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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10484 E Mission Lane Scottsdale, AZ 85258

$1,225,000
4 Beds
2.5 Baths
2,121 SqFt
Status Active
MLS # 6733308
Property Type Single Family Residence
Price Type --
Opportunity awaits in highly-desirable Scottsdale Ranch! Situated on an oversized corner lot in a quiet cul de sac, this property offers a thoughtful floor plan with 4BR/2.5BA. Soaring ceilings and over 2,100 SQFT introduce travertine stone floors, solid wood cabinets, and granite countertops throughout. Entertain in the chef's kitchen, feat. stainless steel appliances, a massive center island, and dining area. Getaway to the primary suite feat. a private backyard entrance, dual vanities, separate shower/soaking tub, and large walk-in closet. Relax in the spacious backyard with sparkling pool/spa, built-in fireplace, and lush landscaping. SUPERIOR LOCATION: Less than 3 mi to Loop 101 FWY, shopping, and dining. Less than 20 min to TPC Scottsdale, Kierland Commons, and Old Town Scottsdale.

1505 W Calle Escuda Drive Phoenix, AZ 85085

$1,225,000
5 Beds
3.5 Baths
4,454 SqFt
Status Active Under Contract
MLS # 6726241
Property Type Single Family Residence
Price Type --
NEW neutral interior paint Aug 2024. Private one-half acre lot near the Sonoran Preserve with panoramic mountain views, five spacious bedrooms, office, 3-car garage and over $200,000 in upgrades in 2023. In a North Valley gated community with a variety of amenities including pool, splashpad, parks, soccer, ballfields, dog park and nearby schools, dining and shops. All living is on the main floor including primary suite, two guest rooms, baths, kitchen, living and dining rooms, office, and laundry with direct access to pool patio and garages. NO STEPS for main floor living with split plan design offering comfort and functionality. Lower level offers expansive family room, two guest rooms with walk-in closets, and full bath. *NEW PAINT NOT SHOWN IN LIVE VIDEO Quality craftsmanship and fine finishes, scalloped archways, shutters and recessed ceilings throughout. *Updated photos to come. *Note: Solar Panels are NOT LEASED. They were dedicated to heat the pool. Current seller abandoned the solar pool heater in favor of a new pool heater in 2023. Key Features: Spectacular Mountain Views: Enjoy stunning panoramic mountain views from the comfort and privacy of your own home. Whether you're relaxing in the living room or enjoying Arizona's coveted outdoor living, the beauty of nature is always within sight. Private Pool: The sparkling pool is perfect for hot summer days, gatherings, or simply unwinding after a long day. Covered patio, built-in grill and refrigerator make dining alfresco a breeze. 3-Car Garage: Plenty of space for your vehicles and storage needs with newly added wall-racking system. The 3-car garage provides convenience and security for your prized possessions. 5 Bedrooms: Spacious and inviting, each bedroom offers a peaceful retreat. Spacious primary suite and spa-inspired bath with dual dressing rooms, private water closet, walk-in shower and multiple vanities. Home Office: Perfect for remote work or a quiet study space, the home office is designed to inspire productivity and creativity. Additional Highlights: + Gourmet Kitchen: Equipped with modern appliances, gas cooktop, wall oven, granite countertops, large walk-in pantry and ample cabinetry providing excellent storage options. Two islands both useful for meal preparation and social seating, it's a chef's delight. + Open-Concept Living Areas: Voluminous and perfect for entertaining, with seamless flow between the kitchen, and indoor to outdoor living areas. + Luxurious Bathrooms: Spa-like bathrooms with high-end finishes for a touch of elegance. + Beautiful Landscaping: Lush, professionally designed landscaping by Creative Environments with citrus trees and producing raised garden enhances the property's curb appeal and provides a serene outdoor environment. + Convenient Location: Close to shopping, dining, schools and outdoor recreational activities. + Sonoran Foothills Community Association: Blending the beauty of the desert with amenities that embrace an outdoor lifestyle. Comprised of 1,295 homes with ten gated enclaves, and boasts open spaces, parks, tot-lots, community center, large resort style pool, wading pool splash pad, lighted tennis court, lighted basketball court, soccer field, recreational field space, trail system and more. Sonoran Foothills community features a 4,000 square foot clubhouse as well as a 12-acre park situated in the heart of the community. The clubhouse has both a lap and leisure pool, wading pool and splash pad, multiple sports courts, soccer and baseball fields and monthly social gatherings. Sonoran Foothills Community Association is located within proximity to The Sonoran Preserve that offers 9,600 acres of open space, three trailhead locations; Desert Vista, Desert Hills and Apache Wash with over 36 miles of trails The Sonoran Preserves offers great recreation and serenity. This home is a rare find and a true gem. Don't miss the opportunity to own this spectacular property with all the amenities you've been dreaming of. See this home today and experience the finest of Arizona living! Recent Seller Upgrades: *New Neutral Interior Paint-Aug. 2024 throughout- photos to be updated. *Flooring (Tile & Carpet) *Light Fixtures & Ceiling Fans Throughout *Whole Home Generator *Pool Heater, Pump, Filter *Bath Fixtures Throughout *Washer & Dryer *2 Guest Bath Showers *Exterior Trim Paint *Downstairs Bath Remodel *Downstairs Blinds *New Trees, Gardens, Pavers - Backyard *Garage Doors, Motors *Garage Wall-Racking Systems *Front Door *Patio Doors

