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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4605 E Glenrosa Avenue Phoenix, AZ 85018

$1,350,000
3 Beds
2.5 Baths
2,214 SqFt
Status Active Under Contract
MLS # 6747994
Property Type Single Family Residence
Price Type --
Custom home in the heart of Arcadia with breathtaking Camelback Mountain views! Inside, enjoy wood-look porcelain tile, plush carpeting, custom shutters, & coffered ceilings in the living area, with recessed lighting & double sliding doors to the patio. The gourmet kitchen boasts granite countertops, top-of-the-line stainless steel appliances, a walk-in pantry, an island, & a charming bay window. Relaxing primary with ensuite bath boasting a dual vanity & spacious walk-in shower. Enjoy AZ life in the resort-style backyard featuring a sparkling pool, lush landscaping, & a pergola. Also included, a 2-car garage & a water softener. Perfectly located in Arcadia minutes to Old Town Scottsdale, & surrounded by local favorites like OHSO Brewery, The Porch, SIP Coffee Bar, Buck & Rider, & more!

3113 E Half Hitch Place Phoenix, AZ 85050

$1,350,000
4 Beds
3 Baths
3,398 SqFt
Status Active
MLS # 6757188
Property Type Single Family Residence
Price Type --
Welcome to this stunning 2019 remodel in the quaint Estates at Ridgeview gated community. Covered front porch & spacious entry lead to an open floor plan flooded with natural light. High ceilings, wide plank wood floors & 8ft interior doors combined with a 3 panel glass slider featuring unobstructed mountain views create exceptional & comfortable indoor-outdoor living. Resort backyard has 2022 built pool with water feature, Baja step, gas-heated spa, gas fire pit, pergola, built-in Napolean grill & easy to maintain turf. Back inside cook away in the large gourmet kitchen with 2 Kitchen Aid ovens, 6-burner range, stainless appliances, large island & service nook to Dining area. Gas fireplace with shiplap surround in Living. Large Primary suite features spa-like bathroom with soaking tub & separate vanities. Bedrooms 2 & 3 share a teen/play room. 4th BR with CA closet built-ins. Office or 5th BR has Murphy Bed for flexibility & doors to turfed side yard. Unobstructed mountain & desert views behind property are a rare find. Plantation shutters, Pottery Barn and Serena & Lily light fixtures. # car garage with built in storage. Water softener. The list goes on... Easy access to walking & biking trails. Conveniently located minutes from the 101 & 51.

2245 E Desert Lane Phoenix, AZ 85042

$1,350,000
5 Beds
3 Baths
3,108 SqFt
Status Active
MLS # 6759148
Property Type Single Family Residence
Price Type --
Beautiful new build W/ a separate Casita/ADU, nestled in South Mountain, offers stunning views and impeccable attention to detail.Constructed with 2x6 framing, spray foam insulation, fire sprinklers, and W/ a HERS rating of 51, the home ensures superior energy efficiency, safety, and durability.Fully enclosed with its own gated entry for maximum privacy,it welcomes you through an oversized metal door into a breathtaking open floor plan featuring a huge island.The kitchen boasts a built-in refrigerator, drawer microwave, farm sink, and an oversized 36'' range. The outdoor space is equally impressive, featuring a sparkling pool, covered patio, and low-maintenance artificial grass, perfect for enjoying the Arizona lifestyle. Complete w AV, sound and smart technology, this property is perfect

5135 W Alameda Road Glendale, AZ 85310

$1,350,000
5 Beds
3 Baths
3,749 SqFt
Status Active
MLS # 6749254
Property Type Single Family Residence
Price Type --
Bring your toys! Stunning Tri-Level Home in Saddleback Estates on just under an acre with additional 3000sqft Garage & Fully owned 150kwh Solar System providing close to zero energy costs! Inside you will discover 5 bedrooms, 3 baths 2 living areas, formal dining and an extra flex room. Home features tile & wood flooring throughout, granite counters and cherry cabs in the kitchen, & a large master with private balcony equipped with a hot tub. Outside enjoy a covered patio overlooking a beautifully landscaped yard and sparkling pool that also is equipped with heater and chiller. The massive garage/workshop is equipped with A/C, heat, 3-phase electric, and R40 insulation in the walls and R55 in the roof. On top of having tons of character & storage this home is located near golfing, hiking water parks, plenty of dining options at the shops at Norterra and great schools like Sandra Day O'Connor. Only a short drive to both 101 and I-17 freeways. Check out additional upgrades attached in document section.

