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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31709 N 55th Way Cave Creek, AZ 85331

$1,300,000

3 Beds

3.5 Baths

3,342 SqFt

Status Active

MLS # 6745697

Property Type Single Family Residence

Price Type --

Welcome to Santolina. Enjoy exclusive access to community amenities, including walking trails, recreational areas, and more. This home is not just a place to live, but a lifestyle to be experienced. An exquisite luxury residence nestled in the highly sought-after gated community in Cave Creek, this stunning property boasts unparalleled mountain views that will take your breath away. It features three bedrooms + den, 3.5 Baths, a great room, soaring 10' & 12' ceilings throughout, & low maintenance. Step inside to discover a meticulously designed interior that exudes elegance and sophistication. With spacious living areas, high-end finishes, and an abundance of natural light, this home offers the perfect blend of comfort and luxury. The gourmet kitchen features top-of-the-line appliances, custom cabinetry, and a large center island, making it a chef's dream. The expansive master suite is a private oasis, complete with a spa-like bathroom and a generous walk-in closet. Additional bedrooms are well-appointed and offer ample space for family and guests. Outside, the beautifully landscaped yard provides a serene backdrop for relaxation and entertainment, featuring a covered patio, outdoor BBQ, lush greenery, and stunning views of the surrounding mountains.

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25258 N Ranch Gate Road Scottsdale, AZ 85255

$1,300,000

3 Beds

2 Baths

2,890 SqFt

Status Active Under Contract

MLS # 6716488

Property Type Single Family Residence

Price Type --

Discover the enchanting allure of this exquisite single-level Mediterranean-style home in Happy Valley Ranch. Boasting 3 bedrooms and 2 bathrooms, this stunning residence is set on a spacious .71-acre lot with ideal North/South exposure, offering both privacy and picturesque surroundings. As you step inside, you'll be greeted by vaulted ceilings, rich wood accents, and beautiful arched windows that fill the home with natural light. The meticulously maintained interiors feature rich hardwood floors that add a touch of luxury and sophistication, while the elegant French limestone fireplace in the living room enhances the serene ambiance throughout. The kitchen is a culinary masterpiece, showcasing marble countertops, an AGA Elise Series 48 Inch Induction Range, fully-integrated paneled KitchenAid appliances, and a walk-in pantry. Efficiency meets style with lower cabinets equipped with sliding drawers, and a cozy kitchen fireplace makes the heart of the home warm and inviting. The primary suite is a private retreat, complete with a walk-in closet and French doors that open to the tranquil backyard. The luxurious primary bathroom includes a double vanity sink, beautifully tiled walls, a soaking tub, and a freestanding shower with premium Waterworks Living Brass fixtures. A dedicated home office with custom built-in cabinetry is conveniently located off the living room, providing a perfect workspace. Two additional bedrooms are situated on the opposite side of the house, ensuring privacy for all. A comfortable loft area leads to a private balcony, offering breathtaking views of the McDowell Mountains. Outside, enjoy the lush desert landscaping that creates a serene setting. The expansive private covered patio, heated pool, and spa provide the perfect spaces for relaxation and entertainment. This home seamlessly blends elegance and comfort, offering a truly unique living experience in the heart of Happy Valley Ranch.

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4186 W Silverdale Road San Tan Valley, AZ 85144

