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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4322 E Libra Place Chandler, AZ 85249

$2,460,000

5 Beds

4.5 Baths

5,539 SqFt

Status Active

MLS # 6628802

Property Type Single Family Residence

Price Type --

NEW CUSTOM HOME IN THE GATED COMMUNTY OF VASARO. HOME IS FULLY COMPLETED MOVE IN READY. 5 LARGE BEDROOMS, ALL WITH IN SUITE BATHROOM ACCESS, SEPARATE OFFICE, FORMAL DINING, LARGE BONUS ROOM WITH BARN DOOR, EXPANSIVE OPEN GREAT ROOM/KITCHEN PLAN W/WALK IN PANTRY, CUSTOM CABINETS, LARGE 3 BOWL SINK, BUILT-IN STAINLESS-STEEL APPLIANCES, 48''REFRIGERATOR, COMMERCIAL STYLE RANGE & HOOD, TILE & WOOD FLOORING, 10x16 DISAPPEARING WALL OF GLASS. THIS HOME BOASTS 12' & 15' CEILINGS AND A LARGE 4 CAR GARAGE. MEET WITH OUR POOL AND LANDSCAPING CONTRACTOR AND DESIGN YOUR OWN CUSTOM BACKYARD OASIS. BUILDER & MANUFACTURERS WARRANTIES APPLY. HOME IS MOVE-IN READY. THIS IS THE ACTUAL FLOOR PLAN & PICTURES OF THE HOME. OWNER IS AN AGENT IN THE STATE OF ARIZONA

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9917 E Filaree Lane Scottsdale, AZ 85262

$2,450,000

3 Beds

3 Baths

3,800 SqFt

Status Active

MLS # 6683190

Property Type Single Family Residence

Price Type --

Discover luxury in this beautifully remodeled contemporary home, set amidst pristine grounds. Remodel recently completed by The Phil Nichols Company. All new appliances, fixtures, plumbing and roof. Custom architectural details enhance its elegance, while south-facing patios with extensive glass invite natural light and offer views of the resort-like backyard. The open floor plan, high ceilings, and modern finishes create a refined living space. The kitchen features state-of-the-art appliances and custom cabinetry. The master suite is a private sanctuary with a spa-like bathroom and ample closet space. Additional bedrooms offer comfort and privacy. This home is a testament to design and craftsmanship, providing a perfect blend of style and luxury. No Membership Available with this home.

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9875 N 79th Place Scottsdale, AZ 85258

New

$2,450,000

3 Beds

2.5 Baths

3,418 SqFt

Status Active

MLS # 6759735

Property Type Single Family Residence

Price Type --

WOW!! Exceptional CUSTOM home nestled in one of Gainey Ranch's Premier neighborhoods-North Meadow II. This home is sure to check ALL of the boxes boasting 3bd PLUS office & over 3,400 of living space with soaring 20ft ceilings, Open floor plan, 3 car garage on a HUGE LOT!! As soon as you enter the gates of North Meadow II you are warmly greeted by gorgeous Custom homes until you arrive to 9875 on a quiet cul-de-sac. Walk inside the peaceful courtyard featuring new stonework and a beautiful fountain. Inside you will find an impeccably maintained home with views out to your PRIVATE and serene backyard from every room! Step outside and dine al fresco under your large covered patio or take a dip in your AMAZING POOL and JACUZZI! Gaze at the stars while sitting by your cozy outdoor fireplace! This home has it ALL!! Owners in North Meadow II get access to the BRAND NEW Gainey Ranch estate club featuring all new workout equipment and workout classes, pool, spa, massage, tennis, pickleball, and MORE! Gainey Ranch is the epitome Scottsdale lifestyle! Private golf course has membership opportunities and North Meadow II has golf cart access directly to the Golf Club!! Must see!

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39115 N 99th Place Scottsdale, AZ 85262

New

$2,450,000

3 Beds

3.5 Baths

2,960 SqFt

Status Active

MLS # 6755921

Property Type Single Family Residence

Price Type --

Completely remodeled stand-alone home, situated on a corner lot with stunning mountain views and picturesque sunrises and sunsets. This home offers the luxury of a Five-Star resort, featuring beautiful wood floors throughout, sleek modern cabinetry in the kitchen and bar area (with a wine fridge), quartzite waterfall countertops, and an elegant backsplash. The primary bathroom is designed for a spa-like experience, with a freestanding tub and newly installed windows. The inviting patio, complete with a pebble tech spa and gas barbecue, provides the perfect space to unwind after a busy day. The home also includes a two-car garage with epoxy flooring and new patio railings. Home is being offered turnkey with gorgeous artwork.

