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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6816 N 177th Place Waddell, AZ 85355

$1,375,000
6 Beds
4.5 Baths
3,587 SqFt
Status Active
MLS # 6735754
Property Type Single Family Residence
Price Type --
Brand new home on an oversized lot! NO HOA. This home is situated on just over an acre and includes flood irrigation for the backyard. The home has an attached Casita off the front with its own exterior access and creates the perfect spot to work from home or host guests and loved ones. The backyard is fully fenced with block walls and ready for your dream backyard! Other homes for sale on the same street as well. You do not want to miss this!

8514 E Turney Avenue Scottsdale, AZ 85251

$1,375,000
4 Beds
3.5 Baths
2,253 SqFt
Status Active Under Contract
MLS # 6746117
Property Type Single Family Residence
Price Type --
Step into this beautifully renovated home, designed by an award-winning design firm with exceptional attention to detail and top-of-the-line finishes and fixtures. The bright, open floor plan is bathed in natural light, with glass doors leading out to a brand-new sparkling pool. The chef's kitchen boasts top-of-the-line appliances, frameless cabinetry, a sleek plaster hood, and a stunning island. The elegant primary suite offers a spa-like bathroom and a spacious closet. Enjoy seamless indoor/outdoor living with a new covered patio, large private lot, RV parking, and a front courtyard showcasing Camelback Mountain views. Ideally situated close to shopping, dining, and entertainment. Homes like this are hard to find. Hurry!

456 E San Carlos Way Chandler, AZ 85249

$1,375,000
5 Beds
3 Baths
3,793 SqFt
Status Active
MLS # 6733123
Property Type Single Family Residence
Price Type --
Extraordinary Home in South Chandler's Pinelake Estates. Discover unparalleled luxury in this stunning 5-bdrm, 3-bath basement home, boasting a 180-degree water view in the highly sought-after Pinelake Estates. From the moment you enter the front courtyard & approach the custom iron & leaded glass front door, you'll be struck by the meticulous attention to detail throughout this exquisite residence. Step inside to be greeted by an open & airy living room with striking wood beams, built-in bar area w built-in mini fridge cooler. An enclosed office featuring glass French doors & custom built-ins. The 18ft wide 6-panel slider doors open up to reveal a breathtaking view of the custom-landscaped backyard and the serene lake beyond, perfect for family entertainment. click MORE The split floor plan places the owner's suite on the east side of the home, offering a private exit and separation from the other bedrooms and basement entrances. The owner's suite features a large picture window with stunning lake views, a beautifully designed master bath with a stand-alone tub, a floor-to-ceiling shower with a top-of-the-line multi-head shower panel system, and a custom master closet with built-in shelving, high-end quartzite counters complete the luxurious master bath. The home showcases new flooring throughout and updated windows, enhancing its modern appeal. The open-concept family and eat-in kitchen area boasts beautiful quartzite counters, newer appliances including a brand-new refrigerator, refaced soft-close cabinets, a designer backsplash, a gas range, dual ovens, and an island with a barn sink that doubles as a breakfast bar, all overlooking the family room with its large picture window framing the stunning view. Two additional bedrooms and a full bathroom are located on the kitchen side of the house. Descend to the basement to find a fully functioning theater, two more bedrooms, and another full bathroom. The backyard is an entertainer's paradise, featuring a spacious covered patio with an added pergola, synthetic turf on one side, a gated dog run on the other, and a well-designed infinity pool with a vanishing edge, a Baja shelf, a raised spa, and a sunken Ramada with a swim-up bar. The BBQ area includes stools in the pool and fire pots to illuminate the pool area at night. Enjoy all of this with a high-end commercial misting system to keep you cool. Additional highlights include a new A/C system with a programmable thermostat, a huge side yard with an oversized storage shed, a newer rebuilt dock, low-maintenance front and back yards with synthetic turf throughout, an RV gate, hardwired security cameras, a whole-house water filtration system, and more. This exceptional home is truly one-of-a-kind and not to be missed!

