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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6005 W Fetlock Trail Phoenix, AZ 85083

$975,000
5 Beds
3.5 Baths
4,566 SqFt
Status Active
MLS # 6747562
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the exclusive gated community of Crescent Hills! This stunning 5-bedroom, 3.5-bathroom residence offers the perfect blend of luxury and comfort. As you enter, you're greeted by an open floor plan featuring formal living and dining areas with vaulted ceilings and new flooring in select areas.A cozy den off the main entryway offers the ideal space for a home office or reading nook.The spacious downstairs game room is perfect for a pool table, office, or playroom—and can easily be converted into an additional bedroom.Upstairs, you'll find a spacious theater/media room perfect for movie nights, along with three additional bedrooms, two of which are connected by a Jack and Jill bathroom, offering convenience and privacy for family or guests.The primary suite is a private retreat with a separate sitting room that can be transformed into a small gym, nursery, or tranquil reading area. Plantation shutters adorn most rooms, adding elegance and privacy. The two sets of stairs provide easy access and convenient paths of travel throughout the home.Step outside to breathtaking mountain views with no neighbors behind, ensuring peace and tranquility. The backyard is an entertainer's paradise with a sparkling solar-heated pool, artificial turf, an extended covered patio, and a cozy exterior fireplace. The home also features a 4-car garage and an RV gate.The open floorplan kitchen and dining area, perfect for the home chef, offers ample cabinet storage, a walk-in pantry, and two ovens. Right off the family room, you'll find a convenient wet bar/coffee area, ideal for entertaining. This is more than just a home; it's a lifestyle! Come and see your new home today!

14103 S 44th Avenue Laveen, AZ 85339

$975,000
3 Beds
3 Baths
2,975 SqFt
Status Active
MLS # 6710652
Property Type Single Family Residence
Price Type --
This is desert living with amazing mountain views, privacy, seclusion, peace and quiet! This includes the 1 acre lot south (APN: 300-04-036) of the house. Basement home with guest house/shop offers flexibility for various living/working arrangements! Perfect for horses, hobby enthusiast, multi gen living, basement offers a separate living level along with the detached building for extended family or vacation rental. Ideal for small business 1200sf unit located across wash with bridge, keeps home private and work separate! Think of the savings not having to pay for an additional work space or more than one home! NO HOA and centrally located close to freeway and access to the entire valley! Set at the base of the mountain/preserve, perfect quiet, peaceful setting to enjoy sunsets and natural desert life! This multifunctional property is for those nature lovers and those not wanting cookie cutter living. Chef Kitchen. Modernized interior. Located in the county with lower property taxes. If more space is needed, another lot north of house is available! See MLS No. 6708136

4937 W Desert Hollow Drive Phoenix, AZ 85083

$975,000
4 Beds
3 Baths
3,635 SqFt
Status Active
MLS # 6716344
Property Type Single Family Residence
Price Type --
This home has extensive upgrades/improvements, 4 bedrooms, 3 baths, office/den, great curb appeal & front courtyard in desirable Indian Springs Estates. Newer gourmet chef kitchen with beautiful cabinets, granite countertops, double ovens, kitchen island/breakfast bar, walk-in pantry & eat-in kitchen area too. Spacious relaxing family room with fireplace & wet bar with beverage/wine cooler. Large master suite with upgraded bathroom, double vanities, separate tub/shower & amazing custom walk-in closets. Entertainer's dream backyard with sparkling pool, waterfall, spa, plenty of space for pool furniture, painted scenery walls, outdoor fireplace, full length covered patio, mature trees, grassy play area to enjoy with family & friends. Large lot with room for a RV garage or casita.

5056 S Tatum Lane Gilbert, AZ 85298

$975,000
4 Beds
2.5 Baths
3,044 SqFt
Status Active Under Contract
MLS # 6759979
Property Type Single Family Residence
Price Type --
Discover this beautifully maintained 4-bedroom, 2.5-bathroom single-story home situated on an oversized lot in the desirable Bridges North Community. Offering a spacious living area that flows effortlessly into the kitchen, creating a welcoming space for gatherings. The kitchen features a Wolf gas cooktop, and upgraded appliances with a large walk in pantry. Step outside to a well-kept backyard that is truly an entertainer's dream featuring a large heated pool, outdoor kitchen with built in storage, remote operated awning with LED lighting and matured easy to maintain landscaping along with travertine and artificial grass. The primary bathroom has been thoughtfully updated with a large walk-in shower, providing a luxurious retreat for relaxation. The property includes a 3-car tandem garage with a paver driveway providing plenty of storage and parking options. Additionally, the solar panels are owned with no loan or lease and contribute to energy efficiency and lower utility costs. Gilbert offers access to top rated schools, parks, and a vibrant community. Don't miss your chance to make this exceptional home your own!

