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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30407 N 54th Street Cave Creek, AZ 85331

$1,290,000

5 Beds

3.5 Baths

3,884 SqFt

Status Active

MLS # 6686219

Property Type Single Family Residence

Price Type --

Seller willing to pay concessions for buyer closing costs! This luxury Toll Brothers home in Montevista is just a short walk from the community park, with sport courts and a children's playground! What an exquisite 5 bdrm, 3.5 bath residence with professionally designed landscaping, Travertine pathways & a grand courtyard entry! The turreted entry opens to the formal dining room & large media room with a 135-inch movie screen. The great room provides gorgeous backyard views and ample space for all family gatherings. Also featuring a stone accented gas fireplace and updated kitchen, with stainless steel appliances, granite counters, dining area, breakfast bar, and a convenient desk area for studying or office work. The split primary suite is located downstairs and is a retreat that boasts soft carpet, a lavish ensuite w/dual vanities, large 6-ft soaking tub, oversized shower, and a spacious walk-in closet. Two additional bedrooms are also downstairs, currently being used as offices, and share an updated Jack-and-Jill bathroom. That's not all! There are two more bedrooms and another updated bathroom upstairs, with a cozy loft area. That backyard oasis is a dream, featuring a refreshing 8-ft deep Pebble Tec pool with water feature, paved covered patio and low maintenance landscaping, including mature citrus trees! Close to highly rated Cave Creek schools and short drive to shopping/dining in Old Town Cave Creek and Carefree to the north and Desert Ridge Marketplace to the south.

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1725 S Beverly Court Chandler, AZ 85286

$1,290,000

4 Beds

3.5 Baths

4,085 SqFt

Status Active Under Contract

MLS # 6717996

Property Type Single Family Residence

Price Type --

Welcome Home, This Beautiful Custom Tuscan Home is on a cul de sac in the quiet gated community of Eden Estates, near the convenient location of the 101 and San Tan 202 intersection. This split floorplan is nice and open with the Master Bedroom and office on one side and The other 3 bedrooms include two that share a jack-and-jill bath, and the fourth has a private ensuite bath and entry. Highly upgraded with wood floors, coffered ceilings and custom built ins. Entertaining areas of the home are ideally situated and wrap around a lush backyard ready for your guests. A pebble tech diving pool, built-in BBQ, firepit, grassy area, and paver patio finish off this marvelous Chandler find. A must see home.

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16637 W La Reata Avenue Goodyear, AZ 85395

$1,289,000

3 Beds

3.5 Baths

3,170 SqFt

Status Active

MLS # 6727946

Property Type Single Family Residence

Price Type --

Privacy & Beauty define this home in a unique extra large cul-de-sac corner lot in the 55+ community of Pebble Creek! As you arrive, immediately standing out is the paved driveway and Iron entry door. As you enter the home you'll notice the 12' ceiling that give the Great Room an elegant feel along with the multi-slide pocket door that opens for indoor/outdoor living. Chefs kitchen with double oven, upgraded appliances, butlers pantry and & extra large island. Upgraded cabinets with uppers, unique cabinet hardware and quartz countertops through out. The master bathroom has been extended out 4' to allow a separate shower/bath in addition to more vanity space and more walk-in closet room. The home has so many added upgrades. Please look under attached documents! THIS HOME IS A MUST SEE!!

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9649 E Solina Avenue Mesa, AZ 85212

$1,289,000

4 Beds

3 Baths

3,308 SqFt

Status Active

MLS # 6731586

Property Type Single Family Residence

Price Type --

Your fully furnished dream home is here! This exquisite former model home has a 3-car garage, a paver driveway, and a meticulously maintained yard with artificial turf. Discover an inviting designer rooms with high ceilings, a soothing palette, recessed lighting, attractive wood-look flooring, and sliding doors to the backyard for indoor-outdoor living. The delightful kitchen is equipped with quartz counters, Thermador appliances with a wine fridge, abundant white cabinetry, chic pendant light fixtures, a stylish tile backsplash, a large walk-through pantry with cabinets, island with a breakfast bar for casual dining. You'll also find a den, ideal for an office. Primary bedroom retreat, offering a lavish ensuite with dual sinks, a soaking tub, a raindrop shower, and a walk-in closet. The enchanting backyard is a true oasis, featuring a covered patio, a built-in BBQ for weekend gatherings, and a cozy firepit. This gem will sell fast!

