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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5946 E Sienna Bouquet Place Cave Creek, AZ 85331

$995,000
3 Beds
2 Baths
2,237 SqFt
Status Active
MLS # 6756370
Property Type Single Family Residence
Price Type --
GATED LONE MOUNTAIN ESTATES! BIG BLACK MOUNTAIN VIEWS!GORGEOUS & IMMACULATE HOME WITH CONTEMPORARY FLARE~ REMODELED TO PERECTION! !Great room floorplan;ALL NEW FLOORING!Sealed,stained & waxed concrete, new canned lighting throughout;ceiling fans Gourmet kitchen w/BLUESTAR oven;cooktop;white glass backsplash,2nd bosch oven/micro;fridge/dishwasher. Extended island w/ italian lighting; stunning quartzite countertops. Custom cabinetry throughout w/dovetail soft close drawers;undermount lighting.Beautiful BATHROOMS !CUSTOM CABINETS,LIGHTING,MIRRORS, TILE & SHOWER DOOR. Kohler fixtures;quartz counters. Primary split/Huge walkin closet .Plantation shutters throughout!LG Windowsw/Views everywhere!Back yard~Firepit; Putting green; jacuzzi spa (never used) N.lot line Borders NAOS .LG 2cG w/builtins

37618 N 26th Street Cave Creek, AZ 85331

$995,000
3 Beds
2 Baths
2,057 SqFt
Status Active Under Contract
MLS # 6751309
Property Type Single Family Residence
Price Type --
Welcome home to this stunning Cave Creek Desert Oasis with beautiful mountain Views from every angle. NEW Trane A/C, NEW septic tank, NEW pool pump, upgraded electric, the list goes on. Upon entry step into an open, split floor plan with tile flooring throughout, 12-foot ceilings, skylights, surround sound, and custom lighting. The chef's kitchen features custom cabinets, stainless steel appliances, granite countertops, and a 7-foot center island. Step through the French doors to reach your backyard paradise. Covered patio with ceiling fans, a heated diving pool, separate above ground hot tub and a 5-hole putting green with a sand trap. 3-stall mare motel with a large turnout area and enclosed tack room. Plenty of room for parking with an extended 3-car garage, circular driveway, a true RV gate including cleanout and 30amp electricity. Come see your new home today!

19312 E Cloud Road Queen Creek, AZ 85142

$995,000 - 4Br/2Ba -  for Sale in Ranchos Jardines, Queen Creek
New
$995,000
4 Beds
2 Baths
3,163 SqFt
Status Active
MLS # 6754537
Property Type Single Family Residence
Price Type --
NO HOA!! Bring your CARS & TOYS!!! This amazing property has room to park or work on any projects or hobbies you may have! And with flood irrigation you can even bring any of your four legged friends!! Come spread your wings in this wide open space and live a life of freedom that you can't get in other neighborhoods! This immaculately maintained home offers charm and character unlike any other with vaulted ceilings and large living areas. Out back you can relax under the large covered patio next to the gorgeous pool in a fenced-in backyard where pets or kids are free to play with safety and security. Outside the fence lies the shop, concrete parking areas, storage shed, a row of mature citrus trees, and a flood irrigated pasture surrounded by mature landscaping! Welcome to your PARADISE!

20579 S 190th Place Queen Creek, AZ 85142

$995,000
5 Beds
3.5 Baths
4,517 SqFt
Status Active
MLS # 6712474
Property Type Single Family Residence
Price Type --
Gorgeous Taylor Morrison Acadia floorplan- Like new without the wait! With over 4500 sq ft this popular model has 5 bedrooms plus a den and 3 1/2 baths. Builder upgrades include: super shower in primary bedroom, 2nd upstairs laundry room, 19'x25' media room with barn door option, and central vacuum. Located in the hightly sought after Legado master planned community featuring a lake, walking paths, playgrounds, a lighted basketball court, corn hole boards, splash pad, and more! You won't even need to leave the neighborhood to go out and enjoy a beautiful Arizona day, but rest assured there is also plenty to do nearby!

