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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3129 W Kuralt Court Anthem, AZ 85086

$1,294,000
6 Beds
4.5 Baths
4,705 SqFt
Status Active
MLS # 6712898
Property Type Single Family Residence
Price Type --
This stunning property in Anthem's highly sought-after ''Enchantment'' neighborhood is a remarkable single-level home situated on a generous 18,571 square foot lot. With 6 bedrooms and 4.5 bathrooms sprawling across 4,705 square feet of beautifully designed living space, this home offers a luxurious and comfortable lifestyle. Nestled on a north/south corner lot within a small cul-de-sac, the residence boasts exquisite curb appeal, drawing you into a charming front courtyard complete with a fireplace and flagstone surfacing. The interior layout promotes a seamless and casual flow, featuring wide hallways and thoughtfully arranged living spaces. The main living area includes 6 bedrooms, an office, and a dedicated...CONTINUE READING... work/study station. The master bedroom is a true retreat, offering a luxurious ensuite bathroom and a separate area perfect for yoga, workouts, or a quiet reading nook. The heart of the home is the kitchen, which has been updated with refurbished white cabinets and a massive granite slab island with a vegetable sink. It also features a butler's pantry, a wine room, and modern appliances, including a cooktop, built-in microwave, multiple ovens, and a walk-in pantry. The kitchen opens up to a spacious living area, perfect for entertaining. The backyard is a resort-style oasis, meticulously designed with a private pool, heated spa, and an exterior fireplace. The landscaping includes synthetic grass, a watering system, and a built-in BBQ. The home is equipped with multiple fireplaces, including a gas fireplace in the family room, and features such as skylights, high ceilings and no interior steps. Additional highlights include a three-car garage, a covered patio, and private courtyard areas. The community offers an array of amenities, including biking and walking paths, a children's playground, a clubhouse, tennis & pickleball courts, heated community pools, a fishing pond, ball fields, indoor & outdoor basketball courts, indoor rock climbing wall, sand volleyball courts and a workout facility. This home truly embodies luxury and comfort in the Award Winning Master Planned community of Anthem!

5250 E Deer Valley Drive Unit 336 Phoenix, AZ 85054

$1,292,596
2 Beds
2.5 Baths
1,780 SqFt
Status Active Under Contract
MLS # 6660480
Property Type Apartment
Price Type --
''The Luxe at Desert Ridge'' NEW BUILD LUXURY CONDOMIMIUM COMMUNITY, nestled in desirable 85054 zip code, Desert Ridge community. Spacious condo w/ beautiful interior upgrades, quartz countertops, wood floor main areas, beautiful surround tile in both showers & bathroom floor, Upper & lower kitchen cabinets w/ lighting, laundry room with sink, oversized patio w/ built-in gas BBQ, underground gated parking w/ two stalls & large storage room, elevators from parking to all levels. Onsite amenities, beautiful Clubhouse with chef's kitchen, theatre room, private conference center, dining room for private dinner parties, lap pool/resort style pools, large fitness w/ top of line equipment, infra-red sauna, locker rooms & yoga studio. Member Services for owners needs & entertainment

15724 E Sunflower Drive Fountain Hills, AZ 85268

$1,290,000
3 Beds
3 Baths
3,430 SqFt
Status Active
MLS # 6760227
Property Type Single Family Residence
Price Type --
This is the home of your dreams! Custom built sitting on an elevated lot w/gorgeous 4 peaks views!! Single level living w/just a bonus room on lower level! Huge RV garage will hold a 36ft RV/Enter through stunning iron door into a wide open great room! Your eyes will take your right outside to the view, but don't miss the wonderful great room/formal dining/music room/sitting area & of course the kitchen!! Tons of custom cabinets/beautiful granite counters/huge island w/seating/Stainless appliances/ Breakfast rm overlooking the East mountains! Enjoy stunning sunrises from the covered patio off great rm/Bedrooms are split for ultimate privacy/Spacious master retreat/Master bath offers newer walk in shower/slipper tub/double vanity & lg walk in closet/2nd master is perfect for guests/More... Newer flooring throughout/ New windows on the East side of the house / 80% Sunscreens /Energy efficient due to the Solar - owned by seller and part of SRP's Customer Generation plan. Mini splits in garage and bonus room HVAC new in 2018 & 2023. New Water heater in 2023.

