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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10309 E Cinnabar Avenue Scottsdale, AZ 85258

$940,000
3 Beds
2.5 Baths
1,937 SqFt
Status Active Under Contract
MLS # 6725244
Property Type Single Family Residence
Price Type --
NEW FLOORING THROUGHOUT! NEW FRIDGE, DISHWASHER, RANGE & MICROWAVE, NEW COUNTERTOPS IN KITCHEN AND BATHROOMS, NEW KITCHEN SINK & LIGHT FIXTURES! Welcome to this unmatched lakefront condo with casita in the distinguished 55+ community of Heritage Village IV. This stunning single-level property boasts a large primary suite with dual patio access, a second bedroom with a half bathroom perfectly suited for a prestigious office, and a third bedroom/guest suite in the detached casita. Tucked away in a quiet cul-de-sac, this home features a private patio with serene lake views, lush orange trees and a nearby water feature adding a peaceful ambiance to your outdoor experience. The community amenities include two heated pools, tennis courts, golf, and much more. This is an extremely rare opportunity to experience resort-style living in one of Scottsdale's most sought-after locations!

102 E Eugie Avenue Phoenix, AZ 85022

$940,000 - 4Br/2Ba -  for Sale in Cresta Del Oro 2, Phoenix
New
$940,000
4 Beds
2 Baths
2,053 SqFt
Status Active
MLS # 6759847
Property Type Single Family Residence
Price Type --
OUTDOOR LIVING PARADISE! Resort style backyard with over $200,000 put into the backyard in 2022. Completely remodeled home in the desirable Moon Valley area. Corner lot with mountain views. Open floor plan with remodeled kitchen, bathrooms, flooring, and lighting. Perfectly manicured inside & out! The private backyard is ready for entertaining with new pool, sunken patio with TV, fireplace, refrigerator and grill. Additional gas fireplace for entertaining into the night. New putting green. New A/C units, newer hot water heater. Leased Solar. Great location close to restaurants, shopping, golf, and parks. Easy freeway access to the 51 and I17. Don't miss out on this one!

40912 N Club Pointe Drive Anthem, AZ 85086

$940,000
4 Beds
3.5 Baths
3,304 SqFt
Status Active
MLS # 6754511
Property Type Single Family Residence
Price Type --
Welcome Home! There is so much to appreciate about this spectacular HOME in Anthem Golf & Country Club. Elegant stone flooring throughout adds charm and appeal. The kitchen features granite counters, backsplash, pendant lighting, breakfast bar, butler's pantry, stainless steel appliances & gas stove. Open family room with fireplace is perfect for relaxing or entertaining. Separate office for a quite place to work . Spacious owner's suite is a retreat with a slider to the outdoors, double sinks, walk-in shower, and a huge walk-in closet. The updated en-suite bathroom is a luxurious touch. Step outside onto the extended stone patio and enjoy view of Daisy Mountain and beautiful sunsets. Situated next to a desert wash and backs to the golf course. Low maintenance landscaping in a tranquil setting. Don't miss this opportunity to make this place HOME! Experience Exceptional living in Anthem Country Club featuring two of everything; Clubhouses with dining, championship golf courses, fitness centers, tennis facilities, swimming pools and pickleball courts.

2915 E Constance Way Phoenix, AZ 85042

$940,000
5 Beds
4.5 Baths
3,404 SqFt
Status Active
MLS # 6741678
Property Type Single Family Residence
Price Type --
Look no further! This fantastic 5 bed, 4.5baths Plus office residence now on the market is the one for you! Featuring a beautiful facade w/brick veneer accents, a manicured landscape, 3 garage spaces, paver driveway, and an RV gate! Inside you will find a spacious living area and formal dining room w/tile flooring, graceful archways, neutral palette throughout, plantation shutters, and elegant light fixtures. The gorgeous kitchen is equipped w/everything the aspiring chef needs, ample cabinetry w/crown moulding, a walk-in pantry, quartz counters, mosaic tile backsplash, stainless steel appliances, an island w/a breakfast bar, and a breakfast nook. End your busy day in the primary bedroom, boasting soft carpet, a walk-in closet, and a full ensuite w/dual vanities. Double doors open up to a cozy den, ideal for an office or reading nook. Also including a lovely backyard w/a covered patio and artificial turf, this home is simply a dream come true! Act now before it's gone!

