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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1842 E Kaibab Drive Chandler, AZ 85249

$950,000
4 Beds
3.5 Baths
3,862 SqFt
Status Active
MLS # 6754804
Property Type Single Family Residence
Price Type --
Beautiful home in the gated community of North Barrington! Featuring a 3-car gar. w/epoxy flooring & built-in cabinets for ample storage. All new ext./int. paint, wood shutters on most windows & recessed lighting in most rooms. Wonderful layout provides bright & open living spaces thru-out. Chef's kitchen equipped w/all new appl., an island & breakfast bar, ample cabinet & counter space, gas cooktop & wall oven. Laundry room has built-in cabinets for addt'l storage. Enormous master suite has a spa-like bathroom boasting his & hers vanities w/an extra vanity, large soaking tub, huge walk-in shower & a vast, special built, walk-in closet! Step out back onto oversized covered patio w/ceiling fans, overlooking your very own oasis featuring a spa & pool w/water feature & mini putting green!

3611 W Hiddenview Drive Phoenix, AZ 85045

$950,000
4 Beds
4 Baths
2,729 SqFt
Status Active
MLS # 6742439
Property Type Single Family Residence
Price Type --
Seize the rare chance to own this exceptional Aspen floor plan—an opportunity that doesn't come around often! This 2018 Taylor Morrison home is located in the prestigious gated community of Promontory at the Foothills in Ahwatukee. A single level home that will certainly check all the boxes! A functional lay out feauturing 4 bedrooms + an office, 4 full bathrooms, a 3-car garage, and a private pool! A highly sought after casita that features a private entrance for added convenience and independence, as well as direct access from inside the main home, offering versatile living arrangements and seamless integration with your main living space. This secluded retreat has an additional living area, and a spacious bedroom with a full ensuite bath. The open concept floor plan is sure to please and ideal for entertaining guests or equally as comfortable for family living. The kitchen opens to the great room which seamlessly flows into the formal dining room which as you will see also makes a great space for a pool table! The eat-in kitchen boasts timeless finishes, an oversized island with extra seating, a dedicated walk-in pantry, and a GAS RANGE! The primary bedroom is generous in size and features a walk-in shower, a stand alone tub, dual sinks, and an amazing walk-in closet! You will find 2 other spacious bedrooms, one with a walk-in closet, 2 full bathrooms, and an office, making working from home a breeze. Of course, you will spend much of your time relaxing in your low maintenance backyard where you will find a covered patio, artificial turf, a sparkling pebble tec pool with custom tile decking, and a raised seating area complete with a built-in fire pit. The backyard is private and surrounded by peaceful mountain views. The outdoor space is thoughtfully designed to maximize both comfort and natural beauty. A 3 car garage garage offers plenty of space for both vehicles and extra storage. When you visit this home, you will be reminded of the beauty and appreciation of living in Ahwatukee. And if this isn't enough, the hiking trails are just a stroll away, as well as shopping, dining, easy freeway access, top ranked Kyrene and Desert Vista High School!

12335 E North Lane Scottsdale, AZ 85259

$950,000 - 3Br/3Ba -  for Sale in Montacino At Mcdowell Mountain, Scottsdale
Open House
$950,000
3 Beds
2.5 Baths
2,416 SqFt
Status Active
MLS # 6745147
Property Type Single Family Residence
Price Type --
Nestled within the beautiful Montacino at McDowell Mountain gated community, this Spanish and European inspired custom home built by Dick Lloyd Custom Homes, backs up to the natural desert preserve creating peaceful and private luxury living. The sunrises and sunsets from this home are extraordinary and provide views as far away as Camelback and South Mountain. The moment you step inside, you will be dazzled by the beauty and design elements showcased in the winding staircase, soaring ceilings, abundance of natural light, Hickory wide plank flooring, stylish lighting, custom built office, and gourmet chef's kitchen. BRAND NEW Trane HVAC units were installed in May 2024 and carry a 10-Year Warranty. This Must-See home offers 3 bedrooms and 2.5 bathrooms. The luxurious primary bedroom is complete with a gas fireplace, sitting area, and a private balcony to observe the flora and fauna of the natural Sonoran Desert. Picture yourself walking out to your lush private oasis, to pick fresh oranges, lemons, grapefruit and limes to eat and enjoy for years to come. The backyard sanctuary includes a heated spool, wood-burning fire pit, gas grill, and an abundance of patio space for enjoying indoor and outdoor living. The chef's kitchen boasts a gas range, double ovens and a temperature-controlled wine room. This special home is located close to the Mayo Clinic, shopping, top-rated Scottsdale schools, and hiking & biking trails. This exceptional property can be your forever home.

