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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429 W Mary Patricia Drive Payson, AZ 85541

$1,150,000

4 Beds

4 Baths

3,233 SqFt

Status Active

MLS # 6674329

Property Type Single Family Residence

Price Type --

Discover your dream home that marries secluded luxury with the untamed beauty of nature. This majestic residence bordered by the expansive beauty of a National Forest with access to the tranquil E Verde River stands as a beacon of rustic elegance, offering panoramic vistas of awe-inspiring red rock formations that captivate the soul. Crafted with meticulous attention to detail, the interior features rustic stone flooring and pine vaulted ceilings, enhancing its mountainous charm and warmth. Each window frames a painting-like view, ensuring that no corner of this home is untouched by the breathtaking landscape outside. The expansive outdoor living area is a highlight, boasting a large fireplace that promises cozy evening fires under the stars. It's a space designed for both relaxation and entertainment, with ample room to play games and unwind in the embrace of nature. The property's rich history as an ancient Indian fishing camp adds a layer of intrigue and connection to the land, inviting exploration and discovery along the river, where secluded pools await for fishing or a refreshing swim. Adventure seekers will find joy in the direct access to wilderness areas, offering miles of trails for ATV explorations and hiking, ensuring every visit brings a new experience. The entry level of the home is thoughtfully designed for accessibility and comfort, featuring a large family room, two bathrooms, and two bedrooms with private entrances from the spacious outdoor stone patio. This level also includes a second kitchen, an additional family room, and a laundry area, providing convenience and flexibility for guests and family alike. Ascending to the main level, the heart of the home reveals itself in a designer kitchen that exemplifies indoor/outdoor living, seamlessly integrating the stunning natural surroundings. The primary suite, complete with an ensuite bathroom, offers unrivaled serenity and luxury. An office with arguably the best views in the house ensures inspiration and productivity amidst the tranquil beauty.

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22020 E Stoney Vista Drive Queen Creek, AZ 85142

$1,150,000

3 Beds

2.5 Baths

2,474 SqFt

Status Active

MLS # 6691837

Property Type Single Family Residence

Price Type --

This horse property is nestled on just under 2 acres of land! The home features 3 BR plus an office & 2.5 bathrooms. Cozy up by the wood-burning fireplace in the spacious living area, highlighted by vaulted ceilings. The split floor plan offers privacy, while the attached 2-car garage provides convenience. Step outside to a large covered patio, perfect for enjoying the serene surroundings. The property also boasts a 1350 sq foot detached shop/4-car garage, covered RV parking, additional covered parking, and separate storage. For your equine friends, there's a lot to love: the irrigated lot features a tack room with electrical, a hay shed/barn, round pen, and 2 covered stalls. Located near the Horseshoe Park & Equestrian Center, Schnepf Farms, and several golf courses, you'll enjoy easy access to shopping and dining at Queen Creek Marketplace, the Legacy Sports Complex and the Phoenix Mesa Gateway airport. Don't miss this opportunity to own your own piece of paradise in Queen Creek Arizona.

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16008 N 60th Street Scottsdale, AZ 85254

$1,150,000

5 Beds

5 Baths

3,282 SqFt

Status Active

MLS # 6751356

Property Type Single Family Residence

Price Type --

PRICED TO SELL! Seller is offering a $50,000 credit for cosmetic updates at closing!! LOCATION, LOCATION, LOCATION! Within 3 miles to over 3,000,000sf of premier shopping and restaurants including Desert Ridge, Kierland Commons, Scottsdale Quarter, PV Mall, and Scottsdale/101! Home features updated kitchen granite counters, vaulted ceilings, 5 bedrooms, 5 bathrooms, custom Iron front door, all new light fixtures, and new interior paint. Plenty of natural light. Large 2 car garage with storage closet. RV Parking.