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2166 E Sagittarius Place Chandler, AZ 85249

Open House

$1,289,000

4 Beds

3.5 Baths

3,486 SqFt

Status Active

MLS # 6734256

Property Type Single Family Residence

Price Type --

Welcome to Windermere Ranch! This private gated community is well maintained and offers an attractive curb appeal with every home. This home features stone accents, lush green landscape, 3-car tandem garage, a private gated courtyard, and a HEATED pool. Impressive interior showcases open floor plan with 16ft sliding-glass doors in the great room. This executive kitchen comes with a gas cook top, white cabinets, designer backsplash, quartz kitchen countertops, huge walk in pantry, and an extended island. Master bath has an impressive frameless walk-in shower large walk-in closet with access to laundry. Enjoy your large custom office tucked away for privacy and a play room for the kids. This backyard retreat includes heated pool, misters, Ramada, fireplace and outdoor kitchen!

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2667 S Cottonrose Lane Flagstaff, AZ 86005

$1,288,000

3 Beds

3 Baths

2,057 SqFt

Status Active

MLS # 6754473

Property Type Single Family Residence

Price Type --

This is the ONLY home currently for sale in Juniper Point! Located across from Pine Canyon, with fractional HOA dues of only 50/month, this 2,057 sq ft single-story home sits on a premium .27-acre lot, offering unobstructed forest views. The main residence features 2 bedrooms and 2 bathrooms, complemented by an attached Certified ADU that can be used for SHORT TERM RENTALS or simply to offer more privacy for guests or live-in family. The ADU has its own separate entrance, includes a studio, full kitchen, and full bathroom, with a dedicated A/C unit... Inside, enjoy luxury finishes such as imported Italian porcelain tile floors and a Turkish rock fireplace. Custom Quartz countertops and upgraded 2-tone paint enhance the aesthetic, while Wolfe appliances, a Samsung Bespoke Refrigerator, and kitchen cabinets with pullout shelves provide top-notch functionality. Lutron automatic window blinds and Minka fans add convenience and comfort. Additional features include a large covered deck with privacy, under-counter built-in microwave, hard-wired security cameras (7 total), and a fully insulated 2-car garage. This home also comes with a 2/10 builder warranty from Capstone.

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3106 W Blue Eagle Lane Phoenix, AZ 85086

$1,285,000

5 Beds

4 Baths

4,792 SqFt

Status Active Under Contract

MLS # 6734023

Property Type Single Family Residence

Price Type --

PRICED TO SELL!! This 4,792 sq ft 5/4 main house sits on 1.34 acres with panoramic mountain views, a shared water well, and NO HOA. This spacious home features an attached 3-car garage, a grand staircase, dramatic high ceilings, multiple living and dining areas, elevator access, and a newly remodeled chef's kitchen. Beyond the main house, an additional 2,700 sq ft insulated RV garage awaits with abundant storage, room for an RV, boat, cars, and more. There is 900 sq ft of finished guest quarters located inside. This extra 2/1 is ideal for visitors, extended family, or rental income. With fresh paint inside/out and tasteful updates, this property is a must see to believe, if you're looking for a spacious family home or an investment opportunity with potential for rental income.

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4497 E Carriage Way Gilbert, AZ 85297

$1,285,000

7 Beds

4.5 Baths

5,816 SqFt

Status Active

MLS # 6744372

Property Type Single Family Residence

Price Type --

Welcome to this beautiful Toll Brothers basement home in award winning Power Ranch. Offering 7 bedrooms + a den + a loft, 3 car garage and swimming pool with rock waterfall and slide. End the evening by the fireplace in the living room. Entertain or cook for loved ones in the grand kitchen with spacious island with copper island sink, built in double ovens, farm sink and much more. Basement includes two bedrooms, one full bath, game room/family room + storage closet. Main level includes a den, living room, dining room w/ adjacent butler's pantry, family room & the incredible kitchen and breakfast nook, a pantry and laundry room. The top level includes a private primary suite with sitting room, an updated bath with stand-alone tub, walk in shower with gorgeous tile work, dual vanities and a walk-in closet. Down the hall is a loft with two bedrooms on each side of the loft - and two bathrooms. Enjoy Arizona outdoor living in the pool with new pebble Tec and have fun for hours sliding down the waterslide.

