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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7167 E Rancho Vista Drive Unit 3006 Scottsdale, AZ 85251

$1,400,000
3 Beds
2 Baths
2,599 SqFt
Status Active
MLS # 6395128
Property Type Apartment
Price Type --
*Remodel Complete* Owner offering an as-is sales price far below comps! Will not last long at this price per square foot. Staging furniture available by separate bill of sale. Pls ignore DOM figures, all are prior to construction completed in April 2024. This expansive meticulously maintained luxury third floor end unit has a 3/2 configuration, 2G spaces and a large unique terrace arrangement. New, beautiful finishes, staged and all new photos. The Optima Camelview Village has it all and unbeatable location. On-site concierge service, covered parking, party room w/ kitchen, fitness center, his/her locker/steam rooms, indoor/outdoor heated pools/spas, racquetball/basketball courts, putting green, dog park and onsite restaurant. Scottsdale Fashion Sq. and Old Town Scottsdale are next

7740 E Rose Lane Scottsdale, AZ 85250

$1,400,000
4 Beds
4 Baths
2,178 SqFt
Status Active
MLS # 6743935
Property Type Single Family Residence
Price Type --
Supreme location. Custom designed home. Fully remodeled. Elegant and elevated. A very rare find and the definition of luxury. No HOA. 4 bedrooms and 4 full baths. Brand new kitchen, Delta Terra quartz countertops, high end appliances, large custom hood. Soaring high ceilings. Smooth texture walls throughout. Large master bed and bath. Double laundry with one conveniently inside the master closet. New AC. Complete, resort style front and back yard. Smooth stucco exterior. Pristine large pool with tanning ledge, Baja shelf. A resort sanctuary of outdoor living. This is one unicorn of a home. Imagine yourself here!

22006 E Alyssa Road Queen Creek, AZ 85142

$1,400,000 - 4Br/4Ba -  for Sale in No Hoa, Queen Creek
Open House
$1,400,000
4 Beds
3.5 Baths
3,601 SqFt
Status Active
MLS # 6753398
Property Type Single Family Residence
Price Type --
Impressive custom home on a 1-acre cul-de-sac lot with NO HOA! Enter this modern farmhouse to charming living/dining room with soaring ceiling. The family room offers surround sound, a fireplace and a media niche. Immaculate eat-in kitchen is updated with newer SS appliances, 2 walk-in pantries, granite counters, an island with a breakfast bar and a custom backsplash. The owners retreat includes a walk-in closet with custom closet system, a private balcony, and a lavish en-suite including dual sinks, a soaking tub and dual shower heads in the spacious shower. Continue downstairs in the oversized basement featuring plush carpet, storage closet and full bathroom. The secondary bedrooms are bright and spacious and secondary baths are recently remodeled. You will love the oversized backyard which includes fenced 10' deep diving pool with slide and pool shower, extended patio, pergola, built-in trampoline, shade trees, fruit trees, 2 storage sheds, garden beds and so much room to play and grow. The garage is so deep it could almost be a 6 car tandem and will fit all your vehicles and storage. This home is well built with 2x6 construction with upgraded insulation, so energy costs are very low. The automatic electrical transfer switch in the Electrical panel in garage means the home is set up for a whole home generator if desired. Acre properties in such a prime Queen Creek location don't come available often. Don't let this one pass you by!

20543 E Excelsior Court Queen Creek, AZ 85142

$1,400,000 - 5Br/4Ba -  for Sale in Citrus Coves, Queen Creek
Open House
$1,400,000
5 Beds
4 Baths
3,780 SqFt
Status Active
MLS # 6728874
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This stunning custom-built residence is situated on over an acre of land and boasts breathtaking mountain views. The property features a huge pool, perfect for entertaining or relaxing in your private oasis. Inside, you'll find 5 spacious bedrooms, 4 luxurious bathrooms, and a large loft area, ideal for a home office or additional living space. The gorgeous front courtyard is adorned with pavers and fencing, creating an inviting entrance. The kitchen is a chef's delight, equipped with white cabinets, stainless steel appliances, granite countertops, under-cabinet lighting, and two pantries for ample storage. The master bedroom is a true retreat with backyard patio access, two large walk-in closets, a separate shower with double heads and a pressure/temp valve, a jetted bathtub, and double sinks with a vanity. Step outside to the backyard, where a jacuzzi and stunning water features await. The travertine decking, raised sitting area, gas fire pit, and artificial turf surround the pool, creating a luxurious outdoor living space. There's still plenty of room to design your own dream oasis, and mature orange trees line the west side of the property, adding to the charm. Don't miss the opportunity to own this exquisite home that perfectly blends luxury, comfort, and breathtaking views.

