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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6925 E Ashler Hills Drive Scottsdale, AZ 85266

$1,149,000

6 Beds

3 Baths

2,412 SqFt

Status Active

MLS # 6738852

Property Type Single Family Residence

Price Type --

Wow, just wow! Welcome to your dream home, nestled on over 2 acres of a desired corner lot with a charming courtyard! Discover an expansive living & dining room w/gas fireplace & plush carpet, fire sprinklers, soothing paint tones, ceiling fans, & a bright family room w/stylish laminate flooring & easy access to the back patio. The fully equipped kitchen boasts an electric cooktop, a wall oven, beautiful wood cabinetry, ample counter space, & an island w/breakfast bar. Plantation shutters & wood-look floors in all bedrooms! The main retreat offers backyard access, a walk-in closet, & its own bathroom. Don't miss the custom sauna for ultimate relaxation! Escape to the backyard paradise featuring a covered patio, a storage shed, a fenced diving pool, a basketball hoop, & plenty of room for additions & recreational toys. Enjoy the perfect location with stunning mountain views & quick access to North Scottsdale & Cave Creek, offering the best restaurants, shopping, and golf experiences. Move-in ready! This value will not disappoint!

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722 N Sun Road Apache Junction, AZ 85118

$1,147,000

4 Beds

3.5 Baths

2,550 SqFt

Status Active

MLS # 6738473

Property Type Single Family Residence

Price Type --

HIGHLY MOTIVATED SELLER! Come see this spectacular home and BRING YOUR OFFER!! This spectacular SUPERSTITION MOUNTAIN VIEW home offers a long list of HIGH END UPGRADES all sitting on a 1.1 acre lot in the ARROYO VISTA ESTATES gated community. This light & bright 2700 SQ. ft. home features 3 bedrooms, 3.5 baths, & a cozy attached CASITA (with a separate entrance),ideal for private guest quarters, an office, or a personal ART/CRAFT STUDIO! It also features a custom 47'x 23' fully finished & insulated RV garage along with an attached custom 2 car garage! There are so many ''NEW UPGRADES'' to view on our separate listing sheet.... This LOVELY custom home in a very peaceful neighborhood won't last too long! Over $220k in options and design upgrades and selections, including extensive wood-look tiled flooring, 42'' cotton white cabinets with full height backsplashes, custom vent hood, waterfall island, and so much more.

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7141 E Rancho Vista Drive Unit 6012 Scottsdale, AZ 85251

$1,145,000

2 Beds

2 Baths

1,416 SqFt

Status Active

MLS # 6753876

Property Type Apartment

Price Type --

With a sleek, modern design freshly remodeled from top to bottom in 2020, this is a home not to be missed. A sixth-floor end unit in Optima Camelview, this condo offers expansive glass walls with abundant natural light. From the engineered white oak flooring throughout to the all-new Lutron LED lighting, gorgeous light fixtures, and motorized shades. The kitchen & baths have all-new cabinetry & tile and plumbing fixtures with custom two-tone cabinets in the kitchen and serving area. Spacious island with Quartz counters & island seating. Newer stainless steel GE Monogram appliances and an under-counter wine refrigerator in the kitchen provide the perfect backdrop for entertaining. Outside, the patio features brand-new Italian tile and updated landscaping. Sunny East Facing patio brings in plenty of natural light all around. An oversized master bedroom offers a custom walk-in closet and enough room for a sitting area that has incredible views from high above. The location of this condo is what makes it so special. The home comes with 2 secure underground parking spaces and walkability to Old Town, restaurants, shopping, and the arts district. Every amenity is at your fingertips, with Metropolis Restaurant on-site, Concierge, Fitness Center, Basketball courts, Indoor Lap pool, outdoor swimming pools, and putting green.

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29044 N 56th Street Cave Creek, AZ 85331

$1,145,000

4 Beds

2 Baths

2,837 SqFt

Status Active

MLS # 6702000

Property Type Single Family Residence

Price Type --

Welcome to your very own Paradise! This fully renovated property caters to various lifestyle needs- w/ no HOA! Acre corner lot siding to 56th St with a healthy setback. Home fronts to Skinner Dr. with a Cave Creek address, Phoenix utilities, and low county taxes. 5 car garage stores all your toys & caters to the collectors, hobbyists & craftsmen, plus 2 car carport for overflow. Home has been professionally renovated w/ luxury plank tile floors in all rooms, thoughtfully designed kitchen boasting handcrafted Distinctive Custom Cabinetry, stainless appliances, built-in refrig, pot filler, and pass-through window to patio...Super-efficient designed for current owner- NOT a flip & extra insulated for low utilities. The Split floor plan has 3 over-sized guest rooms and a fully renovated guest bath with a separate soaking tub and shower. Primary bedroom has walk-in closet & French door to back patio. Other exciting features include vaulted ceilings, skylights for natural lighting, A den or formal dining space with bookshelves, Plantation shutters, brick fireplace in fam room, large laundry room with built-in cabinets. The backyard has the space for a pickleball court, horse stall, or other hobbies. Jump into your sparkling pebble-tec pool built just 8 years ago. Enjoy shaded sitting areas front & back. Loads of storage, interior space to add a powder room. 2 of the garages are attached & 3 car detached w/ extra electricity & AC, full RV hook-up with septic clean-out. Too much to list- Go see this gem of a home!

