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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1328 E Pomelo Grove Lane Phoenix, AZ 85014

$1,375,000
4 Beds
2.5 Baths
2,554 SqFt
Status Active
MLS # 6724512
Property Type Single Family Residence
Price Type --
Constructed in 2022 by Boyer Vertical, this stunning 4 bed/2.5 bath modern home resides in the smart home community of KARMA, located in the coveted Madison Heights neighborhood of North Central Phoenix. Built with sustainability in mind, this home features a tightly sealed envelope, thanks to top quality spray foam insulation and is on the forefront of technology with its SPAN electrical panel, VELUX retractable Skylights, Energy Star rated appliances, a tankless water heater, Nest thermostats, and an EV charger achieving a 50 point HERS certification. Natural light beams throughout the main floor as you are greeted by a sleek and modern kitchen featuring high-end Dacor and Fisher Paykel appliances and a waterfall edge island that serves as a versatile hub for cooking, casual dining, and socializing. The bright and open living and dining room make the perfect retreat to experience seamless indoor-outdoor living through the triple sliding door to your inviting backyard which includes a heated pool with water features and mountain views and a patio perfect for alfresco dining or lounging. Also located on the first floor is a beautiful powder bath and the spacious primary suite, which provides comfort and ease featuring a full-size stackable Samsung washer and dryer, a spacious walk-in closet, and a spa-like primary bath with dual vanities and walk-in shower. Upstairs you will find three additional spacious bedrooms, a modern bathroom with dual vanities and a shower/tub combo, sleek storage cabinets and hookups for a space efficient washer and dryer. This one of a kind home is at the epicenter of some of the best experiences Central Phoenix has to offer. From award winning restaurants, popular hiking trails, shopping, resorts, and more - this home is your opportunity to live sustainably without compromising luxury or an elevated lifestyle.

2230 E Cinnabar Avenue Phoenix, AZ 85028

$1,375,000
5 Beds
3.5 Baths
4,245 SqFt
Status Active Under Contract
MLS # 6626039
Property Type Single Family Residence
Price Type --
Welcome to this updated and stunning home located in the heart of the Phoenix Mountain Preserve. This hidden gem has it all offering unrivaled mountain views, tons of natural light inside the soaring ceilings and an abundance of privacy! Inside you will find over 4,000sqft of living space, 5 bedrooms + an executive office and 3.5 baths. Providing ample space downstairs to entertain with two seperate entertaining spaces with multiple fireplaces, a formal dining room and wet bar. Upstairs welcomes you to find 4 more bedrooms including the absolutely stunning master bath and bedroom, and patio with endless stunning views. The 3 car garage, walk-in closets and additional storage provide plenty of space! Updates also include two new HVAC Trane units. Listed at appraised value! See upgade list

10803 E La Junta Road Scottsdale, AZ 85255

$1,375,000
3 Beds
3.5 Baths
3,543 SqFt
Status Active
MLS # 6675156
Property Type Single Family Residence
Price Type --
Perfectly sized paired home for the lock and leave lifestyle in the gated community of Tusayan which is nestled at the base of Troon Mountain. The home features a front courtyard with brick pavers, water fountain, access to the attached casita, and entry to the main house. The home has been updated with new kitchen including Miele appliances (induction cooktop, convection and steam ovens, dishwashers, microwave and beverage center) along with smart home technology that controls the new interior lights, landscape lighting, irrigation system, garage opener, water heater, sound system, HVAC and exterior door locks. The open floor plan provides the perfect spaces for entertaining and dining and also includes a separate office, bonus room, powder bath, owners suite, guest bedroom with bath, laundry room and two car garage. Enjoy spending time on the back patio with sunset and mountain views, built-in BBQ, new landscaping, herb garden and plenty of area for lounging and living the Arizona lifestyle. Tusayan has a community pool and spa with close proximity to hiking trails, outdoor activities and Troon Country Club.

