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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6826 E Monterey Way Scottsdale, AZ 85251

Open House

$745,000

3 Beds

2 Baths

1,980 SqFt

Status Active

MLS # 6733512

Property Type Single Family Residence

Price Type --

Looking for a 3 bedroom, 2 bathroom with a den located in South Scottsdale? Look no further! Charming single level home features a spacious open floor plan, new floors in the living room area, fresh interior paint, new light fixtures with plenty of natural light! Spacious bedrooms with ample closet space, den, dining area, over-sized laundry room and flex space for office. Enjoy the private and peaceful backyard. Covered patio with mature landscaping. A perfect gathering spot for friends and family. Close to Old Town shopping, ASU and Scottsdale Fashion Square.

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8308 E Holly Street Scottsdale, AZ 85257

Open House

$745,000

4 Beds

2 Baths

1,648 SqFt

Status Active

MLS # 6730275

Property Type Single Family Residence

Price Type --

All New Remodel with designer touches, New Kitchen, Quartz counters, New LG appliances, including (2) Refrigerator's, Front load Washer/Dryer, Large pantry, New bathrooms, New windows, New Roof, New Landscape (front & back), New R.V. gate, New interior/exterior doors, lots of attention to detail, built in the 1960's, architectural features focus on the highly sought after mid-century modern design, with original breeze block entry, clean lines, large windows, open floor plan easy access to Scottsdale bike path, schools, freeways, large park, Scottsdale shopping, nightlife, and spring training, owner/agent

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11175 N Luckenbach Street Surprise, AZ 85388

$744,995

3 Beds

3 Baths

2,354 SqFt

Status Active

MLS # 6646968

Property Type Single Family Residence

Price Type --

This brand new Skybrook model is waiting for your family! Bring them out to Sterling Grove Golf and Country Club to discover the difference. This three bedroom three full bath home is ready for you to make it your own The enormous kitchen boasts name-brand appliances, upgraded countertops, and ample cabinet space. The casual dining area is the centerpiece of the first floor, with connectivity to the kitchen and beautiful views of the rear yard. A short walk, or golf cart ride away, you can enjoy all of the amenities Sterling Grove offers. With a resort style pool that rivals most hotels, two restaurants, workout facility, full service spa and more, Living in Sterling Grove is the lifestyle you've been looking for.

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3308 S Country Club Way Tempe, AZ 85282

$744,900

4 Beds

2 Baths

2,205 SqFt

Status Active

MLS # 6746849

Property Type Single Family Residence

Price Type --

Completely Remodeled 4-Bedroom, 2 bathroom home with Stunning Pool on a Huge Lot in a Well-Established Neighborhood - No HOA! Step into modern elegance with this beautifully remodeled home. The property seamlessly blends contemporary design with timeless comfort, offering a spacious layout perfect for family living and entertaining. The home features two inviting living spaces, one of which includes a cozy fireplace, ideal for relaxing evenings. The heart of the home is the stunning chef's kitchen, equipped with sleek cabinetry, high-end stainless-steel appliances, including a 6 burner gas stove, ample counter space, and natural lighting due to the skylight above, perfect for culinary enthusiasts. Right next to kitchen is the perfectly placed dining area for family feasts. Every inch of this home has been thoughtfully updated including new flooring throughout, stylishly super modern remodeled bathrooms, and fresh finishes in every bedroom. Stepping outside, you'll find a completely remodeled pool that's perfect for summer relaxation or weekend entertaining, all set on a huge lot with endless possibilities for outdoor living. No details were left out on this renovation. All this on cul-de-sac with a 2 car garage with driveway for more parking space. Indoor laundry space located as you walk in from garage. Garage equipped with outlet for EV charger if needed also equipped with soft water hook up. This property offers modern amenities, ample space, and the warmth and charm of a well-loved neighborhood, providing the best of both worlds.

