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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4661 E Garnet Circle Mesa, AZ 85206

$1,399,000

5 Beds

4 Baths

6,008 SqFt

Status Active

MLS # 6675372

Property Type Single Family Residence

Price Type --

CLICK ON SECOND PHOTO FOR A SELF-GUIDED WALKTHROUGH! BEST BUY IN MESA FOR A LUXURY HOME! $150,000 BELOW APPRAISAL!!! Custom gated subdivision in prime area with easy access to freeways and close to hospitals, restaurants and shopping. Five huge bedrooms with the Primary bedroom and office on the first floor. Twin staircases lead up to four secondary br's w/walk-in closets each two sharing Jack 'n Jill baths. Amazing island kitchen with Alder cabinetry, granite counters, huge pantry and top of the line appliances including Wolf 6 burner gas stove, Sub-Zero refrigerator along with Bosch microwave and dishwasher. Oversized 3 car garage with extra storage including cooled food storage, expanded parking and a 12 ft RV gate leading to over a 1/2 acre of lush landscaping.

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3374 E Virgil Drive Gilbert, AZ 85298

Open House

$1,399,000

5 Beds

4 Baths

4,485 SqFt

Status Active

MLS # 6744459

Property Type Single Family Residence

Price Type --

**Exquisite Golf Course Home at Seville Golf & Country Club** Discover luxury living in this stunning 5 bedroom, 4 bathroom residence nestled within the exclusive Seville Golf & Country Club gated neighborhood of La Mirada. Boasting 4,485 sf, this home offers the perfect blend of elegance and comfort. Step into a newly renovated kitchen, complete with top-of-the-line appliances, built in refrigerator freezer with modern finishes. The spacious primary suite, along with updated bathroom and two walk-in closets, reflects attention to detail and quality craftsmanship. Entertain in style in the expansive backyard, featuring a sparkling pool, spa, and a charming Ramada with a built-in BBQ and outdoor fireplace, perfect for gatherings year-round. The fully finished basement includes a second kitchen, a family room, and a private gym with a built-in saunaideal for relaxation and entertaining. With a 3-car garage and a gated neighborhood offering privacy and security, this home is designed for those who appreciate the finer things in life. Enjoy breathtaking views of the pristine golf course right from your backyard, and experience the serene lifestyle that Seville Golf & Country Club has to offer. This is more than just a home; it's a lifestyle. Don't miss this rare opportunity!

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121 S Cliffrose Lane Show Low, AZ 85901

$1,398,000

4 Beds

3.5 Baths

3,440 SqFt

Status Active

MLS # 6712930

Property Type Single Family Residence

Price Type --

Imagine waking up each morning to be greeted by deer gently grazing between your full length deck and the 13th Tee Box of the Tower Golf Course. This quality built custom cabin has brand new roof (2023) & 2 Master Suites - 1 upstairs and 1 on the main level. This fully furnished, move in ready and turn key cabin is yours for the taking - either to personally indulge or use as a lucrative short term rental as this Master Planned and Gated Community of Torreon allows short term rentals where you and your guests can enjoy amenities such as Pickleball, Tennis, Jr Golf, Family Center w/ Video Arcade & Movie Room, Fitness Center, Clubhouse Pool, Torreon Grille, Catch & Release Lakes & Ponds, endless walking paths & easy access to surrounding national forest for exploring, hiking, camping and and more! One of the few custom cabins with ATTACHED 2.5 Car Garage gives you ample room to park the included & newer 2 passenger GEM E825 golf cart and direct access to your cabin. Long & private driveway with plenty of room to park additional cars in your driveway. Front porch is adorned w/ 4 cozy chairs. Oversized 0.6 acre lot gives u plenty of privacy from nearby homes. Gourmet kitchen w/ long prepping island, sep veggie sink, temp controlled wine fridge, built in Miele coffee station, double ovens, 5 burner Wolf Gas Cooktop, Granite Counters and tons of custom cabinets with walk in pantry. As you enter the front door you are greeted with floor to ceiling windows overlooking the 13th tee box and towering ponderosa pines. At night, the sounds of nature are abundant and relaxing as you sip wine or hot cocoa from your full length deck with 1/3 of it fully covered. Over $175K worth of included, cabin themed furniture such as decorative bear sofa tables, bear themed drapery rods & even custom poker chairs w/ bear themed upholstery are throughout. Vintage jukebox to play your favorite classic hits or enjoy surround sound on walk out deck or inside of family room. 3/4 inch oak flooring, a grind master, Stream Labs System, Tankless Water Heater, Lennox AC, professionally installed gutters, city sewer, skylights in kitchen and main master, alarm system, pre-plumbed wood stove in main master, cozy gas fireplace in Family room and built in office make this the ideal work from home paradise..... Every inch of this home has been meticulously cared for by only 2 owners whom both only used for their own personal enjoyment. This home has charm and will delight in every way...

