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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15835 E Chicory Drive Fountain Hills, AZ 85268

$1,100,000

3 Beds

3 Baths

2,586 SqFt

Status Active

MLS # 6754464

Property Type Single Family Residence

Price Type --

Elegant living in this exceptional corner-lot home with breathtaking views! This meticulously maintained home in the heart of Fountain Hills, offering Red Mountain views from the moment you step inside. Positioned on a premium lot, the home boasts a thoughtfully designed split floor plan, featuring three spacious bedrooms, three full bathrooms, great room, a den/office, a formal dining or flex room, and a 3-car garage. The bright and airy kitchen is a chef's dream, with ample counter space, grand quartz-top island, and walk-in pantry. Retreat to the master suite, where you'll find serene mountain views, a luxurious soaking tub, separate shower, dual vanities, and a generous walk-in closet. Outside private oasis, complete with a BBQ, Pool, Covered Patio, & Views! Close to Fountain Park.

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26819 N 104th Way Scottsdale, AZ 85262

$1,100,000

3 Beds

3 Baths

2,112 SqFt

Status Active

MLS # 6755593

Property Type Townhouse

Price Type --

Experience refined desert living at 26819 N 104th Way, Scottsdale, AZ 85262. Built in 2017, this 3-bed, 3-bath great room concept residence radiates luxury in the gated Reserve at Pinnacle Peak. Revel in the heated community pool and spa, perfect for Arizona sun-soaked relaxation. The gourmet kitchen boasts stainless steel GE Monogram appliances, double wall ovens, a built-in wine refrigerator, and a spacious kitchen island with quartz countertops. This home goes beyond impeccable interiors; it frames breathtaking views of Troon Mountain through an oversized 3-panel retractable great room sliding door, creating a stunning backdrop for daily life. The strategic location provides access to elite hiking trails for outdoor enthusiasts, and the Four Seasons Scottsdale is within walking distance, offering upscale amenities. 26819 N 104th Way epitomizes the fusion of modern elegance and natural beauty in Scottsdale's Reserve at Pinnacle Peak. Immerse yourself in this desert oasis's serenity while enjoying nearby luxury conveniences. This property is a rare chance to savor the epitome of Arizona living.

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12906 W Oyer Lane Peoria, AZ 85383

$1,100,000

4 Beds

2.5 Baths

3,210 SqFt

Status Active

MLS # 6722690

Property Type Single Family Residence

Price Type --

Welcome home as luxury living awaits you at the award winning guarded gated Blackstone Country Club. This remodeled 4 bed 2.5 bath 3 car garage has it all. Enjoy owned solar! You will immediately notice great curb appeal with beautiful landscaping with iron gates that take you into an open courtyard upon entering the home. This open floor plan entails arched doorways, high coffered ceilings, a large double sliding door overlooking the backyard pool. New flooring throughout, new countertops, remodeled cabinetry. A spacious owners quarters has a new shower and free standing Japanese soaker tub. New double ovens, wine refrigerators and new lighting throughout the home. Enjoy the backyard oasis with outdoor kitchen and play pool with a beautiful water feature

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6922 E Presidio Road Scottsdale, AZ 85254

$1,100,000

4 Beds

3 Baths

2,342 SqFt

Status Active Under Contract

MLS # 6753521

Property Type Single Family Residence

Price Type --

Welcome to your dream property in one of Scottsdale's most sought-after locations! Situated on a corner lot in a peaceful cul-de-sac, this charming home sits on nearly an acre of pristine land, offering both space and privacy. With No HOA, the possibilities are endless! This immaculately kept home radiates character and pride of ownership. From the moment you walk in, you'll appreciate the warmth and timeless charm throughout. The expansive, oversized yard is your personal oasis, featuring a sparkling pool perfect for Arizona's sunny days. Whether you're entertaining or unwinding, this backyard paradise offers endless potential. While the home is being sold as-is, it's clear that this property has been lovingly maintained. This is an incredible opportunity to own a rare gem in prime Scottsdale, with easy access to top-tier dining, shopping, and entertainment. Don't miss the chance to make this unique property your own!