38301 N 15th Avenue Phoenix, AZ 85086

$950,000 - 4Br/3Ba -  for Sale in Metes And Bounds, Phoenix
Open House
$950,000
4 Beds
2.5 Baths
2,779 SqFt
Status Active
MLS # 6721499
Property Type Single Family Residence
Price Type --
Enjoy country living in this well-built, beautiful, and well-maintained custom home on 1.29 acres with mountain views. Relax on the covered patio overlooking the vast yard with grass, cacti, lemon, orange, tangelo, and grapefruit trees. Travertine floors, 10' ceilings, newer dual pane low E windows, Plantation Shutters, Soft Water system, & two A/Cs, are just a few of the features that make this home special! The kitchen has granite counters, hickory cabinets, walk-in pantry, breakfast bar, newer refrigerator and RO system. The breakfast room, huge kitchen island, and formal dining room make this the perfect home for entertaining while the Great Room offers cozy charm with a gas fireplace. The split floorplan separates the master bedroom from the other 3 bedrooms. The master has a Garden Tub, huge tiled shower plus large walk-in closet. 2 of the additional 3 bedrooms also have walk-in closets. The sizeable Laundry Room has a newer washer and dryer plus a deep sink. There is an attached 3-car garage with built in cabinets, epoxy floor. There is also a huge (30'x35') detached garage with epoxy floors, 2 mini-split heat/cool units, 2 10' garage doors, and 220V outlet powered by an off-grid solar system. The newer driveway allows access from 15th Ave via a separate solar powered RV gate. Love Horses? They will enjoy the 3-stall Mare Motel, with climate-controlled watering system, automatic solar lights, and misting system. They can roam in the arena or nibble on fresh grass in a separate corral with sprinkler system. Easy access to Carefree Hwy and I-17 for restaurants, and shopping plus state land for riding. Do not miss out on this unique property.

37333 N 16th Street Phoenix, AZ 85086

$949,999
3 Beds
2 Baths
2,279 SqFt
Status Active
MLS # 6730863
Property Type Single Family Residence
Price Type --
Nestled in the heart of Phoenix, off Carefree and 16th St, this charming 3-bedroom, 2-bathroom horse property offers the perfect blend of modern comfort and equestrian living. Set on over an acre of land, this home boasts breathtaking mountain views, providing a serene backdrop for daily life. The property is well-equipped for horse enthusiasts, featuring a spacious horse arena, a coral, a barn, and multiple stalls. Inside, you'll find a bright and welcoming interior, complete with a dedicated office space, ideal for remote work or a personal retreat. The home is move-in ready with new air conditioning units ensuring comfort year-round. Step outside to your private oasis, where a sparkling pool invites you to cool off and relax under the Arizona sun. This unique property is a rare find, offering ample space, stunning views, and all the amenities needed for both a modern lifestyle and a passion for horses. Property Features: * Horse Arena: 137x82 feet, perfect for roping, jumping, dressage, pleasure riding, and more! * 2 Stalls: 12x12 feet each (measurements don't include turnout) * Custom Barn: 33.5x24.5 feet, with fans, misters, attached tack room, and feed room. * Mare Motels: Two custom-built, large mare motels with ample shade * Round Pen: 40-foot diameter, with hay rack * Wash Stall: Large area for convenient horse grooming * Fly Spray System: 50-gallon barrel for automatic fly spray throughout the barn * Trail Riding: Direct access to state land and mountains, with Cave Creek Regional Park within walking distance Residential Features: * Lap Swimming Pool: 40x12 feet, with brand new cool deck, pool cleaner, and recent servicing * Home Upgrades: * Fresh interior and exterior paint * Two brand new air conditioners * New shower enclosure * New hardware throughout * New dishwasher * Garage: 3-car garage for ample storage * Fireplace: Cozy up in the comfort of your own home This format highlights the property's equestrian features and residential upgrades, making it easy for potential buyers to see the value in this unique property.

