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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1529 W Port Au Prince Lane Phoenix, AZ 85023

$1,275,000
4 Beds
3.5 Baths
3,875 SqFt
Status Active
MLS # 6683321
Property Type Single Family Residence
Price Type --
FANTASTIC 1 STORY FAMILY HOME BEAUTIFUL GATED CORAL GABLES ESTATES. HOME SITS ON A PRIVATE CDS LOT (ALMOST A 1/2 ACRE) & BACKS TO MOUNTAINOUS OPEN SPACE. FEATURES INCLUDE REAL OAK HARDWOOD FLOORS, 3 BRICK FIREPLACES, HUGE KITCHEN W/6'X9' CENTER ISLAND & BREAKFAST BAR OPEN TO FAMILY ROOM. DOUBLE WALL OVENS, WARMING DRAWER, MATCHING SUB ZERO REFRIGERATOR AND FREEZER, WOLF GAS COOKTOP, WET BAR OR COFFEE STATION.THE SPLIT PRIMARY BEDROOM FEATURES HIS / HERS BATHROOM AREAS, TWO WALKIN CLOSETS AND A PRIVATE OUTDOOR SPA PATIO AREA. RESORT STYLE YARD HAS TWO COVERED PATIO AREAS AND A COVERED RAISED RAMADA AREA THAT LOOKS BACK OVER DIVING POOL/HOME. EXTRA LARGE LAUNDRY AREA HAS A TALL WINE COOLER. 2 NEW AC UNITS INSTALLED IN JUNE. 4 & 5 T0N. 14 SEER.10 YR WARRANTY. SEE PRIVATE REMARKS 4 MORE CURRENTLY USED AS A WORK SHOP/ HOBBY AREA

10050 E Mountainview Lake Drive Unit 21 Scottsdale, AZ 85258

$1,275,000
2 Beds
3 Baths
2,530 SqFt
Status Active
MLS # 6716930
Property Type Townhouse
Price Type --
INCREDIBLY FABULOUS HOME LOOKS DOWN THE ENTIRE LENGTH OF LAGOON. LUSH, LUSH LANDSCAPE EVERYWHERE. INTERIOR IS TO DIE FOR WITH TRAVERTINE FLOORS,GRANITE,CANTERRA STONE FLOOR TO CEILING FIREPLACE,SHUTTERS, DESIGNER LIGHT FIXTURES. ELEGANT TOUCHES EVERYWHERE.THIS HOME IS GRACIOUS AND ELEGANT AND IN A WONDERFUL CLOSE IN LOCATION. THIS IS AS GOOD AS IT GETS. SUBDIVISION HAS 2 POOLS, LAKE ACCESS. LOTS OF OLD WORLD CHARM

4530 W Fox Glove Lane Show Low, AZ 85901

$1,275,000
4 Beds
4.5 Baths
4,077 SqFt
Status Active
MLS # 6756548
Property Type Single Family Residence
Price Type --
FULLY Furnished Beautiful and PRIVATE location in Trailhead at Torreon, this custom-built residence promises an unparalleled living experience. Spanning a generous 4000+ square feet on a .62 acre lot, the home boasts four bedrooms and 4.5 baths, each designed with comfort in mind. The heart of the home is the open great room with HUGE windows, bathed in natural light from expansive windows that offer views of the majestic pines. An elegant rock fireplace stands ready to warm chilly evenings, while the flowing hardwood floors add a touch of sophistication. The built-in entertainment center and formal dining area are perfect for hosting, complemented by an oversized granite island. READ MORE Culinary enthusiasts will delight in the chef's kitchen, equipped with top-of-the-line stainless appliances. The opulence extends to the large master suite, featuring a soaker tub, tiled shower, and spacious walk-in closet. A second master suite provides additional luxury, and guests are accommodated with ample bedroom space and private bathroom. Entertainment options abound with a finished basement that includes a Rec Room with a bathroom of over 1,000 sq ft, leading out to an impressive 2,000 sq ft of outdoor decking. Here, a 6-person hot tub and gas firepit create the perfect ambiance for relaxation or social gatherings. There is an upper deck off of the guest bedroom for extreme enjoyment! This exquisitely fully furnished home is ready for you - just bring your toothbrush. The seller is taking their art and decor, so you can accessorize it to your taste. This home is TOP of the line - no detail untouched. Come feel the magic! This home has never been rented - it has extreme pride of ownership. Sellers have added a beautiful paver driveway and back paver area with a natural gas fireplace for enchanting evening under the stars. Furnishings are included; NO artwork, decor, or lamps to Convey - NOTHING in the garage conveys. Don't miss this piece of MAGIC. The community of Torreon has it ALL. Imagine breathing in the crisp mountain air while enjoying the 36 hole championship golf course, swimming pool, work out facility, tennis, volleyball, basketball, outdoor amphitheater and an equestrian center! In addition, Torreon has a 10 acre family center that will appear magical to the kids with games and crafts galore, plus a fishing pond for catch and release, plus childcare options. In addition to all that Torreon has to offer, the White Mountains has even more! Fools Hollow lake is just a short distance away. 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 60 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 AREA was also voted 'Best Cabin Region in the U.S... Embrace the MAGIC!

