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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10913 N 153rd Lane Surprise, AZ 85379

New

$850,000

5 Beds

3.5 Baths

3,750 SqFt

Status Active

MLS # 6763543

Property Type Single Family Residence

Price Type --

Stunning property on a private cul-de-sac in the highly desired Rancho Gabriela! Discover a 3-car garage with built-in cabinetry, RV gate, RV parking space, and extra long driveway for all your vehicles. Enter to be greeted by wood-style floors, vaulted ceilings, pre-wired surround sound, plantation shutters, and modern light fixtures. The formal dining, ample living room, and open den are perfect for entertaining, while the oversized family room is ideal for intimate gatherings with your loved ones. Immaculate kitchen is a chef's delight, equipped with a walk-in pantry, SS appliances, granite counters, plenty of cabinets, and an L-shaped peninsula with a breakfast bar for casual meals. Large main retreat features French doors to the backyard, built-in niches, a walk-in closet, and a lavish bathroom with a tiled separate tub/shower and a dual sink vanity. Host fun gatherings in the huge backyard comprised of a blue pool, Ramada w/built-in BBQ, firepit area, green grass, palm trees galore, and covered patio. This gem is sure to sell fast!

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7601 E Indian Bend Road Unit 3027 Scottsdale, AZ 85250

$850,000

2 Beds

2 Baths

1,625 SqFt

Status Active

MLS # 6750538

Property Type Apartment

Price Type --

Voted #1 at The September Heart of Scottsdale Home Tour! Updated,corner, two bedroom, two bath, large condo is just what you have been looking for. Located in the desireable gated community of Corriente, this condominium boasts views of Camelback mountain and AZ sunsets. Corriente backs to the Silverado Golf Course and Clubhouse. Enjoy being on the Scottsdale bike path and walking trails, and being part of the heart of Scottsdale activities. Close to restaurants, shopping, golf, gambling, hotels, baseball, and the 101 freeway. Enjoy the Resort style pool, spa, exercise room. and party room. Three story buildings have elevators to underground parking. Great Room, Study, two sided fireplace, beautiful primary Bedroom suite, open kitchen, granite, stainless gas appliances. Luxurious

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4303 E Glenrosa Avenue Phoenix, AZ 85018

$850,000

3 Beds

2 Baths

1,610 SqFt

Status Active

MLS # 6753137

Property Type Single Family Residence

Price Type --

Gorgeous and bright, 3 Bed/2 Bath single level home located in the sought after area of Arcadia! Fully remodeled in 2021 - Home features include a private front courtyard and private rear patio area complete with newer turf and Ficus. Luxury vinyl flooring throughout, stainless steel appliances, quartz counter tops in the kitchen and bathrooms, marble backsplash in the kitchen and shower, Mitzi, HVAL, and/or Pottery Barn custom light fixtures, spacious 2 car garage includes newer epoxy flooring and ample storage with direct access to the courtyard. HVAC, air handler, and roof are just 2 years old. Location is key with close proximity to restaurants, shopping, parks, and Arcadia schools. This one is a must see and won't last long!

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3294 E Blue Ridge Way Gilbert, AZ 85298

$850,000

4 Beds

2.5 Baths

3,567 SqFt

Status Active

MLS # 6759907

Property Type Single Family Residence

Price Type --

Embrace Arizona living in this spacious, upgraded home in the peaceful Marbella Vineyards. Save big with owned solar panels and relax in your backyard oasis featuring a heated pool, perfect for year-round enjoyment. Located in a prime Gilbert area with access to top Chandler district schools, this home has it all. The open floor plan boasts a striking staircase railing, with custom entertainment built-ins in both the living and family rooms. Featuring 4 bedrooms (master on the lower level), a bonus room (can be a 5th bedroom), and stylish hardwood and tile floors throughout. The kitchen is equipped with cherry cabinets, granite countertops, and modern touches. Pre-plumbed utility areas and a soft water system add to the convenience.

