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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7247 N 6th Place Phoenix, AZ 85020

$1,299,950

4 Beds

3 Baths

3,128 SqFt

Status Active

MLS # 6761156

Property Type Single Family Residence

Price Type --

Realize your dream home in the heart of North Central Phoenix, surrounded by multi-million-dollar estates. This perfectly remodeled ranch-style residence, featuring a versatile second story, offers an ideal blend of comfort and functionality, perfect for both work and family life. Sixth Place, south of Orangewood Avenue is in a coveted community and delivers impressive curb appeal in a true neighborhood. Inside, over $200,000 was invested in renovations over the past two years. Upgrades include luxury vinyl plank flooring, high-end carpet, and porcelain tile, a new roof (2023), two new AC units, solar panels, and fresh interior paint. The kitchen windows flood the space with natural light framing the exclusive nook and countertop. Choose the oversized island or move into the dining or large family room with views of the park-like backyard, for meals or fun gatherings. The split primary suite boasts motorized shades, two walk-in closets, and a deluxe bath area. On the opposite side of the home, you'll find three additional bedrooms and two bathrooms. The expansive upstairs room is perfect for entertaining or as a spacious home office, featuring vaulted ceilings, ample storage and dual-pane windows throughout. Enjoy your playful paradise as the expansive backyard showcases a large covered patio, diving pool, lush grass space, and mature shade trees. With easy access to all areas of the Valley, your new home offers the ultimate in convenience and luxury living.

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37751 N Linda Drive Cave Creek, AZ 85331

$1,299,900

3 Beds

2 Baths

2,501 SqFt

Status Active

MLS # 6771022

Property Type Single Family Residence

Price Type --

Brand New and Move-In Ready! Nestled into a mountain outcropping, an acre lot with no HOA, this gorgeous, modern home offers stunning, up-close views and intimate privacy. Enjoy nearby hiking at Black Mountain Summit Trail and a convenient commute to local shops and dining. Inside, high ceilings, 8' doors, and designer finishes create a light-filled, open-concept living space. The gourmet kitchen boasts a large granite island with bar seating, premium appliances, and a spacious walk-in pantry, flowing seamlessly into the Great Room with a striking fireplace. The luxurious, split primary suite enjoys incredible views of Black Mountain and access to the outdoor patio, perfect for adding a hydro spa for stargazing. The spa-like bathroom boasts dual vanities, a soaking tub, and a large shower with dual heads. Two additional bedrooms include walk-in closets, and an office, (or 4th bedroom) has access to the courtyard. The home is complete with a 3-car garage, hobby room, and high-end finishes throughout, including designer lighting, custom tile, granite countertops, and premium cabinetry. Built by a trusted custom home team with 30+ years of experience, this home blends luxury, craftsmanship, and a prime, in-town location.

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12121 E Remuda Lane Mayer, AZ 86333

$1,299,900

5 Beds

5 Baths

6,693 SqFt

Status Active

MLS # 6746811

Property Type Single Family Residence

Price Type --

Beautiful Home with Magnificent Views in Mayer with no HOA. Plenty of room for cars, toys, and much more on this 3+ acre lot. Downstairs features additional living area including: movie theater room, additional kitchen, 2 bedrooms with a luxurious steam shower in the bathroom. Walk out onto the covered patios for endless views. Home has zoned HVAC with 2 separate zones. Oversized Workshop below. Come take a look at this magnificent home and make it yours.

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24809 N Vado Court Rio Verde, AZ 85263

$1,299,900

3 Beds

2.5 Baths

3,170 SqFt

Status Active

MLS # 6777688

Property Type Single Family Residence

Price Type --

Spectacular Views on Amazing lot. This is the Location of locations. The Rodeo Drive of Rio Verde. Sprawling great room with amazing Mountain & Golf Course views. Heightened wood beam ceilings, Ceiling fans, Dining area & breakfast bar, granite counters fire place inside & out. Wrap around patio offers amazing views and several places to relax & enjoy the day. Huge elevated lot offers tons of privacy. Outdoor fireplace with built in BBQ. Garage features storage cabinets & a service door to walled & gated side storage area. Large separated bedrooms, jetted tub and so much more. Don't miss out, this type of property doesn't come along often.

