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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21811 N 59th Street Phoenix, AZ 85054

$959,900

4 Beds

3 Baths

1,967 SqFt

Status Active

MLS # 6752622

Property Type Single Family Residence

Price Type --

Builder close out of a successful community in the coveted community of Talinn at Desert Ridge. This last home is on a corner C-D-S home site. 100% wood look tile throughout, quartz kitchen counters with thick edge, soft close cabinet hinges and drawers, tile backsplash to ceiling, built in appliances, refrigerator, glass paned pantry door, farm front sink, floating bathroom vanities with LED under lighting, freestanding tub, framed bathroom mirrors. Home theater and security prewires. Laundry room cabinets with built in sink, framed mirrors in baths. So many nice touches throughout the home! Huge wall of glass opens to patio and backyard. Gated community with fitness center. Fall occupancy. Last Blandford Home being built in Talinn. Taxes est. Pictures are of former model home. Hurry!

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21290 W Hillcrest Boulevard Buckeye, AZ 85396

New

$959,900

3 Beds

3.5 Baths

2,762 SqFt

Status Active

MLS # 6758681

Property Type Single Family Residence

Price Type --

Come see this beautiful 3 bedroom 3.5 bathroom plus den located in Verrado. The community that has so much to offer- Golf Course, Community Pools, Recreation Center, Workout Facility and MORE! Easy to navigate, inviting, airy floor plan with plenty of windows for all the VIEWS VIEW VIEWS. Kitchen features upgraded cabinetry, granite countertops, tiled backsplash, accent lighting and stainless steel appliances. Backyard is the place to be while entertaining with an oasis feel, travertine, turf, pool and gazebo. Garage has storage cabinets, epoxy floors and is spacious. Putting green in the backyard.

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7700 E Gainey Ranch Road Unit 147 Scottsdale, AZ 85258

$959,900

2 Beds

2 Baths

1,795 SqFt

Status Active

MLS # 6725820

Property Type Single Family Residence

Price Type --

Spectacular golf course lot in the neighborhood of Gainey Ranch with this spacious 2-bed plus den property. Step inside to find an inviting interior with wood floors and charming features including pre-wired surround sound, recessed lighting, spacious living area enhanced by tasteful wall niches. Kitchen is a chef's delight, boasting pristine white cabinets, granite counters, stainless steel appliances including wall ovens, a pantry, and a breakfast bar. Serene main bedroom offers direct backyard access, a walk-in closet, and an ensuite equipped with dual sinks and a relaxing jetted tub. Den for an office. Enjoy the peaceful ambiance of a serene backyard featuring a covered patio and lush, shade tree. Experience comfort and elegance in this delightful townhome, your new haven await

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4237 E 4th Avenue Apache Junction, AZ 85119

$959,900

3 Beds

3.5 Baths

3,093 SqFt

Status Active

MLS # 6724740

Property Type Single Family Residence

Price Type --

SELLER OFFERING $15,000 IN CONCESSIONS to lower loan rate or closing costs with full price offer! 360 degree mountain views and city lights too from this stunning custom modern farmhouse, with the majestic Superstitions taking center stage! Luxury and sophisticated elegance meet the laid back design of the farm house! 1.36 acres for your horses or toys with NO HOAs! House sits on a tiered corner lot with room for RV garage, pool and horses. The house features 488 sq ft of covered, travertine front porch and back lanai for enjoying AZ outdoor living. approx. 150 sq ft flex room with AC off of the garage. Perfect for workout room, crafts or workshop. Built with energy efficiency and convenience in mind; full depth spray foam insulation on all outside walls and under the roof, dual pane low E windows, prewired for cable TV and security system, circulating hot water pump and water softener loop. The 3 car epoxy garage is extra deep to fit a full size pickup or SUV. There is a 3rd bedroom casita with private entrance and master retreat has a private entrance to the covered lanai. Every room has a mountain view. All bedrooms are en-suite with walk in closets. Master retreat with sexy tiled shower, dual vanities and lg walk-in closet. Custom high end Amish cabinetry and tiled bathrooms. Laundry room can dbl as butler's kitchen. The lg office, in case you work from home, was designed to be a 4th BR if needed. The open concept w/gorgeous kitchen w/prof gas range and beverage cooler is perfect for being close to the action and entertaining where everyone can gather around the huge center island. Gorgeous faux wood beams and cozy FP in the GR where you will snuggle in and spend time making memories. Wall of glass in DR and GR lead to the lanai. Imagine yourself sitting out there having a coffee or cocktail, taking in the views. Come! Start making memories in your beautiful new home. Be sure to check out the Amenities sheet in docs. Note: GPS may take you Boyd St off of Broadway which is a narrow dirt road. Come in off of Roadrunner.

