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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11673 N 136th Street Unit 1005 Scottsdale, AZ 85259

$950,000
2 Beds
2.5 Baths
2,179 SqFt
Status Active
MLS # 6712315
Property Type Apartment
Price Type --
Stunning luxury condo in the desirable Reserve Scottsdale community. This open floorplan with over 9' ceilings is great for entertaining family & friends! The private courtyard leads you into the home as you enter a beautiful designed herringbone stone entry & you will love the beautiful easy care luxury plank vinyl flooring. Spacious kitchen looks into the great room w/ Bosch Stainless appliances, 5 burner gas cooktop, beautiful white cabinetry, custom designed oversized quartz island w/ fun pendant lighting for a splash of color. Inviting master bedroom has a beautiful bathroom w/ a large walk in shower, separate soaking tub to relax after a hike or a game of golf and dual vanities. Large secondary bedroom with a beautiful en suite. You will love the open large den! Laundry room has storage and fun tile to make the laundry process an enjoyable time! You will love the 3 private patios off the main living areas to relax and unwind enjoying our AZ lifestyle! In the cooler months cozy up to the fireplace on one of the patios off of the great room with your favorite beverage! The home comes equipped with a whole house water filtration system. You will love this ground unit with no interior steps! This community is surrounded by the McDowell Mountains and walking distance to a great coffee shop! You will love the North Scottsdale lifestyle with great shopping, dining, entertainment, hiking, golfing, spas, tennis, pickleball in the surrounding area. The gated community offers a community pool with BBQ and is great for a full time resident or second homeowner wanting a lock and go lifestyle!

11005 W Lower Buckeye Road Tolleson, AZ 85353

$950,000
3 Beds
2 Baths
1,512 SqFt
Status Active
MLS # 6751982
Property Type Single Family Residence
Price Type --
Welcome to your dream retreat! This beautifully renovated ranch home offers the perfect blend of modern comfort and rustic charm, all set on a sprawling 2+ irrigated acre lot. Step inside to discover a thoughtfully updated interior featuring an open-concept layout, 9ft ceilings, natural light, and high-quality finishes all under a new roof. The spacious living area with tile floors, a cozy fireplace, and large windows. The gourmet kitchen is complete with new stainless steel appliances, farm sink, quarts countertops, a large center island including a beverage fridge and ample cabinet space in laundry room. The home offers 3 generously-sized bedrooms, including a luxurious primary suite with a custom barn door and a walk-in closet. Property Includes both parcels 101-22-248 and 101-22-247

10702 E Sheffield Drive Mesa, AZ 85212

$950,000
4 Beds
3.5 Baths
2,662 SqFt
Status Active
MLS # 6747380
Property Type Single Family Residence
Price Type --
Absolutely Stunning Single Story Home with Top-of-the-Line Everything in Prestigious Eastmark Master Plan in Mesa!! Location, Location in the Heart of the Expanding SE Valley Employment Corridor!! This Exceptional home has a Premium 11,767 SF corner lot and is a Rare Find! This home boasts 4 bedrooms and 3.5 baths, encompassing a Master Suite and Junior Suites, ensuring ample space for family and guests. The Open layout includes a Great Room, Spacious Dining area, and a dedicated Office space, offering flexibility for work from home and comfort for various living and entertainment needs. The Showstopping Chef's kitchen is a culinary masterpiece. It Features double-stacked cabinetry, quartz countertops, designer glass backsplash, a grand center island, breakfast bar, and Stainless Steel appliances. The Master Ensuite is a highlight, boasting a floor-to-ceiling tiled super shower with a rain shower, offering a spa-like retreat within the comfort of your home. Outside step into your private oasis - the rear yard is designed for relaxation and entertainment. The modern rectangular pool with water features and a Baja step takes center stage, surrounded by travertine decking that seamlessly flows into multiple patios and low-maintenance artificial turf, ideal for various outdoor activities. Plenty of Room for Future Pergola, Outdoor Built-in BBQ or Fireplace features. A covered patio equipped with wired speakers and a patio TV provides the perfect setting for outdoor entertainment. The home boasts fiber internet and a mobile-app-controlled sound system, lighting, and pool functionalities, offering exceptional convenience and control. Top-Rated Eastmark Master Plan Community: Situated within Eastmark you'll be sure to enjoy not only offers luxurious living but also access to top-rated schools, the Great Park, community events, food trucks and an array of recreational amenities including Fishing Lake, Walking Trail, Exercise Court, Community Pool & Shaded Splashpad, Basketball, Baseball & Sand Volleyball Courts, Skate Park, Dog Park as well as Picnic & BBQ Ramadas that can be reserved for your Event. Discover the perfect union of luxury, technology, and space in this exceptional home within the prestigious Eastmark Master Plan community just off the 24 Frwy at Ellsworth.

