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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2402 E Esplanade Lane Unit 305 Phoenix, AZ 85016

$1,150,000

2 Beds

2 Baths

2,417 SqFt

Status Active

MLS # 6736657

Property Type Apartment

Price Type --

A special opportunity to own a delightfully maintained and spacious 2,417sf residence at Esplanade Place, the award-winning high-rise in the iconic Biltmore, Esplanade area of Phoenix. Residence #305 has tree top views and numerous upgrades throughout including a wet bar, wood floors, designer tile and finishes in the kitchen and bathrooms. Two bedrooms, two bathrooms, a separate den/office, and a separate balcony. Enjoy the finest services and amenities such as valet parking, full fitness center, rooftop pool, fire pit, seating, BBQs and panoramic views. 24hr staffed lobby desk, club room, and much more. The ultimate high-rise address!

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33317 N 71st Street Scottsdale, AZ 85266

$1,150,000

3 Beds

2 Baths

2,303 SqFt

Status Active

MLS # 6734451

Property Type Single Family Residence

Price Type --

Enjoy the Terravita Lifestyle in this gorgeous three Bedroom Caelum Model. The Great Room shows a Stone Fireplace and Wood Plank Tile Flooring. Master Bath and Junior Bath are remodeled as well as the Kitchen with high Quality Cabinets, Granite Countertops and built-in Wine Bar. The spacious Office has Alderwood built-in Bookcase and Desk. Watch the Sun and the Moor rise in your Resort Like Back Yard with View of Winfield Mountain, heated Pool, Putting Green, built-in Barbeque and Fireplace.

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6331 N 16th Drive Phoenix, AZ 85015

$1,150,000

4 Beds

2 Baths

2,691 SqFt

Status Active

MLS # 6738312

Property Type Single Family Residence

Price Type --

Secluded Oasis in Central Phoenix. CASITA, POOL AND SO MUCH MORE! Discover this secluded oasis in the heart of central Phoenix, where you'll feel as if you've escaped to your own private paradise. This single-story home features 4 bedrooms and 2 baths, showcasing charming arched openings, a marble fireplace, and a beautifully updated kitchen with cherry wood cabinets, quartz countertops, and a new sink. Enjoy the modern touches of luxury vinyl plank and tile flooring, along with recessed lighting throughout. Both the primary and secondary bathrooms have been recently upgraded with elegant walk-in tile showers. The entire house has been freshly painted inside and out, ensuring a pristine move-in experience. Adding to the property's allure is a studio-style casita, complete with a full bathroom, kitchenette, and its own elegant fireplaceperfect for guests or as a private retreat. The third building on the property is currently utilized as a gym but offers endless possibilities with its full bathroom, laundry room, ac unit and private garage. Set on less than half an acre with gorgeous matured, easily maintained desert landscaping among other distinguished and stunning homes, this property boasts a garden shed, a pebble tec pool with new pool equipment and a solar-safe pool cover. The backyard offers an automated irrigation system, natural gas for grilling, a designated spot pre-wired for a hot tub, and a large iron swinging gate leading to RV parking. Additional bonus features include built-in cabinets in the garage with attic space, a smart thermostat, smart doorbell, ADT security system, and fiber optic internet. The air ducts have been cleaned and sealed, and the property has undergone recent termite treatment with drill hole technology for added peace of mind This is truly a hidden gem in central Phoenix, offering a perfect blend of luxury, comfort, and convenience..

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7328 E Laredo Lane Scottsdale, AZ 85250

$1,150,000

3 Beds

2.5 Baths

2,751 SqFt

Status Active

MLS # 6756338

Property Type Single Family Residence

Price Type --

Detached 3 bed/2.5 bath single level home located in desirable Briarwood 5 community, a quiet and private neighborhood. Property features include newly painted exterior/ interior as of 2024, spacious, light & bright floor plan with vaulted ceilings/exposed wood beams, desirable 3-way FP, model (original floor plan intact), H2O softener included, stainless D/W and fingerprint proof fridge, lg garage storage, 2022 neutral terrazzo tile at kitchen, eating & family room, covered patio with sun screen, Phoenix tent & awning canopies front & rear (2022) & a private pool! The large primary suite includes renovation concept (architect designed). Land is owned, not leased. Rare detached unit, only a few exist with views of Camelback Mtn from the family room, living & rear yard! Property Sold AS-IS

