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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5225 W Desert Drive Laveen, AZ 85339

$1,275,000

4 Beds

5 Baths

5,553 SqFt

Status Active Under Contract

MLS # 6688946

Property Type Single Family Residence

Price Type --

HUGE PRICE REDUCTION...... Welcome to your dream home nestled within a serene gated subdivision, boasting over an acre of lush land, where luxury meets convenience at every turn. You're greeted with a privated court yard and a majestic iron door entry adorned with Cantera stone. Step inside and be greeted by the grandeur of custom-designed kitchen cabinets & showcasing the finest Thermador appliances that cater to the culinary enthusiast's. Venture into the expansive backyard, where you will find a kids' water park and plenty of land to design your own custom pool. For the avid traveler or outdoor enthusiast, the property boasts a colossal RV garage, offering ample space to accommodate your recreational vehicles and gear. complete with its own amenities, the possibilities for customization are endless. Whether hosting guests or seeking a private retreat, this versatile space caters to your every need. This custom estate does not disappoint. Very rare to find homes in this neighborhood come on the market.

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3119 E Cat Balue Drive Phoenix, AZ 85050

$1,275,000

4 Beds

3.5 Baths

3,107 SqFt

Status Active Under Contract

MLS # 6717986

Property Type Single Family Residence

Price Type --

This is it! The perfect single level home with a pool is now available in Ridgview Estates! This beautiful home features an open floor-plan, an amazing kitchen with a HUGE kitchen island, Quartz counter-tops, high-end stainless steel appliances, unless grey shaker style cabinets, wide plank tiles throughout the house, updated bathrooms with tile wrapped showers and Quartz counter-tops, SELLER PAID SOLAR PANELS, amazing primary bathroom with spacious walk-shower with separate soaking tub and his/her vanities, large 3 car tandem garage with storage racks and much more! The back yard is perfect for entertaining with a sparkling Pebble Tech pool with water feature and Baja shelf, synthetic turf, 2 oversized glass sliders for indoor/outdoor making it the ideal backyard!

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6337 E Windstone Trail Cave Creek, AZ 85331

$1,275,000

4 Beds

3 Baths

3,048 SqFt

Status Active

MLS # 6733499

Property Type Single Family Residence

Price Type --

This luxurious Santa Fe-style home on an expansive horse-property lot in the Sonoran desert is perfect for horse enthusiasts. It features 4 spacious bedrooms and 3 baths, starting with a charming flagstone courtyard and majestic peeled-pole columns framing the entrance. The kitchen boasts upscale stainless-steel appliances, granite countertops, and a cozy breakfast nook. The primary suite offers a blissful bedroom, walk-in closet, custom fireplace, and a private spa-like bath. Amenities include covered horse stalls, a tack/storage room, ramada, hot tub, and potential for a pool. With 3,048 sq ft, fully remodeled laundry room, and a lock-off casita, this home offers flexible living options.

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27808 N Desierto Drive Rio Verde, AZ 85263

$1,275,000

4 Beds

3 Baths

3,090 SqFt

Status Active

MLS # 6681633

Property Type Single Family Residence

Price Type --

NEW IN 2022 - 4 BDRM, 3 BA, SINGLE LEVEL CUSTOM HOME, GREATROOM FLOORPLAN, FIREPLACE, DESIGNER KITCHEN CUSTOM SUBZERO W/DRAWERS, MONOGRAM GAS OVEN & COOKTOP, MONOGRAM MICRO DRAWER, BOSCHE DOUBLE OVENS, THERMADOR DOUBLE REFRIG DRAWERS, HINKLEY DECOR LIGHTING, FANS IN BDRMS, WINDOWS HAVE SHADES, 16' SLIDING DOOR TO OUTDOOR LIVING, COVERED PATIO, ALL PORCELAIN 2'x4' TILE, NO CARPET, AMMENITIES, GOLF, PUTTING GREEN, BOCCE BALL, OLYMPIC HEATED OLYMPIC SIZE POOL/SPA, FITNESS CTR, 18 HOLE PUTPUT, MESQUITE RESTAURANT ON LAKE. Tonto Verde has 2 championship golf courses owned by members. This is an active, vibrant community with biking, hiking, swimming and beautiful streets for walking. Families welcome.

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5748 N 78th Place Scottsdale, AZ 85250

$1,275,000

3 Beds

2.5 Baths

2,915 SqFt

Status Active

MLS # 6721534

Property Type Townhouse

Price Type --

Discover luxury living in the heart of Scottsdale, near top shopping & dining. This exquisite home boasts soaring ceilings, a cozy living room, elegant dining room with atrium views, and a serene den. The chef's kitchen features a modern Bulthaup design with Thermador Induction range and appliances, Sub Zero refrigerator and an inviting front patio. The master suite includes blackout shades, spa- like bathroom, and convenient laundry access. A spacious guest suite, which can be easily converted to a 3rd bedroom, loft workspace, and a 7,000 sq. ft. landscaped yard complete this stunning property. Perfect for those who appreciate refinement and location.