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8 Biltmore Estate Unit 107 Phoenix, AZ 85016

$1,145,000

2 Beds

2 Baths

1,726 SqFt

Status Active

MLS # 6660866

Property Type Apartment

Price Type --

Stunning single level luxury condo located on the Arizona Biltmore Golf Course, perfect end unit opening onto the golf course with wonderful expansive views and one of largest patios, private front outdoor entry area opening to the unit, gourmet kitchen and great room featuring slab granite counters, beautiful updated cabinetry, stainless steel appliances, wood and stone floors, split primary suite with great views, primary bath features travertine shower, large soaking tub, 2 updated vanities with lighted mirrors and 2 walk-in closets. Step out on your expansive back patio and enjoy the views of golf course & mountains, all of this and a multimillion dollar club house with private workout facility, pool & spa and on site 24 hour guard, closely located elevator that leads to to your 2 parking spaces and storage room. this condo has the best location! Guests can stay to the closely located Az Biltmore Hotel...dine at the wonderful places just steps away!

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4530 E Red Fox Lane Flagstaff, AZ 86004

$1,144,900

5 Beds

3 Baths

3,114 SqFt

Status Active

MLS # 6701350

Property Type Single Family Residence

Price Type --

TURN-KEY SHORT TERM RENTAL! This FULLY FURNISHED gorgeous, fully remodeled home sits on a 1/4 acre heavily wooded, cul-de-sac lot in Continental Country Club! Featuring 5 spacious bedrooms, 3 full baths, palatial great room w fireplace, attached dining room & entertainer's kitchen with white cabinetry, Quartz countertops, SS appliances with double ovens, walkin pantry & kitchen island overlooking the dining nook! Upgrades abound & include wood laminate flooring throughout, modern fixtures, soaring vaulted ceilings, fresh designer paint inside & out, two car garage & much more! Primary bedroom is downstairs & boasts ensuite bath with double sinks with Quartz counters, separate walkin tile shower & soaking tub & walkin closet! 3 upstairs bedrooms have walkout balcony with stunning views!

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20453 N 95th Place Scottsdale, AZ 85255

Open House

$1,140,900

3 Beds

3 Baths

2,468 SqFt

Status Active

MLS # 6650312

Property Type Single Family Residence

Price Type --

This very beautiful, cozy home, in the highly desired DC Ranch gated community, offers 2-master suites and 3 full bathrooms with a 3rd bedroom which could be used as an office. As you enter you'll enjoy the easy flow of the layout. The home boasts a fully recently replaced roof along with your own private, temperature controlled, wine cellar, which holds over 150 bottles. Enjoy morning coffee in the backyard that has great mountain views. You'll fall more in love with the lovely AZ evenings on the back patio w/ heated pool & spa which offers tranquil water features and relaxing nights lights. Also equipped with built in BBQ grill. The 2 car Garage has extra cabinets for storage. The DC Ranch community offers a perfect combination of restaurants, activities and additional amenities.

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1139 E Dolores Road Phoenix, AZ 85086

$1,140,000

4 Beds

3.5 Baths

3,038 SqFt

Status Active

MLS # 6681675

Property Type Single Family Residence

Price Type --

Another beautiful home by NEXTGEN Builders to be built: 4 BD plus office/den, 3.5 BA, high quality luxury home, oversized 2 car gar plus 46+' RV gar with 12x14' tall garage door. Large lot. No HOA, oversized contemporary front door, 2x6 framed exterior, large kitchen island, 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. High ceilings, energy efficient spray foam insulation, post tension foundation, Pictures are of model home.

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6610 E Morningside Drive Phoenix, AZ 85054

$1,140,000

3 Beds

3 Baths

2,547 SqFt

Status Active

MLS # 6741116

Property Type Single Family Residence

Price Type --

Quiet street in the beautiful Paridise Ridge gated community. 3 bedroom 3 full bath with a den plus bonus room that could be used as another office or nursery. Extra large master closet and a laundry room with lots of storage space. Back yard is low maintenance with artificial turf. Garage has hanging storage and epoxy floors.

