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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21701 E Via De Arboles -- Queen Creek, AZ 85142

$919,900

4 Beds

3.5 Baths

3,199 SqFt

Status Active

MLS # 6759308

Property Type Single Family Residence

Price Type --

Immaculate Modern Home with High-End Features and Private Oasis! Built in 2020, this luxurious 1-story home offers 3,199 sq. ft. of modern living on a 12,724 sq. ft. lot. The open layout features 4 bedrooms, a bonus room, a den, 3.5 baths, 9+ ft ceilings, and two master suites. The main master boasts a spa-like bath with a soaking tub, shower, and walk-in closet. Enjoy a private courtyard, custom iron gate, and backyard oasis with a heated saltwater pool and spa, all controlled via smartphone. Upgrades include smart home tech, a 3-car garage, pavers extended driveway, and a gourmet kitchen featuring SS appliances, an oversized island, and quartz countertops. Near top-rated schools and attractions, like the Olive Mill and Schnepf Farms! Don't miss out!

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8207 E Whitton Avenue Scottsdale, AZ 85251

$919,500

3 Beds

2.5 Baths

2,032 SqFt

Status Active

MLS # 6750033

Property Type Single Family Residence

Price Type --

Welcome to this charming newly remodeled home! This cozy abode boasts a new HVAC system, pipes/plumbing, and roof, ensuring worry-free living. Inside, you'll find two master suites for ultimate comfort and convenience. A home security system, outdoor security cameras, and fire sprinklers offer peace of mind. Enjoy modern amenities like stainless steel appliances, an electric fireplace, and water softener system. The home also features new landscaping, a ruff house play system playground, and quartz countertops throughout. Entertainment is a breeze with a home theater/audio system and Control 4 system. Plus, shutters throughout add a touch of elegance. Don't miss out on this gem, located conveniently near the freeway, shopping, and dining!

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127 E Sabrosa Drive New River, AZ 85087

$919,000

4 Beds

3 Baths

3,496 SqFt

Status Active

MLS # 6760472

Property Type Single Family Residence

Price Type --

Discover luxury living in this stunning custom-built single-story home, offering 4 bedrooms, 3 bathrooms, and a spacious 3,496 square feet of meticulously designed living space. Nestled on a serene, fenced lot with breathtaking views of the Circle and Daisy Mountains, this property offers both tranquility and elegance. Step inside to find high-end finishes, including gleaming granite countertops and exquisite travertine tile flooring in the main living areas. The open kitchen is a chef's dream, featuring a large breakfast bar, stainless steel appliances, and a stylish tiled backsplash. The living areas boast 10+ foot ceilings, creating an airy and inviting atmosphere. The primary bedroom is a private retreat with direct access to the expansive backyard, where you can unwind in the... the luxurious ensuite bath, complete with granite countertops, a separate tub, and a walk-in snail shower. The secondary bedrooms are equally impressive, with plush carpeting and a convenient Jack-and-Jill bathroom. Outside, you'll find a huge, fenced backyard with endless possibilities to create the outdoor space of your dreams. A covered patio offers the perfect spot for al fresco dining or simply enjoying the stunning mountain views. Additional features include a 3-car garage, RV gate, and plenty of space for all your outdoor needs. This custom home truly has it allstyle, space, and spectacular views!

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9455 E Voltaire Drive Scottsdale, AZ 85260

Open House

$917,000

3 Beds

2 Baths

2,253 SqFt

Status Active

MLS # 6762120

Property Type Single Family Residence

Price Type --

Absolutely stunning home in Casa Privada on spacious, beautifully landscaped lot featuring sparkling PebbleTec pool & putting green! Ideal Scottsdale location close to fantastic dining, shopping, & entertainment. Nearby McDowell Mtns offer endless recreation. Home has owned solar system for dramatic energy savings, open feel w/ vaulted ceilings & lots of natural light, plus beautiful white oak hardwood flooring. Spacious living & dining area, ideal space to relax & entertain. Gorgeous eat-in kitchen, custom lighting, gleaming SS appliances, quartz counters, huge island w/ bkfst bar, beautiful backsplash. Large luxurious primary suite, elegant primary bathroom, dual sinks, quartz, separate tub & shower, huge walk-in closet. Peaceful, relaxing backyard, large covered patio, refreshing pool. Large, comfortable family room with beautiful tiled gas fireplace has easy access to the spacious back patio. Secondary bedrooms both very light and spacious. Beautifully appointed second bathroom with rich granite counter. Large laundry room complete with high quality washer & dryer. Spacious three car garage helps with all of your storage needs. HVAC replaced in 2017, and all new roof in 2015. This is truly a gorgeous home in a beautiful subdivision that is not to be missed.