637 E Leah Lane Gilbert, AZ 85234

$1,375,000
4 Beds
4 Baths
3,085 SqFt
Status Active
MLS # 6721578
Property Type Single Family Residence
Price Type --
Circle G Property, country living in the city with no hoa. This is a toy or car collectors dream with almost 4,000 square feet of garage space on almost an acre of horse property with irrigation. There is a two car attached garage, a 3 car detached garage with HVAC & 35x50 detached workshop with an attached 24x50 metal building in the back behind the electric gate. Workshop has in floor lift & overhead hoist, additional storage in standup attic area. The home has a circle drive in the front & large parking area in the back. The backyard has a large real rock water fall feature, spa inside a gazebo, large paver patio & new artificial turf & citrus trees. Inside of the home has a beautiful custom kitchen with tons of granite counter tops, large granite island, Subzero/Wolfe appliances, Wolfe steam oven, Bosch dishwasher, insta hot, reverse osmosis, ice machine with Sonic type ice, drawer refrigerator and freezer, and ample pantry storage. Living room/family room with wood fireplace. Primary bedroom has access to patio with a recently remodeled bathroom with walk in shower, new freestanding tub, new marble countertops, sinks and faucets. House bathroom also newly remodeled. Fourth bedroom currently being used as a Office/Den with walk in closet and built ins. Laundry room is centrally located with lots of custom cabinets and farmhouse sink with Reverse Osmosis faucet, small refrigerator. Split floor plan with two additional bedrooms with walk in closets and their own bathroom with showers. One bedroom has access to patio. Shake roof was just cleaned and oiled, patio roof and flat roof over metal building was just Elastomeric coated. Entire property painted in and out. The two car attached and 3 car detached garages have installed new garage doors, with new openers and new epoxy coated flooring. There is so much more. Come tour a one of a kind property today. You will fall in love.

7624 E Charter Oak Road Scottsdale, AZ 85260

$1,375,000
3 Beds
2 Baths
2,324 SqFt
Status Active
MLS # 6719798
Property Type Single Family Residence
Price Type --
Discover a meticulously renovated masterpiece in the heart of Buenavante. This home has undergone a complete metamorphosis, boasting a new roof, windows, doors, and a sleek synthetic stucco exterior. Inside, you'll find elegant engineered hardwood floors, a gourmet kitchen, spa-like bathrooms, and modern finishes throughout. Enjoy peace of mind with a new AC system, repiped plumbing, and a revitalized outdoor oasis featuring a resurfaced pool, lush landscaping, and automated irrigation. With a spacious 13,000 sq ft lot, there's ample room to create your own private retreat, such as a casita or guest house. Perfectly located near top-rated schools, shopping, dining, and major freeways, this home offers the ultimate in convenience and luxury. Don't miss this opportunity to own this home. Don't miss this opportunity to own a truly exceptional property. Schedule your private showing today!

900 E Peach Tree Place Chandler, AZ 85249

$1,375,000
4 Beds
3.5 Baths
3,754 SqFt
Status Active
MLS # 6725095
Property Type Single Family Residence
Price Type --
Nestled in the small, exclusive gated community of Mission Estates, this exquisite home is the perfect setting for both indoor and outdoor living and entertaining. Entering thru the private courtyard into the home, you are greeted with an impressive wall to wall slider providing a view of the newly renovated backyard, exhibiting an abundance of natural lighting. The lofty 12 foot ceilings amplify the sense of space and luxury showcasing the natural wood flooring and custom designed wainscoting all adding to the feel of luxury living. The heavily upgraded chef's kitchen includes a large island, custom cutout for ample stainless steel fridge and freezer, double ovens, farmhouse sink, sizable walk in pantry and spacious butler's kitchen. The primary suite features an elegant chandelier, separate his and her closets customized by California Closets for floor-to-ceiling organization and an oversized luxe bathroom with a private expansive shower. This home has 4 bedrooms, including a built in Murphy's bed and storage in guest room and an intimate gym with newly padded flooring. Additional game room has plenty of flexibility to customize the space to suit your needs, whether it be a cozy media room, craft room, playroom for the kids or a private retreat for guests. Substantial 3 car garage encompasses additional overhead storage. The private outdoor retreat embraces an impressive backyard with a built in BBQ, fire pit, half court sports area, expansive turf play area & multiple seating spaces creating an ideal environment for both everyday living and entertaining guests. This premium north/south facing home on a large (nearly 1/3 acre) lot allows for both privacy and tranquility offering the perfect backyard brimming with family appeal and balance of location & Arizona lifestyle.

