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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12640 N 70th Street Scottsdale, AZ 85254

$1,229,000

4 Beds

2 Baths

2,669 SqFt

Status Active

MLS # 6524222

Property Type Single Family Residence

Price Type --

Come and see this amazing property in the beautiful city of Scottsdale! This fully remodeled home features 4 bedrooms, 2 bathrooms, with a pool, plus a separate game room in the converted garage. The remodel included upgrades to the electric and plumbing system, new bathrooms and flooring throughout, redone pebbletec pool finish, landscaping in the front and back yards and more! It's in the perfect location in the heart of Scottsdale just minutes away from Golfing, Dining, Shopping, and easy access to anywhere in the valley including Scottsdale Fashion Square and Kierland Commons which has some of the best shopping in the valley.

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9505 S Kenneth Place Tempe, AZ 85284

Open House

$1,229,000

6 Beds

3.5 Baths

2,889 SqFt

Status Active

MLS # 6735594

Property Type Single Family Residence

Price Type --

Welcome home to this stunning, completely remodeled brick tri-level masterpiece in the coveted Estates Del Sol community! With 6 spacious bedrooms, 3.5 luxurious bathrooms, and a 3-car garage, this home is perfect for those who crave functionality and style. Be prepared to be amazed by the grandeur of the circular driveway and ample parking space. Punctuating the elegance of this property has NO HOA, giving you the freedom to truly make this house your own. Step inside and prepare to be wowed by the chef's kitchen, Featuring a gas cooktop (tanks in the back yard are own), butler's kitchen, and a pantry fit for a king, this space is a food lover's paradise. & perfect for hosting! For those who love outdoor living, this property has it all, private diving pool. Plus, with a sprawling .35 acre lot, you'll have plenty of space for all your outdoor activities, from hosting unforgettable barbecues to creating your own private oasis. With 6 bedrooms, there's plenty of room for everyone to have their own private sanctuary. Retreat to the master suite, complete with a spa-like bathroom, for the ultimate relaxation after a long day. Located in the desirable Estates Del Sol community close to shopping, dining, and entertainment. This truly is a perfect balance of tranquility and accessibility. Don't miss out on the opportunity to make this remarkable home your own. Get ready to fall in love with the epitome of luxury living. Welcome home to your dream oasis in Estates Del Sol!

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16016 E Bobwhite Way Scottsdale, AZ 85262

$1,225,000

4 Beds

3 Baths

3,267 SqFt

Status Active

MLS # 6704446

Property Type Single Family Residence

Price Type --

Mountain Views! BRAND NEW custom home on a PAVED ROAD in a community with NO HOA! Large lot, 1.25 acre, with a new, highly producing SHARED WELL. Please see the DOCUMENTS tab for more info on the WATER in the area. 3 more homes on the same street are available, please request info.

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8033 N Harmony Lane Flagstaff, AZ 86001

$1,225,000

4 Beds

3 Baths

3,180 SqFt

Status Active

MLS # 6756252

Property Type Single Family Residence

Price Type --

To be built. Plans semi-customizable. This luxurious home will be built on one acre at the base of the San Francisco Peaks. Almost instant access to Arizona Snowbowl Ski Resort and world-class hiking/biking trails, yet only minutes from downtown Flagstaff! This open floor plan with 9'' ceilings features a gourmet kitchen, a great room that transitions seamlessly to outdoor living with spectacular views of the peaks. Four spacious bedrooms, three baths with the option for the upper level to be a lock off rental with it's own entrance!! Homes by this builder completed on adjacent lots. Pictures & additional info available upon request.

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102 N 67th Avenue Phoenix, AZ 85043

$1,225,000

5 Beds

3.5 Baths

2,626 SqFt

Status Active Under Contract

MLS # 6740387

Property Type Single Family Residence

Price Type --

Welcome to 102 N 67th Ave, a unique and expansive property situated in the vibrant heart of Phoenix. Spanning 2.34 acres, this versatile land offers boundless opportunities making it a rare find in today's market. Main Residence: * Spacious Living: The main house is thoughtfully designed to provide ample living space, featuring a fully equipped kitchen that caters to both everyday meals and entertaining. With open living areas and comfortable bedrooms, this home ensures a welcoming environment. Guest House: * Comfortable Accommodations: The charming guest house offers additional flexibility with its own private kitchen and bathroom. Ideal for hosting visitors or even as a potential rental, it provides a cozy and self-contained living space. Additional Structures: * Outbuildings: The property includes several outbuildings, each presenting opportunities for customization. Whether you need extra storage, dedicated workshop space, or hobby areas, these structures are versatile and can be repurposed to meet your needs. * Expansive Grounds: The property's extensive grounds provide room to explore and create. Whether you envision serene gardens, recreational areas, or additional buildings, the space accommodates a wide range of uses and activities. Investment Opportunity:

