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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895 W Tyson Street Chandler, AZ 85225

Open House

$1,300,000

4 Beds

3 Baths

2,714 SqFt

Status Active

MLS # 6736767

Property Type Single Family Residence

Price Type --

Palm Springs type oasis here in Arizona-earthy modernist, with a taste of midcentury classic/ One-of-a-kind home/block build, complete w/Casita, makes 5 bedrooms, perfect for those seeking a home that truly stands out. NO garage doors in front, ensuring uncluttered facade, layout w/entertaining in mind, the residence today offers a variety of inviting social spaces where relaxation & enjoyment come naturally. 19 ft of stunning Anderson windows that softly bathe the space in natural light, enhancing the modern glass rails & the original built-in china cabinet & buffet. These features create a sophisticated blend of vintage & modern styles, offering practicality with elegance. In the evening, entire home/an ambiance that radiates a warm glow, charged with great energy. The heart of the home is highlighted by three original stone fireplaces, including a cozy one in the kitchenideal for creating warm memories during holiday gatherings. The attached casita provides additional space, and making this home a 5 bedroom, 4 baths, perfect as a guest suite or a playful retreat. Key Features are MODERN REMODEL-FUN/UNIQUE HOME-BEAUTIFUL RENOVATED CASITA W/ALL BELLS INC W&D MAKING THIS PROPERTY 5BED/4BATH/5SHOWER HOME-HEATED MULTI PHZ POOL & HOT TUB-GRASS FRONT & BACKYARD-NO HOA-HIGHLY SOUGHT AREA DOWNTOWN CHANDLER-17,322 SQFT, CORNER LOT-N/S FACING, SRP WATER IRRIGATION-A/C YORK 20SR-ANDERSON & KRAVISA WINDOWS, KITCHEN IS A CHEF'S DELIGHT, envii CABINETS, PANTRY'S W/PULLOUTS, LRG QUARTZ COUNTERS, SMART FRDG, GAS STOVE W/OVERHEAD WATER, BRAZILIAN TILE, WONDERFUL AMBIANCE W/KITCHEN GAS FIREPLACE-PLUS 2 OTHERS, W/AQUASANA WHOLE-HOUSE NON SALT FILTRATION, PR/BED SITTING AREA, & ACCESS TO GYM, 3 PRIMARY CLOSETS, GORGEOUS BATHRMS-EXTENDED 2 CAR GRGE, W/AC/CABINETS/STORAGE ROOM, SEPARATE BUILDING WORKSHOP-TREES ORANGE, FIG, ALMOND, LEMON, POMEGRANATE, GREEN APPLE-AN - THIS IS AN OASIS, THAT CAN'T BE MATCHED

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23461 N 76th Place Scottsdale, AZ 85255

Open House

$1,300,000

3 Beds

3 Baths

2,220 SqFt

Status Active

MLS # 6749317

Property Type Single Family Residence

Price Type --

New in North Scottsdale! This single-level, three bedroom-plus, three bathroom home is located in the gated community of Paseo at Pinnacle Peak. One of the last new home subdivisions to be built in all of North Scottsdale! Featuring an efficient, open floor plan; 12' ceilings; Monogram appliances; Samsung washer/dryer; HomeKey + Ring security systems; and more! Permits for a pool already in place. Paseo at Pinnacle Peak is within one mile of golf at Grayhawk, Pinnacle Peak Country Club, and top-rated Pinnacle Peak Preparatory school. Also convenient to the McDowell Sonoran Preserve, shopping at the Promenade, Mayo Clinic, TPC Scottsdale, and much more. Less than 3 miles to the Loop 101 freeway! Seller concessions available. Please include with your offer.

