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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15641 E Cactus Drive Fountain Hills, AZ 85268

$879,490
2 Beds
2 Baths
2,025 SqFt
Status Active
MLS # 6758864
Property Type Single Family Residence
Price Type --
Welcome to a rare find with the glory of the Arizona sun pouring in through the expansive windows, flooding the house with natural light & warmth. This openness creates a welcoming atmosphere, making it an ideal space for entertaining. Step outside to discover a sparkling pool & outdoor living area, offering a serene escape on sweltering summer days. Whether you're enjoying a swim under the clear blue skies, hosting a lively get-togethers, or unwinding after a round of golf, this space is designed for pure enjoyment. In conclusion, it's more than just a house. It's a lifestyle of opportunities to savor life's pleasures amidst golf greens, stunning mountain views, radiant sunshine, and the intimacy of home. It's a place to make memories and enjoy the serene AZ mornings. Make it yours today

Pinetop AZ 85935

$879,000
4 Beds
3 Baths
2,914 SqFt
Status Active
MLS # 6657406
Property Type Single Family Residence
Price Type --
'ATTENTION VETERANS! THIS HOME HAS A VA ASSUMABLE LOAN OF A LOW RATE OF 5.008%! SELLER IS ALSO WILLING TO CONTRIBUTE UP TO $10K TO HELP BUY DOWN THE RATE OR HELP WITH CLOSING COSTS! 'Woodland Hills Beauty'' nestled on .66 of an acre. This Entertains Delight boasts 2 Master Suites, 4 lg Bdrms, 3 full Baths, Gourmet Kitchen w/ high end finishes, Great Rm w/FP, Office/Study, Formal Dining, Covered Front Deck & Covered back Patio, Fully Fenced, RV parking, Oversized 2 car garage w/ tons of storage (pulldown ladder for attic storage) & bonus game room & more! Conveys partially furnished! Close to Woodland Lake with rec fields, walking trails. Close to schools. Great area for families. WOW! ATTENTION VETERANS! HAS A VA ASSUMABLE LOAN!

20102 W Camelback Road Litchfield Park, AZ 85340

$879,000
4 Beds
2.5 Baths
2,681 SqFt
Status Active
MLS # 6752993
Property Type Single Family Residence
Price Type --
Discover AZ living in this gem Beautiful custom 4 bed 2.5 Bath His & Her Closets- custom built kitchen with storage, great layout for entertaining. over height & extended length 3 car on over an acre mountain views w pool! Spiral Staircase leads up to observation deck for an unobstructed view - No HOA, Not to many areas like , this anymore approx 3 miles from 1-10 minutes from shopping and restaurants, It is a must see

16478 N 99th Way Scottsdale, AZ 85260

$879,000
3 Beds
2.5 Baths
2,349 SqFt
Status Active Under Contract
MLS # 6746033
Property Type Single Family Residence
Price Type --
Welcome Home! This stunning, meticulously cared for home is ready for its new owners. Greeted by a custom iron and glass door, this Pristine 3 bedroom + sizeable office/ den (easily convertible to 4th bedroom) is perfect for a family or winter home. Split floor plan with flexible living spaces and warm neutral color palette throughout. A beautiful gourmet chef's kitchen with generous sized granite island, stainless steel appliances and gathering/dining area. The kitchen opens up to a spacious family room with an inviting stone fireplace . Relax in your outdoor living oasis with sparkling salt water pool , low maintenance landscaping and serene view fencing. Enjoy a spacious covered patio with 2 areas for entertaining . This spectacular home is located on a quiet cul de sac in the gated community of Trails North at Horseman's Park, and is just 5 min to the Loop 101, Gateway Trailhead, Notre Dame Prep, the Ice Den and Gourmet Restaurants. This one won't last long.

