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 99^th 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.

What‘s 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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4422 N 75th Street Unit 3001 Scottsdale, AZ 85251

$925,000

2 Beds

2 Baths

1,269 SqFt

Status Active

MLS # 6649781

Property Type Apartment

Price Type --

Stunning 3rd floor CORNER unit at the highly sought after ENVY Residences! This is a great PRIMARY residence or INVESTMENT property! It is the epitome of luxurious, modern living in the HEART of Old Town Scottsdale with countless restaurants and shops right at your front door. This beautiful 2bed / 2bath unit has floor to ceiling windows overlooking the city and mountains, automatic shades throughout, an expansive 224 sq. ft. private patio with a gas hook up for outdoor BBQ, gorgeous finishes, split floor plan, and 2 large underground parking spots. ENVY boasts state of the art amenities to include a 4000 sq ft Fitness Facility, Pool Area w/ Heated Infinity Pool/Spa and 200'' TV, glamorous Black Label Lounge, 24 hr concierge/security and so much more. This is a MUST SEE, and wont last lon

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38 Avenida De Las Naciones -- Rio Rico, AZ 85648

$925,000

3 Beds

3 Baths

3,202 SqFt

Status Active

MLS # 6741845

Property Type Single Family Residence

Price Type --

if you are searching for your dream house look no further. This 7.56 acre custom built home consists of over 3200 sq ft,including 3 bedrooms snd 2.5 baths. The kitchen features a breakfast nook, dining area and granite counter tops which connect to the great room in a spacious open floor plan 12 ft ceilings in the great room and a wall of windows makes it more expansive.This stunning home also features an office, sitting room, as well as a serene inner court room. Breathtaking panoramic mountain views, waterfall pool, jacuzzi and fire pit makes this residence the epitome of luxury. In addition to this expansive layout a 3 car garage. This house comes with 2 workshops over 1500 sq ft of bonus space whatever your interests may be.

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27440 N Alma School Parkway Unit 116 Scottsdale, AZ 85262

$925,000

3 Beds

3 Baths

2,917 SqFt

Status Active

MLS # 6751482

Property Type Townhouse

Price Type --

Full time Villa available in a perfect resort lifestyle residence club. Your villa comes impeccably furnished and finished with premium appliances by Wolf and Subzero, private pool, gas fireplaces, fully outfitted kitchen and state of the art electronics. The clubhouse staff includes full concierge service, gourmet chef, wine cellar, barman, and more to make each of your stays hassle free and exactly how you want it.

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19134 E Cloud Road Queen Creek, AZ 85142

$925,000

4 Beds

2.5 Baths

2,113 SqFt

Status Active

MLS # 6752415

Property Type Single Family Residence

Price Type --

Stunning Single-Level Home on Flood-Irrigated Horse Property in Queen Creek's Ranchos Jardines Discover an exceptional opportunity to own a beautiful single-level home nestled on over an acre of prime, flood-irrigated horse property in the heart of Maricopa County. Located in the desirable Ranchos Jardines community in Queen Creek, Arizona, this 4-bedroom, 2-bathroom residence offers a thoughtfully designed split floor plan, a spacious great room, and a convenient 2-car garage. As you step into the backyard, you'll be captivated by the expansive outdoor living space. One of the largest covered patios you'll ever see invites you to relax and entertain in style. Just beyond this impressive patio, a cozy sitting area with a fire pit creates the perfect ambiance for evening gatherings. To the west of this outdoor oasis, you'll find a vegetable garden that would make even Martha Stewart envious. This meticulously maintained garden is the perfect spot to grow your own fresh produce. Adjacent to the garden, a sparkling swimming pool beckons, providing year-round enjoyment in Arizona's sunny climate. The property is adorned with mature shade trees, offering a serene and private atmosphere. A relatively new $20,000 fence lines the eastern border, ensuring both security and aesthetics. One of the standout features of this property is the 20x40 storage shed/RV garage. This versatile space is fully equipped with electricity, making it ideal for parking an RV, storing equipment, or creating a workshop tailored to your needs. Located in the peaceful Ranchos Jardines neighborhood, you'll enjoy the tranquility of country living while still being close to all the amenities that Queen Creek has to offer. This is more than just a home; it's a lifestyle. Don't miss out on this unique opportunity to own a piece of Arizona's horse country.

