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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10050 E Mountainview Lake Drive Unit 2 Scottsdale, AZ 85258

$1,195,000

2 Beds

3 Baths

2,501 SqFt

Status Active

MLS # 6734253

Property Type Townhouse

Price Type --

Indulge in resort-style living in Mountainview Lake Estates, an exclusive gated enclave of 68 gated townhomes with a charming Spanish Colonial ambiance, lush lawns, vibrant flowers, and palm trees. The 2,501sf home features a stunning living room with a 20+ foot clerestory wall of windows, a vaulted tongue-and-groove wood ceiling, and panoramic views. Furnishings are available on a separate Bill of Sale, ensuring a memorable turnkey experience. The updated kitchen includes a charming breakfast room, and the north-facing patio is ideal for alfresco dining. A paneled den adjoins the foyer. Upstairs, two primary suites offer spa-like bathrooms and scenic views of the lagoon and the McDowell Mountains. Residents can enjoy their two community pools- The Lagoon and the Lion's Head. In addition residents have access to the Scottsdale Ranch Community Center and Tennis. The community is near by all of Scottsdale's fine dining, shopping, and entertainment options.

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3057 Red Robin Road Pinetop, AZ 85935

$1,195,000

5 Beds

2 Baths

2,232 SqFt

Status Active Under Contract

MLS # 6249362

Property Type Single Family Residence

Price Type --

Spectacular & very private golf course location in guard gated White Mountain Summer Homes. Situated on .84 acres on a corner, overlooking several fairways. 5 Bedrooms and 2 baths. Vaulted ceilings in the spacious living room with inviting stone fireplace. Kitchen and breakfast room have been updated with tile backsplash, counters, breakfast bar and appliances. Enjoy tree top or golf course views from every room. The wrap around covered & uncovered deck is ideal for entertaining or just enjoying a quiet afternoon with a book. Knotty pine and white washed finishes give a fresh cottage feel. Roof, furnace & AC replaced 2015. Room for garage and addition. Owner has plans.

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1331 W State Avenue Phoenix, AZ 85021

$1,195,000

5 Beds

4 Baths

3,065 SqFt

Status Active

MLS # 6747201

Property Type Single Family Residence

Price Type --

NEW CONSTRUCTION by Richter Homes. Home is ready for your finishing touches including kitchen and bathroom cabinetry, counter tops, appliance package, closet systems, fireplace finish, lighting, and backyard landscaping. Choose your upgrades and MOVE-IN WITHIN 60 DAYS. Lexia Manor is a North Central community of five single family luxury residences - this is the LAST HOME AVAILABLE in the community. The home has 5 bedrooms, 4 bathrooms and offers 3,065 SqFt of luxurious living space. Oak engineered wood t/o (no carpet), black window/door package, and clean white walls. One large bedroom downstairs perfect for a guest room or office. All other spacious bedrooms located upstairs including the large primary suite. Located close to some of Phoenix's favorite local hangouts.

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1946 E Lockwood Street Mesa, AZ 85203

New

$1,195,000

4 Beds

3 Baths

3,347 SqFt

Status Active

MLS # 6758539

Property Type Single Family Residence

Price Type --

This stunning, FULLY REMODELED luxury home offers UNPARALLELED features & UPGRADES throughout. Enjoy a NEW ROOF (2022)TESLA EV CHARGER in the garage, & professionally landscaped front/back yards w/NEW SPRINKLERS and DRIP SYSTEM in the back (2022/23). The KITCHEN has been COMPLETELY REVAMPED w/top-of-the-line APPLIANCES, marble COUNTERTOPS (2023), and a NEW BUTLER'S PANTRY with a beverage fridge. All 3 BATHROOMS were REMODELED in 2024 with exquisite MARBLE FINISHES. New ENGINEERED WOOD FLOORING and all-NEW WINDOWS (2024) enhance every room! NEW LIGHTING throughout, a LARGE ATTIC w/potential for expansion, & a fantastic backyard w/POOL & ENTERTAINING SPACE! There isn't a nicer home out there!