18993 E Alfalfa Drive Queen Creek, AZ 85142

$995,000
5 Beds
3.5 Baths
4,517 SqFt
Status Active
MLS # 6713019
Property Type Single Family Residence
Price Type --
No need to wait for a new build—this home is gorgeous and practically brand new! Introducing the Taylor Morrison Acadia floor plan, featuring 5 bedrooms, 3.5 baths, and a den. With over $100,000 in upgrades, including a stunning sparkling pool, with upgraded cartridge filter and variable speed pump, this home is truly exceptional. The large backyard features artificial turf, a covered patio, and a Ramada with a TV. A multi-slide door connects the spacious great room to the beautiful outdoor space, perfect for seamless indoor-outdoor living. The main level includes a den and the primary suite. The luxurious primary bedroom has amazing zebra window coverings, bathroom features modern flooring, separate double sinks, a soaking tub, separate walk-in closets, and a private toilet. The kitchen is a Chef's dream with double ovens, ample quartz counter space, an upgraded built-in gas stove, a stainless steel hood, a large pantry, and beautiful white shaker cabinets. Ceramic wood-look plank tile is strategically placed throughout the home. Additionally, most of the windows feature custom shutters, adding a touch of sophistication and privacy. Strategically placed sunscreens on the upper back windows, optimize energy efficiency by harnessing sunlight while maintaining a cool and comfortable interior. Upstairs, you'll find a large loft, 4 additional spacious bedrooms with walk-in closets, and 2 bathrooms, including a convenient Jack and Jill layout. Numerous niches and media centers are scattered throughout the home, offering functional and stylish spaces. Words can't capture the full essence of this home you need to see it for yourself to truly appreciate its beauty and elegance.

1217 E Desert Flower Lane Phoenix, AZ 85048

$995,000
4 Beds
2 Baths
2,879 SqFt
Status Active
MLS # 6737153
Property Type Single Family Residence
Price Type --
Welcome Home!!! This gorgeous 4 bedroom 2.5 bath home at the Foothills in the heart of Ahwatukee (Phoenix) is in a fantastic location. Close to restaurants, shopping, schools, parks, splendid mountain views & easy access to the 202 & I-10 Fwy's. As soon as you step into this home, you can see the Pride of Ownership with all that has been done. You'll love the layout of this open concept floor plan. This elegant kitchen offers stainless steel appliances, quartz counter tops, an island/breakfast bar for extra prep & storage, a pantry, full height custom tiled backsplashes & beautiful crown molding cabinetry. Your spacious master suite offers a plethora of natural light, a walk in closet, dual travertine vanity, custom tiled walk in shower, a tiled jet tub to relax in, as well as direct access to your backyard oasis. This stunning home also offers upgraded ceiling fans & lighting, plantation shutters, a front room that can be used as an office/den, a custom fire place in the family room with floor to ceiling tiled wall, vaulted ceilings, a sunken living room, as well as a 3 car garage with epoxy flooring, a water softener & cabinets for extra storage & organization. Your stunning backyard oasis with mountain views offers a covered patio with adjustable sun shade, extended travertine pavers, a natural grass lawn area, along with a sparkling pebble tech play pool with rock formation water fall to enjoy. This gem in the desert is a Great Buy & a Must See!!!

18250 S Backwoods Trail Kirkland, AZ 86332

$995,000
3 Beds
3 Baths
3,040 SqFt
Status Active
MLS # 6650812
Property Type Single Family Residence
Price Type --
Looking for an Off-Grid, private homestead with NO HOA on nearly 30 acres? This is the home for you! Located 3.7 miles down a private dirt road behind a locked gate, you'll find this oasis of serenity and be gauranteed the peace you have been seeking. The community has minimal restrictions ensuring you have the freedom to do what you like with your property while still protecting and preserving the future value of the home and land sites. Surrounded by Junipers and Pinion Pines in the Weaver Mountains, at just under 5,000 ft elevation with great views and a seasonal creek, it's the perfect way to escape the heat and enjoy four mild seasons. 4WD is recommended for the winter months. Built with energy efficiency and great economy in mind, structural insulated panels (SIPS) provide excellent insulation and comfortable climate control. The home is perfectly situated to utilize passive solar for heating and cooling year round but also comes with two cozy propane stoves. The metal roof gives you longevity and reliability. This two story custom home is 3040 sqft PLUS an additional 480 sqft glassed and screened Arizona Room on the upper level and a covered patio below for your relaxation and enjoyment. The open floor plan has beautiful pine cathedral ceilings and a spacious kitchen with granite counter tops and built-in appliances. The island comes with the added bonus of under-counter shelving and built in sink! The upper floor has 3/4 solid red oak flooring and the lower floor and large upstairs laundry room have new solid core plank vinyl flooring. Master bedroom is on main level along with kitchen, laundry, office, and Arizona room. The master bathroom is a 3/4 with walk-in tile shower. On the lower level of the home, you will find a 608 sqft workshop with an overhead door. This could also be used as a tandem 2-car garage. Outside is an oversized detached carport and fenced back yard. Plenty of space in the two-bay covered RV parking! Your garden is irrigated and entirely enclosed in hardware cloth fencing. Large 55 gallon drum has been buried outside to create an in-ground cook pit for your large family gatherings and BBQ events! Grass backyard is fully fenced and well-lit at night with motion sensing lights. The private well is connected to a 5,000 gallon water storage tank and a solar pump. The solar for the well is conveniently placed right next to the well and storage tank. All other solar equipment and batteries are housed in an additional outbuilding. This would be an ideal location for horses! Clean and well maintained, one owner home - what a unique opportunity! This truly needs to be seen to appreciate it fully.

