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 99th 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.

Whats 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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3336 E Mountain View Road Phoenix, AZ 85028

$1,125,000
3 Beds
3 Baths
2,538 SqFt
Status Active Under Contract
MLS # 6746792
Property Type Single Family Residence
Price Type --
Welcome to your dream home in Paradise Gardens, offering mountain views of the Phoenix Preserve. Whether you're sipping your morning coffee or entertaining guests you'll love relaxing on your spacious front patio. Step inside to discover vaulted ceilings and 16-ft double sliding doors in the great room, leading to a beautifully renovated home, both inside and out. This home perfectly blends modern luxury and comfort, featuring a stunning custom wood-burning fireplace and premium luxury vinyl plank flooring throughout, creating a warm and inviting atmosphere for lively gatherings or quiet, cozy evenings. The heart of the home is the completely modernized kitchen, with sleek cabinets, quartz countertops, stainless steel appliances, and an under-counter drawer microwave-ideal for... preparing meals and entertaining. Retreat to the primary suite, your private sanctuary with luxurious solid wood flooring and a spacious walk-in closet with built-in shelving. The spa-like en-suite bathroom boasts an oversized double shower with dual rainfall shower-heads, a free-standing tub, and a back-lit LED mirror. The secondary suite provides a haven for guests, featuring its own freshly remodeled bath and a private entrance to the backyard from the adjacent flex room. This space can be utilized as an office, a sitting area, a hobby room, or even converted into a kitchenette for an in-law suite or Airbnb. Step outside to your personal oasis. Relax on the oversized baja shelf in the completely remodeled pool, or host barbecues amidst lush landscaping and extensive paver patios. The circular driveway, with extended RV parking, offers ample space for guests and room for your toys. This stunning property, with NO HOA, promises both tranquility and convenience in one of the area's most sought-after locations. Whether you enjoy hiking, mountain biking, or easy access to endless shopping and culinary experiences, welcome to your new home on Mountain View Rd. where every detail is designed for your comfort and enjoyment.

862 N Butte Avenue Chandler, AZ 85226

$1,125,000
4 Beds
3.5 Baths
3,419 SqFt
Status Active
MLS # 6738757
Property Type Single Family Residence
Price Type --
Welcome to the epitome of luxury living in this centrally located Chandler neighborhood. A one-of-a-kind contemporary modern interior features 4 bedrooms, 3 full baths, and 1 half bath with a plethora of upgrades and features that will leave you in awe. Meticulously maintained by the original owner, this property exudes sophistication and artistic style. The open floor plan is perfect for family living or entertaining, with the primary suite on the first floor. The home also boasts a custom 114-bottle, temperature-controlled wine cellar, high-end kitchen appliances, custom lighting, elegant limestone flooring, and luxurious Gravity Glas pieces throughout. The oversized primary ensuite features a volcanic limestone bathtub and steam shower. Upstairs, you'll find all secondary bedrooms and a large loft or theater room. The 3-car garage with a third bay that is fully enclosed, insulated, with central air adds even more value. Outside, you'll find over a 1/3 of an acre of your very own private park setting. A resort-style pool with a waterfall, built-in BBQ, fireplace, and a sports court with a basketball rim. Surrounded by mature trees and ample space for all your family's favorite activities. Whether you're hosting a summer BBQ or enjoying a game of basketball, this backyard has everything you need. Brand new energy-efficient windows, custom shutters, new AC units, a Kinetico water softener system, updated water heater. This home provides easy access to the 101, 202, and I10 Freeways, as well as being just a 15-minute drive from Sky Harbor Airport. It is close to major employers like Honeywell, Intel, and Microchip. Also within walking distance of schools, in close proximity to Desert Breeze Train Park, tons of shopping, and dining options.

