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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16510 N 92nd Street Unit 1003 Scottsdale, AZ 85260

Open House

$1,195,000

3 Beds

5 Baths

3,100 SqFt

Status Active

MLS # 6752776

Property Type Townhouse

Price Type --

This stunning 3 bed, 5 bath home in Soho Scottsdale is the perfect blend of luxury and convenience with a private elevator. Inside, enjoy wood-look flooring, upgraded fans, and a crisp, modern palette. The eat-in kitchen features quartz counters, tile backsplash, stainless appliances, and an island with a breakfast bar. A bonus room offers a cozy lounge or entertainment space. The primary bedroom boasts a walk-in closet and ensuite with dual sinks and designer touches. Relax on the balcony or the jacuzzi-ready rooftop deck with mountain views. ADA compliant and allows residential/commercial use!

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10072 E Turquoise Avenue Scottsdale, AZ 85258

$1,193,800

3 Beds

2 Baths

1,963 SqFt

Status Active

MLS # 6675250

Property Type Townhouse

Price Type --

Beautifully remodeled home in Las Brisas...ON THE WATER!! If you are in the market for open concept living, this is the perfect home for you! The open kitchen has been extensively remodeled and features all New Appliances , stainless steel beverage refrigerator, a large island that can seat 6-8 people, and lots of storage! Enjoyed breakfast or watch the sunset from the wrap around patio . Bathrooms have been remodeled and includes new plumbing fixtures, white and quartz countertops. Master bath was upgraded with a new vessel tub and expanded shower. Mountain views from the den! The master suite has a den/office that looks out onto the lagoon. New LVP wood flooring and carpet. High soaring ceilings. 2 bedrooms on the main floor.

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6332 N 16th Avenue Phoenix, AZ 85015

$1,190,000

4 Beds

3.5 Baths

2,969 SqFt

Status Active Under Contract

MLS # 6721031

Property Type Single Family Residence

Price Type --

Appraised for $1.2 million in 2021 and has only been improved. 2 Master bedrooms, almost 1/2 acre lot, completely rebuilt in 2021, no HOA, located in the highly sought after North Phoenix Corridor. our North Central Corridor lifestyle awaits! Stunning dream home tucked away in a mature area in the highly desirable North Central Phoenix Corridor. This charming Ranch home offers the epitome of comfort and luxury with fully upgraded 4-bedroom (2 Masters), 3.5 **spa-like bathrooms**, and 3,000 sqft. of livable space. Completely rebuilt in 2021, this contemporary home boasts the highest quality professional finishes that dazzle throughout. The home features clean, sophisticated interiors, soaring kitchen and great room ceilings, 2 split master suites with full baths and walk-in closets. You will love the thoughtfully designed state-of-the-art kitchen featuring soft-close cabinets, stainless steel appliances, expansive island and huge high-ceiling walk-in pantry. Property sits on oversize lot with room for a custom shop, pool, water features and children's play area; wood burning fireplace, no HOA, large 2 car garage, second front driveway for additional parking, RV Gate, full attic, tons of interior and exterior storage, large shade trees nestled on a quiet, friendly neighborhood a block from Palo Verde Golf Course...all in the Heart of the North Central Phoenix Corridor. The Master bath is a sanctuary with a porcelain free-standing tub, separate shower and double vanity. Envision your future in the spacious backyard, a blank canvas for your dream family entertainment oasis and/or a custom 4,500 sqft RV garage/shop. With two side gates, including an RV gate, your adventures are just a step away. **Prime Location.**Live where convenience meets style. Minutes away from upscale shopping, uptown dining, downtown Phoenix and entertainment, Phoenix Sky Harbor Airport, parks, walking trails, and easy access to both the I-17 and I-51 freeways. SCHOOL DISTRICT: Washington School District Elementary School: Washington Elementary Schools; School of Choice: Madison Traditional Academy (Madison School District); Private: All Saints Episcopal Day School (K-8) Middle School: Royal Palm Middle School High School: Washington High School; Charter: Madison Highlands Preparatory

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1754 E Paint Horse Place San Tan Valley, AZ 85140