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8342 E Sells Drive Scottsdale, AZ 85251

$1,150,000

5 Beds

3 Baths

2,739 SqFt

Status Active Under Contract

MLS # 6666211

Property Type Single Family Residence

Price Type --

Welcome to your beautiful 5 bedroom, 3 bath home in the heart of Scottsdale, Arizona! This home has recently undergone a complete remodel, including an addition and a brand-new heated pool, making it the perfect property for entertaining and relaxation. The spacious dual master suites are a true retreat, featuring ensuite bathrooms with custom showers, and large walk-in closets. The three additional bedrooms offer plenty of space for family or guests and are currently furnished to sleep 14. But the real showstopper is the entertainer's backyard, complete with a new heated pool, ample outdoor seating, and a built-in grill under a modern pergola, perfect for hosting summer barbecues or relaxing poolside with friends and family.

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1748 Commonwealth Street Prescott, AZ 86301

$1,150,000

3 Beds

3 Baths

2,545 SqFt

Status Active Under Contract

MLS # 6727665

Property Type Single Family Residence

Price Type --

Golf anyone? This stunning Parkside in Prescott Lakes home is conveniently located right on the edge of the Prescott Lakes Golf Course, at the 16th tee box! Step inside through the oversized front door of this custom-built home and be welcomed by high ceilings that create a bright and open space. Throughout the house, you'll find beautiful, scraped hardwood-look tile flooring throughout . The great room features a wet bar equipped with a Beer Meister, mini fridge, sink, a large picture window with views of the picturesque Granite Mountain, surround sound, and a stunning stone and granite fireplace that invites you to relax and unwind in this spacious and cozy haven. Opening up from the great room is the heart of the home - the dream kitchen.

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36445 N Stardust Lane Carefree, AZ 85377

Open House

$1,150,000

3 Beds

2 Baths

2,945 SqFt

Status Active

MLS # 6737891

Property Type Single Family Residence

Price Type --

With elegant, REMODELED charm, nestled on a 1.26-acre lot, this exquisite 2,945 SF CUSTOM home in Carefree's Velvet Shadows offers unparalleled privacy and old-world sophistication with a contemporary flair. The property is privately set back from the road, ensuring tranquility and seclusion. Upon entering you'll be captivated by the vaulted ceilings, a two-way fireplace & stunning porcelain 18''x36'' flooring that creates a welcoming and spacious experience. The family room opens to an expansive private covered patio, finished w/reverse Saltillo tile overlooking a sparkling pool with breathtaking views. This home is designed for easy living w/ light, brightness & natural beauty. The superior wool bedroom carpet reflects both sophistication & cozy warmth. The completely ...CLICK..''MORE'' The completely reinvented kitchen is a Chef's delight, featuring sleek quartz countertops, exclusive stainless steel appliances, extraordinary Custom-hewn Cabinets with abundant space. See UPGRADES & UPDATES COMPREHENSIVE LIST! The split floor plan strategically offers a large Owner's Suite with doors to a fully covered balcony-patio with pool & views, leading to a larger house-length private patio perfect for reading, sunbathing, dinners with friends or adding a hot tub. Vibrant Pinnacle Peak Mountain views with stunning sunrises are savored from these back patios, pool and family room. While the iconic Black Mountain and its incredible sunset views, are relished from the front, making this home a true Carefree Arizona paradise. Distinguishing this home is its huge Bonus Room with its cavernous walk-in closet and storage. The Bonus Room wing singularly provides the perfect space for a media room; exercise and hobbies. Noteworthy tech capacities provide separate lines for high-speed internet in the office, supporting home-based businesses and movie streaming. This energy-efficient, REMODELED treasure also includes a gorgeous laundry room appointed with top cabinetry, sink and folding space, an oversized 2-car garage with storage, and hidden pockets of private nature-viewing areas, enfolded into this nurturing, verdant, abundant land. Mature trees, floral shrubs and native cacti complete your Custom Arizona Hideaway, offering you and your guests years of enchantment, amidst fabulous views, sunsets and stargazing, in unmatched privacy. One visit, and you will fall in love, harnessing this opportunity to make Stardust Hideaway your Arizona Dream Oasis! Call now!

