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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11077 E White Feather Lane Scottsdale, AZ 85262

$1,050,000 - 4Br/3Ba -  for Sale in Echo Ridge At Troon North Lot 1-98 Tr A-k, Scottsdale
Open House
$1,050,000
4 Beds
3 Baths
2,836 SqFt
Status Active
MLS # 6752193
Property Type Single Family Residence
Price Type --
Come fall in love with this completely remodeled home with mountain views in the highly desirable Troon North! Prepare to be blown away as you walk through the oversize painted oak front door into a great room with soaring vaulted ceilings adorned with round gold chandeliers, LVP bleached oak flooring, plantation shutters on all windows, charcoal accent walls, new contemporary 4 inch baseboards, new designer fans & extra recessed lighting added too! The kitchen has had walls opened up to reveal the most exquisite finishes & was just filmed to be in a ''Forno'' commercial to feature its' all new Forno Luxury Appliances' package including: 60 inch side by side custom built-in fridge, 50 bottle wine fridge, 36 inch stove & custom hood & under counter built-in microwave.The 10 foot black & white veining quartz waterfall island just screams class with enough seating for 6 as well as a new under-mount stainless sink & black goose neck faucet. The abundance of 42 inch black shaker cabinets with gold hardware, quartz counters that continue up the wall, formal dining area & oversize pantry are all such nice features too! The family room off the kitchen is another area with walls opened up for a modern feel & is graced with dramatic floor-to-ceiling slate tiled wood-burning fireplace. A 1/2 bath off the kitchen makes entertaining here easy & has been recently renovated with black floating vanity, black quartz counter, sleek black faucet, LED lighted hanging mirror & custom shelving underneath for storage. The home office area has also been structurally improved & has new custom entry doors & closet added to make it a possible 4th bedroom option. The large laundry off the garage even boasts all new shaker cabinets & quartz counters too! The primary suite has its' own side of the home w/ exterior exit, plantation shutters & the same breathtaking vaulted ceilings as the rest of the home. The spa-like retreat of the primary bath has also just been remodeled too w/ high-end Bedrosian's tile marble flooring, custom tiled shower with glass door, rain shower faucet & hand-held, private commode, dual vanity with under mount sinks & vanity nook, stunning white quartz counters, 110 lighted LED hanging mirror, soaking tub w/ wicker chandelier, wall faucet & glass block for privacy. The oversize primary walk-in closet off the bathroom is also an amenity not to be missed! This Shea homes built floor-plan just makes sense with two extra large guest bedrooms that are split w/ 10 foot ceilings, all new doors & hardware, shutters & their own remodeled bathroom including adorable black & white octagon tile flooring, quartz counters, under-mount sinks, chrome faucets, another lighted LED hanging & an exquisite custom tiled shower & glass door too! The garage is very special as well with 3 large bays, all new blue epoxy flooring, water softener, extra storage & a utility door too! The oversize lot with lush front and back yards is nestled on a quiet street with north/south exposure & set below majestic mountain views. The backyard is a serene setting with expansive covered travertine-lined patio w/ electric awning, professionally curbing, designer landscaping, astro turf and a fire pit area w/ travertine patio & seated benches too! One of the best features about this home is its' location w/ majestic mountains behind & next to a preserve area w/ natural desert landscaping to enjoy sunsets under! The landscaping in the yards is so low maintenance yet still possessing lovely vegetation such as Aloe vera & Bougainvillea plants, Rosemary bushes, Cacti, & pots w/ vinca flowers! All this is located next to Troon North and all its' wonderful amenities, renown golf courses, high-end shopping & restaurants & also located in the award-winning Scottsdale School district....Welcome Home!

20428 N Denizen Drive Surprise, AZ 85387

$1,050,000 - 3Br/3Ba -  for Sale in Sun City Grand Estancia, Surprise
Open House
$1,050,000
3 Beds
3 Baths
2,866 SqFt
Status Active
MLS # 6758740
Property Type Single Family Residence
Price Type --
STUNNING 'One of a Kind' 3 BR /3 BA Golf Course Home with a peek-a-boo view of the Lake on Cimarron #14. This expanded Hampton Model has been tastefully decorated with an updated media wall and fireplace in the Great Room. An additional 400 square feet was added to the home when built. The 3rd BR offers a massive walk-in closet. Enjoy the expanded covered patio with a two-person hot tub, gas fireplace, built in BBQ, mini refrigerator, water feature, infrared electric heaters, and misters. Sliding screens on all exterior doors. Perfect for entertaining or enjoying morning coffee or late evening beverages with a view of the Whitetank Mountains. This home has it all and once you enter the open foyer you will feel the love and warmth. Make 20428 N. Denizen Drive your new home.

