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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906 N Blazing Star Circle Payson, AZ 85541

$1,389,999

3 Beds

4 Baths

2,816 SqFt

Status Active

MLS # 6665326

Property Type Single Family Residence

Price Type --

TO BE BUILT!! Come enjoy luxurious living in Chaparral Pines Golf Club, the prime gated development in Payson. Single-story living offers practical elegance in this classic 3-bedroom, 3.5-bathroom home. Step from the Welcome mat into an interior embrace that includes hardwood flooring throughout most of the home, an open layout, neutral decor, and two gas fireplaces. The kitchen is bright with premium appliances, quartz countertops, and ample pantry space. The kitchen opens seamlessly into the dining area and Great room. The calm primary bedroom includes a walk-in closet and a private bath with a tub and walk-in shower. The other two bedrooms are ensuite and ready to reflect your good taste in decor. You'll want your offer to be competitive and quick.

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1108 N Indian Paintbrush Circle Payson, AZ 85541

$1,389,500

4 Beds

4 Baths

4,302 SqFt

Status Active

MLS # 6668344

Property Type Single Family Residence

Price Type --

Luxury log cabin mountain home. Situated inside the gates of Chaparral Pines Golf Club. A nearly 3/4-acre corner lot with its own private gate leading to the national forest. The unbelievable floor to ceiling stone fireplace is a centerpiece of this 4-bed, 4-bath, Alpine log home featuring a hickory-wood floor and a gourmet kitchen. The separate 2-bedroom guest quarters with a living room and a kitchenette allows family and friends to have their own space while visiting. The expansive back deck provides a relaxing sitting area to view all the visiting wildlife from the forest.

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8224 E Angel Spirit Drive Scottsdale, AZ 85255

$1,389,000

3 Beds

2 Baths

2,306 SqFt

Status Active

MLS # 6745115

Property Type Single Family Residence

Price Type --

Step into a world of luxury with this sensationally remodeled home in the exclusive guard-gated Grayhawk community, where modern elegance meets timeless style. The moment you walk in, you'll be captivated by the rich wood plank laminate flooring that flows seamlessly throughout the space, setting the stage for what's to come. The heart of the home, the kitchen, is a masterpiece of design. Imagine creamy cabinetry that stretches all the way to the ceiling, adorned with the latest slimmer stile and rail, paired with chic contemporary hardware. The large quartz-topped island, with its contrasting base cabinetry, comfortably seats four—perfect for casual dining or entertaining. A large custom range hood crowns the space, complementing the striking contemporary backsplash, while brand-new stainless appliances, including a gourmet gas cooktop, complete this chef's dream. The great room is a showstopper, featuring a ceiling-height stacked stone accent wall that surrounds a sleek new linear fireplace. Built-in display shelving, designed to coordinate with the kitchen's features, adds both functionality and flair. Retreat to the primary bedroom suite, where luxury abounds. It boasts not one, but two walk-in closets, a huge tiled walk-in glass shower, and an extensive quartz vanity with dual sinks, flanked by linen cabinets. Every detail is designed for comfort and style. The guest bathroom makes a statement with its dramatic darker tile and quartz countertops, while the third bedroom, with double doors and a walk-in closet, offers versatility for any need. The laundry room is a dream, complete with a window, sink, and a generous walk-in pantry. Even the two-car garage is exceptional, featuring an epoxy floor and ample storage cabinets. Step outside to the backyard, and you'll find your private oasis with a recently remodeled spool, an elevated seating area, a covered patio, and lush landscaping that invites relaxation. Living in this Talon Retreat home with guard-gated entry is like being on a permanent vacation with access to community amenities such as a pool and spa, grassy play area for children and pets, tennis courts, walking trails, and the breathtaking McDowell Mountain setting. Plus, you're just steps away from two world-class Grayhawk golf courses. This is more than a home; it's a lifestyle.

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6242 N 181st Avenue Waddell, AZ 85355

$1,387,500

6 Beds

6 Baths

3,826 SqFt

Status Active

MLS # 6754604

Property Type Single Family Residence

Price Type --

This one-of-a-kind property on 2 acres is sure to impress. 6 bed, 6 bath, 3 laundry rooms and full in-law-suit that has a separate entrance. Main house has Split floor plan with 5 beds, 5 baths, 2 laundry rooms, teen room and game room, In law suite has 1 bed, 1 bath, full kitchen, laundry, and walk in closet. All of the windows and doors have been replaced, new AC units, all of the water lines replaced with PEX, all new duct work, new tankless water heater. You are welcomed by a 5' pivot door and vaulted ceilings. Incredible kitchen offers tons of cabinets with dual ovens, dual refrigerators, dual dishwashers, 6 burner cook top, large sink, walk through pantry ,center island, Bifolding door above sink for indoor out door bar area. Dining room has a 10' bifolding door as well. Must See!

