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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21905 N San Ramon Drive Sun City West, AZ 85375

$900,000

3 Beds

2.5 Baths

3,027 SqFt

Status Active Under Contract

MLS # 6727122

Property Type Single Family Residence

Price Type --

Here is the Granada you have been waiting for! This Corte Belle beauty is situated on an oversized lot with privacy and an unmatched '' forever view''! This beautiful home features an inviting foyer that leads to a sophistacated split floor plan with numerous numerous living options. The feeling of quality and luxurious comfort is immediately experienced. A beautiful dining room and living room set the stage for entertainment. The kitchen is a chef's delight, offering double ovens, granite counters, large center island, plus roomy eat-in area with a magnificent view. The convenient butler's pantry makes entertaining easy, with generous cabinetry and counter space. The kitchen and the family room feature picture windows that offer stunning views of the backyard, golf course and mountain views. The primary suite is an unparalleled retreat, with a room-size walk-in closet and a luxurious bath, featuring a large, walk-in shower, a soaking tub, and very generous storage! The home also includes two additional bedrooms connected by a shared bath, plus a den/flex room to serve your specific lifestyle. Whether relaxing or entertaining, the gorgeous view down the first fairway to the mountains and the lush, impeccably maintained landscaping in the resort-style backyard, is the perfect backdrop for the pool, spa, barbeque, and al fresco dining. Considering the recent updates, such as new exterior paint, a freshly coated driveway, and a refresh of the interior, this home is ready for you to enjoy the Corte Bella lifestyle including the restaurants, fitness center, day spa, tennis, pickleball, bocce ball, various social activities, planned excursions, and of course golf!

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30711 N 162nd Street Scottsdale, AZ 85262

$900,000

4 Beds

3 Baths

2,990 SqFt

Status Active

MLS # 6659399

Property Type Single Family Residence

Price Type --

Horse Property ! Over TWO acres ( 2.5 ) of desert views! 360 degree view from rooftop deck including views of Weaver's Needle! Huge garage and workshop area and all kinds of storage ! Freshly painted and refurbished.

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17429 E Via Del Oro -- Fountain Hills, AZ 85268

$900,000

3 Beds

2 Baths

1,750 SqFt

Status Active

MLS # 6730951

Property Type Single Family Residence

Price Type --

Welcome to Puerto Del Lago nestled at the end of a serene cul de sac, this home offers luxurious living with modern amenities and impeccable design. The kitchen features brand-new custom cabinetry, stainless steel appliances, quartz countertops and spacious island perfect for entertaining. The bathrooms have been transformed with elegant fixtures, modern vanities, custom tile work, and frameless glass shower enclosures, providing a spa-like experience in the comfort of your home. The living areas have new flooring throughout, stylish trim, and fresh paint, creating a cohesive and inviting atmosphere. Outside has large covered patio, built in BBQ and endless views of the serene desert. Neighborhood has community pool and is a short distance to the famous Fountain Hills fountain A stunning fireplace wall has been added to the living room, creating a cozy focal point that enhances the ambiance of the space. The spacious bedrooms offer ample closet space and natural light, ensuring comfort and tranquility. Additional upgrades include new doors, light fixtures and HVAC system, ensuring comfort and energy efficiency. The home is conveniently situated near top-rated schools, shopping, dining, and recreational activities, offering the best of Fountain Hills living in a home that feels brand new.

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7199 W Pinnacle Vista Drive Peoria, AZ 85383

$900,000

5 Beds

4.5 Baths

3,508 SqFt

Status Active

MLS # 6740193

Property Type Single Family Residence

Price Type --

Be the proud owner of this Amazing 5 bedroom 4.5 bathroom property! Be greeted by the lovely curb appeal showcasing a 3 car garage, paver driveway, & manicured landscape. Soaring ceilings, wood flooring, barn doors, & an open floor plan are some of the features you will find inside. The charming foyer opens to the sizable great room w/plenty of windows & accent wall. Formal dining room. The eat-in kitchen is equipped w/marble backsplash, granite counters, modern light fixtures, dark hardwood cabinets w/crown moldings, high shelves, SS appliances, a wine cooler, a walk-in pantry, & a prep island w/breakfast bar. Spacious loft ideal for a play area. The main bedroom provides a mature palette, soft carpet, & an ensuite w/dual sinks, shower w/drying area, & a large walk-in closet... Enjoy memorable gatherings in the wonderful backyard & make the most of its cozy covered patio, paver pathways, basketball court, & inviting water fountain. This value Won't disappoint!