5721 N 20th Street Phoenix, AZ 85016

$1,225,000
4 Beds
3.5 Baths
2,575 SqFt
Status Active
MLS # 6735728
Property Type Single Family Residence
Price Type --
Tucked in the heart of the Biltmore, this 4-Bed/3.5-Bath hidden gem won't last long! A full renovation has been completed with all permitting and COFOs accounted for any major construction. An additional ~600 sq ft has been added with a new primary bedroom, laundry room, and half bath. A brand new pebble tech pool with pentair equipment installed. Front patio exposed gable added. All new updated bathrooms with curbless entry on showers. LTV flooring, NEW 6-ton AC unit and plumbing throughout. The kitchen features Cafe appliances, Quartz countertops. Flood Irrigation lot plus added drip system for shrubs and landscaping.

3308 E Cashman Drive Phoenix, AZ 85050

$1,225,000
5 Beds
3 Baths
3,078 SqFt
Status Active
MLS # 6739543
Property Type Single Family Residence
Price Type --
This pristine property that checks all the boxes! Single-story, 3 car garage is a like new residence situated in the corner lot of cul-d-sac that sits with the desert behind and around you. View fencing in the back and large yard ready to be made your own. Lots of builder and seller upgrades. Very desirable, open floor plan is enhanced with high ceilings, recessed lighting, ceiling fans added, sleek wood-plank tile flooring, and multi-sliders to the back patio for easy entertaining. Immaculately designed kitchen is fully equipped with top of the line appliances. Gas cooktop, wall ovens, and includes large fridge. Quartz counters, a honeycomb tile backsplash, and a huge island with a breakfast bar, elevate the space. Walk in pantry and hidden bar/prep area make it perfect. Find your sanctuary in the primary suite, featuring an ensuite with a sliding barn door, dual sinks, a step-in glass shower, and a walk-in closet. This home seamlessly combines style and comfort, offering a unique and inviting space for modern living. Welcome home! -- Soft water system installed and conveys -- Fridge included -- Custom cabinetry in large laundry room -- upgraded lighting -- epoxy garage floor and storage -- community center is amazing with amazing pools and so much more

6450 E Vernon Avenue Scottsdale, AZ 85257

$1,225,000 - 4Br/3Ba -  for Sale in Hy-view, Scottsdale
Open House
$1,225,000
4 Beds
3 Baths
2,510 SqFt
Status Active
MLS # 6758215
Property Type Single Family Residence
Price Type --
This is a stunning 2018 build single story home that recently appraised for 1,275,000 , with high ceilings, built from the ground up, with every fit and finish appropriate of a true custom home. This modern home has 4 bedrooms, an office that could be converted into a 5th bedroom, with oversized doorway entries, solid core doors throughout, walk in closets in every room, and a separated spacious primary suite. The primary suite features two walk in closets, a large walk in shower and two separate vanities. The living room and kitchen are an ideal open concept for entertaining and having loved ones over for Barbecues, swimming, family fun, and parties.

