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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7216 E Camino Salida Del Sol -- Scottsdale, AZ 85266

$1,098,995
3 Beds
3 Baths
2,113 SqFt
Status Active
MLS # 6755322
Property Type Townhouse
Price Type --
Shows like a MODEL!! Offered Turnkey. North Scottsdale luxury living. Modern Spanish single-level (no steps) featuring an open concept great room with a highly desirable split floor plan. Enter into this thoughtfully designed home with 2,113 square feet of serenity. High quality dovetail cabinets throughout with soft close and full extension drawers. Cabinet pull-outs and accent lighting in kitchen with upgraded stacked upper cabinets and walk-in pantry. Monogram stainless steel appliance package including gourmet gas cooktop, double ovens, built-in microwave, under-cabinet beverage cooler and dishwasher. Sprawling island including reverse osmosis system and seating complemented by quartz countertops. Showcasing 12' tall soaring ceilings in a spacious great room layout and multi-slide glass doors which deliver smooth indoor to outdoor living transitions. Travertine paver patio enhanced with artificial turf and fresh landscaping. Tranquil water feature, outdoor gas fireplace at covered patio seating and additional gas stub for grill. Split floor plan allows for luxe private owner's suite with tray ceiling and an expansive walk-in closet. Offering a spa inspired bath featuring additional cabinetry with accent lighting, dual sinks, and quartz countertop. Separate lounge tub and large shower. Upgraded comfort height commodes in all water closets. Airy secondary bedrooms have ensuite baths with added cabinetry and quartz countertops (3rd is shown as an office in photos-see floor plan). Utility sink in laundry room with upgraded cabinetry, quartz countertops, and drop zone. 220V in garage for electric vehicle charging. Owned water softener and gas tankless hot water heater. In a boutique community, Scottsdale Heights is a gated, 55+ community with a heated community pool and spa, pickleball and bocce ball courts, dog park and hiking/biking paths. Convenient location with nearby dining, shopping and grocery store. Located in North Scottsdale conveniently close to Carefree and Cave Creek along with a multitude of shopping, dining and outdoor recreation such as Bartlett Lake, Tonto National Forest and several golf courses. Special Features: -Ascent Floor Plan -Furnishings Included/Turnkey -Built 2021 -3 Bedrooms 3 Baths 2 Car Garage -Patio Fireplace -Patio Water Feature -Tankless Hot Water Heater -Gas Cooktop Wall Ovens -Walk-in Pantry -EV Charger in Garage HOA maintains front exterior landscaping, roof, exterior paint, private street maintenance, and common areas. Community Amenities: Gated, Pool, Spa, Bocce Ball, Pickleball, Dog Park and Walking/Biking Paths View Ascent Floor Plan under Documents

5656 E Star Valley Street Mesa, AZ 85215

$1,098,950
4 Beds
4.5 Baths
3,207 SqFt
Status Active
MLS # 6691389
Property Type Single Family Residence
Price Type --
Designed for privacy and flexibility, this floor plan maximizes entertainment space and storage, featuring a modern kitchen with Quartz countertops, a brick wall extending to the ceiling, and a stellar 12-foot ceiling. The timeless Vintage elevation includes a private courtyard, upgraded iron entry door, and gate. The master suite offers a private retreat with a large shower and free-standing tub, while multiple bedrooms accommodate large beds. This move-in-ready home backs to open space in a gated community with 50% open space and views. Additional features: paver driveways, gourmet KitchenAid appliances, plank tile flooring, 8' garage doors, and high-tech wiring.

5840 E Sierra Morena Street Mesa, AZ 85215

$1,098,000
3 Beds
3 Baths
2,461 SqFt
Status Active
MLS # 6716099
Property Type Single Family Residence
Price Type --
Model Home For Sale! Highly Upgraded and Hughly Discounted! Don't miss an fantastic opportunity to be in a Blandford Model Home at Red Rock! Many Upgrades Include Gourmet Kitchen, Brick Walls, Hardwood Beams, Upgraded Appliances and Bathrooms, Move in Ready with Landscaping, Ceiling Fans, Appliances. Oversized Extended Garage, Long Driveway, Extended Bedrooms. Rent Back or Extended Close. Thank you!

1647 W Yosemite Place Chandler, AZ 85248

$1,098,000
4 Beds
3.5 Baths
3,282 SqFt
Status Active
MLS # 6691207
Property Type Single Family Residence
Price Type --
Beautiful TW Lewis home in gated Balboa Point in Ocotillo. Open great room plan with a formal dining area. Eat-in kitchen with upgraded cabinets, breakfast bar, kitchen island, and desk/work station. Stainless steel appliances, including gas cooktop, and granite counters. Stacked stone fireplace creates a nice focal point in the spacious living room. Huge primary bedroom with private access to backyard. Primary bath has double sinks, large bathtub, separate walk-in shower & walk-in closet. One of the secondary bedrooms has its own private bathroom! Tall ceilings, lots of windows and plantation shutters throughout! Almost 12,000 sq.ft. lot has pool with water feature, covered patio, built in BBQ and outdoor fireplace with cozy seating area- perfect for relaxing or entertaining! Walking distance to the Village Health Club & Spa.