3109 E Sports Court Gilbert, AZ 85298

$1,375,000
4 Beds
3.5 Baths
4,412 SqFt
Status Active
MLS # 6754022
Property Type Single Family Residence
Price Type --
Introducing this stunning luxury home in the highly desirable Seville neighborhood, where elegance and modern upgrades meet resort-style living. Step inside to experience luxury upgrades throughout, including a sleek, modern white kitchen featuring quartz countertops, pull-out cabinets, a custom coffee bar, and charming barn doors. Outdoors, escape to your private resort-style backyard oasis. Take a dip in the heated pool, unwind in the spa, or enjoy the sunken Ramada complete with a built-in grill and swim-up bar. The space also includes a basketball court, a golf simulator with a putting green, and plenty of outdoor entertainment. For the sports enthusiast, a dedicated workout space with gym machines and weights ensures you can maintain your fitness regimen from home. The wine connoisseur will love the custom wine room, perfect for storing and displaying your collection. For entertainment, the five-TV theater room, which includes a pool table, a bar with two built-in fridges, and a three-tap keg, is the perfect space to gather with family and friends. Recently upgraded front yard landscaping, featuring gorgeous palm trees and low-maintenance artificial turf, offers beautiful curb appeal year-round. This home is a rare find with extensive outdoor amenities, offering the perfect blend of luxury, convenience, and relaxation. Don't miss your chance to own this dream home!

2449 E Southwood Road San Tan Valley, AZ 85140

$1,375,000
5 Beds
3 Baths
3,228 SqFt
Status Active
MLS # 6730008
Property Type Single Family Residence
Price Type --
This country home w/ a white picket fence, wrap-around porch & on 3.3 FLOOD IRRIGATED ACRES is a classic vision of rural life. Complete horse training facility offering; 18 horse stalls w/ auto waterers & fans. The huge arena is a rare find; 200' x 300', LED lights & excellent footing. It has a convenient cattle alleyway to easily load cattle into the roping chute. More features; hay barn, silo, large wash rack w/ dry well for drainage, 2 turnouts w/ shades, cattle pens & 4 RV hookups. The detached garage / workshop offers two roll-up doors, space for a tack room, feed or tractors. The home features five true bedrooms, including two owner suites—one on each level. The upstairs master suite includes a jetted tub, walk-in shower & two walk-in closets. **Click 'More' tab** The Great Room is highlighted by a beautiful stone fireplace. The kitchen features white cabinets, granite countertops, breakfast bar island & stainless steel appliances. Huge laundry room w/ cabinets & a mudroom, a desirable feature for the outdoor lifestyle. Countless hours have been spent in this arena & barn dedicated to rigorous training and practice. Both horses and their riders transformed into champions, achieving remarkable success in competitions. Now, it's your turn to take ownership of this home and utilize this exceptional arena and facility to shape the next generation of champions.

11336 E Diamond Cholla Drive Scottsdale, AZ 85255

$1,375,000
4 Beds
2 Baths
2,248 SqFt
Status Active
MLS # 6759739
Property Type Single Family Residence
Price Type --
Located in TROON, an area known for its exquisite golf & beautiful mountain views is the community of Four Peaks at Troon Village. Enter & you are greeted by a wall of glass that paints Pinnacle Peak. This COMPLETE DESIGNER REMODEL has an open floor plan that lets in plenty of natural light. The kitchen offers a massive quartz island w/ plenty of seating & professional grade appliances. The family room & dining room are across from the kitchen so everyone can be together. The owner's suite features a large soaking tub, glass shower & large walk-in closet. On the other side of this split floor plan home are 3 additional bedrooms & an additional bath. Exit through the 18' sliding glass door to reveal your own pool & majestic mountain views. Perfect vacation home or your forever home.

