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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2715 W Cheyenne Drive Laveen, AZ 85339

$1,250,000

5 Beds

4 Baths

4,195 SqFt

Status Active

MLS # 6749896

Property Type Single Family Residence

Price Type --

Possible Seller Financing..Do you ever dream of getting away from the hustle & bustle of a busy hectic routine to a place with views all around in a peaceful quiet serene setting to unwind and relax? Then look no further. THIS UNIQUE HUGE NEWER SINGLE LEVEL 4200 sf MANSION WITH 4 CAR GARAGE +CASITA+ HORSE PROPERTY ON OVER 2 ACRES AT THE BASE OF SOUTH MOUNTAIN .. CITY VIEWS FROM EACH DIRECTION .. NO HOA!! The most amazing sunsets to city lights, feeling you are on top of the world overlooking Arizona, while taking a swim in the pool to relaxing in the spa...this HUGE HORSE property on over 2 acres offers direct access to hiking with only minutes to the nearest golf course & a few miles to downtown Phoenix...appx 15 minutes to Westgate sports arena & Tempe. Great schools & lots of shopp

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2181 W Thompson Place Chandler, AZ 85286

$1,250,000

4 Beds

3 Baths

3,767 SqFt

Status Active

MLS # 6756720

Property Type Single Family Residence

Price Type --

Originals owners in the Discrete, Distinguished, and Gated Germann Country Estates, for the 1st time, are presenting this home for sale. 4 Beds + Den + 3 Full Baths + 14-foot ceilings throughout. Large Master Suite w/ His/Her closets and sinks & Separate Tub/Shower. Enter the large double Front doors to Formal Dining Rm, Living Rm, & Study. Continue towards expansive kitchen opening into the Breakfast Nook, Family Rm and Glass Patio Doors opening to the backyard oasis complete w/ Pool/Slide, Sun Deck, & Large Covered Patio. No Bedrooms share a wall in this unique design including Jack & Jill Beds/bath. 3_ car garage complete with epoxy flooring, full house water softener, & Cabinet Storage. A Must See!

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10361 N 101 Street Scottsdale, AZ 85258

$1,250,000

3 Beds

2 Baths

2,179 SqFt

Status Active

MLS # 6739913

Property Type Single Family Residence

Price Type --

Gorgeous Remodeled Single Level home in The Island at Scottsdale Ranch lake Serena Subdivision , Enjoy water activities, boat ride etc,, ,3bed,2 baths and patio. Single level. Gated comm. With maintenance. Back yard new professional built in grill and water feature with expanded patio. New floors with granite counter tops and backsplash in kitchen, newer kitchen aid appliances - stainless steel. New Kohler sinks and faucets in all baths, with granite tile.. One of a kind ,immaculately maintain a must see

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5045 E Redfield Road Scottsdale, AZ 85254

$1,250,000

3 Beds

2.5 Baths

3,213 SqFt

Status Active

MLS # 6701085

Property Type Single Family Residence

Price Type --

Entertainer's Dream! Enter this beautiful home thru double doors into grand foyer with view to elegant curved staircase. Lovingly remodeled for comfort, light & open space. Flexible floor plan provides various gathering spaces for use as home office, media room, game room, etc. Island kitchen open to family room & formal dining room & features stunning quartzite slab counters. Built in electric cooktop, microwave & double ovens. Two sets of sliding doors lead to beautiful backyard with refreshing pool, several sitting areas, firepit & built in BBQ island. Media room has wet bar & wine cooler, Fireplace in family room & office. Spacious owner's suite upstairs with balcony overlooking pool. Two other bedrooms & bath upstairs. Conveniently located near popular shopping & dining destinations.

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16229 E Blue Sky Drive Scottsdale, AZ 85262

$1,250,000

4 Beds

3.5 Baths

3,042 SqFt

Status Active

MLS # 6759183

Property Type Single Family Residence

Price Type --

Amazing custom home with horse privileges nestled in the breath taking mountain setting of North Scottsdale. This wide open floor plan is complete with huge fireplace, custom cabinetry in the great room and custom roller shades on every window. The kitchen is every chefs dream with built in stainless steel appliances, huge walk in pantry w/ prep area, giant waterfall- style kitchen island w/ quartz counters, real wood cabinetry and custom stone backsplash. You will find luxury hardwood and tile throughout the home. Enter the master retreat to find the amazing super shower, pedestal soaking tub, his & hers sinks and huge walk in closet. Oversized garage with custom built in cabinets. This acre lot has plenty of room for your pool, horse facility, shop and so much more.

