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 99th 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.

Whats 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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23560 N 78th Street Scottsdale, AZ 85255

$1,999,000
4 Beds
3.5 Baths
4,276 SqFt
Status Active
MLS # 6753791
Property Type Single Family Residence
Price Type --
Rare opportunity in the exclusive, gated community of Vista Monterey! Prime location and large private lot combine desert living with modern convenience. This lovely move-in ready home welcomes with a grand foyer separating the formal living & dining rooms. Large windows and plantation shutters. Warm and inviting open kitchen/family room, boasts a fireplace, built-ins and exposed beams. Gourmet kitchen, featuring high-end SS appliances, granite counters, breakfast nook and island w/breakfast bar. Neutral palette, warm wood, tall ceilings, and tons of natural light. Split floorplan, generous master retreat and good size additional bedrooms plus a dedicated office and second living space. Lush backyard with mature trees, extended patio. outdoor fireplace, bbq and breathtaking sunset views.

7719 E Slumber Street Carefree, AZ 85377

$1,999,000
5 Beds
5 Baths
6,043 SqFt
Status Active Under Contract
MLS # 6599005
Property Type Single Family Residence
Price Type --
Spanish Hacienda awaits you in Carefree, Arizona! This amazing Santa Barbara style Estate home is perfect as a private abode or total entertainment! The property boasts 360 views from every room and unobstructed views of Black Mountain. This well-built home is freshly updated and is offered Fully Furnished. Located on your own Private Street, it has ample parking. Home features 5 Bedrooms, all with 5 en suite Bathrooms. First floor: 1 Primary Suite & 2 Guest Bedrooms, Main Kitchen, Breakfast Room, Formal Dining Room, Wine Tasting Room, Laundry Room...then, enter The Great Room which opens onto two fabulous entertaining areas: The Pool & Patio, and The BBQ Patio with ample seating. Second Floor: 2 more Primary Suites, one with its own Private entrance, a second kitchen and a stunning View Balcony. Seclusion and privacy all on over an acre of mature landscaping and natural desert! Did We mention VIEWS? All this within 2 blocks of World-class restaurants, bars, and great entertainment in Carefree & Cave Creek. And, quick access to Scottsdale! So much love and attention to detail is found in this home. Come visit this truly special property!

11602 N Hayden Road Scottsdale, AZ 85260

$1,999,000
3 Beds
2.5 Baths
3,912 SqFt
Status Active
MLS # 6724818
Property Type Single Family Residence
Price Type --
** BRING ALL OFFERS. Your dream home is within reach! This outstanding residence, beside a prestigious golf club, boasts a circular paver driveway & striking stone façade. Discover sheer beauty & spectacular detail throughout! W/its chic light fixtures, ceiling fans, tile flooring, & picture windows, this house will astonish you. Wide sliding glass doors from the oversized open floor plan provide easy access to the back patio. Magazine-cover kitchen showcases quartz counters, stylish tile backsplash, SS appliances such as an electric cooktop, wine cooler, & wall oven, flat-panel cabinets, & a waterfall island w/a breakfast bar. One Jack & Jill bathroom! Venture outside to find the enchanting backyard, including a covered patio, lovely pergola with a built-in BBQ for weekend grills, a sparkling pool, and serene golf course views. This gem will sell fast! Act now!

4605 W Honeysuckle Drive Phoenix, AZ 85083

$1,999,000
4 Beds
5.5 Baths
3,582 SqFt
Status Active
MLS # 6732855
Property Type Single Family Residence
Price Type --
SPECTACULAR New Custom Home on private cul-de-sac street in north Phoenix is a dream come true! Gorgeous curb appeal, covered porch with mesmerizing mountain views & a convenient RV gate is JUST the beginning. Fall in love with an exquisite interior showcasing engineered hardwood flooring, soothing color palette, dazzling light fixtures, 12 ft ceilings with exposed beams, & multi-sliders merging the indoor with the outdoor living. Enjoy cozy nights at home by the delightful fireplace! The stunning chef's kitchen boasts custom cabinets, quartz counters & backsplash, a pot filler, Monogram stainless steel appliances, including a smart double wall oven & induction cooktop, a wine fridge & a huge island with a breakfast bar. The serene main retreat features plantation shutters, a lavish ensuite equipped with dual sinks, a superb soaking tub, a walk-in shower and large walk-in closet. The other three bedrooms all have en suite bathrooms, walk-in closets and plantation shutters! Garage is oversized 3-car tandem garage with extended height doors, epoxy flooring, built-in cabinets and overhead storage racks. Discover the amazing backyard offering a large covered patio, limestone pavers, a pebble tec swimming pool with a spa and pool bathroom! Don't let this gem pass you by!!

