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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28848 W Grand Avenue Wittmann, AZ 85361

$1,085,000

5 Beds

3 Baths

3,504 SqFt

Status Active

MLS # 6740023

Property Type Single Family Residence

Price Type --

Welcome to 28848 W Grand Ave, Wittmann, AZ 85361! This charming property is a perfect blend of rural tranquility and modern convenience. Set on an expansive lot, this home offers ample space for all your outdoor activities and creative landscaping ideas. Enjoy the comfort of a well-designed layout featuring 5 bedrooms and 3 bathrooms, perfect for family living or hosting guests. The kitchen is equipped with stainless steel appliances, making meal preparation a delight. The property boasts a generous yard, ideal for gardening, entertaining, or simply relaxing under the Arizona sky. There's also plenty of room for RV parking or other recreational vehicles. Situated in the peaceful community of Wittmann, you'll experience the best of both worlds—serene country living with easy acces s to nearby amenities and major roadways. Whether you're looking for a family home or a peaceful retreat, 28848 W Grand Ave offers a unique opportunity to enjoy the best of Arizona living. Don't miss out on making this beautiful property your own!

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5250 E Deer Valley Drive Unit 457 Phoenix, AZ 85054

$1,085,000

2 Beds

2.5 Baths

1,781 SqFt

Status Active Under Contract

MLS # 6701158

Property Type Apartment

Price Type --

This better than new 2 bed, 2.5 bath + bonus room, turnkey penthouse level condo has 11' ceilings, 2 ensuite masters with custom blackout remote-controlled shades in both bedrooms. Model with largest closets, custom designed. Custom bar with built in fridge. The patio with built-in BBQ is perfect for private gatherings. 2 car parking stalls in the gated garage with a 12x6 storage unit included . LUXE has a movie room, party area and a well equipped gym, a resort style pool & hot tub, infrared sauna, & firepits. The clubhouse features meeting spaces, a large entertaining kitchen & coffee bar. Located across the street from Desert Ridge Shopping Center and High Street an Urban, upscale district with specialty salons, fashion boutiques, trendy bars & gourmet restaurants. Minutes from the 101

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1251 Sarafina Drive Prescott, AZ 86301

$1,085,000

3 Beds

3 Baths

2,443 SqFt

Status Active

MLS # 6738290

Property Type Single Family Residence

Price Type --

Gorgeous Prescott Lakes single level custom home with an inviting courtyard entry and on a premium view lot showcasing the San Francisco peaks, Granite Mountain, the Granite Dells & the 10th hole of the award winning Prescott Lakes private golf course. The home has recently been upgraded from top to bottom: dream kitchen with granite countertops, Viking appliances, under and above cabinet lighting, large walk-in pantry, custom cabinets with slide out shelving, and a coffee bar. Charm & character can be seen throughout with the elegant ceilings, recently added crown molding and unique light fixtures, the home as ample storage, a formal dining area, new carpet & updated custom tile flooring, large picturesque windows throughout bringing in the natural light while viewing the beautiful sunrises and sunsets. Offering a 3 bedrooms/3 full bathrooms + an office/den split floor plan this home has a guest suite/mother-in-law quarters completely separate from the primary suite with a private courtyard entrance perfect for family or guests. Bordered by open space on one side and a convenient walking trail right off the back of the property. A spacious 3 car garage with additional storage space. Entertain on the covered patio with the recently added extended pergola, enjoy the beautiful low maintenance front & backyard landscaping. Prescott Lakes is an amazing community centrally located in Prescott offering year around private clubhouse amenities. These amenities are golf on the 18 hole Hale Irwin-designed golf course, a world-class fitness center, indoor pool & outdoor pool, spa, 5 pickleball & 2 tennis courts, a restaurant, numerous fitness classes, and many social clubs. Your active and social lifestyle is great in Prescott Lakes! Please see the attached list of all the property features & recent upgrades.

