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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

7120 E Kierland Boulevard Unit 310 Scottsdale, AZ 85254

$1,465,000

3 Beds

3 Baths

1,686 SqFt

Status Active Under Contract

MLS # 6744298

Property Type Apartment

Price Type --

Nestled In the Trees is a Rare 3 Bed 3 Bath West facing condo on 71st St. It's a must see for the discerning Luxury Buyer at Optima Kierland. Custom Italian cabinetry, gorgeous granite countertops & recently added Wolf Gas Cooktop & Wolf Steam Oven separate this home from the rest. Bosch refrigerator & dishwasher round out this designer kitchen. Yet the owners did not stop there by upgrading all baths to double vanity sinks, Calacatta Marble tiled walls in the primary ensuite & Seashell Quartz vanity tops in the guest baths. Tiled flooring throughout, 9 FT floor to ceiling glass & Includes 2 prime underground garage parking spaces. Best of all comes with a 5'x7' climate controlled & easy access storage locker. Come live the Ultimate Urban Luxury Lifestyle - Optima Kierland! Resort style living at its finest with world class amenities including gym, lockers, steam rooms, spas, cold plunge, basketball, pickle ball & squash courts. Massage, yoga, party/theatre rooms, 25yd heated & cooled Skydeck pool, towel service, table tennis, golf simulator, fire pits BBQs, bocce ball, pool table! Don't miss your opportunity! It doesn't get any better than this! Come Live With Passion at Optima Kierland

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11111 E Beck Lane Scottsdale, AZ 85255

$1,465,000

4 Beds

2.5 Baths

2,788 SqFt

Status Active

MLS # 6701908

Property Type Single Family Residence

Price Type --

This meticulously maintained, single level in Cimarron Hills is move in ready. Soaring 10 and 12 foot tall ceilings, natural stone flooring, newer carpeting in secondary bedrooms, and fresh paint. Kitchen features new stainless LG appliances, slab granite countertops, undermount sink, and gas cooktop. Split floor plan, primary has custom closet enclosure. Newly added large wine cabinet, all new Anderson sliding doors and moveable windows, 2 brand new AC units with air scrubber in attic area w/new filter. Office offers built-in cabinetry, newly remodeled hall bath, new toilets, & Toto pedestal sink. Resort style backyard with newly remodeled pool & BBQ area, & custom metal art piece along pool back wall. New stone walkways around both sides of house & front walk path. Incredible

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10220 N 175th Avenue Waddell, AZ 85355

Open House

$1,459,000

5 Beds

6 Baths

4,053 SqFt

Status Active

MLS # 6755960

Property Type Single Family Residence

Price Type --

Welcome to you new home in Waddell! This unique horse property with a rare opportunity for income producing potential is nestled in a serene location, offering many amenities for both horse enthusiasts and those seeking a tranquil retreat! Wrangle into your equestrian haven on a nearly 2 sprawling acres with an''A'' frame main house, modern guest house, charming casita, yoga studio, horse stables w/arena, and a myriad of mature citrus and shade bearing trees! The 2,008 sq ft main house holds loads of character and features a high vaulted ceiling in the family room, formal dining, durable tile flooring, 3 carpeted bedrooms, 2 bathrooms, neutral paint throughout, a galley kitchen fully equipped w/SS appliances, and large bonus room which can be your home office or covert into a bdrm. Main house with front, sideyard, and backyard patios offer plenty of room for entertaining! Storage galore with separate tool and tack sheds! Important extras include flood irrigation, tankless water heater, and bidet! The newly built 1,050 sq ft guest house boasts contemporary flair throughout with 10 ft ceilings, wood-look floors, a fully equipped kitchen including large walk-in pantry and breakfast bar, great room, a sizable bedroom with double doors, 1.5 bathrooms, laundry room, convenient front/side/back entries and wifi! The 125 sq ft casita with bathroom and wrap-around deck offers endless possibilities as extra space for guests, an art & crafts studio, detached office, reading room, or just your own private space! In the detached 870 sq ft yoga/fitness studio, you'll find an ample carpeted area for multiple purposes with 1/2 bathroom, & an adjacent foyer. The impressive horse boarding facility produces an approximate monthly revenue of $10k from 13 stalls and includes a lighted riding arena, tack rooms with electricity, and wash station. A must-see property with ample parking and NO HOA! Bring your best offer today!