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7777 E Via Sonrisa -- Scottsdale, AZ 85258

$1,250,000

4 Beds

2.5 Baths

2,833 SqFt

Status Active

MLS # 6760636

Property Type Single Family Residence

Price Type --

Beautiful single-family home in McCormick Ranch - in the heart of Scottsdale, AZ. This home incorporates a subtle balance of contemporary finishes with a modern design. The home features 4 bedrooms, 2.5 bath(s), 2,833 sq ft open concept floor plan, nicely appointed kitchen w/butcher-block countertops, large island, shaker cabinets, stainless steel appliances, Sub-Zero refrigerator, dual Gaggenau convection ovens, Wolf induction cooktop in island. Additional features include both a formal & informal living space w/propane fireplace, dedicated dining space, updated bath(s), wood flooring throughout, modern plumbing/lighting fixtures, ceiling fans, dual pane windows, upgraded patio door(s), and upgraded interior doors with a dedicated master suite featuring a spacious sleeping quarters.. sitting area, a large roll-in shower, dual sinks, and walk-in Closet. Lastly, the home features a 2-car garage, low-maintenance landscaped front yard, and a private backyard featuring gorgeous pebble-tech pool, hot tub jacuzzi, mature landscaping, and covered electric louvred patio space-perfect for entertaining guests & family. McCormick Ranch offers residents plenty of walking & bike paths, lake views, green spaces, and is just minutes away from great shopping, restaurants, and entertainment.

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45425 N 14 Street New River, AZ 85087

$1,250,000

3 Beds

2.5 Baths

3,058 SqFt

Status Active

MLS # 6756246

Property Type Single Family Residence

Price Type --

Gorgeous Custom Home! Stunning Panoramic Views on 2 plus acres. The hillside home features large picture windows with views of the national forest. The great room has 16 foot ceilings with viga poles and a fireplace. The cabinets and doors are beautiful natural alder. The master bedroom has amazing views also,, a fireplace, 2 patios, a grand bathroom, and spacious closet. Split floorplan with 2 guest bedrooms plus a full office with built in desk and shelves. Open the doors and enjoy the views! Outdoor relax on one of the 5 patios or relax in the jacuzzi tub! Car buffs? Large detached 1200 immaculant 4 car garage/shop with pefect epoxy floors. You have rv parking with hookups on the side of the garage. OWNED SOLAR! Come out, relax, and enjoy the views from any room!

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10859 E Tierra Drive Scottsdale, AZ 85259

$1,250,000

3 Beds

2.5 Baths

2,758 SqFt

Status Active

MLS # 6726803

Property Type Single Family Residence

Price Type --

Rare opportunity to own an oasis unlike any other!! Welcome to your dream home, nestled on a large, 14,733 sq. ft. cul-de-sac lot within the prestigious community of Scottsdale Ranch. The Mountainview Place neighborhood, built by Golden Heritage boasts all single level homes for the ultimate in privacy. This exquisitely remodeled split floor plan; offers unparalleled luxury for living and entertainment. NO interior steps, and wide doorways make for safer seamless living. Step inside to be greeted by some of the finest luxury vinyl wood flooring available. This home was designed for a great lifestyle & entertainment. The primary suite is a private retreat situated on one side of the home, featuring a 198 square foot, custom built ''Closmahall'' walk-in closet you must see to believe! This room could also be perfect for a home office, gym, or nursery. Every detail of this home has been meticulously crafted for you. The heart of this home extends to an extraordinary, huge outdoor living space designed for the finest Arizona lifestyle. Enjoy an extra-large covered patio, 5 fruit trees, an outdoor chef's kitchen complete with a gas BBQ and built-in smoker, and a gorgeous, fenced sparkling pool with a travertine surround and brand new pebble tec finish. Multiple outdoor patios, a custom raised garden, and a large jacuzzi tub provide endless opportunities for relaxation and entertainment. There's nothing left to do but move in and start living the epitome of Arizona living. Luxury. Privacy. Perfection. Welcome Home!

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679 W Moon Valley Drive Phoenix, AZ 85023

$1,250,000

4 Beds

3.5 Baths

4,560 SqFt

Status Active

MLS # 6737329

Property Type Single Family Residence

Price Type --

First time on the market in 25 years! This single-level custom home offers over 4,500 sq ft with impressive living spaces and generous-sized bedrooms. There are plenty of spaces to entertain here! The formal living room has a cozy fireplace, while the great room is flooded with natural light and features a wall of custom built-ins. The authentic Irish Pub offers the perfect place to unwind with your friends and enjoy a pour of your favorite whiskey. Kitchen has plenty of cabinets, a gas cooktop, newer fridge & dishwasher. The primary suite is oversized, with views of the backyard and double walk-in closets. Outside, enjoy a covered patio, expanded pavers and huge grassy backyard overlooking the 18th Fairway at MV Country Club. Roof recoated 2020, tile redone 2021. Owned solar! No HOA!