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7507 E Milton Drive Scottsdale, AZ 85266

$925,000

3 Beds

2 Baths

2,310 SqFt

Status Active Under Contract

MLS # 6756749

Property Type Single Family Residence

Price Type --

Welcome to your dream desert oasis! This charming 3-bedroom, 2-bath home is nestled on a stunning desert landscaped lot, offering tranquility and natural beauty at every turn. Enjoy your morning coffee on one of the multiple patios, surrounded by vibrant native plants. Inside, relax by the cozy fireplace under rustic exposed beams, and savor the warmth of southwestern-styled finishes throughout. This home blends comfort and character, creating the perfect sanctuary for those who appreciate the beauty of desert living.

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3357 E Gold Dust Avenue Phoenix, AZ 85028

$925,000

3 Beds

2 Baths

1,752 SqFt

Status Active

MLS # 6760001

Property Type Single Family Residence

Price Type --

Front courtyard with tons of space and a fountain, 4 car garage (1000 square feet), resort style backyard with outdoor kitchen, bocce ball, fireplace, pool, hot tub and mezzanine deck for panoramic views and low maintenance front and backyard landscaping. Inside the home there are tile and wood floors. You will enjoy the large entry foyer/reading/flex space, spacious living room and dining room, and a recently remodeled kitchen with stainless steel appliances that include an under-counter microwave, a 6 burner with griddle and a double gas oven, huge fridge and freezer and custom cabinets and a granite countertops. Plantation shutters and discrete blackout pleated shades on every window. Large master suite with walk in closet and recently remodeled master bath. Guest room has a built in Murphy bed that will convey with the house. Large laundry that can double as additional storage, butlers panty or mudroom. Ceiling fans in almost every room. HVAC (heat pump inverter system) was replaced in summer of 2024. Paid for solar. Paid for water purification system. Silicone rood was replaced about 7 years ago. Wonderful views in a quiet neighborhood and conveniently located less than one mile to 51.

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7660 E Golden Eagle Circle Gold Canyon, AZ 85118

$925,000

3 Beds

3 Baths

2,382 SqFt

Status Active

MLS # 6716941

Property Type Single Family Residence

Price Type --

This lock & leave villa in premier Superstition Mountain Golf & Country Club is tastefully remodeled & requires no yard work. You can spend your time lounging or playing! Located in a coveted Golden Eagle location, it's like an oasis in the desert. It backs to the park with babbling stream and Superstition Mountain views. Casita has 1 bed/1bath, separate entrance. Rare two car driveway! Smart home capabilities allows you to manage your home with ease from wherever you are. 24/7 guard gated community. Two newer HVACS, Water Heater, Kitchen Appliances. Amenities included with private club membership. 36 holes of Jack Nicklaus golf, pool, pickleball, tennis, bocce, fitness center. 30 miles to Sky Harbor, 20 miles to Mesa Gateway, 9 miles to retail & dining, 5 miles to hiking trails.

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1 Easy Street Unit 25 Carefree, AZ 85377

$925,000

3 Beds

3.5 Baths

2,283 SqFt

Status Active

MLS # 6757312

Property Type Townhouse

Price Type --

Amazing, Contemporary Townhome that is walkable to everything Carefree. Finished in late 2023, this home has exquisite finishes, not to mention spectacular views of Black Mountain. 2 primary suites, one on MAIN FLOOR. Porcelain plank flooring, Quartz Counters with Waterfall Island, Built-In Bosch stainless appliances, tankless gas water heater and backlit mirrors create a fresh interior finish. Tongue & Groove Cedar ceiling treatments and 14' Vault at upper-level display thoughtful structural design.

