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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5627 N 199th Drive Litchfield Park, AZ 85340

$1,049,383

4 Beds

3.5 Baths

3,150 SqFt

Status Active

MLS # 6705920

Property Type Single Family Residence

Price Type --

Exquisite single story floorplan with 2x6 exterior walls is currently under construction in Litchfield Park! Garage plus casita with this single story home! 3 car tandem garage with an attached 50' RV garage, long enough for most class A RVs! Impressive great room with 12' ceiling, 12' multi-slide door at the great room will lead you to an large, extended covered patio. Walk-in pantry with gourmet kitchen with upgraded appliances and built-in gas cooktop. 3 bedrooms plus an attached casita with kitchenette, 3.5 bath, and a large study provides an great space for a home office. This home is beautifully appointed with upgraded cabinets, countertops, flooring and more. 2X6 CONSTRUCTION; EXTENSIVE NEW HOME WARRANTY

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940 E Saddlehorn Road Sedona, AZ 86351

$1,049,000

3 Beds

3 Baths

2,188 SqFt

Status Active Under Contract

MLS # 6625101

Property Type Single Family Residence

Price Type --

Great potential for those looking for a picturesque home OR a vacation rental investment. Prior owners operated a successful VR and plans are provided to convert RV/workshop structure (1568 sq ft) into ADU (see pictures). Main house is freshly painted. Surrounded by nature & wildlife, waterfall in back yard adds serenity to your Sedona retreat. Includes whole home generator, EV charger, patio with gas grill hookup, both AC & Evap cooling, and private well so no water bills! Massive circular drive and additional parking, all pavers. Kel Fox trail and Coconino National Forest literally in your back yard, and other popular trails like Bell Rock in your front yard. Great restaurants, shops, and golf all within 1 mile. Location provides easy access to Phoenix - you can have it all!

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20802 N Grayhawk Drive Unit 1162 Scottsdale, AZ 85255

New

$1,049,000

3 Beds

2.5 Baths

2,305 SqFt

Status Active

MLS # 6757472

Property Type Townhouse

Price Type --

Nestled in the highly sought-after guard-gated community of Avian at Grayhawk, this absolutely gorgeous golf townhouse offers both luxury and location. Situated on a prime north-south lot backing to the 2nd fairway of Grayhawk Golf Course, you'll enjoy sweeping golf course and mountain views from your private patio, which backs to a beautiful desert landscape (NAOS). Step inside to an open great room concept, where the remodeled kitchen overlooks the spacious living area—perfect for entertaining. The unit was completely remodeled in 2021 with the latest high-end designer upgrades. New engineered hardwood flooring runs throughout the main living areas, complemented by new interior paint and plush newer carpeting in the bedrooms. The custom kitchen features brand-new cabinets, Alaskan granite countertops, and premium stainless-steel appliances by Dacor and KitchenAid. The fireplace in the great room has been re-stoned, and the space is illuminated by custom light fixtures, canned LED lighting, and a large ceiling fan. The home offers 3 bedrooms and 2.5 baths, including a split master suite for added privacy and a convenient Jack & Jill layout upstairs. The master suite boasts designer upgrades with an expanded shower w/stunning golf course views, a built-out closet, new vanity, custom mirror, new backsplash, and porcelain floors. Enjoy the comfort of a new ceiling fan and custom lighting in the owner's suite. The Jack & Jill bathroom upstairs has been completely remodeled with new cabinets, granite countertops, new sinks, and tile. The powder room features new lighting, designer wall paper and an added linen cabinet. All new window treatments downstairs and six new replacement windows enhance the home's aesthetic and energy efficiency. For peace of mind, a new roof and Trane HVAC system were installed in 2023. Located near upscale dining, shopping, world-class golf, tennis, and scenic walking trails, with easy access to Loop 101, this home is both beautiful and functional.