1360 N Indian Springs Lane Flagstaff, AZ 86004

$1,275,000
5 Beds
4 Baths
2,789 SqFt
Status Active Under Contract
MLS # 6745584
Property Type Single Family Residence
Price Type --
This Serene and peaceful home on Aspen Valley Golf Course offers an unparalleled Flagstaff living experience with breathtaking views. The open floor plan and vaulted ceilings create a spacious and inviting atmosphere, perfect for entertaining or simply relaxing in the tranquility of your own home. The skylight-filled kitchen is a chef's dream, complete with gas cooking, ample counter space and pendant lighting. The stone lined woodburning fireplace adds a cozy touch to the living room, perfect for those chilly Flagstaff evenings. The home features five bedrooms, three full baths, and 2 half baths, with TWO Primary bedrooms, both main level and upstairs, complete with a luxurious sauna. Additionally, there are two laundry areas for added convenience. The spacious backyard with a a deck, partially covered, is ideal for outdoor entertaining. The attached garage offers convenience and additional storage space. Brand new roof installed in 2023 ensuring top quality protection, and peace of mind for years to come. With spectacular views of the golf course and surrounding mountains, this home is a true oasis of tranquility and serenity in Flagstaff. Don't miss the opportunity to make this your own private retreat.

43320 N 11th Street New River, AZ 85087

$1,275,000
3 Beds
2.5 Baths
3,120 SqFt
Status Active
MLS # 6714157
Property Type Single Family Residence
Price Type --
Welcome to your future dream home! This proposed new construction offers an exciting opportunity to create the perfect living space designed for your lifestyle. Once contracted, this thoughtfully designed floor plan will be built to meet the highest standards of quality and modern design. This spacious ranch offers over 3,120 square feet of living space, featuring a well-appointed design to facilitate bonding with friends and family. The primary suite includes dual closets and an oversized bathroom that can be upgraded for a more luxurious experience. The price covers the lot, base home, site preparation, around $100K in upgrades, and an RV garage. To begin the process, Adair Homes must be contracted for construction. The buyer will first purchase the lot from the seller, and then engage a builder specializing in build on your own lot projects. You'll work directly with the builder to select the floorplan, elevation, and finishes to customize the home to your preferences. For added convenience, the builder's preferred lender can streamline the financing process with a single loan that covers the lot purchase, site improvements, home construction, finishes, and the long-term mortgage. The entire construction timeline is estimated to take up to 12 months from the time the new home construction contract is signed, offering a realistic timeframe for bringing your vision to life. This is a unique opportunity to build your custom home in a setting that combines the best of modern living and nature. Don't miss out on the chance to create a home that is truly yours!