1540 N Mariposa Road Flagstaff, AZ 86004

$1,125,000
4 Beds
4 Baths
3,873 SqFt
Status Active
MLS # 6724027
Property Type Single Family Residence
Price Type --
Welcome to 1540 North Mariposa Rd! This stunning property is a true gem that offers a combination of comfort, style, and natural beauty. Curb appeal galore, you'll enter impressed by the enlarged Trex front deck, perfect for enjoying the beautiful Flagstaff weather and watching the deer graze with a peak view of the golf course. Entering you'll notice hickory hard wood floors that lead you to the formal living and dining room to the left and an office/bedroom on the right. From there you'll enter the great room a.k.a. ''the heart of the home!'' It touts high ceilings, a massive rock fireplace, a large breakfast nook, an Arizona room and a chef's dream kitchen. With modern appliances, ample storage space with pull out drawers, and a large island that serves as the perfect gathering spot for family and friends. Whether you're preparing a quick meal or hosting a dinner party, this kitchen has everything you need to make many great memories. The bedrooms in this home are spacious and comfortable, providing a tranquil retreat after a long day. The primary suite bathroom has a walk-in shower, separate soaking tub and a walk-in closet! There are 3 spacious guest bedrooms with a jack and jill bathroom. The 3-guest bedrooms also comes with a full bathroom and an additional flex room to be used for a workout space, extra tv room or for sleeping extra guests. But the true highlight of this property is its outdoor space. Step out onto the back patio, and you'll find yourself in a private oasis with three areas for dining and entertaining. The back is beautifully landscaped with split-rail fencing around the back perimeter. Whether you're enjoying a morning cup of coffee, hosting a barbecue, or simply taking in the stunning views, this outdoor area is sure to become your favorite spot. On colder days, you can still enjoy the backyard views by soaking in the sun from the Arizona Room! The location is perfect with easy access to a variety of Country Club amenities, outdoor activities, including hiking, biking, and skiing. With its proximity to the beautiful Coconino National Forest, you'll have endless opportunities to explore and enjoy the natural beauty of the area.

3953 E Silo Drive Gilbert, AZ 85296

$1,125,000 - 5Br/4Ba -  for Sale in Lakeview Trails Southeast At Morrison Ranch, Gilbert
Open House
$1,125,000
5 Beds
3.5 Baths
3,384 SqFt
Status Active
MLS # 6757538
Property Type Single Family Residence
Price Type --
Welcome to this stunning 2021-built home in the highly sought-after Morrison Ranch Lakeview Trails community! Situated on a premium corner lot with desirable north-south exposure and across from a greenbelt, this home is packed with incredible upgrades perfect for entertaining. Step inside to find a custom entertainment center, drop zone, and a bright, open kitchen featuring a double oven, gas cooktop, and views of the resort-style backyard. In 2022, a 45,000 gallon 8' deep pool package was added, complete with a heated pool, spa, pergola, BBQ, gas fire pit, in-ground trampoline, and lush landscaping. This backyard is truly an entertainer's dream! The community offers a vibrant lifestyle with white picket fences, lakes, trails, and amenities like tennis, basketball, pickleball, and volleyball courts. Plus, you'll enjoy top-rated public and charter schools, nearby freeways, shopping, dining, and entertainment at San Tan Mall. This is a place where neighbors become friends, and community events bring everyone together. Don't miss out on this exceptional home! Additional upgrades: Permanent LED Exterior Lighting LED lights installed on the front of the home. All lights can be controlled from an app and the user can customize color, pattern, brightness etc. Custom Window Treatments All windows on the main level have cordless bamboo shades. The windows that face the front of the home are lined for privacy. The windows in the primary bedroom have the same bamboo shades and are all lined for privacy. The rest of the windows on the upper level have white blackout cellular shades 8 ceiling fans, and other light fixtures have been upgraded 240 Volt EV outlet installed in the garage

9242 E Desert View Scottsdale, AZ 85255

$1,125,000 - 3Br/2Ba -  for Sale in Dc Ranch Parcel 1.17, Scottsdale
Open House
$1,125,000
3 Beds
2 Baths
1,740 SqFt
Status Active
MLS # 6721539
Property Type Single Family Residence
Price Type --
MOVE-IN PERFECT! Beautifully Updated, Single Level 3 Bed + Den Home, in the Highly Sought After, Gated Community of DC Ranch w/ State-of-the-Art Workout, Pool & Community Center, Tree-Lined, Quiet Streets, Convenient to Everything North Scottsdale has to offer. You will Love the Charming Entrance through the Courtyard, to the Arched Blue Front Door. Enter the Rotunda Foyer w/ Wide Plank, White Oak Hardwood Flooring throughout. Kitchen w/ Quartz Countertops, Tile Backsplash, Kitchen Aid Professional Appliances, Kohler Farmhouse Sink & Pantry, Opens to Dining & Great Room w/ Gas Fireplace. Plantation shutters, Pottery Barn lighting, 3rd bedroom/office has French doors to outside courtyard entrance. Gorgeous Bathrooms w/ Marble Flooring, Countertops & Ceramic Handmade Tiles. Primary w/ Calacatta Double Oak Vanities, Kohler Stand-Alone Tub & Large Walk-in Closet. Exit from Kitchen Area to Private Patio w/ Built-in BBQ & 2nd Gas Fireplace, Beautiful Travertine Pavers & Low-Maintenance Yard w/ Turf.