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6918 E Granada Street Mesa, AZ 85207

$1,275,000

4 Beds

2.5 Baths

2,970 SqFt

Status Active

MLS # 6744579

Property Type Single Family Residence

Price Type --

Welcome to this stunning single story custom home on a 30,000 + Square foot lot with North/South lot. In Northeast Mesa! This is the complete package! New AC units in June 2024, Owned solar system. Kitchen boasts Huge Island, Maple Cabinets, large walk-in pantry, with Granite counter tops. Travertine Tile inside and outside. Great room features Beautiful Stone Wall with Gas Fireplace, Beamed Ceiling, and Double French Doors, and 12-inch Glass Doors. Office with separate entry, can also be used as 4th bedroom. Coffered ceilings throughout. Master Suite with French Doors, Gas Fireplace with sitting Room or workout area. Luxurious Master Bath and Fully built out Master Closet. Enjoy another day in Paradise in your resort style back yard with large extended patio and stunning pool & heated 4 car garage, spacious area for RV Parking and oversized driveway, minutes from 202, Highly Rated Schools, close to hiking and biking trails. Conveniently located minutes from shopping, restaurants, and more!

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30804 N 120th Avenue Peoria, AZ 85383

Open House

$1,275,000

5 Beds

4 Baths

3,354 SqFt

Status Active

MLS # 6712297

Property Type Single Family Residence

Price Type --

Blackstone exclusive golf and CC community. Newest upgrades Including new paint in/out, flooring, pool pump, custom power window treatments and so much more. Super clean move in ready home! Kitchen overlooks great room with fireplace and boasts SS appliances, oversized island with prep sink an abundance of cabinets with roll outs, huge walk in pantry with second fridge. This split floor plan provides privacy to master in one corner, across the home a guest suite and separate hall leads to three addition bedrooms with media area. Large private lot with natural space behind, mtn views, pool, spa, extended paver patio, gas plumed for bbq, putting green to sharpen your game,. It's your chance to live the lifestyle you deserve in a spectacular home. provides privacy to company. Staycations are a thing of the past with this spacious resort style yard that includes extended covered paver patio, pool, spa, putting green complimented with mountain views. Freshly painted inside and out, new flooring, added enhancements make this home move in ready. It takes only moments to fall in love with this home. Area highlights include biking/walking paths, play areas, clubhouse/rec, tennis/pickleball, work out facility, golf, and more all within minutes of the 303 access. It's time to enjoy life!

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7823 N Via Del Mundo -- Scottsdale, AZ 85258

Open House

$1,275,000

4 Beds

3.5 Baths

2,212 SqFt

Status Active

MLS # 6741347

Property Type Single Family Residence

Price Type --

This one HAS to be seen in person. Exceptional gem in McCormick Ranch! This fully remodeled cul-de-sac home boasts 4 bed 3.5 bathrooms of refined living space. Nestled in an extremely private street, it offers convenient access to all the wonderful amenities McCormick Ranch has to offer. Inside, you'll find a thoughtfully upgraded interior illuminated by skylights that flood the home with natural light, enhancing its inviting and efficient design. All new European oak engineered hardwood floors compliment the new Taj Mahal quartz countertops perfectly. The master suite and closet have been recently redesigned. The pool view from the living room is spectacular and the landscaping ensures privacy and provides a seamless blend of indoor and outdoor living, embodying the ideal AZ lifestyle.

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9845 E Inglewood Street Mesa, AZ 85207

$1,272,500

5 Beds

3.5 Baths

4,289 SqFt

Status Active

MLS # 6750670

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the gated community of Whisper Mountain! This extraordinary 5-bedroom basement home boasts panoramic mountain views on an oversized lot. The resort style property includes a beautiful play pool with built in hot tub, large putting green, RV gate, 3-car garage, and courtyard. The large formal living, dining, and great room on the main floor make entertaining a breeze. For the culinary enthusiast, the gourmet kitchen is well appointed with Jenn-Air appliances, walk in pantry, granite countertops, large island with bar and an eat in kitchen. Beautiful primary suite with large ensuite and direct backyard access offers picturesque desert views. The basement offers extra room for the family with an additional family room with bar, two bedrooms, and a full bath. A finished basement offers a wet bar and space for a media center. Outdoors, enjoy a covered patio, built-in BBQ, fire pit, pool, spa, and stunning mountain views. This home is a haven that won't disappoint. Make it yours today!

