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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7979 E Princess Drive Unit 14 Scottsdale, AZ 85255

Open House

New

$1,120,000

3 Beds

3 Baths

2,253 SqFt

Status Active

MLS # 6760232

Property Type Single Family Residence

Price Type --

Keep those promises you made to yourself: more time gathering with family and friends, more sunny days and more calm desert evenings. Easy to maintain and beautiful to behold, this soft contemporary remodel speaks casual ''everyday luxury''. Made for entertaining, the expansive great room segues into the dining space and open kitchen that invites comeraderie. Large quartz Center island, abundant cabinets and white oak style floors, wide baseboards, and tasteful fresh paint. Pleasant Natural light pervades accented with wooden shutters. Spacious primary with remodeled bath, plus bonus addition for an office/ work area. North/South exposure with Privately landscaped lot for backyard dinners or coffee in the Courtyard with Mountain Views. A gem ready to enjoy with North/South exposure, mature fruit trees, extra parking space in the cul de sac. ***Plus This PRIME LOCATION is walking distance to TPC GOLF COURSE, FIVE STAR FAIRMONT SCOTTSDALE PRINCESS RESORT & SPA (Princess spa membership option), SCOTTSDALE SPORTS COMPLEX, & WESTWORLD. QUICK DRIVE TO SCOTTSDALE AIRPORT, AIRPARK, WHOLE FOODS, MAYO CLINIC, KIERLAND & SCOTTSDALE QUARTER FOR A VARIETY OF RESTAURANTS, SHOPPING & ENTERTAINMENT....PLUS JUST MINUTES TO THE 101 LOOP AND 51 FOR CONVENIENT TRAVEL TO THE GREATER SCOTTSDALE AND PHOENIX AREAS. THIS IS THE PLACE TO BE FOR ACCESS TO THE BEST AMENITIES SCOTTSDALE HAS TO OFFER WHILE ENJOYING THE PRESTIGIOUS PRIVATE GATED CROWN POINT COMMUNITY. MINIMAL HOA FEES, SMALL INTIMATE COMMUNITY. PROPERTIES LIKE THIS DO NOT COME UP FOR SALE OFTEN! THIS HOME IS TURNKEY AND THE FURNITURE CAN BE PURCHASED ON A SEPARATE BILL OF SALE. SEE LISTING AGENT FOR DETAILS. WOULD MAKE A WONDERFUL SNOWBIRD RENTAL AS WELL

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2255 E Piewesta Peak Drive Phoenix, AZ 85016

$1,119,900

4 Beds

3 Baths

2,183 SqFt

Status Active

MLS # 6703509

Property Type Single Family Residence

Price Type --

Explore this beautiful property located in one of Phoenix's most desired neighborhoods. This home offers a fully upgraded, open floor plan featuring four bedrooms and three bathrooms- two of which are ensuites. The heart of the home is the inviting kitchen perfect for family cooking or entertaining guests. Step outside to a resort style backyard where a refreshing pool, soothing jacuzzi, grill, and outdoor lounging await. Surrounded by desert landscaping and offering beautiful mountain views, the outdoor space would be your own slice of paradise. The neighborhood is truly one of a kind, offering direct access to hiking trails for those who seek outdoor adventures and exploration. Don't miss out—schedule your viewing today!

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5942 E Windstone Trail Cave Creek, AZ 85331

