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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2132 W Legends Way Anthem, AZ 85086

$1,349,990

4 Beds

4 Baths

3,950 SqFt

Status Active

MLS # 6726770

Property Type Single Family Residence

Price Type --

THE HOME YOU HAVE BEEN WAITING FOR! ABSOLUTELY STUNNING! Nestled at the base of Daisy Mountain in Anthem Country Club is this stunning home, offering a blend of elegance and comfort. You will experience an immediate calming and peaceful feeling as you look to the mountains and desert behind you. As you approach the home, you will find the beautiful desert landscaping outside the private courtyard, offering another sanctuary type setting for your comfort and enjoyment. Upon entering this home your eyes will immediately be drawn to the views out the living and dining room windows. The foyer is stunning with a new Iron and glass door and travertine flooring. Updates galore in this 3 bedroom, 3 1/2 bath home that also has an attached casita with powder room. The gourmet kitchen was updated with a new kitchen island, new granite counters, newly re-faced and beautifully stained cabinetry, and 2023 Subzero fridge, Bosch dishwasher, microwave and range hood. Adjacent to the kitchen is the cozy den/family room with stone surround fireplace and plenty of room to relax and enjoy family and friends. The master retreat features a walk in shower with new glass doors, refinished cabinets and granite counter tops at the vanities, and His & Her walk in closets with organizers. Wonderful views from the master bedroom where you can relax in front of the fireplace or head out the sliding door to the private covered patio. The other two bedrooms are en suite and upgraded with granite countertops, new Toto toilets, tub/shower combos and both have walk in closets. Finishing off the interior of the home is an office with built in cabinetry and a powder room nearby. The lot, which is over 17,000 square feet has a gazebo with fireplace, 2 soothing water features on remotes, artificial turf and lots of space to do whatever your heart desires. Looking for space for golf cart or ATV? The side gate can be changed to a double gate to allow for a secured parking space. Updates to this home include all new windows (42) and French door sliders (3) with Low E Glass, new frames, and a transferable lifetime warranty; 3 Trane AC units including new furnaces (2017);entire home replumbed with PEX in 2022, including all valves throughout the home. New exterior drip system installed with 4 zones, artificial turf and new trees/plantings. New smoke alarms and carbon monoxide detectors with hard wire interconnect. New exterior paint is beautiful! See documents section for a full list of features and upgrades. Welcome to Anthem Country Club offering two 18 hole Greg Nash designed golf courses, 2 club houses with restaurants, bars, and pro shops. 2 work out facilities with tons of classes offered daily, 2 swimming pools, the Oasis Bar and Grill at the Persimmon pool, tennis courts, pickleball courts, bocce ball at The Back Yard at Persimmon, ball room at Ironwood to host large events. In addition to all of that, you also have access to the Anthem Parkside facilities that includes over 60 acres of parks, catch and release fishing pond, sand volleyball, water park, pool, pickleball, tennis, skate park, playgrounds and more!!! Welcome home!!!

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7924 E Via De Belleza -- Scottsdale, AZ 85258

$1,349,990

3 Beds

2.5 Baths

2,450 SqFt

Status Active

MLS # 6749707

Property Type Single Family Residence

Price Type --

This beautiful remodel is located in the highly coveted neighborhood of McCormick Ranch. Nestled in a quiet cud-de-sac and so close to restaurants, shopping and walking trails. Enjoy the covered patio for evening get-togethers with friends and family. This oversized chef's kitchen and open dining is perfect for entertaining with easy access to the pool and ample outdoor seating space. Everything has been updated including custom tilework, new flooring, custom lighting, lush landscape and a private master bath sanctuary!

