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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32051 N 73rd Place Scottsdale, AZ 85266

$955,000
3 Beds
3 Baths
2,246 SqFt
Status Active
MLS # 6748640
Property Type Single Family Residence
Price Type --
BEST LOCATION within the prestigious gated community of Solstice at Sevano. This single level 3 bedroom, 3 bath home is perfectly situated on a premium lot adjacent to open space, backing to Natural Open Space & the Whisper Rock Golf Course. Fabulous split, great- room floor plan with high ceilings, gas fire place, access to multiple patios providing peaceful & private indoor/outdoor living spaces. Chef's dream kitchen includes S/S appliances, 5 burner gas cooktop, double ovens, alder wood cabinets, granite island & breakfast bar. Private owner's retreat with direct patio access is split from guest en-suite & 3rd bedroom and bath. Charming gated courtyard entry, mature landscape, built in BB-Q & gas fire pit. Community Pool, Ramada, walking trails, walking distance to shops & restaurants.

1408 Villa Del Norte -- Wickenburg, AZ 85390

$955,000
3 Beds
3.5 Baths
2,886 SqFt
Status Active
MLS # 6675763
Property Type Single Family Residence
Price Type --
Beautiful high country luxury ranch villa in gated community! The interior is accented with crown molding throughout and custom solid mesquite doors. Kitchen features mesquite cabinets, antique pine floors, Viking appliances and granite countertops. The master suite has wainscoting, natural polished concrete countertops with dual vanities, and custom shelving in spacious master closet. Spacious guest casita with private entrance. Outdoor entertainment area includes multiple fireplaces, covered patios, and a large jacuzzi big enough for everyone!

3361 W Falling Leaf Road Show Low, AZ 85901

$955,000
4 Beds
2.5 Baths
2,942 SqFt
Status Active
MLS # 6735344
Property Type Single Family Residence
Price Type --
Every room in this Torreon cabin offers breathtaking views of Show Low, whether from the upper or lower deck. Perched on a .95-acre lot within a prestigious gated community, this hilltop retreat combines unparalleled natural beauty with modern luxury. As you enter, you'll be captivated by the panoramic vistas that stretch as far as the eye can see. The cabin's lodge-inspired ambiance features soaring vaulted ceilings with rich wood paneling, and a stunning stone fireplace that adds warmth and elegance. Expansive floor-to-ceiling windows frame the serene surroundings, creating a tranquil escape. The master suite on the main floor offers a serene haven, perfect for unwinding and reconnecting in this exceptional property. of cabin charm and modern convenience. The lower lever had generous sized bedrooms boast private access to the lower deck, ensuring everyone has their own space to relax. An additional expansive room currently serves as a multi-purpose haven, comfortably accommodating two sets of bunk beds with trundles. The spacious three-car garage boasts a dedicated hangout zone complete with comfortable seating, foosball and ping pong table. Step outside and embrace the true mountain experience. Expansive decks on multiple levels provide ample space for outdoor living, while a private trail leads directly behind the cabin to a breathtaking 3-acre common area with stunning mountaintop views. This fully furnished mountain chalet is not just your dream getaway; it's a turnkey vacation rental powerhouse, this property allows you to seamlessly transition into enjoying both the personal and financial rewards of mountain living. Enjoy all the social perks of Torreon, Holiday Brunch Festivities, Wine Tastings, Dinner Pairings, Golf Scrambles, 4th of July Parade, Labor Day Chili Cook off, Movies on the Lawn, Pool Parties and so much more! Torreon has so much to offer all four seasons, it is a Troon Golf Course with stunning views, kids golf course, pool, fishing pond, kids arcade, delicious restaurant and fun seasonal events. Additional amenities include: fitness center, clubhouse, volleyball, pickle ball and tennis courts. In the winter, bring your skis and snowboard, the Sunrise Ski resort is only forty-five minutes away. During the summer, you will love heading over to Fool Hollow Lake, it is just minutes from Torreon, or if you prefer hiking trails those can be found all over the White Mountains! Enjoy the fresh mountain air, all four season and the beautiful pines! This cabin is ready for your family to enjoy! Close proximity to shopping, entertainment, and restaurants Experience the perfect blend of adventure and luxury. This mountain masterpiece awaits! Don't miss this opportunity one!