6859 E Orion Drive Scottsdale, AZ 85257

$879,000
4 Beds
2.5 Baths
2,206 SqFt
Status Active
MLS # 6761033
Property Type Single Family Residence
Price Type --
Welcome to your luxury single family home located within gated community in highly desirable South Scottsdale location. This stunning 4 BR 2.5 BA residence offers a spacious and modern open floorplan with 10 ft ceilings and 8 ft doors throughout. Stunning gourmet kitchen features custom backsplash, soft closing cabinets, stainless steel appliances, gas range, hood, upgraded granite counters, breakfast bar, walk-in pantry, R.O. and water softener system. Wood look tile floors on first level and brand-new upgraded carpet freshly installed upstairs. Entire home was just professionally cleaned and freshly painted throughout. Immaculate and move in ready! All appliances included, tankless hot water heater, custom plantation shutters throughout, UV screens on south side bedrooms, and prewired for surround sound. The 2-car garage features EV charger and epoxy floors. Dual large multi slide doors in living room lead to a covered rear outdoor patio featuring beautiful landscaping with irrigation and maintenance free turf. Upstairs you will find a large master bedroom with fully tiled owners shower, dual sinks, and walk in closet. Three additional bedrooms are located across the loft and private from the master. A staircase from the loft leads you to the expansive rooftop terrace freshly resurfaced and painted and ready for entertaining guests or to relax and enjoy the cooler temps with stunning views of the valley, surrounding mountains and renowned Arizona sunsets. This is indoor/outdoor living at its finest. Community features sparkling pool with swaying palms and a spa to enjoy year-round plus a covered outdoor grill/kitchen area and a fitness center. Located just minutes from Oldtown Scottsdale's exquisite restaurants and vibrant shops, an ideal spot for those who enjoy a lively urban lifestyle while still embracing the comfort of home. Nearby attractions just a short drive/walk/bike from this residence include Papago Park, Phoenix Zoo, Desert Botanical Gardens, Hole in the Rock, and so much more. Located less than 6 miles from Sky Harbor airport and just 4 miles from ASU campus. Don't miss your opportunity to own this remarkable home in a location that truly has it all!

11159 W Kolina Lane Sun City, AZ 85351

$879,000
3 Beds
3 Baths
2,014 SqFt
Status Active
MLS # 6721359
Property Type Single Family Residence
Price Type --
Welcome to this exceptional property in Sun City's vibrant 55+ community, offering unparalleled space and amenities without HOA restrictions. Situated on a sprawling 1.16-acre corner lot, this home features 2014 sq ft of living space in the main house, complemented by a detached 3200sq ft 16-car shop and a beautiful pool with waterfall. In the main residence, the kitchen showcases a Monogram refrigerator and hood range, new cabinetry, and striking glass backsplash. Engineered hardwood flooring flows throughout the open layout. Vaulted ceilings in the main living areas with tons of light coming in from outside. The primary bedroom boasts a luxurious walk-in shower and 2 walk in closets.. Outside, the property is a haven for recreational vehicles and hobbyists alike, offering two RV gates, extensive parking, and dual areas with electric hookups and water access. Two clean-outs available, just need to be reconnected into septic. The detached shop, complete with air conditioning and a half bath, provides ample space for storage, projects, or vehicles, including RV parking in two of its bays. This unique property offers unmatched versatility, combining the best of indoor comfort and outdoor leisure in a prime Sun City location. Don't miss the opportunity to make this your dream home in an active adult community known for its amenities and charm.

3440 E Granite View Drive Phoenix, AZ 85044

$879,000
4 Beds
2.5 Baths
3,009 SqFt
Status Active
MLS # 6761348
Property Type Single Family Residence
Price Type --
This stunning home sits on a sprawling 12,297 sqft. mountain view lot in the highly desirable Canyon Estates. Packed with upgrades and featuring fully owned solar, this home offers incredible curb appeal and elegant living. The spacious floor plan features 4-bedrooms, 2.5-bathrooms and a separate office. Inside, you'll find vaulted ceilings and an airy and bright atmosphere with big dual-pane Low-E windows. The beautifully designed kitchen showcases a walk-in pantry, granite countertops, a kitchen island, formal dining space, and a breakfast bar. Step outside to enjoy the scenic balcony and covered patio, overlooking a grand pool set in a beautifully landscaped yard with panoramic views of the surroundings. Recent upgrades include new AC units and LED thermostat in 2022, solar system installation in 2022, new front house lighting in 2023, updated appliances and a new hot water heater. Additional updates include a water filtration system, new garage doors, newer pool equipment, and a modernized alarm system in 2024. This home is move-in ready with all the luxury and comfort you could ask for!

