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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5891 S Cobblestone Drive Chandler, AZ 85249

$1,395,000
4 Beds
3.5 Baths
3,545 SqFt
Status Active
MLS # 6753695
Property Type Single Family Residence
Price Type --
Highly upgraded home in the gated Jacaranda Place community with an impressive private serene courtyard entrance - outdoor fireplace, waterfall & open-concept design to the kitchen. You'll see luxurious light fixtures, 12' ceilings, wood-look tile flooring, & a gourmet kitchen; double oven, induction cooktop (convertible to gas), wine fridge, & hidden walk-in pantry. The primary suite offers a garden tub, dual sinks, & a spacious walk-in closet. Enjoy the living room's gas fireplace, speaker system, & motorized blinds. A separate teen room & mudroom; perfect for many different uses. An entertainer's dream; includes a 48 ft heated pool, in-ground spa, fire pit,& built-in sink. A 4-car garage (A/C in 3-car tandem) with a Tesla charger, tankless water heater & water softener. OWNED SOLAR!

7180 E Kierland Boulevard Unit 312 Scottsdale, AZ 85254

$1,395,000
2 Beds
2 Baths
1,461 SqFt
Status Active
MLS # 6747905
Property Type Apartment
Price Type --
Experience modern luxury living in this stunning 2-bed, 2-bath unit in Optima Kierland Condominium! Home exudes elegance with recessed lighting, a neutral palette, wood-look tile flooring in common areas, and Berber carpet in bedrooms. The large open layout creates an inviting and spacious atmosphere, ideal for everyday living & entertaining! The gourmet kitchen is a cook's delight, featuring granite counters, flat-panel cabinetry, a prep island w/breakfast bar, and high-end SS appliances w/cooktop gas. Split floor plan adds extra privacy! Oversized main bedroom has a cozy sitting area and an ensuite with dual sinks & a walk-in closet. Secondary bedroom also includes its own walk-in closet & private bathroom. The east-facing orientation captures the breathtaking sunrises and the McDowell Mountains' iconic purple hues at sunset. The Optima Kierland lifestyle offers unparalleled living with premier access to world-class dining, shopping, and golfing. Enjoy exceptional amenities like a rooftop oasis with 360-degree views, a pool, spa, outdoor kitchens, fire pits, sauna, and more. Additional perks include a fitness center, pickleball courts, golf simulator, basketball, yoga studios, and a rooftop running deck. Don't miss this rare opportunity!

8876 S Santa Elizabeth Drive Goodyear, AZ 85338

$1,395,000
5 Beds
4 Baths
5,070 SqFt
Status Active
MLS # 6753744
Property Type Single Family Residence
Price Type --
Welcome home to your very own piece of paradise nestled in the scenic Estrella Mountain foothills. This eclectic 5070 sq ft. custom home sits on 1.25 acres, and features a fully owned 25.6kw solar panel system. Just beyond the front door of this gorgeous home lies the courtyard, complete with a barbecue area and swimming pool. A winding concrete pathway leads you through your personal oasis to access both the 2 bed 1 bath casita and the additional 1 bed 1 bath casita- perfect for multigenerational living or generating additional income. Past the courtyard is the fully-featured primary residence, which includes a private office, 2nd bedroom, formal dining room, as well as a second-story deck to watch the Arizona sun set over the beautiful Estrella Mountains.... In the kitchen, the sleek granite countertops, luxury stainless steel appliances, and walk-in pantry integrate seamlessly with the family room, both a chef's dream and the pride of any avid entertainer. The primary bedroom features a double fireplace, a spiral staircase to the sunlit upstairs loft, and a New Orleans inspired en-suite bathroom with a step-up jetted hot tub, dual vanities, dual walk-in closets, and a luxurious walk-in shower. Don't miss this opportunity to live the resort lifestyle! HIGHLIGHTS OF ESTRELLA MOUNTAIN RANCH RESORT LIVING: 2 lakes (Yacht Club supplies paddle boats, kayaks) 2 Resident clubs houses w/fitness centers, AMAZING WATERPARK, plus 2 heated pools (1 lap pool) MILES AND MILES OF MOUNTAIN BIKING AND HIKING TRAILS. Golfing, Community Parks with Basketball and Tennis Courts, Pickle Ball, and Playgrounds. What are you waiting for?