5131 E Janice Way Scottsdale, AZ 85254

$955,000 - 4Br/3Ba -  for Sale in Santiago, Scottsdale
Open House
$955,000
4 Beds
2.5 Baths
1,972 SqFt
Status Active
MLS # 6749806
Property Type Single Family Residence
Price Type --
Welcome to your North Scottsdale paradise. Behind the private gate of this spectacular residence, every day will feel like a vacation. As you arrive you are greeted by a charming front courtyard, complimented by an extended driveway that leads to your two-car garage. Step inside to find a large great room with soaring ceilings and endless natural light. Your kitchen features stainless steel appliances, ample cabinetry, and a walk-in pantry and interior laundry, with additional exit to the exterior, perfect for bringing in groceries with ease. Your split primary bedroom features a large walk-in closet, dual-vanity and walk-in shower, as well as private outdoor access through sliding doors. Three additional bedrooms share a full bathroom with private access to the backyard, and an additional half bathroom. Step outside to discover your backyard oasis, designed for year-round enjoyment. Unwind by the gorgeous heated pool with a Baja shelf, cozy up by the gas fireplace, or entertain guests with the built-in gas grill and multiple lounging areas. A unique highlight is the two-tiered 5-hole putting green, perfect for practicing your short game or enjoying some friendly competition. In the colder months, enjoy relaxing in your spacious above-ground spa. Whether hosting lively gatherings or enjoying peaceful moments, this space is perfect for every occasion. Located in the highly coveted 85254 zip code, you will live just minutes from Scottsdale Quarter, Kierland Commons, Desert Ridge and City North. This neighborhood offers top-tier shopping, dining, golf and entertainment. Don't miss your chance to experience this remarkable homecome see why this Scottsdale gem is truly special!

21439 W Mariposa Street Buckeye, AZ 85396

$953,507
4 Beds
3.5 Baths
3,231 SqFt
Status Active
MLS # 6693746
Property Type Single Family Residence
Price Type --
This 4 bed, 3.5 bath with flex retreat, study & 3 car garage is nothing short of PERFECTION. Designer appointed features shine with 10' flat ceilings, large energy efficient windows, 8' doors & 12' sliding doors to the extended covered back patio. Upgraded cabinetry, countertops with tiled splash, accent lighting, GE Café stainless appliances & abundant storage highlight the chef's kitchen. With an open plan, the kitchen has magnificent views into both the family room & large, private backyard on this gorgeous homesite. Spa-like baths, upgraded plank tile flooring, and 2x6 construction are a few more of this homes' 'WOW' factors. Private, extensive new home warranty & BRAND NEW...you deserve the BEST. See you soon.

9721 S Gold Stone Trail Apache Junction, AZ 85120

$952,740
4 Beds
3.5 Baths
3,230 SqFt
Status Active
MLS # 6716367
Property Type Single Family Residence
Price Type --
Corner homesite 12,693 sf site. 4 BR, 3.5 baths, enclosed office, retreat, Butler's Pantry in Kitchen. 12 sgd in family room leading to patio. 9 ft multistacking door in dining room, wine bar cabinets and dining room cabinets. Two toned Stacked cabinets in kitchen with glass in white and colt. Stainless steel appliances with shaker wood hood. 42-inch cabinets in Butler's Pantry. Trey ceiling in Owner's retreat with free standing tub and super shower with rain can. Full utility room cabinets with sink. 3-car garage. 2x6 construction; extensive new home warranty; see you soon!

6 E Martin Road Casa Grande, AZ 85194

$950,000
8 Beds
10 Baths
3,600 SqFt
Status Active
MLS # 6722680
Property Type Manufactured Home
Price Type --
TO-BE-BUILT luxury homes! These two luxury Santa Fe homes are being offered for sale atop a beautiful two acre property nestled at the base of Signal Peak Mountain! These homes would make a great buy for a family looking to stick together or an investor that would like to rent each unit out. The two homes total 8 bedrooms, 10 baths and 3600 square feet! A guest house is allowed. No HOA. Horses allowed. An ideal location with easy access to Interstate 10, Central Arizona College, Casa Grande Promenade, and less than an hour from the Phoenix airport. Save thousands of dollars with a custom factory-built duplex. The photos shown in this listing are NOT of subject property. These photos are to provide a general idea of what is to be built. Make an offer today!

125 S Bonito Ranch Loop Cornville, AZ 86325

$950,000
3 Beds
2 Baths
1,800 SqFt
Status Active
MLS # 6751612
Property Type Single Family Residence
Price Type --
Indulge in serene luxury within this new Spanish Hacienda-style haven. Bathed in natural light, the open-concept great room and kitchen, equipped with all modern conveniences, extend a warm welcome. Be captivated by panoramic views through large windows on the west and sliding glass doors leading to a peaceful backyard porch on the east. Uncover a private primary suite oasis with a lavish bathroom boasting a double vanity, glass walk-in shower, and a rejuvenating soaking tub. The property is meticulously landscaped and enriched by an orchard featuring apricot, plum, pomegranate and peach trees. Privacy is a given, thanks to white vinyl fencing, a robust concrete wall along the back and corrugated metal fence. An oversized 3-car garage and a 51ft RV garage will full hookup and a versatile pop-out shop. The home beckons you to bring your toys and hobbies to life! Let nature nurture you with walks along the privately accessed section of Oak Creek under the shade of soaring Cottonwood and Sycamore trees. Pick wild blackberries and mulberries or fruit from our private orchards. Paddleboat on our pond or admire the wildlife and birding year round. Rio Bonito Ranch is a very unique and special place.

