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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11407 N 78th Street Scottsdale, AZ 85260

$900,000
3 Beds
3.5 Baths
2,699 SqFt
Status Active
MLS # 6759966
Property Type Single Family Residence
Price Type --
Golf course home is ready for your vision to make it your own. Unique floor plan with 2 master suites, one upstairs and one downstairs in conjunction with an attached mother-in-law casita is perfect for anyone looking for a little extra guest space. The view of the golf course is one you will never tire of, and being a gated subdivision and on a cul-de-sac street gives you privacy. Scottsdale Country Club - Starfire Golf Club is a well established community with mature landscaping and is in the very heart of Scottsdale, on Shea Boulevard and Hayden Road. Surrounding the Arnold Palmer-designed Starfire public golf course are many different types of residential residences accented with pine and cottonwood trees, eucalyptus, lakes with fountains, and stunning views of the McDowell Mountains and the golf course. Minutes from shopping, schools, Rockies & Diamondback spring training fields, entertainment and the Loop 101, you won't find a more central location to call home in Scottsdale!

10015 W Jasmine Trail Peoria, AZ 85383

$900,000
4 Beds
2.5 Baths
3,057 SqFt
Status Active
MLS # 6750342
Property Type Single Family Residence
Price Type --
Welcome to Northlands in North Peoria, where the skies are bigger and the sunset glow fills the sky with radiant pink, yellow, orange and purple hues. Step out front every morning and view the beautiful Calderwood Butte, enjoy your mornings out on your private front courtyard, and with the trail head right down the street you'll get the full enjoyment of this very special home in a very special community. Meet the Cholla Model by Maracay Homes, with a spacious 3057 sq.ft. of interior living space, 4 BED + BONUS ROOM + 2.5 Baths and a 3 CAR Garage. Open concept main living area with a crisp neutral color pallet, warm tone wood laminate floors, can lighting, classic wood shutters with white trim and doors. Updated light fixtures with industrial-farmhouse style ceiling light/fans, stylish shiplap wall accents, along with a custom built-in entertainment center in the bonus room. Open concept gourmet kitchen features light tone granite countertops and island, wall-to-wall rich contrasting cabinets, classic travertine backsplash, clear pendant lighting, stainless steel appliance package with hood, and a walk-in pantry for all your storage needs. A cozy breakfast nook serves as the dining area. Step into your master suite with updated lighting and classic wood shutters. The master bath features double sinks, ceramic tile floors, a garden tub, tiled stand-up shower, separate toilet room, and a walk-in closet. 3 additional bedrooms, a bonus room, a powder room, and a full bathroom give you plenty of space, flexibility, or privacy within your home. Step outside, and take a deep breath, covered porch area, classic travertine pavers, a sparkling pool with water feature, and a side yard for additional storage. SOLAR will be paid off at closing. There truly is nothing to do except move in and live your absolute best life. Neighborhood mountain views and trails, close proximity to 303 freeway access, 10 minutes to TSMC, shopping, dining, entertainment, health care, and less than 20 min. away from beautiful Lake Pleasant Regional Park. A list of updates and floor-plan are available in the documents tab.

3101 E Acoma Drive Phoenix, AZ 85032

$900,000
4 Beds
2 Baths
2,230 SqFt
Status Active
MLS # 6687227
Property Type Single Family Residence
Price Type --
Designer's Dream Home with exquisite views! One-of-a-kind home on a 1/2 acre hillside lot with elevated mountain views and privacy. Chef's kitchen is a joy to cook in and entertain: Viking cooktop and commercial fan, birch island and cabinets, double-oven + double warming ovens, wine fridge, and more. Custom flooring is a mosaic of natural wood. Vaulted ceiling, tin panels and concrete accent walls add a rich texture to the open living spaces. Live freely with no HOA. Brand new roof and backyard turf allow easy care and maintenance. The home itself is a work of art, you have to experience it for yourself to see!

