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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17807 E Silver Sage Lane Rio Verde, AZ 85263

$999,000

2 Beds

2.5 Baths

2,316 SqFt

Status Active

MLS # 6674808

Property Type Single Family Residence

Price Type --

Introducing the charming 2316 sqft Brasada model, a Spanish-style 2022 build residence ideally situated on a corner lot offering Picturesque mountains and Amazing Four Peaks views. Experience the beauty of the fully landscaped front courtyard and backyard, complete with synthetic grass, pavers, and flourishing fruit trees. Inside, the home features a sophisticated upgraded built-in SS Monogram kitchen with roll out Pantry and an additional hobby room perfect for versatile use. Upgraded tile flooring that seamlessly extend into the spacious patio via the large Stack Slider door and connect the indoor and outdoor for stunning sunrise views. Convenience is key with included washer and dryer units, while the interior design showcases a harmonious blend of neutral grays and whites throughout.

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3130 E Cedar Drive Chandler, AZ 85249

$999,000

4 Beds

3.5 Baths

3,606 SqFt

Status Active

MLS # 6757419

Property Type Single Family Residence

Price Type --

This incredible property is nestled in a gated community and ready to make buyers' dreams come true. The 3,606 square foot home is built on a generous 12,380 square foot lot featuring a live lawn, mature trees and a welcoming courtyard. With 4 bedrooms, 3.5 baths and multiple living rooms, this house is perfect for a family looking for extra space and/or entertainers hoping to make hosting a hobby. Other noteworthy features include custom bar, largo patio, built in BBQ, sparkling pool and a 4-car garage. Located just miles from popular shopping and restaurants, buyers will learn it's a quick drive (or walk) to neighborhood favorites. The home falls within the coveted Chandler Unified School District boundary and is also a mile from Veterans Oasis Park.

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15056 E Marathon Drive Fountain Hills, AZ 85268

$999,000

3 Beds

2 Baths

1,575 SqFt

Status Active

MLS # 6697256

Property Type Single Family Residence

Price Type --

Welcome to modern living in scenic Fountain Hills, AZ. This stunning 3 bedroom, 2 bath home boasts contemporary updates throughout, offering a sleek and inviting ambiance. Entertain in style with a spacious living area, perfect for gatherings. The gourmet kitchen features stainless steal appliances and quartz counters. Step outside to your own private oasis, where a large backyard awaits. Enjoy endless days of relaxation by the sparkling pool and rejuvenate in the soothing spa. Practice your golf skills on the custom putting green, adding a touch of luxury to your outdoor experience. Nestled in a prime location, this home offers convenience and tranquility, with easy access to local amenities and breathtaking mountain views. Don't miss out on the opportunity to make this dream home yours There is a NPOA even though this is not a HOA there is a transfer fee and disclosure fee.

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10446 E Monterra Way Scottsdale, AZ 85262

$999,000

3 Beds

2 Baths

2,145 SqFt

Status Active

MLS # 6754097

Property Type Townhouse

Price Type --

This is the PERFECT opportunity at The Reserve in North Scottsdale for those who don't want to worry about maintenance and upkeep or looking for a simple lock and leave. The HOA takes care of everything outside of the drywall!!! This elegant and conveniently located gated residence has all of the amenities you'd expect in a North Scottsdale community yet is just steps away from the great outdoors. Not only are you just minutes from some of the best golf courses Scottsdale has to offer, you are just FEET from Pinnacle Peak Park and less than 5 miles from the Sonoran preserve, Toms Thumb Trailhead and the Tonto National Forest. This quiet and picturesque community is centrally located to shopping and dining but still has quick and easy access to all of your favorite outdoor activities This 2145 square-foot, three bedroom two bath home beams with the pride of ownership. Upon entering, you're greeted by a spacious living area and open floor plan that seamlessly connects the living room, dining area, and kitchen, creating an ideal living space. The chef's kitchen is equipped with modern stainless steel appliances, granite countertops, a giant island for entertaining and ample cabinetry for all your storage needs. The master suite provides a peaceful sanctuary, complete with a generous walk-in closet and an en-suite bathroom featuring dual vanities, a soaking tub, and a separate shower. Two additional guest bedrooms are perfect for family or visiting friends, offering an additional room for a home office or workout space. The garage floor has brand new epoxy. This home also has a water softener and reverse osmosis. The Roof has been redone in 2022 and Exterior paint 2023.

