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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2508 E Whitton Avenue Phoenix, AZ 85016

$1,249,900

4 Beds

3 Baths

2,540 SqFt

Status Active

MLS # 6729082

Property Type Single Family Residence

Price Type --

Don't miss this charming ranch-style home nestled in the desirable Kelton Manors neighborhood, mere moments from The Biltmore. This home features an inviting open, split floor plan accentuated by soaring vaulted ceilings, a gas fireplace and Hickory hardwood floors throughout. Step into the heart of the home, where a gourmet kitchen awaits with custom cabinets, a substantial island showcasing elegant waterfall-edge quartz counters, and stainless steel appliances including a gas range, ensuring both style and functionality. Boasting two spacious master suites, this home offers unparalleled comfort and privacy. The expansive backyard oasis, complete with mature landscaping, covered patio, large diving pool for refreshing dips, a cozy fire-pit for evening gatherings, and an outdoor grill Adding to its charm, a 400 sqft guesthouse provides versatile space for guests or creative pursuits. Home sits on a double lot with irrigation. New A/C on the main house in 2023. This property truly embodies the essence of an entertainer's dream and offers a seamless blend of sophisticated living and relaxed outdoor enjoyment, making it a must-see!

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12061 W Miner Trail Peoria, AZ 85383

$1,249,500

5 Beds

4 Baths

4,824 SqFt

Status Active

MLS # 6690684

Property Type Single Family Residence

Price Type --

This luxury home provides the perfect blend of gated community living, a large corner lot with resort style backyard retreat and expansive square footage for the business owner, entertainers and multi-generational living. Located conveniently off the 303 in the Village of Vistancia, this T.W. Lewis 4,824 sqft single story basement home features four bedrooms with a large master suite, a cook's kitchen with high end appliances and a large granite island, a family-room with big screen TV and gas fireplace, an impressive professional home office with a built-in desk and cabinets and formal living and dining rooms. On the basement level, owners will enjoy space for a large home theater or entertainment area, a snack bar, butler's pantry and two lower-level bedrooms - an escape from the summer heat! An expansive garage with classic paver driveway welcomes parking for three cars in addition to the extended three-car garage, features a newly added Guardian aspartic floor and a dedicated 50-amp EV charging outlet. Step right outside your back door to enjoy your private oasis - free form pool, a large, covered deck with a misting system and two seating areas, a custom BBQ bar, a stone fireplace relaxation area and newly installed putting green. Technology abounds with high-speed fiber optic Internet access, wired Ethernet ports, a home intercom system, multi area sound system and a home security system.

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5250 E Deer Valley Drive Unit 406 Phoenix, AZ 85054

Open House

New

$1,249,000

2 Beds

2.5 Baths

1,778 SqFt

Status Active

MLS # 6761328

Property Type Apartment

Price Type --

Upgrades galore in this fabulous 4th floor, full pool view condo at the The Luxe at Desert Ridge. Experience refined living in this luxury community. Exclusive clubhouse, meeting spaces, and entertaining kitchen. Relax in the theatre, stay fit in the 4400 sf gym, or swim in the Olympic-length pool. Just minutes from the Mayo Clinic, Scottsdale Quarter, Kierland Commons, and High Street with easy freeway access to the airport, downtown, and surrounding areas. Washer & Dryer convey. Light fixture in Guest Bedroom does not convey.

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3799 S Skyline Drive Gilbert, AZ 85297

