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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4615 W Braided Rein -- Flagstaff, AZ 86005

$1,450,000

3 Beds

2.5 Baths

2,953 SqFt

Status Active

MLS # 6747690

Property Type Single Family Residence

Price Type --

Custom mountain home on the golf course at Troon managed Flagstaff Ranch GC. Beautifully landscaped and meticulously maintained, this home exudes warmth and relaxation. A wall of windows overlooks the golf course, while the great room features a majestic natural stone fireplace with copper accents. The gourmet kitchen boasts modern appliances, a breakfast bar, walk-in pantry, and dining area. The large primary on main bedroom includes a sitting area and a two-way fireplace between the bedroom and bath. Guest suites are located on both the main and upper levels. The loft area offers an additional 300 SF for a future bedroom, bath, or game room. The backyard deck features an in-floor hot tub. Enjoy championship golf, private dining, a health club, tennis, pickle-ball, playground, and pool.

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129 E Foothill Trail Williams, AZ 86046

$1,450,000

3 Beds

2 Baths

2,239 SqFt

Status Active

MLS # 6753024

Property Type Single Family Residence

Price Type --

Welcome to one of the most exquisite homes Williams has to offer. Nestled in the heart of the Pines and located in the highly desirable subdivision of Mountain Shadows. This custom owner build offers everything you are looking for in a mountain getaway. The sweeping, covered decks usher you in to the front entrance. The home offers vaulted ceilings with touches of tongue and groove. Three oversized bedrooms and a large den that could be converted into a bonus room. The primary bedroom is abundant in space and offers an en-suite bathroom. The primary bath has dual vanity's and a custom walk-in shower. The kitchen is a master piece featuring custom cabinets and custom granite backsplash that is a work of art. Move into the open living room and cozy up by the wood stove on those cold winter nights. The covered back deck overlooks the gorgeous scenery. The property also features an attached two car garage and a separate RV garage! Attached to the RV garage is separate guest quarters! With a partial bathroom and kitchen downstairs and a loft upstairs. The RV garage also features additional covered parking spaces for toys or equipment. The property is situated perfectly towards the end of the subdivision with easy access to the Forest Service. Just minutes from the surrounding lakes, forest and downtown Williams! This is a dream property in one of the most desirable areas of Williams! Don't miss out on this amazing opportunity!

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5227 E Canyon View Court Prescott, AZ 86303

$1,450,000

6 Beds

4 Baths

3,949 SqFt

Status Active

MLS # 6755842

Property Type Single Family Residence

Price Type --

Indulge in luxury living in Prescott, where stunning mountain vistas beckon from this custom-built haven, featuring 6 beds & 4 baths. Cozy up by the fireplace inside or gather around the fire pit under the Arizona sky. With no HOA restrictions, enjoy the freedom to live as you please. Vaulted ceilings add grandeur while the kitchen is a chef's dream with gas range, stainless steel appliances & oversized waterfall island. Step onto the extended balcony for panoramic mountain views. Low maintenance landscaping makes it a perfect lock & leave. RV garage & additional 2-car garage have epoxy. Don't miss the hidden/secret BUNKER featuring concrete walls, electrical wiring, 275 gallon water tank, sewer hookup option & escape tunnel. Every detail promises comfort & style!

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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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14848 N 62nd Way Scottsdale, AZ 85254

$1,450,000

4 Beds

3 Baths

3,044 SqFt

Status Active

MLS # 6759013

Property Type Single Family Residence

Price Type --

Welcome to a meticulously maintained 4BR + office or 5th bedroom, 3BA home offering modern updates and timeless elegance. Nestled in a quiet, peaceful community in Scottsdale, this 3,044 sq. ft. gem features plantation shutters on all 32 new custom windows, providing privacy and style. New roof & both AC units were installed in 2016, ensuring peace of mind for years to come. The expansive primary bedroom is a retreat of its own, featuring three walk-in closets and a luxurious ensuite with dual vanities, a soaking tub & separate shower. The heart of the home is the elegant kitchen featuring granite countertops, stainless steel appliances, gas cooktop and a large island...ideal for entertaining! The backyard is a true oasis, boasting a Pebble Tec play pool with a serene waterfall feature, built-in BBQ area, and lush landscapingperfect for entertaining or quiet relaxation. Located just minutes from Kierland Resort & Golf Course, premier shopping, and dining in Scottsdale Quarter, this home combines luxury living with a prime location in Scottsdale's most desirable neighborhood... come see for yourself today!

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2092 S Navajo Court Chandler, AZ 85286

$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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1606 E Minton Street Mesa, AZ 85203

$1,449,990

4 Beds

3.5 Baths

3,079 SqFt

Status Active

MLS # 6747768

Property Type Single Family Residence

Price Type --

Welcome to this NEW stunning 4-bedroom, 3.5-bathroom residence in the prestigious gated community of Overlook at Forest Knoll! This home offers a breathtaking elevated view capturing the beauty of Camelback Mountain. It greets you with stone accents on the facade, a 3-car garage, a paver driveway, and an RV gate. Discover bright and spacious living areas for relaxation and memorable moments with loved ones. Wood-look floors, recessed lighting, upscale ceiling fans, and sliding glass windows that merge indoor and outdoor activities are some features that you'll also adore. Hone your cooking skills in the sleek kitchen showcasing SS appliances with a wall oven, built-in ice maker, quartz counters, built-in ice maker, pristine white cabinets, a walk-in pantry, and a center island... Retreat to the luxurious primary bedroom, a true sanctuary with a lavish ensuite boasting dual sinks, a make-up vanity, a soaking tub, and a generous walk-in closet. Outside, the sizable backyard offers an array of potential for your creative landscaping ideas and tranquil neighborhood views. This gem will sell fast!

