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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17408 N 57th Street Scottsdale, AZ 85254

$1,000,000

3 Beds

2.5 Baths

2,434 SqFt

Status Active

MLS # 6728246

Property Type Single Family Residence

Price Type --

Your family will love living in the 85254 zip code of Scottsdale! This home is close to the Scottsdale Airpark, Kierland, Desert Ridge & Mayo Hospital. The 1st floor primary bedroom is very convenient. It has a huge travertine tiled double head shower. The kitchen and bathrooms have been updated with beautiful granite & tile. The front yard is low maintenance desert landscaping & artificial turf. The backyard oasis has a built in BBQ, a new putting green & a pool! There are 2 outdoor patios. The upstairs loft area you will notice has a closet since it was at one time a 4th bedroom. The flooring is travertine & plank tile. Best of all..... this property has no H.O.A.!

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8508 E Via De Los Libros -- Scottsdale, AZ 85258

$1,000,000

3 Beds

2 Baths

2,270 SqFt

Status Active Under Contract

MLS # 6747219

Property Type Single Family Residence

Price Type --

Experience luxury living in this beautifully upgraded single-level home located on a quiet cul-de-sac in the prestigious McCormick Ranch community. This residence boasts desirable north/south exposure and outstanding curb appeal. Step inside to find a spacious split floor plan with soaring ceilings, a tile fireplace, updated flooring, and a versatile wet bar perfect for entertaining. The modern kitchen features elegant quartz countertops and opens seamlessly to the living areas. Outdoor amenities include inviting front and back patios ideal for relaxation and an upgraded swimming pool for endless enjoyment. With close proximity to upscale dining, shopping, entertainment, and easy access to major freeways, this home offers unparalleled convenience. Embrace an active lifestyle with nearby walking paths, hiking trails, and premier golfing opportunities. This is your chance to own this exceptional home in one of Scottsdale's most sought-after neighborhoods!

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3280 S Camellia Place Chandler, AZ 85248

$1,000,000

4 Beds

2.5 Baths

3,128 SqFt

Status Active

MLS # 6760220

Property Type Single Family Residence

Price Type --

STUNNING WATERFRONT HOME IN THE HIGHLY SOUGHT-AFTER COMMUNITY OF OCOTILLO LAKES, featuring an abundance of walking/biking paths, tennis/pickleball courts, children's play areas & Golf Course. HERE'S YOUR CHANCE FOR YOUR OWN PRIVATE OASIS!! Enjoy your morning coffee w/one of a kind views on the patio, pool, heated spa & boat dock. Quietly situated in a cul-de-sac, soaring ceilings greet you as you enter this 4 bdrm, 2.5 baths w/a 3 car-garage. BRIGHT, OPEN & SPACIOUS floor plan-perfect for entertaining! Generously sized kitchen, family & breakfast rm. Desirable downstairs mstr bdrm/bath w/walk-in closet. Spacious loft/family room, 3 bdrms & bath upstairs. Super low electric bill w/owned solar panels. Close to top rated Chandler schools, shopping, dining & FWYS-Don't miss this opportunity!

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15220 E Redrock Drive Fountain Hills, AZ 85268

$1,000,000

3 Beds

2.5 Baths

2,546 SqFt

Status Active

MLS # 6714722

Property Type Single Family Residence

Price Type --

NEW ROOF with 15 YEAR WARRANTY! This premium, interior view lot in the gated community of Westridge Village in Fountain Hills offers privacy with stunning views, backing onto a beautifully manicured, expansive greenbelt area. The 2550 sq ft single story, move in ready home has 3 bedrooms, 2.5 baths, with the 3rd bedroom offering flexible living space for an office or craft room. This backyard oasis features a sparkling heated pool with cascading rock waterfalls. Enjoy outdoor entertaining with multiple seating areas, a built-in BBQ island, and cozy fireplace. View fencing and mature landscaping augment tranquil relaxation. RECENT UPDATES: NEW ROOF WITH 15 YEAR WARRANTY Oak cabinetry refinished to a creamy white in the kitchen and bathrooms Refrigerator replaced last year; brand new stainless oven, dishwasher and microwave New faucet, sink and vanity in powder room Updated hardware throughout home Interior neutral paint including all walls & ceilings Waterfall motor replaced 2024 Rheem heater 2022 Pebbletech resurfacing 2022 New pool water filtration system 2023

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20815 E Squaw Valley Road Black Canyon City, AZ 85324