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10154 E Happy Hollow Drive Scottsdale, AZ 85262

$1,397,500

4 Beds

3.5 Baths

3,798 SqFt

Status Active

MLS # 6756125

Property Type Single Family Residence

Price Type --

Nestled on a pristine acre of Sonoran Desert land, this exceptional residence offers captivating mountain and sunset views that perfectly embody the essence of Arizona living. Located in the coveted gated community of Cresta Norte, this well-maintained home by its original owner exudes both elegance and comfort. Boasting 4 spacious bedrooms, 3.5 bathrooms, and a versatile layout that includes two flexible office spaces, this home is designed for both luxury and practicality. The updated open kitchen, adjacent to the family room and informal dining area, features modern finishes and seamlessly flows into the living spaces. A formal dining room and inviting living room create an ideal setting for both intimate family moments and larger gatherings. (Continued ) Step outside into the meticulously designed outdoor oasis, where two covered patios offer shaded areas to relax, while a sparkling pool and two tranquil fountains provide a serene ambiance. A stone-surfaced pergola completes the outdoor entertaining space, perfect for enjoying the breathtaking Arizona sunsets. The north/south exposure ensures optimal light and comfort throughout the day. Inside, recent upgrades include a freshly painted interior and an updated master bathroom, adding a touch of modern luxury to this timeless desert retreat. Tile and wood floors flow throughout the home, enhancing its warm, sophisticated appeal. The residence also includes a detached casita, ideal for guests or additional workspace, and a 3-car garage for ample storage. Cresta Norte offers residents access to tennis and pickleball courts, a neighborhood park, and unparalleled serenity, all within the embrace of the natural desert surroundings. This is more than just a homeit's a private sanctuary in one of Scottsdale's most exclusive neighborhoods.

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8511 S 9th Drive Unit 15 Phoenix, AZ 85041

$1,395,000

4 Beds

4.5 Baths

3,300 SqFt

Status Active

MLS # 6642072

Property Type Single Family Residence

Price Type --

Introducing Heard Farm at South Mountain, a brand new community of 24 modern farmhouses with sophisticated architecture designed for healthy, sustainable living! Nestled in South Mountain with quick access to downtown Phoenix, Heard Farm seamlessly blends indoor and outdoor living with fresh floor plans designed for the way you want to live. Floorplan available as 5 bedroom.

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35809 N Evermore Madison Street San Tan Valley, AZ 85140

New

$1,395,000

4 Beds

4 Baths

3,774 SqFt

Status Active

MLS # 6761432

Property Type Single Family Residence

Price Type --

Beautiful custom home with everything you'd want and more in your ''forever home''. Stanley Custom Homes are unique in craftmanship and design. We start with curb appeal, with a stunning black metal roof that sets you apart from every other home, from there we see the beautiful front yard landscape including a tree lined street with beautiful pistachio trees. Your kitchen will include more cabinets than you'll ever use with a focus on an oversized kitchen island. Your laundry room will also have a ton of cabinets along with spacious countertops. The master shower has a separate shower and stand alone tub with tile going from floor to ceiling. I almost forgot to mention the 40x50 detached metal garage we include.

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10569 N 131st Street Scottsdale, AZ 85259

$1,395,000

4 Beds

3 Baths

2,446 SqFt

Status Active

MLS # 6751143

Property Type Single Family Residence

Price Type --

Amazing Home with Exceptional Features! RV Garage: Enjoy a 24'x50' RV garage, perfect for additional storage needs. Spacious Layout: This home features a split floorplan with an open Kitchen and Great Room, offering a seamless and inviting living space. The Master Bath includes an oversized closet, a separate tub, and a walk-in shower for a luxurious retreat. Secondary bedrooms are connected by a convenient Jack and Jill bathroom, ideal for family or visitors. The Kitchen boasts granite countertops, shaker cabinets with soft-close doors and drawers, and an oversized island, making it a chef's delight. 8x40 wood-like tile is featured throughout all the main areas, combining style with durability. This home offers both comfort and functionality—Come take a look!

