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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935 E Libra Drive Tempe, AZ 85283

$1,000,000

5 Beds

3.5 Baths

2,885 SqFt

Status Active

MLS # 6757593

Property Type Single Family Residence

Price Type --

Fall in love with this fully remodeled beauty, tucked away on a quiet cul-de-sac. From the charming curb appeal with its 3-car garage and inviting courtyard to the stunning interior, every detail has been thoughtfully crafted. Step inside and feel instantly at home with sleek epoxy floors, fresh paint, and abundant natural light pouring through wide sliding glass doors that lead to the peaceful backyard. Sitting on a spacious 17,476 sq ft lot, it's perfect for creating your own oasis. The heart of the home—the gourmet kitchen—features elegant grey cabinets, a prep island, and premium appliances. The owner's suite is a true retreat, complete with a chic barn door, dual sinks, and a walk-in closet, offering a space you'll love to unwind in. But wait, there's more! This gem includes a 2nd main bedroom with outdoor access. HUGE backyard showcases paver seating areas, artificial turf, & an enticing pool & spa for endless summer fun. You won't be disappointed!

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1110 Kellis Road Wickenburg, AZ 85390

$1,000,000

3 Beds

2.5 Baths

2,349 SqFt

Status Active Under Contract

MLS # 6746231

Property Type Single Family Residence

Price Type --

Turtleback Mountain Ranch Estate is nestled on 10 acres, boasting captivating vistas of the Sonoran Desert's majestic mountains. Impeccably maintained by its sole owner, this property promises to mesmerize you at every turn. As you approach, a gated entrance and secluded driveway extend a warm welcome. The front entry patio is adorned with enchanting cacti gardens, setting the tone for the home's desert oasis ambiance. Step inside to discover a spacious great room characterized by its graceful curved architecture and floor-to-ceiling windows that frame the sweeping views of the expansive back patio. A cozy fireplace anchors the room, complementing the generous living area and seamlessly flowing into the open dining space. The kitchen is a chef's delight, boasting custom cabinets &MUCHMORE

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11420 W Remuda Drive Peoria, AZ 85383

$1,000,000

4 Beds

3 Baths

3,228 SqFt

Status Active

MLS # 6740226

Property Type Single Family Residence

Price Type --

CUSTOM HOME ON OVER AN ACRE OF LAND, 4.5 CAR GARAGE, 2 RV GATES, RV PARKING, AND A DIVING POOL. Welcome to your secluded oasis! Nestled on an over-acre lot, this stunning property offers the unique opportunity to add an RV garage, guest house, or barn for your horses. The beautiful Territorial Architecture seamlessly blends with the natural surroundings, creating an inviting atmosphere from the moment you arrive. Attention to detail is evident throughout the property, starting with the courtyard and the rare oversized front porch featuring stunning wood column posts. As you enter through the large knotty pine door, you'll be awed by the seamless design and flow of the split bedroom floor plan. The heart of the home is the luxurious great room, filled with natural light and centered ... around a custom stone fireplace. The adjacent chef's kitchen is a culinary dream, featuring custom countertops, a breakfast bar, stunning knotty pine cabinets, stainless steel appliances, an eat-in kitchen area, a coffee bar, and a large walk-in pantry. The highlight of this home is the spectacular oversized game room. Featuring a full bar, hardwood floors, a billiard table, and a massive entertainment center, this space promises endless fun and timeless memories with family and friends. Step outside to discover the enchanting outdoor living area. Dive into the beautiful blue pool, enclosed by stone pavers, or fire up the built-in BBQ under the shaded pergola. The outdoor workout room, spacious grass areas, and pickleball court provide ample opportunities for recreation. Relax on the covered patio, overlooking the valley with stunning mountain and sunset views. This backyard oasis is perfect for entertaining and enjoying the best of outdoor living. Prime Location with easy access to ATV trails out your backdoor, close to the 85-acre Paloma Park, Lake Pleasant Crossing Shopping Center, Super Frys, Sprouts, and Harkins Dine-in Movie theater, and approximately 10 minutes from TSMC and Lake Pleasant, making this home's location a true gem where seclusion and convenience merge.

