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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18131 W Palo Verde Court Litchfield Park, AZ 85340

New

$1,325,000

4 Beds

4 Baths

4,322 SqFt

Status Active

MLS # 6761977

Property Type Single Family Residence

Price Type --

Welcome Home!!! This luxury 4 bdrm + flex room 3.5 bath custom home sits on a ½ acre lot in the comfort of a gated community. Stellar features include an open concept floorplan, 12 ft coffered ceilings, travertine floors, wood shutters, spacious bedrooms, walk-in closets, gas fireplace, dramatic wall of glass, backyard oasis w/ lighted sports court, and solar panels saving hundreds on summer electric bills. Stunning chef's kitchen hosts 2 pantries, custom cabinets, granite counters, large island w/prep sink & bar seating, and GE Monogram appliances w/6-burner gas range/griddle, double ovens, & oversized refrigerator. Primary suite dons a bow window, private exit to back patio, custom built-in closet, jacuzzi tub, dual vanities, & snail shower. This is a must see...

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9905 E Cinnabar Avenue Scottsdale, AZ 85258

$1,325,000

4 Beds

2.5 Baths

2,656 SqFt

Status Active Under Contract

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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5109 E Phelps Road Scottsdale, AZ 85254

$1,325,000

5 Beds

3 Baths

2,613 SqFt

Status Active Under Contract

MLS # 6757389

Property Type Single Family Residence

Price Type --

Hard to find 5Br, 3 Full Baths, Split Plan, Multiple living areas, Huge Vaulted Ceilings, 12 ft Accordion Door that leads to Sparkling Pebble Tech pool with Baja Step & Beautifully landscaped Backyard with Built-in BBQ & Covered patio. Have peace of mind knowing that you have a New Roof, New Ac's, & a complete remodel with Elegant finishes Like Marble, Hardwood floors, Custom Hood Vent & shelves, wainscoting, surround sound, wallpaper and woodwork throughout making it feel like you are living in a Magazine. Located perfectly, only 9 minutes between Scottsdale Quarter/Kierland & PV Reimagined Mall and just over 5 min to Highway 51/101 or Mayo clinic. Truly a Unique home that stands out from the rest and is sure to Impress. Come See it Today before it's Gone!

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14816 E Valley Vista Drive Fountain Hills, AZ 85268

$1,325,000

2 Beds

2 Baths

2,742 SqFt

Status Active

MLS # 6743723

Property Type Single Family Residence

Price Type --

New Build from the Ground Up! Located on a cul-de-sac. This single-story new build home allows you to choose your finishes. This open floorplan showcases the protected easement behind the home with 8' windows and 12' ceilings. Select your finishes and build your dream home now.

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1011 Dusty Lane Show Low, AZ 85901

$1,325,000

3 Beds

2.5 Baths

3,422 SqFt

Status Active

MLS # 6658000

Property Type Single Family Residence

Price Type --

This gorgeous 2 story home, with over 3,000 Sq ft sits on just over 6 acres. With 3 bedrooms, 2.5 bathrooms, plus a large bonus room, this home has all the space you need. Attached is a 3-car garage, with a workshop. Included on the 6 acres is a storage building, playground, orchard and extra-large metal shop, complete with 2 garage doors, and a wood stove. Mature trees, owned solar panels, brand new quartz counter tops, a new pellet stove, custom master bathroom, lawns on sprinkler systems, and a private well are just a few more things this amazing property has to offer! Listing agent is directly related to sellers.

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1244 N 106th Place Mesa, AZ 85207

$1,325,000

5 Beds

3 Baths

3,588 SqFt

Status Active

MLS # 6672008

Property Type Single Family Residence

Price Type --

Perfect in every way! Nestled on an acre lot, this beautiful 5-bedroom +office home epitomizes comfort and functionality. 4-car tandem garage for plenty of storage. RV parking, front porch, & a lovely front yard w/artificial turf are just the beginning. Discover a formal dining room and an inviting living area that opens to the kitchen! Natural light filled the spaces, complemented by a neutral palette, modern light fixtures, and wood-tile flooring w/plush carpet in bedrooms. The gourmet kitchen boasts sleek SS appliances, quartz counters, subway tile backsplash, white shaker cabinetry, a walk-in pantry, and an island w/breakfast bar. Primary bedroom has an outdoor exit and a ensuite that features two vanities, soaking tub, separate shower, & a walk-in closet w/laundry & mudroom access Laundry room with sink and cabinetry for added convenience. Out the back, you have a covered patio to relax after a busy day. PLUS! This property offers so much room for your animals, trucks, toys, or ideal outdoor living space. Enjoy the neighborhood's tranquility and fantastic mountain views! Don't miss this move-in-ready abode!

