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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23388 N 75th Street Scottsdale, AZ 85255

$1,285,000 - 4Br/4Ba -  for Sale in Silverstone Parcel G 1st Amd, Scottsdale
Open House
$1,285,000
4 Beds
3.5 Baths
2,881 SqFt
Status Active
MLS # 6714053
Property Type Townhouse
Price Type --
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1758 Rolling Hills Drive Prescott, AZ 86303

$1,280,000
4 Beds
3 Baths
2,998 SqFt
Status Active
MLS # 6747470
Property Type Single Family Residence
Price Type --
This custom residence is a mix of rustic and contemporary design creating a one of a kind. Nestled among the tall pines in Timber Ridge near historic downtown the spacious home features a huge fenced in backyard perfect for nature lovers. The Main Level living area is ideal for entertaining with an open floor plan and natural light. Details like exposed brick, natural plank shiplap, hardwood floors and a cozy fireplace add character. The dream kitchen has high-end appliances and ample counter space. The huge Laundry is a combo of walk in Pantry and Office Area too. The primary suite has direct access to the rear deck while the 2nd Bedroom on the Main Level overlooks the entry porch with an adjacent full bath to create privacy. Speaking of private; the Guest ''House'' on the lower . . . level is accessed via a separate entrance for additional privacy and this is where Bedroom 3 & 4 are located along with a 3/4 Bath, Living Area, Kitchenette, 2nd Laundry Area with abundant storage. Outside the expansive backyard includes a large deck, hot tub, fire pit and room to roam. This tranquil retreat is a unique opportunity in a prime location. Most furniture will be included with a comparable offer.

14047 W Becker Lane Surprise, AZ 85379

$1,280,000
6 Beds
3.5 Baths
5,149 SqFt
Status Active
MLS # 6714440
Property Type Single Family Residence
Price Type --
Welcome to your magnificent retreat nestled within the sought-after Copper Canyon Ranch gated community. This meticulously maintained residence offers an array of amenities sure to exceed your expectations. Inside, upgraded interiors await, showcasing raised-panel cherry cabinets, granite countertops, and top-grade carpeting throughout. Downstairs, you'll discover an expansive layout perfect for both relaxation and entertaining. The chef's kitchen is equipped with high-end appliances and ample counter space, while the adjacent living and family rooms offer cozy gathering spaces. The large master suite features a sitting area and direct access to the patio/pool area, providing seamless indoor-outdoor living. A generously sized walk-in closet and another well-appointed bedroom with a half bath complete this inviting level. Upstairs, indulge in additional comfort with four bedrooms and two bathrooms, offering ample space for guests or family members. Unwind in the theater room or step outside onto the outdoor deck to enjoy fresh air and scenic views. A separate living room, complete with another kitchen, provides convenience and flexibility for entertaining or accommodating guests with ease. Step outside into your private resort-style backyard oasis, where relaxation and entertainment merge seamlessly. Lounge by the heated pool and spa, or gather under the pergola and dining area for al fresco meals with friends and family. Fire up the built-in BBQ for outdoor cooking, and cozy up around the firepit for evening conversations. Practice your putting skills on the green, or challenge friends to a game of pickleball on the court. Take a leisurely stroll along the tranquil walking path, surrounded by lush landscaping. Additionally, enjoy the practicality of a 4-car garage paired with a detached 20x40 RV garage, providing ample space for all your vehicles and recreational toys. Benefit from a massive solar system that is fully owned, ensuring low energy bills enhanced by 3 brand new energy efficient AC units. For the discerning buyer, the option exists to purchase this stunning home fully furnished, providing a turnkey solution for immediate enjoyment. Don't miss the opportunity to make this exquisite property your own!

3141 E Hillery Drive Phoenix, AZ 85032

$1,280,000
6 Beds
5 Baths
3,650 SqFt
Status Active
MLS # 6686477
Property Type Single Family Residence
Price Type --
Better than new and in the heart of town! This stunning modern, multi-generational ranch has been completely rebuilt/ remodeled to perfection! This home offers 3850 square feet of exquisite design and thoughtful features where style meets functionality. The main home boasts an open floor plan with clean lines and a modern design and it features 4 bedrooms and 3 ba, and the attached guest home features 2 bedrooms and 1.75 bath, with full kitchen and a seperate entrance making it a great mother-in-law, guest setup or even an income producing rental.. The possibilities are endless with NO HOA, so bring your RV, boat and toys and enjoy this amazing home!