10679 E Fanfol Lane Scottsdale, AZ 85258

$1,395,000
4 Beds
3 Baths
3,260 SqFt
Status Active
MLS # 6719440
Property Type Single Family Residence
Price Type --
Stunning custom-built residence nestled on over a third of an acre within the exclusive confines of a gated community in Scottsdale Ranch! This home is a seamless blend of sophistication and comfort, perfectly suited for both formal gatherings and everyday relaxation. Architectural marvels such as stately columns and graceful archways adorn the interior, while an abundance of windows invite natural light to cascade throughout, offering picturesque vistas of the sprawling backyard oasis and the sparkling pool area. Luxurious stone and wood flooring grace every corner, leading you to a chef's kitchen boasting expansive granite countertops, state-of-the-art stainless-steel appliances, and a striking drop-down vent hood. Entertain in style within the expansive family room, complete with complete with soaring ceilings, a cozy fireplace, and a sleek media center. Retire to the primary suite, featuring a private fireplace, access to a secluded patio retreat, and a spa-like bath replete with a raised garden tub, and a glass-enclosed shower. The immense walk-in closet offers ample storage for even the most discerning fashion enthusiast. Outside, revel in the joys of outdoor living beneath the expansive covered patio, where guests can gather for soirées or take a refreshing dip in the pool, all while savoring al fresco dining beneath the shaded ramada. Experience the epitome of luxury living in this meticulously crafted sanctuary!

11411 E Gamble Lane Scottsdale, AZ 85262

$1,395,000
4 Beds
3 Baths
2,800 SqFt
Status Active
MLS # 6757454
Property Type Single Family Residence
Price Type --
Lock & leave perfection. Remodeled inside & out in transitional style, this property has everything you're looking for w/in-demand finishes. Wood-look tile floors offer a continuous character of nature in addition to the use of travertine stone & alder wood. Spacious window-filled great room features views of Pinnacle Peak plus a cozy fireplace & bar w/wine fridge. Large fireplaced dining room is equally view-oriented & opens to beautifully appointed kitchen. Grand owner's suite offers a luxurious retreat w/its gorgeous ensuite bath & closet-of-your-dreams. Three additional bedrooms & two full baths complete this versatile floor plan. Outside is deep patio w/pavers leading to gas firepit, sitting area & relaxing hot tub for enjoying stunning mtn views, sunsets & starlit skies.

12789 W Via Caballo Blanco -- Peoria, AZ 85383

$1,395,000
4 Beds
4.5 Baths
3,825 SqFt
Status Active
MLS # 6757074
Property Type Single Family Residence
Price Type --
CURRENT INCENTIVE: $30k seller credit to use however Buyer chooses. If you want custom touches, this is it! Sensational Tuscan inspired home in Blackstone with breathtaking greenbelt and mountain views from the courtyard. Fall in love with this resort style backyard with raised pool, spa, firepit, synthetic grass, and travertine extended patio! Quite possibly the most customized TW Lewis home in all of Blackstone with over $387,000 worth of custom touches after the home was built! This original owner didn't miss a single detail inside or out! Beautiful 24'' x 24'' designer flooring, custom baseboards & crown molding, custom chandeliers & designer window treatments throughout! This Gourmet Kitchen is perfection with oversized custom island with high end granite slab and ogee edge. Designer stacked cabinets with glass fronts. Upgraded GE Monogram appliances with Built-in Refrigerator. Double ovens & warming drawer. Pot filler above the gas cooktop. Custom backsplash. Built-in wine rack. Custom built-in desk space with granite slab in the Sun Room off the Chef's Kitchen. Primary Suite features one of the most beautiful bathrooms you will find. Marble shower with 3 shower heads and 4 body sprayers. Extra large shower glass, Penhaglion claw foot standing tub, granite slab counters, and custom lighting! If you're looking for a home with dual primary suites, this is the closest you will find with oversized Guest Suite at the front of the home with custom Bath! Full list of upgrades and custom touches in the Documents Tab. This home is located in the perfect spot with nobody in front. Enjoy beautiful desert, park, and mountain views from the tuscan inspired front courtyard!

