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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3618 N 49th Place Phoenix, AZ 85018

$1,330,000

5 Beds

4 Baths

3,246 SqFt

Status Active

MLS # 6759370

Property Type Single Family Residence

Price Type --

Investor Special! My owners loss is your gain. Cash or Hard Money only. This Arcadia home has a ton of potential and is an investor dream. The home was partially scraped and started over, adding square footage and garage and 2 additional bedrooms and 2 additional baths. Most of the plumbing and electrical has been started and near complete. Comps selling in the area within the past 3 to 6 month's are around $2.15 million with a few fetching over $2.3. Permits and plans have been paid for and will convey with new buyer. Owner has also purchased an AC unit that will also convey. This home has tons of potential with lots of spread for the right buyer.

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5827 E Aire Libre Avenue Scottsdale, AZ 85254

$1,330,000

4 Beds

2.5 Baths

2,725 SqFt

Status Active

MLS # 6693835

Property Type Single Family Residence

Price Type --

Invite luxury and elegance into your home with this fully renovated and professionally designed home which features a beautiful and open split floor plan, vaulted ceilings and numerous upgrades including European oak engineered hardwood flooring, quartz, marble and granite countertops, custom designed wall molding, and a custom steel pivot door into the laundry room. The additional living area features a large bar area complete with a wine/beverage cooler, perfect for watching your favorite movies or sports teams. There is a bonus room which can be used as a home office, an in-home gym or a children's play area. French doors lead out to the quiet backyard oasis with a large covered patio and plenty of trees, shrubs and turf which make this area feel like a calm paradise. All of this situated only 3 miles away from the popular dining, shopping and entertainment district of Kierland Commons and Scottsdale Quarter. Don't miss this wonderful opportunity to make this property your home!

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2524 W Joy Ranch Road Phoenix, AZ 85086

$1,329,900

4 Beds

3.5 Baths

2,808 SqFt

Status Active

MLS # 6727091

Property Type Single Family Residence

Price Type --

Discover this pristine 4-bedroom, 3.5-bathroom home, barely lived in for four months since its construction, yet enhanced with over $110,000 in luxurious upgrades since move-in. The residence boasts a sprawling 47'x19' RV garage that seamlessly connects to an additional 4-car garage, offering ample space for vehicles and storage. Enjoy the convenience of fully paved access to the property, including an oversized concrete driveway. The property benefits greatly from its location directly across the street from miles of state trust land, which enhances its already amazing views. Inside, the home exudes modern elegance with wood-like tile plank flooring, soaring ceilings, and an open-concept layout ideal for comfortable living. An electric fireplace creates a cozy focal point in the spacious living room, while the large kitchen island invites gatherings with its abundant seating and plenty of cabinet space. A versatile nook provides flexibility for a coffee bar, breakfast area, or window bench. The masterfully designed laundry room includes a practical mudroom area, adding to the home's functionality. Outside, the fully landscaped backyard is a retreat with extensive pavers, artificial turf, and a generously sized covered patio, perfect for outdoor entertaining or relaxation. Privacy is assured by a block wall enclosing the backyard. Conveniently situated directly across from state land, the home offers breathtaking mountain views and easy access to hiking and riding trails. Quick connectivity to the I-17 ensures effortless commuting and access to amenities. This home is perfect for those seeking a move-in ready property.

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3658 E Los Gatos Drive Phoenix, AZ 85050

$1,329,000

5 Beds

3.5 Baths

3,775 SqFt

Status Active

MLS # 6741482

Property Type Single Family Residence

Price Type --

(This exquisite Phoenix home offers everything you need for luxury living in one of the city's most desirable areas. The spacious and open-concept design welcomes you with high ceilings, new interior paint, and elegant tile flooring throughout. The gourmet kitchen is a chef's dream, equipped with stainless steel appliances, subzero refrigerator, a double oven, and an oversized island perfect for casual dining. Adjacent to the kitchen, the family room features a beautiful stone-accented fireplace and easy access to the backyard. Outside, the beautifully landscaped yard was fully remodeled in 2021 with a resort-style pool w/ cascading water features, built-in BBQ, mini fridge, and a cozy fireplace - perfect for Arizona's year-round outdoor living. The primary suite is nothing short of impressive, with a spiral staircase leading to the office room above, a luxurious en-suite bathroom, and direct access to the backyard. With a dedicated media room and spacious guest suites, this home is perfect for entertaining guests and family alike. Located close to premier shopping and dining, this home truly offers the best of Phoenix living. New water softener (owned) - 2023 New water heater - 2023 New interior paint - 2023 New exterior paint - 2023 w/ 10 year warranty