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8214 E Whitton Avenue Scottsdale, AZ 85251

$1,100,000

3 Beds

3 Baths

2,130 SqFt

Status Active Under Contract

MLS # 6756052

Property Type Single Family Residence

Price Type --

Stunningly remodeled with over $250,000 in updates! This beautifully expanded home boasts a large primary bedroom with a walk-in closet and a custom ensuite bathroom. The extended-length, 2-car garage features treated floors and custom storage. Enjoy great curb appeal with a manicured landscape, artificial turf, and a paver front patio & driveway. Inside, chic light fixtures, recessed lighting, wood-look tile, and an open layout with natural light create a warm ambiance. The gourmet kitchen includes SS appliances, a wine cooler, quartz counters, and a custom wine shelf. Bonus: cozy den with glass barn doors and a Murphy bed for versatility! Out back you have your own private oasis with custom pavers, covered patio and room to entertain or just relax. The detail of this home is immaculate! TWO primary bedrooms! One stands out, showcasing an ensuite with a soaking tub, separate shower, & dual sinks. If entertaining is on your mind, the backyard oasis will surely impress you! With a lush lawn, a covered patio, and a sparkling pool, this space promises year-round enjoyment. Conveniently located close to schools, shopping, dining options, entertainment, and freeway access. Don't just dream itcome and live it!

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25706 N 20th Avenue Phoenix, AZ 85085

New

$1,100,000

4 Beds

3.5 Baths

3,252 SqFt

Status Active

MLS # 6761926

Property Type Single Family Residence

Price Type --

This highly sought-after Hailey model, meticulously built in 2021 by David Weekley in the Union Park community, offers modern elegance and thoughtful upgrades. The open great room is filled with natural light, featuring gorgeous flooring, ample living space, and a chef's delight with an oversized island, stainless steel GE appliances, and abundant of cabinet and counter space. The spacious primary suite includes a luxurious walk-in closet and en suite with a double vanity, and stellar walk-in shower. Outback is your own private oasis, complete with a sparkling pool, equipped with both a chiller and heater, surrounded by lush, low-maintenance landscaping. Additional features include a tandem garage, custom built in cabinetry, garage storage, toe-kick lighting, a spa and so much more!

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40010 N Lytham Way Anthem, AZ 85086

$1,100,000

4 Beds

3.5 Baths

3,304 SqFt

Status Active

MLS # 6704394

Property Type Single Family Residence

Price Type --

You have got to see this beautiful home! The list of upgrades is enormous, no room was left untouched. The customized kitchen cabinets will amaze you, the Miela dishwasher will justify your envy, the bathrooms are gorgeous, and the backyard is stunning. It even boasts a new 5 ton HVAC system. Anyone would be proud to entertain guests and raise a family here. If you are looking for a home that is breathtakingly beautiful and move-in ready, you have found it.

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3601 E Brookwood Court Phoenix, AZ 85048

$1,100,000

6 Beds

3.5 Baths

4,300 SqFt

Status Active

MLS # 6719169

Property Type Single Family Residence

Price Type --

BEAUTIFUL SEMI-CUSTOM BASEMENT HOME IN DESIRABLE LAKEWOOD COMMUNITY! 6 Bedrooms , 3.5 Baths. Unique Home W/ Two Master Bedrooms and Baths. One Up and One Down. Gorgeous View of the Lake from the Master Bedroom Upstairs. Master Bath Downstairs has Walk-in Shower. Lovely Kitchen W/ Granite Counter tops, SS appliances and Walk-in Pantry. Nice-size Family Room W/ Cozy Fireplace. Custom Split Staircase that leads to private 6th Bedroom or Office. Great Basement W/ Large Living Area and Bedroom. There are 3 Window Wells That Have Been Rebuilt Which Provide A Lot of Natural Light. Relaxing Play Pool W/ Rock Water Feature, New Gas Heater & LED Lights that Change Color & Provide Wonderful Ambiance at Night! Grassy Area & Lg. Covered Patio Across the Back of the House. Must See!

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10100 E Bell Road Scottsdale, AZ 85260

$1,100,000

3 Beds

2.5 Baths

2,775 SqFt

Status Active

MLS # 6724765

Property Type Townhouse

Price Type --

Welcome to the boutique enclave community of Villas Altozano located at the base of the McDowell Mountains. As you enter this highly desirable open floorplan offering first floor primary bedroom, great room with surround sound system and oversized tv, dining, kitchen and laundry, you will be engulfed in gorgeous views of the McDowells. This amazing home is being sold FULLY FURNISHED! The chef's kitchen includes wine fridge, stainless steel appliances, upgraded cabinetry, oversized island and built in appliances with beautiful quartz countertops. Enjoy our fabulous Arizona sunsets on your totally private oversized patio complete with built-in bbq, firepit, TV and outdoor heater ~ perfect for entertaining. Spacious primary bedroom with en suite including custom barn door to bathroom which has double vanities and enlarged shower along with walk-in closet. Upstairs offers an amazing loft with built in desk, 2 large secondary bedrooms and full bath. Plenty of storage in this home as well as in garage! Enjoy the sparkling community pool and spa. Truly a slice of desert paradise. Welcome Home!

