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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6802 N 22nd Place Phoenix, AZ 85016

$1,196,000

4 Beds

3 Baths

2,662 SqFt

Status Active

MLS # 6747574

Property Type Single Family Residence

Price Type --

This exquisitely renovated home in the sought-after Lincoln Estates offers luxury, serenity, and a true sense of home with no HOA. Nestled on a peaceful cul-de-sac, it boasts breathtaking Piestewa Peak views from the living room. Inside, enjoy 4 spacious bedrooms and 3 elegant bathrooms, with a great room that features a fireplace and wet bar—perfect for entertaining. The master suite offers a private exit to the backyard and a spa-like en suite. Renovated with care, the home includes newer kitchen cabinets, dual-pane windows, and owned solar. The nearly quarter-acre backyard features artificial turf and a resurfaced pool. Minutes from the 51 freeway, downtown Phoenix, Biltmore Mall, and Old Town Scottsdale.

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1140 E Peach Tree Drive Chandler, AZ 85249

$1,195,824

4 Beds

4.5 Baths

3,177 SqFt

Status Active

MLS # 6738252

Property Type Single Family Residence

Price Type --

Chandler New Construction!! Estimate Close on This Home is Dec. Woodlook Tile Floors Quartz Counters See Photos, Brick Backsplash, up to 12' Ceiling, Lovely Bathroom Counters and Framed Mirrors, Bathrooms in All Bedrooms, White Exterior with Brick Accents...Fabulous Area with 100 Homes to be Built. A Large Focal Point is 'Central Park' as you Drive into the Community Park has the Large Events Lawn, Pickleball Courts, Basketball, Tot Play Area, Fire Pit and Barn Like Remada. 3 Acres of Resort Like Ammenities! Home is at the North End of the Community with Green Belt Behind and Single Levels to Both Sides. Near both 202 Loop and I10 making access to San Tan Marketplace and Chandler Mall a Breeze. Close to Chandler Medical Center,work and Restaurants

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12295 N Lopez Wells Lane Marana, AZ 85658

$1,195,000

3 Beds

2 Baths

2,614 SqFt

Status Active

MLS # 6753591

Property Type Single Family Residence

Price Type --

Rarely available, this luxurious Bisbee Floorplan by Insight Homes is fully complete and ready for delivery! Special appointments include a full side extension of 2 additional feet adding space to the guest bedrooms and bath, a fully extended 3 car garage, GE Monogram Appliance package with a 48'' refrigerator, Expanded back yard with plenty of room for a pool and much more.

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1119 Irwin Way Prescott, AZ 86301

$1,195,000

3 Beds

3 Baths

2,417 SqFt

Status Active

MLS # 6672156

Property Type Single Family Residence

Price Type --

Welcome to your dream modern farmhouse residence in the enchanting new Solstice Ridge II neighborhood at Prescott Lakes. This exclusive, gated community boasts a private golf course, a recreation center, pickle ball courts, indoor pool & outdoor pool with a world-class fitness center. The stunning new home spans 2,417 sq. ft. & comprises 3 beds with a den/office, accompanied by a spacious 3-car garage. Luxury permeates every inch of this home, showcasing an open floor plan, a gourmet kitchen , stainless steel Bosch appliances, & a generously sized primary suite with, a walk-in closet & his/her vanities. Stay warm by the cozy fireplace & enjoy the ambiance provided by Pella windows. Step into the private backyard, occupying a 1/4-acre lot, and relish the outdoor space with a amazing views.

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2180 S Snowy Ridge Loop -- Show Low, AZ 85901

$1,195,000

4 Beds

5 Baths

3,060 SqFt

Status Active

MLS # 6732362

Property Type Single Family Residence

Price Type --

Public Remarks

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1931 E Paso Nuevo Drive Phoenix, AZ 85086

$1,195,000

4 Beds

3.5 Baths

3,092 SqFt

Status Active

MLS # 6756202

Property Type Single Family Residence

Price Type --

Come and enjoy this beautifully nestled single-family home on a private and paved road that offers the best of Desert Hills living! - a rare find in this peaceful, scenic area. Inviting circular, paver driveway & courtyard entry. An open-concept, split floorplan features 4 spacious bedrooms + den and an office with 3.5 luxurious baths, ideal for those seeking both space and modern amenities. Sprawling island-kitchen boasts loads of beautiful soft-close cabinetry, quartz counters, stainless appliances and walk-in pantry. Owner's suite with dual-vanities, walk-in shower, soaking tub, walk-in closet and private exit to backyard. Relax in your private and fully landscaped resort backyard with heated pool & spa, expansive Alumawood pergola/patio, and easy-maintenance turf. Three-car extended garage, ideal for vehicle storage or a workshop. For those looking for energy efficiency, the property boasts a highly updated solar system complete with a full back up Tesla Powerwall battery system boasting 40.5 kwh of back up storage, significantly reducing energy costs while providing peace of mind. A customized water cleaning/softening system with arsenic removal and UV light cleansing. With NO HOA, you'll have the freedom to personalize your property and enjoy the serene desert lifestyle without restrictions. Whether you're entertaining guests or enjoying a quiet evening under the stars, this home is a true Desert Hills gem. Come experience this rare opportunity today!

