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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28493 N 68th Avenue Peoria, AZ 85383

$969,900
5 Beds
3 Baths
3,645 SqFt
Status Active
MLS # 6726685
Property Type Single Family Residence
Price Type --
Welcome to this luxurious 5-bedroom, 3-bathroom, two-story home with stellar curb appeal, and breathtaking mountain views from both the front and back balconies. Situated on a spacious corner lot with only one neighboring home. With 3,645 sqft of living space, this residence offers ample room for everyone, featuring high ceilings and airy, bright interiors with dual-pane tinted windows. The living room includes a built-in entertainment system with surround sound speakers, while the upstairs media room can be used as a theater. The office boasts a built-in bookcase, and the kitchen is equipped with a walk-in pantry, granite countertops, and a kitchen island, complemented by formal dining and a breakfast bar. Downstairs you will also find a 2nd primary, which can be used as a perfect mother in-law suite! The home also features a patio room with an additional fireplace, an outdoor hot tub with a fireplace, and a stunning private pool in the backyard, perfect for luxurious outdoor living.

6529 E Sharon Drive Scottsdale, AZ 85254

$969,900 - 3Br/2Ba -  for Sale in Raskin Est 2 Lts 1-360, 367-402, 415-450, 463-480, Scottsdale
Open House
$969,900
3 Beds
2 Baths
1,971 SqFt
Status Active
MLS # 6759575
Property Type Single Family Residence
Price Type --
Beautifully remodeled home in one of the most convenient areas of Scottsdale! This exceptional home features wood look tile in all the living spaces and tile in the bedrooms and bathrooms - NO CARPET! Well laid out home optimizes every square foot of space with an open concept floorplan. The beautiful kitchen features white shaker cabinets, quartz counters, stainless appliances with a wall oven, large island with bar seating and a tiled backsplash. Both bathrooms have been stylishly updated as well with custom tile surrounds, updated vanities, light and plumbing fixtures. Oversized laundry room with built in cabinets provides ample storage space. Built in desk in the hallway is another example of the maximization of space in this well thought out home! The roof was just recoated, new... garage door openers, the main living areas are freshly painted, newer windows+++! The backyard is perfectly balanced with a pebble finish play pool, large covered patio, grassy play area + a large shed! There is also an additional storage room off the back patio. RV gate and no HOA means you can park what you want with ample space to do so on this 10,422sf lot! Stone accents on the front of the home with synthetic grass for easy maintenance and year round curb appeal! All of this in the middle of it all with easy access to all of the fabulous dining, shopping and entertainment options in Kierland, Scottsdale Quarter, Promenade and the redeveloped PV Mall area!

4448 E Skousen Street Gilbert, AZ 85295

$969,900 - 5Br/4Ba -  for Sale in Cooley Station Parcels 10 And 17 Phase 1, Gilbert
Open House
New
$969,900
5 Beds
4 Baths
3,125 SqFt
Status Active
MLS # 6759986
Property Type Single Family Residence
Price Type --
Welcome to luxury living in this meticulously designed ''Champion'' floor plan, where modern elegance meets unparalleled comfort. Nestled in the prestigious Cooley Station community, this stunning single-story residence boasts of 5 spacious bedrooms, a den, & 4 bathrooms, all set on a premium lot with coveted N/S exposure & no rear neighbors for added privacy. As you enter through the private courtyard, you're welcomed by an open-concept layout with soaring 10-foot ceilings, recessed LED lighting, great room & a versatile dining area that can serve as an additional living space. The gourmet kitchen is a chef's dream, featuring an oversized island with breakfast bar seating, granite countertops, stainless steel appliances, double ovens, built-in microwave, reverse osmosis system....continu walk in pantry & ceiling height white shaker cabinets with elegant under-cabinet lighting on both the upper/lower cabinets & the kitchen island. The primary suite is your personal retreat featuring an on-suite bath with dual sinks, soaking tub, walk in shower & a spacious walk-in closet. The home is complemented with the luxury of porcelain tile flooring, farmhouse shutters, full home security security system, water softener, Honeywell electronic air filters & indoor-outdoor living is at its finest featuring a 16-foot Atrium sliding glass doors that open up to the covered patio & backyard oasis, complete with a sparkling pebble tec pool, built-in gas firepit, & BBQ gas grillideal for both relaxing & entertaining. The 3-car tandem garage has built in garage cabinets, gladiator garage racks, & has a prewired 50 AMP breaker that can be converted to accommodate an electric car charger. Cooley Station offers unrivaled community amenities, including two aquatic centers, scenic walking trails, multiple parks, basketball courts, bocce ball, & year-round resident events. Ideally located minutes from ASU Polytechnic Campus, San Tan Mall, Premier shopping, restaurants, grocery stores & Phoenix/Mesa Gateway Airport, this home is a rare find you don't want to miss!

