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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5250 E Deer Valley Drive Unit 256 Phoenix, AZ 85054

$1,095,000

2 Beds

2.5 Baths

1,777 SqFt

Status Active

MLS # 6646796

Property Type Apartment

Price Type --

Pool View from oversized balcony featuring a vented built-in grill. Luxury living with prime amenities at The Luxe at Desert Ridge. Located across from High Street and Desert Ridge Marketplace, this community offers a refined living experience. The exclusive clubhouse features meeting spaces, a large entertaining kitchen & coffee bar. Relax in the movie lounge, stay fit in the 4400 sqft gym, or swim in the Olympic-length pool. The Luxe residents also get to enjoy additional amenities, including access to Toscana's staff service, heated pools, spas, fitness centers, & etc. Just minutes away from Mayo Clinic, Scottsdale Quarter, & Kierland Commons, with easy freeway access to downtown Phoenix & surrounding suburbs.

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6226 E Seco Place Cave Creek, AZ 85331

$1,095,000

4 Beds

2.5 Baths

2,298 SqFt

Status Active

MLS # 6737224

Property Type Single Family Residence

Price Type --

Equestrian retreat, nestled in the heart of Cave Creek, offering unparalleled tranquility and breathtaking mountain views surrounding the property. This 4-bed, 2.5-bath ranch-style home spans 2.19 acres of secluded beauty, located on a private dead-end street mere minutes from downtown Cave Creek & Carefree. As you enter, you're greeted by a warm and inviting atmosphere centered around a beautiful stone fireplace in the family room, perfect for cozy evenings with loved ones. The kitchen, open to the family room, ensures that the heart of the home remains inclusive and welcoming. Step down into the dining room where you can entertain guests or enjoy family meals while taking in the incredible views that surround you. The bedrooms are generously sized, providing comfort and privacy for all This property provides a perfect training facility. A pet enclosure off the laundry room adds convenience & safety for your furry family members. Outside, your equestrian paradise awaits. The horse setup includes a 4-stall Shedrow inline barn by MD Barns, complete with 3 stalls featuring auto watering and 1 stud stall, a foaling barn, and a spacious 150' x 80' arena with a separate 50' x 120' coral. Additionally, there's a Lifetime Brand Tack Room Shed and a separate Garden Shed for all your equipment and storage needs. Saddle up and take a ride any day with ease. Enjoy the serene desert landscape from the covered patio, where you can unwind and soak in the peaceful surroundings and amazing sunsets. Whether you're a horse loving enthusiast or simply seeking a retreat from the hustle and bustle of city life, this property offers a lifestyle of unparalleled tranquility and natural beauty. The garage has the possibility of having the workshop area converted to a casita/Mother-in-law suite. Don't miss your chance to experience ranch living at its finest, come make this stunning Cave Creek property your new home!

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11624 E Twilight Court Chandler, AZ 85249

$1,095,000

6 Beds

4.5 Baths

5,345 SqFt

Status Active Under Contract

MLS # 6613889

Property Type Single Family Residence

Price Type --

SELLER CONCESSIONS AVAILABLE for closing costs or updates! Come see one of the LOWEST priced, 6 bedroom, BASEMENT home situated on nearly 1/2 ACRE cul-de-sac lot in Chandler! This floor plan combines individual space and functionality for all members of your family. Upon entering, you'll be greeted by a spacious and welcoming formal living and dining room. The heart of this home is its large kitchen, complete with a large island that overlooks the family room perfect for large family or entertaining. Head upstairs and discover each bedroom is generously sized, ensuring that everyone in the family enjoys their own space. For ultimate privacy and relaxation, the large master suite is thoughtfully situated separate from the other bedrooms.The first-floor guest.. bedroom ensuite offers both convenience and privacy. Additional features include a dedicated office with built in cabinets ideal for remote work or study, finished basement and a LOFT! There is truly a space for everyone! Step outside to your private resort-style backyard, featuring a SPARKLING POOL, gazebo, children's play-set and ample outdoor entertaining areas.