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2531 E Libra Street Gilbert, AZ 85234

$1,000,000

5 Beds

4 Baths

4,504 SqFt

Status Active Under Contract

MLS # 6706679

Property Type Single Family Residence

Price Type --

Beautifully updated estate home on a large half acre lot with mature landscaping perfect for entertaining! Highly desirable and sought after location! The property invites guests to enter along a charming flagstone pathway. It has 5 large bedrooms, 3.5 baths, huge entertaining/gathering room with a cozy fireplace, large remodeled kitchen, formal dining area, and living room. Chef's kitchen features stainless steel Kitchenaid appliances, TWO sinks, TWO dishwashers, Double Ovens, warming drawer, and even a pot filler! Brand new HVAC system installed August 2024. You'll love the high ceilings with an open inviting feel, the extra large bedrooms, and the grand staircase at entry. First floor bedroom has exterior access door and would make a great potential in-law suite. Huge backyard is loaded with custom features: Diving pool, slide, hot tub, gazebo, playground, basketball court with lights, and oversize grass yard. Move in ready. Ideally located with easy access to the 202 and US60. This house has it all!

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8650 E Jackrabbit Road Scottsdale, AZ 85250

$1,000,000

4 Beds

2 Baths

1,800 SqFt

Status Active

MLS # 6684892

Property Type Single Family Residence

Price Type --

Welcome to your newly renovated oasis! With a brand-new roof, windows, flooring, kitchen, baths, stucco, paint, electrical, and plumbing, every inch of this home radiates freshness and quality craftsmanship. The spacious kitchen is a chef's dream, complete with sleek granite countertops, a convenient island, and ample storage in the pantry. Enjoy seamless indoor-outdoor living and the standalone rooftop deck offering panoramic views of Camelback Mountain. Conveniently located and meticulously updated, this home is ready for you to move in and start making memories. Don't miss your chance to own this gem in the heart of it all!

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20830 S Antonius Street Queen Creek, AZ 85142

$1,000,000

6 Beds

3 Baths

3,675 SqFt

Status Active

MLS # 6697490

Property Type Single Family Residence

Price Type --

Back on market, Buyer could not perform..Welcome home!!! This 6 bedroom/3 bath basement home checks all the boxes. 4 Bedrooms including the primary and 2 baths upstairs and 2 beds/1 bath with a bonus room down. The kitchen is tastefully done with granite, tile backsplash, s/s appliances with double wall ovens, cooktop and microwave. Off the kitchen is a huge home office or it could double a walk in pantry. There's plenty of room to park in the 3 car garage. Have an RV? There's plenty of room to park it behind the RV gate. The roof is only 4 years old and 2 of the 3 A/C units are 4 years old with the 3rd only being 5 years old. Step outside into the oasis of a back yard.

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10557 E Vivid Avenue Mesa, AZ 85212

$1,000,000

6 Beds

4.5 Baths

5,260 SqFt

Status Active Under Contract

MLS # 6751386

Property Type Single Family Residence

Price Type --

Hunny, stop the car! Pride of ownership radiates as you walk through the door! This large home has all the spaces to live comfortably and entertain to impress! Massive kitchen with spacious island, large walk-in pantry, butlers pantry, bonus flex room, large loft, LEGIT theater room, AND yes...two laundry rooms! This home has all the upgrades! Also extremely energy efficient which helps you live a healthier and quieter lifestyle, while saving you a lot on your utility bills. Outside is perfect for entertaining and hosting your special events, allowing for fun and play. Plus, a convenient and thoughtful dog run for your furry friends. Don't forget the stunning new luxury pool with water and light features which will bring many wonderful memories. Come & see, this home has it all!

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15731 E Sycamore Drive Fountain Hills, AZ 85268

$1,000,000

5 Beds

4 Baths

3,362 SqFt

Status Active

MLS # 6727663

Property Type Single Family Residence

Price Type --

Discover this hidden gem on a scenic acre hillside lot with a pool house/casita overlooking a resort-style pool and spa. This custom-built home offers 5 bedrooms, 4 bathrooms, a 4-car garage, and a walkout basement with an exercise room, all showcasing breathtaking mountain views. With a gourmet kitchen, updated appliances, cozy fireplace, modern flooring, and energy-efficient Rastra (ICF) construction, this home also features a new roof (2021) and two AC units (2019). Covered patios on every level offer the perfect setting for enjoying sunrises and sunsets. The walkout basement provides endless potential for additional rooms or an in-law suite. Sold as is, this property is a fantastic investment opportunity. Located in a prime area with low taxes and no HOA, this home has it all!