562 N Sun Road Apache Junction, AZ 85119

$969,900 - 3Br/3Ba -  for Sale in Arroyo Vista Estates, Apache Junction
Open House
$969,900
3 Beds
2.5 Baths
2,201 SqFt
Status Active
MLS # 6514862
Property Type Single Family Residence
Price Type --
Quick Move In home at Arroyo Vista Estates, a gated community of 26 semi-custom homes with unforgettable views of the Superstition Mountains. On an acre lot in a cul de sac with lots of elbow room and space between neighbors. Front yard landscaping and front courtyard designed to capture maximum views. 3-Bedrooms plus Flex Room, and just over 2250 sq ft with a 4-car garage plus a workshop! 10' ceilings and 8' doors throughout, gourmet kitchen with all Samsung appliances including double wall ovens, huge atrium doors to the backyard, expanded primary shower. No stairs, no steps! $25k towards fencing and backyard landscaping.

5645 N Crow Drive Eloy, AZ 85131

$969,000
2 Beds
2.5 Baths
2,413 SqFt
Status Active
MLS # 6757967
Property Type Single Family Residence
Price Type --
Luxurious Golf Course Estate, A Modern Masterpiece. Discover your dream home in this stunning contemporary residence nestled on a prime golf course lot. Meticulously crafted 2023 Vienta model this home offers unparalleled luxury and sophistication. Outdoor Oasis: Enjoy breathtaking golf course views from your private backyard, complete with gas fireplace, Bullfrog spa, professionally designed outdoor kitchen with granite countertops, built-in bar stools, and a 41'' griddle. Relax under the shaded extended patio with pergola, with travertine tile and motorized sun shades. Gourmet Kitchen This exquisite kitchen, boasting 41'' Shaker cabinets, a Sub-Zero refrigerator, quartz countertops, Signature Series gas range, wall oven and microwave, pot filler, reverse osmosis system, apron sink, built-in trash bins, and tile backsplash. Spacious and Functional Insulated air-conditioned 3-car garage features a 4' extension, with service door, epoxy-coated floors, sink, Titan cabinets. The rear of the home includes a 2' extension on master bedroom, closet, and outdoor space. Premium Details The finest craftsmanship throughout the home with features such as an iron entry front door, 12x24 tile flooring, 5 baseboards, 8 ft. doors, plantation shutters, UV-blocking windows, tankless water heater, multi-zone HVAC system, California closet system, media ready in every room and custom built-ins throughout. Additional Highlights Sellers have invested over $1.2 million in upgrades and customizations. Don't miss this opportunity to own a truly exceptional home.

7204 E Sandia Circle Mesa, AZ 85207

$969,000
4 Beds
4 Baths
3,248 SqFt
Status Active
MLS # 6734087
Property Type Single Family Residence
Price Type --
Discover this remarkable Las Sendas home in the gated community of Founders Ranch! Situated on a premium corner lot, this home boasts stunning curb appeal and a private cobblestone courtyard at the entrance. Immediately greeted by the family room, this space is adorned with a two-way canterra stone fireplace, bountiful natural light and high ceilings. The open and inviting gourmet kitchen showcases granite countertops, ss appliances, a large center island, 42''cabinets, and a 6-burner gas range. Two master suites make this home an ideal multi-generational home or guest suite. Primary Master offers generous space, a gorgeous bathroom with dual vanities, snail shower, garden tub and expansive walk-in closet. Your backyard retreat awaits with gorgeous wood paneled covered patio, and hot tub. Embrace a year-round lifestyle of comfort and elegance in the sought-after Las Sendas community with its rich assortment of recreational and social activities. Community amenities abound, including parks, a golf course, bike paths, and tennis and basketball courts. Enjoy the convenience of two community pools with jacuzzis, including one for swimming laps. This prime location is in proximity to shopping, restaurants, and freeways. Additionally, residents benefit from being close to Basis School Mesa, Usery Pass, Mesa Gateway Airport, and a mere 20-minute drive to Sky Harbor Airport.

