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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30120 N Suscito Drive Peoria, AZ 85383

$949,900 - 3Br/4Ba -  for Sale in Trilogy West Phase 1 Parcel C40, Peoria
Open House
$949,900
3 Beds
3.5 Baths
2,653 SqFt
Status Active
MLS # 6750638
Property Type Single Family Residence
Price Type --
STUNNINGLY APPOINTED 3BR/3.5BA+DEN 'Aspect' model loaded with CUSTOM FIXTURES and UPGRADES. Located on an OVERSIZED FULLY FENCED CORNER LOT with split 3-CAR GARAGE (2-car garage+air-conditioned GOLF CART GARAGE) that features premium built-in cabinets. This luxurious home SHOWS LIKE A MODEL and is walking distance to the Mita Club and Dog Park. Enter through the gorgeous custom clear stained glass and metal front door into the OPEN CONCEPT floorplan with soaring 12ft ceilings, plantation shutters, and gorgeous gray wood-look wide PLANK TILE in all main areas. The GOURMET KITCHEN is a chef's dream and boasts PREMIUM GRANITE countertops, an oversized island w/breakfast bar, and HUGE walk-in pantry. Built-in stainless appliances including GAS 5-burner cooktop, & French-door refrigerator w/dispenser, premium cabinets w/rollouts, recycle/trash center, and designer pendant lights. SERENE primary suite features barn door to grand ensuite bath w/large soaking tub, enclosed walk-in shower w/floor-to-ceiling tile, dual vanities, LARGE WALK-IN CLOSET, and door to back patio. Two spacious guest bedrooms with upgraded ensuite baths are split from primary suite for privacy. Enjoy chilly desert nights in front of your cozy DOUBLE-SIDED GAS FIREPLACE w/elegant floor-to-ceiling tile. Oversized MULTI-SLIDE sliding glass doors open to the RESORT-STYLE backyard that includes a gas firepit, gas BBQ, refrigerator, mature landscaping, and LARGE wraparound patio for indoor/outdoor living at its finest! Other upgrades: PREPAID SOLAR lease for exceptional energy savings, exquisite CUSTOM CHANDELIER in Morning Room, MOTORIZED sunshades in great room, surround sound, and large blade ceiling fan w/light. Other features include post tension slab, 8' doors throughout, whole home water softening system, Trane A/C heating and cooling units, exterior trash enclosure, and PVC drip system. So many PREMIUM upgrades and features, you MUST SEE this home in person. This home is located in award-winning gated, 55+ Trilogy at Vistancia with 5-star-resort style amenities at the 35,000 SF Kiva Club with indoor & outdoor pools, fitness center, day spa, cafe, billiards, meeting rooms, library, tennis courts, pickle ball, bocce ball, events & a plethora of activities to choose from. Outstanding Gary Panks-designed golf course is woven throughout the original part of the neighborhood. The Mita Club has additional outstanding community amenities. Easy access from Trilogy to the 303, shopping, restaurants, entertainment, Lake Pleasant & Paloma Park, Peoria's huge community park loaded with amenities.

642 N Sun Road Apache Junction, AZ 85119

$949,900 - 3Br/3Ba -  for Sale in Arroyo Vista Estates, Apache Junction
Open House
$949,900
3 Beds
2.5 Baths
2,450 SqFt
Status Active
MLS # 6514532
Property Type Single Family Residence
Price Type --
Fully finished, Quick Move In home. Ultimate RV Garage: 47x23 fully finished RV garage, completely insulated, 14 ft tall door, 16ft ceilings, floor drain, hose bib faucet, and an upgraded electrical package with 400 amp service, 50 amp outlet; over lit with multiple fixtures. Bring the Bus, the Boat, the side by sides, and still have room for a workshop or home gym! Arroyo Vista Estates, a gated community of 26 semi-custom homes with unforgettable views of the Superstition Mountains. Fantastic 1 acre lot. Modern light desert toned colors, this single level home has something for everyone! Three bedrooms plus open den. Extensive tiled flooring, 42'' cabinets with full height backsplashes, and more! Fully landscaped front yard, and fenced, leveled rear yard all included. waterfall kitchen island, the extremely popular Calacutta Maywood quartz counters, Samsung appliances including wall ovens. Baths have tiled showers surrounds with a custom design. Spectacular setting! Includes front yard landscaping, paver walks, courtyard and more!