1501 W Mesa Drive Payson, AZ 85541

$950,000
4 Beds
4 Baths
2,900 SqFt
Status Active
MLS # 6758690
Property Type Single Family Residence
Price Type --
A RARE FIND IN PAYSON! Country Club Estates home is adjacent to Payson Golf Course (PGC) pond, backs to PGC green #4, and has no HOA dues! This 2,900 + sq.' home has single level living, rustic tongue-n-grove pine accent walls in the great room, vaulted ceilings with rustic beams, 2 primary suites, a den/office, bedroom #3, and 3 baths on the main floor. The great room also has a rustic fireplace and tall windows that give you PGC, Mogollon Rim, mountain, and pond views. Just off the great room is a 10' x 21' screened porch with a porch swing to sit and watch the golfers as they play through. The beautifully landscaped and fenced entry courtyard has a large paver patio that is the perfect area to watch summer sunsets in the evenings. The main primary suite has its own access to the... screened porch and a spacious sitting area. The en-suite has a walk-in closet, a jetted garden tub, and a step-in shower. On the east side is a large deck that overlooks PGC pond with Mogollon Rim and mountain views too. This area attracts herds of Elk, a variety of wildlife, is home to lots of birds and is a pass through for a variety of birds and water fowl on migration. The finished walkout basement has open living, a mini split HVAC unit, a 3-sided gas (propane) fireplace, a kitchenette, a ¾ bath, and its own views of the 4th green, mountains and pond. This area is completely fenced and landscaped with mature aspen, blue spruce, and ponderosa pines. Your guests will enjoy their own lush artificial turf area and paver patio. The 3-car tandem garage has a large work shop with a built-in work bench, upper and lower cabinets, room for your golf cart or side-by-side, a mud room area with a utility sink and a utility room for extra storage. Updates include: Roofing in 8/2024, Primary suite #2-bathroom tile in 2022, guest bath tile and shower 2023, screened porch updated in 2022, and an updated kitchen. One of the owners is a licensed real estate agent in the state of AZ.

7272 E Gainey Ranch Road Unit 70 Scottsdale, AZ 85258

$950,000
2 Beds
2.5 Baths
1,777 SqFt
Status Active
MLS # 6751553
Property Type Townhouse
Price Type --
Introducing a sophisticated and timeless renovation in the highly coveted Pavilions at Gainey Ranch. This property showcases meticulous attention to detail throughout. The chef's kitchen is equipped with premium cabinetry, exquisite quartz countertops, stainless steel appliances, wine chiller, updated plumbing, light fixtures and new energy-efficient windows and sliding glass doors.. The open floor plan enhances the sense of spaciousness, while the fireplace in the living area adds a warm, inviting ambiance complemented by numerous decorative elements. The residence features elegant flooring with carpeted bedrooms and boasts twin master suites, each with private balconies, in addition to a loft area suitable for an office or den. Enjoy beautifully designed walk-in showers and creatively designed walk-in closets. Private floor plan with no neighbors living above or below. Experience luxurious resort-style living in the prestigious Gainey Ranch community, with convenient access to Gainey Village's shops and restaurants, community clubhouse, fitness center, pool, pickleball and tennis facilities. This exceptional opportunity should not be missed.

58 N French Place Prescott, AZ 86303

$950,000
2 Beds
2.5 Baths
2,855 SqFt
Status Active
MLS # 6737091
Property Type Single Family Residence
Price Type --
Single level home on 2 acres of paradise with the most amazing and breathtaking panoramic views! Views from every room, several outdoor patio seating areas to enjoy those sunrises & sunsets! 2 bedrooms plus large office with large closet could easily be made a 3rd bedroom. There is also a hobby room, large laundry room, attached workshop off garage, half bathroom in garage. Kitchen w/granite counters, induction cooktop, stainless built in refrig/freezer, gorgeous tongue & groove ceiling in breakfast nook. In floor radiant heating throughout home, evap cooling plus ductless zoned mini split system cooling. original owner has kept up all maintenance of systems. Expansive entry & living room with views, views, views! There is an outdoor staircase & we encourage you to take the time to walk t to walk the property and enjoy the beauty!

31010 N 74th Way Scottsdale, AZ 85266

$950,000
2 Beds
2 Baths
2,176 SqFt
Status Active Under Contract
MLS # 6752973
Property Type Single Family Residence
Price Type --
Location, location, location. This home is on a SPECTACULAR lot with neighbors only on one side. BEAUTIFUL DESERT VIEWS & PRIVACY. Lightly lived in by original seasonal owner. Tile and carpet flooring. Large open kitchen with eating bar and plenty of cabinets and tile counters. Great room/living room with see through fireplace. Separate office/den with built in cabinets. Double sinks in master bath and separate bath and tub. Stunning back yard with covered patio and sparkling pool. You will not want to miss this one.

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