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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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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220 Seco Way Sedona, AZ 86336

Open House

$845,000

2 Beds

2 Baths

2,526 SqFt

Status Active

MLS # 6740146

Property Type Townhouse

Price Type --

Wow what a stunner! This West Sedona townhome is the perfect lock and leave to suit your active Sedona lifestyle. Home is comprised of the most spacious floorplan in the subdivision, with direct Red Rock Views to flood through the large windows in the Great Room for everyday living enjoyment. The kitchen has gorgeous granite counters, beautiful backsplash complimented by undermount lighting, and vaulted ceilings with exposed beams. There is ample natural light throughout with clerestory windows and skylights, plus a large flex room that could be a bedroom, den, office, or grandkids room. With mature Peach trees in your front yard, and an Apple tree and Grapevines in your private back patio, you have an established home waiting for you to have it all in sweet, safe, quiet little Sedona. Arroyo Seco subdivision is close to several local Trailheads for your hiking pleasure: Thunder Mountain is just one of a few, less than a half mile away. Your neighborhood coffee shop, pizza parlor, smoothie bar, library, and hair stylist are all less than a half mile away too. The HOA is famous for maintaining the beautiful pool, hot tub and manicured grounds, incredible Red Rock Views throughout the subdivision, with friendly neighbors-not to mention the fantastic coverage that the HOA offers for your monthly dues! A spacious two car tandem garage plus an additional laundry room inside the home, a large Primary walk-in closet, and an office round out your future home. No stairs or steps inside the home make for easy single level living. You CAN be in the middle of it all, while still magically having peace and quiet in our sweet little Sedona. Furniture package available. Owners are licensed Agent and Broker.

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17829 E Cindercone Road Rio Verde, AZ 85263

$844,999

3 Beds

2 Baths

1,752 SqFt

Status Active

MLS # 6695609

Property Type Single Family Residence

Price Type --

Welcome Home to Trilogy at Verde River. This community is like a cruise ship that doesn't leave port. There are so many social activities associated with The Trilogy Lifestyle! This Acacia Model Floor Plan is Located on the North Side of Trilogy at Verde River Nestled Beside an NAOS Area Protecting the Views Directly Behind the Home. This Open Kitchen to Great Room Concept is Best Known for Bringing the Outdoor Living Inside with the Large Sliding Glass Doors. Covered Patio, Fire Pit, and Easy-to-Maintain Backyard Complete Make this a Perfect Lock & Leave Option. Trilogy at Verde River Boast a Large Clubhouse with both Bar & Dining Options. The Resort Style Pool & Spa are Accompanied by Eddie's Poolside Bar & Grill. Alvea Spa has All Your Health & Rejuvenation Needs. Come Experience TVR!

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1945 W Horsetail Trail Phoenix, AZ 85085

$844,990

4 Beds

3.5 Baths

2,938 SqFt

Status Active

MLS # 6752495

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, &/or price adjustments. North-facing, two-story Prato floorplan with 2.5 car garage. First-floor owner's suite with glass low-threshold walk-in shower, chef kitchen with Whirlpool gas cooktop, white cabinets, and quartz countertops. Features upgraded tile, carpet, center slider for indoor-outdoor living, laundry cabinets with sink, upstairs suite with added bathroom, surround sound, Smart Home package, and front yard desert landscaping with a main line to the backyard.

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2841 E Wisteria Drive Chandler, AZ 85286

$844,900

5 Beds

3.5 Baths

3,824 SqFt

Status Active Under Contract

MLS # 6717001

Property Type Single Family Residence

Price Type --

$5,000 REDECORATING ALLOWANCE ***Motivated Seller *** Nestled on a spacious corner lot in one of the most coveted neighborhoods, this stunning home welcomes you with its charming paved driveway. As you step inside, you're greeted by an inviting entryway that leads to the main floor where the elegant master suite and a cozy guest room await. Downstairs, two more bedrooms offer a private retreat, complete with a luxurious full bath. The basement is an entertainer's paradise, boasting state-of-the-art surround sound, gleaming granite counters, and a sleek wet bar. Imagine hosting movie nights with the 4K projector and the impressive 120-inch screen that comes with the home. Step outside to discover the entertainer's backyard, where a pebble tec play pool sparkles under the sun, sparkles enhanced by a serene water feature. The area is perfect for gatherings, with ample space and a sense of privacy provided by the RV gate and the expansive three-car garage. The home has been meticulously updated with a newer GE Profile refrigerator and microwave, a new pool filter system, a water heater, and upgraded Kohler bath fixtures. The addition of elegant baseboards and real hardwood floors adds a touch of sophistication, while the modern alarm system ensures peace of mind.

