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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7264 W Cielo Grande -- Peoria, AZ 85383

$1,199,000
5 Beds
4.5 Baths
4,361 SqFt
Status Active
MLS # 6732093
Property Type Single Family Residence
Price Type --
Executive Style living - Fantastic Family Home! This amazing property is tucked away in the desirable gated community of Talas. Oversized backyard includes an 800 sf diving pool w/built in spa, outdoor gas fireplace, Sport Court, putting green. The. built in stainless BBQ and sink area provide all you need to enjoy resort style living. Inside enjoy a breathtaking entryway, Chef's kitchen, Granite counter tops, butlers pantry, large master suite w/jetted tub and large walk in closet. Bedroom w/ private bath and two other bedrooms with a jack n Jill bath. Enjoy the beautiful Arizona sunsets with your choice of front or back balconies. Don't miss out on this opportunity to own a piece of paradise.

3157 E Rocky Slope Drive Phoenix, AZ 85048

$1,199,000
5 Beds
3.5 Baths
4,209 SqFt
Status Active
MLS # 6747566
Property Type Single Family Residence
Price Type --
Welcome to this stunning home in Mirada Canyon, where comfort meets sophistication in a beautifully remodeled residence. From the moment you step onto the front courtyard patio, you'll notice the meticulous care that has gone into every detail. The spacious open floor plan is bathed in natural light, thanks to the floor-to-ceiling windows that create an inviting atmosphere.The fully remodeled kitchen is a chef's dream, featuring stainless steel appliances, a gas range, and a large island perfect for meal prep and entertaining. Step outside to your own private oasis—a resort-style backyard complete with a luxurious pool, recently resurfaced with a new pump, a covered patio, and an outdoor kitchen. The RV gate provides access to a spacious side yard, ideal for storing all your toys. The attached bonus room offers endless possibilities, whether you need a workout space, office, or extra storage. Additional upgrades include remodeled bathrooms, new flooring, a newer AC, water heater, and a soft water system. This home is truly one in a million.

9418 N 19th Street Phoenix, AZ 85020

$1,199,000
3 Beds
3 Baths
2,459 SqFt
Status Active
MLS # 6717755
Property Type Single Family Residence
Price Type --
Stunning top to bottom renovation! Situated in Davidson Heights (NO HOA). This gem is steps away Dreamy Draw and the Phoenix Mountains Preserve, offering breathtaking city lights and mountain views! The kitchen is a chef's dream with a spacious island, panel-ready Bosch dishwasher, and panel-ready Thermador refrigerator/freezer. The dining area boasts a wine room with designer wall paper for an added flair. BRAND NEW: European white oak engineered hardwood floors, 5'' baseboards, interior/exterior doors and hardware, LED lighting, interior/exterior paint, garage epoxy floors, roof, windows, travertine pavers, a sparkling pool/spa, and putting green. Plus, it's close to all the trendy North Central, Uptown and Camelback corridor hotspots! Don't miss out on this one as it won't last!

