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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1501 N Miller Road Unit 1010 Scottsdale, AZ 85257

$799,900
3 Beds
2.5 Baths
2,080 SqFt
Status Active
MLS # 6753447
Property Type Townhouse
Price Type --
COMPLETED NEW HOMES NOW FROM $799900. The Magic of Vistas of Scottsdale. A boutique Enclave of only 16 private, luxury homes in the Heart of Scottsdale - Location is Everything. Open spaces, clean lines & abundant glass create a design experience to merge the indoors and outdoors. Vistas of Scottsdale are curated with a discerning eye using warm, organic tones and natural textures focusing on the personal nature of the home as a retreat. Sweeping Mountain Vistas are captured from the 580sf roof terrace and unique floating overlook to rival a hotel/restaurant environment. The 30ft wide main living area provides unparalleled openness and light. The builder's vision from the inception was to focus on incorporating premium materials to create an innovative Scottsdale lifestyle.

2009 Bella Vista Loop Williams, AZ 86046

$799,900
4 Beds
2.5 Baths
2,251 SqFt
Status Active
MLS # 6669041
Property Type Single Family Residence
Price Type --
New luxury homes on 5-12 Acres. SELLER OFFERING TO BUY DOWN INTEREST RATES. Bring your rustic side to this modern ranch-style, 4 bedroom retreat set on Coconino acreage. The ''Canyon View'' base model features a spacious 2251 sq ft floorplan with split bedrooms divided by the kitchen/living area. The open living room & kitchen has a large waterfall island, tile backsplash & a walk-in pantry. Features also include dual paned windows, an extended length 3-car garage & large covered back patio. Red Lake Mountain Ranch is a gated paradise placed between Williams and the Grand Canyon National Park. Subdivision covers 320AC, 54 unique home sites 5 - 12 acres, each with distinctive terrain and panoramic views. 5000 Gallon Cistern. Owner/Agent Listing. Legal Desc. to be confirmed by title.

1501 N Miller Road Unit 1011 Scottsdale, AZ 85257

$799,900
3 Beds
2.5 Baths
2,080 SqFt
Status Active
MLS # 6732406
Property Type Townhouse
Price Type --
COMPLETED NEW HOMES NOW FROM $799900. The Magic of Vistas of Scottsdale. A boutique Enclave of only 16 private, luxury homes in the Heart of Scottsdale - Location is Everything. Open spaces, clean lines & abundant glass create a design experience to merge the indoors and outdoors. Vistas of Scottsdale are curated with a discerning eye using warm, organic tones and natural textures focusing on the personal nature of the home as a retreat. Sweeping Mountain Vistas are captured from the 580sf roof terrace and unique floating overlook to rival a hotel/restaurant environment. The 30ft wide main living area provides unparalleled openness and light. The builder's vision from the inception was to focus on incorporating premium materials to create an innovative Scottsdale lifestyle.

17292 W Echo Lane Waddell, AZ 85355

$799,900
3 Beds
2 Baths
2,135 SqFt
Status Active
MLS # 6727822
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This home checks all the boxes, Single level, Open floor plan, Split floor plan, North/South exposure, backs to common area with Mountain views & RV GARAGE. The expansive 16' glass slider at the back of the great room allows lots of natural light to enjoy the views. A 50-foot RV garage, complete with a 50 AMP plug-in, water access, dumps on both sides, plenty of garage cabinets & epoxy floors. The kitchen is equipped with stainless steel appliances, a 4-burner gas cooktop, wall oven, built in Microwave, large waterfall Granite island with seating, timeless Travertine backsplash and huge walk in pantry. The Primary bathroom includes split vanities, a walk-in shower, a walk in storage/linen closet off of the toilet room, an amazing custom closet that includes plenty of hanging, drawer & cabinet space for organizing. Step outside to enjoy the large covered patio, built-in BBQ area with bar seating, pavers, and low-maintenance artificial turf. Just a few of the upgrades include ceiling fans in each room, custom security screen front door, automatic lighting in backyard, Surround sound in Great room and back patio, TV on back patio, utility sink in garage. You are just minutes from major Freeways, a new Safeway and the all new shopping area at Prasada.