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1014 E Country Gables Drive Phoenix, AZ 85022

$1,100,000

5 Beds

4 Baths

4,302 SqFt

Status Active

MLS # 6756917

Property Type Single Family Residence

Price Type --

Beautiful dream home in the highly coveted Moon Valley mountainside neighborhood. Rare custom build and features with basement, no HOA, prime location in Phoenix and stunning views! Meticulous owners and over $250k in upgrades (see docs tab). 3 newer AC's, water heater, roof, doors, exterior paint, solid wood floors, and granite countertops throughout, the list is endless. In the back, enjoy your private screened-in porch or backyard oasis where a sparkling pool and spa await, great for entertainment or relaxation. Beautifully landscaped with a brand new drip system and RV gate. The upstairs balcony is also huge and wraps around for incredible views. Short walk to Lookout Mountain trailhead. Watch the drone video tour of this stunning home and majestic community!

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10100 N Elsie Lane Prescott Valley, AZ 86315

$1,100,000

3 Beds

3 Baths

3,448 SqFt

Status Active

MLS # 6715054

Property Type Single Family Residence

Price Type --

This sprawling estate boasts a single-level main house, guest casita and a massive RV barn/shop all set on 2 acres. The circular drive lined with mature trees, and meticulously manicured landscaping, contribute to the outstanding curb appeal of this property. Inside, the foyer leads to a massive open great room. The kitchen offers elegant cabinetry including some with decorative glass-fronts, a large island with gleaming granite countertops, a generous walk-in pantry, a Jenn Air six-burner downdraft cooktop, farmhouse style Kohler sink, and a sleek black appliance package. The dining room's functional bay window overlooks the gorgeous backyard with views of Granite Mountain. The great room has white-oak ¾'' solid wood flooring, extensive built-ins, and space for a flat-panel TV. The split bedroom floor plan includes a generous master suite with pendant lighting, backyard and mountain views, and an oversized jetted tub. The elegant walk-in shower features rain heads, and there are double walk-in closets with natural light. Guest bedroom one has beautiful views of the Mingus Mountain range. The centrally located powder bath features a custom vanity. Guest bedroom two is a junior suite with a raised height vanity, walk-in shower, linen storage, and mountain views. The utility/laundry room includes a sink, washer and dryer setup, folding table area, home network panel, smart panels, and upper and lower storage cabinetry. The home is equipped with a central vacuum and an attached 3.5-car garage with epoxy flooring, soft water, tankless hot water, and recirculating hot water. The Guest Casita offers a kitchenette with a full-size range oven, upper and lower cabinets. It features great storage with ample room for a full-size refrigerator. The three-quarter bath includes a raised vanity, double vessel sink, and a utility area. The utility room houses the soft water system, tankless hot water, and in-floor radiant heating system, with washer and dryer hookups available. Upstairs, you'll find soaring ceilings, beautiful views from the bedroom, and a spacious closet. Adjacent to the Casita, the massive RV barn/shop includes drive-through 14-foot overhead doors, accommodating a diesel pusher or full-size RV with ease. The shop is equipped with a lift, extensive built-in workbenches, storage shelving, a sink, and a washing machine. It is wired for 240-volt, 50-amp service for your RV, as well as 220-volt for equipment. The shop and the Guest Casita have in-floor radiant heating, while the upstairs area is heated by baseboards and AC with a backup propane furnace. The property includes a fully owned solar system and a well that is 480 feet deep, producing over 30 gallons per minute. The perimeter of the property is fenced, except for the front. The fully fenced backyard includes privacy fencing, beautiful grass, and stained and stamped concrete covered patios.

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3624 N Mountain Creek Trail Lakeside, AZ 85929

$1,100,000

3 Beds

3 Baths

3,463 SqFt

Status Active

MLS # 6715845

Property Type Single Family Residence

Price Type --

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