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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270 Long Branch Prescott, AZ 86303

$1,100,000
4 Beds
3 Baths
3,966 SqFt
Status Active Under Contract
MLS # 6680664
Property Type Single Family Residence
Price Type --
Prepare to be utterly captivated as you approach this extraordinary property, where opulence intertwines with breathtaking views and serenity at every glance. From the iconic Thumb Butte to the sparkling Prescott city lights to the majestic Granite Mountain, the vistas are simply mesmerizing. A grand pavered driveway welcomes you to the expansive flagstone atrium entry, setting the tone for the unparalleled experience that awaits. From the custom stone hearth fireplace to the million-dollar mountain views to the unexpected privacy and the convenient dumb waiter from the garage to the kitchen, this home epitomizes a lifestyle of unmatched refinement. Nestled among towering pines, the oversized homesite spans just over a half-acre, offering ample room to roam and revel in nature's splendor. The upper/main level of the home showcases a master suite, guest bedroom suite, laundry facilities, and an expansive great room where custom hickory flooring and knotty alder cabinetry exude warmth and sophistication. The gourmet kitchen is a culinary haven, boasting stainless steel appliances, a vast granite island and countertops, and space for both formal dining and casual meals in the breakfast nook. Venture downstairs to discover two additional bedrooms, a Jack-and-Jill bath, an oversized family room, and convenient garage access. Throughout the home, custom window treatments and wooden blinds add a touch of refinement, while the nearly 800 square feet of exterior decks offer unparalleled views of the natural surroundings. Additional highlights include a 50-year roof, a 3.5 car garage, and zoned heating. Although there is no AC downstairs, the partially underground setting ensures natural cooling during warmer months. For those in pursuit of the ultimate luxury living experience, this home presents a rare opportunity to immerse oneself in the finest that Prescott has to offer. Don't let this chance slip away to make this extraordinary property your own. Some furnishings are available for sale outside of escrow.

634 E County Down Drive Chandler, AZ 85249

$1,100,000
4 Beds
3.5 Baths
3,599 SqFt
Status Active
MLS # 6738354
Property Type Single Family Residence
Price Type --
Nestled within the upscale gated community of Fieldstone Estates, this pristine home showcases an ambience of Arizona living throughout. This premium north/south facing property situated on a 1/3 acre greenbelt lot in Chandler is an entertainers delight. A gated front courtyard leads into a formal living room featuring an elegant two-way fireplace and views directly showcasing the outdoor resort oasis. This desert gem highlights ultimate living with an impressive gourmet Chef's kitchen including a deluxe island with breakfast bar, double ovens, gas cooktop, stainless steel appliances, built in fridge, warming oven, built in microwave and a large walk-in pantry. The primary suite boasts an abundance of natural sunlight offering direct outdoor access to a spacious covered patio. Custom wood shutters and two stone accent walls amplify the exquisite nature of the room. The luxe bathroom with his and her separate vanities is complete with a soaking tub, private double shower and a considerable walk-in closet. This luxurious home boasts 4 bedrooms including a guest suite/den with built-in Murphy bed and desk, a formal office with impressive bookcase and additional cozy theatre room perfect for entertaining or relaxing. Exclusive outdoor living space offers a resort style heated pool with waterfall and elevated spa backing to a vast common area. A wooden slat pergola covers a fully functioning outdoor kitchen complete with built-in BBQ, dual gas burner stovetop, electric deep fryers, wood burning pizza oven, kegerator and sink providing a significant space perfect for open-air dining. Additional lower level outdoor patio with impressive wood burning fireplace provides ample seating areas for tranquility & relaxation. Don't miss out on this exclusive property designed for superior indoor and outdoor enjoyment!

16014 E Glenbrook Boulevard Fountain Hills, AZ 85268

$1,100,000
5 Beds
3 Baths
2,965 SqFt
Status Active
MLS # 6683581
Property Type Single Family Residence
Price Type --
Looking for a home with a casita in the NorthEast Valley? Look no further than this remodeled home on over an acre corner lot! Spectacular mountain and sunset views from backyard! Primary home consists of 3 bedrooms, 2 baths. Open and inviting ''circular'' floorplan with soaring ceilings and custom fireplace. Updated kitchen with oversized island, granite countertops, and stainless steel appliances. Beautiful views from large master bedroom complete with remodeled bath and walk-in closet with shelving. Casita has two additional bedrooms (one with a murphy bed for easy space conversion,) a kitchenette, and laundry hookups. Inviting patio off casita great for grilling with built in sink and counter space. New exterior landscape lighting adds ambiance to your outdoor retreat Owners invested over $25k to add new landscaping to compliment the easy-care turf. New PVC watering system with auto timers installed in front and backyards and hard-wired retractable awnings in back. Too many additional features to list: brand new water heater (9/24,) plantation shutters, electric wireless roll-up blinds at sliding doors, smart home nest thermostat and ring doorbell, RV gate, 4 car garage, with storage room and attic, water softener, fully fenced backyard, newer pool equipment. No steps, wheelchair friendly doors and hallway. Prior owner installed new dual pane windows and doors, added sunscreens, remodeled baths, recoated roof, and updated AC, air handler, and ductwork. Seller offers loan programs to make this home more affordable for you! Inquire within.