18403 W Porter Drive Goodyear, AZ 85338

$900,000
4 Beds
4 Baths
2,872 SqFt
Status Active
MLS # 6755983
Property Type Single Family Residence
Price Type --
Just moments from South Lake, this custom-built resort oasis defines luxury living! Enter through a grand paver driveway to discover travertine floors, and elegant stone accents throughout. The kitchen is a true centerpiece, featuring high-end cabinetry, a spacious island, a five-burner gas stove, and plenty of prep space—ideal for entertaining. Flowing into the great room, it's perfect for gatherings. The primary suite offers a private sitting area, and several bedrooms have en-suites for added privacy. Outside, enjoy a resort-style pool, a saltwater spa with a chiller, and a built-in BBQ. With a Tesla charger, paid-off solar, and a recent $960K appraisal, this home is a standout! Located in Estrella, enjoy 65+ miles of trails, parks, lakes, a water park, golfing and much more!

4467 E Kelly Court Gilbert, AZ 85298

$900,000
5 Beds
2.5 Baths
3,005 SqFt
Status Active
MLS # 6729443
Property Type Single Family Residence
Price Type --
Welcome to this stunning home with a new AC in 2022, paid off solar, and on an oversized lot in Seville! This well-thought-out layout boasts 5 bedrooms, 2.5 updated bathrooms, and updated flooring. You will love the entry living room highlighted by a curved staircase, soaring ceilings, and Norman shutters. The spacious great room seamlessly connects to a beautiful kitchen finished with granite countertops, a peninsula breakfast bar, a kitchen island, and a walk-in pantry. Upstairs, you'll find four well-maintained bedrooms and a convenient laundry room. The primary suite has a double door entry and a recently updated ensuite bathroom with a soaking tub, a tiled shower, dual sinks, and a large walk-in closet. Outside, the backyard is a true oasis, complete with two sheds, two pergolas, and the front driveway has a paver walkway leading to a large, paved pad behind the RV gate to the service door. The rest of the backyard is comfortable year-round boasting an expansive covered patio with two ceiling fans and built-in speakers, a refreshing pool recently resurfaced with pebble tec, and lush grass areas. Plus solar panels! This home is stunning, do not miss out! Seville offers its residents the opportunity to join a private golf and country club which has resort style pool, exercise facility, and a clubhouse.

7808 E Montebello Avenue Scottsdale, AZ 85250

$900,000
3 Beds
2.5 Baths
1,993 SqFt
Status Active Under Contract
MLS # 6726568
Property Type Townhouse
Price Type --
Experience the pinnacle of Scottsdale living nestled in the private Villa Antano community, minutes from Old Town Scottsdale, Scottsdale Quarter, and multiple major freeways. This single-level sanctuary features an expansive open floor plan with upgraded doors, windows, sophisticated quartz countertops, rich maple cabinetry, stainless steel appliances and a wine fridge. The interior layout is enhanced with sleek tile flooring, wood beamed ceilings, and stylish tile backsplash. The master suite and living area open to a large private patio enveloped by lush greenery, creating an ideal setting to enjoy Arizona's serene evenings. Additional amenities include window shutters, a dedicated laundry space, large closets and ample storage space. Located near a plethora of shops, restaurants -- golf courses, and parks, this home is a superb choice for those seeking a tranquil yet vibrant Scottsdale lifestyle.

5 Sycamore Road Sedona, AZ 86336

$900,000 - 2Br/2Ba -  for Sale in Doodlebug Resub, Sedona
New
$900,000
2 Beds
2 Baths
1,652 SqFt
Status Active
MLS # 6763584
Property Type Single Family Residence
Price Type --
You'll absolutely adore this rare and serene Oak Creek Island, an extraordinary destination. Discover Doodlebug Island in the heart of Sedona, where stunning Red Rock scenery and the calming flow of Oak Creek create a perfect backdrop from the patio of this property. This cottage will make your perfect getaway escape or even primary residence! Features 2 bedrooms, 2 bathrooms, plus a generously sized loft! The kitchen is totally open to living and set up for entertaining, wood floors, wood wrapped windows and more. Once outside you'll be impressed with the large patio overlooking Oak Creek and the calming sound of the flowing water. This place is a must see!

