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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32278 N 168th Avenue Surprise, AZ 85387

$1,300,000
4 Beds
4 Baths
3,630 SqFt
Status Active
MLS # 6741875
Property Type Single Family Residence
Price Type --
This custom Modern Farmhouse features 4 bedrooms and 3 ½ baths, including an office, and boasts a 2-car garage along with a large RV garage on a lot exceeding 1 acre. The home includes a massive great room with a fireplace, a large chef's kitchen equipped with upgraded energy-efficient appliances, electric and propane gas hookups, and custom cabinets with a large island. The kitchen also features a walk-in pantry with cabinets and a water hookup for a portable ice machine. A separate laundry room with a sink and space for an additional refrigerator with a water hookup. The primary bathroom includes a fireplace, a separate walk-in shower with custom tile, a luxury sit-in tub, his and her vanities, and a large walk-in closet. Each bedroom has a walk-in closet, with one bedroom featuring a Jack & Jill bathroom and the others having a separate bathroom. Custom tile is laid throughout the home, including the bathroom tub and shower surrounds, which also feature upgraded faucets. The home also features an electric tankless water heater with the option to switch to gas/propane. The entry door is a large, custom-iron secure door. Additionally, the home has a full-back covered patio with bifold doors. This home is adorned with upgraded light fixtures throughout, including a large chandelier at the entry. The lot is enclosed with block wall fencing surrounding the premises.

6109 E Brilliant Sky Drive Scottsdale, AZ 85266

$1,300,000
4 Beds
3.5 Baths
2,718 SqFt
Status Active
MLS # 6725585
Property Type Single Family Residence
Price Type --
TERRAVITA STELLA WITH CASITA. 3 BEDROOMS, 3.5 BATHS AND CASITA WITH SEPARATE ENTRANCE - THREE CAR GARAGE. GOLF COURSE VIEWS - Entrance to home has flagstone and fountain. Interior entrance tiled and open. Great Room has large window to bring in Arizona outdoor beauty and with a south view lots of light. Entertainment center with niches, fireplace, hearth area. Kitchen and dinette with seating room area all open and with lots of windows with fairway views. Double doors to patio. SS appliances with gas range. Peninsula island. Primary bedroom and bathroom spacious. Windows for golf views in bedroom. Bathroom has double vanities, walk-in shower and soaking tub. Floor Plan under Doc Tab click More tab for additional information. Second bedroom carpet, spacious with single vanity bathroom and combo tub/shower. Third bedroom/game room has built-in desk, carpet and multitude of options. Hallway cabinetry for additional storage. Large den with wall of built-in shelving and work counter. Powder room with pedestal sink. Casita has separate entrance with carpet in bedroom area and bathroom with single vanity and tub/shower combo. Laundry has ample cabinetry upper and lower and counter. A backyard paradise - golf course views, flagstone and rock, covered patio, outdoor grill/kitchen with decorative tiled counter area and a corner fireplace. Make it your dream home!

7737 E Shooting Star Way Scottsdale, AZ 85266

$1,300,000
3 Beds
2.5 Baths
3,504 SqFt
Status Active
MLS # 6744041
Property Type Single Family Residence
Price Type --
Beautiful home in guard gated Winfield with breathtaking views. Home features a gated courtyard with lush landscaping, and backs onto private natural space with no homes in sight. Once through the front door, you are greeted by a massive living and dining room with soaring ceilings and expansive windows letting in lots of natural light and magnificent views of the beautiful backyard. Custom wood flooring in most areas, with tile and carpet in the remainder of the home. Oversized kitchen has beautiful Granite countertops, lots of cabinets, Stainless appliances and walk-in pantry. Breakfast Bar separates kitchen from eating area, which overlooks an enormous Family Room with built-in entertainment center and fireplace. Family Room leads to an outdoor entertainer's dream steps away from the Saltillo Tiled covered patio. Backyard features a built-in BBQ with sink and small fridge, a small pool and a raised fireplace with surrounding seating and gorgeous views. Primary suite features wrap around windows overlooking stunning views, oversized bathroom and large organized walk-in closet. Bathroom features separate sinks, walk-in shower and large raised bathtub. In addition to two large secondary bedrooms, there is an oversized flex room with tile flooring and direct access to one of the two double garages that could serve as an office, game room or workout room. Community offers a beautiful community pool and spa, workout facilities, many Pickleball and Tennis Courts and a beautiful clubhouse.

10095 E Graythorn Drive Scottsdale, AZ 85262

$1,300,000
3 Beds
3 Baths
2,292 SqFt
Status Active
MLS # 6733394
Property Type Single Family Residence
Price Type --
Perfect lock and leave home with 3 bedrooms and 3 baths all on one level! Oversized 2 car garage, multiple patios, barbecue and southerly exposure offering amazing privacy! This 2292 square foot cottage is walking distance to The Sonoran Club which features Pickleball, Bocce, Croquet, Tennis, Swimming, Fitness and a world-class spa. Membership is NOT available from the seller. Contact Desert Mountain membership for information.

