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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8019 N 73rd Street Scottsdale, AZ 85258

$765,000

3 Beds

2 Baths

2,140 SqFt

Status Active

MLS # 6744276

Property Type Single Family Residence

Price Type --

Discover the perfect Scottsdale Jewel Box in the exclusive Santo Tomas neighborhood, surrounded by multi-million dollar estates. This fully detached 3-bedroom, 2-bath home has been extensively renovated, offering modern luxury and energy efficiency with a new A/C (2024) and solar panels. Step inside to a bright, airy kitchen featuring white cabinetry and granite countertops. The 2023 renovations include beautifully updated bathrooms, a new front gate, and a covered patio ideal for outdoor living. Throughout the home, you'll find new flooring, fresh paint, updated baseboards, ceiling fans, and added skylights that flood the space with natural light. Enjoy the convenience of a 2-car garage with an epoxy floor, built-in storage cabinets, and direct entry to the home. Additional upgrades include a new washer and dryer, a ring doorbell, a stylish new entry door, custom closet systems, elegant Cantera stone pillars, and new canned lighting. The home also features new window treatments and a tankless water heater for modern comfort.This Scottsdale gem offers the perfect blend of style, convenience, and locationready for you to make it your home!

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1008 E Phoenix Street Payson, AZ 85541

$765,000

3 Beds

3 Baths

2,522 SqFt

Status Active

MLS # 6726144

Property Type Single Family Residence

Price Type --

Welcome to this gorgeous property that offers the perfect blend of comfort and charm. This home is sure to delight, featuring 3 bedrooms and 3 bathrooms, an open floor plan and fireplace in the living area. The kitchen boasts sleek countertops and ample cabinet space, making it ideal for both everyday living and entertaining. Step outside to the beautifully landscaped yard, a tranquil oasis with mature trees, lush greenery, and a covered patio. Don't miss the opportunity to make this stunning home yours!

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4514 E Mazatzal Drive Cave Creek, AZ 85331

$765,000

4 Beds

2 Baths

2,186 SqFt

Status Active

MLS # 6726742

Property Type Single Family Residence

Price Type --

Welcome to this beautiful 4-bedroom, 2-bathroom, 3-car garage Cave Creek oasis. This meticulously maintained home offers an unparalleled living experience in an amazing neighborhood. With 4 generously sized bedrooms, there's plenty of space for everyone. The primary suite features a bathroom with a luxurious walk-in tiled shower, dual sink vanity and a walk in closet. The bedroom itself has plenty of space for a sitting area. This provides you a private retreat to start and end your day the perfect way. Enjoy cooking in the well thought out kitchen that includes a generous sized island boasting granite counters and slide out drawers for additional storage. The updated appliances make meal prep a breeze. A nice sized pantry rounds out this amazing kitchen. The open floor plan seamlessly connects the kitchen to the living and eating areas. Just in the other room is the formal dining and/or a game room and living room. Outdoor Living: Moving outdoors, step outside to your private backyard oasis. Take a dip in the sparkling pool with a Baja Shelf and/or enjoy time cooking in your outdoor kitchen area. It is perfect for hosting summer barbecues and gatherings. Ample Garage Space: The 3-car garage provides plenty of space for vehicles and storage, catering to all your needs. Prime Location: Nestled in an amazing neighborhood, this home offers easy access to local amenities, schools, parks, and more. Quiet streets and within walking distance to a great park, convenience abounds. Don't miss out on this incredible opportunity to own a piece of paradise in Cave Creek. Visit soon and experience the charm and comfort this home offers.

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10139 E Toledo Avenue Mesa, AZ 85212

