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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15440 N 54th Street Scottsdale, AZ 85254

$875,000 - 4Br/4Ba -  for Sale in Covey, Scottsdale
New
$875,000
4 Beds
3.5 Baths
2,286 SqFt
Status Active
MLS # 6763397
Property Type Single Family Residence
Price Type --
Welcome to 15440 N 54TH ST, a stunning 4-bedroom, 3.5-bathroom home nestled on an oversized lot in the heart of Scottsdale, AZ. With no HOA and a sprawling 2,286 square feet of living space, this property is an exceptional find. Mother-in-law suite offers private access to the pool and features an upgraded bathroom, making it perfect for guests or extended family. The newly added primary suite boasts its own pool access, an extra-large walk-in closet, and a relaxing jacuzzi tub. 2 other good sized bedrooms both with walk in closets. The family room invites you to unwind in front of a charming brick fireplace, while the kitchen is a chef's dream with all appliances included, induction cooktop, reverse osmosis and ample cabinet space, and an oversized island. The outdoor spaces are just as impressive, with a covered patio, lush green grass, and a fenced pool area featuring stamped concrete, perfect for entertaining. There's also a private side area, ideal for a hot tub or additional outdoor seating. This move-in-ready home is priced to sell fast, so don't miss your chance to own this gem in one of Scottsdale's most desirable locations!

8526 E Monterey Way Scottsdale, AZ 85251

$875,000
4 Beds
2 Baths
2,241 SqFt
Status Active
MLS # 6708756
Property Type Single Family Residence
Price Type --
Situated in the heart of South Scottsdale in Village Grove on a spacious lot with NO HOA! Low maintenance desert curb appeal invites you in. Enter in to the single level open concept floorplan! Travertine flooring throughout all living areas, with hand scraped wood-like tile flooring in great room and updated windows throughout. Eat-in kitchen is appointed with matching stainless steel appliances, granite countertops, updated cabinets and brushed nickel fixtures. Primary suite with dual sinks, walk-in glass shower, and granite counters. Enjoy your private backyard oasis with expansive covered patio, NEWLY redone pebble sheen pool and tile since listing, grassy play space, RV gate, and so much room to roam! Full security system with 6 cameras (including night vision) and automated and Internet-integrated watering system too

8705 E Monterosa Avenue Scottsdale, AZ 85251

$875,000
3 Beds
2 Baths
2,056 SqFt
Status Active
MLS # 6746737
Property Type Single Family Residence
Price Type --
* One of a kind remodel in the heart of Scottsdale * Solid white oak flooring * Open kitchen with huge island * Custom Scottsdale Cabinets in kitchen and bathrooms * Professional series appliances featuring a double refrigerator/freezer, wall oven/microwave and flat cooktop with pot filler * Smooth textured walls throughout * Amazing bathrooms with walk in showers and soaking tub * All new faucets, sinks, mirrors and lighting * Ceiling fans and can lights throughout * New baseboards, doors and windows * New 5 ton Trane A/C unit * Across the street from pool and clubhouse * Great HOA * Remodel costs north of $240k *

10427 W Fossil Creek Road Pine, AZ 85544

$875,000
3 Beds
2 Baths
1,904 SqFt
Status Active
MLS # 6697113
Property Type Manufactured Home
Price Type --
Spacious 3BR 2BA home on a fantastic 4.51 acres lot bordering the Tonto National Forest. The bungalow home is situated in a very private position on the property and offers amazing views of Strawberry Valley. Inside is a spacious open concept great room, including a family room and formal living room. The large kitchen sits central to the home and includes an island with great workspace and an induction stove top. Three good sized bedrooms offer lots of space for family or home offices. Upgraded flooring has been installed throughout, and the kitchen, bathrooms, and appliances are all of a high quality. Outside, the covered back deck has space for both eating, lounging, and BBQing and great views from every angle. To the front, the patio offers a spot to enjoy the cool evening sunsets. A newly built gazebo further down the property provides a shaded spot to relax, enjoy the views, and watch the elks roam. A large leveled gravel drive offers ample space for up to 10 cars. And for those with big hobbies, the property also offers a massive 30' x 66' insulated shop/garage with skylights and full electrical service. Endless potential! Finally, LOCATION, LOCATION, LOCATION! The property offers access to all the best sites that Northern Arizona has to offer-- breathtaking waterfalls just down the road at Fossil Creek, charming shops and restaurants in the quant community of Strawberry, and endless hikes in the cool mountain air. With an expansive 4.5 acres of property and proximity to all sorts of recreation, the house may serve as a great investment for those interested in short term rentals, glamping sites, etc.