$1,119,000

4 Beds

3 Baths

3,035 SqFt

Status Active Under Contract

MLS # 6705330

Property Type Single Family Residence

Price Type --

Back on market! Buyer could not perform. APPRAISAL IN HAND (OVER $100K INSTANT EQUITY!!!!!) This home is an absolute showstopper!! Completely updated with no expenses spared. It's an equestrian's dream, having undergone a gorgeous revamp from Santa Fe to modern chic. With the perfect flow and comfort level, it's excellent for multi-family living or a large family. I truly cannot say enough about this home. The location is fantastic, having an incredible amount of privacy, while still being exceptionally close to all the amenities you could possibly want. The home sits on a 1.386-acre corner lot with no HOA! The curb appeal is stunning, with a horseshoe driveway and fully updated landscaping. A hand-sculpted wrought iron horse greets you upon entry to this grand equestrian ranch home. It features new synthetic stucco and a new stacked stone front entryway with travertine ledges. Beautiful front covered patio and a custom door welcome you into a huge, spacious open-concept home with 12-foot ceilings, hand-scraped wood laminate flooring, and a stacked stone entertainment area. The gorgeous chef's kitchen offers amazing counter and cabinet space, open to the great room. The kitchen boasts high-end stone quartz countertops, a chef's faucet, and high-end KitchenAid appliances - all new, including the refrigerator. The microwave features self-steam clean, and the double oven also has air fryer capability. This split-floor plan home is amazing!! Featuring two master bedrooms, the largest of the master bedrooms sits on one side of the home, with coffered ceilings and his and hers walk-in closets, as well as a dual-sided fireplace that services both the bedroom and the amazing spa-style master ensuite. Custom tile wraps the fireplace and the whole bathroom wall to ceiling, including a step-in oversized jetted tub and a large glass shower. Above the large jetted tub there is a handcrafted art piece of glass that was sandblasted with a gorgeous design from an artist in Cave Creek. A large laundry room with plenty of extra cabinet space, as well as entry to the massive three-car oversized garage, is also located on that side of the home. As you walk through the home on the other side, there is yet another large master bedroom with a separate patio exit to the backyard and a gorgeous master shower and walk-in closet. The home also features two additional large bedrooms with a full guest bath and double sinks. The fixtures throughout this home are all high-end, adding the perfect touch of elegance to bring the Santa Fe ranch alive with a modern flare. The home features a huge covered back patio perfect for entertaining, a spiral staircase with a sky deck that offers 360° views that are absolutely breathtaking both day and night. The backyard is a completely fenced-in horse property with water and electric out to the back, featuring covered corral stalls, a barn/tack room with electric and water, and an outdoor arena. There is so much extra space in the back for unlimited potential. The home has a three-car oversized garage including extra height, a garage door that could be used for a large truck and or small RV, and fresh epoxy floors. There is also rear RV entry and side gate RV entry. You don't want to miss this opportunity. This is a superb home with a beautiful location! Welcome home~

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4212 E Via Dona Road Cave Creek, AZ 85331

$1,116,313

3 Beds

3.5 Baths

3,159 SqFt

Status Active Under Contract

MLS # 6736556

Property Type Single Family Residence

Price Type --

Quick Move-in Ready Home! Peak View is an intimate gated enclave of luxury single-level homes offering modern home designs by Cachet Homes. This Plan Two home is situated on a North/South lot and features 3,159 SF, 3 bedrooms, 3.5 baths, a 3-car garage, den, and an open-concept Great room and double island at the Kitchen. Additional upgrades include low maintenance desert front yard landscaping, Coastal painted and stained cabinets, quartz countertops, engineered wood floors, upgraded lighting package, and more!

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6073 E Brilliant Sky Drive Scottsdale, AZ 85266

$1,115,000

2 Beds

2 Baths

2,096 SqFt

Status Active

MLS # 6724323

Property Type Single Family Residence

Price Type --

6073 EAST BRILLIANT SKY DRIVE - TERRAVITA CAELUM 2 BEDROOM/2 BATH WITH 2 CAR GARAGE. SOUTH BACKYARD ON GOLF LOT. ARIZONA SUN THROUGH MULTIPLE WINDOWS! LARGE LOT HAS EXPANSION OPTIONS FOR CASITA OR THIRD GARAGE. Lovely entrance to a tiled open area. Great room, living room with entertainment wall and wall of niches and fireplace. Windows to open area/golf course. Double doors to patio. Breakfast nook and kitchen open to entire area. Breakfast nook is surrounded by windows for spectacular views. Kitchen has SS appliances, gas stove, microwave, granite counter and side area with additional cabinetry and counter. Primary bedroom again with lots of windows and double doors to patio. Plantation shutters. Bathroom has double vanities, walk-in shower, soaking tub. Floor Plan att Click Second bedroom is spacious with plantation shutters. Bath has single vanity and tub/shower combo. Additional closet and cabinetry in hallway. Laundry has cabinetry and counter space area. Backyard paradise: golf course lot and open for privacy; pool; paved, rock and grass with grass partially in yard and down side; covered patio; grill area. Perfect Arizona home for entertaining and luxury living.

