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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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.

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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.

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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!

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7924 E Via De Belleza -- Scottsdale, AZ 85258

$1,399,990

3 Beds

2.5 Baths

2,450 SqFt

Status Active

MLS # 6749707

Property Type Single Family Residence

Price Type --

This beautiful remodel is located in the highly coveted neighborhood of McCormick Ranch. Nestled in a quiet cud-de-sac and so close to restaurants, shopping and walking trails. Enjoy the covered patio for evening get-togethers with friends and family. This oversized chef's kitchen and open dining is perfect for entertaining with easy access to the pool and ample outdoor seating space. Everything has been updated including custom tilework, new flooring, custom lighting, lush landscape and a private master bath sanctuary!

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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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1925 E La Costa Drive Gilbert, AZ 85298

$1,399,990

5 Beds

4.5 Baths

4,343 SqFt

Status Active

MLS # 6714995

Property Type Single Family Residence

Price Type --

Modern Luxury with all of techonology you could ever imagine is just the start of this amazing home! Located in the very exclusive Marathon Ranch, this house is guaranteed to please even the most discerning clients. The entry way and driveway feature custom pavers and a gated entry into your private courtyard. Once inside you will see sweeping views into the living room and kitchen area. Everything in this home is top-notch but that is only the start. Not only do you have a split 3 car garage with extra space, the single car garage opens into a separate private suite with its own kitchenette and bathroom. If that were not enough, you will appreciate the Tesla Powerwall units (2) and OWNED solar panel system that produces more than 100Kwh on average days. Literally, there is too much to describe here. The owners have taken great care and added some features that you just will not find anywhere else in Marathon Ranch like: 40,000 BTU pool heater, 3rd HVAC system to balance the heating/cooling needs, a 400 amp residential electrical system with two 50 amp splits and don't forget the EV Charging station. With the Tesla Powerwalls (2) you can expect the system to perform above your expectations. If the power goes out, you're covered for even extended outtages. If the luxurious interior, and the techonological advances were not enough, then being located next to common area on the rear and right will afford you unmatched privacy in this super large lot! Truly, this is a one-of-a-kind property.

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5604 E Beverly Lane Scottsdale, AZ 85254

$1,399,950

5 Beds

3 Baths

3,349 SqFt

Status Active Under Contract

MLS # 6747103

Property Type Single Family Residence

Price Type --

This stunning 5-bedroom, 3-bathroom home is an absolute gem, nestled in the highly sought-after ''magic'' zip code of 85254. As a fully furnished, turnkey property, it's currently thriving as an Airbnb with bookings already lined up through the end of the year—an investor's dream! With 3,349 sq ft. of beautifully designed living space on a generous 13,482 sq ft. lot, this home offers high ceilings and abundant natural light creating a bright and airy ambiance throughout the home. The kitchen features stainless steel appliances, a newer fridge, a kitchen island, and a cozy eat-in area for casual meals. The formal dining room provides the perfect setting for more intimate gatherings. Entertainment is a breeze with this home's array of amenities. Guests can enjoy a game of pool, air hockey, or challenge friends on Golden Tee. The primary suite offers a spacious retreat with a large bathroom featuring dual sinks, a makeup vanity, a separate tub and shower, and a spacious closet. The backyard is where this home truly shinesa haven for outdoor living and entertainment. Enjoy a dip in the heated pool, relax in the above-ground heated spa, or engage in friendly competition on the sport court with a newer hoop, putting green, and shuffleboard. This outdoor space is designed to wow your guests and provide endless enjoyment. Located in the heart of Scottsdale's magic zip code, this home offers not just an amazing living experience but also a ready-made income stream. Whether you're an investor seeking a prime addition to your portfolio or someone looking to live in luxury while earning, this property is a must-see!

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8050 E Del Mercurio Drive Scottsdale, AZ 85258

$1,399,950

4 Beds

4 Baths

3,418 SqFt

Status Active

MLS # 6704350

Property Type Single Family Residence

Price Type --

Stunning McCormick Ranch Retreat: Nestled in prestigious McCormick Ranch, this exquisite residence offers the epitome of luxury living combined with the charm of suburban tranquility. Boasting exceptional amenities and an unbeatable location, this home is a haven for those seeking comfort, convenience, and style. Property highlights include 4 beds, 4 baths, diving pool, large backyard, private guest suite w/separate entrance, two-car garage, great restaurants nearby, miles of bike paths, numerous lakes, The Ranch's exclusive green belts, and the 3C's schools! Don't miss your chance to experience this remarkable residence. Call for your private tour today and discover the luxury, convenience, and charm that await within this exceptional property!