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5046 E Redfield Road Scottsdale, AZ 85254

$1,349,900

4 Beds

2.5 Baths

3,213 SqFt

Status Active

MLS # 6759883

Property Type Single Family Residence

Price Type --

SANTA BARBARA RESORT STYLE LIVING MEETS SCOTTSDALE'S MAGICAL ZIP CODE 85254! If YOU are a discerning Buyer who appreciates upscale amenities, posh custom style, and a meticulously maintained property all within a highly sought after premiere location, then THIS gorgeous estate is YOUR dream come true! With no detail overlooked, this fabulous estate offers stunning updates and amenities inside and out, and with NOTHING left to do! FIRST FLOOR MASTER ENSUITE w/separate sitting area, exquisite tiled FIREPLACE anchored by plantation shuttered side windows, walk-in closet, barn door, large dual vanity & over sized custom walk-in shower w/dual heads, and private exit to your backyard SPA beckons rest and relaxation. Upstairs provides 3 oversized Guest Bdrms, 1 beautiful Guest Bath w/dual vanities, and a MASSIVE BONUS /FLEX ROOM (possible 5th Bdrm?). A well appointed chef's kitchen w/quartz counters, RO system, waterfall edge island/bar, newer SS appliances, soft close cabinets, and farmhouse sink overlooks the oversized backyard with several sitting spaces for outdoor enjoyment, a remodeled diving pool, easy care turf, and custom SPA (can you hear the music?). This true OPEN CONCEPT living enjoys easy care wood plank tile and movement flows effortlessly from Entrance to Living and Dining areas, and into the KITCHEN to FAMILY ROOM that features its FIREPLACE that exudes mediterranean style custom tile work, AND separate WET WINE BAR. Exquisitely designed, superlative features throughout, and value packed with newer HVAC units, new water heater, newer roof, new windows, and MORE, THIS GRAND ESTATE is truly TURN KEY and positioned in one of the MOST highly sought after premiere areas. Simply put .. DON'T miss out!

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22817 N 55th Street Phoenix, AZ 85054

$1,349,900

4 Beds

2.5 Baths

3,114 SqFt

Status Active Under Contract

MLS # 6758577

Property Type Single Family Residence

Price Type --

Rare opportunity in the exclusive Ironwood Greens gated golf community. Nestled on the 14th hole of the Wildfire Faldo golf course with unobstructed views of mtns to east. Extraordinary remodeled backyard sitting on nearly 1/3 an acre with one of the largest panoramic lots in the area. This brightly updated east backing home is perfect for entertaining in & out with 12' soaring ceilings & nearly wall to wall glass doors. Boasts a split floor plan with great room & spacious kitchen featuring built in double ovens, wolf gas cooktop and granite countertops. Large 4 bedrooms with plantation shutters and massive laundry room includes cabinets galore & utility sink. Features new interior & exterior paint, new carpet, epoxy 3 car garage w/ EV charger, custom pool with Baja shelf and more.

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36850 N Pfeifer Lane San Tan Valley, AZ 85140

Open House

$1,349,900

2 Beds

2.5 Baths

2,343 SqFt

Status Active

MLS # 6745345

Property Type Single Family Residence

Price Type --

Dive into the luxury of resort-style living with this beautifully designed golf course estate. Enjoy the breathtaking views of lush fairways that provide a serene backdrop, complemented by a spacious outdoor area perfect for relaxation, social gatherings, and enjoying the mountain scenery. The interiors are bright and expansive, featuring high-end finishes. The gourmet kitchen, a dream for those who love to cook, is equipped with quartz countertops and top-of-the-line appliances. The master suite is an opulent retreat with a lavish ensuite bathroom. Additionally, there is another bedroom, one and a half more bathrooms, a bonus room, and a den, making this home one of the most desirable locations on the course. Encanterra in Queen Creek offers more than just a home—it's a way of life.

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630 W Echo Lane Phoenix, AZ 85021

$1,349,500

4 Beds

4.5 Baths

3,442 SqFt

Status Active

MLS # 6649400

Property Type Single Family Residence

Price Type --

Step into this gorgeous home conveniently tucked in a gated enclave of boutique semi-custom homes in an amazing location w/in the popular Phoenix Central Corridor. The open kitchen + great room concept has soaring 22ft ceilings, featuring a Chef's dream kitchen w/ full slab island, 6-burner gas cooktop & oven, dedicated ice maker, wine fridge, & spacious walk-in pantry. The luxurious master suite is on the main level w/ an expansive walk-in closet, dual vanities, & beautiful shower / tub combination. The split floor plan has an upper level w/ 3 oversized bedrooms, 3 full bathrooms, generous laundry room, multi-use loft, & 2 balconies. The backyard is an entertainer's paradise w/ a large covered patio, low maintenance synthetic lawn, & sparkling heated pool & spa w/ mountain views (MORE) plenty of room to roam for both kids & pets. Additionally there is a 3-car tandem garage with builtin EV charger. The home is also conveniently positioned close to restaurants, shopping, entertainment and easy freeway access. Don't wait!