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8114 E Piccadilly Road Scottsdale, AZ 85251

$1,000,000

4 Beds

2 Baths

2,049 SqFt

Status Active Under Contract

MLS # 6748016

Property Type Single Family Residence

Price Type --

This brand new, renovated home just minutes from the most popular dining, nightlife and shopping in all of Arizona is now available! This gorgeous home features NO HOA, 4 bedrooms AND a bonus room/office/game room, making it a great option for primary occupants, snowbirds or Airbnb-enthusiasts alike. This gem has been completely renovated top to bottom, including a NEW ROOF, NEW ELECTRICAL, NEW PLUMBING, NEW POOL EQUIPMENT, NEW INSULATION and HARDWOOD flooring. Seller is willing to convey all furniture with reasonable offer if a buyer wishes, making this the MOST MOVE IN READY HOME IN OLD TOWN SCOTTSDALE!! It features an open concept so you can easily entertain. The chef's kitchen has an incredible, oversized, 6-burner, professional pro grande commercial depth gas Thermador range, pot filler, a waterfall island and custom cabinetry all the way to the ceiling. Off the great room, you will find a spacious bonus room -- perfect for an office, playroom or game room. Upon entering the primary bedroom, you'll be welcomed by by a separate exit allowing light to flood into the room, and giving access to your outdoor shower. In the bathroom, you will find a dual vanity, private toilet room and an impressively sized wet room with 2 rainfall shower heads and a soaking tub. In the backyard, you'll find a gorgeous pool, astroturf for low maintenance, a fireplace and a pergola for extra shade. This home could be your's.

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2138 W Red Fox Road Phoenix, AZ 85085

$1,000,000

7 Beds

5 Baths

4,105 SqFt

Status Active

MLS # 6657730

Property Type Single Family Residence

Price Type --

Discover the epitome of luxury living in this stunning 7-bedroom, 5-bathroom masterpiece with an OFFICE & LOFT, nestled in a prestigious GATED community. Just STEPS AWAY from the state-of-the-art Fireside COMMUNITY CENTER, this home boasts TWO full bed/baths DOWNSTAIRS & FOUR additional bedrooms plus a primary suite upstairs. Indulge in the fully UPGRADED chef's kitchen, designer walk-in pantry, gas stove, built-in refrigerator, and butler's pantry, all flowing into a spacious living area with surround sound. The OVERSIZED LOT transforms your backyard into a resort-like oasis with a HEATED POOL, SPA, built-in bar, BBQ, shaded patio, and grassy play area. Perfectly situated near Norterra's shops, dining, entertainment, and major highways. Enjoy exclusive community amenities like a GYM, pool, spa, rock climbing wall, tennis courts, and play parks. Moments from Sonoran Desert Vistas Trailhead, ideal for hiking and outdoor adventures! Forget building newthis is move-in ready. When would be a good time for you to see this exceptional home? Make a plan to see today!

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3964 S Columbus Drive Gilbert, AZ 85297

$1,000,000

5 Beds

4.5 Baths

3,511 SqFt

Status Active

MLS # 6711092

Property Type Single Family Residence

Price Type --

*** PRICE DROP of $150K*** Welcome to GATED Whispering Rock, where luxury and comfort blend seamlessly in this stunning single-level home. Boasting impeccable upgrades throughout including a pool and ramada. This residence is the epitome of sophistication and style. Step inside to discover a spacious and elegant master suite, accompanied by three generously sized guest bedrooms. The open-concept great room floor plan showcases an exquisite kitchen, featuring gas cooking, stainless steel appliances, high-end granite countertops, and gorgeous flooring. Master bedroom has his and her closet. Jack and jill bathroom for the 2nd guest bedrooms. Tesla / EV charging and courtyard near entry is special and ready for the EV. Designed for effortless living, the home requires minimal maintenance, allowing you to fully enjoy the abundant amenities. Outside, you'll find a large covered patio perfect for entertaining, a putting green, and a sparkling pool. Explore the stunning photos and detailed floor plan, and envision yourself living in this extraordinary home. Welcome to your dream home in Whispering Rock!

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1330 E Lynx Way Chandler, AZ 85249

$1,000,000

5 Beds

3.5 Baths

4,041 SqFt

Status Active

MLS # 6720736

Property Type Single Family Residence

Price Type --

Discover your dream investment property in Southeast Chandler. This pristine 5-bedroom, 3.5-bath home boasts a 4,041 sq. ft. interior with new updates, including a roof, two HVACs, granite/quartz countertops and more. Has an oversized private pool, hot tub, lush backyard with a secret garden, a 3-car garage, RV gate, and top-notch interior finishes. Located one block from San Tan K-8 and Quail Run Park. - Long term tenant in place

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