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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3807 E Crest Lane Phoenix, AZ 85050

$980,000

3 Beds

3.5 Baths

2,863 SqFt

Status Active Under Contract

MLS # 6725486

Property Type Single Family Residence

Price Type --

Amazing Toll Brothers residence in the highly sought-after Aviano! This 3-bedroom beauty sits on a larger corner lot offering a beautifully designed desert landscape, a 2-car garage with paver driveway, and a gated entryway leading to the main door. Inside, discover a perfect blend of traditional charm & modern functionality with a split floor plan that promotes a sense of privacy between areas yet allows easy entertaining thanks to its ample size. The living/dining room is filled with natural light from the wall of windows, and the wet bar makes it ideal for dinner parties. The cozy family room overlooks the backyard, and the gas fireplace adds a warm & inviting feel. The kitchen showcases staggered cabinetry, stainless steel appliances, travertine backsplash, granite countertops an oversized island with eat-in bar, and a breakfast nook with access to the back patio. The owner's suite is a complete retreat with a spa-like ensuite that includes dual sinks, a vanity table, a jetted tub, and a bountiful walk-in closet. Each additional bedroom has its own bathroom! The large backyard was made for entertaining. Enjoy al fresco dining under the attached pergola, or show-off your grilling skills in the outdoor kitchen. What are you waiting for? A deal like this won't last. Make an offer today! VOTED BEST HOME ON TOUR by Scottsdale Area Association of Realtors, Desert Ridge!

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3731 E Equestrian Trail Phoenix, AZ 85044

$980,000

4 Beds

2 Baths

2,525 SqFt

Status Active

MLS # 6754417

Property Type Single Family Residence

Price Type --

Stunning Equestrian Estates Single Level Home located on almost ½ acre lot. Gated Courtyard Entry Formal Living (Theater) room & Dining (game) room, Family room with Fireplace, Slab Granite Counters, Large Island, Black Appliances, Recessed Lighting and lots of storage, Crown Molding throughout, 6'' Baseboards, Plantation Shutters, Main Suite overlooks Resort Style Pool With incredible water feature, Main Bath has Dual Sinks and x-large shower. Back of Property has approximately 950 sq feet Barn / Workshop with electricity and water, 2 Horse Stalls, direct access to Bridle Path to common riding area, enclosed workshop & storage, Mature Backyard with Covered Patio, Diving Pool & incredible water feature, spa, Large Grass area, Lush Landscaping, Citrus trees, Garden area, RV Gate

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18650 N Thompson Peak Parkway Unit 1027 Scottsdale, AZ 85255

$980,000

2 Beds

2.5 Baths

2,430 SqFt

Status Active

MLS # 6711796

Property Type Townhouse

Price Type --

In the esteemed DC Ranch community of North Scottsdale, this residence embodies luxury living. With two bedrooms and two and a half bathrooms, this townhome exudes sophistication and comfort. Brand New Trane A/C unit just installed. The well-equipped kitchen boasts a 4 burner Wolf gas cooktop, built-in oven and microwave, and an expansive island, ideal for seamless entertaining. All new wide plank European Oak wood flooring adds timeless elegance throughout, while the master bath features remodeled limestone flooring and marble finishes for added luxury. A versatile den offers flexibility as an office or potential third bedroom. Convenience is key, with the home mere steps from the heated community pool and spa for effortless relaxation.

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12058 N Loma Linda Street Surprise, AZ 85388

$980,000

4 Beds

3.5 Baths

2,730 SqFt

Status Active

MLS # 6686634

Property Type Single Family Residence

Price Type --

Stunning Calistoga model in the beautiful gated community of Sterling Grove. Priced well below market value! Over $80k spent in landscaping, and in home upgrades after closing! This home was designed with impeccable design starting with the farmhouse style with great curb appeal. The owners spared no expense with the landscape adding double patios to the front which welcome a great gathering area for family and friends as well as great views of the White Tank Mountains. Step inside and you will be notice the beautiful chefs kitchen with top of the line Jenn Air appliances including the Jenn Air built in fridge. The chefs kitchen has upgraded soft close cabinets, beautiful hardware and upgraded quartz counters. The gorgeous brick backsplash flows into the great room where it is used on the built in fireplace. The high vaulted ceilings have beautiful dark beams that are a show stopper. The great room and dining room flow well to make a great entertainment space. On one side of the house you will find the large main bedroom with a stunning bathroom that boasts a walk in shower with beautiful tile. You will also find the large custom closet with built in dressers and laundry hampers. Next there is a secondary bedroom and full bath with upgraded tile in the shower. You will also find bedroom 4 that has double door entry which is currently being used as a theater room/office. On the other side of the home you will find another main bedroom suite. This large bedroom has its own walk in closet and private bath with upgraded shower tile. The backyard is perfect for those who want to relax in the beauty of the extra large patio with brand new bull frog spa as well as beautiful ficus trees to add privacy. The patio is plumbed for an outdoor kitchen just waiting to be completed. The laundry room right off of the garage is expansive and houses not only the washer and dryer but a full wall of cabinets for extra storage as well as another fridge. The 3 car garage has a separate 2 car garage and a single car garage that is big enough to fit a small car and golf cart as well. Hanging storage racks have been installed for extra storage as well. Your clients will be amazed at everything this home has to offer. Home is listed below market value and for less than owners have spent due to their need to sell.