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6922 E 1st Street Scottsdale, AZ 85251

$2,450,000

2 Beds

2.5 Baths

2,638 SqFt

Status Active

MLS # 6657708

Property Type Townhouse

Price Type --

Nestled in Arizona's most sought-after city, The NINES are a new collection of residences in Old Town Scottsdale brought to you by Two Hawks Design and Development. This custom home offers 2,638 SF of living space, 2 bed (3rd bedroom option available), 2.5 bath, loft a 2-car garage, and NO HOA FEES!!! Sleek modern architecture opens to three light-filled levels of refined interior luxury. This home offers expansive windows, a private backyard, a rooftop terrace, 2 additional outdoor patios, and bespoke details and finishes. This custom contemporary home invokes a simple refined style of living with unbeatable proximity to Scottsdale's premier lifestyle amenities. Discover fine dining, high end retail, and the Scottsdale Arts District just steps from your door.

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6930 E 1st Street Scottsdale, AZ 85251

$2,450,000

2 Beds

2.5 Baths

2,638 SqFt

Status Active

MLS # 6657702

Property Type Townhouse

Price Type --

Nestled in Arizona's most sought-after city, The NINES are a new collection of residences in Old Town Scottsdale brought to you by Two Hawks Design and Development. This custom home offers 2,638 SF of living space, 2 bed (3rd bedroom upgrade option available), 2.5 bath, Loft, a 2-car garage, and NO HOA FEES!!! Sleek modern architecture opens to three light-filled levels of refined interior luxury. This home offers expansive windows, a private backyard, a rooftop terrace, 2 additional outdoor patios, and bespoke details and finishes. This custom contemporary home invokes a simple refined style of living with unbeatable proximity to Scottsdale's premier lifestyle amenities. Discover fine dining, high end retail, and the Scottsdale Arts District just steps from your door.

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1827 E Palmaire Avenue Phoenix, AZ 85020

$2,450,000

4 Beds

3.5 Baths

3,883 SqFt

Status Active Under Contract

MLS # 6745373

Property Type Single Family Residence

Price Type --

Welcome Home. This spectacular Blue Sky Home, Luxe Design, is a generous 3,883 sf, comprised of a thoughtfully designed floor plan offering 4 bedrooms, 3.5 bathrooms, plus loft. The European designed kitchen is dressed with an abundance of structured natural oak cabinetry, clean lined stone countertops, 48'' gas, double oven, Wolf range and Subzero refrigerator/freezer. The large primary suite is split from the other rooms (downstairs), and with the spa like bath, large walk in closet, and floor to ceiling glass makes for a private oasis to rest after a long day. You'll be captivated by the thoughtful architectural approach, artistic modern interior design, and amenitized features such as smart home system, wet bar, fireplaces in primary and family rooms, abundant storage, 3 car garage, 220v for EV charging install, and epoxied floor. The location and home are designed for a lifestyle conscious owner. For the adventurer you gain direct access to trail run, hike, or mountain bike the Phoenix Preserve or Piestewa Peak. Enjoy bike rides to the Farmers Market, walks to Uptowns iconic restaurants such as Luci's, Richardsons, and the Rokerji, or a quick 10 minute drive to downtown Phoenix for convenient airport access, concerts, sporting events, Phoenix Art Museum, or a 3 minutes joint to access the highway for a day trip north to Sedona to beat the heat. Blue Sky Homes is Arizona's pioneer in high performance, smart homes that feature Smart Home pre-wiring for complete home integration, integrated lighting, sound, and shades in main living areas, smart home control center, smart lock & keyless entry, 220V in garage for EV charging purposes, 3rd party audited energy & HERs score rating, spray foam insulation, insulated master bedroom and garage, energy efficient HVAC system, tankless water heater, factory built engineered trusses, and Nest learning thermostats, EPA watersense toilets, faucets and showers, dual pane premium energy efficient windows, energy star rated appliances, LED lighting, zero VOC paint, weather sensing irrigation, shaded patios, and insulated attic

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26435 N Paso Trail Scottsdale, AZ 85255

