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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4129 E Burnside Trail Cave Creek, AZ 85331

$1,090,000

4 Beds

4 Baths

3,660 SqFt

Status Active

MLS # 6747266

Property Type Single Family Residence

Price Type --

Discover luxury living in this exquisite one-story home in prestigious Ashler Hills Estates Gated Community. This beautifully designed home features a rare, fully finished basement with theater room, perfect for movie nights and entertaining. The spacious Primary suite offers a private retreat with a soaking tub, walk-in shower and dual vanities as well as a large custom-built closet. Step outside to enjoy the outdoor fireplace, an ideal space for cozy gatherings under the stars. This home is a true gem, with 4 bedrooms, 3.75 baths, 3 car garage, new exterior paint and OWNED SOLAR. It combines elegance, comfort, modern amenities all within one of the most desirable communities in Cave Creek.

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26595 N 86th Street Scottsdale, AZ 85255

Open House

$1,090,000

3 Beds

3 Baths

3,140 SqFt

Status Active

MLS # 6677531

Property Type Single Family Residence

Price Type --

Seller has invested over 200k in upgrades. A competitively priced retreat nestled on the tranquil cul-de-sac of Vistana is a dream come true! A spacious 3-car garage with an extended driveway will greet you upon arrival. Discover a captivating interior showcasing gleaming wood-look floor, soothing color palette, high ceilings, & bountiful natural light. The spotless kitchen boasts white cabinetry with crown molding, pantry, SS appliances, quartz counters, recessed lighting, & a center island for extra space. The large main retreat features soft carpet throughout, private access to the balcony, & a lavish ensuite complete with dual sinks. Prepare to be impressed by the oversized backyard, offering a covered patio, a sparkling swimming pool, & picturesque blue sky! Don't miss this rare gem!

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9326 W Sun Dance Drive Queen Creek, AZ 85144

$1,089,000

4 Beds

3 Baths

2,622 SqFt

Status Active

MLS # 6709234

Property Type Single Family Residence

Price Type --

With stunning views of the San Tan Regional Mountains, this 3.3 acre property is zoned as a Suburban Ranch. It currently serves as a working horse facility, including an enormous arena (150' x 200') with 9 poles in place for full lighting, water faucets at every turnout and in front of the arena with washing mats and a covered tack shed. Multiple paddocks, 16 covered stalls each with plumbing for individual auto waterers. Included in the 16 stalls are 4 foaling stalls, and 2 stud stalls. You will also find a covered hay area with a hay shade that fits 4 squeezes- easily, multiple hitching rails, 2 swivel tie out posts (patience poles) and Phantom mounts in ground/phantom. This 4 bed/3 bath home has over 2,600 sqft and a walkout basement. Updates include a brand new 5.0 ton HVAC (2022), septic system (2022), and regular maintenance to the roof. Additional features include a covered carport (32x48), fully enclosed shop/garage (24x48), RV hookups, timed irrigation, a full riding path around the property, and quick access to riding trails. Located a short distance from multiple equestrian facilities including Horseshoe Park, John Volken, and RCR farms, this is the perfect location for a horse property. This home is also located only 10 minutes from Queen Creek Marketplace, and 15 minutes from Mesa Gateway Airport. SR-zoning allows for multiple other uses of the property including agricultural, farming, and guest ranches to name a few. Don't miss this incredible opportunity to call this beautiful property home.

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3538 E Hazeltine Way Queen Creek, AZ 85142

$1,089,000

4 Beds

3.5 Baths

3,513 SqFt

Status Active

MLS # 6665952

Property Type Single Family Residence

Price Type --

$61,000 PRICE CORRECTION! This stunning mini-estate boasts one of the largest homes in the subdivision. A single-story retreat w/ 3,513 sq ft of luxury living featuring 4 bedrooms and 3.5 baths. Enjoy the grandeur of 12 ft ceilings in entryway. The gourmet kitchen is a chef's dream, w/ a beautiful 5-. burner cooktop, double ovens, 42-inch upper cabinets, HUGE-in pantry. Relax in the beautiful frameless walk-in primary shower. Discover the hidden executive office. Entertain effortlessly with a 16 ft sliding glass door leading to the backyard oasis, complete w/ a sparkling heated salt water pool & spa, in-ground trampoline, synthetic grass, fire feature .Welcome to Copper Bend's exclusive gated community! This home sits on the City of Gilbert border & even utilizes Gilbert services! 12 foot ceiling in the Great Room and 10 ft ceilings throughout to other areas of the Estate. Queen Creek address, however this Estate is located w/in the town of Gilbert and utilizes Gilbert Services!!!!

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5840 E Sierra Morena Street Mesa, AZ 85215

$1,088,950

3 Beds

3 Baths

2,498 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 with Kitchenaid Built in Fridge, Wall Oven and Microwave, Pot Filler, Farmhouse Sink, Whole House Tile, Beams, Brick Accent Walls, Floating Cabinets, Tons of Accents Lights, Oversized Extended Garage, Long Driveway, Landscaping is Finished with Backyard Fire Place, Raised Deck, Lots of Turf, Designer Lighting. Move in Ready,

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9806 E Cloudview Avenue Gold Canyon, AZ 85118

$1,088,888

3 Beds

3.5 Baths

3,309 SqFt

Status Active

MLS # 6748485

Property Type Single Family Residence

Price Type --

Postcard Worthy Beautiful Mountain & Sunset & Sparkling City Light VIEWS! Pristine Custom 3300 SF Territorial Style 1.25 AC Desert Retreat, Saguaro Studded Prof. Landscape Saves $80K+/- Needed For Home Builder Cleared Parcels. Full Length N Facing Rear Patio w/Block & Stucco Fencing, RV Gates & Sunny Gated Fenced S Facing Courtyard w/Pavers. Open Floorplan Flows Seamlessly w/Impressive Mix Of Stacked Stone-Glass Block-Neutral Brick-Set Tile-Quartz Counters-Copper Sinks-FN/Office Master Suite Built In Ent Shelves-Artist Accents-Propane FP+DACOR Stove. Flexible 2 Home Offices w/Built In Shelves/M-In-Law Suite/Nursery/Library. All Have Private Baths/Walk-In Closets & Separate Entrances/ 2024 Roof Coating w/2 YR Wrty.2 UNSHARED Wells $40K+/- Value. Fast Possession Or Leaseback Available.

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30965 N Lola Lane Queen Creek, AZ 85144

$1,086,000

5 Beds

4 Baths

3,300 SqFt

Status Active

MLS # 6686693

Property Type Single Family Residence

Price Type --

Fantastic opportunity for this custom-built single-level home in Chandler Heights Ranches! An impressive iron front door welcomes you into a fantastic floor plan with high-end finishes and a neutral palette throughout. The expansive great room has multi-sliding doors to the covered patio and an electric fireplace with floor-to-ceiling tile surround. The gourmet kitchen features stainless appliances including a Forge gas range, shaker cabinets, stylish backsplash, Quartz countertops, walk-in pantry and huge center island with breakfast bar and pendant lighting. The private primary bedroom has access to the backyard and a spa-like bath with dual vanities, tiled shower with rain showerhead and seamless glass surround, freestanding tub, and walk-in closet. One secondary bedroom has an en- suite bath, perfect for guests! Other features include a private study/office (or additional bedroom), formal dining room, large laundry room with cabinets & sink, ceiling fans throughout (including on the covered patio), block fencing around the huge backyard, RV gate, and oversized garage parking for 3 cars with an expansive driveway. BUILDER IS CURRENTLY OFFERING $10,000 IN CLOSING COST ASSISTANCE!

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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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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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