3461 E Indigo Circle Mesa, AZ 85213

$1,400,000 - 4Br/5Ba -  for Sale in Arboleda Unit 2, Mesa
Open House
$1,400,000
4 Beds
4.5 Baths
5,592 SqFt
Status Active
MLS # 6733803
Property Type Single Family Residence
Price Type --
Discover the epitome of luxury living in the prestigious gated community of Arboleda at 3461 E Indigo Circle, Mesa, AZ. This exquisite 4 bedroom(add 2 walls and it becomes 7 bedrooms), 4.5 bathroom, fully finished BASEMENT, semi-custom home is perfectly situated on a sprawling larger than 1/2 acre lot, offering both privacy and elegance. Designed with a thoughtful split floor plan, this residence caters to both comfort and sophistication. The gourmet kitchen is a chef's dream, featuring custom cabinets, a double oven, granite countertops, and a cozy breakfast nook and a large walk-in pantry. The family room, warmed by a gas fireplace, provides a welcoming space for relaxation and gatherings. Formal occasions are well accommodated in the separate living and dining rooms each defined by 10 foot plus ceilings that enhance the home's spacious feel. Flooring throughout is a tasteful mix of stone and carpet, laying the foundation for your personal decor. The primary suite is a true retreat, stretching from the front to the back of the house, complete with a sitting area, a soaker/jetted tub, and a large shower for ultimate relaxation. A dedicated office with floor to ceiling luxurios wood book shelves for those who love to read and work from home. Extra bonus/den/play room. Fully finished basement has a 6 oversized seat theatre room, game room and full bathroom. Outdoor living is equally impressive, with a large backyard featuring a pool with fountains, waterfall, kool pool dec, fire pit and 22 orange, lemon, tangelo and grapefruit trees, all maintained with low-cost flood irrigation. The covered patio provides a shaded space for outdoor dining and leisure, while the RV gate ensures easy access for all your adventures. Ample storage throughout the home. 3 car extended length garage. Located close to the 202 freeway, residents enjoy easy access to all parts of the Phoenix metro area, including PHX Sky Harbor. With top-rated schools and beautiful parks nearby, including the Mesa Tennis & Pickleball Center at Gene Autry Park, big league dreams, and Kensington Groves Park, this home is not just a residence but a lifestyle choice for those seeking the best in Mesa living.

5818 N Granite Reef Road Scottsdale, AZ 85250

$1,399,999
4 Beds
3 Baths
1,679 SqFt
Status Active
MLS # 6738142
Property Type Single Family Residence
Price Type --
HUGE OPPORTUNITY! RARE FEATURES! MOVE-IN READY! This high-tech, modern luxury, marble-themed oasis was recently redone inside & out with no expense spared. Unique features include 2 master suites each with ensuite bathrooms, 4 walk in closets, corner lot, jetted tub, diving pool, many USB outlets/dimmers/fans, near dining/shops/entertainment, much free parking, storage rooms, & NO HOA! Enjoy elegance without compromise. The spacious redone kitchen features a massive breakfast bar & floor to ceiling marble-pattern quartz which surrounds new appliances. The bathrooms have been extensively remodeled to create a relaxing, luxury resort spa atmosphere. Great for families, entertaining, or rental. Ok to close quick or late. Most furniture/houseware available under separate bill of sale