39791 N Country Lane San Tan Valley, AZ 85140

$1,350,000
5 Beds
3 Baths
3,595 SqFt
Status Active
MLS # 6735558
Property Type Single Family Residence
Price Type --
Horse property in highly sought after neighborhood w/ a basement, pool & flood IRRIGATION. This 3.3 acre lot property offers a circular driveway, fully extended porch & mature trees. The equestrian amenities feature 6 covered stalls w/ auto waters, tack room, RV hook up, hay barn & newer 4 rail fencing. Stepping out to your backyard you'll find a gorgeous pool surrounded by professionally designed landscaping, built-in fireplace & an extended covered patio, perfect for entertaining. The laundry room offers plenty of storage & extra refrigerator space. In addition, ground water rights are owned by the Property Owners. This is a true rare find in one of the most desired horse property communities around. Inside, you'll find 10' ceilings t/o, a a charming living room, spacious bedrooms, all Inside, you'll find 10' ceilings t/o, a charming living room, spacious bedrooms all w/ walk-in closets, wood shutters t/o, digital thermostats & a cozy family room w/ fireplace. The kitchen offers beautiful cabinets, an island w/ high breakfast bar, large pantry, granite counters, & SS appliances. You'll love the main bedroom boasting patio access & an ensuite w/ double sinks & a floor-to-ceiling tiled shower w/double shower heads

2941 E Los Altos Court Gilbert, AZ 85297

$1,350,000
5 Beds
4 Baths
3,835 SqFt
Status Active Under Contract
MLS # 6754484
Property Type Single Family Residence
Price Type --
Gorgeous Toll Brothers FULLY REMODELED home on 1/3 acre cul-de-sac lot in the heart of Gilbert's most desired communities. Perfect location without neighbors to east or south! Hardwood oak flooring, white oak kitchen cabinets, huge island, new appliances, 48'' Wolf cooktop! Magnificent master bathroom with new cabinets, fluted freestanding tub, huge glass shower and walk in closet with custom shelving. Kohler Purist faucets/trim in all bathrooms. Entry office/den with pocket doors. Large laundry room with sink and cabinets. Courtyard fireplace, huge covered and tiled patio, 12ft deep, 60k gallon pool with fire/water features and olympic diving board. Large grass area for play or future pickleball court, spa or gazebo. Extended 3 car garage for RV/boat with 4 EV outlets.

18381 N 93rd Street Scottsdale, AZ 85255

$1,350,000
4 Beds
3 Baths
2,563 SqFt
Status Active
MLS # 6751337
Property Type Single Family Residence
Price Type --
Beautiful family home in the highly coveted DC Ranch community. This is one of the few homes in the neighborhood with a private lot that backs to a wash with views of the McDowell mountains. This 4 bedroom and 3 full bath home features gorgeous hardwood floors, stainless steel appliances, white kitchen and open floor plan. The backyard boasts a large heated pool/spa and brand new turf. Upstairs offers 2 guest bedrooms and a loft area for the kids. The spacious primary suite has a large walk in shower and balcony with unobstructed mountain views. This gated neighborhood features 2 large parks offering plenty room for outdoor play and gatherings. You will also have access to the DC Ranch community pools, tennis/pickleball courts, and fitness center. Conveniently located close to Market Street, DC Ranch Crossing, the 101 freeway, and world class restaurants, shopping, golf and hiking.