3940 Rolling Stock Way Wickenburg, AZ 85390

$1,275,000
3 Beds
3.5 Baths
3,058 SqFt
Status Active
MLS # 6749602
Property Type Single Family Residence
Price Type --
Welcome to your dream oasis nestled in the serene landscape of Wickenburg Ranch!! This luxurious 3000 square foot home boasts breathtaking views that will leave you in awe every day. Step inside to discover a massive kitchen, meticulously designed with numerous appliance upgrades, perfect for the culinary enthusiast. Adorned with a stunning tile backsplash and granite countertops, the kitchen exudes both elegance and functionality. As you wander through this impeccable abode, you'll be greeted by beautiful timeless tile floors that add a touch of sophistication to every room. The spa-like bathrooms are a sanctuary unto themselves, featuring a rejuvenating sauna for ultimate relaxation. The oversized laundry room serves as a multifunctional space, doubling as an office to accommodate your lifestyle needs seamlessly. Step outside to your own private paradise, where a gorgeous outdoor living space awaits. An artistic fountain sets the tone for tranquility, while the travertine tile extended length patio provides the perfect setting for al fresco dining or simply soaking up the sun. Entertain with ease in the built-in outdoor kitchen, remote controlled screens, complete with all the amenities you need to host memorable gatherings. The landscaping is meticulously curated, enhancing the beauty of your surroundings and creating a serene ambiance. Keep your utility bills low with OWNED solar panels!! The home comes with HOA approved plans for a 795 sq ft Casita plus an RV garage!

4214 S Winter Lane Gilbert, AZ 85297

$1,275,000
5 Beds
3.5 Baths
4,276 SqFt
Status Active Under Contract
MLS # 6739650
Property Type Single Family Residence
Price Type --
Beautiful TW Lewis basement home in the desirable Power Ranch community situated on a .38-acre lot and located in front of the community park. Walk through the private gated courtyard to discover a stunning split floor plan. The kitchen features stainless steel Viking appliances, granite counters, a kitchen island, and a gas cooktop. The interior boasts wood-look tile, wood, carpet, and shutters throughout. The primary bedroom features a spacious room with a door leading to the backyard, a walk-in closet with a custom closet, and a bathroom featuring a walk-in shower, freestanding tub, and dual vanities. The basement features a large great room, 2 bedrooms, and a bathroom. The backyard is an entertainer's dream, featuring mature landscaping, a sparkling pool and spa with a swim-up bar, a thrilling rock grotto slide, and a gazebo with a BBQ and outdoor kitchen. Relax by the outdoor fireplace and enjoy the serene Arizona evenings. Surrounded by single-level homes for a private backyard. Additional features include a 3-car garage with ample storage and an RV gate. The community features several walking/ biking paths, swimming pools, lakes, and more!

3038 E Thunderhill Place Phoenix, AZ 85048

$1,275,000
6 Beds
3.5 Baths
5,505 SqFt
Status Active
MLS # 6732109
Property Type Single Family Residence
Price Type --
Enjoy the flexibility offered in a luxury home that serves multiple purposes, eg offices, specialty room, multimedia room, gym, storage and so much more. At the heart is it's large kitchen with a multitude of features desired for entertainment, eg Viking appliances, built in refrigerator/freezer, soft close Schuler cabinets, fold out spice racks, warming drawers, wall ovens, induction stove, R/O water filtration, huge island and open to all entertainment spaces. This layout offers significant privacy with a turnkey backyard, making maintenance easy yet spacious. The seven dedicated rooms are currently used as four bedrooms, two offices and a craft room. A large downstairs office can easily be converted to self-contained bedroom/suite. Enjoy luxury living at an exceptional value.

5731 E Claire Drive Scottsdale, AZ 85254

$1,275,000
5 Beds
3 Baths
3,549 SqFt
Status Active
MLS # 6706685
Property Type Single Family Residence
Price Type --
Discover luxury living in Scottsdale's coveted ''magic zip code'' 85254 with this stunning 5-bedroom, 3-bathroom home with no HOA. Perfect for golf enthusiasts and those seeking a high-end residence, this home offers resort-style amenities and exceptional comfort. The sleek, modern kitchen features expansive countertops and a coffee bar. The open-concept living area is designed for relaxation, while the formal dining room provides ample space for entertaining. A spacious games room with a bar adds to the home's entertainment options. The private backyard oasis includes a covered dining and seating area, gas BBQ grill, and fire pit. Enjoy the saltwater pool and luxury hot tub for the ultimate in relaxation. Make this your next home or investment property! New Roof in 2022! Discover luxury living in the heart of Scottsdale's coveted magic zip code 85254 with this stunning 5-bedroom, 3-bathroom home. Perfect for golf enthusiasts and those seeking a high-end residence, this property offers resort-style amenities and exceptional comfort. The sleek, modern kitchen features expansive countertops and a coffee bar, perfect for morning routines. The open-concept living area is designed for relaxation, while the formal dining room provides ample space for entertaining. A spacious games room with a bar adds to the home's entertainment options. Step outside to your private backyard oasis, complete with a covered dining and seating area, gas BBQ grill, and fire pit. Enjoy the fully-fenced saltwater pool and luxury hot tub for the ultimate in relaxation. Located just minutes from central Scottsdale attractions, this home offers convenience and style. Kierland Commons is a short 7-minute drive, TPC Scottsdale is only 11 minutes away, and the cultural landmark Taliesin West is a 19-minute drive. Additionally, this home is not part of an HOA, making it a fantastic option for short-term rentals. Experience the best of Scottsdale living with unparalleled comfort and elegance. Make this your next investment or personal residence!

