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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5455 E Lincoln Drive Unit 2019 Paradise Valley, AZ 85253

$1,200,000

-- Bed

1 Bath

1,005 SqFt

Status Active

MLS # 6757668

Property Type Apartment

Price Type --

Beautiful Views, Great location - perfect lock and leave property! Mountain Shadows Resort Condominiums invites you to experience an exclusive lifestyle. Situated below Camelback Mountain as a breathtaking backdrop, the community features 41 condominiums and lofts that seamlessly blend comfort and luxury. Enjoy a serene Paradise Valley setting and full privileges at Mountain Shadows resort. Pricing includes furnishings, fixtures and equipment. All furnished units are eligible to participate in the rental program for the Resort!

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28301 N 154th Street Scottsdale, AZ 85262

$1,200,000

4 Beds

3 Baths

2,818 SqFt

Status Active

MLS # 6758363

Property Type Single Family Residence

Price Type --

Welcome to your new custom home in Scottsdale. Sitting on a full acre, this 2,818 sq ft property has plenty of space for everyone with 4 bedrooms and 3 bathrooms. The large garage is perfect for multiple vehicles, storage, or even a workshop. Just over one acre for your horses, or room to add a pool, garden, or outdoor entertaining space. Located in a quiet neighborhood, this home is close to schools, shopping, and parks. Inside, the open floor plan offers a comfortable living area that connects to the kitchen, which features plenty of counter space and cabinets for all your needs. The master suite includes its own bathroom and walk-thru shower. The other bedrooms are spacious and can serve as extra bedrooms or an office.

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7498 E Timberlane Court Scottsdale, AZ 85258

$1,200,000

3 Beds

2.5 Baths

2,575 SqFt

Status Active

MLS # 6750561

Property Type Single Family Residence

Price Type --

You'll LOVE this gorgeous 3 bed +DEN, 2.5 bath two-story home in the desirable Eastwood Community! Nestled on a quiet cul-de-sac, this beauty displays a 2-car garage, mature landscape w/shade trees, & a front patio w/Saltillo floors. Home exudes elegance with stylish light fixtures, abundant natural light, a neutral palette, and tasteful flooring - stone tile & Berber carpet in all the right places. The welcoming living room, with a fireplace & dramatic vaulted ceilings, perfectly flows onto the cozy dining area. Open-concept family room, featuring a wet bar w/wine cooler & sliding doors merging the inside/outside activities. The impressive kitchen boasts SS appliances, granite counters, subway tile backsplash, recessed lighting, white cabinetry, and a breakfast area w/bay window All bedrooms are upstairs! Large main bedroom has French doors that open to the attached balcony and an ensuite with dual sinks & two walk-in closets - one is spacious. An added perk is the bonus room, ideal for an office, TV area, or playroom. If entertaining is on your mind, the impressive back & side yards await you! With covered patios, a greenhouse, multiple seating areas, and a sparkling pool, this space promises year-round enjoyment. What's not to like? This gem won't disappoint!

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36648 N 27th Avenue Phoenix, AZ 85086

$1,200,000

4 Beds

3.5 Baths

3,667 SqFt

Status Active

MLS # 6722360

Property Type Single Family Residence

Price Type --

Indulge in luxury and serenity at this pristine, never-lived-in Desert Hills home, situated on 1.25 acres with breathtaking mountain views. Experience seamless indoor-outdoor living in an open-concept layout. The gourmet kitchen boasts commercial-grade appliances, dual islands, a breakfast nook, and formal dining space — an entertainer's dream! Enjoy no HOA, no interior steps, wood accents throughout, and walk-in closets in every bedroom. The primary bath features a Jacuzzi-style tub, complemented by practical amenities such as a 4-car garage with 220v, a spacious laundry room with built-in cabinets and sink, and a back patio pre-wired for a hot tub. Recent upgrades include a finished block wall and staircase to the walk deck, enhancing this ideal desert retreat.

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11044 N 36th Street Phoenix, AZ 85028

$1,200,000

4 Beds

2 Baths

2,169 SqFt

Status Active

MLS # 6756829

Property Type Single Family Residence

Price Type --

Rare half acre lot in Phoenix! Amazing renovations recently done on this charming 4 bed/2 bath house on enormous lot! Press coffee, the newly renovated Paradise Valley Mall area, all the shops/dining at Tatum & Shea are only minutes away, and direct 51 freeway access is a 2 minute drive from your house. House opens up directly to large living, dining, and kitchen space, perfect for entertaining. Large backyard with mature landscape and plenty of room for entertaining or putting in a new pool. There is a separate office space in the in backyard as well as a large separate garage space with 952 sq/ft that could be turned into an income property, mother in law suite or workshop with separate entrance and private backyard space. Incredibly unique property in the heart of the city.

