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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10328 W Avenida Del Sol -- Peoria, AZ 85383

$1,099,000

3 Beds

2.5 Baths

3,842 SqFt

Status Active

MLS # 6652572

Property Type Single Family Residence

Price Type --

2 Homes situated on over an acre of Horse Property. Large 4-bedroom 2.5 bath home with covered patios in the font & back of the home. Fire Sprinkler's throughout the home, Security Camera's, Water Softener, 74 Solar Panels, 2 A/C in Main House, 2 Hot Water Heaters in Main House, 3 Car Garage, RV Parking with Gate, Shared Well, 2 Septic Tanks, Chicken Coop, and 2 sheds. Guest home is 2-bedroom 1.5 bath appx 1142 sq ft. Great opportunity for Remodelers, Flippers, or Do it Your Selver's.

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3100 E Oak Hill Drive Prescott, AZ 86303

$1,099,000

3 Beds

2.5 Baths

2,490 SqFt

Status Active

MLS # 6680861

Property Type Single Family Residence

Price Type --

Nestled amidst the serene beauty of fragrant pines, this expansive log cabin presents a luxurious retreat just moments away from the historic charm of downtown Prescott. Boasting 2,981 square feet of living space, this home is a dream come true for those in search of an idyllic sanctuary that can entertain the whole family with ease and elegance. A grand 3 bedroom, 2.5 bathroom cabin that combines rugged log construction with upscale amenities. A dream kitchen equipped with a double oven, high-end stainless steel appliances, an oversized island, and a large pantry for all your storage needs. Gather around a wood-burning fireplace or enjoy the convenience of a second kitchenette nestled in a spacious communal area downstairs. Unwind on the expansive deck and soak in the stunning natural vistas that envelope this private retreat. A heated and air-conditioned 491 sqft bunkhouse sits above a large 2-car detached garage, providing a versatile space for guests or activities. Equipped with a 30 amp electrical box, this property is ready to accommodate your RV adventures. Enjoy peace of mind with voluntary road maintenance, including grading and snow plowing, by the Spruce Mountain Road Maintenance Association (annual contribution suggested but not mandatory). Created with both luxury and functionality in mind, this log cabin is an exceptional property that promises comfort, enjoyment, and a connection with nature. It's not just a home, it's a dreamy way of life where memories are waiting to be made!

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10445 W Camino De Oro -- Peoria, AZ 85383

$1,099,000

5 Beds

4.5 Baths

3,331 SqFt

Status Active Under Contract

MLS # 6687520

Property Type Single Family Residence

Price Type --

***LOOKING FOR SPACE, NO HOA & CLOSE TO AMENITIES? THIS IS IT!*** Welcome to your oasis in Peoria! This fantastic property sits on a spacious 1.3+ acre lot, offering ample space for privacy and outdoor enjoyment. With NO HOA, you have the freedom to customize and enjoy your home without restrictions. Inviting private, courtyard entry with stunning palm trees. This residence boasts 5 Ensuite Bedrooms, 4.5 Baths, Bonus Room + Den. Desirable split floorplan featuring soaring ceilings & exposed beams, wood-look tile flooring, surround sound, stylish light fixtures & skylights. Formal Dining area could also serve as home office/game room. Ideal floorplan for multi-generation living. Extended length 3-car garage for those over-size vehicles, RV parking with motorized gate provides plenty of room for RV parking, large work vehicles/equipment & more. Fantastic covered patio overlooks artificial turf, cozy exterior fireplace and kids play area. Plenty of space for home addition, RV Garage/Workshop, guest house, future pool & more! Whether you're relaxing in the expansive backyard, entertaining guests, or simply enjoying the impressive views & serene surroundings, this property offers the perfect blend of comfort & luxury. Don't miss out on this rare opportunity to own your piece of paradise in Peoria!

