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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9263 E Karen Drive Scottsdale, AZ 85260

$750,000

3 Beds

2 Baths

1,720 SqFt

Status Active

MLS # 6692041

Property Type Single Family Residence

Price Type --

Discover luxurious living in this meticulously designed single-family home at 9263 E. Karen in Scottsdale, AZ. With 3 bedrooms and 2 bathrooms, this stunning residence offers a perfect blend of comfort and elegance. Step inside to find an open-concept layout, accentuated by high ceilings and an abundance of natural light, creating an inviting atmosphere. The gourmet kitchen features high-end appliances, custom cabinetry, and exquisite countertops, ideal for culinary enthusiasts and entertaining guests. The spacious master suite offers a peaceful retreat with a spa-like ensuite bathroom and ample closet space. Outside, the meticulously landscaped backyard provides a private sanctuary with a covered patio and a sparkling pool, perfect for outdoor gatherings and relaxation. Situated in a prime and one of the most desirable Scottsdale locations, this prestine home offers convenient access to many upscale shopping centers, exquisite five-star dinning facilities, multiple outdoor recreational activities, world renown golfing, equestrian facilities, hiking trails and more. With the extremely low inventory of similar homes in this coveted residential area, buyer's should seize upon this unique opportunity to experience the luxury living at its finest. Time is fleeting and you should take action before this desert oasis is gone!

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15802 N 71st Street Unit 210 Scottsdale, AZ 85254

$750,000

2 Beds

2.5 Baths

1,432 SqFt

Status Active

MLS # 6684574

Property Type Apartment

Price Type --

Located in the prestigious Landmark Community of Scottsdale, this contemporary remodeled 2-bed, 2.5-bath condo offers a luxurious and convenient lifestyle. With its spacious 1432 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. Steps away is Kierland Commons and Scottsdale Quarter, which offers world-class dining, shopping, and entertainment. Landmark offers a 24-hour guard gated entrance, resort-style heated pool, and spa, fitness center with locker rooms, steam room, business center, and on-site concierge.Immerse yourself with resort-style living in the heart of Kierland. This fabulous getaway is ideal as a primary resident or as a perfect lock and leave.

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22847 E Sonoqui Boulevard Queen Creek, AZ 85142

$750,000

4 Beds

3 Baths

3,203 SqFt

Status Active

MLS # 6705656

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Queen Creek! This stunning 4-bedroom, 3-bathroom luxury residence offers the perfect blend of modern elegance and comfort. The home features an expansive open floor plan, ideal for both entertaining and everyday living. The gourmet kitchen is a chef's delight, boasting an oversized quartz countertop, high-end stainless steel appliances, and an abundance of cabinet space. You'll love the seamless flow from the kitchen to the living and dining areas, creating a bright and airy atmosphere.Retreat to the spacious primary suite, complete with a luxurious en-suite bathroom and ample closet space. Each additional bedroom is generously sized with plenty of storage throughout the home. (expand to see more) Step outside to your private oasis, featuring a sparkling pool, perfect for Arizona summers. With meticulously landscaped grounds and a covered patio, this outdoor space is ideal for relaxation and hosting gatherings. Located in a highly desirable Queen Creek neighborhood, close to shopping, dining, and schools, this home offers a perfect balance of luxury and convenience. Take this opportunity to own your piece of paradise! Full List of upgrades available.

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3170 S Nebraska Street Chandler, AZ 85248

Open House

$750,000

4 Beds

3.5 Baths

2,818 SqFt

Status Active

MLS # 6760698

Property Type Single Family Residence

Price Type --

This stunning home, complete with fully-paid off solar at closing, is ideally located near award-winning Hamilton High School in a desirable cul-de-sac. Just steps from a park, lake, and greenbelt, the private backyard offers serene living with no neighbors behind. Boasting 4 spacious bedrooms, a den/game room, and 3.5 baths, the home features soaring ceilings and a chef's kitchen with granite countertops, a large island, and a generous pantry. Recent upgrades include a newer A/C, roof, flooring, and updated bathrooms. The downstairs owner's suite is a tranquil retreat with a tub, shower, and walk-in closets. A 3-car tandem garage provides ample storage, with easy access to freeways and shopping. Go see today!