$1,000,000

4 Beds

3 Baths

2,815 SqFt

Status Active

MLS # 6720167

Property Type Single Family Residence

Price Type --

THE MOST EXCLUSIVE & PRIVATE EQUESTRIAN ESTATE IN BLACK CANYON CITY, W CITY WATER. A truly stunning custom home w 5 acres of fully fenced horse property. 9,000sf of pavers lead you up to this estate overlooking breathtaking and majestic mountain views. A Chef's kitchen with raised panel solid alder cabinets, Wolf induction stovetop w pot filler, triple deep sink, Meile dishwasher & a Beautiful kitchen island w bar seating is ideal for entertaining. An open floor plan w architectural tray ceilings, stacked stone fireplace & panoramic viewing windows flank this well designed & quality built estate. Outside you'll find a wraparound covered patio, refreshing play pool & built in BBQ area that allows you to take in the dramatic sunsets & awe-inspiring views from every direction. A 3 stall mare motel is plumbed for auto water, a 160x171' turn out, also incl a tack shed, raised garden beds, chicken coop w sep timed water system, Parking pad for tractor/trailer or RV. Still room to develop more. Also a split-able parcel with well-built drainage system. Either way, don't miss out on this opportunity to live the life of your dreams!

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14371 W Desert Cove Road Surprise, AZ 85379

$1,000,000

4 Beds

2.5 Baths

3,359 SqFt

Status Active

MLS # 6760139

Property Type Single Family Residence

Price Type --

Discover your dream home on a breathtaking 1-acre lot! This stunning property welcomes you with a circular driveway, a spacious 3-car garage, and an RV gate for added convenience. Inside, the stylish design features sleek tile and wood-look floors, complemented by plantation shutters. The inviting living room flows into a formal dining area perfect for festive gatherings. A spacious great room offers the ideal spot for entertaining. The modern kitchen dazzles with stainless steel appliances, including wall ovens, granite counters and backsplash, abundant cabinetry, and a large island with a breakfast bar. Retreat to the serene main suite, which boasts backyard access, a cozy sitting area, and a luxurious ensuite with dual vanities, a soaking tub, and a walk-in closet... Need extra space? The versatile den is perfect for an office or media room. Outside, the expansive backyard offers a covered patio, paver seating area, and a sparkling pool for endless enjoyment. This gem truly has it all! Don't miss out!

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4935 W Lariat Lane Phoenix, AZ 85083

$1,000,000

4 Beds

3.5 Baths

3,296 SqFt

Status Active

MLS # 6745866

Property Type Single Family Residence

Price Type --

Welcome to this unbelievable semi-custom home in the highly sought-after Stetson Valley community. This single-level stunner is loaded with upgrades and offers over 3,200 sqft of living space, showcasing meticulous attention to detail and quality throughout. Built with 2x6 construction and featuring 12 ft ceilings, this home offers an open and spacious feel from the moment you step through the grand entry with its impressive rotunda and statement iron front door. The home boasts 4 bedrooms plus a den, 3.5 baths, and a 3-car garage, along with an RV gate for added convenience. The family room is a cozy retreat with a stone fireplace, perfect for relaxing evenings. The chef's kitchen is a true highlight, featuring granite counters, a large island, stainless steel GE Mono gram double oven and built-in refrigerator including a gas range and a butler's pantry. The primary bedroom ensuite is a luxurious escape, complete with double sinks, soaking tub, walk-in shower, and an expansive closet. Step outside to the backyard, an entertainer's dream come true. Enjoy a beautiful PebbleTec pool, a built-in BBQ, a travertine patio, lush landscaping, and a large covered patio with breathtaking mountain views. The pool, built in 2019, adds a modern touch to this immaculate outdoor space. Additional upgrades include new interior paint within the last year, new shutters, and sunscreens throughout, and a new AC installed in 2019. Stetson Valley is a master-planned community offering a range of amenities, including playgrounds, splash pads, greenbelts, and access to hiking trails at Deem Hills. The nearby Deem Hills Park features playgrounds, soccer fields, pickleball courts, and a dog park, making it a perfect place for families. Excellent schools in the area further enhance the appeal of this fantastic home. This home truly offers a combination of luxury, convenience, and community living. Don't miss the chance to make it your own!