29323 N 155th Avenue Surprise, AZ 85387

$940,000
4 Beds
3.5 Baths
3,198 SqFt
Status Active
MLS # 6735781
Property Type Single Family Residence
Price Type --
This stunning 1-acre property has everything you have ever dreamed of! Offering a 3-car garage, RV gate & parking, and a welcoming front porch. Generous sized open layout showcases wood-look tile flooring, pre-wired surround sound, media niche, and wide sliding glass doors that open to the back patio. Gorgeous kitchen is a chef's delight, equipped with stainless steel appliances such as a double wall oven & range hood, quartz counters, recessed & pendant lighting, a walk-in pantry, mosaic tile backsplash, ample white cabinets with crown molding, and a prep island with a breakfast bar. Owner's retreat boasts an elegant ensuite with dual sinks, make-up desk, garden tub, designer tile shower, and a walk-in closet. PLUS! One Jack & Jill bathroom! Oversized backyard won't disappoint. A covered patio, fire pit, paver seating area, built-in BBQ area, and a separate workshop/storage shed complete the picture. Separate Concrete pad for Pickleball, RV, or guest house. This gem is perfect for you!

8082 E Via Del Valle -- Scottsdale, AZ 85258

$940,000
2 Beds
2 Baths
1,922 SqFt
Status Active
MLS # 6747546
Property Type Townhouse
Price Type --
Impeccable condition. Pride of Ownership. Quality materials & craftsmanship. This is a phenomenal home with good energy & masterful attention to detail. With raised ceilings, new electrical, plumbing, water heater, water softener, a new roof, new garage door & opener along with all smooth walls, baseboards & trim, this home is ready for move in. Fav features: custom cut limestone flooring, large island, everbew coffee maker, wet bar, bar fridge, 6 skylights, dual master suites & a den. Kitchen & bar have new soft close cabinets. Both bathrooms have thermostatic controls with multiple shower heads, dual sinks & a skylight. Back bedroom has a deep soaking tub. There are no interior steps & the walk-in laundry room has a storage closet. AC unit is Trane & biannually serviced. Come see it!

1931 W Bartlett Court Chandler, AZ 85248

$940,000
4 Beds
3 Baths
3,533 SqFt
Status Active
MLS # 6737368
Property Type Single Family Residence
Price Type --
Step inside this stunning 4-bed, 3-bath home nestled within the prestigious gated community of Ocotillo Lakes. As you enter, you're greeted by the grandeur of tall ceilings in the spacious front living room, featuring a cozy fireplace that sets the tone for comfort and elegance. The gourmet kitchen includes upgraded cabinets, a built-in KitchenAid refrigerator/freezer, matching appliances, and a walk-in pantry. The master suite offers a walk-in closet, separate bathroom vanities, a large sit-in tub, and a walk-in closet, separate bathroom vanities, a large sit-in tub, and a walk-in shower. The backyard is an entertainer's dream with a large pool, hot tub, spacious patio, balcony, water features, and a lush grass area. This home is perfect for relaxation and enjoyment.