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1250 E Smokehouse Trail Phoenix, AZ 85085

$1,455,000

4 Beds

4.5 Baths

4,124 SqFt

Status Active

MLS # 6719513

Property Type Single Family Residence

Price Type --

Discover the Sedona, a contemporary open-concept design, soon to be constructed. This luxury home features an island kitchen and top-tier Wolfe and Subzero appliances as an option, perfect for culinary enthusiasts. The property includes a vast paver driveway, oversized three-car tandem garage, and a 49' RV garage, ideal for car collectors and RV enthusiasts. The layout includes 4 bedrooms plus an office, 4.5 bathrooms, grand guest suite with its own living area, and a sumptuous owner's suite with a freestanding tub, walk-through double shower, and oversized walk-in closet. Details include 90/10 smooth contemporary wall finishes, 8' doors, & 12 ft. ceiling. 2x6 frame exterior, fully sheathed walls, spray foam insulation and post tension foundation. Photos & options are from a recent.

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43720 N Acadia Way New River, AZ 85087

$1,453,900

4 Beds

3.5 Baths

3,036 SqFt

Status Active

MLS # 6758276

Property Type Single Family Residence

Price Type --

Former gorgeous model home! Welcome to The Orion Monterey Model Home - a single-story gem offering 3,036 sq ft of luxury. This 4-bed, 3.5-bath home features a 20 ft multi-slide door and 12 ft glass wall in the Great Room, blending indoor and outdoor spaces. Enjoy mountain views from the extended covered patio. Highlights include an oversized kitchen island, a luxurious master suite with an oversized shower, a versatile den, and a multi-generational suite with its own amenities. Additional features: a 50 x 16 RV garage with workshop, a Ramada with an outdoor kitchen, a beautifully landscaped backyard, and practical touches like a pet shower and bench with lockers. For more information or to schedule a private tour, please contact us. Discover the perfect blend of elegance and practicality.

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6828 N 177th Place Waddell, AZ 85355

$1,450,000

5 Beds

3.5 Baths

3,300 SqFt

Status Active

MLS # 6744338

Property Type Single Family Residence

Price Type --

This brand new beautiful home is nestled on a private street surrounded by other brand new beautiful homes. No HOA. The 1 acre lot provides ample space to build out your backyard how you have always dreamed. The detached Garage provides plenty of space for all your toys, cars, RVs, boats, etc. You do not want to miss this one!

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2071 E La Vieve Lane Tempe, AZ 85284

$1,450,000

4 Beds

3 Baths

3,469 SqFt

Status Active Under Contract

MLS # 6744614

Property Type Single Family Residence

Price Type --

Rare opportunity in the coveted and highly sought-after equestrian community of Circle G Ranches in South Tempe! Nestled on a .89 acre lot, this beautiful single-level custom estate offers 4 bedrooms, a den, 3 bathrooms and 3,469 square feet of living space. Inside, you will find an expansive main living area featuring vaulted ceilings, a fireplace, formal dining and built-in wet bar, perfect for entertaining. The kitchen has been updated with granite countertops, custom cabinetry, stainless appliances and a breakfast nook that opens to views of the backyard. The owner's suite is complete with a newer double sink vanity, jetted bath tub, walk-in shower and two separate closets, a fireplace and private exit to the backyard. Outside, the backyard is an entertainer's dream, offering an extended covered patio, a pebble tec pool with water feature, a sport court and lush mature landscaping. With no neighbors directly behind, this property enjoys unparalleled privacy. Close proximity to community amenities! From driving in through the tree-lined entrance to the private park which features a children's play area, tennis courts and riding arena, this community is truly special. Incredible location near highly rated schools, tech corridor, restaurants, freeway access and all that Tempe has to offer!