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3330 W Desert Dawn Drive Phoenix, AZ 85083

$1,385,000

5 Beds

4 Baths

3,778 SqFt

Status Active

MLS # 6746796

Property Type Single Family Residence

Price Type --

Below Market Financing Available!!! $11,000 towards closing costs or rate buy down with preferred lender! Seamless blend of Contemporary sophistication and functionality in every corner. This new build will be ready in Fall of 2025!!! Floorplan 1, spanning 3,778 sqft, the estate offers a spacious and thoughtfully designed split floor plan, ensuring privacy and comfort for all. At the heart of the home is a kitchen that will inspire culinary creativity, featuring an oversized quartz island, premium finishes, a gas cooktop, and abundant storage space. Whether you're hosting a gathering or enjoying a quiet meal, this kitchen is equipped to meet your needs with style and ease. Designed for the modern lifestyle, the home exudes casual elegance with its neutral color palette, clean lines, and soaring ceilings. The open-concept layout creates an inviting space for entertaining, where memories are made with family and friends. Retreat to the tranquil primary bedroom, nestled away for ultimate privacy. Here, well-appointed surfaces invite rest and rejuvenation, offering a sanctuary from the hustle and bustle of daily life. The secondary ensuite bedrooms feature walk-in closets, with one nestled separately, perfect for guests, an office or den for hobbies. Step outside onto the expansive wrap-around covered patio and immerse yourself in the beauty of Arizona living. With plenty of uncovered outdoor space, you can entertain guests, soak in mountain views, and marvel at stunning sunsets. Conveniently located just minutes away from shopping, boutique restaurants, entertainment venues, parks, hiking trails, Lake Pleasant, and Sandra Day O'Connor High School, this home offers easy access to everything you need. Plus, with proximity to major highways including I-17, Loop 303, and Loop 101, commuting is a breeze. Welcome home to the epitome of modern luxury living!

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2803 E Golden Rod Circle Payson, AZ 85541

$1,385,000

4 Beds

4 Baths

4,400 SqFt

Status Active

MLS # 6710945

Property Type Single Family Residence

Price Type --

Breathtaking VIEWS! Welcome to this beautiful Chaparral Pines golf retreat. It boasts a spacious layout, with the primary living areas conveniently located on the main level, with amazing views from the large deck. Quality built with solid plank hickory floors and knotty alder cabinets providing a warm and inviting atmosphere. On the main level, the spacious primary suite is split from the two guest bedrooms. The lower level offers ample entertainment space with a gorgeous bar area, pool table, covered deck with hot tub, room for a media setup and a second primary suite, making this home suitable for various living arrangements or accommodating guests. Outside, the beautifully landscaped grounds, complete with irrigation, apple trees, provide a serene backdrop for outdoor activities.

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6020 E Shea Boulevard Scottsdale, AZ 85254

$1,385,000

4 Beds

2 Baths

2,031 SqFt

Status Active

MLS # 6725529

Property Type Single Family Residence

Price Type --

Great opportunity in Scottsdale's Magic Zip Code of 85254 to own nearly an acre lot of horse property with established pool home waiting for your vision! This well developed property includes 4 bedrooms/2 baths in a split set up and a large inviting pool oasis. Opportunities abound! For instance, remodel this home to become your dream home with plenty of room to expand or build anew. Car enthusiasts will appreciate the 1200+ SF workshop with double garage doors and a carport for outdoor work or RV enthusiasts can utilize the garage to park their RV. Garage comes complete with office and bathroom. It would also make a great Air BNB opportunity? Repurpose this home into an amazing retreat for those seeking an escape to Scottsdale. Come see what opportunities might work for you!

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21206 N 53rd Avenue Glendale, AZ 85308

$1,385,000

4 Beds

2.5 Baths

3,057 SqFt

Status Active

MLS # 6730810

Property Type Single Family Residence

Price Type --

Stunning, redesigned and completely remodeled single level home in the exclusive Arrowhead Lakes community. New roof, new windows and doors, beautiful, engineered hardwood floors throughout. Gourmet chef's kitchen features ZLINE appliances, custom cabinetry with Calacatta quartz. Separate family and living rooms each featuring a fireplace. Split floor plan and primary suite features a sitting area with a coffee/wine bar, direct patio access, custom walk-in closet, oversized walk-in shower, and a separate soaking tub. Situated on a premium waterfront lot with panoramic lake and mountain views, a private boat dock and direct lake access. Completely redone, low maintenance backyard with a redesigned new pebble tec play pool, extended covered paver patio, artificial turf, and built in grill.

