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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3829 E Lynx Place Chandler, AZ 85249

$1,175,000

4 Beds

3.5 Baths

2,923 SqFt

Status Active

MLS # 6745483

Property Type Single Family Residence

Price Type --

A sophisticated home in Chandler's Avian Meadows with over $200k in upgrades on a Premium Lot! This soft contemporary Toll Brothers Fiora model rarely comes to market. With so many upgrades, stunning professional landscaping + a sparkling pool with waterfall, this impeccable home will satisfy the most selective buyers. The home is at once both elegant and comfortable with a formal entry leading to the relaxing Great Room. Glass walls showcase the stunning backyard landscape, entertaining areas and pool designed by Creative Environments. The list of upgrades the owner selected is extensive from the Multi-Panel 15' Sliding Stacking Doors, the Weathered Copper Metal Roof feature; KitchenAid Stainless Steel Appliance Package, Primary Bath Kohler Rain Shower and many others. The Primary Suite features a true spa-like experience with an expanded Walk In Shower, Granite Countertops and Soaking Tub. The spacious garages are enclosed by Designer glass & steel doors. Location, schools, upgrades and the beautiful community setting are exactly what every Buyer wants in their next home.

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39068 N 15th Avenue Phoenix, AZ 85086

$1,175,000

5 Beds

4 Baths

4,500 SqFt

Status Active

MLS # 6737942

Property Type Single Family Residence

Price Type --

Privately gated property with with an exceptional opportunity for a multigenerational compund.Sitting on 3.25 acres, this estate provides ample space for all your horses, RVs, and other recreational vehicles, Featuring availability for up to 5 50 AMP RV hookups. The custom home has been completely remodeled, including updates to the piping, electrical systems, and insulation, among other improvements. With its high-income potential and extensive amenities, this property is perfect for those seeking both luxury and functionality in a serene, spacious environment.

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14034 N Coral Gables Drive Phoenix, AZ 85023

$1,175,000

4 Beds

4 Baths

3,014 SqFt

Status Active

MLS # 6631495

Property Type Single Family Residence

Price Type --

Wow, just wow! Stunning property nestled against a mountain in the prestigious Moon Valley Community! This sleek,modern retreat exudes charm with its meticulously designed layout boasting wood floors, vaulted ceilings, and skylights that provide abundant natural light. Spacious living room, open concept kitchen and dining, 3 bedrooms and a separate fitness room with updated modern finishes throughout. Outside boasts an unbelievable resort-style backyard with pool & hot tub surrounded by amazing views. This home is a must-see beauty!

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12325 N Henrys Way Prescott, AZ 86305

$1,175,000

4 Beds

3 Baths

2,536 SqFt

Status Active

MLS # 6554719

Property Type Single Family Residence

Price Type --

We plan to build this Gorgeous 2536 Square Foot Home, w/3Bedrooms, 2.5Bathrooms/ 3CarGarage + Den on 4 ACRES +/- in Williamson Valley Heights. Home will have Stacked Stone Accents, Open/Split Floor Plan, GREAT ROOM Concept, Vaulted Ceilings, Luxury Vinyl Wood Planked Flooring, & Upgraded Lighting. Kitchen will be well appointed Knotty Alder Cabinetry, GRANITE Countertops, Island, Stainless Steel Appliances, Pantry, & under cupboard lighting. Master is Spacious, has dual Sinks, Jetted Garden Tub, Large Shower, & Large Walk in Closet. Additional Features include large Laundry Room adjacent to Master Bedroom, will include Paver Driveway/Walkway, Large Covered Patio & can include Detached RV Garage with plenty of room with a slight price adjustment. Completion Date is estimated at 12 months from Contract Acceptance !!! Photos are of a Previous Home we built but the VIEWS are the Real Thing from the actual lot!!!!! Build to Suit - Images are a sample of possible construction. Taxes listed are for vacant land only. Sale includes parcel numbers 306-35-298 & 306-35-256X.

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32402 N 50th Street Cave Creek, AZ 85331

$1,175,000

4 Beds

3 Baths

2,738 SqFt

Status Active Under Contract

MLS # 6737976

Property Type Single Family Residence

Price Type --

Timeless elegance embraces you in this remodeled home. Modern living room seamlessly flows into the den, dining, & kitchen, creating a contemporary living space. Kitchen features a grand quartzite island w/seating, Fulgor gas stove, 2 ovens, quartz counters, & stunning high-end cabinets. Enjoy beautiful Mesquite flooring, crown molding, pantry, pull-out storage, den cabinetry, custom built ent. center & surround sound! Master bath has XL walk-in shower, quartz counters & specialty cabinets. Backyard is an entertainer's haven with a stylish stacked stone bar, seats 8, gas bbq, fridge, fireplace & 2 covered patios adorned with pergolas; one patio sits elevated, complemented by a misting system. Dive into relaxation with a pool featuring a waterfall, heat/cool pump for year-round enjoyment.