4984 N Yorkshire Loop Prescott Valley, AZ 86314

$799,900
2 Beds
2 Baths
2,253 SqFt
Status Active
MLS # 6734536
Property Type Single Family Residence
Price Type --
Welcome to this 606 Mandalay floor plan home in the highly sought-after Jasper Community. This stunning, energy-efficient single-level home offers better-than-new quality and captures casual elegance from the moment you step inside. The spacious great room features high-volume vaulted and wood-beamed ceilings, custom built-in cabinetry, and a horizontal gas fireplace, perfect for cozy evenings. The gourmet kitchen is a chef's dream with quartz countertops, dual-tone cabinets, double ovens, peek-a-boo windows, a 5-burner gas stove, and a spacious walk-in pantry. Clerestory windows flood the space with natural light, enhancing the inviting atmosphere. The master suite is a true retreat, leading to a luxurious bath with a soaking tub, rain-glass walk-in shower, and a dual sink quartz vanity. The sizable walk-in closet, the only carpeted space in the home. Additional features include a versatile den with custom built-in cabinetry and access to the front courtyard patio, second bedroom with clerestory windows for privacy and a laundry room with storage. The 3-car tandem garage offers ample storage with built-in cabinetry. Outside, the living space extends to a covered back paver patio, raised flower beds, artificial grass, and block wall fencing, creating a perfect space for outdoor enjoyment. As a resident of the Jasper Community, you'll have access to the J Club clubhouse, featuring a pool, restaurant, and club facilities, making it one of the most spectacular community centers in the Prescott area. Don't miss the opportunity to view this exceptional home and experience the best in luxury living.

15802 N 71st Street Unit 604 Scottsdale, AZ 85254

$799,900
2 Beds
2 Baths
1,466 SqFt
Status Active
MLS # 6749936
Property Type Apartment
Price Type --
The Landmark features Resort style living at its finest with excellent amenities & an unbeatable location. Walk to some of Arizona's best dining & shopping options at Kierland & Scottsdale Quarter from this fantastic. Featuring an open great room floor plan, granite countertops, wood flooring and new carpet. This two bedroom two bath split plan unit is turnkey ready. Community features include 24-hour guard gated entrance, concierge, porter, luxurious clubhouse, conference room, heated pool & spa, BBQ area, pizza oven, two fitness centers with steam room & locker rooms. With its spacious 1446 square feet of open living space, high-quality finishes, generous-sized bedrooms with walk-in closets, and ensuite spa-like bathrooms this unit perfectly balances space and style.

16839 E Widgeon Court Fountain Hills, AZ 85268

$799,900
2 Beds
2 Baths
1,726 SqFt
Status Active
MLS # 6736053
Property Type Single Family Residence
Price Type --
Floor to ceiling update! 99% of home remodeled. 2 bedroom, 2 bath Patio Home walking distance to Fountain Park. 4 doors down from community pool. Upgraded kitchen with New Quartz countertops, white shaker cabinets and tile backsplash. New insulation, windows and doors throughout. AZ room on the back can be used for a 3rd bedroom or ? 2 car garage with extra storage . Vaulted ceilings and fire place in main living area. Custom upgrades everywhere. LOCATION,LOCATION, LOCATION! Better see this one before it is gone!

15828 N 10th Place Phoenix, AZ 85022

$799,900
3 Beds
3 Baths
2,191 SqFt
Status Active
MLS # 6760380
Property Type Single Family Residence
Price Type --
You will LOVE this recently updated home nestled on a prime corner lot with views of Lookout Mountain! Move-in ready with a brand new roof & fresh paint. Enter and be greeted by tons of natural light flowing through the high efficiency triple pane windows under soaring high vaulted ceilings. The open family room is centered around a fireplace and flows right into the spotless kitchen with SS appliances, quartz counters, tile backsplash and shaker cabinetry. Main bedroom is downstairs, with backyard access and an ensuite with dual sinks, separate tub/shower, & a custom walk-in closet. Versatile loft & other bedrooms await upstairs. Enjoy the spacious backyard w/ a well manicured lawn, trees, outdoor play set and a paver-covered patio. All of this PLUS an owned solar system! Don't miss out!

23202 W Durango Street Buckeye, AZ 85326

$799,900 - 4Br/4Ba -  for Sale in Sundance Parcels 32 33 And 35, Buckeye
New
$799,900
4 Beds
3.5 Baths
3,711 SqFt
Status Active
MLS # 6764916
Property Type Single Family Residence
Price Type --
These homes do not come up very often. This home sits on just over 1 acre of land and has over 3,700SF of livable space all on one level. There is the main house as well as a small guest home that has a bedroom and bathroom. This home has been fully remodeled and well taken care of, the home has newer floors, paint inside and out, quartz countertops, updated light fixtures, door knobs and hardware throughout. There has also recently been added artificial grass in the backyard and landscape rock. The HOA allows the home to build an RV garage on these lots for the people with lots of toys. The multiple accent walls throughout the home also give a very modern appeal to the home. This home is a must see.