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947 Morins Ranch Road Show Low, AZ 85901

New

$1,150,000

5 Beds

4 Baths

3,964 SqFt

Status Active

MLS # 6762236

Property Type Single Family Residence

Price Type --

Lush green grass and the beautiful park like landscaping welcome you to the perfect family home. No HOA on 3.08 acres in Show Low is quite the find. This spacious home is the perfect spot for family gatherings and holidays. The chef's kitchen has an indoor vented grill, large island, double ovens and an oversized pantry. A pellet stove keeps this wing of the house cozy in the winter and conserves energy as well. Large double pane windows throughout the house let in plenty of light. The family/great room boasts tongue and groove aspen ceiling and accent wall as well as a wood burning fireplace. French doors open to the fully fenced yard where the natural vegetation and landscape has been preserved. The oversized bedrooms all have plenty of closet space and shelving Newly constructed 2400sf Mueller shop, 16 foot ceilings, 2 - 60x15 covered car ports on either side of the shop. Shop is equipped with water, electric and air lines for air compressors.

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7516 E Mercer Lane Scottsdale, AZ 85260

$1,150,000

3 Beds

2.5 Baths

2,635 SqFt

Status Active Under Contract

MLS # 6752117

Property Type Single Family Residence

Price Type --

Welcome to a residence of unparalleled charm and sophistication within the coveted Enclave of Briarwood North - featuring no land lease. This renowned Malouf built home greets you with a handsome exterior stone entrance and a travertine walkway, setting the tone for the elegance within. A custom iron entry with rain glass, ushers you into a gracious foyer, revealing a luminous living room anchored by a breathtaking floor-to-ceiling stone fireplace. Clerestory windows bathe the space in natural light, creating an airy and inviting ambiance. The formal dining room, adorned with built-in bookcases, flows seamlessly into the inviting ''heart of the home'' living room, further enhanced by wood beamed ceilings, creating an ideal setting for both grand entertaining and intimate gatherings. A gourmet kitchen is a culinary enthusiast's dream, showcasing gleaming white cabinetry, expansive granite countertops, a 5-burner gas cooktop, and a rotunda-style breakfast room bathed in sunlight. Elegant plank wood flooring, graceful French doors with retractable screens, and tasteful tile accents further enhance the home's allure. The expansive master suite boasts a luxurious ensuite bath and a walk-in closet complete with custom built-ins. The den and powder room offer privacy and convenience with electric roller shades. Step through the French doors to a covered back patio where a sparkling pool w/slate decking awaits amidst a private, green, lush, and spacious outdoor entertaining area. This exceptional residence, thoughtfully appointed and meticulously maintained, epitomizes refined living in an idyllic setting

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2329 W Speer Trail Phoenix, AZ 85086

$1,150,000

3 Beds

3 Baths

3,137 SqFt

Status Active

MLS # 6726118

Property Type Single Family Residence

Price Type --

Welcome to your desert oasis in Arizona! This stunning property offers luxury living on a one-acre lot, providing ample space and privacy. The house features 3 spacious bedrooms and 3 bathrooms, perfect for accommodating family and guests. With a generous 3,137 square feet of living space, there is plenty of room for relaxation and entertainment. The home also includes a convenient car garage for working on your next car rebuild plus ample storage! There is over 7,200 roof covered space! Enjoy the tranquility and breathtaking views of the desert landscape from your own backyard. Whether you're watching sunsets or stargazing at night, this property offers a peaceful retreat away from the hustle and bustle of city life. Priced at $1,150,000.