33903 N 23rd Drive Phoenix, AZ 85085

$950,000
5 Beds
3.5 Baths
4,463 SqFt
Status Active
MLS # 6753375
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the exclusive Amber Hills gated community! This 5-bedroom, 3.5-bath residence offers the perfect blend of luxury and comfort. This home has many upgrades starting with newer exterior paint. Step inside and you will find elegant yet highly durable quartzite countertops, revamped cabinetry, and new appliances in the kitchen. A new high-efficiency HVAC system that boasts a SEER rating of 16 with variable speed technology, installed in 2019. Downstairs you can be sure to enjoy the spacious great room as a perfect area for entertaining, with a stylish wet bar, fireplace, ensuite bedroom that offers flexibility for guests, an office, or a mother-in-law suite conveniently near the laundry room and garage entry point. Newer paint throughout various areas in the home's interior to add warmth and provide a modern and inviting ambiance. Upstairs you have a dedicated home theater with surround sound to enjoy those movie nights together as a family and four additional bedrooms. In the primary bedroom you will find ample space with a fully renovated bathroom of luxury! It does not stop there! Outside, discover a resort-style backyard designed for relaxation and entertainment. Dive into the heated pool or unwind in the jetted spa, or enjoy the luxury of an above-ground Jacuzzi under the covered patio. Perfect your golf game on the private putting green, cook up a feast on the built-in BBQ, or gather around the fire pit to enjoy breathtaking mountain views. Don't miss your chance to own this exquisite property in Amber Hills, where every detail has been meticulously crafted for the ultimate living experience.

11238 N 125th Avenue El Mirage, AZ 85335

$950,000
4 Beds
3 Baths
2,300 SqFt
Status Active
MLS # 6754380
Property Type Single Family Residence
Price Type --
Welcome home! Tastefully updated beauty is move-in ready! Featuring a 3-car garage, several RV gates, & a well-maintained front yard. Immaculately designed interior exudes elegance with its vaulted ceilings, two-tone trending palette, pre-wired surround sound, sleek-style flooring, & a family room w/backyard access. The spacious open layout is bathed in natural & recessed lighting & a striking floor-to-ceiling fireplace. The impeccable kitchen is fully equipped with granite counters, stylish tile backsplash, a handy pantry, hickory cabinets. Discover a main split floor plan suite that offers a double-door entry, a pristine private ensuite, & 2 walk-in closet. Plunge into the refreshing pool in the expansive backyard! That consist of almost 2 acres of land .

18020 W North Lane Waddell, AZ 85355

$950,000
5 Beds
3 Baths
4,862 SqFt
Status Active Under Contract
MLS # 6706712
Property Type Single Family Residence
Price Type --
Welcome to your dream oasis! This stunning 5 bedroom, 3 bath home boasts an array of impressive features, ensuring both luxury and convenience. Enjoy the perks of solar energy with a fully paid system, complemented by pigeon guards for hassle-free maintenance. Indulge in a purified water with reverse osmosis system and marvel at the built -in kitchen cupboards, complete with pull-out draws and large island for effortless organization. Entertain with ease thanks to the double ovens, a rack organizer under the gas stove, and a walk-in pantry for ample storage. Whether you're relaxing in the library with built-in floor-to ceiling bookshelves or stepping into the mudroom with storage lockers this home offers comfort at overturn. Outdoor enthusiast will appreciate the citrus trees, mountain views and proximity to the white tank mountains and library, just 5 minutes away. Park with ease on the expansive 12-car driveway or in the 3-car garage with carport. Relish in the spaciousness of the 5 bed layout, with guest room on the main floor and a master bedroom featuring his and hers walk-in closets and luxurious walk-in shower. Step outside to discover the 1-acre professionally landscaped front and back yard, complete with artificial turf a full size multi-use sports court, and a walking path. Relax under the large covered patio, take in the serene surroundings by the fire pit, or cool off in the splash pad. Located in a gated neighborhood backing up to a golf course community, this home offers privacy and security. HOA fees cover garbage and recycling services, adding to the convenience of upscale living. Don't miss the opportunity to make this exquisite property your own!

18211 W Sequoia Drive Goodyear, AZ 85338

$950,000
3 Beds
3 Baths
2,570 SqFt
Status Active
MLS # 6757941
Property Type Single Family Residence
Price Type --
Prepare to be impressed by this spectacular single-level TurnKey mostly Furnished home nestled on almost a 1/4 acre golf course lot at Estrella Mountain Ranch! This beauty showcases an exquisite façade with stone accents & desert vegetation. The elegant & sophisticated interior boasts a large, open floor plan complemented by tall ceilings, ceramic tile floors, stylish chandeliers, recessed lighting, and plantation shutters. The captivating living room comes with a built-in entertainment center equipped with a wall-mounted fireplace, the dining room allows unobstructed views of the backyard oasis, and the gourmet kitchen features staggered off-white cabinetry with crown molding, custom mosaic tile backsplash, black granite counters, SS appliances, and an oversized island with breakfast bar The primary suite has access to the back patio and hosts a lavish ensuite retreat comprised of a dual vanity, a sep-sin shower, and a bountiful walk-in closet. This spectacular layout includes a sizable den and an attached guest's quarter with a living room & a private bathroom. The stunning backyard is an entertainer's dream, offering a desert paradise with travertine flooring, an extended covered patio with a retractable lighted awning, a built-in grill, a meticulously maintained landscape with artificial turf, and a fabulous pool with a rain curtain. This gem is a rare find that won't last. Act now!