7113 E Mcdonald Drive Paradise Valley, AZ 85253

$1,370,000
2 Beds
2 Baths
1,830 SqFt
Status Active
MLS # 6707837
Property Type Townhouse
Price Type --
Welcome to your dream home in the heart of Paradise Valley! This newly renovated townhome in the prestigious Villa Serena community offers an unparalleled blend of luxury, comfort, and modern living. Boasting 2 spacious bedrooms plus a den and 2 beautifully appointed bathrooms, this home is perfect for those seeking a serene and sophisticated lifestyle. Step inside to discover a stunning open-concept floor plan with brand new floors and baseboards bathed in natural light, high ceilings, with large windows to enjoy the lush landscaping. The brand-new gourmet kitchen features top-of-the-line stainless steel appliances, including Wolf gas cooktop, quartz countertops, and custom contemporary cabinetry, making it a chef's paradise. The adjoining dining and living areas flow seamlessly, ideal for entertaining guests. Relax in the inviting den that looks on to the patio with large new sliders and plenty of room for a desk. The luxurious master suite is a private retreat complete with an en-suite bathroom featuring a dual vanity, shower, and walk-in closet. The additional bedroom offers ample space next to a fully renovated bathroom with modern fixtures and finishes. Enjoy Arizona's beautiful weather on your private patio, perfect for morning coffee or evening relaxation. This home also includes a two-car garage, providing convenience and additional storage. Villa Serena is known for its lush landscaping, tranquil ambiance, and exceptional amenities. Residents enjoy access to a sparkling community pool, spa, fitness center, and clubhouse, all within a secure environment. Located in the heart of Paradise Valley, you are minutes away from the new Ritz Carlton Resort Hotel, world-class dining, shopping, golf courses, and hiking trails.

4850 E Poinsettia Drive Scottsdale, AZ 85254

$1,369,000
4 Beds
3 Baths
2,902 SqFt
Status Active
MLS # 6738636
Property Type Single Family Residence
Price Type --
Welcome Home to this beautiful full-remodeled and expanded property w/updated HVAC/Roof/Windows/Spray foam insulation.The home boasts of dual Master suites- 3 large bathrooms, open floorpan, large Chef's kitchen all overlooking the large back yard featuring fruit trees, Gazebo, and Synthetic grass. Don't miss the 4+ car AC'd garage. All this located in the Scottsdale School district and just a short walk to PV Mall, The Quarter or Kierland. Amazing and Stunning! Property upgrades: New 3-ton AC 2024 Roof 2020/2024 for addition New windows New Master Suite 19x19 New Master Bath 15x19 w/ soak tub, shower, toilet and bidet 2-Master Suites Foam insulation throughout 4+ Car garage cooled/heated Work room All new Electrical Wiring New Low voltage lighting Epoxy Garage floor New Pavered Driveway for 8 cars

1062 N Boulder Drive Carefree, AZ 85377

$1,364,990
4 Beds
3 Baths
2,880 SqFt
Status Active Under Contract
MLS # 6741703
Property Type Single Family Residence
Price Type --
RECENTLY APPRAISED AT $1.5M!! Come fall in love with this gorgeous, fully remodeled home located in the highly sought-after and exclusive community of The Boulders in Carefree. Perfectly nestled by the world-renowned North Course, this conveniently located 4-bedroom, 3-bath home, with an attached 2-car garage, is move-in ready. No expense was spared on this entertainer's dream home, and it shows! The moment you walk in, you'll notice the open floor plan and all-new LED lighting that will illuminate your every step. Upon entry, you'll be greeted by gorgeous engineered hardwood floors. A bit further in, you'll find an exceptionally large open chef's kitchen that boasts soft-close white and natural wood shaker cabinets with champagne bronze and black hardware, brand-new stainless steel appliances, a porcelain tile backsplash, a custom vent hood for a 36-inch range, new quartz countertops, and a huge island breakfast bar with ample seating and storage for everything an entertainer or chef needs. You can make drinks at the separate wet bar and get cozy next to the fireplace under the custom-built wood tongue-and-groove ceiling. Everything has been modernized in this beautifully remodeled home. The gorgeous primary bathroom features its own wet room with a combined tub and shower. The guest baths are also completely modernized, with shaker vanities and elegant porcelain tile. This home has all-new energy-efficient windows, a newer HVAC system, new Delta plumbing fixtures, and new lights and switches. Open one of the many glass doors or sliders to step out into your own private desert oasis, which features a sparkling pool. The yard includes a mix of mature palms, desert plants, a miniature golf green to practice your putting skills, and all-new desert rock with automatic irrigation lines to water the lush, mature plants. Enjoy maximum privacy as this home has no neighbors to the north and backs to a stunning wash, providing a serene and secluded retreat. Additional upgrades include brand-new interior and exterior doors and trim, fresh interior and exterior paint, a walk-in laundry room, and interior garage access, which is rare in this community. The home also features gorgeous fixtures and so much more. Don't miss out on the chance to own the best house in the neighborhoodit won't last long!