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2092 S Navajo Court Chandler, AZ 85286

New

$1,450,000

6 Beds

4.5 Baths

4,313 SqFt

Status Active

MLS # 6760399

Property Type Single Family Residence

Price Type --

** SPECTACULAR HOME ** EXCEPTIONAL VALUE ** OASIS IN THE DESERT ** Nestled on a tranquil cul-de-sac lot within the highly-coveted, Arboleda Estates gated community, this beautifully constructed Taylor Morrison home exudes with detailed craftmanship and pride of ownership inside and out, featuring: 6 bedrooms, 4.5 baths, impressive front entry with iron/glass door, plantation shutters, built-in entertainment center, plank tile flooring, SS kitchen appliances, large loft, freshly painted interior (9/24), and a private PebbleSheen play pool. Gourmet & busy on-the-go cooks alike will LOVE the chef's kitchen, which includes white-on-white staggered cabinetry, slab granite counters, induction cooktop, dual built-in wall ovens & microwave, trash compactor, decorative SS pendant lighting, and an over-sized walk-in pantry! SPACIOUS primary suite located on the main level provides sliding barndoor access to large bathroom area having separate garden tub & shower, dual sink vanity w/personal makeup counter, and an oversized walk-in closet; all other bedrooms are generously oversized too AND there are numerous closets everywhere throughout the home to store all your household stuff & things. The 3-car garage mancave w/epoxy flooring also features additional storage including extensive built-in cabinetry, 3 large overhead storage shelves and a soft water system. There's so much storage space in this home you can probably rent your unused space to your neighbors! And there's dual RV gates as well to store your boats, trailers, and other motorized toys. And most importantly the large family room w/dramatic 18 ft soaring ceilings is the central entertainment hub for making so many fun-filled memories; and best of all it opens to an AMAZING backyard paradise where family and friends can play and relax in their own private retreat featuring sparkling heated play pool, four waterfall features, lush green landscaping, and travertine patio & pool decking; and the extended covered patio and turf areas within this 17,296 SqFt (nearly .4 acres) lot provide ample entertainment spaces for all. Finally, this South Chandler private neighborhood offers convenient access to nearby top-rated schools, parks, shopping, and quick-n-easy freeway access to the 101/202. Washer, dryer, and fridge convey to new owner. This is truly a MUST-SEE, rare DREAM HOME to own!

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8989 N Gainey Center Drive Unit 114 Scottsdale, AZ 85258

$1,450,000

2 Beds

3 Baths

2,282 SqFt

Status Active

MLS # 6756528

Property Type Townhouse

Price Type --

Experience the Gainey Ranch Lifestyle in this 2 bed with office/den, 3 bath remodeled & expanded floor plan w/ unmatched views of the golf course, lake, mountains, & clubhouse! Great room opens to the wrap-around patio w/ BBQ & stone fireplace, perfect for entertaining. The beautifully remodeled kitchen offers granite countertops, a large island, custom cabinetry, two breakfast bars, & top of the line appliances. The kitchen opens to a custom bar seating area, complete with a 200-bottle wine refrigerator and ample storage. The main level office/den offers privacy for guests w/ full bath, The upstairs master suite features a private balcony, sitting area, walk-in closet, & a spacious bath w/ jacuzzi tub. The upstairs second bedroom & exercise room complete the layout. Enjoy resort-style living with access to sparkling pools, spas, walking trails, & an array of gourmet dining / shopping just steps away. Plus, the world-class Hyatt Regency is right around the corner for the ultimate five-star experience. Don't miss out on this extraordinary opportunity to live in one of Scottsdale's most coveted communities!