$1,249,000

5 Beds

3.5 Baths

4,349 SqFt

Status Active

MLS # 6735516

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the highly sought-after Power Ranch community in Gilbert, AZ! This exquisite residence boasts luxurious features and modern amenities, perfect for comfortable family living and elegant entertaining. Enjoy the sophistication of crown molding, newer flooring and plantation shutters throughout the home. Inside you will find a beautifully designed den with built-in desk and bookshelves; ideal for a home office or study. The home features 5 generously sized bedrooms, including a convenient ensuite bedroom on the main level, perfect for guests. The kitchen is a chef's delight with new quartz countertops, stainless steel appliances, wall ovens, an island with a breakfast bar and updated cabinets. The great room, adjacent to the kitchen, is the perfect place to watch television, enjoy the fireplace and take advantage of the beautiful backyard views. The spacious primary bedroom is a true retreat located on the 2nd floor with an elegant, recently updated ensuite featuring a gorgeous walk-in shower, a luxurious jetted tub and an enormous closet. Four more large bedrooms are located upstairs along with a beautifully updated bathroom. Also located upstairs is an enormous bonus room! This versatile space is perfect for working out, watching TV or relaxing in the sauna that conveys with the home! Situated on a premium view-fence lot, offering stunning views and added privacy, the backyard is an entertainer's dream. A built-in barbecue, cozy fireplace, heated swimming pool and spa, putting green and low maintenance yard make weekends about relaxing, not work! A huge four car garage provides ample room for parking and storage. The paver driveway, entryway and side courtyard add to the home's curb appeal. Get out of the house and enjoy the Power Ranch community featuring tennis courts, splash pads, playgrounds and a lake. Absolutely no reason for boredom in this community! Don't miss out on the opportunity to own this incredible home and experience the perfect blend of luxury and comfort in Power Ranch.

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7755 E Evening Glow Drive Scottsdale, AZ 85266

$1,249,000

3 Beds

3.5 Baths

2,736 SqFt

Status Active

MLS # 6753642

Property Type Single Family Residence

Price Type --

Elegant Desert Sanctuary in Winfield's Guard-Gated Community! Discover Desert living at its finest in this exceptional 3 bed, 3.5 bath, 3 car-garage home located within the prestigious guard-gated Winfield community in North Scottsdale and situated on a private cul-de-sac lot with gorgeous Mountain Views. This stunning residence seamlessly blends Southwest elegance with modern comforts such as two separate den/offices, making this the perfect ''work from home'' situation. As you step inside, be welcomed by soaring ceilings and a cozy gas fireplace anchoring the expansive living area. A custom wall featuring Italian Limestone with an integrated surround sound Control 4 TV system to elevate the space and all highlighted by energy-efficient LED lighting throughout. The gourmet kitchen is a chef's dream, featuring an electric range, custom cabinetry and a generous island perfect for meal prep and casual dining. The dining area, framed by expansive windows offers stunning desert views for a serene dining experience. The luxurious Master suite serves as your private retreat, complete with a walk-in closet, a spa-inspired en-suite bathroom with a soaking tub and a glass-enclosed shower. Both additional bedrooms are en-suite, offering privacy and comfort for family and guests, making this home ideal for those who appreciate their own private spaces. Step outside to your private desert oasis that boasts a spool, built-in grill, and covered patios extending from both the living area and master suite. This outdoor space, with front and back views of the serene Sonoran Desert is perfect for both tranquil mornings and starlit evenings. Practical mechanicals include a newer AC system, soft water filtration, a newer water heater, and a recently replaced garage door. The three-car garage is equipped with cabinets, a workshop area and a mobile AC unit in the third bay. The washer/dryer and garage refrigerator are all included, adding convenience for the new homeowner. Additional highlights included in this immaculately cared for gem are a freshly painted exterior, new toilets throughout, new ceiling fans, a half-bath in the hall and a convenient laundry sink. All these details come together in a residence that offers luxury, comfort, and functionality in one of Scottsdale's most coveted communities. Gently lived in and immaculately cared for this home is a true lock & leave making it the perfect Winter retreat or super easy day to day living. Ideally located to North Scottsdale's finest restaurants & shopping!

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745 Crosscreek Drive Prescott, AZ 86303

$1,249,000

4 Beds

3 Baths

3,184 SqFt

Status Active

MLS # 6756804

Property Type Single Family Residence

Price Type --

Tucked away among the pines and overlooking the 5th fairway of the prestigious Capital Canyon Golf Club in Hassayampa, this 3,184 sq. ft. home offers both privacy and scenic beauty. The large deck is perfectly positioned to capture views of the lush course, distant mountains, and city lights, all while staying shaded from direct sunlight—ideal for morning coffee or evening cocktails, with a gentle breeze adding to the comfort. The interior features a welcoming great room with soaring, beamed ceilings, a dramatic floor-to-ceiling stone fireplace, and cherry hardwood floors. The updated kitchen is equipped with custom cherry cabinetry and premium granite countertops, perfect for both casual meals and entertaining. The main floor includes a spacious master suite with a large bath and walk- closet, along with two additional bedrooms and a bath. On the lower level, a guest suite provides extra privacy with its own living area, bedroom, and bath, plus access to a private patio. Located along the 5th fairway, this home offers an ideal balance of peaceful retreat and stunning views in the heart of the Hassayampa community.

