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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16032 E Dale Lane Scottsdale, AZ 85262

$1,250,000
4 Beds
4.5 Baths
4,124 SqFt
Status Active
MLS # 6715378
Property Type Single Family Residence
Price Type --
Stunning NEXTGEN Builders contemporary just starting. Car collectors and Serious RVers will appreciate this luxury plan offering oversized40' deep 3 car tandem plus 49' deep RV gar. all paved streets, 4 BD, plus office, 4.5 BA, grand kitchen, guest suite w/private living room, owners suite with free-standing tub, walk through shower, & oversized walk-in closets, quality 90/10 smooth walls, 8' doors, quartz countertops throughout, 12' ceilings in the great room and kitchen, Amazing views. Quality build with Energy efficient Spray foam insulation, 2x6 framed exterior, fully sheathed, post tension foundation, Pictures are from model home. Buyer to verify all facts and specs.

4613 E Lewis Avenue Phoenix, AZ 85008

$1,250,000
4 Beds
3.5 Baths
2,600 SqFt
Status Active Under Contract
MLS # 6750776
Property Type Single Family Residence
Price Type --
Your dream home is finally here! Welcome to this gorgeous 4-bedroom residence featuring , a paver driveway, an impeccably maintained lawn, elegant stone accents, and a welcoming front patio w stunning Camelback MTN Views. The living room showcases vaulted ceilings, skylights that bathe the space in natural light, a soothing palette, and attractive wood-look flooring. The great room has sliding doors that open to the patio for seamless indoor-outdoor living. The delightful kitchen comes with quartz counters, white shaker cabinets with crown moulding, pendant/recessed lighting, a stylish tile backsplash, a pantry, stainless steel appliances, and an island with a breakfast bar. Completed updated in 2022. Backyard is a relaxing Oasis, pool, covered patio and private. See additional comments The primary bedroom offers direct backyard access, a lavish ensuite with dual vanities, a soaking tub, a luxurious raindrop shower, and a walk-in closet. The second master with its ensuite bathroom is perfect for multi generational families or older children. The enchanting backyard is perfect for enjoying sunsets, boasting covered patios, a barn shed for extra storage, pristine natural turf, and a sparkling pool for endless summer fun. The back yard is watered w SRP flood irrigation, and the front yard is on a newly installed sprinkler system. The lot is large enough that if you wanted to add a casita you could ! Seller is getting barn Doors made for bedroom #3 closet and will be installed soon. Also there is a new Pella Sliding glass door panel that is being replaced in the master bedroom and that should also be here anytime. This gem is a true find! Make it yours!

834 W Brook Xing -- Payson, AZ 85541

$1,250,000
2 Beds
2 Baths
2,677 SqFt
Status Active
MLS # 6724757
Property Type Single Family Residence
Price Type --
This charming property is on 2.85 acres in the serene Christopher Creek area situated along 240 feet of Christopher Creek which flows year-round and is stocked, Fish from your own property. Located in a gated community with underground utilities, and backs up to the United States Forest Service (USFS) land, ensuring privacy and natural beauty. The house was built with full 9.5-inch logs, adding rustic charm and durability. There are 3 bedrooms and 2 bathrooms, providing ample space for family and guests. The main level features a wrap-around deck with creek views, a great room with floor-to-ceiling windows, knotty pine ceilings, and tile floors. The centerpiece is a massive 2-sided rock fireplace that warms both the great room and the primary bedroom. The bright and open kitchen offers sile stone quartz countertops and a convenient breakfast bar. A large bay window area with decorative knotty pine ceiling defines the dining space. On the main level, you'll find the primary bedroom and bath. The bathroom includes a slipper tub on brass legs. The main floor guest bedroom has its own full bathroom with a jetted tub. The loft bedroom overlooks the creek and has a charming balcony. The ground level features a family room with a wood-burning stove and a 1 1/2 car garage. The garage comes with a fully equipped workshop and an ATV side-by-side. The house was built with full 9.5-inch logs, adding rustic charm and durability. Outside, there's a metal roof, a BBQ area, an outdoor fireplace, and a path along the creek frontage with wild raspberries and blackberries. The acreage has been thoughtfully thinned to enhance fire protection. The hosue is equipped with a multiple-camera ADT backup security system that connects to the internet for remote viewing. As a bonus, the sale includes the workshop, ATV side-by-side, furnishings, pool table w/ bumper pool, and the pinball machine. This home offers a perfect blend of natural beauty, comfort, and recreational amenities.

