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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20371 E Calle De Flores -- Queen Creek, AZ 85142

$878,500
3 Beds
2.5 Baths
3,024 SqFt
Status Active
MLS # 6709897
Property Type Single Family Residence
Price Type --
MOVE-IN READY!! METICULOUS Maracay Home located in the Montelena community in a cul-de-sac. This elegant home offers a host of UPGRADED desirable features for comfortable living. Grab a book & relax on the large front porch patio that offers no direct sun. Enter foyer that leads to an open layout featuring 10' ceilings, lots of natural light, and a beautiful elegant Tuscan design. The GOURMET KITCHEN is the heart of the home that features Tuscan lighting, an abundance of cabinets, a butcher pantry, an OVERSIZED ISLAND with plenty of storage cabinets, 5 burner gas top stove, TWO WALL OVENS, and lots of granite counter space. Adjoining the kitchen is an airy living room with plenty of natural light, surround sound, accent lighting, and a 3D wall gas fireplace, a 12' SLIDING GLASS DOOR that opens to the spectacular pool/waterfall. The owner's suite is a serene retreat with plenty of sitting room and lighting. Ensuite bath includes an oversized soaking tub, separate tub/shower, double sinks, large walk-in closet featuring new floor-to-ceiling storage shelving by Closets by Design, direct access to laundry room through walk-in closet; Laundry room set up with hanging racks, folding table, and extra cabinets; Secondary bedrooms with WALK-IN CLOSETS. Versatile flex room suitable for an office, workout room, or study. The backyard is an entertainer's dream with a GAZEBO adorned with party lights, built-in gas BBQ, gas firepit, and a pool with built-in heating/cooling system, and a soothing water feature.

14825 N 50th Place Scottsdale, AZ 85254

$878,000
3 Beds
2 Baths
2,604 SqFt
Status Active
MLS # 6719392
Property Type Single Family Residence
Price Type --
Welcome to this beautiful home with great location, beautifully updated , w/ OPEN CONCEPT, in the sought-after magic zip code of 85254. No HOA & No Pool! 2020 (2) new HVAC, Kitchen & Bathrooms w/ White Quartz Countertops, Stainless Steel appliances. PLUS, extra Large Bonus Room/Office. Split Master Bedroom Wing w/ Dual Master Closets, Dual Sinks & Walk-in Shower. No Interior Steps. Dual-Pane Windows with plantation shutters. 2,604 SF Block construction home w/ Stucco & Paint. New garage door. Lot size is over 10,000 SF. Single story homes all around for extra privacy. Walking distance to Liberty Elementary & Sunrise Middle School. Minutes to the Desert Ridge, Scottsdale Quarter, Kierland & Paradise Valley Shopping Centers. Close to the 51 & 101 Freeways for easy access

577 E Las Puertas Lane Queen Creek, AZ 85140

$877,846
2 Beds
2.5 Baths
2,728 SqFt
Status Active
MLS # 6600574
Property Type Single Family Residence
Price Type --
Welcome to the extraordinary Alora plan - a showcase of luxury and thoughtful design. Step inside and be greeted by a sprawling and functional layout, featuring a huge gourmet kitchen that offers convenience and ample storage. This Alora plan lives large with a spacious living room, huge kitchen island and the sitting room off of the kitchen is perfect for enjoying your morning coffee or entertaining for dinner. A few upgrades include a large rolling wall of glass, gourmet kitchen, upgraded appliance package and all landscaping.

1501 N Miller Road Unit 1006 Scottsdale, AZ 85257

$875,000
3 Beds
2.5 Baths
2,080 SqFt
Status Active
MLS # 6732417
Property Type Townhouse
Price Type --
NEW HOMES DELIVERING NOW. The Magic of Vistas of Scottsdale. A boutique Enclave of only 16 private, luxury homes in the Heart of Scottsdale - Location is Everything. Open spaces, clean lines & abundant glass create a design experience to merge the indoors and outdoors. Vistas of Scottsdale are curated with a discerning eye using warm, organic tones and natural textures focusing on the personal nature of the home as a retreat. Sweeping Mountain Vistas are captured from the 580sf roof terrace and unique floating overlook to rival a hotel/restaurant environment. The 30ft wide main living area provides unparalleled openness and light. The builder's vision from the inception was to focus on incorporating premium materials to create an innovative Scottsdale lifestyle.

