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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2204 N Maple Avenue Huachuca City, AZ 85616

$1,200,000 - 6Br/6Ba -  for Sale in Coronado Estates 1, Huachuca City
New
$1,200,000
6 Beds
6 Baths
7,154 SqFt
Status Active
MLS # 6762067
Property Type Single Family Residence
Price Type --
Absolutely stunning property! Live in all or part of it and create an income property. Perfect for events. Manicured gardens surround the impressive two-story main house, which boasts over 5100 sq ft and a grand entryway. Generously appointed rooms, exude a sense of grandeur in this upscale estate. Equally remarkable is the guest house, over 3,000 sq ft of inviting space. Additionally, there's a versatile multi-use pavilion spanning nearly 1500 sq ft for a game room, home theater, event reception area, or even a second guest quarters—endless possibilities await! The property also features a pool house, greenhouse, and utility/gym room. Enjoy the expansive 1220 sq ft workshop/garage, along with a large, three-sided covered carport for vehicle/equip. storage & potential ample event parking.

32505 N 41st Way Cave Creek, AZ 85331

$1,200,000
4 Beds
3 Baths
3,299 SqFt
Status Active Under Contract
MLS # 6757094
Property Type Single Family Residence
Price Type --
Incredible property nestled in the Gated Community Ashler Hills Estates! Discover formal dining, a gas fireplace, wood-look tile floors, a sizable den, and a cozy family room for intimate gatherings. The fully equipped kitchen has an island for casual meals, granite counters, and reverse osmosis. The main bedroom features a bathroom with a walk-in closet, double sinks, and a separate tub/shower with a new and amazing closet organization system, complete with transferable warranty. Oasis-style backyard features a fire pit, a built-in BBQ, putting green, an updated blue pool, artificial turf, hot tub hookups, gorgeous landscaping, and a covered patio. You don't want to miss this home! Hurry!

7525 E Gainey Ranch Road Unit 188 Scottsdale, AZ 85258

$1,200,000 - 2Br/2Ba -  for Sale in Greens At Gainey Rch 118-125 186-192 Etc Replt, Scottsdale
New
$1,200,000
2 Beds
2 Baths
2,047 SqFt
Status Active
MLS # 6759996
Property Type Single Family Residence
Price Type --
Welcome to Gainey Ranch Greens! beautiful community of single family homes, choice lot with no home behind you, 2 bedrooms and den -SINGLE LEVEL home with vaulted ceilings & split floor plan, vaulted ceilings, 2 fireplaces, spacious kitchen with breakfast area opens to family room, charming backyard with BBQ, 2 side yards and lovely plantings, close to the community pool. Enjoy access to all of the best Gainey Ranch amenities including the incredible recently remodeled clubhouse, heated pool & spa, pickle ball courts, tennis courts, and state of the art fitness center! 24 hour guard gated entry - this is the perfect winter getaway or year-round home!

5521 E Gelding Drive Scottsdale, AZ 85254

$1,200,000
4 Beds
2 Baths
2,504 SqFt
Status Active
MLS # 6755231
Property Type Single Family Residence
Price Type --
Beautifully updated single story home located in the highly desirable 85254 zip code in the heart of Scottsdale. Perfectly situated on a premium oversized north/south facing lot, this meticulously maintained luxury residence offers bright, open living areas, custom finishes throughout, and complete privacy as it backs onto acre-plus properties. The formal living, dining and main living spaces feature stunning vaulted wood plank ceilings with beams, complimenting wide plank wood flooring, and an abundance of natural light. Spacious great room showcases a gorgeous stone fireplace, oversized windows, and a large french door leading to the patio allowing the perfect blend of indoor/outdoor living. The gourmet kitchen features custom cabinetry, rich granite countertops, a center island with a breakfast bar, porcelain subway tile backsplash, high-end stainless steel appliances and a separate pantry. The oversized primary suite is highlighted by crown molding, wood flooring, a cozy seating area, and direct access to the patio. The spa-like en suite bath includes decorative wall molding, a dual sink vanity with neutral granite countertops, a freestanding soaking tub, glass-enclosed shower, separate toilet room, and an expansive walk-in closet with custom built-in cabinets and shelves. Generously sized split secondary bedrooms provide the perfect layout for family and guests. Full secondary bath includes dual sinks, granite countertops and a subway style tiled shower. Fourth bedroom, currently used as an office, features a large sliding glass door with direct access to the patio. The resort-style backyard is an entertainer's paradise, featuring an oversized covered patio with UV blocking fade resistance roller shades, a pass-through window bar, large sparkling diving pool with extended decking, a spacious grassy area, artificial turf putting green, built-in fire pit, and an RV gate. Conveniently located in the heart of Scottsdale, this property is minutes away from several restaurants and shops, including Scottsdale Quarter and Kierland Commons, and easy access to multiple freeways.