13007 W Lowden Road Peoria, AZ 85383

$1,199,000
4 Beds
4.5 Baths
4,676 SqFt
Status Active Under Contract
MLS # 6710940
Property Type Single Family Residence
Price Type --
Resort living at its finest in N Peoria. This remarkable home blends luxurious living w serene surroundings, offering a haven of comfort & sophistication. The expansive interiors are bathed in natural light, creating a welcoming ambiance throughout. A chef's kitchen awaits, boasting top-tier appliances, perfect for culinary enthusiasts & entertaining guests alike. Retreat to the spacious bedrooms, each a peaceful sanctuary with tranquil views and walkins. Outside, the meticulously landscaped backyard features a sparkling pool w water slide & 6 person grotto under the waterfall, putting/chipping green, outdoor gym & covered patio, ideal for enjoying Arizona's stunning sunsets. Located in a coveted neighborhood, this residence offers convenience w proximity to a rated school You'll find a separate den & game room, providing versatile spaces for work & play. As you make your way upstairs, you'll be delighted to discover a state-of-the-art movie theater room. This bonus room has been transformed into a cinematic oasis, perfect for enjoying your favorite movies w family & friends in the comfort of your own home. One of the standout features of this property is the impressive wine cellar, perfect for wine enthusiasts & connoisseurs. It offers a space to store and display your collection, creating a truly unique & luxurious experience. This luxurious home offers 4 spacious bedrooms, including a magnificent owner's retreat w a well sized sitting room. The highlight of this home is the impeccably customized walk-in closet, designed with the most meticulous taste in mind. Step outside into a resort-style backyard oasis, where you'll be captivated by a sprawling pebble finish heated pool complete w a grotto, waterfall & waterslide. The backyard also features a putting green with a sand trap, catering to golf enthusiasts and adding a fun recreational element to the space. Parking is never an issue with the convenience of a 5-car garage, an extra parking slab and RV Gate, providing ample space for vehicles & storage. Additional features of this remarkable property include new floors throughout, new picture windows, granite and stone features & impressive 20' ceilings. This is a rare find that offers the perfect blend of luxury & comfort. Don't miss the opportunity to own this remarkable property in beautiful Vistancia. Your new home has been lovingly cared for, allowing you to move right in & start creating memories.

9693 E Davenport Drive Scottsdale, AZ 85260

$1,199,000
5 Beds
3 Baths
2,879 SqFt
Status Active
MLS # 6721178
Property Type Single Family Residence
Price Type --
Home has been extensively remodeled featuring 14 foot vaulted ceilings, gorgeous new cabinets and quartz countertops, stainless steel appliances, tile surrounds, fixtures and much more! 5 bedrooms, 3 bathrooms and a 3-car garage. Large entryway with formal living/dining room with coffered ceilings. Walk into the expansive family room with a shiplap media wall/fireplace - Open to the gourmet eat-in kitchen complete with a large eat-up island, breakfast dining nook and an abundance of natural light. Enjoy the spacious master bath retreat featuring a full bath with dual sinks, garden tub, tile shower and walk-in closet. Fire sprinklers already Installed and PAID OFF solar! Seller to include window covering and flooring allowance if desired.

8540 E Mcdowell Road Unit 51 Mesa, AZ 85207

$1,199,000
4 Beds
3.5 Baths
3,730 SqFt
Status Active
MLS # 6739664
Property Type Single Family Residence
Price Type --
Custom home in Thunder Mtn community, complete with community playground, swings, gazebo, picnic area, tennis and pickleball courts. This updated single story floor plan 4 bedroom 3.5 bath + office with incredible storage throughout. Oversized garage, separate workroom with a portable ac unit and extended driveway. Large lot next to community retention area making for a secluded feel. Move in ready with granite counter tops, new appliances, new hardware, painted cabinetry, custom closets, beautiful living and bedroom cabinetry, new carpet, new exterior paint, upgraded light fixtures and led lighting, vaulted ceilings, two central pantries, new central vacuum, multiple fireplaces. Smart floor plan with thoughtful finishes.You can enjoy the beautiful mountain views from your roof deck!

8151 E June Street Mesa, AZ 85207

$1,199,000
4 Beds
4.5 Baths
3,177 SqFt
Status Active Under Contract
MLS # 6716525
Property Type Single Family Residence
Price Type --
Welcome to a stunning luxury home in the gated community of Monteluna. As you approach, a gated front courtyard sets a grand tone. Inside, the design boasts beautiful tile floors, striking light fixtures, and tall ceilings. The gourmet kitchen features quartz countertops, high-end stainless steel appliances, a built-in refrigerator, and a walk-in pantry. The great room opens up with an extended-length sliding glass door. You'll adore the cozy bonus room, complete with beamed ceilings, a custom brick accent wall, and shutters. The lavish primary suite offers a private entrance to the backyard, an ensuite with a dual sink vanity, a relaxing soaking tub, and a huge shower. All bedrooms come with private ensuite bathrooms, with bedroom 2 having an entrance to the front patio, perfect for an office or guest room. The backyard is a dream, featuring easy-care artificial grass, a heated pool with a Baja deck, and a travertine deck, making this home a true masterpiece. This residence is not just a home; it's a sophisticated blend of elegance and comfort, promising a lifestyle of unparalleled luxury.