4685 Copper Court Wickenburg, AZ 85390

$1,350,000
3 Beds
3.5 Baths
2,725 SqFt
Status Active Under Contract
MLS # 6697507
Property Type Single Family Residence
Price Type --
Welcome to your desert sanctuary in the prestigious Silverado neighborhood at Wickenburg Ranch. This remarkable property offers unparalleled mountain views, perched on a hillside with unobstructed vistas that stretch as far as the eye can see. Step inside the exquisite Latigo floor plan, where luxury meets comfort. A private casita & courtyard welcome guests, while generous sliding glass doors seamlessly merge indoor & outdoor living spaces. Dive into your own slice of paradise with a heated & cooled saltwater pool, surrounded by expansive outdoor lounging areas that showcase those breathtaking panoramic views. The interior is a masterpiece of design, with warm taupe & cream tones creating a serene atmosphere reminiscent of a desert oasis. Fantasy brown leather-textured granite adorns the kitchen, primary bath, & guest casita, complemented by top-of-the-line appliances from the GE Cafe series. Entertain effortlessly in the chef's kitchen, equipped with a built-in wall oven, microwave, gas range, & custom cabinets illuminated by upper & lower lighting accents. Soft-close features enhance the functionality of every cabinet & drawer. Solid core doors throughout the home offer both insulation & sophistication. Indulge in the primary bath's spa-like amenities, featuring split vanities, a tiled soaking tub, & a heavy glass-enclosed shower enveloped in floor-to-ceiling tile. The guest bedroom offers an ensuite bath with upgraded quartz countertops, ensuring comfort & style for visitors. French doors open to a private office space, providing versatility for additional guest accommodations. Discover the ultimate retreat in the fully travertine-covered front courtyard, where the guest casita awaits with its own walk-in closet & bath. The travertine-covered back patio beckons with a gas fireplace & built-in BBQ stub, perfect for al fresco dining against the backdrop of those majestic mountains. Cool off or warm up in the travertine-surround saltwater pool, complete with a waterfall feature for endless relaxation. The oversized 3-car tandem garage boasts a 4-foot extension, additional insulation, & a mini-split heating & cooling unit for added convenience. This exceptional residence also includes a fully owned solar panel system & water softener. With the thoughtful addition of under sink R/O for your drinking water & hot water recirculating pump to ensure warm showers in seconds instead of minutes this home simply has everything. Don't miss your chance to call this unparalleled property home.

2910 E Ryan Road Gilbert, AZ 85297

$1,350,000
4 Beds
2.5 Baths
2,876 SqFt
Status Active
MLS # 6748400
Property Type Single Family Residence
Price Type --
Your chance to own 2.41 acres in the heart of Gilbert with a 4 Bed/ 2.5 Bath + Bonus Room + LOFT with Walkout Balcony Home with rare Finished Basement! This large Property with Mountain Views offers endless possibilities for your needs! Newly added POOL offers a Baja Shelf to keep cool and have fun with beautiful Bubblers and Fountains! Built-in Spa with Waterfall is conveniently right off the pool to relax with your remotely controlled color-changing lights! Property Offers Beautiful landscapes with multiple fruit trees, including, Pink, White, & Oro Blanco Grapefruits, Orange, Asian Pear, Pineapple Guava, Banana, Pomegranate, and Grapevines! Barn/Shed is 12x32'. Horse/animal corral on site. Full RV Hookups installed. Flood Irrigation in place. Room to Build and grow! (see drone views) Bonus Storage and Large Closets throughout the home! Lots of space on property to add on or build the Casita of your dreams! City of Gilbert Limits, NO HOA! **DO NOT USE Google Maps to get Directions to Address** Start From Germann and Higley go South on Higley to Ryan Rd. Go West on Ryan Rd to Property. (Past Weston Ranch entrance) Owners have asked politely to please not have interested buyers drive into driveway unless touring home with agent, Thank you!

4226 E Coconino Place Chandler, AZ 85249

$1,350,000
5 Beds
4.5 Baths
3,891 SqFt
Status Active
MLS # 6742096
Property Type Single Family Residence
Price Type --
Welcome to 4226 East Coconino Place located within the desirable gated Canopy Community in Chandler! As you enter the subdivision you are welcomed with serene beauty of lush green grass, outdoor entertainment space with oversized ramadas/built in BBQ/outdoor fireplace and chairs. Homeowners can reserve garden boxes and grow their own vegetation! Offering 5 bedrooms, 4.5 bath, plus flex room. This home checks every box on the list when it comes to upgrades! As you enter the property you're presented with soaring 10' ceilings and views of the backyard through the 12' panoramic arcadia door which leads to the backyard. PebbleTec (heated) pool offers Baja deck and built in jacuzzi. Travertine and artificial turf line the backyard for a clean and sheik appearance. Relax in your own retreat with the extended 5' covered patio, built in BBQ with cooler, fridge and waste compartment. The kitchen is perfect for entertainment with an oversized island, double ovens, 36 gas cooktop, vented hood and spacious walk-in pantry. A clean modern look is presented with warm frosted Harbor Kitchen 42 upper cabinets, black hardware and granite countertops. Downstairs you'll find one of the two en-suite bedrooms which is split from the other bedrooms, making it a perfect guest retreat. Secondary en-suite is located upstairs. The laundry room is conveniently upstairs with additional bedrooms and provides ample storage with additional cabinets and shelving. The flex-room/loft includes barn door allowing for privacy. Oversized 4 car tandem garage has 10' ceilings, allowing for the perfect place to park your vehicles and toys! Tankless gas water heater, owned water softener, and RO system. 8x40 wood-like tile throughout main living areas downstairs and 2 blinds throughout. Primary bedroom and family room are oversized with 5' extension. Meticulously cared for by its original owners. This home boasts true pride of ownership. It's true resort style living! A must see today!!