$765,000

6 Beds

4.5 Baths

3,161 SqFt

Status Active

MLS # 6752049

Property Type Single Family Residence

Price Type --

This home and community are the perfect combination of luxury and convenience in the incredible Cadence at Gateway community! This stunning 2022 Toll Brothers home offers 6 bedrooms, 4.5 bathrooms, and all the luxury upgrades you'd expect from a nearly brand-new build. The master bedroom is located on the main floor with an elegant ensuite, plus an additional bedroom with its own private bath—perfect for guests. Upstairs, there are four more spacious bedrooms, two additional bathrooms, and a large loft area for extra living space. Luxury laminate wood flooring spans the bottom floor and plush carpet is upstairs in all the right rooms. Outdoors, the backyard is already beautifully landscaped, complete with an extended covered patio that spans the full length of the yard... a large terf lawn, and easy-peasy landscaping. The 3-car garage features 8-foot doors -- talk about that storage capacity! As amazing as the home is, the community of Cadence at Gateway takes it to the next level! Enjoy resort-style living with amenities like pools, a spa, and the MOTO fitness center. The play pool features exciting water slides, while the lap pool offers a place for exercise and relaxation. The community spa provides a relaxing space with modern décor, cabanas, and a fire pit. For fitness enthusiasts, the state-of-the-art MOTO fitness center is equipped with everything you need, including a spin room with on-demand videos and a movement studio for yoga, Zumba, and more. At the heart of the community is the Flourish Community Center, perfect for gatherings, parties, or simply catching a game with neighbors. The Game On space offers pinball, foosball, and other classic games for some friendly competition, while STIR is a cozy spot to meet friends or get some work done with access to free WiFi. Welcome to your dream home - don't miss out on this incredible opportunity!

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10433 S 27th Avenue Laveen, AZ 85339

$765,000

4 Beds

3 Baths

2,772 SqFt

Status Active

MLS # 6714700

Property Type Single Family Residence

Price Type --

PRICE REDUCTION! Seller is MOTIVATED! Nestled in the foothills of South Mountain, come see this custom home built on 1+ acres of natural desert! With a front and back patio, a balcony and a deck that overlooks Phoenix, this home will surely captivate your heart! This BEAUTIFUL home features 4 bedrooms, 3 bathrooms, a living room & a family room with a fireplace. The kitchen includes matching Whirlpool black stainless steel appliances and granite countertops. In the primary, you'll find a bathroom with double sinks, a separate shower & jetted tub and a walk-in closet. There are ceiling fans in all rooms, including the living room, family room and dining area. No HOA. Your future home awaits!

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25843 W Northern Lights Way Buckeye, AZ 85326

$765,000

4 Beds

3.5 Baths

2,900 SqFt

Status Active

MLS # 6698394

Property Type Single Family Residence

Price Type --

MOUNTAIN VIEWS! Fall in love with this gorgeous, irrigated 1.36-acre property situated in a uniquely quaint neighborhood! This energy-efficient home boasts 4 beds, 3.5 baths, a 3-car garage, and an RV gate. Inside, the harmonious open floor plan offers sliding glass doors to the back patio. Natural light filled the spaces, complemented by soft palette and porcelain tile flooring. Large dining room has a lovely bay window. Spotless kitchen displays recessed/pendant lighting, a walk-in pantry, granite counters, ample staggered cabinets with crown moulding, SS appliances, and an island with a breakfast bar. Owner's retreat provides plush carpet, outdoor access, an ensuite with dual sinks, and a walk-in closet. Grassy backyard includes a covered patio and a storage shed. Don't miss out!

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7147 E Rancho Vista Drive Unit 3007 Scottsdale, AZ 85251

$765,000

2 Beds

2 Baths

1,252 SqFt

Status Active

MLS # 6731296

Property Type Apartment

Price Type --

Unbeatable Location, Luxury Amenities - Motivated Seller! Step into modern living with this stunning 2-bed/2-bath condo featuring an open-concept design and courtyard views. Every detail exudes elegance, from high-end upgrades to the spacious primary suite with a huge walk-in closet and flexible space for dining, a home office, or a cozy den. Nestled within the lush, botanical beauty of Optima, enjoy resort-style amenities: two outdoor pools, an indoor lap pool with spas, steam saunas, indoor basketball and racquetball courts, a putting green, pickle ball court, a cutting-edge fitness center, full-time concierge, and an on-site restaurant. Located just steps from renowned restaurants, luxury shopping, and outdoor adventures, this rare opportunity won't last. All of this is within walking distance to numerous acclaimed restaurants, luxury shopping destinations, and various outdoor activities.

