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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16738 E Lone Mountain Road Scottsdale, AZ 85262

$1,150,000

5 Beds

3.5 Baths

3,749 SqFt

Status Active

MLS # 6731568

Property Type Single Family Residence

Price Type --

Luxury with Views, Actually see the stars at night yet close to all the conviences of Scottsdale. NO HOAs. Great home & location (Mts, lakes, rivers, forests, etc.) for anyone with lots of toys (Boats,4Wheelers, ATVs, Trailors, etc.). High-end finishes thourghout the home that's located on an acre corner lot. Spectacular views of Mazatzal, 4 Peaks, Superstitions Mountains. Horse privileges 168th Str. access to Tonto Nat. Forest from the property. Home is located in the active horse community of Scottsdale/Rio Verde nestled next to the Tonto Forest. Home meets the EPCOR water pipeline access (Letter upon request). All Buyers and Buyer's agents responsible to comfirm any and all information.

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5548 E Seven Palms Drive Cave Creek, AZ 85331

$1,150,000

3 Beds

2.5 Baths

2,501 SqFt

Status Active

MLS # 6667040

Property Type Single Family Residence

Price Type --

Another NEXTGEN Builders luxury home: 3 BD, 2.5 BA, plus office/den w/closet for 4th, high quality built home with many upgrades, 2-Gar with 8' tall overhead door and 49' RV Gar with 12x14 RV door. No HOA. Dbl door entry, paver front sidewalk and 23' driveway apron, large kitchen island, upgraded appliances, convection oven/microwave built-in combo, Gas cooktop, quartz counter tops throughout. All bedrooms have walk-in closets. Master bath has large entry shower with standalone tub and double sinks. 8' doors throughout, nicely finished. Energy efficient Spray foam insulation, 2x6 frame exterior, fully sheathed exterior, post tension foundation, Black Mtn. views, Buyer to verify all facts and spec. Block fence to be installed, back yard pad to be extended and room for pool. Move-in ready!

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509 E Adamanda Court Phoenix, AZ 85086

$1,150,000

3 Beds

2.5 Baths

2,191 SqFt

Status Active

MLS # 6703349

Property Type Single Family Residence

Price Type --

WOW! This charming home in the serene Desert Hills Estates sits on a spacious cul-de-sac lot, welcoming you with a circular driveway and a massive concrete extension, a massive five-car garage AND a 2400 sq ft detached garage that can be used for a RV garage. With a built-in wood shop inside this is truly the craftsman dream space. Interior features include an attractive solid red oak flooring, recessed lighting, and a spacious living room with wall niches, pre-wired surround sound, and a cozy fireplace. Family room offers a perfect space to unwind, while the well-appointed kitchen boasts ample cabinets, quartz counters, a tile backsplash and SS appliances including a wine cooler. Expansive main bedroom includes abundant cabinetry and a private bathroom with dual sinks. Outside, the tranquil backyard offers a covered patio, paver patio, built-in BBQ, and breathtaking mountain views. This exceptional horse property is a must-see!

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2534 N 52nd Street Phoenix, AZ 85008

$1,150,000

5 Beds

4 Baths

3,174 SqFt

Status Active

MLS # 6737826

Property Type Single Family Residence

Price Type --

Welcome to this unique investment opportunity! This property features a spacious, fully renovated charming house at the front and a duplex at the rear, offering a total of three units on one expansive lot. Ideal for investors or multi-generational living, each unit presents distinct living spaces and successful rental income. The property is located in Arcadia lite, near the best shopping and conveniently situated near freeways for an easy drive to downtown. Just 10 minutes from ASU, Tempe, and old town Scottsdale, and close to amenities and major thoroughfares, this property is a must-see for those seeking versatility and value. House is 1636 sqft plus garage and 2 back units at 769 sqft each, each with its own carport. Don't miss out !

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6232 E Monte Cristo Avenue Scottsdale, AZ 85254

$1,150,000

4 Beds

3 Baths

3,066 SqFt

Status Active

MLS # 6754647

Property Type Single Family Residence

Price Type --

Highly desirable custom home perfectly positioned on almost a 1/4 acre lot in the middle of the magic zip code 85254. Very near sought after Horizon High School, This 4 bedroom, 3 bathroom home features soaring, vaulted ceilings & large windows with shutters, allowing for an abundance of natural light throughout. The oversized kitchen includes an expansive island and built-in fridge, flowing seamlessly into the family room complete with a cozy fireplace. The large primary bedroom offers a spacious bathroom and walk-in closet. Enjoy the low-maintenance landscaping on an oversized lot with a sparkling salt water pool, citrus trees, and a large covered patio. Conveniently located near top schools, shopping, and dining. Ideal for those seeking a blend of space, style, and ease of living