930 E Waltann Lane Phoenix, AZ 85022

$1,350,000
4 Beds
3 Baths
3,276 SqFt
Status Active Under Contract
MLS # 6759160
Property Type Single Family Residence
Price Type --
Experience modern luxury in this soft contemporary home with breathtaking panoramic mountain views from every room! Great room floorplan is designed for entertaining, with the perfect blend of indoor and outdoor living. The gourmet kitchen is complete with high-end stainless steel appliances, oversized island and elegant quartz countertops. Large primary suite is split from other bedrooms, offering a walk-in closet and dramatic views. An additional bedroom and bathroom are downstairs. Upstairs, a spacious loft provides even more space to relax, opening to a balcony with stunning views. Two generous-sized bedrooms share a full bathroom upstairs. Situated on a 1/2-acre hillside lot, the well-designed outdoor oasis includes a saltwater play pool, covered patio, artificial turf and hot tub.

3030 N 159th Drive Goodyear, AZ 85395

$1,350,000
4 Beds
3.5 Baths
2,997 SqFt
Status Active
MLS # 6727002
Property Type Single Family Residence
Price Type --
All TERAZZAS were not created equal!! Must view this ''ONE OF A KIND PROPERTY'' to appreciate all the fine details that were added in the creation of this TERRAZA! Situated on East Course Hole 9 , a 17,000+sq ft lot with panoramic views of the golf course, water and mountains on the raised covered patio. Outdoor living spaces for the entertainers' delight! Featuring large wrap around yard with paver patios, (2) covered patio areas, (2) Built-in BBQ's, putting green, and various seating areas. Added French doors to the informal dining area, 2 bedrooms and the casita make for easy accessibility to all outdoor living spaces. Home offers a plethora of closet/storage spaces, walk-in pantry located between the bar and kitchen and many other pantry style cabinets (click on more) The interior of the home is also an entertainer's delight with the open floor plan with vaulted ceilings. Kitchen with informal eating area overlooks family/great room. A large kitchen island affords a great area for conversation, food and refreshments! An abundance of granite counters, cabinets, storage space, and gorgeous views from ALL areas. Full wall media center and a step-down wet bar completes this fun entertaining area. Entering into the foyer of home you will be greeted by a very artistic iron door with screens allowing refreshing cool breezes. You will note that the foyer does not have the columns as most Terraza models do. Fresh new look. The formal living room offers a special area to entertain presenting a beautiful gas fireplace. The formal dining room provides gorgeous views of the golf course and water. Across the hallway is a den/music room, as it is presently being enjoyed but can be turned into an office, additional bedroom, or whatever you might need. Master suite offers 2 walk-in closets, its own bath, and easy access to the outdoor living areas. The other 2 bedrooms are joined with a Jack & Jill bathroom. They both have Double French doors leading to the side courtyard and casita. Laundry room with double sinks, built-in ironing board, LG washer/dryer with underneath storage offers numerous cabinets for storage & crafts. The CASITA!!! Not many casita's like this one! Full kitchen w/granite counter tops, appliances, and island. Media wall with TV and room for Guest sleeping. Bath with Natural rain shower/tub, includes laundry facilities, and is gorgeously tiled!! This is a great addition for fun & further entertaining or could be a wonderful parent/mother-in-law location if needed, as well. Garage is 2 car+ golf cart and is extended (4') includes attached cabinets and overhead storage, Trane furnace w/electronic air cleaners, Central Vac and polyaspartic garage floor. There is more! A VERY DETAILED list of all the fine features of this amazing property can be located in the documents tab of the listing or contact the listing agent for a copy. Of course, the home provides an 'OWNER OWNED SOLAR SYSTEM. The home is in very close proximity of all the great amenities of this awarding winning, Active Adult community of PebbleCreek, to include restaurants, lounge, theater, swimming pools, tennis, pickle ball courts, golf course and Pro-Shop, Fitness Center and Creative Arts Center. Be sure to put this amazing property and community on your must visit list!!

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