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3323 W Desert Dawn Drive Phoenix, AZ 85083

$1,325,000

4 Beds

5 Baths

3,727 SqFt

Status Active

MLS # 6693578

Property Type Single Family Residence

Price Type --

Below Market Financing Available!!! $11,000 towards closing costs or rate buy down with preferred lender! READY TO MOVE IN TODAY! This modern marvel awaits, presenting a seamless blend of contemporary sophistication and functionality in every corner. Spanning 3,727 square feet, the estate offers a spacious and thoughtfully designed split floor plan, ensuring privacy and comfort for all. At the heart of the home 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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8073 N Harmony Lane Flagstaff, AZ 86001

$1,325,000

4 Beds

3 Baths

2,969 SqFt

Status Active

MLS # 6756276

Property Type Single Family Residence

Price Type --

To be built. New larger floor plan offering 2969 sqft! Plans semi-customizable. This luxurious home will be built on one acre at the base of the San Francisco Peaks. Almost instant access to Arizona Snowbowl Ski Resort and world-class hiking/biking trails, yet only minutes from downtown Flagstaff. Pictures featured are from a previously completed home. They are provided as an example of amenities available. Exact amenities and buyer selections will vary. This open floor plan features a gourmet kitchen, a great room that transitions seamlessly to outdoor living with spectacular views of the peaks. 4 bedrooms, 3 baths with a pull-through RV garage!! Homes by this builder completed on adjacent lots. Pictures & additional info available upon request.

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3739 E Sagebrush Street Gilbert, AZ 85296

$1,325,000

4 Beds

3 Baths

3,461 SqFt

Status Active

MLS # 6714172

Property Type Single Family Residence

Price Type --

Welcome to this beautiful 4-bedroom residence nestled in the Lakeview Trails Community! Prepare to be impressed by a spacious open layout showcasing tile flooring, a fresh soothing palette, recessed lighting, and high 12ft ceilings in Living room and Kitchen . The remarkable Gourment kitchen features light gray cabinetry, stainless steel appliances, quartz counters, a chic mosaic herringbone pattern backsplash, double wall oven, a walk-in pantry, and a large center island including a breakfast bar. Discover the main retreat comprised of soft carpet in all the right places, a walk-in closet, and an immaculate ensuite for added comfort. Host memorable gatherings in the fabulous backyard, offering covered and open patios! What's not to like? Make this heaven yours!

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2308 E Blue Bell Circle Payson, AZ 85541

$1,325,000

4 Beds

3 Baths

3,367 SqFt

Status Active

MLS # 6750593

Property Type Single Family Residence

Price Type --

Experience luxury living at its finest in this breathtaking hillside home located within the prestigious private golf country club of Chaparral Pines. Overlooking the 7th fairway and offering spectacular mountain views and sunsets, this residence combines elegance with unparalleled natural beauty. The expansive great room features vaulted T&G ceilings and a fireplace with stone accents, creating a warm and inviting space perfect for relaxing or entertaining. The kitchen is a chef's delight, equipped with granite countertops, stainless GE Profile series appliances, a gas cooktop, double wall oven, and a walk-in pantry. The primary bedroom and an additional bedroom are conveniently located on the main level, offering ease of access and privacy. MORE The walk-out basement offers a wet bar, a bedroom with an ensuite, and a huge game room that can double as an additional bedroom, providing ample space for entertainment or guest accommodations. Beautiful wood windows throughout the home add warmth and character, enhancing the overall aesthetic. The rear deck features remote-controlled screens, allowing you to enjoy the stunning views and fresh air in comfort and style.

