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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11619 E Appaloosa Place Scottsdale, AZ 85259

$985,000

3 Beds

2 Baths

2,363 SqFt

Status Active

MLS # 6753078

Property Type Single Family Residence

Price Type --

Welcome to this stunning SINGLE-LEVEL home in the highly desirable, 24 hour guard-gated community of Stonegate in North Scottsdale. This thoughtfully designed residence offers a sought-after SPLIT FLOORPLAN with 3 BEDROOMS, 2 BATHROOMS, and VAULTED CEILINGS throughout the main living areas, creating an open and airy feel. As you enter, you're greeted by a LIGHT and BRIGHT living & dining area with large windows that frame views of the lush backyard. In the LARGE EAT-IN KITCHEN, you'll find GRANITE COUNTERTOPS with a FULL GRANITE BACKSPLASH, complimented by elegant cabinetry offering ample storage, including pull-outs in the cabinets for added convenience. The kitchen has a LARGE KITCHEN ISLAND and is equipped with STAINLESS STEEL APPLIANCES including a newer BOSCH DOUBLE OVEN with microwave and a 5-burner electric cooktop (2023). The adjacent great room features a cozy GAS FIREPLACE and a versatile BUILT-IN BAR AREA perfect for a coffee or wine setup, making it an ideal space for entertaining. The PRIMARY SUITE is a private retreat with vaulted ceilings, large windows with SHUTTERS, and a door to the patio. The ensuite bath offers a LARGE JETTED TUB, SEPARATE WALK-IN SHOWER, double vanity with granite counters, and safety grab bars and comfort height toilet for accessibility. The two guest bedrooms feature vinyl plank floors, shutters, ceiling fans, recessed lighting and built-ins in the closet, providing comfortable accommodations for family or visitors, or a great home office.The LAUNDRY ROOM has white cabinetry with plenty of storage space, granite countertop, a crushed black granite sink and upgraded faucet. Step outside to your PRIVATE BACKYARD OASIS with a COVERED PATIO, recessed lighting, and mature lush landscaping. RETRACTABLE AWNINGS offer additional shade. Recent updates include NEW ROOF (Sept 2024), TWO NEWER HVAC UNITS (2023) POLYBUTYLENE PIPES have been replaced with PEX (2017). The home also features a 2-CAR ATTACHED GARAGE with EPOXY FLOORS, and built-in storage. The home also has a Scale Blaster for Hard water which is an eco-friendly solution to a water softener that takes up a lot less space! STONEGATE residents enjoy RESORT-STYLE amenities such as a junior-size Olympic pool, whirlpool spa, 7 tennis courts, 2 pickleball courts, half court basketball, playground, private clubhouse, ramada equipped with BBQ grills and an outdoor kitchen, and miles of walking, jogging, and biking trails that wind through the community's lush greenbelts and open spaces, all set against the backdrop of McDowell Mountains. With easy access to airports and the 101 freeway, Scottsdale's top shopping, dining, and recreational spots, this home offers the perfect blend of luxury and convenience. Don't miss your chance to own this beautiful Stonegate gem!

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11007 E Vecino Street Chandler, AZ 85248

$985,000

4 Beds

4 Baths

3,633 SqFt

Status Active

MLS # 6749070

Property Type Single Family Residence

Price Type --

Welcome to your new home!! ''CLOSE IN'' HORSE PROPERTY LIVING!! Become the proud owner of this energy-efficient home offering well-kept landscaped outdoor areas, RV hookup and parking and much more! This home offers incredible space with it's split four bedrooms ( which includes two master suites ) along with multiple bathrooms. The back yard is an outdoor delight from the large covered/south facing patio to the inviting & refreshing play swimming pool, built-in barbecue, plus an in-ground firepit! In addition, your new property has plenty of room for your horses and of course a chicken coop for your chicks. The interior of the home has been impeccably maintained & shows well in every detail. There are two distinct living areas each with it's own fireplace. The kitchen is a gourmet's delight and of course has stainless steel appliances, double ovens, lots of pull out shelving, plenty of counter space, tons of spacious room plus a butcher block center island prep station. Lots of storage including a walk-in closet / pantry. There are three and 3/4 bathrooms with the master bath featuring a garden tub with jets and a snail shower! You'll not run out of hot water as there are two water heaters! There are also multiple a/c units and a newer roof! COOL!! This property is a must see!!

