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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8314 E Jackrabbit Road Scottsdale, AZ 85250

$999,000
5 Beds
3 Baths
2,888 SqFt
Status Active
MLS # 6739759
Property Type Single Family Residence
Price Type --
: Amazing Tri-Level Home In A Prime Scottsdale Neighborhood. This Home Has A Huge Private Bedroom Suite On The Main Level With Large Walk In Closet, Double Sinks, Freestanding Tub And An Awesome Shower With Floor To Ceiling Tile With Clear Glass Enclosure, Wall Shower With Overhead Rain Shower. Large Living Room Open To Remodeled Kitchen With Great Dining Area And Double French Doors Leading To Rear Patio And Pool. Kitchen Features Newer Cabinets With Crown Molding, Granite Counters, Glass Tile Backsplash With Stainless Smooth Top Range Oven, Dishwasher, Microwave And Refrigerator. Two Spacious Bedrooms And Bathroom On The Lower Level As Well As Two Additional Bedrooms And Third Bathroom On The Upper Level. The Rear Yard Has Synthetic Turf And A Beautiful Pebble Tec Pool With Water Featur Yard Delivers Distant Views Of Camelback Mountain, A Covered Patio, Secluded Side Yard For Relaxing In The Shade And Yard Games. A Secure Shed Is Also For Yard Tools, Bikes Etc. Being So Close To Chaparral Park And The Bike Trails Along The Park And Indian Bend Wash Allows Easy Access To Activities, Fishing, Running And All The Fine Shopping And Restaurants In The Exquisite Camelback Corridor And Old Town. This Location Is Hard To Beat And Is Also Walking Distance To Award Winning Schools. Great for an Short Term Rental Property or a Great Family Home.

8147 N 5th Street Phoenix, AZ 85020

$999,000
5 Beds
3 Baths
2,808 SqFt
Status Active
MLS # 6736317
Property Type Single Family Residence
Price Type --
Discover this exquisite Frank Lloyd Wright-inspired mid-century modern home, where innovative architectural design seamlessly merges modern luxury with timeless elegance. Greeted by a large, brick courtyard entry, you are welcomed into a residence that embodies sophistication. From the moment you enter, the great room impresses with a modern stone fireplace and soaring wood-beamed ceilings that effortlessly flow into the gourmet kitchen, creating a grand and inviting ambiance. The kitchen is a culinary haven, equipped with top-of-the-line appliances including a 6-burner gas range w/convection oven, a spacious island w/breakfast bar, integrated stainless wine and beverage center, and striking black fusion granite countertops. An oversized walk-in pantry with a butler's counter further enhances functionality and storage, making this kitchen a chef's dream. Open the expansive 8' steel patio doors to reveal a covered patio, ideal for hosting gatherings or savoring peaceful outdoor moments. Beyond, your private backyard oasis awaits. Relax beside the pristine diving pool, surrounded by meticulously landscaped grounds that offer beauty and privacy. Situated on a corner lot with a long private drive, this 2268 sqft home features 4 spacious bedrooms and 2 luxurious bathrooms. The versatile two-car garage includes a studio apartment with kitchenette, offering a 5th bedroom and 3rd bathroom, and adding nearly 600 sq ft of additional living space perfect for guests, hobbies, or an office. Don't miss your chance to own a truly one-of-a-kind architectural gem in a prime, central location with access to great schools, dining, multi-use trails, shopping, and entertainment!

