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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11450 N 64th Street Scottsdale, AZ 85254

$1,299,000

4 Beds

3 Baths

3,849 SqFt

Status Active

MLS # 6747181

Property Type Single Family Residence

Price Type --

Location, location, location! Discover unparalleled value in the magic 85254 zip code with this exceptional horse property, situated on an oversized one-acre lot just a block away from Paradise Valley with no HOA!! This offering includes a spacious primary residence & a charming guesthouse, perfect for multi-generational living, investment opportunities, or hosting guests in style. Main Residence: 2,889 sqft of desired living space, offering comfort & versatility for all your lifestyle needs. Mother-in-Law Suite: 275 sqft w/ separate entrance, ideal for added privacy & convenience. Guesthouse: A roomy, newly built 960 sq ft separate guesthouse, perfect for extended family, friends, or as a lucrative rental unit. Additionally, the property features an oversized 3-Car Garage w/ RV Parking providing ample space for vehicles and storage. Located in the best school district of Cocopah and Chaparral, this property offers the perfect blend of privacy, convenience, and comfort, all within the best location Scottsdale has to offer. Don't miss this amazing opportunity to own a piece of real estate with incredible potential!

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11815 W Lost Man Canyon Way Prescott, AZ 86305

$1,299,000

4 Beds

3 Baths

2,680 SqFt

Status Active

MLS # 6674739

Property Type Single Family Residence

Price Type --

Enjoy breathtaking, uninterrupted vistas of Williamson Valley from this exquisite ''Ranch Style'' residence. Boasting 4 bedrooms, 3 baths, and a spacious 2 car garage, this home is a testament to rustic elegance. Step inside to discover large hewn timber beams, natural stone accents, and a stunning tongue-and-groove vaulted ceiling in the Great Room, complemented by a wall of windows framing panoramic views. Throughout the home, you'll find rich wood floors, Alder doors, and a charming stone fireplace with a mantle. The generously sized kitchen features granite countertops and a convenient wet bar in the dining area. Outside, multiple covered patio areas beckon relaxation amid mature trees and lush vegetation. Experience the epitome of tranquil living.

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4601 W Paradise Lane Glendale, AZ 85306

$1,299,000

8 Beds

8 Baths

4,573 SqFt

Status Active

MLS # 6674143

Property Type Single Family Residence

Price Type --

NO HOA!!! CUSTOM Tri Level Home in Sunburst Farms sits on just under an acre with a detached Guest House, Separate Home Office and temp controlled Workshop! Solar panels, optional flood irrigation and a 500 gallon propane tank keep utility expenses low and affordable. Pride of ownership is in the details. Main House features 4bed/3.5bth, a custom kitchen with 2 sinks, built in appliances that include a convection cooktop, double ovens, and trash compactor. The finished basement has a bedroom, full bathroom, 2 walk-in closets and den. You'll notice all the GORGEOUS built in cabinetry throughout the entire home. The backyard oasis is an entertainer's dream with a massive covered travertine patio that extends to a heated pool/ spa and built in full outdoor kitchen and fireplace. Follow the luscious green landscaping to a detached 2bed/2bath guest house complete with a full kitchen and huge laundry room. Exit the private courtyard and you will find your perfect home office with 2 separate office areas and a full bathroom. Workshop is a temp controlled (mini split) 50ft garage featuring a 14ft door, chain hoist, built-in work bench, shop sink, locked storage area and half bathroom. Space is also preplumbed for compressed air. There are many more details, too many to list. Bring your toys and your tools and come check it out for yourself!

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394 E Redfield Road Chandler, AZ 85225

$1,299,000

5 Beds

5 Baths

3,242 SqFt

Status Active

MLS # 6676312

Property Type Single Family Residence

Price Type --

Welcome to 394 E Redfield Rd - an exceptional residence that effortlessly combines modern luxury with timeless elegance. Situated on an expansive 37,514 sqft lot with no HOA restrictions, this property offers unparalleled freedom and space. The exterior of the home has been thoughtfully enhanced with a freshly painted facade, featuring a welcoming circular driveway, new landscaping, tiled walkway, double door entry, and RV gate, ensuring both convenience and a striking first impression. Step inside the meticulously renovated 3,242 sqft main house, revealing 3 bedrooms, 3 bathrooms, a flex room/office, loft, and a walk-out basement equipped with its own kitchenette. The fully remodeled kitchen is a culinary masterpiece, featuring quartz countertops, a custom tile backsplash, double ovens, and stainless steel appliances. The living room takes center stage with its vaulted ceiling, updated fireplace, and a custom-designed feature wall. Throughout the home, discover new flooring, fresh paint, and contemporary lighting, creating an atmosphere of modern elegance. Transition to the extended covered patio, offering a tranquil retreat overlooking the vast backyard with boundless potential. Two RV access gates and a cleanout provide seamless pass-through driving and easy hook-up for RVs of various sizes. Complementing the main house, a 1,368 sqft guest house awaits, featuring 2 bedrooms, 2 bathrooms, a laundry room, and an open kitchen/living room. Ideal for extended family or guests, the guest house adds a layer of versatility to this already impressive estate. Discover the perfect fusion of comfort, style, and functionality of this Chandler residence, where luxury meets everyday living.