7813 N Via Del Sol -- Scottsdale, AZ 85258

$1,280,000 - 2Br/2Ba -  for Sale in Paseo Village Amd, Scottsdale
Open House
$1,280,000
2 Beds
2 Baths
2,229 SqFt
Status Active
MLS # 6729199
Property Type Single Family Residence
Price Type --
Location & Style makes this McCormick Ranch your new Dream Home. With amazing upgrades (list in documents tab), this beautifully maintained home with a newly remodeled primary bath & closet will capture your heart. The 3rd bedroom was converted to the new primary closet (it can always be undone if a 3rd bdrm is needed). Outdoor living with new Bullfrog spa, sparkling pool, built in BBQ, patios from primary & Family room, retractable awning and mature trees has loads of character and class. Office/den area can easily be used as a 3rd bedroom also. Skylights throughout add natural light, while landscaping adds privacy outside. Come fall in love!

5347 E Michelle Drive Scottsdale, AZ 85254

$1,279,900
4 Beds
3 Baths
2,796 SqFt
Status Active
MLS # 6760226
Property Type Single Family Residence
Price Type --
Fall in love with this meticulously remodeled 4-bedroom, 3-bathroom home located in Scottsdale's prestigious 85254 ''Magic Zip Code,'' nestled in the highly desirable Arabian Views community. Situated on approx a quarter-acre corner lot, this home offers a 3-car garage with electric car charger, RV gate & the rare perk of no HOA!! The grand entry welcomes you with a paver courtyard & custom double doors, opening into a soaring great room—perfect for a game room or play area. Adjacent is a formal dining space with a modern chandelier, seamlessly connecting to the gourmet kitchen that features white shaker cabinets, soft-close drawers, a porcelain farmhouse sink, subway tile backsplash, floating shelves, stainless steel appliances, wine fridge & a 9-foot quartz island with dual waterfall.. edges, stylish lighting & breakfast bar seating that make it ideal for both entertaining & daily living. Unwind in the cozy family room by the custom-tiled gas fireplace. The luxurious bathrooms offer dual vanities, custom tiled showers & elegant porcelain finishes. Upstairs, the primary suite boasts French doors, two closets, and a spa-like ensuite with a soaking tub, walk-in tiled shower with glass doors, dual vanities & private toilet room. There is hardwood flooring throughout the main living areas of the home & plush carpeting in all 4 bedrooms. The backyard is a true oasis, complete with an extended covered patio, diving pool & solar-heated spaperfect for enjoying Scottsdale's year-round sunshine. Ideally situated, this home provides easy access to Scottsdale's finest mountain preserves, upscale shopping, premier dining & entertainment venues. Experience the finest in Scottsdale living with this exceptional property designed for those who appreciate style, comfort, & location.You will not want to miss this home today!! Check out the Upgrade & Feature Sheet in the DOC Tab!

7054 E Ingram Street Mesa, AZ 85207

$1,275,000
5 Beds
3 Baths
3,461 SqFt
Status Active
MLS # 6717770
Property Type Single Family Residence
Price Type --
Welcome to the charming, gated community of Annecy! This executive residence has Incredible curb appeal enhanced with paver steps, stone facade, lush landscaping and low maintenance artificial grass. The split floor plan is perfect for out of town guests or working from home. The open concept living area is perfect for gatherings and features custom built-in cabinetry. A stacked stoned wall is highlighted in the formal dining room. The gourmet kitchen features GE Monogram appliances, gas cooktop, double ovens, expansive island, large pantry, tile backsplash and pullouts. Unwind in the large Owner's Suite which includes dual sinks, tiled snail shower and Jacuzzi tub, complete with an upgraded custom closet from Classy Closets. The backyard is an entertainers dream! You will find a sparkling pool w/ travertine water feature, extended paver patio, artificial grass, fire pit, ramada w/ built-in BBQ and bar. Plenty of room to park your toys behind the RV gate and minutes to Usery Mountain and Saguaro Lake. Garage is pre-wired for an electric car with a 50AMP circuit and one garage is air conditioned for your comfort. This makes it a perfect man cave or workout area! Schedule a showing today of this beautiful property!