27722 E Mount Ord Drive Scottsdale, AZ 85264

$1,290,000
3 Beds
2.5 Baths
3,083 SqFt
Status Active
MLS # 6707788
Property Type Single Family Residence
Price Type --
Welcome to this stunning southwestern home in Sunflower, AZ, offering the perfect blend of comfort & luxury. Nestled in a private gated community, this property boasts breathtaking mountain views and enjoys the great climate of Sunflower. This home features 3 bedrooms, 2.5 bathrooms, a bonus room, providing ample space for relaxation. The open-concept living area is perfect for hosting gatherings, while the wellappointed kitchen, complete with modern appliances and a spacious island. Two additional improved lots are available. Outside the property spans 1.82 acres. Solar Electrical System, Community well, whole home off grid.

13976 E Lupine Avenue Scottsdale, AZ 85259

$1,290,000 - 4Br/3Ba -  for Sale in Scottsdale Mountain Parcel 1b, Scottsdale
New
$1,290,000
4 Beds
2.5 Baths
2,836 SqFt
Status Active Under Contract
MLS # 6758611
Property Type Single Family Residence
Price Type --
Beautiful home in the highly desired guard gated community of Scottsdale Mountain. As you enter through the door, you are immediately welcomed by captivating mountain views at the living room and dining room. The kitchen has been opened to allow for the picturesque mountain to be enjoyed from there as well. It opens to the great room which showcases an inviting fireplace, minibar, built-in cabinets. As you step into the backyard, you will be taken away by the wondrous mountain view and a sense of serenity will be felt. It is the ideal place for entertaining, showcasing a cozy covered patio, seating area, stone features, refreshing pool, ramada w/outdoor kitchen & a fire pit. Don't miss out on this once in a lifetime opportunity! This stunning master association of more than 700 gorgeous homes is located in the foothills of the McDowell Mountain Preserve. Amenities include a 24-hour guard gate, a beautiful outdoor tennis complex, and an additional sport court area for more tennis and basketball play. The tennis complex also boasts a Ramada that can be used for private parties, as well as a spectacular sparkling spa

2215 E Grapevine Drive Payson, AZ 85541

$1,290,000
4 Beds
3 Baths
4,165 SqFt
Status Active
MLS # 6702481
Property Type Single Family Residence
Price Type --
Upon entering this luxurious, gated golf community, you will feel the presence of mountain living with rolling fairways, tall Ponderosa pines, mountain views and an abundance of recreational and social activities. Take advantage of exclusive access to world-class amenities including championship golf course, sports courts, swimming pool, dog park, gym, social activities and clubs and a clubhouse. In addition, this beautiful home has its own amenities.....a golf simulator and professional gym in the finished basement. It offers tons of natural light, a gourmet kitchen with huge island, open living area with fireplace and adjacent to a coffee bar and dining space, large primary suite with automatic blinds, a lavish ensuite bath with jetted tub, walk-in shower, and large closet with deck access. The additional bedrooms provide comfort and privacy for family and guests. The large finished basement also offers another living and entertaining space with fireplace, bathroom and access to the second huge patio. The home also offers a new HVAC system, tankless on demand water heater, mini split, Hunter Douglas blinds, shutters and prepaid solar system for minimal electric bills. Relax outside among the towering pines on the sprawling upper deck meant for unwinding and entertaining with the TV, grill, lounge furniture and amazing view of the Mogollon Rim. With its unparalleled combination of luxury, tranquility, and recreational opportunities, this is more than a home, it's a lifestyle. Don't miss your chance to experience the pinnacle of golf community living in the mountains! Home is being sold furnished (gym equipment and golf simulator included) to add even more ease to your relaxation. Show up and start enjoying your new home the day you close escrow.