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13621 W Tuckey Court Glendale, AZ 85307

$1,250,000

5 Beds

3.5 Baths

3,921 SqFt

Status Active

MLS # 6681963

Property Type Single Family Residence

Price Type --

* VA ASSUMABLE LOAN * Must-see STUNNING CUSTOM LUXURY property nestled on a desirable cul-de-sac lot in Luke Ranch Estates! Rare 5 bed/3 bth/2 half bth/3-car garage home has everything on your wishlist and more! Pristine interior features neutral tile floor, dazzling chandeliers, plantation shutters, & 9+ high ceilings. Grand welcoming foyer leads to spacious great room for gatherings, formal dining room for hosting holidays, and the perfectly-sized den for a home office. The bright great room highlights multiple sliding glass doors merging indoor and outdoor entertaining. Chef's kitchen is fully equipped w/ wood staggered cabinets, mother-of-pearl tile backsplash, Sub Zero refrigerator w/wine cooler, Wolf appliances, kettle faucet, ice maker, 2 islands, and 2 sinks for a kosher kitch Septic Tank without leach field and conveniently marked with pavers for easy access. Double doors open to the sizable primary suite with separate backyard access, an accent wall, an immaculate ensuite w/dual vanities, and walk-in closet which also connects to laundry room! 4 of 5 bedrooms have walk-in closets! 5th bedroom makes a great game room and has attached 1/2 bath with access to backyard. Enjoy entertaining in this expansive backyard showcasing a relaxing extended covered patio, mature landscaping, sparkling oversized pool, outdoor shower, pergola, BBQ grill, built-in benches, electric and water RV hookups, RV gate, and gorgeous mountain views! This gorgeous gem is conveniently located near Luke AFB, White Tank Mtn Regional Park, shopping, and so much more! Call for a private tour today!

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5910 Velvet Valley Lane Flagstaff, AZ 86004

$1,250,000

3 Beds

2 Baths

4,006 SqFt

Status Active

MLS # 6744334

Property Type Single Family Residence

Price Type --

TRULY AMAZING PROPERTY THAT BRINGS UNDEINIABLE VALUE! Beautiful Home, Oversized RV Garage, and a Studio / Showroom / Workshop that is Second to None! ALL OF THIS ON 2.5 ACRES! Come Unwind and Experience Heaven on Earth While Relaxing Next to the 175,000 Gallon Fish Pond or Work from Home in your Custom 2200 SF Expansive Workshop w/ Private Bath. Your Custom Built 1806 Sq Ft Home is Only Steps Away Including a 1200 Square Foot RV Garage, Horse Set Up / Stall and Additional Out Buildings. This Meticulously Maintained Property Shines and Pride of Ownership is an Understatement Featuring New Roof, Wood Grain Tile, High Vaulted Ceilings, Corian Countertops, Malapai Rock Accents, HUGE Primary Closet and So Much More. This Perfect Property is Absolutely the Most Ideal Home / Office Scenario!

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33767 N Bell Road Queen Creek, AZ 85144

$1,250,000

4 Beds

3 Baths

2,329 SqFt

Status Active

MLS # 6748343

Property Type Single Family Residence

Price Type --

Stunning Custom Home Adjacent to San Tan Regional Park!!! Nestled on a spacious 2.4-acre lot, this beautiful custom-built home offers breathtaking views, backing up to the San Tan Regional Park. Constructed in 2017, you'll find a thoughtfully designed split floorplan, enhanced by exquisite lighting, 4 bedrooms, 2 bathrooms and a 4 car garage. Enjoy cooking in the gourmet kitchen outfitted with espresso staggered cabinetry, luxurious Victoria quartz countertops, and a commercial-grade hood, built-in ovens, a farmhouse sink, and an industrial faucet. The oversized walk-in pantry, contemporary backsplash, and lighting complete this exquisite space. Step outside to an entertainer's paradise, featuring a covered outdoor area perfect for gatherings, a convenient outdoor bathroom, and ample pool storage. The 360-degree mountain views are the perfect backdrop for enjoying the Arizona lifestyle, whether you're hosting guests or relaxing in your private oasis! Interior furniture, excluding the couch found in office, convey with full purchase price.

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