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7010 N 13th Place Phoenix, AZ 85020

$1,085,000

4 Beds

3.5 Baths

3,010 SqFt

Status Active

MLS # 6677302

Property Type Single Family Residence

Price Type --

REDUCED!! EXTENSIVE UPDATES: Matte Glazed Porcelain Tile Throughout, Updated Baths, Updated Electrical, SmartTechnology, Extensive Updated Landscaping, Addition of 3 Windows, Full Primary Custom Closet Organizer System & SO MUCH MORE! With its unique floor plan, this home offers a refreshing departure from the ordinary. Inside you will find 4 bedrooms & 3.5 baths. The Primary is a retreat unto itself featuring custom wallpaper, multiple seating areas and a truly luxurious closet. Feel that fresh breeze in your very own Backyard Oasis! Dive into the Sparkling Pool to cool off on warm days, rinse off under the refreshing Outdoor Shower & gather around the cozy Fire Pit as the sun sets. Embrace the joys of indoor/outdoor living & create lasting memories. Fetured in Haven Lifestyles Magazine.

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5681 W Abraham Lane Glendale, AZ 85308

$1,085,000

4 Beds

3 Baths

3,023 SqFt

Status Active

MLS # 6743499

Property Type Single Family Residence

Price Type --

In the much sought-after Arrowhead Lakes subdivision and backing up to an Arnold Palmer designed golf course The Legends at Arrowhead Ranch Golf Course. This house overlooks the Pro Tee Box of the 15th Hole as well as the rolling hills and lake of the golf course. Mohawk wood laminate flooring throughout except carpet on the stairwell and Slate tile at entry, kitchen. High vaulted ceilings. Master and BR2 on main. Island kitchen with Whirlpool stainless appliances (Kitchen Aide Refrigerator with matching oak cabinet door fronts). Living room with panoramic golf and lake views. Balcony off Kitchen and Master access points overlooking golf course. Downstairs: 2 bedrooms; a full bath; Laundry; Family room with fireplace and entertainers wet bar. Short term rental permissible.

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22752 S 226th Place Queen Creek, AZ 85142

$1,085,000

4 Beds

2.5 Baths

4,225 SqFt

Status Active

MLS # 6733802

Property Type Single Family Residence

Price Type --

Elegance Meets Opulence: A Must-See Gem! Step into the epitome of luxury living with this architectural marvel. Beyond being a house, it's a sanctuary promising an elevated lifestyle filled with comfort and convenience. Here are some standout features: Designed Landscaping: Meticulously landscaped surroundings set the tone for opulence. Natural-Stone Covered Backyard Patio: Entertain or unwind in your private oasis. Big Pool with Water Features: Dive into crystal-clear waters with enchanting water features. Gazebo with Outdoor Furniture: Relax in the shade, surrounded by elegant outdoor furniture. Whole-House Six-Zone Audio System: Rich music flows seamlessly throughout. 13kW Tesla Solar System with Four Power Walls: Sustainable energy backup keeps you powered. 3-Car Air-Conditioned Garage with Level 2 Tesla EV Charger: Ideal for car enthusiasts. 16-Camera Video Security System: Comprehensive security for peace of mind. Home Security Alarm System: Ensures safety for you and your loved ones. Fireplace: Cozy up by the warm glow, unmatched in comfort. This masterpiece caters to every aspect of modern living.

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992 W Lucky Lane Queen Creek, AZ 85144