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3545 W Yorkshire Drive Glendale, AZ 85308

$1,095,000

3 Beds

2 Baths

1,888 SqFt

Status Active

MLS # 6716411

Property Type Single Family Residence

Price Type --

Come and see this recently renovated oasis home that checks all the box's & so much more! Upon arrival you will enter the main security gate & notice this Arizona ranch home is sitting on over an acre of irrigated land. The Main home features a 3 bed 2 bath 1,888 sqft. with high beam ceilings and lots of windows to enjoy the landscape. The Casita is a 2 bed 1 bath 900 sqft attached to the 1,500 sqft Commercial Grade Workshop . The Shop has four roll up doors (one pass thru), 2 master cool evaps & lots of 220, 2 additional Garages a total of 9 garaged spots and a Carport, resort style pool, spa. You must see to appreciate all this home has to offer, and still so much room on this lot located just minutes off of the Loop 101. Casita has its own electric meter. Pool was just resurfaced with- pebble tec finish. Please see docs for full upgrades & detail list. More pictures coming soon.

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6963 W Aurora Drive Glendale, AZ 85308

$1,095,000

6 Beds

4.5 Baths

3,953 SqFt

Status Active

MLS # 6681725

Property Type Single Family Residence

Price Type --

Experience the Pinnacle of Living in Sierra Verde Estates. Discover Arizona elegance and comfort in this semi-custom Jackson Properties build home, nestled in the prestigious Sierra Verde Estates of Glendale. This property is designed to cater to buyers seeking an unparalleled living experience. With original owners, this home has been meticulously cared for and crafted to blend luxury, functionality, and an active lifestyle. PROPERTY FEATURES: Spanning 6 bedrooms and 4.5 bathrooms, including three en-suites, this residence offers expansive living options. The layout includes the highly sought-after first-floor suite with a walk-in closet and linen closet. The first floor boasts of three walk-in closets, ensuring generous storage solutions. The oversized primary suite is a testament to the masterful design, boasting dual sinks, a vast walk-in closet, separate toilet room, and a linen closet, ensuring functionality and comfort. Custom touches throughout such as bay windows in the kitchen and a third en-suite bedroom. Speaker wiring in the dining room and primary suite, the extended covered patio and the convenience of a laundry chute from the second floor into the massive laundry room. At the property's heart, the kitchen, bay windows overlook the oversized lot, complete with a pool, spa, built in gas grill, with built in ice chest, outdoor sink, gas fire pit, herb garden, mature citrus trees, generous grass area and paved entertaining spaces, perfect for hosting gatherings! Premier upgrades including big tickets items like; AC units replaced in 2013, 4.5 inch custom shutters throughout, a new roof in 2020 (includes a 10-year warranty), exterior paint in 2021, and exterior landscaping upgrades including remodeling pool to add pebble tech in 2007, this home is ready for you to move in! Check out the full upgrades list in the documents tab. Positioned directly in front of the community green belt, residents enjoy immediate access to volleyball courts, playgrounds, walking paths, and a serene lake, encapsulating the essence of an active and peace-filled lifestyle. LOCATION ADVANTAGE: Strategic proximity is displayed with the accessibility to all your necessities and community amenities. Located within 30 minutes of major sports facilities and just 25 minutes from Downtown Phoenix, this home is a hub for entertainment and urban convenience. TSMC within 20 minutes further underscores the strategic location for professionals. This Sierra Verde Estates masterpiece is not just a home; it's a lifestyle. With its thoughtful design, custom enhancements, and prime location, this home invites you to embark on a living experience defined by boundless opportunities. Seize the opportunity to make this exceptional property your own!

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7344 E Keim Drive Scottsdale, AZ 85250

$1,095,000

4 Beds

3.5 Baths

3,353 SqFt

Status Active

MLS # 6728867

Property Type Single Family Residence

Price Type --

Come see this luxury 4 bed/3.5 bath home in the heart of Scottsdale! It is nestled within a gated community positioned on a desirable corner lot. This home is fully updated. The first floor consists of an open floor plan, vaulted ceiling, tiled floors, and a two way fireplace. It has a gourmet kitchen, perfect for entertaining, that features a gas stovetop, double ovens, large SS refrigerator, oversized granite island and a wet bar. It has a formal dining area and eat-in kitchen. The primary bedroom and beautifully updated bathroom with jetted tub is on the first floor and overlooks the patio and pool. There is a second primary bedroom with an en-suite bath upstairs. All 4 bedrooms have walk in closets. The 2 car garage has epoxy floors and a large storage room. Make this your new home! You can't beat the location of this home, it is close to Scottsdale Fashion Square, Old Town Scottsdale, various fine dining establishments, and Gainey Ranch! You're also in close proximity to The McCormick Railroad Park, Kierland Commons, Phoenix Sky Harbor Airport and the 101 Freeway. Don't miss the opportunity to own this exceptional home in one of Scottsdale's most sought-after communities!