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20826 S Hadrian Way Queen Creek, AZ 85142

$1,200,000

5 Beds

3 Baths

5,093 SqFt

Status Active

MLS # 6758470

Property Type Single Family Residence

Price Type --

A Rare Gem in the Heart of Queen Creek! Discover a one-of-a-kind basement home nestled on a spacious 0.41-acre lot in the highly sought-after area of Queen Creek. This beautifully designed home offers 5 bedrooms, 3 full bathrooms, a dedicated office, a huge game room, and a luxurious theatre room—perfect for entertaining or family fun. The main level boasts the master suite, an additional bedroom, and the office for those working from home. The gourmet kitchen is a chef's dream with granite countertops, stainless steel appliances, a cooktop, double ovens, and a built-in microwave. Step outside to your private entertainer's paradise, featuring a sparkling diving pool, built-in BBQ, and expansive patio space perfect for gatherings. An extended driveway with an RV gate and a concrete pad concrete pad behind the gate provide the perfect spot for storing a boat or other recreational toys. The 3-car garage and abundant storage complete this rare find. Don't miss this incredible opportunity to own a stunning home in the heart of Queen Creek!

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4336 N Colt Road Apache Junction, AZ 85119

$1,200,000

3 Beds

3 Baths

2,310 SqFt

Status Active

MLS # 6756760

Property Type Single Family Residence

Price Type --

Nestled on 1.25 acres of picturesque desert land this property is a hidden gem. Over 2300 sq.ft. consisting of 3 bedrooms, 3 baths and spacious office. The main attraction begins when you step outside...the oversize patio and pergola lead to an amazing outdoor living space. Complete with fireplace, dining and cooking area. The expansive 1700 sq.ft. air conditioned garage/workshop is a dream come true for the car enthusiast. Separate office, mezzanine and lift makes this the perfect man cave. The spacious kitchen is a chefs delight, featuring generous counter space and all appliances. The master suite is your personal retreat with private exit that opens to the outdoors...a perfect spot to escape, unwind, and enjoy the tranquility of your surroundings. The detached she shed is ideal for artist/crafter studio. This special property offers a blend of peacefulness and practicality. Don't miss previewing this exceptional home.

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37269 N 100th Place Scottsdale, AZ 85262

New

$1,200,000

3 Beds

3 Baths

3,130 SqFt

Status Active

MLS # 6761023

Property Type Single Family Residence

Price Type --

Private and Peaceful. This lovely home in the intimate gated community of Montecito at Mirabel is tucked away on nearly an acre of beautiful high Sonoran Desert landscape. Pavered driveway, walkways and extended patios add to the serene setting. Backing to acres of natural area open space, this desirable open concept floor plan offers the ultimate indoor/outdoor living experience. The large great room includes a wall of disappearing glass doors and remote sun shades. Beautiful built-in cabinet on one wall includes 75'' TV and electronics along with room for your books and special art pieces. Stainless appliances, Wolf gas cook top, generous pantry, extended wood cabinetry with granite counters complete the large eat-in kitchen. Separate Primary Suite has double door access to the back patio, plantation shutters, walk-in and linen closets and bath with tub and walk-in shower. The Two guest suites include Jack & Jill bath and walk-in closets for plenty of storage. Office/den has a separate double door exit to front walk way, plantation shutters plus a third bathroom in the nearby hallway. There's a lovely separate Dining Room off the foyer and a Butler's Pantry close by. Enjoy quick and easy access to North Scottsdale, Carefree and Cave Creek shopping and dining. This location is truly great for those who enjoy boating etc. year round at Bartlett Lake to the east or Lake Pleasant to the west or explore the Tonto National Forest with your 4 X 4 rigs.

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7252 N Via De La Montana -- Scottsdale, AZ 85258