1404 Hand Cart Trail Lakeside, AZ 85929

$1,290,000
4 Beds
4.5 Baths
3,580 SqFt
Status Active
MLS # 6731201
Property Type Single Family Residence
Price Type --
Imagine a furnished - turn-key home where the serenity of nature meets modern luxury, where every detail is meticulously crafted for comfort and style. The journey begins on a welcoming front porch, framed by stone accents and a view of towering pines. Step inside to an open foyer that leads to an expansive great room, where flowing hardwood floors add warmth to the space. An antique commercial refrigerator, repurposed for wine storage, stands ready for entertaining! The living space invites relaxation with custom window treatments and a rock fireplace, wood with an insert for efficiency, complemented by 10-foot ceilings adorned with skylights and recessed lighting. A massive sliding door opens to the back deck, offering a breathtaking view of the forested yard. READ MORE Surround sound speakers set the stage for memorable gatherings, while the kitchen beckons with its ample island seating around a stunning butcher block island. Custom cabinetry reaches towards the ceiling, finished with crown molding and a glass-top display area. A custom hood, tile backsplash, and a pot filler above a chef's gourmet gas range make cooking a delight, supported by side spice storage and generous granite countertops. The built-in pantry and refrigerator area boast upgraded stainless steel appliances, and a huge walk-in pantry provides ample storage. An inviting large dining area features a beautiful corner nook with views of the property plus an additional dining area at the front of the home if desired. This home has central A/C which ensures comfort in the master and main living areas. The oversized primary suite is a sanctuary, with a layout perfect for a sitting area surrounded by windows framing the property. Dual vanities with custom cabinets, recessed sinks, and an elegant design accompany a sunken jetted soaker tub and an oversized custom tile shower with a sitting bench and niches. The walk-in closet is the epitome of organization, with custom shelving and drawers. Guests are treated to private dual suites with upgraded features and shower surrounds, deck access, and an additional room that can serve as an office or flex space. A full bath on the main floor impresses with a tile shower. The BONUS LOFT space is amazing for entertaining, office or play room with built-in bunks awaits visitors and extends the family living area. This home has 2 laundry areas with 2 washers and 2 dryers to help with the that lovely necessary chore. 🙂 The beautiful grass lawn has sprinkers throughout. The attached oversized two-car garage offers ample storage and direct entry to the home, and an extended height crawl space with a cemented floor provides additional storage solutions. For the enthusiast, a four-car detached garage with 14 foot roll-up doors, concrete floors, and 14 + foot ceilings is a workshop or mechanic's dream with a 1/2 bath and huge wood burning stove to keep it toasty in the winters. This home is not just a living space; it's a statement of elegance and functionality, nestled in the heart of nature's beauty with a 'private' well for endless water. FULLY FURNISHED - turn key.... (nothing in the garage or workshop conveys though) Imagine living in the White Mountains of Arizona where you have 4 beautiful seasons and where you can breathe in the fresh mountain air and enjoy the 40 lakes and over 600 miles of rivers and streams. In addition to the amazing fishing, this area has one of the most extensive trail systems in the southwest for hiking, biking, horseback riding, quadding and more. Sunrise Ski Resort is also just 40 minutes away with 3 beautiful mountains to ski, snow board or sled. If shopping is your interest, you will love the antique stores and the multitude of arts and craft shows that happen in the summer. The music festivals have something to fit everyone's enjoyment. Do you love to golf? There are 7 amazing golf courses, 3 that are public. The White Mountains, where this home/cabin is the best kept secret of Arizona! Come and explore and enhance your living! Pinetop-Lakeside was also voted 'Best Cabin Region in the U.S... Embrace the MAGIC!