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1519 Rainbow View Drive Pinetop-lakeside, AZ 85929

New

$850,000

4 Beds

3.5 Baths

2,967 SqFt

Status Active

MLS # 6763993

Property Type Single Family Residence

Price Type --

This beautifully cared for home, located in the coveted & gated community of The Shores at Rainbow Lake provides all you could desire in the mountain home of your dreams. Lots of room to roam on this large one acre parcel with the interior of this home being equally spacious. This home will come completely and tastefully furnished making an effortless transition to your new mountaintop experience. 4 bedrooms, 3.5 baths and 2967 square feet with a 2 car garage & storage is sure to give lots of room for all your loved ones. Home is serviced by metered water AND a private well(used for landscaping) AND on a full acre making this home a real value! This home is a very short distance to Rainbow lake in this prestigious gated community & has a nicely landscaped yard & lots of green grass. SEE If you are looking for that home to invite you into comfort and security-here it is- Walk into your front door and find the rest of the mountain experience yours! Home has an open and split floor plan with a great room for extra space to entertain guests or just relax with loved ones. The ever-popular open concept kitchen with large, long stretches of granite counter tops makes this mountain home a luxurious experience for all who enter. Decks on upper and lower levels for long-range panoramic views and 2 car garage to park your mountain toys. Privacy, security and comfort is waiting in your new mountain home-but don't wait too long-homes like these are sure to be a best-seller! Price includes furnishings and other various items-seller to provide list of furniture to convey with a formal offer. Amenities of the HOA include a very recently updated secure gate entry, pickleball & tennis courts, 2 boat launches, picnic and walking areas with beautifully cared for common areas. One of the sellers (Lorin Hatch) is a licensed real estate agent in the state of Arizona. Site address has been referred to as 1501 Rainbow View Drive but is reported in Navajo County as 1519 Rainbow view Drive. The White Mountains offers Golf, fishing, hunting, four wheeling, hiking, boating, gaming, target shooting ranges, skiing, snowboarding, birdwatching, animal wild-life, sledding, several seasonal festivals throughout the year, car shows, fine dining, musical entertainment, and a great day and night life! Come live the dream you always wanted in this beautiful home in the pines.

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28911 N 41st Place Cave Creek, AZ 85331

$850,000

5 Beds

3 Baths

2,905 SqFt

Status Active

MLS # 6740548

Property Type Single Family Residence

Price Type --

Prepare to be amazed by this home built in 2016, with exceptional entertaining space. Featuring a gourmet kitchen, 5 bedrooms, 3 bathrooms, and a backyard that will make you never want to go inside. The backyard has all the Paradise Vibes that will make all your friends green with envy. The oversized pool boasts a spacious Baja shelf complemented by an impressive water feature to create the perfect ambiance. Adjacent to the pool is an outdoor kitchen complete with a bar seating area for 10. A built-in smoker produces mouthwatering meats while the natural gas grill sizzles up steak and spicy shishito peppers. As the day transitions into night, savor the serenity of Cave Creek's dark skies. When it's time to retreat indoors, you'll be welcomed by a gourmet kitchen featuring a gas cooktop, elegant white shaker cabinets with 42 uppers, granite countertops, an island, stainless steel appliances, and a pantry. The main level also offers a full bedroom and bath for guests who won't want to leave! Upstairs, the primary bedroom awaits with an ensuite bathroom boasting a tiled shower large enough to rival a car wash, a double vanity, and a spacious walk-in closet. Additionally, the upper level includes three more generously sized guest bedrooms with walk in closets, a guest bathroom, and a loft space perfect for a second living room, office, or gym. Run don't walk to see this dream of a house, as backyards of this caliber are in high demand. Cave Creek offers top-notch schools, amazing shopping, and dining delights. Don't miss the famous Buffalo Chip Saloon and world-class golf, plus unbeatable biking and hiking trails. A quick drive to the best of Desert Ridge & Scottsdale. It's all right here!