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4810 Night Hawk Loop Pinetop, AZ 85935

$999,000

3 Beds

3 Baths

1,825 SqFt

Status Active Under Contract

MLS # 6749661

Property Type Single Family Residence

Price Type --

Amazing golf course property in Pinetop Lakes Country Club. This home has never been on the market. Custom built in 1986 with exquisite attention to the architectural detail. Remodeled by Evergreen, built of cedar and expansive decking in plank ash wood. The vaulted ceiling and wall of windows in the living room are a sight to behold. Wood flooring, kitchen open to living room and decks in the front, back and off the master bedroom. 3 bedrooms and 3 baths - a split floorplan which affords privacy. The 2 car garage has storage and a work area and has direct access to the home. The master bedroom is large with a sitting area and private deck. The kitchen has stainless steel appliances and a breakfast bar. Furnishings available by separate agreement.

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8102 E Mulberry Street Scottsdale, AZ 85251

$999,000

4 Beds

2 Baths

1,871 SqFt

Status Active

MLS # 6724427

Property Type Single Family Residence

Price Type --

Redesigned in 2023. This stunning residence features new flooring, fresh interior paint, and chic modern decor, creating a warm and inviting atmosphere. The versatile attached casita can serve as a 4th bedroom or a private workspace, offering flexibility to suit your needs. Step outside to discover a large backyard oasis, complete with a heated pool and oversized baja shelf, putting green, and a covered outdoor lounge with plenty of seating. The sellers are offering optional furnishings for a seamless, turn-key investment. Conveniently located near local attractions and with no HOA, this home is ideal for vacation rental purposes or personal enjoyment. Additionally, there is potential to convert the 2-car garage into a luxurious primary suite, enhancing the layout and adding value.

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10628 E Tumbleweed Avenue Mesa, AZ 85212

$999,000

5 Beds

4 Baths

2,726 SqFt

Status Active

MLS # 6760845

Property Type Single Family Residence

Price Type --

Welcome to your Dream Home, nestled in the highly sought-after Estates at Eastmark community! This home is newer construction with impressive living space and the only home with a casita under $1 million in the Estates community! It's 1 story and has a 4 Car pass-through garage, too! The home features all of the luxurious upgrades including a gourmet kitchen with quartz countertops, ample storage space, a gas range, walk-in pantry, updated range hood and pot filler. Open and bright with an excellent, livable floor plan. Upgrades include an air purification system throughout entire home, energy efficient heating/cooling system in garage, automated blinds throughout, and added electrical outlets for convenient living. Also, Sweedish lighting & accent wall in Casita & new tile flooring in Primary Bedroom & Casita. Luxury living at its finest with sliding back patio doors that open to your backyard oasis. Lawn is low maintenance artificial turf and a blank canvass to build your Dream Backyard! It's one of the best locations in the community, backing to the Greenbelt and land on the east side for privacy and great views! Don't forget the incredible Eastmark community amenities like the pools, club, community center with gym, and much more! Sauna, hot tub, and furniture are negotiable. Welcome Home!

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1187 Fawn Lane Prescott, AZ 86305

$999,000

5 Beds

3 Baths

3,904 SqFt

Status Active

MLS # 6737059

Property Type Single Family Residence

Price Type --

This gorgeous home sits on .85 acres with panoramic mountain views. Main level living with primary bedroom and guest room on main floor. Completely remodeled, updated & upgraded. Chefs kitchen with quartz counters, 2 sinks, GE cafe appliances, double oven, wine refrigerator, spacious island bar seating. Great room with all new lighting, fireplace & new flooring opens to entertainers deck with amazing mountain views. Lower level offers 3 more bedrooms, 1 with separate entrance if desired. Oversize 2 car garage with epoxy floors, new textured concrete driveway.