8578 Eagle Point Road Pinetop, AZ 85935

$999,000
4 Beds
4.5 Baths
3,086 SqFt
Status Active
MLS # 6735227
Property Type Single Family Residence
Price Type --
Imagine a home where every detail reflects a commitment to excellence and comfort. This fully furnished abode within the Country Club area is not just a dwelling, but a statement of luxurious living. The architectural marvel spans 3,086 square feet, featuring four bedrooms and four and a half baths, each space crafted with meticulous attention to detail. The chef's kitchen, with its custom cabinets and high-end appliances, is a culinary dream. The master suite, with its lavish bathroom and walk-in closet, offers a private sanctuary. The additional bedrooms, each with their own full bathrooms, provide ample space for family and guests. The loft area, overlooking the communal spaces, is perfect for leisure and entertainment. ..READ MORE... The separate mother-in-law suite and activity-ready garage add layers of functionality and convenience. Outside, the 0.33-acre lot is a private paradise, complete with a new hot tub, gas firepit, and built-in grill for memorable outdoor gatherings. Renovated in 2018, this home near the Apache-Sitgreaves National Forest merges the rustic allure of a cabin with the comforts of a modern retreat, making it an ideal haven for those seeking a life of adventure and tranquility. This is more than a home; it's a lifestyle waiting to be embraced. Imagine living in the White Mountains of Arizona where you have 4 beautiful seasons and where you can breathe in the fresh mountain air and enjoy the 40 lakes and over 600 miles of rivers and streams. In addition to the amazing fishing, this area has one of the most extensive trail systems in the southwest for hiking, biking, horseback riding, quadding and more. Sunrise Ski Resort is also just 40 minutes away with 3 beautiful mountains to ski, snow board or sled. If shopping is your interest, you will love the antique stores and the multitude of arts and craft shows that happen in the summer. The music festivals have something to fit everyone's enjoyment. Do you love to golf? There are 7 amazing golf courses, 3 that are public. The White Mountains, where this home/cabin is the best kept secret of Arizona! Come and explore and enhance your living! Pinetop-Lakeside was also voted 'Best Cabin Region in the U.S... Embrace the MAGIC!

6444 E Highland Road Cave Creek, AZ 85331

$999,000
3 Beds
2 Baths
2,165 SqFt
Status Active
MLS # 6695479
Property Type Single Family Residence
Price Type --
Delightful Cave Creek home situated on just over 2 acres in coveted, well established neighborhood. 360-degree mountain views frame this exceptional horse-friendly property featuring tranquil setting with flowing floor plan, Travertine tile floors in all common areas, generous and independently cooled Arizona room plus expert modernization throughout. Expansive back yard has corral & shade structure together with a tack shed. Still room for toy-barn and/or resort style pool. Neutral palette, dazzling views, plentiful saguaros and enchanting surroundings combine for a truly unique opportunity to live the authentic Cave Creek lifestyle. Bridle path/recreational trail just steps away. Immaculate!

3154 W Silverdale Road Queen Creek, AZ 85144

$999,000
4 Beds
2 Baths
2,329 SqFt
Status Active
MLS # 6713666
Property Type Single Family Residence
Price Type --
REDUCED! & 5K towards Buyer's Rate Buy Down! 2020 build & just voted''Best Home on Brokers tour''4-Car XL garage. Are you looking for that location out of the hussle bustle with hiking biking right out the door . This is your dream desert oasis on a 3.3 Acre corner lot! Views of San Tan & Superstition Mtn awaits you! Entire property fenced & secured w/no climb fencing & set for pets, horses & livestock!This turn-key home boasts 4 bedrm w/opt office, 2 baths & upgraded chef's kitchen w/dbl ovens & walk-in pantry.Laundry room incl sink for conv. & upgraded wood look tile thu out home including bd rooms!Cozy up to a gas fireplace & enjoy an open concept living, dining rm. w/vaulted ceilings. Large cov patio/Pool fenced and secured with privacy! Must see to appreciate this special lotd An entertainer's dream! Property combines modern comfort w/ rural charm! Additionally, property incl. hookups for RV/motorhome, 4 car XL garage for toys & tools!Security system, water filtration & RO system. Hiking, Biking & Riding just out the front door! Several marked trails within 2 mi of property.

