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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13924 E Windstone Trail Scottsdale, AZ 85262

$1,249,000
3 Beds
3.5 Baths
2,644 SqFt
Status Active
MLS # 6664423
Property Type Single Family Residence
Price Type --
Indulge in luxury and modern living with this exquisite property! The large open living space features tons of natural light and a bright, airy color scheme. The kitchen is a chef's delight with quartz countertops, Thermador stainless steel appliances, a wine fridge, and plenty of counter space. Retreat from the kitchen to the large pergola-covered back patio with tranquil desert views. The primary suite and guest rooms all feature en suite bathrooms and walk-in closets. Thoughtful details throughout make this home feel luxurious, and mature desert landscaping enhances this large corner lot that's over two acres. With nearby trails and golf courses, this home epitomizes luxury living in a serene setting. Treat yourself to the ultimate in comfort and sophistication.

10024 E Grandview Street Mesa, AZ 85207

$1,249,000
4 Beds
3 Baths
3,236 SqFt
Status Active
MLS # 6716898
Property Type Single Family Residence
Price Type --
Beautiful VIP Custom 3 bedroom + Den/Office & 3 full baths. Enjoy the Mountain views! Oversized lot with 50 ft Drive thru RV Garage and RV gate. Resort like backyard with heated pool, Stunning gourmet kitchen with 42 inch upper cabinets, Island with Beverage refrigerator, Large Peninsula with sink, double ovens, Induction stove. Granite counter tops, walk in Pantry. Large great room with Formal dining area and breakfast nook with sliders to the outside. Large double slider from the great room to the back patio. Split floor plan. Primary has large custom walk in shower/Rain head, walk in closet. two large bedrooms up front and full hall bath with door to the outside for access to the pool and Guestroom, office and 3rd bath & laundry ,You enter the garages from the laundry room. RV garage has 220 outlet and sewer clean out. There is also a 220 outlet outside for RV plug in. This home offers a lot ,You can bring all your toys for this wonderful home.

9116 S Rainbow Road Buckeye, AZ 85326

$1,249,000 - 5Br/5Ba -  for Sale in None, Buckeye
Open House
$1,249,000
5 Beds
4.5 Baths
4,344 SqFt
Status Active
MLS # 6748081
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This stunning residence, boasting over 4,300 square feet of luxurious living space, is nestled on 1.99 acres in the charming and rapidly growing area of Buckeye. Surrounded by serene farmlands, this beautifully remodeled home offers both luxury and comfort. . Experience the best of both worlds with tranquil country living just minutes from all the conveniences you need With five spacious bedrooms and four and a half bathrooms, there's plenty of room for everyone. The large, contemporary kitchen features brand-new appliances, dual islands with separate sinks, and an expansive walk-in pantry, making it a perfect spot for cooking and gathering. You'll find three master suites, including a luxurious primary suite with a garden tub, walk-in shower, expansive bedroom, and dual walk-in closets. The home also includes an oversized three-car garage and a movie theater abovean ideal retreat for movie nights or entertaining friends and family. The theater features a 165-inch screen, 4K projector with 3D capabilities, Dolby Atmos surround sound, riser seating, and plush carpet. Savor your own private movie experience without the overpriced popcorn! Enjoy the cool breeze from the 72-inch ceiling fans throughout the house, and take in the breathtaking mountain views from the huge by large windows in the formal dining and living rooms. Additionally, dual 5 ton A/C units and a separate mini-split system for the theater ensure year-round comfort. For horse lovers, this property is a true gem. It features a 120x100-foot fenced turnout area, ten covered stalls (each 20x20 feet), and a spacious breezeway. The nearby Buckeye Equestrian Center and Bales Hay Sales make it convenient to care for your thoroughbred companions. The irrigated grounds with private well promise lush, green grass, with no exorbitant costs and the large back patio is perfect for enjoying sunny days with loved ones. One of the standout features of this property is the absence of an HOA, allowing you the freedom to fully enjoy and personalize your space without additional restrictions or fees. This unique combination offers the perfect setting for you to create your ideal lifestyle on your own terms. Priced to sell, this home offers incredible value, with a per-foot cost comparable to smaller properties in the area. Here's your chance to own one of the largest and most beautiful homes aroundand get an extra acre for free! This has been our cherished family home, and while we're ready to downsize, we hope you'll create as many wonderful memories here as we have.