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7167 E Rancho Vista Drive Unit 2006 Scottsdale, AZ 85251

$1,325,000

3 Beds

2 Baths

2,357 SqFt

Status Active

MLS # 6755021

Property Type Apartment

Price Type --

Total Refresh Move In Ready. If you looked at it before take another look. Rare 3 bedroom 2 bath offering in Award winning Optima. Well located unit with north and east facing patios . Unit comes with 2 parking spaces ( 1115 and H1099) and a storage unit. Interior features natural travertine floors , two sided fireplace, open kitchen with double ovens , 6 burner gas cooktop rich wood cabinetry and granite counters. Spacious laundry room with built in cabinets, washer and dryer convey. Lockbox hanging on grate to the north of garage entrance or go to the concierge office to pick up a key to show

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7635 E Camino Vivaz -- Scottsdale, AZ 85255

$1,325,000

3 Beds

3 Baths

2,220 SqFt

Status Active

MLS # 6752515

Property Type Single Family Residence

Price Type --

Newest home built in this private gated North Scottsdale community. No expense was spared on upgrades for this 3 bed, +den, 3 bath home with open floor plan. From the soaring 12 ft ceilings, to the gourmet Custom Chefs kitchen which has top of line GE Monogram appliances, double stacked custom cabinets, and waterfall countertops! Your spacious great room has natural light flooding in, along with gorgeous mountain views in the back yard. It is the perfect place to entertain guests! All of the bathrooms throughout the home have floor to ceiling upgraded tile showers, cabinets and granite counters to match! This smart home comes equipped with a Ring doorbell, alarm system, smart front door lock, thermostats, water flow monitoring system and you can open your garage door all from a simple app on your phone anywhere. Plus, your 2-car garage is epoxy coated and has an existing outlet for Electric Vehicle charging! Your new home also features beautiful front and backyard landscaping with automatic drip system and synthetic grass in the backyard. Close to the high end shopping, dining & events that North Scottsdale has to offer and only a short distance to numerous golf courses and easy access to hiking trails.Don't miss out on this fantastic home!

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9905 E Cinnabar Avenue Scottsdale, AZ 85258

$1,325,000

4 Beds

2.5 Baths

2,656 SqFt

Status Active

MLS # 6746097

Property Type Single Family Residence

Price Type --

Welcome to a meticulously updated 4 bedroom masterpiece in the highly desired community of Scottsdale Ranch. Step inside thro the custom iron entry door to find a fabulous floor plan. This stunning home features luxurious acacia wood flooring and elegant tile throughout. Chef's kitchen is equipped with a state of the art induction cook top, SS appliances, double wall oven, and new alderwood cabinetry. The kitchen is open to the family room and overlooks the park like backyard. What a view!! Relax by one of the 3 fireplaces-inside or out. Unwind in the expansive primary bedroom complete with its own fireplace and spa like bathroom. Rejuvenate in the soaking tub or simply jump in the sparkling pool! New A/C unit and low-e windows offer energy efficiency and great style. every detail has been carefully considered, from the updated lighting to the sand-finished exterior with fresh paint. This home is more than just a place to live, it's a lifestyle. There are dozens of active clubs and groups within in Scottdale Ranch to participate in. Don't miss this chance to own a piece of paradise!

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4675 Copper Court Wickenburg, AZ 85390

$1,325,000

3 Beds

3.5 Baths

3,024 SqFt

Status Active

MLS # 6742332

Property Type Single Family Residence

Price Type --

Enter the spacious 3-bed, 3.5-bath Orion floor plan. Dramatic 10 & 12 ft ceilings accentuate mountain views from the grand living room's ample windows. Den & media room offer additional hosting space when the family comes for the holidays. Granite countertops at dining & baths. Smart space at laundry adds storage, office or craft area. Kitchen is an entertainer's dream w/ built-in cooktop, microwave, oven, & large island for guests. Alcove dining space opens to 600 sq ft of covered patio. Powered shades, built-in BBQ & ceiling fans. artificial turf and mountain views, stunning sunrises & sunsets are all waiting in your backyard. Fully paid off solar, 3-car garage, hot water recirculation & water filtration primary bath with soaker tub and glass enclosed shower upgrades just to name a few

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