9733 W Keyser Drive Peoria, AZ 85383

$999,000
5 Beds
3.5 Baths
4,464 SqFt
Status Active
MLS # 6686357
Property Type Single Family Residence
Price Type --
Nestled within a prestigious gated community, this exquisite two-story residence, boasting 5 bedrooms and 3.5 baths, has been meticulously updated to embody modern luxury and comfort. As you step onto the property, the lush lawn and a breathtaking backyard oasis with over 20 trees and a sparkling pool welcome you into a serene retreat. The heart of the home is adorned with all-new waterproof flooring upstairs, setting a tone of elegance that extends throughout the entire residence. The bathrooms have undergone a stunning transformation, remodeled to feature floor-to-ceiling tile in the master bath, a spacious 6-foot tub, a stand-alone shower enclosed with crystal glass, and modern quartz countertops that also grace the rest of the home. Every detail has been thoughtfully selected, from the freshly painted cabinets that add a touch of freshness to the entire space, to the new light fixtures and ceiling fans that enhance the home's ambiance. The interior and exterior were painted in 2021, showcasing the home's well-maintained and updated character. For the automotive enthusiast or those who appreciate a well-organized space, the garage is finished with custom epoxy flooring, adding durability and style. In an age where convenience and security are paramount, this home is equipped with smart switches for lighting control via your smartphone, new stainless steel appliances (2021), a Nest security system that will remain for the new owners, and a safe tucked under the stairs for added peace of mind. The outdoor living space has been upgraded with pavers installed in 2023, offering a perfect setting for entertaining or relaxing under the canopy of mature trees. The property's resilience is secured with a complete new roof in 2021 and brand new AC units installed in 2022, ensuring comfort year-round. This home is not just a dwelling but a smart, sophisticated sanctuary that combines beauty, functionality, and peace of mind in a coveted location. It represents a rare opportunity to own a turn-key property where every detail has been carefully curated for luxury living.

3850 W Union Hills Drive Glendale, AZ 85308

$999,000
8 Beds
5 Baths
5,574 SqFt
Status Active
MLS # 6678355
Property Type Single Family Residence
Price Type --
Welcome to this remarkable property boasting a distinctive setup tailored for multi-generational living/co-ownership,Duplex, or a long-term care facility. Situated on a sprawling 44,665 square feet irrigated corner lot, NO HOA this estate comprises two fully renovated houses. The front house approx 2916 SqFt (underroof) has 4 bedrooms 3 baths + 6 car carport & the back house is 2208 SqFt (under roof) has 4 bedrooms 2 baths with attached Garage, and an additional detached garage. both have their separate inside laundry. Every detail has been meticulously attended to, from the new roof, new A/C, new windows and doors to the upgraded lavish kitchen, bathrooms, flooring, and light fixtures. This is an exceptional opportunity not to be missed, Act now

5238 W Caldwell Street Laveen, AZ 85339

$999,000
4 Beds
3 Baths
2,787 SqFt
Status Active
MLS # 6737149
Property Type Single Family Residence
Price Type --
Irrigated lot/ No HOA/ Great Location/ Close to the 202 loop/ Office room could be converted to a 5th bedroom/ Easy to show/ One of the last gems in Laveen/Phoenix. 1.25 Acres in the heart of Laveen. Horse Property. Full irrigation rights w/ irrigation already on property. 2-3 minutes from the 202. No neighbors./ Private dead end street for privacy/. Picture perfect sunsets./ Incredible views of South Mountain and Estrella Mountains./ A+ elementary school Paseo Point and High School Betty Fairfax are close by/ New shopping plazas all nearby. In and out, Canes, Sprouts, Frys, Safeway. New AMC theatre coming soon. Perfect to build for up to 1600sq ft guest house. Pool. Huge 3 car garage. Everything close by. Peaceful living in the heart of Laveen.

