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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32621 N 15th Lane Phoenix, AZ 85085

$1,149,900

4 Beds

3 Baths

3,012 SqFt

Status Active

MLS # 6754033

Property Type Single Family Residence

Price Type --

Don't miss this stunning home with unobstructed mountain views! The heated pool, spa, gas firepit with conversation area, and built-in bbq make this home feel like a vacation everyday! Large covered patio, pavers, synthetic grass, and professional landscaping complete the backyard oasis. This triple split 4 bedroom plus flex front room is complete with 3 bathrooms and a 3 car garage. New premium luxury vinyl plank flooring throughout living areas including primary ensuite. Secondary bedrooms have new carpeting. This home has all new paint and updated trim and moldings throughout. Located on a cul de sac in a small gated enclave of highly sought after Sonoran Foothills surrounded by trails and parks, this home is ideal for Arizona living.

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7180 E Kierland Boulevard Unit 217 Scottsdale, AZ 85254

$1,149,500

2 Beds

2 Baths

1,366 SqFt

Status Active

MLS # 6752064

Property Type Apartment

Price Type --

PRICED TO SELL, LOWEST PRICE PER SQ/FT AVAILABLE IN KIERLAND OPTIMA!!! Beautiful, east facing 2nd floor unit to enjoy gorgeous sunrises and city light views. Enjoy views from any room! Spacious great room that is open to kitchen and has door to lovely balcony. Split floor plan, both suites have private bath. Optima offers luxury features and amenities such as the Roof Top Pool with breath taking mountain views, Roof Top Running Track, BBQ's, Rooftop Kitchen for entertaining, Heated Pool and Spas, Sauna & Steam room, State of the Art Fitness Center, Locker Rooms, Smash Ball Court, Indoor Basketball Court, Party Room, Coffee Bar in the Lobby, Gaming Area, Virtual Golf, Media Area, Yoga room, and much more the list goes on. Walking distance to Kierland & Scottsdale Quarter.

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340 E Orange Drive Phoenix, AZ 85012

$1,149,000

3 Beds

3 Baths

2,298 SqFt

Status Active

MLS # 6756936

Property Type Single Family Residence

Price Type --

* WINDSOR SQ- HISTORIC DISTRICT* VOTED ONE OF THE BEST NEIGHBORHOODS IN AZ! QUAINT & SERENE SETTING BOASTS CHARMING MID- CENTURY HOMES THAT TAKES YOU BACK IN TIME! CLOSE TO ALL...BUT TUCKED AWAY- HIDDEN TREASURE! ELEGANTLY REMODELED- *NEW* BATHS, KIT CTRS/APPLIC, ALL FLOORING...PLUS AMAZING BACKYARD-PERFECT TO ENJOY OUTDOOR LIVING- PLENTY OF PAVED PATIOS, GARDEN AREAS & TOTAL PRIVACY! GREAT ROOM OFFERS- WALL OF FRENCH DOORS TO OUTDOOR SPACES- OPENS TO KIT & CASUAL DINING. MSTR RETREAT W/ SPA BA- CLAW TUB,STYLISH DBL VANITY/& TILE SHOWER LAUNDRY RM W/ENTRY TO '' PRIVATE GARDEN'' & BBQ PATIO PERFECT FOR AFTERNOON COCKTAILS! OVERSIZED LOT .19 ACRE FILLED W/MATURE TREES & LUSH GREENERY...FEELS LIKE HOME! ALL CONVENIENCES NEARBY- SHOPPING, RESTAURANTS, MEDICAL...ENJOY LIFE IN WINDSOR SQ!

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21992 E Desert Hills Drive Queen Creek, AZ 85142

$1,149,000

4 Beds

2.5 Baths

3,005 SqFt

Status Active Under Contract

MLS # 6708769

Property Type Single Family Residence

Price Type --

Stunning, single level home with 24'x52' RV garage, sparkling pool, upgraded gourmet kitchen, 4 bedrooms, tile and wood floors, 2.5 bathrooms & putting green. Formal dining room with wood floors. Great room with surround sound speaker overlooking outdoor waterfalls at pool. Elegant kitchen with gas burner cooktop, double ovens, stunning granite countertops, large walk in pantry and oversized kitchen island with kitchen nook. Primary suite with spacious walk-in closet, tile surround extended shower, double sink vanities and french door exit to backyard. 220v outlet, two service doors and direct access to house. Seller will convert the den into 4th bedroom by adding a door if buyer desires. Refrigerator and TVs convey with sale! 24'x52' RV garage with 220v outlet, two service doors and direct access to house. Perfect for all your adventure toys. Desirable neighborhood with tree lined streets, community parks, close to shopping, restaurants and A+ rated schools.

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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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3806 E Taurus Place Chandler, AZ 85249

Open House

$1,149,000

6 Beds

4 Baths

3,863 SqFt

Status Active

MLS # 6746508

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Chandler, AZ! This stunning two-story residence offers an abundance of space and luxurious features, perfect for families and entertainers alike. With 6 spacious bedrooms and 4 well-appointed bathrooms, there's room for everyone to enjoy their own sanctuary. Step inside to discover a beautifully designed layout that includes a dedicated theater room, perfect for movie nights or entertaining guests. The fully finished basement adds extra versatility, making it an ideal space for a game room, gym, or extra storage. Outside, retreat to your private oasis featuring a sparkling pool, perfect for those hot Arizona days. With energy-efficient solar panels and two new HVAC units, you'll enjoy comfort and savings all year round.

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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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