17755 E Cindercone Road Rio Verde, AZ 85263

$1,245,000
2 Beds
3 Baths
2,441 SqFt
Status Active
MLS # 6756870
Property Type Single Family Residence
Price Type --
Welcome to your Oasis in Trilogy at Verde River. Experience luxury resort living in this spacious open floor plan that offers 2 bedrooms plus den. You will find many distinctive features such as custom built-ins in den, stunning stone wall with fireplace in great room, motorized roller shades, upgraded flooring throughout and an abundance of natural light. Gourmet kitchen with Monogram appliances. Sliding wall of glass opens to captivating pool with water falls, spa, raised seating area with fire pit, and built in BBQ. Your private sanctuary backs to open natural space where wildlife is often seen. The primary suite features custom barn door leading to the spa like bath and generous walk in closet. 4 bay extended garage, custom overhead storage, EV charging capability and so much more.

1597 Conifer Ridge Lane Prescott, AZ 86303

$1,245,000
3 Beds
3.5 Baths
3,180 SqFt
Status Active
MLS # 6722364
Property Type Single Family Residence
Price Type --
Superb, stylish, serene home, nestled in scenic prestigious Prescott gated community, near downtown Prescott. Initially a ''Goldwater House'', this peaceful paradise w/ picturesque views will delight you. Prime .73 acre gently elevated wooded lot. Wraparound deck. Living room: 12' ceilings, gas fireplace, built-in shelving. Extensive windows. Updated kitchen: Quartz countertops, custom cabinetry, breakfast bar, double ovens, new smart induction cooktop, dishwasher & refrigerator. Wood, porcelain tile & marble floors. LED dimmable recessed lighting. Split floorplan. Bedrooms have baths & outside access. Primary bedroom has gas F/P & built-in cabinetry. All baths updated. Primary bath: steam shower, soaking tub. Separate office. Large 2 Car Garage 626 sf., w/cabinets & storage. If you are seeking a superb, stylish and serene home, nestled in one of the most scenic and prestigious communities in Prescott, Hassayampa, look no further! Live in this extraordinary scenic, gated community with private country club options, while also enjoying being only a few minutes from charming downtown Prescott with terrific amenities, events, shopping, dining, nightlife, museums, historic districts, attractions, library, city facilities, and more. When the Hassayampa lots first became available, the Arizona Goldwater family chose this lot to build a lovely home because of its special qualities. The second owner thoughtfully expanded & remodeled it & the current owner added beautiful new updates that makes it the wonderful, sparkling clean paradise that it is today. This single level beauty, with its picturesque views from throughout the home will delight you. It is carefully built on a prime. 73 acre gently elevated lot, filled with Ponderosa Pines, wooded terrain, and graced with mountain vistas. The wraparound decks with irrigated planters are designed for you to sit out and enjoy the nature's glory. The open kitchen/living/dining flow with soaring 12' ceilings & extensive wall of windows bring nature's majestic magic and invigorating light into your living spaces. The new crisp, white, veined marble-style Della Terra Portofino Classical Quartz countertops provide an elegant compliment to the expansive custom wood cabinetry. The quality appliances include double wall ovens with convection, built-n microwave, a new Bosch Smart Energy Star latest technology induction cooktop & dishwasher, and a new Samsung Smart Energy Star refrigerator. The wood flooring and artfully styled Marble Calacatta glazed porcelain Dal tile and some marble tile lay a lovely foundation throughout the home. Extensive LED recessed dimmable lighting & other new lighting fixtures provide the perfect lighting for any occasion. The beautiful wall of built-in bookshelves appoints the living room and provides decorative and functional storage use. The upper windows have powered shades. The desirable split floorplan enables privacy on one side of the home for the expansive primary bedroom and additional privacy for the two other en-suite bedrooms on the other side of the home. The primary bedroom has two window walls with more splendid views, built-in cabinetry, a gas fireplace and plenty of room for a sitting area, exercise equipment, dressers or other uses. The other two spacious bedrooms have wood flooring, updated bathrooms, and glass sliding doors to the outside deck and beautiful outdoors. There is a separate office that could also be a bedroom, gym or media room. There is an updated powder room near the office. All bathrooms have new countertops, fixtures, sinks, lighting, mirrors and flooring. There is generous closet and cabinet storage. The new LG Smart Technology Energy Star, Washer and Dryer stay with the home. The washer has an Asthma Allergy certification. The garage is an oversized 626 sf that includes a wall of storage cabinets, a room with more cabinets and an additional storage room. Room for your golf cart, too! Although the alarm system is rarely used, there is a brand new, latest technology alarm system. The exterior has durable, fire retardant, pest and weather resistant, and waterproof Hardie board siding and a durable concrete tile roof. Community. From Hassayampa HOA website: Residents of Hassayampa enjoy an extraordinary gated community with the best Northern Arizona has to offer. Condominiums, townhomes and custom, luxury homes and homesites are nestled amongst the pines with dramatic boulder outcroppings, spectacular mountain views and outstanding year-round weather. Hassayampa is located just minutes from downtown Prescott, a charming mile-high city rich in the lore of the American West and approximately ninety minutes from one of the nation's largest cities, Phoenix. The whole family will discover that, it all comes with the territory when you reside at Hassayampa. Capital Canyon Private club with Golf or Social memberships available right in the neighborhood. There is a Championship 18 Hole Golf Course, Golf Club, Fitness Center, Sauna, Pool, Spa, Game Rooms, Restaurant, Meeting Rooms, Sitting areas, events, Troon Prive privileges, and more. From Capital Canyon Club website: Life in and around Capital Canyon Club provides an idyllic setting. With tall Ponderosa pines swaying with the whispering winds, and terrain that offers vistas of Prescott Valley and the San Francisco Peaks in Flagstaff, the landscape evokes a soothing sensation that resonates with everyone. The crisp mountain air engulfs the senses enabling one to rejuvenate heart, mind and spirit. This is what makes Capital Canyon Club the perfect respite from the pressures of daily life. Golf course views woven throughout the community in the midst of picturesque views of natural woods in rolling hills, Mountain Vistas, Ponderosa Pines, Juniper Pinons, natural woods. This home is located Near the 8th and 9th fairways