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20554 W Pasadena Avenue Buckeye, AZ 85396

$1,299,900

3 Beds

3.5 Baths

3,341 SqFt

Status Active

MLS # 6756062

Property Type Single Family Residence

Price Type --

Stunning Serendipity by David Weekley home is situatted on corner lot facing Georgia Park in Victory at Verrado has 3 bed, 3.5 bath, den, & hobby room (set up as a gym), features a courtyard at front door with a fountain. Outdoor living abounds with a large covered north-facing rear patio, full-size pool w/ baja shelf, hot tub/spa, gas fire pit, & kitchen/bbq/bar area w/pergola. Inside, the home is equipped with so many options/upgrades/updates, including gourmet kitchen appliances, plantation shutters, upscale ceiling fans, RO system, & full house audio video by Control4. Engineered wood floors run throughout the home, with wood-look tile in the bathrooms. The home also features a spaciuos 2.5-car garage featuring an epoxy floor. Hurry, this will not last long!

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1920 E Schooner Court Gilbert, AZ 85234

$1,299,900

4 Beds

3 Baths

3,542 SqFt

Status Active

MLS # 6708481

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the exclusive gated community of The Regatta at Val Vista Lakes. This custom residence, masterfully redesigned by award-winning designer Steve Price of Beautiful Space Co., offers over $400,000 in luxurious modern upgrades. Be greeted by soaring vaulted ceilings + an open great room concept. Engineered wood floors span the downstairs Massive central kitchen with a 13' quartz island, high end stainless steel appliances, GE Monogram refrigerator + freezer, gas cook-top, double convection ovens, + abundant cabinetry. The inviting great room features a custom built-in wall unit with an electric fireplace. Office with amazing waterfront views off the entry, + patio access. Main floor primary suite is comple expansive en suite with a soaker tub and unique water feature, and a generous walk-in closet. The upstairs entertainment area is perfect for guests or family, including a built-in TV, bar, bathroom, and bedroom, making it ideal for a mother-in-law suite, guest suite, or kids' play area. The private backyard is a paradise where you can relax in the oversized spa that doubles as a cocktail pool. The side patio offers stunning views of the lake, accessible from the kitchen, den, and living room. Enjoy a front entrance portico and ample room to relax in the shade. The spacious private driveway leads to a 3-car secluded garage, perfect for all your storage needs. Val Vista Lakes Clubhouse offers country club living with a heated Olympic-size pool, beach pool, spa, sand volleyball, tennis, racquetball, pickleball, fishing, cardio & weight room, classes, fire pits, and more. Conveniently close to Dana Park shopping complex and top notch restaurants, including recently announced The Vig, Heritage District in Downtown Gilbert, San Tan Mall, and the 60 freeway access. Discover the unparalleled beauty and luxury of this remarkable home. Come see today and experience the best of Val Vista Lakes living!

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42144 N Mountain Cove Drive Anthem, AZ 85086

$1,299,900

3 Beds

2.5 Baths

3,437 SqFt

Status Active

MLS # 6742477

Property Type Single Family Residence

Price Type --

This incredible property showcases 3,437 square feet of stunningly appointed indoor/outdoor living space and boasts exceptional mountain views! Step inside to discover a newly remodeled kitchen featuring elegant Misterio Gold quartz countertops, conveniently located pot filler, custom coffee bar, and extended island. New soft-close custom cabinetry includes drawer pull-outs, pull-out waste containers, and a pull-out spice rack, all complemented by under and over-cabinet lighting. Top-of-the-line appliances include a Wi-Fi compatible 48'' Wolf Dual Fuel Gas Range, Sub Zero Refrigerator, and Sharp Drawer Microwave. The main living area has crown moldings and takes full advantage of the breathtaking mountain views with expansive windows that frame the landscape and fill the space with natural light. The spacious owner's suite features a beautiful gas fireplace and provides captivating views of Daisy Mountain, creating a serene and private retreat. The freshly remodeled bathroom showcases new Kohler illuminated mirrors, Misterio Gold quartz countertops, new Delta Brizo fixtures, added custom linen cabinet, new custom shower interior with dual shower heads, and a new luxurious tub with a Misterio Gold quartz waterfall surround. Owner's suite includes two spacious walk-in closets. The outdoor space is an entertainer's dream with NEW artificial turf, a heated pool and spa featuring in-floor cleaning and Wi-Fi connectivity, an outdoor ramada with gas fireplace, a spacious covered patio, and putting green. Pavers have been extended down the side yard for added charm and functionality. ALL new Energy Star Certified Marvin windows with fiberglass frames and full HVAC replacement in 2018 with programmable Wi-Fi thermostats. Plantation shutters and honed Travertine throughout --no carpet. This home has been meticulously cared for, ensuring every detail is in pristine condition. Remodeled laundry room features new shaker-style cabinetry with under-cabinet lighting and granite countertops with backsplash. Extended-length garage includes insulated doors and new garage door openers with Wi-Fi connectivity, fresh epoxy flooring, and an added side door for convenience. Anthem Golf and Country Club is a guard-gated community offering two private 18-hole golf courses, two clubhouses with restaurants and fitness centers, resort-style pools, tennis and pickleball courts, and numerous classes/clubs available.