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5650 E Ocupado Drive Cave Creek, AZ 85331

$915,000

3 Beds

2 Baths

2,182 SqFt

Status Active

MLS # 6756005

Property Type Single Family Residence

Price Type --

Beautiful and well appointed home in quiet Lone Mountain subdivision. Convenient to the towns of Cave Creek & Carefree and about 20 minutes to the 101, 51 & I-17. Three bedrooms, 2 baths, all appliances included. Well equiped kitchen with gas cooktop, kitchen island, granite countertops and plenty of cabinets. Kitchen open to living room for the perfect social setting. Don't miss the crown molding which continues into the master bedroom and bath. Dining room is currently used as an office. Guest bedrooms are the perfect size and guest bath has matching granite and double sinks. The rear, full length, covered patio speaks for itself with a beautiful pool backing to nature. The best part of this is the assumable VA loan at 2.25%

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10550 E Sanger Avenue Mesa, AZ 85212

$915,000

4 Beds

3 Baths

3,282 SqFt

Status Active

MLS # 6744097

Property Type Single Family Residence

Price Type --

Welcome to luxury living in the heart of the desirable Eastmark community in Mesa! Located on the highly sought after Sanger Ave, this stunning executive home spans 3,282 square feet and offers a blend of sophistication and modern design. Featuring four spacious bedrooms, a den, dedicated office space, and three well appointed bathrooms, this residence is perfect for both relaxing and entertaining. Beautiful curb appeal complimented by a pavered driveway/walkway and a custom gate that leads you to a private courtyard entry. As you step inside, you'll be greeted by an expansive floor plan with 10 foot ceilings that seamlessly integrates the greatroom, dining, and kitchen areas. At the heart of the home is the luxurious kitchen, featuring upgraded raised panel cabinets, granite countertops, tile backsplash, stainless appliances, an oversized island with shelving on both sides, and butler's pantry with ample storage. The large primary suite is a private sanctuary located at the back of the home, complete with an ensuite bathroom featuring a custom barn door, split vanities, soaking tub, large tiled shower, and walk-in closet. Outside, you'll find a covered patio, artificial turf, and built-in fire pit & conversation area, perfect for enjoying Arizona's weather. The three-car garage with epoxy floors and built-in cabinets provides plenty of storage and parking space, making this home as practical as it is beautiful. Other bonuses include 12x24 tile, neutral paint, upgraded lighting, and coffered ceilings in the entry/dining/primary bedroom. This home offers access to incredible amenities including numerous parks and playgrounds, walking trails, a community pool, splash pads, skate park, state of the art clubhouse, and ample community events, all within a vibrant and welcoming neighborhood. With easy access to shopping, dining, entertainment, and major highways, this home offers the perfect location to easily travel anywhere you want to go. Don't miss out on your chance to own this exceptional property!

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3974 E Coconino Place Chandler, AZ 85249

New

$915,000

5 Beds

3.5 Baths

3,073 SqFt

Status Active

MLS # 6763369

Property Type Single Family Residence

Price Type --

Enjoy relaxing and entertaining in this backyard paradise, located in the charming Old Stone Ranch lake community! Owners recently put in beautiful travertine pavers, a huge outdoor kitchen with grills, a smoker, refrigerator & tons of seating. Add a sparkling salt water pool with waterfall, spa, pavers, palm trees & just enough grass to play - and it's everything you ever wanted! This gorgeous single story home has space galore with 5 bedrooms, 3.5 bathrooms & a 3-car tandem garage. Gourmet, open concept kitchen with granite, gas cooking, walk-in pantry and built-in refrigerator. Primary suite whispers serenity with expansive windows, his & hers vanities, two walk-in closets with built-ins. Huge secondary split bedroom has ensuite bathroom, perfect for mother-in-law quarters, studio, teen hangout --so many options! Old Stone Ranch lake community has tree-lined streets, walking paths, fountains, lakes, gorgeous parks, tons of green space and top-rated Ryan Elementary School and the new high school, Arizona College Prep. This one's a Must See!

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2097 W University Avenue Flagstaff, AZ 86001

$915,000

5 Beds

3 Baths

2,365 SqFt

Status Active

MLS # 6737745

Property Type Single Family Residence

Price Type --

Stunning Boulder Pointe Home - Recently Updated! Nestled among beautiful trees, this home is perfect for a growing family. The primary bedroom is conveniently located downstairs, with three additional bedrooms and a versatile bonus room upstairs that can serve as an extra bedroom or a game room for the kids. This comfortable, move-in ready home features luxury vinyl flooring along with many more enhancements. The open family room boasts a lovely fireplace, perfect for cozying up on snowy winter nights. Enjoy the warm summer days in the expansive backyard as the Aspen, Pine, Spruce, Maple, and various fruit trees bring shade. The property features a 10x12 storage shed for extra storage and a side yard spacious enough for a small camper or boat.