9285 E Corrine Drive Scottsdale, AZ 85260

$975,000
4 Beds
2 Baths
2,328 SqFt
Status Active Under Contract
MLS # 6747792
Property Type Single Family Residence
Price Type --
Charming single level located in the heart of Scottsdale, in the well-situated Sweetwater Ranch community, conveniently located minutes from 101 with easy access to all that North and South Scottsdale has to offer. Beautifully established home with inviting mature landscaping creates a welcoming drive-up appeal. Desirable single level 4 bedroom, 2 bath home, plus two living spaces is perfectly positioned with a generous south facing backyard for optimal AZ living year-round. Enjoy a recently updated oversized diving pool with new pebble tec and pop-up cleaning system, covered patio and generous grassy area. Light and bright with updated kitchen, Wide plank oak wood flooring, trending roman shades, updated bathrooms including stylish free-standing tub and oversized marble surround shower in primary bath. Two car garage plus converted flex space with cooling system in garage that could be used as office/exercise/craft room. A truly special gem in the desert.

3129 S Honeysuckle Court Gold Canyon, AZ 85118

$975,000
4 Beds
4 Baths
3,300 SqFt
Status Active
MLS # 6757432
Property Type Single Family Residence
Price Type --
RARE 4 BEDROOM VILLA IN SUPERSTITION MOUNTAIN! MAIN VILLA HAS 2 BEDROOMS AND 2 BATHS. TWO GUEST HOUSES, ONE WITH A LIVING, KITCHENETTE AND SEPARATE BEDROOM AREA. THE OTHER IS ON THE SECOND LEVEL WITH IT'S OWN PRIVATE BALCONY. MAIN HOUSE HAS AN OPEN GREAT ROOM, KITCHEN, DINING AREA LAYOUT. NEWLY PAINTED INSIDE. NEW VINYL FLOORING IN 3 BEDROOMS. EXPANSIVE BACK PATIO INCLUDES A DINING AND SITTING AREA AND A SEPARATE SIDE PATIO WITH A FIRE PIT. GREAT LOCATION-WALKING DISTANCE TO THE FITNESS AND CLUBHOUSE. TWO JACK NICKLAUS GOLF COURSES. NOT A GOLFER? ENJOY PICKLE BALL, BOCCE, TENNIS, HIKING ANY MANY OTHER ACTIVITIES COUNTRY CLUB LIVING AT ITS BEST! CLUB AMENITIES UNDER A SEPARATE AGREEMENT. 35 MINUTES TO SKY HARBOR AND 20 MINUES TO MESA GATEWAY AIRPORTS. BUYER AND OR BUYER'S AGENT TO VERIFY ALL PERTINANT INFORMATIONA INCLUDED SQUARE FOOTAGE.