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18701 E Canary Way Queen Creek, AZ 85142

$1,175,000

4 Beds

3.5 Baths

4,354 SqFt

Status Active Under Contract

MLS # 6756940

Property Type Single Family Residence

Price Type --

This impeccably remodeled basement home features everything you need for your dream space. Enjoy custom shaker cabinetry, a 6-burner Wolf Range, Pellet Ice Maker, and a large built-in fridge/freezer—perfect for hosting holiday dinners. The updated wood plank tile floors and fresh carpets add a modern touch. Relax in the basement with a wet bar, secondary laundry room with machines included, and in-ceiling surround sound. Outside, discover a stunning pool, hot tub, waterslide with a grotto, a pergola with a built-in BBQ, a trampoline, new artificial turf, landscape lighting, and updated retaining walls.

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12443 E Haymore Court Chandler, AZ 85249

$1,175,000

4 Beds

3 Baths

3,569 SqFt

Status Active Under Contract

MLS # 6725525

Property Type Single Family Residence

Price Type --

Welcome to this stunning Santa Fe-style custom home situated on almost an acre lot, no HOA in an exclusive 6 home gated community with horses & livestock allowed in a great Chandler location. From the moment you arrive, you'll be captivated by the impeccable curb appeal & custom gate welcoming you to your private courtyard which boasts a separate entrance to a versatile bedroom-perfect for a mother-in-law suite or guest quarters. As you step through the grand entrance you'll notice the attention to detail throughout. Beautiful Saltillo tile, classic wood beams & over 10 ft. ceilings with lots' of natural light. The open-concept design seamlessly connects the living spaces, perfect for both daily living & entertaining. The gourmet kitchen is a chef's delight, featuring solid knotty alder Alder cabinets, new stainless steel appliances including a gas cooktop, wall oven and a convection oven. Beautiful kitchen island with granite countertops & breakfast bar to enjoy. The family room is a cozy retreat with a custom gas fireplace encased with brick surrounding & a custom bar area with granite counters, sink, mini fridge for drinks & wine bottle holder. Double doors leads to the luxurious primary suite with a separate sitting area, & a striking 2-way fireplace with exquisite Talavera tile. The suite features plush new carpet & double doors leading to your private backyard dream. Truly a retreat worth retreating to! This primary bathroom has been completely remodeled into a luxurious spa-like retreat. Enjoy the walk-in shower with tile surrounding & sleek glass enclosure, separate double sinks with beautiful granite countertops & your own private bathtub to relax in & wait till you see the size of the walk-in closet. All bedrooms are generously sized, providing plenty of room for comfort. Two bedrooms share a private bathroom adorned with stunning tile countertops, sink & a matching tub area, creating a cohesive & stylish look. New roof, new HVAC unit, new custom shutters, new exterior & interior paint throughout, new carpet in the bedrooms, new wood floor in living area, new water heater, water softener system, new lighting fixtures, hardware & so much more! 3 car extended length garage & extra concrete pad sits behind your electronic custom gate to your backyard. Your backyard paradise has new extended patio & awning the length of your home. Lots of room out back for backyard toys, RV parking, boat, or your desire. All furniture available for sale on a separate bill of sale. Great Chandler school district & close to shopping, restaurants, golfing, hiking & more. Come take a look today!

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30448 N 65th Street Cave Creek, AZ 85331

$1,175,000

4 Beds

4 Baths

2,908 SqFt

Status Active

MLS # 6696645

Property Type Single Family Residence

Price Type --

DISCOVER MODERN LUXURY in this newly remodeled 1-acre ranch property in Cave Creek, Arizona. With no HOA, all new septic in 2023, and horse rights -- This single-level home boasts fresh finishes throughout, plus a separate 1-bedroom casita with a kitchenette. Enjoy breathtaking mountain views and sunsets from the rooftop deck, or relax by the 3-car garage with EV charging and desert landscaping. This premier location combines tranquility and convenience with refined finishes.