4949 E Evans Drive Scottsdale, AZ 85254

$1,200,000
3 Beds
2 Baths
1,923 SqFt
Status Active
MLS # 6752831
Property Type Single Family Residence
Price Type --
Step into this Breathtaking Property, where every inch has been thoughtfully Reimagined to reflect the Flawless Finishes typically found in Multi-Million-dollar homes. The Serene, Sophisticated color Palette blends beautifully from room to room, enhanced by bleached engineered Wood floors ,Neutral Cabinetry, and Premium Stone Slabs. Each Tile Selection and Fixture, from Lighting to Plumbing, was chosen to impress even the most Discerning Buyer. The Heart of the home is the Spacious living area, featuring an 16-foot slider that seamlessly connects the Interior with the Stunning Outdoor space. This enhances the home's Open, Airy feel and invites an abundance of Natural Light. Outdoor Living at Its Finest; The Backyard is a true Oasis, designed for Relaxation and Entertainment. Lush landscaping surrounds a Sparkling Pool with a Serene Waterfall feature, creating a Peaceful Retreat. The new built-in BBQ area, finished with a Soapstone Countertop and brand-new Grill, is perfect for outdoor dining and hosting. Endless pavers, ample grassy areas, and vibrant landscaping complete the picture. No Expense was spared in transforming this property into a Showcase of Modern Luxury. It's more than a Home; it's a Lifestyle. Bring your most selective buyers!

6423 W Ruin Hill Loop Pine, AZ 85544

$1,200,000 - 3Br/4Ba -  for Sale in The Portal Pine Creek Canyon Unit Iv, Pine
New
$1,200,000
3 Beds
4 Baths
3,337 SqFt
Status Active
MLS # 6761593
Property Type Single Family Residence
Price Type --
Exclusive location in the Pines on 0.74A. Remarkable blend of quiet beauty and meticulous attention to detail. The spectacular great room features a wall of windows that captures breathtaking views of the Tonto National Forest and the majestic Mogollon Rim. The gourmet kitchen is a chef's dream, showcasing Brazilian marble countertops, hickory flooring and cabinetry, and upgraded stainless steel appliances. Beautiful native stone fireplaces Nestled on a serene 0.74-acre lot in the Pines, this exclusive home offers a remarkable blend of (2) add warmth and charm throughout the space. The main level boasts a luxurious owner's retreat with an ensuite bath, complete with heated floors, a jetted tub, and a custom closet for comfort and convenience. The lower level invites you into a cozy family room with a fireplace, an office area, a library/storage space, and a guest bedroom with a private bath. Entertaining is a breeze with a bar area that includes a full-size wine refrigerator. Outdoor living is enhanced by covered, maintenance-free decks on both levels, perfect for relaxation and entertaining, along with a soothing outdoor spa for unwinding. Additional features include a durable metal roof, a spacious 2-car garage, a workshop, and attic storage for added convenience. This exceptional home is a true retreat, offering luxury and tranquility in an unbeatable location--dont'miss your chance to make it yours!