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3823 Ridge Runner Way Wickenburg, AZ 85390

$1,395,000

3 Beds

3.5 Baths

3,024 SqFt

Status Active

MLS # 6747412

Property Type Single Family Residence

Price Type --

This exquisite home, located in Wickenburg Ranch, spans over 3,000 square feet, offering a perfect blend of luxury and comfort. With 3 spacious bedrooms, each featuring its own ensuite bathroom, the home ensures privacy and convenience for all residents and guests. The property is set on a desirable golf course lot, providing stunning views and a serene atmosphere. The backyard is a haven for outdoor enthusiasts, complete with a putting green for golf practice and a large covered patio ideal for entertaining or relaxing in the shade. Inside, the home is adorned with elegant wood-look tile flooring throughout, combining beauty with low-maintenance durability. The upgraded kitchen is a focal point, equipped with modern appliances and stylish finishes, making it perfect for both casual meals and gourmet cooking. The primary bathroom offers a spa-like experience, featuring a luxurious tub and a separate shower. Additionally, the home includes a media room as well as a versatile den/office space, providing the flexibility to work from home or create a quiet reading nook. The garage is a standout feature, insulated and equipped with air conditioning, making it comfortable and functional year-round. The landscaping around the property is beautifully designed, enhancing the home's curb appeal and providing a tranquil environment. This home is a true gem, offering a sophisticated lifestyle in a stunning setting.

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2796 E Valencia Street Gilbert, AZ 85296

$1,395,000

6 Beds

4 Baths

4,774 SqFt

Status Active

MLS # 6748047

Property Type Single Family Residence

Price Type --

Remodeled BASEMENT BUNGALOW in AGRITOPIA, WITH POOL! These homes don't come along very often! Ranch single story Plan 3 with full basement. Private entry porch with side yard driveway parking. Main floor features handscaped Hickory eng. flooring leading from front living room to dining room and CUSTOM kitchen adjacent to GREAT ROOM w/ Gas Fireplace. Main floor primary bedroom with large bath and OFFICE/NURSERY hidden nicely within the suite. Split on its own hallway, 2 more large main floor bedrooms and full bath. Wood flooring leads down the stairs into a LARGE GAME ROOM/ Home Theater with kitchenette and full size fridge. 3 additional large bedrooms and 2 baths downstairs, and large storage room / gym give numerous arrangements. Outside, your comfortable entertaining oasis awaits... Large Pool with Spa, Firewall and Firepit, beneath a spacious backporch. Plenty of room opposite pool for backyard games. This home just a few blocks from the large park and dog park, and just a few steps to the Agritopia U-pick orchard and Coffee Shop / Restaurants. This is your chance to get in to the neighborhood COMING SOON - preview opportunities available before market.

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1731 Cambridge -- Prescott, AZ 86305

$1,395,000

5 Beds

5 Baths

5,384 SqFt

Status Active

MLS # 6751642

Property Type Single Family Residence

Price Type --

Welcome to this immaculate custom home designed for luxury living and versatile comfort. An array of high-end features and thoughtful upgrades, ensuring that every corner of this home offers something special. The home's striking exterior is complemented by a new concrete tile roof and a secure screen metal door at the entry, setting the tone for what lies inside. Interior Elegance: Step into a world of refined finishes, with tile and laminate flooring, high ceilings, and recessed lighting creating a spacious and inviting atmosphere. The open-concept layout seamlessly connects living areas, perfect for both everyday living and entertaining. The Gourmet Kitchen is a chef's dream, with newer appliances, including a premium oversized Jenn Air Refrigerator with a sleek black interior A Gas Range, Cherry cabinets and a walk-in pantry offering ample storage, while the patio off the kitchen connects via a stylish secure screened metal door, provides a tranquil space for morning coffee. Family Room Delights: The family room is the heart of the home, offering a cozy gas fireplace and a stylish bar complete with a wine fridge and wired for surround sound all ideal for hosting guests or enjoying a quiet evening. Master Suite Retreat: The master suite is a sanctuary, with two enormous walk-in closets, a large shower plumbed for steam, and an adjoining office/sitting room/craft room. Skylights brighten the space, and a connected covered deck offers a private outdoor retreat. Junior Suite & Additional Bedrooms: The main level includes a laundry room and junior suite with a custom desk, perfect for guests or a home office. Downstairs, you'll find three more bedrooms, newer carpet, an additional laundry room and a connected mother-in-law suite with a private bathroom, kitchenette, and separate entrance. Outdoor Living & Garage: Enjoy outdoor living with decks that are all coated and solid surface, equipped with a gas connector for grilling. The extra-wide, extra-deep garage features built-in cupboards and overhead bins for ample storage. Additional Amenities include the home is wired for surround sound, dual-zoned A/C system with electrostatic filtration and two Nest thermostats, has a central vacuum system, an exterior drip system, a finished crawl space with extra storage, water softeners, and a recirculating hot water instant system. Each downstairs bedroom opens to a covered patio, providing private outdoor space for all. With its luxurious features, abundant storage, and flexible living spaces, this home is perfect for multi-generational living or anyone seeking a blend of style, comfort, and functionality. Don't miss the chance to make this exceptional property your own

