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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14328 E Charter Oak Drive Scottsdale, AZ 85259

$1,325,000

4 Beds

4.5 Baths

3,650 SqFt

Status Active

MLS # 6750311

Property Type Single Family Residence

Price Type --

Perched hillside on a tranquil cul-de-sac in the privately-gated Hidden Hills enclave, this masterfully crafted Santa Fe-style retreat offers pristine privacy backing to the McDowell Mountain preserve, meticulously manicured resort-style grounds, private front courtyard entry, an attached guest casita (450 sq ft), epoxied 2-car garage & serene mountain views from nearly every window. The unique triple-split floor plan is enhanced with 4 total ensuite bedrooms, two luxurious primary suites, soaring ceilings, plantation shutters, tile + plush carpeting throughout, custom archways, built-in niches & multiple sliding glass doors allowing seamless indoor / outdoor living. Chef's kitchen is equipped with ample crown molded cabinetry, custom backsplash, reverse osmosis, breakfast nook, eat-in - center island & formal dining. Enjoy the entertainers backyard delight complete with a sparkling pool + spa, expansive covered lounge patio, fire pit, built-in BBQ & straight-shot mountain views. Don't miss your chance - this gem won't last long!

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21032 N 60th Terrace Phoenix, AZ 85054

$1,324,000

5 Beds

5 Baths

3,070 SqFt

Status Active

MLS # 6746500

Property Type Single Family Residence

Price Type --

Welcome to your Pulte-built dream home in sought-after Talinn at Desert Ridge, perfectly situated on a premium cul-de-sac lot. Construction on this home was completed in Dec. 2023 and features a fantastic floorplan with 5 bedrooms, 5 baths, a loft, and stunning upgrades throughout . The spacious 2-story great room boasts recessed lighting, surround sound, abundant natural light and a 4 part sliding door that allows a seamless indoor/outdoor experience and access to the large covered patio, professionally landscaped yard and the sparkling pool with large Baja shelf that was just complete in May 2024 . The gourmet kitchen is equipped with high-end granite countertops, stainless steel KitchenAid appliances and pendant lights over the kitchen island breakfast bar. As you enter the home, you will find a large, bright home office. Making your way to the guest suite, complete with an en-suite bath, which is very private and perfect for guests. The first floor laundry room features cabinetry, a folding counter and a deep sink pre-plumb. The heart of the home follows with a gorgeous great room, kitchen with soft-close cabinetry, pull-outs and under cabinet lighting and a formal dining room with a stunning accent wall. Off of it's own vestibule, is the owner's suite complete with a walk-in closet, dual sinks and a huge tile shower. Upstairs, you will find an additional suite with an en-suite bath, 2 additional bedrooms, a full bath and a loft/bonus area. Additional features include shades and curtains throughout, a gorgeous epoxy floor in the garage, granite throughout home in all bathrooms, beautiful fans in every bedroom, loft and back patio, wonderful under-stair storage, designer light fixtures, wood-look tile floors and surround sound in family room and back patio. Located in the desirable resort-style Talinn community, this home offers easy access to the 101 freeway and Desert Ridge, High Street and Mayo Clinic Hospital, providing a plethora of activities such as fine dining, shopping, and entertainment. The community clubhouse, featuring a fitness center and pool, is almost complete and is a short walk. Don't miss out on this gorgeous home!

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E Weston Lane San Tan Valley, AZ 85140

$1,320,000

4 Beds

4.5 Baths

3,602 SqFt

Status Active

MLS # 6748846

Property Type Single Family Residence

Price Type --

Welcome to your dream home in San Tan Valley, AZ! This stunning new build is truly a one-of-a-kind opportunity, offering 4 bedrooms and 4.5 bathrooms with the option to build to suit. Situated on a spacious 1.25 acre lot with no HOA, this property is perfect for those looking for their own piece of paradise. Featuring builder upgrades throughout and front landscaping included, this home will boasts a luxurious feel from the moment you step inside. The open concept floor plan is perfect for entertaining guests. This property is also horse friendly, making it ideal for equestrian enthusiasts. And with a generous 4 car garage, there's plenty of room for all your vehicles and toys. Don't miss out on this incredible opportunity to own a slice of Arizona heaven.

