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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8220 E Mariposa Drive Scottsdale, AZ 85251

$1,019,900
3 Beds
3 Baths
2,419 SqFt
Status Active
MLS # 6716796
Property Type Single Family Residence
Price Type --
Truly gorgeous remodel with warm wood like tile floors, quartz countertops, large modern baseboards & elegant lighting throughout. Furnishings incl! Beautifully remodeled in 2022 with High-end finishes, fixtures, windows & doors. Stunning kitchen is the heart of this home & open to main rooms flooded with natural light. Meticulously designed with quality cabinetry, SS appliances, and expansive island. Open floor plan Perfect for entertaining! Neutral paint hues create an inviting ambiance. Surround sound everywhere including garage & patio. Large windows overlook backyard oasis & beautiful pool. HUGE 12,194 Sf lot with 2 RV gates. Location is everything! Old Town Scottsdale, Camelback Mtn, parks, shopping, dining, golf, Spring Training, 101 Fwy & More! This property delivers! See doc Sec Don't miss this rare find! All Large rooms including bedrooms and baths. Many modern conveniences seen in new custom homes like WiFi controlled items: lighting, oven, etc. High end central vac with integrated self retracting hose, spray foam insulation for low energy costs and extremely quite environment. Beautiful pool, large lounge deck, perfect setting for outdoor gatherings. Circular driveway & pass thru garage! Space for RV's, trailers, boats, etc No HOA. Pull down stairs in garage for storage safe from the heat. So much more! Come take a look! Easy show! Interior Improvements: Complete new kitchen: New Cabinets, New countertops, New appliances High end WiFi enabled LG oven with Smart ThinQ New LG Stainless Steel appliances, incl high end super quite dishwasher Super quiet and powerful high end disposer with 8 year warranty Modern LED lighting with specialty lighting in kitchen, baths and garage New Milgard windows with lifetime warranty New vanities in Master Bath, Large Hall Bath and Large 3rd Bath New custom wood looking tile throughout home for easy care & clean look Beautifully Tiled Walk in Shower in Master bath and 3rd bath Central Vacuum with self retracting hose. Super easy, clean & quiet! New whisper quite exhaust fans in all baths & laundry WiFi enabled Google Thermostat, Entry Door, Oven and Garage openers New HVAC ductwork for a much more efficient, cleaner and effective home cooling and heating environment Exterior Improvements: Largest Lot in neighborhood at over 12,000 SF Two RV gates with Large storage area for several vehicles AND an RV!! Pool totally remodeled play pool All new beautiful and expansive stone pool deck New roof with 2 new sky lights with loads of Natural Light Brand new pass thru garage with opposing garage doors both with WiFi showing and controlling garage doors opened or closed from your phone Garage has drop down stairs to insulated (heat proof) storage above garage Surround sound wiring in garage with extra Lighting and spray foam insulation Expanded covered patio with surround sound New interior and exterior paint Nice new landscaping for easy care always looking clean!Way too many extras to list!! Circular driveway, Central Vacuum, Structured Wiring Panel with Super High Speed Fiber Optic internet. Check out the Room sizes... All large rooms with nice open Floor plan! Kitchen 24 X 15, Front Room 24 X 13, Master bedroom 16 1/2 X 11 1/2, Master bath 8 1/2 X 8 1/2, Front bedroom 14 1/2 X 11 1/2, Front bath 12 X 7, Living room: 19 1/2 X 18 1/2, 3rd bath 11 X 8 1/2. Home is super insulated with spray foam thru entire home and garage. Items up in garage storage are safe from the long summer heat!! Very low A/C usage. Beautifully remodeled play pool with locations for umbrella, water volley ball & basket ball. Great pool deck and tons of space for chairs, lounges, etc. This meticulously maintained single-story home was completely renovated in 2022 with a revised very open floor plan creating a light & bright space perfect for entertaining. With new flooring, kitchen, and bathrooms, you'll enjoy all the modern conveniences you need while surrounded by a Zen atmosphere. Great Location in Scottsdale! *Close to Everything! Restaurants, Fashion Square Mall, the Pavilions, Golf Courses, Hiking & Biking, Fine Dining, Baseball Spring Training, Old Town Scottsdale, Talking Stick Casino, Top Golf, Aquarium, Great Wolf Lodge & 101 Fwy! *Ready for a Quick Close & Move Right In!* Complete remodel in 2022 with top quality superior finishes, fixtures, flooring, Lifetime warranty windows, largest lot in neighborhood at over 12,000 SF! Two RV gates and storage for RV, boat, several vehicles and MORE!! Very quiet location with north-south exposure. Long time 20 plus year owner