235 Airport Road Sedona, AZ 86336

$1,275,000
3 Beds
2 Baths
1,672 SqFt
Status Active
MLS # 6753440
Property Type Single Family Residence
Price Type --
Welcome to the Wild Wild West, where this Historic property tugs on your heart & has you crooning the songs of Sedona yesteryear. The home itself is a Cowboy Bunkhouse, & according to the seller, it is older than County record: it was actually built in 1918. Original features like a wood burning fireplace, sloped living room ceiling, red rock interior, & unique wood walls throughout have been updated with modern amenities like insulation, new sliding glass doors & windows, & easy to clean luxury vinyl plank flooring. The oversized lot has an outdoor game room area in place of the old carport, plus a two-car garage that has a large workshop area inside. Sweeping views of Thunder Mountain & Coffee Pot Rock take your breath away. It is only a block up the road to Airport Vortex Trailhead. Home is an active Airbnb licensed with the City of Sedona, with the Seller having Superhost status, currently 274 reviews & plenty of bookings lined up for the rest of the year. Property is being sold turn key, fully furnished, with the exception of some personal items. This Historic Cowboy Bunkhouse will serve as an excellent vacation home, primary residence, or investment property. Fun fact: when the neighboring subdivision of Saddlerock was previously a sprawling ranch decades ago, the Cowboys would work 12 hour shifts then come back to this Bunkhouse to sleep. Enjoy the efforts of those Cowboys all these years later, & have a fully fenced backyard plus perimeter fencing to give you ample privacy, & enjoy peace of mind with a new roof & new eco-conscious mini splits. There is a pergola to revel in a warm summer's day, two raised yoga /pilates/meditation decks, & a fully turfed yard to play with Fido during Golden Hour. Soaking in the hot tub underneath the stars is sure to stoke the fire in your heart for our sweet little Sedona. Zoned to possibly split or build a casita, your options abound. Come feel what it's like to walk to multiple trailheads less than a half mile away, be in awe of Red Rock views, and vibe with the colorful history of the Southwest.

402 W Augusta Avenue Phoenix, AZ 85021

$1,275,000
4 Beds
2.5 Baths
2,554 SqFt
Status Active
MLS # 6752602
Property Type Single Family Residence
Price Type --
Looking for a home in a highly sought after area in the heart of North Central Phoenix? Proximity to Murphy's Bridal Path for walking and biking. Welcome to this beautiful 4 bdrm home with a brand new kitchen as of 8/1/24. Upgraded stainless steel Smart appliances. Luxury vinyl wood flooring, 2024. Energy Star efficiency, multi zone A/C. Whole house water softener and filtration system. New interior doors. Half bath renovated 2024. Large living/dining area with fireplace, perfect for entertaining. Separate office space.

11082 E Mark Lane Scottsdale, AZ 85262

$1,275,000
4 Beds
4 Baths
3,691 SqFt
Status Active
MLS # 6746093
Property Type Single Family Residence
Price Type --
Discover this exceptional residence in one of Scottsdale's coveted neighborhoods, Troon North. Perfectly situated on a premium corner lot & backing to the open common area, this stunning home provides an ideal setting for privacy & tranquility. A welcoming courtyard entrance with authentic flagstone sets the stage for a thoughtfully designed main residence & separate guest casita, equipped with its own entrance, ensuite bath, wood shutters, wood tile and walk-in-closet. Once inside, the open floorplan features high ceilings, elegant finishes & an abundance of natural light. Desirable neutral tones were used throughout, including stone & hardwood floors, new carpet, wood shutters & a new electric Hunter Douglas blind. Additional main level amenities include an executive office, 2 generous sized BR's, 2 BA's, an oversized laundry room w/ storage, a laundry chute, sink & outdoor access, an oversized 2 CG w/ built in storage & generous amounts of closets & storage throughout the home. The HUGE primary suite encompasses the entire second level, offering an oversized bedroom with a sitting area and an additional bonus room, perfect for a home office or gym. A private covered patio provides stunning views of the surrounding Sonoran Desert. Enjoy the primary ensuite bath with a separate soaking tub and a nearly $20K remodeled shower. Enjoy resort style living in the backyard oasis, offering a sparkling pool, an extensive covered flagstone patio ideal for alfresco dining, desert landscaping and an abundance of privacy. Located in desirable Troon North, this home provides easy access to world-class golf courses, the famous Brown's Ranch Trailhead less than 1 mile away, and a wealth of local amenities. Whether you're relaxing in your private retreat or exploring the vibrant community, this property offers a lifestyle of luxury and convenience. Come and experience all that North Scottsdale has to offer!