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17770 E Paria Canyon Drive Rio Verde, AZ 85263

$1,395,000

2 Beds

2.5 Baths

2,186 SqFt

Status Active

MLS # 6750401

Property Type Single Family Residence

Price Type --

CORNER LOT & BREATHTAKING MOUNTAIN VIEWS!! Experience Luxury Living in this beautiful Brasada Residence located in the coveted Trilogy at Verde River. This modern Spanish-style home is perched on the North facing Premium Homesite and is designed to capture UNPARALLELED MOUNTAIN VIEWS and dramatic ever changing Arizona sunsets from both the front and back patios. Front courtyard leads you into an open floor plan with an alluring great room, striking kitchen, and light and open dining room. Gourmet GE Monogram Appliances, large granite center island, custom lighting and stunning cabinetry in the kitchen offers a rich and upgraded look. Exuding warmth and sophistication this home is designed to feature distinctive elements such as large Den, upgraded flooring throughout, custom window treatments, stunning upgraded primary bath, epoxy coated 3 bay Garage with custom built-in cabinets, both Water Softener and Reverse Osmosis and so much more. The expansive primary bedroom and bathroom offer a luxurious retreat, complete with a tub, shower, and dual vanity. The second guest room comes with its own en suite bath, ensuring comfort and privacy. The entire Great Room area of the home features sliding Wall of Glass and opens for an optimal indoor/outdoor experience. Other notable upgrades include the Lake View, Insulated and climate controlled garage, Solid core interior door, Custom barn door in primary bedroom and a lot more. Spacious outdoor living has an extended covered patio with travertine tile and a custom landscaping. Did I mention THE VIEW? IT'S MAGNIFICENT!! Resort Lifestyle and a home to be treasured and appreciated! Trilogy at Verde River offers upscale Resort living at its finest and the very best of all possible worlds, close to the conveniences of affluent North Scottsdale yet secreted within the pristine privacy of the Sonoran Desert. The amenities are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickle ball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails. Whether you're seeking a second, winter home, or will live here year-round, Trilogy at Verde River is an ideal distance from the hustle and bustle of North Scottsdale. Attitudes here are different; there's a sense of community. You'll love the Resort living! What memories will you make?

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12425 E Via De Palmas Road Chandler, AZ 85249

$1,395,000

4 Beds

2.5 Baths

2,457 SqFt

Status Active

MLS # 6753372

Property Type Single Family Residence

Price Type --

Don't miss this incredible opportunity to own a custom single-story home with no HOA, nestled on nearly 1.5 acres of beautifully maintained grounds in the highly sought-after county islands of Chandler. This charming property boasts mature fruit trees, lush grass, and a variety of plants, offering a serene retreat with ample space for your animals—pigs, cows, chickens, horses, and more are welcome here! Enjoy the ultimate outdoor living experience with a private pool shaded by mature trees, perfect for relaxation and entertaining. The expansive lot provides plenty of room to park all your toys and trailers, with additional storage in the 3-car garage, complete with cabinets for convenience. Inside, you'll find 4 spacious bedrooms and 2.5 baths, featuring fresh paint and new carpet throughout. The Saltillo tile in the living areas complements the home's country style, while high ceilings and abundant windows create an inviting, airy atmosphere. Recent upgrades include a brand-new roof (2024) and a 2-stage AC system installed in 2022. The home is equipped with Tesla solar panels with a low lease payment of just $106 per month, and bird netting to protect both the solar panels and roof. For your entertainment, surround sound is pre-wired both inside and out. This irrigated lot is grandfathered in for all your watering needs, and the property includes a reverse osmosis system. There's even a reinforced area off the master bedroom for your heavy aquarium tank, plus new smoke alarms throughout. With twice-weekly trash service and city water, this home offers modern convenience in a tranquil setting. Homes like this are a rare find, so don't let this opportunity pass you by. Stop by today and discover the charm and possibilities this unique property has to offer! ***Tree List*** Apple, Apricot, Plum, Grapefruit, Orange, Lemon and Pomegranate.

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