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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2299 W Adobe Dam Drive Queen Creek, AZ 85144

$1,160,000

4 Beds

3 Baths

3,025 SqFt

Status Active

MLS # 6735435

Property Type Single Family Residence

Price Type --

Nestled in the heart of Queen Creek, this stunning 3.41-acre equestrian estate offers the perfect blend of tranquil country living and nearby city amenities, all without the constraints of an HOA. This exceptional property boasts a 40x36 breezeway barn with two fully matted 12x20 pipe stalls, complemented by 20x30 and 10x30 Del Mar Livestock pens, complete with a misting system and automatic waterers. The stalls open to a 120x100 sand arena, and equestrian amenities include a tack shed, cross ties, and a wash rack. The newly constructed poultry complex features four extra-large commercial coops designed with a hatchery layout. The entire property is secured by a custom iron gate, no-climb fencing, and a perimeter wall, offering peace of mind and privacy. Enjoy the breathtaking mountain views and serene Arizona sunsets by the outdoor firepit. Inside, the open layout showcases elegant white cabinetry, monochrome tile, quartz countertops, and a cozy gas fireplace. The Jack & Jill bathroom is ideal for families, and a spacious office doubles as a potential fourth bedroom. The master suite includes a generous walk-in closet and a dual-head shower. Additional amenities include a propane gas tank for the stove and fireplace, a newly paved driveway and walkway, a 50x22 RV structure, 50AMP outlets, a fully air-conditioned 4-car garage with custom epoxy flooring, and fruit trees by the horse arena. Conveniently located minutes from shopping, dining, parks, and hiking trails, this Queen Creek estate offers a unique opportunity to enjoy country living with all the conveniences of city life.

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7241 E Camino Rayo De Luz -- Scottsdale, AZ 85266

Open House

$1,160,000

3 Beds

2 Baths

2,182 SqFt

Status Active

MLS # 6754806

Property Type Townhouse

Price Type --

Gated community for 55+ and former model home. Tall ceilings greet you with stunning finishes. Big Quartz island in the modern kitchen with s/s appliances, big farm sink, double Monogram ovens and gas cooking. Walk in pantry with glass door insert. Small office/nook off the kitchen. Gas fireplace in family room. Master bedroom is good size, Dual sinks, walk-in closet in master bathroom, Fully furnished, turnkey home to include TV and over $40,000 in electric remote window shades and outside patio sunscreen. $10,000 for home water system. Pocket sliding door to private patio with a BBQ and pool. Pickleball court & community pool as well. Used very infrequently since purchased as a second home. Shopping and restaurant a short walk south of subdivision with shortcut thru path.

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1331 E Voltaire Avenue Phoenix, AZ 85022

$1,159,000

5 Beds

3 Baths

3,842 SqFt

Status Active

MLS # 6707762

Property Type Single Family Residence

Price Type --

Stunning 5BR/3BA home in Moonridge Golf Estates w/ spectacular views all around! Substantial remodel in 2021, w/ add'l upgrades since to include: full roof replacement, new Rheem water heater + Grundfos recirc pump, garage mini-split for climate control, epoxy garage floors, new cabinets, workbench & Omni Track tool holders, Belgard pavers, quartz counters/marble backsplash in kitchen & laundry, & quartz shower walls + ceramic tile floors in add'l baths. Floor plan provides great entertaining space downstairs incl. lg kitchen w/ oversized island & full bed/bath that could serve as guest suite or second primary. Upstairs find lg. beds all w/ walk-ins, gorgeous primary ensuite w/ mountain views + step out balcony. Backs to hillside wash providing privacy, views & those AZ sunset skies!

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7175 E Camelback Road Unit 202 Scottsdale, AZ 85251

$1,159,000

2 Beds

2 Baths

1,381 SqFt

Status Active

MLS # 6753329

Property Type Apartment

Price Type --

Experience unparalleled elegance and comfort in this stunning two-bedroom, two-bathroom, all en suite residence located in the highly sought-after Scottsdale Waterfront Residences. Designed with a split floor plan for maximum privacy and convenience, this home features a beautifully updated interior with newly painted walls and exquisite wood floors throughout. Enjoy a serene, quiet retreat on your private balcony, perfect for relaxation and taking in the surroundings. Scottsdale Waterfront Residences offers exceptional amenities, including a dedicated concierge service, valet parking, a rooftop pool with spectacular views, and a state-of-the-art fitness center. Located within walking distance to the renowned restaurants and shops at Fashion Square, as well as the vibrant Old Town Scottsdale and Scottsdale Waterfront.