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1434 E Hoover Avenue Phoenix, AZ 85006

$1,099,000

4 Beds

3 Baths

2,372 SqFt

Status Active

MLS # 6700939

Property Type Single Family Residence

Price Type --

Experience the perfect blend of modern luxury and convenience in this stunning home, ideally situated just minutes from the vibrant heart of Downtown Phoenix. This exquisite property boasts a sleek, contemporary design with expansive windows and high-end finishes that create an atmosphere of sophisticated urban living. The main house features an open floor plan that effortlessly flows from the spacious living area into a chef's dream kitchen. Equipped with state-of-the-art appliances, custom cabinetry, and a large center island, this kitchen is perfect for entertaining and culinary exploration. Step outside to your private oasis where a sparkling pool awaits, set in a beautifully landscaped backyard that offers a tranquil escape from the city buzz. Additionally, this property includes a charming 1-bedroom casita, providing privacy and comfort for guests or a peaceful home office space. The casita is just as modern as the main house, featuring a full kitchen, a cozy living area, and a private bathroom. This home's prime location allows for quick access to Downtown Phoenix's finest dining, shopping, and entertainment options, making it an exceptional choice for those seeking a stylish and convenient urban lifestyle.

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2706 W Warner Road Chandler, AZ 85224

$1,099,000

5 Beds

3 Baths

2,342 SqFt

Status Active

MLS # 6638825

Property Type Single Family Residence

Price Type --

Wow! Rare Opportunity with easy freeway access for this 1.53 Acre Horse Property! This 2342 SqFt Single Level Ranch Home is well maintained and ready to move in. Instant equity builder features a Split 5 Bedroom - 3 Bath with extended Covered Patio and Basketball half court on a County Island with no HOA in the heart of Chandler. Both Living and family Rooms - Large eat in kitchen with Granite Tile. Newer HVAC Unit. 2 Car Garage with nearly unlimited parking options for all your toys - SRP Irrigated Lot - Separate Workshop with Electric with further covered parking attached.

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23075 E Stonecrest Drive Queen Creek, AZ 85142

$1,099,000

4 Beds

3.5 Baths

3,633 SqFt

Status Active

MLS # 6730210

Property Type Single Family Residence

Price Type --

This HIGHLY UPGRADED ENERGY STAR SINGLE LEVEL home built in 2019, sits on an OVER SIZED north/south facing 12,600 sq ft lot & has a 3 car garage. Enter this HIGHLY UPGRADED home and enjoy the AMAZING FLOOR PLAN featuring a LARGE OFFICE and DEN sitting at the front of the home. The OPEN FLOOR PLAN is perfect for entertaining guests & has a STUNNING KITCHEN with an ENORMOUS GRANITE ISLAND, UPGRADED SLATE CABINETS, LARGE WALK THROUGH PANTRY, and STAINLESS STEEL APPLIANCES. The Kitchen overlooks the SPACIOUS GREAT ROOM boasting a LOVELY BUILT IN ENTERTAINMENT CENTER with a RELAXING FIREPLACE and 2 LARGE SLIDING GLASS DOORS overlooking the GORGEOUS HEATED POOL and FULL OUTDOOR KITCHEN with a ramada. The split floor plan has a ginormous owners suit with a private door leading to the backyard and is complete with a SPACIOUS WALK IN CLOSET, HUGE FULL BATHROOM with an OVER SIZED WALK IN SHOWER, SOAKING TUB, DUAL VANITIES, & PRIVATE TOILET ROOM. 3 additional bedrooms are located in their own separate wing & feature a guest bedroom with a private bathroom, and 2 additional bedrooms are complete with a jack and Jill and walk in closets. The backyard is a TRUE OWNERS PARADISE paved with Stone, Custom Designed Synthetic Turf, Outdoor Fire place, and a Complete Outdoor Kitchen with a LARGE ISLAND. This is a MUST SEE!

