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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23382 N 73rd Way Scottsdale, AZ 85255

New

$750,000

3 Beds

2.5 Baths

1,957 SqFt

Status Active

MLS # 6764158

Property Type Townhouse

Price Type --

Welcome to luxury living in the heart of North Scottsdale's prestigious gated community. This exquisite 3-bedroom, 2.5-bathroom home offers an unparalleled blend of sophistication and comfort. From the moment you step inside, you'll be greeted by top-tier finishes and a meticulously designed interior that exudes elegance.This turnkey residence boasts a rooftop balcony with stunning 360-degree views of Pinnacle Peak Mountain and the McDowell Mountains, perfect for enjoying breathtaking sunsets and starlit evenings. Escape to your private patio, tucked away on an interior lot ensuring peace and quiet with no road noise.Ideal for entertaining, the home features multiple living areas including an additional living room upstairs. The gourmet kitchen is a chef's dream with modern appliances and ample counter space, while the dining area offers a perfect setting for intimate meals or large dinner parties. Residents of this exclusive community enjoy access to a sparkling pool and recreational center, enhancing the lifestyle with opportunities for relaxation and fitness. Located just minutes from Desert Ridge, Kierland, and Scottsdale Quarter, as well as Grayhawk and DC Ranch, you'll find yourself immersed in a wealth of shopping, dining, and entertainment options. Outdoor enthusiasts will appreciate proximity to hiking trails and world-class golf courses. With low maintenance living and proximity to everything Scottsdale has to offer, this home represents a rare opportunity to live in luxury surrounded by natural beauty and urban conveniences

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26917 N 55th Lane Phoenix, AZ 85083

$750,000

4 Beds

2.5 Baths

3,153 SqFt

Status Active

MLS # 6752056

Property Type Single Family Residence

Price Type --

Experience living in this stunning 4 bed/2.5 bath home in Stetson Valley! Boasting a spacious layout with formal living/dining & a MASSIVE loft upstairs-this home is perfect for entertaining. The primary suite features two walk-in closets for added convenience. Chef's dream kitchen includes a gas stovetop, double oven, granite countertops, and pull-out drawers. Upgrades include a tankless water heater and artificial grass. Enjoy privacy & tranquility with no neighbors behind or beside on a Cul-De-Sac lot.Each bedroom features walk-in closets, making this home a must-see for those seeking a well-equipped living space. Take advantage of the pool and numerous hiking/biking/walking trails in the community. 2 dog parks & soccer fields nearby! This home is ready for its forever family!

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18187 E Via Jardin -- Gold Canyon, AZ 85118

$750,000

4 Beds

3 Baths

3,243 SqFt

Status Active

MLS # 6757344

Property Type Single Family Residence

Price Type --

This beautifully remodeled home is a true gem, featuring nearly two years of thoughtful updates throughout. The open kitchen shines with granite countertops, a large pantry, updated lighting, and hidden pop-up outlets that add both convenience and style. All bathrooms have been modernized with fresh shiplap, new countertops, and sleek fixtures, while the primary bathroom offers a luxurious escape with its tiled walk-in shower and clawfoot tub. Additional updates includes all new flooring, plantation shutters throughout and a high-end roll-down shade on the sliding door for extra elegance and functionality, full interior paint, crown molding, baseboards, and a fresh exterior paint job in August 2024. Step outside to a transformed backyard, complete with a... heated salt water pool, spa, gas fireplace, and a fully equipped outdoor kitchenperfect for entertaining. Located on a desirable corner lot with gorgeous views and extra privacy, plus a 3-car garage, this home is the total package!

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21408 S 224th Place Queen Creek, AZ 85142

$750,000

3 Beds

2.5 Baths

2,423 SqFt

Status Active

MLS # 6759995

Property Type Single Family Residence

Price Type --

Built in 2020 by Richmond American Homes, the Deacon floor plan offers 3 bedrooms, a versatile den or office space with doors for added privacy, and 2.5 bathrooms. The open-concept design is further elevated by beautiful upgrades and finishes throughout, creating a bright and welcoming space. This stunning home has been meticulously maintained and is truly move-in ready! Out back, you'll love the low-maintenance turf landscaping, perfect for easy upkeep. For those with extra toys, the attached spacious RV garage provides all the storage you need. This home is located in the highly sought-after Spur Cross community, where residents enjoy fantastic amenities such as a community pool, basketball court, beach volleyball court, and playgrounds. With ample storage and a prime location just minutes from Queen Creek's top amenities and attractions, this home is the ultimate basecamp for all your Arizona adventures. Don't miss out!

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4421 N 179th Drive Goodyear, AZ 85395

$750,000

5 Beds

3 Baths

3,469 SqFt

Status Active

MLS # 6722173

Property Type Single Family Residence

Price Type --

Single Level Pool and Spa Home with Swim-Up Bar and Outdoor Kitchen and 3 Car Garage! This single-level property offers the ultimate in outdoor living and entertaining. Featuring a luxurious pool and spa, you can relax and unwind in style. While the interior needs some TLC, it presents a fantastic opportunity to customize the home to your taste and preferences. Whether you are looking to make minor updates or complete a full renovation, this home is a blank canvas waiting for your personal touch. The unique swim-up bar and sunken covered outdoor kitchen with a seating area create a resort-like atmosphere right in your backyard. The exterior boasts extensive travertine hardscaped flooring and low-maintenance artificial grass, ensuring your yard remains beautiful all year round.