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5102 E Presidio Road Scottsdale, AZ 85254

$985,000

4 Beds

2 Baths

2,017 SqFt

Status Active

MLS # 6680084

Property Type Single Family Residence

Price Type --

Private lighted Pickleball Court, Stadium Seating. Down-to-the studs renovation in 2018! NEW wiring, HVAC, plumbing, drywall, stucco, windows, doors. Modernized, split floor plan w/ luxurious master suite, Alder barn door, 3 sets of French doors, no stairs or carpet, Chef's kitchen, ,Gray quartzite, spectacular granite. Glass 'backsplash, under-cabinet LED's, hidden outlets. Double ovens, ,cooktop,pot filler, warming drawer, wine frig, ,Bosch D/W. Wood like Tile Wall, tall baseboards. Baldwin levers,2-panel doors. Wood-look tile, Extended Driveway to park 6 cars. Leased solar system. Large patio plus gazebo, BBQ & mini frig. Over 1/3 acre. Plans available (including structural engineering) for addition of new master suite, 5th bedroom and expanding to a 4 car garage

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12918 W San Juan Avenue Litchfield Park, AZ 85340

$985,000

4 Beds

3 Baths

2,919 SqFt

Status Active

MLS # 6745440

Property Type Single Family Residence

Price Type --

SELLER IS OFFERING A $10,000.00 BUYER CONCESSION WITH THE RIGHT OFFER!! Entertainers Dream Home! Resort style back yard oasis with a sparkling pool, gas fireplace, built in BBQ, firepit, walking trail, putting green, large covered patio, lush landscaping, and fruit trees. Step inside to an open floor plan perfect for gatherings with family and friends, 10+ ft ceilings throughout, and a warm and inviting color palette. Stunning kitchen with a large island, granite countertops, gas stove, and SS appliances. Cozy up to the ambiance of the gas fireplace in the family room at the end of a long day and watch the beautiful Arizona sunsets. Plantation shutters throughout the home and a separate entrance off the guest bedroom. 3 car garage with built in cabinets and an RV gate/parking. This home has it all and sits on .8 acres! Exterior painted 2023, solar panels installed 2022, NEW AC UNITS 2021, and small garage door replaced 2024. Surround sound inside and on back patio!

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13440 N 13th Street Phoenix, AZ 85022

Open House

$985,000

5 Beds

3.5 Baths

4,057 SqFt

Status Active

MLS # 6750418

Property Type Single Family Residence

Price Type --

''COME'' see this true 5Bed/3.5Ba/4 Car garage home in the The Pointe Mountainside Golf Community. Enter a light and bright living/dining room with beautiful herringbone wood floors. Open spacious kitchen with stainless steel appliances and granite counters looking onto a large warm family room w/ fireplace. Walk out to a serene back yard with a sparkling saltwater pool and waterfall. Large laundry room with built-ins and wash sink. H2O Concepts whole house water system installed. Huge Primary bedroom has a great walk-in closet with custom built-ins .Walk out onto the balcony and enjoy amazing sunsets. All bedrooms are large and have spacious walk-in closets. One bedroom downstairs with an en suite bathroom. Enjoy this wonderful community.