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6502 E Blanche Drive Scottsdale, AZ 85254

Open House

$959,900

3 Beds

2 Baths

1,994 SqFt

Status Active

MLS # 6719118

Property Type Single Family Residence

Price Type --

Beautiful 3 bedroom home in desirable Kierland. Excellent schools and parks nearby. Open concept with Master Ensuite with Steam shower, soothing tub with TV! Gourmet kitchen with wine rack, large nook eating area, spacious living space with TV and surround sound in many areas. Designer tile and wood floors! Walk to Perk Eatery, Einstein Bagels, and Safeway shopping plus more. Spacious dining room. Open concept great room with gas fireplace with backyard pool view. Stainless Appliances. Water Softner, Fruit trees and storage shed in backyard adjacent to the Pool and Spa EV Charger in garage! Resort style living near Kierland and Scottsdale Quarter

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38500 N School House Road Unit 20 Cave Creek, AZ 85331

$959,000

3 Beds

2 Baths

2,125 SqFt

Status Active

MLS # 6755890

Property Type Single Family Residence

Price Type --

Welcome to luxury living in the heart of Cave Creek! This home is situated on one of the most desirable lots in the community, with gorgeous views to the north and backing to natural open desert wash. With 3 bedrooms, and a den, there is room for everyone. A well-appointed kitchen opens onto the large living space that is perfect for soaking in the views or entertaining friends. Great outdoor living on your professionally designed patio, or by enjoying the community amenities, which include a pickleball court, dog park, fitness center, and pool and spa. This popular Capstone model provides modern convenience and a comfortable design all within walking distance of so much that Cave Creek has to offer. List of upgrades to the home - EV charger,

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18746 E Caledonia Drive Queen Creek, AZ 85142

$959,000

4 Beds

3 Baths

4,690 SqFt

Status Active Under Contract

MLS # 6747134

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the prestigious Sossaman Estates of Queen Creek! This stunning property has 4 spacious bedrooms, 3 full bathrooms, and a generous 4,690 square feet of beautifully designed living space. Custom 10' Alder wood front doors and a front yard fountain make a grand statement as you enter this exquisite home. Enjoy a resort-like retreat with a sparkling pool, soothing spa, and a covered gazebo/ramada complete with a large built-in grill, outdoor fireplace and gas fire pit. The low-maintenance turf provides a lush, green landscape year-round. Gas fire woks add a touch of luxury for outdoor entertaining. The heart of the home features granite countertops, a large island, and ample cabinetry and large walk in pantry. The main living areas have elegant hardwood and gleaming travertine tile flooring for a sophisticated touch. Wood plantation shutters on all the windows provide privacy and elegance. The second upstairs family room includes a full kitchenette, perfect for entertaining or multi-generational living. A downstairs office provides a quiet workspace or can also serve as a space for guests. The expansive primary suite includes separate his-and-her walk-in closets and a spa-like primary bath. A split floor plan ensures privacy, with all additional bedrooms featuring large walk-in closets. The home also includes a rare 4-car extended epoxy garage with a pull-through bay and RV gate with slab parking. Two of the three AC units were replaced in 2023 with high-efficiency models, ensuring optimal comfort and energy savings. A new variable speed pool pump and pool heater were also recently installed. Walking distance to the local elementary school, making school runs a breeze. The community is close to the center of town, shopping and restaurants.

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11607 N 12th Terrace Phoenix, AZ 85020

$959,000

4 Beds

3.5 Baths

3,357 SqFt

Status Active

MLS # 6759042

Property Type Single Family Residence

Price Type --

Exquisite Residence on Prime View Lot! Cul-de-sac location adjacent to Phoenix Mountain Preserve and steps away from the community pool. Desert landscaping, stone accents, and spacious 2-car garage with carport. Formal living and dining rooms with gas fireplace and built-in shelving. Spacious family room with surround sound and multi-slider access to the backyard perfect for entertaining. Upgraded kitchen with granite counters, SS appliances, raised panel cabinets, gas cooktop, walk-in pantry, tile backsplash, and island with breakfast bar. Luxurious master retreat features sitting room, vaulted ceiling, clerestory windows, private balcony, and spa-inspired en-suite bathroom. New water heater installed late last year. Relattively new fridge and washer/dryer. A jetted master tub, 2 large walk-in closets, 2 vanities, & a floor-to-ceiling tiled shower. The 4th bedroom on the 1st floor has a full bath, backyard access, living area, walk-in closet, & kitchenette. Serene backyard offers natural gas BBQ, stone pavers, a covered patio, & view fence. Enjoy the heated Community pool/spa & walking trails. See it, love it, live it!