1020 E El Freda Road Tempe, AZ 85284

$1,290,000
4 Beds
4.5 Baths
4,113 SqFt
Status Active
MLS # 6695642
Property Type Single Family Residence
Price Type --
Located in the custom home rural neighborhood of Buena Vista Ranchos. Renovated North/South exposed home on over 1/2 acre lot is across from the Community park, playground, tennis, pickle ball, picnic, gazebo and pool facility. Just beyond are the horse stalls and 2 riding arenas. Horse riding trails meander throughout the interior and perimeter of the subdivision. On arriving, be greeted by a massive custom circular driveway of pavers, part of 7,000 total sf and a unique desert themed landscaping including a custom kinetic wind art sculpture and massive 50 year old organ pipe cactus The home features 4113 sf of living space, 2 car garage, Pool, covered trailer or multi-vehicle parking and a 220 sf storage/workshop building The interior features 3 bedrooms upstairs, each with a adjoining bath (Toto bidet toilets), a 4th bedroom and 3/4 bathroom in the finished 851 sf basement. An office/hobby room off the entry with skylight amd built-in cabinetry. There is both a large formal dining room and a eat-in dining area off the kitchen. Choose many ways to utilize the 3 living/family room spaces. First is a family room off the kitchen includes a wall of windows bringing the beauty of the patio, pool and lush yards inside. Second is a sunken room with vaulted beamed ceiling, sunlight, propane fireplace and built-ins. Third is a large room downstairs adjacent to a bedroom and bathroom. Kitchen has granite countertops, built in wall convection oven, microwave, warming oven, glass stove top, refrigerator and large exhaust hood, wonderful view over the double sinks to the rear covered patio, flowering planter, pool and irrigated grass yards. The laundry room includes LG front loading washer and dryer on pedestals, built in cabinets, laundry tub/sink and a full size refrigerator. The master bedroom suite has 845 sf giving ample room for oversized furniture, sitting area, 8 foot arcadia door to patio, large walk-in closet installed by 'classy closet', double sinks, oversized walk-in shower with 3 heads and a private toilet room featuring a Toto bidet toilet. There are 3 interior HVAC units making each area of the house adjustable and efficient for any living style. The garage also has it's own unit. Current owners SRP electric bill on budget billing is $279/month. 2 tankless propane hot water heaters service the bathrooms off the bedrooms and a traditional electric tank services the kitchen, laundry and basement fixtures. The rear yard's 1800 sf aluminum pergola covers a large area of pavers and planters for great entertainment space. Built in tiled BBQ, side burner and sink take the cooking outside when entertaining. An extensive overhead high pressure fogging system in the pergola provides a cooling mist over the entire area for summer heat relief. There is also a prewired area for an above ground spa. The salt water pebble tech diving depth pool and water feature are powered by a highly efficient variable speed motor. An outdoor shower to wash off sun tan lotion before the plunge. The ½ acre lot has ample foliage and all watered automatically by 3 systems. SRP irrigation is available for keeping the grass areas irrigated year round at a very reasonable cost of $130 (2022). The front yard was leveled and redone professionally in 2018. Many more features to be discovered during your visit to this prime South Tempe property in Buena Vista Ranchos.

691 E Elgin Street Gilbert, AZ 85295

$1,290,000
7 Beds
3.5 Baths
5,090 SqFt
Status Active
MLS # 6758928
Property Type Single Family Residence
Price Type --
Welcome to your new home in the sought-after Vintage Ranch neighborhood! This isn't just any property; it's a rare 2 story split floorplan home with a brand new heated pool and jacuzzi! This home has been lovingly maintained by a wonderful family. Each detail reflects pride and care. With elegant plantation shutters, the interiors are filled with natural light, creating a warm and inviting ambiance. On the main floor, you'll find a perfect blend of comfort and functionality, featuring a large chefs kitchen and island as well as a spacious family and living room. The sprawling master bedroom is located on the first floor with its own completely renovated custom bathroom and walk-in closet for two. The first floor even has its own laundry so no hauling laundry up and downstairs! Lastly.. the first floor is fitted with a generously sized office and guest bath. The kitchen is a true highlight, boasting ample storage and sleek stainless steel appliances. Step outside to your expansive backyard, a private oasis where tranquility and luxury meet. Venture up to the 2nd floor to discover 4 additional bedrooms, 2 bathrooms, laundry, an office, a work area, and even another living area/playroom! Whether you dream of a vibrant game room or a cozy home theater, this area is ready to fulfill your vision. Conveniently located near freeway access, schools, shopping, and more, this home embodies both convenience and lifestyle excellence!