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7167 E Rancho Vista Drive Unit 2007 Scottsdale, AZ 85251

$844,900

2 Beds

2 Baths

1,252 SqFt

Status Active

MLS # 6742930

Property Type Apartment

Price Type --

Welcome Home! This uber-charming Optima Camelview residence offers 2 bedrooms, 2 baths & an additional bonus room that is perfectly fit for an office/game room. Upscale modern luxury & an open floor plan with loads of natural light! Enjoy top-of-the-line finishes with sleek kitchen appliances, granite countertops, cherry cabinets & automatic shades. Floor-to-ceiling windows showcase breathtaking views of the 1,200+ square feet of outdoor living space & lush greenery that has made Optima so desirable. Experience unparalleled amenities in one of the most sought after buildings in Scottsdale, state-of-the-art fitness center & beautifully-manicured courtyards within the community. Exquisite shopping & dining around every corner minutes from Old Town Scottsdale... don't wait to see this one! Optima Camelview caters to luxury lifestyle living at its finest, featuring concierge, gated parking, 24,000 square foot state-of-the-art fitness center, steam rooms, indoor lap pool/spa, 2 outdoor pools, racquetball/basketball/pickleball, putting green, and of course pickleball. On site 24/7 security, business center + so much more. Discover refined urban living in a resort-style atmosphere. An exclusive address in Scottsdale! Metropolis restaurant & bar. Perfectly located in the heart of Old Town Scottsdale with world-class shopping, restaurants, multiple golf courses, MLB spring training, and minutes away from the 101 and Sky Harbor Airport.

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4816 E Blanche Drive Scottsdale, AZ 85254

$844,900

3 Beds

2 Baths

1,934 SqFt

Status Active Under Contract

MLS # 6733344

Property Type Single Family Residence

Price Type --

PRICED BELOW APPRAISAL!! ALL FURNITURE CONVEYS WITH SALE! Finally the perfect single level home with pool in 85254 with NO HOA! This beautiful home features an open floor-plan, vaulted ceilings, wide plank tile flooring throughout, an amazing kitchen with white shaker style cabinets, granite countertops, stainless steel appliances, upgraded bathrooms with tile wrapped showers, granite counter-tops(dual sinks in primary bathroom), secondary bedrooms are spacious, NEW ROOF and much more. The back yard is ideal for entertaining with manicured landscaping, a large Sparkling Pebble Tech Pool, synthetic turf and multiple seating areas! This was a great Airbnb for many years and now the sellers are looking to sell the house FULLY FURNISHED! Opportunities like this rarely come to the market!

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24152 N 170th Avenue Surprise, AZ 85387

$844,444

4 Beds

3 Baths

2,406 SqFt

Status Active

MLS # 6753310

Property Type Single Family Residence

Price Type --

Welcome to your ideal retreat where luxury and practicality converge in this stunning 4-bed, 2.5-bath home. Imagine a lifestyle where every day feels like a vacation and every need is effortlessly met. Control your personal resort style paradise with a Pebble Sheen pool and spa that shimmers under 4 LED color-changing lights, warmed by nat gas heater easily controlled with Pentair automation for a tailored experience. Relax under the elegant pergola, enjoy cozy evenings by the firepit, and entertain across the travertine decking finished with artificial turf. The 48-foot deep RV garage is a game-changer, featuring a 14' front door and a 10' rear door, providing ample space for your RV, boats, or toys. Coupled with an oversized 2-car garage and equipped with epoxy-coated floors, a 50 AMP service, 2 30 AMP RV plugs, and 2 additional 20 AMP breakers, this home is perfect for enthusiasts and hobbyists. Don't miss out on this opportunity to own a home where luxury meets functionality. Experience unparalleled comfort and convenience, your new home awaits!