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2131 Golf Links Drive Prescott, AZ 86301

$1,299,900

5 Beds

5 Baths

3,850 SqFt

Status Active Under Contract

MLS # 6714951

Property Type Single Family Residence

Price Type --

WATER -200ft ''Lakefront'' property!! Overlooking the 3rd Fairway Lake of the of Antelope Hills Golf Course with panoramic mountains, this custom contemporary has views from every room. One level living: spacious Master w/Fireplace, Great room w/Fireplace, 2nd Living/Dining room, Chef's Kitchen, Office (3rd bed) 1/2 bath, Laundry with flex space, 3/4 Bath plus a 3 car garage & Wine Cellar! The kitchen includes a 6 burner gas range, wall oven, granite counters, prep sink & huge island. Additional living and dining space includes a grand double door entrance with 25' Soaring Ceilings and a wet bar with (2) 3 panel sliders accessing the covered patio. The upper level has a 2nd Master, 2 more bedrooms w/private patios. New Exterior paint and many updates -see docs tab. A gem like no other!

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2118 E Clubhouse Drive Phoenix, AZ 85048

$1,299,900

4 Beds

4.5 Baths

4,260 SqFt

Status Active

MLS # 6760663

Property Type Single Family Residence

Price Type --

Discover luxury desert living at its finest in this stunning 4 bed / 4.5 bath contemporary hillside home designed by award-winning architect Marc Soloway. Located in the hillside community of Sanctuary, this single-level home is one of two in a private cul-de-sac, nestled against a serene desert hillside with breathtaking city, mountain, & golf course views. The home features seamless indoor/outdoor living, with 1,000 sq ft of multi-level slate-style stamped concrete patios & a heated spa/pool with a waterfall feature, perfect for entertaining. New AC units in 2023 & a new roof in 2024 allow you to buy with confidence. Lots of updates! Step inside to a spacious & bright foyer leading to a grand living room with soaring ceilings, vast windows, a fireplace, & sliding glass doors that open to the back patio. The travertine tile flooring throughout the home enhances its elegant feel. The split floor plan offers ultimate privacy, with a luxurious master suite featuring a fireplace, sitting room, back patio access, & a large walk-in closet. The serene master bath boasts dual vanities, a soaking tub with mountain views, & a separate toilet room. The gourmet kitchen is a chef's dream, with granite countertops, custom cabinetry, stainless steel appliances, a 72 Monogram refrigerator, & a large island with a built-in sink & electric stove top. Additional living spaces include a formal dining area, a cozy den that can be easily converted into a 5th bedroom, & a second living room with direct access to the patio. Bedrooms #2 & #3 have en-suite bathrooms with tub/shower combos & spacious closets. Additional features include a versatile office nook with built-in desk & laundry area. 3-car garage with a separate storage area is a huge plus! Sanctuary is an exclusive, upscale subdivision nestled in the scenic desert hills of The Ahwatukee Foothills. Homes in this prestigious community are designed by renowned architects & boast contemporary, luxury designs that seamlessly blend indoor & outdoor living. With its serene environment, large lots, & proximity to hiking trails, Sanctuary provides a peaceful retreat while conveniently located near the city's amenities & attractions. This unique desert sanctuary offers luxury, privacy, & unparalleled viewstruly a one-of-a-kind opportunity!

