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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7320 E Sliding Stop Lane Cornville, AZ 86325

$1,100,000

3 Beds

2 Baths

2,258 SqFt

Status Active

MLS # 6732998

Property Type Single Family Residence

Price Type --

If private, cozy and quiet is what you are looking for, look no further. This property is an outdoor enthusiasts dream. Bordering US Forest Service land (no motorized vehicles allowed) gives you the opportunity to hike, bike or trail ride literally right out your back door. This 2258 square foot 3bed/2 bath custom home offers a split floor plan, vaulted ceilings, large windows that allow plenty of natural light and the ability to enjoy the amazing 360 degree views. For the horse lovers there are 3 covered horse stalls, round pen, hot walker, arena and a turnout, For the athlete there is a basketball court, pool table and a hot tub. Property is fully fenced to house all of your furry friends. This is a truly one of a kind property, so come take a look.

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16118 E Ridgestone Drive Fountain Hills, AZ 85268

$1,100,000

2 Beds

2.5 Baths

1,915 SqFt

Status Active

MLS # 6759444

Property Type Townhouse

Price Type --

Stunning single level home at ''The Overlook'' in prestigious FireRock Country Club. Well-designed open floor plan perfect for entertaining, featuring an elegant great room with splendid mt. views to the rear patio with a 20 foot slider door system. Indoor/outdoor living at its finest with luxury high end design choices. Spacious well-appointed kitchen overlooks the expansive great room and features a massive center island with breakfast bar. Wolf double range and hood and appliances as well as Subzero refrigerator, subway tile backsplash, and a desirable walk-in pantry. An exquisite master bedroom offers abundant light, a large walk-in closet, and marvelous master bath with spacious shower, dual-sink vanity, and beautiful finishes w/ensuite bath. Gorgeous backyard features heated jetted spool, built in BBQ, gas fireplace, TV, and synthetic grass. 12 foot ceilings. Guard gated. No stairs! 2 car garage w/ storage. Beautiful mountain views! Laundry room has sink and cabinets. Hunter Douglas automated window coverings. Solid core doors. Oversized hexagon tiles on the floor in main living room & travertine on the back patio. FireRock Country Club offers social and golf memberships and everything you could ask for and more in a club setting.

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7570 E Tuckey Lane Scottsdale, AZ 85250

$1,100,000

2 Beds

2 Baths

1,886 SqFt

Status Active Under Contract

MLS # 6741523

Property Type Single Family Residence

Price Type --

Located in one of Scottsdale's most coveted guard gated communities, 7600 Lincoln, this immaculate single-story Jewel-Box home features 2 bedrooms/2baths with a timeless floor plan. Light filled open kitchen/family/dining room provide functional and comfortable space for easy everyday living. Kitchen boasts ample custom cabinetry, updated granite counter tops, custom lighting, Viking Professional six burner natural gas cooktop, large center island with double sink and breakfast bar. Formal living and dining have a great room feel allowing this space to flexible to suit homeowner's lifestyle needs, modern elegance graces this space with updated fireplace adorned with sleek travertine stone and fire glass. Expansive windows allow natural light and views of the lush well-manicured gardens. Primary Suite is spacious and well-appointed updated primary bath with zero threshold custom shower is one of many thoughtfully designed features to include extended double vanities, and customized closet. Secondary bedroom and updated bathroom are split from primary suite and offer privacy for all. Lovely backyard is perfect for relaxing and entertaining with covered travertine patios, shade screen, built-in stainless steel gas BBQ, and mature landscaping. 2 car garage with built-in storage cabinets. Community features: 24-hour guard gated security, pool, spa, tennis/pickle ball courts, and walking paths. Location is ideal with close convenience to shopping, restaurants, and amenities in Scottsdale and Paradise Valley to include: AJ's Fine Foods, Trader Joes, Flemings, Houston's, Blanco, Paul Martin's, Starbucks, Silverado Golf Course, Ritz Carlton, Scottsdale Fashion Square, and the future shops at the Palmeraie.

