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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11377 E Diamond Cholla Drive Scottsdale, AZ 85255

$1,269,000
4 Beds
2 Baths
2,248 SqFt
Status Active
MLS # 6743404
Property Type Single Family Residence
Price Type --
This beautifully maintained home, nestled in the desirable Troon neighborhood, offers a perfect blend of classic charm and modern convenience, set against the breathtaking backdrop of Troon Mountain. Upon entering, you'll immediately appreciate the expansive windows showcasing picturesque desert landscaping and gorgeous mountain views. The spacious split floorplan ensures privacy and comfort featuring three generously sized bedrooms plus a versatile den, ideal for a home office, playroom, or additional guest space. The open-concept living and dining spaces create an inviting atmosphere for both relaxing and entertaining, while the well-appointed kitchen boasts ample cabinetry, counter space, and modern SS appliances, making meal preparation a pleasure. The highly desirable south-facing yard offers a perfect low-maintenance spot for outdoor dining, gardening, or simply soaking in the stunning scenery. This home is ideally located near a variety of amenities, including world-class golf courses, hiking trails, and vibrant dining and shopping options. Troon is renowned for its natural beauty and outdoor recreational opportunities, ensuring you'll always have something to explore right in your backyard.

6919 E Ivyglen Street Mesa, AZ 85207

$1,269,000
5 Beds
3.5 Baths
4,170 SqFt
Status Active
MLS # 6748564
Property Type Single Family Residence
Price Type --
MOTIVATED SELLER! The epitome of luxury living! Located in the prestigious gated community of Annecy, & one of the few custom homes within the community. Grand entryway, with elegant stone & wood flooring, custom ceiling trim & exceptional craftsmanship found throughout. Seamless blend of stone & hardwood floors, wide baseboards, arched doorways, & intricate crown moldings. The primary suite is a true spa-like retreat, complete with his & hers walk-in closets. Enjoy two sets of Jack & Jill bedrooms/bathrooms, a remarkable laundry room, & an entertainer's kitchen with new appliances that will leave you in awe. Stunning all-black tile swimming pool, complete with waterfall, slide, built-in hot tub, & stone pool decking. Outdoor kitchen features a large gas grill with granite countertops The property also offers a paver driveway, a massive extended length three-car garage with plenty of storage, and an RV gate. This home is truly a showstopper!

4962 S Topaz Road Flagstaff, AZ 86005

$1,265,000
4 Beds
3.5 Baths
4,218 SqFt
Status Active
MLS # 6697677
Property Type Single Family Residence
Price Type --
THE COOLEST AND MOST INTRIGUING ARCHITECTURE in the greater Flagstaff area! This spectacular custom home sits on a hill and enjoys phenomenal views of the San Francisco Peaks and amazing Arizona sunsets. An abundance of natural light in this terrific four bedroom that features an open floor plan, cathedral ceilings, gourmet kitchen with breakfast bar, custom cabinetry and appliances, wine fridge, double oven, and six burner range. Perfect for entertaining! Very private primary suite and bath offers gorgeous views, deck, walk-in shower, soaking tub, and dual vanities. Outstanding bonus room ideal for family gatherings, spacious guest bedrooms, and maintenance free landscape. Excellent location close to the neighborhood trail, park, and national forest. A very unique custom home.