11301 N Northfield Street Surprise, AZ 85388

$799,900
2 Beds
2 Baths
2,503 SqFt
Status Active
MLS # 6741005
Property Type Single Family Residence
Price Type --
Welcome home to the prestigious Wayland floor plan in the Providence collection of Sterling Grove. View fence golf course lot! Exclusive design and location. Step inside to real wood flooring throughout. Stone island and beautiful wood cabinetry. Simple and elegant backsplash, gourmet kitchen with wall oven, oversized farmhouse sink, KitchenAid appliances. Pride of ownership is shown in every upgraded detail. Plantation shutters throughout. Eco-friendly milieu. Oversized living space with a den. Both the primary and the second bedroom have their own bathrooms. The primary shower is expansive glass with dual sinks, and a private toilet room. The primary closet is oversized and organized with drawers and more. The main living area features two oversized sliders that create a glass wall with light pouring into the home and showcasing the grassy golf course views. Step outside to the view! The yard is an oasis with turf and natural landscaping in order to savor the sweet life of all that Sterling Grove offers. A short walk to the club house with fitness center, spa, restaurant, tennis courts, pickleball courts, and more. Mountain views surround this premier community in Surprise. The sunsets are unmatched. Gated community with guards, close to the 303, the newly developed Prasada restaurants, shopping, theatre, and more. This is living at its finest. A true GEM in the heart of Surprise, AZ.

26715 N 19th Drive Phoenix, AZ 85085

$799,900
4 Beds
3 Baths
3,265 SqFt
Status Active
MLS # 6755777
Property Type Single Family Residence
Price Type --
Located just minutes from the vibrant shops at Norterra, Happy Valley Towne Center, and Sonoran Desert Village, this home offers the perfect blend of comfort, convenience, and luxury. This stunning 4-bedroom, 3-bath home nestled in the highly sought-after 85085 area. From the moment you step inside, you'll be captivated by its spacious design, featuring a split floorplan, a cozy den, and both formal living and dining rooms. The heart of the home is the expansive great room, complete with granite counters, a gas range, and custom cherry wood cabinets. Enjoy the luxury of custom wood shutters and ceiling fans throughout. Recent upgrades include a water heater (2021, $2,000), dishwasher (2023, $700), stove (2024, $1,200), new flooring upon move-in ($25,000), and a brand new Trane AC system installed this week (2024, $24,000). Step outside to your private backyard oasis, perfect for entertaining or relaxing year-round. Take a dip in the heated Pebble Tech pool with a soothing waterfall feature, unwind in the spa, or gather around the outdoor fireplace. Fire up the built-in gas BBQ under the entertainment-sized covered patio, surrounded by lush, custom landscaping in both the front and back yards.

2520 Nw Nw Passage Happy Jack, AZ 86024

$799,900
4 Beds
3 Baths
2,298 SqFt
Status Active
MLS # 6735230
Property Type Single Family Residence
Price Type --
Welcome to your DREAM MOUNTAIN retreat THAT BACKS NATL FOREST. This single-family home boasts 3 bedrooms and 2.5 bathrooms in the main home and 1 bedroom/ 1 bath and an unfinished loft in the 2nd home (approximately 1200 square feet), offering plenty of space for your family to unwind and create lasting memories. As you step inside, you'll immediately notice the vaulted ceilings and the warm, inviting atmosphere that flows throughout the residence.The property features a private well, ensuring a reliable and cost-efficient water supply. Cozy up on those cold winter nights next to the charming brick fireplace in the living room. With multiple dining areas, you'll have plenty of space to entertain and host gatherings with loved ones. Step outside onto the great front deck, perfect for enjoy Welcome to your dream mountain retreat in Happy Jack, Arizona! enjoying a morning cup of coffee or hosting summer barbecues. The fenced-in dog run provides a safe space for your furry friends and children to roam and play freely. Plus, the property backs up to the national forest, offering breathtaking views and endless opportunities for outdoor adventures, walk out your backdoor and you are there. RV enthusiasts will appreciate the large drive, providing ample space to park multiple vehicles , invite family or friends up with their RVs and explore the surrounding areas. Property is located in a NON-HOA community so horses, toys and RVs are welcome. The open kitchen is every chef's dream, it has a gas stove as well as an old fashion stove to bring back the nostalgia of great gramma's kitchen, complete with custom cabinets and plenty of counter space for preparing meals. You'll find a mini-master bedroom upstairs with a half bath and balcony, offering privacy and convenience for guests or family members. As well as a second oversized bedroom with 1/2 bath and a bonus a small office area or playroom for the kids to sit and relax with a book or movie. The spacious master bedroom is located on the main floor, providing easy access and comfort. Additionally, the garage has been converted into a second home, boasting 1 bedroom and 1 bathroom and an unfinished loft which could be another bedroom or office, making it perfect for extended family or potential rental income. This property is equipped with a backup generator, ensuring peace of mind during power outages. The mature trees surrounding the home provide shade and privacy, creating a serene and tranquil atmosphere. The downstairs guest bath was remodeled featuring an upgraded sauna shower with lights and music, adding a touch of luxury and relaxation to your daily routine. Located on a quiet street, you'll enjoy the peace and tranquility that Happy Jack has to offer. Immerse yourself in the beauty of nature, with hiking trails and outdoor activities just steps away from your front door. Don't miss out on the opportunity to make this mountain retreat your forever home.

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