3001 E Acoma Drive Phoenix, AZ 85032

$1,124,900
3 Beds
3.5 Baths
3,000 SqFt
Status Active Under Contract
MLS # 6738779
Property Type Single Family Residence
Price Type --
NO HOA! Perched on a .58 acre hillside lot w/panoramic views from multiple vantage points, this meticulously maintained custom home is an entertainer's delight. As your guests step onto the shaded and misted front patio, they'll be greeted by the tranquil sound of the water feature, and sweeping views of the McDowell Mtns to the North and East. Sliding glass doors bring the outdoors into the spacious living/dining/den with soaring 14-foot ceilings and multiple indoor/outdoor ''entertainment zones.'' The eat-in kitchen features designer cabinetry, quartz countertops, sit-up bar, Kitchen Aid appliances and an adjoining breakfast nook with a view to the rear patio and putting green. Each of the 3 bedrooms deliver boutique hotel comfort with en-suite spa-like bathrooms and walk-in closets. Tucked away in the front corner of the home, the separate office/den boasts incredible mountain views. The terraced rear yard features 5 distinct zones for: cooking, dining, lounging, putting, and taking in the views. Accessible via large sliding glass doors, the shaded and professionally misted rear patio features a built-in propane grill, outdoor living room and dining area. The putting green includes top-of-the-line turf and is adjacent to stairs that lead to a 360-degree view patio ideal for cocktails to enjoy sunsets behind Lookout Mountain to the West. Home situated blocks from the highly rated Great Hearts Academy on 32nd Street, and a few minutes' drive from both Basis Scottsdale and Scottsdale Christian Academy. Neighborhood known throughout Valley for its annual Holiday luminaria display (with thousands of luminaria along Acoma Drive), caroling, and festive parade.

4812 W Greenway Road Glendale, AZ 85306

$1,124,900
4 Beds
2 Baths
1,770 SqFt
Status Active Under Contract
MLS # 6633211
Property Type Single Family Residence
Price Type --
Here is a Rare opportunity for a move In Ready/Updated horse property on 1.7 +\- acres. Bring your horses, toys, trucks, trailers, and more. (Irrigation Available) on lot in Sunburst Farms with NO HOA and barn with approximately 3100 sqft +\- under Roof. This fully upgraded property has a new roof, windows, garage door, AC, water heater, cabinets, counter tops and much more. Lease to purchase option available.

8621 W Via Montoya Drive Peoria, AZ 85383

$1,120,000
4 Beds
3 Baths
4,028 SqFt
Status Active
MLS # 6589036
Property Type Single Family Residence
Price Type --
Welcome to this exquisite property that offers the perfect blend of luxury and functionality. This stunning main house was rebuilt in 2016 after a fire. It boasts 3,108 square feet with 4 bedrooms and 3 bathrooms. Alongside the main house, there is a 920 square foot guest house with an additional bedroom and bathroom; which wasn't rebuilt in 2016. It also has its own family room, dining area, fully functioning kitchen and washer/dryer hook ups. Throughout most of the main home you will find beautiful Turkish travertine flooring. The heart of this home is the entertainer's kitchen, featuring floor to ceiling custom cabinetry, a large granite island with ample storage, a custom glass cooktop and double ovens. Living room has a two-way fireplace that is shared with the master bedroom The fireplace is adorned with natural stone and a custom designed mantle, adding warmth and charm to the space. Master suite has double sinks, his/hers closest and an oversized walk in shower. Laundry room is thoughtful designed with custom cabinetry from floor to ceiling and plumbing for two washers and a dryer. Step outside and indulge in the paradise of your dreams with a sparkling pool complete with a relaxing cabana area, pool storage and shed. The property offers plenty of space for RV parking and a 50 amp breaker, ensuring convenience for your adventures. Beyond the aesthetics, practicality is not forgotten. The home comes equipped with a RO system and water softener. Situated on almost half an acre of land with no HOA restrictions, this property provides you with the freedom to enjoy your space and tailor it to your preferences. Don't miss this opportunity to call this place home.

