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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36492 E Cactus Lane Tucson, AZ 85739

$1,217,000

3 Beds

3 Baths

2,699 SqFt

Status Active

MLS # 6754708

Property Type Single Family Residence

Price Type --

This luxury home, perfectly situated along the 8th fairway of the prestigious Preserve Golf Course, offers a harmonious blend of sophistication, class, and casual elegance. Nestled within the highly coveted community of The Preserve at SaddleBrooke, this residence boasts a thoughtfully designed split floor plan, featuring three spacious bedrooms and three luxurious baths. Dual master suites provide unmatched privacy, ideal for guests or family, while a versatile bonus room easily transforms into an office, workout room, craft room, or additional guest suite, thanks to a convenient built-in Murphy Bed. The gourmet kitchen is a chef's dream, equipped with top-of-the-line stainless steel appliances, custom cabinetry, and gleaming granite countertops, all enhanced by sophisticated lighting. The kitchen opens up seamlessly to the expansive great room, dining area, and breakfast bar, creating an ideal space for both entertaining and everyday living. A custom fireplace set into a striking chiseled granite feature wall elevates the living room's aesthetic, offering a warm and inviting atmosphere. This exquisite home also offers high end custom retractible sun shades that protect from UV on the homes interior as well as a top of the line Surround sound entertainment system built in! The covered patio will invite you to relax and enjoy panoramic golf course views, with breathtaking sunsets as the backdrop. The yard is equipped with a state of the art remote watering system controlled from your phone! Whether you're an avid golfer or simply seeking a serene lifestyle in a vibrant, active community, this home offers the perfect combination of luxury, comfort, and practicality.

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3111 E Red Oak Court Gilbert, AZ 85297

Open House

$1,215,000

4 Beds

3 Baths

3,639 SqFt

Status Active

MLS # 6745436

Property Type Single Family Residence

Price Type --

Magnificent Toll Brothers FORMER MODEL HOME nestled in the heart of one of Gilbert's most prestigious areas. Every inch of this exquisite property creates a sense of luxury; from the gated courtyard entry (w/ gas fireplace) to the gorgeous hickory floors, to the timeless granite & marble counters, to the crown moulding, soffited & box beamed great room ceiling; this home is unique. A spectacular kitchen boasts massive granite counters, upgraded cabinetry, breakfast bar & extended breakfast room. The grand formal dining room even has motorized blinds. Luxurious owner's suite exudes casual elegance and the extended sq ft creates your own private retreat with a massive walk-in closet. Marble floors & counters, jetted garden tub accentuate the pampered comforts of the owner's bath suite. Huge 14,000 sq ft lot allows plenty of room for the heated swimming pool, private pergola and fire pit. With so many upgrades and designer touches you'll be swept away!

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5324 E Hillery Drive Scottsdale, AZ 85254

$1,214,900

4 Beds

2.5 Baths

2,308 SqFt

Status Active

MLS # 6733483

Property Type Single Family Residence

Price Type --

Newly renovated with high end contemporary design finishes located in the highly desirable 85254 zip code. Split floor plan with over-sized Owner's Suite. Large kitchen and bar area with custom cabinetry and quartz counters and backsplashes. Custom built glass wine cellar and racking. Fully covered patio. Viking appliances. Large back yard. Dual pane energy saving windows / doors, smart thermostat with a North/South exposure. Beautiful marble bathroom featuring a double vanity, large soaking tub, and double walk-in shower. Automatic irrigation for grass and plants in back yard. The home is move-in ready and has been well taken care of by Owners. Please contact with any questions.

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3318 E Onyx Avenue Phoenix, AZ 85028

$1,209,000

4 Beds

3 Baths

3,017 SqFt

Status Active

MLS # 6709083

Property Type Single Family Residence

Price Type --

Discover luxury living in this meticulously crafted home nestled in the prestigious Al Beadle enclave of Paradise Gardens. NO HAO. Every detail exudes sophistication, from the Kitchen Aid stainless steel appliances and quartz countertops in the kitchen to the rare 12-foot wood flooring throughout. The master bedroom offers a custom shower, double sinks, and access to a private covered jacuzzi. With new windows, a 4-panel sliding glass door, and a spacious backyard with a covered patio, this home is perfect for entertaining. Experience the epitome of refined living in the Paradise Gardens community—truly unmatched in the area.