31207 N 124th Drive Peoria, AZ 85383

$950,000 - 3Br/4Ba -  for Sale in Blackstone At Vistancia Parcels B11 B13 And B14, Peoria
New
$950,000
3 Beds
3.5 Baths
2,149 SqFt
Status Active
MLS # 6761995
Property Type Single Family Residence
Price Type --
BEAUTIFUL PROPERTY IN THE PRESTIGIOUS BLACKSTONE COUNTRY CLUB. THIS PROPERTY OFFERS PRIVACY WITH ITS PRIME CORNER LOT IN THE GREENS LOCATION. YOU WILL BE AMAZED BY THIS WELL MAINTAINED PROPERTY. THE DESERT LANDSACPE IS LOW MAINTENANCE YET INVITING AND WELL MANICURED. THE FIRST FEW STEPS INTO THE HOME FEELS SPACIOUS WITH HIGH CEILINGS AND NATURAL LIGHT. YOU WILL FALL IN LOVE WITH THE GOURMET KITCHEN AND LARGE ISLAND. THE SPACE IS PERFECT FOR ANYONE WHO LOVES TO COOK OR HOAST EVENTS. EACH BEDROOM IN THIS HOME HAS ITS OWN BATHROOM WITH A HALF BATH IN THE HALL FOR GUESTS. DON'T MISS THIS OPPORTUNITY TO GET INTO THE HOME OF YOUR DREAMS WITH ALL THE AMENITES. ITS YOUR CHANCE TO INDULGE IN A LUXURIOUS LIFESYLE.

5646 E Ocupado Drive Cave Creek, AZ 85331

$950,000
5 Beds
3.5 Baths
3,472 SqFt
Status Active Under Contract
MLS # 6739393
Property Type Single Family Residence
Price Type --
Enjoy the amenities in the gated Lone Mountain Community. Beautiful 5 bedroom plus bonus room and a double door office with 3.5 baths in a serene Cul de sac. Highly desired open floorplan with primary suite downstairs, soaring ceilings, recessed lighting and ceiling fans. Updated kitchen with granite countertops, huge island, SS built in Kitchen Aid refrigerator, dual ovens, tile backsplash, walk in pantry and tons of storage cabinets with contemporary hardware. Master with large walk in closet, separate updated shower and tub, dual sinks and backyard views. Upstairs you will find 4 more bedrooms, 2 baths and a loft space with endless options. Must see this move in ready home with peaceful updated backyard with turf and large covered patio. Close to many restaurants, schools and more.

10804 N Mangrum Court Fountain Hills, AZ 85268

$950,000
3 Beds
2.5 Baths
2,434 SqFt
Status Active Under Contract
MLS # 6750823
Property Type Single Family Residence
Price Type --
Golf course living at its best! This cul de sac golf course setting is the perfect tranquil retreat. The back yard oasis offers views of majestic mountains as well as multiple entertaining areas. The pool has plenty of depth to keep you cool all summer. There is even an outdoor shower. Once inside the home you will step into a vaulted ceiling entertainment area. Open kitchen and living concept offers plenty of natural light. Kitchen features the highly desirable white shaker cabinets and quartz slab counter tops. Over sized primary suite includes a walk closet and walk in shower. New carpet in all bedrooms. The oversized driveway and oversized garage offer plenty of room for all your toys! The home also features a Tesla Solar panel system and much much more! No HOA. No NPOA.

40328 N Lytham Way Anthem, AZ 85086

$950,000
3 Beds
3.5 Baths
2,984 SqFt
Status Active
MLS # 6711944
Property Type Single Family Residence
Price Type --
This immaculate & highly sought-after Monterey floor plan epitomizes contemporary elegance and comfort. The spacious split layout includes 3 en-suite bedrooms, a den, 3.5 baths & extended 3-car garage. Enter home through custom door into foyer leading to expansive great room w/ custom entertainment center. Additional front room offers versatile use as living area, office or game room. Outside, enjoy heated pool w/ updated PebbleTec, soothing spa w/ new heater, artificial turf & remote awnings, providing ultimate ease & luxury. Additional features include 2 gas fireplaces, plantation shutters, 12-foot ceilings, extra-large walk-in closet, & Trane AC's. This home blends modern design w/ timeless sophistication, offering unparalleled comfort & indulgence in the heart of Anthem Country Club.

1891 E Lodge Drive Tempe, AZ 85283

$950,000
4 Beds
2.5 Baths
2,689 SqFt
Status Active
MLS # 6756574
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the heart of Tempe! This beautifully updated property offers a perfect blend of modern comfort and timeless charm. The spacious layout features an open-concept living area with abundant natural light, ideal for entertaining or relaxing. Enjoy cooking in the stylish kitchen with sleek countertops, stainless steel appliances, and ample storage. The private backyard oasis is perfect for outdoor gatherings or quiet evenings under the stars. Ideally situated on a cul-de-sac and conveniently located near top-rated schools, shopping, dining, and easy freeway access, this home is a rare find. Make it yours today!

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