29399 N 67th Way Scottsdale, AZ 85266

$1,199,000
3 Beds
2 Baths
2,159 SqFt
Status Active
MLS # 6753207
Property Type Single Family Residence
Price Type --
This stunning and fully renovated home in North Scottsdale with a brand new pool will be your oasis in the desert! From oversized double doors to imported real hard wood floors, vaulted ceilings, a stone fire place with oversized bay windows and a large living room create a beautiful and bright space for entertaining or comfortable space to lounge. The kitchen boasts custom cabinets with 63 inch uppers, stunning backsplash, GE Cafe stainless steel appliances, and quartz countertops with a waterfall edge on the island. The master bathroom has been fully remodeled with double showerheads marble tile, and tall framed glass windows to enjoy a long steam. The roof was recently fully replaced and so was the AC. Come see this house before its too late!

30600 N Pima Road Unit 24 Scottsdale, AZ 85266

$1,199,000 - 4Br/4Ba -  for Sale in Sincuidados, Scottsdale
Open House
$1,199,000
4 Beds
3.5 Baths
3,494 SqFt
Status Active
MLS # 6759180
Property Type Single Family Residence
Price Type --
Welcome to your dream desert oasis! Nestled on 1.15 acres of desert scape in the exclusive, guard-gated community of Sincuidados, this custom 4-bedroom, 3.5-bathroom home with an office offers the perfect blend of comfort, and serenity. As you step through the gated front courtyard, you'll immediately feel at peace. The open floor plan, featuring soaring ceilings and abundant natural light, invites you to explore the heart of the home—a spacious chef's kitchen and cozy family room, perfect for casual dining and relaxation. The kitchen boasts beautiful granite countertops, custom alder wood cabinetry, and a large peninsula, offering plenty of workspace for cooking and entertaining. A generous walk-in pantry adds even more storage. Outside, the magic continues. The serene backyard offers... views of Pinnacle Peak, and is designed for ultimate relaxation. The outdoor space features a pebble-tec heated pool with a waterfall and slide, a spa, a built-in BBQ, and a cozy fire pitperfect for relaxing or entertaining. This is your own private paradise. The thoughtful layout of this home balances spaces for gathering with loved ones while providing plenty of quiet corners for relaxation. The versatile office can be used as a den or movie room, complete with a wet bar, It is perfect for unwinding after a day's work or hosting guests in style. With warm finishes throughout, including flagstone floors and natural tones, every detail of this home has been set-up for comfortable living. Two of the bedrooms are private ensuite retreats, while the remaining two share a charming Jack-and-Jill bathroomperfect for family or visitors. Cozy up to one of the two gas fireplaces during cooler evenings and take in the warm, welcoming atmosphere that makes this home special. Situated in the highly sought-after Sincuidados community, this low-density development offers 600 acres of pristine Sonoran Desert with a 100-acre nature preserve, private hiking trails, and unbeatable views of Lone Mountain. Residents enjoy an active lifestyle with access to private streets perfect for jogging or biking, tennis and pickleball courts, and a clubhouse for social gatherings. This stunning home combines luxury, tranquility, and the beauty of desert livinga perfect retreat, it can be your home.