7968 E Montebello Avenue Scottsdale, AZ 85250

$875,000
3 Beds
2.5 Baths
1,806 SqFt
Status Active Under Contract
MLS # 6727193
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This beautifully remodeled residence is ideally situated in a prime central location, offering the perfect blend of convenience and luxury. Every inch of this home has been thoughtfully designed and meticulously maintained to ensure a hassle-free lifestyle for its new owners. Nestled in the heart of the city, this home provides easy access to top-rated schools, shopping centers, parks, and dining options. Enjoy the best of urban living with everything you need just minutes away. The home boasts a complete remodel with high-end finishes and modern touches throughout. From the moment you step inside, you'll be greeted by an open floor plan, abundant natural light, stunning wood floors and stylish décor. In addition, venetian plaster fireplace and induction stove. The chef's kitchen is a culinary delight, featuring custom cabinetry, premium stainless steel appliances, a large peninsula island, dual sinks and prep areas and elegant quartz countertops. Perfect for both everyday meals and entertaining guests. The home even includes a whole home water filtration system for you comfort. Designed with busy lifestyles in mind, this home includes low-maintenance landscaping and energy-efficient systems. Spend more time enjoying your home and less time on upkeep. Step outside to your private backyard haven, complete with a patio for alfresco dining and a beautifully landscaped garden. It's the perfect space for relaxation in the hot tub and outdoor gatherings. The neighborhood has just been equipped with new fiber optics for the fastest internet available. This home is a rare find, has over 300K in upgrades and offers everything you need for comfortable, stylish living. Don't miss the chance to make it yours!

2561 E Fir Street Williams, AZ 86046

$875,000
3 Beds
2 Baths
2,451 SqFt
Status Active
MLS # 6709987
Property Type Single Family Residence
Price Type --
Step into the enchantment of this fully furnished luxury log cabin nestled on 5.81 acres, boasting awe inspiring majestic mountain vistas. Inside, an open floor plan with vaulted ceilings and skylights floods the space with natural light, creating an inviting ambiance. The incredible eat-in kitchen features an island, granite countertops, and custom cabinets, perfect for culinary adventures or casual dining. Entertain guests at the custom-built bar, complete with a wine fridge, or relax in the den, a bonus space with flexible use, ideal for a home office, library, or media room. Wood floors and tile throughout the home add warmth and character, while the renovated Arizona Room offers a cozy space to take a breath. The home is adorned with new Trex decking wrapping around the entire property, offering an inviting space to savor your morning coffee while witnessing the breathtaking sunrise and daily wildlife visits. Unwind in the evening with a cup of hot cocoa by the wood fireplace in the living room, or gaze at the countless stars in the night sky while immersing yourself in the peace, quiet, and serenity that surrounds you. A myriad of improvements enhance the home's comfort and functionality, including new appliances, a new roof overhang on the front porch, renovated Arizona room with new windows, new air conditioner and heater, and a whole house standby generator for added peace of mind. Outside, a two-story, extra-large three-car detached garage with an unfinished loft/workshop provides ample space for storage or hobbies. The property also includes a storage shed, MQ Multi Quip 525-gallon water trailer and a 2021 Kutoba front-end loader. Sale includes furniture and decorative items, ensuring a seamless transition into your Northern Arizona dream home. See full list of improvements and included furnishings in documents section. Don't miss the opportunity to experience the tranquility and beauty of this exquisite retreat. Transform this dream property into your reality!

25917 S 177th Place Queen Creek, AZ 85142

$875,000
4 Beds
2.5 Baths
2,735 SqFt
Status Active
MLS # 6696349
Property Type Single Family Residence
Price Type --
Stunning Custom 4 bed/2.5 bath with NO HOA on over an ACRE with a HEATED POOL & SHOP! Separate 800 sq ft shop with 1250 CFM exhaust fan, 100 amp service, 8 x10 garage doors on East & West walls, sink, AC, bathroom, 30A 220V & 50A 220V. Beautiful kitchen with 42'' cabinets, double oven, stainless steel appliances and walk-in pantry. Central vacuum and 10 ft ceilings. Huge owner's suite with massive walk-in closet. Primary bath has dual vanities, private toilet, and updated shower. Beautiful enclosed backyard with large covered patio. Gorgeous pool with swim jets, waterfall and water feature. Roof upgraded in 2018. All AC's updated since 2021. 3 Car Garage fully insulated. Close to dining, entertainment & shopping. Coveted Chandler School District and located on a county island.

