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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5825 N 107th Lane Phoenix, AZ 85037

$846,900

3 Beds

2.5 Baths

2,524 SqFt

Status Active

MLS # 6746205

Property Type Single Family Residence

Price Type --

Welcome to this exceptional home that combines striking curb appeal with unmatched functionality. Situated on an expansive lot, this home features charming brick accents and an impressive 15x40 RV garage with a convenient pull-through to the backyard, an extra storage room, and a 12-foot RV gate, ensuring you have ample space for all your recreational vehicles and storage needs. Step inside to discover a meticulously designed split floor plan, highlighted by stylish wood plank tile flooring and 8-foot interior doors. The dedicated office space, adorned with elegant glass doors, offers both privacy and a touch of sophistication. The gourmet kitchen is a chef's dream, complete with 42-inch white shaker cabinets, sleek quartz countertops, upgraded hardware, and a beautifully crafted white tiled backsplash. The chef of the house will appreciate the wall oven, gas stovetop, stainless steel appliances, and additional cabinet space beneath the island, making meal preparation a breeze. The generously sized primary suite serves as a luxurious retreat, featuring dual vanities, a spacious super shower, and an expansive walk-in closet. Outside, the backyard is designed for relaxation and entertaining, with a covered patio, lush turf, and an oversized side yard perfect for outdoor activities. Located in a secure gated community, this home offers easy access to major freeways, Glendale Fields, State Farm Stadium, the Gila River Arena, Westgate Entertainment District, and more. Don't miss the chance to own this stunning property and enjoy luxury living at its finest!

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4107 W Rimrock Drive Glendale, AZ 85308

$846,000

4 Beds

2 Baths

2,784 SqFt

Status Active

MLS # 6702996

Property Type Single Family Residence

Price Type --

Rare opportunity to own in Yorkshire Estate. This single level home has 4 bedrooms, 2 bathrooms, pool, 3 car garage, RV gate, new kitchen and flooring throughout. You are welcomed by lush landscaping and a private courtyard. Inside you will notice 10' ceiling throughout, luxury vinyl flooring, and plantation shutters. Kitchen has been completely redone with white cabinets, stainless appliances and granite counters. Kitchen opens up to the living room where there are French door with access to the backyard. Backyard has a large, covered patio, grassy area, and beautiful pool. Huge master bedroom has access to the backyard, an ensuite with dual sinks, private toilet room, jetted tub and walk in closet. Don't miss out on this incredible opportunity Wonderful main retreat awaits you w/direct backyard access, rich wood flooring, & an ensuite w/dual sinks, separate shower & tub, & a walk-in closet for all your wardrobe needs. Unwind under the covered patio and discover the lovely desert landscape, extended seating areas, & refreshing swimming pool, w/ stone features, perfect for outdoor enjoyment. Do not miss it!

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8731 E Minnezona Avenue Scottsdale, AZ 85251

$845,900

3 Beds

2 Baths

2,250 SqFt

Status Active

MLS # 6752363

Property Type Single Family Residence

Price Type --

Priced to Sell!! Beautiful house located in Scottsdale close to Entertainment district, Fashion Square and 101! The kitchen offers wood cabinetry, SS appliances, granite counters, recessed lighting, and an island w/ breakfast bar. Each bedroom has newer plush carpet and a walk in closet! Keyless entry, Ring Doorbell, Smart thermostat, ADT and Directv ready! Backyard with modern pool was finished in 2019 with travertine tile, Large Baja shelf, barstools in the pool and large gazebo! The backyard is very private and quiet with only one neighbor directly bordering. Steel roof has LIFETIME warranty! AC was replaced in 2022. Pipes have been epoxy lined!!

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9045 E Riviera Drive Scottsdale, AZ 85260