5505 S Castiel -- Mesa, AZ 85212

$1,240,000
4 Beds
3.5 Baths
3,846 SqFt
Status Active Under Contract
MLS # 6755793
Property Type Single Family Residence
Price Type --
Here is your opportunity to own this spectacular property tucked behind the gates of ''The Estates at Eastmark''. Pristine in every way and built by Shea in 2020. Checking all boxes this single level home features 4 bedrooms plus den, 3.5 baths, a sparkling pool, and a FOUR car garage. You will enter the residence through the private gated courtyard. The moment you enter, you're greeted by an uninterrupted expanse that allows natural light to flood in from multiple angles. The living, dining, and kitchen areas are harmoniously connected creating the perfect environment for both entertaining as well as comfortable family living. Imagine a kitchen with a substantial island that serves as both a centerpiece and a functional workspace. This island, topped with elegant countertops provides ample room for meal preparation and doubles as a social hub with comfortable seating along its edges. Adjacent to the island, a walk-in pantry offers convenient storage for all your culinary essentials, keeping the kitchen organized and clutter-free. The gas range stands ready to handle everything from everyday cooking to gourmet meals, adding both efficiency and a touch of flair to the kitchen. Together, these features along with the wall oven, the built-in refrigerator, and the beverage refrigerator create a kitchen that is not only stylish and inviting but also highly practical and conducive to both cooking and entertaining. The laundry room boasts a high end washer and dryer duo, an abundance of storage, and a utility sink. Although a split floor plan, all bedrooms are located in a single wing of the home. The primary bedroom is a well-appointed area with ample space to create a serene and inviting atmosphere. Adjoining the bedroom is a luxurious bathroom, showcasing a walk-in shower. The bathroom also boasts dual sinks set in a broad countertop, providing convenience and style. A massive closet is the cherry on top, offering extensive storage with its thoughtfully designed layout and ample shelving. A darling powder room with the cutest pin-striped wallpaper will be approved by your guests. Down this hall you will find 3 additional spacious bedrooms. Two of these bedrooms share a full size Jack-n-Jill bath and one featuring an ensuite bath and walk-in closet. As we make our way back to the main living area, concealed behind industrial-style sliding barn doors you will find a spacious den complete with built in shelving that is not only aesthetically pleasing, but ideal for officing from home. Just when you think it couldn't get any better, you retract your wall of windows and step out into this dreamy backyard designed for both relaxation and entertainment, featuring a blend of luxury and comfort. At the heart of the space is a covered patio, offering a sheltered area for dining and lounging while enjoying the outdoors. Beneath your feet, lush artificial turf provides a vibrant, maintenance-free green surface, complemented by elegant stone accents and carefully placed stepping stones that guide you through the space. The centerpiece of the backyard is a stunning pool, equipped with a heater and chiller to allow for year around swimming. A sheer water descent adds a touch of serenity and visual interest, cascading gracefully into the pool along with a modern fire pit that invites cozy gatherings and evenings. Enhancing the area is a custom pergola with yet another firepit, designed to provide additional shade and style, perfect for relaxing or hosting guests. Adjacent to the pergola, a custom built-in BBQ promises excellent outdoor cooking adventures making this backyard the best you will find this side of the Mississippi! Let's not forget you have space to house FOUR of your cars, trucks, or toys! PS- With an acceptable offer the gracious sellers will leave all furnishings with the excepction of the bed in the primary and the black dining table!! The Estates at Eastmark is a private community located within the master planned development of Eastmark. The exclusive community contains 3,200 acres and private amenities designed for social connectivity. Amenities within the community include a resort-style pool with lap lanes, children's shaded play structure, outdoor fire pits, an event lawn for outdoor community activities as well as a clubhouse outfitted with a fitness studio, fireplace, TVs and a kitchen area. Secondarily, the trail system promotes further connectivity by leading to community amenities as well as convenient access to the Eastmark Great Park.