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14139 W Christy Drive Surprise, AZ 85379

$1,320,000

6 Beds

4.5 Baths

4,979 SqFt

Status Active

MLS # 6733798

Property Type Single Family Residence

Price Type --

Absolutely stunning newly remodeled acre lot home in gated community. From the dramatic entry to the beautiful spacious kitchen you'll enjoy luxury living. You'll be blown away by the open and airy feel. This home has it all, including 6 bedrooms and 4.5 bathrooms, office, movie/game room, and fireplace. Big open elegant kitchen with butler's pantry, beautiful quartz countertops and many more elegant features. Master bath has his and her area with a huge closet. Outside is an entertainers dream with a resort style patio featuring wood fireplace, pizza oven, and built in BBQ that will lead you to your sparkling pool. You'll be able to entertain 100 people comfortably!! Too many upgrades to mention. Ac's, tankless H2o heater, garage doors, extended patio all new! All that's missing is you!

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23624 N 76th Place Scottsdale, AZ 85255

$1,319,000

3 Beds

3 Baths

2,220 SqFt

Status Active Under Contract

MLS # 6749963

Property Type Single Family Residence

Price Type --

Exquisitely maintained modern 3 bed/3 bath + den residence in the exclusive gated community of Paseo at Pinnacle Peak. This property boasts premium upgrades, including a chef's kitchen with top-of-the-line Monogram appliances and a stunning quartz waterfall island. Modern lighting and fans throughout , a custom barn door for den/office space, high quality plantation shutters and sun screens are on all windows. The outdoor space is a true oasis, featuring a heated pool, spa, water & fire features, travertine tile, and high quality artificial turf. Plus the added convenience of an electric sun shade for the ultimate in AZ outdoor comfort! The home is ideally situated for ultimate privacy with no direct rear neighbors making this a premium lot in the community. Conveniently located in prime North Scottsdale, near upscale restaurants like Spiga and Greyhawk Country Club, & premier pickleball courts. This home is perfect for snowbirds, down-sizers, & investors alike, with flexible long-term rental options allowable per HOA. Come experience the epitome of luxury living in this sophisticated desert retreat that seamlessly blends modern design with exclusive amenities!

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2945 W Trail Drive Phoenix, AZ 85086

Open House

$1,315,000

4 Beds

3 Baths

3,107 SqFt

Status Active

MLS # 6693685

Property Type Single Family Residence

Price Type --

This fantastic, 3100+ SF, single story custom home in North Phoenix is a must see! Acre lot at the end of a cul-de-sac, NO HOA, great views & loads of fabulous upgrades, including travertine flooring, 10 ft. ceilings, gourmet kitchen w/ double ovens, Wolf induction cooktop, granite countertops, wine fridge, island w/ sink & lots of storage space! Gas fireplaces in both the spacious family room featuring soaring 14 ft. beamed ceiling, and the primary suite boasting of a snail shower, spa tub, dual sinks & walk-in closet! 2 new AC units, 3-car garage and a separate 1100 SF RV garage/shop with AC & 1/2 bath! Fully landscaped desert front & back yards with w/ oasis like custom pool, putting green, huge covered patio w/ grill area and more to see including the amazing mountain views!! Just minutes to Tramonto, Anthem, EZ freeway access and less than 30 minutes to Lake Pleasant!

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10445 W Navigator Lane Peoria, AZ 85383

$1,310,000

5 Beds

3 Baths

3,231 SqFt

Status Active

MLS # 6660063

Property Type Single Family Residence

Price Type --

Estimated completion 14 months from contract. New community by Canavest Group with each lot having the ability to be fully customizable to your liking and finishes to your selection. Ironwood Estates in Peoria, AZ offers a luxurious living experience in a serene desert setting. This fully improved exclusive 6 lot community features spacious single-family homes with modern amenities and high-end finishes. With 4 lots ½ acre and 2 lots ¾ acres residents can enjoy stunning mountain views, beautifully landscaped yards, and access to community parks and walking trails. With its convenient location near shopping, dining, and entertainment options, Ironwood Estates provides the perfect blend of comfort and convenience for those seeking a sophisticated lifestyle in the heart of Peoria

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Flagstaff AZ 86004

$1,300,000

6 Beds

3 Baths

3,515 SqFt

Status Active

MLS # 6742413

Property Type Single Family Residence

Price Type --

Incredible home in Continental Country Club and is NOT in the HOA, currently a turnkey, 5 Star, successful vacation rental. Furnishings negotiable. Spectacular Mountain views, soaring ceilings, multiple fireplaces, expansive gourmet kitchen w/ Subzero fridge, wine cooler, walk in pantry. Solid Oak flooring in Dining and Living rooms, exterior paint in 2021, new roof in 2020, premium tankless hot water heater, updated primary bathroom plus other updates. Ceiling fans throughout. AC upstairs. Corner lot, 2 long paved driveways, with lots of onsite parking spaces. Enjoy 2 spacious decks. Bonus upstairs bunkroom and loft. Entertainer's dream with pool table, 2 bars, game tables, kid's hideaway playroom and plenty of room to sleep family & friends. Ask about Bear Paw amenities to purchase.