1029 Picket Court Prescott, AZ 86301

$1,015,000
3 Beds
2 Baths
2,370 SqFt
Status Active
MLS # 6758675
Property Type Single Family Residence
Price Type --
RV GARAGE! This beautifully designed home is nestled on nearly half an acre, offering both luxury & functionality in a prime location. Featuring a 3-car attached garage PLUS a fully insulated 18' x 48' RV garage equipped w/ 50 AMP service & RV dump, it's perfect for RV enthusiasts. The home boasts level entry & an open floor plan, w/ a great room that flows seamlessly into a spacious kitchen and dining area. It includes 3 bdrms, an office/den, and 2 baths, plus a HUGE laundry room. Every inch of the interior has been professionally designed w/ attention to detail. Step outside to enjoy stunning views of wide-open spaces from the rear deck. The home backs up to a common area, seasonal wash & mature trees, creating a peaceful, private retreat. This is a rare find in desirable Yavapai Hills.

14466 N 14th Street Phoenix, AZ 85022

$1,015,000 - 4Br/3Ba -  for Sale in Legacy At The Pointe, Phoenix
Open House
$1,015,000
4 Beds
2.5 Baths
2,832 SqFt
Status Active
MLS # 6753550
Property Type Single Family Residence
Price Type --
THIS HOME IS TRULY ABOUT LOCATION. ENVISION WALKING OUT YOUR FRONT DOOR TO THE GRAND VIEW OF A BEAUTIFUL MOUNTAIN PRESERVE. SITUATED IN A PRIVATE CUL DE SAC AT THE BASE OF LOOKOUT MOUNTAIN WITH VIEW FENCING/FACING NORTH. IF YOU ARE LOOKING FOR A NATURE FEEL AND PRIVACY WHILE LIVING IN THE CITY, THIS IS YOUR HOME. VIEWS FROM INSIDE AND OUT OF MOUNTAINS IN ALL DIRECTIONS -ADD TO ITS APPEAL. TUCKED AWAY IN MOON VALLEY, THIS LOVELY HOME HAS UPDATED PAINT INSIDE AND OUT, NEWER ROOF and HVAC, UPDATED KITCHEN /BATHS, AND NEW CARPET. WALK OUTSIDE ONTO THE BACK PATIO, STEP INTO THE SPA or POOL IN YOUR PRIVATE OASIS. THE HOME IS LIGHT, BRIGHT AND OPEN. THIS IS ALSO PART OF A GOLF COURSE COMMUNITY. THE HOME HAS IT ALL AND IS A GREAT SPACE FOR ENTERTAINING OVER HOLIDAYS AND YEAR AROUND.

19643 E Estrella Road Queen Creek, AZ 85142

$1,014,995
3 Beds
3.5 Baths
3,190 SqFt
Status Active
MLS # 6730616
Property Type Single Family Residence
Price Type --
Entertaining is easy in the ranch-style Harley plan, which boasts a well-appointed kitchen with a walk-in pantry, center island and breakfast nook, and an adjacent great room overlooking a relaxing covered patio. You will also find a quiet study, and a spacious primary suite with attached bath and walk-in closet is separated from two additional bedrooms for privacy. Both a 2-car garage and an RV garage are included. Lot size is 18,119 and includes double gates on both sides of the property.