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5337 E Palo Brea Lane Cave Creek, AZ 85331

$1,225,000

3 Beds

2.5 Baths

2,541 SqFt

Status Active Under Contract

MLS # 6753030

Property Type Single Family Residence

Price Type --

Discover Arizona living at its finest in this spacious, single-level Toll Brothers-built home in the gated Monte Vista neighborhood. Featuring three bedrooms and a versatile flex space ideal for an office or playroom, can even convert to it to another bedroom. The open floor plan enhances natural light, and the kitchen includes an eat-in island, walk-in pantry, and professional-grade appliances. The master suite boasts a spa-like bath with dual vanities, a soaking tub, and a walk-in shower. Recent improvements totaling $100,000 include a heated pool designed and installed by California Pools in 2023, new window coverings, new landscaping, and a new water heater. The south-facing backyard features the pool, spa, built-in grill, fire pit, pergola, and low-maintenance turf.

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2687 N Carefree Circle Flagstaff, AZ 86004

$1,225,000

4 Beds

3 Baths

3,587 SqFt

Status Active Under Contract

MLS # 6758121

Property Type Single Family Residence

Price Type --

Welcome to your peaceful mountain retreat in Flagstaff's beautiful, amenity-rich Continental Country Club neighborhood! If you appreciate custom features and quality finishes at every turn, you'll fall in love with this meticulously maintained, move-in ready home. With over 3,500 square feet, there's plenty of space for all your needs with a versatile floor plan. Welcome your guest to your home with vaulted ceilings and gleaming 18-inch travertine flooring as they enter the massive foyer, formal living and formal dining room. Continue to your custom gourmet kitchen with premium KitchenAid Architect gas double ovens and separate 36-inch gas cooktop with custom built-in hood, microwave, dishwasher (2018) and refrigerator (2022), and large single basin Blanco Performa Silgranit sink with Delta touchless pull-down faucet. Marvel at the quality natural stone granite surfaces, stunning solid alder woodwork, and the abundance of natural light from multiple skylights and large, modern Pella energy-efficient windows. Enjoy the breathtaking views with two levels of expansive low-maintenance synthetic wood decks for relaxing, outdoor dining, and magnificent sunsets. Enjoy the convenience of a main floor bedroom and full bathroom with a large walk-in shower, along with three additional bedrooms upstairs highlighted by a fully remodeled luxurious primary suite. Upstairs you'll discover the large primary suite that impresses with a custom alder wood vanity, remote controlled venting skylights with blackout shades, two artisan hammered copper sinks, thermostatically controlled heated wood tile floors, and a walk-in closet. Two additional upstairs bedrooms feature walk-in closets and a full-sized recently remodeled bathroom. You'll love the walk-out basement at the ground level with an extra family room or home theater, office space with built-in desk, bookcases, wrap-around entertainment bar seating six, kitchenette with full-size refrigerator, and bathroom. Move in knowing the big improvements have been taken care of. Recent upgrades include a new Rheem Performance gas hot water heater (2024), roof (lower 2020, upper 2017), gutters, downspouts and leaf guards (2023); PLUS central air conditioning was added to the home featuring two top-of-the-line Trane units (2021). Two Trane gas furnaces have been recently installed to enable year-around comfort and peace of mind. Do you need storage space? Let's start with your optimized three-car garage (renovated in 2021) with gleaming epoxy flooring, fresh paint, sleek modern cabinetry, workbench, slatwall, ski/snowboard rack and wall to floor-to ceiling utility cabinets. If you still need storge, the basement offers a bonus un-finished walk-in area perfect for a wine cellar or any other storage needs. Through the HOA, enjoy tennis, pickleball, access to two outdoor pools, fitness center, dining facilities, and discounted golf green fees, all within walking distance of this fabulous home. Don't wait to schedule your showing TODAY!

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18213 N 93rd Street Scottsdale, AZ 85255