2334 E Samantha Way Phoenix, AZ 85042

$969,000
4 Beds
3.5 Baths
3,893 SqFt
Status Active
MLS # 6756767
Property Type Single Family Residence
Price Type --
Situated in the foothills of the South Mountain Preserve and just steps away from the Mormon and Geronimo trailheads, you will find peace and tranquility in this beautiful home. With stunning mountain views to the south, and day and night city views to the north, you will experience all of the beauty and nature this valley location has to offer. Originally built as a model home in the gated Quintessa Community, the property features twelve foot ceilings, an oversized two car garage and a secondary single car garage. The chef's kitchen, with recently upgraded appliances and a large island,, it is definitely the place to be when family and friends gather together. Guests will love the fully finished basement with two bedrooms, a large family room, lots of storage, a comfortable bathroom and a flex space for work or play. You will find that your guests or family members may not want to leave. Enjoy your outdoor time under the covered porch with built in misters or the perfectly situated sitting area to the east to view the mountains, night lights, moon rises and coyote calls. A new outdoor grilling space is situated on the east side of the house, along with lemon and lime trees and additional room for a garden. And of course - a beautiful pool (with heat pump) is yours to enjoy from March to October and beyond. Quintessa's location provides easy access to all freeways, Sky Harbor Airport, the esteemed Raven and Legacy golf courses, ASU, and will be minutes away from the new south central extension of the light rail in 2025, that will take you downtown for events, work, or a night on the town. Come See and experience the beauty of South Mountain - in the heart of Phoenix.

4926 E Roy Rogers Road Cave Creek, AZ 85331

$969,000
5 Beds
3.5 Baths
3,844 SqFt
Status Active
MLS # 6754939
Property Type Single Family Residence
Price Type --
Welcome home to your stunning two story, 5 bedroom home on a premium lot in the desirable neighborhood of Tatum Ranch! This home is incredibly spacious inside & outside, with TWO Master Bedrooms, one on first floor & one upstairs with an additional 3 large bedrooms. The interior boasts Porcelain title throughout, in addition to the tile there is hand carved wood floors, granite counter tops in the kitchen & bathrooms with plantation shutters throughout entire home. A spacious Family room & Living/Dining room allow for the open concept feel! Walk outside to enjoy the large yard with a sparkling heated pool, hot tub, BBQ, gas fireplace, covered patio, RV Gate & 2 - 13' Electric Awning's. Close to multiple golf courses, shopping & restaurants, Desert Ridge Marketplace & downtown Cave Creek!

3686 Stampede Drive Wickenburg, AZ 85390

$969,000
3 Beds
3.5 Baths
2,768 SqFt
Status Active
MLS # 6672118
Property Type Single Family Residence
Price Type --
Welcome to the epitome of luxury living in Wickenburg Ranch! Located on a spacious end lot within a serene cul-de-sac, this breathtaking Latigo model home offers fantastic views, ample space, and coveted privacy. Step inside and be captivated by the seamless blend of elegance and modernity, highlighted by beautiful neutral tones that create a calming ambiance throughout. The expansive glass sliders effortlessly merge indoor and outdoor living, inviting you to savor the stunning vistas and enjoy the gentle Arizona breeze. Indulge your culinary senses in the updated modern kitchen, where sleek countertops, top-of-the-line appliances, and ample storage await the discerning chef. Adjacent, discover the convenience of a huge laundry room, cleverly designed to double as a functional office space, ensuring both efficiency and comfort. Retreat to the luxurious tiled bathrooms, where every detail exudes sophistication and style. Whether unwinding in the spa-like bathtub or refreshing in the spacious shower, every moment promises indulgent relaxation. For visiting family and friends, a charming casita awaits, offering a private oasis complete with all the comforts of home. Discover a lifestyle of unparalleled luxury and comfort in this stunning Latigo model home. Don't miss your chance to experience the epitome of Wickenburg Ranch living.