5321 N 17th Avenue Phoenix, AZ 85015

$1,300,000
3 Beds
1 Bath
1,226 SqFt
Status Active
MLS # 6542377
Property Type Single Family Residence
Price Type --
CENTRAL/UPTOWN PHOENIX MULTIFAMILY BUILDER OPPORTUNITY! Corner Parcel for up to 40 Units of Luxury Apartments, Townhomes or Condos (presently R3 Multi-Family Zoning w WALKABLE URBAN Code potential). See Photos & Document Tabs. Located within an OPPORTUNITY ZONE! Attractive & Advantageous Demographics. Convenient access to Valley Metro Light Rail, Christown Spectrum Center, Grand Canyon University, Abrazo Central Campus, Great Shopping Centers, Fine Dining Establishments & Best Schools. Neighboring Walkable Urban 1.54 Acre Parcel also for sale for a combined prodigious development potential.

9736 E Cochise Drive Scottsdale, AZ 85258

$1,300,000
4 Beds
3.5 Baths
3,338 SqFt
Status Active Under Contract
MLS # 6745963
Property Type Single Family Residence
Price Type --
Welcome to your new home in beautiful Scottsdale Ranch! Located on a corner lot, this single-story, 4-bedroom, 3.5-bathroom beauty offers comfort and convenience throughout. The oversized living room features a real wood-burning fireplace and French doors leading into the backyard, perfect for relaxing evenings. The well-appointed kitchen boasts ample counter space, adorned with white cabinetry and granite counters, creating a stylish yet functional space overlooking the backyard. Retreat to the primary suite featuring a generous layout and a luxurious en-suite bath with a soaking tub and separate shower. Additional split bedrooms provide plenty of space for family and guests, while an ensuite above the garage with a full bath and kitchenette offers added versatility for guests. The stunning back yard features a large covered patio, a sparkling pool and spa and beautiful grassy lawn. Located in the heart of Scottsdale, this home offers easy access to a wealth of amenities and attractions. Explore nearby shopping and dining options, or spend the day soaking up the sun at one of the many local parks or golf courses.

25928 W Ravina Lane Morristown, AZ 85342

$1,300,000
3 Beds
2 Baths
2,174 SqFt
Status Active
MLS # 6691774
Property Type Single Family Residence
Price Type --
Welcome to your dream horse property on just over 8 acres! This income producing estate has everything you need to make your dreams come true here in AZ. This property has a 6 or 9 horse mare motel, turnouts, 9 additional pens, an arena and 3 RV spots perfect for anyone to train out of or just enjoy with your friends. The barn offers ample stall space with automatic waterers, and hay storage providing everything you need for your horses. Step outside to the professionally maintained arena with sand brought in to make it perfect for any discipline. The home is spacious and has an open floor plan with amazing views from the back patio. It's perfect for entertaining, relaxing and enjoying the Arizona weather. This property is centrally located to shopping, restaurants and all the arenas. It is just 45 minutes to Dynamite Arena in Cave Creek, 50 minutes to Buckeye Equestrian Center and 15 minutes to the Team Roping Capital if the World. Don't miss out on the chance to own your slice of paradise!

8861 W Hatfield Road Peoria, AZ 85383

$1,300,000
5 Beds
4 Baths
3,513 SqFt
Status Active
MLS # 6754452
Property Type Single Family Residence
Price Type --
Wow, just WOW! Incredible property with breathtaking mountain views! Be greeted by a great curb appeal w/manicured desert landscape, ample courtyard w/welcoming iron gate, and a sided 4-car garage w/paver driveway. Home exudes elegance throughout showcasing pre-wired surround sound, abundant natural light, a designer palette, and tasteful flooring - tile & wood in all the right places. Discover the thoughtfully laid-out open floor plan, making entertaining a bliss! The gourmet kitchen is a cook's delighting, featuring high-end SS appliances w/cooktop gas, beautiful staggered cabinetry, recessed & pendant lighting, a pantry, glass tile backsplash, and a big island with a breakfast bar. You'll love the separate family room paired with a fireplace, dry bar, & multi-sliding doors to the back. Enter the large main bedroom to find outdoor access and a lavish ensuite that boasts dual granite sinks, a soaking tub, a shower w/dry-off area, & a walk-in closet w/built-ins. One secondary has its own bathroom for added comfort. But the true highlight is the spacious, RESORT-STYLE backyard! The space is an entertainer's dream, featuring a covered patio, well-lavers, putting green, play area, Pergola, misting system, gas fire pit, mature trees, horseshoe pit, and a sparkling pool w/spa combo for year-round enjoyment. This gem is a RARE find! Luxurious living at its finest!