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18544 E Caledonia Drive Queen Creek, AZ 85142

Open House

$750,000

5 Beds

3.5 Baths

3,745 SqFt

Status Active

MLS # 6744281

Property Type Single Family Residence

Price Type --

Your DREAM home is here in Sossaman Estates! This gorgeous 5-bed, 3.5-bath residence will surely impress you. Great curb appeal highlighted by a split 3-car garage, front porch, and a manicured landscape w/lush lawn & shade trees. Home exudes elegance with formal dining, living, & family rooms! Tall ceilings add to the airy feel, enhanced by tons of natural light. The impressive kitchen has granite counters, a huge island, butler's pantry, a walk-in pantry, and staggered cabinetry. Separate breakfast room is a plus! Upstairs, you'll find a large loft that provides versatility. Double-door main bedroom boasts an ensuite with a separate tub/shower, two vanities, & a walk-in closet. Outback, you have natural grass & a covered patio to relax or enjoy BBQ.

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4053 S Skyline Court Gilbert, AZ 85297

Open House

New

$750,000

5 Beds

3.5 Baths

3,115 SqFt

Status Active

MLS # 6753211

Property Type Single Family Residence

Price Type --

Fantastic home in Power Ranch with 5 bedrooms and 3.5 baths and a loft upstairs. Two of the bedrooms/office downstairs with a Jack and Jill bathroom. Walk into soaring ceilings with a separate dining and living room. Family room opens to the large eat in kitchen. Painted with neutral colors. The kitchen complete with stainless steel appliances, island, granite counter tops and pantry. Enter into the master bedroom retreat thru double doors a large bathroom with separate tub and shower, and dual vanities. Backyard oases with a large, covered patio, nice sparkling pool and room to play. Garage has lots of built in storage cabinets. Other features include plantation shutters and laundry cabinets. Walking distance to the elementary school, many parks, pools and recreation facility.

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2351 W Toledo Place Chandler, AZ 85224

Open House

$750,000

4 Beds

2.5 Baths

3,321 SqFt

Status Active

MLS # 6752612

Property Type Single Family Residence

Price Type --

Pride of ownership is shown in this remarkable residence featuring a spacious 3-car garage in Castille! New carpet, freshly painted bedrooms, custom walk-in closet for corner bedroom, and remodeled pool/backyard. Enjoy cozy nights at home by the charming fireplace in the family room! The well-appointed kitchen boasts white cabinetry, granite counters, a chic mosaic backsplash, stylish light fixtures, built-in appliances, & an island complete w/a breakfast bar. Discover a convenient loft providing the perfect spot for a reading area! The main bedroom showcases soft carpet & a private bathroom w/dual sinks. Host memorable gatherings in the amazing backyard including a swimming pool & a covered patio! Don't miss out!

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3363 E San Xavier Road Sierra Vista, AZ 85635

Open House

$750,000

3 Beds

4 Baths

2,398 SqFt

Status Active

MLS # 6761975

Property Type Single Family Residence

Price Type --

Discover this stunning home in Ranchos Carmela, set on nearly 2 acres. The expansive great room features a pellet/wood stove hook up, while the spacious kitchen boasts ample storage. This split bedroom layout offers 3 bedrooms and 2 baths on one side, with 2 en-suites bedrooms and a luxurious master suite with a separate tub and large shower on the other. Enjoy the convenience of a spacious laundry room, an oversized 3-car garage with an EV plug, and a built-in BBQ on the patio. A 1024 SF workshop awaits with an office, full bath, pellet stove, and air compressor—perfect to convert to a guest house or keep it as hobby space. Additional features include 2 full RV hookups, extensive paved parking, beautiful epoxy flooring in the garage and shop and a lot surrounded by mature trees.

