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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9436 E Thunder Pass Drive Gold Canyon, AZ 85118

$1,395,000
3 Beds
3.5 Baths
4,486 SqFt
Status Active
MLS # 6668556
Property Type Single Family Residence
Price Type --
MOUNTAIN VIEWS, CONTEMPORARY STYLE, SPACIOUS LAYOUT, DESERT BEAUTY all available now in ONE OF THE LOWEST PRICED custom homes in the community. Enjoy the supreme Arizona lifestyle in SUPERSTITION MOUNTAIN in this 3 bed/ 3.5 bath beautiful home with a solar heated pool and views from 3 outdoor patios. Contemporary split floor plan includes large open concept great room, master suite with large luxurious bathroom and huge walk-in closet, a 3-car extended and over-height garage with epoxy floors and storage cabinets, two large en suite guest rooms, large bonus room/game room or office with wet bar, formal dining room, sewing/craft room and beautiful kitchen with custom cabinetry, large kitchen island with counter seating, quartz countertops and stainless steel appliances. Outdoor entertaining space includes a solar heated pool to extend your swimming season by several months, new gas BBQ grill station, easy care artificial turf and plenty of covered patio space to enjoy the quiet surroundings and views. Updates include NEW water heater, NEW water softener, NEW solar pool heating system, NEW pool pump, NEW built-in BBQ, NEW garage cabinetry and NEW artificial turf in backyard. Home is in excellent condition and ready for you now! Superstition Mountain Golf & Country Club is a fabulous guard gated community, home to two private 18 hole Jack Nicklaus golf courses, a 50,000 sf remodeled clubhouse with fine dining, bar, patio dining and outdoor seating areas, fitness center with a beautiful heated pool, bocce ball, pickleball courts, tennis courts, walking trails and plenty of events and activities. Membership is optional and under separate agreement. Join in on the fun, you'll love the community atmosphere here!

7127 E Rancho Vista Drive Unit 4012 Scottsdale, AZ 85251

$1,395,000
2 Beds
2 Baths
1,448 SqFt
Status Active
MLS # 6722940
Property Type Apartment
Price Type --
This incredible luxury renovation is expected to be completed by November 1st 2024. Welcome to this breathtaking Optima Camelview luxury renovation masterpiece. This property features 2 bedrooms 2 baths, 1448sqft, two private parking spaces and a massive private patio. Boasting a breathtaking organic modern design throughout, you'll find custom raw stone & wood works, premium lighting designs, exquisite quartzite slab living room fireplace accent wall, thermador & wolf appliances, sonos surround sound, automated blinds and so much more. All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Womens Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.