2300 S Monkshood Road Show Low, AZ 85901

$1,098,000
3 Beds
2.5 Baths
3,084 SqFt
Status Active
MLS # 6699801
Property Type Single Family Residence
Price Type --
Lovely 3 bed + den, 2.5 ba CUSTOM BUILT escape in the pines! Great curb appeal with tree lined driveway, log siding, and stone accents. Featuring airy vaulted ceilings, bright natural light, rustic log walls & plank wood ceilings t/o, and a STUNNING stacked stone fireplace in the great room. Kitchen features knotty maple cabinets + pantry for storage, center island w/ breakfast bar, wall oven, and granite counters. Den w/ built-ins + formal dining or versatile flex space. Downstairs master exits to the deck and offers his & hers walk-in closets, dual vanity, separate shower & soaking tub. Generously sized secondary bedrooms & full guest bath upstairs. Expansive covered back deck w/ views of national forest land. Energy efficient construction. Great location in GATED Torreon in Show Low

7635 S Ash Avenue Tempe, AZ 85284

$1,097,950
4 Beds
3.5 Baths
3,674 SqFt
Status Active
MLS # 6735595
Property Type Single Family Residence
Price Type --
Located in Alisanos, one of the most prestigious neighborhoods in Tempe, this elegant 4 bedroom, 3 1/2 bathroom basement home offers an ideal blend of comfort, style, and convenience, providing a perfect retreat for those seeking a luxurious lifestyle in a prime location. Step inside to discover an exquisitely designed interior featuring a functional layout, tall ceilings, plantation shutters, 2 master suites, a fireplace, and much more. The spacious living areas offer a perfect setting for both relaxation and entertaining. The chef-inspired kitchen is a culinary dream, boasting newer stainless steel appliances, granite countertops, a center island, and plenty of cabinet space. Whether you're hosting a dinner party or preparing a family meal, this kitchen is sure to impress. Step outside to your own private paradise, where you'll find a beautifully landscaped backyard with a covered patio, a sparkling heated pool and spa, an outdoor firepit, generous play area that includes a playground, a concrete pad, and ample space for outdoor dining and entertaining. It's the ideal spot to enjoy Arizona's sunny weather and create lasting memories with family and friends. Enjoy a prime location with easy access to top-rated schools, shopping, dining, and recreational amenities. Experience the best of suburban living with the convenience of urban amenities just moments away! Buyers currently living in Maricopa or Pinal County ask about an ADDITIONAL $7,000 home buyer credit available via the Community Promise Program. Rate Relief Rebate Program: Benefit from a 2% seller credit to reduce your mortgage payments by Approximately $1,101/month in year 1 and $564/month in year 2. This exclusive offer makes homeownership more affordable now, while you await potential rate decreases.

8042 W Electra Lane Peoria, AZ 85383

$1,097,000
4 Beds
3.5 Baths
3,423 SqFt
Status Active
MLS # 6697727
Property Type Single Family Residence
Price Type --
Welcome to this stunning property in Peoria, Arizona, where luxury meets comfort in every detail. As you enter, you'll find a spacious home with all the modern comforts you could wish for. The living areas are inviting and well-appointed, perfect for relaxing or entertaining guests. Outside, you'll discover a resort-style pool surrounded by beautiful landscaping. It's the ideal spot to cool off on hot Arizona days or to host unforgettable poolside gatherings. Need extra space for guests? No problem. There's a separate guest house that offers privacy and comfort. For those with a passion for cars, the four-car garage provides plenty of room for your collection, along with space for any projects you might have in mind. This property truly offers the best of luxury living in Peoria!

48515 N 13th Avenue New River, AZ 85087

$1,095,000
4 Beds
3.5 Baths
3,065 SqFt
Status Active
MLS # 6747472
Property Type Single Family Residence
Price Type --
End Lot on Acre+ Property backs up to State Land for Incredible Unobstructed Views. 4 BD 3.5 BA, high quality semi-custom home. Oversize 3 car garage, 8' doors. No HOA, oversized iron front door, pavers, large kitchen island with quartz counter tops and Knotty Birch Tahoe Ash Cabinets throughout. All bedrooms have walk-in closets. Master bath has shower, standalone tub and double sinks. 8' doors throughout. Energy efficient. SubZero 48'' built in fridge Wolf gas range and microwave. Upgraded lighting and ceiling fans. Adobe Home Surround. Upgraded designer tile. Crystal whole home water system. Storage cabinets in garage. Upgraded window coverings. Re-engineered and excavated entire lot with permits. Installed landscape rock and drains, perimeter view fencing in rear yard, Iron Gates and