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12565 N Flying Hawk Trail Prescott, AZ 86305

$1,299,999

4 Beds

3 Baths

3,565 SqFt

Status Active

MLS # 6736625

Property Type Single Family Residence

Price Type --

In the heart of Williamson Valley in a private subdivision of approx 10 homes is an exquisite Santa Fe nestled on hilltop slope with breathtaking panoramic views of Granite Mountain, Mingus Range. Perched on almost 3 acres of improved high desert landscape this extraordinary custom architecture on one level includes many upgrades & features such as several covered patio spaces with natural stone to enjoy the scenery on cool summer nights. Inside soft earth tones with new porcelain tile flooring & carpet throughout. Gas/woodburning fireplace in living rm with stacked stone & tray ceilings. Remodeled kitchen designed for entertaining with convection oven-air fryer combo, Wolf induction cooktop, includes eat-in dining area with seamless windows giving modern twist inviting expansive views. Beautiful spacious primary has peeled post ceiling & sitting area & leads into en suite with walk in closet. Bath was totally reconfigured which incorporated a walk in shower with rain glass front. Replaced ceiling fans, new lighting in guest & primary baths, new chandelier in dining. Levolor & Bali shades with retractable screens installed for all windows/doors & motorized. Smart phone programmable. All screens replaced. Interior also has central vac system. Beautiful spacious primary has peeled post ceiling & sitting area & leads into en suite with walk in closet. Bath was totally reconfigured which incorporated a walk in shower with rain glass front. Replaced ceiling fans, new lighting in guest & primary baths, new chandelier in dining. Levolor & Bali shades with retractable screens installed for all windows/doors & motorized. Smart phone programmable. All screens replaced. Interior also has central vac system. Driveway space has a turn-around or RV space or two car parking & another RV space on side of 3-car garage, both with 50 amp RV plug. Casita boasts approx 828 sq ft of cooled and heated space with split units currently used as an art studio is cozy & could be mother-in-law suite, exercise room or your choice. Room adjoining converted into large wood workshop with access to backyard. Other updated areas include Bosch HVAC heat pump system with gas backup installed 1/2024. All units replaced inside & out. Navien tankless hot water heater located garage. Ten porch pillars replaced and repainted with a metal pillar base. Newly excavated asphalt paved driveway sealed. Covered patios wrap around several sq ft of house exterior. Side patios to east include an adobe fireplace with another paver patio spacious enough for a large group. Truly a relaxing area to have a cool beverage at the end of the day and enjoy the city lights and captivating peacefulness.

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13512 N Granite Way Fountain Hills, AZ 85268

$1,299,999

4 Beds

4.5 Baths

3,269 SqFt

Status Active

MLS # 6675282

Property Type Single Family Residence

Price Type --

Here's a rare chance to own a home in Sunridge Canyon, cherished by its owner for over 25 years. This spacious 4-bedroom, 4.5-bathroom home features a family-friendly split master floor plan. Situated on more than 34,000 square foot lot (+/-.78 acres), you'll enjoy vaulted ceilings and stunning views of the mountains and Sunridge Canyon golf course. The backyard boasts a beautiful negative edge pool and spa as well as a built in BBQ island. Inside, the living room impresses with cantera stone floors and a natural gas fireplace. The primary bathroom seamlessly blends with the surrounding natural environment. Every room is generously sized and offers great views. This lovely home will make you feel right at home.

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8589 W Artemisa Avenue Peoria, AZ 85383

$1,299,999

5 Beds

4.5 Baths

3,906 SqFt

Status Active Under Contract

MLS # 6741420

Property Type Single Family Residence

Price Type --

Welcome to your dream home! Exquisite single-level 5 bed/5 bath home in the exclusive Montoro gated community. Situated on a sprawling 17,860 sq ft lot, this property features a tandem 4-car garage, RV gate, and room to add a casita or RV garage. The backyard boasts a gorgeous pool with a water feature, and heated spa, all framed by view fencing that showcases our stunning AZ sunsets. Xeriscaped front yard offers breathtaking mountain views. Inside, 10ft ceilings and an open floorplan highlight the spacious design, featuring two ensuite bedrooms, walk-in closets in every bedroom, a gourmet kitchen with a gas stove, spacious walk-in pantry and large bonus room. Don't miss the opportunity to make this luxurious property your forever home. Must see for yourself!

