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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7012 N 22nd Street Phoenix, AZ 85020

$884,000

4 Beds

3 Baths

2,368 SqFt

Status Active

MLS # 6730100

Property Type Single Family Residence

Price Type --

Escape to a 4-bed, 2.5-bath home nestled among Phoenix's scenic mountains. This home features a versatile kitchen with two ovens, two dishwashers + a prep sink. Located just East of the 51 you're just minutes from Piestewa Peak trail and have fantastic mountain views from the front and backyard. With close proximity to Madison Elementary School and steps away from Chabad of Phoenix, this neighborhood is HIGHLY coveted. Enjoy a desert backyard oasis with a sparkling pool, perfect for relaxation or entertaining. Located minutes from downtown Phoenix and the vibrant Biltmore area. Embrace the Arizona lifestyle in this amazing mountain retreat!

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1651 E Redwood Place Chandler, AZ 85286

$884,000

5 Beds

3 Baths

4,120 SqFt

Status Active

MLS # 6748766

Property Type Single Family Residence

Price Type --

Amazing cul de sac location next to a greenbelt and playground. 5 bed, 3 bath, 3 car garage. NEW ROOF, NEW ENERGY EFFICIENT WINDOWS, PRIMARY BATH REMODELED, NEW CARPET and FRESH INTERIOR PAINT THROUGHOUT. Downstairs bedroom with a full bathroom next to it. Lovely backyard, NEW PET FRIENDLY TUFF, covered patio, Pebble-Tec Pool, relaxing waterfall, North South facing lot. Outback, the house presents a soothing backyard equipped with a covered patio, a grassy area, and a fenced pool with rock waterfall. Don't hesitate to make it yours! Hurry!

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3943 E Canyon Place Chandler, AZ 85249

$882,900

5 Beds

3 Baths

3,883 SqFt

Status Active

MLS # 6732286

Property Type Single Family Residence

Price Type --

Discover your dream home in Chandler, AZ! This stunning 2-story residence offers 3,883 square feet of luxurious living space and is located on a quiet cul-de-sac. With 5 bedrooms, 3 baths, and a large loft/playroom, there's plenty of room for everyone. The heart of the home is the gourmet kitchen, featuring granite countertops, a gas range, and stove. It's perfect for culinary enthusiasts. The adjacent living and dining areas are designed for both comfort and style, making entertaining a breeze. The spacious 3-car garage provides ample storage and parking. Upstairs, the generously sized bedrooms offer peaceful retreats, with the master suite boasting a large bathroom and ample closet space. The versatile loft/playroom can serve as a home office, game room, or additional living space to suit your needs. Step outside to your private backyard oasis, complete with a charming gazebo and built-in BBQ. This outdoor space is ideal for hosting gatherings or simply relaxing in your serene surroundings. Situated in a great neighborhood, with bike paths, basketball court, picnic are and a large play area. This home offers convenient access to top-rated schools, shopping, dining, and recreational facilities. Enjoy the perfect blend of a tranquil suburban lifestyle with the amenities of urban living just minutes away.

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28657 N 68th Drive Peoria, AZ 85383

$880,000

4 Beds

3 Baths

3,064 SqFt

Status Active

MLS # 6756127

Property Type Single Family Residence

Price Type --

Welcome to your dream home nestled in a serene cul-de-sac! This semi-custom masterpiece boasts four spacious bedrooms plus a versatile den, perfect for a home office. With three beautifully appointed bathrooms, this residence offers both comfort and convenience. Step inside to discover an inviting open concept layout that seamlessly connects the dining room and living areas, making it ideal for entertaining! The chef's kitchen is a culinary delight, featuring modern appliances, ample counter space, and elegant finishes. As you venture outside you'll be greeted by a sparkling pool that promises endless summer fun, surrounded by lush landscaping and varieties of citrus, pomegranate and fig trees. Relax in beautifully designed courtyards. Added benefit Solar to lower costs. HURRY THIS IS IT

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731 Pine Creek Drive Lakeside, AZ 85929

$880,000

4 Beds

3 Baths

2,304 SqFt

Status Active

MLS # 6612034

Property Type Single Family Residence

Price Type --

BRAND NEW HOME TO BE BUILT! This virtual listing is an example of what we can build just for you. This custom home in The Shores at Rainbow Lake offers an open floor plan with grand, vaulted ceilings in the great room to bring the outdoors in. Features include: gas fireplace in the great room, granite countertops, stainless steel appliances, soft close cabinets, LVP floors, walk-in shower with tile surround, LP Smart Siding, Trex deck, iron railing, oversized 3 car garage, AC, gas heat, covered back deck with fireplace and more. Beautiful pine trees on this gated lot with privileges to Rainbow Lake. Financing available. Estimated build time 9-10 months from permits. Other floor plans available to suit your needs. Let's create your perfect mountain dream home. Call for details. this lot. We have 2 other lots available, one next door and one across the street, see 6610047 & 6610019. Additionally we have virtual specs (to be built homes) listed on those lots as well to give you more ideas as other floor plans are available to build. See MLS (6612020 & 6612046). We can build any of these plans, plus many more or design your plans from your imagination. Let us help make your dreams a reality. Other plans will be priced out to build accordingly.