9950 E Acacia Drive Scottsdale, AZ 85260

$1,120,000
4 Beds
2.5 Baths
3,374 SqFt
Status Active
MLS # 6719635
Property Type Single Family Residence
Price Type --
SPECTACULAR, ENERGY-EFFICIENT home nestled in a GATED COMMUNITY! Fantastic floorplan with an office downstairs, 4 bedrooms, plus a loft and laundry room upstairs! Well appointed kitchen boasts SS appliances and large walk-in pantry with tons of storage. Generously sized family room has large picture windows looking out to the backyard which includes inviting pool, spa, and fireplace - perfect for outdoor gatherings any time of year. No carpet - Shaw luxury vinyl and tile throughout. Enjoy breathtaking views of the McDowell Mts from your upstairs balcony off the primary bd rm which also boasts two WICs and a spacious bathroom. All of this wrapped in a VERY energy efficient home featuring 2 Lennox 18 SEER, variable speed HVAC units - 2021; new variable speed pool pump - 2020; and 12'' of additional insulation added to attic. This results in very low electric bills, historically 39% less, with an average 74 degrees home temp, see documents tab for details! All kitchen outlets upgraded to 20 amp. Ring doorbell and Swann System video security system for peace of mind. Prime Scottsdale location close to top-rated schools: Notre Dame Prep and highly rated charter schools Archway Scottsdale and Scottsdale Prep. Minutes from the 101, Westworld, the TPC, restaurants and shopping. A must see!

8772 W Brooklite Lane Peoria, AZ 85383

$1,120,000
4 Beds
3.5 Baths
3,550 SqFt
Status Active
MLS # 6706187
Property Type Single Family Residence
Price Type --
Luxury living in the quiet gated and desirable community of Montoro Preserve can now be yours. This amazing home has everything you've been looking for and needs no updates. The inviting front door welcomes you with stunning flooring and upgrades galore. The open floor plan draws you into the large great room where the triple-door slider seamlessly allows access to the back yard. The gourmet kitchen is bright and ready for entertaining with beautiful white cabinets that tastefully blend with the massive quartz island and countertops. The immaculate attention to design details carryover to the appliances that includes a professional grade stovetop and double ovens. You'll also find peace and tranquility in the oversized owner's bedroom with a spa-like ensuite. Meticulously placed tile abounds with dual vanities with under cabinet lighting, soaking tub and a spacious walk-in closet. And as a bonus, there is private access to the backyard. The secluded office space is perfect for meeting with clients as it has a separate outside entrance. Enjoy quiet nights in the large back yard with covered patio and a built-in fire pit. Room for the boat can be found behind the RV gate with space for all of your outdoor toys. Don't forget, the finished 3 car garage has air conditioning, 220 volt outlet, air compressor, plumbed for a sink and 3 walls of attached garage cabinets! The gem is less than 5 years old, so it's like a new home but has all the finishing touches done!

11265 N 130th Way Scottsdale, AZ 85259

$1,120,000
5 Beds
3 Baths
3,253 SqFt
Status Active
MLS # 6723196
Property Type Single Family Residence
Price Type --
$55,000 PRICE REDUCTION! Welcome home to this stunning residence located in the heart of the coveted North Scottsdale. This beautifully designed home offers a blend of luxury and comfort. Open concept living featuring high ceilings, elegant finishes and large windows for natural light. Neutral tones to match any style. Kitchen boasts stainless steel appliances, granite countertops and a large island. Master bedroom located on first floor offers a double sided fireplace, French doors to the patio, jacuzzi tub, double sinks and large walk in closet. A second bedroom and 3/4 bath is located on first floor also. Three oversized bedrooms upstairs with another full bath. Three car garage with built-in storage, expansive covered patio in the back prime for entertaining next to the pool and built-in bbq. Lots of storage. Blocks away from the Mayo Clinic, top-rated schools Desert Mountain High School, Mountainside Middle School and BASIS Charter. Close to hiking, biking, shopping and dining providing the perfect balance of convenience and luxury.

1140 W Yosemite Place Chandler, AZ 85248

$1,120,000
4 Beds
2.5 Baths
3,000 SqFt
Status Active
MLS # 6746520
Property Type Single Family Residence
Price Type --
Hidden gem in Ocotillo, Private 10,000 sq.ft lot, with a Resort-Style back yard, Saltwater pool/spa. The 3rd garage was converted into a 4th bedroom. The home has wide plank Walnut floors, Rotunda Entry, 4 Bedrooms Plus and a den, great room with Gourmet Kitchen overlooking the beautiful back yard Oasis! 8' Solid Wood Interior Doors, Highly Upgraded Bathrooms, Wood Shutters and Blinds, Custom Faux Finishes, Wine Fridge, Fireplace, Cabinets in the Garage. Within walking distance to The Village Athletic club, restaurants and shops. This home has plenty of improvements. (See Documents Tab).

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