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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40 Hutson Lane Sedona, AZ 86351

$1,250,000

3 Beds

3 Baths

2,930 SqFt

Status Active

MLS # 6738920

Property Type Single Family Residence

Price Type --

Beautiful, Move-in Ready 2930 Sq ft. Home on 1.07 Acres, situated on a 360 view lot. Gorgeous, jaw-dropping Views from All Angles to Enjoy the Breathtaking Sedona Sunrise & Sunsets, Majestic Red Rocks, Bell Rock & Natural Landscaping surrounding this One of a Kind Custom Built Home. A Serene Location with plenty of Hiking, Biking, Golfing, Shopping, Top Rated Restaurants within walking distance in the Village of Oak Creek. This home is a 3 Bedroom 3 Bath w/ Large Private Additional 4th Room that can be used as Bedroom, Office or Living space. There are Two-Primary Ensuite Bedrooms, each with their own Private access to Patio & Built in Fireplace. Soaring Wood Beam Ceilings in the Open living space with Ample Windows & Sliding Glass Doors, to Provide Stunning Views as you walk throughout

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3662 E Sunnydale Drive Queen Creek, AZ 85142

$1,250,000

5 Beds

4 Baths

3,216 SqFt

Status Active

MLS # 6744707

Property Type Single Family Residence

Price Type --

Stunning Custom Home with Amazing Mountain Views on a Huge Custom Lot with No HOA. This Split & Open Floorplan with High Ceilings features 5 Bedrooms, and 4 Bathrooms. Beautiful Wood and Travertine Flooring T/O. The Kitchen has an Oversized Granite Island and a separate breakfast bar, Custom Cabinets, Large Walk-In Pantry , Built-in Refrigerator, Beverage Refrigerator , and Tons of Counter and Cabinet Space, Open to your family room. Formal Living and Formal Dining Area have Coffered Ceilings. Oversized Inside Laundry with Sink also a Second Laundry in Garage. Enjoy your large Primary with Coffered Ceilings, Private Exit at the Backyard. Beautiful en-suite featuring a large vanity with 2 sinks, and a separate shower and tub with a walk-in closet. Custom window coverings T/O. Casita with separate entrance features bedroom 5 and bathroom 4. Oversized 3 Car Side entry Garage with Epoxy Floors, Whole House Filtration system. Long Paver Driveway and Paver Circular Driveway. Oversized Rv Gate for Ample Parking. The Back Yard Oasis has a Large Salt Water Pool, Rock Waterfall/Slide/Grato. Extended Covered Patio With Ceiling Fans. Covered Built In BBQ, outdoor kitchen, TV and sound system, Lighting, Sink and Beverage Refrigerator, Primo BBQ Grill, Custom Concrete Countertops. Sand Vollyball Court, Large Grass Area and is Surrounded by Many Citrus Trees and Spectacular Mountain Views. Queen Creek address with Gilbert services and Chandler Schools. Come see all this home has to offer.

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23004 E Ivanhoe Street Mesa, AZ 85212

$1,250,000

4 Beds

3.5 Baths

2,824 SqFt

Status Active Under Contract

MLS # 6692667

Property Type Single Family Residence

Price Type --

The Acres at Legacy is a luxurious intimate community that offers residents acreage in a prime location near Eastmark and the 24 freeway. This single-story home features a split floor plan with the perfect blend of style and functionality. The home is 2,824 SF with 4 bedrooms and an office, incredible views from the kitchen, 4 car garage, and 1.22 acres of land with no HOA. Enjoy the outdoors with this gigantic backyard.

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1540 E Sharon Drive Phoenix, AZ 85022

$1,250,000

4 Beds

3.5 Baths

3,900 SqFt

Status Active

MLS # 6657328

Property Type Single Family Residence

Price Type --

Make yourself at home in Moon Valley's privately gated Views at Mountainside enclave! Enter this custom home through the enchanted courtyard with the peaceful sounds of the water feature as you enjoy the view from the front patio. When you open the door to this home, you will see and feel a bright and inviting atmosphere complete with elegant soaring ceilings, travertine flooring, dedicated formal dining and two spacious living rooms. The eat-in kitchen provides granite countertops, ample custom cabinetry, double ovens, and a cozy breakfast nook. Utilize the wet bar as you host effortlessly with two large back covered patios, a built in BBQ and a sparkling swimming pool wrapped with captivating views of the surrounding Lookout and Phoenix Mountain Preserve. The expansive primary suite has the perfect space for reading, working out or simply enjoying the mountain views. The primary bathroom has a large soaking tub, dual vanities and a large walk-in closet. Enjoy the perks of an extended 3-car garage with additional storage. This home has only had one owner and offers easy access to a wide variety of world renowned golf courses, hiking + biking trails, restaurants, Paradise Valley Mall and Mayo Clinic. This gem truly has it all!