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32099 N 73rd Place Scottsdale, AZ 85266

$925,000

2 Beds

2.5 Baths

2,246 SqFt

Status Active

MLS # 6748855

Property Type Townhouse

Price Type --

Move-in ready home in the prestigious gated community of Solstice at Sevano. Spanning 2,246 square feet, this residence offers 2 bedrooms, 2.5 bathrooms, and a versatile bonus room, perfect for a home office, den, or overflow guest space. The home is situated on a prime lot, backing to Natural Open Space and the Whisper Rock Golf Course, providing a serene backdrop for the private backyard. The backyard is low maintenance, featuring an oversized covered patio, a fire pit, and a built-in BBQ, all overlooking the picturesque desert and golf course views. As you enter through the gated courtyard, you are greeted by the charm of Santa Barbara/Tuscan-inspired architecture. The circular foyer leads to the great room floor plan, including a formal dining area and an inviting family room with a cozy gas fireplace. The interior features soaring ceilings, travertine, and hardwood flooring, all beautifully accented by plantation shutters. The kitchen is a chef's dream, complete with granite countertops, a spacious island, double ovens, breakfast bar seating, and a quaint breakfast nook. The primary suite offers a luxurious tiled walk-in shower, double sinks, and extensive closet space, with direct access to the backyard. The guest suite is equally well-appointed also with an ensuite bath. The two car garage has direct entry into the laundry room with additional cabinetry. A powder bath is available for visiting guests. Whether you're entertaining guests or enjoying a peaceful evening at home, this property provides the perfect blend of luxury and tranquility. Residents of Solstice at Sevano enjoy a range of amenities, including a pool, spa, and biking/walking paths, with the upcoming Ashler Hills Park adding even more recreational opportunities. This home is conveniently located near shopping, dining, and cultural attractions, making it perfect for both full-time residents and those seeking a seasonal retreat.

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28042 N 45th Street Cave Creek, AZ 85331

$925,000

4 Beds

3.5 Baths

3,489 SqFt

Status Active Under Contract

MLS # 6752295

Property Type Single Family Residence

Price Type --

Welcome to luxury living in the gated community of Diamond Creek! This home is truly a rare find with its luxurious upgrades, prime location with mountain views & impeccable maintenance. This beautiful 4 bed, 3.5 bath home boasts cathedral ceilings, gleaming wood and travertine floors that shows pride of ownership. Enjoy a gourmet kitchen with top of the line stainless steel appliances with a six burner gas range/griddle, double ovens and custom cabinetry. All the bathrooms have been upgraded with custom cabinetry, beautiful stone/tile work and vessel sinks. Step outside to relaxing waterfalls, pebble-tec pool and tranquil spa, enveloped by the lush foliage of mature trees that offer the ultimate privacy. Entertaining guests is easy with a built-in BBQ, multiple seating area, turf putting green. Even the garage is upgraded boasting epoxy flooring and custom cabinets. Majestic mountain views on a premium corner lot with open space behind the home all with easy access to golf, hiking, biking, restaurants and A+ schools. Welcome home to Diamond Creek Community!

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13642 N 58th Place Scottsdale, AZ 85254

$925,000

4 Beds

2 Baths

2,447 SqFt

Status Active Under Contract

MLS # 6749615

Property Type Single Family Residence

Price Type --

FORECLOSURE OPPORTUNITY in the Magic ZIP code of 85254, with a Scottsdale address, but Phoenix taxes. Recently remodeled, this split floor-plan home has amazing finishes including wood-beams that adorn the vaulted wood ceilings. The kitchen has gorgeous quartz counters, stainless steel appliances, a waterfall counter island, backsplash, & slow-close cabinets & drawers. Both bathrooms have custom tile work in the walk-in oversized shower, double illuminated LED fog-less vanity mirrors in both bathrooms, & upgraded matching quartz counters & upgraded cabinetry. The owner's suite also has double walk-in closets & a freestanding bathtub. Located on an oversized corner lot with an RV gate, plus a refreshing diving pool & low maintenance yard. This home is priced to sell!

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8725 E Rancho Vista Drive Scottsdale, AZ 85251

$925,000

4 Beds

3 Baths

2,020 SqFt

Status Active Under Contract

MLS # 6736798

Property Type Single Family Residence

Price Type --

Rarely does a home like this become available. This fully remodeled mid-century modern gem combines elegance with simplicity. Enjoy a beautiful kitchen with granite countertops, tile backsplash, stainless steel appliances, a breakfast bar, and a gas range. Additional features include a tankless water heater, spacious master bath with dual shower heads, a large walk-in closet, a second master bedroom, a den/office, RV parking, and a two-car garage. The low-maintenance backyard has desert landscaping, a covered patio, and a stunning ramada overlooking a sparkling pool. Conveniently located near Old Town Scottsdale, the 101 freeway, and Sky Harbor Airport. This is the epitome of a turnkey home!

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