$1,300,000

4 Beds

3.5 Baths

3,602 SqFt

Status Active

MLS # 6752080

Property Type Single Family Residence

Price Type --

Are you tired of cheaply built black-and-white spec homes? Have you been looking for a home built with quality craftsmanship and distinctive style? Your search is over! This property is designed and built by a respected custom home builder as his personal retirement residence. This nearly 3.5 acres of beautiful desert land offers exquisite privacy, incredible views, and enough room for a shop, guest house, barn, you name it. All with animal rights and freedom from HOA hassles. The elegant interior finishes include over 12,000 sqft of beautiful blue pine lumber, cut from northern Arizona pine forests bringing resort-style living into the valley, custom stonework, granite countertops, and much more. The full-length covered patio, porch, and massive 30'X30' garage combine with the spacious home to equal 6,000 sqft under roof. Expertly designed for maximum functionality and efficiency, this home offers ample storage space and no hallways. No detail has been overlooked, and no corners have been cut in this custom four-bedroom, three-and-a-half-bath energy-efficient home. With a 400 amp electrical service, welder-ready connection, and EV charger in the garage, not to mention the R/V hook-up outside, this property checks all the boxes. Endless hiking, biking, and horseback riding are at your fingertips from the Rock Peak Wash Trail-head entrance into the over 10,000-acre San Tan Mountain Park just down the street. Don't delay! You could search the entire Phoenix Valley for years and never find another opportunity like this.

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5501 E Woodridge Drive Scottsdale, AZ 85254

$1,300,000

8 Beds

6 Baths

2,883 SqFt

Status Active Under Contract

MLS # 6724656

Property Type Single Family Residence

Price Type --

Charming home in the highly desirable Scottsdale 85254 zip code. Property features 8 bedrooms, 2 full bathrooms and 4 half bathrooms in some of the bedrooms, comfortable common areas with family room featuring a cozy fireplace an open kitchen with plenty of storage space. Beautiful, relaxing backyard with lush landscaping and fenced in pool off to the side.

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28223 N 153rd Street Scottsdale, AZ 85262

$1,300,000

4 Beds

3.5 Baths

4,556 SqFt

Status Active

MLS # 6688578

Property Type Single Family Residence

Price Type --

Gorgeous home in a gated community with no HOA dues, with beautiful views of Four Peaks. 4 bedrooms plus a wood floor office, 3.5 bath, 4 car garage. 1 acre lot. Top of the line kitchen with Thermador appliances, dual range with a gas cook top and electric ovens. There are travertine floors and granite countertops throughout. This property has a shared well. No need for hauled water. You won't want to miss out on this custom built home!

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7538 E Larkspur Drive Scottsdale, AZ 85260

$1,300,000

4 Beds

2.5 Baths

2,726 SqFt

Status Active

MLS # 6728734

Property Type Single Family Residence

Price Type --

Nestled in Scottsdale, this fully remodeled four-bedroom, 2.5-bath home epitomizes turnkey elegance. Bright interiors complement modern upgrades, offering a seamless blend of style and comfort. Minutes away from Kierland Commons, The Quarter, top-rated schools, golf courses, and restaurants; convenience meets luxury. The resort-style backyard beckons with a putting green and sparkling pool, ideal for relaxation and entertainment.

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2110 E Kerry Lane Phoenix, AZ 85024

$1,300,000

6 Beds

5.5 Baths

4,535 SqFt

Status Active

MLS # 6707330

Property Type Single Family Residence

Price Type --

Back on market with a massive $500k price cut and priced way under appraisal. Cheapest non-HOA 4,000sqf home and cheapest acre lot for miles in any direction. This is a one-of-a-kind Phoenix Mansion, built mountainside on a former gold mine overlooking the entire valley. Great PV school district, and conveniently located, just 5 mins from Desert Ridge, 10 mins from Scottsdale, and just a 15-minute commute to the new TSMC factory & campus. Noteworthy Items: 1) Second floor completely remodeled in 2021. 2) 400ft wide lot. 3) 30-foot ceilings 4) No HOA. 5) Sub-Dividable Lot. 6) RV Garage, with restroom and mezzanine level. 7) Fire Sprinklers throughout the house, casita and garages. 8) Mountainside, with gas and city sewer. 9) Casita with kitchenette. Please contact listing agent for drone footage, 3D walkthrough, floor-plan, and any more details.

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40320 N Hickok Court Phoenix, AZ 85086

$1,300,000

5 Beds

4.5 Baths

4,575 SqFt

Status Active Under Contract

MLS # 6715957

Property Type Single Family Residence

Price Type --

Massive $100,000 price reduction! Over $600k in upgrades If you're looking for a house in Anthem, you won't find better. Every upgrade imaginable, $250k back yard with lazy river styled pool, swim up bar, built in ramada & 30-person jacuzzi. $200k retro fitted smart home and media center, hardwired intranet system, hardwired cctv throughout the house inside and out. Floors upgraded throughout, Every bathroom upgraded, Soft-water system, Restoration Hardware Chandeliers throughout, Built in office, Floor to Ceiling cabinetry in garages, RV Gate, Electric car 50 Amp charging, Industrial Foggers, And endless more upgrades...