9564 E Hansen Way Gold Canyon, AZ 85118

$875,000
4 Beds
3 Baths
3,025 SqFt
Status Active
MLS # 6660986
Property Type Single Family Residence
Price Type --
JUST COMPLETED New Construction contemporary desert home on 1.25 ACRES with direct backyard views of the Superstition Mountains! This new build with NO HOA includes a gorgeous custom iron front door, a MASSIVE open Kitchen & living room with high-end Cabinets, White Quartz Countertops, 36'' Cooktop, Built-in Stainless Steel Microwave and double ovens, & upgraded flooring. The upgrades continue with a stunning Master Bathroom with a Freestanding Soaking Tub, Modern Shower and Beautiful Double Vanities, an oversized four car garage, exceptional energy efficiency with spray foam insulated walls & ceilings, upgrading A/C system, Premium Stucco, & last but not least an upgraded full 12' patio to watch the sunset on the Superstition Mountains from.

9580 E Hansen Way Gold Canyon, AZ 85118

$875,000
4 Beds
3 Baths
3,025 SqFt
Status Active Under Contract
MLS # 6646047
Property Type Single Family Residence
Price Type --
JUST COMPLETED New Construction contemporary desert home on 1.25 ACRES with direct backyard views of the Superstition Mountains! This new build with NO HOA includes a gorgeous custom iron front door, a MASSIVE open Kitchen & living room with high-end Cabinets, White Quartz Countertops, 36'' Cooktop, Built-in Stainless Steel Microwave and double ovens, & upgraded flooring. The upgrades continue with a stunning Master Bathroom with a Freestanding Soaking Tub, Modern Shower and Beautiful Double Vanities, an oversized four car garage, exceptional energy efficiency with spray foam insulated walls & ceilings, upgrading A/C system, Premium Stucco, & last but not least an upgraded full 12' patio to watch the sunset on the Superstition Mountains from.

17448 W Carlisle Drive Surprise, AZ 85388

$875,000
3 Beds
3.5 Baths
2,350 SqFt
Status Active
MLS # 6677435
Property Type Single Family Residence
Price Type --
TOLL BROTHERS NEW HOME GATED GOLF COURSE COMMUNITY LAKE SUBDIVISION RESORT STYLE AMENITIES AND MUCH MORE! LOCATED IN THE ACTIVE ADULT COMMUNITY 55+ AT STERLING GROVE. STUNNING MIDWOOD SPANISH HOME AT STERLING GROVE GOLF & COUNTRY CLUB! OVERSIZED LOT WITH A SPACIOUS BACKYARD! GREAT CURB APPEAL WITH CUSTOM LANDSCAPING! THIS BEAUTIFUL HOME HAS A PLETHORA OF UPGRADES! BLACK IRON ENTRY DOOR, WHITE OAK WOOD FLOORING, GREAT ROOM WITH CATHEDRAL CEILING, CHEF'S KITCHEN WITH GAS COOKTOP, BUILT-IN MICROVAVE AND WALL OVEN. TWO-TONE KITCHEN CABINETS, WHITE BRICK HERINGBONE BACKSPLASH, QUARTZ COUNTERTOPS, ACCENT FURNITURE ISLAND WITH FARM SINK. SHUTTERS THROUGHOUT THE HOME AND MOTARIZED SHADES. EXPANDED MASTER BEDROOM. MASTER BATHROOM HIS & HER SINKS WITH VANITY. POP-OUT MIRRORS, AND WALK-IN TILED SHOWER. SECOND BEDROOM IS AN ENSUITE WITH A WALK-IN CLOSET. BONUS: THIRD BEDROOM IS A PRIVATE CASITA! LARGE EXTENDED COVERED BACK PATIO AND LOTS OF SPACE FOR YOU TO MAKE YOUR VERY OWN BACKYARD OASIS! Sterling Grove Golf & Country Club is a Gated Community w/24 Hour Guard Post. Great Opportunity to Enjoy on a daily basis so many Wonderful Amenities and Beautiful Views of the White Tank Mountains, Lakes, Ponds and Gorgeous Greens on your Walks, Jogs, Bike Rides! Amenities: TROON Managed Jack Nicklaus Design 18 Hole Golf Course, Tennis Courts, Pickleball Courts, Country Club, Resort Style Pools, Fitness Center, Spa, Restaurants, and Much More!