3019 W Trail Drive Phoenix, AZ 85086

$995,000
3 Beds
2.5 Baths
2,710 SqFt
Status Active
MLS # 6736857
Property Type Single Family Residence
Price Type --
This stunning single-story home has 3 bedrooms and 2.5 baths, nestled on 1 ACRE of serene tranquility. Upon entry, high ceilings and an open floor plan greet you, offering views of the expansive backyard. Private master suite with UPDATED walk-in tiled shower. The living room features a gas fireplace & beautiful wood beams, leading to a THEATER complete with a screen & projector. The open kitchen, with its huge island, is perfect for entertaining. Step outside to an oasis featuring a large covered patio, multiple sitting areas, built-in BBQ area w/ ramada, and a sparkling pool surrounded by lush landscaping. Garden beds are perfect for growing herbs, fruits & vegetables. Three car garage plus RV PARKING pad w/ electrical, ensuring your RV is always ready for your next adventure.

3931 N 87th Street Scottsdale, AZ 85251

$995,000
3 Beds
2 Baths
1,679 SqFt
Status Active
MLS # 6745502
Property Type Single Family Residence
Price Type --
MOST FAIRYTALE'S BEGIN WITH ''Once Upon a Time'' AND END WITH TELLING THE READER THAT EVERYONE 'Lived Happily Ever After!'....'SCOTTSDALE'S PREMIER LUXURY BRAND' HAS BLENDED STORYBOOK ELEMENTS IN THIS LATEST DESIGN, CREATING A LIFESTYLE 'FAR, FAR AWAY' FROM THE ORDINARY! STREET-SIDE IT LOOKS LIKE A 'CANDY HOUSE', ENVELOPED IN ENCHANTING FLOWERS & TREES, WITH A WINDING PAVED DRIVEWAY, UPON ENTERING YOU'LL BE TRANSPORTED INTO A WORLD OF MAKE BELIEVE!!.... Greet your Family & Friends at the entry, lead them through the Herringbone porcelain tiled floored grand open-living area spaces, where their eyes are drawn to the signature WINE GALLERY, Family Room with focal point fireplace, Formal Dining Room with 'HALO' Chandelier & wall to wall Slider's effortlessly connecting the inside with outdoors where you'll find a FANTASY ENTERTAINING PARADISE consisting of covered terrace looking onto HEATED POOL with Martini Seat, JACUZZI, OUTDOOR LOUNGE w/BBQ & BEVERAGE BAR, HUGE GRASSY AREA WITH PICTURE PERFECT LANDSCAPE & LIGHTING. It's time to show off your white designer KITCHEN with sleek European Style Cabinetry and State-of-the-art appliances, extra long Brazilian Quartz waterfalled breakfast bar which is the perfect place to meet and eat. Venture upstairs to the PRIMARY EN-SUITE RETREAT which really is a TREAT to Relax, Rejuvenate & Meditate in your pajama lounge, with coffee/ beverage bar, tucked away from the rest of the home and with magnificent en-suite bathroom, it's all part of this surprising journey!! Now to find the other bedrooms... The split floorpan leads you downstairs to 2 more bedrooms with Luxurious 2nd bathroom. Rounding off this enchanting journey is a dedicated Laundry with office built-ins, a 2 CAR GARAGE with E-V Car Charger & THIS IS A FAIRYTALE RESIDENCE THAT TRULY BELONGS IN A STORYBOOK! FEATURES INCLUDE: New HVAC System & Minisplits, New Electric Meter, Tankless Water Heater, Gas Cooktop, Brand New Heated Pool & Spa with New Pool Equipment, New Plumbing, Porcelain Tiled Flooring, 2 Brand New Bathrooms, 2 Car Garage with E-V Charger, Thousands of SF of Pavers, All New Landscaping & Lighting, Built-in BBQ & Beverage Bar, Signature Pewter & Gold Hardware Throughout, Handpicked Lighting, Chandeliers & Fans, All New Kitchen Appliances, Washer & Dryer in Dedicated Laundry with Floor to Ceiling Cabinetry and Desk Space, New Dual Pane Windows & Sliding Doors Throughout, Covered Terrace, Custom Window Drapery & Hardware, Ample off-street Parking, Scottsdale Schools.