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40202 N Oakhurst Court Anthem, AZ 85086

$1,249,000

6 Beds

4.5 Baths

4,704 SqFt

Status Active

MLS # 6747589

Property Type Single Family Residence

Price Type --

This spacious cul-de-sac home is a true gem, offering the ideal combination of comfort, style, and convenience. Nestled on an end lot next to a charming community park, this home ensures privacy and scenic views. The oversized, updated kitchen—complete with new granite countertops, resurfaced cabinets, and a fresh backsplash from 2022—makes it a haven for culinary enthusiasts. The family room is the perfect spot to unwind, featuring a stunning stacked stone fireplace that adds warmth and character. The primary bedroom serves as a private retreat, and the entire home is enhanced with beautiful designer touches and custom paint. The serene private entry courtyard creates a peaceful ambiance for relaxation. With owned solar panels, you'll enjoy the added benefit of low electric costs, key Key updates include a freshly painted interior 2021, exterior paint in 2017, and refreshed again in 2024 for the backyard and south-facing areas. A new tankless water heater and three Trane A/C units added in 2021, a water softener installed in 2019, and a new pool heater 2024 and washer/dryer set added in 2023.

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5735 E Paseo Hermosa -- Cave Creek, AZ 85331

$1,249,000

3 Beds

3 Baths

3,118 SqFt

Status Active Under Contract

MLS # 6757664

Property Type Single Family Residence

Price Type --

Nestled in a tranquil setting within walking distance of Rancho Manana Golf Course. This custom home allows you to entertain in style. The expansive main level boasts soaring ceilings, and a custom fireplace. The kitchen has granite countertops, maple cabinets, and a walk-in pantry. The master retreat offers a spa-like bath, oversized walk-in closet, and a private patio. Enjoy the negative edge pool, spa, and dramatic 65-foot waterfall. This meticulously maintained home has too many extras to list here, so please look at the features list. The 3-car garage has a mini-split and has extensive storage cabinets. There's no HOA. It does have RV parking. Solar keeps the electric bills low. The exquisite attention to detail, manicured grounds and location make this home a rare find. 65-foot waterfall feature cascading behind the pool. The base of the waterfall is perfect for quiet dinners and wildlife viewing. The lot extends beyond the backyard, including the wash, and partially up the hill, creating a serene, private atmosphere. This meticulously maintained home has too many extras to list here, so please look in the documents tab for a detailed list of features and upgrades. The 3-car garage is heated and cooled and has extensive storage cabinets. The rooftop solar system keeps energy bills low throughout the year. Although the homes in the area are elegant, there is no HOA with room for a boat or RV parking behind the home. The exquisite attention to detail, manicured grounds, mature landscaping, and location make this home truly a rare find.

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7161 E Rancho Vista Drive Unit 5012 Scottsdale, AZ 85251

$1,249,000

2 Beds

2 Baths

1,433 SqFt

Status Active

MLS # 6666183

Property Type Apartment

Price Type --

Exquisite 5th-floor condominium boasting unparalleled views of Camelback Mountain. The terrace is a verdant oasis offering endless vistas of the majestic mountainscape/This unit has one of the largest private patios ever offered.(approx 3,000 s.f.!) Interior enhancements include travertine flooring, granite countertops, cherry cabinets complemented by stainless steel appliances, and a gas cooktop catering to culinary enthusiasts. The den, featuring framed glass sliding doors, doubles as a guest bedroom for added versatility. The master suite exudes luxury with a private master bath and ample walk-in closet space. Floor-to-ceiling windows in the spacious master bedroom amplify the stunning views of Camelback Mountain, while a second terrace off the master bedroom provides another delightful retreat. Located within Optima Camelview Village. Community Features include: Two serene outdoor pools, spas, and BBQ areas one on each side of the community, heated for year-round enjoyment. A 24,000 S.F. fitness center recently refurbished for optimal wellness experiences. Separate men's and women's locker rooms equipped with steam rooms, showers, and private lockers. Indulge in the indoor lap pool and two additional heated spas. Additional offerings comprise an on-site concierge, package room, a putting green, private dog park, a hybrid basketball/pickleball court, a racquetball court, and the convenience of an on-site restaurant, Metropolis. Also available are conference rooms, 24/7 security, a reservable rec room, and a versatile fitness/yoga area for community use. A must-see property offering unparalleled living experience.