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3756 E Galvin Street Cave Creek, AZ 85331

$1,299,000

3 Beds

3 Baths

3,861 SqFt

Status Active

MLS # 6673322

Property Type Single Family Residence

Price Type --

Magnificent mountain views, high ceilings and tasteful finishes greet you upon entering this meticulously maintained and very spacious home with north/south exposure, new interior and exterior paint and a fabulous backyard. Enjoy privacy and gorgeous sunsets. Approach from a circular drive, then through a formal entry that invites you into a large comfortable great room with gas fireplace and access to the backyard. The dining area is open to the large kitchen with its cherry cabinets, granite countertops, gas cooktop and island. Relax in your master suite (20x20), large bathroom & huge closet. The office is perfect for a work from home lifestyle and has custom dual desk cabinetry. See the big bonus room for workouts, TV, toys, billiards, and the laundry room has loads of storage. The resort like backyard with travertine pavers boasts beautiful mountain views, play pool with water feature, built-in gas BBQ, gas firepit and new artificial grass! Owned Solar is the icing on the cake!

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1105 N Indian Paintbrush Circle Payson, AZ 85541

$1,299,000

4 Beds

4 Baths

3,472 SqFt

Status Active

MLS # 6689974

Property Type Single Family Residence

Price Type --

This amazing 4 bed, 4 bath multi-level home in Payson is now for sale! Enjoy the breathtaking golf course and panoramic mountain views from a recently remodeled and expanded deck. The home itself is nestled in the Community of Chaparral Pines and boasts a stunning façade, manicured landscape, and a 2 car garage w/paver driveway. Inside you will find a spacious living area w/elegant tile flooring, stylish light fixtures, abundant natural light, and neutral palette throughout. Hone your cooking skills in this gorgeous kitchen, comprised of wood cabinetry w/granite counters, SS appliances such as a wall oven & wine cooler, and an island complete w/a breakfast bar. You'll love the primary bedroom, featuring soft carpet, private deck access, walk-in closet, and a lavish ensuite! Don't forget about the cozy den, perfect for an office! Also including a HUGE deck w/a built-in BBQ where you can enjoy a summer cookout w/friends and loved ones, this home is a dream come true! Don't let this incredible opportunity slip by!

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1358 E Mclellan Boulevard Phoenix, AZ 85014

$1,299,000

6 Beds

4.5 Baths

3,314 SqFt

Status Active

MLS # 6734656

Property Type Single Family Residence

Price Type --

A rare chance to reside in a perfectly crafted home built in 2021 by Newmark Homes. Located in the exclusive Kensington, a gated enclave with only six homes, this residence offers a blend of privacy and convenience in the North Central neighborhood. The exterior showcases a distinctive sand stucco finish complemented by brick and stone veneer, setting the stage for the modern elegance within. Step inside to find an open-concept floor plan with soaring 20-foot ceilings and refined touches throughout. The main level features hardwood floors, excluding the convenient laundry area and powder room. The gourmet kitchen is a chef's dream, boasting custom leather granite counters, 42-inch maple cabinets, stainless steel appliances including a gas cooktop and double wall ovens, an oversized island, and a spacious walk-in pantry. This space flows into the dining and family areas, complete with custom shutters and a welcoming atmosphere. The home is pre-wired for smart home technology for added convenience. On the main floor, you'll find an extraordinary primary suite and a versatile room that can serve as an additional bedroom or a home office. A half-turn staircase leads to a spacious loft, four well-appointed bedrooms, and two bathrooms. The private backyard offers plenty of green space, ideal for a pool, and is enclosed by a block wall. The property also includes a beautifully paved driveway and walkway, and a three-car tandem garage. The tile roof adds a touch of durability and style. Enjoy easy access to all parts of town from this prime location.