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1538 E Amber Ridge Way Phoenix, AZ 85048

$1,270,000

4 Beds

3 Baths

3,618 SqFt

Status Active

MLS # 6726243

Property Type Single Family Residence

Price Type --

Situated on a PRIME cul-de-sac, this spectacular haven will leave you breathless! This beauty, with a 3-car garage with attached cabinets for great storage, paver driveway, and attractive curb appeal, invites you to discover more. Enter through the custom double doors to be awed by the HUGE living & dining room with a bay window and desirable great room complemented by a fireplace, wet bar, and a French door to the back patio. Highlights include stylish light fixtures, soaring vaulted ceilings, and plantation shutters. The open kitchen showcases a plethora of cabinets & cupboards, mosaic backsplash, an island, granite counters, a breakfast bar, a pantry, and top-of-the-line stainless steel appliances such as wall ovens, wine cooler, and electric cooktop. The breakfast nook adjacent to the kitchen is surrounded by windows which provide ample light! Owner's retreat is downstairs for convenience, boasting plush carpet, direct outdoor access, pre-wired surround sound, sunny bayed window sitting area, a walk-in closet, and a lavish ensuite comprised of two vanities and a jetted tub. PLUS! Flexible bonus room with balcony access is perfect for a media room. Stunning backyard is a true gem! A covered patio, gazebo with built-in BBQ, basketball hoop, volleyball court, and an enticing pool & spa with rock waterfall complete this paradise. You'll definitely love this luxurious lifestyle! Don't miss it!

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4210 E Desert Vis Trail Cave Creek, AZ 85331

Open House

$1,269,999

4 Beds

3.5 Baths

3,558 SqFt

Status Active

MLS # 6614047

Property Type Single Family Residence

Price Type --

Homesite 1-SpurCross-This home includes the multi-generational living with the great room and bedroom 2 suite. Complete with a kitchenette featuring an eat-in kitchen island and washer/dryer/fridge hook ups and walk in shower in lieu of tub/shower, it's a private apartment within the home. Other options included in this price are vaulted ceilings with beams, exterior stone, laundry room sink, 15' multi-slide doors in great room, and bbq gas preplumb. The upgraded finishes include hardwood flooring, quartz countertops, upgraded cabinets, and bathroom surrounds. Upgraded kitchen appliances include double ovens, built in microwave, chimney hood, and 36'' cooktop.

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11264 N 128th Place Scottsdale, AZ 85259

$1,269,900

5 Beds

3.5 Baths

3,720 SqFt

Status Active

MLS # 6723945

Property Type Single Family Residence

Price Type --

Beautiful Family Home with Mountain Views and Pool Welcome to your dream family home! This exquisite property is meticulously maintained and ready to welcome a new family. With its stunning features and prime location, it offers everything you need for comfortable and luxurious living. Grand Entrance as you step inside, the gorgeous grand staircase immediately captures your attention, setting the tone for the elegance that awaits throughout the home. High ceilings create an airy and open feel, and unique flooring adds a touch of sophistication. Spacious Living Areas. The spacious downstairs primary suite is a true retreat, featuring its own private fireplace for cozy evenings and a sense of serenity. The huge loft upstairs opens to a balcony that showcases spectacular mountain views a perfect spot for morning coffee or evening relaxation. Gather around the stunning family room fireplace, ideal for family movie nights or entertaining guests. The formal living and dining rooms are designed for memorable family gatherings and special occasions. The upstairs family room or entertaining area offers a versatile space for various activities. Whether you need a game room, a home theater, or a secondary living room, this area provides ample space and comfort for your family's needs. The chef-style kitchen is a highlight, equipped with top-of-the-line appliances and ample space for culinary adventures. Its layout ensures that cooking and entertaining are a breeze, making it the heart of the home. Outdoor Oasis Step outside to the large lot and discover your personal oasis. The fenced pool invites you to cool off on hot days, while the covered patio and outdoor grill area are perfect for summer barbecues and outdoor dining. The turf grass provides a lush, green space for play and relaxation, and the spiral staircase from the balcony to the backyard adds a unique touch of charm. Prime Location located in close proximity to top-rated schools such as Desert Mountain High School and BASIS Scottsdale, this home is perfectly situated for families seeking quality education and a friendly community. Enjoy the convenience of nearby shopping, dining, and recreational opportunities. Don't miss the chance to make this beautiful home yours. With its blend of elegance, comfort, and prime location, it's the perfect place to create lasting family memories. Newer Seller owned 18KW Fusion Power solar panel system with transferable 25 year warranty buyer can assume monthly payments or payoff at buyer's discretion.

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