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1921 S Santa Anna Drive Chandler, AZ 85286

$1,325,000

5 Beds

3 Baths

3,824 SqFt

Status Active

MLS # 6723948

Property Type Single Family Residence

Price Type --

Rare chance to own a recently remodeled home in the heart of Chandler that features a 4-car garage and resort style backyard. Located in the highly desirable gated community-Germann County Estates, you have easy access to multiple freeways, shopping, restaurants, and entertainment. Walk in the front door working on your golf game, cutom patio coverings with misting systems, oversized pool, jacuzzi, sunken kitchen with swim-up-bar, custom area for golf simulator, RV gate, and custom lighting all around. Don't miss this opportunity as they don't come very often in this area!

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17518 E Whitethorn Drive Rio Verde, AZ 85263

$1,325,000

4 Beds

3.5 Baths

3,651 SqFt

Status Active

MLS # 6735190

Property Type Single Family Residence

Price Type --

Nestled on a peaceful road among breathtaking mountain vistas, this home offers unparalleled resort-style living in serene Rio Verde. A thoughtfully designed split floor plan allows for privacy with the primary bedroom split to one wing, away from the other 2 bedrooms in the main house. An attached 1bed/1bath casita is accessible from the back patio. Entertain effortlessly in the great room with a cozy fireplace, a huge built-in entertainment center, a sophisticated built-in bar, and game room with space for a pool table. Adjacent is the chef's kitchen with a large island, granite countertops, stainless steel appliances, and a walk-in pantry. Versailles pattern travertine & engineered wood floors as well as other beautiful finishes throughout the home. The deluxe master has an oversized bath suite with an adjoining room that can be used as an office, workout space, or an extra closet. Stunning views of the Tonto National Forest serve as a picturesque backdrop while you're relaxing in the sparkling pool or in the new above ground hot tub among beautiful landscaping and wide-open skies. Additional upgrades in addition to the new hot tub include 2 new A/C units in 2022, and an extensive critter fence installed around the perimeter. Don't miss this invitation to luxurious living here in Rio Verde!

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2342 N Lemon Circle Mesa, AZ 85215

$1,325,000

7 Beds

4 Baths

3,807 SqFt

Status Active

MLS # 6715925

Property Type Single Family Residence

Price Type --

BACK ON THE MARKET!!! Gorgeous custom home located in the highly sought after Spyglass Estates! On almost a full acre this property is one of a kind. Lush private backyard on flood irrigation with a heated pool, putting green, ramada, RV pad with all hook-ups and a variety of citrus trees. The gourmet kitchen is open and bright and offers gorgeous granite counters, tons of custom built cabinets and high end appliances. Split floorplan with the primary suite and 3 bedrooms on one side and a private guest retreat on the other side. Surround sound throughout the house! And then the hidden gem of the property...the newly built casita with a completely private and separate backyard. A shaded oasis perfect for family friends or even long term rental. The options are endless! Custom attic space above the garage with stable flooring provides quite a bit of additional storage. All sheds on property convey as well. CAT 6 ethernet wiring throughout main house and casita. Most furniture and game tables available on separate bill of sale. Come see this one of a kind Mesa gem for yourselves!

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12158 N 138th Street Scottsdale, AZ 85259

$1,325,000

3 Beds

3 Baths

2,979 SqFt

Status Active

MLS # 6731048

Property Type Single Family Residence

Price Type --

This beautifully remodeled home within the guard gated community of Scottsdale Mountain, features 3 bedrooms, 3 bathrooms, a loft, an office and a host of modern upgrades, including engineered white oak hardwood throughout. The downstairs boasts high ceilings and beautifully remodeled kitchen, featuring new white oak and white cabinets, appliances and quartz countertops. Step into the family room with a dual sided fireplace with the living room on the opposite side. The backyard features a view fence over a beautiful wash, a newly resurfaced pebble tech pool and stunning mountain views at the base of the McDowell Mountains. The home boasts a large first floor master retreat and completely remodeled bathroom. Upstairs is a great place for the kids with an additional two bedrooms and a loft for games and entertainment. Lastly, the home received a new roof in 2022 and new Trane HVAC system in 2024. Don't miss this stunning remodel in the safe and secure guard gated community of Scottsdale Mountain adjacent to award winning schools!

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7272 E Gainey Ranch Road Unit 43 Scottsdale, AZ 85258

$1,325,000

2 Beds

3 Baths

1,895 SqFt

Status Active

MLS # 6730003

Property Type Townhouse

Price Type --

Enjoy the Gainey Ranch lifestyle in this updated 2 bedroom plus den condo with 3 full baths. Situated on the Lakes Golf course. Bright end unit with 2 master suites and views of the golf course. Both with large decks to truly enjoy the morning and afternoon sun. Enjoy all the amenities Gainey ranch has to offer. New ''state of the art'' Gainey Ranch Estate club with everything from tennis and pickle ball to a spacious work out facility. Close to shopping at the Gainey Village and walking to the Hyatt Hotel! Gainey Ranch offers an array of amenities, including tennis, pickleball, a fitness center, community pool and optional membership to the Gainey Ranch Golf Club. Enjoy top-tier shopping, dining, and entertainment just minutes from your doorstep.

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