1323 E Oregon Avenue Phoenix, AZ 85014

$1,225,000 - 5Br/5Ba -  for Sale in Sherwood Village Lots 8-28, 62-78, 85-110, Phoenix
Open House
$1,225,000
5 Beds
4.5 Baths
3,100 SqFt
Status Active
MLS # 6709552
Property Type Single Family Residence
Price Type --
Welcome to this stunning, fully renovated home with a detached guest house, located in the highly sought-after North Central Corridor of Uptown Phoenix. The home features an open floor plan with a spacious great room and a front den. It includes three bedrooms and two bathrooms in the main house, arranged in a split floor plan for privacy. The expansive primary bedroom provides a spa-like sanctuary with a large walk-in shower, dual vanities, an illuminated mirror, and a private water closet. The walk-in closet is equipped with built-ins for efficient storage and organization. The guest house offers two additional bedrooms, each with its own bathroom, a powder room, and a separate laundry room ready for washer/dryer installation. The kitchen boasts SS appliances and vaulted ceilings. ceilings. NO HOA! With potential for short-term rentals, home office, or a mother-in-law setup, the possibilities are limitless.

5342 E Hartford Avenue Scottsdale, AZ 85254

$1,224,900
5 Beds
3.5 Baths
2,995 SqFt
Status Active Under Contract
MLS # 6733107
Property Type Single Family Residence
Price Type --
Welcome to Your Dream Desert Oasis! 🌵✨Discover luxury living in this Fully Remodeled 5-bedroom (including mother in-law guest wing), 4-bathroom Scottsdale gem. Located in the coveted 85254 zip code, this home offers elegance, comfort, and convenience.*Spacious Living - Open floor plan perfect for relaxing and entertaining.*Gourmet Kitchen - Granite countertops, high-end stainless steel appliances, and a large island.*Primary Suite - Luxurious sitting area, en-suite bathroom with freestanding tub.*Resort-Style Backyard - Sparkling salt pool, built-in BBQ, and beautiful lounging areas. Prime Location - Near top-rated schools, Kierland/Scottsdale Quarter, City North/Desert Ridge and Mayo Hospital. Ez access to 101 & 51*Step into a world of luxury and comfort.*Your Desert Oasis

1470 E Cullumber Street Gilbert, AZ 85234

$1,224,000
5 Beds
5.5 Baths
4,635 SqFt
Status Active
MLS # 6709905
Property Type Single Family Residence
Price Type --
Welcome to your corner lot dream home in the heart of Gilbert with GUEST QUARTERS including a private living room, kitchen, bedroom and bathroom! Gourmet kitchen features a gorgeous oversized island, top-of-the-line stainless steel appliances, and large walk-in pantry making it a chef's delight. An area adjacent to the kitchen can be utilized as a butler's pantry or second downstairs laundry room. With custom plantation shutters throughout, this stunning two-story residence boasts 5 spacious bedrooms and 5.5 bathrooms. The large open-concept living area offers ample space for families, relaxation and entertainment! Upstairs you will find the serene master suite with spa-like bathroom featuring double vanities, soaking tub, large shower and his and her closets. Surrounding the large upstairs loft are three additional roomy bedrooms and three full bathrooms. The home features the convenience of the primary laundry room upstairs with the secondary laundry room downstairs. Step outside to your private oasis backing to a private common area. Your family and guests will enjoy the sparkling diving pool and spa, ideal for cooling off on hot Arizona days. The outdoor space is further enhanced with a covered patio and built-in Pergola with outdoor kitchen providing an excellent setting for outdoor dining and entertainment. The 3-car tandem garage offers plenty of space for vehicles and storage. Don't miss the opportunity to own this beautiful property that combines luxury, comfort, and functionality in one of Arizona's most sought-after cities!