$845,000

4 Beds

2 Baths

1,835 SqFt

Status Active Under Contract

MLS # 6757421

Property Type Single Family Residence

Price Type --

This freshly remodeled single-level home in the heart of Scottsdale offers a perfect blend of Southwest chic design with a modern yet cozy vibe. Vaulted ceilings and an open floor plan provide an abudance of natural light, creating an inviting atmosphere. The gourmet kitchen is equipped w/GE matte slate appliances, Calacatta quartz, a waterfall edge island, bar serving nook and eat-in kitchen, and is ideal for entertaining family and friends. The spacious primary suite boasts vaulted ceilings, a spa-like ensuite bath and walk-in closet. Relax in the low-maintenance backyard oasis with new artificial turf, pavers and a shaded patio. Enjoy mountain views from the charming front patio in sought-after Trailside at Manzanita, an enclave of beautiful homes with a community park and playground. Additional designer appointed updates include: wide plank European white oak Bedrosians flooring (LVP), low-E energy efficient Milgard v250 windows, GE Profile washer/dryer laundry pair, fresh interior and exterior paint, new 5 baseboards, shaker panel doors and casings, epoxy garage coating, cool deck patio coating, designer fixtures/finishes, and much more... Don't miss the community park/playground located at 11480 N 90th Way. Enjoy Scottsdale's picturesque lush green scenery, swaying palm trees, meandering waterways, vibrants parks, miles of walking/running trails, championship golf courses, and thriving outdoor lifestyle coupled with family friendly community and activities. Appreciate the close proximity to the main veins of the bustling central Scottsdale area (Loop 101, Scottsdale Road), as well as the many shopping, dining and entertainment options within range of the community, including Old Town Scottsdale, Kierland, and Talking Stick Resort.

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21123 E Mayberry Road Queen Creek, AZ 85142

$845,000

4 Beds

3 Baths

3,073 SqFt

Status Active

MLS # 6757341

Property Type Single Family Residence

Price Type --

Come check out this beautiful 4 bedroom, 3 bathroom home! Enjoy a luxurious primary suite and amazing kitchen that is perfect for hosting and entertaining! The backyard is perfectly designed with a pool that includes a built-in table and chairs for in-pool entertainment. Backyard also includes low maintenance landscaping with artificial grass. There is a 3 car tandem garage that offers great storage! Located in a beautiful and newly built community near tons of shopping, dining and fun!

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11641 N 23rd Street Phoenix, AZ 85028

New

$845,000

5 Beds

2 Baths

2,667 SqFt

Status Active

MLS # 6763639

Property Type Single Family Residence

Price Type --

The Epitome of Class, Comfort and Functionality is the heart of this HOME. This home has floor plan functionality that you are going to LOVE! It can be enjoyed as a 3 bedroom plus giant workout/theatre room plus den/office, 4 bedroom plus den/office or 5 bedroom if you need that. This one checks all the boxes...open layout, large kitchen, SPARKLING REMODELED POOL, 2 car garage with additional storage, resort like backyard with putting green, stunning mountain views, turn key enjoyment, easy frwy access, 15 mins to Sky Harbor International Airport, 4mi to Paradise Valley Mall and so much more. Some of the valley's best recreation are nearby including hiking (Phoenix Mountain Preserve), mountain biking, amazing fitness studios, golf (Pointe Golf Club On Lookout Mountain) and pickle ball.

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1861 N Bernard Circle Mesa, AZ 85207

$845,000

4 Beds

3 Baths

2,244 SqFt

Status Active

MLS # 6730707

Property Type Single Family Residence

Price Type --

Welcome to a dazzling desert sanctuary nestled within the illustrious gated community of Canyon Preserve. This rare and resplendent 4-bedroom masterpiece, set on a premium desert lot adorned with awe-inspiring natural rock formations and panoramic mountain vistas, redefines luxury and comfort. As you approach, a meticulously designed paver driveway guides you to the stately entrance of this palatial residence, setting the tone for the opulence that awaits within. The custom kitchen is an absolute chef's paradise, boasting an eye-catching backsplash, Café Signature oven and microwave, sumptuous quartz countertops, and sleek, modern hardware and fixtures. An integrated reverse osmosis system ensures the highest quality water. Adjacent to the kitchen, the laundry room is a paragon of elegance, featuring a butcher block counter space and ample cabinetry that make everyday chores feel like a luxurious experience. The great room exudes sophistication with its decorative wallpaper, designer lighting, and expansive sliding glass doors that open to the backyard. This seamless blend of indoor and outdoor living spaces invites you to bask in the stunning desert landscape and jaw-dropping mountain views. The primary bedroom serves as a serene retreat, offering picturesque views of the desert and mountains. The updated en-suite bath is a haven of luxury, featuring a walk-in closet with built-ins, a dual vanity with additional drawer space, and a linen closet for ample storage. Guest bedrooms are adorned with blackout shades, ensuring ultimate comfort and privacy. Throughout the home, ceramic Saltillo tile adds a touch of Arizona charm, enhancing the warm, inviting ambiance. The garage provides overhead storage, offering plenty of space for all your needs, ensuring your home remains organized and clutter-free. As a resident of the Canyon Preserve gated community, you'll enjoy access to the Mountain Bridge community center, where an array of fabulous amenities awaits. Delight in the pool, spa, tennis and pickleball courts, children's playground, fitness center, basketball courts, and a putting green, all designed to enrich your lifestyle. Discover the epitome of desert luxury in this beautifully updated home. Discover the unparalleled comfort, elegance, and breathtaking views that this exceptional property and community have to offer.