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15705 E Centipede Drive Fountain Hills, AZ 85268

$1,449,900

5 Beds

4 Baths

4,781 SqFt

Status Active

MLS # 6709233

Property Type Single Family Residence

Price Type --

Breathtaking views, city lights, and mountains to enjoy day and night. This home shows pride of ownership! Enjoy the spaciousness and easy flow with most of your living on the 1st floor. Granite counters, stainless steel appliances in kitchen, great gathering spaces and grand master suite. Downstairs features another master suite, bonus space for a game room, home office and exercise room. Enjoy sunsets on the amazing oversized verandas w/must see hillside and twinkling light views. A pebble tec pool and spa to relax in. Tons of storage room, plantation shutters , wonderful outside spaces, fig and citrus trees. Oversized 3 car garage w/built-instorage and so much more. Come and see your Paradise that is waiting for you.

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9224 W Molly Lane Peoria, AZ 85383

$1,449,900

4 Beds

3 Baths

3,799 SqFt

Status Active

MLS # 6759376

Property Type Single Family Residence

Price Type --

Beautifully renovated Pebble Beach model located in the highly sought after neighborhood of Cibola Vista. Meticulously maintained and tastefully decorated! Curb appeal begins at the front courtyard. Property features a North facing backyard with view fencing. Amazing mountain views with the most incredible resort style backyard! The 1300 sf Ramada with the built in bar, travertine fireplace, TV and a built-in gas grill takes the show. Attached patio also boasts a travertine fireplace with a TV mounted. Misters and lighting on both the Patio and the Ramada set the ambience for the perfect setting for both entertaining and everyday enjoyment. The inside is just as beautiful! Completely updated throughout! Modern look with quartz counter tops, white cabinetry and plank tile. All new Lighting and ceiling fans throughout. Designer touches everywhere. Close proximity to Paloma Park, Lake Pleasant, many restaurants and shopping!

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603 N Grapevine Drive Payson, AZ 85541

$1,449,000

4 Beds

4 Baths

4,312 SqFt

Status Active

MLS # 6666392

Property Type Single Family Residence

Price Type --

Amazing vista views from all 3 levels of this stately home built by one of Chaparral Pines Guild Builders. A beautiful flagstone entry & foyer welcome you into the stunning great room that features a stately stone fireplace, hardwood flooring, surround sound & is further complemented by an 1,100 sq ft., wrap around deck offering magnificent mountain views! The innumerable upgrades include slate floors in the kitchen & baths, art studio/office, reading loft, master bedroom with its own fireplace & zoned heating & cooling throughout. Truly one of Chaparral Pines' premier luxury, mountain homes.

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6105 E Victoria Drive Cave Creek, AZ 85331

$1,449,000

4 Beds

3 Baths

3,614 SqFt

Status Active

MLS # 6670789

Property Type Single Family Residence

Price Type --

Elevated atop Black Mountain, this exceptional property offers breathtaking views encompassing sunsets, mountains, and city lights. Savor these views from multiple balconies or your living room with 24 ft. beamed vaulted ceilings and a cozy electric fireplace. The meticulously remodeled home boasts exquisite details. The kitchen shines with new cabinets, Quartz counters, top-tier appliances, a walk-in pantry, and dual islands. The owner's suite offers spectacular views, a spacious walk-in closet, and a luxurious bath with a soaking tub and walk-in shower. An Arizona room, featuring 4 sliding glass doors, invites you to enjoy sunset dinners before stepping onto the patio with a built-in BBQ. Every corner of this stunning Cave Creek home has been thoughtfully upgraded, making it a true gem.

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7719 E San Fernando Drive Scottsdale, AZ 85255

$1,449,000

5 Beds

3 Baths

3,904 SqFt

Status Active

MLS # 6756469

Property Type Single Family Residence

Price Type --

This gated Sonoran Hills home encompasses a collaboration of timeless elegance and poise. A grand vaulted entry leads to European oak hardwood floors and plentiful space for entertaining. Chef's kitchen features a Miele oven/range/hood and dishwasher, Carrara Quartz countertops, and an abundance of cabinet storage. Primary suite boasts a dual Restoration Hardware vanity & solid marble slabbed shower. Relish in the private oversized cul-de-sac lot which backs to a natural wash offering tranquil privacy. The expansive backyard provides an excess of outdoor enjoyment. Dine poolside, settle in with the Canterra Stone fireplace, or barbecue while admiring desert twilight. Close to fine dining, schools, and shopping, this desert dwelling embraces North Scottsdale living at its finest.

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