10860 E Cactus View Circle Gold Canyon, AZ 85118

$1,220,000
3 Beds
4 Baths
3,661 SqFt
Status Active
MLS # 6757807
Property Type Single Family Residence
Price Type --
Enjoy breathtaking views of the Superstition Mountains from this beautifully upgraded 3 bed / 4 bath home. Designed for multi-generational living or perfect for having friends & family stay comfortably in their own private guest quarters. The open floor plan features a Great Room with hardwood floors, a stunning stone fireplace, & sliding glass doors on either side to provide seamless indoor/outdoor living & tons of natural light. The kitchen is a chef's dream w/ solid cherry cabinets, marble countertops, a Wolf 5-burner cooktop, double ovens, & multiple refrigeration options. The spacious island is perfect for entertaining. The main living area includes a large office (easily converted to a bedroom) w/ built-in solid cherry cabinetry & desk. The hall bath has a travertine shower, glass sink & wall faucet. The primary suite is a spacious & bright private oasis. The primary bath has travertine flooring, dual travertine sinks, dual shower w/ bench seating, jet tub, & private toilet room. Walk into your custom closet, designed by Classy Closets, w/ plenty of built-in storage. Bedroom 1 has sliding glass doors to the front patio-courtyard & a spacious walk-in closet, and bedroom 2 has sliding glass doors to the back patio & en-suite bath. The Main living area has a 2-car garage & the attached flex space also has its own 2-car garage w/ a workshop that is temperature controlled. Can be used for rental, in-law, or guest quarters, w/ its own living room w/ fireplace, full kitchen, and spacious bedrooms. Flex space features wood plantation shutters, solid cherry cabinets, Maytag double oven glass top stove, Fisher & Paykel dishwasher, & efficient washer & dryer, & jacuzzi bathtub. This single-story home is fully equipped with owned, automated solar (21kW) & three AC units. The expansive backyard features natural desert landscaping, a fire pit, and extensive covered patios. This property is zoned for two horses. You'll fall in love with the views and the endless possibilities this home offers!

5312 N Sierra Hermosa Court Litchfield Park, AZ 85340

$1,220,000
6 Beds
3.5 Baths
4,824 SqFt
Status Active
MLS # 6749766
Property Type Single Family Residence
Price Type --
Move in Ready property located in the gated community of Dreaming Summit at Barrington Estates! 6 bedrooms + loft/game room, office on first floor with separate entrance/exit, 3.5 baths, 4,824 square feet, 4 car garage on an oversized cul de sac lot (1.172 acres), huge first floor master bedroom with French doors leading to the backyard, dual vanities, separate tub & walk-in shower, his & hers walk in closets, gourmet kitchen boasts Dual-Viking ovens, gas cooktop, Sub Zero refrigerator, kitchen island, ample cabinets & counter space, granite counters, family room has gas fireplace with stone mantle, 5 bedrooms upstairs, plantation shutters, backyard oasis awaits you that includes children's playground, Playhouse with air conditioning, trampoline, large covered patio, RV gate, large grass area, pool for those hot Arizona summers, built in BBQ with gazebo, outside fireplace, sport court, walking path, close to freeways, shopping, entertainment, too much to list here, see this home today!

1624 Stoney Lane Prescott, AZ 86303

$1,220,000
3 Beds
3.5 Baths
2,880 SqFt
Status Active
MLS # 6686800
Property Type Single Family Residence
Price Type --
Designed by the esteemed Prescott Architect Joe Webb and expertly constructed by Naus Construction, this exquisite home is nestled in a gated community within the Hassayampa golf community, exuding timeless Prescott elegance. Recent upgrades include a new roof, state-of-the-art AC units, and an energy-efficient water heater, ensuring the utmost comfort and sustainability. The interior showcases architectural marvels such as beetle art timbers, knotty alder doors and cabinets, and a grand stove fireplace that adds a touch of rugged sophistication to the soaring great room. The gourmet chef's kitchen has been upgraded to perfection, featuring a spacious 9' island, high-end Viking ovens and range, and top-quality KitchenAid fridge and dishwasher. The thoughtful split design offers main-level living convenience, while each of the three bedrooms offers a private living area and ensuite bathrooms for ultimate comfort and privacy. The private backyard is a serene oasis, complete with a stone water feature and panoramic views that invite relaxation and contemplation. Residents have the option to enjoy membership at the prestigious Capital Canyon Country Club, adding an extra layer of luxury to this exceptional living experience.

13616 W Ocotillo Road Glendale, AZ 85307

$1,219,000
4 Beds
4 Baths
3,940 SqFt
Status Active
MLS # 6727270
Property Type Single Family Residence
Price Type --
***PRICE REDUCTION, PRICE REDUCTION! SELLER WANT IT SOLD! ***This was the model home and has a lot of awesome upgrades! Also located by Luke Air Force Base. 4 bedroom 4 bath, with a game room and office. 2 car side entry garage and an RV garage. Custom Patio that requires great room and kitchen ceiling to be raised. Alternate kitchen layout with grand island and upgraded maple cabinets with a full overlay and hardware. Master bath has custom enlarged shower with frame-less glass surrounds and free standing tub. Quartz tops at kitchen and baths. Elegant tile flooring. 8 ft. interior doors and 4 1/4 in. baseboards.Garage service door. Exterior stone elevation. Rolling RV gate. Private pool and landscaped front and backyards for your family & friends entertainment in this summer heat!

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