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7141 E Rancho Vista Drive Unit 5005 Scottsdale, AZ 85251

$984,999

2 Beds

2 Baths

1,233 SqFt

Status Active

MLS # 6682197

Property Type Apartment

Price Type --

*SELLER FINANCING AVAILABLE IN THE LOW 5'S* This 5th floor luxury remodeled condo with Camelback Mountain views offers the perfect blend of modern sophistication and natural beauty, providing you with an exquisite living experience. As you enter, you are greeted by an elegant and modern interior design, characterized by sleek lines, high-end finishes, and tasteful decor. Finally, step out onto the balcony to fully appreciate the Camelback Mountain views. The balcony is designed to allow you to relax and soak in the beauty of the surrounding landscape. Amenities include concierge, indoor & outdoor heated pool and spa with women and men's locker room, fitness center, racquetball & basketball court. Walking distance from Scottsdale Fashion Square Mall, Old Town, restaurants, & so much more

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1432 E Zion Way Chandler, AZ 85249

$984,900

6 Beds

3.5 Baths

4,077 SqFt

Status Active

MLS # 6743636

Property Type Single Family Residence

Price Type --

Rare Chandler basement home is now available in Geneva Estates! Superb homesite, situated with large backyards directly behind the home and excellent curb appeal this spacious property will provide all of your needs. 6 bedrooms, plenty of storage, and a basement / media room with wet bar included, the home is filled with upgrades. The gourmet kitchen has professionally painted cabinetry, including crown molding, pull out drawers and storage, stainless steel appliances with wall oven, and is open to the great room with a stonewall fireplace to create cozy family memories. The front living and dining room has built in shelving and desks, plantation shutters, large entry door with a security door. Other upgrades include brand new AC unit, brand new carpeting, brand new exterior paint, brand new water heater, 3 car garage with floor epoxy, updated lighting fixtures, prewired for surround sound, large covered patio with built in storage benches and area for outdoor kitchen/bar, sleek plank tile flooring, 8' solid core doors, front porch with tile flooring, the list goes on. The oversized master bedroom has access to the back patio and a large walk in closet. The additional bedrooms are spacious and be sure to check out all of the storage both upstairs and below. The 2 car and 3rd car garages include additional storage built ins as well. The outdoor space includes expansive paver decking, a diving pool with a pebble sheen finish and waterfall feature, stucco block walls, citrus trees and is very private with the large homesites behind it.

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9649 E Sector Drive Mesa, AZ 85212

$984,890

5 Beds

4.5 Baths

3,582 SqFt

Status Active

MLS # 6742589

Property Type Single Family Residence

Price Type --

Gorgeous single level 5 bedroom 4.5 bathroom with Den home. 12 foot ceilings in the kitchen and great room invite you in to the 15 foot sliding glass door to the patio. All the finishes were expertly chosen by our design team. White cabinets in the kitchen with warm wood tones in the bathrooms. Luxurious 48'' GE Monogram kitchen appliances and built in 42'' fridge. There is a morning kitchen to hide all the daily use appliances with a second fridge located right next to the huge pantry. The Primary bath is a real show piece with beautiful large tiled shower and free standing tub. This home sits on an oversized 10,000 sq ft homesite. This home will be completed in October.

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2410 W Night Owl Lane Phoenix, AZ 85085

$982,000

4 Beds

3 Baths

3,115 SqFt

Status Active

MLS # 6755232

Property Type Single Family Residence

Price Type --

Enjoy resort-style living in this beautiful energy efficient singe-level corner lot home. **OWNED Solar** Attractive facade boasts a 3-car garage, RV gate, timeless stone accents, mature landscape, and inviting courtyard. Captivating interior includes wood-look tile flooring, dazzling light fixtures, a bright living room, and a dedicated den/office/theater room. The floor-to-ceiling stone fireplace and pre-wired surround sound complement the desirable great room. Chef's kitchen highlights abundant cabinets with crown moulding, granite counters, a prep island with a breakfast bar, tile backsplash, and high-end stainless steel appliances such as a wine cooler, double wall oven, range hood, & cooktop gas make this an entertainers dream! Owner's retreat offers a sunny bayed window seating area and a trending barn door to the ensuite comprised of dual sinks, a make-up desk, and a walk-in closet. PLUS! 2nd main bedroom has outdoor access and a bathroom. Stunning backyard is a true gem, showcasing a covered patio, pergola, and a fenced swimming pool perfect for year-round enjoyment. Don't miss this opportunity!