$1,080,000

5 Beds

3.5 Baths

3,040 SqFt

Status Active

MLS # 6739526

Property Type Single Family Residence

Price Type --

Welcome to an exceptional 3,000 sq. ft. estate offering 5 spacious bedrooms and 3.5 baths, including two master suites. This horse-friendly property, free from HOA restrictions, features a 3-car garage designed for upscale living. Upon entry, you are greeted by 10 ft. ceilings, wood look tile floors, granite countertops, and espresso shaker cabinets, all complemented by oil-rubbed bathroom fixtures, creating an atmosphere of refined elegance. The gourmet kitchen is equipped with an electric cooktop, wall oven, microwave, and high-end stainless steel appliances. The large kitchen island and walk-in pantry provide ample space for culinary creations. Comfort and Quality: Built with durable Integra Block construction, this home ensures lasting quality. The 5 bedrooms, See supplemental text including 2 master suites, offer ample space and comfort. Four-zone AC controlled thermostats allow for customized temperature control throughout the home. Outdoor Excellence: The property's corner lot offers stunning mountain views. The owner has invested over $250,000 in the meticulously designed front and backyard, featuring paver driveway, front and backyard shade trees, citrus and pecan trees, landscape lighting, and a wrought iron front yard perimeter fencing, in addition to secure fencing of large front courtyard. The backyard block wall has two 12ft wide RV gates for easy entry and exit. The Presidential built pool is perfect for cooling off during the desert summers, with an additional 50ft behind the back wall included in the property lot. This home offers more than just living space; it provides a personal retreat. Take a tour today to experience this exceptional property.

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8910 E Topeka Drive Scottsdale, AZ 85255

$1,080,000

4 Beds

2 Baths

2,583 SqFt

Status Active

MLS # 6744928

Property Type Single Family Residence

Price Type --

Welcome home! Amazing opportunity to own in North Scottsdale Estate at Ironwood Village. This lovely 4 bedroom, 2 bath, 3 car garage residence is generously proportioned W/ 2,583 sq ft single story. Enter the home and be greeted by vaulted ceilings, spacious, living room & formal dining. The bright kitchen w/ breakfast nook & abundant family room w/ stone fireplace & wet bar are perfect for entertaining family & friends! The main bedroom is a delight to rest & relax w/ its lavish primary suite, walk-in closet, dual sinks, glass shower & access to patio. The backyard is a mini paradise comprising a covered patio, beautiful pool & grass area. New roof, Water Syst. RO, HVAC & carpet! Just minutes to private, charter & public schools, Scottsdale Quarter, Kierland Commons and lots of golf courses & restaurants! This home has it all! You will love it!

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6440 W Gail Drive Chandler, AZ 85226

$1,079,000

7 Beds

5 Baths

4,278 SqFt

Status Active Under Contract

MLS # 6738737

Property Type Single Family Residence

Price Type --

Amazing opportunity to own this recently renovated home in Ray Ranch Estates. Beautiful new large format tile in the living spaces, upgraded kitchen with granite countertops and stainless appliances, plush carpet in bedrooms , and refreshed bathrooms throughout. One of the largest backyards in the subdivision featuring a large grassy area, kids play structure, and a fenced in pool with a separate storage room. Epoxy coated garage complete with EV charger.

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1229 N 106th Place Mesa, AZ 85207

$1,079,000

4 Beds

3 Baths

3,016 SqFt

Status Active

MLS # 6672012

Property Type Single Family Residence

Price Type --

Custom home with HUGE lot Back on Market! Buyer financing fell through. This stunning home, sitting on a 1.79-acre lot, features a charming exterior with stone and natural wood accents. Plenty of space for RV garage, animals, storage and more. Step inside the home to discover an inviting interior, with wood-tile flooring and recessed lighting. The expansive great room is perfect for entertaining and seamlessly integrates style and comfort. The immaculate kitchen is a chef's dream, equipped with an abundance of white cabinets, high-quality stainless steel appliances, including wall ovens, quartz counters, a stylish tile backsplash, a walk-in pantry, and a large center island. The spacious main bedroom offers plush carpeting, leading to a sophisticated ensuite with dual vanities, a standalone tub, and a spacious walk-in closet. Cozy den can be used as a home office. The practical laundry area includes built-in cabinets for added convenience. Outside, the sizable backyard features a covered patio, breathtaking mountain views, and extensive space suitable for a pool or other creative landscaping ideas. This exquisite property is a true gem that promises not to disappoint. Come and experience its allure for yourself!