7408 N 173rd Avenue Waddell, AZ 85355

$1,236,789
4 Beds
3.5 Baths
2,893 SqFt
Status Active
MLS # 6741446
Property Type Single Family Residence
Price Type --
Moving in ready! Gracious living at its finest! Nestled on almost 2 acres of land w/beautiful mountain views, this remarkable energy-efficient masterpiece is freshly painted w/fully paid solar! Sheer beauty & mesmerizing attention to detail are found inside! Plantation shutters, wood-look tile flooring, & an open den for work/play enrich the overall appeal. Spacious great room is perfect for relaxing evenings & lively gatherings. Gorgeous kitchen is a chef's delight, boasting ample white cabinetry adorned w/crown moulding, recessed & pendant lighting, high-end stainless steel appliances, water softener, a walk-in pantry, mosaic tile backsplash, a prep island w/a breakfast bar, & sleek quartz counters. Grand owner's retreat showcases plush carpet, direct outdoor access, a private bath w/two vanities, designer tile shower, & a walk-in closet. Make sure to explore the large in/laws suite! Massive backyard highlights a covered patio, built-in BBQ, a shop with dual RV gates, citrus tree, and a shimmering pool. PLUS! This property features a chicken coop, shaded stalls, an arena, and tons of space for horses to roam. Don't miss out on the opportunity to make this gem your forever home!

14655 N 15th Avenue Phoenix, AZ 85023

$1,235,000
3 Beds
3.5 Baths
3,718 SqFt
Status Active
MLS # 6738503
Property Type Single Family Residence
Price Type --
Assumable VA loan at 2.34% available (not just for vets)!! Welcome to your dreamy 3 bed, 3.5 bath hillside home nestled in the center of the prestigious 24/7 guard-gated community of Coral Gables Estates, with easy access to anywhere in the Valley! A custom 10-foot door welcomes you into a grand foyer and a stylish living and dining room. At the heart of the home is the expansive kitchen offering a Subzero refrigerator, warming drawer, custom built wine closet, & 8-foot island; perfect for entertaining! Open to the kitchen is the impressive family room with soaring ceilings & cozy fireplace. Relax in the spacious primary bedroom with sitting area & fireplace and a spa-style bathroom, including a heated tub with jets and a warming drawer for towels-so nice in the Winter! Split from the primary are 2 spacious bedrooms, each with ensuite bathrooms and walk in closets. Relax, entertain & enjoy Arizona outdoor living in the resort-style backyard that backs to the mountain with ever-changing natural landscape. Dine on the covered patio, play on the grass lawn (turf), kick back around the built in firepit with surround seating, or take a dip in the saltwater diving pool. You won't want to leave! The home also offers ample parking and loads of storage in the air-conditioned 3-car garage. Average monthly electric bill is only $119 due to Pearl Certification & energy efficient rated home (see the attached certification and appraisal report)!