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7631.. Baldwin Lane Taylor, AZ 85939

$900,000

4 Beds

3.5 Baths

3,038 SqFt

Status Active

MLS # 6706945

Property Type Single Family Residence

Price Type --

Beautiful secluded 4 acre property, private well, gorgeous grounds at the end of the street. Unobstructed sunsets to the west (20 acre parcel w/ creek to the west). Further privacy provided by acreage to the south, the rock mountain (horse turn out /fenced) (This offering to be split at time of purchase from the 8 acre parcel) (additional 4 acre property available to purchase) Custom great room floorplan with flagstone wood burning fireplace - all large rooms, 4 bedrooms, office, oversize bonus room. Master bedroom & bonus room have separate patio exits. Dining & office w/ french doors, 3.5 baths, great room, separate dining room, gourmet kitchen, granite counter/tops w/ pegasus black sink, custom cabinets, mud room w/ full shower & sink, large laundry, pantry. Lovely covered outside flagstone bar area with small frig & sink. Separate ''salon room'' with plumbing & separate entrance. Oversized garage, tons of storage, tool room. Circle front and rear drive, RV / trailer parking. 12x14 greenhouse, 20x30 fenced garden, 2 apple, 2 cherry, peach plumb & pear trees, dog runs w/ shelter in pump house, 10x12 storage shed. New roof in 2021. Horse pens & turn out (up the mountain). (additional 4 acres to the east avail to purchase for $250K)

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2151 E Aquarius Place Chandler, AZ 85249

$900,000

4 Beds

2.5 Baths

2,846 SqFt

Status Active

MLS # 6711997

Property Type Single Family Residence

Price Type --

BACK ON MARKET AFTER BUYER FINANCING FELL THROUGH!! Discover upscale living in Windermere Ranch with this exceptional 2019 single-story home that offers the finest touches throughout! Enter from your private courtyard into the open-concept great room & kitchen where 10' ceilings, large windows & abundant natural light come together to create a spacious atmosphere. The chef's kitchen is a masterpiece, featuring high-end stainless-steel appliances, granite countertops, an expansive island, and a custom backsplash. The primary suite features double vanities, separate tile shower & tub, and a generous walk-in closet. Elegant wood-look ceramic tile adds durability and style. With all these premium upgrades, this home is competitively priced and ready for you!

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3925 Gold Ridge Road Wickenburg, AZ 85390

$900,000

3 Beds

3.5 Baths

2,670 SqFt

Status Active

MLS # 6715991

Property Type Single Family Residence

Price Type --

REDUCED $50K!! ASSUMABLE LOW INTEREST VA LOAN, 2.75% to any qualified buyer. Shea's most sought after Latigo floor plan, no waiting! This is a designer home so the upgrades are endless. This home features a sliding wall of glass, soft neutral color palette, beautiful wood look tile floors throughout, carpet in BD. Master suite is filled with natural light, opulent bath with oversized tub, separate shower, His & Her's walk-in closets. Den/office is perfect workspace for your home office. Guest will love the Casita with full coffee counter, walk-in closet, full bath. Back patio is a dream w/ gorgeous 3 spout water feature(see private remarks), pull down shades, fire pit, fully fenced too! Oversized 3+ car garage, epoxy floor. SOLAR TOO! Assumable low 2.75% loan + over $225K in upgrades.

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3419 N 63rd Place Scottsdale, AZ 85251

$900,000

4 Beds

2 Baths

1,856 SqFt

Status Active Under Contract

MLS # 6712274

Property Type Single Family Residence

Price Type --

This Home is a RARE find with NO HOA, ALL FURNISHINGS & in a PRIME location between Old Town Scottsdale & Arcadia. It offers stunning views of Camelback Mountain. The house features an open concept with modern upgrades throughout. The gourmet kitchen boasts Italian cabinetry, stainless steel appliance package, a custom kitchen island with granite countertops, and a spacious 5-burner gas cooktop with a convenient pot filler. The bedroom/office has French doors that provide direct access to the backyard. The bathrooms have been elegantly upgraded, with the master bathroom featuring an oversized tile surround shower. The backyard is an entertainers delight with covered patio, pool and fire pit. Let's not forget that you'll be within walking distance to Fashion Square and Old Town. This is also a prime location for a short term rental. Furnishings are available as well! Call for details!