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11703 N 123rd Way Scottsdale, AZ 85259

New

$1,159,000

4 Beds

2.5 Baths

2,701 SqFt

Status Active

MLS # 6761943

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home in Scottsdale, 85259! This stunning 4-bedroom, 2.5-bath gem boasts a private pool, heated spa, & breathtaking mountain views!! Enjoy luxury living with brand-new Energy Star Renewal by Anderson windows, featuring a 30-year transferable warranty. Cozy up by one of two elegant fireplaces or explore nearby golf courses, hiking trails, & top-rated schools. Modern, sophisticated & perfectly situated—this home offers the ultimate Scottsdale lifestyle. Don't miss out on this exceptional opportunity!

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7385 W St Moritz Lane Peoria, AZ 85381

Open House

$1,155,500

4 Beds

3 Baths

2,880 SqFt

Status Active

MLS # 6626576

Property Type Single Family Residence

Price Type --

3.99% FIRST YEAR!!! 5.99% FIXED RATE. 2-1 BUYDOWN. Beautiful new home on large lot in gated community with HUGE RV GARAGE! This luxurious modern Spanish home boats enormous 1538 sq. ft. garage with EV charger, 4-car parking PLUS a 44' RV garage for all the toys. Nearly 2900 sq. ft. with 4 bedrooms, large den, 3 full baths and oversized laundry room that caters to everyday living. Exceptionally built with spray foam insulation for ultimate comfort and efficiency; extensive wood-tile flooring, quartz counters and amazing cabinetry. 10' ceilings, 9' and 14' garage doors, and 169' deep lot! Adjacent to Arrowhead and P83 and situated next to the HOA park, it's location, location, location!

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3619 N 87th Street Scottsdale, AZ 85251

$1,155,000

4 Beds

2 Baths

1,993 SqFt

Status Active

MLS # 6750485

Property Type Single Family Residence

Price Type --

Experience luxurious living in this stunningly designed Scottsdale home, where quality finishes and thoughtful details shine throughout. The dream kitchen is a culinary masterpiece, featuring an oversized island, quartz countertops, custom Italian cabinetry, a coffee bar, beverage center, and stainless steel appliances. The expansive primary suite offers a walk-in closet, plus an additional closet, and a spa-like ensuite with a double vanity. Each bedroom boasts custom-designed closets with built-in drawers, ensuring ample storage. Step outside to your private oasis—an entertainer's dream backyard with a new (2023) pool as the centerpiece. The oversized baja shelf is perfect for lounging, while the built-in fire pit table and BBQ area provide ideal spots for gatherings. The property also includes an RV gate with access from the back cul-de-sac, offering plenty of space and convenience. Completely redesigned in 2022, this home features new windows, doors, a sliding glass door, roof, water heater, electric panel, updated plumbing, flooring, and state-of-the-art appliances.Every detail has been thoughtfully curated for a modern lifestyle. Don't miss this extraordinary Scottsdale gem!

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9703 N 175th Avenue Waddell, AZ 85355

$1,155,000

4 Beds

5 Baths

3,776 SqFt

Status Active

MLS # 6658676

Property Type Single Family Residence

Price Type --

Everything you need is right here! Bring all your critters to this home which offers an ideal layout for modern multi-generational living. There is a casita/mother-in-law suite with a full kitchen, bathroom and its own garage. The main house features a master suite, two bedrooms, an office, a jack-and-jill bath, two half baths, and a variety of timeless finishes. Appreciate the high ceilings with exposed wood beams, a built-in entertainment center, stained concrete flooring, exquisite light fixtures, and crown molding. The kitchen is a culinary haven with custom cabinetry, granite countertops, a beautiful backsplash, and a large island/breakfast bar. A sizable detached garage enhances the property, offering extended covered parking, barn doors, full electric, and water connections. Enjoy stunning views of the White Tanks and Arizona sunsets from this exceptional dwelling. No HOA and horse privileges seals the deal. Waddell is an ultimate equestrian community that, with the help of some modern advancements, has the opportunity to live in a fantastic climate where they can ride their horses year-round. The sunny weather allows for easy access to riding and plenty of space for arenas and washes stalls. This is because Waddell, AZ, has irrigation canals that help the community sustain their animals at a reasonable cost to irrigate their land. This is why Waddell is considered one of the best places to live for equestrian enthusiasts in the west valley. The White Tanks Regional Park is nearby for all of these great outdoor activities such as picnics, camping, hiking, mountain biking and horseback riding.

