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 99th 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.

Whats 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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4536 E Via Dona Road Cave Creek, AZ 85331

$825,000
4 Beds
2 Baths
2,186 SqFt
Status Active
MLS # 6736557
Property Type Single Family Residence
Price Type --
Charm meets convenience in this delightful single family home in sought after Tatum Ranch! Enjoy the benefits of solar without the worry of high energy bills. A stone patio welcomes you before setting foot in the home. Upon entrance, you are warmly greeted by a bright and open floor plan seamlessly connecting the kitchen to the living, dining, and family rooms, merging the indoor to the outdoor inviting backyard escape. Enjoy cooking in the well thought out kitchen that includes a generous sized island with granite counters The large owners bedroom includes a walk-in closet, en-suite bathroom w/dual vanities, soaking tub, & shower. 3 additional generously sized bedrooms offer plenty of space for all. The backyard features an inviting pool, desert landscaping & a covered patio...see more Shows pride of ownership. Home has been meticulously maintained. Enjoy the benefits of being minutes from Cave Creek, Carefree, Phoenix, Scottsdale, Desert Ridge, City North, hiking trails, golf courses, shopping, and dining. Don't miss out on this incredible opportunity in Tatum Ranch!

7201 S Golden Fleece Road Prescott, AZ 86303

$825,000
3 Beds
2 Baths
2,180 SqFt
Status Active
MLS # 6760982
Property Type Single Family Residence
Price Type --
AMAZING MOUNTAIN GETAWAY ON 3 AC OF PINED PROPERTY - GATED - PRIVATE - VIEWS - ADJACENT TO NATIONAL FOREST ON TWO SIDES. Step inside this NEWLY REMODELED top to bottom cabin. Brand new living room with walls of floor to ceiling new dual pane windows, doors flooring, paint, etc. Step into the brand-new kitchen featuring new cabinets, appliances and granite. One bedroom on main level, one on the mezzanine level, and the huge master suite is upstairs with a 3/4 bath, spacious walk-in closet, great views and a deck off of the side door. Private 10 gpm well. Propane stove in living room, as well as propane wall htr. Relax and enjoy watching the wildlife out the windows from the comfort of your living room. If you're looking for privacy & that wonderful mountain air, this one's for YOU! All buyers must be accompanied by an agent for access through gate and uphill to sign/driveway on Left. Property is only 6/10 mi off paved Walker Rd. Your quiet retreat in the woods only 15 minutes from town.

50458 W Mayer Boulevard Maricopa, AZ 85139

$825,000
3 Beds
2 Baths
1,960 SqFt
Status Active
MLS # 6694598
Property Type Manufactured Home
Price Type --
HORSE LOVERS DREAM WITH HUGH PRODUCING INCOME . .Has everything huge roping arena ,20,000 gallon auto watering system for arena . 2 storage containers, Preifert elec chute 26 stalls ( room for more) calf pens,alley way .9 covered stalls 6 RV hook ups (room for more) Property is AGRICULTURE EXCEMPT .Garage meeting area with Kitchen faclities &restroom.Seperate laundry facility for the RV clients ,3 of the RV hookups have cement pads all have 30 amp .Home has new roof new paint out side ,new flooring inside all appliances stay &most furniture if client would like it .5th wheel comes with property that you can rent out .Property is fully fenced

35532 N Sunset Trail San Tan Valley, AZ 85140

$825,000
2 Beds
2 Baths
2,043 SqFt
Status Active
MLS # 6758091
Property Type Single Family Residence
Price Type --
Beautiful Home in Encanterra - The Master of Resort Style Living! The ''Chroma'' is a split Floor Plan featuring 2 bedrooms, 2 bathrooms and a den. This spacious floor plan offers an open concept living area, perfect for entertaining. This elegant home showcases exquisite custom tile upgrades throughout with plantation shutters, upgraded lighting & paint. In your backyard under the pergolas you have turf grass with gorgeous mature plants, and you will enjoy beautiful private sunsets by night, and by day; custom mechanical sunshades create a private haven. The 3 car tandem garage has extra cabinets and is home to the tankless water heater and RO/soft water systems. You will be ONLY 1 block from The Algarve Rec center for a convenient social life. See More... The resort lifestyle here offers a plethora of social activities to include golf, sport courts including pickleball, pools, spa, salon, restaurants etc.... or you can stay in for evening and enjoy your beautiful home under the sunset.