1802 N 69th Street Scottsdale, AZ 85257

$1,275,000
4 Beds
3 Baths
3,026 SqFt
Status Active
MLS # 6755823
Property Type Single Family Residence
Price Type --
Welcome to your Scottsdale sanctuary! This beautifully updated home is versatile, ideal for multi-generational living or as an income-generating property, thanks to its attached casita. Inside, the open floor plan provides both a living room with dining space and a cozy family room that opens to an amazing backyard. The fully equipped kitchen boasts ample counter space, a walk-in pantry, and beautiful cabinetry, giving you plenty of room for family meals and entertaining. Your primary suite is a true retreat with a large en suite bathroom featuring a walk-in shower, soaking tub, and an expansive closet. The secondary bedroom is just as inviting with its own en suite bathroom. Additionally, you'll find a third bedroom and a large laundry room with plenty of storage in the main home. The attached casita offers a perfect space for guests or additional income opportunities. It features a full kitchen, a generous living and dining area, a private bedroom, and a full bathroom. The casita also comes with its own private carport. Step into your resort-style backyard and you'll fall in love with the Pebble Tec pool featuring a stunning waterfall. The area includes a built-in gas grill, multiple seating spaces for relaxing and socializing, and a misting system around the large covered patio to keep you cool on hot summer days. You can also soak in the breathtaking views of Papago Mountain. One of the most unique features of this home is the oversized 3-car garage, with doors nearly 8 feet tall and an extra-deep third bay that can accommodate longer vehicles or even a boat. Plus, you'll enjoy peace of mind with a new HVAC system and roof installed in 2021. Located just minutes away from Old Town Scottsdale, Papago Park, and the Desert Botanical Garden, this home offers the perfect blend of relaxation and convenience. Don't miss the chance to make this Scottsdale gem your new home or income property!

5221 Silver Bell Drive Prescott, AZ 86301

$1,275,000
3 Beds
4 Baths
2,839 SqFt
Status Active
MLS # 6757765
Property Type Single Family Residence
Price Type --
STUNNING CUSTOM HOME IN THE BEAUTIFUL NEIGHBORHOOD OF GRANITE DELLS ESTATES: OFFERING 2,839 SQ FT WITH 3 BEDROOMS WITH ENSUITE BATHS. THE PRIMARY SUITE AFFORDS HIS AND HERS CLOSETS, SPACIOUS SHOWER, TUB AND DOUBLE SINKS AND PULL OUT SHELVES. IN ADDITION, THE HOME OFFERS A CHARMING POWDER ROOM, FORMAL DINING, DEN/OFFICE WITH FRENCH DOORS LEADING TO GUEST SUITES FOR PRIVACY. WOOD-LOOK TILE FLOORING, HIGH-END QUARTZ STONE COUNTERS THROUGHOUT, CUSTOM TILE SHOWERS, 8 FT INTERIOR DOORS, GOURMET KITCHEN WITH STAINLESS STEEL APPLIANCES & NXR PROFESSIONAL HOOD. CUSTOM BAR AND CABINETRY. CUSTOM WINDOW COVERINGS ALONG WITH 4 INCH PLANTATION SHUTTERS. ENJOY YEAR ROUND OUTDOOR LIVING ON THE EXPANSIVE COVERED PORCH AND PATIO. PAVER DRIVEWAY AND WALKWAYS, $175,000 LUSH LANDSCAPING PACKAGE IN FRONT AND REAR YARD WITH 2 CUSTOM WATER FEATURES, 2 RAISED PAVER PATIOS EACH WITH A PERGOLA. RAISED GARDEN BEDS FOR EASY CARE GARDENING. THIS HOME SITS ON A .39 ACRE LOT WITH OVER-SIZED 3 CAR GARAGE WITH WORKBENCH AND OVERHEAD STORAGE. RECENTLY INSTALLED ERV (ENERGY REMOVAL VENTILATOR), ATTIC FAN, AIR PURIFICATION SYSTEM AND WATER REMOVAL PUMPING SYSTEM. GRANITE DELLS ESTATES AMENITIES INCLUDE: OUTDOOR POOL, FITNESS CENTER, PICKLE BALL, CLUBHOUSE, EVENT LAWN, FIREPIT AND COMMUNITY KITCHEN.

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