17642 E Hunt Highway Queen Creek, AZ 85142

$949,999
4 Beds
4 Baths
3,130 SqFt
Status Active
MLS # 6733145
Property Type Single Family Residence
Price Type --
THIS IS THE ONE!!! Do you want land & a custom home? An unbelievable property sitting on almost 1.5 acres w/ irrigation, horse privileges, & NO HOA! Inside you'll find a wood-burning fireplace, 4 beds (3 w/ en-suite bathrooms). Main bedroom has fully renovated bathroom & shower. Soaring vaulted ceilings throughout & beautiful luxury flooring. This exceptional custom home bordering Gilbert includes multiple patios & incredible mountain views! Extensively remodeled & cared for through the years. Living room has pull down screen, projector & surround sound. Exterior painted 2021. New hot water heater in 2021. Trane A/C new in 2018. Tons of amazing fruit growing on your property: grapes, pomegranates, velvet mesquites, citrus, & more!! Plenty of room for your DREAM pool! Don't Miss This!

19746 W Montecito Avenue Litchfield Park, AZ 85340

$949,999
6 Beds
4.5 Baths
3,371 SqFt
Status Active
MLS # 6744299
Property Type Single Family Residence
Price Type --
Semi-custom home w/soaring ceilings, secret bookcase storage and exquisite box beam ceilings. The chef's kitchen features cabinets to the ceiling, walk in pantry and butlers pantry. Dual main-level bedrooms each w/private baths, , part of a 6-bed, 4.5-bath luxury living plan. The backyard oasis includes a Sparkling Pebble Tec Pool with Heat Pump for heating or cooling - year around enjoyment for everyday FUN!!Pool House Kitchen, pool, extended patios, owned solar panels, and misters. Verrado's front porch communities offer a lifestyle of the wealthy...with 31+ miles of trails, 90 parks, championship golf, community pools, fitness centers, pickleball, basketball courts, dining, shopping, groups, clubs, community events and more. 1% Concessions for buyer closing cost w/preferred lender

21035 N 60th Terrace Phoenix, AZ 85054

$949,990
3 Beds
2 Baths
1,990 SqFt
Status Active
MLS # 6731993
Property Type Single Family Residence
Price Type --
Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender. Move into this stunning single-story home featuring three bedrooms and a den with double doors situated on a corner lot. This home boasts luxury vinyl plank flooring throughout along with a chef's kitchen which includes 42'' upper cabinets, quartz countertops, and a café area. The owner's suite offers a beautifully framed low-threshold walk-in shower, while the secondary bathroom features raised cabinets and dual sinks. The laundry room is equipped with upper cabinets, a sink, and a convenient countertop.

17815 N 51st Way Scottsdale, AZ 85254

$949,990
4 Beds
3 Baths
2,429 SqFt
Status Active
MLS # 6756860
Property Type Single Family Residence
Price Type --
This 4 Bedroom 3 full Bath Scottsdale Home is located in the highly desirable Triple Crown neighborhood. Minutes away from Desert Ridge Marketplace, Kierland Commons/Scottsdale Quarter and the newly reimagine PV Mall area. Not to mention the ''Magic Zip Code 85254'' Scottsdale address, Phoenix taxes/ utilities and Paradise Valley School District. Home Features: Formal Living room and Dining area, Eat in kitchen that opens to a cozy family room. Remodeled & expanded Kitchen in 2021 has white cabinets with nickel hardware, Quartz countertops with a breakfast bar, LG built in Microwave and range/ oven, Whirlpool stainless steel regrigerator & ASKO dishwasher. Walk in Pantry. Home also has Faux hardwood floor tile throughout 1st floor. Downstairs, you'll also find the 4th bedroom which can be use as a quest room, bonus or exercise room or a den, a full bath and laundry room with LG Washer & Dryer. Upstairs you have a spacious Master bedroom with a walk on balcony where you can enjoy mountain views and the greenbelt area that's across the street, Master bathroom also has a Walk in Shower and separate Freestanding bathtub, Dual sinks and large walk in closet. Good sized Bedrooms #2 and #3 have big closets and a full hall bath. New carpet installed 9/10/24, Carpeted area only on second floor. Remodeled Bathrooms in 2021 all with TOTO toilets. Home's exterior newly painted (2024). Epoxy floor in 3 Car garage and tankless water heater. Close to parks, Greenbelts & Copper Canyon Elementary School..