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5714 E Claire Drive Scottsdale, AZ 85254

$1,250,000

6 Beds

3 Baths

4,016 SqFt

Status Active Under Contract

MLS # 6745828

Property Type Single Family Residence

Price Type --

The best value in all of 85254. This home has been tastefully finished throughout w/ all of the comforts & details you could need. The kitchen features high end designer appliances, Sub Zero, Wolf, Bosch & more. The primary suite boats soaring ceilings, jetted soaking tub, dual vanity, walk-in shower & closet. There are two bar areas, upstairs & down, which are ideal for entertaining. The backyard highlights a pool, putting green, built-in BBQ, fire pit, two covered patios & lush/mature landscaping. The basement presents a great opportunity to comfortably house a large family. The oversized two car garage has both space for a workshop, storage & is equipped w/ a Tesla car charger. The home has an H2O filtration system, no carpet & no HOA! Close to the 101, Kierland, The Quarter & PV Mall!

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13733 E Laurel Lane Scottsdale, AZ 85259

$1,250,000

3 Beds

3 Baths

2,860 SqFt

Status Active

MLS # 6739846

Property Type Single Family Residence

Price Type --

Discover an incredible opportunity within the exclusive, guard-gated community of Scottsdale Mountain. This elegant single-level home is spread over 2,860 square feet with three bedrooms plus a den, three full bathrooms, and a three-car garage. Situated on a premium south facing corner lot, it backs onto natural desert, providing panoramic mountain views and spectacular city lights. Notable upgrades include granite counter tops, travertine flooring, custom window shades and more. Residents of Scottsdale Mountain can enjoy amenities such as pickleball, tennis, a heated spa, and easy access to the numerous hiking trails within the McDowell Mountain Preserve. Conveniently located near the Mayo Clinic, top-rated Scottsdale schools, and premier golf courses, this home offers the perfect blend of luxury, comfort, and accessibility.

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3844 S Mingus Drive Chandler, AZ 85286

$1,250,000

4 Beds

3.5 Baths

2,919 SqFt

Status Active

MLS # 6744188

Property Type Single Family Residence

Price Type --

Private corner lot in the quaint community of Cantabria. Professional interior design throughout, from the coffered ceilings with custom lighting to the gorgeous hardwood flooring in all bedrooms. Excellent distribution of space, 4 bedrooms, 3.5 baths, craft room, office w/glass French doors, custom shelving & desk, automated blinds w/ custom window treatments t/o, space for your every need in kitchen w/ Sub-zero fridge and Miele appliances, lg granite island and quartz at counters, butler & walk-in pantry, lg laundry rm w/ sink & custom made storage. Large extended covered patio w/automated screens, travertine tile at patio and pool, built in BBQ, fruit trees, etc. Enjoy your staycation in the backyard w/heated pool & spa, built in BBQ, extended cov'd patio & auto screens Welcome Home!

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13385 N 91st Street Scottsdale, AZ 85260

$1,250,000

4 Beds

2.5 Baths

3,026 SqFt

Status Active

MLS # 6748467

Property Type Single Family Residence

Price Type --

OVERSIZED lot...14,560 Approx.SF!!! A Neighborhood Gem in the heart of Scottsdale. Key components have been updated...two new HVAC units in 2021, roof replaced in 2017 & new pool pump/filter/heater in 2022. This 4 bedroom, 2.5 bath property sits on an oversized cul-de-sac lot with heated pool/spa, built in BBQ, lush landscaping & sports court. The gourmet kitchen features stainless steel appliances, gas cooktop, pantry closet and large island perfect for entertaining. The primary suite is on the main level and upstairs you will find 3 bedrooms, a full bath, loft & office/gym. Improvements include flooring, bathrooms, custom blinds, exterior paint. Close to the 101 freeway, shopping, restaurants, and golf courses. This property is an absolute MUST SEE!