3503 E Princeton Court Gilbert, AZ 85234

$1,100,000
5 Beds
7 Baths
4,924 SqFt
Status Active
MLS # 6691810
Property Type Single Family Residence
Price Type --
Welcome to this exquisite basement home in Gilbert Arizona. Meticulously designed to offer an abundance of space, comfort, and entertainment options! This home provides you with 5 bedrooms, 4 full baths, and 3 1/2 baths, 3-car garage, an RV gate, pool, 12k+ size lot in a cul-de-sac, and plenty of modern designs throughout the home. Be greeted by an inviting dining & living area w/high ceilings, gleaming hardwood flooring, pristine tile, graceful archways, and dazzling light fixtures. Continue into the carpeted family room, offering crown moulding and a fireplace to keep you warm during the winter months. The kitchen features ample cabinetry, granite countertops, SS appliances such as dual wall ovens, mosaic tile backsplash, a pantry, and an island w/a breakfast bar. The main level of the home will provide you the master suite that includes a private sitting area, a walk-in his & her closet, and a pristine ensuite w/dual vanities & a garden tub. The main level also has a full jack & jill bath, a 1/2 bath in the hallway, & a 3/4 bath in the guest room. When you go upstairs you get a spacious loft and a 1/2 bath, & 1 bedroom that offers a 3/4 bath. One of the most unique features is the large basement that comes with your own media/theater room, and a wet bar and a 1/2 bath. Finally, the fabulous backyard showcases a covered patio, free standing BBQ, and a sparkling diving pool!

38730 N Donovan Lane Phoenix, AZ 85086

$1,100,000
5 Beds
4.5 Baths
5,065 SqFt
Status Active
MLS # 6690310
Property Type Single Family Residence
Price Type --
WOW Breathtaking Vista's from every room Enjoy the City lights from your own home. So much privacy, no neighbors in front of you or looking in your backyard! Unbelievable indoor ,outdoor entertainment. Courtyard w/ Fireplace to enjoy in the winter and evenings. Travertine stone flooring throughout the downstairs. Hand scraped hardwood floors nested in the family room w/ a fireplace to enjoy.Gorgeous Granite counter tops & stone backslash in your Kitchen. Soaring ceiling in the dining area. Mutigerenational living ensuite downstairs. Huge master bedroom upstairs to enjoy the amazing views with plus huge closet. Bonus room w/ cabinets in it. Perfect for a family fun room. Bonus downstairs where a 4 car garage was.A man cave or arts / craft room. RV gate. 5 bed & 4.5 bath. Owner Agent

21641 N 58th Avenue Glendale, AZ 85308

$1,100,000
4 Beds
3.5 Baths
4,140 SqFt
Status Active
MLS # 6630447
Property Type Single Family Residence
Price Type --
DRAMATIC PRICE DROP on this absolute stunning lakeside property with mountain views! Custom built 4 bedroom, 3.5 bath home with three levels of living space! Boat dock, pool, fenced yard with gates across the lake side, 3 car split garage, 2 fireplaces, sauna, walkin closets in all bedrooms, the most amazing views from upstairs walkout deck and balconies! Check out the photos for all the details this home has to offer - three new HVAC systems in fall 2023. A great lifestyle with easy access to the 101 Loop and I-17. Huge storage room in lower level, service pit in single garage for the car enthusiast, & the most relaxing views of the lake and the mountains - all while living in the desert. Mature neighborhood with great amenities all around! City of Glendale services. Mature neighborhood with great amenities all around! Floorplan sketch under DOCUMENTS tab. Blueprints from original owner available.

3216 E Orange Drive Phoenix, AZ 85018

$1,100,000
3 Beds
2 Baths
1,580 SqFt
Status Active
MLS # 6739869
Property Type Single Family Residence
Price Type --
PRICE REDUCTION This charming home is located in the Biltmore corridor(North of Camelback road) on an extra large cul de sac lot with a backyard large enough for an addition. Dual pane windows, recessed lighting, maple wood flooring through-out and many upgrades makes for the perfect home for year-round residence or winter visitor. Located near the best restaurants, shopping, hiking, biking and walking trails Your clients won't be disappointed. LOCATION LOCATION LOCATION

8307 E Valley View Road Scottsdale, AZ 85250

$1,100,000
4 Beds
2 Baths
2,018 SqFt
Status Active
MLS # 6696036
Property Type Single Family Residence
Price Type --
Truly stunning and immaculate remodel with warm hardwood floors, quartz countertops, large modern baseboards, and elegant lighting throughout. The centralized kitchen has a bold backsplash, luxury cabinets, and brand new appliances. The perfect oversized laundry room with lots of storage and counter space. Large windows throughout the home and plantation shutters in all rooms for privacy. Front and backyard patios, mature lush landscaping with automatic irrigation lines, fully enclosed and shaded dog run, and a sparkling pool. Inquire about the option to purchase the furniture with this fabulous home! Absolutely fantastic location in Scottsdale! Minutes from the 100-acre Chaparral Park with fishing lakes, popular dog parks, green belt paths, golfing, and much more. Excellent shopping and dining in Old Town, Fashion Square, and Kierland.