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32461 N 134th Lane Peoria, AZ 85383

$1,208,990

3 Beds

3 Baths

2,941 SqFt

Status Active

MLS # 6743423

Property Type Single Family Residence

Price Type --

3 bed including secondary owner's suite, 3 bath, study, tv room, 4 car garage with private backyard backing to no other homes/open space; cathedral ceiling at owner's retreat, 12' glass door at family room, dining room cabinets, GE Monogram appliances including 42'' built in side by side refrigerator, quartz tops in all baths, 8' doors, 10' flat ceilings, Manhattan drywall finish, huge walkin tiled super shower in owner's bath, huge walkin owner's closet with direct access to utility room, all upgraded tile flooring, paver drive and sidewalk, upgraded lighting, paint and fixtures throughout; 2x6 construction & extensive new home warranty; SEE YOU SOON

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1912 E Gemini Place Chandler, AZ 85249

$1,207,500

6 Beds

3.5 Baths

4,607 SqFt

Status Active Under Contract

MLS # 6728379

Property Type Single Family Residence

Price Type --

Discover the Elegance of Riggs Country Estate; A home of Unmatched Luxury and Modern Convenience; This home features 6 bedrooms, 3.5 bathrooms. Including a downstairs quest suite with a private bath; Providing ample space and privacy for family or guests; Exceptional living spaces; Enjoy formal dinners in the separate dining room or relax in the sophisticated spacious living room: A Gourmet Kitchen is always the heart of the home, with the modern appliances, double ovens, granite countertops, 2 walk in pantries, & touchless faucets. A large loft is perfect for game room,library or pool table. The pool, a highlight of this estate is 10ft deep and features 12 accent color changing lights. This home is more than a place to live, it's a lifesty Welcome to Riggs Country Estate, where timeless elegance meets modern luxury. Family room: Gather around the cozy gas fireplace complemented by wet bar, a walk in closet with plenty of storage space and easy to access a coat closet. Upstairs, retreat to the expansive master suite, featuring a luxurious ensuite bathroom with dual sinks, a soaking tub, separate shower, and a generous walk-in closet. Upstairs, you will find a teen room & 4 bedrooms that provide comfort and flexiblity; A large loft perfect for a game room, library or study area, or a pool table. Here you will find a list of many of the upgrades. Accent walls, (Stone) over fireplace in family room, & TV wall, back wall in formal dining room & back wall in half bathroom down stairs. 2020 Downstairs full bathroom: Installed new walk-in shower, quartz counter tops, LED lights fixtures, new sink and painted 2020. Owners Suite bathroom up stairs, Quartz counter-tops, LED light fixtures, double sinks and painted 2020. Upstairs full bathroom, Quartz counter tops with double sinks and new walkin shower, LED light fixtures, painted 2020 Downstairs tile flooring replaced 2019 Kitchen and all bathroom cabinets painted 2019-2020 Touchless faucet in Kitchen Kitchen and family room painted 2021 Stove, microwave replaced 2024 Interior refrigerator, diswasher replaced 2022 LED ligting installed in kitchen and great room 2021 Exterior painted 2019 Upstairs bedroom wall was painted blue to compliment the pool table in loft; rest of the room painted off white Installed smart thermostats (2 upstairs 1 downstairs) 2020 Backyard; Extended covered patio, added travertine tile on entire patio, pool deck 2021. Stone added to BBQ bar and pool filter wall 4 patio lights 2022, pool and spa has 12 accent color changing lights, installed 2021.Smart light replaced 2023. 25 backyard 2 ft light fixtures, along the walkway 2021. 6 backyard 6ft lamp post installed 2021 Double car and single car garages painted 2022. Smart garage door opener with security cammera in single car garage 2024

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4211 E Desert Vista Trail Cave Creek, AZ 85331

Open House

$1,203,749

4 Beds

3.5 Baths

3,396 SqFt

Status Active

MLS # 6614075

Property Type Single Family Residence

Price Type --

Homesite 11-Overton-Our most popular floorplan featuring the casita and features a private ensuite bathroom, making it the ideal retreat for guests or the private home office. The primary bathroom is a wow with the optional walk in shower included. Other options included in this home are the 16' center slider door at the great room,. Designer curated finishes throughout including upgraded cabinets, flooring, and quartz countertops. Chef like stainless steel kitchen appliances included. Gorgeous hardwood floors included

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15943 E Mark Lane Scottsdale, AZ 85262