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4345 N 159th Drive Goodyear, AZ 85395

Open House

$980,000

4 Beds

4 Baths

2,899 SqFt

Status Active

MLS # 6696393

Property Type Single Family Residence

Price Type --

Welcome to your own slice of paradise! Escape to tranquility in this luxurious and upgraded home nestled on a peaceful cul-de-sac in the coveted Palm Valley neighborhood. From the moment you arrive, you'll be greeted by richly appointed spaces and meticulous attention to detail that adorn every corner. Entertain with ease in the expansive gathering areas, including a bright and inviting kitchen perfect for culinary delights and lively conversations. Whether you are cozying up by the fireplace in the family room or enjoying your favorite tunes with the built-in surround sound system throughout, every moment is imbued with comfort and style. Welcome to your own slice of paradise! Escape to tranquility in this luxurious and upgraded home nestled on a peaceful cul-de-sac in the coveted Palm Valley neighborhood. From the moment you arrive, you'll be greeted by richly appointed spaces and meticulous attention to detail that adorn every corner. Entertain with ease in the expansive gathering areas, including a bright and inviting kitchen perfect for culinary delights and lively conversations. Whether you are cozying up by the fireplace in the family room or enjoying your favorite tunes with the built-in surround sound system throughout, every moment is imbued with comfort and style. Stay productive in the separate office/library, thoughtfully designed with built-in bookcases for both organization and flair. Indulge in the luxurious primary suite, a haven designed for relaxation and comfort. Pamper yourself in the separate shower and soaking tub, then revel in the convenience of the spacious walk-in closet. This home also features a unique second mini ensuite bedroom, offering additional comfort and privacy for guests or family members. Experience seamless indoor-outdoor living with a 5-panel outswing patio door, seamlessly blending the beauty of the outdoors with the comfort of your home. Step outside to discover an entertainer's dream, complete with breathtaking views of the White Tank Mountains and an array of outdoor amenities sure to elevate every gathering. Take a refreshing dip in the sparkling saltwater pool and spa, gather around the outdoor kitchen with its expanded bar for delightful al fresco dining beneath the pergola-covered patio, or cozy up by the fireplace or fire pit for intimate conversations under the stars. For the avid entertainer or hobbyist, a spacious 1200 sq. ft. detached garage awaits, offering endless possibilities and equipped with a convenient kitchen and bathroomperfect for hosting events or storing recreational vehicles. All this set on a generous 31,000+ sq. ft. lot, providing ample space for privacy and relaxation. Experience the epitome of luxury living in this meticulously crafted residence. Make it yours and elevate your lifestyle to new heights.

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13208 W Woodstock Road Peoria, AZ 85383

Open House

New

$979,999

3 Beds

2.5 Baths

2,828 SqFt

Status Active

MLS # 6762537

Property Type Single Family Residence

Price Type --

Gorgeous, modern, and shows like a model home with mountain views and plenty of privacy! Built in 2022, this fabulous 3 bedroom, 2.5 bath home also offers TWO FLEX spaces to meet your needs and a FOUR CAR GARAGE! Open floor plan with kitchen opening to the great room and informal dining area. Gourmet kitchen offers quartz counters, upgraded stainless appliances & backsplash, gas cook top, huge island, and tons of white shaker cabinets! Primary suite is split and offers a gigantic spa-like bathroom with super sized shower, fixtures, and walk in closet. Welcoming courtyard with locking custom gate and pavers. Enjoy the community pool & spa, community center, fitness room, walking paths and parks. Minutes to hiking and Lake Pleasant to enjoy the outdoors, which is a great place to call home

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10972 N Hershey Street Surprise, AZ 85388

$979,995

4 Beds

3.5 Baths

2,730 SqFt

Status Active

MLS # 6647026

Property Type Single Family Residence

Price Type --

This Calistoga has 4 bedrooms, 3.5 baths and 3 car split garage. The great room and kitchen are open giving a very spacious feeling with vaulted ceilings. Large island and stainless steel KitchenAid gas appliances give this home a WOW factor. The 20' multi slider in great room opens to a large patio and yard that is perfect for a water feature to give that cool ambiance for a low maintenance yard. The flooring is wood looking tile throughout which leads you from room to room in comfort. The primary bedroom is spacious with bath that has step-in shower and sit down vanity, large walk in closet. Secondary bedrooms are spacious in size and gives room to grow. This home is ready to welcome a new family and will not disappoint.