5431 E Olesen Road Cave Creek, AZ 85331

$1,360,000
3 Beds
3 Baths
2,831 SqFt
Status Active
MLS # 6721033
Property Type Single Family Residence
Price Type --
Nestled in the charming town of Cave Creek, you don't want to miss this beautifully remodeled home with a resort style backyard. The home has an updated kitchen with a huge walk in pantry, all three bathrooms have been recently renovated and newer floors throughout. In addition, it has newer air conditioner units. The backyard is fully lighted with mature landscaping for a resort like feel. A huge deck overlooks the yard with a built-in grill and huge shade sails to give ample shade. The backyard is perfect for entertaining with a sparkling pool and spa, fire pit, and a chipping green and tee box for the golfers. Situated on a quiet street, this 1.2 acre lot is steps away from schools, restaurants and shopping.

4281 Leaf Spring Drive Wickenburg, AZ 85390

$1,360,000
3 Beds
3.5 Baths
2,767 SqFt
Status Active
MLS # 6743738
Property Type Single Family Residence
Price Type --
This exquisite Shea Latigo residence, located on the golf course, offers breathtaking views of Vulture Peak and the Weaver Mountains. Nestled on a large cul-de-sac lot adjacent to common areas, this home provides both privacy and picturesque scenery. You'll be captivated by the oversized patios featuring a built-in BBQ, pizza oven, and a majestic rock fireplace—ideal for entertaining or simply enjoying a tranquil evening. No expense was spared in crafting this remarkable home, where every detail has been thoughtfully designed. Upon entering, you'll be greeted by a sophisticated den complete with a built-in wine cabinet, perfect for relaxing with your favorite vintages. The gourmet kitchen is a chef's dream, boasting upgraded appliances including wall ovens, a gas range top, a stainless-steel vent, granite countertops, and a stunning limestone backsplash. The expansive living room showcases a dramatic rock fireplace and accent wall, creating a cozy yet elegant atmosphere. Glass sliders seamlessly connect the indoor living space to the outdoor patios, enhancing the flow and making indoor-outdoor living a breeze. High-end wood and tile flooring, coupled with stylish chandelier lighting, add a touch of luxury throughout the home. The master suite is a true retreat, featuring two walk-in closets and a lavish bathroom with a walk-in shower and a soaking tub. Glass doors open directly to the patio, providing a serene private escape. The guest bedroom is generously sized and includes its own patio exit, while the guest bathroom offers ample space and comfort. The charming courtyard is perfect for gatherings, featuring pavers, a massive rock fireplace, a shade screen, and extensive entertainment space. The separate casita provides an ideal space for guests, with a spacious living area, a full bathroom, and a walk-in closet. Additional highlights include a large laundry room that doubles as an office with ample cabinetry for storage, and an extended-length garage providing extra room for additional storage needs. This Shea Latigo home in Wickenburg Ranch offers unparalleled luxury, comfort, and style.

5905 E White Pine Drive Cave Creek, AZ 85331

$1,360,000
4 Beds
3 Baths
3,036 SqFt
Status Active Under Contract
MLS # 6703488
Property Type Single Family Residence
Price Type --
Welcome to this meticulously maintained gated property, this home has a incredible floor plan, a large lot, custom shutters throughout, a beautiful pool, outdoor kitchen, outdoor fireplace for entertaining, fully remodeled kitchen with GE Monogram appliances, an oversized island, fully remodeled guest bath. a beautiful home office with custom cabinetry plus an air conditioned garage. Exterior newly painted. Window screens all new. Lots of storage. Large his/her master closets all designed by California Closets.

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