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3753 E Ellis Street Mesa, AZ 85205

$1,000,000

4 Beds

3.5 Baths

3,589 SqFt

Status Active

MLS # 6750804

Property Type Single Family Residence

Price Type --

Welcome Home! This four-bedroom, 3.5 bath complete with two dens, is located in the gated community of Trovita Estates, nestled within The Groves in Mesa Arizona. With its spacious layout, multiple bedrooms, and versatile dens, it's a great fit for a growing family. The kitchen and great room, featuring stainless steel appliances, granite countertops, and a large island, make it perfect for entertaining guests. The oversized 3-car garage with built-in cabinets is ideal for storage and projects. The sunroom, equipped with its own air conditioning unit, provides a cozy spot to enjoy the outdoors while staying comfortable indoors. Although there's no pool yet, the backyard's ample space allows for the possibility of adding one. Plus, the built-in barbecue, gazebo, and putting range offer plenty of outdoor relaxation and entertainment!

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18932 W Arlington Road Buckeye, AZ 85326

$1,000,000

5 Beds

4 Baths

3,700 SqFt

Status Active Under Contract

MLS # 6732078

Property Type Single Family Residence

Price Type --

Brand new never lived in custom home on a sprawling 2.22 acre lot in Buckeye with breathtaking sunset and mountain views. The home boasts vaulted ceilings large glass windows and a neutral palette creating a bright and airy atmosphere. Gourmet dream kitchen with plenty of space for family gatherings. Oversized three car garage 10 ft ceilings throughout, 15 ft vaulted ceiling in the living room. Office, game room, mud room and lots of custom details and finishes. Come see why you should call this home Home should be completed in the next 30 to 60 days

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42272 E Black Bear Trail Florence, AZ 85132

$1,000,000

4 Beds

2.5 Baths

2,055 SqFt

Status Active

MLS # 6619064

Property Type Single Family Residence

Price Type --

Nestled in the Sonoran Desert, Black Bear Trail Ranch is an off-grid oasis. 2,750 feet above sea level on 5.64 acres, adjoining state trust land. Panoramic views of mountains, city lights & starry skies from this 2,055 sq.ft home with 4 beds, 2.5 baths. Features include a 7.2 KW solar system, battery storage, backup generator, independent 1.3 KW solar well, and a 3,000-gallon water tank. Interiors showcase walnut cabinetry, brushed granite countertops, matte black appliances, solid core doors and wood-look tile. Designed for energy efficiency.. 2x6 construction, foam insulation, LED lighting & appliances chosen for their energy efficiency. Plenty of parking two-car garage plus a 50x50x16 ft. RV structure. Property is fully fenced, come make this off-grid paradise your forever home.

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16330 E Calle De Los Flores Drive Scottsdale, AZ 85262

$1,000,000

4 Beds

2.5 Baths

3,252 SqFt

Status Active

MLS # 6629281

Property Type Single Family Residence

Price Type --

Home with shared well gives you peace of mind while enjoying the quiet solitude of desert life in horse country. The perfect getaway home with solar system has extremely low electric bills. The owner says the system provides more than home needs and is sold back to SRP. The over-acre lot gives plenty of room to create the oasis of your dreams and features amazing views of Four Peaks across Tonto National Forest (only six lots away) providing hiking, biking, horseback riding and off-roading. This home is convenient to golfing, restaurants and the Verde River Recreational Area. A stone exterior expresses drive-up appeal. Appreciate the open floor plan with split bedrooms, a formal dining room, a spacious kitchen with granite countertops and a huge primary bedroom.

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42644 N Schnepf Road San Tan Valley, AZ 85140

New

$1,000,000

4 Beds

3 Baths

2,153 SqFt

Status Active

MLS # 6762521

Property Type Single Family Residence

Price Type --

Welcome to your equestrian retreat! Nestled on a sprawling 3.3-acre lot with horse privileges, this expansive property has it all! Upon arrival, you'll appreciate the ample parking options, perfect for accommodating guests or storing recreational vehicles. Inside, you'll find a light-filled great room, wood-look flooring, and a sizable den for an office or creative space. The well-equipped kitchen is ready for your culinary adventures, boasting SS appliances, generous counter space, and ample wood cabinetry. A versatile bonus room adds even more potential, whether for a guest home, gym, hobby room, or additional living area! Discover a main bedroom featuring private backyard access and an ensuite with a jetted tub, two vanities, and a walk-in closet. Outside, relax under the covered patio or on the adorable balcony while gazing at the stunning mountains. You will love the horse corrals and arena! The possibilities are endless with this spacious and serene property!

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