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5116 W Trotter Trail Phoenix, AZ 85083

$843,750

5 Beds

3.5 Baths

4,070 SqFt

Status Active

MLS # 6740532

Property Type Single Family Residence

Price Type --

Beautifully upgraded 5-bedroom, 3.5-bathroom residence offers luxury, comfort, and endless possibilities for entertaining. The gourmet kitchen is a chef's delight, featuring durable granite countertops, a custom backsplash, stainless steel appliances, and a spacious island that seamlessly flows into the inviting living room area. Spa-inspired master suite, complete with private access to a large patio and balcony. Oversized loft area , as well as a 3-car garage. 2 new HVAC units, a newer water heater, and a water softener. Step outside to your very own resort-style backyard, complete with a heated pool featuring PebbleTec finish and a soothing waterfall, all installed in 2019. Additionally, the property includes an RV gate and parking. This home truly has it all—

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29714 N 23rd Lane Phoenix, AZ 85085

$843,000

4 Beds

3.5 Baths

2,854 SqFt

Status Active

MLS # 6749185

Property Type Single Family Residence

Price Type --

Experience the epitome of modern living in this bright and open two-story masterpiece, showcasing stunning designer features throughout. The spacious 3-car tandem garage complements the functional layout, which includes a private study and an inviting loft. The gourmet kitchen is a chef's dream, featuring Silestone countertops, recessed panel maple cabinets painted in Linen, and top-of-the-line stainless steel KitchenAid appliances. The 42'' ultra-modern gas fireplace in the Great Room adds a touch of elegance, while the expansive multi-slider glass door seamlessly connects the indoors to the extended covered patio, perfect for entertaining. On the main level, you'll find a stylish executive office, perfect for working from home, along with a conveniently located powder room for guests. Upgraded flooring, including 12''x24'' wood-look tile and plush carpeting, elevates the home's luxurious feel, while 8' doors and two-tone paint create an airy, sophisticated ambiance. The master suite offers a serene retreat with a frosted glass barn door leading to a spa-like bath, complete with executive height vanities and Silestone countertops. This Energy Star-certified home is designed for comfort, energy efficiency, and environmental sustainability, boasting OWNED SOLAR and additional electrical upgrades for modern convenience. Outside, the Sierra Blend pavers and Belgard Hardscapes add curb appeal, while the recessed lighting on the extended patio sets the perfect mood for outdoor gatherings. Don't miss the chance to own this impeccably designed, move-in-ready home that blends style, functionality, and sustainability in every detail!

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5434 W Tierra Buena Lane Glendale, AZ 85306

$840,000

4 Beds

2 Baths

2,556 SqFt

Status Active Under Contract

MLS # 6683185

Property Type Single Family Residence

Price Type --

BACK ON THE MARKET! This is an amazing opportunity to own a home in one of the few remaining irrigated areas in Phoenix. This home sits on just short of an acre and has no HOA restrictions. As you approach, be captivated by the meticulously maintained front yard adorned with greenery, complemented by not one, but two driveways! The side driveway has an electric gate which provides private access to the backyard and to the 1b/1b, 576 sq/ft guest home which features a polished kitchen, a freshly done bathroom, all finished with epoxy flooring. The backyard also includes a 2- car workshop and a 12x24 storage shed, both with 220-amp power and water supply - ideal for your projects. In addition, a separate backyard space provides lush green grass which is perfect for your children and/or hors The split floor plan in the main home has been meticulously cared for. It boasts an array of new additions such as a stainless-steel sink, microwave, washer, dryer, dual pane windows, plantation shutters and a newer HVAC unit. Positioned on a corner lot, this property offers easy access, making it convenient for potential business endeavors. This home has it all!

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5526 N 79th Place Scottsdale, AZ 85250

New

$840,000

3 Beds

2 Baths

1,571 SqFt

Status Active

MLS # 6764350

Property Type Single Family Residence

Price Type --

Welcome to your ultimate Scottsdale sanctuary! This stunning home has been meticulously renovated to blend modern sophistication with comfort. This 3 bed 2 bath home is the the ideal space for both relaxation and entertaining! As you enter, you'll be greeted by an open-concept layout with tons of natural light. The great room flows seamlessly into the dining space, making it ideal for hosting! Step outside to your private paradise! The sparkling pool is surrounded by lush landscaping, creating the perfect oasis. You also have a large turfed area for play! Conveniently located just steps from the green belt, bike path, Chaparral park & dog park! You're also just minutes from Scottsdale's vibrant dining, shopping, and entertainment!

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