8419 E Jensen Street Mesa, AZ 85207

$975,000
4 Beds
3.5 Baths
2,568 SqFt
Status Active
MLS # 6754330
Property Type Single Family Residence
Price Type --
Wow! If you are looking for a home with all the bells & whistles, you've found it! This enchanting residence in Mountain Bridge is a dream come true. With its 3-car garage, paver driveway, timeless stone accents, gated courtyard, & lovely curb appeal it invites you to discover more. Captivating interior will surely impress you with a harmonious open & bright floor plan paired with wood-look flooring, high ceilings, & large windows allowing a clear view of the backyard. Magazine-cover kitchen highlights with a pantry, quartz counters, prep island with a breakfast bar, recessed lighting, a plethora of white cabinets with crown moulding, tile backsplash, desk area, & top-of-the-line stainless steel appliances such as cooktop gas & wall oven. You will have an open office & owner's retreat won't disappoint, boasting a sitting area, outdoor access, an ensuite with two vanities, soaking tub, make-up desk, and 2 walk-in closets. Bedrooms 2 and three share a spacious jack-and-jill bathroom with double sinks. Bedroom 4 has it's own full bathroom and walk-in closet. If entertaining is on your mind, you will love the stunning backyard, showcasing a covered patio, built-in BBQ, multiple seating areas, and a refreshing pool with water feature. This deal won't last long! The owners made many recent updates to enjoy! Community Amenities: Residents of Mountain Bridge enjoy a wealth of amenities, including pickle ball, tennis, basketball, frisbee golf, and a putting green. A heated 25-meter pool, spa, and owner's club provide opportunities for leisure and recreation, while a dedicated lifestyle director curates entertainment and community events, fostering a vibrant and connected neighborhood atmosphere.((Be sure to visit the Owner's Club and fitness center on your home tour. From October to May, the pool comes alive with live performances by local bands, creating a lively atmosphere for residents to enjoy. Relax poolside, savor delicious refreshments, & groove to the music in the company of friends & neighbors. Mountain Bridge hosts a diverse range of events throughout the year, catering to every interest and hobby. Whether you're a foodie delighting in gourmet treats from food trucks, a car enthusiast admiring classic automobiles at car shows, or a furry friend enjoying Woofstock, there's something for everyone to enjoy. Engage in friendly competition at card tournaments, unleash your creativity at painting sessions, or savor the flavors of wine tasting and pub crawls. Immerse yourself in the breathtaking landscape surrounding Mountain Bridge, where the majestic Salt River, tranquil Saguaro Lake, and rugged Usery Mountain beckon adventurers and nature enthusiasts alike. Explore the vast Arizona desert adorned with iconic saguaro cacti. Discover the serenity of open spaces and mountain vistas that surround Mountain Bridge, offering a tranquil retreat from the hustle and bustle of daily life. Breathe in the crisp desert air, soak in the awe-inspiring views, and embrace a lifestyle where relaxation and natural beauty converge. Experience the unparalleled charm and excitement of Mountain Bridge, where every day presents an opportunity for adventure, relaxation, and connection amidst the stunning backdrop of Arizona's picturesque landscape.

13126 W Sola Court Unit 1 Sun City West, AZ 85375

$975,000
3 Beds
2.5 Baths
3,027 SqFt
Status Active
MLS # 6757471
Property Type Single Family Residence
Price Type --
Ready to move into this gem? 3 bedroom,2.5 bath with den and 3 car garage has it all* Corner lot with no one on E or N side *. This is the Granada plan in Corte Bella Country Club*. A premier 45+ VERY active adult community with a private heated pool AND spa*. The kitchen hs it all with granite countertops, gas cook tops,butler's pantry,desk and 2 year old refrigerator* Great room has fireplace /mantel*.Jack and jill bathroom,powder room are gorgeous!* LARGE master bedroom closet. Custom made office furniture in the den.. Back patio on large cool decking features gas firepit along with Weber barbeque and mounted wall TV. In addition to all of the above, seller has put new roof layment at a cost of 25K 6 months ago and 2 new Trane unts 3 years ago.* There's more. owned solar system New Pentair gas heater 2021,pentair remote control for lights,heater.New pool pump 2024,

3501 N 81st Street Scottsdale, AZ 85251

$975,000
3 Beds
2 Baths
1,679 SqFt
Status Active
MLS # 6741683
Property Type Single Family Residence
Price Type --
BONJOUR!.....YOU'RE INVITED TO SHARE IN THE LATEST SOIREE SERVED TO YOU BY 'SCOTTSDALE'S PREMIER LUXURY BRAND'. A DINNER PARTY CREATED WITH ONLY THE FINEST INGREDIENTS, IT'S SO DELECTABLE YOU WONT WANT TO MISS A COURSE!! LET US BEGIN WITH THE HORS D'OEUVRES, PREPARED FOR ONLY THE MOST DISCERNING PALATE, A COLORFUL DISH SEEN FROM THE STREET.....Enveloped in green grass, pretty trees, colorful flowers all while retaining the authentic beauty with painted brick face entry. The perfect accompaniment could only be CHAMPAGNE. Enter into the grand vaulted entertaining areas with herringbone laid tiled flooring and it is time to experience the ENTREE, a sumptuous plate enhanced by focal point 'multi color illuminating' fireplace centering the Family Room, a 'Halo' Chandelier suspended over the Formal Dining Room adjacent to the MAGNIFIQUE 'European style' 2-tone signature Designer Kitchen accented with standout Gold handpicked features such as striking hood, pot-filler, sink and hardware fit only for a PARISIAN Chef. Venture down the long hallway with outstandingly high celings where 3 BEDROOMS surround an ELEGANTE bathroom but the 'piece-de-resistance' is waiting at the end, the PRIMARY-EN-SUITE EXTRAORDINAIRE oversized with conversation lounge and finally it's time for DESSERT!! AN ICONIC French pastry, created with love, synonymous with 'SCOTTSDALE'S MOST RENOWNED DESIGNER'S signature backyard... a gorgeous terrace stretching form one corner of this MAISON to the other, overlooking the 'TRES BIEN' HEATED POOL & SPA backdropped with water features, a Built-in BBQ for 'ALFRESCO' dining, and a wood burning fireplace to savor an after dinner DIGESTIF! Add in a specially designed carport with E-V car charging station, an inside laundry with washer/ dryer and work station built-ins and VOILA, WHAT WE HAVE HERE IS 'HAUTE CUISINE' THAT ONE DOESN'T NEED TO TRAVEL ALL THE WAY TO PARIS FOR!! Featuring: SIGNATURE CORNER LOT LOCATION, VAULTED CEILINGS, HERRINGBONED TILED FLOORS THROUGHOUT, 2 BATHROOMS, OVERSIZED PRIMARY BEDROOM WITH PAJAMA LOUNGE, TANKLESS WATER HEATER, NEW PEBBLE TECH HEATED POOL & SPA, WATERFALL FEATURES, PLETHORA OF DUAL PANE WINDOWS & SLIDERS, NEW ELECTRICAL & PLUMBING, NEW ROOF, ALL NEW DUCTWORK & HVAC, 2 FIREPLACES, HANDPICKED FANS, LIGHTING & CHANDELIERS, CUSTOM DESIGNED DRAPES & HARDWARE, PEWTER & GOLD BRUSHED METAL HARDWARE, BUILT IN PROPANE BBQ, OUTDOOR BEVERAGE CENTER & BARTOP, BRAND NEW 'PET FRIENDLY' ARTIFICIAL TURF & PAVERS, ALL NEW LANDSCAPING & LIGHTING, CARPORT WITH E-V CAR CHARGER, AMPLE OFF STREET PARKING & SCOTTSDALE SCHOOLS.