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17952 E Cindercone Road Rio Verde, AZ 85263

$1,079,000

3 Beds

3.5 Baths

2,693 SqFt

Status Active

MLS # 6660806

Property Type Single Family Residence

Price Type --

Nestled within the exclusive golf community of Trilogy at Verde River, this luxury haven epitomizes refined living. This Latigo model offers over 220k in upgrades and unveils 3 total bedrooms, 3.5 bathrooms, a den/office, and the casita has a private entrance from the front courtyard. Situated on an expansive 8,802 sq ft lot, revel in the luxury of an oversized yard boasting a spa with breathtaking mountain views. Step into elegance as hardwood floors and neutral wall tones create a timeless backdrop, complemented by numerous upgrades throughout. The kitchen is a culinary masterpiece, boasting granite countertops, staggered cabinets, stainless steel appliances, and a spacious island with a breakfast bar. The great room is beautiful with a striking mountain view and an abundance of natural light, creating a warm and inviting atmosphere. The primary suite is a spacious retreat featuring recessed canned lighting, a ceiling fan, and a spa-like ensuite with a dual sink vanity, a separate fully tiled shower, a soaking tub, and a walk-in closet. The den/office is finished with a built-in bookcase and French glass doors. Bedroom 2 is equally luxurious with recessed canned lighting and an ensuite bathroom. The casita, accessible through a private entry, is a guest's haven, offering a bedroom, a small refrigerator, built-in cabinets, a walk-in closet, and an ensuite bathroom. The backyard is a dream, boasting unbeatable mountain views from the spa. The covered patio is an ideal spot for dining with a view, creating a picturesque setting. The garage is temperature controlled, has epoxy floors, built-in storage cabinets, and overhead storage rack. Don't miss the opportunity to own this gorgeous home, where luxury meets unparalleled beauty in Trilogy at Verde River. Furniture available on a seperate bill of sale. The amenities at Verde River are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickleball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails.

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3532 E Penedes Drive Gilbert, AZ 85298

Open House

$1,079,000

4 Beds

3.5 Baths

3,578 SqFt

Status Active

MLS # 6704870

Property Type Single Family Residence

Price Type --

Welcome to 3532 E Penedes Dr, a luxurious contemporary home nestled in the prestigious Marbella Vineyards community of Gilbert, AZ. This highly upgraded and meticulously maintained residence offers 3,578 sqft of living space on a spacious 9,900 sqft lot, featuring 4 bedrooms and 3.5 bathrooms designed for comfort and modern living. The front exterior boasts custom landscape and lighting, a turf and granite mix for easy maintenance, an extended paver driveway, and a custom entry gate by First Impressions. The sleek, modern design is complemented by glass garage doors and dual entry gates to the backyard. The rear exterior is a private oasis with custom landscaping and lighting, a Pebbletec pool and spa by Presidential Pools with in-floor cleaners, and travertine patio and pool decking. Enjoy upgraded pool tiles, a removable black safety fence, patio ceiling fans, a large turf area, a grill, and a custom shed included with the sale. Inside, the home features upgraded quartz countertops throughout, a huge oversized laundry room, and a shiplap wall in the half bath. The open 2-story foyer creates a grand entrance, leading to a kitchen with a huge island, white quartz counters, an upgraded herringbone backsplash, and under-cabinet LED lighting. All KitchenAid appliances and a hood vent over the island complete the chef's dream kitchen. The living room is a perfect blend of style and comfort with a herringbone plank wall design, an electric fireplace, and a custom black shiplap entertainment area with surround sound 7.1. Custom board and batten designs adorn the dining room and kids' bedroom, while upgraded ceiling fans, carpeting with memory foam padding, and canned lighting enhance every room. The master bedroom features a coffered ceiling, custom black privacy blinds, and a stone backsplash in the master bath. Modern black wood and stainless railings add a sleek touch throughout the home, complemented by 4 baseboards and comfort height toilets. The garage is equally impressive with epoxy floors, LED lighting, and a hi-lift kit installed in the single-side car garage, allowing the garage door to wrap up higher against the ceiling. The 2-car garage does have a Tesla/EV charger installed and wired. Don't miss the opportunity to own this highly upgraded, contemporary home in a desirable location.

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