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1302 W Coronado Road Phoenix, AZ 85007

Open House

$1,299,900

3 Beds

3 Baths

2,320 SqFt

Status Active

MLS # 6784022

Property Type Single Family Residence

Price Type --

Look no further! This fantastic 3 bed, 3 bath residence in Palmcroft is the one for you! Nestled on a premium corner lot & featuring a beautiful facade w/brick veneers, a lush green landscape w/mature shade trees, and a 2 car side garage. Come inside to discover a spacious living room featuring outdoor access w/elegant French doors. Vaulted ceilings w/exposed wood beams, tile flooring, and neutral palette throughout. The fabulous kitchen is equipped w/ample cabinet & counter space, built-in appliances, and a prep island w/a breakfast bar. You'll also find a formal dining room w/a lovely bay window, perfect for hosting a dinner party. The primary bedroom showcases a large closet and a private ensuite w/dual sinks & designer touches. Don't forget about the cozy den, perfect for an office! This home features some major updates that you wont find on other listings: New sewer 2022, New HVAC 2022, New Electric and Subpanel 2022, New water lines, New flooring/baseboards, New Cabinets, Counters, Showers.

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6775 E Horned Owl Trail Scottsdale, AZ 85266

$1,299,400

5 Beds

3 Baths

3,312 SqFt

Status Active

MLS # 6702999

Property Type Single Family Residence

Price Type --

Embrace the essence of desert living in your 5 bedroom 3 bathroom stunning retreat nestled in Scottsdale's serene enclave. This luxurious Carriage Trails residence offers an unparalleled blend of sophistication, comfort, and natural beauty, providing a tranquil sanctuary for those seeking the ultimate desert lifestyle. Step inside to discover an architectural masterpiece, featuring high ceilings, plantation shutters, neutral tones, a wet bar, and expansive windows that capture breathtaking views of the surrounding desert landscape. The functional layout offers a seamless flow between the living spaces, perfect for both relaxation and entertaining. The chef's kitchen is a culinary haven, equipped with matching stainless steel appliances, sleek countertops, a custom center island, R/O drinking system, and plenty of cabinet space with soft close hinges. Whether you're hosting a dinner party or preparing a casual meal, this kitchen is sure to inspire culinary creativity. Step outside to your own private oasis, where you'll find a beautifully landscaped backyard with a covered patio, a sparkling pool and spa, a fire pit, a built-in outdoor tiled island equipped with a plumbed gas barbeque and fridge, low maintenance beautiful turf, and a putting green. It's the ideal setting for outdoor dining, entertaining, and enjoying the Arizona sunshine year-round. Situated in a coveted North Scottsdale neighborhood, this home enjoys a prime location with easy access to hiking trails, golf courses, shopping, dining, and entertainment. Experience the best of desert living with all the conveniences of urban amenities just moments away! Buyers currently living in Maricopa or Pinal County ask about an ADDITIONAL $7,000 home buyer credit available on this home via the Community Promise Program. Rate Relief Rebate Program: Benefit from a 2% seller credit to reduce your mortgage payments by Approximately $1,303/month in year 1 and $668/month in year 2. This exclusive offer makes homeownership more affordable now, while you await potential rate decreases.

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19980 E El Nido Lane Litchfield Park, AZ 85340

$1,299,371

4 Beds

3.5 Baths

3,261 SqFt

Status Active

MLS # 6752334

Property Type Single Family Residence

Price Type --

FORMER MODEL HOME; Fully furnished 4 bed, 3.5 bath, study, tv room and 6 car garage; fully landscaped front and backyard including backyard furniture, purgula, outdoor kitchen and gas firepit; vaulted ceiling & 16' sliding glass door in family room; tray ceiling in study & owner's retreat, custom celing and wall treatments; waterfall island, GE Monogram appliances w/refrigerator & wine/bev refrig; GE W/Dryer; upgraded plank tile flooring, custom tile in both kitchen and baths, multiple shower heads in owner's bath; clean, modern and ready to move in with all furniture and accessories.

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