7738 N 185th Avenue Waddell, AZ 85355

$1,999,000
4 Beds
3.5 Baths
2,300 SqFt
Status Active
MLS # 6735714
Property Type Single Family Residence
Price Type --
MUST SEE sprawling ranch style estate/compound on irrigated 2 acre lot. Newly constructed 2300 sf, 4 BR 3.5 BA main house and remodeled 1300 sf, 3BR, 1BA guest house. Perfect for visiting friends/family or private separate inlaw or older child suite. Newly build main house features upgraded Frigidaire appliances and granite counter tops throughout. Stained concrete floors. Custom cabinets and extra large walk-in pantry. Mud room/dog shower in the laundry room. 6 car garage 40x28 w/ additional attached RV garage 41x50. Tons of covered space for extra cars, RVs, boats and more. Huge pool with built-in outdoor kitchen and fireplace for entertaining friends and family. Backyard boasts a motel, tack shed and covered shaded areas for horses. Gated entry. RV hookup and dump capabilities.

7018 E Corrine Drive Scottsdale, AZ 85254

$1,999,000 - 4Br/3Ba -  for Sale in Foothills Ranchos Lots 18 19 45 Thru 58, Scottsdale
Open House
$1,999,000
4 Beds
3 Baths
3,308 SqFt
Status Active
MLS # 6751616
Property Type Single Family Residence
Price Type --
Discover luxurious living in this single level completely remodeled home, no expense spared! Situated on over 1/2 an acre lot in 85254, no HOA. The brand new 1400SF CLIMATE CONTROLLED & INSULATED GARAGE with 12' ceiling offers space for 7 vehicles and ample storage for all your toys. Step inside to find a modern, open-concept design with high-end finishes throughout. The gourmet kitchen boasts top-of-the line appliances, sleek cabinetry, and an oversized island perfect for entertaining. The spacious living areas are filled with natural light, creating a warm and inviting atmosphere. Outside your private oasis awaits. The large backyard features a sparkling salt water pool, spa, citrus trees and sport court. Don't miss your chance to make this exceptional property your home!

39701 N 107th Way Scottsdale, AZ 85262

$1,998,000
4 Beds
4.5 Baths
3,807 SqFt
Status Active
MLS # 6756674
Property Type Single Family Residence
Price Type --
Dramatic wall of glass entry via oversized pivot glass door welcomes you into this Bing Hu designed residence situated along the 8th Fairway of Apache. The essence of easy living and timeless elegance all year, as well as a perfect lock and leave for shortened stays. Proudly offered, this meticulously crafted residence boasts a prime location, mere moments from the second gate, walking path to Apache Clubhouse, and nearby the new Renegade Clubhouse and the Sonoran Spa & Fitness Clubhouse, ensuring effortless access to all the community has to offer. Exhibiting a timeless Arizona contemporary style, this home welcomes you with its one level living, adorned with split-face stone accents and sleek metal facia showcasing clean lines and captivating angles. Step through the private gated courtyard, where tranquil cactus gardens and inviting sitting areas set the stage for the captivating City Lights, Mountains and Sunset views. Geometric ceiling designs grace the central living spaces, where cedar wood plank ceilings soar, complemented by dropped perimeter ceilings with expansive clerestory windows, infusing the interiors with radiant natural light. The great room, with a prominent dry stacked stone fireplace, immaculate stone tiled floors, and expansive windows framing picturesque views, invites relaxation and conversation. Open and airy kitchen welcomes gatherings around the sprawling center island or in the spacious breakfast room, while offering seamless transitions to outdoor living areas as well as the casual family room. Formal dining area overlooking the picturesque cactus gardens and sparkling pool is the perfect setting for creating cherished memories. Private Primary Retreat, a sanctuary of luxury and tranquility presenting a window-wrapped sitting area offering city light views, Black Mountain and stunning sunsets, and a slider to the serene patio oasis with mature cactus gardens with a soothing sparkling pool with waterfall and spa that are just steps away. The ensuite bath pampers with dual vanities, lounge tub with stone surround, and a spacious walk-in steam shower, while the expansive dressing room ensures ample storage. Two additional ensuites in the main home offer comfort and privacy, each appointed with its own bath and patio access. Outside, the L-shaped patio beckons with its deep covered living areas, grilling station, and sparkling pool with waterfall and spa, offering the perfect setting for outdoor entertaining or serene relaxation. The 2023 completed standalone casita is sure to delight your guests. Thoughtfully designed with floor to ceiling view windows, custom linear fireplace and kitchenette set the tone for utter enjoyment. Private and inviting main room with expansive walk-in closet and spa-inspired bath complete the ultimate Scottdale luxury living. Home Highlights: Single Level - No Steps Architect: Bing Hu Larkspur Floor Plan + 2023 Completed Casita 2023 Completed standalone Casita w/ linear fireplace and kitchenette; Butt-glazed corner view window; Tongue and grove cedar plank ceiling 4 Bedrooms 4.5 Baths 2023 Added mature, specimen landscaping to entry courtyard. 2023 Oversize Glass Pivot door - matte black-framed and glass side panel 2023 Exterior walkway, courtyard, and back patio tile 2023 LED lighting inside and out, including garage 2021 Two new HVAC complete units in Main Home (Casita HVAC 2023) 2021 Restoration Hardware shelving added at bar. 2021 Replaced all electrical switches and plates throughout house (white) 2021 Pool and Spa equipment with phone app control 2021 Speakers and sound system (inside and out) 2021 Carpet in bedrooms 2021 Stone tile flooring throughout cleaned, honed, and sealed 2021 Ceiling fans throughout-bedrooms, family room, back patio (matte-black/dark bronze) Adjacent to Apache #8 Fairway Steam Shower 2024 Pool and Spa resurfaced and new tile Centrally located, the Village of Desert Greens provides quick access to the Apache Clubhouse via walking path and nearby the New Renegade Clubhouse, Sonoran Clubhouse Spa & Fitness, multiple golf courses, club dining, as well as the second guard gate for off property shopping and restaurants. Additional community amenities include tennis, pickleball, golf, biking and hiking trails.