7302 N Via De La Montana -- Scottsdale, AZ 85258

$939,999
3 Beds
2 Baths
2,293 SqFt
Status Active
MLS # 6740164
Property Type Townhouse
Price Type --
Welcome to your Mid-Century, dream residence in the coveted Scottsdale Sands community by renowned builder E.T. Wright! This exquisitely remodeled townhome offers a seamless blend of modern luxury and comfort, perfectly positioned on a prime corner lot. Bathed in natural light and directly opposite the community's year-round heated pool, this home promises an unparalleled living experience. Features include: Spacious Backyard - Revel in your private oasis featuring a travertine patio and professional landscaping by Moon Valley, completed in 2022. Ideal for entertaining or enjoying serene moments of relaxation. Modern Upgrades New Rooftop HVAC System: Installed in 2021, ensuring optimal climate control and comfort. Energy-Efficient Tankless Water Heater: Providing endless hot water on demand. Elegant Stone Tile Wall: Adding a touch of sophistication to the living area. Luxurious Master Suite: Extra-Large Master Bathroom: Boasting custom-designed closets with ample shelving and hanging space, catering to all your storage needs. Community Amenities: Heated Community Pool: Perfect for year-round swimming. RV Lot: Offering convenient storage for recreational vehicles. Private Community Back Gate: Direct access to Salt River Fields, enhancing your outdoor experiences. Prime Location: Enjoy the ease of walkable and bike-friendly paths. Close proximity to an array of restaurants, shopping options including Walgreens, and fitness facilities like LA Fitness. Golf enthusiasts will appreciate the nearby world-class golf courses. Shop till you drop at the renowned Fashion Square Mall, just a short drive away. Sands Scottsdale features elegant, modern-inspired townhomes by E.T. Wright. Known for their prime location and timeless architecture, none compare to this sophisticated renovation in terms of beauty and sublime spaces! This exceptional townhome presents a rare opportunity to indulge in modern amenities, thoughtful design, and an unbeatable location. Don't miss your chance to own a piece of paradise in Scottsdale Sands.

19679 E Estrella Road Queen Creek, AZ 85142

$939,995
4 Beds
3 Baths
2,890 SqFt
Status Active
MLS # 6731757
Property Type Single Family Residence
Price Type --
The ranch-style Julia plan greets guests with a charming covered front porch. Once inside, an extended entry leads to an expansive gourmet kitchen with a center extended island, large walk-in pantry, breakfast nook and great room for entertaining. You'll also appreciate the flex room and a formal dining room with adjacent covered courtyard off to the side of the home. This plan offers three additional bedrooms and two guest baths. This beautiful home features many upgrades including the multi-slide doors in the great room,10' ceilings, tile in all traffic areas and more!

8738 N 9th Avenue Phoenix, AZ 85021

$939,900
4 Beds
2 Baths
2,295 SqFt
Status Active
MLS # 6692502
Property Type Single Family Residence
Price Type --
Wonderful opportunity to own a home, with casita, in Royal Palms neighborhood! This stunning 4-bedroom, 2-bathroom residence is 2,295 square feet of living space, offering both elegance and functionality. You don't want to miss the additional 462 sf casita featuring a large spacious room with a wall of bookshelves, cabinetry with a sink, and a full bath! Whether you envision it as a guest house, mother-in-law suite, art studio, or workout room, this casita offers endless potential to suit your lifestyle. In the main home, enter through the custom rod iron doors into the large formal living and dining room. Inside you will find beautiful plank style flooring, neutral paint, updated baseboards, and carpet in each bedroom. Plantation shutters adorn every window, adding a touch of elegance to the inviting atmosphere. Each bathroom showcases beautiful tile work, adding a touch of luxury to your daily routine. The heart of this home is undoubtedly the gourmet kitchen, with small eating area and open to the family room. Equipped with top-of-the-line appliances including a Sub-Zero refrigerator and Wolf gas range, granite countertops, painted cabinets, and an island, this kitchen is sure to inspire your inner chef. Adjacent to the kitchen, a spacious laundry room offers additional pantry cabinets for all your storage needs. Retreat to the large primary suite, complete with a beautifully appointed primary bath and a generous walk-in closet. You will also find 3 additional generous sized bedrooms, 2 overlooking the beautiful backyard. French doors, from the kitchen/family room, lead into the backyard to discover a tranquil oasis awaiting your enjoyment. A lush grass yard surrounds the property, complemented by an outdoor fireplace, built-in BBQ, small refrigerator, heated spa, and a covered patio. Whether you're unwinding after a long day or entertaining guests, this outdoor space is sure to impress. Complete with a 2-car garage and situated in the prestigious Royal Palms neighborhood, this home offers the perfect blend of luxury, comfort, and convenience.