1155 E Gleneagle Drive Chandler, AZ 85249

$1,014,612
5 Beds
4.5 Baths
3,615 SqFt
Status Active
MLS # 6734121
Property Type Single Family Residence
Price Type --
New Home in the City of Chandler!!! Earnhardt Ranch is a new Master Planned Community in Southeast Chandler. Dramatic tree lined Entry, with stone walls, oversized entry monuments, rustic gatehouse, and ranch style gates, opening up to a 3.2 acre Park. Large Homesites, and Extensively landscaped open space, will pay tribute to the properties history as a working Ranch residential retreat. Estimated Dec 2024 Completion! White Cabs, Woodlook Tile Floors, Upgrade Kitch, Counters, Floors, Must See Dramatic Entrance (**Photos are of a Model Home of plan built offsite). Easy access to the San Tan Freeway, I-10, and Hwy 87, located amidst top rated Chandler Unified Schools, shopping, and dining! Taxes Estimated. Buyer to Choose, Flooring, Countertops, bath finishes, more.

12345 N Petra (lot 244) Circle Prescott, AZ 86305

$1,012,116
4 Beds
3 Baths
2,315 SqFt
Status Active
MLS # 6652381
Property Type Single Family Residence
Price Type --
TAKE ADVANTAGE OF BUILDER INCENTIVES! $20,000 BUILDER OPTIONS CREDIT or 1 YEAR INTEREST RATE BUY DOWN TO 5.99%. New home/lot with 3 CG and separate RV garage in Whispering Canyon, 1/2 acre+ lots, pinon oaks, & rolling hills. This plan offers great room open concept design w/highly upgraded kitchen cabinets, granite counters, walk in pantry, & s/s appliances standard, or upgrade to Bosch. 17''x17'' tile flooring & carpet in the main living areas & 10' + coffered ceilings add architectural interest. Split floor plan w/ 4 bedrooms provide room for an office. Primary en suite has walk in closet, bathroom featuring walk in shower, dual sinks, & linen closet. Front landscaping included. Select builder options & design center finishes. Paved patios & driveway standard. VISIT OUR MODEL HOME.

1429 E Sweet Citrus Drive Queen Creek, AZ 85140

$1,009,000
2 Beds
3 Baths
2,143 SqFt
Status Active
MLS # 6743091
Property Type Single Family Residence
Price Type --
This home offers approximately 2,143 square feet of living space across one level. It features two bedrooms and two and a half bathrooms. The property is situated on a golf course lot, providing scenic mountain views from the southwest-facing backyard. The gourmet kitchen is well-equipped, offering ample counter space and high-end appliances to cater to the culinary enthusiast. Adjacent to the kitchen, a bistro patio provides a tranquil outdoor space for al fresco dining or relaxation. The primary bedroom suite offers a spacious layout with an en-suite bathroom, providing a private retreat. The additional bedroom and bathrooms offer flexibility and accommodate guests comfortably. The home's orientation and placement on the lot maximize the enjoyment of the golf course and natural surroundings, allowing residents to immerse themselves in the beauty of the mountain vistas. This property presents an opportunity to experience the harmony of indoor and outdoor living. Since the owners are golf members, you will move to the front of the wait list if you are interested in joining the club as a golf member.