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6642 S Triana Lane Gilbert, AZ 85298

Open House

$1,299,000

4 Beds

3.5 Baths

2,897 SqFt

Status Active

MLS # 6728095

Property Type Single Family Residence

Price Type --

Discover a rare gem in Seville Golf & Country Club! This gated community offers single-level home sites with direct access to the country club. Our newest listing features 4 bedrooms, 3.5 baths, a dining room, a split floor plan, and a separate study. The great room boasts 12-foot ceilings and a chef's kitchen centered around an oversized island, granite counters, white shaker cabinets, stainless steel appliances, and chic pendant lighting. The primary bedroom is a nightly retreat with soft carpeting, an ensuite bathroom with dual vanities, a soaking tub, a raindrop shower, and a spacious walk-in closet. Double slider doors lead to a beautiful extended patio with travertine flooring, a heated pool and spa, an outdoor fireplace, and artificial turf. This home also offers a 3-car garage and an RV gate, all within Toll Brothers' sought-after desert prairie elevation.

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6243 E Joan De Arc Avenue Scottsdale, AZ 85254

$1,298,450

4 Beds

3 Baths

2,640 SqFt

Status Active Under Contract

MLS # 6686171

Property Type Single Family Residence

Price Type --

Welcome to your slice of Scottsdale serenity! This charming horse property offers a cozy Shea North ranch-style home nestled on a generous .6 acre lot. Step into the heart of the home—a remodeled open kitchen boasting fresh cabinets, quartz countertops, and high-end appliances. With 4 bedrooms, including an attached 682 SqFt addition perfect for a mother-in-law or a home office, this residence effortlessly combines functionality with comfort. Attached space has its own bathroom/shower, electrical, gas and water. The backyard oasis features a detached playhouse or office space (with a mini split), a sand volleyball court, and expansive astroturf—ideal for outdoor fun and relaxation. Plans included to build up to 3.9k SqFt with full backyard plans featuring a beautiful pool.

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8507 S 9th Drive Unit 16 Phoenix, AZ 85041

$1,298,000

4 Beds

3.5 Baths

3,063 SqFt

Status Active

MLS # 6704445

Property Type Single Family Residence

Price Type --

Introducing Heard Farm at South Mountain, a brand new community of 24 modern farmhouses with sophisticated architecture designed for healthy, sustainable living! Nestled in South Mountain with quick access to downtown Phoenix, Heard Farm seamlessly blends indoor and outdoor living with fresh floor plans designed for the way you want to live.

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6008 E Lone Cactus Drive Phoenix, AZ 85054

$1,298,000

5 Beds

4 Baths

3,487 SqFt

Status Active

MLS # 6751191

Property Type Single Family Residence

Price Type --

Fall in love with this exquisite home in the desirable Talinn Community! This incredible residence showcases captivating stone accents, a convenient 4-car tandem garage, and a welcoming front porch that invites you to explore further. Step inside to be greeted by a grand hallway that leads to an open-concept living area. This space is beautifully enhanced with soothing paint tones, tall ceilings, wood-plank tile flooring, elegant recessed lighting t/out, and multi-sliders to the back patio. The stunning kitchen is fully equipped with a gas cooktop, a wall oven, quartz counters, a stylish tile backsplash, and two islands, one with a breakfast bar. A walk-in pantry and white shaker cabinetry with crown molding for ample storage space. Versatile den for a home office or a creative studio! Discover a sizable loft upstairs, perfect as a cozy family room or an additional entertainment area. Escape to the romantic main suite, where natural light pours in, creating a serene atmosphere. The ensuite is a luxurious retreat featuring dual vanities, a soaking tub, a glass-enclosed shower, and a spacious walk-in closet. The secondary bedrooms are thoughtfully designed with a Jack & Jill bathroom, providing privacy and practicality. The large backyard is your oasis, complete with a covered patio, pavers, low-maintenance artificial turf, and a children's playgroundexcellent for hosting fun-filled gatherings. This home is a must-seedon't let this opportunity slip away!

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7127 E Rancho Vista Drive Unit 2001 Scottsdale, AZ 85251

$1,298,000

3 Beds

2 Baths

1,781 SqFt

Status Active

MLS # 6745250

Property Type Apartment

Price Type --

Exceptional turnkey FULLY FURNISHED 3 bedroom/2 bath second floor corner unit offers spacious, open floorplan. Kitchen and living room overlook wrap around terrace with bbq and outdoor seating. Dual sliding glass doors ideal for luxurious resort style living and entertaining both inside and out. Master suite offers spa-like bathroom complete with bidet and walk-in closet. Two secondary bedrooms and two assigned parking spaces with electric charging stations in secure garage. Prime location walking distance to restaurants and Scottsdale Fashion Square. Endless community amenities including indoor and outdoor pools and spas, putting green, racquetball and basketball courts, fitness center and so much more. You will feel like you are on a never ending vacation! Welcome Home!!

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