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5659 W Chaparal Lane Pine, AZ 85544

$1,450,000

9 Beds

8 Baths

8,500 SqFt

Status Active

MLS # 6742110

Property Type Single Family Residence

Price Type --

Discover an extraordinary lodge retreat in picturesque Pine, AZ, offering a unique opportunity to own a sprawling estate that includes two stunning homes and a cozy guest quarters, totalling 8,500 sq. ft. all set on 0.72 acres with breathtaking mountain views. Main Home: This expansive residence boasts 5 bedrooms and 4 bathrooms across. The versatile layout includes a welcoming living room, a spacious family room, and a large recreation room. The chef's kitchen is equipped with elegant granite countertops, an island, a pantry, an electric cooktop, and a double oven. Enjoy casual meals in the kitchen dining area or host formal dinners in the dining hall, which accommodates up to 16 guests. The upstairs master suite is a private sanctuary featuring a walk-in shower, double sinks, and a massage table room. An additional bedroom and guest bathroom complete the upper level. On the main floor, you'll find another master bedroom, two guest bedrooms, and an additional guest bathroom. Outside, a covered deck, patio area, astro turf lawn for games, and a large deck with a built-in fireplace offer ample space for relaxation and entertainment. Second Home: This charming residence includes 3 bedrooms, each with its own ensuite bathroom, along with a large laundry room and a full kitchen. The living room features warm knotty pine finishes and a pellet stove for cozy warmth. Guest Quarters: The separate 1-bedroom, 1-bathroom apartment-style unit is perfect for visitors or additional family members. It includes a living room, abundant storage space, and a potential kitchenette. The property is fully fenced with a gate and showcases beautifully landscaped grounds surrounded by tall ponderosa pines, enhancing the woodsy, serene atmosphere. A hot tub invites you to unwind and enjoy the cool evening air. Whether you seek a spacious family retreat or a thriving business opportunity, this property stands out as a one-of-a-kind gem with endless possibilities.

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701 E Encinas Avenue Gilbert, AZ 85234

$1,450,000

6 Beds

3.5 Baths

3,566 SqFt

Status Active

MLS # 6749296

Property Type Single Family Residence

Price Type --

Don't miss your chance to own this rare basement home property on almost 3/4 acres in one of Gilbert's finest neighborhoods Circle G Ranches! Great location right off US 60 in north Gilbert! Lots of charm and character! Great curb appeal and mature landscape! Tons of parking and 3 car garage with RV gate! This property sits in the back of the neighborhood in a very quiet area. Open floor plan with vaulted ceilings and beautiful brick fireplaces in living and family rooms! Painted cabinets at kitchen, granite counter tops, and bar seating! Apron farm sink and stainless appliances! Plantation shutters throughout! Upstairs has 3 bedrooms including the master suite. Two sinks, soaking tub, large tiled shower, and private toilet room at master bath! Hand scraped wood floors! Basement includes a living area, 3 additional bedrooms with one full bath, and a storage room that is finished like bedroom with no closet or window. Sparkling diving pool with in backyard with slide, flagstone decking and pool fence! Who needs a community park when you have it all in your backyard?! Covered ramada, BBQ area, swing set, basketball/volleyball court, wood burning firepit with seating, childrens playground equipment, custom built playhouse with slide, and storage shed. Safe and quiet Gilbert neighborhood, excellent Gilbert school and close proximity to freeways and shopping. This home has it all!

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3314 E Azalea Drive Gilbert, AZ 85298

$1,450,000

6 Beds

4.5 Baths

4,554 SqFt

Status Active

MLS # 6699370

Property Type Single Family Residence

Price Type --

Entertainers Dream Home meets Luxury Family Home w/5 Bedrooms Plus a Casita, 4.5 Bathrooms and a 3 Car Garage that is Located on a PREMIUM Oversized Lot in Gilbert. THE BRIDGES Community is a Highly Desirable Neighborhood in Gilbert. Over $250,000 has been spent on the home for the Heated Pool/Spa, Landscaping, Pavers, Enclosed AZ Room, Owned Solar (19 KWS). The Premium Location is just a short walk from the New Gilbert Regional Park. The Downstairs features a Master Retreat with His & Her closets, Dual Sinks, Soaking Tub & walk-in shower. A Detached Casita is perfect for NextGen Families, Home Theater, Bonus Game Room, Office, Gym, or Guests visiting for the Holidays. The Backyard is perfectly set up for Entertaining, Large Family Gatherings, Kids Playground and Memories to be made!!

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