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9779 W Keyser Drive Peoria, AZ 85383

New

$959,000

5 Beds

3.5 Baths

4,464 SqFt

Status Active

MLS # 6763799

Property Type Single Family Residence

Price Type --

Luxurious estate home in Pleasant Valley Estates on huge lot. Complete Remodel, like brand new. Spacious floor plan with lots of room to roam! 5bd with 3.5 bath. Gourmet Kitchen w/ island, granite tops & beautiful cabinets, brand new SS appliances & gas cooktop. Granite Wet Bar. Dramatic Fire Place in Living Rm. MasterBD Suite w/ MBath & Jacuzzi. Four (4) 2ndary Bds, incl. double sink vanity. Full size In-Laws on ground level, has a full-size bath & closet. Mega-Loft Play/Media Room, vaulted ceilings. Huge covered patio for entertaining & enormous upper deck. Gigantic backyard w/ grassy area for kids to play. 4 car Garage + RV-Gate. Mountain Views. Close to everything.. 20mins to Lake Pleasant Marina. Enjoy water sports.. save on family vacations!

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21017 E Lark Drive Queen Creek, AZ 85142

$959,000

5 Beds

4.5 Baths

3,078 SqFt

Status Active Under Contract

MLS # 6730258

Property Type Single Family Residence

Price Type --

Come see this beautiful 5 bedroom 4.5 bath Queen Creek home. The open floor plan is great for entertaining and spacious with high ceilings throughout. Equip with gorgeous wood flooring and a generous kitchen island and features a gas top stove and griddle as well as a built in additional stove and refrigerator ready for your culinary touch. Move the party outside year round with the heated pool and spa. When you are ready to relax head to the master bedroom and take a soak in the charming stand alone tub. Enjoy projects? The garage is ready to go with many 220v outlets for your tools and machinery. Solar equipped home! The list goes on! Come see all this and more!

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7121 E Rancho Vista Drive Unit 3001 Scottsdale, AZ 85251

Open House

$958,000

2 Beds

2 Baths

1,408 SqFt

Status Active

MLS # 6672513

Property Type Apartment

Price Type --

Stunning, FULLY furnished condo is move-in READY! You will be blown away by the jaw dropping floor to ceiling windows which allow just the perfect amount of light into the condo. Indulge in luxury living in the heart of vibrant Old Town Scottsdale and immerse yourself in the essence of convenience with easy access to highly acclaimed restaurants and luxury shopping experiences just moments away. Step into this meticulously appointed residence offering a 2 bed/2 bath layout, thoughtfully designed with an open concept to seamlessly blend entertainment and relaxation. The expansive master bedroom features a delightful nook, perfect for crafting your home office sanctuary or creating a cozy reading corner for peaceful evenings. Escape into tranquility as you sip your morning coffee on the patio, enveloped by serene views of the lush inner courtyard adorned with tranquil fountains. Discover the epitome of convenience with this condo's prime location, granting effortless access to freeways, Sky Harbor Airport, premier golf courses, and renowned sporting and entertainment venues. Optima Camelview is a city within the city with a wide array amenities, including outdoor pools, indoor lap pool, rejuvenating spas, steam saunas, and courts for basketball, racquetball, and pickle ball.

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1165 E Gleneagle Drive Chandler, AZ 85249

$957,233

4 Beds

3 Baths

2,462 SqFt

Status Active

MLS # 6734134

Property Type Single Family Residence

Price Type --

New Construction, Nov/Dec Close. New gated Master Planned Community of 100 Homes in Southwest Chandler. Dramatic tree lined Entry, with stone walls, oversized entry monuments, rustic gatehouse, and ranch style gates, opening up to a 3.2 acre Park. Large Homesites, and Extensively landscaped open space, will pay tribute to the properties history as a 40 acre working Earnhardt Family Ranch and retreat right here within the City limits. Nicely Upgraded Home with Woodlook Til Floors Whole House, Gourmet Kitch, Nice Upgraded Baths, 10' Ceilings, 8' Door, Free Stand Tub, Easy access to the San Tan Freeway, I-10, and Hwy 87, located amidst top rated Chandler Schools, shopping, large employers and dining! (*Photos shown are of a Model Home of this floorpan, built offsite). Taxes are estimate

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