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6574 S Crestview Drive Gilbert, AZ 85298

$915,000

5 Beds

3 Baths

3,379 SqFt

Status Active

MLS # 6743701

Property Type Single Family Residence

Price Type --

PRICED $25,000 BELOW RECENT APPRAISED VALUE!! Discover Seville, where neighbors are friends and every day feels like a celebration! This home is perfect for family living. Kids have their own upstairs family room, while parents relax downstairs. The pool and lanai are ideal for gatherings and parties. At the holidays, the full moon shines through the turret, creating a magical touch. Someone can watch their favorite ball games downstairs, while someone enjoys a quiet book in the living room. Easy-to-maintain yard, which means more time for fun and less spent on yard work—or savings if you hire a gardener! And let's not forget the kitchen and laundry—so much storage with sliding shelves. Plus, a wine rack, glassware storage, and even a beer dispenser make this home an entertainer's dream!

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1800 Ranchito Drive Lake Havasu City, AZ 86404

$915,000

4 Beds

3 Baths

2,641 SqFt

Status Active

MLS # 6754307

Property Type Single Family Residence

Price Type --

You will fall in love as you are driving home towards the most stunning panoramic Lake views. Situated on a spacious corner lot, this property features two expansive living rooms. The large open kitchen features granite countertops, a true walk-in pantry, and bar seating area for up to 8, plus a casual dining space. The second living room includes a built-in wet bar with a refrigerator and specialty ice machine. Step outside to find the perfect pool and spa that can be heated or chilled for year-round enjoyment. Oversized master suite, which includes a five-piece bathroom with dual sinks and a large jetted tub. Two additional guest bedrooms feature walk-in closets for added convenience. 60' RV garage offers dual RV dumps and 50-amp hookups.

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32778 N 132nd Lane Peoria, AZ 85383

$915,000

3 Beds

3.5 Baths

2,840 SqFt

Status Active

MLS # 6663036

Property Type Single Family Residence

Price Type --

odern bright home with 3 large ensuite bedrooms, 3.5 baths plus a study and 4-car garage offers both beauty & energy-efficiency. Enjoy Saturday morning breakfast or Friday night entertaining in this beautiful gourmet kitchen complete with stainless GE appliances, a modern tile backsplash, an oversized island, classic white and gray shaker cabinets, accent lighting, an abundance of storage and huge walk-in pantry. With 10' flat ceilings, 8' doors & large, picturesque windows, this open plan is nothing short of perfection. Owner's retreat with spa-like bath featuring quartz tops, huge walk-in tiled super shower and oversized walk-in closet. Two tone paint, 8''x 32'' plank tile flooring and upgraded carpet throughout. Quality 2 x 6 construction & extensive new home warranty.

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6525 N 83rd Street Scottsdale, AZ 85250

Open House

$915,000

4 Beds

2 Baths

1,678 SqFt

Status Active

MLS # 6759388

Property Type Single Family Residence

Price Type --

This modern gem, with no rental restrictions and a proven track record of income generation, is a fully furnished, turn-key contemporary 4-bedroom, 2-bath home on an oversized lot in the desirable Park Scottsdale community. With no HOA fees, this stunning property is not only a comfortable living space but also an attractive investment opportunity. Entering through a custom glass front door, you're welcomed by a light-filled great room and dining area that flows seamlessly into a remodeled kitchen featuring white shaker cabinetry, stainless steel appliances, a gas range, quartz countertops with designer tile backsplash, and bar seating perfect for casual gatherings. Wood tile flooring throughout the main living areas enhances the modern ambiance. The split floor plan ensures privacy, with the owner's suite situated on the upper level, offering a serene retreat in this prime investment property. An additional bedroom on this level includes a dry bar and beverage refrigerator, while the other bedrooms and baths showcase designer finishes. A spacious laundry room adds convenience. Step outside to the backyard oasis, where a generously covered patio, outdoor kitchen with a built-in BBQ and fridge, easy-care synthetic turf, sparkling heated pool, canopy area for shade, and built-in firepit set the stage for evening gatherings. Additional features include a newer HVAC system installed in 2018, remodeled kitchen and baths from the same year, and a gas tankless water heater. Ideally located near Old Town Scottsdale and Fashion Square Mall, this home offers an exceptional lifestyle with access to upscale dining, premier shopping, and entertainment just moments away.

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