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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7869 E Horseshoe Lane Scottsdale, AZ 85250

$835,000

2 Beds

2 Baths

1,579 SqFt

Status Active

MLS # 6762686

Property Type Single Family Residence

Price Type --

Best of Scottsdale Golf Villas! LUXURY Lifestyle in Heart of Scottsdale. Mountain & Golf Course Views. World class dining, shopping, resorts, art, bike path. Open floor plan. Mediterranean style 2/2w/Formal Dining/Office finished with fine attention to details. Granite, Fine Italian Tile, Stainless Appliances, Solid Pine 6 Panel Doors, Travertine Shower, Hardwood Plantation Shutters, Molding, Lighting, etc. Located in a LUSHLY landscaped Golf side community w/pool, spa & tennis and minimal landscape maintenance; LOW HOA includes front yard landscape care. Agent related to seller.

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13839 N Crown Point Sun City, AZ 85351

$835,000

2 Beds

2 Baths

2,755 SqFt

Status Active

MLS # 6714837

Property Type Single Family Residence

Price Type --

Stunning dawn lake property for sale at 13839 N Crown Point Ct. in Sun City, AZ. This Southwest Territorial style home offers wonderful views of the almost 38-acre Dawn Lake. Beautiful 2 bedroom and 2 bath home with a spacious 2800 square feet of living space, all on a 13,000 Ft. lot That offers plenty of space for outdoor activities and relaxation with almost 150 feet on lake frontage. Inside the home features custom stained glass accent windows that add a touch of elegance and charm. The kitchen boasts high end appliances and is adorned with Northern Arizona juniper countertops, adding a unique, natural element to the space. Located on a quiet cul-de-sac lot and with a north-south facing orientation, this home provides a peaceful and private setting.

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4619 E Sierra Sunset Trail Cave Creek, AZ 85331

$835,000

3 Beds

2 Baths

2,096 SqFt

Status Active

MLS # 6752655

Property Type Single Family Residence

Price Type --

Welcome Home!!! This gorgeous 3 bedroom 2 bath home at the desirable gated community of Ashler Hills Ranch in Cave Creek is in a fantastic location. Close to restaurants, shopping, schools, parks, multiple golf courses & a short drive to enjoy Bartlett Lake or Lake Pleasant. You'll love the open concept floor plan of this home. Your kitchen offers black appliances (S/S fridge), granite counter tops with full height granite backsplashes, a walk in pantry & a large island/breakfast bar for extra prep & storage. Your spacious master suite offers a plethora of natural light from your bay windows, a walk in closet, dual vanity, a walk in shower & soaking tub to relax in. This gated community home also offers upgraded ceiling fans & lighting, vaulted ceilings, diamond laid tile flooring, along with a 3 car garage with a water softener & cabinets for extra storage & organization. Your backyard oasis was designed for entertaining. It includes a covered patio, extended travertine patio flooring, mature landscaping, a view fence, as well as a travertine gas fire pit & a sparkling heated pebble tech pool & spa to enjoy all year round. This gem in the desert is a Great Buy & a Must See!!!

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6806 E Orion Drive Scottsdale, AZ 85257

$835,000

3 Beds

2.5 Baths

2,005 SqFt

Status Active

MLS # 6755597

Property Type Single Family Residence

Price Type --

A rare find! Located in the gated Community of Skye on Mcdowell, this highly desirable 3-bedroom haven boasts modern features throughout. Inside, the spacious open floor plan showcases wood-look tile flooring & surround sound. Natural light fills the space through wide sliding glass doors, blending the interior w/the outdoor living. Chef's kitchen is a delight, fully equipped w/recessed & pendant lighting, a pantry, plenty of white cabinets, stainless steel appliances, quartz counters, a waterfall island w/a breakfast bar, & a subway tile backsplash. Continue upstairs to find the cozy loft ideal for a reading nook. The main retreat highlights plush carpet, private balcony, & an ensuite w/dual sinks. Enjoy relaxing evenings on the balcony or unwind under the covered patio in the backyard. Don't miss to take a quick dip in the Community pool. What's not to like? Make it yours before it's gone!