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9823 E Dead Sure Place Gold Canyon, AZ 85118

$1,110,000

4 Beds

4 Baths

3,074 SqFt

Status Active

MLS # 6760838

Property Type Single Family Residence

Price Type --

Immaculate Luxury Surrounded By 360 Degree Vistas For As Far As The Eye Can See! STUNNING Architecture Features Curved Walls, Rounded Corners, Cathedral Ceilings & Arched Windows! Upgrades Include Travertine Floors, Granite Counters, Stainless Appliances, Solid Alder Interior Doors, MASSIVE Custom Front Door & Ramada, Custom Wrought Iron Railings, Wet Bar, Fireplace, Private Patios Galore & More! Outside Is An Entertainers Dream w/Multiple Seating Areas, Built In BBQ, Outdoor Bar & Sparkling & Serene Water Feature! The VIEWS Are Simply Breathtaking In ALL Directions!

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4709 E Cheshire Loop Prescott Valley, AZ 86314

$1,104,177

3 Beds

3 Baths

2,734 SqFt

Status Active

MLS # 6710743

Property Type Single Family Residence

Price Type --

This beautiful Capstone Home is MOVE-IN-READY in the master planned community of Jasper. Now includes backyard landscaping and washer, dryer and refrigerator! This home has a traditional elevation that features a 3 car garage on an oversized lot. 2,734 sq ft of single level luxury. 12' ceilings, oversized primary suite, 2 walk-in closets in primary, hardwood flooring throughout main living areas. Oversized pantry, gas fireplace with stone surround and rough sawn mantle. Primary suite bath is stunning.

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5548 W Silverdale Road Queen Creek, AZ 85144

$1,100,000

5 Beds

3 Baths

2,720 SqFt

Status Active Under Contract

MLS # 6697389

Property Type Single Family Residence

Price Type --

NEW CUSTOM HOME on 3.3 acres that will include 5 bedrooms, study/office/den, 3 bathrooms, quartz countertops, LVP flooring, designer tile surrounds in bathrooms, N/S exposure, privacy and the most breathtaking views of San Tan Mountains. Bring your horses, bring your friends and enjoy all Silverdale has to offer!

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9658 E Flanders Road Mesa, AZ 85207

$1,100,000

5 Beds

4 Baths

3,525 SqFt

Status Active

MLS # 6750120

Property Type Single Family Residence

Price Type --

BRAND NEW Constructionwith NO HOA! Stunning Modern Farmhouse on a 1 ACRE LOT w/ Horse Privileges. 4 Car Side Entry Garage and GUEST LIVING w/ Seperate Entry. Gourmet Kitchen with WOLF APPLIANCES, high-end Cabinets w/ 42'' uppers, White Quartz Countertops, 36'' Cooktop, Built-in Stainless Steel Microwave Drawer and Wood Plank tile Floors. Stunning Master Bathroom with Freestanding Soaking Tub, BEACH ENTRY Modern Glass Shower and Beautiful Double Vanities. Exceptional Energy Efficient - boasting Spray Foam Insulation, Premium Trane 14 seer AC units & High-end Windows. Superior Construction and Craftmanship includes Premium Roofing System, Premium Synthetic Stucco & much more! Close to hiking and horseback riding trails in San Tan Mtns. ESTIMATED COMPLETION DATE Feb/March.

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3283 W Mesquite Street Phoenix, AZ 85086

$1,100,000

4 Beds

3.5 Baths

3,038 SqFt

Status Active

MLS # 6700603

Property Type Single Family Residence

Price Type --

Presenting a stunning new construction luxury home by NEXTGEN Builders to be built: This luxurious home features 4 bedrooms plus an office/den, 3.5 bathrooms, and high-quality finishes throughout. The spacious design includes an oversized 2-car garage plus a 46+ foot RV garage with a 12x14-foot tall garage door, set on a large lot without HOA restrictions. Highlights include an oversized contemporary front door, 2x6 exterior framing, a large kitchen island with quartz countertops, and walk-in closets in all bedrooms. The master bathroom offers a spacious entry shower, standalone tub, and double sinks. Other features include 8-foot doors, high ceilings, energy-efficient spray foam insulation, and a post-tension foundation. Choose your options. Please note, photos are of a model home