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9090 E Mohawk Lane Scottsdale, AZ 85255

$1,385,000

3 Beds

3.5 Baths

2,501 SqFt

Status Active Under Contract

MLS # 6735579

Property Type Single Family Residence

Price Type --

Gorgeous remodel in highly desired DC Ranch. White and Bright kitchen with new cabinetry, quartz countertops, island seating, custom hood, custom wood accents, viking appliances. Engineered wide plank wood flooring throughout. Large owners suite, owners bath includes large walk in glass shower, soaking tub, dual custom vanities, custom barn door for privacy and a large walk in closet. New AC Units in 2022. Smart thermostats, cameras, lock and doorbell. Enjoy the privacy of your backyard with a built-in bbq, covered patio space, fire pit and putting green. Whole home water filtration system. Garage wired for electric vehicles. Steps to Market Street & Desert Camp community center that features pickleball, tennis, heated swimming pool, basketball, playground, green space, fitness and more

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6921 W Voltaire Avenue Peoria, AZ 85381

$1,380,000

3 Beds

2.5 Baths

3,078 SqFt

Status Active

MLS # 6703383

Property Type Single Family Residence

Price Type --

Discover epitome of resort-like living in this stunning 3 BR oasis. This dreamy house boasts a spacious & impeccably designed interior with an outdoor paradise that feels like a perpetual vacation. Imagine unwinding in your very own dive-in pool, surrounded by swaying palm trees & lush landscaping that evoke a sense of tropical tranquility. For sports, indulge in friendly matches on your private tennis & basketball courts, enjoying the warm Arizona sun. Inside, the home exudes luxury its open-concept living spaces & sleek finishes. The heart of the home has a inviting wet bar, perfect for entertaining & creating memorable evenings. It's more than just a house; it's a sanctuary where resort-style amenities meet the comforts of home, offering a unique opportunity to live the Arizona dream.

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35245 S Turtle Creek Road Wickenburg, AZ 85390

$1,379,000

3 Beds

2 Baths

2,462 SqFt

Status Active

MLS # 6749049

Property Type Single Family Residence

Price Type --

BRING THE ATV'S, BIKES OR HORSES! THIS PRIVATE CUSTOM RANCH HOME ON 10 ACRES CAN ACCOMODATE ANY LIFESTYLE *ADDT. 5 ACRES AVAILABLE for Sale! NEWLY REMODELED! NEW ROOF! PRIVATE WELL! VAULTED CEILINGS * New FLOORING+GRANITE COUNTERTOPS+ LANDSCAPING+RANCH SIZED GOURMET KITCHEN+LONG BAR+WHISKEY/WINE NICHE+LARGE GATHERING ROOM+FIREPLACE+ANDERSON WINDOWS+STAINLESS STEEL APPLIANCES+WINE FRIDGE+RUSTIC BEAMS + TILED WALK-IN SHOWERS+10 ACRES+ELEVATED & USEABLE w/ DIRECT ACCESS TO STATE LAND+HORSES & ATV'S+ROOM FOR THE INLAWS, OUTLAWS & MOTHER-IN-LAWS! +EXTENDED COVERED PATIO+HEATED/COOLED SWIM SPA+HAY BARN+HORSE STALLS+MISTERS+TURN OUT+SHOP+2, 50-amp RV HOOKUPS+HITCHING POSTS+TRAILS FOR MILES+2 GATES TO ACCESS STATE LAND+WELCOME TO WONDERFUL WICKENBURG. THIS PRIVATE ESTATE CAN BE YOURS! TOUR TODAY

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4678 E Cheshire Loop Prescott Valley, AZ 86314

$1,378,461

3 Beds

3.5 Baths

2,672 SqFt

Status Active

MLS # 6711536

Property Type Single Family Residence

Price Type --

This gorgeous Capstone Home is our most popular floorplan with a 45' RV garage on an oversized view lot. 3 car garage as well provides ample garage storage. 2672 sq ft with 3 beds 3.5 baths plus a study. This is an absolute must see. 12' ceilings, quartz countertops, wood flooring, stoned fireplace with stain grade mantle,. Shaker style soft close cabinets and shiplap above the range. this home has it all. This home now includes Washer, Dryer and Refrigerator and fully landscaped backyard that's incredible.

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