7413 E Parkview Lane Scottsdale, AZ 85255

$995,000
4 Beds
2.5 Baths
2,511 SqFt
Status Active Under Contract
MLS # 6757184
Property Type Single Family Residence
Price Type --
PRICED TO SELL! PRISTINE 4BR-2.5BA - 3 Car Garage - PREMIUM corner lot - backing open land. Walking trail to the west side. LOCATION LOCATION....PEACEFUL AND QUIET. This is one of those meticulously maintained properties that don't come along often. OPEN kitchen/ Family room~Split floorplan~newer AC and Roof and pool equipment. WHOLE HOUSE water treatment. Garage lift plus a garage sink. ALL important information to be confirmed by buyer! PROFESSIONAL PHOTOS SEPT 18TH

2748 N Blue Grass Ranch Drive Lakeside, AZ 85929

$995,000
3 Beds
2 Baths
3,544 SqFt
Status Active
MLS # 6713643
Property Type Single Family Residence
Price Type --
If you are looking for an authentic log home on 5 beautiful acres-then look no more! Tucked away in the tall pines with several fruit trees, this home will offer you the freedom and privacy that most dream about. Classic wood flooring has been recently refurbished, making this a great place with all the accents of mountain living. Open and split floor plan makes for lots of convenience and space for all your loved ones and guests. Home is complete with a walk-out basement which has 3 large storage closets (8'X10'). Basement area could be used as a separate room for watching your favorite movies and playing pool and also boasts a ''fireplace extraordinaire'' - This space could alternatively be used as a private and very comfortable sleeping quarters for guests. The sun room is designed for passive solar and supplements the heating sources listed here creating a warm and consistent temperature to the home on those chilly days. Watch the abundant wildlife from the covered deck, deer, elk and turkey frequent the property. Scotts reservoir and the forest service is close by. Just imagine yourself and loved ones sitting on the deck, enjoying the pleasure of listening to the gentle breeze through the whispering pines or the refreshing rain on a cool summer day. Come make your future mountain memories a reality and experience life lived in the marvelous White Mountains! The White Mountains offers Golf, fishing, hunting, four wheeling, hiking, boating, gaming, target shooting ranges, skiing, snowboarding, birdwatching, animal wild-life, sledding, several seasonal festivals throughout the year, car shows, fine dining, musical entertainment, and a great day and night life! Come live your dream in this beautiful Classic Log Home in the pines-

1116 W Stellar Place Queen Creek, AZ 85144

$995,000
5 Beds
3 Baths
3,582 SqFt
Status Active
MLS # 6710776
Property Type Single Family Residence
Price Type --
Discover the comfort and charm of this recently updated home that's got all the space and features you've been looking for! With an open layout that's great for hosting friends and family, and a split floor plan for when you need a little privacy, this place has it all. It comes with five bedrooms and another room that's perfect as a hangout spot for teens, a quiet office, or even your own workout space. You'll have plenty of room for storage with a large pantry and laundry area. The master bedroom is a spacious escape with its own bathroom that feels like a mini spa, plus there's an extra room attached that's ideal for a home office, a big walk-in closet, or just extra storage. Outside, the views are stunning and you can spend many happy hours in the refreshing saltwater pool. There's lots of space on the 1.6-acre lot to make your own, including a new shed and a garden that's watered using water from a fish tank (and yes, the fish tank is optional). You'll even get a chicken coop with hens that are already laying eggs. The home's got a brand-new solar system that'll help save on energy bills. Come check out this unique place.

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