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221 S Silktassel Road Show Low, AZ 85901

$1,049,000

3 Beds

2 Baths

2,950 SqFt

Status Active

MLS # 6729472

Property Type Single Family Residence

Price Type --

Beautiful 3 bed 2 bath cabin with great curb appeal located in the upscale Torreon community in Show Low. Upon arrival you will be met by the charming bridge entrance. The home has a spectacular great room with vaulted ceilings, grand stone fireplace, and large windows with automatic shades for natural light and golf course views. Kitchen boasts an open feel with stained wood cabinets topped with granite countertops. Generously sized bedrooms and ensuite primary bedroom. Upstairs loft/game room for additional entertaining and walk-out patio. Walk through this inviting cabin and experience the tranquility in the stunning forest community of Rendezvous Torreon.

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10583 E Palomino Road Scottsdale, AZ 85258

New

$1,049,000

3 Beds

2 Baths

1,846 SqFt

Status Active

MLS # 6763654

Property Type Single Family Residence

Price Type --

Stunning re-imagined remodel! Vibrant open floor plan is an entertainer's dream. Bold, new designed kitchen opens up into large living and dining room. Family room has an exquisite fireplace. Waterfall quartz countertop wraps custom cabinets, with plenty of storage and professional stainless-steel appliances. Large island has plenty of seating and is a great spot for conversation. The master bath has an amazing new upgraded walk-in closet with custom built-ins and a gorgeous modern tiled shower. This home has all new dual pane windows, front door, solid core interior doors, flooring, paint, baseboards, plumbing and lighting. Too much to list! Over a 1000 sq. ft. of brand-new turf installed in the tranquil backyard. Make this one yours before it is gone. Owner/Agent.

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1228 N 106th Place Mesa, AZ 85207

$1,049,000

4 Beds

3.5 Baths

2,824 SqFt

Status Active

MLS # 6672011

Property Type Single Family Residence

Price Type --

Just WOW! Comfort meets modern style in this rare gem on a nearly acre-corner lot. Offering 4 beds, 3.5 baths, and a sided 4-car garage w/extended driveway. Fabulous interior with an open layout paired with tons of natural light, neutral paint, chic light fixtures, wood-tile flooring, and multi-sliding doors to the back. The gourmet kitchen boasts quartz counters, tile backsplash, white shaker cabinetry, a walk-in pantry, and an island w/breakfast bar. Den w/a double-door entry! Carpeted main bedroom features a walk-in closet and an ensuite with a separate tub/shower & dual sinks. One secondary bedroom also has its own bathroom & walk-in closet. Relax under the backyard's covered patio! Plenty of room for your animals, toys, & trucks. Surrounded by mountain views! Move-in ready!

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3234 Buckaroo Court Wickenburg, AZ 85390

$1,049,000

3 Beds

3.5 Baths

2,914 SqFt

Status Active

MLS # 6677714

Property Type Single Family Residence

Price Type --

Amidst the captivating scenery of Wickenburg Ranch, discover a residence that epitomizes refined living and tranquility. This exquisite home showcases 3 generously sized bedrooms, each complemented by its own en-suite bathroom, ensuring the utmost comfort and privacy for all occupants. With 3.5 bathrooms in total, convenience is paramount. A spacious 4-car tandem garage offers ample storage and parking space. Step inside to find a seamlessly flowing layout, accentuated by expansive sliding glass doors that flood the interior with natural light and seamlessly merge indoor and outdoor spaces. Entertain with ease on the expansive covered back patio while enjoying the serene ambiance of the front courtyard. The heart of this home lies in its open floor plan, fostering connection and warmth throughout. The kitchen stands as a testament to luxury and functionality, featuring an upgraded design highlighted by a sizable island, perfect for culinary endeavors and social gatherings alike. Within this haven of contemporary living, every detail has been meticulously curated to elevate daily life to new heights of sophistication and comfort.