11123 E Beck Lane Scottsdale, AZ 85255

$1,399,999
4 Beds
2.5 Baths
2,788 SqFt
Status Active
MLS # 6749501
Property Type Single Family Residence
Price Type --
Your Dream Home Awaits in Cimarron Hills, McDowell Mountain Ranch! Stop scrolling and discover your future home in the exclusive gated community of Cimarron Hills, nestled within McDowell Mountain Ranch! This immaculate residence boasts sleek contemporary tile flooring, soothing neutral paint tones, and a bright, welcoming kitchen. With custom cabinetry, a spacious granite island, and matching stainless steel appliances, this kitchen is perfect for both casual meals and entertaining. Whether you prefer dining at the kitchen table or breakfast bar, you'll love the ambiance of this spotless space. Step outside to your covered patio and savor breathtaking mountain views while enjoying your morning coffee or evening dinner. This four-bedroom, two-and-a-half-bathroom home features a generous great room, a cozy living and dining area with an inviting stone fireplace, and built-in desks that overlook a picturesque entrywayperfect for working from home. The second bathroom includes dual sinks, a tub, and a shower, while the powder room shines with a stylish vanity. The backyard is a true oasis, with stunning mountain views and a sparkling pool for those warm Arizona days. Retreat to the romantic owner's suite at the end of the day, where you'll find dual sinks, dual vanities, a luxurious soaking tub, a walk-in shower, and a spacious walk-in closet. This serene space offers comfort and style, making it easy to unwind and relax before drifting off to sleep. Enjoy the Best of McDowell Mountain Ranch Living in Cimarron Hills means enjoying the generous amenities of McDowell Mountain Ranch! Take advantage of the community golf course, two community centers with planned activities, community pools and spas, tennis and pickleball courts, children's playgrounds, splash pads, basketball courts, and beautiful grassy courtyards. You'll be within walking or biking distance to the Arabian Public Library, McDowell Mountain Ranch Fitness and Aquatic Center, soccer fields, skate park, and baseball fields. Plus, you're just minutes away from major attractions like the Arabian Horse Show, Barrett-Jackson, Phoenix Open, Musical Instrument Museum, and McDowell Sonoran Preserve, offering hundreds of miles of trails for hiking, horseback riding, mountain biking, wildlife viewing, and rock climbing. With three trailheads within the community and two within a half-mile, as well as nearby boutique shopping, dining, and grocery stores, everything you need is close at hand. Don't miss the opportunity to live in one of Scottsdale's most sought-after communities!

15617 E Santa Maria Place Fountain Hills, AZ 85268

$1,399,999
4 Beds
3 Baths
3,400 SqFt
Status Active Under Contract
MLS # 6745242
Property Type Single Family Residence
Price Type --
Welcome to an impeccably kept home situated on just under an acre in the serene North Heights of Fountain Hills. This true all one level home boasts incredible panoramic views backing to a preserved wash overlooking the McDowell mtn. Range. Enjoy entertaining with an open and inviting living space that flows seamlessly to a wonderful covered patio. Take pleasure in the many recent updates including a wonderful new media wall with a 100'' electric fireplace to set the mood. Enjoy your privacy with Hunter Douglas powered shades. Jump in to your amazing pool and appreciate the Baja shelf with umbrellas for extra coverage and gaze into some phenomenal sunsets. Pull into your beautiful full paver drive and turn right into a spacious 3 car garage with lots of cabinets for storage.

4281 E Sandy Hollow Lane Cottonwood, AZ 86326

$1,399,999
3 Beds
2 Baths
1,584 SqFt
Status Active
MLS # 6495137
Property Type Single Family Residence
Price Type --
Welcome to this rare and exceptional Verde River horse property, situated on over 10 acres of land with stunning Mingus Mountain views and only 20 minutes from Sedona. This property boasts grandfathered water irrigation rights of 54 acre-ft from two high producing wells, documented since 1884. The property is also a Riparian Habitat with over 500 feet of River front, and it includes a half-acre adjoining vacant parcel with a shared well. As you enter the home, you will be captivated by the breathtaking Santa Fe-style fireplace with a Cypress mantle milled from the property. The great room with vaulted ceiling lends to a spacious feeling, and the kitchen has been upgraded with new granite countertops, knotty oak cabinets, and stainless steel appliances. The owner's suite is an oasis of relaxation, with a 14 x 6 ft walk-in closet, a heated Jacuzzi tub, and a heated floor in the adjoining bathroom. The split floor plan is ideal for guests, with a hall bathroom featuring a soaker tub and heated floor. This stunning 3 bedroom, 2 bathroom home has been fully renovated in 2021. No expense has been spared in updating this home with all new sheetrock, insulation, plumbing with UV water purification and softening systems, lighting and electrical systems, as well as two brand new HVAC systems with ducting that include UV virus protection. This unique property has been thoughtfully designed and constructed with non-toxic materials and features to provide a safe and healthy living environment for those with sensitivities to chemicals and toxins. Floors were sealed for radon, front bedroom wall with built-in EMF protection, low/no VOC paint throughout, and LVP and tile flooring throughout. The property also features low-e windows and patio doors with a transferable life-time warranty and owned solar panels. Outside, you can relax on the tree shaded patio or cool off in the inground pool with a 10-ft deep end and a new diving board. Or venture down to your own swimming hole on the Verde River. This property offers outstanding horse amenities, with 30 outdoor shaded stalls with 30x40, 30x30, and 20x40 runs, four irrigated Bermuda grass pastures for turnout, a 60-ft round pen, a 250x210 ft riding/training arena, with two 160x100 ft Bermuda grass turnouts, and cross-fencing. Owners personal horses have a ½ acre pasture with 3 shaded stalls. The property has a history of accommodating horse boarders. A brand new 15x21 ft tack shed was built in 2022. There is also a 7x18 ft chicken coop with a run and plenty of parking for visitors and trailers. The Coconino National Forest is just a short ¼ mile away, offering a wealth of riding adventures. This hidden gem is centrally located to downtown Cottonwood, local wineries, and beautiful Sedona, with incredible riding opportunities near West Sedona away from the crowds only 30 minutes from the property. Don't miss this opportunity to experience the best of riverfront horse property living!