8534 E Monterey Way Scottsdale, AZ 85251

$1,050,000 - 4Br/2Ba -  for Sale in Village Grove 19, Scottsdale
Open House
$1,050,000
4 Beds
2 Baths
2,358 SqFt
Status Active
MLS # 6761214
Property Type Single Family Residence
Price Type --
Stunning Mid Century Modern home on nearly ¼ acre with an east facing back yard! No HOA---a model vacation rental! Open floor plan! Kitchen boasts professionally refinished cabinetry, quartz counter tops, an enormous walk - in pantry and stainless steel appliances; gas cooking! Large picture window at kitchen sink looks out to the resort - style back yard. Four bedrooms and two bathrooms. The master suite has extensive custom closet storage; dual sinks, walk in shower and 2023 flooring in the master bathroom. Separate exit from the master bathroom to the back patio. Both bathrooms have been completely remodeled with trendy finishes; tile surrounds in the showers, and upgraded faucets, lights and fixtures. The same impeccable attention to detail on the inside is carried through to the front and back yards. Sparkling, heated pebble tec pool with 2022 filter and heater and 2024 variable speed pump. Elegant natural gas fireplace (with timer.) BBQ grill and artificial turf installed in the back yard in 2022. Extended covered back patio with ceiling fans. 2021 patio roof and 2022 concrete coating on the back patio floor (with 15 year warranty.) Quaint front porch with tile accent wall and wood fence enclosure. Tankless gas water heater, solid doors, water softener, 117 sf laundry room, RV gate. Seamless gutter was added to back of home in 2022, gas line replaced 2022, main sewer line and clean outs replaced 2023. Close to Old Town, Spring training, golf, hiking shopping and restaurants! All facts and figures including but not limited to square footage to be verified by buyer or buyer's representative.

7309 E Rovey Avenue Scottsdale, AZ 85250

$1,050,000 - 4Br/2Ba -  for Sale in Briarwood Reamended, Scottsdale
Open House
$1,050,000
4 Beds
2 Baths
3,249 SqFt
Status Active
MLS # 6742741
Property Type Single Family Residence
Price Type --
Welcome to an extraordinary retreat in Scottsdale's prestigious Briarwood community. This stunning residence, located on a peaceful cul-de-sac, offers breathtaking Camelback Mountain views and exceptional craftsmanship throughout. Inside, you'll find elegant wood-like tile flooring, soaring ceilings, and a striking two-way brick fireplace that connects the living and great rooms, creating a warm and inviting ambiance. The chef's kitchen is a highlight, featuring top-tier stainless steel appliances, quartz countertops, and a spacious island—perfect for cooking and entertaining. The master suite is a private oasis, complete with a dedicated office, direct patio access, and a spa-inspired bathroom with dual sinks, a luxurious garden tub, and a generous walk-in closet. Outside, entertain effortlessly with a custom pizza oven, relax under the gazebo by the fire pit, or enjoy the pool and spa. Additional features include a flexible open den/office and a secondary bedroom with a sitting area and separate entrance, ideal for guests. Experience the pinnacle of luxury and Scottsdale living.

23008 E Via Las Brisas -- Queen Creek, AZ 85142

$1,050,000 - 4Br/4Ba -  for Sale in Church Farm Parcel H, Queen Creek
Open House
$1,050,000
4 Beds
3.5 Baths
3,625 SqFt
Status Active
MLS # 6686974
Property Type Single Family Residence
Price Type --
Motivated seller! Welcome to the most sought after Meridian Community! Enjoy your community pool, parks and more! Live in luxury with this fully upgraded newly built home. This home with no interior or exterior steps features 4 bedrooms, each with their own walk-in closet, 3.5 baths & an elegant formal dining and sitting room, providing ample space for entertaining. The gourmet kitchen is a chef's dream with an oversized island, quartz countertops, custom backsplash, wall oven & microwave, gas cooktop with a butler's pantry. The great room features a custom fireplace and an additional dining space. Enjoy your backyard retreat with over $180k in upgrades. Custom built pool, spa and grill along with beautiful limestone walkways. Come see!