88 Chapel Road Sedona, AZ 86336

$1,265,000
4 Beds
4 Baths
3,038 SqFt
Status Active
MLS # 6686863
Property Type Single Family Residence
Price Type --
Enjoy up close and unobstructed Red Rock views, along with extraordinary privacy, from this custom 3 bedroom, 3 bath home, with an additional attached casita. Set in the Mystic Hills subdivision, this spectacular single-story Sedona oasis sits on almost a half an acre containing dozens of mature native trees and ample vegetation, providing natural screening and privacy.The primary home is an open and bright 2,348 sq ft, with expansive windows on both sides of the house letting in ample natural light. All the windows look out at the native forest, where homeowners can enjoy watching swaying trees, flowering cactus, birds, and native wildlife with the upmost privacy. Enjoy 10.5' high ceilings in the large family room and kitchen. The split floor plan offers a primary suite that is open and spacious, with large windows, two walk-in closets, and a lovely master bathroom that pampers you with dual vanities, an oversized shower, and a window-side soaking tub. On the other side of the split floor plan are two large and spacious bedrooms, with a rustic bathroom complete with a shower and soaking tub. The recently remodeled kitchen is large and open, with abundant counter space, and plenty of room to move around while preparing your favorite meals. It boasts new appliances, granite countertops, tile, and knotty hardwood cabinets with soft close doors and drawers. Floor to soffit hardwood cabinets offer plenty of storage for pantry items. Walk out the back door to the expansive 1,400 sq/foot deck with up close and dramatic Red Rock views of the massive Mystic Mountain. Relish in the changing views of the season, from snow dusted red rock cliffs, to cliffs partially shrouded in mist and clouds, to the evening alpen glow that warmly reflects off the crimson cliff faces. The large deck is partially covered, partially open, providing sunny seating areas for the cooler months, and shaded seating during hotter months. This large outdoor space is perfect for daily relaxation or entertaining guests. From the Jacuzzi, enjoy breathtaking views of the massive Mystic Mountain to the east and Steamboat rock and the Acropolis to the north. From the deck, access the attached 690 sq ft casita, which contains its own bathroom with shower and kitchenette. The casita contains ample space for a home office, guest quarters, workout room, artists' studio, or even an income-generating ADU. With its own heating and cooling, expansive windows, and cork flooring, this comfortable space can be custom tailored for a variety of needs. Other notable features in the home include a laundry room with additional storage, a custom fireplace for cozy winter gatherings, a bathroom/powder room off the hallway and a large buffet for storing occasional dinnerware, wine and spirits, or just hiding clutter. The entry room offers an area to leave coats and shoes, with large built-in shelving for displaying art. Attached is a two car garage, with ample driveway space for additional vehicles. From the home, a short walk along the new city sidewalk leads to some of the Sedona's most scenic trails, including the Mystic and Chapel trailheads. Perfect for the healthy lifestyle that draws people to Sedona. Mystic Hill residents enjoy regular opportunities to meet up with neighbors to play tennis or pickle ball, participate in regular hikes, a book club, holiday barbeques at the clubhouse, and other activities. The beautifully designed clubhouse is open to homeowners and their guests, can be reserved for special events, and has a quiet swimming pool and spa with dramatic views. The clubhouse also contains a weight room and a kitchen. In spite of these luxurious amenities, Mystic Hills maintains some of the lowest HOA dues around. Come for a tour before the opportunity passes you by!

3748 E Mare Court Phoenix, AZ 85044

$1,264,500
6 Beds
3.5 Baths
4,801 SqFt
Status Active
MLS # 6718151
Property Type Single Family Residence
Price Type --
Huge BASEMENT-HEATED Pool-Oversized Lot with dreamy mountain views and sunsets-4.5 Car Garage. Welcome home! Beautiful custom home situated in the Equestrian Estates.Step into your elegant home boasting 6 bedrooms, 3.5 baths, a chef kitchen with 2 workstations, built in appliances, double ovens and stainless appliances.Heated travertine floors in main living area. Wood flooring in bedrooms-lots of storage and walk in closets. Primary suite with sitting area and 2 closets and direct access to backyard.Full built out basement w/ bonus room, bar, 2 bedrooms and bath. Perfect place to send the kids or create a quiet cool place to retreat from the heat. Built in BBQ, view deck&storage shed.Beautiful neighborhood, Kyrene School District, horse back riding trails and more.