19727 E Vallejo Street Queen Creek, AZ 85142

$1,399,999
4 Beds
3.5 Baths
4,269 SqFt
Status Active
MLS # 6695891
Property Type Single Family Residence
Price Type --
Best Value in Whisper Ranch!! You'll love this home. Toll Brothers luxury at the finest. Welcome to your new home in the highly coveted Whitewing subdivision of Whisper Ranch. This stunning 3-bedroom 2.5-bath home with a 1 bedroom and full bath attached Casita is everything you will want in a luxurious home. As you enter the home, you will be greeted by an inviting foyer with lofty ceilings, elegant tile flooring throughout with tons of natural light. To the left of the entry way is a comfortable conversation area and office space. The chef's gourmet kitchen features a grand, yet graceful waterfall edge quartz center island, upgraded stainless steel appliances, true double oven, gas cook top, spacious walk-in pantry, stunning natural wood cabinetry. The kitchen overlooks the open concept living area and dining area. Perfect space either entertaining or just relaxing. 3 Bonus rooms that are currently shown as an Office or formal sitting area, a work-out space and a Teen/Game room but could easily be utilized as an office space or converted into a 4th bedroom. The Serene Primary Suite is a spacious haven to escape to at any time of the day, over-sized walk-in closet. The spa like ensuite has double vanities, large walk-in shower, and large soaking tub, the perfect place to relax after a long day. The 2 roomy guest bedrooms share a double vanity full bath. Home has upgraded lighting and ceiling fans throughout. Every room has upgraded solid doors. The casita is located off the courtyard and has its own separate entry featuring a living room, bedroom, full bathroom. There is a built-in doggie dog with small dog run on West side of home. The almost half-acre lot is blank slate for you to design your perfect Oasis, once the yard is completed your equity will increase!! The Whitewing at Whisper Ranch community offers amenities such as front and back entrance gated access, a Beautiful clubhouse perfect for entertaining and hosting events, outdoor gas fireplaces, BBQ areas to gather, a bocce ball court, a fenced in dog run, luscious green belts, and a children's play area/park. Just a couple minutes away from all Queen Creek has to offer, including the new Pecan Lake Entertainment Amusement Park that has a plethora of fun events, near excellent schools, restaurants, shopping, and serene trails to walk, hike and bike around the Sonoqui Wash. Listing comps at $1.5M!! Home is priced to reflect the need for landscaping & pool. Once Buyer completes their backyard oasis, the home's value will only increase.

14411 N Valencia Drive Fountain Hills, AZ 85268

$1,399,995
3 Beds
3 Baths
2,090 SqFt
Status Active
MLS # 6691514
Property Type Single Family Residence
Price Type --
MOVE IN READY! This contemporary Meyer home is our most popular plan and has the study modified to a third bedroom and bath as well as a third garage! A nice front courtyard area is created with the placement of the additional garage making for great outdoor space and inviting entrance to the home. This home features a beautiful open foyer and the kitchen boasts white cabinets, a huge island and Wolf appliances including a 48'' slide in range and 48'' built in sub zero refrigerator! The 3rd bedroom has a nice walk-in closet and the primary bedroom is tucked nicely in the back of the home. The primary bath is lovely with a fre standing tub, walk-in shower and great walk in closet! This home is nicely decorated and waiting for you!

3549 N Jasper Mountain Circle Mesa, AZ 85207

$1,399,990
5 Beds
3.5 Baths
3,518 SqFt
Status Active Under Contract
MLS # 6743280
Property Type Single Family Residence
Price Type --
Custom home in a gated golf course community, nestled on a premium cul-de-sac lot with stunning city and mountain views. This beautiful single story 5 bed 3.5 bath home is an entertainer's dream. The exterior space offers a covered patio, with automatic shades, natural gas bar-b-g, hot tub, and fire pit. Large kitchen w/granite island/breakfast bar that opens into the great room. Kitchen includes warming drawer, steam oven and pot filler. The gorgeous views cannot be overstated. The home as been pristinely maintained including new exterior paint 2022. All TVs convey, as well as all appliances! Las Sendas amenities include a golf course, 2 pools, tennis, pickle ball, and sports courts, a clubhouse, and so much more!

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