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28503 N 67th Drive Peoria, AZ 85383

$1,099,000

4 Beds

3.5 Baths

3,592 SqFt

Status Active

MLS # 6753955

Property Type Single Family Residence

Price Type --

Welcome to this stunning Camelot home nestled in the gated Canyon's Edge community of Sonoran Mountain Ranch. Enter through a charming Alumawood pergola-covered courtyard into 3,592 sq. ft. of thoughtfully designed living space. 4 spacious bedrooms and an office on the first floor, along with 3.5 bathrooms make this home perfect for both family living and entertaining. The open-concept kitchen is the heart of the home, boasting 42'' upper cabinets, granite counters, gas cooktop, a buffet/coffee bar, and an oversized island with breakfast bar. The great room's natural light along with the custom entertainment center add warmth and character, while oversized guest rooms provide plenty of comfort for a growing family. The owner's suite is a true retreat with backyard views and a large luxurious bathroom featuring a separate tub and shower. Upstairs, the enormous bonus/game room offers endless possibilities. With a full bath already in place, this versatile space can easily transform into additional bedrooms or be reimagined as a home theater, playroom, or entertainment area. Enjoy spectacular mountain views from your backyard complete with an extended covered patio, large outdoor kitchen, a gorgeous pool with waterfall, and a spacious synthetic grass yard. A custom built 10x20' shed adds extra storage and functionality. The spotless 3 car garage adds plenty of room for parking, storage or a home gym. Owned solar and two new primary HVAC units installed in 2023 complete this exceptional home offering efficiency for years to come. Do not miss the opportunity to make this marvelous Camelot beauty your next home!

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40122 N Hickok Trail Phoenix, AZ 85086

$1,099,000

5 Beds

4 Baths

4,408 SqFt

Status Active

MLS # 6755814

Property Type Single Family Residence

Price Type --

Winner Best Home on Tour! Welcome to the epitome of luxury living in the award-winning Anthem community! This stunning residence spans 4,408 square feet of meticulously upgraded space, set on a rare oversized lot of 16,615 square feet. Step into a true oasis as you explore the resort-style backyard, complete with a sparkling pool and spa, a sprawling ramada with a built-in BBQ grill, and a cozy gas fire pit. Imagine hosting gatherings with friends and family against the backdrop of this picturesque outdoor haven, which also includes a kids entertaining trampoline and ample space for all your outdoor activities. Inside, this home boasts over $250,000 in recent upgrades, showcasing a fully equipped gourmet kitchen that has been tastefully remodeled

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35618 N 142nd Place Scottsdale, AZ 85262

$1,099,000

3 Beds

2 Baths

2,879 SqFt

Status Active

MLS # 6713498

Property Type Single Family Residence

Price Type --

ULTIMATE IN SECLUSION & PRIVACY! NEAR TONTO NATIONAL FOREST! 3+ ACRE RANCH OFFERING SENSATIONAL SWEEPING MT. VIEWS & MAGNIFICENT SONORAN DESERT BEAUTY!TUCKED IN AMONG ROLLING HILLS TOWERING SAGUAROS & DISTANT SUN KISSED MT'S.! THE CENTERPIECE OF THE RANCH IS THE CUSTOM-BUILT HACIENDA STYLE HM W/ ITS ROMANTIC COURTYARD,IRON/GLASS FRONT DOOR,EXTENDED COVERED PATIOS, & VIEW DECK CAPTURING BREATHTAKING SUNRISES & SUNSETS.THIS QUALITY BLT. CUSTOM HOME OVERLOOKS THE GROOMED & MANICURED 3 RAIL FENCED HORSE PROPERTY,2 STALL MARE MOTEL,2 TACK/HAY STORAGE RMS, AUTO WATERS, LIGHTS,TURNOUT,ROUND PEN.PLENTY OF ROOM TO EXPAND!GREAT RM. PLAN,NEW KIVA FP,WALL OF GLASS WINDOWS, SPACIOUS KITCH.,SOLID HICKORY CABINETS & ISLAND,RAINFALL GLASS DOOR PANTRY,APPROVED W/EPCOR WATER, TRANSFERRABLE TO NEW OWNER. GRANITE CTR TOPS, COFFERED CEILINGS,BLT-IN SOUND,SOLID ALDER WOOD DOORS,MASTR SUITE W/FIREPLACE,SOAKING TUB,WALK IN SHOWER,WALK IN CLOSET TO DIE FOR,OVERSIZED 3 CAR GAR.,NEWER EXTERIOR PAINT. NEWER FOAM ROOF, 1 NEW A/C. HOME AND PROPERTY ARE METICULOUSLY MAINTAINED. NEW WATER PROVISION AGREEMENT SIGNED WITH EPCOR, AND IS TRANSFERRABLE TO NEW OWNER! Please visit their website for more information.