9539 W Villa Chula -- Peoria, AZ 85383

$1,250,000
3 Beds
3.5 Baths
3,318 SqFt
Status Active Under Contract
MLS # 6733567
Property Type Single Family Residence
Price Type --
Desirable Meadows Subdivision Home - Triana Farmhouse Model by Toll Brothers! Welcome to your dream home in the sought-after Meadows subdivision! This stunning single-story Triana Farmhouse model, built in 2020 by Toll Brothers, offers modern living with timeless elegance. Key Features: **Layout:** Spacious 3-bedroom split floor plan with a den/office, perfect for remote work or a quiet retreat. **Kitchen:** The large kitchen boasts a massive island, quartz countertops, and elegant white shaker-style cabinets, ideal for cooking and entertaining. **Living Spaces:** Enjoy the open feel with 9'+ ceiling heights throughout the home. **Outdoor Living:** Both the front and backyard are beautifully landscaped for low maintenance and are perfect for entertaining. **Garage:** Ample storage with a 3-car garage equipped with epoxy floors and custom garage cabinets. **Courtyard:** A beautiful enclosed courtyard provides added security and privacy for outdoor entertaining during the cooler months! **Energy Efficient:** Owned outright solar system means no electrical bill. **Primary Suite:** The large primary bedroom and bathroom include a stunning walk-in closet. This home is a perfect blend of comfort, style, and functionality.

5212 E Cactus Road Scottsdale, AZ 85254

$1,250,000
4 Beds
2 Baths
2,605 SqFt
Status Active Under Contract
MLS # 6727414
Property Type Single Family Residence
Price Type --
Experience the best of Arizona living on this nearly one-acre lot in Sunburst Farms East. This beautifully remodeled home features upgrades throughout, including a spa-like primary bathroom with a deep soaking tub and rain shower. Primary suite now includes a HUGE walk in closet! The updated kitchen is perfect for entertaining with ample storage. The 4th bedroom is currently set up as an office, simply add a closet and it can be a guest suite. Enjoy outdoor gatherings by the resort-style pool and BBQ gas ramada. The large irrigated lot is ideal for horse enthusiasts, with a bridal path right behind the home. Additional features include RV gates, extensive exterior pavers, a large rear storage shed, a pool, block fencing, and a spacious backyard with plenty of room for activities

3051 W Sousa Court Anthem, AZ 85086

$1,250,000
4 Beds
3.5 Baths
4,704 SqFt
Status Active
MLS # 6738775
Property Type Single Family Residence
Price Type --
Be prepared to be impressed! Located in the heart of Anthem, Arizona, this home exemplifies modern living at its finest. Step inside this beautiful home and be greeted by new carpet throughout, custom paint, shutters, and custom light fixtures. In the master suite you'll find a home office, rod iron divide, custom curtains, and custom closets from California closets. In the kitchen you'll notice custom granite and backsplash, double ovens, updated microwave, fridge, and stove, plus reverse osmosis. In the living room there is a custom built in entertainment center and custom fireplace mantel. Laundry room custom cabinets from California closets. Added theater room with soundproofing, blackout room, projector, and speaker. Surround sound through the house. Home is set up to be a smart home. There is a second home office plus additional bedroom/den and kids study/desk area. Home could be made into 6 bedrooms with the office and den. Formal dining, breakfast bar, and great room in the home. In the garage you'll find custom garage cabinets, tank-less water heater, and soft water system. On the exterior there are 3 air conditioners, one original, one 7 years old, and one 5 years old all in good working condition. Roof was replaced 7 years ago. Plus UV sun shades on windows. In the backyard turf has been added, outside kitchen and seating area with fireplace, 2 grills, place for 5 TV's, pool 10 ft deep and spa with slide and waterfall, plus added exterior gates. Courtyard and intercom system in the front plus home set up for a security system. Replaced/repaired windows in the entire house. Added more rock and repaired the drip system and landscape clean up. Replaced almost all ceiling fans. Replaced all door handles. Owners have been in the home for 22 years and took great care of it.

14424 N 64th Place Scottsdale, AZ 85254

$1,250,000
3 Beds
2 Baths
2,275 SqFt
Status Active
MLS # 6728224
Property Type Single Family Residence
Price Type --
This stunner of a home is available for rent or for sale. She has a peaceful and grand feel bringing you a little piece of heaven. Brand New Trane AC unit Sept. 2021. Brand New Roof underlayment Oct 2021. 3 Car garage w/(2) 50amp Tesla charging hook-ups, plus extra-long double bay that fits a full-size truck/ Range Rover. 3 bed, 2 bath, and a dedicated separate office at front of home. The Primary bedroom is wonderfully sized with a private entry to the backyard. Primary bathroom accommodates separate sink vanities, separate soaking tub, step in shower and a very large walk-in closet. Gas fireplace, gas washer/dryer, white dove-tail custom cabinets, kitchen island w/breakfast bar and modern finishes - don't skip this stunner!