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16191 N 99th Way Scottsdale, AZ 85260

$979,900

3 Beds

2 Baths

2,311 SqFt

Status Active

MLS # 6744721

Property Type Single Family Residence

Price Type --

Nested in the exclusive gated community of Horseman's park in the McDowell Mountain ranch area, is beautiful partially remodeled home with formal living room, dining room, and a specious eat in kitchen. Granite Counter tops and new appliances, the family room is spacious with a gas fireplace. The home has a good size bedrooms and remodeled bathrooms, Freshley painted with new carpet, The back yard has a big pool great for entertaining. Minutes away for the best shopping, golf courses and hiking trails the Scottsdale has to offer!!!

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9863 W Keyser Drive Peoria, AZ 85383

$979,900

5 Beds

3.5 Baths

4,464 SqFt

Status Active

MLS # 6743720

Property Type Single Family Residence

Price Type --

Gorgeous North Peoria Home with Views for miles. 5 bed/3.5 bath home is situated on close to a 1/3 acre lot, 4 car garage with side boat or RV parking, epoxy floor garage with built-in cabinets. Guest bedroom is downstairs with an in- suite bath. Gourmet kitchen with breakfast nook, formal dining room, living room and bar in the family room makes this home perfect for entertaining guests. This backyard features a spectacular swim up bar pool (see video), sunken gazebo, fire pit, and seating area for friends. Close to 303 freeway, shopping, dining, located in award winning Deer Valley School District.

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14732 E Shimmering View Fountain Hills, AZ 85268

$979,900

2 Beds

2 Baths

2,286 SqFt

Status Active Under Contract

MLS # 6737611

Property Type Single Family Residence

Price Type --

Welcome to the guard gated community of Eagle Mountain where endless mountain and city light views are forever yours. Nestled above emerald fairways on a private cul-de-sac, this incredible STEP FREE property is a rare find. Thoughtfully refreshed in 2024, new plank flooring along with designer fixtures are found throughout. Functionality meets convenience with an open floor-plan, fantastic master, & well designed ancillary bedrooms.Epicurious fanatics will be dazzled in the chefs kitchen featuring a lovely breakfast bar, granite countertops, ample cabinetry, and window lined breakfast room.. The office is easily converted to a bedroom. Embrace every Sonoran Season with a backyard equipped with a sparkling pool, covered patio, fireplace, built-in BBQ, misting system and flagstone patio.

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14925 E Morning Vista Lane Scottsdale, AZ 85262

$979,900

4 Beds

3 Baths

2,957 SqFt

Status Active

MLS # 6650134

Property Type Single Family Residence

Price Type --

3 Buildings, are more than expected! Living quarters and a workroom/office total 3404 sq ft. The home has a 2 Car Garage with bonus storage area. Building #3 is a large Office/Workshop and a large-sized 2-car garage ready for toys - ATV, RV or? Main home offers an open floor plan, boasts a large entrance to the Great Room, spectacular ceiling Vega Beams, a Dining, Kitchen with tiled floors. The master suite presents a large walk-in closet, separate tub, shower & door to patio. The split floor plan includes 2 more bedrooms & a bathroom on the other side of the home. Includes a Casita & lot that is Building permit eligible for a wide range of structures, including barns, storage, garages, or even a new home. 2.5-acres & producing well!

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7420 E Via Estrella Avenue Scottsdale, AZ 85258

Open House

$979,900

3 Beds

2 Baths

1,706 SqFt

Status Active

MLS # 6752388

Property Type Single Family Residence

Price Type --

Welcome to this exquisite corner lot home in Casa Buena 2, surrounded by mature shade trees. This property features a convenient 2-car garage and an RV gate. Step inside to discover vaulted ceilings and wood flooring in key areas, creating a warm, inviting atmosphere. The sizable living room, complete with a wood burning fireplace, is perfect for entertaining. Serve gourmet meals in the formal dining area and prepare your favorite dishes in the delightful kitchen, equipped with stainless steel appliances, granite counters, custom cabinets, and a breakfast bar. The main suite offers direct backyard access and a private bathroom with dual sinks, ensuring a peaceful retreat. All bedrooms boast walk-in closets for ample storage...Close to park, pickleball, shopping, restaurants and 101 The charming backyard is an oasis with an attached Ramada, built-in BBQ, patio, a shed, a refreshing pool, and a private putting green. What's not to like? Don't miss out on this gem!

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