$1,190,000

4 Beds

2.5 Baths

2,738 SqFt

Status Active

MLS # 6734487

Property Type Single Family Residence

Price Type --

Nestled on a sprawling 1.24-acre horse property, this exceptional home boasts a blend of luxury and functionality. The expansive residence features four bedrooms, plus a cozy den, and 2.5 bathrooms, making it perfect for both living and entertaining. The huge kitchen is a chef's dream, showcasing a stunning combination of concrete and quartz countertops, a stylish copper sink, and a dedicated coffee station for morning brews. The walk-in pantry offers ample storage for all your culinary needs. Outside, the amenities continue with a sparkling pool and an above-ground spa, perfect for relaxing after a long day. Additionally, a 2,400 sqft shop/RV garage provides ample space for projects and storage.

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1037 N Omaha Circle Mesa, AZ 85205

$1,190,000

5 Beds

3.5 Baths

3,740 SqFt

Status Active Under Contract

MLS # 6743784

Property Type Single Family Residence

Price Type --

LUXURY, GATED, & SPACIOUS!! Step into paradise with this exquisite home in a gated community with the perfect cul-de-sac location. Boasting a new roof in '20, one new AC unit '24, water heater in '22, and reverse osmosis system in '24, this property promises modern comfort. The kitchen, remodeled in '19, features elegant marble countertops and space to entertain more than enough people for those fun get-togethers. Enjoy your own resort style living from the moment you pull up to your new home. With citrus trees in the backyard, a beautiful pool with a slide, and expansive covered patio, you may never have to leave. Grab your favorite drink and relax. The east/west facing orientation ensures optimal afternoon/evening shade. This is a rare opportunity to own a slice of your own paradise.

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22026 E Cedar Waxwing Drive Queen Creek, AZ 85142

$1,190,000

4 Beds

2.5 Baths

3,049 SqFt

Status Active

MLS # 6553922

Property Type Single Family Residence

Price Type --

Discover this expansive 1.9-acre horse property with no HOA in a private community near everything new in QC! Ideal for animals or business ventures, this custom home offers a spacious open concept and split floor plan. The kitchen features two islands, hickory cabinetry, quartzite countertops, and stainless steel appliances, including double ovens. The primary suite provides backyard access and an en-suite bathroom with dual vanities, a soaking tub, and rain shower. Three additional bedrooms share a bath, with a nearby den/office. Enjoy the extended paver patio with a built-in BBQ island, artificial grass, and acreage to personalize. Don't miss this opportunity!

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2663 N 142nd Lane Goodyear, AZ 85395

$1,190,000

4 Beds

3.5 Baths

3,438 SqFt

Status Active

MLS # 6745176

Property Type Single Family Residence

Price Type --

Welcome to this exquisite 2024 build new luxury home, nestled on a prestigious golf lot. Designed for the discerning buyer, this residence boasts unparalleled elegance and sophistication. The open-concept floor plan features high ceilings, expansive windows, and top-of-the-line finishes throughout. Step into the grand foyer and be greeted by a spacious living area with panoramic views of the meticulously maintained golf course. The gourmet kitchen is a chef's dream, equipped with state-of-the-art appliances, custom cabinetry, and a large island perfect for entertaining. The master suite is a private retreat, complete with a spa-like en-suite bathroom, grand walk-in closet, and direct access to a serene outdoor terrace. Outside, enjoy the seamless indoor-outdoor living with a covered patio, in-ground pool, and beautifully landscaped gardens, all overlooking the rolling fairways. This home offers not only luxury but also a lifestyle of relaxation and prestige. Don't miss your chance to own this remarkable property that combines breathtaking views with exceptional comfort and style. Schedule a private tour today and experience the epitome of luxury living on the golf course.

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14124 W Christy Drive Surprise, AZ 85379

Open House

$1,190,000

4 Beds

3 Baths

4,255 SqFt

Status Active

MLS # 6757336

Property Type Single Family Residence

Price Type --

This property is a dream come true for anyone seeking luxurious living in the gated subdivision of Mountain Gate in Surprise, AZ! Solar efficient home alllows for ultimate in low utility costs! This large 1 acre lot, 4255 sq ft ranch-style home features an open, great room floor plan, formal living room and dining room, gourmet kitchen with stainless appliances, huge walk in pantry, large laundry room w/brand new washer + dryer, 4 bedrooms, 3 baths, a den/office, a game room, 3 car garage, salt water HEATED POOL plus outdoor bar allowing for a combination of elegance and sophisticated ambiance right from the moment you arrive! The sport court is perfect for outdoor activities pared with wonderful outdoor living makes this an ideal home for gatherings! RV parking allowed.