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14002 N 60th Street Scottsdale, AZ 85254

$845,000

4 Beds

2 Baths

2,348 SqFt

Status Active

MLS # 6693452

Property Type Single Family Residence

Price Type --

Welcome to this updated home with a spacious floor plan in a premium location in North Scottsdale! Close proximity to fine dining, shopping and the best local attractions. Large great room with high ceilings offers living flexibility and tons of natural light. The kitchen is equipped with brand new appliances and a sliding glass door that leads out to your covered patio and large backyard with swimming pool and grass yard. A two car garage and covered car port offer room for multiple vehicles and/or a workshop area. Don't miss this great opportunity to make this home your own!

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8920 N 83rd Street Scottsdale, AZ 85258

$845,000

2 Beds

2 Baths

1,846 SqFt

Status Active

MLS # 6751952

Property Type Single Family Residence

Price Type --

Located at the end of a cl-de-sac in the highly desirable El Paseo community in the heart of McCormick Ranch. One of very few free standing homes in this community. (No shared walls). Remodeled with travertine floors, granite countertops, pebble-tec pool with heated spa, new appliances, dual pane windows with shutters. Beautiful mountain views and an easy walk to Scottsdale's famous greenbelt walking/riding path and so much more!

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23501 S 213th Court Queen Creek, AZ 85142

$845,000

3 Beds

2.5 Baths

2,727 SqFt

Status Active

MLS # 6723828

Property Type Single Family Residence

Price Type --

This stunning Queen Creek residence boasts a single-level w/ 10 ft ceilings, split floor plan 3 bedrooms, a versatile flex/bonus space, 3 bathrooms, complemented by 3CG. Luxury enhancements abound, from slate tile to high-end fixtures. The chef-quality kitchen, complete w a 9ft center island & gas appliances, seamlessly connects to spacious living area w electric shades. The ensuite primary bedroom offers backyard access and a premium bathroom w/ dual vanities, a separate tub, & walk-in shower. The backyard is a resort-style oasis, featuring a 24K gallon heated freshwater diving pool, gazebo, sunken jacuzzi, outdoor BBQ, & custom exterior gates. The split 3-car garage includes built-in storage. Enjoy the exclusivity of this super-premium, private lot situated at the end of a cul-de-sac!

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5355 E Wallace Avenue Scottsdale, AZ 85254

$845,000

4 Beds

2 Baths

2,164 SqFt

Status Active

MLS # 6718927

Property Type Single Family Residence

Price Type --

MOTIVATED SELLERS! Welcome to your dream home in the highly sought-after 85254 zip code! This beautifully maintained residence boasts timeless charm and modern comfort. Step inside to find a cozy fireplace, newer appliances, granite counters with large seating island in the kitchen, and vaulted ceilings with exposed beams in the master bedroom and separate living room that creates an inviting atmosphere. The garage is temperature controlled for year-round convenience. Outside, discover a backyard oasis perfect for entertaining with a heated pool, elegant pavers, and low-maintenance synthetic turf. Plus, enjoy the freedom of no HOA! This home offers the perfect blend of luxury and convenience in an unbeatable location.

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1991 W Coconino Drive Chandler, AZ 85248

$845,000

4 Beds

3 Baths

3,037 SqFt

Status Active

MLS # 6726893

Property Type Single Family Residence

Price Type --

Amazing opportunity to own a home nestled within the prestigious Watermark at Ocotillo Community. This spacious 4 bed 3 bath home is one of Camelot's most desirable models! Step into the heart of luxury through the stunning kitchen, with exquisite cabinetry, stainless steel appliances, & lavish granite countertops that define culinary sophistication. Upgraded flooring showcases a seamless blend of plush carpeting, tile, and modern luxury vinyl plank. Fall in love with the resort-style backyard featuring a pebble tec pool & spa, an oasis for relaxation & entertainment. Enjoy the gas fire pit in the Fall & Winter! Prime location near major freeways, great schools, and large employers. Enjoy everything the Ocotillo lifestyle offers!

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