30262 N 130th Glen Peoria, AZ 85383

$1,200,000
3 Beds
3.5 Baths
2,771 SqFt
Status Active
MLS # 6751509
Property Type Single Family Residence
Price Type --
HIGHLY UPGRADED 3BR, 3.5 BA '' VANTAGE '' Model w Heated POOL / SPA & PREPAID Solar Lease . Offered for the first time in Award Winning Trilogy at Vistancia & Situated on a Prime N/S Cul De Sac Lot with STUNNING Views, NO homes behind & in VERY CLOSE Proximity to the Mita Club and it's AWESOME Amenities! Tremendous Curb Appeal to Include Stone Accents,Travertine Entry, Lush Desert Landscape + 3 Car Garage. Inside Shows Magnificently w 12ft Tray Ceilings, High End Wood Plank Tile, Lighting, Window Treatments, Central Vac, Ceiling Fans & Security System T/O .Open Concept Living Features Great Room w Built In Media Center & Multi Slide Doors. Gourmet Kitchen w Gas Cooktop, Gorgeous Staggered Cabinets, Custom Roll Out /Soft Close Drawers, Expansive Granite Slab Island & Decorative Backsplash Owners Suite with AMAZING Spa Like Bath w Soaking Tub, Tiled Shower , Dual Lavatories & Closets w One of a Kind Built Ins . Den w floating Shelves and French Doors to Patio. True Entertainers Backyard Oasis w Heated Lap Pool / Spa , Firepit , Automatic Sunshades , Misters and VIEWS ! Garage with Stainless Sink and Door to Receptacle Storage. This Model does not come available Often !

2827 E Bellerive Drive Gilbert, AZ 85298

$1,200,000
4 Beds
4 Baths
2,709 SqFt
Status Active
MLS # 6712904
Property Type Single Family Residence
Price Type --
This is the home you have patiently been waiting for to come on the market! This stunning single-story, 4 bedroom, 4 full bathroom home with a mini-split air conditioned 3 car garage (with extension) in Gilbert, AZ is everything you have been dreaming of! Nestled on a North/South corner lot in a gated community, with a private entry attached casita, and magnificent OASIS backyard, your new home will have you dazzling with excitement with every corner you turn. As you pull up to the home, take notice of the stuccoed planter in the courtyard and spectacular pots out front, along with the pavers that have been power-washed and professionally sealed in the driveway & courtyard. You'll be impressed by the opulent residence with soaring ceilings and an elegant color scheme throughout. The spacious great-room allows you to entertain family & friends, while enjoying the breathtaking backyard views, with the 12 foot - 3 panel sliding glass door wall; perfect for merging indoor & outdoor activities. The formal dining room boasts a chic chandelier, an elegant accent wall, paired with intricately patterned tiled flooring, complemented by a neutral border. Your new gourmet chef's kitchen has exquisite soft close maple drawers & cabinets w/crown molding, upgraded pots & pans drawer, trash & recycle center, mosaic tile backsplash, granite countertops, stainless steel farmhouse single bowl sink w/ upgraded faucet & reverse osmosis, walk-in pantry, an island with a breakfast bar and separate breakfast dining nook, built-in appliances, (w/ stainless steel double ovens, gas cooktop, microwave, dishwasher, upgraded wall mounted cooktop hood) and so much more! The main home has 3 bedrooms, 3 full bathrooms, along with an additional den - conditioned as a study with built-in bookcase, electric fireplace and ceiling fans in every room. The sizable primary bedroom boasts a lavish ensuite w/dual sinks, a soaking tub, separate shower, walk-in closet w/ additional built-ins for extra shoes & storage and a private exit to the backyard. The amazing casita with 1 bedroom and 1 full bathroom at the front of the home, provides private living quarters with its own entry to the home, a tiled living room, kitchenette-complete with mini fridge, built-in microwave, cabinets and sink, carpeted bedroom and deep walk-in closet. The resort-like backyard is an entertainer's dream, complete with a relaxing covered paver patio with ceiling fans, paver pathways, built-in stainless steel grill & ice chest, complimented by a built-in raised travertine table with a seating area & flagstone base, soothing landscape with synthetic grass and additional walkway pavers, a swimming pool with eye-catching water features, along with color changing lights in the swimming pool and along the picturesque landscaping, not to mention the inviting gazebo with ceiling fan, with a built-in gas fireplace with flagstone veneer, right next to the outdoor kitchen for hosting late-night BBQs. Are you a pet lover? Don't forget to check out the private, closed-in fully landscaped pet run on the east side of the backyard, with synthetic grass, sprinklers, pet door, trees & plants galore! On the west side of the home, take a look at the shaded pond, chicken coop with multiple fans & private nesting area. Your new 3 car garage is a dream! It's not only a full 3 car garage, but it extends deeper on one side to give you extraordinary additional garage space/storage. Built in cabinets, epoxy flooring and BRAND NEW 2 ton mini-split air conditioning unit included. Pool w/ 48 square tile tabletop, color logic, color changing 320 LED lights, 10LF trough water feature, beach shelf (baja step) w/in floor cleaning system, new Hayward TriStar VS950 pool pump, A&A low profile in-floor cleaning system. Bose speakers with individual speaker controls at the patio. Additional surround sound in the great-room, primary bedroom, den, all with individual speaker controls as well. There is SO MUCH to see in this home and yards. Be sure to ask your real estate professional to show you the lists of upgrades done in this magnificent home, as well as the extensive list of the fruit and vegetable trees/plants that are placed throughout your one of a kind backyard!