15027 N 28th Street Phoenix, AZ 85032

$1,263,000
4 Beds
3 Baths
3,448 SqFt
Status Active
MLS # 6732094
Property Type Single Family Residence
Price Type --
This fine custom home offers a world of possibilities for both personal and business needs. This property has plenty of open living space and available land for additional building — perfect for someone working from home or desiring to customize a lot. Its convenient location in the heart of the city makes this 36,000 sqft lot (zoned R-14) an incredibly rare find. The property includes both the 3443 sqft main home and detached 1200 sqft workshop/garage — and the lot still offers room to grow. The interior of the residence boasts 4 bedrooms, an office/bonus room, and a large loft area with access to a spacious observation deck/balcony built with entertaining in mind. The exterior features an enormous paved parking space and a stylish backyard with always green artificial grass, fruit ..... fruit trees and a flower garden. The focal point, however, is the covered patio and BBQ area plus the large fire pit. They make the backyard perfect for entertaining large groups. And that's not all! The home also has an oversized RV gate.The interior finishes include recently updated real wood floors /large stone tiles /solid wood doors. The owner has also installed solar panels on the roof, providing you substantial savings on electricity bills. This spacious lot would also be perfect for the addition of a pickle ball or a tennis court. Don't miss out on your chance to make an offer on this remarkable property that has an ideal combination of convenient location and acreage! Short distance to 51 FRWY , Great Hearts Academy, Basis School, PV GOLF, Kierland Shopping and Mayo Hospital. Ready to Move- In.

19950 W Cambridge Avenue Buckeye, AZ 85396

$1,258,000
4 Beds
3.5 Baths
2,919 SqFt
Status Active
MLS # 6736777
Property Type Single Family Residence
Price Type --
Beautiful 2919 sq ft 1 level Horse property on 1 acre with the best of both worlds, space and proximity to everything! Some of the features, include 20-foot ceiling entry in the great room, Shutters, 4 large bedrooms, 3.5 bath, including a master suite, walk-in closet master bath with en suite with a garden tub and skylight, french doors opening to the covered patio, custom tiled bathrooms, rustic wood beams, propane fireplace, chef's paradise kitchen with granite countertops and stainless-steel appliances, built-in wine fridge in the adjacent family Room, tile floors, office with additional outside access, three-car oversized garage/man cave with built-In cabinets, AC/Heat, Fan, 220-volt outlet for a charging station, and a not to forget a dream backyard with space!

14226 N 69th Place Scottsdale, AZ 85254

$1,255,000
5 Beds
3 Baths
3,655 SqFt
Status Active
MLS # 6759773
Property Type Single Family Residence
Price Type --
This exceptional 5 bedroom home with no HOA is nestled on a corner lot of a quiet cul-de-sac in the ''Magic'' zip code. This home offers a backyard oasis including a newly refinished pebble tech pool (2024), covered patio & large lawn for all activities! The floorpan flows effortlessly with 18' tall ceilings, arched doorways, new plush carpets (2024), tile flooring, plantation shutters, & recessed lighting. The large family room comes with a wet bar & direct backyard access promoting easy entertaining. The updated kitchen features wood cabinets, tile backsplash, granite countertops, SS appliances, with a large island. Updated bathrooms, tons of storage, walk-in closets & huge rooms make this home a must! Located minutes away from Scottsdale, Kierland, shopping, restaurants, golf & more! New upgrades completed in April 2024 include: 3 Stage Reverse Osmosis Water Filtration System, Water softener system, refinished PebbleTec pool & brand new carpet throughout. The generously sized primary bedroom hosts a bountiful walk-in closet and an immaculate ensuite with an oversized granite dual vanity and expanded shower. The entertainer's backyard is comprised of a full-length covered patio, a lush lawn, a fragrant citrus tree, and a sparkling blue pool. Everything you're looking for, you'll find it here! Don't miss out. Act now!