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6239 E Janice Way Scottsdale, AZ 85254

$765,000

3 Beds

2 Baths

2,053 SqFt

Status Active

MLS # 6748721

Property Type Single Family Residence

Price Type --

This residence in Greenbrier East offers a unique blend of comfort and style. The eat-in kitchen is a chef's delight, featuring stainless steel appliances, Silestone countertops, Oak glass door cabinets, an undermount sink, and a spacious walk-in pantry. Adjacent to the kitchen, the large dining room boasts a cozy brick fireplace, creating a warm and inviting atmosphere. The great room is perfect for both relaxation and entertaining, with French doors leading to the backyard, vaulted ceilings, and neutral tile flooring. The master suite is a true retreat with plush carpeting, dual closets, and a luxurious bathroom complete with dual sinks, a vanity, a custom shower with a built-in seat, a glass block window, and ceiling heat lamps. Step outside to the expansive backyard where you'll find a covered patio with outdoor speakers, lush synthetic green grass, mature plants, and a storage shed. Additional features include block fencing with RV gate/parking, a two-car garage with epoxy floors, and plantation shutters throughout. Located in a highly sought-after Scottsdale neighborhood, this home is just minutes away from top-notch shopping, dining, and entertainment options. Don't miss out on the opportunity to make this fantastic property your new home!

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10605 E Kilarea Avenue Mesa, AZ 85209

$765,000

4 Beds

3 Baths

2,880 SqFt

Status Active

MLS # 6755013

Property Type Single Family Residence

Price Type --

Split 4 bedrooms and 3 full baths, accompanied by a versatile teen area that may effortlessly transform into a 5th bedroom. Spanning almost 2900 sqft, this home features a refreshing pool and a spacious private backyard with a patio, offering unobstructed views without rear neighbors. The 3-car garage comes with additional storage drop-down ceiling rack shelves. The gourmet kitchen has new appliances, refinished cabinets, and a sizable island, while a walk-in pantry adds to its modern allure. The Main Bedroom suite includes an opulent tub and shower, complemented by a generous walk-in closet. A tranquil oasis awaits in the backyard, where a large patio and sparkling pool create an ideal space for relaxation and entertainment.

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9240 N 101st Place Scottsdale, AZ 85258

$765,000

3 Beds

2 Baths

1,838 SqFt

Status Active

MLS # 6729628

Property Type Single Family Residence

Price Type --

This charming home is located in the desirable Casa del Cielo subdivision in the heart of Scottsdale Ranch. This detached residence is filled with natural light featuring high ceilings, new wood-look tile throughout, new patio pavers, new bath and kitchen fixtures, new kitchen cabinets, appliances and granite and a brand new A/C unit. This home is one of the few with this unique floor plan and is situated on one of the largest lots in the subdivision where you can enjoy the private backyard. The spacious living room boasts a fireplace and a wet bar, perfect for entertaining. The wonderful community offers walking trails, a community pool and spa, a community center, and Scottsdale Ranch Park with tennis, racquetball, and basketball courts, among other amenities.

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2717 W Haley Drive Anthem, AZ 85086

$765,000

3 Beds

2.5 Baths

2,944 SqFt

Status Active Under Contract

MLS # 6734587

Property Type Single Family Residence

Price Type --

Welcome! Step through the front door and feel the embrace of HOME! Three generously sized bedrooms and the library/bar await your return home. The family room boasts plenty of space plus a gas fireplace. The kitchen makes cooking enjoyable with the remodeled cabinets with pull out shelves and the walk in pantry. Never misplace a utensil again. The formal living and dining areas can be kept for fancy affairs or used to play pool and other games! Your private yard features a heated pool and spa as well as space to play and an elevated patio. This is the perfect entertaining space and many parties have been hosted here! And we have not even talked about the 3 car garage yet; storage for all of the holidays that you celebrate! There are no neighbors behind you and the corner location makes an easy in and out of the neighborhood. It is an easy walk to school as well and you are close to wonderful Anthem amenities!

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10864 E Reginald Avenue Mesa, AZ 85212

$765,000

4 Beds

4.5 Baths

3,967 SqFt

Status Active Under Contract

MLS # 6748375

Property Type Single Family Residence

Price Type --

This meticulously maintained home truly has it all! With just under 4,000 square feet of living space, it features 4 bedrooms, 4.5 baths, & a 3-car garage. The spacious kitchen boasts granite countertops & seamlessly flows into the formal living & dining rooms, perfect for entertaining. The master suite includes a versatile retreat, ideal for an office or nursery. The main level offers a bedroom with an ensuite, & upstairs, one of the bedrooms also has its own ensuite. The expansive upstairs bonus/game room is perfect for a teen retreat or additional entertainment space. A den/office on the first level provides even more living options. Step outside to a beautifully landscaped backyard, complete w/ a pool (added in 2010), fire pit, and built-in BBQ—perfect for outdoor gatherings.

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