8744 E Arlington Road Scottsdale, AZ 85250

$1,007,000
3 Beds
2.5 Baths
2,200 SqFt
Status Active
MLS # 6756727
Property Type Single Family Residence
Price Type --
This property offers a great option for either a primary residence or a short-term rental and is located in the desirable 85250 zip code of Scottsdale. With no HOA and fully furnished, this home is move-in ready and has undergone a complete remodel. Key updates include a modern architectural floor plan, upgraded sewer and plumbing systems, enhanced electrical wiring, a new HVAC system, a tankless water heater, and a water softener, along with updated appliances. The open-concept design features an inviting front foyer leading into a spacious kitchen that boasts a large center island, a gas range, and a wine refrigerator. The interior is complemented by maple wood flooring, and there is a generously sized bedroom adjacent to the living area, which includes large glass French doors. A convenient half bath adds functionality to the space, making it suitable for various uses such as a man cave, office, or play area. The backyard is equipped with a built-in barbecue, a fire pit, and a heated swimming pool, offering a great outdoor space for relaxation and entertainment. Additionally, the presence of a television enhances the outdoor experience for your enjoyment. Overall, this home combines modern amenities with a functional layout, making it an attractive option for potential buyers or renters.

3574 E Gemini Place Chandler, AZ 85249

$1,007,000
4 Beds
3.5 Baths
2,919 SqFt
Status Active Under Contract
MLS # 6733306
Property Type Single Family Residence
Price Type --
Welcome to your ELEGANT & SPACIOUS DREAM HOME in Chandler's prestigious Pescara. The perfect lifestyle blend of LUXURIOUS MODERN LIVING and comfort. The current owner has cherished family memories of this wonderful property and knows you will find it simply amazing. Stunning features include: A GENEROUS FLOOR PLAN with abundant natural light. Chef's GOURMET KITCHEN with granite countertops, high-end appliances and ample cabinetry. MASTER SUITE complete with large en-suite bath featuring dual vanities, a soaking tub and walk-in shower. VERSATILE LIVING SPACES to maximize work, play and entertainment. PRIVATE OUTDOOR OASIS with beautifully landscaped yard and patio. Highly desirable PRIME LOCATION easy for any commute, A+ rated schools, parks, shopping & dining. Plan to see it today! Residence at 3574 E GEMINI PL, CHANDLER, AZ 85249 Nestled within a serene, exclusive community in Arizona, this stunning single-story residence epitomizes luxury and comfort, offering an unparalleled living experience. Designed for discerning individuals who appreciate the finer details, this home features four generously sized bedrooms and 3.5 elegant bathrooms, making it a perfect sanctuary for both relaxation and entertaining. Upon arrival, guests are greeted by a magnificent wrought iron front-entry door with a glass insert that elegantly opens, setting the stage for the opulence within. The home's design seamlessly blends modern sophistication with timeless elegance, featuring designer touches throughout that elevate the living experience. The heart of this home is undoubtedly its gourmet kitchen, which will delight culinary enthusiasts with its upgraded kitchen appliances, including a sub-zero fridge, ensuring food freshness and superior storage. Granite countertops grace the entire kitchen, providing ample space for meal preparation and casual dining, while upgraded cabinets and extra storage solutions ensure a clutter-free and organized space. The wood-like tile flooring adds a touch of warmth and elegance, making the kitchen not only functional but also a stylish gathering spot. Formal dining and casual dining rooms offer flexible options for entertaining, whether hosting intimate dinners or larger gatherings. The spacious primary bedroom serves as a tranquil retreat, featuring a sliding door exit to the back patio, allowing for private enjoyment of the stunning outdoor spaces. A second bedroom boasts its own bathroom and walk-in closet, offering comfort and privacy for guests or family members. The exquisite attention to detail extends to the outdoor living areas, where an exquisite travertine patio sets the scene for relaxation and entertainment. The round gas-powered outdoor firepit is a focal point for gatherings, providing warmth and ambiance on cool evenings. Pristine artificial turf surrounds the space, ensuring easy landscape maintenance while the upgraded stone on the exterior of the home and a 3-piece design concrete paver driveway add to its curb appeal. Car enthusiasts and hobbyists will appreciate the gorgeous epoxy 3-car garage, providing ample space for vehicles and storage. This home is a rare find in a tranquil community development of high-end homes, offering luxury, comfort, and convenience. Whether you're entertaining guests or enjoying a quiet evening at home, this property provides an exceptional living experience in one of Arizona's most sought-after locations.