42144 N Mountain Cove Drive Anthem, AZ 85086

$1,375,000
3 Beds
2.5 Baths
3,437 SqFt
Status Active Under Contract
MLS # 6742477
Property Type Single Family Residence
Price Type --
This incredible property showcases 3,437 square feet of stunningly appointed indoor/outdoor living space and boasts exceptional mountain views! Step inside to discover a newly remodeled kitchen featuring elegant Misterio Gold quartz countertops, conveniently located pot filler, added coffee bar, and extended island. New soft-close custom cabinetry includes drawer pull-outs, pull-out waste containers, and a pull-out spice rack, all complemented by under and over-cabinet lighting. Top-of-the-line appliances include a Wi-Fi compatible 48'' Wolf Dual Fuel Gas Range, Sub Zero Refrigerator, and Sharp Drawer Microwave. The main living area has crown moldings and takes full advantage of the breathtaking mountain views with expansive windows that frame the landscape and fill the space with natural light. The spacious owner's suite features a beautiful gas fireplace and provides captivating views of Daisy Mountain, creating a serene and private retreat. The freshly remodeled bathroom showcases new cabinetry, Kohler illuminated mirrors, Misterio Gold quartz countertops, new Delta Brizo fixtures, added custom linen cabinet, new shower interior, and a luxurious tub with a Misterio Gold quartz waterfall surround. The outdoor space is an entertainer's dream with a heated pool and spa featuring in-floor cleaning and wifi connectivity, an outdoor ramada with gas fireplace, a spacious covered patio, and putting green. Pavers have been extended down the side yard for added charm and functionality. ALL new Energy Star Certified Marvin windows with fiberglass frames and full HVAC replacement in 2018. Programmable Wi-Fi thermostats. Plantation shutters and all hard floors throughout--no carpet. This home has been meticulously cared for, ensuring every detail is in pristine condition. Remodeled laundry room features new shaker-style cabinetry with under-cabinet lighting and granite countertops with backsplash. Extended-length garage includes insulated doors and new garage door openers with Wi-Fi connectivity, fresh epoxy flooring, and an added side door for convenience. Anthem Golf and Country Club is a guard-gated community offering two private 18-hole golf courses, two clubhouses with restaurants and fitness centers, resort-style pools, tennis and pickleball courts, and numerous classes/clubs available.

2304 E Blue Bell Circle Payson, AZ 85541

$1,375,000
4 Beds
4 Baths
3,842 SqFt
Status Active
MLS # 6744402
Property Type Single Family Residence
Price Type --
*Please view the video tour, 3D walk-though tour and documents to see all this home has to offer* Welcome to your dream home in the beautiful guard gated community of Chaparral Pines Golf Country Club. This stunning residence exudes luxury, function and comfort, offering an impressive array of updates and features that cater to your every need. As you enter the main level, you are welcomed into a spacious and open living area. The living room, dining room, and kitchen are thoughtfully connected, creating a harmonious flow that is perfect for entertaining. The natural light floods in through windows with cellular shades, highlighting the elegance of the gas fireplace and creating a warm, welcoming atmosphere. The primary suite on the main level is a true sanctuary with its expansive seating area, sliding door access to the deck, and walk-in closet. The en-suite bathroom featuring a large shower with dual shower heads and body jets, a built-in tub, dual vanities with a makeup area and ample linen storage. On the opposite side of the main floor, a guest room offers privacy and comfort, complete with direct access to a bathroom that also serves the hall and access to the deck. The laundry room is designed for convenience with a utility sink, countertop space and storage, leading directly to the 2-car garage, golf cart garage and workshop, all with epoxy flooring. Venture to the lower level to discover a spacious setup, perfect for guests, extended family and entertaining. This level features a comfortable guest room with direct access to a bathroom also acting as guest bathroom and an oversized guest suite with an ensuite bathroom plus generous seating area. The office is thoughtfully equipped with two built-in desks, functional storage including a closet making it ideal for working from home. The kitchenette, with a fridge/freezer, dishwasher, sink, and microwave, provides everything you need for relaxed living. A sliding door opens to the patio, where an above-ground spa invites you to unwind. Situated on a large corner lot between two cul-de-sacs, this home offers views of the mountains and the golf course from the upper deck. Please view documents tab for a list of all improvements and additional information. This exceptional home in Chaparral Pines is more than just a place to live; it's a lifestyle. Experience the elegance, comfort, and community this remarkable property offers. Don't miss the opportunity to make it yours! *Owner had a pre-listing inspection completed and are happy to provide that information.

