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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5921 E Ocupado Drive Cave Creek, AZ 85331

$875,000

3 Beds

2 Baths

2,168 SqFt

Status Active

MLS # 6714192

Property Type Single Family Residence

Price Type --

Impeccably maintained and thoughtfully upgraded, every detail of this home has been crafted with care and precision.Welcome to your dream home in the highly sought-after gated community of Lone Mountain in Cave Creek, Arizona! Nestled on an oversized cul-de-sac lot, this stunning south-facing residence offers unparalleled privacy, bordering a Natural Area Open Space (NAOS) with no neighbor to the east. Step inside this elegant 3-bedroom, 2-bathroom split floor plan home and discover a haven of comfort and style. The spacious living areas provide ample room for the entire family to enjoy. The home boasts a paid-off solar system, electric retractable awnings, and expansive patios, perfect for embracing Arizona's beautiful weather. The oversized lot offers plenty of space for gardening or play, creating a wonderful environment for children and grandchildren alike. The backyard retreat is an entertainer's delight, featuring a gazebo, built-in BBQ, and synthetic grass for low-maintenance enjoyment. Imagine savoring breathtaking sunrises and sunsets in this tranquil oasis. The heart of the home is the extended kitchen, designed for both functionality and beauty. With beautiful Alderwood cabinets, a breakfast bar island, granite countertops, and new smart appliances, this kitchen is a chef's dream. Throughout the home, you'll find spacious rooms adorned with wood and tile flooring, complemented by crown moldings. The laundry room is a model of efficiency, complete with plenty of storage, a folding counter, and a built-in ironing board. Custom-designed closets add a touch of luxury, and the master bedroom features a built-in vanity for your convenience. The home's artwork is showcased with an integrated electric system, controlled by a dimmer switch, adding a sophisticated ambiance. Additional highlights of this remarkable home include a large fireplace with an elegant mantle, an extended-size garage, and both casual and formal dining areas. Every window is fitted with plantation shutters, providing both style and privacy. Don't miss this rare opportunity to own a piece of paradise in Lone Mountain. Enjoy a private tour today and experience the exquisite lifestyle that awaits you in this exceptional home.

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9652 E Ludlow Drive Scottsdale, AZ 85260

$875,000

4 Beds

2.5 Baths

2,096 SqFt

Status Active

MLS # 6757465

Property Type Single Family Residence

Price Type --

Take advantage of this fantastic home on a cul-de-sac in the sought-after 85260 zip code. This popular two-level floor plan features vaulted ceilings, a spacious updated kitchen with quartz countertops, and updated fixtures. A large family room with French doors and a fireplace. 4 bedrooms and two bathrooms complete the second level. The backyard is a private green oasis with a sparkling pool, mature landscaping, and artificial turf. The property has a two-car garage with plenty of storage and sits on a spacious 5,700-square-foot lot. This home is close to everything, with easy access to the 101. 2023 New HVAC, new artificial turf, and new exterior paint.

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10737 E Simone Avenue Mesa, AZ 85212

$874,999

4 Beds

3 Baths

2,800 SqFt

Status Active

MLS # 6759842

Property Type Single Family Residence

Price Type --

Gorgeous 4-bedroom, 3-bathroom home, complete with a spacious den and an open floor plan designed for seamless living and entertaining. The split-bedroom layout ensures privacy, while two sliding glass walls open up to the backyard, offering a true indoor-outdoor experience. Step outside to your personal oasis, where you'll find a newly installed pool, travertine hardscape, and a covered patio. The backyard is also equipped with a movie screen and hot tub, creating the ultimate space for outdoor entertaining. Luxury vinyl plank flooring flows throughout the home & custom shutters. Guest Bedroom 2 features a private full bathroom. Additional highlights include a spacious 3-car garage. Own a home that blends luxury and comfort, inside and out!

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5655 E Saint John Road Scottsdale, AZ 85254

$874,999

4 Beds

2 Baths

1,941 SqFt

Status Active

MLS # 6716133

Property Type Single Family Residence

Price Type --

Discover your dream home in the heart of North Scottsdale! This elegant and modern 4-bedroom, 2-bathroom home features a sparkling pebble-tec pool with a travertine deck and is only minutes away from all that Kierland and Scottsdale quarter has to offer including a variety of fine dining options, luxurious shopping experiences and 5-star spas! Nestled near multiple world class golf courses including the TPC Scottsdale, home of the Waste Management Open, enjoy life in the middle of all that Scottsdale has to offer! Beautifully tiled throughout, this light and airy home features neutral and modern paint colors, stainless steel appliances, a pool table, dining area, and a covered patio. This home has been a successful AirBnB and can be purchased fully furnished at no extra cost! Experience the epitome of upscale living and come see this home today!