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2425 E Oregon Avenue Phoenix, AZ 85016

$1,095,000

2 Beds

2 Baths

1,596 SqFt

Status Active Under Contract

MLS # 6718528

Property Type Single Family Residence

Price Type --

Come call one of the most desirable Biltmore neighborhoods Home. This turn-key property is the perfect blend of comfort and elegance. The large windows and sliding glass doors let in lots of light while looking out onto the perfectly manicured and low-maintenance backyard. The floorplan creates spaces for entertaining and relaxing with friends and family. Home chefs will love the modern kitchen with tons of counter space, coffee bar, and modern touches. The primary suite is large, allowing for plenty of space to create your tranquil spot to rest and recharge. A 24-hour manned guard house and rolling shades add extra security and privacy, ideal for lock-and-leave or just the peace of mind when you are home. The neighborhood offers 2 lighted tennis/pickleball courts and easy access to Arizona Biltmore Resort, the newly renovated Arizona Biltmore Golf Course, and Biltmore Fashion Park. This home is located near the serenity of walking and biking paths and hiking trails, but still has restaurants, shopping, and entertainment all around you!

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7231 E Tailfeather Drive Scottsdale, AZ 85255

Open House

$1,095,000

3 Beds

2 Baths

2,225 SqFt

Status Active

MLS # 6720615

Property Type Single Family Residence

Price Type --

Escape to Paradise with this Stunning 3Bed, 2Bath Oasis! This beautifully designed and meticulously maintained home, perfectly blending modern comfort with serene natural beauty. As you step inside, you'll be greeted by the warm and inviting atmosphere of this spacious split floor plan of living, featuring sleek SS appliances and granite countertops. The MBed is a tru retreat boasting an additional room with its own mini split air conditioning system, perfect for an exercise room or nursery, MBath is spacious offering a walk in shower, double sink vanity, separate toiletry room. 1of the spare bedrooms has a Murphy bed and desk perfect for guest or office, Backyard is a truGem with private (heated) Pool&Spa controlled by Aqua-link, Surrounded by fruit/lush trees, your very own Sanctuary! This is more than just a place to live - Grayhawk community is an experience, Grayhawk community is located in North Scottsdale and is known for being one of the most sought out places to live in Arizona, with their top-rated Schools, world-class Golf Courses, luxurious resorts, and fine dining options, with scenic trails for hiking and biking take along a map, and Add to that its just minutes away from the 101 freeway.

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7499 E Casitas Del Rio Drive Scottsdale, AZ 85255

Open House

$1,095,000

3 Beds

2.5 Baths

2,154 SqFt

Status Active

MLS # 6719862

Property Type Townhouse

Price Type --

Welcome to this exquisite three bedroom, two and half bath home in the conveniently located gated community of Summit at Silverstone. Community amenities, including a pool, fitness center, and barbecues, are conveniently located just steps away. The home is also close to shopping and restaurants, making it an ideal location. The spacious, open floor plan features stunning finishes and upgrades and creates a welcoming flow. This home boasts custom closets, plantation shutters, designer light fixtures and mirrors, high ceilings, a Crystal Tech water filtration system, a tankless hot water heater, & so much more. The great room boasts a wall of glass that overlooks a covered travertine patio, leading to a meticulously manicured and easily maintained, private north/south-facing backyard complete with a tranquil water feature and a covered patio. The kitchen is a chef's delight, featuring stainless steel appliances including a gas cooktop and double wall ovens, an R/O system, large center island with seating and waterfall edge, quartz counters, and wood cabinetry. The primary bedroom has an attached ensuite bath with dual sinks, walk-in shower, spacious closet, and private water closet. The second bedroom is a junior primary suite with an ensuite bath. The den has been transformed into a custom home office by California Closets, offering built-in organization and an efficient workspace ideal for remote work but could easily be used as an optional third bedroom if needed. An extended private driveway provides additional parking for guests and leads you to the two car garage with epoxy garage floors and a Tesla charging hook-up.