2703 N Sterling -- Mesa, AZ 85207

$900,000
5 Beds
3.5 Baths
3,310 SqFt
Status Active
MLS # 6739036
Property Type Single Family Residence
Price Type --
360 DEGREE VIEWS! MOUNTAIN, CITY LIGHTS, SUNSET & SUNRISE VIEWS! Come see this gorgeous home on a quiet cul-de-sac in the master planned golf course community of Las Sendas. Pride of ownership. 5 bedroom 3.5 baths. Beautiful entry, open concept floor plan. Classic kitchen, granite countertops, SS appliances opens to family room w/ gas FP & informal dining area all overlooking a stunning back yard. 1st floor Flex room showcases 14 ft ceilings & private exit. Perfect in-law space, office or game room with wine bar & walk-in closet. Private owners suite offers mountain views w/ access to decks stunning views. Upgraded primary bath includes quartz vanities, custom cabinetry, a super sized walk-in shower & a Lg walk-in custom closet system. Three other lg bedrooms, oversized loft, walk in & beautifully remodeled bath. Backyard is a perfect entertaining backyard. Extended covered patio, pool, spa (privacy shade)and lush landscaping. Stairway to a viewdeck off the owners suite which extends around for sunset & city light views. 3 car garage w/ epoxy flooring. Las Sendas offers excelling schools, clubhouse, heated pools, spas, tennis, pickleball, fitness center, parks & many social events. Close to dining, shopping & freeways. Quick access for hiking, lakes & Tonto National Forest. Las Sendas Golf Course offers challenging golf with stunning views. Fine dining restaurant and an event center.

5921 E Ocupado Drive Cave Creek, AZ 85331

$900,000
3 Beds
2 Baths
2,168 SqFt
Status Active
MLS # 6714192
Property Type Single Family Residence
Price Type --
Impeccably maintained and thoughtfully upgraded, every detail of this home has been crafted with care and precision.Welcome to your dream home in the highly sought-after gated community of Lone Mountain in Cave Creek, Arizona! Nestled on an oversized cul-de-sac lot, this stunning south-facing residence offers unparalleled privacy, bordering a Natural Area Open Space (NAOS) with no neighbor to the east. Step inside this elegant 3-bedroom, 2-bathroom split floor plan home and discover a haven of comfort and style. The spacious living areas provide ample room for the entire family to enjoy. The home boasts a paid-off solar system, electric retractable awnings, and expansive patios, perfect for embracing Arizona's beautiful weather. The oversized lot offers plenty of space for gardening or play, creating a wonderful environment for children and grandchildren alike. The backyard retreat is an entertainer's delight, featuring a gazebo, built-in BBQ, and synthetic grass for low-maintenance enjoyment. Imagine savoring breathtaking sunrises and sunsets in this tranquil oasis. The heart of the home is the extended kitchen, designed for both functionality and beauty. With beautiful Alderwood cabinets, a breakfast bar island, granite countertops, and new smart appliances, this kitchen is a chef's dream. Throughout the home, you'll find spacious rooms adorned with wood and tile flooring, complemented by crown moldings. The laundry room is a model of efficiency, complete with plenty of storage, a folding counter, and a built-in ironing board. Custom-designed closets add a touch of luxury, and the master bedroom features a built-in vanity for your convenience. The home's artwork is showcased with an integrated electric system, controlled by a dimmer switch, adding a sophisticated ambiance. Additional highlights of this remarkable home include a large fireplace with an elegant mantle, an extended-size garage, and both casual and formal dining areas. Every window is fitted with plantation shutters, providing both style and privacy. Don't miss this rare opportunity to own a piece of paradise in Lone Mountain. Enjoy a private tour today and experience the exquisite lifestyle that awaits you in this exceptional home.

22632 E Camacho Road Queen Creek, AZ 85142

$900,000
6 Beds
4.5 Baths
5,144 SqFt
Status Active
MLS # 6660361
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the gated community of Spur Cross. This 6-bedroom, 5-bathroom residence was constructed in 2020 and offers a spacious and bright living environment spanning a generous 5,144 square feet. Downstairs is an open-concept floor plan that seamlessly connects the living, dining, and kitchen areas. The kitchen features stainless steel appliances, quartz countertops, & an oversized island with waterfall edge, great for entertaining. On the main level, you'll find a full ensuite bedroom and bathroom, providing privacy and convenience for guests or family members who prefer ground-level living. The first level also has an extra living space for a den or office. Upstairs are four more bedrooms and three full baths plus an additional den/office. Laundry rooms can be.. ... found on both levels for added convenience. Don't forget there is a 3 car garage and fully landscaped backyard with easy to maintain turf. The lot is just over a quarter acre! Enjoy the built in BBQ and firepit with friends and family. Spur Cross offers a community pool and sport courts/parks. Close to shopping, schools, and amenities!