4529 E Casey Lane Cave Creek, AZ 85331

$875,000
5 Beds
3 Baths
3,352 SqFt
Status Active
MLS # 6717474
Property Type Single Family Residence
Price Type --
ABSOLUTELY GORGEOUS HOME IN HIGHLY DESIRABLE TATUM RANCH! FULLY APPOINTED GOURMET KITCHEN INCLUDES UPGRADED CABINETS-SLAB GRANITE COUNTERTOP-STAINLESS APPLIANCES-GAS COOKTOP- NEW WOLF DOUBLE OVENS, NEW BOSCH DISHWASHER, CUSTOM LIGHTING PACKAGE-EXTENDED CENTER ISLAND & BEAUTIFUL HARDWOOD FLOORS! HUGE MASTER RETREAT INCLUDES TRAVERTINE SHOWER- DUAL VANITIES W/ GRANITE-SEPARATE SOAKING TUB & WATER CLOSET-OVERSIZED BEDROOMS W HUGE CLOSETS! DOWNSTAIRS GUEST ROOM & SPACIOUS OPEN FLOORPLAN IDEAL FOR ENTERTAINING! SITUATED ON AN OVERSIZED LOT (10,395 SQ FT), TROPICAL RESORT BACKYARD FEATURES LUSH GREEN LANDSCAPE W/ SPARKLING 9 FOOT HEATED POOL W/ SPA & WATERSLIDE! EXTENSIVE MANICURED SIDE YARD W/ SYNTHETIC GRASS PLAY AREA & BUILT-IN STAINLESS BBQ-COZY GAS FIREPIT W/ SITTING AREA & PUTTING GREEN!

875 Devereaux Drive Prescott, AZ 86303

$875,000
4 Beds
3 Baths
2,667 SqFt
Status Active
MLS # 6710865
Property Type Single Family Residence
Price Type --
THIS AMAZING PROPERTY offers panoramic views of Granite Mountain and Thumb Butte, stunning sunsets and twinkling city lights. This home offers 4 bedrooms, 3 bathrooms, an office, an eat-in kitchen, a formal dining room, and a partially finished walk-out basement with 435 SF of storage (not included in the square footage). The fenced yard with a garden and low-maintenance front yard make outdoor living easy. You'll appreciate the spacious driveway, which can fit up to 12 cars or accommodate an RV. 2+ car attached garage for added storage. 3-decks to enjoy panoramic views and cool evening breezes. The leased solar panels are $64/month and there are security lights for added peace of mind. The seller is offering a 1-year home warranty. Best of all NO HOA FEES! Don't miss out on this Gem!

406 N Pine Island Drive Payson, AZ 85541

$875,000
3 Beds
2 Baths
1,720 SqFt
Status Active
MLS # 6710709
Property Type Single Family Residence
Price Type --
PRICE ADJUSTED! WONDERFUL !What a fabulous way to own at Chaparral Pines, premier guarded/gated luxury golf course community AND this section provides lock and leave low maintenance! This home has been beautifully updated and lovingly maintained for true move in condition. Walk in the great room space with soaring tongue and groove ceiling, dramatice floor to ceiling stone fp, cooks kitchen, all new stainless appliances and access to the back deck. Dine, relax and enjoy the wind in the tall pines overlooking Pine Island pond/waterfall! Home has 3 ample bedrooms, organized closets and 2 sizable baths (one completely reimagined) plus solid knotty alder doors thruout. Main bedroom opens to the back deck. Upgrades in documents. OVERSIZED GARAGE FOR TRUCKS, GOLF CARTS! Ahh listen to the pines!

14026 S 34th Street Phoenix, AZ 85044

$875,000
4 Beds
3 Baths
3,138 SqFt
Status Active
MLS # 6712057
Property Type Single Family Residence
Price Type --
STUNNING & IMMACULATE COMPLETE REMODEL IN CANYON ESTATES!!*4 BEDROOM, 3 BATH, PLUS LOFT/GAMEROOM*FOYER*FORMAL LIVING ROOM*FORMAL DINING ROOM*FAMILY ROOM W/FIREPLACE*LARGE KITCHEN W/STAINLESS STEEL APPLIANCES, ISLAND, QUARTZ COUNTERS, MOSAICS, & RECESSED LED LIGHTING*ONE BEDROOM ON MAIN LEVEL WITH FULL BATH*LARGE MASTER SUITE*MASTER BATH W/DUAL VANITIES & WALK-IN CLOSET*TWO ADDITIONAL BEDROOMS UP*PLANTATION SHUTTERS THROUGHOUT*EVERYTHING IS BRAND NEW LIKE A NEW BUILD*LAUNDRY ROOM*3-CAR GARAGE*PRIVATE LOW MAINTENANCE BACKYARD WITH COVERED PATIO, TURF, PEBBLESHEEN POOL, & PALM TREES*PERFECT FLOORPLAN*THIS IS TRULY A RARE FIND IN CANYON ESTATES!!!

1800 S Salt Mine Road Camp Verde, AZ 86322

$875,000
3 Beds
3 Baths
3,380 SqFt
Status Active
MLS # 6724670
Property Type Single Family Residence
Price Type --
Welcome to your dream property! Enjoy breathtaking panoramic views from all around this 18+ acre parcel bordering the Prescott National Forest and a short distance to Copper Canyon Loop which is perfect for hiking and horseback riding. Beautiful 3,379 sq. ft. residence features 3 bedrooms, 3 bathrooms, an elegant kitchen with granite countertops and custom wood cabinetry, and stunning stone tile. Primary bedroom with en-suite bath. Above the garage is a versatile space that can be used for a home theater or studio. This property is ideal for equestrians with ample space and easy trail access. Don't miss this rare opportunity! Buyer and Buyer's Broker to verify any and all items that are of material issue.

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