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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15809 E Cholla Drive Fountain Hills, AZ 85268

$899,000

4 Beds

3 Baths

2,415 SqFt

Status Active

MLS # 6756084

Property Type Single Family Residence

Price Type --

Wow-Wow-Wow This is not some quick flip! Check out the curated updates, the updated and upgraded feel of a loving and cared for home! Custom features are a must see! Fountain, Parks, Downtown, Luxury, Mountains, Hiking, Adventure await! Pool is ready for the days, Veranda is perfect for those night time sunsets.

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11698 E Cortez Drive Scottsdale, AZ 85259

$899,000

2 Beds

2.5 Baths

1,834 SqFt

Status Active Under Contract

MLS # 6681098

Property Type Single Family Residence

Price Type --

GORGEOUS MOUNTAIN VIEWS! This adorable Villa has it all! Beautiful golf course and mountain views, private sparkling blue pool with water feature, hot tub, all in the heart of Scottsdale. Double Primary bedroom suites with full bathrooms, an office/den area that could easily be converted to a third bedroom. Soaring ceilings with multiple large window adorn this large open floor plan with natural light throughout the day with excellent sun exposure. Don't miss this opportunity as the Villas are a rare gem. Extra cabinet space and good sized garage. Very close to shopping, dining, West World, Spring Training, Mayo and all the amazing community amenities you could want! Tiered memberships available for community facility usage.

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9837 W Lariat Lane Peoria, AZ 85383

$899,000

4 Beds

2.5 Baths

3,199 SqFt

Status Active

MLS # 6728829

Property Type Single Family Residence

Price Type --

Welcome to your dream home, a luxurious sanctuary nestled on a premium view lot in the prestigious gated community of Stonebridge Ranch, located in the highly desirable 85383 Peoria neighborhood. From the moment you enter the private courtyard through the elegant iron gate, you'll be captivated by the charm and sophistication of this residence. This popular split floor plan features 4 spacious bedrooms, a versatile den, and 2.5 beautifully appointed bathrooms. Designed for modern living, the home boasts energy-efficient prepaid solar, ensuring sustainable and cost-effective living. Step inside to find a freshly painted interior and many upgrades throughout, including coffered ceilings in the main entryways, living areas, and the owner's suite. The gourmet kitchen is a chef's delight, equipped with gas cooktop, under-cabinet lighting and a stunning 12-foot slider door that seamlessly connects indoor and outdoor living spaces. The resort-like backyard is an entertainer's paradise, featuring a built-in fireplace, meticulously landscaped yard, and two separate pergolas complete with a barbecue and bar area. At the heart of this outdoor oasis is a gorgeous heated swimming pool with a unique glass finish, offering breathtaking desert mountain views and access to the most beautiful sunsets you have ever seen. For your peace of mind, this home has been thoroughly inspected with all repairs completed, and a home warranty is offered. Accessibility is a key feature, with handicapped accessible doorways and a roll-in shower, ensuring comfort for all residents and guests. Conveniently located near shopping centers, nationally recognized schools, and just 10 minutes from Lake Pleasant, this home offers an unparalleled lifestyle. This home has it all and so much more. Don't miss the opportunity to make it yours

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10171 E Clinton Street Scottsdale, AZ 85260

$899,000

4 Beds

2.5 Baths

2,576 SqFt

Status Active

MLS # 6742583

Property Type Single Family Residence

Price Type --

Step inside this recently upgraded home in one of the most sought after neighborhoods in Scottsdale. Featuring 4 bedrooms and 2.5 bathrooms, with NO HOA fees! Enjoy a private, spacious backyard complete with a fenced pool, covered patio, grassy area, and a balcony overlooking the space. The property includes a 3-car garage and additional parking for 3 more vehicles in the driveway. Recent updates include Italian porcelain flooring, new baseboards, renovated bathrooms, ceiling fans, a new dishwasher, and a new AC unit. Conveniently located near excellent schools, bike and walking paths leading to a nearby lake and community park, and abundant hiking trails. Easy access to the 101 freeway, with dining, shopping, and entertainment just minutes away.

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5217 W Creedance Boulevard Glendale, AZ 85310

$899,000

4 Beds

2.5 Baths

2,958 SqFt

Status Active

MLS # 6689467

Property Type Single Family Residence

Price Type --

Explore the boundless possibilities of this spacious 4-bedroom, 2.5-bath home, ideally situated on a vast lot in Glendale with no HOA. Featuring extensive grounds suitable for horses and ample RV parking, this property is a blank canvas ready for your vision. It includes a huge 888 sq ft detached garage and a 1,111 sq ft attached garage, with potential to convert into additional living spaces or even a casita. Consider the opportunity to subdivide the lot for dual home development. Perfect for a visionary looking to revitalize and capitalize on its immense potential.

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6644 E Oak Street Scottsdale, AZ 85257

$899,000

3 Beds

3 Baths

2,020 SqFt

Status Active

MLS # 6750681

Property Type Single Family Residence

Price Type --

This charming remodeled Scottsdale single-family home is 2,020 square feet with 3 bedroom and 3 bathrooms. The property offers an open kitchen, a split floorplan and a fireplace. The master bedroom has been added on and boasts a walk-in closet and his/her sinks. The property sits on an oversized 8,511 square foot lot with a swimming pool and a two car garage with plenty of storage. This home checks all of the boxes.