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10010 S 37th Avenue Laveen, AZ 85339

$981,070

4 Beds

3 Baths

3,129 SqFt

Status Active

MLS # 6711693

Property Type Single Family Residence

Price Type --

Gorgeous new home in Summit at Whispering Hills. Loaded with designer features, this 4 bedroom, 3 bath, 3 car garage home has it all. Features in the kitchen include executive kitchen appliances including a double oven and a 36'' cooktop and hood and Della Terra quartz countertops. Extended dining area with lower and upper cabinets. A 16 x 8 center pull slider door and 12' ceilings at the Great Room. Other highlights include Winstead painted white cabinets, soft close cabinet doors and drawers, black matte lighting, door, and plumbing fixtures, and upgraded carpet and pad at the bedrooms. The extended primary suite has a frameless walk in shower in the bathroom suite. There is 8'' x 40 '' plank tile flooring in all areas but the bedrooms. Also included is an attached accessory garage.

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24414 S Lakeway Circle Sun Lakes, AZ 85248

$980,000

3 Beds

3 Baths

2,800 SqFt

Status Active

MLS # 6754738

Property Type Single Family Residence

Price Type --

Truly uniquely expanded Milano model with a casita on the Lakes #5 hole in the highly desired active adult community of Oakwood at Sun Lakes. Cute courtyard at front entry off the large versatile casita w/Murphy bed, kitchenette, and full bath with granite counters and tiled walk-in shower. Stunning kitchen has been opened to the expanded great room for maximum entertaining value. So much cabinet space, two islands, custom range hood and backsplash, SS appliances, and coffee/wine bar. Good-sized primary suite with sliders to patio, updated bath with raised granite counters and tiled walk-in shower. Wall-to wall sliders in the great room with maximum golf course/water views. Second bedroom plus office w/glass French doors. Pebbletek pool with spa. Large separate golf cart garage SEE MORE with workbench. This one is a must see! Start enjoying the many amenities of Oakwood with pools, golf, tennis, pickleball, countless clubs and a top-notch restaurant.

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15234 N 19th Place Phoenix, AZ 85022

$980,000

3 Beds

2 Baths

3,024 SqFt

Status Active

MLS # 6749417

Property Type Single Family Residence

Price Type --

Stunning Hillside Retreat with Panoramic Views on Lookout Mountain is on the Market. Nestled at the end of a peaceful cul-de-sac, this exquisite single-level home offers unparalleled 180° views of the McDowell Mountains, Pinnacle Peak and east valley. Located on a 14,964 square foot lot, this property combines privacy with convenience, making it a true gem in the heart of Phoenix. Located just seconds from the Phoenix Mountain Preserve, outdoor enthusiasts will love the proximity to some of the best hiking trails in the area. Enjoy the serene beauty of the desert landscape with no HOA restrictions. The home's elevated position ensures that your views remain unobstructed. This 3-bedroom + office / living room, 2-bathroom residence boasts a thoughtful floor plan designed for comfort and entertaining. The large game room/family room features a built-in wet bar, indoor water feature and a fireplace, creating the perfect ambiance for gatherings. The gourmet kitchen is equipped with high-end appliances including a stainless refrigerator, Bosch dishwasher, custom cabinetry all complemented by a large walk-in pantry. The backyard is an entertainer's paradise, facing Northeast to provide shaded comfort all day. The large patio opens to reveal a sparkling pool with waterfall and stunning views. The patio and backyard areas offer multiple spaces for outdoor dining and relaxation. Including the separate raised deck area away from the main patio. The home features high ceilings and skylights throughout the home, enhancing the sense of space and luxury. The 3-car garage is designed to accommodate full sized vehicles. Additional RV parking area and a storage shed offer even more convenience. A Rare Find in Phoenix, this home offers easy accessibility for all. The combination of its hillside location, breathtaking views, and luxurious amenities makes it a rare find in the Phoenix market. Don't miss the opportunity to own this extraordinary home, perfect for both relaxation and entertainment.

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