awaits!

18140 N 92nd Street Scottsdale, AZ 85255

$1,469,000
4 Beds
3 Baths
2,563 SqFt
Status Active
MLS # 6729174
Property Type Single Family Residence
Price Type --
This meticulously maintained move-in-ready home is situated on one of the most desirable lots in the heart of DC Ranch. Remodeled from top to bottom in the last three years, this gem boasts luxury upgrades in every single room. **See list below. The impeccable, fully renovated white kitchen is open to the family room, which has picture-perfect views of the backyard and stunning Arizona sunsets. The outdoor sanctuary is an entertainer's dream with a newly remodeled pool and hot tub, new top-tier pool equipment, new travertine pavers, turf lawn, covered patio, kids' jungle gym, and gas fire pit. The upstairs primary bedroom is bright and spacious, with a brand new sparkling en suite bathroom and cedar walk-in closet. The top floor boasts two additional inviting bedrooms, another fully remodeled bathroom, and a loft area that can be used as an office or playroom. Downstairs, the home has one airy bedroom (which can double as an office) and a bathroom, making this a four-bedroom, three-bath dream. Enjoy all the amenities that DC Ranch has to offer, such as miles of walking/jogging/biking paths, work-out facilities, two clubhouses, a heated lap pool and wading pool, playgrounds, multiple parks, tennis and pickleball courts, plus easy access to the 101 and nearby shopping and dining at DC Ranch Crossing and the charming Market Street. This property epitomizes the essence of North Scottsdale living, offering a perfect blend of elegance, community, and functionality. Updates from 2021-2024: New air conditioning units installed in August 2022 The pool and spa were completely renovated with new mini pebble interiors and tile. The pool plumbing was replaced from shell to equipment. The new pool equipment includes a Pentair IntelliCenter automation system, IntelliFlo pump, IntelliChlor salt cell, IntelliBrite lights, gas heater, and cartridge filter. New flooring, baseboards, and casing (trim) in the entire home New plantation shutters throughout (38 total) New quartz countertops in the kitchen and all bathrooms New KitchenAid appliances (refrigerator, dishwasher, double convection oven, and gas cooktop) All three bathrooms were completely remodeled New stone accent wall and 72 linear gas fireplace New epoxy flooring, overhead storage, and attic storage in the immaculate 3-car garage Ceiling speakers in multiple rooms (5.1 surround sound in the family room) LED recessed lighting throughout the home and garage New light fixtures and hardware throughout Reverse osmosis (R/O) water filtration system New irrigation system with smart home controls New travertine pavers and pool deck in the backyard New fire pit and seating area with smart controls New interior and exterior paint

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