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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8340 E Roma Avenue Scottsdale, AZ 85251

$1,135,000

5 Beds

4 Baths

2,502 SqFt

Status Active

MLS # 6630801

Property Type Single Family Residence

Price Type --

Nestled in a prime location near Old Town Scottsdale & Fashion Square, this 5-bed, 4-bath gem is fully updated with a blend of classic & modern aesthetics, including wainscoting & crown molding. The kitchen boasts a subway tile backsplash & sizable island with storage & seating. The great room showcases a decorative accent wall and a picture window with cozy window seat as the perfect space to curl up with a book or just daydream as you gaze out the window! Other features include game room with a corner fireplace Each luxurious bathroom features exquisite tile surrounds and are adorned with modern plumbing & lighting fixtures. Step into the backyard oasis, complete with a BBQ and refreshing pool, offering the perfect setting for outdoor gatherings. Conveniently, the pool area provides direct access to a stylishly appointed bathroom. Currently serving as an Airbnb, this home presents a perfect blend of style & functionality. Come on over to explore the epitome of comfort & convenience in the heart of Scottsdale!

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9186 S San Pablo Drive Goodyear, AZ 85338

$1,135,000

4 Beds

3.5 Baths

4,314 SqFt

Status Active

MLS # 6703066

Property Type Single Family Residence

Price Type --

A true gem in the desert! This 4300 square foot home is nestled on a premium 1.19 acre lot at the base of the Foothills mountains in the amenity rich community of Estrella Mountain Ranch. Every room of the home on the main level is the epitome of Southwest Arizona charm and boasts mountain views from the quiet cul-de-sac lot. The chef's kitchen features stainless steel oversized double oven, six burner gas stove top, a warming drawer, trash compactor and dual dishwashers with oversized pantry. Kitchen also features breakfast bar with seating of up to six and is conveniently situated between the living room, eat in kitchen nook, and formal dining room to ensure effortless flow of the home. Home boast a split floorplan featuring soaring 12 foot ceilings on main floor, custom floor to ceiling window treatments, dual fireplaces, a home office and bonus space. Master retreat features oversized bedroom, expansive dual master closets and en suite complete with dual vanities, make up counter, separate tub and walk in shower, and matching built in cabinets for linen storage. In the basement you will find an additional two bedrooms, bathroom and a bonus living / entertaining space including dry bar complete with mini fridge. The expansive backyard is the epitome of AZ outdoor living and an entertainers paradise and features an oversized patio, private pool, dual firepits, water feature, private basketball court and a covered BBQ with built in grill and counterspace fit for a pit master. The coveted community of EMR features two resident centers with fitness centers, restaurants and heated pools alongside breathtaking walking trails and family driven activities monthly. Don't miss out on your opportunity!

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5450 E Yale Street Phoenix, AZ 85008

$1,134,000

4 Beds

3 Baths

2,250 SqFt

Status Active

MLS # 6715749

Property Type Single Family Residence

Price Type --

Stunning remodel/rebuild home with amazing views in Arcadia Light. Step inside to discover a spacious home with higher ceilings, great windows, engineered plank floors, and a stunning kitchen and bathrooms. The Kitchen is a chef's delight with a 36'' gas range, granite countertops, stainless built in fridge/freezer and all overlooking a beautiful and large back yard. The bathrooms boast a modern chic walk in showers, double rainfall shower heads w/ a clean & modern feel. The master suite is large, with a full walk in closet and is simply stunning! Overall, this home is amazing. Back yard is large and grassy, with a pool/jacuzzi that was just replastered, and lots of nice mature landscaping. Enjoy the views of both Camelback and Papago Park. You will not be disappointed.

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13910 E Dyer Road Scottsdale, AZ 85262

$1,130,000

4 Beds

3.5 Baths

3,065 SqFt

Status Active

MLS # 6684623

Property Type Single Family Residence

Price Type --

Escape the City life to this Custom Built Nextgen home. Surrounded by sweeping Mountains and nestled at the end of a private Cul-De-sac. Bring your horses & create your Equestrian dream with this large, oversized Estate lot. Enjoy the Outdoor lifestyle with access to Granite Mountain Trail Head, Tom's Thumb & several Golf Courses. Whip up Gourmet meals on your Wolf Gas Double oven & cook top. Beautiful Quartz Counters with large center Island. Chill your favorite beverages in the Zephyr Wine fridge. Split 4-bedroom, 3.5 baths, Den or office. Large Great Room that provides plenty of space for entertaining. Large master retreat with a separate shower & tub & large walk-in closet. Additional bedroom W/Ensuite bath. Large covered patio. Home has never been lived in & priced well. spacious walk-in closet, separate shower & tub and slider to back patio. Custom 8' interior doors throughout. Oversized 2-car garage. Preserve your RV from the AZ Sun with your private 45' RV Garage with 12'X14' doors. Enjoy all the peace and quiet this beautiful North Scottsdale home has to offer