$1,200,000

3 Beds

2.5 Baths

3,440 SqFt

Status Active

MLS # 6748143

Property Type Townhouse

Price Type --

UPDATED sophisticated & timeless contemporary elegance with a functional Modern feel. Soaring ceilings, 2 sumptuous masters 1 up 1 down & 3rd bedroom , FRESHLY PAINTED, NEW ROOF! NEW HVAC 2021 , NEW TILE FLRS T/O 2021, NEW CARPET IN bdrms May 2024,, NEW HOT WATER HEATER April 2024, SUBFLOOR REPLACED TOO! floating stairs. 3 ENTERTAINING PATIOS, UPDATED PLUMBING & DOOR HARDWARE, Loft for entertaining office/FLEX ROOM Expansive rooms & beautifully appointed. Kitchen & SPA baths updated, kitchen w/WINE REFRIGERATOR FABULOUS closets ! BACK PATIO ROOF EXTENDED WITH NEW 30' METAL BEAM, NEW FICUS BUSHES AROUND ENTIRE PERIMETER on back patio for privacy. MULTI SLIDE DOOR IN GREAT ROOM BRINGS OUTDOORS INSIDE GREAT ENTERTAINING SPACES ROLLADEN SHADES too!! Lock N Leave, Sewer scoped, XXSTORAGE Back patio has 45 ficus bushes for privacy and is 24 x 35 Front patio is 15 x 20 and a morning patio off kitchen is 12 x1 2 which makes this feel like a single family residence. Pool across the street with zero maintenance from YOU!! Freshly painted throughout makes the entire house ''POP: now what a difference, if you saw it before please come see it NOW! Garages are being talked about in HOA but , may take awhile for that to happen but ON their radar.. Pride of ownership community, killer location, walk to Talking Stick, close to ALL night life, ball games, shopping and restaurants, lush grassed McCormick Ranch, a beautiful place to call home.STABLE neighborhood as people buy here and stay for decades. ET Wright architecture way ahead of his time. We did pre listing inspection, we are flawless now! The pizazz in this floorplan makes it feel ageless and relevant! This kind of space along w/3 outdoor living patios (front, kitchen & back) isn't seen anywhere but here! Rolladen shades make it ideal for a lock n leave! These Sands Scottsdale Townhouses have become timeless examples of contemporary architecture. Sands is now pursuing the' Historical district ' designation so the value will increase even more! Close to restaurants, shopping & night life. Great square footage for an amazing price, WE ARE THE LOWEST PER SQUARE FOOT OF ANY TOWNHOUSE IN 85258, one of a kind entertaining spaces that invite company, and a phenomenal location!! It has it ALL, come makes it yours today

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42086 N Coyote Road San Tan Valley, AZ 85140

$1,200,000

4 Beds

2 Baths

1,943 SqFt

Status Active

MLS # 6746957

Property Type Single Family Residence

Price Type --

Experience the charm of country living with this beautiful 1943 sqft, 4 bedroom, 2 bathroom home, set on over 4.5 irrigated acres! The custom kitchen has upgraded cabinetry, stunning quartz countertops, and stainless steel appliances with a generous sized island that is open to the family room featuring a cozy wood-burning stove. A spacious laundry room, separated by a stylish barn door is right off the kitchen and 2 car garage. Outside you will find a large front and back porch that overlook the beautiful green pasture. The property is perfect for horse enthusiasts with its 6 covered horse stalls and a stamped out arena space. There are also several citrus trees throughout the property including 4 apricot, 2 white peach, 2 yellow peach, 1 lime, and 12 lemon and orange trees. This unique home offers the best in country living while being less than 20 minutes to all of the shopping and restaurants you could need!

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3746 La Terraza Drive Sierra Vista, AZ 85650

$1,200,000

4 Beds

4.5 Baths

5,731 SqFt

Status Active Under Contract

MLS # 6722298

Property Type Single Family Residence

Price Type --

Welcome to your dream home in a prestigious gated community! This luxurious 4-bedroom 4.5 bath residence offers unparalleled comfort and entertainment options. Step inside to discover a spacious layout at over 5700 square feet with a dedicated rec room, and a home theater, perfect for movie nights and hosting guests. Outside, a private pool beckons for refreshing dips on sunny days with solar heating to extend your swimming season, complemented by lush landscaping and ample patio space for al fresco dining. This is more than just a house—it's a lifestyle upgrade waiting for you.

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42217 N Astoria Way Anthem, AZ 85086

New

$1,200,000

3 Beds

3.5 Baths

3,144 SqFt

Status Active

MLS # 6761159

Property Type Single Family Residence

Price Type --

$12,500 TOWARDS MTG RATE BUYDOWN OR CLOSING COSTS! On Persimmon hole #14. Golf & mt views. Featuring 3 bedrooms & large cabana w/full bath & walk-in closet. EASY CONVERSION OF OFFICE TO 4TH BEDROOM. Gas stove, ample cupboard & counter space. Walk in pantry. Oversized primary bedroom w/Classy Closet. HIS/HER vanities. Large laundry ROOM. East windows w/remote shade operations. NEW 2018 A/Cs & ROOF underlayment. Fresh interior paint. Hard wired burglary & fire alarms. A/C in 3RD GARAGE. All lights low power LED. 1 owner, no smoking, no pets. Anthem amenities are outstanding & multi-generational. Golf course & community allow private golf carts! 2 of everything, golf courses, tennis, club houses, restaurants, pools, fitness centers, just 2 much fun! Plus pickleball & bocce ball.

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