14219 E Dove Valley Road Scottsdale, AZ 85262

$900,000
4 Beds
3 Baths
3,112 SqFt
Status Active Under Contract
MLS # 6730561
Property Type Single Family Residence
Price Type --
Exquisite Luxury Living with Unrivaled Views Welcome to this exceptional, nearly new residence that is proudly Energy Star Certified. Nestled in an exclusive enclave, this home offers an unparalleled lifestyle experience with breathtaking 180-degree panoramic views of Four Peaks, Weavers Needle, and the majestic McDowell Mountains. Step into the heart of this architectural masterpiece and be captivated by the open Great Room floor plan, designed for both elegant entertaining and serene relaxation. The stunning chef's kitchen is a culinary dream, featuring a custom cabinet-front Wolf six-burner stove with a striking stone surround, a top-of-the-line Fisher & Paykel dishwasher, and a luxurious porcelain farmhouse sink. ((MORE)) The custom media wall with a modern fireplace creates a warm and inviting ambiance, seamlessly complemented by the expansive 4-panel sliding glass door that opens to the outdoor oasis. Here, you'll find a vast 800-square-foot covered back patio, perfect for al fresco dining or simply taking in the awe-inspiring views. Retreat to the indulgent master suite, where high-end finishes and a spa-like bath offer a sanctuary of relaxation. The suite boasts soaring 10-foot flat ceilings adorned with elegant wood beams, solid wood interior doors throughout, and a striking high-end custom iron front door that makes a grand statement. Enjoy year-round luxury with the heated pool and spa, designed for ultimate comfort and leisure. This home epitomizes sophistication and modern luxury, offering a lifestyle that is truly extraordinary. Don't miss the opportunity to make this unparalleled residence your own. Features: Age: 3 years old Energy Star Certified 180-Degree Views: Four Peaks, Weavers Needle, McDowell Mountains Great Room Floor Plan Chef's Kitchen: Custom Cabinet-Front Fridge & Freezer, Wolf Six-Burner Stove with Stone Surround, Fisher & Paykel Dishwasher, Porcelain Farmhouse Sink Custom Media Wall with Fireplace 4-Panel Sliding Glass Door Master Suite: Expansive with Spa-Like Bath Ceilings: 10 ft with Wood Beams Covered Back Patio: 800 Sq Ft Interior Doors: Solid Wood Front Door: High-End Custom Iron Outdoor Amenities: Heated Pool & Spa

17780 N 66th Lane Glendale, AZ 85308

$900,000
4 Beds
3 Baths
2,494 SqFt
Status Active
MLS # 6615012
Property Type Single Family Residence
Price Type --
BACK ON THE MARKET! Welcome to this stunning and meticulously maintained 4BD, 3BA home. This property exudes charm and elegance, offering a perfect blend of modern features and timeless appeal and no HOA. The living area boasts high ceilings, creating an airy and inviting atmosphere. One of the focal points of the home is the gorgeous kitchen, which has been thoughtfully designed with both style and functionality in mind featuring beautiful granite countertops and ample cabinet space. The center island provides additional workspace and a breakfast bar, perfect for casual dining or entertaining guests. Another highlight of this home is the temperature controlled, detached garage, offering additional storage space or the opportunity to create a workshop or studio. The home offers 4 generously sized bedrooms, providing plenty of space for a growing family or accommodating guests. The master suite is a true retreat, complete with a fireplace and a luxurious ensuite bathroom featuring a large shower, dual sinks and the walk-in closet provides ample storage space for all your belongings. Step outside to the beautifully landscaped backyard, where you'll find a covered patio, a ramada perfect for outdoor dining or simply enjoying the Arizona weather and an inviting pool for the warmer days of the summer! The low-maintenance front and back yards ensure you can spend more time relaxing and less time on upkeep. Located in a sought-after Glendale neighborhood, this home is conveniently situated near shopping centers, restaurants, parks, and schools. With easy access to major highways, commuting to downtown Phoenix or other parts of the valley is a breeze. Don't miss out on the opportunity to own this gorgeous home. Schedule a showing today and experience the beauty and comfort this property has to offer!

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