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19810 N 68th Drive Glendale, AZ 85308

Open House

$750,000

5 Beds

2.5 Baths

3,596 SqFt

Status Active

MLS # 6764106

Property Type Single Family Residence

Price Type --

Room for the entire family! Nearly 3,600 sq ft of livable space overlooking the greenbelt/ golf course in this highly desired Arrowhead neighborhood. Nearly $30,000 in recent improvements including a new roof in 2022! Throughout you will notice tile floors (no carpet), new 5'' baseboards, fresh interior/exterior paint, new light fixtures/ hardware, plantation shutters, vaulted ceiling & large windows providing an abundance of natural light. The kitchen overlooks the living room/ backyard with great views featuring Thomasville cabinets, corian countertops, SS appliances (gas stub for stove & the fridge is included), pantry & Island with seating. There are 5 large bedrooms & a den (one of which has double doors would make a great loft, media room, etc.) The master suite is spacious with views of the common area, huge walk-in closet, double vanities, soaking tub & tiled shower with frameless glass. Large 3 car garage with built in cabinets. The driveway can easily fit 5 cars & there's an RV gate with parking behind it as well. Step out back for the best part about this house, the lot! Large covered patio, pebbletec pool with variable speed pump, grass & mature citrus trees. Great views & access to the common area through your private gate. It's like having a 1 acre backyard that your HOA maintains for you! Conveniently located within walking distance of schools, shopping & entertainment. Walking distance to Arrowhead country club/ fitness center. Close to hiking/biking trails at Thunderbird park or along the river bottom (100+ miles of trails). Deer Valley school district with A+ schools. Half mile from Arrowhead hospital, the new Phoenix Children's Hospital & other medical offices. Less than 3 miles to Arrowhead mall & anything else you could possibly want! If you need to commute to other parts of town the 101 freeway is just a half mile away.

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4803 E Barwick Drive Cave Creek, AZ 85331

Open House

$750,000

4 Beds

2.5 Baths

2,602 SqFt

Status Active

MLS # 6688654

Property Type Single Family Residence

Price Type --

Wonderful home in fabulous location! This home features a two way fireplace upon entry. This bright and airy home features soaring ceilings and beautiful pecan macchiato solid wood floors throughout. Spacious primary bedroom and bathroom. Gorgeous granite countertops. Step into a wonderful backyard, perfect for entertaining. Gorgeous pebbletec pool and built in spa. Flagstone throughout backyard with built in bbq. Larger corner lot!

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21417 N 142nd Drive Sun City West, AZ 85375

Open House

$750,000

3 Beds

2.5 Baths

2,600 SqFt

Status Active

MLS # 6733140

Property Type Single Family Residence

Price Type --

Step into luxury with this meticulously maintained home on the golf course, featuring an inviting open-concept floor plan that is bathed in natural light. Boasting 3 bedrooms and 2.5 bathrooms, this exquisite abode includes a chef's kitchen with stainless steel appliances, a gas stove, and a peninsula that seamlessly flows into the breakfast nook and living room. The primary suite offers a spacious walk-in closet and a lavish full bathroom, while two additional bedrooms share a well-appointed jack-n-jill bath. The home also features an expansive laundry room with custom built-ins, a generously sized 2.5-car garage, and a dual patio providing both covered and uncovered space. Renovated in 2018 with $185,000 in enhancements, this home showcases grand rooms, cathedral ceilings, pristine white oak hardwood floors, updated bathrooms, a dream kitchen, California Closets, and so much more!

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8755 E Plaza Avenue Scottsdale, AZ 85250

Open House

$750,000

4 Beds

2 Baths

1,905 SqFt

Status Active

MLS # 6741743

Property Type Single Family Residence

Price Type --

Located in the highly sought-after Park Scottsdale subdivision in the prime 85250 area, this home is a true find. The spacious kitchen and family area provide the perfect setting for entertaining. With four well-sized bedrooms and two bathrooms, there's plenty of closet and storage space throughout. The large pool, updated in 2022, is crystal clear and ready for your enjoyment. Plus, there's no HOA, convenient access to highways, and you're just minutes from Sky Harbor Airport and Old Town. And let's not forget—the Scottsdale School District is highly rated. Come see your future home today!

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