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917 N 8th Street Phoenix, AZ 85006

$1,100,000

2 Beds

1 Bath

1,465 SqFt

Status Active

MLS # 6741219

Property Type Single Family Residence

Price Type --

Sale includes 917 & 921 N 8th St. 8th & Roosevelt consists of a historic home and additional land for development, located in the heart of the Garfield Historic District. The property sits on approximately a half-acre (gross) of land that is zoned R-5. The seller has a site plan to add (11) 1-bedroom units and (2) 2-bedroom units along with amenity space between the new units and the existing historic home. This would be a perfect small apartment community or short-term rental building in a ''Melrose Place'' type setting in downtown Phoenix. This is a fantastic, bite-sized opportunity for the seasoned investor or a local creative / artistic developer who wants to do a unique, fun project in the heart of one of the busiest, most dynamic, and eclectic areas in the entire Valley. 8th & Roosevelt is an awesome value-add / development opportunity in the heart of Downtown Phoenix. The property is located just east of 7th Street right off of Roosevelt in the heart of the gentrifying Garfield Historic District. Roosevelt and 7th Street is the east entrance to the happening Roosevelt Row district in the epicenter of Downtown Phoenix. It is minutes to the stadium district and a short bike ride / walk to the downtown ASU campus, Phoenix Burton Barr Library, and the Phoenix Art Museum. It is also minutes to Margaret T. Hance Park, which is the location of hundreds of activities including the McDowell Mountain Music Festival and many weekend food / craft festivals throughout the year. It is approximately a half mile to the I-10 Freeway to allow quick and easy access to all parts of the valley. This location is as central is it gets and allows residents to enjoy, with ease, so much of what Downtown and Midtown have to offer. With many dining, shopping, and entertainment options, as well as multiple freeway access points within minutes, 8th & Roosevelt Redevelopment Opportunity will prove to be a great place for residents to live as well as will be a very attractive parcel for a future class-A redevelopment in an A location. Phoenix is consistently on every national list for net influx of people and jobs, and the downtown area is expected to continue to explode with huge job growth in many different sectors; with Arizona State University's downtown campus rapidly expanding (already over 11,000 students and rapidly growing); with massive amounts of biotech investment and development in the area (the new Creighton University is approximately 2 miles away in midtown; the Phoenix Biomedical HUB is a couple blocks away; the stadium district is minutes away; the warehouse district is exploding around the corner to the south; and more). Opportunities like 8th & Roosevelt are rare and offer an investor a great value-add opportunity in one of the most active and desirable areas in the country.

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2009 S Raindance Road Apache Junction, AZ 85119

$1,100,000

4 Beds

3 Baths

4,410 SqFt

Status Active

MLS # 6746656

Property Type Single Family Residence

Price Type --

Introducing a stunning 5-bed, 3-bath home with breathtaking mountain views, no HOA, and horse property with rare unlimited livestock in, Apache Junction. Features include; granite counters, natural alder cabinets, and expansive tile floors throughout the house. Enjoy soaring ceilings, a double-arch foyer, and energy-efficient insulation. Outside find a dog kennel room or extra kitchenette for vIsitors, detached 2-car garage, storage shed/tackle room, a beautiful horse corral with a detailed custom sliding metal gate, plus a RV hook-up. Perfect for outdoor equestrian enthusiasts! Very Popular destination for horse trails just a few miles from the property in the, Tonto National Forrest. It's a DREAMY HOME with views of the Superstition Mountain from your bedroom window.

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6633 E Juniper Avenue Scottsdale, AZ 85254

$1,100,000

4 Beds

3 Baths

1,966 SqFt

Status Active

MLS # 6751662

Property Type Single Family Residence

Price Type --

Tastefully Renovated home with its own Resort-Style Backyard!! Attention to every detail given to the complete top to bottom renovation. All new cabinets, countertops, flooring, fixtures, bathrooms have been replaced with modern accents. Split floorplan is both practical and private with 4 large bedrooms and 3 full bathrooms. Plenty of room for gathering in this open kitchen concept which features a breakfast room and bar. Ideal south facing backyard features a beautiful play pool, outdoor patio space, built-in BBQ and a side yard with its own Celebrity Greens putting green and hot tub!. Prime location just minutes from countless restaurants, grocery stores, malls and amenities! Mechanical improvements include a new pool pump, water heater, pool heater and hvac system!