14017 N Whispering Lake Drive Sun City, AZ 85351

$975,000
3 Beds
3.5 Baths
3,617 SqFt
Status Active
MLS # 6749068
Property Type Single Family Residence
Price Type --
STUNNING doesn't begin to describe this house & its lake view. Spacious and bright, from the gorgeous Mahogany front entry to the gourmet kitchen that boasts 2'X 4' porcelain floors, crown molding, granite countertops with a 9'island, custom cabinetry, microwave & refrigerated drawers, & a wall of windows. Primary suite features glass sliders w/ breathtaking lake views, an oversized walk-in closet, a spa-like bathtub & trustone shower, double sinks, custom vanity, laundry closet w/ hybrid W/D combo & a private patio entrance. There are two ensuites & a 4th BR/den for guests. A hybrid water heater cools the garage while heating water. Boat, kayak or wind surf from your own dock, enjoy the swans from a covered patio or take the spriral staircase to the observation deck for a lake panorama!

4935 E Dale Lane Cave Creek, AZ 85331

$975,000
5 Beds
3 Baths
2,942 SqFt
Status Active
MLS # 6752925
Property Type Single Family Residence
Price Type --
Located in the highly desirable Tatum Ranch, this true 5-bedroom, 3-bath home is perfectly positioned with ideal north/south exposure on a corner lot. The home features spacious living areas, including a large eat-in kitchen with a beautiful gas cooktop. The backyard is a true Arizona retreat, offering unobstructed sunset views around an oversized fire pit, and an elevated spa adds a touch of luxury. The property also boasts a three-car garage with built-in storage cabinets and plenty of additional storage space. This home is a total win!

1135 N Signal Butte Road Mesa, AZ 85207

$975,000
4 Beds
2 Baths
2,332 SqFt
Status Active
MLS # 6759874
Property Type Single Family Residence
Price Type --
This estate is truly unique, offering numerous extras with NO HOA. It features a charming 4 bedroom, 2 bath home situated on over an acre of land, complete with an insulated 4-car garage that boasts dedicated air conditioning. The entire perimeter is made private by a custom iron and block fence, including an automatic swinging gate for entry. Inside, a spacious Great Room awaits with a gas fireplace and vaulted ceilings, complemented by shutters and ceiling fans throughout. The expansive eat-in kitchen is equipped with a bay window, a large island, stainless steel appliances, and granite countertops. A decorative white vinyl fence adds style to the interior, separating the relaxing area next to the saltwater Pebble Tec pool. This pool, less than two years old and six feet deep, features two Baja shelves and travertine tile deck. In addition, a third of the property is ideal for a horse setup. There's also an RV-height, 1100 sq ft metal workshop with concrete floors and a 40 ft Conex container for extensive storage. The lot offers scenic mountain views, close proximity to lakes, and nearby biking and hiking trails.

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