5231 E Muriel Drive Scottsdale, AZ 85254

$1,395,000
4 Beds
2 Baths
2,647 SqFt
Status Active
MLS # 6732153
Property Type Single Family Residence
Price Type --
Welcome to to this Amazing house in the highly sought after Arabian Views with No HOA!!!freshly remodeled from head to toe its a must see in person!!!The interior boasts 16' Ceiling in the entrance and 10' ceiling through out with 6'' crown molding in all the right places, high end marble like porcelain 16/32 tile through out including showers, free standing stone resin bath tub, 3/8 glass shower door in both bathrooms, stunning kitchen with custom cabinets with glass, dark blue dazzling granite countertop in the kitchen with all new appliances, are just a few of the items hat will capture your heart upon entering this house. Hurry as this beauty will take out wings and FLY!!!

2709 E Janelle Way Gilbert, AZ 85298

$1,395,000 - 5Br/5Ba -  for Sale in Shamrock Estates, Gilbert
New
$1,395,000
5 Beds
4.5 Baths
4,680 SqFt
Status Active
MLS # 6760858
Property Type Single Family Residence
Price Type --
This stunning 4680 sq ft home will check all your boxes! Located on almost 1-acre, with no neighbors behind, it features 5 bedrooms & 4.5 baths, with the main house boasting 3949 sqft, 4 bedrooms, 3.5 baths & a 3-car tandem garage. The beautifully landscaped front yard includes extended driveways, a stone façade, cozy courtyard, 2 garages & RV gate. Inside, you will find wood & tile flooring, recessed lighting, impressive soaring ceilings, & large picture windows. The elegant living space includes a formal dining room with crystal chandelier & a chef's kitchen complete with granite counters, chic pendant lighting, built-in SS appliances, gas cooking, a large center island, butlers & walk-in pantries, breakfast nook, & plenty of wood cabinetry w/crown molding. The luxurious master bedroom offers new carpet, bay windows, & a spa-like ensuite with dual vanities, soaking tub, walk-in tiled shower w/drying area & His & Her walk-in closets. Two guest bedrooms each have private baths & a 4th bedroom features a Murphy bed & walk-in closet also ideal for an office. The attached 731 sqft casita includes an oversized bedroom with sitting area, large walk-in closet, roomy bathroom with dual sinks & walk-in shower, living room/kitchenette, a private yard, & an attached 30 x 30 garage that can hold 4 additional cars or be used as a 2 car garage with workshop space featuring a drive-through door complete with an extra parking space in the back. That is not all! The vast backyard is a paradise on Earth! Host fun gatherings & relax by the covered patio, play your favorite sports along the sizable green turf, or enjoy every day like a vacation in the 30,000-gallon saltwater sparkling pool w/ delightful stone features, tropical landscaping, waterfall, water slide & underwater seats. Other upgrades include remodeled master bath, remodeled kitchen, 3 HVAC units, 100-amp service in casita garage, extra insulation, cobblestone pavers, firepit and so much more. Nicely located in Gilbert close to shopping, restaurants & views of the San Tan Mountains. This property has it all!