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6761 E Juniper Avenue Scottsdale, AZ 85254

$744,900

2 Beds

2 Baths

1,802 SqFt

Status Active

MLS # 6730646

Property Type Single Family Residence

Price Type --

Explore the luxury of a meticulously renovated residence ideally situated in North Scottsdale, walking distance from the renowned Kierland Commons and Scottsdale Quarter. This stunning home offers a blend of sophistication and comfort, complemented by a rare quarter-acre lot featuring a wrap-around patio—a gem in this sought-after neighborhood. Location: Nestled in North Scottsdale, enjoy easy access to upscale shopping, dining, and entertainment at Kierland Commons and Scottsdale Quarter. Conveniently located near TPC Golf Club and 5 Diamond Princess Resort, offering world-class amenities and leisure opportunities. Half a mile from upscale community park. Interior: Step inside to a spacious, open layout featuring exquisite real hardwood floors and tile throughout. The living areas are bathed in natural light, enhanced by tasteful finishes and stylish touches. Kitchen: The kitchen boasts sleek granite countertops, modern stainless-steel appliances, perfect for culinary enthusiasts. Bedrooms: This home features two master suites, with one fully renovated ensuite bathroom showcasing real marble countertops, a spa-like shower with modern fixtures, and ample closet space. Outdoor Oasis: Step into the expansive quarter-acre lot with a meticulously landscaped backyard oasis, providing plenty of room for a pool. Enjoy a rare wrap-around patioan ideal setting for outdoor dining and entertaining. A full sprinkler system ensures lush greenery in the large grass area, while breathtaking Arizona sunsets provide stunning views. Additional storage is provided by a large Tuff Shed in the backyard. Additional Features: a cozy fireplace, an over-sized RV gate, and a two-car garage with built-in storage ensure convenience and functionality

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926 W Grand Caymen Drive Gilbert, AZ 85233

$744,900

5 Beds

3 Baths

2,526 SqFt

Status Active

MLS # 6730489

Property Type Single Family Residence

Price Type --

This beautiful property is located in the popular community of THE ISLANDS. This neighborhood is highly desirable because it is one of the few lake communities in Arizona. We think you will enjoy the spacious, bright and open floor plan. The oversized backyard, patio, pool and spa are perfect for entertaining. The best part is the kitchen and bathrooms are highly upgraded. Our favorite features are all of the natural light, brick fireplace, vaulted ceilings, 3-car garage and cul-de-sac lot. This home is 100% move-in-ready. This property has only had two owners and is very well cared for and loved. The Islands amenities include basketball courts, sand volleyball, bocce ball court, community dock, 30-acres of grass, 74-acres of lakes, facility rental, exercise track, playground, ramadas and special events. The location of this property is EVERYTHING! We think you will LOVE living in the Town of Gilbert right around the corner from DOWNTOWN GILBERT, not far from the new GILBERT REGIONAL PARK and only a short distance away from the SANTAN VILLAGE MALL. You will have endless options for shopping, dining, and entertainment.

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6932 E 3rd Street Scottsdale, AZ 85251

$744,700

2 Beds

2 Baths

1,618 SqFt

Status Active

MLS # 6744102

Property Type Apartment

Price Type --

Conveniently located in Old Town Scottsdale and moments away from the best galleries, restaurants and shopping. The attention to detail & implementation of biophilic design elements is certain to exceed expectations. Natural light flows through this open concept while a magnificently exposed concrete ceiling connects the spaces. The primary suite offers 2 custom closets, floor to ceiling windows & a steam shower. The oversized secondary bedroom, doubles as a private office & offers a large custom closet. Full size W/D, quartzite countertops, custom cabinetry, smart light fixtures, natural looking oversized LVP flooring w/ zero transitions, level 5 finished walls, Low-E Milgard windows & more. Available fully furnished, inquire for details. Easy lock and leave lifestyle!

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9231 W Bent Tree Drive Peoria, AZ 85383

$744,500

4 Beds

3.5 Baths

2,990 SqFt

Status Active

MLS # 6742238

Property Type Single Family Residence

Price Type --

Looking for a large lot to enjoy, entertain & park your toys, this home has it all! One of the largest lots in Cibola Vista, over $65k invested in landscaping & hardscaping including double RV gate w/slab for your boat/pop up/extra parking/toys. Enjoy cooking under pergola in outdoor kitchen, relax beneath curved custom covered paver patio, commercial grade misting system, fire pit & water feature. Ample space to add a pool. Paid Off/Owned Solar system keeps electric bills low! Inside, owner's suite is downstairs & features 2 walk-in closets, separate tub/shower, granite vanity w dual sinks, all with upgraded tile surrounds. Spacious kitchen has granite counters, decorative backsplash, gas range w contemporary vent hood, lots of cabinets & double pantry. Kitchen open to family rm. with beautifully designed media wall perfect for large screen TV, with speakers added to family rm, dining & outdoor patio for enhanced audio enjoyment. 4 bdrm/3.5 ba home includes downstairs flex rm & upstairs loft/game rm with separate reading/homework space. Upstairs bedrooms have mountain views. Formal dining rm, spacious laundry, 3 car side entry garage & extra long driveway. Easy access to TSMC, premier shopping/restaurants/schools/medical facilities/ hiking trails, Paloma Park, Loop 303 & Lake Pleasant!