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5426 E Sandra Terrace Scottsdale, AZ 85254

$1,250,000

4 Beds

2.5 Baths

2,328 SqFt

Status Active Under Contract

MLS # 6711664

Property Type Single Family Residence

Price Type --

ASSUMABLE VA LOAN 4.5%! (To be verified by buyer & lender) FULLY REMODELED designer home in Scottsdale MAGIC zip code! Fantastic home w/ NO HOA--property is currently used as cash flowing STR. Tons of possibilities for homeowners & investors alike! $30k like new pool equipment(pool heater, pump, automation) Pebble tec, pool decking. Newer HVAC + water heater. $40k worth of OWNED solar panels! High ceilings & desirable open floor plan featuring an impressive 5x10 kitchen island w/ quartz countertops & stainless steel appliances. Enjoy your backyard year round: HEATED pool, built-in BBQ, jacuzzi, low maintenance turf, & more.

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4415 E Osborn Road Phoenix, AZ 85018

$1,250,000

4 Beds

3 Baths

2,694 SqFt

Status Active Under Contract

MLS # 6629227

Property Type Single Family Residence

Price Type --

Calling All Nature Lovers. Here is an exceptional choice for your new home, in one of the best areas of Phoenix. Arcadia Lite! With a .6 Acre Lot! Totally Private, surrounded by a FOREST. Ready to move in or you can remodel and see your property value soar! The walk-ability score is unreal, close to an excellent restaurant, Honor Health doctors office and Super Circle K and Tavan Elementary and Arcadia High Schools ,all within a few blocks. Super quiet patios, front and back, for coffee in the mornings and laying out by your pool in the afternoons. Lots of Major Updating has been done, including a Resurfaced Pool, 3 AC's, Complete Exterior Re-stuccoing, and Wood Flooring. There are high ceilings with Clear Story Windows, and a guest quart with two entrances, perfect for a mother-in-law set up. There's also a huge workshop/storage room that could be converted into a guest house, maybe even a rental, separate from the main house, so many possibilities. Don't miss this rare opportunity.

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9649 E Solina Avenue Mesa, AZ 85212

$1,250,000

4 Beds

3 Baths

3,308 SqFt

Status Active

MLS # 6731586

Property Type Single Family Residence

Price Type --

Your fully furnished dream home is here! This exquisite former model home has a 3-car garage, a paver driveway, and a meticulously maintained yard with artificial turf. Discover an inviting designer rooms with high ceilings, a soothing palette, recessed lighting, attractive wood-look flooring, and sliding doors to the backyard for indoor-outdoor living. The delightful kitchen is equipped with quartz counters, Thermador appliances with a wine fridge, abundant white cabinetry, chic pendant light fixtures, a stylish tile backsplash, a large walk-through pantry with cabinets, island with a breakfast bar for casual dining. You'll also find a den, ideal for an office. Primary bedroom retreat, offering a lavish ensuite with dual sinks, a soaking tub, a raindrop shower, and a walk-in closet. The enchanting backyard is a true oasis, featuring a covered patio, a built-in BBQ for weekend gatherings, and a cozy firepit. This gem will sell fast!

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35615 N Caballero Drive Queen Creek, AZ 85144

$1,250,000

4 Beds

3.5 Baths

3,583 SqFt

Status Active

MLS # 6656770

Property Type Single Family Residence

Price Type --

Price Reduced! Welcome to the gated community of Encanto Real with Horse privileges!! Discover an exquisite interior with 12' ceilings in main living areas, travertine floors, recessed lighting, formal dining room & office. The gorgeous chef's kitchen is an entertainers dream! Features include: custom wood cabinets, Bosch appliances w/ multiple ovens, GE monogram built in fridge, copper farmhouse sink & hood, Denali granite countertops, 2 wine fridges & large island w/ breakfast bar. The split floor plan features a large owners retreat w/private sitting area, backyard exit, a lavish bathroom, dual sinks, snail shower, jetted tub & large closet. Secondary bedrooms feature both a Jack-n-Jill bath & pool bath. The oversized backyard is a serene oasis featuring a full length covered patio, cozy propane fire pit, a crystal-clear swimming pool, Baja shelf with fountain, 3 waterfall sheers, pop up floor system, pergola and Mountain View's. Home features a spacious 3 car garage, extended driveway & 2 RV gates. Bring your ideas for a detached garage, RV garage, casita, or horse barn. This fantastic location is close to shopping, entertainment and outdoor fun at the San Tan Regional Park.

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