2670 E Parkview Drive Gilbert, AZ 85295

$875,000
5 Beds
3.5 Baths
3,530 SqFt
Status Active
MLS # 6711229
Property Type Single Family Residence
Price Type --
EZ to show now with no restrictions! *Gorgeous home in the highly sought after neighborhood of Vincenz* RARE 5 BR, 3.5 BA, 3,530 sq ft home + office + loft + game room + 3 car ''Tesla ready'' garage. Newer interior paint & carpet! N/S facing with lots of windows for plenty of natural light + plantation shutters for privacy! Gorgeous backyard with mature trees, extended covered patio, pergola, heated pool/spa, BBQ gas stub, dog area & artificial turf. Fantastic kitchen with stainless appliances, tons of cabinets, 5 burner gas cooktop, slab granite counters, 2 ovens & butler's pantry. Large laundry room with sink & folding area. One BR/BA and office downstairs. The BEST location just minutes to the 202 freeway, shopping/ dining at SanTan Mall, many school choices & Mesa Gateway AirpOR

17878 E Cindercone Road Rio Verde, AZ 85263

$875,000
2 Beds
2 Baths
1,542 SqFt
Status Active Under Contract
MLS # 6741600
Property Type Single Family Residence
Price Type --
This luxurious home in the heart of prestigious Trilogy at Verde River is the pinnacle of luxurious desert living offering spectacular PANORAMIC MOUNTAIN VIEWS and a PRIVATE HEATED AND CHILLED SPARKLING POOL. Loaded with incredible features and upgrades this home is a true gem. The generous Great Room, complete with a sliding Wall of Glass, custom built-in wall unit and electronic window coverings is the perfect place to relax and unwind. The Kitchen is a culinary enthusiast's dream, featuring all stainless-steel appliances and exquisite details such as granite countertops and beautifully upgraded cabinets. The Smart Space includes a custom built-in desk area and a walk-in pantry, catering to both convenience and style. The master retreat is a true sanctuary, featuring a spa-like en-suite bathroom with custom barn doors. The open floor plan seamlessly blends indoor and outdoor living, creating a harmonious space for relaxation and entertaining alike. One of the highlights of this stunning home is the exceptional outdoor living area, featuring an oversized covered patio with a built-in grill, making it the ideal spot for al fresco dining. Situated on a spacious lot, this property offers plenty of room for outdoor activities, whether you want to lounge by the sparkling pool, gather with friends or family around the built-in Firepit, or simply soak in the Arizona sunshine. Don't miss this opportunity to own a truly remarkable property in the prestigious Trilogy at Verde River. This luxurious home in the heart of prestigious Trilogy at Verde River is the pinnacle of luxurious desert living offering spectacular PANORAMIC MOUNTAIN VIEWS and a PRIVATE HEATED AND CHILLED SPARKLING POOL. Loaded with incredible features and upgrades this home is a true gem. The generous Great Room, complete with a sliding Wall of Glass, custom built-in wall unit and electronic window coverings is the perfect place to relax and unwind. The Kitchen is a culinary enthusiast's dream, featuring all stainless-steel appliances and exquisite details such as granite countertops and beautifully upgraded cabinets. The Smart Space includes a custom built-in desk area and a walk-in pantry, catering to both convenience and style. The master retreat is a true sanctuary, featuring a spa-like en-suite bathroom with custom barn doors. The open floor plan seamlessly blends indoor and outdoor living, creating a harmonious space for relaxation and entertaining alike. One of the highlights of this stunning home is the exceptional outdoor living area, featuring an oversized covered patio with a built-in grill, making it the ideal spot for al fresco dining. Situated on a spacious lot, this property offers plenty of room for outdoor activities, whether you want to lounge by the sparkling pool, gather with friends or family around the built-in Firepit, or simply soak in the Arizona sunshine. Don't miss this opportunity to own a truly remarkable property in the prestigious Trilogy at Verde River. This luxurious home in the heart of prestigious Trilogy at Verde River is the pinnacle of luxurious desert living offering spectacular PANORAMIC MOUNTAIN VIEWS and a PRIVATE HEATED AND CHILLED SPARKLING POOL. Loaded with incredible features and upgrades this home is a true gem. The generous Great Room, complete with a sliding Wall of Glass, custom built-in wall unit and electronic window coverings is the perfect place to relax and unwind. The Kitchen is a culinary enthusiast's dream, featuring all stainless-steel appliances and exquisite details such as granite countertops and beautifully upgraded cabinets. The Smart Space includes a custom built-in desk area and a walk-in pantry, catering to both convenience and style. The master retreat is a true sanctuary, featuring a spa-like en-suite bathroom with custom barn doors. The open floor plan seamlessly blends indoor and outdoor living, creating a harmonious space for relaxation and entertaining alike. One of the highlights of this stunning home is the exceptional outdoor living area, featuring an oversized covered patio with a built-in grill, making it the ideal spot for al fresco dining. Situated on a spacious lot, this property offers plenty of room for outdoor activities, whether you want to lounge by the sparkling pool, gather with friends or family around the built-in Firepit, or simply soak in the Arizona sunshine. Don't miss this opportunity to own a truly remarkable property in the prestigious Trilogy at Verde River. Trilogy at Verde River offers upscale Resort living at its finest and the very best of all possible worlds, close to the conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert. The amenities are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickle ball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails. Whether you're seeking a second, winter home, or will live here year-round, Trilogy at Verde River is an ideal distance from the hustle and bustle of North Scottsdale. Attitudes here are different; there's a sense of community. You'll love the Resort living! What memories will you make?