6514 N 85th Place Scottsdale, AZ 85250

$1,395,000 - 6Br/5Ba -  for Sale in Park Scottsdale 8, Scottsdale
Open House
New
$1,395,000
6 Beds
5 Baths
2,600 SqFt
Status Active
MLS # 6761679
Property Type Single Family Residence
Price Type --
RARE OPPORTUNITY to own this spacious 2,600 sq ft main house + 940 sq ft SINGLE LEVEL GUEST HOUSE in Park Scottsdale backing to the CANAL! UNICORN PROPERTY has ENERGY EFFICIENT & SMART HOME features galore! Main house & guest house are each UPDATED & equipped w/their own 2-car attached garages ~ Main house tri-level offers 5 bedrooms & 3.5 baths ~ Main house bright & modern kitchen w/soft close white cabinets extending to the ceiling, QUARTZ COUNTERTOPS, INDUCTION COOKTOP, built-in oven, under-cabinet lighting, LARGE KITCHEN ISLAND w/seating & storage, STAINLESS STEEL APPLIANCES & a reverse osmosis system ~ Main level features living room/great room, large laundry room, bedroom w/door to backyard & a half bath ~ Upstairs features a primary en-suite, 2 add'l bedrooms & a guest bathroom ~ Primary bedroom has 3 separate closets, an en-suite bathroom w/a luxurious Japanese STEAM SHOWER w/multiple shower heads ~ Lower level/downstairs offers a versatile great room & entertaining space w/an electric fireplace, bedroom, a full bathroom, & office space PLUS a WALKOUT BASEMENT exit to backyard ~ Whole home & ENERGY-EFFICIENT updates including LED LIGHTS, SPRAY FOAM INSULATION, AC MINI-SPLITS in every bedroom for precise temperature control, max efficiency & NEWER ROOF (DEC 2023) w/REFLECTIVE SHINGLES for heat resistance, complete w/a transferable warranty & 200AMP ELECTRICAL PANEL ~ SMART HOME designed to make life easier w/motorized curtains, Alexa controlled Lutron lighting & music, internet enabled locks, security cameras & garage doors ~ 2 car attached garage w/EPOXY floors, abundance of storage cabinets, attic storage (that stays cool even in the summer!) and a 50 amp EV charging plug. The spacious GUEST HOUSE features 1 bedroom + a den/office, 1.5 baths & its own private outdoor space ~ The large eat in kitchen is equipped w/matching STAINLESS STEEL Whirlpool appliances, white cabinets w/glass fronts, GRANITE COUNTERTOPS & under-cabinet lighting ~ Primary bedroom has en-suite bathroom w/a bathtub & luxurious shower w/MULTIPLE SHOWER HEADS, a Toto washlet toilet w/ BIDET & updated vanity ~ The guest house has it's own attached garage w/epoxy floors & tons of cabinets w/storage & a newer HVAC system ~ Smart features in the guest house include Alexa controlled music & lights ~ Perfect for friends or family, multi-generational home, or as a rental property, offering excellent income potential as a short- or long-term rental. Main house and guest house have recently had new EXTERIOR STUCCO & PAINT (Sept 2024) and the SUPPLY & SEWER LINES FULLY REPLACED including all the way out to the street (2016). The backyard is an entertainer's paradise, featuring a large covered patio w/recessed lighting, artificial turf, a putting green, & a motorized RV gate updated to alley angle to enable longer vehicle entrance & a concrete parking pad ~ 50 amp RV charging plug on side of house & RV hookup for sewer, power & ethernet. This oversized cul-de-sac lot backs up directly to the canal, offering stunning views of Camelback Mountain and easy access to the Scottsdale Greenbelt for biking, jogging & dog walking ~ Located in the highly desirable Park Scottsdale community, this home offers a prime location within walking distance to the canal, Scottsdale Greenbelt, Chaparral Park, and top-rated schools like Saguaro High School and Pueblo Dual Immersion Spanish Elementary ~ Enjoy being just minutes from Scottsdale Community College, Old Town Scottsdale, Fashion Square, Talking Stick Baseball Fields the 101 Freeway and so much more!

5250 E Deer Valley Drive Unit 251 Phoenix, AZ 85054

$1,391,944
3 Beds
2.5 Baths
2,177 SqFt
Status Active
MLS # 6651544
Property Type Apartment
Price Type --

6415 E Sunnyside Drive Scottsdale, AZ 85254

$1,390,000
4 Beds
2 Baths
1,855 SqFt
Status Active
MLS # 6745519
Property Type Single Family Residence
Price Type --
Come see this beautifully unique corner lot listing that possess a highly desired rare & scarcely available 1+acre lot size. Located in the sought after 85254 Scottsdale zip code, the existing 1962 ranch home and lot are being sold ''as-is.'' The current home is still livable, as desired by the new owner, with a new roof, floors, and bathroom updates. Found within the Desert Estates subdivision just north of Paradise Valley, this neighborhood and street contains an array of new custom homes and remodels. This lot is a must see for your new custom built Scottsdale home!

24664 N 109th Place Scottsdale, AZ 85255

$1,390,000
3 Beds
3.5 Baths
3,394 SqFt
Status Active
MLS # 6748213
Property Type Single Family Residence
Price Type --
Discover the epitome of Tusayan luxury at Troon Village, boasting a 3-bed haven (2 in the main house plus a separate casita) with 3.5 baths.Nestled amidst majestic boulders, this exquisite residence is located a short walk from the community pool, and is impeccably maintained, retaining its pristine allure. A meticulously crafted kitchen overlooks the elegant dining area, family room, and panoramic views. Indoor and outdoor entertaining are a breeze with sliding doors that open to a spacious, landscaped patio with stunning vistas. Southern exposures bath the home in natural light throughout the day. The primary suite indulges with mountain panoramas, complemented by a lavish bath and spacious walk-in closet. Not to be missed, the oversized casita has its own entrance, full bath and... walk-in closet. Serenity awaits in the backyard oasis, surrounded by mountain vistas in every direction. Unwind by the fireplace at dusk and embrace the allure of Arizona's desert living. This amenity-filled home also features a stately study overlooking the lush cactus garden. The serene second bedroom has its own full bath and walk-in closet. The pristine two-car garage has custom cabinetry for year-round storage. Find yourself in the gorgeous Tusayan community, just a short walk to Troon Country Club.