3888 S Iroquois Lane Gold Canyon, AZ 85118

$1,100,000
6 Beds
6 Baths
6,968 SqFt
Status Active
MLS # 6644778
Property Type Single Family Residence
Price Type --
Take a look at this incredible find! This stunning 6-bed, 6-bath residence is set on a sprawling 1.1-acre lot boasting private streets, desert landscapes, and breathtaking mountain views. The home welcomes you with a lovely living room with high ceilings, elegant wood flooring, and a cozy fireplace. The great room offers an intimate setting for cherished moments with loved ones. You'll be delighted by the gourmet kitchen, equipped with sleek granite counters, wood cabinets, recessed lighting, SS appliances, a pantry, a serving window, and an island with a breakfast bar. You'll also find a bonus room with a wet bar, perfect for entertaining. The primary bedroom features balcony access, a walk-in closet, and an ensuite with dual vanities and an additional fireplace. Enjoy a breath of fresh air on the balcony, presenting sweeping views of the surrounding scenery. Make this gem yours!

25819 S 227th Way Queen Creek, AZ 85142

$1,100,000
4 Beds
3.5 Baths
3,564 SqFt
Status Active
MLS # 6746370
Property Type Single Family Residence
Price Type --
**Location, location, location!** This luxurious property is a rare gem, ideally situated across the street from extraordinary amenities, including a serene lake, charming Ramada, refreshing pool, vibrant splash pad, and expansive playground. The views are absolutely breathtaking! This home is truly one-of-a-kind, offering elegance and sophistication that rivals even the most exclusive properties. Appointed with some of the finest finishes available, this residence features an exceptional layout that includes a stunning hidden pantry and a primary suite closet that is an organizer's dream. Step inside to experience an exquisite open floor plan that flows seamlessly throughout with 4 bedrooms, 3.5 bathrooms, & a bonus flex room making it the perfect home for both living and entertaining! The kitchen is a chef's paradise, boasting an etched marble backsplash, complementary two-tone cabinets, and a magnificent 12-foot island - a family gathering oasis. Illuminated cabinet toppers highlight the elegant lighting and a generous gas stove, while the cabinet lighting in the bathrooms adds a touch of luxury and functionality. The divine split floor plan ensures ultimate privacy and convenience for both families and guests. The spacious master suite offers a sumptuous bathroom with a luxurious shower and spectacular views from the windows. Every bedroom boasts its own en-suite bathroom, providing unparalleled comfort and convenience. Entirely designed for ease and beauty, the home features real wood flooring that is both soft underfoot and easy to maintain. The incredible storage solutions, with numerous cupboards and closets, make organizing effortless. Bask in the serene backyard, complete with a cozy gas fireplace and a pergola, perfect for outdoor entertaining. The wall slide door seamlessly extends the great room into the backyard, creating a unique indoor-outdoor living space that enhances the home's inviting ambiance. The neighborhood itself is a delightful mix of friendly energy and privacy, with unobstructed sky views and no two-story homes nearby. The front and backyards are turnkey and low-maintenance, designed with pavers and beautiful grass, with room left for future customization like adding a pool. Don't just take our word for it - this exquisite home needs to be experienced in person to truly appreciate its luxury and charm. Check the documents section of the MLS for a comprehensive list of upgrades, and the things our sellers will miss the most about this exceptional property. Don't miss out on this unparalleled opportunity!

8219 N 3rd Avenue Phoenix, AZ 85021

$1,100,000
4 Beds
2 Baths
2,774 SqFt
Status Active
MLS # 6753848
Property Type Single Family Residence
Price Type --
Discover your dream home in North Central! This charming family residence features 4 spacious bedrooms, perfect for growing families or those who love extra space. Enjoy the convenience of a 2-car garage and the luxury of a brand-new pool, ideal for relaxing or entertaining. The open layout and modern finishes create a welcoming atmosphere, while the backyard oasis invites outdoor fun and relaxation. Located in a sought-after neighborhood, this home offers both comfort and style, making it the perfect retreat for you and your loved ones. Don't miss out on this fantastic opportunity!

12624 N 72nd Place Scottsdale, AZ 85260

$1,100,000
4 Beds
3 Baths
3,162 SqFt
Status Active
MLS # 6725208
Property Type Single Family Residence
Price Type --
Great Scottsdale location on a large lot. Four bedrooms, three bathrooms and a bonus room. Two master bedrooms, one with separate exterior access. Large backyard with a blank canvas that will be perfect for entertaining. Walking distance to Cactus Park Recreation Area and minutes away from multiple golf courses and Loop 101. No HOA!

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