$2,450,000

5 Beds

5.5 Baths

5,402 SqFt

Status Active

MLS # 6739635

Property Type Single Family Residence

Price Type --

Experience luxurious living in this stunning Santa Barbara Desert Modern home in the Vistana Subdivision of N. Scottsdale. Situated on a premier 2-acre lot, this property offers breathtaking views of Pinnacle Peak, Troon Mt., and the McDowell Mt. Range. The thoughtfully designed floor plan includes 5 spacious bedrooms with dual primary suites, 5.5 baths, a large bonus room that can be converted to a first floor primary suite, a 7-car garage, and detached guest house. The main living space features a formal dining area and gourmet kitchen with beautiful, vaulted ceilings, new windows, and a large door that provides direct access to the outdoor patio. This area is perfect for entertaining, featuring a pool, spa, pond, and a large yard, all overlooking the desert Mt. vistas of N. Scottsdale. Location & Views: o

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3091 E Morrison Ranch Parkway Gilbert, AZ 85296

$2,450,000

6 Beds

3.5 Baths

4,765 SqFt

Status Active

MLS # 6708102

Property Type Single Family Residence

Price Type --

A single story home with 5 Bedrooms, Den and casita on nearly an acre of land off the tree lined street, Morrison Ranch Pkwy. One of Morrison Ranch's largest lots. This home has all the requisites. Spacious split floorplan with huge living and family rooms. Resort like zero edge pool with sunken bar and ramada. 4.5 Car Garage spaces. Approved for RV/Boat gate access. This home has been thoughtfully designed and meticulously cared for inside and out. It's waiting for you to enjoy or add to this dream home.

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10232 N 54th Place Paradise Valley, AZ 85253

$2,450,000

5 Beds

3 Baths

4,169 SqFt

Status Active

MLS # 6702898

Property Type Single Family Residence

Price Type --

Welcome to your stunning luxury home WITH A FULL BASEMENT in the prestigious Paradise Valley neighborhood of Arizona! This beautiful corner lot property boasts incredible curb appeal with lush landscaping and a true 3 car garage The private oasis backyard w salt water pool, putting green and huge mature trees and lots of area to play Step inside to discover the open living room that is perfect for entertaining. The spacious family room features a cozy fireplace and opens to the gourmet kitchen complete with granite countertops and a large island with breakfast bar. The luxurious master suite is a true retreat with a sitting area, door out to pool and a spa-like en-suite bathroom with a soaking tub, walk-in shower, and dual vanities.

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10746 E Whitethorn Drive Scottsdale, AZ 85262

Open House

New

$2,450,000

4 Beds

4.5 Baths

4,791 SqFt

Status Active

MLS # 6758164

Property Type Single Family Residence

Price Type --

Experience timeless Mediterranean elegance in this one-of-a-kind Troon North gem. Located in gated Pinnacle Canyon at Troon North, this custom LaBlonde Homes residence features soaring ceilings and a light-filled, open floor plan where no detail has been overlooked. The gracious master suite offers a perfect retreat after a long day, whether at work or on the golf course, while the oversized en suite secondary bedrooms ensure comfort for your loved ones. The chef's kitchen is ideal for gathering and entertaining. Additional highlights include a charming courtyard pool, a private putting green, a spacious 4-car garage, and energy-efficient solar panels for enhanced sustainability.

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17226 N 60th Place Scottsdale, AZ 85254

$2,449,900

4 Beds

4 Baths

4,412 SqFt

Status Active Under Contract

MLS # 6706090

Property Type Single Family Residence

Price Type --

Welcome home, to this stunning renovation in Maravilla II with no HOA. This 4,412 square foot home boasts 4 bedrooms (a 5th can be made easily!) and 4 baths with two large bonus rooms for theater, gym, or game rooms. 1 of 8 oversized lots in this community (~.42 acres) with an amazing 25m lap pool, entertainers patio complete with bbq, turf/putting areas, and yard-wrapping Hollywood hedge ficus wall maximizing privacy and greenery and creating a true oasis! RV gate with large additional side yard (size enough for a pickleball court)! Beautiful wood / stone finishes throughout. This is not a flip, it's a custom build from the studs up by Standing Rock Construction. The home has an amazing location near Kierland/SQ, Barrett Jackson, TPC, Desert Ridge and all of N Scottsdale's amenities!

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