630 N Star Court Apache Junction, AZ 85119

$949,900 - 4Br/4Ba -  for Sale in Arroyo Vista Estates, Apache Junction
Open House
$949,900
4 Beds
3.5 Baths
2,550 SqFt
Status Active
MLS # 6649910
Property Type Single Family Residence
Price Type --
JUST COMPLETED IN ARROYO VISTA ESTATES with spectacular unobstructed Superstition views! 4 Bedrooms, 3.5 baths. Flat, fully useable 1-acre lot facing the mountain with loads of backyard space. This is one of our last multi-Gen design homes available! Give your teen/parent or guests the ultimate in comfort and privacy by having them stay in their own 2-room suite, bedroom and sitting room with private full bath and kitchenette with private door to the courtyard and a sliding glass door to a private patio. 4-Car garage with insulated doors. Includes front yard landscaping. All Interior finishes and design have been pre-selected. Fully fenced backyard included, as is a beautiful front yard landscape package.

9946 W Blue Sky Drive Peoria, AZ 85383

$949,800
4 Beds
3.5 Baths
3,532 SqFt
Status Active
MLS # 6716468
Property Type Single Family Residence
Price Type --
Look no further! This stunning Northlands 4 bed/3.5ba dream home is picturesque! Excellent curb appeal, perfectly manicured landscape w/artificial turf, 3 car garage, paver driveway, and oversized RV gate are just the beginning. Enter to discover the spacious open floor plan, tall ceilings, upgraded light fixtures, and freshly painted neutral palette. No upgrade was spared, from the formal dining room w/elegant crown molding, to the custom built entertainment console in great room w/surround sound. The expansive gourmet kitchen boasts stainless steel appliances and large island. The oversized primary suite sits apart from two secondary bedrooms joined by a large sitting/teen area. A fourth bedroom & bathroom sit separate near the theatre/game room perfect for entertaining guests or family Enjoy a good night's sleep in the primary bedroom, boasting private outdoor access, a walk-in closet, and a full ensuite w/dual vanities & a garden tub. Don't forget about the sizeable bonus room w/soft carpet or the cozy den! Finally, the wonderful backyard includes a covered patio, extended seating area, a children's playhouse w/French doors, a refreshing hot tub, and a sparkling blue pool! The home of your dreams is here, act now!

10455 E Thornton Avenue Mesa, AZ 85212

$949,500
3 Beds
3.5 Baths
3,121 SqFt
Status Active
MLS # 6719956
Property Type Single Family Residence
Price Type --
**VOTED BEST HOME ON TOUR** Welcome to luxury living in The Estates at Eastmark! This exquisite home, with designer touches, sits on an expansive lot in a gated community. The gourmet kitchen is a chef's dream, featuring SS appliances, double ovens, gas range, oversized island with ample cabinetry, under cabinet lighting, TWO walk-in pantries & soft-close doors. The owner's suite is a sanctuary of relaxation with its expansive walk-in tiled shower & designer tub.Other bedrooms are split & both offer ensuites! Open floor-plan with a wall of glass opening to reveal the sparkling pool, extended travertine patio, putting green & chic lighting.The 3-car garage is a standout with its epoxy flooring, & built-in cabinets. The Estates includes private clubhouse, fitness center, POOL & fire pits!

15222 N 61st Place Scottsdale, AZ 85254

$949,500
4 Beds
2 Baths
2,211 SqFt
Status Active
MLS # 6731640
Property Type Single Family Residence
Price Type --
Best kept secret in the magic zip code of 85254.This move in ready home is situated on a little over a quarter of an acre on a quiet cul de sac minutes from Kierland and the Quarter. With 4 bedrooms and 2 baths this is the perfect family home. NO HOA!! The large backyard has a beautiful pebble tec pool with spa, TV and a large grassy area. This is the perfect entertaining backyard. Light and bright with plantation shutters in all rooms, new stainless appliances, 3 car garage, cozy fireplace, wood like tile, owned solar, remodeled baths, 2 remote controlled sun shades, newer AC units, new side gate, new indoor lighting and fans, mister system on patio, ceiling racks in garage, wired security system and new roof underlayment. Close to freeways, hosptals, schools, shopping and dining