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3191 E Marlette Avenue Phoenix, AZ 85016

Open House

$1,150,000

3 Beds

2 Baths

1,948 SqFt

Status Active

MLS # 6757221

Property Type Single Family Residence

Price Type --

Nestled in the highly sought after Biltmore Greens community, this Mediterranean style home offers stunning views of Piestewa Peak. The spacious, bright living room welcomes you with maple hardwood floors and a soaring ceiling with a cozy fireplace to complete the inviting ambiance. The recently remodeled kitchen features Miele and Bosch appliances, cherry butcher block counters by Boos, and warm painted cabinets and backsplash. The primary suite overlooks the serene backyard. It boasts dual vanities, a walk-in closet and large shower. The secondary bedrooms offer flexible space and beautiful views. Step outside to a private, newly landscaped yard, pristine pool, heated spa, views of Camelback, and endless sunset, star-filled nights.

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12134 E Mercer Lane Scottsdale, AZ 85259

Open House

New

$1,150,000

4 Beds

2.5 Baths

3,050 SqFt

Status Active

MLS # 6761051

Property Type Single Family Residence

Price Type --

In the highly sought after Desert Hills of Scottsdale, you will find the perfect house! This one has it all!!! The 4 bedrooms with a huge primary, with sitting area a large bath and an enormous walk in closet! All of the secondary bedroom are large in size with great closet space! Enjoy the spacious kitchen with all of the stainless appliances as well as a private sparkling pool. The privacy is excellent due to the NAOS behind the pool. Add in the extra large 3 car garage with lots of cabinets and storage space. This house has it all! Great schools and close to all of the shopping and restaurants.

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1236 E Mclellan Boulevard Phoenix, AZ 85014

Open House

$1,150,000

3 Beds

3 Baths

2,803 SqFt

Status Active

MLS # 6738763

Property Type Single Family Residence

Price Type --

BEAUTIFULLY REMODELED! Nestled on one of the biggest lots on the street, this gorgeous residence tastefully blends classic charm and modern amenities. Attention to detail is evident with recent upgrades, including NEW elegant light fixtures, wood-look tile flooring, recessed lighting, fresh neutral paint, & ceiling fans. Featuring a spacious great room and a large family room w/ custom French doors to the back, The renewed gourmet kitchen offers high-end appliances w/wine fridge, two-tone shaker cabinetry, quartz counters, designer tile backsplash, and a huge waterfall island w/breakfast bar. Plus a spacious casita in the backyard! Every aspect of this property has been fully upgraded, truly one of a kind. For added convenience, this gem comes with an attached 1-car garage and RV gate & parking. If entertaining is on your mind, the backyard awaits! With multiple seating areas & a private pool, this space promises year-round enjoyment. Excellent location close to schools, shopping, dining options, and freeways. Don't miss this opportunity!

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8301 E Malcomb Drive Scottsdale, AZ 85250