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5529 N 71st Street Unit 58 Paradise Valley, AZ 85253

$1,150,000

3 Beds

3.5 Baths

2,269 SqFt

Status Active

MLS # 6756694

Property Type Townhouse

Price Type --

Fabulous 3 bed, 3.5 bath luxury custom remodel in the peaceful Villa De Fuente community near Camelback Mountain. This unique home has been thoughtfully remodeled from floor to ceiling, including all major items such as new roof, new windows, new AC, electrical, plumbing, large format flooring, deluxe kitchen, and bathrooms. The insightful floor plan offers 3 full bedrooms plus an additional living space—no lofts here! Designed for deluxe, resort-style living, the home is just minutes from Downtown Scottsdale's world-class dining, shopping, and nightlife. Step into a bright and airy Great Room featuring soaring ceilings with fireplace, and a custom-designed chef's kitchen with high-end appliances, quartz countertops and eat in island. The kitchen also offers direct access to the BBQ Patio beyond for an impressive entertaining lifestyle. The oversized master suite is a luxurious retreat featuring spa tub, gorgeous large shower surround and huge closet, with plenty of space for his and her items. The downstairs bedroom offers privacy as a guest or in-law suite with Arcadia door access to the backyard. The home features an additional living space that can be converted into a 4th bedroom, perfect for additional flexibility. Enjoy afternoons on the balcony with views of Camelback Mountain, or entertain in the backyard with mature citrus trees, and a built in grill. The home also features a gated courtyard, air-conditioned 2-car garage, and community amenities, including a heated pool, spa, and gym. Prime location, minutes from Old Town Scottsdale and Scottsdale Fashion Mall, with endless dining, shopping, and outdoor activities nearby.

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22855 E Twilight Drive Queen Creek, AZ 85142

$1,150,000

4 Beds

3.5 Baths

3,796 SqFt

Status Active

MLS # 6752504

Property Type Single Family Residence

Price Type --

EXQUISITE LUXURY ESTATE! This coveted David Weekley Tranquility floorplan offers 3796 sq ft of single level luxury living that extends to a backyard retreat including a NEWLY built custom pool. This home offers 4 bedrooms plus den & hobby room, 3.5 baths & 3 car garage! Upon entry you will immediately sense the spaciousness & open concept floorplan with soaring ceilings, attention to detail, & custom lighting throughout. The designer kitchen offers 2 toned shaker cabinets that run floor to ceiling, quartz countertops, large island, & perfectly positioned butlers pantry. The primary retreat offers a large bath with a soaking tub, large walk in shower & 2 large walk-in closets with the laundry room conveniently attached! Every inch of this home is masterfully planned & beautifully designed!

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15025 N Forever View Lane Prescott, AZ 86305

$1,150,000

2 Beds

3 Baths

2,049 SqFt

Status Active

MLS # 6755658

Property Type Single Family Residence

Price Type --

Rare opportunity to own this stunning 2-bedroom plus den cottage with a large 3-car garage, located near the cart path in Talking Rock. Nestled on a quiet cul-de-sac, this beautifully appointed home offers a spacious outdoor patio with a fire pit, built-in BBQ, and a peek of Granite Mountain. Surrounded by mature, professional landscaping, the open floor plan features vaulted beamed ceilings, hardwood floors, a slider in the dining room and master, and plantation shutters. The charming kitchen boasts granite counters, stainless steel KitchenAid appliances, and a 6-burner gas stove. Move-in ready! Talking Rock is a gated private community for members only. Amenities include: award winning Jay Morrish designed Golf Course, The Ranch House restaurant and bar, Coop's Coffee House. fitness center, bocce, pickle ball courts, tennis court, pool and dog park

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29618 N 144th Way Scottsdale, AZ 85262