15407 E Palisades Boulevard Fountain Hills, AZ 85268

$949,000
3 Beds
3 Baths
3,196 SqFt
Status Active
MLS # 6754256
Property Type Single Family Residence
Price Type --
Discover your dream home nestled in the picturesque town of Fountain Hills where design meets comfort with views from every room. Home is built of concrete block for energy efficiency, has over 3100 sq ft, with three bedrooms, all suites, providing a personal retreat for family members and guests alike, all in a separate wing!! Enjoy the convenience and privacy that these oversized suites offer. The home is situated on .42 acre lot so there is ample outdoor space with a pool, gardening area, fruit trees BBQ island with seating. Relax and unwind on the expansive 450 sq ft patio that offers stunning vistas of 4 peaks and views of the world famous fountain! The outdoor space is ideal for morning coffee, sunset cocktails, or simply soaking in the natural beauty of the space. The home is equipped with top-of-the-line products including high-end kitchen appliances that will delight any culinary enthusiast. The property was fitted with newer HVAC units in 2021, roofing that is 10 years old but cost close to $27,000 due to high end underlayment and workmanship (documents available upon request). Pella windows were installed to avoid the noise from Palisades and yet allow you to take in the mountain views from the front areas of the home. Enjoy pure, clean water with the Kinetico water treatment system that provides peace of mind and enhances your overall living experience. This residence is not just a home; it is a lifestyle choice that embodies great living in a serene environment. Fountain Hills is renowned for its breathtaking views , vibrant community, making it an ideal location for families and individuals alike. Whether you are looking to entertain guest, enjoy quality family time, or simply want to relax in your own private sanctuary, this property has it all. Don't miss the opportunity to own a piece of paradise in Fountain Hills. Your dream home awaits!

1 E Lexington Avenue Unit 908 Phoenix, AZ 85012

$949,000
3 Beds
3 Baths
1,973 SqFt
Status Active
MLS # 6674658
Property Type Apartment
Price Type --
Welcome to your oasis in the sky! This luxurious condo, nestled in the heart of a concierge building, offers a lifestyle of opulence and convenience. Boasting unparalleled views of the majestic North Mountain, twinkling city lights, and captivating sunsets, this residence is a true masterpiece. Step into a world of extravagance as you explore the amenities of this exclusive community. Relax and rejuvenate in the heated saltwater pool and spa, take your furry friend to the on-site dog park and utilize the convenient dog wash station. Stay fit in the high-end fitness center, entertain guests in the sophisticated lounge, or host gatherings in the well-appointed recreation room. Your new home includes the rare privilege of three assigned parking spaces, ensuring convenience and ease of access. Inside, experience the epitome of modern living with a remodeled chef's kitchen that will delight culinary enthusiasts. The LG ThinQ wash tower adds a touch of technological sophistication to your laundry routine, while the bamboo flooring exudes elegance and warmth. This property offers a truly carefree lifestyle, with the Homeowners Association (HOA) dues covering water, sewer, and trash services. Say goodbye to the hassle of utility bills and embrace the luxury of worry-free living. Don't miss the opportunity to make this stunning condo your sanctuary. Live where every detail reflects the epitome of refined living, where the views are breathtaking, and the amenities are unparalleled. Welcome home to a life of luxury, comfort, and serenity!

10509 E Fanfol Lane Scottsdale, AZ 85258

$949,000
3 Beds
3.5 Baths
2,187 SqFt
Status Active
MLS # 6711484
Property Type Single Family Residence
Price Type --
Step into the realm of refined elegance as you discover this meticulously renovated dual master suite abode nestled within the esteemed Scottsdale Ranch community. Crafted with meticulous care by an acclaimed award-winning designer, this residence exudes a blend of timeless charm and modern luxury across two distinct phases of renovation. Phase 1, initiated in 2017, was dedicated to enhancing accessibility and comfort with an ADA-compliant main level and master suite. Embrace the essence of sophistication with widened doorways, bespoke wheelchair-accessible vanities, and a luxurious roll-in shower complete with custom bench seating. From the gleaming new stainless appliances to the upgraded hardware and accents, no detail was overlooked in creating a space of unparalleled refinement. August 2021 marked the completion of Phase 2, a testament to elevated living with the complete remodeling of the upstairs master suite. Indulge in the epitome of indulgence with a newly designed master bath boasting a spacious walk-in shower and a custom dual vanity adorned with a makeup desk and designer backsplash. Beyond the primary suites lies a secondary ensuite bedroom, offering versatility and functionality ideal for a perfect multigenerational living. Throughout the residence, upgrades abound, from the durable luxury vinyl flooring reminiscent of plank tile to the resplendent new light fixtures and hardware adorning every room. Step outside through the great room or first-floor master suite to discover a private oasis beckoning with a tranquil patio and a sparkling pool featuring a soothing water feature amidst lush citrus trees. A charming paver path leads through the side yard, flanked by storage sheds and a gate to the front yard, completing this idyllic retreat. The two-car garage stands as a testament to organizational prowess, boasting extensive built-in cabinetry, an oversized work sink, and direct entry into the laundry room. Residents of the prestigious Suntree community are treated to a wealth of amenities, including an oversized heated pool, spa, and verdant play areas. The surrounding Scottsdale Ranch area offers additional delights, from picturesque parks and walking paths to access to Lake Serena for aquatic adventures. Experience the epitome of multigenerational living in a setting designed to accommodate a wide range of needs and desires. Whether welcoming additional family members or live-in help, the spacious upstairs master suite and versatile secondary bedroom offer endless possibilities for luxurious living in this distinguished locale.