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27681 N 108th Way Scottsdale, AZ 85262

$850,000

3 Beds

2 Baths

1,998 SqFt

Status Active

MLS # 6759437

Property Type Single Family Residence

Price Type --

Welcome to your dream retreat in the heart of Troon North! This stunning 3 bed, 2 bath, residence boasts unparalleled mountain views, offering a picturesque backdrop for your everyday life. Brand new roof in July 2024. As you step into the meticulously designed property, you're greeted by a luxurious pebble tec pool and spa, complete with pop-up filters for ease of maintenance and endless relaxation. The home's grandeur is immediately apparent with its soaring 12-foot ceilings, creating a sense of spaciousness and sophistication in every room. Large windows strategically placed throughout the residence invite abundant natural light, illuminating the exquisite interior and highlighting the breathtaking vistas beyond. Entertain with ease in the gourmet kitchen, featuring upgraded shutters, premium appliances, and ample counter space for culinary creations. The open-concept layout seamlessly connects the kitchen to the living and dining areas, fostering effortless flow and connectivity for gatherings of any size. Retreat to the lavish master suite, where tranquility awaits amidst panoramic views and indulgent amenities. The en-suite bathroom offers a spa-like experience with a soaking tub, dual vanities, and a spacious walk-in shower, providing the ultimate in relaxation and rejuvenation. Outside, the expansive patio beckons you to unwind in style with natural area open space at the rear of the property, whether you're basking in the Arizona sun, dining alfresco under the stars, or simply enjoying the serenity of your private oasis. With meticulously landscaped grounds and unparalleled vistas of the surrounding mountains, every moment spent outdoors is an escape to paradise. Located in the prestigious community of Troon North, this residence offers the perfect blend of luxury living and natural beauty. Enjoy world-class golf, hiking trails, and upscale amenities just moments from your doorstep, making every day feel like a vacation in paradise.Don't miss your chance to experience the epitome of desert living in this exquisite Troon North retreat.

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7640 E Snowdon Circle Mesa, AZ 85207

New

$850,000

5 Beds

4 Baths

3,426 SqFt

Status Active

MLS # 6759152

Property Type Single Family Residence

Price Type --

Discover luxury living in the prestigious Highlands at Las Sendas, nestled on a prime cul-de-sac lot. This home boasts nearly 11,000 sq. ft. of outdoor space with RV gate access and an oversized 3-car garage. Inside, elegance meets functionality with plantation shutters, granite finishes, and crown molding throughout. The gourmet kitchen is a chef's dream, complete with a spacious island featuring a gas cooktop, two dishwashers, and two refrigerators, perfect for entertaining. Retreat to the Master Suite, where a private sitting area opens to a deck with uninterrupted views of the preserve--no neighbors in sight! The two secondary bedrooms each offer their own en suite baths, ensuring comfort and privacy. Step outside to your personal oasis: a saltwater pool, outdoor kitchen, and fire pit, designed for unforgettable gatherings. This home offers more than just spaceit's an experience. Don't miss your chance to see what makes this property so exceptional!

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37409 N 24th Street Phoenix, AZ 85086

New

$850,000

3 Beds

2 Baths

1,769 SqFt

Status Active

MLS # 6763346

Property Type Single Family Residence

Price Type --

A Private Desert Oasis on 1.384 acres in the heart of the Desert Hills area awaits you. Wonderful light filled open floor plan with a Great Room overlooking the Covered Patio and lush desert landscaping. Cook's kitchen with everything you need to create the food you love, walk-in pantry, tall cabinets, snack bar and casual dining area are open to Great Room. The Formal Dining Room could also be used as a home office. The current owners have made extensive improvements to the home and a full list of those improvements are in the documents tab. A few of the highlights of those improvements are; new wood plank flooring throughout, new carpet in 2 of 3 bedrooms,3rd bedroom has new wood plank flooring, new kitchen sink faucet, new tile in all bathrooms and laundry room, freshly painted

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7106 W Private Pine Mountain Road Flagstaff, AZ 86001

