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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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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7492 E Red Bird Road Scottsdale, AZ 85266

$1,450,000

3 Beds

3 Baths

3,117 SqFt

Status Active

MLS # 6711520

Property Type Single Family Residence

Price Type --

Welcome to your oasis in North Scottsdale. On nearly an acre of land with stately trees and a sparkling pool to relax in, this beauty does not disappoint. 3 bedrooms plus an office and a bonus room with storage galore make this home an exceptional find. New flooring, cabinets and a new roof make it even more desirable. Come and enjoy the new dream home ready for you. More updated photos coming soon, but why wait? Come see this beauty today!

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12027 N 56th Street Scottsdale, AZ 85254

$1,450,000

5 Beds

3 Baths

2,582 SqFt

Status Active Under Contract

MLS # 6712144

Property Type Single Family Residence

Price Type --

Gorgeous golf course home in Scottsdale is the one! Come inside the large living room complemented by a beehive fireplace, surround sound, and French doors to the back patio. Highlights include an inviting family room, formal dining room, and a flexible den ideal for work or play. Spotless kitchen displays stainless steel appliances, plenty of cabinets & cupboards, solid surface counters, a center island, and a dining area with a bay window. Discover the owner's retreat, complete with plantation shutters in some windows, a private ensuite with dual sinks, a make-up desk, and a walk-in closet. Oversized backyard is designed for entertaining, boasting a covered patio, built-in BBQ, gazebos, pergola, fire pit, and a swimming pool, plus golf course views. This gem also provides a storage shed and separate workshop, perfect for any DIY enthusiast. Dirt space next to the home is part of the lot and the back can extend further towards the golf course if desired.

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12015 S Tuzigoot Drive Phoenix, AZ 85044

$1,450,000

6 Beds

4 Baths

5,062 SqFt

Status Active

MLS # 6720121

Property Type Single Family Residence

Price Type --

Imagine waking up in a home where adventure begins the moment you step outside. Nestled at the edge of breathtaking trails, this home offers unparalleled access to nature. If you're an avid mountain biker or a passionate hiker, you'll love the convenience of having rugged terrain and scenic paths just steps away from your front door. Embrace an active lifestyle and savor the thrill of the great outdoors without ever having to drive to your next adventure. Ahwatukee Custom Estates, 6 Bed 4 Bath Estate on Half Acre with Luxurious Pool. Features the perfect blend of formal living for family and friends' gatherings. One bed/bath on the main level. Downstairs is a versatile haven. Oversized 3-car garage, provides ample storage space for vehicles and has EV Charger. Don't miss this gem

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8132 E Windwood Lane Scottsdale, AZ 85255

$1,450,000

3 Beds

3.5 Baths

2,873 SqFt

Status Active Under Contract

MLS # 6721521

Property Type Single Family Residence

Price Type --

Guard gated Grayhawk. Aries great room plan + Casita. A large private courtyard greets you as you walk up to the home. Check out the large island cooking area & bar area with lots of seating. Plenty of cabinets and storage plus an induction cook top. The master suite looks out onto the back yard and courtyard and has a large sitting area. His and her closets and sinks in the bathroom. Plantation shutters.The private yard has easy care landscape and a beautiful fire wall for added ambiance. 3 car garage with epoxy flooring and lots of storage cabinets. Nu-Way water system throughout. the home. Close to the community pool and spa. Grayhawk has miles of walking trails is close to the 101 freeway, great shopping and places to eat.

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1911 N 169th Avenue Goodyear, AZ 85395

$1,450,000

3 Beds

2.5 Baths

3,134 SqFt

Status Active

MLS # 6729181

Property Type Single Family Residence

Price Type --

As you enter the home, you are immediately greeted by stunning upgrades and high-end finishes that are sure to impress. The expansive great room offers ample space for relaxation and entertaining, while the chef's kitchen is a dream come true for any culinary enthusiast. Step outside to your private oasis featuring a pristine saltwater pool, perfect for relaxation or entertaining. Golf enthusiasts will delight in the custom putting green, while the spacious covered patio and built-in BBQ area is ideal for hosting gatherings. The home's prime location offers breathtaking lake views, as well as stunning vistas of the 14th green and 15th tee box. Owned Solar. From top to bottom, this residence has been thoughtfully designed to offer unparalleled comfort and sophistication. It's truly a place where timeless charm meets modern luxury, creating an unmatched living experience for those lucky enough to call it home. Living in PebbleCreek Golf Community means access to top-notch amenities, including 3 world-class golf courses, 36 pickleball courts, and a vibrant social scene.