$1,225,000

3 Beds

2 Baths

1,935 SqFt

Status Active Under Contract

MLS # 6745182

Property Type Single Family Residence

Price Type --

Welcome to this true gem in Desert Parks at DC Ranch. This beautifully upgraded Park-front property also offers stunning views of the McDowell Mountains and a seamless blend of indoor and outdoor living. The recently updated open-concept kitchen and living space features modern finishes and upgraded appliances, while the professionally designed primary bath adds a touch of luxury to your daily routine. Wood-grain tile floors, gorgeous shutters, a working office space, and Murphy bed are just some of the features that you are sure to love! In the backyard, the living space seamlessly extends outside, with a covered patio perfect for dining or relaxing while enjoying the mountain views. Enjoy your own private backyard paradise, featuring a pool and waterfall feature, low maintenance landscaping, and desert trail access just steps from the backdoor. Location is everything, and this home delivers. Within walking distance, you'll find a variety of dining options, including Koi Poke, Vito's, and The Spot, as well as the conveniences of AJ's Fine Foods and Tom's Thumb. The proximity to events at WestWorld and the hiking trails at Gateway Loop makes this home a perfect base for enjoying all that Scottsdale has to offer. Whether you're hosting a backyard barbeque or enjoying a quiet evening by the pool, this home has a relaxed, welcoming feel that just makes you want to stay a while. It's not just about owning a houseit's about loving where you live. Don't miss the opportunity to make this exceptional property your own.

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10804 N 146th Avenue Surprise, AZ 85379

$1,225,000

6 Beds

3.5 Baths

5,167 SqFt

Status Active

MLS # 6756033

Property Type Single Family Residence

Price Type --

Welcome to the rapidly growing city of Surprise! This 5,167 sq ft home on a one-acre lot is perfect for a family and entertaining! It features a massive 6ft deep pool, jacuzzi, bar/grill area, and a private 18-hole golf course with 2 sand pits. Inside, the open kitchen has custom cabinets, stainless steel appliances, a built-in fridge, granite countertops, an island, and a butler's area for food preping. The massive owner's suite offers a sitting area, dual sinks, and a large walk-in closet. Upstairs, there are 5 more bedrooms, game and media rooms, and recessed lighting throughout. With a solar roof, security cameras, 10+ 30ft palm trees, a 4-car garage, and built-in storage, this home has it all!

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8959 E Surrey Avenue Scottsdale, AZ 85260

$1,225,000

5 Beds

3 Baths

2,940 SqFt

Status Active Under Contract

MLS # 6751678

Property Type Single Family Residence

Price Type --

Finally! Move in ready 5 bedroom remodel in one of the hottest areas in N. Scottsdale. This one is dialed in with all the right finishes and priced for immediate sale. Lush green neighborhood with mature trees and close to everything you could possible want to do including Spring training,Golf and more. Investors dream with high rental demand as well. Very open, light bright with soaring ceilings giving it that multi million $ feel. Refreshing pool in the oversized backyard with room for new turf area as shown in photos. Seller to install prior to closing. Large eat in kitchen adjacent to family room leading out to large patio and yard. Master suite is awesome with tons of light and oversized windows. Separate tub and shower and larger walk in closet. Be ready to write your offer- wow!!

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7791 E Foxmore Lane Scottsdale, AZ 85258

$1,225,000

3 Beds

2.5 Baths

2,294 SqFt

Status Active

MLS # 6708894

Property Type Single Family Residence

Price Type --

Rare opportunity in the private gated Meridian community of Scottsdale's McCormick Ranch. Prime interior corner lot with N/S exposure- 1 block away from the heated community pool & spa. Every room has been meticulously redesigned/remodeled with only premium quality materials- including all new windows, custom cabinets, counters & kitchen island, 5-burner Italian stove, large format porcelain tile, new stairway, premium lighting, ceiling fans & fixtures, custom window coverings, closet built-ins, tankless water heater, water softener, R/O drinking water system, new interior & exterior paint & moldings, new garage epoxy, & more... The floorplan is perfectly designed for ground level living with large great room, primary suite, office & eat-in kitchen, vaulted ceilings, skylights plus 2 sets of sliding doors that open to a private backyard with large covered travertine-paved patio & low-maintenance turf. Loft space was enclosed adding a sitting area to 1 of 2 addt'l bedrooms plus full bath on the upper level. Don't miss this absolutely pristine home- perfectly located in one of the most coveted neighborhoods of Scottsdale.

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1868 Flicker Drive Forest Lakes, AZ 85931

$1,225,000

3 Beds

2 Baths

2,400 SqFt

Status Active

MLS # 6708884

Property Type Single Family Residence

Price Type --

Escape the hustle and bustle of city life and immerse yourself in the beauty of Forest Lakes. Situated on a generous 1.04-acre lot, this property boasts unparalleled tranquility. Surrounded by towering pine trees and lush greenery, it's a nature lover's paradise. Spread across 2400 sq ft, this home features 3 bedrooms and 2 bathrooms, providing ample space for comfortable living. Whether you're hosting gatherings or enjoying quiet evenings with loved ones, the large game room with a pool table and card table offers endless entertainment possibilities. Step outside onto the expansive wrap-around deck and soak in the beauty of your surroundings. Perfect for morning coffee, it's a space you'll never want to leave. With a large 2-car garage, there's plenty of room for your gear.

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