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6236 E Wildcat Drive Cave Creek, AZ 85331

$1,049,000

4 Beds

3 Baths

2,850 SqFt

Status Active

MLS # 6676199

Property Type Single Family Residence

Price Type --

[Lease to Purchase Available] Maricopa County Island Home! Quite neighborhood situated on a desirable desert corner lot! This beautiful horse property [on 1.075 acres] offers a 2-car garage, circular driveway, & gorgeous stone accents. Upon entering, you'll be greeted with a spacious great room featuring a dining room w/ honed travertine flooring. Complete backyard remodel completed Aug 2022. Gather around the delightful wood burning fireplace in the expansive family room w/ back patio access. The chef's kitchen offers SS appliances, granite tile counters, recessed lighting, cabinets w/crown molding, tile backsplash, island, breakfast bar, & eat-in breakfast nook. Venture to the main retreat featuring plush carpet, an ensuite w/dual sinks, separate shower & tub, & a walk-in closet. New Tile Roof soon to be installed.

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11478 E Beck Lane Scottsdale, AZ 85255

$1,049,000

3 Beds

2 Baths

2,398 SqFt

Status Active Under Contract

MLS # 6714542

Property Type Single Family Residence

Price Type --

Highly desired Cimarron Ridge guard gated community. Mountain views, high 9'+ ceilings, open floor plan. Kitchen granite counters, gas fireplace. Beautiful Mountain Views! HVAC unit replaced 2023. Second HVAC 8 years old. New garage door openers including new springs and hardware 2023. Vertiglide shades, hot water recirculation pump Nov 2022. Three car garage, covered patio. Enjoy tennis, community pool and spa, pickle ball and all the amenities McDowell Mt. Ranch has to offer!

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4103 E Mead Way Chandler, AZ 85249

Open House

$1,049,000

4 Beds

2.5 Baths

3,399 SqFt

Status Active

MLS # 6759559

Property Type Single Family Residence

Price Type --

Fall in love with this exceptional two-story gem located in the highly sought-after Avian Trails community! Excellent curb appeal with striking tone detailing, a manicured landscape, RV gate, and an extended driveway. The chef's kitchen features granite countertops, a mosaic tile backsplash, a spacious island with a breakfast bar, a newly added wine cooler, and all new appliances. Step into your private oasis, where a resort-style backyard awaits, featuring a newly built gazebo, a custom-built BBQ, and a stunning stone water feature - perfect for both relaxation and entertaining. Fresh paint inside and out, new front illumination, new irrigation system, upgraded bathrooms and new carpeting throughout add even more value! This one-of-a-kind, move-in ready home truly has it all!

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14198 N Gecko Canyon Trail Tucson, AZ 85755

$1,047,000

4 Beds

4 Baths

3,550 SqFt

Status Active

MLS # 6720592

Property Type Single Family Residence

Price Type --

** ONLY USE GOOGLE MAPS FOR NAVIGATING TO THIS HOME ** Truly visual real estate! Enormous balcony space. The best view in Tucson awaits its new owner. Highly motivated to sell this brand new home. NO HOA! $250,000 under appraisal! Do not miss this once in a lifetime chance to make these awe inspiring views your own. Ask about options to add to your home, fenced yard, smart blinds and lights, or anything else you'd need. A pool can be built out similar to the rendering on this listing for just $65,000. This contract option can be signed during closing of this home sale.

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22580 E Alyssa Drive Queen Creek, AZ 85142

$1,046,667

4 Beds

3.5 Baths

3,363 SqFt

Status Active

MLS # 6741189

Property Type Single Family Residence

Price Type --

Lovely former model home in Terrace at Madera boasting a modern farmhouse architectural style with furnishings included. Loaded with designer features, this spacious home has a custom pool with a water feature, a game room, open office, nook, and a formal dining room with a butler's pantry pass through to the kitchen. The kitchen boasts executive GE appliances with SS double ovens, a microwave, 36'' gas cooktop and vent hood, a stainless Steele refrigerator, Windsor painted boulder cabinets with extended cabinets at the nook, upgraded calacatta jubilee quartz countertops with waterfall edges, and designer backsplash. The great room has a built-in entertainment cabinet and a 16' center pull slider. The home has a February 2025 COE.

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