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19957 E Russet Road Queen Creek, AZ 85142

$1,300,000

4 Beds

3 Baths

3,942 SqFt

Status Active

MLS # 6739488

Property Type Single Family Residence

Price Type --

4-bedroom 3 bathroom home located in the very desirable Victoria Estates community in Queen Creek. This home is the former model home for the community and has been recently updated throughout. Gourmet kitchen included a brand new 48-inch GE monogram built in fridge as well as a brand-new GE monogram gas cook top, 200+ bottle built in wine fridge, quartz counter tops, and a tile backsplash, SAVANT home automation. This home is located on one of the largest lots in the neighbor clocking in at ½ acre. The backyard is one of the nicest you will ever see with a heated pool and hot tub sunken swim up bar, wood fired pizza oven, wood fireplace as well a gas fire pit, large putting green, and lush plant life throughout. Really there is just too much to list. MUST SEE. OWNER AGEN

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3807 E Amberwood Drive Phoenix, AZ 85048

$1,300,000

4 Beds

3 Baths

2,563 SqFt

Status Active

MLS # 6730016

Property Type Single Family Residence

Price Type --

BUYERS LOSS IS YOUR GAIN!SINGLE LEVEL WATERFRONT,3 CAR GARAGE.APPRAISED AT 1.3 M,Pls ignore Days on Market.Parks,boating,fishing. FRESH WATER lake. Over 400k remodeling done recently by owners to todays quality finishes & designer touches. Rare find for a single level, three car garage w/side addl storage!This is an opportunity of a lifetime to settle into your forever home. Nestled on a cul-de-sac lot the home boasts gorgeous MOUNTAIN VIEWS AND SUNSETS. Excellent schools. Launch your electric boat or kayaks from your private dock. Entertainers dream w/ pergola sitting area and separate covered patio area. Room for pool.Primary split from 2/3 bedrooms & split 4th bedroom PLUS OFFICE!Perfect for teens/in-laws quarters with bath. NEW AC, NEW WINDOWS, WALNUT WOOD FLOORS, PLANTATION shutters,

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13385 N 91st Street Scottsdale, AZ 85260

$1,300,000

4 Beds

2.5 Baths

3,026 SqFt

Status Active

MLS # 6748467

Property Type Single Family Residence

Price Type --

OVERSIZED lot...14,560 Approx.SF!!! A Neighborhood Gem in the heart of Scottsdale. Key components have been updated...two new HVAC units in 2021, roof replaced in 2017 & new pool pump/filter/heater in 2022. This 4 bedroom, 2.5 bath property sits on an oversized cul-de-sac lot with heated pool/spa, built in BBQ, lush landscaping & sports court. The gourmet kitchen features stainless steel appliances, gas cooktop, pantry closet and large island perfect for entertaining. The primary suite is on the main level and upstairs you will find 3 bedrooms, a full bath, loft & office/gym. Improvements include flooring, bathrooms, custom blinds, exterior paint. Close to the 101 freeway, shopping, restaurants, and golf courses. This property is an absolute MUST SEE!

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8619 E San Esteban Drive Scottsdale, AZ 85258

$1,300,000

4 Beds

3 Baths

2,168 SqFt

Status Active

MLS # 6738363

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4 bedroom 3 bath home located in the prestigious McCormick Ranch community. It is a split floor plan and features a resort like backyard on an oversized lot, with a pool, hot tub, basketball court and incredible curb appeal! This home has been recently remodeled to perfection: new synthetic stucco, new electrical panel, new water heater, all new flooring and paint, and so much more. It sits in the highly sought after A+ Scottsdale school district and just steps from the greenbelt, dining, shopping and 101 freeway. This home has been meticulously maintained and is turnkey!

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