7760 E Carefree Drive Carefree, AZ 85377

$1,275,000
3 Beds
3 Baths
3,052 SqFt
Status Active
MLS # 6704258
Property Type Single Family Residence
Price Type --
Perfect Carefree home on a large interior corner lot with private back yard, views of Black Mountain and a large multi-level patio / pool area. Solid block construction on this Single Level light and airy updated home. Nicely appointed interior with kitchen and baths updated in 2015. New floors and paint throughout (2024). Kitchen has Granite Counter Tops, Undermount Chef's sink, Stainless Steel Dual Ovens and electric cooktop. Two large en-suite bedrooms, plus a third guest room. Spacious area off of kitchen can be used as a den or sitting area. Large pool recently updated and resurfaced with pebble tec. Quiet neighborhood is only ½ mile from town with easy access to grocery stores, restaurants, golf, and hiking trails.

2308 E Dry Wood Road Phoenix, AZ 85024

$1,275,000
4 Beds
3 Baths
2,865 SqFt
Status Active
MLS # 6563647
Property Type Single Family Residence
Price Type --
Step into this dramatic 4-bedroom home with a private office, where luxury and modern design meet in perfect harmony. Freshly painted inside and out, the home features a spacious 4-car garage with smart doors and sleek epoxy floors, offering the ultimate convenience. The exposed aggregate driveway and beautiful Travertine courtyard create an inviting first impression, setting the tone for the elegance within. In the backyard, you'll find your own private resort. A sparkling pool, surrounded by fire pits, a tranquil waterfall, and commercial-grade misters, invites relaxation and effortless entertaining. Inside, the great room is a showstopper, with soaring 12-foot ceilings and the latest designer colors, creating a modern yet refined atmosphere. The gourmet kitchen is a chef's dream, complete with stainless steel appliances, granite countertops, a stunning stone center island, and a chic backsplash. The eat-in kitchen offers sweeping views of the pool, mountains, and Travertine patio, blending indoor and outdoor living seamlessly. Throughout the home, plantation shutters add a touch of elegance, while surround sound throughout the entire house enhances your entertainment experience. You'll also love the added comfort and efficiency of a tankless water heater, ensuring endless hot water while saving energy. This is a must-see, luxury living at its finestwhere every detail has been thoughtfully designed to create a space that's both beautiful and functional. Measured at 2,728 square feet by a prior appraisal, this home is ready to impress.

11178 E Mark Lane Scottsdale, AZ 85262

$1,275,000
5 Beds
4 Baths
3,691 SqFt
Status Active
MLS # 6607731
Property Type Single Family Residence
Price Type --
This stunning home in Troon North boasts a brand new roof, lots of upgrades, and has tumbled travertine floors throughout, rich cabinets, and granite counters. A true entertainer's home with a gorgeous modern backyard complete with putting green & privacy, a view deck with mountains and city views galore, an office, game room and a full en-suite casita bedroom. The huge master suite is privately located upstairs with an adjoining sitting room/office and has its own balcony overlooking the back yard. The home is perfectly situated on a cul-de-sac with a North facing shady back yard and is within walking distance to restaurants & boutique shops. Minutes to the Four Seasons hotel & Troon North Golf Club. This beautiful home delivers all that desert living has to offer!

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