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6412 E Blanche Drive Scottsdale, AZ 85254

Open House

$1,095,000

3 Beds

2.5 Baths

2,397 SqFt

Status Active

MLS # 6737924

Property Type Single Family Residence

Price Type --

Discover your ideal sanctuary in the highly sought-after Kierland community. Embrace the convenience of premier shopping and dining at Kierland Commons, Scottsdale Quarter, Westin Resort, and Kierland Golf Course, all just steps away. This home boasts a coveted layout with the owner's suite on the ground floor and guest bedrooms and office above. Recent updates include a resurfaced and retiled pool, remodeled bathrooms, a new hot water heater, and updated AC units. The mature backyard landscaping adds privacy and charm to your poolside retreat. Don't miss out on this gem!

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1952 E San Miguel Avenue Phoenix, AZ 85016

$1,093,000

4 Beds

3 Baths

2,412 SqFt

Status Active

MLS # 6759992

Property Type Single Family Residence

Price Type --

Beloved and Noteworthy Biltmore location! Totally renovated home on large lot with pool w/mountain views! Gourmet kitchen has deluxe 36'' Gas range & hood, new shaker cabs, European inspired backsplash, oversized black island with cabinetry and walk-in pantry. New Provenza wide plank flooring w/exclusive bevel edge. New Chic lighting & fans with striking fireplace. Stunning bathroom vanities, fixtures, showers, bath. 2 primary bedrooms each w/ full bath & 2 more rooms with full bath. Custom front door & back sliders, dual pain windows throughout! Fully enclosed 2 car garage, Yard is entertainers dream! New built-in BBQ & bar seating, sealed concrete and decking w/sparkling diving pool. New interior & exterior paint. New water heater, sprinkler valves, timer, pavers, rocks, plants & more (20th St. is a quieter residential street) Do not miss this amazing coveted residential neighborhood known for its mid-west charm, amazing hiking, dining, entertainment, golfing, and shopping. Close to freeways and the esteemed Biltmore Hotel and Spa, with 18-hole championship golf courses. * Full List of upgrades available in the Documents Tab*

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37711 N 12th Street Phoenix, AZ 85086

$1,090,000

4 Beds

2.5 Baths

2,750 SqFt

Status Active

MLS # 6749883

Property Type Single Family Residence

Price Type --

Located in the desirable community of Desert Hills, this breathtaking custom home sits on a spacious lot without HOA constraints and provides the security of city water. The exterior includes a double RV gate, circular driveway, and synthetic stucco. Upon entering the residence you will be mesmerized by the craftsmanship and character of the home. The elegant office features a wall of custom cabinets including a hidden closet to double as a 4th bedroom. The heart of the home is a dramatic great room with 12-ft ceilings, a grand fireplace, and expansive windows to display the custom-designed backyard. The gourmet kitchen features a 10-ft island, counter to ceiling custom cabinets, and a walk-in pantry with a convenient wall-to-wall countertop. The spacious dining room opens up to a pergola covered outdoor entertainment space which includes a 13-ft stone bar, wet sink, and built-in stainless steel cabinets. The full length patio provides the perfect haven for relaxing; featuring a spacious paver-lined artificial grass area and beautiful mountain views. The luxurious primary suite offers ample natural light and an en-suite with deep soaking tub, super shower, and an oversized walk-in closet conveniently connected to the laundry room. Features include additional custom cabinetry, a washing sink, and a pet door to access the attached fenced run. Located on the other side of the house are 2 large bedrooms, a bonus room, and a spacious full bath with double sink custom vanity. This custom home is a must see! A full list of additions is below. Additional Details: - 400 amp service - City water - Spray foam insulation - 10-Year Hybrid High Efficiency Smart Tank Electric Heat Pump Water Heater - Pre wired for speakers inside and outside - Newly installed rain gutters with underground drainage - Baldwin exterior door hardware - Soft close door and drawers throughout the home - Large Minkaaire fans in great room and primary suite - Exterior hunter fans - Interior hunter fans in the office, bonus room, and additional bedrooms - Gas cooktop and fireplace - Pot filler - LED lighting throughout house - Spacious attic storage - Switched exterior outlets for exterior string lighting - Holiday light package - Outlet for EV charging - 2 phase outlet in garage for larger equipment - Pull down stairs for attic access - Built in swing set - High speed internet - RV access on both sides of house with access to clean outs - Pet run with interlocking hex ground panels for drainage, erosion resistance, and dig proof - Unlimited potential: expansive buildable area for horses or workshop

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