1207 W Roadrunner Street Wickenburg, AZ 85390

$1,000,000
3 Beds
2.5 Baths
2,280 SqFt
Status Active
MLS # 6665743
Property Type Single Family Residence
Price Type --
If you are looking for an amazing property nestled in a tranquil neighborhood with breathtaking views, 3.6 acres, and a NEWLY constructed home, this could be your next investment. Completed in Nov. of 2023, this stunning 2280 sq. ft. home with 3 bedrooms(2 split main suite bdrms), 2 bathrooms, a powder room, AND offers outdoor entertainment with 1310 sq. ft. of covered patios optimizing seasonal and daily use. Step inside and be awed by the 12' ceiling and spacious great room, enhanced by a stunning stained-glass window and beehive fireplace. Prepare gourmet meals in an efficient and custom kitchen with impressive, upgraded cabinets, beautiful granite island and counters, stainless steel appliances, complete with pantry. The contemporary and custom build embellishes a southwest flair. ALL BEDROOMS offer individual patio access. The oversized primary suite has ceiling vegas and a luxurious ensuite featuring a clawfoot tub, an oversized walk-in natural stone shower, with double shower heads. The guest suite provides comfort and class with a double sink granite vanity, shower, and walk-in closet. Additionally, there is a beautiful office/third bedroom. The extended three-car garage fits vehicles comfortably. There are two separate RV plugs on the property. One has a covered RV shade with parking, a 30 amp and electric plug with full hook-up. An additional 30 amp plug and space to park an RV is located by the well. The well is private and only services this home. Completing this property are horse amenities including partial steel coral, large fenced pasture with room for a small arena. There is a waterline run to the corral and arena area. There's multiple options to customize your wants and needs and ride directly from the property out to our beautiful desert, making this an ideal equestrian property. Although, this home is set up for horses, outdoor enthusiasts can customize this property for WHATEVER hobbies and activities you enjoy! Customize to YOUR NEEDS and enjoy this little slice of paradise. Pictures do not do this listing justice. Call us now to personally view and experience this peaceful and exciting property!

8750 E Starlight Way Scottsdale, AZ 85250

$1,000,000
3 Beds
2 Baths
1,583 SqFt
Status Active
MLS # 6714277
Property Type Single Family Residence
Price Type --
Terrific location with easy access to 101 Freeway Walking distance to shopping center Public parks Convenient to all Scottsdale has to offer and so much more with pleasant enjoyable atmosphere

7127 E Rancho Vista Drive Unit 2007 Scottsdale, AZ 85251

$1,000,000
2 Beds
2 Baths
1,448 SqFt
Status Active
MLS # 6753877
Property Type Apartment
Price Type --
Welcome to your urban oasis! This stunning corner condo brings a slice of luxury to every corner. Imagine starting your days in a masterfully remodeled kitchen, with top-of-the-line Thermador appliances ready to tackle every culinary challenge. Enjoy the oversized custom quartz waterfall island and views out the floor to ceiling windows. Brazilian pecan wood flooring underfoot adds just the right amount of elegance and comfort throughout your 1,448 square feet of living space, recently painted to match your newest home decor wins. Talking about outside—two balconies overlooking the outdoor pool and double your opportunity to enjoy that Arizona sky. Whether you're sipping morning coffee or indulging in sunset cocktails, contentment is just a patio door away. As for location, could it be any better? Nestled in the heart of Old Town Scottsdale, you're a leisurely stroll across from Scottsdale Fashion Square Mall and trendy eateries. A lavish lifestyle is completed by thoughtful community features: think two shimmering outdoor pools, a renovated fitness center for your wellness routines, and concierge services to assist with your every need. Not to forget, dinner plans are made easy with the on-site Metropolis Restaurant. Complete with two covered and secure parking spaces, this condo maintains ease in an urban setting. Whether a sanctuary for the solitude seeker or a bustling hub for the socialite, this condo adapts to all lifestyles with elegance and ease, in the heart of Old Town Scottsdale.

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