29318 N 163rd Drive Surprise, AZ 85387

$949,990
4 Beds
3 Baths
4,182 SqFt
Status Active
MLS # 6663007
Property Type Single Family Residence
Price Type --
Back on the market! Buyer Failed to perform! CUSTOM 4,100+ SqFt 2023 Home nestled on an expansive ACRE in a highly coveted non-HOA subdivision with Horse Rights! The heart of the Home features Quartz and Soft-close cabinets seamlessly merging style and functionality with 2 large living rooms. Discover serenity in the spacious bedrooms, each meticulously designed for comfort. With not one, but space for TWO DENS, this home offers versatility for your unique lifestyle - whether it's a home office, a cozy reading nook, or a 5th bedroom. The grandeur of CUSTOM IRON DOORS welcomes you, setting the tone for the unparalleled elegance that unfolds within. Neutral finishes adorn every corner providing a timeless canvas for your personal touch. This residence is not just a home; it's a testament to fine living. Rarely does an opportunity like this present itself. Don't miss your chance to own a masterpiece where luxury meets tranquility and quick start your equity in Surprise!

1645 N 103rd Street Mesa, AZ 85207

$949,990
4 Beds
2 Baths
2,331 SqFt
Status Active Under Contract
MLS # 6739885
Property Type Single Family Residence
Price Type --
LOCATION! LOCATION! LOCATION! Welcome Home to this beautiful 4-Bedroom Home on nearly an Acre, NO HOA, on a county island known as ''The Hidden Gem'' steps away from hiking and biking trails. City lights, mountain views and open space, galore! Discover your perfect retreat with this inviting 4-bedroom, 2-bath home. The open floor plan and vaulted ceilings create a bright, airy space that's perfect for relaxed living and entertaining. Situated on almost an acre of land, this property offers the freedom to make it your own. The 4-car insulated, extended garage with RV/EV plug, and 22' RV gate provide ample space for all your toys and vehicles, while the large yard is ideal for outdoor activities and projects. Literally, steps away from Usery Mountain Regional Park. For those interested in keeping horses or other animals, the expansive grounds offer plenty of room to roam and set up your own barn or pasture. Whether you're looking to garden, build a workshop, or simply enjoy the open space, this property is your perfect homestead. Impressive interior includes: Karastan Chateau Leon Warm Cognac Oak Laminate, Wood, 9.45 x 80.71 plank with sleek 6 baseboards throughout. The kitchen is a chef's dream, with abundant cabinetry, a generous island, breakfast bar, dining nook, stunning new quartzite countertops, fresh backsplash, induction stove, SMART appliances, and a farmhouse sink. New custom fireplace with floor to ceiling tile and granite hearth. Wood shutters throughout add style and elegance. Features: 4 Bedrooms, 2 Bathrooms Open Floor Plan Vaulted Ceilings Nearly 1 Acre of Land No HOA 4-Car Extended, Insulated Garage RV / EV plug 22' RV Gate 2 x 6 Construction Large travertine covered patio and sitting areas Spa Room for Horses and More This home is move-in ready and a must see!

M16 L2 Los Langostinos -- Outside Arizona, AZ 00000

$949,900
3 Beds
2 Baths
1,800 SqFt
Status Active
MLS # 6697855
Property Type Single Family Residence
Price Type --
A beachfront gem that will make your heart happy for years to come. Located on desirable Playa Encanto Beach, this home has a beach like no other with the distinction of having no rocks and complete access for miles. Completely refurbished. This beachfront home has been upgraded with all new appliances, US grade electric, plumbing, gas lines, instant hot water, & 16,000-litre water tank. Custom artwork in the courtyard is very inviting and colorful. Great place to BBQ with family or friends. This home has 3 BR, 2 BR & views from every corner of the house. The south facing master bedroom faces the beach so you can wake up to spectacular sunrises or fall asleep to colorful sunsets every evening. The 4 car garage will satisfy, a perfect man cave awaits. This home is move in ready.

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