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20535 E Excelsior Court Queen Creek, AZ 85142

$1,399,900

5 Beds

3.5 Baths

4,000 SqFt

Status Active

MLS # 6756482

Property Type Single Family Residence

Price Type --

Amazing 4,000 sqft Custom Home on 1acre Irrigated Citrus Lot. This Home Offers 5 Bedrooms and 3.5 Bath in the Main House with Basement for 'Multi-Generational Living. A Studio Suite is above the Garage and a Office in the Garage as well. Wonderful Patio Area with 'water misters' for Entertaining and Relaxing - with retractable TV! It also has a Home Automation System. New Carpet in Main House. Close to Schools, Shopping and Entertainment. Seller is a Custom Home Builder and is offering a $100,000 allowance towards updating improvements at a discounted rate through his Company (NuWavz Homes). A Must See!

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7180 E Kierland Boulevard Unit 415 Scottsdale, AZ 85254

$1,399,900

2 Beds

2 Baths

1,657 SqFt

Status Active

MLS # 6752162

Property Type Townhouse

Price Type --

In the 7180 building of Optima Kierland, this 2 bed, 2 bath condo that graces 1675 sq. ft. It features open space, ample closets, and a picturesque patio space off the primary bedroom. East facing, the unit boasts tranquil mountain views and is bathed in natural light, thanks to floor-to-ceiling windows. The modern layout features Bosch appliances, including an electric oven and gas cooktop. Built in 2021. Original owner. It comes with two parking spots. The Sky Deck adds luxury with a heated pool, spa, and running track. Not to be outdone, an outdoor theater and fire pit featuring seating for beautiful nights. Right outside, Kierland Commons and Scottsdale Quarter offer dining and entertainment. A blend of luxury and optimal location, it offers the best of Scottsdale!

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185 W Marilyn Way San Tan Valley, AZ 85140

$1,399,900

3 Beds

3 Baths

2,200 SqFt

Status Active

MLS # 6521381

Property Type Manufactured Home

Price Type --

The best built and most innovative horse property I have ever had the privilege to list. Must see to appreciate. Spoil your horses with heated water at the wash rack, Horse barn has 8 large stalls 15X 30 , 2 more stalls that are currently cut in half for goats and sheep but can be easily converted to the 15X 30 stalls.. The horse barn has a concrete breezeway. Under the roof is a killer 15 x 30' r tack room with a bathroom and is lined with rough cut lumber . All drinkers are run off one float , the barn has enough room to keep a huge live in horse trailer and truck under roof with plugin. 200 amp service to the barn and arena. . 5,000 gallon storage for the arena sprinkler system that can be run remotely from an app on your phone. Arena is 180x335' Calf and team roping chute . The arena ground is perfect with imported sand. , there is also an alley set up for roping calves. Arena lights a LED ( very cheap to run) The end of the arena is a stripping chute and numerous catch pens. Hay barn . Solar runs the barn and arena lights and everyting in that part of the property.

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21961 E Via De Arboles Street Queen Creek, AZ 85142

$1,399,900

4 Beds

3.5 Baths

3,196 SqFt

Status Active

MLS # 6731929

Property Type Single Family Residence

Price Type --

Step into unparalleled luxury in this 4-bedroom, 3.5-bathroom residence within the exclusive gated community of Caleda in Queen Creek. The gourmet kitchen is the heart of the home, showcasing quartz countertops, an expansive island, custom white cabinetry, and premium stainless steel appliances. Retreat to the elegant main bedroom suite, featuring a spacious layout with room for a sitting area and picturesque views of the pool. The luxurious main bathroom is a true spa experience with dual sinks, a separate soaking tub, and a walk-in shower. The private backyard is an entertainer's paradise. It boasts a sparkling pool, a covered patio with seating, a built-in BBQ area perfect for outdoor cooking, The community offers access to the paved wash trail that extends for miles! and a cozy fire pit ideal for evening gatherings. The meticulously landscaped yard offers plenty of space for relaxation and recreation, making it the perfect spot for enjoying Arizona's beautiful weather. Enjoy the serenity and security of living in a gated community, while still being close to shopping, dining, and recreational activities.

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