9633 E Solina Avenue Mesa, AZ 85212

$999,000
4 Beds
3.5 Baths
3,004 SqFt
Status Active
MLS # 6716421
Property Type Single Family Residence
Price Type --
This single-level, energy-efficient home offers the perfect balance of cozy charm and grand, open spaces with 10-foot ceilings, large, picturesque windows & sleek 8' doors. Professionally designed with upgraded shaker cabinetry, a large inviting island, quartz countertops, and a designer appointed tile backsplash, the gourmet kitchen boasts a walk-thru pantry, accent lighting, and stainless GE Monogram appliances. The open-concept family room with 12' ceiling expands out onto the patio through 12' large sliding glass doors. Elegant plank tiling, a large walk-in closet, and a serene Super Shower with large soaking tub highlight the spa-inspired bath in the large and private Owner's Retreat. 2-tone paint and upgraded flooring throughout. See you soon! 2X6 CONSTRUCTION

1921 W Yearling Road Phoenix, AZ 85085

$999,000
4 Beds
3 Baths
2,501 SqFt
Status Active
MLS # 6723537
Property Type Single Family Residence
Price Type --
Step into luxury in this beautiful new home in the vibrant Norterra community of Northern Phoenix. This spacious property offers high end builder finishes throughout including upgraded tile flooring, modern light fixtures, a gourmet kitchen with large island and stainless steal appliances, a large extra office/den area, and an upgrade to 12 foot sliding back doors which open up to your newly xeriscaped backyard on a premium lot. The 3-car tandem garage offers plenty of space for cars, toys, or storage. Enjoy the multitude of features Norterra has to offer including a community pool & spa, basketball & tennis courts, walking paths and community parks. Just minutes from shopping, restaurants, freeways, the new TSMC Factory, and vast recreation areas. Don't miss this home! Photos coming soon

1350 W Sierra Buena Court -- Show Low, AZ 85901

$999,000
4 Beds
3 Baths
3,750 SqFt
Status Active
MLS # 6687153
Property Type Single Family Residence
Price Type --
Experience the epitome of mountain luxury in this completely remodeled Sierra Pines Cabin, nestled on over an acre of densely forested land in Show Low, Arizona. Redefining comfort and elegance with a professional and thoughtful redesign, this cabin unveils a modern floor plan that includes a newly added fourth bedroom and a convenient walk-in pantry, enhancing both space and functionality. The heart of the home is the kitchen, where quartz countertops meet custom maple dovetail cabinets, creating a harmonious blend of style and craftsmanship. The Cafe style stainless steel appliances provide a gourmet experience for the home chef, while the new lighting and plumbing fixtures throughout the cabin add contemporary flair to the rustic setting. Central to the living area, a German... ... Schmear fireplace stands as a testament to exquisite design, offering a cozy ambiance and a stunning focal point. The second level soars with vaulted ceilings, amplifying the cabin's spaciousness and reinforcing the grandeur of mountain living. Protecting this treasure is a new 50-year metal roof, promising durability and peace of mind. Beneath your feet, luxury waterproof flooring offers both beauty and resilience against the elements, ensuring your home remains a sanctuary of comfort no matter the season. Outside, the sprawling land is a canvas of nature, with majestic trees that whisper tales of serenity and seclusion. This cabin does not just offer a home; it promises a lifestyle ensconced in the beauty of Arizona's high country and adventure.

9560 E Spiral Avenue Mesa, AZ 85212

$999,000
4 Beds
3.5 Baths
3,640 SqFt
Status Active
MLS # 6722013
Property Type Single Family Residence
Price Type --
Own it or Rent it! Welcome to your dream home in the desirable neighborhood of Eastmark! This stunning 2-year-old home features 4 bedrooms, 3.5 baths, and a Guest Suite downstairs for ultimate convenience. The spacious loft offers additional living space, while the courtyard and huge back patio provide perfect spots for outdoor entertaining. Step outside to enjoy the outdoor kitchen, misters, heated/salt pool, and spa - all perfect for relaxing or hosting gatherings. Over $200k in Seller upgrades! This home exudes luxury and elegance at every turn. In addition, Builder upgrades total $127k. Not only does this home offer incredible amenities, but it is also located in a community rich with activities. From playgrounds and a Community Pool to a skate park, disc golf, and more! There is something for everyone to enjoy! Plus, with a Community restaurant, Community Farm, and coffee shop just steps away, you'll never run out of things to do. Conveniently located near shopping, schools, and a variety of activities, this home truly has it all. Don't miss your chance to own a piece of paradise in this sought-after neighborhood.

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