9229 N 106th Way Scottsdale, AZ 85258

$825,000
3 Beds
2 Baths
1,777 SqFt
Status Active
MLS # 6763459
Property Type Single Family Residence
Price Type --
This 3 bed 2 bath beauty nestled within the serene streets of One of Scottsdale's premier neighborhoods, this exquisite home offers the epitome of luxury living. Boasting 3 spacious bedrooms, this meticulously remodeled home exudes sophistication at every turn. As you step inside, you're greeted by an ambiance of modern elegance, where high-end finishes and thoughtful design merge seamlessly. The interior showcases an open-concept layout, accentuated by the soaring ceilings, and an abundance of natural light that creates an inviting atmosphere throughout. The heart of the home lies in the thoughtfully remodeled kitchen, featuring top-of-the-line appliances, new custom cabinetry, and luxurious quartzite countertops. This culinary haven is sure to inspire your inner chef. The main living area beckons relaxation with its cozy fireplace and plush seating, perfect for unwinding after a long day. And for those who seek solitude or productivity, the den offers a tranquil space ideal for a home office, library, or creative studio. Venture outdoors, and you'll discover a low maintenance resort-style backyard oasis that epitomizes the Arizona lifestyle. The outdoor sanctuary boasts an expansive patio area, providing the ultimate setting for al fresco dining, sun-drenched lounging, and endless entertainment under the desert sky. Situated in one of Scottsdale's most coveted and tranquil neighborhoods, this immaculate home offers the perfect blend of luxury, comfort, and privacy. With its unparalleled craftsmanship, stunning amenities, and prime location, this is more than just a home, it's a sanctuary where every day feels like a getaway. Welcome to your slice of paradise in the heart of Scottsdale.

2022 W Steed Ridge Phoenix, AZ 85085

$825,000
4 Beds
3 Baths
2,689 SqFt
Status Active
MLS # 6760078
Property Type Single Family Residence
Price Type --
Stunning, upgraded home in the highly sought after master planned community of Fireside at Norterra! Step inside to on-trend tile floors, neutral color palette, recessed lighting, and a spacious great room perfect for entertaining. The gourmet kitchen features rich wood cabinetry, stainless steel appliances, wall ovens, granite counters, tile backsplash, pantry and large center island. Retreat to the main suite complete with dual vanities, make-up station, and a large walk-in closet. There's also a versatile den, perfect for a home office. The serene backyard is an oasis with a covered patio, pergola with remote electric shades, and firepit. Just steps away from hiking and biking trails. Enjoy access to community amenities like state of the art gym, pools, spa, tennis, parks and more!

1853 E Hale Street Mesa, AZ 85203

$825,000
4 Beds
2.5 Baths
2,803 SqFt
Status Active
MLS # 6740565
Property Type Single Family Residence
Price Type --
Hello Gorgeous! Absolutley stunning remodeled custom home w/ no HOA in the old Orange Groves of North Mesa. HUGE irrigated lot with lush greenery abound! Beautiful courtyard entry w/ brick pavers, tons of flower beds, & large seating area. GIANT great room w/ soaring vaulted ceiling w/ exposed beams & handscraped T/G boards between. Real wood burning fireplace, great for the holidays and family gatherings! GIGANTIC open concept kitchen w/ LARGE island and peninsula, 3 waterfall edges, Level 6 premium granite white w/ HUGE pockets of quartz, stunning white marble backsplash w/ retro sconces over the sink, newer cabinets w/ soft close doors & drawers, 42'' uppers, pull outs in the lowers, & matte brass hardware including matching sink & RO faucet. OVER-SIZED side entry garage w/ mudroom entry including bench, hooks, & upper cabinets. All 3 of the guest rooms are a great size and have access to a remodeled bathroom featuring oversized 90 gallon tub, real subway stacked marble tile, matte gold hardware, & beautiful white oak custom vanity. Master suite of your dreams w/ his/hers walk-in closets, private patio, BIG walk-in shower w/ bench, Kohler hardware, & wrapped in marble. Backyard oasis w/ BIG diving depth pool, tons of grass & orange trees, built-in-grill, above ground spa w/ custom built gazebo, & HUGE covered patio. Truly too much to list, must see!! Other upgrades includes include newer energy efficient windows, variable speed pool pump, newer drip irrigation & sprinkler system w/ all pvc pipes & connections herringbone set wood-look tile floors, Top of the line & extra thick dimensional roof shingles, R-30 cellulose insulation including the garage A rated schools, highly sought after area, one of the best streets in the neighborhood! Have plans available for adding additional living space in the garage and doing a 4 car tandem garage addition.

29106 N 144th Street Scottsdale, AZ 85262

$825,000
4 Beds
2 Baths
2,303 SqFt
Status Active
MLS # 6763528
Property Type Single Family Residence
Price Type --
If you are looking for rural living on over an acre of land, look no further! Constructed just a few years ago this home features gorgeous solid wood cabinetry, granite counter tops, stainless appliances, low-E windows, beautiful tile flooring, a stacked stone fireplace, covered patio, 4 car garage, 4 spacious bedrooms or 3 bedrooms + a den if that works better for you. It is the perfect size home that offers plenty of room but is easy to manage. Outside there is room to bring all your toys, build a shop or just simply enjoy our amazing Sonoran desert lifestyle!

4614 E Via Dona Road Cave Creek, AZ 85331

$825,000
4 Beds
2 Baths
2,186 SqFt
Status Active
MLS # 6763411
Property Type Single Family Residence
Price Type --
Nestled in the highly desirable Tatum Ranch community, this 4-bed, 2-bath gem offers luxurious living with custom cabinetry throughout and an open-concept design. The completely remodeled chef-style kitchen features a farm sink, and large island perfect for culinary enthusiasts. Modern upgrades include a sleek porcelain wood-look tile and a remodeled master bath (2023). Enjoy peace of mind with a new roof (2019), plus upgraded shutters and blinds. The outdoor space is an Arizona oasis with a sparkling pool, artificial turf, citrus trees and out door speaker system, ideal for year-round enjoyment. This home is the perfect blend of style and relaxation.

