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.

What’s Your Home Worth?

Search for Your New Home

3429 E Coolidge Street Phoenix, AZ 85018

$1,900,000
4 Beds
4 Baths
2,574 SqFt
Status Active
MLS # 6758634
Property Type Single Family Residence
Price Type --
Quintessential Arcadia ranch with guest house. This turnkey home features main house with 4 bedrooms, 3 bathrooms and bonus 1 bed/bath guest house with kitchenette. Entertain family and friends in the great room with large windows, formal dining, and chef's kitchen with stainless steel appliances, 2 wine fridges, eat-in kitchen, breakfast nook, and open family room with entry to the backyard. Primary suites includes dual sinks, separate bathtub and shower, powder area, walk-in closet, and private access to the backyard. Enjoy the best of Arizona's indoor/outdoor living in the pool/spa with expanded pool deck and yard with putting green, BBQ area with fire pit and sink station, and multiple areas to lounge in the back or front yard patios. Home also includes 2-car garage, double laundry units, RV gate, and storage sheds. Located minutes away from Phoenix and Scottsdale's top resorts, golf, hiking, dining, and shopping.

51414 W Pete Road Aguila, AZ 85320

$1,900,000
3 Beds
3.5 Baths
6,556 SqFt
Status Active
MLS # 6659027
Property Type Single Family Residence
Price Type --
This magnificent Property offers Hacienda Style Architecture reminiscent of Spanish Living plus a 52' x 80' Hangar with Pilot's Lounge. Chef's Kitchen boasts Wolfe Range, Kol-Gard Commercial Refrigerator, Traditional & Baker's Islands, Conversation Counter & Separate walk-in Server's Pantry. Complete with Formal Dining Room, Great Room Dance Floor, Wet Bar, Spa, Atrium, multiple Fireplaces, Den & Office, it's ideal for personal Luxury or Entertaining. The spacious Primary Suite features multiple Bath areas, Large walk-in Closet & Sitting Room. Guest Rooms have Private Exits. Enjoy Outdoor Living on the Covered Patio. The 52' x 80' Hangar features Pilots' Lounge, Shop, Storage Room & Sunshade Port. Propane & Diesel Fuel Tanks plus RV parking add to the convenience of Airpark living. Property is on 5 acres with Private Well, Well House & Detached Garage in a Gated Airpark with HOA & CCR's. State Land across the street to the South. Community has a 3,906' paved, lighted runway, paved taxiways/streets & community center for great gatherings. See Document Tab for Additional Features. THIS IS AN ACTIVE AIRPARK. PLEASE YIELD TO PLANES. DO NOT CROSS, DRIVE OR WALK DOWN RUNWAY.

7220 N 185th Avenue Waddell, AZ 85355

$1,900,000
3 Beds
2 Baths
1,000 SqFt
Status Active
MLS # 6691951
Property Type Single Family Residence
Price Type --
Here's your chance to one a piece of Waddell history...the iconic LITTLE KENTUCKY! Equestrians, trainers, breeders, this is the property you have been looking for. Offering an impressive 140 x 250 covered arena, 3 enclosed barns offering 16x16 stalls fully trimmed out with high pressure mister systems, water and electric, the large barn also offers a workshop shop and trainers office with kitchenette area, there is an additional 4 stall shed row offering 12x 32 stalls, 60' trainers round pen, hot walker, covered hay storage, several tack and storage areas, wash rack,. multiple pastures, exercise track, 32 stalls in total and not to mention the very comfortable and nicely appointed 3 bedroom apartment AND ASK US ABOUT THE POSSIBILITY OF PURCHASING THE MAIN HOME AND ADDTIONAL 4 ACRES!!!

