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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20454 E Via Del Jardin -- Queen Creek, AZ 85142

$819,412

4 Beds

3 Baths

3,077 SqFt

Status Active

MLS # 6734837

Property Type Single Family Residence

Price Type --

MLS#6734837 February 2025 Completion! The Breckenridge is a single-story floor plan featuring 3,077 sq. ft. of living space, including 4 bedrooms, 3 bathrooms, a 3-car tandem garage, a dining room, and a study. The welcoming porch opens into the foyer, flanked by a dining room on one side and bedroom 4 and the study on the other. Straight ahead, you'll find a spacious kitchen, casual dining area, and gathering room. This open-concept design allows you to cook while enjoying time with loved ones or watching your favorite show. Adjacent to the kitchen are bedrooms 2 and 3, along with a full bathroom for easy access. The primary suite features a bathroom with a split tub and shower, plus ample closet space. Your dream home awaits! Structural options include: gourmet kitchen with double over, shower in lieu of tub/shower at bath 3, garage service door. Design upgrades include: upgraded size and painted kitchen cabinets, whole house quartz countertops, upgraded carpet and tile flooring, double ovens, upgraded interior paint, e-granite single bowl kitchen sink, gas line for future outdoor kitchen, extra blown insulation in all interior walls (whole house).

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18009 E Silver Sage Lane Rio Verde, AZ 85263

$819,000

2 Beds

3 Baths

2,093 SqFt

Status Active

MLS # 6727868

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of prestigious Trilogy at Verde River. This home has it all! This easy and generous IRONWOOD floor plan offers 2 Upscale bedrooms, Large Den/Study, 2.5 bathrooms, and countless upgrades throughout. Beautiful design elements are apparent from the moment you arrive and not a detail has been overlooked either inside or out. The stylish kitchen, loaded with Stainless Steel Monogram Gourmet Appliance Package, quartz island, stunning upgraded cabinets with soft close doors, apron front farm sink, decorative backsplash, under-cabinet lighting and walk-in pantry leaves absolutely nothing to be desired. You'll appreciate the attention to detail and luxurious touches throughout that make this home truly special including upgraded tile flooring, white shutters throughout, custom lighting, 8' ft. solid core interior doors, two tone paint, 15 SEER AC unit, upgraded Hall of Frames mirrors in all the bathrooms, built-in cabinets in the garage and more. The Great room opens to an outdoor living room with a Multi Slide Wall of Glass for optimal Arizona indoor-outdoor living. The private South facing backyard is a true oasis with extended patio and soothing water feature for quite moments of reflection or joyful entertaining. Trilogy at Verde River offers upscale Resort living at its finest and the very best of all possible worlds, close to the conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert. The amenities are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickle ball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails. Whether you're seeking a second, winter home, or will live here year-round, Trilogy at Verde River is an ideal distance from the hustle and bustle of North Scottsdale. Attitudes here are different; there's a sense of community. You'll love the Resort living! What memories will you make?

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4533 E Kings Avenue Phoenix, AZ 85032

$819,000

3 Beds

2 Baths

1,931 SqFt

Status Active

MLS # 6749754

Property Type Single Family Residence

Price Type --

Beautiful home in a great Location! This property is an entertainer's dream with its HUGE backyard featuring a putting green, pool with water feature, covered patio, gazebo, low maintenance artificial turf and ample decking for lounge chairs. Side yards have RV gate on one side and a large shed for storage on the other. Interior features tile throughout, fireplace in family room, dual pane windows, shutters, skylight in the front room and interior laundry. The large open kitchen features upgraded cabinets, stainless steel appliances and a BIG island with room for stools, overlooking the family room and fireplace. Spacious master suite has door to backyard, tub, separate walk-in shower and a beautiful walk-in closet with cabinetry. Secondary bath has jetted tub/shower combination with tile surrounds and a bidet. This well cared for home is just minutes from freeways, and close to an array of shopping areas and restaurants.