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6166 N Scottsdale Road Paradise Valley, AZ 85253

$1,249,000

2 Beds

2 Baths

1,616 SqFt

Status Active

MLS # 6558270

Property Type Apartment

Price Type --

This 2nd floor unit opens the door to luxury living with its 2-bedroom layout, complemented by an office space with double doors, inviting an ambiance of openness and brightness. The floor-plan includes a eat-in kitchen outfitted with high-end Wolf and Viking appliances, a generous kitchen island, and a breakfast bar for casual dining. Comfort meets style in the bedrooms, each accompanied by its own ensuite bathroom. The master suite is a sanctuary of relaxation, presenting a large bathroom and a walk-in closet equipped with custom organizers. The second bedroom, positioned ideally for guests, sits close to the guest bath and laundry facilities Equipped with a cutting-edge automation system, this unit awaits your personal touch to become the smart home of your desire.

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7912 E Thorntree Drive Scottsdale, AZ 85266

$1,249,000

3 Beds

3 Baths

3,278 SqFt

Status Active Under Contract

MLS # 6696962

Property Type Single Family Residence

Price Type --

This quintessential Boulders home is optimally located on a large corner lot with professional landscaping including beautiful outdoor lighting (there's even room for a pool). Exuding tranquility and charm, the private, gated courtyard provides the perfect spot to enjoy the stunning mountain views and the birds in the mornings as well as special evenings around the fire table. In 2024 - NEW roof coating with 5 year warranty, NEW HVAC, NEW exterior paint and NEW hot water heater all combine for worry free living. NO INTERIOR STEPS! Soaring ceilings and abundant natural light. Spacious living room with stately fireplace, hidden speakers and lighted niches create a welcoming ambiance. Plantation shutters grace the front of the home. Centered between the formal dining and the family room, is the gourmet kitchen. Delighting family and friends alike with pull out shelves, granite counters, built in stainless appliances, gas cooktop and double ovens. A surprise gem of this home is the exceptional screened in porch accessed through sliding glass doors from the family room, living room and primary bedroom. This extra 500 square feet provides a ton more usable indoor/outdoor living space so much of the year without inviting any insects to join you! Primary bedroom ensuite with dual vanities separated by a jetted tub. Huge skylight provides ample daylight. Walk in shower and two separate walk in closets. Guest bedroom with ensuite full bath that is also accessible from the hall. Third bedroom is currently set up as an office with tons of shelving and storage. The third full bath is accessible from the office as well as the hallway, providing convenient location close to the garage. Large laundry room complete with sink and window above and more storage cabinets. All closets are walk-in with custom built features. Your new home awaits!

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29561 N Varnum Road San Tan Valley, AZ 85143

$1,249,000

4 Beds

3 Baths

3,025 SqFt

Status Active

MLS # 6725499

Property Type Single Family Residence

Price Type --

Look no further, this home has it ALL...4.55 Acres with Horse Privileges, Corner Lot, Mountain Views, 20' x 50' RV Garage piped for propane 500 gallon underground tank (owned), fenced in 14' x 28' Private Play Pool and Spa (UV lighting and ozone injectors for easy maintenance), 1100 square feet of hardscape pavers, backyard Gazebo and rectangular Built-in propane Fire Pit! I'd say, tranquility at its best! This remarkable modern farmhouse has 4 bedrooms, 3 baths with beautiful upgrades throughout including staggered kitchen cabinets, granite countertops, granite island with built in cabinets, energy efficient stainless-steel appliances and a walk-in pantry! The list is endless...it's breathtaking and a must see. Shipping container on property conveys. Call today for your private tour.

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