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31559 N Pamela Drive San Tan Valley, AZ 85144

$1,100,000

4 Beds

3.5 Baths

3,020 SqFt

Status Active

MLS # 6754867

Property Type Single Family Residence

Price Type --

AMAZING HIGH END CUSTOM HOME WITH MODERN CONTEMPORARY STYLE ON OVER 3 ACRES. OWN YOUR OWN PIECE OF A MOUNTAIN WITH AMAZING VIEWS AND PRIVACY. HUGE OPEN FLOORPLAN WITH TONS OF UPGRADES. CUSTOM KITCHEN WITH BUILT IN FRIDGE AND FREEZER AND DOUBLE OVENS. CUSTOM PANTRY SETUP WITH PLACE FOR UNDERCOUNTER BEVERAGE CENTER AND PREP COUNTER. HUGE BACK SLIDING DOOR OPENS UP TO YOUR OWN MOUNTAIN WITH TONS OF PRIVACY AND SO MUCH POTENTIAL. THIS HOUSE WILL BE DONE APPROXIMATELY THE MIDDLE OF OCTOBER BUT YOU CAN VIEW IT TODAY! DONT WAIT, THIS ONE WILL NOT LAST. YOUR CHANCE TO OWN A VERY UNIQUE HIGHLY UPGRADED CONTEMPORARY STYLE HOME IN A VERY SOUGHT AFTER AREA THAT IS MOVE IN READY WITH FRONT YARD AND BACKYARD LANDSCAPING. VIDEO AND PICTURES ARE A RENDERING AND NOT EXACT.

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11239 E Oberlin Way Scottsdale, AZ 85262

$1,100,000

3 Beds

2.5 Baths

2,826 SqFt

Status Active

MLS # 6757633

Property Type Single Family Residence

Price Type --

Location Location Location.... Private Cul de Sac lot backing to NAOS and the George ''Doc'' Cavalliere Park and all with direct access to the Pinnacle Peak and McDowell Mountain hiking trail systems. This is a chance to own this super popular floor plan in Echo Ridge. Bright open floor plan with 3 spacious bedrooms, 3 car garage, travertine tile, private salt water pool, separate electric spa, and all with great views. Vacant and ready for quick access and closing. Owner Broker Agent

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5202 W Soft Wind Drive Glendale, AZ 85310

$1,100,000

4 Beds

2.5 Baths

2,692 SqFt

Status Active

MLS # 6735125

Property Type Single Family Residence

Price Type --

Original owners are now selling this fabulous, well-maintained custom 4 bedroom, 2.5 bath single-level home in the wonderful Saddleback Estates. This home sits on a spacious north/south exposure lot of .823 acres with mountain views, a desirable RV gate and parking with RV clean-out, and no HOA to worry about. Recent upgrades include a new hot water heater installed in 2024, a new A/C unit in 2010, and a new roof in 2019. Once inside, appreciate the spacious open floor plan, durable tile flooring in all the right places, a soothing neutral color palette, and a welcoming formal living and dining room with an easy flow into the gourmet chef's eat-in kitchen. Here, you can enjoy matching black appliances, view windows above the kitchen sink bringing in natural light, ample cabinet and countertop space, and a large breakfast bar open to the family room featuring a cozy fireplace. The family room seamlessly flows into the breakfast room, which highlights a double door exit to a side patio, making it easy to entertain family and friends. From the family room, you have wonderful access to the extended covered patio, bringing the outdoors in and extending your entertainment area. Enjoy the putting green, built-in BBQ, and fireplace. The property also includes a detached 2-car garage and workshop with RV parking, plus an additional 2-car carport, along with ample room for endless possibilities. The main house is equipped with a 2-car attached garage and plenty of slab parking for additional vehicles or an RV. Back inside, the primary suite offers a private exit to the side yard and a lavish ensuite bathroom with a custom tiled walk-in shower, deep soaking tub, dual sinks, additional vanity space, and a large walk-in closet. The three remaining bedrooms include one with a separate exit and a kitchenette, a guest bath, powder room, a spacious private office, and a convenient laundry room that includes the washer and dryer. Located in a great area close to top-rated schools in the Deer Valley School District, Glendale Community College, Hurricane Harbor for entertainment, Thunderbird Park and Deem Hills for hiking and biking trails, and just minutes to I-17 Freeway and the Norterra area for shopping and popular restaurants. Don't miss this incredible opportunity!