11609 N 84th Street Scottsdale, AZ 85260

$1,390,000 - 5Br/3Ba -  for Sale in Desert Hills North, Scottsdale
New
$1,390,000
5 Beds
2.5 Baths
2,501 SqFt
Status Active Under Contract
MLS # 6757452
Property Type Single Family Residence
Price Type --
Welcome to your dream equestrian retreat nestled near the 5th hole of the prestigious Starfire Golf Course in the sought-after Scottsdale Cactus Corridor. This exceptional property, currently a highly sought-after vacation rental, offers an unrivaled blend of luxury and leisure. Boasting 5 spacious bedrooms and 2.5 beautifully appointed bathrooms, this home is perfect for both relaxation and entertainment. The outdoor living spaces are a true highlight, featuring multiple dining areas where you can savor meals al fresco, a cozy fire pit for intimate gatherings, and a built-in BBQ for your culinary delights. The heated pool promises year-round enjoyment, while the 9-hole putting green adds a touch of fun for golf enthusiasts. For those with equestrian interests, the tack room is currently utilized for storage but could easily be adapted to suit your needs. This property can be purchased fully stocked for your convenience or enjoyed as a premier entertainer's haven in a serene and friendly neighborhood. Conveniently located, it offers the perfect blend of tranquility and accessibility. Don't miss the opportunity to own this unique and versatile gem in Scottsdale.

30009 N 58th Street Cave Creek, AZ 85331

$1,390,000
3 Beds
2.5 Baths
3,391 SqFt
Status Active
MLS # 6739883
Property Type Single Family Residence
Price Type --
Welcome to your private oasis—an exquisite estate nestled on two sprawling acres of lush, manicured grounds. Elegantly gated and approached by a long driveway, this meticulously maintained residence radiates pride of ownership. The estate boasts an impressive array of features, including ample parking space for all your vehicles and recreational toys. A generous 5-car parking area on a sturdy slab complements the massive 4-car garage with three doors, providing abundant room for your prized collection. The property offers additional potential with ample space for a guest house, detached garage, or even equestrian facilities. Step inside this impeccably appointed home and discover a thoughtfully designed split floor plan that effortlessly combines comfort and style. The chef's kitchen is a culinary dream, equipped with a Sub-Zero refrigerator and a Viking oven, perfect for crafting gourmet meals. Adjacent, the expansive family room invites relaxation with its warm fireplace and abundant natural light, creating an ideal space for gatherings and cozy evenings. The master suite serves as a sanctuary of luxury, featuring a spacious layout and an oversized bathroom that epitomizes indulgence. Enjoy the convenience of separate his and hers water closets, complete with a bidet, ensuring a private and serene retreat. Despite its serene, secluded feel, this remarkable estate offers the ultimate convenience, placing you just minutes away from vibrant shopping and dining options. Experience the perfect blend of seclusion and accessibility in this enchanting home that truly embodies the essence of refined living.