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19326 E Silver Creek Lane Queen Creek, AZ 85142

$1,099,000

4 Beds

3 Baths

3,240 SqFt

Status Active

MLS # 6704221

Property Type Single Family Residence

Price Type --

Welcome Home! Step into the lap of luxury with this exquisite 4-bedroom, 3-bathroom abode, situated on nearly an acre of lush estate grounds. The property boasts a resort style backyard oasis, lots of upgrades and the ultimate entertainers paradise Spanning an impressive 3240 square feet of living space, this residence offers abundant areas for both unwinding and hosting guests. The split floor plan features vaulted ceilings and expansive windows in every room, providing picturesque views of the private courtyard adorned with mature palms, assorted trees, blooming shrubs, a tranquil desert pool with cascading waterfall, a relaxing jacuzzi, and a charming paver patio. Revel in the stunning 180-degree vistas of the backyard, creating a peaceful retreat that feels worlds away from the urban bustle. Updates include a new roof installed in 2023, connection to city sewer in 2024, fresh interior and exterior paint, and all-new custom-tiled bathrooms featuring walk-in showers. The addition of a new walk-in master closet enhances the convenience and luxury of the home. Enjoy the elegant wood tile flooring throughout most areas, while the east bedrooms have been upgraded with plush new carpeting. The property also boasts a spacious 3-car garage with an additional workroom for added functionality. Ample room on the east side of the estate allows for the potential addition of an RV space or expansive workshop, catering to various lifestyle needs.

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19887 E Camacho Road Queen Creek, AZ 85142

$1,099,000

5 Beds

4.5 Baths

4,560 SqFt

Status Active

MLS # 6727686

Property Type Single Family Residence

Price Type --

Discover this exceptional residence built in 2013 in the desirable Victoria Estates community in Queen Creek. The home offers 5 bedrooms, 4.5 baths and a separate guest suite within the luxurious 4560 sq.ft. space. This home sits on a substantial 0.42 acre lot. With key upgrades and a thoughtful layout, it seamlessly blends style and functionality. The home also has a 3 yr. old owned Tesla solar system with a triple battery back-up. Key attributes of the home in addition to the size and floor plan include well designed kitchen with upgraded appliances, cabinets, and counter tops designed for convenience and functionality. Adding to these are the 4 car extended length garage, RV gate, tankless water heater, home R/O system, and additional sink in the garage.

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9131 E Sharon Drive Scottsdale, AZ 85260

Open House

$1,099,000

3 Beds

2.5 Baths

1,750 SqFt

Status Active

MLS # 6751084

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Scottsdale, Arizona! This meticulously curated single-family residence offers 3 bedrooms, 2.5 bathrooms, and an array of luxurious upgrades that make it the best value in the area. Rarely does an opportunity arise to own a fully redesigned, single-level home that has been transformed. Step inside and experience a space that has been entirely reimagined, boasting luxury fixtures and an open-concept layout that flows seamlessly from room to room. The kitchen is a chef's delight, featuring stunning quartz countertops, a brand new range, and a custom hood extending to the heightened ceilings. The oversized island offers additional prep space and casual dining, perfect for entertaining. Throughout the home, new tile flooring creates a cohesive look, while the fully rebuilt bathrooms showcase exquisite craftsmanship with modern tile work, elegant vanities, and sleek black hardware. The master suite is a private retreat with a spa-like bathroom, walk-in shower, and walk-in closet. Step outside into your private oasis. The backyard is perfect for both relaxation and entertainment, featuring a sparkling private pool and a built-in BBQ area ideal for outdoor dining and gatherings. Whether you're enjoying a refreshing dip or hosting a summer cookout, this outdoor space is designed to complement your lifestyle. Every detail has been carefully considered in this extraordinary remodel. Situated near top-rated schools and minutes from Scottsdale's best dining and shopping, this home offers a rare opportunity to enjoy modern luxury in a prime location. An itemized 'Property Upgrades List' is available for those interested in the exhaustive list of enhancements. Don't miss the chance to own this stunning home - a true gem in Scottsdale! Nadya Piazzisi, Leo Lux Realty

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