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2775 S Baker Drive Apache Junction, AZ 85119

$1,140,000

4 Beds

3.5 Baths

3,273 SqFt

Status Active

MLS # 6721580

Property Type Single Family Residence

Price Type --

Breathtaking Home with Spectacular Mountain Views nestled on 1.3 acres of serene living, perfect blend of tranquility and luxury. Owner's suite is a private retreat featuring a spa-like bath with glass shower, soaking tub, and a walk-in closet with ample storage. Split Floorplan: This thoughtfully designed layout ensures privacy with the owner's suite on one side and a large flex room along with three guest rooms in another wing. One guest room with en suite bath, while two others share a convenient Jack and Jill bath. A powder room is perfectly situated off the flex space/living room. With 10ft ceilings, spray foam insulation for superior energy efficiency, and large dual pane windows framing picturesque views, every detail of this home exudes elegance and comfort. The heart of the home is an expansive open kitchen featuring a huge center island with quartz counters, a large walk-in pantry, A 4-car garage provides ample space for your vehicles and storage needs, including a dedicated charger for electric vehicles. The meticulously planned yard offers spaces for everything - from enjoying the views to hosting BBQs in the dedicated entertaining area. Artificial turf ensures low maintenance, while well-planned drainage and a garden area cater to all your outdoor needs. There's even space for an additional dwelling, with plans for the next phases of yard development available (pool ADU). The property features a shared well with 4 other homes, reaching 550 ft deep with water at 240 ft. A water softener and RO system ensure high-quality water throughout the home. Spray foam insulation offers excellent energy efficiency. Escape the hustle and bustle with light-restricted nighttime living, perfect for stargazing and enjoying the peaceful ambiance of your surroundings.A few days each year, for just a few minutes, the sun projects a larger-than-life shadow of a cougar chasing its prey, known as the Cougar Shadow. Witness this breathtaking natural event right from your own backyard. This custom home is more than just a place to live; it's a lifestyle. Don't miss the opportunity to make this extraordinary property your own. Experience the perfect balance of luxury, comfort, and natural beauty.

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2206 E Sapium Way Phoenix, AZ 85048

$1,139,995

5 Beds

3.5 Baths

3,887 SqFt

Status Active

MLS # 6703828

Property Type Single Family Residence

Price Type --

Stunning former model w/ fantastic floor plan, mountain views & total privacy backing to Mountain Preserve. 2 suites w/ full baths, one up/one down, w/ 3 additional large rooms. Huge kitchen w/ double island, 2 separate sinks, espresso cabinets, granite countertops, and SS appliances. Master bath (down) w/ freestanding soaking tub & walk in shower w/ multiple shower heads. Roof replaced 2021 (15-yr warranty), new 5 ton HVAC for downstairs, hot water heater 2 yrs old, & water filtration/softener throughout! Backyard is private oasis w/ covered patio, sparkling pool + spa & fire pit. Nearby shopping, dining, hiking & top-rated schools. 20 min to Sky Harbor Airport. LOW HOA $198 semi-annually, offering biking/walking paths, pickleball, tennis, playgrounds, community pool and spa. LUCKY BUYER

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17810 E Stocking Trail Rio Verde, AZ 85263

Open House

New

$1,139,900

2 Beds

2.5 Baths

2,186 SqFt

Status Active

MLS # 6762458

Property Type Single Family Residence

Price Type --

Welcome to your Spanish Hacienda in the 55+ community of Trilogy at Verde River. Wow!! This 2 bedroom, 2.5 bath home is absolutely stunning! The front courtyard has an inviting sitting area with an exterior fireplace. As you enter the home, you'll see the den/office, with a barn door. The hallway opens to the kitchen & great room. There are luxury upgrades everywhere! Wide plank tile flooring throughout, with some fun, white washed tile in the bedrooms to make a statement. Beautiful plantation shutters, and the sliding glass doors along the back to bring the outdoor living in. The outside patio has plenty of room for entertaining & the landscaping is exquisite! There is a walking path around the home, to give a little more space to the left side and behind. The panoramic mountain views are breathtaking! Trilogy has too many amenities to mention. The Resort style pool, a lap pool, Eddy's Poolside dining, Alvea Spa, a golf course by Tom Lehman, Afturburn Fitness Center, Tennis & Pickleball Courts. Bocce Ball, a 7.5 acre Dog Park, Needle Rock Restaurant, Cooking Classes at Helen's Kitchen, Classes at The Art Loft, outdoor concerts and more!! This is not just a community, it is a lifestyle. Truly a one of kind home, don't miss it!

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