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15615 N 55th Street Scottsdale, AZ 85254

$1,299,950

4 Beds

3 Baths

3,070 SqFt

Status Active

MLS # 6742254

Property Type Single Family Residence

Price Type --

Once-in-a-Lifetime Opportunity with NO HOA in Magic Zip Code 85254! Step into the world of Nintendo with this Super Mario Bros-inspired home, designed to captivate and entertain. As you pass through the impressive iron doors, you're instantly transported into Mario's realm. The cozy living room boasts an 85'' TV, perfect for any sports enthusiast and seamlessly flows into a dining room with high vaulted ceilings. The updated kitchen features a small island, plenty of cabinet space, and is opt to a bar area that overlooks into the family room. The main floor includes a spacious bedroom with a 3/4 bath & direct access to the backyard. Step outside through the French doors and be greeted by a brand-new heated pool w/ a baja shelf, and a gazebo to lounge under the shades. The outdoor space is perfect for hosting w/ a BBQ area under the lanai, surrounded by professionally landscaped turf in both the front and backyard. This rare find sits on over .25 acres, right next to Desert Horizon Park and offers 4 bedrooms, 2.75 baths and 3,070 SF of living space! Ideally located near Kierland, Scottsdale Quarter, the WM Phoenix Open, Barrett Jackson and with easy access to HWY 101 & 51. Tons of restaurants and retail shops all within distance! Furniture is available for purchase separately. Don't miss out on this extraordinary opportunity to own this home!

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12121 E Remuda Lane Mayer, AZ 86333

$1,299,900

5 Beds

5 Baths

6,693 SqFt

Status Active

MLS # 6746811

Property Type Single Family Residence

Price Type --

Beautiful Home with Magnificent Views in Mayer with no HOA. Plenty of room for cars, toys, and much more on this 3+ acre lot. Downstairs features additional living area including: movie theater room, additional kitchen, 2 bedrooms with a luxurious steam shower in the bathroom. Walk out onto the covered patios for endless views. Home has zoned HVAC with 2 separate zones. Oversized Workshop below. Come take a look at this magnificent home and make it yours.

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20554 W Pasadena Avenue Buckeye, AZ 85396

$1,299,900

3 Beds

3.5 Baths

3,341 SqFt

Status Active

MLS # 6756062

Property Type Single Family Residence

Price Type --

Stunning Serendipity by David Weekley home is situatted on corner lot facing Georgia Park in Victory at Verrado has 3 bed, 3.5 bath, den, & hobby room (set up as a gym), features a courtyard at front door with a fountain. Outdoor living abounds with a large covered north-facing rear patio, full-size pool w/ baja shelf, hot tub/spa, gas fire pit, & kitchen/bbq/bar area w/pergola. Inside, the home is equipped with so many options/upgrades/updates, including gourmet kitchen appliances, plantation shutters, upscale ceiling fans, RO system, & full house audio video by Control4. Engineered wood floors run throughout the home, with wood-look tile in the bathrooms. The home also features a spaciuos 2.5-car garage featuring an epoxy floor. Hurry, this will not last long!

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2131 Golf Links Drive Prescott, AZ 86301

$1,299,900

5 Beds

5 Baths

3,850 SqFt

Status Active

MLS # 6714951

Property Type Single Family Residence

Price Type --

WATER -200ft ''Lakefront'' property!! Overlooking the 3rd Fairway Lake of the of Antelope Hills Golf Course with panoramic mountains, this custom contemporary has views from every room. One level living: spacious Master w/Fireplace, Great room w/Fireplace, 2nd Living/Dining room, Chef's Kitchen, Office (3rd bed) 1/2 bath, Laundry with flex space, 3/4 Bath plus a 3 car garage & Wine Cellar! The kitchen includes a 6 burner gas range, wall oven, granite counters, prep sink & huge island. Additional living and dining space includes a grand double door entrance with 25' Soaring Ceilings and a wet bar with (2) 3 panel sliders accessing the covered patio. The upper level has a 2nd Master, 2 more bedrooms w/private patios. New Exterior paint and many updates -see docs tab. A gem like no other!