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7355 E Eagle Feather Road Scottsdale, AZ 85266

$819,000

2 Beds

2 Baths

2,001 SqFt

Status Active

MLS # 6714189

Property Type Single Family Residence

Price Type --

Gorgeous Serenity floorplan featuring an expansive great room, gas fireplace, opens to the kitchen with a breakfast bar. Oversized kitchen with many cabinets, kitchen island & a pantry. Primary suite, second bedroom & office/den have wood floors. Primary suite features views out to the spacious sunny south backyard. Office can easily hold a murphy bed or sleeper sofa along with a desk set or use as a flex space. Close to the clubhouse and an exclusive interior location within Winfield. Winfield is a resort community with a heated pool with lap lanes, a fitness center w/ weights & work out equipment, aerobics room, billiards, sauna, therapy spa. 8 lit tennis courts (2 are clay), & pickleball courts. There are many social and recreational groups.Walking, biking & hiking trails in Winfield

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3229 E Mountain View Road Phoenix, AZ 85028

$819,000

3 Beds

2 Baths

1,986 SqFt

Status Active

MLS # 6745011

Property Type Single Family Residence

Price Type --

Seize the rare opportunity to own a home in the highly sought-after Sierra Bonita neighborhood, situated in the scenic foothills of the Phoenix Mountain Preserve. This stunning residence features an open & spacious floor plan, ideal for both relaxing & entertaining. The interior has been professionally renovated to enhance both space & efficiency. A wall separating the front room from the living room was removed, creating a more open layout. HVAC soffits were rerouted & removed, adding a foot of space to the hallway & all bedroom entryways while improving system efficiency. The HVAC system was also fully refreshed with new ductwork & foam insulation. Additional updates include engineered hardwood flooring, recessed lighting, a foam roof & much more! The kitchen offers beautiful granite countertops, stainless steel appliances, a stone backsplash, all enhanced by natural light from dual skylights & large windows that overlook the picturesque backyard. Step outside into your private retreat, where the backyard promises to impress. Enjoy a gorgeous pool with an upgraded system, featuring a Pentair pump, vacuum, & filter. The outdoor space also boasts a new built-in grill, perfect for entertaining, as well as a putting green with a sand trap, a pre-wired surround sound system, & an elevated patio with a pergola-covered seating area. Gather around the large gas fire pit for cozy evenings under the stars. Nature & outdoor enthusiasts will appreciate being just minutes away from a variety of multi-use trails, perfect for exploring the stunning landscape of the Phoenix Mountain Preserve. Conveniently located with easy access to the 51 freeway, ensuring quick commutes. Best of all, this home comes with the added benefit of NO HOA!

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5840 N Scottsdale Road Paradise Valley, AZ 85253

$819,000

2 Beds

2 Baths

1,600 SqFt

Status Active

MLS # 6712841

Property Type Townhouse

Price Type --

Welcome to this newly renovated townhouse located at 5840 N Scottsdale Rd, Paradise Valley, AZ 85253. With a contemporary design and meticulous attention to detail, this 1600-square-foot townhouse offers a stylish and comfortable living experience in a highly sought-after location. As you enter the townhouse, you'll be greeted by an open and bright living space. The interior has been thoughtfully updated with modern finishes and tasteful decor, creating a welcoming atmosphere for residents and guests alike. The home features a spacious living room, perfect for relaxation and entertainment. The large windows flood the room with natural light, and the neutral color palette enhances the sense of space and tranquility. The kitchen is a chef's delight, showcasing brand-new stainless steel appliances, sleek countertops, and ample storage space. The adjacent dining area is ideal for enjoying meals with family and friends. The primary bedroom is a true retreat, complete with a vaulted ceiling, an en-suite bathroom, and generous closet space. The large second bedroom can be used as a guest room, a home office, or a personal gym, depending on your needs. This townhouse also features a private outdoor patio, perfect for enjoying the beautiful Arizona weather. Whether you're sipping your morning coffee or hosting a small gathering, this outdoor space provides a serene and relaxing environment. Convenience is key, as this townhouse is located in the highly desirable Paradise Valley area. With easy access to major highways, shopping centers, restaurants, and entertainment venues, you'll have everything you need just moments away. Residents of this community also have access to amenities such as a community pool, fitness center, and well-maintained grounds, ensuring a comfortable and enjoyable lifestyle. Don't miss the opportunity to make this newly renovated townhouse your own. Experience the best of Paradise Valley living in this modern and stylish residence.