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15800 W Alvarado Drive Goodyear, AZ 85395

$835,000

3 Beds

3.5 Baths

3,530 SqFt

Status Active

MLS # 6747112

Property Type Single Family Residence

Price Type --

Welcome to this stunning, large single-level home in the highly sought-after gated community of Portales. This home features a freshly painted exterior, 2 new HVAC units with Envio Air Scrubber including a new mini split a/c & heater in the garage. New water heater in 2023, and an owned water softener. Curb appeal starts at the captivating stone front elevation, and a welcoming foyer with a brick-paved courtyard that leads you to a grand entry with high ceilings and a spacious open floor plan. The gorgeous kitchen is a chef's delight, featuring a piano island breakfast bar, granite counters, and Samsung Stainless Black Appliances including a gas cooktop, a wall-mount oven and microwave, and dishwasher. This kitchen has the added bonus of a wine closet. Each generous-sized bedroom has its own full bath and new light grey carpet. The home also includes a den, a family room, a formal living room, formal dining room, and a theater room with a wet bar. All with Shawn Vinyl Tile Flooring. The media room could easily serve as a 4th bedroom. The master suite is a true retreat, with a split floorplan, double door entry, a sitting area, and an en-suite bath that boasts split double vanities an inset tub, a curved glass block walk-in shower, and his & hers walk-in closets. The backyard is a serene oasis featuring a covered patio, a paved firepit, and a sparkling pool. The community also offers a playground, making it an ideal home for relaxation and entertainment. Don't miss out on this incredible opportunity to own a beautiful home in Portales!

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22812 E Excelsior Avenue Queen Creek, AZ 85142

$835,000

3 Beds

2.5 Baths

2,771 SqFt

Status Active

MLS # 6715449

Property Type Single Family Residence

Price Type --

MOTIVATED SELLER! BRING ALL OFFERS! Fantastic opportunity in highly desirable Harvest of Queen Creek. This stunning home features 3 spacious bedrooms, 2.5 bathrooms plus an office with quality 2x6 construction. Situated on a premium, large corner lot. Open floorplan with a generous owner's retreat with a luxurious tiled shower and large walk-in closet with custom shelving. You will fall in love with this upgraded chef kitchen that boasts an oversized island, a gas cooktop, and beautiful satin marble quartz countertops. Huge backyard with covered patio and built in ramada and grill is perfect for entertaining! Within walking distance to the community center with two pools, splash-pad, playground, and a lake.

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7780 E Phantom Way Scottsdale, AZ 85255

$835,000

3 Beds

2 Baths

1,814 SqFt

Status Active Under Contract

MLS # 6710153

Property Type Single Family Residence

Price Type --

GORGEOUS single level home in Grayhawk! This is desert living at its best with incredible attention to detail. Offering over 1,800 sq. ft., this spacious home has 3 beds/2 baths and is move in ready. This is the perfect 2nd home with the ease of lock & leave or a great primary home. The open kitchen features stainless steel appliances, granite counter tops, reverse osmosis system and open directly to the resort style backyard that takes backyard entertaining to a whole new level & was truly designed so that one could enjoy Arizona's beautiful weather year round with easy maintenance. Ideal North/South facing lot. Amazing location with every convenience at your fingertips. Walking distance to schools, restaurants, groceries, salons, banks, health care facilities, hospital, and much more!

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4905 W Magellan Drive New River, AZ 85087

$835,000

4 Beds

2.5 Baths

3,337 SqFt

Status Active

MLS # 6684902

Property Type Single Family Residence

Price Type --

Beautiful Home in Arroyo Grande Subdivision with 4 Bedroom, 2.5 Bath + Office/Den, 3 car garage in North Phoenix. Home has 3337 s/f split bedroom floor plan, computer/study area by secondary bedrooms. Kitchen has contemporary white cabinets, double ovens, large island, and granite counter tops. Home sits on a corner 14,000+ s/f lot with RV Gate that allows RV and Boat parking with RV hook up and located in a cul-de-sac. Backyard backs to the desert with view fencing, a dog run, concrete pad for basketball court, large grassy area and RV parking for your toys.

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5145 E Pinchot Avenue Phoenix, AZ 85018

$835,000

4 Beds

3 Baths

1,962 SqFt

Status Active

MLS # 6696424

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Phoenix with stunning Camelback Mountain views! This exquisite residence boasts custom features at every turn, from the elegant marble and travertine entry to the luxurious Thomasville Cherry cabinets in the gourmet kitchen. Picture yourself relaxing by the custom gas fireplace or enjoying the serene Koi pond in your private backyard oasis with a built-in grill and patio bar, perfect for entertaining guests. With two master bedrooms, including a lavish travertine bathroom, and dual-pane windows throughout, this home offers both comfort and style. Don't miss the chance to make this your own retreat near Arcadia, Biltmore, Scottsdale, and downtown Phoenix!