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28008 N 99th Lane Peoria, AZ 85383

$1,100,000

5 Beds

4.5 Baths

3,905 SqFt

Status Active

MLS # 6750067

Property Type Single Family Residence

Price Type --

Meet the Telluride Model by Taylor Morrison, the largest single level floor-plan available in Northlands Summit, a premier community in North Peoria where the skies are bigger among the natural beauty of the lush Sonoran Desert skyline. Prime Cul-de-sac location, with amazing curb appeal and a cozy front porch, 3905 sq. ft. of interior living space, 5 BED + DEN + OFFICE + BONUS ROOM, 4 BATH, and a 3 CAR Garage, along with an impressive backyard oasis with a direct view of the Calderwood Butte, to truly enjoy Arizona's year-round climate and outdoor lifestyle.Enter through your custom iron front doors into the foyer, with a convenient front room/den with double doors, which looks out onto the front porch. The main living area features a cool color pallet with a combination of neutral-tone tile and wood-look plank tile floors, with classic wood shutters, white trim, and doors. Open gourmet kitchen, rich granite countertops with extended island, motion sensor faucet, dark cabinets, classic ivory medallion tile backsplash, stainless steel appliance package with range hood, and a spacious walk-in pantry for all your storage needs. Step into your master suite, light and bright with access to your private backyard. The full Master Bath features custom barnyard doors, marble countertops with double sinks, an oversized soaking tub, and a stand-up shower with marble surrounds plus a spacious walk-in closet. With 3 additional bedrooms, a bonus room, an office, powder room and 3 additional full bathrooms, the Telluride Model provides you with all the space you'll ever need. Step out back and take a deep breath, the attention to detail continues with this beautiful extension of your home. Covered front porch, classic travertine tile pavers with flagstone accents, sparkling pool with a spillover spa, three relaxing fire-water features, corner pergola with outdoor kitchen and serving area along with a flagstone fire pit and seating area, all against the backdrop of the Arizona skyline and The Calderwood Butte. There truly is nothing to do except move in and live your absolute best life. Neighborhood mountain views, close proximity to 303 freeway access, 10 minutes to TSMC, shopping, dining, entertainment, health care, and less than 20 min. away from beautiful Lake Pleasant Regional Park.

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4055 N Recker Road Unit 40 Mesa, AZ 85215

$1,100,000

3 Beds

3 Baths

3,176 SqFt

Status Active Under Contract

MLS # 6733651

Property Type Single Family Residence

Price Type --

Discover this exquisite custom home nestled within the gated community of Country Club Estates at Red Mountain Ranch. Perfectly positioned on the 17th green, this residence offers stunning views of the signature golf course and breathtaking mountain vistas. Spanning over 3,100 square feet, this single-story home boasts soaring ceilings and a thoughtfully designed layout, featuring 3 bedrooms, a custom office with built-in cabinetry, and 3 full bathrooms. Step into the inviting great room, where formal dining and expansive windows create a seamless connection to the backyard oasis. The chef's kitchen is a culinary masterpiece, complete with custom cabinetry, a large island with seating, a Viking gas stove, Thermador double ovens, a built-in microwave and a KitchenAid wine fridge in the bar dedicated area. Adjacent to the kitchen, the cozy family room with a fireplace provides excellent views and a warm ambiance. The luxurious primary bedroom offers an oversized retreat with a large walk-in closet, sitting areas, and direct access to the backyard. The ensuite bathroom is a spa-like haven, featuring a massive marble shower, dual sinks, a private toilet room, custom cabinetry, and ample storage. The additional bedrooms are thoughtfully separated, each with walk-in closets and access to a beautifully appointed full bathroom.The outdoor space is a true sanctuary, featuring travertine pavers, an extended covered patio, a sparkling heated pool renovated in 2020, a gas firepit, and a built-in BBQ with an eat-up bar. This meticulously maintained property has it all! Enjoy the amenities of the Red Mountain Country Club, including a golf course, clubhouse with a restaurant, workout facilities, a pool, tennis, and pickleball courts. With so much to offer, this home is a rare find. Don't miss your chance to own this exceptional property!

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