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40040 N Lytham Way Anthem, AZ 85086

$750,000

4 Beds

3.5 Baths

3,304 SqFt

Status Active

MLS # 6760680

Property Type Single Family Residence

Price Type --

Sonoma floor-plan with four bedrooms, office/bonus room. Spacious kitchen, kitchen dining, kitchen island. An abundance of cabinets and counter space. Large open living room and dining room. Master bedroom with dual vanities plus plenty of closet space. Guest bedroom with full bath and another two bedrooms with Jack n' Jill. Tile in all the right places. Inviting backyard with large covered patio & electronic roll shades. Back patio is great for relaxing mornings & evenings. 3 car garage for plenty of storage or golf cart.

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9707 N 100th Street Scottsdale, AZ 85258

$750,000

2 Beds

2 Baths

1,747 SqFt

Status Active

MLS # 6761027

Property Type Single Family Residence

Price Type --

TURN KEY, with NO interior steps!! Whether you're looking for a perfect second home or a year-round retreat, this property in the community of Mission Monterey within Scottsdale Ranch is an ideal choice. This stunning 2-bedroom, 2-bathroom with no steps has been meticulously maintained, with all major systems upgraded in the past five years, including the water heater, water softener, Trane AC, and roof. With soaring vaulted ceilings and a spacious living area with a remodeled fireplace and plantation shutters, creating a cozy atmosphere after a day in the Arizona sunshine. The primary suite offers a personal sanctuary with a large walk-in closet featuring built-in storage, and a spa-like master bathroom complete with an oversized Jacuzzi tub and separate shower Enjoy your mornings on the private patio or relax in the heated community pool. Or take a cruise in the communities pontoon boat

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4150 E Rancho Tierra Drive Cave Creek, AZ 85331

New

$750,000

4 Beds

2 Baths

2,284 SqFt

Status Active

MLS # 6763660

Property Type Single Family Residence

Price Type --

Beautiful home in the heart of Tatum Ranch with vaulted ceilings throughout and a spacious open floor plan. A huge premium corner lot with over 12,500 SF, very private and quiet. Gorgeous kitchen w/ custom cabinets, granite countertops & SS Appliances. All windows throughout home recently replaced w/ dual pane energy efficient & a transferable lifetime warranty. Huge private backyard with plenty of space to enjoy the quintessential desert lifestyle in Cave Creek. Entire interior home recently repainted along with all carpet replaced. New primary closet built out, electrical panel replaced in 2023 & water heater replaced in 2024. Property has been very meticulously maintained!

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8924 E Stone Road Coolidge, AZ 85128

$750,000

4 Beds

2.5 Baths

3,048 SqFt

Status Active Under Contract

MLS # 6687250

Property Type Single Family Residence

Price Type --

If you are looking for a quiet, secluded slice of paradise, here it is! Custom home on over an acre! 4bed 2.5bath plus a den. Large formal dining, upgraded kitchen with granite counters and alder cabinets. Coffered ceilings, 17' in family room, 10' in all other rooms, built in entertainment center and a fireplace. 3car XL garage. Large covered patios, horse stalls, and even a playground for the kids. PLUS a 3600sqft WORKSHOP/RV GARAGE out back for all the toys or hobbies and a cool 16x20 loft in there as well.

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16349 E Links Drive Fountain Hills, AZ 85268

$750,000

2 Beds

2.5 Baths

2,173 SqFt

Status Active

MLS # 6730602

Property Type Townhouse

Price Type --

Experience luxurious living in this stunning property nestled within the prestigious gated community of Balera at Firerock. Located near Shea/101, this home offers convenience to shopping, dining, and amenities. Situated directly overlooking the 12th green of Firerock Golf Course, it provides unparalleled views and a serene backdrop.Upon entry, you are greeted by high ceilings and abundant natural light that accentuate the spacious floorplan. The generously sized great room is perfect for both entertaining and relaxing. The kitchen features modern appliances, including a new GE Monogram oven, and seamlessly connects to a dining area. Enjoy alfresco dining on the sizable deck while taking in panoramic golf course views. A new chandelier in the dining area enhances the ambiance. The master suite is a sanctuary of comfort with a large ensuite bathroom featuring a separate shower and luxurious tub. Recent upgrades include new faucets and shower fixtures in both bathrooms. An expansive walk-in closet, illuminated by a beautiful new chandelier, ensures ample storage and functionality. Upstairs, a private guest area offers a retreat-like ambiance with its own sitting area, full bathroom, and comfortable bedroom, providing a serene and secluded space for visitors or family members.This remarkable property epitomizes tranquil living in Firerock's desirable community. Don't miss the opportunity to indulge in elegance, comfort, and stunning views in this meticulously maintained condo, complete with some stylish updates including new chandeliers in the dining room and master closet & new water heater. Come see your new relaxing sanctuary!

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15028 N 9th Street Phoenix, AZ 85022

$750,000

3 Beds

2 Baths

1,773 SqFt

Status Active

MLS # 6730661

Property Type Single Family Residence

Price Type --

Back ON THE MARKET. Buyers were unable to remove Contingency...3 bedroom +office...Awesome Moon Valley location...Remodeled in 2016.

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4020 N Scottsdale Road Unit 3007 Scottsdale, AZ 85251

$750,000

1 Bed

1 Bath

1,191 SqFt

Status Active

MLS # 6701771

Property Type Apartment

Price Type --

Tucked in Old Town Scottsdale, this condo epitomizes urban living. Stroll to vibrant shops and dining. Inside, enjoy NYC-inspired vibes with floor-to-ceiling windows and modern updates. Unique features include exposed ductwork and high ceilings. Savor dual balconies with city views. The private rooftop sun deck offers stunning 360-degree vistas, including breathtaking sights of Camelback Mountain. With underground parking for convenience and security, this condo offers not just a home, but a lifestyle—blending luxury, convenience, and city energy seamlessly.

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