$1,150,000

6 Beds

5 Baths

4,200 SqFt

Status Active

MLS # 6719081

Property Type Single Family Residence

Price Type --

Nestled on a sprawling 1-acre parcel, this residence epitomizes the essence of luxurious living, offering a lifestyle perfectly suited for multi-generational households, entertainers, homesteaders, and those yearning for beautiful views. Meticulously crafted, this custom home boasts a 4-car garage complete with a generously proportioned dream workshop. Stepping inside the one-story main residence, you're greeted by an open-concept home that is friendly and inviting. The kitchen features SS appliances, granite countertops, custom cabinetry, and an expansive walk-in pantry with an adjacent formal dining room. A bonus living room/playroom with a beautiful barn door allows for a separate gathering area. The grand master bedroom has a seating area, spa tub, and large walk-in... closet. It is privately located on one side of the home while the other three bedrooms are on the opposite side. Seamlessly integrated into this residence is an attached guest house... mother-in-law quarters/casita, offering a private retreat with its separate entrance, full kitchen with granite countertops, custom cabinetry, and a bedroom, bath, and living area. Additionally, you will discover a 280 sq ft studio apartment/office, with an expansive balcony, perched above the extended garage that can be used as a potential rented space for an additional income stream. Beyond the interiors, the allure of outdoor living beckons, with two fireplaces. The front yard offers panoramic vistas of the majestic Four Peaks to view Arizona's breathtaking sunrises. In the back, you'll also enjoy a fully fenced oversized yard, sprawling back patio overlooking a resplendent turf lawn and pebble tec pool. For the aspiring gardener, there are raised beds, fenced to keep the critters out, and a fully sheet-rocked, air-conditioned shed to serve as a home office or place of retreat. Conveniently located mere minutes from some of Arizona's most coveted hiking, biking, and riding trails, this residence offers unparalleled access to nature's wonders, ensuring a lifestyle of boundless exploration and adventure. And finally, no HOA and a shared well mean no water issues! Welcome to your slice of paradise.

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512 E Tanya Trail Phoenix, AZ 85086

$1,150,000

4 Beds

3 Baths

3,002 SqFt

Status Active

MLS # 6700311

Property Type Single Family Residence

Price Type --

Located at the end of a private road of five homes, this open great room concept floor plan has skylights and large windows looking out to the mountain views. The split floor plan includes an attached Guest Quarters with an outside entrance & inside entrance. It has a kitchenette, full bath, walk-in closet and combination bedroom/living room area. The Master bedroom has a sitting area with a fireplace and direct access to the outside patio area. The Master bathroom has a whirlpool tub & walk-in-glass block shower and an oversized walk-in closet. Two of the four bedrooms share a Jack and Jill Bath. This kitchen is a gourmet cook's delight. A Center island, a walk-in pantry and generous cabinetry provide incredible storage A Five-burner gas cooktop, a built-in microwave and a wall oven complete the kitchen. A unique money tree artwork enhances the eating area, The formal dining room opens to the great room, which has a fireplace and looks toward the distant mountains to the north. The 3-car garage has built-in cabinets and a work bench. There is soft water to the driveway for washing cars, parking an RV, with access to a 30-amp hookup. The two metal buildings and above ground hot-tub in the back yard stay with the home. The front & back yards have low maintenance landscape. Beyond the low fence in the back yard is 2/3 of an acre of natural desert including Palo Verde Trees, Saguaro cacti and 4 fruit trees. Twenty-five owned solar panels and a tankless hot water heater contribute to energy savings. The property is zoned for horses. Perfect living for a large, extended family. WHAT'S SPECIAL, 24 SOLAR PANELS, BUILT IN CABINETS IN GARAGE 'TANKLESS HOT WATER HEATER' NO HOA, GAS & CITY WATER

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20636 E Ocotillo Road Queen Creek, AZ 85142

$1,150,000

2 Beds

1 Bath

1,057 SqFt

Status Active Under Contract

MLS # 5580021

Property Type Single Family Residence

Price Type --

INVESTORS, LOCATION, LOCATION, LOCATION. THIS IS A MUST SEE!!! Located in the Heart of Queen Creek on a CORNER LOT. This property is currently zoned residential, but can be turned into commercial. BRING YOUR VISION, THE SKY IS THE LIMIT.

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1034 E Sandpiper Drive Tempe, AZ 85283

$1,150,000

4 Beds

3 Baths

3,143 SqFt

Status Active Under Contract

MLS # 6744043

Property Type Single Family Residence

Price Type --

Snag this top-notch gem located in Tempe's sought-after Lakes before it's gone! Not only will you enjoy living in a well established neighborhood with a dynamic HOA engaged in constant community improvements, but you will also delight in the comfort of your gorgeous new home! Permitted and taken down-to-the-studs, this 2021 reconstruction boasts over 3,100 sq ft of meticulously planned living space with high-end finishes throughout. Enter through the custom Alder Dutch door and enjoy the new open floor plan including a deluxe primary suite upstairs, and additional primary area downstairs with an attached multi-use den/office/playroom/nursery. No expenses spared- owned energy-efficient solar (ask agent for summer AC savings), dreamy Quartzite kitchen island, 2021 matching LG stainless steel kitchen appliances, dimmable LED lighting beneath upper kitchen cabinets, a sparkling pool with new pump and LED multi-color lighting, 4-panel electric outdoor security screen for added pool safety and privacy, all-new windows, wiring, garage charging for 2 EVs, an outdoor 50 amp plug-in for potential RV visitors, reconfigured low-maintenance landscaping, and the list goes on! Tempe area homes like this rarely come available. Discover for yourself the warmth and sophistication of every upgrade thoughtfully crafted to enhance your living experience!

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