5123 E Pinchot Avenue Phoenix, AZ 85018

$879,000
4 Beds
3 Baths
2,083 SqFt
Status Active Under Contract
MLS # 6683274
Property Type Single Family Residence
Price Type --
Lower Arcadia's charm unfolds in this sought-after neighborhood home. This single-level 4-bed, 3-bath home includes an office/flex space, diving pool, and exercise/bonus room. The property features lush landscaping, mature trees, and a remodeled interior. Updated primary bath, kitchen, windows, pool pump and HVAC. The spacious floor plan maximizes space, leading to a resort-like backyard with ample grass, patio, and covered patio space. This residence offers everything needed for a quintessential Arizona living experience in one of Phoenix's most desirable neighborhoods. Temporary 1-0 Buydown offered by preferred lender for qualified buyers!

200 W Portland Street Unit 627 Phoenix, AZ 85003

$879,000
2 Beds
2.5 Baths
1,498 SqFt
Status Active
MLS # 6750381
Property Type Apartment
Price Type --
Experience urban luxury with this stunning sixth-floor condominium in Phoenix's premier high-rise, Portland on the Park. This two-bedroom, two-and-a-half-bath corner unit features the coveted ''J Floorplan'' and offers 1,498 sq ft of sophisticated living space with unparalleled privacy, boasting windows on all sides and no shared walls. Enjoy panoramic city and mountain views from the expansive 20' balcony. The home has SmartHome technology and is freshly upgraded with high-end finishes and luxurious amenities. Residents can indulge in on-site facilities including a gym, heated pool, rooftop sky lounge, and more. Located in the heart of the Roosevelt Row Arts District, this home offers easy access to vibrant cultural experiences and comes with three owned garaged parking spaces. * THE DETAILS: Nestled between Portland Park, the Japanese Friendship Garden, Margaret T. Hance Park, and the RoRo, this south- facing apartment provides outstanding vistas from every angle. This highly appointed urban jewel includes high-end upgrades throughout, such as a SmartHome hub, new Café appliances, automated roller shades, programmable thermostats for the dual-zone HVAC, 24x24 porcelain terrazzo tile, plush high-end carpeting in the ensuite bedrooms, Toto Toilets with Bio-Bidet remote control toilet seats, lighted/heated vanity mirrors, recessed LED lighting, ceiling fans, large walk-in closets with ample storage, and custom decorator touches throughout. In addition, the deed for this home includes 3 owned, assigned parking spaces in the gated garage. Enjoy the convenience of a front desk concierge available six days a week and the peace of mind provided by nightly and weekend on-site security. The first floor is your gateway to relaxation and recreation, featuring a fully equipped gym, heated pool, bocce ball court, and BBQ grills with direct access to the park and Irish Cultural Center. The elegant lobby invites you to unwind by the two-sided gas fireplace, socialize in the indoor/outdoor gathering spaces, or find a quiet moment in the lounge area and library. The rooftop beckons, where the ultimate chill space awaits. The sky lounge offers a cozy firepit, large screen TV, BBQ grills, and an outdoor kitchen area, all framed by 360-degree views of the valley from north to south and east to west. For a more serene retreat, visit The Nest on the seventh floor, a quiet recessed exterior lounge area nestled above the treetops, overlooking the tranquil Japanese Friendship Garden. Additional conveniences include on-site dry-cleaning delivery service and secure package and grocery delivery handling, ensuring your daily needs are effortlessly met. Your new home provides street-front retail including Valley Coffee Company, Painters Lounge Portland Dental, and Saint Pasta (coming soon,) just steps away. Walk to dozens of restaurants and cultural experiences from Mid-down to Downtown. The Roosevelt Light Rail station is only a block away, offering easy access to the entire valley. The monthly HOA covers a plethora of services including but not limited to; Internet, Cable TV, Natural Gas, Water, Sewer, Trash, gym, Concierge, Security, building engineer, common area/amenities upkeep/maintenance, and blanket insurance. Don't miss your chance to own a premium residence in the most sought-after high-rise in the valley. This is more than just a home, it's a lifestyle. Don't wait!