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312 E Windsor Avenue Unit 4 Phoenix, AZ 85004

$819,000

3 Beds

3 Baths

2,200 SqFt

Status Active

MLS # 6652432

Property Type Townhouse

Price Type --

Our eyes are made to see forms in light: light and shade reveal these forms. Rising like the sun over Midtown Phoenix is Soleil. Inspired by Original Modernism; built for connoisseurs of live, work, play. There's a renaissance going on in PHX and you can be close to it all. Uber or light rail yourself to 3 rd Street Promenade and into secluded hidey holes! And when you need to unwind? You're 15 minutes away from exciting, desert hiking trails. It's here you'll witness sun-setting colors pour and splash themselves all over the Sonoran Desert.

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2848 E Presidio Street Mesa, AZ 85213

$819,000

4 Beds

3 Baths

3,212 SqFt

Status Active

MLS # 6738799

Property Type Single Family Residence

Price Type --

Beautiful two story home in the gated community of Lehi Crossing. Come and see what this home has to offer, with its inviting pool and spa, large rooms, and open kitchen. Homes of this size and condition do not come to market very often. Come and take advantage of a turn-key home with all the upgrades you could want.

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9586 E Chuckwagon Lane Scottsdale, AZ 85262

$819,000

3 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6715664

Property Type Single Family Residence

Price Type --

One of the most popular floorplans in Legend Trail features open kitchen and great room, Rear of home faces north with expansive views of the Legend Trail Golf club and Desert Mountain. Deep buffer zone so no trouble with golf balls. Recently remodeled master and secondary baths. Short walk to golf club and community center w/pools, tennis, pickle ball and fitness center. Many upgrades (see documents tab) including new in-ground heated spa and all windows replaced. Great for full-time or lock and leave. Available to show 6/7/24.

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6939 E Granada Road Scottsdale, AZ 85257

$819,000

4 Beds

3.5 Baths

1,984 SqFt

Status Active

MLS # 6748118

Property Type Single Family Residence

Price Type --

Welcome to this stunning mid-century modern home located just minutes from Old Town Scottsdale! This meticulously renovated masterpiece boasts four bedrooms two of which are master suites, and 3.5 bathrooms. With over $200,000 in renovation upgrades, this home seamlessly blends iconic mid-century design with contemporary elegance. Did we mention the NEW HVAC installed 9/20/24? The open concept floor plan is perfect for entertaining, while the chef's kitchen features stainless steel appliances and a chic island for casual dining. This property is also Short-Term Rental approved and equip with a new level 2 EV Charger ready to charge your EV or Golf cart. With its prime location and impeccable design, this home offers the epitome of modern living in the heart of Scottsdale.

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16205 S 7th Street Phoenix, AZ 85048

Open House

$819,000

4 Beds

2.5 Baths

3,311 SqFt

Status Active

MLS # 6750844

Property Type Single Family Residence

Price Type --

Ahwatukee Foothills Finest featuring 4 bed, 2.5 bath and stunning pool! Expansive entry with 18+ ft vaulted ceilings and spacious rooms. Kitchen boasts oversized island w/ barstool seating, SS appliances, granite countertops, wine fridge & beautiful wood cabinets. Eat-in kitchen dining open to the lovely living room. Light & inviting neutral paint, with lots of natural lighting throughout. Welcome the outdoors in w/ the backyard oasis featuring sparkling diving pool, built in BBQ & fireplace, paved sitting area, storage shed with tile roof, play area & more! Located on a lovely tree lined block just minutes from shops, dining, freeways and South Mountain Park. The ease of village living with the splendor of nature minutes away.

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4220 N 32nd Street Unit 31 Phoenix, AZ 85018

$818,000

4 Beds

4 Baths

1,923 SqFt

Status Active

MLS # 6729055

Property Type Townhouse

Price Type --

Introducing the epitome of modern living in the heart of Arcadia - welcome home to the Arcadian Phoenix. Nestled in the coveted 85018 area code, these modern townhomes redefine living with their spacious floor plans and an array of amenities. Step inside to discover a haven of elegance, boasting 10-foot ceilings on the main living floor and large windows that flood the space with natural light. The gourmet kitchen seamlessly merges with the inviting family room, creating the perfect setting for both everyday living and entertaining. Revel in the exquisite finishes, featuring stunning cabinetry, sleek quartz countertops, and timeless stainless steel appliances. Experience true architectural brilliance with the inclusion of a charming Juliet balcony and private rooftop deck

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