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9159 N 108th Place Scottsdale, AZ 85259

$1,299,900

4 Beds

2.5 Baths

3,697 SqFt

Status Active

MLS # 6745405

Property Type Single Family Residence

Price Type --

REDUCED! Scottsdale Ranch HOA fee for subject is $463/yr. Excellent Buyer Opportunity in high demand Scottsdale Ranch including convenient access to 101 freeway, nearby shopping, restaurants, and so much more! This beautiful 2 story open layout features high ceilings and backyard views showcasing pool & its mature landscape. Floor plan features 4 Bedrooms (main level Owners Suite) + Den, 2.5 baths, 3 fireplaces, updated Kitchen & appliances, Pool & Spa, approximate 1/3 acre cul-de-sac lot with backyard putting green, gas & electric utilities for maximum efficiency, 3G, and more! Submit all offers now for Seller review and approval. To help visualize this home's floorplan and to highlight its potential, virtual furnishings may have been added to photos found in this listing

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6775 E Horned Owl Trail Scottsdale, AZ 85266

$1,299,650

5 Beds

3 Baths

3,312 SqFt

Status Active

MLS # 6702999

Property Type Single Family Residence

Price Type --

Embrace the essence of desert living in your 5 bedroom 3 bathroom stunning retreat nestled in Scottsdale's serene enclave. This luxurious Carriage Trails residence offers an unparalleled blend of sophistication, comfort, and natural beauty, providing a tranquil sanctuary for those seeking the ultimate desert lifestyle. Step inside to discover an architectural masterpiece, featuring high ceilings, plantation shutters, neutral tones, a wet bar, and expansive windows that capture breathtaking views of the surrounding desert landscape. The functional layout offers a seamless flow between the living spaces, perfect for both relaxation and entertaining. The chef's kitchen is a culinary haven, equipped with matching stainless steel appliances, sleek countertops, a custom center island, R/O drinking system, and plenty of cabinet space with soft close hinges. Whether you're hosting a dinner party or preparing a casual meal, this kitchen is sure to inspire culinary creativity. Step outside to your own private oasis, where you'll find a beautifully landscaped backyard with a covered patio, a sparkling pool and spa, a fire pit, a built-in outdoor tiled island equipped with a plumbed gas barbeque and fridge, low maintenance beautiful turf, and a putting green. It's the ideal setting for outdoor dining, entertaining, and enjoying the Arizona sunshine year-round. Situated in a coveted North Scottsdale neighborhood, this home enjoys a prime location with easy access to hiking trails, golf courses, shopping, dining, and entertainment. Experience the best of desert living with all the conveniences of urban amenities just moments away! Buyers currently living in Maricopa or Pinal County ask about an ADDITIONAL $7,000 home buyer credit available on this home via the Community Promise Program.

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4880 E Beehive Road San Tan Valley, AZ 85140

$1,299,500

5 Beds

3.5 Baths

3,420 SqFt

Status Active

MLS # 6753373

Property Type Single Family Residence

Price Type --

Stunning Custom home nestled on a 1.25-acre irrigated lot. **NO HOA** This Barndominium style home offers 5-bedrooms, 3.5-baths + 1200 Sq. Ft. air-conditioned detached shop with extended 2 car garage, 2 additional rooms, a bathroom which is perfect for a guest quarters or home business. This home offers a spacious open concept, new interior paint, gourmet kitchen with Knotty Alder cabinets complimented by a HUGE island, granite countertops, stainless steel appliances, propane stove, dual ovens, copper farm sink, coffee bar and walk-in pantry. The WOW factor of the stone and metal fireplace is such a focal point to the home. First level primary suite provides backyard access, dual closets with stackable washer & dryer, spacious walk-in rain shower and separate vanities. Stunning barn doors at the primary bedroom and dining areas. Mudroom doubles as an office just off the garage. The garage is oversized with additional storage allowing for ample parking of larger vehicles. Travel up the custom metal staircase and enjoy the open loft with 3 additional bedrooms, 2 bathrooms, 2nd laundry room and additional storage area. North/South orientation adds to the enjoyment of the extended wrap around porch which is perfect for large gatherings and views of this great property. Fully fenced pasture with 40 ft. round pen, 60x20 covered shed-row barn w/4-stalls and 18x10 hay storage area. The shop is equipped with foam insulating, A/C, electrical and 30-Amp plug. Plenty of room for all your toys and animals. Don't miss out on this wonderful home!

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