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73 W Lewis Avenue Phoenix, AZ 85003

$1,349,000

3 Beds

3 Baths

3,158 SqFt

Status Active

MLS # 6750614

Property Type Single Family Residence

Price Type --

Welcome to Willo!! Discover this enchanting 3 bedroom, 3 bathroom Bungalow in the Willo Historic District, a testament to architectural grace and modern comfort. Built by A L Johnson in 1925, this home spans a generous 3,158 square feet, including a 664 square foot basement. The property also includes a detached two-car garage. The home's facade boasts classic design elements such as river rock porch details and decorative trim, meticulously preserved to honor its historical significance. Step inside to a world where heritage meets contemporary living, highlighted by a mix of newly refinished hardwood, tile, and carpet flooring that complements the abundance of natural light and exquisite details found throughout. A large front porch welcomes you, leading to a versatile flex room, ideal as a study or office adjacent to a formal living room with a striking brick fireplace. This opens to an elegant dining room adorned with stunning stained glass windows, creating a perfect backdrop for memorable gatherings. The kitchen is a chef's delight, equipped with stainless steel appliances and ample storage. The family room is bright and airy, fostering a perfect setting for relaxation or entertainment. Upstairs, the master suite is a retreat within itself, featuring a remarkable window and ceiling design, a custom-tiled bathroom with dual sinks, walk-in shower, standalone tub, and two closets. Two additional bedrooms and bathrooms offer spacious and beautifully detailed accommodations. The basement is an ideal space for a den, home theatre, or game room, offering additional flexible living space. This amazing home even has all new windows. Step outside to a backyard oasis complete with lush landscaping, a swimming pool, spa, and pergola perfect for enjoying the outdoors in privacy and style. As one of the first historic districts, Willo is steps away from the light rail, incredible dining, culture and amenities Phx offer. This home was featured in the Willo Historic District Home Tour of 2024. It is not just a residence but a piece of history ready to be cherished by its new owners. Embrace the blend of historical charm and modern convenience in this truly gorgeous landmark home.

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3182 Rising Sun Ridge Wickenburg, AZ 85390

$1,349,000

3 Beds

3.5 Baths

2,724 SqFt

Status Active

MLS # 6739253

Property Type Single Family Residence

Price Type --

This beautiful Latigo model home has everything to offer. It starts with a beautiful court yard featuring a wood burning fireplace and separate Casita. The inside of this home has numerous upgrades including stunning granite counters, Split Primary Vanities, Separate Tub/Shower and 2 walk in closets, 2 guest ensuites, powder room, den and accent ceiling beams. Even with all the interior upgrades there are even more out back! The 500 sq ft patio has electric shades to enclose the area giving you a secluded out door space. This stunning lot sit on Hole 4 of the Championship course with fairway and water views. Come see your dream home, and I mean DREAM home. Look for additional pictures coming soon.

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3119 E Tremaine Avenue Gilbert, AZ 85234

$1,349,000

4 Beds

3 Baths

2,950 SqFt

Status Active

MLS # 6710790

Property Type Single Family Residence

Price Type --

Prepare to be amazed! Check out fully remodeled 4 bed, 3 bath horse property now on the market! Nestled on an oversized 1 acre lot w/lush grass, mature shade trees, and a 2-car side garage w/built-in cabinets. Discover a spacious open floor plan w/elegant wood-look flooring, recessed lighting, a lovely bay window, plantation shutters, neutral palette throughout, and a fireplace to keep you warm during the winter months. The fabulous kitchen is comprised of white cabinetry w/marbled counters, a pantry, tile backsplash, a farmhouse sink, stainless steel appliances, and an island complete w/a breakfast bar. Lovely AZ room can work as a sitting area or a dining room! End your busy day in the primary bedroom, boasting vaulted ceilings and a lavish ensuite w/dual sinks & a sliding barn door. Laundry room offers lots of storage space and a convenient utility sink. The expansive backyard includes a covered patio, extended seating area, and a sparkling blue pool! This home is also equipped for horse keeping, including numerous stalls, a corral, and arena! Your new home is waiting for you, act now!