2020 S Pleasant View Drive Show Low, AZ 85901

$1,235,000
6 Beds
4 Baths
4,503 SqFt
Status Active
MLS # 6759922
Property Type Single Family Residence
Price Type --
This luxurious freshly remodeled and updated hideaway nestled in Sierra Pines offers unparalleled tranquility and stunning natural beauty, providing the perfect escape from the hustle and bustle of daily life. Tucked away at the end of a long private driveway, this expansive home is enveloped by mature ponderosa pines, ensuring your peace and privacy. Imagine waking up to breathtaking treetop views and ending your day with stunning sunsets that paint the sky in vibrant hues. With abundant outdoor space, this property invites you to explore and reconnect with nature. Step inside to discover a spacious main level that seamlessly integrates the living, dining, and kitchen areas. Large picture windows fill the space with flowing natural light, bringing the beauty of the outdoors inside. The open kitchen is a chef's delight, featuring a gas stove, stainless steel appliances, gorgeous bamboo hardwood flooring, ample cupboard space, and a huge granite island with custom cabinetry. Whether you're hosting a large gathering or enjoying an intimate dinner, this space is designed for functionality and style. The upper level boasts four bedrooms, each offering serene treetop views, and a spacious loft perfect for relaxation or a home office. A conveniently located laundry room adds to the home's functionality. The lower level is ideal for multi-generational living, with two additional bedrooms, a living area, a guest kitchenette, and a second laundry room, providing comfort and privacy for all. The attached two-car garage, finished with durable waterproof LVP flooring that's offers versatile use as an additional bunkhouse or a standard garage. The beautifully landscaped circular paver driveway enhances the property's curb appeal and functionality. Living in the White Mountains offers a slower pace and cooler temperatures, making it an ideal location for those seeking both relaxation and adventure. Embrace the four-season weather with activities like hiking, biking, and fishing right at your doorstep. Enjoy abundant wildlife viewing opportunities and immerse yourself in the unique landscape that characterizes this region. Despite its secluded feel, this home is just minutes from the amenities of Show Low. Low HOA fees ensure that property values are maintained with minimal expense or hassle, giving you peace of mind and more time to enjoy your beautiful surroundings.

25603 N Bronco Trail Scottsdale, AZ 85255

$1,235,000
5 Beds
3 Baths
3,274 SqFt
Status Active Under Contract
MLS # 6724335
Property Type Single Family Residence
Price Type --
Experience true Arizona living, nestled in the heart of Happy Valley Ranch. Spacious residence boasts five bedrooms, three full bathrooms, and bright open living areas with vaulted ceilings and natural light pouring in. Kitchen features dark wood cabinetry, stone tile countertops, and stainless steel appliances. New interior paint throughout and brand new carpet installed, alongside the classic Saltillo tile. Perfect for entertaining or relaxing, the expansive backyard boasts a sparkling pool and lush turf, creating a private retreat ideal for gatherings or peaceful moments. Enjoy the perfect balance of tranquility and convenience. Explore nearby trails for outdoor adventures or indulge in Scottsdale's renowned dining and shopping destinations just minutes away.

4206 E Hunter Court Cave Creek, AZ 85331

$1,234,379
3 Beds
3.5 Baths
3,264 SqFt
Status Active Under Contract
MLS # 6739681
Property Type Single Family Residence
Price Type --
Quick Move-in Ready Home! Peak View is an intimate gated enclave of luxury single-level homes offering modern home designs by Cachet Homes. This Unity Plan Three is situated on a view lot that backs to open space and features 3,264 SF, 3 bedrooms, 3.5 baths, a 3-car garage, game room, den, and an open-concept kitchen with a large island and quartz countertops. Additional upgrades include desert front yard landscaping, Maple stained cabinets throughout, engineered wood, tile, and upgraded carpet floors, huge laundry room with pre-plumb for a sink and second fridge, private split floorplan and so much more!

3263 E Bryce Lane Phoenix, AZ 85050

$1,230,000
4 Beds
3 Baths
3,297 SqFt
Status Active Under Contract
MLS # 6736726
Property Type Single Family Residence
Price Type --
Back on market after buyer couldn't perform! Welcome home to the amazing Sky Crossing Community! This elegant 4 bedroom/3 bath contains endless upgraded amenities including, quartz countertops throughout, custom accent walls, panoramic doors, chefs kitchen, fireplace, outdoor built in grill, in ground trampoline, no maintenance turf lawn, extra large loft area and much more! Situated in a cozy culdesac located across the street from Sky Crossing Elementary School. An outstanding community center complete with outdoor swimming pool, splash pad, and a full workout gym. This property is ready for you to make yourselves at home today!

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