8874 E Flathorn Drive Scottsdale, AZ 85255

$1,375,000
3 Beds
2 Baths
2,003 SqFt
Status Active
MLS # 6729431
Property Type Single Family Residence
Price Type --
Highly desirable DC Ranch location! Wonderful single level patio home in gated community, surrounded by open space & beautiful homes w/all of the great DC Ranch amenities! Recently refreshed w/new paint & wood floors in bedrooms. You'll love the great rm floor plan ,totally open to the kitchen & dining rooms. High ceilings add to the openness of this home. You'll love the kitchen w/it's huge island/granite counters & gorgeous custom alder cabinets/gas range/wall oven & microwave/sub zero fridge & walk in pantry! 3 split bedrms / lg master suite w/exit to yard/double vanity & 2 walk in closets/separate tub & shower/Murphy bed in 2nd bdrm/Built in desk in hallway/ nice laundry room w/sinks & lots of storage/ Solid alder doors/Private yard W/spa &/water feature./Built in BBQ/2 car garage. HOA fee includes access to the DC Ranch amenities.

6717 E Brilliant Sky Drive Scottsdale, AZ 85266

$1,375,000
3 Beds
3 Baths
2,030 SqFt
Status Active
MLS # 6750276
Property Type Single Family Residence
Price Type --
Public Remarks:Welcome to your beautiful desert dream home, freshly remodeled & radiating luxury at every turn! From the incredible Wolf & Sub-Zero Kitchen to the stunning & warm fireplace to the ultimate getaway Master Retreat! This completely reimagined designer home in North Scottsdale's prestigious guard gated Terravita community is the epitome of elegant, carefree living. Imagine starting each day in this exquisite, move-in-ready gem, perfectly tailored for downsizing, upgrading, or as is seasonal escape. Every corner of this desert retreat has been thoughtfully curated to blend sophisticated style with everyday comfort. Experience the beauty of Arizona living with magnificent sunsets & a lush private backyard oasis, all within a low-maintenance, resort-style setting.

7705 E Doubletree Ranch Road Unit 28 Scottsdale, AZ 85258

$1,375,000
2 Beds
2 Baths
2,232 SqFt
Status Active
MLS # 6750551
Property Type Single Family Residence
Price Type --
Beautiful single-story Scottsdale home located in the highly desirable 24-hour guard gated Gainey Ranch community of Arroyo Vista! Featuring a welcoming private courtyard to your front entry into this well-maintained Markland home. Home features a living area with vaulted ceilings and grand archways. Kitchen with Sub-zero refrigerator opens to the warm family room. Large primary suite with two-way fireplace into primary bathroom features dual sinks, separate shower and oversized soaking tub. Spacious backyard with lots of privacy and sparkling pebble-tec pool. New Trane HVAC Systems. Prime Scottsdale location close to some of the best shopping, restaurants and golf courses in town.

2367 Oakwood Drive Prescott, AZ 86305

$1,375,000
5 Beds
6 Baths
3,991 SqFt
Status Active
MLS # 6702894
Property Type Single Family Residence
Price Type --
Discover the blend of luxury and practical living in this stunning Tuscan-style estate located at 2367 Oakwood Dr, Prescott, AZ. Nestled in a serene, gated community this elegant property maximizes comfort and style with 4,987 sq ft of living space including a 996 SF guest apartment. Welcome inside to an expertly designed main level living space with floor-to-ceiling windows that not only bring in an abundance of natural light but also provide breathtaking views. You'll find the chef's kitchen is perfect for those who love to cook and entertain, featuring 6-burner stove top with pot filler, double ovens, warming drawer, concrete counters and more. Privacy in the split plan with a sumptuous master suite, where waking up to scenic vistas can be your everyday reality, located on one end and two additional en-suites on the other. The main level also features an expansive deck, laundry with office space and access to the 3-Car garage. Downstairs provides space to elevate your leisure time with a large game room complete with pool table, bar and designated wine storage. This area also features a full bedroom, bath and another expanded deck area. Additional living quarters are found in the nearly 1000 SF full guest apartment, complete with a full kitchen & laundry making it ideal for long-term guests or multigenerational living. Outside includes a fenced in dog run with synthetic turf. This home is not just a residence but a retreat from the everyday, offering a unique blend of grandeur, functionality, and scenic beauty. Consider 2367 Oakwood Dr your New Haven in the heart of Prescott.

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