6909 E Coronado Road Scottsdale, AZ 85257

$968,500 - 3Br/3Ba -  for Sale in Redlands, Scottsdale
Open House
$968,500
3 Beds
3 Baths
2,428 SqFt
Status Active
MLS # 6714222
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the heart of Scottsdale! This stunning custom ranch property has been completely revitalized to offer a fully updated & luxurious lifestyle. From the moment you step through the front door, you'll be captivated by the open-concept design & meticulous attention to detail. Sealed concrete floors & large windows create a bright & inviting atmosphere, while the open kitchen, adorned with unique features, becomes the heart of the home. Central to the layout is a versatile Office/Den/Flex space. The generously sized indoor laundry room comes with ample storage, ensuring convenience in your daily routines. Situated near the vibrant attractions of Old Town Scottsdale, SkySong, Papago Golf Course, Desert Botanical Gardens, and the Phoenix Zoo, this home has it all!

4570 W Old Stage Road Prescott, AZ 86305

$967,500 - 3Br/4Ba -  for Sale in N/a, Prescott
Open House
$967,500
3 Beds
4 Baths
3,854 SqFt
Status Active
MLS # 6665954
Property Type Single Family Residence
Price Type --
VIEWS!! Motivated Seller. Discover tranquility and privacy at this charming retreat that RECENTLY APPRAISED FOR $182.500 OVER LIST PRICE!!! PossIible OWC. Views of mountains and lush landscapes. Boasting 4 bedrooms all with walk in closets, 4 bathrooms, and a spacious open floor plan with tons of light, this home is perfect for both relaxation and entertainment. The kitchen features modern appliances and ample Cherrywood cabinets. Step onto the expansive deck to enjoy stunning sunsets or dine al fresco. Amazing property w/ room for gardening (Greenhouse) and recreation, plus horse amenities like a tack room & fenced pasture. Conveniently located near city amenities and outdoor activities, this property provides the ultimate Prescott lifestyle. Experience the perfect blend of serenit More. and privacy galore. No HOA! Flex Room/Game Room....This home has many upgrades, several that are un-noticable to the eye. The fourth bedroom can easily be an InLaw Quarters or Guest Suite with it's own entrance and parking. The possibilities of this property make it the ideal opportunity to make it your own. Buyer to verify all facts and figures.

11146 E Running Deer Trail Scottsdale, AZ 85262

$965,000
4 Beds
2.5 Baths
2,826 SqFt
Status Active
MLS # 6757662
Property Type Single Family Residence
Price Type --
Great location in Echo Ridge at Troon North. Updated Home: Nwe roof, New HVAC unit, and New ceiling fans throughout, Updated all bathrooms, including vanities, plumbing hardware, mirrors, upstairs bath showers, installed new freestanding bathtub in primary bath. New light fixtures throughout, including chandeliers, and 6 ceiling fans, new flooring, Interior paint & painted walls and floors in garage, 2 new garage doors and garage openers and more! 4 bedroom/2.5 bath/3 C-Garage! Professionally landscaped & inviting backyard! Pool w/water feature. Spacious home. Kitchen w/stainless appliances, granite counters; updated cabinets and backsplashes in kitchen; opens Family room updated Fireplace! Home on Cul-de-sac Street. Golf/Hiking Biking all close and Near Fraesfield Trailhead. Other nearby trails are the Pima Dynamite Trail and the Brown Ranch Trails. Brown Ranch Trails is connected to the McDowell Mountain Preserve with 120 miles of trails. Troon North offers two parks, a 4-acre community park with pickle ball, tennis courts, a tot park, & outdoor play areas. It is within walking distance of most homes and connected to a bike path and trail network. Doc Cavilliere Park is a 34-acre park featuring a shaded playground, two lighted basketball courts, a one-mile loop hiking trail, a picnic area, ramada's. Troon North neighborhoods are wrapped around the Pinnacle Peak foothills, this 1800-acre master-planned community offers townhomes, single-family homes of various sizes and price ranges, custom homes, and golf course homes. Troon North is 45 minutes to Phoenix Sky Harbor International Airport, 20 minutes to Scottsdale Airport, 15 minutes to Loop 101 Frwy, and 10 minutes too shopping.

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