1734 E Mossy Oak Court Unit 1 Flagstaff, AZ 86005

$1,390,000
3 Beds
2 Baths
1,842 SqFt
Status Active Under Contract
MLS # 6708012
Property Type Apartment
Price Type --
The feeling of a mountain home is like being embraced by the soul of nature itself. It's a combination of tranquility, awe, and adventure that envelops you the moment you step through the door. The air is crisp and clean, carrying with it the scent of pine and wildflowers. Sunlight filters through the trees, casting dappled shadows on the walls and floor, while the distant call of birds and the rustle of leaves provide a soothing soundtrack. Combine this with the outstanding amenities of Pine Canyon, and you have the ideal home. Enjoy all of this from a beautiful, lock and leave property overlooking the open green space of the driving range, with filtered mountain views. Aspens greet you upon arrival. With Real wood flooring and cabinetry, easy to care for granite and stone, this home speaks to easy living. The open floor plan of the great room is large enough to entertain family and friends, and small enough to keep the intimate feeling important to making memories. Clean-lined Stainless Viking Appliances and built in Grill are striking against wood tones and rock face. The living room fireplace puts the cozy in winter holiday or ski trips. Spacious bedrooms accommodate guests in comfort. Freshly painted, this home is ready for immediate occupancy. The mountain style infuses the real feel of vacation in the mountains like nothing else. Competitively priced, this home is move in ready. In a mountain home, every moment is infused with a sense of wonder and possibility, reminding you to slow down, appreciate the beauty around you, and savor the simple joys of life. Start unwinding this summer! Furniture is available on separate bill of sale. SELLER IS A LICENSED REAL ESTATE AGENT IN THE STATE OF ARIZONA. RENTALS ARE 30 DAY MINIMUM RENTAL UNLESS TO ANOTHER PINE CANYON MEMBER. MEMBERSHIP IN PINE CANYON IS NOT REQUIRED. BUYERS SHOULD CHECK WITH PINE CANYON FOR VERIFICATION OF ANY MEMBERSHIP FEE OR OTHER INFORMATION, AND RENTAL RESTRICTIONS. BUYER TO APPLY FOR AND SECURE MEMBERSHIP, IF DESIRED, DURING INSPECTION PERIOD.

8105 E Plymouth -- Mesa, AZ 85207

$1,390,000
8 Beds
3.5 Baths
6,046 SqFt
Status Active
MLS # 6744382
Property Type Single Family Residence
Price Type --
Under the backdrop of Thunder and Usery Mountain Regional Park, resides an east valley equestrian estate with over 6,000 sqft of livable space, heated pool & spa, 4 horse stalls, tack room, and walker. Located on over an acre and a half in a non-HOA community of a Maricopa County Island. This Santa Fe custom basement home has 8 bedrooms, spacious living area with fireplace, and private entrances. The estate can accommodate various uses such as multi-generational living, home businesses, investment opportunities (short term rental) and assisted living or behavioral health as well. This special property in the heart of the Sonoran Desert is surrounded by mountain ranges, luxury golf communities, parks and recreation, and Red Mountain Freeway for ease of commute and endless opportunities.

18206 W Solano Court Litchfield Park, AZ 85340

$1,390,000
5 Beds
3.5 Baths
3,267 SqFt
Status Active
MLS # 6684888
Property Type Single Family Residence
Price Type --
Welcome to this amazing custom home nestled at the foot of the beautiful White Tank Mountains. This stunning home is located in the gated community of Russell Ranch and presents the ultimate in modern living boasting a single-level design, 5 bedroom, 3.5-bathroom spacious open concept split plan residence. As you enter, you'll immediately appreciate the upgraded wood-look plank flooring that flows gracefully throughout. Enjoy and relax in the huge oversized Great Room for all of your family gatherings. The spacious warm gourmet kitchen with designer touches offers an abundance of cabinetry with soft-close function, extra large quartz countertops and island., double wall ovens, gas stove and more. Enjoy the relaxing and incredible master suite with elegant soaking tub, separate shower, and brand new custom designed large closet. Spectacular views give way to the large resort like back yard with putting green, saltwater pool, pergola and built in sitting area for those cool spring nights perfect for AZ outdoor living. Located close to the 303 and much, much more.

7979 E Evening Glow Drive Scottsdale, AZ 85266

$1,390,000
3 Beds
3.5 Baths
2,800 SqFt
Status Active
MLS # 6696426
Property Type Single Family Residence
Price Type --
Truly a luxury home you don't want to miss. This impeccable 3 Bed/3.5 Bath Winfield home is move-in ready. Stylishly modern with custom renovations throughout. You will love the designer Kitchen with beautiful custom cabinets, pull-out drawers, stainless appliances and Quartz countertops and spacious island. The Owner's suite is bright and spacious with beautiful wood floors, separate entry to the patio, dual sinks and makeup vanity in the bathroom, modern roll-in shower, large linen closet and generous walk-in closet with beautiful custom closet system. Two ensuite guest rooms and a 3-car garage are an added benefit. Tile and wood flooring throughout. New roof in 2022. Solar panels offer remarkable electricity savings. Too many fabulous features to mention - please see Features Sheet

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