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22521 N 93rd Drive Peoria, AZ 85383

$880,000

4 Beds

2.5 Baths

3,122 SqFt

Status Active

MLS # 6759141

Property Type Single Family Residence

Price Type --

This exceptional home combines luxury, style & functionality. Featuring 4 beds & 2.5 remodeled baths, the residence boasts new interior paint, trims & upgraded LVP flooring in bedrooms & baths. Three bedrooms include walk-in closets, offering ample storage space. The open-concept living room has two electric fireplaces & seamlessly connects to the kitchen via sliding glass doors. The gourmet kitchen features Corian counters, a tiled backsplash & under the kitchen island & modern shaker cabinets in the laundry room for additional storage. The separate den/office adds versatility to the living space. Outside, the beautifully landscaped backyard showcases travertine flooring, garden beds & a covered patio—perfect for relaxing by the pool or hot tub, powered by a propane tank. The driveway lined w/ pavers leads to extended RV parking, ideal for those w/ larger vehicles or recreational needs. A built-in security system, security door & solar system provide peace of mind & energy efficiency. w/ proximity to top-rated schools, shopping & recreation, this home combines modern comforts w/ thoughtful design, making it a perfect retreat for any family.

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1473 E Amberwood Drive Phoenix, AZ 85048

$880,000

4 Beds

2.5 Baths

2,894 SqFt

Status Active Under Contract

MLS # 6728062

Property Type Single Family Residence

Price Type --

Welcome to your dream oasis in the heart of Ahwatukee! This stunning single-story home located in the highly sought-after Shadow Rock gated community and nestled on a private cul-de-sac with tranquil mountain views and a beautiful flower garden. It offers the perfect blend of luxury and comfort, featuring a spacious layout filled with natural light, dramatic arched entry, vaulted ceilings, plantation shutters and French Doors to the patio. The gourmet kitchen is a chef's delight, boasting modern SS appliances, granite countertops, ample cabinet space and a wet bar perfect for entertaining guests. The elegant family room showcases a charging stone fireplace and entertainment center, great gathering place for family and friends. The primary suite is a true retreat, complete with a luxurious en-suite bathroom featuring a soaking tub, separate shower, and dual vanities. The split floorplan boasts generously sized secondary bedrooms. Step outside to your private paradise where the huge backyard transforms into a resort-like escape. The sparkling heated pool is the centerpiece, surrounded by lush landscaping, swaying trees and vibrant flowering plants. An extended covered patio with majestic columns and electric sunshades provides a relaxing area for outdoor dining. This home offers easy access to top-rated schools, shopping, dining, and outdoor recreation. Don't miss the opportunity to own this exceptional property where every day feels like a vacation!

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9725 N 80th Way Scottsdale, AZ 85258

$880,000

3 Beds

2 Baths

1,912 SqFt

Status Active

MLS # 6712765

Property Type Single Family Residence

Price Type --

This meticulously upgraded home is Pure Perfection! The owners invested over $100K in stunning upgrades (see attached document) including a new kitchen/appliances, Milgard windows, interior/exterior doors, gorgeous hardwood/ceramic tile flooring, to name a few. This home is both cozy and inviting with plenty of natural light, vaulted ceilings and fireplace to enjoy on those cozy fall nights. The front patio is ideal for entertaining guest, while the back patio off the primary suite offers a peaceful spot for a morning cup of coffee. Walk directly across the street to your community pool/spa and Tennis Court. Close to both McCormick & Gainey Ranch this home is minutes from amazing restaurants, golf courses and beautiful walking paths. This home is truly special!

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11453 E Mark Lane Scottsdale, AZ 85262

$880,000

2 Beds

2.5 Baths

2,143 SqFt

Status Active

MLS # 6689773

Property Type Single Family Residence

Price Type --

Welcome to your dream retreat in the prestigious Desert Crown community of North Scottsdale's Troon North. This residence offers panoramic mountain views. Step into luxury with this meticulously crafted 2-bedroom, 2.5-bathroom home, boasting a versatile dining area that could easily be converted into a third bedroom to suit your needs. The expansive 3-car garage enhances the home's convenience and functionality. Enter the heart of the home, where an open-concept living room and kitchen await, adorned with soaring 12-foot ceilings that amplify the sense of space and grandeur. Enjoy the perfect blend of functionality and style, ideal for casual living and entertaining guests. The home features state-of-the-art Lenox AC units, ensuring comfort and efficiency year-round. Step outside into your private oasis, where an infinity-edge pool beckons for leisurely dips beneath the Arizona sun, offering unparalleled relaxation and tranquility. Experience the epitome of desert living in this Troon North gem. Don't miss the opportunity to make this exceptional property your own.