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6616 S Bridal Vail Drive Gilbert, AZ 85298

$1,150,000

5 Beds

2.5 Baths

2,825 SqFt

Status Active

MLS # 6742793

Property Type Single Family Residence

Price Type --

Welcome to Seville in Gilbert, AZ, a luxurious master-planned community featuring high-end homes, lush landscaping, and resort-style amenities, including the optional Seville Golf & Country Club with golf, pools, and fitness facilities. This home in Seville is positioned beautifully on the golf course and corner lot in a gated golf course community. It features a fun, relaxing backyard that can entertain guests with lots of space, a private swimming pool, a cabana, and a built-in BBQ grill with all the amenities. This home also features a split four-car garage, and one of the bays is tandem, giving you plenty of space for a larger vehicle or a boat, etc. The inside of the house features a split floor plan, and a large great room is in the middle. The chef's delight gourmet kitchen has two built-in stoves, a beautiful gas cooktop, and a large kitchen island. The master bedroom features a separate exit to the backyard, dual closets, dual sinks, and a separate shower and tub.

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4320 W Banff Lane Glendale, AZ 85306

$1,150,000

5 Beds

3 Baths

4,463 SqFt

Status Active

MLS # 6744162

Property Type Single Family Residence

Price Type --

Large home, shop, koi pond, pool, hot tub, orchard and best of all horses are allowed! Come see this unique property, very large home with 4463 sf of living space, 5 bedrooms, huge living room/great room in the back of the home! Perfect for a large family! Fresh paint on all of the interior, new carpet in the bedrooms, New sand filter and pool electrical just renewed. Home is sold in ''AS IS'' condition.

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7200 N 34th Avenue Phoenix, AZ 85051

$1,150,000

3 Beds

3 Baths

2,065 SqFt

Status Active

MLS # 6744364

Property Type Single Family Residence

Price Type --

Welcome to this charming 3-bed, 2-bath home featuring a convenient food cellar in the laundry room. Additionally, there's a 1-bed, 1-bath guesthouse complete with a living area and kitchen, all situated on a secluded 1-acre irrigated lot in the heart of the city. With a gated entrance, this property has been maintained by the same family for 60 years, showcasing true pride of ownership and beautifully kept grounds. The main house offering a comfortable living space, while the cozy 480 sq. ft. guesthouse is perfect for guests or extended family. Outside, enjoy your own private oasis with a sparkling pool surrounded by lush, green grass. The spacious garage is tall enough to accommodate a full-size RV, multiple cars, a boat, or even serve as an impressive workshop. A unique property!

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2623 N Brice -- Mesa, AZ 85207

$1,150,000

3 Beds

3 Baths

2,785 SqFt

Status Active

MLS # 6750535

Property Type Single Family Residence

Price Type --

Welcome home to this beautiful residence sitting on over 1 acre with jaw dropping views of the Superstition Mountains and surrounding desert beauty. Featuring a great room floor plan and updated finishes, this home offers flexibility throughout with three bedrooms, three bathrooms, oversized office/den, additional game room, built in bar, three car garage and a massive 50ft. long RV garage with 50Amp Electric service. The backyard is a dream with a custom built in BBQ, Griddle and Smoker, gas heater, low maintenance desert landscape and artificial turf, covered patio with misters and a roof deck with city light and mountain views across the whole valley making this home easy to enjoy the true Arizona lifestyle! Tonto Forest Estates is a gated community made up of only 52 homesites, each sitting on over 1 acre of land, offering natural desert beauty, total privacy and tranquility. Nearby freeway access for easy commuting and close proximity to golf courses, schools, shopping, entertainment, hiking, and outdoor activities.

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9285 W Juniper Road Pine, AZ 85544

$1,150,000

4 Beds

4 Baths

3,826 SqFt

Status Active

MLS # 6750019

Property Type Single Family Residence

Price Type --

Welcome to this enchanting French Country farmhouse on 2.23 fenced acres suitable for horses and featuring two separate living quarters. All of this is nestled amidst a beautifully landscaped country garden with mature shade and fruit trees. The main living quarters offers 3 bedrooms, 2 full bathrooms, a spacious open loft with a half bath, a gorgeous kitchen with travertine flooring and granite countertops, a large wood-burning fireplace and access to a serene back patio. The second living quarters includes 1 bedroom, a ¾ bath, an updated kitchen with granite countertops, a cozy gas fireplace and a charming covered balcony overlooking a panoramic view of Strawberry Mountain. The property also boasts a large, attached garage with custom wood doors and a detached 24X48 ft combination PEACEFUL ESTATE COMBINES LUXURY LIVING WITH OUTDOOR CHARM

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