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5854 E Dusty Coyote Circle Scottsdale, AZ 85266

$1,349,000

4 Beds

3.5 Baths

3,451 SqFt

Status Active

MLS # 6736796

Property Type Single Family Residence

Price Type --

Welcome to 5854 E Dusty Coyote Cir, a stunning 4-bedroom, 3.5-bathroom property in North Scottsdale priced at $1,349,000. This home offers an exquisite combination of location, views, and privacy, boasting unobstructed vistas of Black Mountain through oversized windows and 12' ceilings. The spacious interior features a cozy fireplace, wet bar, and an extra room perfect for a home office. The dream kitchen is equipped with upgraded stainless steel appliances, granite countertops, abundant cabinetry, a pantry, and a large island with a centered sink and breakfast bar. The luxurious master suite includes a private exit, sitting room, lavish full bath with his and her sinks, a separate tub, step-in shower, and his and her walk-in closets. The perfect-sized backyard is designed for entertaining, featuring a covered patio, built-in BBQ, refreshing blue pool with spa, and cool decking, complemented by a complete sound system throughout. Additional highlights include two brand new AC units, a 3-car garage and an RV gate. Situated in a prime location with close proximity to parks, shopping centers, and top-rated schools, this home is a true gem in North Scottsdale. Don't miss out on the opportunity to make this your dream home!

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17934 W Estes Way Goodyear, AZ 85338

$1,349,000

3 Beds

3 Baths

2,997 SqFt

Status Active Under Contract

MLS # 6709602

Property Type Single Family Residence

Price Type --

Priced right and under appraised value. Luxurious living at its finest! Elegant custom modern build by Jada Custom Homes on a prime cul-de-sac lot in a gated community located in the Award-winning Community of Estrella! Exquisite curb appeal, custom driveway, artificial turf, & courtyard entry. 3-car oversized with 853 sq feet garage & 10ft RV gate/parking for bringing all your vehicles! Walk in through the beautiful front pivot door to a modern interior that has an open kitchen, dining and living room layout with four 16ft multi-sliding doors leading to front and backyard book matched patios merging the indoor/outdoor living areas. Architecturally & Aesthetically! Custom cabinets, custom quartz counters throughout, custom tile floors, custom tile bathrooms, stone-accented wall w/fireplace and stylish light fixture. Chef's kitchen showcases custom quartz counters/back splash, skylights, a huge waterfall island w/breakfast bar, a large walk-in pantry with Custome pull out drawers, & high-end SS appliances, including a 48 inch Bertazzoni range. All three bedrooms are generous sized and all have large walk-in closets. There also is an office / den with beautiful custom glass enclosure. The home also has state of the art CCTV with battery backup and wireless WIFI access points throughout the home. Owner's retreat is a work of art which includes a large built out walk-in closet with tons of storage, lavish bathroom w/double vessel sinks & glass enclosure, custom walk in shower with raindrop shower head & freestanding tub. Newly installed oasis style backyard features new custom pool w/ three water features, artificial grass, BBQ, fire pit, modern pergola & large above ground spa. Stunning views from every angle! This home is also just a five minute walk to Estrella's North Lake, Yacht Club, community pools, gym, sport courts, hiking trails galore and not to mention dining! This beautiful custom home is a perfect example of an indoor/outdoor AZ Lifestyle! See it, love it, live it!

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10302 S 16th Avenue Phoenix, AZ 85041

$1,349,000

4 Beds

4.5 Baths

4,077 SqFt

Status Active

MLS # 6713642

Property Type Single Family Residence

Price Type --

INCREDABLE luxury home nestled on the side of South Mountain overlooking downtown Phoenix. Owners have spent the past two years returning the home to its original territorial style with new travertine flooring throughout, new interior paint, bath fixtures, door hardware, numerous upgraded lighting fixtures and the primary shower and garden tub remodeled. Great entertaining home from the huge dining and family rooms to the incredible chefs kitchen with GE Monogram appliances. Back yard is truly resort style with infinity edge pool, separate in ground spa, fire pit and outdoor kitchen. The rooftop deck offers incredible views from downtown phoenix to the South Mountains. Oversize 4 car garages for all your toys too.

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