8420 N 15th Street Phoenix, AZ 85020

$1,199,000 - 4Br/4Ba -  for Sale in Echo Mountain Foothills, Phoenix
Open House
$1,199,000
4 Beds
3.5 Baths
3,272 SqFt
Status Active
MLS # 6758735
Property Type Single Family Residence
Price Type --
Nestled at the base of the south side of the Phoenix Mountain preserve lies this timeless contemporary retreat. Imagine being in Laurel Canyon or Hollywood Hills. Have a glass of wine or a cup of coffee on the balcony & enjoy magnificent 360 degree city &mountain views. Relax on the tranquil desert landscaped patio with an outdoor kitchen. Gather and entertain in the light & airy living room, dining room, remodeled gourmet kitchen with pantry & island, that open to the great room and office. The 1st level includes an attached guest suite with mini kitchenette, oversized primary bedroom with sitting area & bath, large laundry room & 2 additional bedrooms with a Jack/Jill bath. The 2-Car Garage is the perfect man cave. Steps away from some of the best hiking trails in Arizona.

8525 E Clarendon Avenue Scottsdale, AZ 85251

$1,199,000 - 3Br/3Ba -  for Sale in Pointe Scottsdale Unit 1, Scottsdale
Open House
New
$1,199,000
3 Beds
3 Baths
2,150 SqFt
Status Active
MLS # 6758537
Property Type Single Family Residence
Price Type --
This newly remodeled home offers a sleek, modern floorplan designed for effortlessly living your BEST life in South Scottsdale. From your first step in the custom frosted pivot door, you're welcomed into a spacious living area & luxury kitchen with matte black finishes throughout and a stunning design perfect for entertaining. Both the primary and second bedrooms feature ensuite bathrooms. The primary suite is a spacious peaceful retreat. Storage is plentiful with a generous walk-in pantry, mudroom, custom drop station and laundry room to keep things organized. Slide open your stacking accordion doors to your private backyard & open to a beautifully redone pool with three water features, a built-in BBQ, and a cozy outdoor fireplace. Come explore the spaces that set this home apart!

21914 N 36th Way Phoenix, AZ 85050

$1,198,000
3 Beds
3.5 Baths
2,841 SqFt
Status Active
MLS # 6755849
Property Type Single Family Residence
Price Type --
BACK ON MARKET WITH LOTS OF UPDATES!! Step into the realm of luxury living with this exquisite architecturally designed single-story residence nestled in the prestigious Aviano at Desert Ridge community. With a pristine paver driveway circling around a Desert Willow tree is the gateway to your long flowing entry. Boasting 3 bedrooms, each adorned with its private ensuite bathroom, alongside a den, which can be easily converted to a 4th bedroom. This home exudes unparalleled sophistication from the moment you cross the threshold. The expansive foyer features a beautiful hand cut travertine center medallion continuing with the elegance of travertine floors throughout a majority of the home. Indulge your culinary aspirations with top-of-the-line Viking Pro appliances complemented with with top level granite counters, backsplashes, and Knotty Alder cabinetry. The kitchen and great room tie together in a sprawling open floor plan design. The primary suite features double walk-in closets, and a gorgeous expansive ensuite bathroom with granite counters. Prepare to be mesmerized by its impeccable condition and an array of upgrades that rival even the most esteemed model homes. Delight in the finer details with an added mini-split AC unit ensuring comfort year-round, a separate air purification system, soaring 12-foot ceilings, plantation shutters, custom paint, a separate glass-door office, three water systems, freshly painted exterior, and an abundance of additional features. This home is a testament to true luxury living. Outside, discover a resort-style oasis featuring a captivating pool, rejuvenating spa, and cascading waterfalls that offer an ambiance of tranquility. The outdoor fire pit and built-in BBQ is perfect for entertainment. This stunner also features a covered patio across the entire back of the home with electronic shades creating the perfect sunroom. Situated on a view lot with amazing sunsets, this home offers unobstructed views allowing you to bask in the natural beauty that surrounds you. A true sanctuary for the discerning homeowner. Beyond its opulent interior lies a prime location within walking distance of Desert Ridge Marketplace and an array of dining options, ensuring every convenience is at your fingertips. Don't miss the opportunity to make this exceptional property yours and experience the epitome of refined desert living. The Aviano Community has a magnificent 16,000sf Community Center, Massive Pool, Workout Facility, Tennis, Pickleball, and Basketball Courts. Everything you could ask for in Resort Style Living!!

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