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2716 N 216th Avenue Buckeye, AZ 85396

$744,276

6 Beds

5 Baths

3,232 SqFt

Status Active

MLS # 6748408

Property Type Single Family Residence

Price Type --

This is a to be built home -- 6/7 months build time. Welcome to your 6-bed, 5-bath home with a 3-car tandem garage in Sienna Hills, next to Verrado, nestled on The White Tank Mountains for privacy and views. This energy-efficient home, with North/South orientation, features SPRAY FOAM insulation and an electric car charger outlet. Highlights include granite countertops, a Chef's Executive Kitchen, pot filler, paver driveway, Walk-In Super Shower, 10' tray ceilings, 8' overhead garage door, and a double gate on a 10' side yard for off-road toys. The 12' sliding glass wall connects indoor/outdoor living, and the primary bedroom has a massive balcony with stunning mountain views. HOA includes a pool, jacuzzi, clubhouse, and gym!

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4809 E Baker Drive Cave Creek, AZ 85331

$744,000

4 Beds

2.5 Baths

2,602 SqFt

Status Active Under Contract

MLS # 6660175

Property Type Single Family Residence

Price Type --

Great value in the coveted Tatum Ranch area of Cave Creek. A beautifully maintained home ready for a new adventure!

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2153 S Woodland Hills Lane Pinetop, AZ 85935

$744,000

4 Beds

2.5 Baths

2,450 SqFt

Status Active Under Contract

MLS # 6734471

Property Type Single Family Residence

Price Type --

This cabin is nestled in the tranquil beauty of the White Mountains. This remarkable 4-bedroom, 2.5-bathroom home spans 2,400 square feet and offers an unparalleled blend of comfort, luxury, and outdoor adventure. As you approach the home, you're greeted by a charming front porch, perfect for savoring morning coffee while taking in the crisp mountain air. Step inside to discover a spacious and inviting interior designed for family gatherings and relaxation. The open floor plan seamlessly connects the living, dining, and kitchen areas, creating a warm and inviting atmosphere. Hardwood floors, vaulted ceilings, and large windows throughout the home enhance the sense of space and natural light. The heart of the home is the gourmet kitchen, complete with granite countertops, stainless steel appliances, and ample cabinet space. Whether you're preparing a casual breakfast or a gourmet dinner, this kitchen is sure to inspire your culinary adventures. Adjacent to the kitchen, the dining area offers plenty of room for family meals and entertaining, with views of the surrounding pine trees. The living room is the perfect place to unwind after a day of exploring the mountains. Sink into plush sofas around the stone fireplace, which creates a cozy ambiance on cool evenings. Large windows and doors open onto the expansive back patio, extending the living space outdoors. Outdoor enthusiasts will delight in the array of recreational amenities in Pinetop. Explore the nearby Woodland Lake, just a short walk from the property, where you can enjoy kayaking, fishing, and scenic hiking trails. The lake area also offers facilities for frisbee golf, pickleball, and baseball, ensuring there's always something to do for active families. The master bedroom is a peaceful sanctuary featuring its own electric fireplace. The master suite has his and her walk-in closets. The en-suite bathroom boasts a luxurious jetted tub, dual sinks, and a separate shower. Three additional well-appointed bedrooms provide ample space and comfort for family members or guests. The upstairs loft bedroom features a large closet, cabinet, and two nooks. This property is an active AirBnB and recently received the Best of the White Mountains 2023 award for Best Motel/Cabin/Lodge/B&B. Don't miss your chance to make this your next home or vaction home in the White Mountains. Owner/Agent

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6886 W Mazatzal Drive Peoria, AZ 85383

$744,000

4 Beds

2.5 Baths

2,909 SqFt

Status Active

MLS # 6680694

Property Type Single Family Residence

Price Type --

Beautiful Sonoran Mnt Ranch home with mountain views all around with North /South exposure. Home has 4 Bedrooms, 2.5 Bath a large kitchen with granite countertops which opens to family room. Flex room off family room perfect for an office or play room. Gated courtyard for privacy and large front sitting area and fountain. Owners Suite is oversized, large bath room with separate tub and shower and large walk in closet. Garage is a 2-1 split and no step to give them extra depth. The backyard has a play pool with waterfall and a built in BBQ. Home has Solar 2021 installed 17.6 KWp system.

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