7117 E Rancho Vista Drive Unit 4005 Scottsdale, AZ 85251

$1,200,000
2 Beds
2 Baths
1,327 SqFt
Status Active
MLS # 6734931
Property Type Apartment
Price Type --
Experience luxury living in this 4th-floor condo with breathtaking views of Camelback Mountain. This exclusive corner unit features 2 spacious bedrooms with new flooring (6/24) and floor-to-ceiling glass windows showcasing panoramic views. The updated gourmet kitchen boasts marble waterfall countertops and GE stainless steel appliances. Fully furnished with high-end décor, this move-in-ready residence offers a seamless transition to your urban retreat. The primary suite includes a walk-in closet and private patio with mesmerizing views. Amenities at Camelview include 2 outdoor pools/spas, fitness center, indoor lap pool, basketball/racquetball courts, putting green, and concierge services. Ideal as an investment property or opulent, move-in-ready home. Located in the heart of Scottsdale, you'll be walking distance to Caesar's Republic, Fashion Square Mall, world-class dining, Old Town Scottsdale, and entertainment districts.

262 E Saddleback Trail Payson, AZ 85541

$1,200,000
4 Beds
2.5 Baths
2,378 SqFt
Status Active
MLS # 6738248
Property Type Single Family Residence
Price Type --
Unobstructed Rim Country VIEWS + privacy in every direction! This custom single-story is masterfully crafted with views, energy efficiency and durability in mind. From the Engineer cement siding to the 16' x 48' Trex rear deck, to the top-of-the-line Thor appliances in the fabulous kitchen, every detail and finish have been carefully selected to create a luxurious reprieve from everyday life. The home is expertly positioned on the 1.7 acres lot to maximize privacy and ensure every room has windows framing the picturesque views that are most treasured in The Knolls Community. The oversized 3 car garage has a bonus workshop for additional toys or fun! A fully fenced side yard is perfect for furry loved ones & kids. Close to the Natural Forrest, great hiking & minutes from GOLF!

3126 E Wildhorse Court Gilbert, AZ 85297

$1,200,000
6 Beds
4 Baths
5,993 SqFt
Status Active
MLS # 6748920
Property Type Single Family Residence
Price Type --
This large family home is located in the heart of Gilbert, near the San tan mall and other amenities. This great home is calling for your name. Formal dining led you too the open kitchen with granite countertop, custom cabinets and stainless-steel appliances. All large bedrooms with walk-in closet upstairs, and a great oversized loft. On a hot summer day, take a dive in the swimming pool in the backyard with water feature.

6260 E Charter Oak Road Scottsdale, AZ 85254

$1,200,000
3 Beds
2 Baths
2,055 SqFt
Status Active Under Contract
MLS # 6745134
Property Type Single Family Residence
Price Type --
GREAT HOUSE, BIG LOT AND NO HOA!! WOOD FLOORS THROUOUT EXCEPT FOR BATHROOMS - UPDATING DONE ALONG THE WAY, KITCHENS, BATHROOMS, FLOORING, MOVED WALLS, WINDOWS - NEW ROOF, PAINTING AND AIR CONDITIONING ARE NEW WITHIN THE LAST 4 YEARS - GAS WATER HEATER AND FURNACE - LARGE FENCED POOL - GRASSY AREA - NICELY LANDSCAPED - RV GATE - LOTS OF ROOM ON THE PROPERTY FOR WHATEVER YOU ARE WANTING, GUEST HOUSE, STORAGE FOR TOYS, SEE ARIEL PHOTOS - THE PROPERTY HAS BEEN WELL MAINTAINED AND IS IN MOVE IN CONDITION. IT IS ONE OF THE LARGEST LOTS IN THE SUBDIVISION. THERE IS A NICE COURTYARD IN THE FRONT. THE TWO CAR GARAGE HAS A SIDE ENTRY, TWO BIG STORAGE CLOSETS AND THERE IS LOTS OF XTRA PARKING .

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