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7131 E Rancho Vista Drive Unit 4007 Scottsdale, AZ 85251

$880,000

2 Beds

2 Baths

1,304 SqFt

Status Active

MLS # 6663352

Property Type Apartment

Price Type --

2 PARKING SPOTS & Spectacular views of Camelback Mountain from your PRIVATE (not shared patio). Great floorplan 2 bedrooms + DEN. Gorgeous TRAVERTINE FLOORING with floor to ceiling windows brings in the natural light. Open spacious CHEF'S KITCHEN with stainless steel appliances, Slab GRANITE COUNTERS & BACKSPLASH! Stylish CHERRY WOOD cabinets in kitchen extended into both baths. GRANITE BATH VANITIES with DUAL SINKS in the master bath. WALK-IN CLOSETS with shelving. An EXTRA ROOM could Office/Den. Optima offers HEATED POOLS with SPAS both indoor and outdoor. BBQ areas. Workout facilities & gym equipment are TOP-OF-THE LINE! Various SPORTS COURTS for PICKELBALL, Basketball, etc. Metropolis is a great local restaurant/bar & YOUR NEW HOME in Optima is in the MIDDLE OF IT ALL

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11174 E Blue Sky Drive Scottsdale, AZ 85262

$880,000

3 Beds

2 Baths

2,504 SqFt

Status Active

MLS # 6686048

Property Type Single Family Residence

Price Type --

Step into an inviting open-concept layout where the kitchen, great room, and dining area seamlessly integrate, creating an ideal space for both entertaining and daily living. The gourmet kitchen is a culinary haven, featuring high-end GE appliances in 'Slate,' a sleek upgraded cooktop, and stunning granite slab countertops that adorn the generous island/breakfast bar. Complemented by a charming breakfast nook, this kitchen is designed for both beauty and functionality. The great room welcomes you with its spacious and luminous ambiance, perfect for gathering with family and friends. Designer finishes throughout the home add a touch of elegance and style, creating a warm and inviting atmosphere. Retreat to the master suite, a sanctuary of relaxation, complete with a spa-like m master bath featuring Brizo plumbing fixtures, a freestanding tub, and a luxurious design. The secondary bathroom, equipped with a double vanity, offers convenience and a touch of opulence for guests or family members. Step outside to your private paradisea newly installed $100k pool and spa (2023) await, providing the ultimate setting for relaxation and recreation. The expansive pool is an exceptional highlight! The patio, enhanced with a commercial-grade misting system, ensures you stay cool and comfortable during warm summer nights. Thoughtful landscaping and outdoor enhancements create a secluded retreat, offering privacy and tranquility. Embrace the modern conveniences of smart home technology, with Insteon switches and Nest thermostats allowing remote access and control, making everyday living a breeze. Located in a serene and prestigious northern Scottsdale area, this residence offers the perfect blend of tranquility and accessibility. Enjoy proximity to renowned hiking trails such as Browns Ranch and Pinnacle Peak, the luxurious Four Seasons Resort, and premier dining options. Living within a golf course community and close to Troon North Golf Club, you will relish the harmonious balance of outdoor adventure and refined living. This Echo Ridge home is more than just a residence; it's a lifestyle. Experience unparalleled comfort, elegance, and sophistication. Schedule your private showing today and step into the life you've always envisioned.

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17381 W Auburn Street Surprise, AZ 85388

$879,995

3 Beds

3.5 Baths

2,730 SqFt

Status Active

MLS # 6647041

Property Type Single Family Residence

Price Type --

This stunning Toll Brothers home is move in ready. Located in our Active Adult section of Sterling Grove, this Calistoga 3 bedroom plus den, 3 bath, 3 car garage home is a stunner. Starting from the 8' entry door that sets off the beautiful Spanish style exterior your senses will be tantalized. Finishes include light and bright wood plank style floor tile thru-out with carpeted bedrooms, white kitchen cabinets with a furniture style oversize Island, Kitchen-Aid appliances and upgraded countertops. The laundry is appointed with tons of upper and lower white cabinets and a sink as well. The master comes with double sinks and an oversize closet for all your belongings. The great room is accentuated with a 20' multi-slide door and12' vaulted ceilings to open up the floorplan.

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