30600 N Pima Road Unit 58 Scottsdale, AZ 85266

$1,998,000
4 Beds
3.5 Baths
4,595 SqFt
Status Active
MLS # 6754414
Property Type Single Family Residence
Price Type --
SELLER FINANCING AVAILABLE! Immerse yourself in desert tranquility at this Luxurious desert estate on over an acre lot. Bright & open SPLIT floorplan w/2nd master creates seamless flow between the living, dining & kitchen spaces, creating the perfect ambiance to relax or entertain guests. Gorgeous Chef's kitchen features pro-grade stainless appliances, quartz counters, ample cabinetry, walk in pantry, built in dining & gorgeous large island w/seating. Elegant primary suite features spa-like bath w/designer finishes & private patio w/fireplace creating a tranquil escape. Enjoy the beautiful outdoors in one of the many exterior seating areas, or by the sparkling pool w/ fireplace for those chilly desert nights. Prestigious guard gated community of Sincuidados w/its own hiking mtn.

4452 E Lincoln Drive Paradise Valley, AZ 85253

$1,998,000
4 Beds
3 Baths
3,817 SqFt
Status Active
MLS # 6734421
Property Type Single Family Residence
Price Type --
Enjoy breathtaking Camelback Mountain views from the kitchen and dining room. Situated over an acre of land with an RV Garage, this home offers plenty of space to roam. The gourmet kitchen features a massive center island, perfect for entertaining. Cozy up to the impressive two-sided stone fireplace. Don't miss this rare opportunity for a New Construction home or renovation in Paradise Valley.

8400 E Columbus Avenue Scottsdale, AZ 85251

$1,995,900
4 Beds
3.5 Baths
3,254 SqFt
Status Active
MLS # 6751625
Property Type Single Family Residence
Price Type --
This like new single level home just minutes to Downtown Scottsdale & Scottsdale Fashion Square shopping and restaurants! This boutique community features just 13 homesites and selling fast. This Spacious single level home has 4 bed + den, 3.5 baths, large bonus room or formal living/dining + Den/Office. The spectacular kitchen opens to the Great Room. Primary bedroom includes large soaking tub, separate large walk- in shower and 2 closets, Split ensuite Guest bed rooms .

3812 E Camelback Road Phoenix, AZ 85018

$1,995,000
4 Beds
4 Baths
3,671 SqFt
Status Active
MLS # 6746292
Property Type Single Family Residence
Price Type --
Located at the end of a cul-de-sac at Biltmore Sanctuary, this is a must see home! Beautiful and immaculate this 3671 sf, 4 bedroom, 4 bath home has clean lines and high ceilings which create a light and open atmosphere drawing you into the home. The kitchen is well appointed with walk in pantry and gas stove. The large primary bedroom is accentuated with spa-like bath. Two of the additional berdrooms are ensuite as well. One of 3 garages is pre-wired and plumbed allowing for easy conversion to a Casita. Convenient to Scottsdale, Paradise Valley and downtown, you will be walking/biking distance to some of the finest dining in Phoenix like The Global Ambassador, Postinos, Tarbell and The Henry.

6166 N Scottsdale Road Paradise Valley, AZ 85253

$1,995,000
2 Beds
2.5 Baths
2,353 SqFt
Status Active
MLS # 6745430
Property Type Apartment
Price Type --
Fully furnished highly upgraded corner unit at the Enclave at Borgata with spectacular mountain views of the McDowell Mountains & Pinnacle Peak. Beautifully finished with hardwood flooring, custom cabinetry, rich marble countertops, Wolf and Sub-Zero appliances, designer wall coverings, great light fixtures and Crestron home automation. The primary bedroom is also large with a sitting area, spacious bathroom and walk-in closet. The den features beautiful custom millwork and built-in desks and bookcases. The Enclave is a gated luxury community with fantastic amenities including heated community pool & spa, well equipped fitness center, 24 HR security, owners club room and maintained dog park. Walking distance to AJs, Trader Joes and many top tier retail & restaurants.

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