17903 W Solano Drive Litchfield Park, AZ 85340

$1,095,000
4 Beds
4.5 Baths
4,114 SqFt
Status Active
MLS # 6734160
Property Type Single Family Residence
Price Type --
This is your opportunity to live in desirable gated custom home community of Russell Ranch, nestled in the foothills of the White Tank mountains. Tuscan inspired home with large courtyard entry to greet you. Fresh interior & exterior paint & two brand new AC systems. Boasting four bedrooms & 4.5 baths, this split floorplan features formal dining, two living areas, office/study, two stone gas fireplaces & gourmet kitchen. Highlights of the kitchen include lots of beautiful custom cabinets, two wall ovens, built in microwave, gas cooktop, stainless steel refrigerator, granite tile countertops with backsplash, island with prep sink & breakfast bar. Those who like to entertain will appreciate the separate bar/buffet area that conveniently opens to flex/living room. Enclosed butler's pantry provides extra storage & features cabinets with glass doors. Breakfast nook with views to back patio. Kitchen is open to family room where you can enjoy a gas fireplace with stone surround. Relaxing Owner's retreat also has stone surround gas fireplace & double door entry as well as French doors to back patio. The ensuite includes split double vanities, jetted tub, walk in travertine shower, private toilet room & spacious walk in closet. Private office located adjacent to owner's suite has exterior door access to front courtyard. Expansive curved covered rear patio perfect for entertaining. Grass & mature palm trees highlight the landscaping on this large pool sized lot. Double RV gate & 3 car garage with lots of exterior parking on corner lot. Recent improvements completed July 2024 include exterior paint, interior paint & two new 5 ton, 14 Seer, Goodman A/C Systems. Easy access to freeways, shopping, dining, hiking, golf and schools.

4422 N 75th Street Unit 2008 Scottsdale, AZ 85251

$1,095,000
2 Beds
2 Baths
1,202 SqFt
Status Active
MLS # 6748552
Property Type Apartment
Price Type --
Incredible SE corner unit with the largest balcony at envy residences! Full remodel completed early 2024 making this unit the showstopper of the building. Fantasy brown granite countertops with Bosch appliance package and a beverage fridge. amazing wrap around windows with automatic blinds throughout the entire unit for privacy when you want it. Primary bathroom fully upgraded with Brizo fixtures throughout. Primary shower contains 2 overhead shower heads and a third overhead rain shower. Three body jets, a handheld, and a steaming unit for the ultimate spa like experience. Bose surround sound installed in the living room along with ceiling mounted Sonos speakers in the living room and primary bedroom. Enjoy the balcony living with plenty of room for dining, lounging, and entertaining. Envy amenities include a 4000 sq ft state of the art fitness facility, luxurious black label lounge, pool/pool lounge, 24 hour concierge/security and secured underground parking!

8513 E Indianola Avenue Scottsdale, AZ 85251

$1,095,000
4 Beds
3 Baths
1,786 SqFt
Status Active
MLS # 6713698
Property Type Single Family Residence
Price Type --
Welcome to 8513 E Indianola Ave, a stunningly renovated home combining modern comfort with luxurious details. This residence features a reconfigured floor plan with two new backyard access points, perfect for entertaining. Upgrades include all-new electrical wiring and panel, smart thermostat and ductwork, and plumbing. Enjoy a brand-new master suite with over 500 sq ft added, featuring spray foam insulation. The home boasts custom cabinetry, quartz countertops, waterproof LVP flooring, and GE Cafe appliances,energy-efficient windows, and a smart key system with a front door smart lock. Outside, find new stucco, siding, pool equipment with auto-fill, an insulated garage door, epoxy garage flooring. With extensive landscaping, new irrigation, and over 1,000 sq ft of pavers, this home offers exceptional modern living.

13218 W Desert Forest Trail Peoria, AZ 85383

$1,095,000
4 Beds
3 Baths
2,956 SqFt
Status Active
MLS # 6728217
Property Type Single Family Residence
Price Type --
Stunning Executive home RARE Cashman model on North Pointe side of Vistancia. This exquisite single-level property, built in 2022, offers 4 beds + study, 3 full baths and has features that are truly hard to find. Stunning curb appeal that includes the pavered driveway & walkway, front desert yard landscaping with beautiful Saguaros. As you step inside, you'll be greeted by a spacious open floor plan bathed in natural light. The gourmet kitchen is a chef's delight, featuring an oversized island, smoke cabinets featuring soft close drawers, luxury granite countertops, stainless GE appliances, tile backsplash and a gas cooktop. The home is adorned with wood shutters throughout, 10 ft ceilings, 8ft doors, and includes a 3-car epoxy-floored garage complete with a Tesla charger. One of the standout features of this home is the 16 ft 4-panel sliding glass door, providing breathtaking views of The Twin Buttes and the resort-style backyard, which boasts over $150,000 in upgrades. These include a sparkling HEATED pebble tech pool with water features, salt system, synthetic turf, porcelain flooring, and an outdoor kitchen equipped with a gas pizza oven and fireplace. Perfectly situated, this home is within walking distance to the community clubhouse and nearby outdoor walking trails. Move in and immerse yourself in the exceptional lifestyle that Vistancia has to offer.

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