8100 E Camelback Road Unit 178 Scottsdale, AZ 85251

$1,049,999
3 Beds
2 Baths
2,254 SqFt
Status Active
MLS # 6758472
Property Type Single Family Residence
Price Type --
Luxury Living in Exclusive Cameldale - The One You've Been Waiting For Welcome to your dream home in Cameldale, the highly sought-after, exclusive guard-gated community in the heart of Scottsdale. This is the only home currently available in Cameldale, and it won't last long! With 2,254 sq. ft. of luxurious living space, this 3-bedroom, 2-bathroom home is perfect for your most discerning clients. As you enter, you're greeted by soaring 12 ft ceilings in the spacious great room, which features a custom stone fireplace with propane insert, designer archways, and beautiful rounded corners. To the right, is the bedroom currently used as an office with solid wood built-ins and updated lighting, ideal for working from home. The gourmet kitchen is a chef's dream, complete with high-end wood cabinets (dovetail construction), granite countertops, and premium Bosch appliances. Enjoy thoughtful details like pull-out spice racks, dual garbage bins, and a farm sink. The kitchen flows into an additional living area with sliding Anderson doors, leading to the outdoor oasis. Step outside to your private patio, where you'll find a fire pit, custom misters, a fountain, and commercial-grade heaters - all surrounded by mature trees and lush landscaping. The space is perfect for entertaining or enjoying peaceful Arizona evenings. The primary suite is a true retreat with space for a sitting area, private patio access, and an opulent en-suite bathroom featuring double sinks, a jetted whirlpool tub, heated towel racks, and a luxurious walk-in shower with a sitting bench. The oversized walk-in closet is fully outfitted with custom shelving, offering plenty of storage. The second bedroom, situated for maximum privacy, is adjacent to a full bathroom with extra storage. A full laundry room with matching cabinetry and sink leads to the immaculate garage, which offers additional storage and a stunning finished floor. This home has been meticulously upgraded with custom cabinetry, Sherwin-Williams classic neutral colors, and electrical enhancements. Tile flooring runs throughout, with plush carpet in the bedrooms. Immaculately maintained and move-in ready, this exceptional property is ready to go! Don't miss your chance to own in one of Scottsdale's most exclusive communities! --- Dolly Bayne REALTOR®

19691 E Estrella Road Queen Creek, AZ 85142

$1,049,995
3 Beds
3.5 Baths
3,190 SqFt
Status Active
MLS # 6731780
Property Type Single Family Residence
Price Type --
You will love this inviting Harley plan featuring 3 bedrooms, 2.5 bathrooms, a quiet study and an oversized game room. This multi-use home is great for entertaining. Fall into the 3 car garage as well as 40' RV garage. Lot is oversized with double gates on both side. All interior selections have been hand selected.

19561 E Estrella Road Queen Creek, AZ 85142

$1,049,995
3 Beds
3.5 Baths
3,190 SqFt
Status Active
MLS # 6734443
Property Type Single Family Residence
Price Type --
Entertaining is easy in the ranch-style Harley plan, which boasts a well-appointed gourmet kitchen with an oversized walk-in pantry, center island and breakfast nook, and an adjacent great room overlooking a relaxing covered patio. A quiet dining area is found near the kitchen and a spacious owner's suite with attached bath and walk-in closet is separated from two additional bedrooms for privacy. This plan features a 3 car garage as well as 40' RV Garage. N/S Facing, OVERSIZED LOT-RV gates on both sides. Don't wait on this!