792 Pine Spruce Lane Pinetop, AZ 85935

$879,000
3 Beds
2 Baths
2,361 SqFt
Status Active
MLS # 6705634
Property Type Single Family Residence
Price Type --
Uncover a rare gem nestled amidst the serene beauty of Pinetop - a haven of tranquility spanning 1.25 acres of lush, quiet privacy. This outstanding single-level home, offering three bedrooms, plus a large den with custom-built floor to ceiling bookshelves, and two full bathrooms across 2361 square feet, embodies refined living at its best. Enter the expansive great room, complete with a charming custom stone fireplace, seamlessly transitioning into an open kitchen and dining area - ideal for hosting large gatherings or intimate dinners. Tongue and Groove knotty pine ceilings and built in skylights enhance the space. The grand master suite, discreetly tucked away behind the kitchen, offers unparalleled seclusion, while two additional bedrooms and a bath reside at the opposite end of the residence. Indulge in ultimate comfort with covered decks gracing both front and back, inviting you to immerse yourself in the serenity of nature. Water is sourced from a private, high-flow well, with the option to connect to city water service for added convenience. Embrace sustainable living with a solar-powered water heater with panels atop a premium metal roof, complemented by metal-wrapped fascia and six-inch gutters. Additionally, provisions for electric vehicle charging in the two-car garage, along with an extra outlet for your RV, cater to modern convenience. Try your hand at easy homesteading with a custom chicken coop/run and separately fenced organic garden area! Apple, pear and cherry trees plus grape vines and raspberry bushes supplement the garden produce. Surrounded by majestic pine, oak, and alligator juniper trees, the completely fenced sprawling backyard oasis beckons with a vast, level grass area spanning approximately 185 x 110 square feet at the back of the property - a canvas for your imagination to roam freely. Whether you envision a private retreat or a playground for active pursuits like pickleball, the possibilities are limitless. Recently updated with all-new LVP flooring, fresh paint, modern garage doors, and more, this residence epitomizes luxury living without the constraints of HOA fees. Don't miss your chance to experience the pinnacle of sophistication and seclusion in the heart of Pinetop.

2455 W Shannon Street Chandler, AZ 85224

$879,000
5 Beds
3 Baths
3,200 SqFt
Status Active
MLS # 6742251
Property Type Single Family Residence
Price Type --
Looking for a new home? This fabulous 5 bed, 3 bath residence now on the market is for you! A freshly painted exterior, all new roof, manicured landscape, and a 3 car garage w/built-in cabinets & door openers are just the beginning. Discover a sizeable living area and formal dining room w/high ceilings, plantation shutters, updated light fixtures, and custom palette throughout. Enjoy quality time w/friends & loved ones in the cozy family room. The chef's kitchen is comprised of wood cabinetry w/crown moulding, a walk-in pantry, granite counters, tile backsplash, stainless steel appliances including a new cooktop, and an island complete w/a breakfast bar. Upstairs you'll find a cozy loft, ideal for a lounge or reading nook. The primary bedroom boasts elegant wood flooring, a walk-in closet, and a full ensuite w/dual vanities. Finally, the wonderful backyard showcases a covered patio, lush natural turf, extended paver seating area, and storage space! Water softener, arrow system, and two new AC units have all been installed! What are you waiting for? Act now!

6688 E Duane Lane Scottsdale, AZ 85266

$879,000
3 Beds
2.5 Baths
2,159 SqFt
Status Active
MLS # 6747289
Property Type Single Family Residence
Price Type --
Nestled on a nearly 1/2-acre corner lot in a cul-de-sac, this home offers privacy with its wash-backed property. The spacious floor plan features vaulted ceilings, large double doors, a cozy fireplace, and a three-car garage. The kitchen boasts a central island, formal dining area, eat-in space, granite countertops, and maple cabinets. The expansive backyard includes a 2-year-old Jacuzzi brand swim spa under a new pergola with an adjustable roof, a large covered patio, grassy play area, and a kids' sand pit. The new roof, installed in December 2022 by Renco Roofing, comes with a transferable warranty. Additional features include two double gates for backyard access and side yard storage parking, a whole-house soft water and filtration system, and a phone app-controlled irrigation system. Don't miss out on this exceptional property!

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