1109 N Falconcrest Drive Payson, AZ 85541

$1,290,000
4 Beds
4.5 Baths
4,300 SqFt
Status Active
MLS # 6752125
Property Type Single Family Residence
Price Type --
A panoramic view of the Mogollon Rim invites you into this 4,300 sq. ft 3 story home near the Payson airport. In addition to the main house, is a separate oversized garage with a 700 sq ft 1 bedroom apartment on the second level Entry to the main house is on the mid level along wit the living room, dining, kitchen, bedroom, bath, utility room, pantry and wrap around deck. On the upper level is the master bedroom with fireplace and walk in closet , master bath with jetted tub, shower, toilet room, dual sinks and closets. Office w 2 desks, a 2nd bedroom, bath, laundry and hobby room and deck are also on this level. Located on the lower level is the Rec room with pool table, 4th bath, storage room and garage. Inviting as a permanent home or a family gathering place..... This one of a kind property includes an elevator in the main house and a tiny house nestled in the trees below, RV parking with full hook up and sits on a 1.7 acre lot. Property may be purchase fully furnished.

7415 E Beryl Avenue Scottsdale, AZ 85258

$1,290,000
4 Beds
2.5 Baths
2,794 SqFt
Status Active
MLS # 6733758
Property Type Single Family Residence
Price Type --
Gorgeous, fully furnished home in Mountain View Phase 2! Spacious 4-bedroom 2.5 bath floor plan with the option to utilize the 4th bedroom as a den/office/guest bedroom. Enjoy the beautifully appointed kitchen, large living and family rooms, and split master bedroom with backyard access. Relax in your own backyard oasis with the recently renovated private pool! 2-car garage with plenty of space for work shop and storage. This is your opportunity to own an incredible original owner home!

5321 E Paradise Lane Scottsdale, AZ 85254

$1,290,000
4 Beds
3 Baths
2,974 SqFt
Status Active
MLS # 6735973
Property Type Single Family Residence
Price Type --
Designers feel throughout this spacious 2-story home! Located on a corner lot and just across from the park. Currently being used as a short-term rental property. Come through the double front doors, with security screen doors and beautifully etched glass interior door, to see all the magnificent features of this home. Home is tiled throughout all the main living areas of the home for easy care and maintenance. High vaulted ceilings creating an open and airy feeling. Just to the left of the foyer is the formal living area or use as a gaming area. Then it's the formal dining area with buffet niche, perfect for entertaining. To the left of the stairs is the great room, complete with a built-in fireplace entertainment panel. Wet bar area with beverage fridge. A guest room with en-suite bath to the right of the great room with a separate exit, perfect for overnight guests, or can be used as a den or office. Massive kitchen area with plenty of storage space for all one's cooking needs. Tons of countertop space, with eat-up bar seating. All top-of-the-line stainless steel appliances, including an 8-burner gas range with griddle, dual door sub-zero fridge and freezer. The kitchen area circles back around to the formal dining area, making entertaining your guests a breeze! Head up the stairs and your master suite is just to the left, complete with high vaulted ceilings, built-in fireplace panel and built-in shelving. Master bath is made for relaxation with a soaking tub, oversized shower with multiple shower heads, and dual sink vanities and lots of storage space, and a walk-in closet, complete with built-ins. An additional two guest bedrooms, bathroom and laundry area can also be found on the upper level. The backyard is an entertainer's paradise! Covered patio area providing plenty of space for patio furniture. Take a dip in your refreshing private pool, relax in your own private cabana, or whip up a feast on the outdoor BBQ! Back yard is beautifully landscaped with a mixture of grass and desert landscaping, giving one plenty of room for outdoor games, a kid's playground, or just to enjoy the desired Arizona weather! Block fencing with hedge trimming surrounding you for privacy. Tucked away for that small neighborhood feel, but just a minutes' drive to all the surrounding shopping, restaurants, and lifestyle that Scottsdale has to offer. This is living on Paradise Lane!

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