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17513 E Regal Drive Queen Creek, AZ 85142

$1,195,000

5 Beds

4 Baths

4,256 SqFt

Status Active

MLS # 6748436

Property Type Single Family Residence

Price Type --

Don't miss the drone video! Everything you've always wanted in a property can now be yours! Fantastic Queen Creek location with mountain views on county island with flood irrigation, no HOA, and horse privileges! Only a few minutes drive to Queen Creek Marketplace! Huge .98 acre lot with 22 orange trees, 1 lime tree, and a mulberry tree. Like-new sparkling pool with slide, travertine paver decking, above ground spa, and massive covered patio entertaining space! 60 amp RV hookups, water, and clean outs! Lighted pickleball/basketball court! This beautiful Santa Fe property even has a full basement! Master suite upstairs with two sinks, soaking tub, large shower, and walk-in closet. Convenient office/den on first floor plus additional guest bedroom and full bathroom. Gourmet kitchen with 48'' gas cooktop, double ovens, Sub Zero fridge/freezer with icemaker, granite top, and painted white cabinets. Awesome basement layout with large living area at the center, full laundry room, 3 total large bedrooms with one being en-suite and the other two with jack and jill bathroom access. Additional large storage room that is finished like a bedroom. Basement was completely remodeled in 2020! New AC unit in 2022! Buy your plug and play farm here including the ducks, chickens, and rabbits with chicken coops and duck pond! See docs tab for additional features and improvements. Too many to list!

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19709 W Clarendon Avenue Buckeye, AZ 85396

$1,195,000

4 Beds

4 Baths

3,748 SqFt

Status Active

MLS # 6739967

Property Type Single Family Residence

Price Type --

Discover your dream home with this 2015 custom-built residence, perfectly situated on a 1-acre lot. This 4BD/4BA plus FLEX space AND a separate entry office provides great living spaces throughout! This home offers a blend of style and functionality. The Chef's haven offers a vast Island, breakfast bar, double ovens, pantry, granite with plenty of room for family & friends to gather! Open concept great room with 10' ceilings. Two primary suites, split each with an ensuite offering privacy!. Top notch finishes! 3 Car-Garage with built-in storage. The backyard is ready for your finishing touches. Pool? RV Garage? Casita? Build your backyard oasis. Covered patio, extended concrete. Trees with timed irrigation. Great curb appeal. Two New AC units 2023. Solar. A great place to call home!

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12631 E Lupine Avenue Scottsdale, AZ 85259

$1,195,000

3 Beds

2.5 Baths

3,096 SqFt

Status Active

MLS # 6738785

Property Type Single Family Residence

Price Type --

Welcome to this GATED community of Sonoran Heights in a premium Scottsdale location. This elegant, SINGLE LEVEL home offers resort lifestyle low maintenance living w/newer upgrades of wood floors, new windows & doors & current updates. Soaring ceilings & open concept floor plan w/dedicated office. Chef's kitchen w/newer stainless appliances & tons of organized storage opens to light and bright family room. Large primary suite w/gas fireplace, & sitting area. Relax & unwind in spacious primary bath w/soaking tub or walk-in shower, dual vanities/dressing area & large primary walk-in closet. Take a swim in your private lap pool & stunning water feature. Covered patios/BI-BBQ/3-car garage. Mountain views - minutes to best schools of Desert MTN/Basis, & Mayo/restaurants & shopping!

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205 W Blue Ridge Way Chandler, AZ 85248

$1,195,000

4 Beds

2.5 Baths

2,696 SqFt

Status Active

MLS # 6757683

Property Type Single Family Residence

Price Type --

Located in the heart of Ocotillo, this Fulton Ranch property is a gem. Professionally remodeled inside and out, with modern luxurious finishes. The brand new kitchen includes quartz counters, stainless appliances, 36inch gas range, stunning oversized waterfall island, all accented with natural wood inlays. Beautilful white oak spc flooring, 7.5 inch baseboards and new bedroom carpet. Custom 8ft linear fireplace surrounded in natural stone highlights family room overlooking the pool. With 4 bedrooms and an office, this home truly has it all! Primary suite offers tranquillity, with oversized shower and freestanding tub. Escape to the backyard oasis...transformed with brand new turf, travertine pavers and a modern pergola. Experience modern luxury living in the heart of south Chandler.