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32029 N 20th Lane Phoenix, AZ 85085

$1,100,000

5 Beds

4.5 Baths

4,019 SqFt

Status Active

MLS # 6752163

Property Type Single Family Residence

Price Type --

5 bedroom and 4.5 bathroom, two story home with a private lot and pool. Completely remodeled. New kitchen, bathrooms, showers, all new flooring including hard and carpet. New cabinets, new paint inside and outside, lighting fixtures and fans, fireplace, high end appliances, laundry upstairs and downstairs, and so much more! You will have plenty of space to entertain inside the home as well as outside around the pool. Quiet, gated community and home sits on a cul-de-sac. Solar panels for cost savings of 50% or more on electric bill. Community includes walking paths, pool, spa, and fully remodeled clubhouse and new amenities! This home will truly amaze you and it's a must see.

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4361 S Pecan Drive Chandler, AZ 85248

$1,100,000

3 Beds

2.5 Baths

2,610 SqFt

Status Active Under Contract

MLS # 6757247

Property Type Single Family Residence

Price Type --

Located in a Camelot-built private gated Ocotillo neighborhood, this gorgeous 3 bedroom plus office & 2.5 baths waterfront home includes beautiful features throughout. Backyard lake view oasis features travertine throughout with pool, spa, built in firepit and BBQs; all heated with natural gas. The intimate front courtyard beyond secure front entry gate leads to arched front door and unique rotunda front entry. Kitchen is spacious with white maple cabinetry and a raised bar for entertaining family and friends. An entire wall of windows at great room, formal dining and primary suite maximize views of the water beyond. New flooring in primary suite brings luxury while en suite bath includes clean white tile surrounded soaking tub and walk-in shower while dual closets for ample space. Two secondary bedrooms plus office are split from primary suite and include luxury vinyl flooring. In addition, office has a separate entrance from courtyard. Numerous newer upgrades include two 2018 HVAC units, 2020 pool equipment, pool resurfacing and travertine stone, water heater 2023, new exterior and interior paint, wine cooler & dishwasher 2023, French Doors, water heater, kitchen water filter system, LG washer and dryer, hot water re-circulator, WiFi enabled irrigation controller, Nest, Homelink and 240 for electric car. Don't miss this opportunity to own the home of your dreams in the amazing intimate neighborhood, Watermark at Ocotillo!

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3331 N 63rd Street Scottsdale, AZ 85251

$1,100,000

4 Beds

3 Baths

2,010 SqFt

Status Active

MLS # 6746946

Property Type Single Family Residence

Price Type --

Welcome to this beautifully remodeled home nestled in the desirable Arcadia Lite neighborhood with NO HOA. This single-level gem offers 4 spacious bedrooms, 3 modern bathrooms, and just over 2,000 square feet of comfortable living space. Step inside to discover a fresh, contemporary interior with upgraded finishes, and an open-concept layout that's perfect for both relaxing and entertaining. The home boasts a brand-new roof, ensuring peace of mind, while the refinished pool in the private backyard invites you to enjoy Arizona's sunshine year-round. This home is in a prime location, just minutes from the vibrant dining, shopping, and nightlife of Old Town Scottsdale, making it an exceptional Airbnb... investment opportunity. Whether you're looking for a full-time residence or a vacation rental, this property offers the perfect blend of charm, comfort, and convenience. Don't miss your chance to own a piece of Arcadia Lite!

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