Open House

$1,150,000

4 Beds

3 Baths

2,284 SqFt

Status Active

MLS # 6698854

Property Type Single Family Residence

Price Type --

INCREDIBLE Park Scottsdale home that checks EVERY BOX ~ SINGLE LEVEL, FULLY UPDATED MASTERPIECE w/PICTURESQUE BACKYARD & AMAZING FRONT COURTYARD ~ 4 Bedrooms ~ 3 Full Bathrooms ~ SPLIT floor plan ~ 2 MASTER BEDROOMS W/ENSUITE BATHS ~ GORGEOUS UPDATED kitchen w/Stainless Steel Appliances, QUARTZ countertops, LARGE KITCHEN ISLAND & WALK IN PANTRY ~ 1st Primary Bedroom features an ensuite Bathroom w/JETTED TUB & SEPARATE SHOWER, DOUBLE SINKS & WALK IN CLOSET and skylights ~ 2nd primary bedroom was added in 2023 & is OVERSIZED w/GORGEOUS EN-SUITE BATHROOM w/ WALK IN SHOWER & ACCESS TO THE BACKYARD ~ Spacious Guest Bedrooms have large closets ~ Guest Bathroom has been COMPLETELY UPDATED w/white executive height vanity, quartz countertops, updated plumbing fixtures, lighting, mirrors, flooring, tub ~ shower ~ Main Living areas feature SMOOTH CEILINGS w/RECESS LIGHTING & SMOOTH FINISH DRYWALL~ Living Room features Large BAY WINDOW ~ Newer LUXURY VINYL PLANK flooring t/o ~ Air Ducts replaced & ceiling height raised to be all one height (no more soffits) ~ Two Trane HVAC Units (new in main house 2019, Guest Bedroom side 2023)~ Dual Pane Windows ~ Roof 2023 ~ Gutters added 2024 ~ Hot Water Heater replaced 2023 ~ Water Softener loop ~ LUCIOUS & BEAUTIFUL Backyard features Covered Patio w/PAVERS added in 2024 and T&G ceiling with recessed lights and fan ~ REFINISHED POOL w/water auto fill (few homes in the area have this), dedicated cleaning line & pebble finish ~ Removable pool fence ~ Newer pool pump 2023 ~ OUTDOOR SHOWER ~ Large Grassy yard w/abundance of MATURE LANDSCAPING & PRIVACY~ Automatic yard watering system ~ RV Gate ~ Side Yard COVERED w/durable WATERPROOF material for storage of bikes, outdoor gear & more ~ Additional shed in yard ~ 2 Car Garage w/EPOXY flooring & newer cabinets in 2023, plenty of storage, newer lights & newer garage door & track 2023 ~ UNBELIEVABLE LOCATION walking distance to the Canal, Saguaro High School & A+ Rated Dual Language Immersion Pueblo Elementary School ~ Short walk or bike ride to the Scottsdale Greenbelt, Chaparral Park, Chaparral Dog Park, Baseball Fields, Soccer Fields, Xeriscape Garden, the 101 Freeway, Scottsdale Community College, Talking Stick Fields ~ 3 Miles to Old Town Scottsdale, 15 Minutes to PHX Airport ~ THIS ONE CHECKS EVERY BOX & then some!

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11633 E Bella Vista Drive Scottsdale, AZ 85259

Open House

$1,150,000

3 Beds

2 Baths

2,375 SqFt

Status Active

MLS # 6696370

Property Type Single Family Residence

Price Type --

*** PRICE REDUCED $50,000 !!! COME SEE VIEWS !! VIEWS !! VIEWS !! Highly desired guard gated Stonegate community. FURNITURE AVAILABLE. Enjoy back yard, desert & Camelback Mt VIEWS. Geoffrey Edmunds built 3 Bd (3rd bd with desk and closet), 2 bath home-expanded Barcelona floorplan w/lots of windows, flagstone floors white shutters, remote window coverings & more. Open kitchen w/island, granite counters, breakfast area & access to back yard/patio & water feature. Open family rm-wall of windows overlooking patio, desert & mature cactus. Enter to LR & DR w/lots of light from 3 tall windows & DR w/door to covered patio. Primary bdrm ensuite split from 2nd bdrm & office. Large primary ensuite w/door to patio, 2 closets, stall shower, tub & double sinks. Coffee, cocktails, etc on patio.

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7520 E Mcknight Avenue Scottsdale, AZ 85251

$1,149,900

3 Beds

2 Baths

1,148 SqFt

Status Active

MLS # 6724563

Property Type Single Family Residence

Price Type --

Opportunity Zone! Excellent buy and hold Short term rental or Development opportunity! Incredible,fully furnished 3 Bed 2 Bath home in Old Town! Brand new renovation with all new modern finishes and designer furniture. New Cabinetry, Stainless steel appliances, porcelain tile, granite countertops, New electrical, plumbing, roof, Hvac, owned solar! Unbelievable location in downtown Old Town, Scottsdale's Entertainment District ! Walking distance to hundreds of restaurants and entertainment options. Zoned Downtown Overlay, Please see proforma from GoodNight Stay for Short term rental as well development proforma for 4 units.

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