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253 W Malibu Drive Chandler, AZ 85248

$1,195,000

4 Beds

4.5 Baths

3,549 SqFt

Status Active

MLS # 6756662

Property Type Single Family Residence

Price Type --

Welcome to this inviting 4-bedroom plus a office, 4.5 bath home with a pool, situated in a sought-after Chandler neighborhood. This residence features a bright, open-concept floor plan with a classic kitchen complete with stainless steel appliances and granite countertops. The spacious living area flows seamlessly to a private backyard oasis, perfect for relaxation or entertaining with a sparkling pool and covered patio. The huge master suite includes a walk-in closet and beautiful show and bath. Located minutes from top schools, shopping, dining, and easy freeway access, this home offers the ideal blend of convenience and comfort. Whether you're looking to relax by the pool or entertain guests, this home has it all.

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17304 E Alta Loma Drive Fountain Hills, AZ 85268

$1,195,000

3 Beds

2.5 Baths

2,457 SqFt

Status Active

MLS # 6692629

Property Type Single Family Residence

Price Type --

Welcome to your own private oasis nestled in the highly coveted gated neighborhood of Arriba Del Lago. Located just steps from the fountain with breathtaking fountain and Red Rock mountain views from nearly every location in the house. The front patio with private pool is the perfect spot to enjoy all that nature has to offer. Sliding doors from the large Dining/Family room open to your front oasis from the heart of the open kitchen with brand new appliances. The living room provides a cozy space for gathering around Fire and connects seamlessly. Primary bedroom has a private retreat at rear of the home where tranquility abounds. Primary bath has been updated with all modern updates, A huge office/bedroom and guest room both have private patios at the back of the house. Freshly painted

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27998 N 112th Place Scottsdale, AZ 85262

$1,195,000

3 Beds

2 Baths

2,201 SqFt

Status Active

MLS # 6756253

Property Type Single Family Residence

Price Type --

Relaxed sophistication awaits you at this resort-like North Scottsdale home. This soft modern paradise perfectly harmonizes soothing tones, sophisticated finishes, natural light and the best of the Arizona desert to create a unique luxurious and tranquil abode. Every detail is thoughtful and gorgeous - from the custom entry pivot door to the alfresco dining platform. All the important boxes are checked from the gas stove, split bedroom floorplan to full hard surface flooring and more. AC, Water Heater, Pool Pump and Heater all new as of 2020/2021. Roof recoated last year. Single story and featuring 3 bedrooms, 2 baths and a bonus room this home offers flexibility in living arrangements with the bonus currently configured for dining, but easily transitioned to an office, TV room or other. The open concept living space, kitchen, wet bar and dining nook are flanked by a wall of windows which open to a second area of generous outdoor living and entertaining space. Situated on a premium, private lot with Pinnacle Peak mountain views, the resort-like pool and living area is not only beautiful but low maintenance. The outdoor cabana is sure to delight with a hot-tub, adjacent outdoor shower, and lounging area complete with television. Available as a turn-key purchase for those that want to move right in.

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6996 E Mighty Saguaro Way Scottsdale, AZ 85266

$1,195,000

3 Beds

2.5 Baths

2,360 SqFt

Status Active

MLS # 6756730

Property Type Single Family Residence

Price Type --

Discover the beauty of this 2,360 sq. ft. Stella model in the prestigious guard-gated community of Terravita in Scottsdale. This single-level home offers a spacious and thoughtfully designed layout, perfect for easy living and entertaining. The large windows fill the home with lots of natural light and great view of the backyard oasis. Kitchen includes updated appliances with just enough space to entertain. Some of the updates: Primary and 2nd bathroom have been beautifully updated, Newer roof, pool resurfacing, pool pump and remote shades on some windows. Residents of Terravita enjoy access to top-tier amenities, including a world-class golf course, tennis courts, Pickleball, fitness center, community pool, and scenic walking trails. Don't miss the chance to own this exceptional home in one of Scottsdale's most desirable communities!

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22419 N Los Caballos Drive Scottsdale, AZ 85255

$1,195,000

4 Beds

2.5 Baths

2,738 SqFt

Status Active

MLS # 6734304

Property Type Single Family Residence

Price Type --

MOVE-IN READY or MAKE IT YOUR OWN! The spacious split floorplan design features formal dining, living, and a generous eat-in kitchen which is open to the family room. Multiple French doors lead you to the covered patio and the expansive backyard, a total of 1 Acre of space to expand and with views of the McDowell Mountains. Multiple fireplaces throughout, to include the primary, and oversized Primary bath with its own access to the backyard. Situated in the coveted, gated community of Los Gatos, which offers full Horse privileges. An incredible value, convenient location, and so much potential!

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6047 E Sienna Bouquet Place Cave Creek, AZ 85331

$1,195,000

4 Beds

3 Baths

2,945 SqFt

Status Active

MLS # 6748100

Property Type Single Family Residence

Price Type --

Discover the epitome of comfort and elegance with this beautifully designed home featuring an attached guest casita. The casita is fully equipped with its own kitchen, living area, bedroom, stackable washer/dryer, and garage, offering privacy and convenience for guests or extended family. This gem flaunts excellent curb appeal with a desert front yard, stone accents, a 3-car garage, and a gated courtyard entrance leading into a spacious great room. The designer-updated chef's kitchen is a highlight, showcasing gleaming Taj Mahal Quartzite counters and backsplash, cream cabinetry with crown molding, a walk-in pantry, a sizable island with a breakfast bar, and high-end GE Monogram stainless steel appliances, including a wine fridge and gas cooking.

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