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5880 S Joslyn Lane Gilbert, AZ 85298

$835,000

5 Beds

3.5 Baths

4,115 SqFt

Status Active

MLS # 6721447

Property Type Single Family Residence

Price Type --

Welcome to your new oasis in Gilbert's highly sought-after neighborhood! This immaculate 5-bedroom, 3.5-bathroom home is perfectly situated on a spacious lot, offering both privacy and convenience. As you enter, you are greeted by a bright and airy floor plan highlighted by soaring ceilings and large windows that bathe the interior in natural light. The gourmet kitchen is a chef's dream, featuring granite countertops, stainless steel appliances, ample cabinet space, and a generous island - ideal for preparing meals and entertaining guests. The luxurious master suite provides a serene retreat with a spa-like ensuite bathroom complete with dual vanities, a soaking tub, and a separate shower. Four additional bedrooms offer versatility for guests, children, or home offi space, all complemented by well-appointed bathrooms. Step outside to your own private backyard paradise, where you'll find a covered patio, perfect for al fresco dining or simply relaxing while enjoying the Arizona sunsets. The expansive yard is professionally landscaped and offers plenty of space for outdoor activities and gatherings. With a bonus casita with private entrance which can be versatile for guests or as an office space. Located in a prime Gilbert location, this home is just minutes away from top-rated schools, shopping, dining, parks, and recreational facilities. With easy access to major highways, commuting to Phoenix and beyond is a breeze.

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9016 S 16th Way Phoenix, AZ 85042

$835,000

4 Beds

3.5 Baths

2,866 SqFt

Status Active

MLS # 6704055

Property Type Single Family Residence

Price Type --

NO HOA, built in 2021 w/ stunning mountain & city views. 4 bed/3.5 bath, 2,850 sqft home on a large lot w/ highly upgraded, modern finishes. Crafted with impeccable attention to detail, this home features a striking custom entry door that opens to a vast, open floor plan designed to maximize both space and comfort. Upon entry, you are greeted by the tall vaulted ceilings, giving the main living area a grand feel. This home is light & bright w/ ample natural light. The kitchen is a chef's dream w/ an abundance of custom white cabinets, granite countertops, back splash, long center island, pantry & modern pendant lights... Entertain guests in the spacious living area, complete with a wet bar. The living room is anchored by a cozy stone fireplace, creating a warm and inviting ambiance. Downstairs, a full bathroom boasts a modern, light-filled design, featuring sleek fixtures. The large primary retreat is located on the main floor w/ a gorgeous ensuite featuring a modern tile floor & shower, upgraded modern fixtures, double sinks, storage shelves, and a large standing tub perfect for relaxation after a long week. Upstairs, 3 spacious bedrooms offer flexible living spaces that can be tailored to your lifestyle needs such as a home office, gym, craft room, children's rooms, or guest room. The front and back yards are beautifully landscaped. A newly installed block wall fence in the backyard ensures privacy. Located off a cul-de-sac, the home offers spectacular views of the mountains and the cityscape, providing a breathtaking backdrop for both everyday live and gatherings. This home includes 2-car garage & owned water softener system. This home is equipped w/ foam insulation throughout, providing added energy efficiency and comfort. Conveniently located near popular hiking trails, restaurants, and more!

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7157 E Rancho Vista Drive Unit 2010 Scottsdale, AZ 85251

$835,000

2 Beds

2 Baths

1,346 SqFt

Status Active

MLS # 6661401

Property Type Apartment

Price Type --

*SELLER FINANCING AVAILABLE IN THE LOW 5'S * This luxury, completely remodeled 2 bedroom condo with modern finishes is a stunning residence that exudes sophistication and style. Every detail of this condo has been meticulously designed to create a luxurious living experience. Large windows allow for an abundance of natural light to flood the room, creating a bright and airy atmosphere. The kitchen is a chef's dream and the countertops are made of exquisite quartz, providing both durability and a sleek aesthetic. The dining area is situated adjacent to the kitchen and is perfect for hosting intimate dinner parties or enjoying meals with family and friends. A modern chandelier hangs above the dining table, casting a warm and inviting glow. The master bedroom is a luxurious retreat, featuring a spacious layout and plush carpeting. It offers a serene atmosphere, allowing you to relax and unwind after a long day. The en-suite bathroom is a sanctuary of relaxation, featuring a spa-like shower with rainfall showerheads, a sleek vanity with modern fixtures, and beautiful porcelain tiles. The second bedroom is equally impressive, with its own spacious layout and ample closet space. It can serve as a guest room, home office, or a comfortable space for family members. Additional features of this remodeled condo include in-unit laundry facilities, central air conditioning, and ample storage throughout the space. Amenities include concierge, indoor & outdoor heated pool and spa with women and men's locker room, fitness center, racquetball & basketball court. Walking distance from Scottsdale Fashion Square Mall, Old Town, restaurants, and so much more!

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