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20405 N 95th Place Scottsdale, AZ 85255

$1,285,000

3 Beds

2 Baths

1,839 SqFt

Status Active Under Contract

MLS # 6752987

Property Type Single Family Residence

Price Type --

Desirably located in the Desert Camp DC Ranch gated community, this pristine jewel box is perfectly situated on a private corner lot backing to a community greenbelt boasting east mountain views and south winter sun. Enjoy front and back verandas for morning sunrises and evening sunsets. Beautiful windows with custom wood shutters offer a light and bright design, complimenting the wide plank white oak wood flooring throughout. A generous open family room and dining open to the chic kitchen featuring eat in island with stylish quartzite countertops, designer tile backsplash, and Thermador appliances. Enjoy scenic Sonoran desert and mountain views from the cornered oversized kitchen windows overlooking the private backyard and on. Relax in shade on the expansive covered patio

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18112 N 66th Place Phoenix, AZ 85054

$1,285,000

4 Beds

3.5 Baths

2,774 SqFt

Status Active

MLS # 6744507

Property Type Single Family Residence

Price Type --

Exceptional opportunity to own a stunning residence in the highly sought-after Paradise Ridge gated community, located in north Phoenix, bordering Scottsdale. This premium view lot backs onto a serene natural desert open area, offering both privacy and breathtaking views. This meticulously designed home features state-of-the-art Smart Home technology that includes upgraded security features, interior lighting, landscape lighting, pool, air conditioning, and sound systems—all easily controlled at your fingertips. With over $100K in builder upgrades, no detail has been overlooked. The interior boasts gorgeous Herringbone wood/porcelain tile flooring throughout the downstairs, a spacious kitchen with a ''Classentino Marble'' backsplash, extended Quartz island, and ample light cabinetry. The large great room opens to a covered patio and pool area through expansive sliding doors, creating a seamless indoor-outdoor living experience. The owners have thoughtfully enclosed a previous side yard to add an additional 146 sq ft playroom/bonus room and an extra bathroom. Upstairs, you will find all the bedrooms, including an en-suite guest room, laundry, and an open loft. The owner's suite is a true retreat, featuring a light and bright bathroom with a separate shower and soaking tub, offering stunning sunset views over the open desert. The backyard is an entertainer's dream, complete with a custom pool and water feature, synthetic lawn with a sitting area, covered patio, and upgraded landscape lighting. The private backyard overlooks the desert and community walking path, providing a tranquil setting for relaxation and entertainment. Conveniently located near Desert Ridge, Mayo Hospital, Scottsdale Quarter, Kierland, Whole Foods, and Lifetime Fitness, this home is also within the rapidly expanding Biomedical Corridor and some of the top restaurants in Arizona.

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19873 E Cattle Drive Queen Creek, AZ 85142

$1,285,000

5 Beds

4.5 Baths

4,002 SqFt

Status Active

MLS # 6745761

Property Type Single Family Residence

Price Type --

Home recently appraised for $1.4M! Welcome to your dream estate in the prestigious La Jara Farms, a hidden gem in the heart of Queen Creek. This extraordinary home, set on an expansive .43-acre lot, offers over 4,000 square feet of luxurious living space designed to impress. The property features an attached guest casita with a private entrance, ideal for hosting loved ones or creating a lucrative Airbnb opportunity. Sustainability meets luxury with owned solar panels and Tesla backup batteries, ensuring your home remains energy-efficient and secure. The outdoor space is an oasis of possibilities, with lush new turf, elegant pavers, and a variety of fruit trees and gardens. The A/C-cooled and insulated 40 x 20 RV garage provides ample space for your recreational toys or extra storage, making it the perfect complement to this estate. For the culinary enthusiast, the gourmet kitchen is a masterpiece, featuring an oversized quartz island, custom maple cabinetry, stainless steel appliances, a gas range with a pot filler, and a butler's pantry. Each bedroom is a private sanctuary, while the spa-like bathrooms showcase high-end finishes and modern touches. This stunning home offers unmatched elegance, versatility, and comfort in one of Queen Creek's most sought-after neighborhoods. A rare find that balances modern luxury with thoughtful design, perfect for those seeking the ultimate lifestyle.

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36460 N Secret Garden Path San Tan Valley, AZ 85140

$1,285,000

3 Beds

3.5 Baths

2,658 SqFt

Status Active

MLS # 6705640

Property Type Single Family Residence

Price Type --

Rare and very desirable Cordoba floor plan with 3 bedroom suites plus powder room, separate office AND a gorgeous golf course lot! Light and bright open great room concept with views of the 6th tee! Enter through custom iron front door into this beautiful home, with light wood floors in the main rooms, shutters , and cozy fireplace for those chilly Arizona winters! The dream kitchen offers B/I Monogram appliances, with elec cooktop that could easily convert to gas and huge W/I pantry!! Light stone counters with subway tile and light cabinets make this home a canvas to add your own color accents and style! The main bath has double sinks, a walk in shower, separate oval tub and large walk in closet. Location, view and floor plan make this one all the best of the Encanterra lifestyle!

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