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41 Arrow Drive Sedona, AZ 86336

$999,000

5 Beds

4 Baths

2,616 SqFt

Status Active

MLS # 6695150

Property Type Single Family Residence

Price Type --

Come see this amazing house! This 5 bedroom, 4 bathroom property was formerly run as a fully legal bed and breakfast then a doctor's office in Sedona! and comes with proper zoning for up to 6 rentals and has been reviewed by the city New buyer could make a few upgrades to the existing structure or complete rehab it with renderings already available that have been reviewed by the city! We are very close to the shuttle drop off for a major trail head and just across the 89A from Broken Arrow Trailhead. Seller does have document from the city approving bed and breakfast. Buyer to verify all potential uses with the proper governing authorities.

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3202 E Las Rocas Drive Phoenix, AZ 85028

$999,000

4 Beds

2.5 Baths

2,649 SqFt

Status Active

MLS # 6749405

Property Type Single Family Residence

Price Type --

This spacious home is located in a quiet cul-de-sac nestled at the base of the Phoenix Mountain Preserve. Offering stunning mountain views with easy access for hiking and mountain biking. 4 large bedrooms with 2 1/2 bathrooms, the 1/2 bath features a shower and a toilet perfect for pool use as it is located near a patio door. There is a 3 car garage and RV gate. No HOA. The large lot has mature landscaping, citrus trees a sparkling pool and a storage shed. Other features include travertine flooring, large patios front and rear, dual hot water heaters, new roof, one new AC unit, fresh paint inside and out. Lovingly maintained by the second owner since 1976. Very easy access to SR 51 and a few minutes to the redeveloped PV mall area with dining and shopping.

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10050 E Mountainview Lake Drive Unit 22 Scottsdale, AZ 85258

$999,000

2 Beds

2 Baths

1,843 SqFt

Status Active Under Contract

MLS # 6721907

Property Type Townhouse

Price Type --

Welcome home to this beautifully appointed waterfront townhome in the heart of Scottsdale Ranch! This great room floorplan is offered Turnkey Fully Furnished with 2 bedrooms and 2 full bathrooms with southern exposure to the private community lake and waterfalls. Offering full privacy and a lock-and-leave lifestyle, this home is the perfect option for someone looking to spend a few months of the year here or downsizing from a larger home. Mountainview Lake Estates features two community pools, one of which is right across the street from this home with direct access to Lake Serena. This community also neighbors the Scottsdale Ranch Park & Tennis center encouraging the lifestyle that so many enjoy while living here. This home shows off with its 18ft high ceilings and gorgeous wood beams in the great room with a kitchen complete in high end granite, cabinets and fixtures - all with views of the community lake which this home sits on. The roof was also replaced in 2020.

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8885 E Pershing Avenue Scottsdale, AZ 85260

$999,000

4 Beds

3 Baths

2,854 SqFt

Status Active Under Contract

MLS # 6753003

Property Type Single Family Residence

Price Type --

This stunning 4-bedroom, 3-bathroom residence has been thoughtfully remodeled to offer modern comfort and style. As you step inside, you'll be greeted by a bright and spacious living and entertainment area. The chef's kitchen boasts sleek countertops, state-of-the-art appliances, and ample cabinetry. Retreat to the luxurious master suite, complete with a beautifully updated en-suite bathroom and generous closet space. The additional bedrooms are equally well-appointed, providing comfort and privacy. Step outside to your own private oasis,where a meticulously landscaped yard features a built-in pool and spa. You're also just moments away from Kierland and the scenic McCormick Ranch where you can enjoy fine dining,shopping,and recreational activities.

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