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11268 N Williamsburg Avenue Surprise, AZ 85388

$1,129,995

3 Beds

2.5 Baths

2,656 SqFt

Status Active

MLS # 6753243

Property Type Single Family Residence

Price Type --

Ready in Fall 2024, modern luxury meets elegant design in this stunning quick move-in home. This St. Helena floorplan welcomes you in with a stunning well-appointed foyer. The gourmet kitchen makes a statement with its premium finishes, upgraded cabinets, and stainless steel appliances. Embrace relaxation in the sun-filled great room that is bursting with natural light and is adjacent to the kitchen and casual dining area. The primary bathroom suite offers the perfect getaway with a resort-like shower complete with a sitting area, as well as free-standing tub and walk-in closet. Escape with the family with the home's covered outdoor patio that is enhanced with a fireplace and stunning West facing mountain views.

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17299 W Gretna Street Surprise, AZ 85388

$1,129,995

5 Beds

4.5 Baths

3,741 SqFt

Status Active

MLS # 6646969

Property Type Single Family Residence

Price Type --

This Ballantyne floor plan two story has 5 bedrooms, 4.5 bathrooms, and a 2 car garage. Located within this beautifully landscaped, all-ages gated master planned community featuring an active lifestyle with golf, clubhouse activities, pools, sport courts, professional spa, and an on-site restaurant and bars. Premium finishes in the kitchen include name-brand appliances, upgraded cabinets, and hardwood floors. The open-concept great room is the perfect atmosphere for entertaining, with connectivity to the dining area and expansive views of the outdoor living space. The second floor offers a versatile loft space that can be suited to your needs. The expansive flex room is conveniently placed off the foyer, providing plenty of space for entertaining.

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10772 N 103rd Way Scottsdale, AZ 85260

$1,129,900

4 Beds

2.5 Baths

3,271 SqFt

Status Active

MLS # 6726467

Property Type Single Family Residence

Price Type --

Nestled on an expansive lot in a highly desirable neighborhood, this remarkable property offers a perfect blend of comfort and outdoor living, with no HOA restrictions! Imagine relaxing by your sparkling pool or spa, surrounded by lush grass and breathtaking mountain views.Step inside to discover a move-in ready home, or take the opportunity to customize it to your taste. Located in the coveted Shea/Cactus Corridor, you'll be surrounded by stunning multimillion-dollar homes and enjoy easy access to scenic walking and biking paths that lead to Scottsdale Ranch Lakes. The spacious living room features a cozy fireplace, ideal for intimate evenings with family and friends. An adjacent dining area sets the stage for hosting dinner parties and holiday celebrations. The bright kitchen, designed for both functionality and style, showcases stainless steel appliances, granite countertops, ample cabinet space, and a central island perfect for meal prep, all with views to the inviting patio and pool area. Retreat to the luxurious main-level owner's suite, which boasts two walk-in closets and a spa-like ensuite bathroom complete with a jetted tub, dual vanities, and a separate Thermasol steam shower. Upstairs, you'll find a generous bonus room with a balcony overlooking the pool and stunning McDowell Mountain views, along with three additional bedrooms and a full bathroom. Step outside to your backyard paradise! With covered patios, a spacious lawn, and mature trees offering shade and privacy, it's an ideal setting for al fresco dining, lounging by the pool, or gardening in your own slice of tranquility. Recent upgrades include a 50-year fire-certified stone-coated metal roof installed in 2003, newly completed quartz plaster in the pool and spa (2023), one new HVAC system (2021) servicing the owner's suite and one upstairs bedroom, and a new side-by-side refrigerator (2021). A new variable-speed pool pump motor just installed in 2024 ensures optimal efficiency for your oasis. Conveniently located within minutes to top rated schools including Basis Charter School, shopping, dining, entertainment venues, and major health facilities like Mayo Clinic and Honor Health, with easy access to the 101 Freeway. Don't miss this incredible opportunity to own a stunning property that perfectly combines luxurious living with the natural beauty of Arizona!