10050 E Mountainview Lake Drive Unit 69 Scottsdale, AZ 85258

$825,000 - 2Br/2Ba -  for Sale in Mountainview Lake Estates Replat Lot 1-70 Tr A-g, Scottsdale
New
$825,000
2 Beds
2 Baths
1,452 SqFt
Status Active
MLS # 6760246
Property Type Single Family Residence
Price Type --
Nestled in the sought-after gated community of Mountainview Lake Estates in Scottsdale, this beautifully updated home offers easy, single-story living. Perfect for a lock-and-leave lifestyle, the home is move-in ready with numerous upgrades made between 2022 and 2024, including fresh interior and exterior paint, a new garage door opener, stylish exterior light fixtures, and resealed flat roofs. Inside, the kitchen boasts elegant quartz countertops, an R/O system, new dishwasher, and garbage disposal, while abundant closet space throughout ensures plenty of storage. The master suite is a true retreat, featuring master sconce reading lights and a cozy fireplace. The home is filled with natural light from tall windows with plantation shutters, with a seamless flow into the private backyard. Enjoy additional touches like an antique entry and dining room chandelier, two fireplaces, and an alarm system.This home is ideal for those seeking a second home, a winter retreat, or year-round low-maintenance living. With access to resort-like amenities, including nearby walking and biking paths, racquet facilities, and two community pools, one with direct access to Lake Serena.

13118 W Santa Ynez Court Sun City West, AZ 85375

$825,000
2 Beds
2.5 Baths
2,784 SqFt
Status Active Under Contract
MLS # 6763359
Property Type Single Family Residence
Price Type --
Nestled in the majestic Active Adult Gated Community of Corte Bella, this luxurious Figueroa model home is now available for sale, inviting you to embrace a lifestyle marked by elegance and comfort. The home sweeps across 2,784 sq. ft. featuring 2 spacious bedroom suites with 2 well-appointed bathrooms, and separate guest powder room each reflecting a commitment to quality and design. As you approach the home, you're greeted by a stunning brick-paved driveway leading to a duo of custom entryways, one of which boasts a charming fountain, setting the stage for the grandeur within. The 3-car epoxy garage offers ample space for vehicles and storage. Step inside to discover a haven where every detail is meticulously designed for ultimate comfort and leisure. The great room's cozy fireplace invites you to relax, while the chef's kitchen is a culinary delight with granite countertops, upgraded cabinetry, a garbage compactor, recently updated appliances including a Microwave and Dishwasher in 2022, a large island, and high-end amenities including a gas range. Additional luxury features include a built-in fridge wine fridge, butler's pantry, and a generous walk-in pantry. The circular nook seating and updated fixtures enhance the home's allure, providing a perfect space for dining and gatherings. The primary suite is a retreat of its own, offering direct access to the patio and pool area, ensuring privacy and tranquility. The primary bathroom features a tiled snail shower with large soaking tub, crafted for a spa-like experience. The second suite impresses with a walk-in closet and updated bathroom fixtures. Outside, the resort-style pool with a waterfall, resurfaced bottom in 2022 and new rock wall, along with the spa, multiple patios, built-in BBQ, and lush landscaping create an outdoor oasis perfect for relaxation or entertaining. This home is not only a standout residence within Corte Bella but a remarkable opportunity to acquire a property where luxury meets lifestyle, ready to offer its new owners a sophisticated, comfortable living experience.

3106 N 70th Street Unit 2008 Scottsdale, AZ 85251

$825,000
3 Beds
2.5 Baths
1,820 SqFt
Status Active
MLS # 6747088
Property Type Townhouse
Price Type --
Experience luxury living in this exquisite townhouse, where meticulous attention to detail is evident. One of the rare units featuring a private oversized yard, this contemporary masterpiece is perfectly positioned in a highly sought-after neighborhood, just a short stroll from the vibrant heart of Old Town Scottsdale. Step inside to discover a spacious, light-filled open floor plan adorned with expansive windows boasting Hunter Douglas Window Treatments, European Oak Engineered Hardwood flooring, and a stunning glass panel staircase. The home is accentuated by sophisticated light fixtures that add a touch of elegance to every room. The gourmet kitchen, a true chef's delight, boasts pristine white cabinetry, quartz countertops, and high-end stainless steel appliances, offering ample space for culinary creations. The living room opens to a private balcony, providing views of Camelback Mountain, perfect for enjoying serene mornings or sunset evenings. Retreat to the opulent owner's suite, where soaring ceilings enhance the airy ambiance. The ensuite bathroom is a sanctuary of indulgence, featuring a freestanding soaking tub, an oversized step-in shower, and a walk-in closet outfitted with custom built-ins, offering abundant storage and style. This is not just a homeit's a statement of sophisticated living in one of Scottsdale's most desirable locations.

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