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6628 N 2nd Avenue Phoenix, AZ 85013

$900,000

4 Beds

3 Baths

2,629 SqFt

Status Active

MLS # 6718555

Property Type Single Family Residence

Price Type --

Come see this beautiful upgraded home in a great Phoenix location! Offering a 2 car garage w/paver driveway and an easy-care landscape w/synthetic turf & mature trees. Discover a formal living room w/plantation shutters, new lighting fixtures & ceiling fans, fresh neutral paint, and wood like tile floors t/out. The refinished kitchen has new SS appliances, quartz counters, a walk-in pantry, and white shaker cabinets. You'll love the main bedroom boasting a sitting room or office w/built-in desks, French doors to the back, and an updated ensuite w/dual sinks & walk-in closet. Other two large bedrooms also enjoy sitting rooms, walkin closets, and a Jack & Jill bathroom w/dual sinks! Out the back, you have a covered patio w/pergola extension and enough room for entertaini

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580 Choctaw -- Flagstaff, AZ 86005

$900,000

4 Beds

2.5 Baths

2,760 SqFt

Status Active

MLS # 6680113

Property Type Single Family Residence

Price Type --

Incredible home located 10 miles South of Flagstaff in the Mountainaire subdivision in the Ponderosa Pines. Situated on 1/3-acre lot surrounded by mature pines this property has plenty of room for RV & boat parking. The large covered deck is a wonderful place to enjoy those summer monsoon storms. Upon entering you will find a sweeping staircase and on your right is the perfect size room for a office or study. The LVP flooring can be found throughout the main level. The kitchen has upgraded appliances, butcher block island and hickory cabinets. Upstairs the spacious primary bedroom has a bonus room that could be a hobby room, workout area or a grand primary closet. Square footage could be easily increased by finishing out the 3rd level for an amazing game room or additional bedrooms.

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7296 S Lancaster Street Gilbert, AZ 85298

Open House

$900,000

5 Beds

3.5 Baths

3,957 SqFt

Status Active

MLS # 6762273

Property Type Single Family Residence

Price Type --

Your dream home is finally here! Discover this amazing residence nestled in the Adora Trails Community. A harmonious open layout showcasing a designer color palette, beautiful tile flooring, modern fireplace, & multi-sliders merging the indoor with the outdoor living. The stunning chef's kitchen is a cook's delight, offering white cabinetry w/crown moulding, granite counters, double wall oven, SS appliances, huge pantry, a chic mosaic backsplash, & a large island equipped with a breakfast bar. The lower master retreat boasts a private bathroom with dual sinks & a walk-in closet. LUTRON Ra3 Lighting control system. Laundry upstairs & down! Enjoy hosting fun get-togethers in the wonderful backyard, featuring a covered patio, HEATED & CHILLED pool, & a cozy ramada!

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14025 N 11th Place Phoenix, AZ 85022

Open House

$900,000

4 Beds

3 Baths

2,329 SqFt

Status Active

MLS # 6679677

Property Type Single Family Residence

Price Type --

Million Dollar Gorgeous Contemporary Modern Property For $900K, Includes All Furnishings. Additional, Lender 1% Rate Buy Down. See Docs Tap. Indulge in mountain-framed serenity at this stunning property boasting a modern 2,351 sqft open floor plan. With 4 bedrooms, including 2 custom master suites, and 3 baths with custom tiling, luxury awaits at every turn. Oversized garage, RV gate, and unique stained concrete flooring that add practical elegance. The custom kitchen with quartz countertops and ss appliances beckons culinary adventures. Enjoy seamless indoor/outdoor living via the 4-panel patio slider leading to the covered patio and spacious backyard on a .30 acre lot, perfect for entertaining and future poolside gatherings. Experience unparalleled beauty amidst neighboring new builds, making this the epitome of modern mountain living. Wonderful school system and elementary across the street. All buyers Dolphin Pools offering cost plus with, buyer. The discount would be in the 8-10% . Temporary 1-0 buydown offered by preferred lender for qualified buyers. Scholars Academy is the local charter school that is well sought after and minutes away from the property. Only 15 minutes away from the newly reimagined PV Mall features an expansive central park and community gathering place situated amongst a mecca of dining, entertainment, and retail experiences. Phase one will be host to a 400-unit multi-family luxury development, AVE Paradise Valley, Whole Foods Market, and best-in-class restaurants and retail. Also close to central Phoenix and north Scottsdale to continue your entertainment, dinning, and shopping exerperience for you and the whole family.

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