28216 N 148th Street Scottsdale, AZ 85262

$949,000
4 Beds
2 Baths
2,610 SqFt
Status Active
MLS # 6684580
Property Type Single Family Residence
Price Type --
Welcome home! This one-of-a-kind cypress-wood home rests on a sprawling 1.74-acre North Scottsdale HORSE PROPERTY w/ picturesque mountain views. Amazing location with a rural feel yet the conveniences of city living. Double-gated entries with powered gates and gorgeous ironwork, exceptional equestrian amenities, and parking for all your toys, trailers, and RV. Horse facilities include 6 - 30'x15' covered horse stalls w/ water plumbed to each stall, a tack shed, an approx. 1/3rd acre riding arena w/ metal pole fencing, and a 60'x100' covered big-rig pull-thru w/ lighting. Addt'l highlights include 2 - 20'x30' covered concrete pads, a casita structure w/ stubbed water, an enclosed poultry shed, owned solar panels, 30 amp RV power, and a PRIVATE WELL. The residence features an open concept, dramatic floor-to-ceiling windows, and an abundance of natural light. Living space highlights include chicory wood floors, doors, and ceilings, and a stunning stone fireplace beautifully framed by a full wall of glass and plantation shutters. The kitchen showcases a sizable center island with butcher block counters and bar seating, stainless appliances, a farmhouse sink, granite counters over the remainder of the kitchen, and a stone backsplash. In addition to the kitchen and living space, the main floor hosts 2 bedrooms, an office, and a laundry room. Upstairs you'll find an en-suite bedroom with a spacious loft and dramatic overlook. This property is a RARE find! Embrace tranquility away from city noise. Enjoy morning coffee on your expansive front porch. Pamper your horses and give your dogs room to run. With no HOA restrictions, the sky's the limit for adding on and customizing the space to your heart's content.

1371 Tavasci Road Clarkdale, AZ 86324

$949,000
3 Beds
2.5 Baths
2,482 SqFt
Status Active
MLS # 6740737
Property Type Single Family Residence
Price Type --
Welcome to this amazing Clarkdale retreat. Custom built with all of the right features in the perfect places. Situated on 1.6 acres, the views are amazing. Located minutes from Jerome and Cottonwood which both offer fantastic wineries, locally owned restaurants and endless activities. The home has a gorgeous entry, open concept and split floorplan. The kitchen has stainless steel appliances, custom alder cabinets, double ovens, an oversized island and large pantry. The primary suite is oversized with a full en-suite and separate entrance tot he back patio. The other two bedrooms and bath are located opposite the primary bedroom. The flex room is not counted in the square footage as it was initially planned as the garage. The flex space or workshop is cooled/heated, has a separate entrance and measures 12 X25 for an additional 300 sq ft. This space can be utilized for just about anything. Even a rental possibility. This home is immaculate! You will love it here!

2617 S Jeffry Street Gilbert, AZ 85295

$949,000
4 Beds
4 Baths
3,348 SqFt
Status Active
MLS # 6746525
Property Type Single Family Residence
Price Type --
Beautiful, well appointed family home on a private lot in wonderful Cooley Station! Courtyard entrance. Great room perfect for large gatherings. Wood grain tile floors. 4 nice sized bedrooms with walk-in closets, and 4 bathrooms, plus a private den currently being used as an additional bedroom. Kitchen features include a huge granite island with lots of seating, a spacious walk-in pantry, and a versatile gas cooktop. Laundry room with cabinets and a sink. The fantastic back yard includes a heated PebbleTec pool and hot tub, surrounded by cool Limestone patio, pool deck, and pavers with easy-maintenaince turf. Home backs to the canal so no neighbors behind! Beautiful green space across the street, and many amenities in this community. Must see!

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