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41198 Us 180 -- Nutrioso, AZ 85932

$1,300,000

3 Beds

2.5 Baths

1,914 SqFt

Status Active

MLS # 6758430

Property Type Single Family Residence

Price Type --

Welcome home to the ''Hollywood House''. Beautiful, one of a king, custom-built log cabin features glue lam beams and pressurized wood throughout. Nestled on the top of the hill with panoramic views of Escudilla Mountain. Grab a coffee, step outside on the huge front deck and enjoy the wildlife. Three levels, large loft with half bath. Main floor is the great room, primary bdrm, kitchen and formal dining room. Basement includes a two car garage with brand new living quarters to include, living area, bdrm and full bath. All floor to ceiling windows in great room have been beautifully remodeled with wood and Milgard windows. Make an appt with me to see this home before it's gone.

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32853 N Bell Road Queen Creek, AZ 85144

$1,300,000

4 Beds

3 Baths

2,637 SqFt

Status Active

MLS # 6735331

Property Type Single Family Residence

Price Type --

Step into your own private oasis on over 2+ acres of pristine land. This brand new home, completed in 2023, offers a unique blend of luxury and comfort. The Jack & Jill bathroom is perfectly designed to cater to the needs of any family. The property boasts dual RV storage in a spacious 40x40 garage, complemented by a separate four-car garage. No expense was spared in crafting the backyard into a true masterpiece. Enjoy sweeping panoramic views of the mountains, including the nearby San Tan Mountains with their inviting walking trails. Dive into the stunning 9-foot deep, pebble tech pool, surrounded by lush artificial turf. Entertain in style under the charming gazebo. This exquisite retreat is a rare opportunity to embrace elegance and tranquility in one perfect package.

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145 S Bonito Ranch Loop Cornville, AZ 86325

$1,300,000

3 Beds

2.5 Baths

2,599 SqFt

Status Active

MLS # 6757670

Property Type Single Family Residence

Price Type --

Step into a world of charm with this stunning NEW CONSTRUCTION residence. A grand covered porch invites you to experience modern farmhouse living, accentuated by porcelain tile white oak flooring throughout. The 30-ft-high peaked metal roofline and clerestory windows fill the open-concept great room and entertainer's kitchen with an abundance of natural light. The kitchen is a culinary masterpiece, featuring a WOLF induction cooktop, double ovens, a coffee bar, and a quartz island seating 8. White cabinets with illuminated uppers and a farmhouse sink create a space where functionality meets elegance. Off the great room, discover an enclosed patio with a floor-to-ceiling fireplace, perfect for cozy evenings. A spiral staircase leads to a loft with sweeping views.

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20817 W Maddock Road Morristown, AZ 85342

$1,300,000

3 Beds

2 Baths

1,900 SqFt

Status Active Under Contract

MLS # 6688857

Property Type Single Family Residence

Price Type --

Welcome to a premier 5-acre slice of the west, where rustic elegance meets unparalleled horse-friendly amenities. This estate is a testament to the spirit of Western living, designed with the horse enthusiast in mind and perfected with the touches of modern convenience. At the core of this property lies a state-of-the-art arena (complete with return alley, and holding pens), ready to host your morning rides against the backdrop of breathtaking landscapes. The estate includes 28 pens, many offering shaded comfort for your horses, alongside large turnouts where they can roam freely. Step inside.. the residence, a tastefully designed Santa Fe/Territorial style 3-bedroom, 2-bathroom home that captures the essence of Western charm. Here, evenings are spent by the fireplace, sharing stories of the day's adventures, while the spacious bedrooms offer a serene retreat under the starlit sky. You'll enjoy the added amenity of a shop/barn with 3 open bays measuring 18X32 each, and an enclosed shop with a concrete floor, also measuring 18X32. This property isn't just a home; it's a lifestyle for those who yearn for the serenity of country living without forgoing the luxuries of modern life. It's a haven where every day brings the promise of new adventures on the horizon. Ready to stake your claim on this piece of Western paradise? The trail leads here.

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