21430 W Meadowbrook Avenue Buckeye, AZ 85396

$939,756
5 Beds
3.5 Baths
3,728 SqFt
Status Active
MLS # 6731691
Property Type Single Family Residence
Price Type --
This stunning new construction home in the gated Highlands at Verrado offers everything you've been dreaming of, including a luxurious OWNER'S SUITE ON THE MAIN FLOOR! Experience the perfect blend of elegance and comfort with sophisticated two-tone paint, a tankless water heater, and beautiful quartz countertops throughout. Soaring 12' ceilings in the kitchen, great room, and primary bedroom create an open, airy feel, while a 16' wall of windows provides breathtaking views of the White Tank Mountains. Boasting 5 spacious bedrooms, 3.5 bathrooms, and an expansive upstairs loft, this residence is designed to cater to a variety of lifestyles. Nestled in the highly sought-after Verrado neighborhood, it offers both style and functionality. Plus, enjoy peace of mind with a 10-year warranty.

3211 S Hawthorn Court Gold Canyon, AZ 85118

$939,750 - 3Br/3Ba -  for Sale in Club Villas At Superstition Foothills, Gold Canyon
Open House
$939,750
3 Beds
3 Baths
2,615 SqFt
Status Active
MLS # 6011080
Property Type Single Family Residence
Price Type --
$100,000 GOLF INITIATION FEE INCLUDED WITH SALE - Welcome to the ultimate dream home located in the prestigious and exclusive guard-gated community at the base of the awe-inspiring Superstition Mountains. Get ready to live in unparalleled luxury and be surrounded by privacy, serenity, and breathtaking views. This stunning 3 bed, 3 bath home boasts an open concept design, perfect for entertaining and creating timeless memories. The spacious kitchen is a chef's dream, complete with quartz countertops, top-of-the-line Kitchen Aid appliances (including a gourmet refrigerator), and upgraded soft-close Mediterranean white cabinets and drawers. The great room, dining area, and kitchen flow seamlessly together, creating a harmonious living space. The split floor plan offers privacy, with the master suite located on one side of the home and the additional bedrooms on the other. The attention to detail is evident throughout, with 5 baseboards and vaulted ceilings adorned with hollow core beams. Curl up in front of the fireplace on those cooler nights, creating a cozy and inviting atmosphere. The master bath is a true retreat, featuring a master grand shower and a free-standing tub, perfect for unwinding after a long day. Step outside and experience the ultimate outdoor living. This home boasts two patios, one off the main living area and another off the master bedroom. The main patio is perfect for gathering, with a gas drop for a BBQ and plenty of space for outdoor furniture. The patio and backyard feature travertine pavers, creating a luxurious and elegant outdoor space. The backyard is beautifully landscaped with synthetic grass, providing a low-maintenance oasis for relaxation and enjoyment. With the included $100,000 golf initiation fee, you will gain access to an exclusive world of leisure right at your fingertips. This remarkable membership grants you the privilege to enjoy not just one, but two extraordinary, championship-level golf courses designed by the legendary Nicklaus himself. Alongside these prestigious fairways, you will discover a glistening outdoor pool and hot tub, a state-of-the-art fitness center, and an endless array of exciting events for you and your esteemed neighbors throughout the year. Imagine yourself perfecting your swing on the meticulously manicured greens, followed by a refreshing plunge into the community pool, and then ending the day in bliss at the private clubhouse restaurant or sophisticated cocktail lounge with your closest friends.

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