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2801 W Windsong Drive Phoenix, AZ 85045

$899,000

5 Beds

4.5 Baths

3,731 SqFt

Status Active

MLS # 6737926

Property Type Single Family Residence

Price Type --

Highly desirable Ahwatukee Foothills Home. Open Desert behind this oversized lot with a Diving pool, Waterfall, Built in BBQ and bar, Gas firepit surrounded by a travertine patio. RV Gate. First floor ensuite bedroom, den with built in desks. Huge kitchen island, gas cooktop, wall ovens with large family room. Upstairs is a large master suite with private balcony over looking the serene desert, plus a separate sitting room perfect for quiet time reading a book or baby room. 2 bedrooms with Jack and Jill bathroom. 3rd bedroom and bath plus a Large bonus room with pool table and built in shelving. Proposed park project for the Foothills Reserve in 2024. Amenities may include; Pickle Ball court, splash pad, Covered Playground, Outdoor fitness area, 1/2 College BB Court, Swing Set and Ramada.

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7141 E Rancho Vista Drive Unit 4007 Scottsdale, AZ 85251

$899,000

2 Beds

2 Baths

1,425 SqFt

Status Active

MLS # 6706306

Property Type Apartment

Price Type --

Spectacular Optima Camelview Remodel Opportunity. Perfect for an investor or end user. Welcome to this lovely 2 Bed 2 Bath 1425 SF unit featuring TWO private parking spaces. This property boasts a massive private terrace perfect for relaxing or entertaining and a very desirable floor plan with a huge master suite. You'll also find an abundance of floor-to-ceiling glass windows and lush community views. A true value for the price, set up a showing today and make this amazing property your own! All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Womens Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.

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1553 N 69th Place Scottsdale, AZ 85257

$899,000

4 Beds

2.5 Baths

2,628 SqFt

Status Active

MLS # 6724433

Property Type Single Family Residence

Price Type --

Discover luxury living in this 4+ bedroom, 2.5-bathroom gem located on a corner lot in a desirable Scottsdale gated community. Featuring an open floor plan with ample natural light and a gourmet kitchen boasting a large island with breakfast bar and stainless appliances. Enjoy spacious living and dining areas with custom in-ceiling speakers as well as a bonus entertaining or den space. All bedrooms and a bonus room are located on the second floor along with a walk-out terrace. The large master suite offers a walk-in closet and a luxurious en-suite bathroom. The tranquil backyard features a covered patio and easy to maintain turf. The garage boasts an EV charger and epoxy floors. Enjoy the community's resort-like amenities including a serene pool, spa, gym and BBQ grilling area. This property is located near Papago Park and the Phoenix Zoo and is a short drive to downtown. Don't miss your chance to make this home your own!

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19835 N Hidden Ridge Drive Surprise, AZ 85374

$899,000

3 Beds

3 Baths

2,809 SqFt

Status Active Under Contract

MLS # 6741785

Property Type Single Family Residence

Price Type --

This one you don't want to miss, an absolutely beautiful Golf course home comes with a SE back exposure. Double Door Entry, Media wall With Fireplace. This rare estate model gem located on GFN #17 exudes charm, warmth & richness. The spacious kitchen is a chefs dream with its large island and ample cabinet space, stainless steel appliances, gas cooktop and lots of cabinets. Guest en-suite + additional bedroom set up as an office. Large Primary suite with sitting area and door to patio. Laundry room w/cabinets & wash sink. 3 car garage w/built in cabinets and overhead storage. Pavers on the driveway and front sidewalk. The extended covered patio has travertine tile, built in BBQ & great golf views of # 17 on Granite Falls N. Fenced yard and area of artificial grass for the pet!

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5269 Wellness Way Prescott, AZ 86301

$899,000

3 Beds

3 Baths

2,380 SqFt

Status Active

MLS # 6731660

Property Type Single Family Residence

Price Type --

etter than new, highly upgraded, one level Dorn Organic Home set high on the largest lot in centrally located Walden Ranch with unobstructed views of Granite Dells, Mingus Mountain and San Francisco Peaks. Watch the July 4th fireworks and the moon rise from your patio. Popular Sunflower plan with post-tension slab and healthy building techniques that exceed the United States Energy Star program, making it 70% more energy efficient than the typical home. Open concept living features a central great room with vaulted ceilings, gas fireplace with blower; chef's kitchen with GE Profile appliance suite, white painted cabinets, stunning quartz countertops and 9 foot island with pendants overhead and huge walk-in pantry; formal dining area with a view; private primary suite with dreamy walk-in shower; 2 bedrooms sharing a full bath; den or office; rich engineered hardwood floors; fully landscaped and fenced backyard paradise with covered patio, grassy area for kids and pets, and paver area for al fresco dining under the stars; 3 car garage with epoxy floor; thermal blinds, Roman shades and plantation shutters; and ceiling fans in 3 bedrooms. Walk or bike to the scenic Peavine Trail, community gazebo, pickleball, 2 dog parks and bocce ball. Easy drive to both campuses of Dignity Health, public and charter schools (including Basis and Tri-City Prep), historic downtown Prescott's shops, restaurants and Courthouse Square cultural events, and Watson Lake for boating and hiking.

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5540 E Dahlia Drive Scottsdale, AZ 85254

$899,000

4 Beds

2 Baths

2,086 SqFt

Status Active

MLS # 6713147

Property Type Single Family Residence

Price Type --

Beautiful home with tons of space in 85254! Home is well appointed and Move In Ready! **Seller offering $8,000 credit toward Buyer's closing/loan rate buy down costs if needed** Interior wood shutters, newer appliances & granite counters in bathrooms. All appliances convey! Huge lot with room for everything. Diving pool, jacuzzi and plenty of space for entertaining. Pride of ownership is on display! Includes these big ticket updates: Renewal by Anderson windows NEW in 2018, Roof replacement in 2020, Full AC/HVAC replaced in 2020 with York 5 ton/16 seer unit, Pebble tech pool resurfaced in 2020, Exterior painted in 2021. Perfect for a Buyer to move right in and make this your new home. Thank you for your interest!

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