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9674 E Ironwood Drive Scottsdale, AZ 85258

$1,195,000

3 Beds

2 Baths

2,485 SqFt

Status Active Under Contract

MLS # 6744968

Property Type Single Family Residence

Price Type --

Nestled in the heart of SCOTTSDALE RANCH. Rare opportunity to own a perfect blend of timeless character, functional living and luxury finishes. Charming 3 bd, 2 bath thoughtfully UPDATED HOME features nicely equipped kitchen, upgraded alder wood cabinets, wine/beverage refrigerator. Solid alder interior doors, BEAUTIFULLY designed primary and secondary baths. wood floors in all the right areas. Large private park like backyard with sparkling pool and ramada. Very clean 3 car garage w/ epoxy floors and garage cabinets. No expense spared in maintaining this home. Recently replaced ROOF, HVAC, WATER HEATER, POOL MECHANICS and NEW exterior paint. Countless other updates, model perfect. Key location near 101, top rated schools, medical facilities and restaurants. You will not be disappointed.

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4003 E Via Montoya Drive Phoenix, AZ 85050

$1,195,000

4 Beds

2.5 Baths

2,971 SqFt

Status Active

MLS # 6742456

Property Type Single Family Residence

Price Type --

YOUR CLIENT IS GOING TO LOVE THIS HOME! Location, Location, Location! North Phoenix in Desert Ridge is this gorgeous home exquisitely appointed and finished with upgrades galore. This 2,971 sq ft, 4-bedroom, 2.5-bath, plus den w/split Master floorplan boasts a gorgeous chef's dream kitchen GE Profile Induction range, wall double ovens, large microwave, built-in refrigerator, built-in wine refrigerator, coffee/wine bar nook, walk-in pantry, extended glass upper cabinets w/lights, enormous island w/granite slab countertops, and custom lighting; extra-large Master w/separate exit, and master bath w/double sinks, attractive oversized walk-in shower, private toilet room, loads of lighting, & large walk-in closet w/barn door; Den w/French doors, custom cabinetry; vast living-dining great room w/full wall panel of windows & hard wood flooring; powder room; laundry room w/custom cabinetry, clothing rack & 4 built-in hampers; large family room off of the kitchen w/separate exit to the rear yard; 3 additional nice sized bedrooms; Guest bath w/separate toilet room. The grounds feature: magnificent front yard w/paved walkways & courtyard; stunning rear yard is breathtaking w/large sunk-in pit w/gas freestanding fireplace & sitting wall, extended covered patio w/built in BBQ & tongue grooved cover, additional sitting areas, and loads of pavers on the patio, pool decking & walkways, sparkling pool w/spa & large water feature, separate utility yard, & separate dog run area. This home is a family's entertaining dream. The location is within proximity of top-rated schools, shopping, dining, entertainment, hospital, & 101 & 51 freeways. This is an absolute DELIGHT that you MUST SEE!

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4213 E Edgemont Avenue Phoenix, AZ 85008

$1,195,000

4 Beds

3.5 Baths

3,170 SqFt

Status Active

MLS # 6737412

Property Type Single Family Residence

Price Type --

BEING REMODELED! Fabulous Lower Arcadia home with a FINISHED BASEMENT, two living areas, walk-in pantry, and vey flexible and livable floor plan. Located in the desirable Rancho Ventura neighborhood. NO HOA with a Volunteer neighborhood association with regular gatherings and events. Come see this custom built home that is currently being updated and remodeled!

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33969 N 57th Place Scottsdale, AZ 85266

$1,195,000

4 Beds

3 Baths

3,026 SqFt

Status Active

MLS # 6730068

Property Type Single Family Residence

Price Type --

Welcome to Los Alisos, an exclusive gated enclave of luxurious single level homes quietly nestled in the high desert of North Scottsdale! And welcome to this model perfect home loaded with stunning upgrades and exquisite finishes! Featuring an ideal split plan with 4 bedrooms, 3 baths, an oversized primary suite boasting a sitting room, spa bath w/ dual vanities, large soaking tub and walk-in shower. The chef's kitchen, with slab granite counters, stainless steel appliances and large island opens into the spacious family room featuring a modern fire feature within a stone accent wall. A private oasis awaits outside, with a sparkling pool, gas firepit & putting green. Other highlights include newer HVAC, roof and water heater! Just steps away from the pet friendly park and trails!

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