$1,200,000

4 Beds

3.5 Baths

3,107 SqFt

Status Active

MLS # 6746266

Property Type Single Family Residence

Price Type --

New construction in North Scottsdale! Recently completed home located along the Rio Verde Drive/Dynamite corridor just 10 minutes east of Troon North. This 3107 sf single level home captures sweeping views of the Tonto National Forest & Four Peaks. Situated on one acre with ample water available via newly built private well, this property features paved roads and will be surrounded by new homes. Creative split floorplan and open great room/kitchen concept. Layout also includes generous primary suite, 3 guest bedrooms, office and 3 car garage. High level interior finishes featuring white oak hardwood flooring, Quartz countertops, Monogram appliances, 48' linear fireplace, and large wrought iron lighting fixtures. Room for expansion on the lot for guest house/RV. NO HOA ! Home is situated on a paved road with easy access to Rio Verde Dr. Backyard is left open for buyer to create their outdoor living (not included in the price). Only minutes from McDowell Mountain Parks and 22,000 acres of exploration. Highly rated hiking and biking trails within minutes. Preview this beautiful property that combines the clean sophistication of new construction with the relaxed setting of this Scottsdale neighborhood.

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9642 E Flanders Road Mesa, AZ 85207

$1,200,000

4 Beds

4 Baths

4,034 SqFt

Status Active

MLS # 6750118

Property Type Single Family Residence

Price Type --

Discover the 4034 floor plan & all it has to offer. The kitchen boasts luxurious finishes, such as, stainless steel WOLF appliances, upgraded 42'' upper cabinets w/ crown molding, ample countertop space & a large center island. The adjacent informal dining area provides a comfortable & convenient space. The great room is filled with natural light, and a sliding glass door lets in even more. The homes boasts plenty of room for everyone w/ a guest living area w/ seperate entry & a bonus/game room. The spa-like primary bathroom includes a BEACH ENTRY shower, dual-sink vanity, a soaking tub, and a spacious walk-in closet. Enjoy outdoor living, dining, and entertaining on the covered patio, and take advantage of the 4-car garage on 1 ACRE w/ NO HOA. Home to be completed in Feb/March.

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E Weston Lane San Tan Valley, AZ 85140

$1,200,000

4 Beds

3.5 Baths

3,258 SqFt

Status Active

MLS # 6748848

Property Type Single Family Residence

Price Type --

Welcome to your dream home in San Tan Valley, AZ! This stunning new build is truly a one-of-a-kind opportunity, offering 4 bedrooms and 3.5 bathrooms with the option to build to suit. Situated on a spacious 1.25 acre lot with no HOA, this property is perfect for those looking for their own piece of paradise. Featuring builder upgrades throughout and front landscaping included, this home will boasts a luxurious feel from the moment you step inside. The open concept floor plan is perfect for entertaining guests. This property is also horse friendly, making it ideal for equestrian enthusiasts. And with a generous 4 car garage, there's plenty of room for all your vehicles and toys. Don't miss out on this incredible opportunity to own a slice of Arizona heaven.

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Phoenix AZ 85032

$1,200,000

4 Beds

3 Baths

3,024 SqFt

Status Active

MLS # 6754885

Property Type Single Family Residence

Price Type --

1 Horse Privilege property!!!The spacious kitchen has granite counters, maple cabinets, and upgraded stainless appliances and has a view of the recently remodeled Roman Style, pebble sheen pool. The breakfast bar opens to the large dining room. The spacious master bedroom has a walk-in closet and en-suite bathroom with jetted tub, dual sinks & vanities. The 2nd master also has an en-suite bath. The exercise room has double French Doors and can be used as an office, game room, or converted into a 5th bedroom.

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48842 Riviera Place Ehrenberg, AZ 85334

$1,200,000

3 Beds

4 Baths

4,192 SqFt

Status Active

MLS # 6737737

Property Type Single Family Residence

Price Type --

Don't miss out on an exceptional opportunity to own a riverfront home in Arizona! This stunning home offers ample space for relaxation and comfort. Situated on the Colorado River, this property features breathtaking views from every angle. The fully finished basement provides additional living space perfect for entertaining or unwinding. Step outside to your own private putting green and incredible outside kitchen and bar perfect for gatherings with friends and family. The home comes fully furnished with high end finishes throughout. Located in an exclusive gated community, you'll have access to a private boat ramp and your own private dock. This home has an elevated boat garage and offers the ultimate in riverfront living. Come and live your best life on the river!

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