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7400 E Gainey Club Drive Unit 211 Scottsdale, AZ 85258

$1,189,990

3 Beds

2 Baths

1,869 SqFt

Status Active

MLS # 6759730

Property Type Townhouse

Price Type --

Golf Course Views from spectacular Gainey Ranch Townhome. Fully Remodeled second story unit with two car garage & breathtaking views! Featuring 3 beds 2 bath, loft/office upstairs, featuring wood floors & white shutters this home has it all. Kitchen is equipped with glass door cabinets, SS appliances, breakfast bar & formal kitchen seating area. Open floor plan allows to entertain in living room & dining room with the two-sided fireplaces & private patio. Primary bedroom includes private patio & primary bathroom has dual sinks, jetted tub & tiled separate shower & large walk in closet with built-ins. The 8 million dollar clubhouse offers world class amenities including: gym, tennis courts, bar, lounge, wine room, conference room, two pools, hot tub, & more!

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10563 E Palomino Road Scottsdale, AZ 85258

$1,189,958

3 Beds

2 Baths

2,046 SqFt

Status Active

MLS # 6697604

Property Type Single Family Residence

Price Type --

Step into elegance at this fully remodeled Scottsdale Ranch home. Experience modern living at its finest with a custom-tiled fireplace, seamlessly dividing spaces for optimal functionality. The sleek, contemporary kitchen boasts waterfall quartz counters & a convenient breakfast bar, complemented by ample cabinet space for effortless organization. Luxurious designer tiles adorn both the interiors and bathrooms, offering a sophisticated ambiance. Outside, a spacious yard beckons with a sparkling pool & lush artificial grass, accented by fruit tree for a touch of natural beauty. Entertain or unwind beneath the expansive covered patio. Discover the perfect blend of modern luxury and serene comfort. Be the envy of all your friends and family! Discover the perfect blend of modern luxury and serene comfort

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2565 E Queen Creek Road Gilbert, AZ 85297

Open House

$1,189,800

4 Beds

3 Baths

2,629 SqFt

Status Active

MLS # 6752730

Property Type Single Family Residence

Price Type --

Country feel in the middle of the Gilbert desert! This exquisite horse property is now available in an unbeatable location. This gorgeous remodeled ranch has it all, nearly one acre irrigated property that is already on drip irrigation if you choose not to irrigate, ready for horses, large privacy hedge, amazing remodeled interior, from the stunning white kitchen, soaring ceilings, new wood tile flooring, to the new bathrooms and new flooring, huge master walk in shower and separate tub, large professional built-in refrigerator, incredible pool with a huge built-in slide and waterfall, cozy firepit, work shed, play shed, freshly painted inside and out. This is a rare find for the central location, farm feel, horse privileges and a turn key modern luxury home in Gilbert. Close to shopping, restaurants and freeways and top schools. This home has been loved and cared for by nearly 15 years and is ready to become your dream home.

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2433 E Charlene Place Phoenix, AZ 85024

$1,189,000

4 Beds

3.5 Baths

4,319 SqFt

Status Active

MLS # 6754679

Property Type Single Family Residence

Price Type --

So many recent renovations and upgrades! All new luxury flooring, kitchen, bathrooms, lighting, custom closets, custom cabinetry in the laundry room, all new landscaping with new drip system and lighting, etc. This is a beautiful home on a corner lot backing to the wash with only one neighbor. Enter into the formal living room with soaring ceilings and lots of natural light. Giant open kitchen with breakfast bar, stainless steel appliances, wall mount double ovens and walk-in pantry. Massive family room and loft provides ample room for large family fun. The luxurious master suite has a bonus room perfect for an office or exercise area. The backyard oasis is an entertainers dream. Has pool fencing for child safety. Must see to fully appreciate!

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