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1018 E Tuckey Lane Phoenix, AZ 85014

$874,999

3 Beds

2 Baths

2,196 SqFt

Status Active Under Contract

MLS # 6729434

Property Type Single Family Residence

Price Type --

WOW! Welcome to your North Central dream home! This thoughtfully designed, remodeled, and move in ready home is waiting for you. Taken down to the studs with a massive addition in 2015, no detail was missed on this ranch beauty. Featuring multiple living spaces, a large and open kitchen area, this home is an entertainers dream. The kitchen comes equipped with stainless steel appliances, including a gas range/oven, and tons of cabinets for storage. You will also love the custom built live edge island countertop, bar shelf, and the mantle above the gas fireplace. The primary suite features wall to wall cabinets that holds a TV as well as additional storage. Double sinks in the bathroom with tons of vanity space, a soaking tub, and a walk in shower highlight the primary bathroom.

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29224 N 146th Street Scottsdale, AZ 85262

$874,990

4 Beds

2 Baths

2,389 SqFt

Status Active

MLS # 6730322

Property Type Single Family Residence

Price Type --

PRIDE OF OWNERSHIP! Immaculate & peaceful North Scottsdale horse property w/ tons of natural light on 1.25 acres w/ pool & incredible mountain views. This nearly 2400 sq ft home features an open floor plan w/ 4 bedrooms, 2 upgraded baths, plantation shutters throughout, stone gas fireplace, gourmet kitchen w/ granite countertops, stainless steel appliances & kitchen island, large master bedroom w/ beautifully upgraded master bath including tiled shower, soaking tub & dual vanities, highly upgraded second bath w/ tile shower and tub & large secondary bedroom w/ dual closets. Exterior features include large garage with plenty of storage, covered front patio and extended covered back patio, pool with incredible views and horse set up including riding arena and stalls.

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4055 Miners Spring Way Wickenburg, AZ 85390

$874,900

3 Beds

2.5 Baths

2,365 SqFt

Status Active

MLS # 6753327

Property Type Single Family Residence

Price Type --

Experience desert living at its finest in this exquisite 3-bedroom, 2.5-bath home with a 3-car garage, nestled in the serene oasis of Wickenburg. The stunning curb appeal is enhanced by brand new landscaping, welcoming you into a home that is a true canvas for your dreams. Situated on a spacious 1/2 acre lot, there's ample room to add an RV garage, pool, or even a casita. The outdoor kitchen is perfect for entertaining as you enjoy breathtaking sunsets and mountain views. Inside, the kitchen is a chef's delight with satin-finished granite countertops, soft-close cabinets and drawers, a gourmet cooktop, and a chimney hood. Additional features include an owned security system and a water softening system. As a resident of Wickenburg Ranch, you'll also enjoy access to a wide range of resort- style amenities including clubhouse, 2 golf courses, 3 restaurants, 14 miles of paths and trails, fishing, salon and classrooms. Property backs to land preserve owned by Wickenburg Ranch. Don't miss out on this incredible opportunity!

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1428 E Rose Lane Phoenix, AZ 85014

$874,900

3 Beds

2.5 Baths

2,176 SqFt

Status Active

MLS # 6757982

Property Type Single Family Residence

Price Type --

Mid-Century Modern Haver Homes in Central Phoenix are iconic and this Ralph Haver home has been given a new life! Highlighted by the exposed ceilings, beams, block construction and duct work. At 2,176sf, there are 2 Ensuite Bedrooms, a small room between the bedrooms used as a closet for the primary bedroom/office with a NEW 3rd Bedroom that has been framed in in the Bonus Room. A remodeled kitchen with tile backsplash, entertaining island, pro-style vent and gas range. HUGE bonus room that can serve as a 3rd bedroom, home office, game room, theater or all those things at once, with an adjacent half bath and exterior access. Resort style backyard with extended covered patio, gas fire pit, diving pool, paver walkways and Piestewa Peak views. Low maintenance landscape and artificial turf.