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5672 W Bruno Canyon Drive Prescott, AZ 86305

$1,129,000

3 Beds

2 Baths

2,024 SqFt

Status Active

MLS # 6758560

Property Type Single Family Residence

Price Type --

GOLF COURSE LIVING! Very unique location offering spectacular golf course views. 3 bedroom 2 bath home with spacious direct entry two car garage. Beautifully landscaped property with fully fenced in back yard is perfect for outdoor entertaining. Inside you'll find upgrades throughout including modern fixtures, premium finishes and upgraded appliances. Experience luxury living with this open floor plan that provides plenty of natural light. Don't miss the opportunity to own this stunning move-in ready home. 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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12852 E Sahuaro Drive Scottsdale, AZ 85259

$1,129,000

4 Beds

2.5 Baths

2,400 SqFt

Status Active Under Contract

MLS # 6742012

Property Type Single Family Residence

Price Type --

Breathtaking from the moment you step in! Enjoy the spacious, stylish and on trend. Nothing has been overlooked in this stunning home. Over 250K of upgrades. This complete remodel house features exquisite finishes and details throughout numerous custom and designer elements with wide open floorplan. Gorgeous kitchen with marble and quartz countertops with Bosch stainless steel appliances that opens up to a large living space that is perfect for entertaining. A few of the many attributes include NEW roof, windows, wooden California shutters, A/C, high end Pool equipment, Bosch stainless steel appliances, LG washer/dryer with steamer, waterfall kitchen island with tall cabinets, laminated flooring and 48''x24'' tiles, Smart bidet, Free standing tub with jet, Quartzite bathroom counter-top, Pot lights and light fixtures, Office/Bedroom with coffered ceiling, remodeled backyard with gazebo. Be sure to experience this exceptional property in person! Convenient Access to Loop 101. Near BASIS School and Top Scottsdale Schools, Mayo Clinic, Golf Courses, Dining, Shopping, Hiking Trails and more! Peace and Quiet... in a Prime Location

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12628 N 2nd Street Phoenix, AZ 85022

$1,129,000

4 Beds

3 Baths

3,164 SqFt

Status Active

MLS # 6688012

Property Type Single Family Residence

Price Type --

Mountains everywhere! This is it! One-of-a-kind huge lot backing to preserve! This amazing & updated home is very special! Owners remodeled & expanded the Family Room/Kitchen for an open concept! A true Gourmet kitchen w/the perfect Mega 12' Island! This property is an Entertainer's delight w/lots of indoor and outdoor spaces. 4 bedrooms & ensuite den for the perfect at home/work/zoom space. Huge Split Primary Ensuite. Bathroom w/spa features: Elegant shower & soaking tub w/jets and therapy bubbles! Formal living room as well for extra living space. True Arizona landscape w/natural desert, trees, garden, paths, ramada, firepit, patios, & space for a pool! Your own gate to the preserve! Lots of trails! Near Gold Key Racquet Club & Moon Valley CC nearby! Located in North Mountain area.

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4208 E Via Dona Road Cave Creek, AZ 85331

$1,126,595

3 Beds

3.5 Baths

3,050 SqFt

Status Active

MLS # 6745294

Property Type Single Family Residence

Price Type --

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21875 E Misty Lane Queen Creek, AZ 85142

Open House

$1,125,995

4 Beds

4 Baths

2,899 SqFt

Status Active

MLS # 6694899

Property Type Single Family Residence

Price Type --

Designer Appointed Fiora Floorplan Move-in-Ready July 2024! Take the guesswork out of color palettes and textures .Our Design Team has done it for you! This 4 bdrm 3.5 bath home w/den and upgraded Chefs Kitchen boasts large kitchen island upgraded Jenn-Air Appliances & upgraded Cabinetry! Your Dining area sits off the covered rear patio w/ future views of your resort style backyard. through 2-12' Multi Stacking Doors that perfectly frame your mountain views. Primary bedroom has french door to backyard & Primary Bath is complete w/ freestanding soaking tub, Beach Entry Shower & Dual Sinks w/ Vanity & Custom walk-in closet w/ direct access to your large Laundry Room w/ base & upper cabinets, & sink. 3 car garage & gated community w/ walking trails make this home a 10+

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