15802 W Avalon Drive Goodyear, AZ 85395

$875,000
4 Beds
3 Baths
3,401 SqFt
Status Active
MLS # 6757924
Property Type Single Family Residence
Price Type --
Must see this exquisite 4-bedroom, plus den, home boasting 3 full bathrooms and exceptional features. Enjoy the benefits of OWNED solar panels, providing both efficiency and cost savings. The new 2023 pool is a standout, equipped with heating and cooling options for year-round enjoyment! Situated on the 12th hole of the Tuscany golf course, this home offers an ideal location with an extended distance from the home to the green and no cart path interruptions. The updated kitchen is a chef's dream, featuring newly finished cabinets, huge island with seating for 6+, a gas stove, and double ovens. Additional highlights include full interior and exterior paint, a spacious 3-car garage with ample storage, and upgraded hardware throughout the entire home...see more This home combines modern comfort with elegant design, making it a perfect retreat for both relaxation and entertaining. Too many upgrades to list!

5160 E Hawthorne Drive Flagstaff, AZ 86004

$875,000
4 Beds
3 Baths
2,190 SqFt
Status Active
MLS # 6750406
Property Type Single Family Residence
Price Type --
COUNTRY CLUB STUNNER! This Gorgeous 4 Bedroom, 3 Bath Home is Situated on a Heavily Treed Oversized Lot and Priced to Sell. Completely Move in Ready and Utterly Fantastic! The Property Literally Speaks for Itself including Abundant Windows Allowing for Natural Light to Fill Each Room, Luxury Vinyl Plank Flooring, Granite Countertops, Plush Carpet, Up Dated Bathrooms, 2 Separate Living Areas & 2 Car Garage for Added Value. The Beautiful Kitchen, Dining Room, Primary Living Area and Back Patio Space are All Intertwined and Allow You to Entertain to Your Hearts Content. Whether it be Golfing in the Summer or Skiing in the Winter, You Have Got It All Covered. Don't Forget, you have Access to All of The Country Club Amenities, Golf, Fitness Center, Pickleball, 2 Pools and Recreation Center.

1526 E Coronado Road Phoenix, AZ 85006

$875,000
3 Beds
2 Baths
1,949 SqFt
Status Active
MLS # 6758822
Property Type Single Family Residence
Price Type --
** REFINED URBAN LIVING IN HISTORIC CORONADO PARK ** You will Love Coming Home to this Modern Masterpiece ** Exudes Comfort and Casual Elegance at Every Turn ** Built in 2019 with Block Exterior Construction and 2 x 6 Interior Framing ** Private Pool ** Detached One-Car Garage with Alley Access and Electric Charging Station ** GE Cafe Appliances ** Lutron Lighting System ** Remote Operated Window Shades ** 10 Foot Ceilings ** Interior Laundry Room with Cabinets ** Tankless Hot Water Heater ** Just Down the Street from Coronado Park ** Close to Downtown Arts & Entertainment Venues and Multiple Freeways ** A Must-See Property **

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