205 Juniper Trail -- Sedona, AZ 86336

$1,250,000
3 Beds
2 Baths
2,049 SqFt
Status Active
MLS # 6757858
Property Type Single Family Residence
Price Type --
Stunning 2024 upgraded & remodeled home, perfect for short-term vacation rental or personal retreat with gorgeous red rock views! This turn-key property offers furniture via separate bill of sale and move-in ready. Enjoy breathtaking red rock views and a prime location within walking distance to Poco Diablo Restaurant & Resort; optional membership provides access to fitness, tennis, and pickleball. Features include 2024 brand-new HVAC system, new tile & luxury laminate wood flooring, new updated baths, new granite countertops, new cellular blinds, new gutters, custom cabinets, remodeled kitchen, new landscaping, light fixtures, and more! Electric installed for a hot tub on cement slab. Incredible opportunity in one of Sedona's top locations near shopping, hiking, theaters, and more!

19232 N Cathedral Point Court Surprise, AZ 85387

$1,250,000
2 Beds
2.5 Baths
2,628 SqFt
Status Active
MLS # 6729449
Property Type Single Family Residence
Price Type --
Stunning Cambridge on the 11th hole of Cimarron GC. Triple fairway, mountain & water views! Open great room plan w/ custom floating wall for the media center, gas fireplace & granite hearth. The kitchen is an entertainers delight w/ Monogram gas cook top & vent, SS refrigerator & convection microwave & wall oven. Kitchen island & breakfast bar. Silestone Quartz counters t/o the home. Luxury vinyl flooring t/o & tile in the bathrooms. The primary suite has a door to the back patio, double sinks, free standing tub & tiled shower. En suite guest bedroom & bathroom. Wet bar has a mini refrigerator & cabinet lighting. Den features a custom built-in desk. Extended 2.5 car garage. HVAC 2020. Enjoy the AZ sunsets from the exquisite back yard w/ travertine, heated pool, fire pit & built-in-BBQ.

8247 E Devonshire Avenue Scottsdale, AZ 85251

$1,250,000
5 Beds
3 Baths
2,725 SqFt
Status Active
MLS # 6748054
Property Type Single Family Residence
Price Type --
Nestled in OLD TOWN, this extraordinary 5-bedroom, 3-bathroom home offers more than just living space, it provides a lifestyle of luxury and convenience. Currently operating as a VERY successful Airbnb was renovated in 2019, a new kitchen, remodeled bathrooms, and fresh paint throughout. Outside, the allure continues with low maintenance landscaping, a heated pool, and spacious covered patio, perfect for outdoor relaxation and entertaining. With easy access to HWY 101 and 202, Scottsdale Fashion Square Mall, dining, and entertainment options are mere minutes away, ensuring you're never far from excitement. This home offers the quintessential Scottsdale lifestyle. STR financials available upon request.

4742 S 179th Drive Goodyear, AZ 85338

$1,250,000
4 Beds
3 Baths
2,769 SqFt
Status Active
MLS # 6736703
Property Type Single Family Residence
Price Type --
This stunning masterpiece is a dream come true and will leave you breathless! Starting with 4 bed 1 game room 2 bathrooms 2-car garage, RV gate, separate office /casita with kitchen and bathroom. An awe-inspiring interior showcases sheer beauty & spectacular attention to detail. Discover the modern open floor plan graced with porcelain tile flooring throughout, an upscale ceiling fan, and large sliding glass doors on the back patio. Spotless kitchen provides a pantry, recessed & pendant lighting, ample cabinets adorned with crown moulding, tile backsplash, sleek quartz counters, and a prep island with a breakfast bar. Grand owner's retreat boasts direct outdoor access, an ensuite with dual sinks, an enclosed glass shower, and a walk-in closet. Finally, the HUGE backyard with a covered patio is a blank canvas with tons of potential for your landscape ideas and enough room for a pool. Don't waste time. This one-of-a-kind gem will sell fast!

5101 E Kathleen Road Scottsdale, AZ 85254

$1,250,000
5 Beds
3 Baths
3,365 SqFt
Status Active
MLS # 6734990
Property Type Single Family Residence
Price Type --
Welcome to your perfect Scottsdale retreat in the highly sought-after 85254 zip code! This spacious 5-bedroom, 3-bathroom home boasts a prime location with an oversized lot and a sparkling pool, offering ultimate privacy and comfort. Located in the heart of Scottsdale, you'll enjoy easy access to a wealth of amenities. Scottsdale is renowned for its vibrant community events, top-rated golf courses, and excellent schools. Nearby Kierland Shopping and Scottsdale Quarter provide unparalleled shopping, dining, and entertainment options, ensuring there's always something to do. Inside, the home features a convenient layout with a bedroom and full bath downstairs, ideal for guests or multi-generational living. The expansive backyard oasis is perfect for relaxation and entertaining, complete with a refreshing pool and ample space for outdoor activities.

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