189 W Eagle Nest Road Williams, AZ 86046

$1,395,000
3 Beds
3 Baths
3,477 SqFt
Status Active
MLS # 6738670
Property Type Single Family Residence
Price Type --
This authentic log cabin is a harmonious blend of ornate elegance and rugged charm, ready to welcome you home. 5,000 gal cistern & water delivery available. NOA HOA! VRBO & AIRBNB friendly. Room for RV parking, toys, plus a 5+ stall barn with turnouts, electricity & water, and equipped with separate 2,500 gal cistern. This home is a true log cabin retreat! Soaring ceilings and a hearty central fireplace anchors the living room with spectacular views to the east. This cabin is expertly insulated for a warm and inviting atmosphere year-round. Unique copper countertops in the kitchen & laundry room are sure to impress guests and perfectly complement the rustic feel to the home. The master bedroom offers a spacious ensuite and access to the back deck for serene mornings watching the sun rise. Wood floors add to the timeless appeal, while the cozy den features floor-to-ceiling shelving ready to house your favorite afternoon reads. Upstairs, the loft sits quaintly across the stone fireplace and leads to an adjoining bedroom with private deck access. AVAILABLE FOR ONLY A SHORT PERIOD OF TIME. DON'T WAIT TO MAKE YOUR MOVE.

7531 E Hazelwood Street Scottsdale, AZ 85251

$1,395,000
3 Beds
3 Baths
2,097 SqFt
Status Active
MLS # 6756655
Property Type Single Family Residence
Price Type --
Welcome to your dream home, a meticulously renovated oasis where modern luxury meets timeless elegance. Step through the new front door and into a beautifully redesigned space enhanced by landscape improvements, including stylish exterior lighting and a fresh stucco courtyard. The herringbone Territorial Hollander paver walkway leads you to custom laser-cut gates, offering a sophisticated entrance to your private retreat. The backyard is a serene haven featuring a Perla Blanca limestone pool surround, a new stack tile pool waterfall, and a saltwater pool with an in-floor cleaning system. Enjoy seamless indoor-outdoor living with a 12-foot stacking glass door that opens poolside, where mature trees provide shade and privacy and Solar panels ensure energy efficiency. Inside, every detail has been thoughtfully updated. The home boasts all-new drywall, doors and hardware, complemented by fresh flooring, trim moldings, and cabinetry. Raised ceilings and new ductwork create a spacious, airy feel, while a new split unit ensures year-round comfort. The kitchen is a culinary masterpiece, featuring custom Bodaq cabinetry, Crema Vosscione honed limestone countertops, Thermador appliances, a range hood, and a massive entertaining bar topped with stunning Volcano Gray granite. The bathrooms are newly completed with luxurious finishes: penny tile floors, curbless showers, two-piece trough sinks, black stainless fixtures, and lighted vanity mirrors in the primary suite; and a large tub with a floating vanity in the secondary bathrooms, accented with Champagne bronze fixtures. Ideally located within walking distance to high-end shopping and dining, and just minutes from Phoenix Sky Harbor and Scottsdale Airport, this home offers both convenience and exclusivity. Every aspect has been designed with quality and elegance in mind, making it a perfect sanctuary for modern living.

7566 E Bent Tree Drive Scottsdale, AZ 85266

$1,395,000
3 Beds
2 Baths
2,856 SqFt
Status Active Under Contract
MLS # 6718730
Property Type Single Family Residence
Price Type --
Beautifully remodeled home situated on a prime lot backing to NAOS space for privacy and desert views. New Iron doors welcome you in to your home with wide plank European white oak floors, two tone kitchen cabinets with a leathered Taj Mahal quartzite island countertop. New professional grade appliances, designer fixtures, and lots of space. Brand new roof, new dual pane windows, and fresh epoxy coated garage floors. Backyard features two tiered living with a hot tub conveniently located off the primary suite, extended covered patio and built in BBQ area.

12704 N 114th Street Scottsdale, AZ 85259

$1,395,000
4 Beds
2 Baths
2,560 SqFt
Status Active Under Contract
MLS # 6738274
Property Type Single Family Residence
Price Type --
With uninterrupted views of the 6th hole of the Ancala golf course and stunning mountain views, this is a MUST SEE! Situated on a quiet cul-de-sac in the gated section of Ancala West, this 4-bedroom, 2-bath, 3-car garage has a split floor plan and soaring ceilings. White oak wood flooring, windows, roof & A/C units have been replaced along with many other upgrades. Close to the Mayo clinic.

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