5713 W Rowel Road Phoenix, AZ 85083

$1,300,000
5 Beds
4.5 Baths
4,796 SqFt
Status Active
MLS # 6729792
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the prestigious Stetson Valley! This spectacular hillside residence boasts breathtaking views of Ludden Mountain and offers privacy, making it an oasis in the desert. Outside, indulge in resort-style living with a sparkling heated pool with a large, covered patio. Built-in misters ensure comfort on sunny days. The motorized solar shades and an electric awning expand your outdoor entertainment options. A convenient full bathroom with exterior access completes the poolside amenities. The large front patio, paved in travertine, features built in misters and is gated for your privacy. Step inside to discover a beautifully appointed interior featuring a spacious dining room with a butler's pantry, perfect for hosting your family and friends. see more.. Step inside to discover a beautifully appointed interior featuring a spacious dining room with a butler's pantry, perfect for hosting your family and friends. The large kitchen, with a walk-in pantry and huge island, opens to the great room, which is highlighted by a stacked stone fireplace. Upstairs, the expansive owner's suite beckons with a private sitting area overlooking Ludden Mountain. Recently renovated, the ensuite bathroom is a sanctuary with a free-standing tub, his and her vanities, and spacious closets. A large loft area offers additional living space, while a full-size laundry room with cabinetry adds convenience. Four additional bedrooms include a jack-and-jill bathroom, ideal for family or guests, and a fourth and fifth bedroom split by the spacious loft, overlooking the city lights, near an office nook for added flexibility. Don't forget to watch the hot air balloons from front balcony! The 3 car garages are split car and feature epoxy floors, extended length, built-in storage and EV charger. You will also find the 75 gallon water heater and whole house filtration. This home is not just about luxury, but also functionality with modern upgrades including an EV charger, solar system, exterior ceramic paint for energy efficiency, solar shades, and updated AC. Recently refreshed interiors with fresh paint complete the picture of this well-maintained property. Experience the pinnacle of Arizona living in this home, where every detail has been carefully considered for comfort, convenience, and style. Don't miss your chance to own this exceptional residence in one of Phoenix's most desirable neighborhoods.

28319 N 252nd Avenue Wittmann, AZ 85361

$1,300,000
4 Beds
2 Baths
2,115 SqFt
Status Active
MLS # 6696908
Property Type Single Family Residence
Price Type --
***DREAM HORSE PROPERTY*** Escape the hustle & bustle of the city and embrace the beauty & serenity of country life in this fantastic Custom Santa-fe style property! This beauty is located on it's own private road, comes with a MASSIVE almost 5 acre lot including 2 parcels!! Upon arrival, discover roping & riding arena, 6 shaded double stalls total of 12 stalls and 19 pens with water at each one , 40 foot conex for tack, hay & extra storage, This is one of the most completely turn-key, ready to move into horse properties out there. Conveniently located within a 30 minute drive to all the great roping & barrel racing arenas in Morristown, Wickenburg & Buckeye RV hookups parking with ele., plenty of room for all your toys, horse trailers & Big trucks, your own private well with the ability to have 4 shares if more homes were to be built on the additional parcel someday, a 3-car garage & gated courtyard with Rustic knotty pine beams. This bright & airy open floor features a beehive fireplace, tile flooring, recessed lighting, and a soothing palette. The kitchen comes with large cabinetry, granite counters, and built-in appliances. The primary retreat has a sliding barn door that opens to a full bathroom flooded with natural light, A dual vanity, soaking tub, glass block shower, walk-in closet, and backyard access complete the picture for this ensuite. The den is perfect for an office or an extra bedroom. The laundry room includes attached cabinetry & a sink. Sit back & relax under the covered patio while contemplating colorful sunsets & panoramic mountain views! Let's not forget about the attached parcel 503-32-031-B, which provides tons of space for horses to roam & limitless possibilities! Inquire today! Furnishings, John Deere tractor & bobcat can be purchased with separate bill of sale.

1868 Flicker Drive Forest Lakes, AZ 85931

$1,300,000
3 Beds
2 Baths
2,400 SqFt
Status Active
MLS # 6708884
Property Type Single Family Residence
Price Type --
Escape the hustle and bustle of city life and immerse yourself in the beauty of Forest Lakes. Situated on a generous 1.04-acre lot, this property boasts unparalleled tranquility. Surrounded by towering pine trees and lush greenery, it's a nature lover's paradise. Spread across 2400 sq ft, this home features 3 bedrooms and 2 bathrooms, providing ample space for comfortable living. Whether you're hosting gatherings or enjoying quiet evenings with loved ones, the large game room with a pool table and card table offers endless entertainment possibilities. Step outside onto the expansive wrap-around deck and soak in the beauty of your surroundings. Perfect for morning coffee, it's a space you'll never want to leave. With a large 2-car garage, there's plenty of room for your gear.

4742 Hidden Way Spur Show Low, AZ 85901

$1,300,000
5 Beds
3.5 Baths
3,438 SqFt
Status Active
MLS # 6728391
Property Type Single Family Residence
Price Type --
This is what you have been waiting for! This exquisitely built home is nestled in mature pines and perfectly situated in the forest just minutes from all amenities in town. Some features of this beautiful home include granite countertops, walk in shower, large bathrooms, beautiful wood finishes including hard wood floors, custom cabinetry, cedar siding, party room, large wood shop, RV parking, and so much more. Privacy with unlimited potential. This unique property is a playground for your entire family. There is nothing else like it on the mountain! NOTE: Garage is currently serving as a party room. Furnishings may be available on a separate bill of sale.

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