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7465 S Rita Lane Tempe, AZ 85283

$1,450,000

5 Beds

3.5 Baths

4,158 SqFt

Status Active

MLS # 6732708

Property Type Single Family Residence

Price Type --

Almost 1/2 acre lot, located in desired CHELSEA MANOR, a 29-home gated community, perfectly located just a few minutes from Intel, ASU, and shopping. Walking distance to Corbell Park. When you enter this majestic home with soaring ceilings, you'll be impressed with how comfortable you'll feel. As kitchens are the center of activity in the home, you'll love the features in this one, including the induction cooktop, stainless appliances, 2 pantries, and large windows. Your family room is flooded with natural light with views to the large heated pool and spa. Enjoy the gas fireplace on those cool nights. The spacious master bedroom includes a sitting area and fits your king-sized furniture nicely. CAT 6 wiring throughout. A remarkable find with uncompromising quality.

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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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12429 E Cayuse Court Scottsdale, AZ 85259

$1,450,000

4 Beds

2.5 Baths

3,600 SqFt

Status Active Under Contract

MLS # 6744475

Property Type Single Family Residence

Price Type --

Welcome to your dream desert oasis! This stunning 4-bedroom, 2.5-bathroom single-story horse property boasts 3,600 square feet of spacious living in over an acre with no HOA. Located on a quiet cul-de-sac, this home offers panoramic views of the McDowell Mountains and city lights, providing a picturesque setting for everyday living. As you step inside through the custom front door, you are greeted by vaulted Pine ceilings and a freshly painted interior (2024). The open floor plan flows seamlessly from the living areas to the eat-in kitchen, featuring Cherry cabinets, Granite countertops, and updated lighting and fans (2024). The private space off the kitchen is a perfect space for work, study or play. The backyard is a true entertainer's paradise with a pool, Ramada, built-in BBQ, lush... turf yard, and a covered patio perfect for gatherings. The powder room is conveniently located for pool access from the exterior patio. Enjoy the beauty of mature landscaping while relaxing in your private courtyard or hosting guests. Horse enthusiasts will appreciate the corral with a bridle path, tack room, and North/South exposure. The block construction ensures durability, and the 3-car garage offers plenty of space for vehicles and storage. Enjoy the convenience of walking to nearby schools, equestrian parks, and horse-riding trails. This rare find offers the perfect balance of luxury living, breathtaking views, and equestrian amenities. Don't miss your chance to make this exceptional property your own!

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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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31818 N 68th Street Cave Creek, AZ 85331

Open House

$1,450,000

5 Beds

4.5 Baths

4,232 SqFt

Status Active

MLS # 6744712

Property Type Single Family Residence

Price Type --

This breathtaking 4,200+ sqft home offers the perfect blend of luxury and comfort. Nestled on a one-acre lot with stunning mountain views, this residence boasts 5 spacious bedrooms, and 4.5 bathrooms. As you step inside, you'll be greeted by an open-concept living space with ten foot high ceilings and expansive windows that frame the picturesque surroundings. The gourmet kitchen features abundant cabinetry, brand-new stainless steel appliances, a large island, and a high counter—ideal for gathering with family and friends. Designed to accommodate all your needs, the home includes both a cozy eat-in kitchen and a formal dining area. The expansive primary suite is a true retreat with high ceilings, a walk-in shower, a deep soaking tub, and a spacious walk-in closet, plus direct access to a private outdoor fireplace, and plenty of room for hosting gatherings while enjoying the breathtaking mountain views. Adjacent to the pool, a separate pool house offers an additional bathroom and separate dry sauna. The property is completed by a 3-car extended garage with additional storage space, and RV gate, and room for expansion.

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1075 E Ranch Road Payson, AZ 85541

$1,450,000

9 Beds

8 Baths

3,690 SqFt

Status Active

MLS # 6746854

Property Type Single Family Residence

Price Type --

Discover your next investment with Mountain Meadows Cabins! Just minutes from Christopher Creek, this nearly 2.7 acre property in Gordon Canyon offers a beautifully remodeled home and six cozy rental cabins. Each cabin features a fireplace, kitchenette, and air conditioning, with four boasting indoor spas/hot tubs. A perfect retreat that doubles as an income-generating property! Property comes with main home (3/2 b/b, 1792 sq ft) and 6 cabins (sq ft as follows: 424, 3 cabins at 320, and 2 cabins at 256). Property can be split into 2 parcels later if Buyer holds ability to later split into 2 parcels with the county if desired.

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