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8022 E Via Del Valle -- Scottsdale, AZ 85258

$874,900

2 Beds

2 Baths

2,000 SqFt

Status Active

MLS # 6687409

Property Type Townhouse

Price Type --

Fantastic 2 Bedroom, 2 Bath, 2000 sq ft townhome in Santa Fe subdivision in McCormick Ranch. Large open great room (with no step downs), wet bar and fireplace. Remodeled master bath with shower and jacuzzi tub. Private back yard, covered patio and 2 car garage. Located close to the club house with heated community pool and spa.

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1432 Sierra Vista Drive Prescott, AZ 86303

$874,900

3 Beds

2 Baths

3,256 SqFt

Status Active

MLS # 6759744

Property Type Single Family Residence

Price Type --

This stunning home, boasting long, sweeping views and located less than three miles from Historic Prescott's downtown square, has undergone well-thought out updates throughout. Perched at the top of a serene street, the property offers a level driveway and a porte-cochère, setting a welcoming tone with its modern design fused with classic Spanish influences. Upon entering, you're greeted by a breathtaking wall of windows in the great room that frame the tall pines of the Prescott National Forest, allowing natural light to pour in and enhancing the home's seamless connection to its surroundings. The entry level features elegant wood floors, highlighted by a striking floor-to-ceiling stone, two-way wood-burning fireplace that serves both the great room and the adjacent cozy family space. The kitchen is a chef's dream, showcasing beautiful granite countertops, an inset ceiling, abundant cabinetry, and a center island equipped with a gas cooktop. Multiple dining options abound, whether you prefer the breakfast bar at the island, the informal breakfast nook, or a formal dining experience in front of the great room's fireplace. The adjacent Arizona room serves as a versatile space, perfect for entertaining with its wet bar and walls of windows, further enhancing the indoor-outdoor flow. The main level also includes a well-appointed powder room. Downstairs, is the family room with the shared 2-way fireplace. The master suite has been meticulously updated with plush Berber carpet, its own private fireplace, and direct access to the deck where a hot tub awaitsideal for soaking in the panoramic vistas. The master bathroom offers a luxurious retreat with a walk-in, floor-to-ceiling tiled shower, soaking tub, and a spacious walk-in closet. Two additional guest bedrooms share a tastefully remodeled bathroom, with each room offering deck access, allowing guests to unwind in the serene outdoor atmosphere. A den off the third bedroom adds even more flexibility to this inviting home. Outside, the property is a peaceful, park-like haven, complete with a pergola-covered sitting area, a low-maintenance artificial grass patch, and an expansive garden area. The mix of modern updates and old-world charm blend perfectly to create an inviting, private escape, surrounded by nature yet conveniently close to the heart of Prescott where you can immerse yourself in the beauty of the four-season climate while enjoying the best of both indoor and outdoor living.

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694 S Mountain View Road Apache Junction, AZ 85119

$874,900

4 Beds

2 Baths

1,945 SqFt

Status Active

MLS # 6751574

Property Type Single Family Residence

Price Type --

This home is the complete package-4 bedrooms, 2 bathrooms, 8+ car garage, a pool, horse property on an acre, with amazing views of the Superstition Mountains...WOW!!! Pride of ownership shows throughout this property. It has been well taken care of. Lots of parking for all the toys between the attached 2+ car garage & the detached 6 car garage out back. RV pad with 30 amp service. This fully fenced, flat usable lot still has space out back for more parking. Plenty of room to add a barn & corral if you want. The pool is so inviting & is perfect for cooling off in. While you rest & watch the gorgeous sunsets on the long covered patio you can listen to the relaxing sound of the pool waterfall. The front porch is perfect for enjoying the majestic Mountain Views.

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663 W Honeysuckle Drive Chandler, AZ 85248

$874,900

4 Beds

2.5 Baths

3,128 SqFt

Status Active Under Contract

MLS # 6754718

Property Type Single Family Residence

Price Type --

This fully remodeled home is a must-see! Discover your dream home in the heart of Ocotillo Lakes. This beautifully updated residence offers a perfect blend of style and comfort. The open floor plan features fresh paint, custom tile flooring, and neutral quartz countertops throughout. Enjoy the luxury of contemporary tiled showers, a spacious loft, and a stunning backyard with a pool. The 3-car garage provides ample storage. Don't miss this opportunity to own a truly exceptional home!

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