4913 W Hackamore Drive Phoenix, AZ 85083

$1,255,000
4 Beds
3.5 Baths
4,525 SqFt
Status Active
MLS # 6705512
Property Type Single Family Residence
Price Type --
Beautiful 4br/3.5ba plus den, basement home on a corner almost 1/2 acre lot. Enter through the 8' Solid oak arched door to a bright inviting spacious formal LR/DR w/plate glass windows & 12' ceilings * Open entertaining Kitchen has granite, tons of storage & counterspace for every cooks dream. Don't miss the dbl wall ovens. Family room has lots of space for family nights*Primary BR has 2 walk-in closets spacious room with ceiling can lights, bath has 2 sinks split and 2 water closets. Den has dbl french doors and built in book case. Split Bedroom 2 is upstairs and accesses a dbl sink upgraded bath. 1200 SF finished Basement has a great room, 2/lg BR and even more storage. Relaxing raised patio leads to a yard with a waterfall and built in bbq area plumbed for water and electricity. PVT entrance from Back yard to hobby RM W/with A/C. This yard has plenty of room for a pool and a sport court of your choice. Lots of built-in cab in Laundry with a sink, and built-in garage cab in this 4 car gar. Don't miss the private courtyard on the west side of the home. Whole house water system PH1000 Bacteriostatic filtration w/8 year warranty. Easy access to schools & shopping.

5949 E Larkspur Drive Scottsdale, AZ 85254

$1,255,000 - 3Br/3Ba -  for Sale in Avant 1 Unit 4, Scottsdale
Open House
$1,255,000
3 Beds
2.5 Baths
2,558 SqFt
Status Active
MLS # 6747120
Property Type Single Family Residence
Price Type --
Discover the perfect blend of space, convenience, and modern luxury with this large corner lot located in one of the most sought-after areas. Nestled within the ''magic zip code,'' this property offers an unparalleled opportunity to live the resort-style lifestyle you've always dreamed of all with the peace of mind that comes from brand-new upgrades throughout. This property boasts an array of recent enhancements, including a **new roof** and **new AC system**, ensuring comfort and efficiency year-round. The **completely renovated bathrooms** add a touch of elegance and modern design, perfect for relaxing after a long day. The state-of-the-art **hybrid hot water heater** provides both energy savings and reliable hot water, while the **new filtration system** and ................. **water softener** offer pristine water quality for your household. The expansive lot and corner location ensures easy access and added privacy. Imagine owning you own private oasis including a sparkling pool, outdoor kitchen, lush citrus trees, RV Gate, framed detached structure and putting green while still having room to put you own stamp on.the possibilities are endless. Living here means more than just owning a property; it's about embracing a lifestyle. Enjoy the benefits of a prestigious neighborhood known for its top-rated schools, vibrant community, and proximity to shopping, dining, and entertainment. Plus, with nearby access to recreational amenities like golf courses, spas, and exclusive clubs, every day feels like a vacation. Don't miss out on this rare find in a location where properties like this are few and far between. Prime location is everything in one of you larges life investments.

14603 E Desert Trail Scottsdale, AZ 85259

$1,251,111
4 Beds
3.5 Baths
3,007 SqFt
Status Active
MLS # 6749138
Property Type Single Family Residence
Price Type --
Welcome home! Nestled between Scottsdale Mountain and Adero Canyon is a gem that has space to entertain family or friends, views that capture the notorious Arizona sunsets, and thoughtful spaces both inside and out! This home has a much desired North/South exposure with views, views, and oh, VIEWS!!! Do you enjoy walking or hiking? There are miles of tranquil trails just steps from your front door. Perhaps you enjoy morning coffee? Or an afternoon cocktail? Either can be relished in several charming spaces in both the front courtyard or backyard firepit. Like most gems, this house is rare, so come take a look for yourself! I'd love to show you around.

34198 S State Route 89 Highway Wickenburg, AZ 85390

$1,250,000
4 Beds
4 Baths
2,836 SqFt
Status Active
MLS # 6682924
Property Type Single Family Residence
Price Type --
TO BE BUILT... Beautiful custom home on 4+ acres of horse property. Open concept floor plan with large chef's kitchen, walk-in pantry, and laundry room with sink. Main house consists of 3 en-suite bedrooms with an additional flex bedroom/office. Primary bedroom has dual vanity sinks with massive walk-in closet and oversized shower. Attached casita, accessible through the main house or separate exterior door. Casita has private kitchenette, full bathroom and walk-in closet. Giant 4-car garage with enough room for all your toys. Horse arena will be roughed in with option for homeowner to purchase complete package. Don't miss this opportunity for the perfect home in Wickenburg.

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