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7045 N 1st Avenue Phoenix, AZ 85021

$1,155,000

3 Beds

2.5 Baths

3,294 SqFt

Status Active

MLS # 6710649

Property Type Single Family Residence

Price Type --

Experience the best of North Central Corridor living in this beautifully maintained 3-bedroom + den, 2.5-bath Calvis Wyant semi-custom home, perfectly situated on a quiet cul-de-sac just steps from the iconic Murphy Bridle Path. This home impresses with its soaring 12' vaulted ceilings, bright split floor plan, and a luxurious primary suite complete with a sitting area, patio access, and a spa-like bath featuring a soaking tub, walk-in shower, and spacious walk-in closet. The secondary bedrooms also offer generous space, each featuring walk-in closets. The chef's kitchen, designed for both style and functionality, includes an island, walk-in pantry, gas cooktop, and new stainless-steel appliances (2023). The spacious laundry room comes equipped with a sink and newer washer and dryer, adding convenience to your daily routine. Step outside to a charming courtyard with a built-in BBQ, low-maintenance landscaping, and ample space to add a pool if desired. The 3-car garage, complete with epoxy floors and cabinets for storage, adds to the home's practicality. This meticulously maintained property has seen thoughtful updates, including a new roof (2015) with a transferable warranty, two premium Trane AC units (2017), sealed ductwork, upgraded insulation, dual-pane windows, and a new water heater (2022). These energy-efficient features keep electric bills low, averaging under $200 per month. Plus, with no HOA, you have the freedom to enjoy your home without restrictions.

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34010 S State Route 89 Highway Wickenburg, AZ 85390

$1,150,000

4 Beds

4 Baths

2,836 SqFt

Status Active

MLS # 6749793

Property Type Single Family Residence

Price Type --

TO BE BUILT... Beautiful custom home on 4+ acres of horse property. Open concept floor plan with large chef's kitchen, walk-in pantry, and laundry room with sink. Main house consists of 3 en-suite bedrooms with an additional flex bedroom/office. Primary bedroom has dual vanity sinks with massive walk-in closet and oversized shower. Attached casita, accessible through the main house or separate exterior door. Casita has private kitchenette, full bathroom and walk-in closet. Giant 4-car garage with enough room for all your toys. Horse arena will be roughed in with option for homeowner to purchase complete package. Don't miss this opportunity for the perfect home in Wickenburg.

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34146 S State Route 89 Highway Wickenburg, AZ 85390

$1,150,000

4 Beds

4 Baths

2,836 SqFt

Status Active

MLS # 6749794

Property Type Single Family Residence

Price Type --

TO BE BUILT... Beautiful custom home on 4+ acres of horse property. Open concept floor plan with large chef's kitchen, walk-in pantry, and laundry room with sink. Main house consists of 3 en-suite bedrooms with an additional flex bedroom/office. Primary bedroom has dual vanity sinks with massive walk-in closet and oversized shower. Attached casita, accessible through the main house or separate exterior door. Casita has private kitchenette, full bathroom and walk-in closet. Giant 4-car garage with enough room for all your toys. Horse arena will be roughed in with option for homeowner to purchase complete package. Don't miss this opportunity for the perfect home in Wickenburg.

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26646 S 169th Place Queen Creek, AZ 85142

$1,150,000

5 Beds

4 Baths

3,525 SqFt

Status Active

MLS # 6723478

Property Type Single Family Residence

Price Type --

STOP by our PREEMINENT QC location! 12 Foot ceilings. FIREPLACE Feature Wall w/ Shiplap and floating shelves. Stunning Farmhouse home including Guest Living w/ Separate Entry & 4 Car Side Entry Garage. Gourmet Kitchen featuring: High-end double stacked cabinets, White QUARTZ Countertops, WOLF appliances, & Wood Plank Tile Floors. Stunning Master Bathroom: Freestanding Soaking Tub, BEACH Entry Glass Shower w/ Accent Wall & Beautiful Double Vanities. Exceptional Energy Efficient - boasting Spray Foam Insulation, Premium Trane 14 seer AC units & High-end Windows. Premium Roofing System, Premium Synthetic Stucco & more! ESTIMATED completion date on the home is Sept 2024.

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