$850,000

3 Beds

2 Baths

2,040 SqFt

Status Active

MLS # 6707348

Property Type Single Family Residence

Price Type --

Escape to your own slice of wilderness paradise in this charming off-grid cabin nestled in the picturesque Snow Bowl Estates of Flagstaff, Arizona. Situated on a sprawling 2.715 acre lot, this cabin offers the perfect blend of tranquility and adventure. Just a stones throw away from the Hart Prairie Preserve. Hart Prairie is coveted property often featured on the news for it's beautiful and breathtaking fall colors. With 3 bedrooms plus a loft and 2 bathrooms spread across 2,040 square feet, there's plenty of space for family and friends to gather and create lasting memories. The main level features a master bedroom and bathroom, while the upper level loft and guest bedrooms offer cozy retreats with closets designed to accommodate additional beds. Boasting breathtaking views of Humphreys Peak and Agassiz Peak, every day is a feast for the eyes. Enjoy the serenity of nature from the expansive flagstone patio along the entire east side of the cabin or soak in the beauty from one of 3 decks around the home. Inside, you'll find thoughtful touches throughout, including aspen tongue and groove ceilings, aspen wood trim, and dual-pane insulated aluminum frame windows that frame the landscape like living artwork. Stay comfortable in any season with ceiling fans throughout, laminate flooring in high-traffic areas, and carpet in the living room for added warmth. Warm up on chilly evenings with the soapstone wood-burning fireplace, providing slow-to-heat warmth and a cozy ambiance. Additional heating is provided by three new propane wall heaters, installed for added comfort on May 3, 2024. This cabin is fully equipped for off-grid living, with owned solar panels, a Rinnai On-Demand water heater, and a remote start generator operable from inside the house. There is also a 1,900+/- gallon water cistern, a 250-gallon leased propane and a septic system with a 1,000-gallon capacity. Accessed via a 4.5-mile dirt road, this cabin becomes a winter wonderland retreat, accessible by snowmobile or snowshoe from Snow Bowl. And with the Coconino National Forest bordering the south property line and the Arizona trail just 0.5 miles away, outdoor adventures are right at your doorstep. Don't miss your chance to own a piece of Flagstaff's natural beauty. Buyer to verify all facts and figures listed in MLS.

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10421 N 177th Avenue Waddell, AZ 85355

$850,000

5 Beds

3 Baths

2,498 SqFt

Status Active

MLS # 6677226

Property Type Single Family Residence

Price Type --

Your dream home is here! Discover the perfect escape from city life with this stunning horse property situated on a sprawling 1-acre irrigated lot. This property offers a serene setting with no HOA, complete with lush orange, peach, and lemon trees. Inside, the home features stylish wood-look floors in high-traffic areas, updated amenities such as pre-wired surround sound, modern ceiling fans, sleek door levers, and recessed lighting. It boasts a formal dining area and a vibrant great room, ideal for hosting gatherings. The pristine kitchen is equipped with an array of white cabinets, stainless steel appliances, granite counters, a subway tile backsplash, a pantry, and a spacious island with a breakfast bar. The primary suite is a true retreat, including a luxurious ensuite with dual sinks, a soaking tub, and a walk-in closet. Additional storage is available in the laundry room, complete with a utility sink. This gem also features a covered patio, a cozy fire pit, a storage shed, and a large metal barn that can be adapted for various uses. Ample parking space is available on the property. For horse lovers, there are ready-made stalls and corrals. Enjoy the peaceful neighborhood ambiance and breathtaking mountain views. Don't miss out on this extraordinary opportunity - a must-see property!

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42920 N Highway 60 -- Morristown, AZ 85342

$850,000

3 Beds

2 Baths

1,967 SqFt

Status Active

MLS # 6745454

Property Type Single Family Residence

Price Type --

VIEWS, VIEWS, VIEWS! This newly constructed 3-bedroom, 2-bathroom home offers captivating mountain views and a charming front porch, ideal for having your morning quite time. As you enter through the double doors, you'll be greeted by a spacious, open floor plan and an elegant wood-looking flooring that perfectly flows throughout. The galley kitchen is a culinary delight, featuring plenty of counter space accompanied by a stylish tile backsplash, and stainless steel appliances. The primary suite has plenty of space with a pristine ensuite, dual sinks, a glass-enclosed shower, and a generous walk-in closet. Unwind on the covered patio, where you can relax and take in the stunning panoramic views and endless blue skies. This home is an absolute must-see and is sure to exceed your expectations!

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