24066 S 218th Place Queen Creek, AZ 85142

$1,049,995 - 4Br/4Ba -  for Sale in Caleda By Toll Brothers, Queen Creek
Open House
$1,049,995
4 Beds
3.5 Baths
3,194 SqFt
Status Active
MLS # 6719952
Property Type Single Family Residence
Price Type --
The Escena Floorplan is officially MOVE IN READY! Our professional design team has tastefully added an elegant touch to this 4 bedroom (+Bonus room), 3.5 bathroom home. The upgraded Chefs Kitchen comes equipped with a large kitchen island, a walk-in pantry, upgraded KitchenAid Appliances, and beautiful soft close cabinetry! The upgraded 16' x 8' Multi Panel Stacking slider in the dining room allows for a seamless transition to your pool sized back yard that is ready for you to create the outdoor living oasis of your dreams. Primary suite is spacious with direct entry to the backyard and the primary bath is made complete with dual vanities, a freestanding soaking tub, beach entry shower, and a large walk-in closet. This recently completed home is an absolute must see!

7118 N Via De Alegria -- Scottsdale, AZ 85258

$1,049,900
3 Beds
2 Baths
1,890 SqFt
Status Active
MLS # 6757756
Property Type Single Family Residence
Price Type --
Welcome Home! Step inside this SINGLE LEVEL beauty featuring a perfect floor plan with 2 living areas, VAULTED CEILINGS, an Entertainers Kitchen and Spa like Baths all recently renovated. Numerous exits to the gorgeous private yard with sparkling pool and numerous seating areas to relax with your family and friends. Nestled in the heart of McCormick Ranch, you have shopping and restaurants in every direction as well as easy access to the freeway when you need to get away. Don't miss this one!

3520 W Lead Rope -- Flagstaff, AZ 86005

$1,049,900
3 Beds
4 Baths
2,601 SqFt
Status Active
MLS # 6748002
Property Type Single Family Residence
Price Type --
Built by Flagstaff's Premier Builder, this perfectly crafted mountain home is spectacular. 2601 SQFT, 3 beds/ 3.5 baths are just the start. Additional comforts incl. new AC in 2023,dual primary suites, a 3rd bedroom jr suite & an upstairs living room w/ computer alcove. This bright home offers spacious areas that are perfect to entertain with a large great room, gourmet granite kitchen, and a generous dining room. Specialty touches include richly crafted knotty alder cabinetry, custom tile showers & porcelain wood plank flooring. Upgraded features consist of efficient gas heat, insulation and soundproofing in all walls/ceilings. Social memberships allow members to play golf twice a month! If you love Pine Trees, views of the iconic San Francisco Peaks, and amenities, this home is for you! Additional bonus!.... Lot next door is vacant and has been for many years. Great shady area! Some listing photos are from when home was vacant.

12700 N Stella Road Prescott, AZ 86305

$1,049,900
3 Beds
2.5 Baths
2,324 SqFt
Status Active
MLS # 6744015
Property Type Single Family Residence
Price Type --
Where every day feels like a vacation! REDUCED & priced below appraised value 9/24! Why wait to build! Gorgeous home on a .84 acre lot in Whispering Canyon GATED community is like-new & move-in ready! Completed in Jan 2022 w/over $90k in upgrades! Pride of ownership shows in the 3 bedrooms+ flex space, 2.5 bath UPSCALE home. Enjoy Panoramic Mountain views. Backs up to Forest trees w/easy access to hiking trails. Open concept floorplan with inviting foyer leads you to the great room featuring 10'+ soffit ceilings w/beam accents & gas fireplace. Dining area w/sliding door window wall to ext covered back patio. Special touches include custom pet wash, barn doors & many extras. Stunning chef-inspired gourmet kitchen featuring soft-close cabinets, high-end marble backsplash, quartz countertops, large working island, stainless appliances and walk-in pantry. Split floor plan has a spacious primary ensuite that shows beautifully w/tray ceiling, hanging pendant lighting & garden door with access to patio. The luxury primary bathroom offers a tiled walk-in spa shower, double vanity & spacious W/I & linen closets. This property feels tucked away. Enjoy the feeling of privacy in the tranquil outdoors through wrought iron view fencing in this low maintenance designed backyard complete w/fire feature, pavers & artificial turf. Close to hiking trails, Embry Riddle University, Willow & Watson Lakes and Antelope Hills Golf Course. Less than 30 minutes to downtown restaurants, shopping and nightlife. This could be your Home Sweet Home in Arizona!

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