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8626 E Mackenzie Drive Scottsdale, AZ 85251

$1,175,000

3 Beds

3.5 Baths

3,120 SqFt

Status Active

MLS # 6730874

Property Type Single Family Residence

Price Type --

Turnkey Mid-Century Gem by reknowned architect E.T. Wright in Highly Desirable Sands East Community - Tax records state ''Townhouse,'' but the home has no shared walls, so it's really a 0-lot line home. Thoroughly remodeled! Please see listing document highlighting recent upgrades! Heated community pool and hot tub! Conveniently located just off the 101, in the heart of Old Town Scottsdale. An entertainers dream! Open concept kitchen with walnut custom cabinetry, sleek quartz countertops, 14ft peninsula and professional appliances - 36in all-induction cooktop and 48in built-in fridge. Wet bar features additional cabinets, icemaker, & wine fridge. Mid-century modern open design with floor to ceiling windows. All bedrooms feature ensuite bathrooms! Must see this home!

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1413 W Beck Lane Phoenix, AZ 85023

$1,175,000

4 Beds

2.5 Baths

3,873 SqFt

Status Active

MLS # 6725931

Property Type Single Family Residence

Price Type --

MOTIVATED SELLER will offer BUYER up to $20,000. in Interest Buy down Incentive at Close of Escrow Rare opportunity in Moon Valley Area on an oversized (Largest in Subdivision .415 Acres) Cul-de-Sac lot. Stunning 4 Bedroom, 2.5 Bath home w/Large Master downstairs, and Large Loft upstairs. Luxurious Backyard w/Plenty of Lush Grass, Sparkling Pool, Basketball court, BBQ, Large Storage building and Covered Patio, perfect for Entertaining, Relaxing, and enjoying the views. Backs City & Corral Gables HOA Common Area - no homes directly behind property. 3 Car Garage w/RV Gate and Additional Parking both Front and Rear. Guest House Studio, w/Loft, Kitchen and Fireplace that has a separate Entrance; previously rented for $1,000+ monthly. This is a Gem for you to Enjoy! Error was made on Original

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8921 E Nora Circle Mesa, AZ 85207

$1,175,000

4 Beds

2.5 Baths

2,993 SqFt

Status Active

MLS # 6693228

Property Type Single Family Residence

Price Type --

People come to Arizona looking for its beauty: the desert landscapes, the abundant wildlife, sunsets to inspire the soul, and a beautiful home that fits perfectly into that setting. This home is a wonderful example of that ideal Arizona home. Located in the east valley near the Superstition mountains in a gated and upscale community within East Mesa and near Las Sendas golf course community, this is a fantastic find whether looking for a home to vacation to, move to, retire to, or just escape to. With soaring ceilings, a chef's kitchen, a primary suite to dream of, and that resort-style backyard you've hoped for, this is one not to be missed. New price and seller wants it sold! Located on a full-de-sac street surrounded by stunning homes in a fantastic neighborhood, this home welcomes all. The large living area greets you upon entrance and immediately shares a spectacular view of the backyard. The formal dining area, currently featuring a piano and large wine fridge, is a wonderful hosting space to keep as is or reimagine. The kitchen is the showpiece of this home with its 6-burner cooktop, cafe-style fridge, beautiful cabinetry, granite countertops, and much more. The first guest bedroom opens to a private lanai, while the other guest bedroom and den (formerly the 4th bedroom) are perfect for visiting company, a home office, kid's rooms, or much more. The split floor plan features a primary suite with its own living space and spacious bathroom to add to the scale of the home. A large walk-in closet, separate shower, and soaking tub complete the reward for the owners. A 3-car garage which is always in demand features ample storage, a workbench, and pull-down attic access for additional space. And then there's that backyard...Wow. With separate grill, bar seating (complete with beverage fridge), retractable awning, patio, fire pit, and salt-water pool all in a serene desert setting, you have one of the types of homes you've been searching for. Moments from the lakes, rivers, mountains, hikes, and beauty that is Arizona, this is a home that would cost twice as much in Scottsdale, Cave Creek, or other outlying areas. And only minutes to Sky Harbor, it's certainly a location that those who have found appreciate and share only with those in the know.

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19239 W Echo Lane Waddell, AZ 85355

$1,175,000

4 Beds

3.5 Baths

3,842 SqFt

Status Active Under Contract

MLS # 6678284

Property Type Single Family Residence

Price Type --

Welcome to your very own desert oasis in the beautiful gated community of Sonoran Ridge! You can relax on your patio and watch the AZ sun set on the White Tank Mountains. This gorgeous corner lot home sits on almost an acre of land with no expense spared to create the most picturesque backyard. The courtyard in front welcomes you into this open floorplan home with accordion doors that lead to the backyard. The primary suite features an oversized walk-in shower, huge soaking tub, and dual walk-in closets. Flex space has garage entry and fully furnished for you. Secondary bedrooms have an ensuite bathroom plus the large office can be used as 4th bedroom! All appliances are included, along with furniture and TVs. Very secluded and quiet but only minutes from schools, shopping and dining!

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