6347 E Old West Way Cave Creek, AZ 85331

$1,900,000
4 Beds
3 Baths
2,984 SqFt
Status Active
MLS # 6720526
Property Type Single Family Residence
Price Type --
Custom home / horse property greets you with pillars outside & in along with a large arched wooden door, and a view! 4 bedrooms (plus 1 office/den space) & 3 bathrooms. Lovely open floor plan with an entertainer's dream bar & mini fridge. The solar panels are owned making this the catch of the year keeping this high vaulted & flat ceiling space cooled. The 3 car garage with cabinets wrapped around is a dream workspace & parking area with an added work room/office attached. There is gated trailer parking just to the side of the garage. As we make our way outside we find resort style landscaping, an outdoor grill station, pebble tec pool + spa, & a putting green. Just further is a Priefert custom 5 stall barn, shavings storage area, indoor tack room, sand arena/turnout, & more

13051 N 70th Street Scottsdale, AZ 85254

$1,900,000
4 Beds
4 Baths
3,586 SqFt
Status Active
MLS # 6755937
Property Type Single Family Residence
Price Type --
Nestled in the coveted Desert Estates neighborhood, this charming ranch-style home sits on a sprawling half-acre lot with striking curb appeal. The mature desert landscaping and expansive front ramada offer the perfect setting to relax and take in the stunning evening sunsets. Inside, the home boasts recent updates, incl interior paint, new kitchen featuring granite countertops, ample cabinetry, a buffet bar, extra storage, & renovated bathrooms. Addt'l upgrades include a re-coated roof, new lighting, and so much more! The spacious family room & an impressive laundry/pantry room are sure to delight any buyer. The main living area flows seamlessly into an open-concept kitchen & family space, w/ large windows throughout the home showcasing backyard views and breathtaking sunrise moments. The primary suite features an oversized walk-in closet, dual sinks, and private access to the backyard oasis, while the secondary bedrooms are generously sized, including one with an ensuite, perfect for guests. Designed for entertaining, the backyard is a true desert paradise with an expansive covered patio for outdoor dining, a built-in BBQ, a synthetic lawn, a sparkling diving pool, a fire pit, and beautiful desert landscaping. An additional storage room is conveniently located on the south side of the property. With no HOA and located within the top-rated Scottsdale school district (Sequoya, Cocopah, and Chaparral), this home offers unbeatable value. Enjoy easy access to world-class shopping, dining, and entertainment at Kierland Commons and Scottsdale Quarter, as well as proximity to premier events like the Barrett-Jackson car auction and the WM Phoenix Open. Plus, you're just minutes from the 101 and 51 freeways, providing quick routes to Sky Harbor Airport and Downtown Phoenix. Don't miss the opportunity to own this exceptional, turn-key desert estate!

37031 N Mirabel Club Drive Scottsdale, AZ 85262

$1,900,000
3 Beds
3.5 Baths
3,366 SqFt
Status Active
MLS # 6751900
Property Type Single Family Residence
Price Type --
Great home in the gated Mirabel Club. Situated on a quiet premium homesite with beautiful landscaping surrounding the home. The open kitchen with top of the line appliances has been tastefully updated and overlooks the great room. From the great room you enter a large covered outdoor patio area with pool, spa, fire pit and built in BBQ. Enjoy great views of mountains, natural desert and stunning Arizona sunsets. Additionally the home offers two bedrooms both ensuite, den and half bath on the main level and an attached loft with bedroom, full bath and outdoor patio.

8023 E Cholla Street Scottsdale, AZ 85260

$1,900,000
6 Beds
4 Baths
4,066 SqFt
Status Active
MLS # 6673338
Property Type Single Family Residence
Price Type --
Two birds with one stone is possible...as this is two homes on over an acre. What an incredibly rare opportunity in Scottsdale. With two homes on an acre this provides maybe a few generations together OR multiple income streams at one address. The main house is over 2300 sq ft and the manufactured house is over 1500 sq ft and just underwent a dramatic remodel. The remodel included new flooring, completely new kitchen and baths as well as paint and more. These places book end a huge backyard and sparkling diving pool. Both places have ample parking with a 2 car garage, 2 car carport and a circle drive. No HOA restrictions here but you do live right across from Starfire Golf Course (So you have that going for you, which is nice!) And you have an abundance of options with the entire acre.

7180 E Kierland Boulevard Unit 1007 Scottsdale, AZ 85254

$1,900,000
3 Beds
2 Baths
1,755 SqFt
Status Active
MLS # 6692074
Property Type Apartment
Price Type --
This stunning 3 bedroom, 2 bathroom condo offers an unparalleled blend of sophistication, comfort, and convenience... Upon entering, you'll be greeted by an expanse of elegant living space adorned with modern finishes and designer upgrades throughout. The open-concept layout seamlessly connects the living, dining, and kitchen areas, creating an inviting ambiance perfect for both relaxation and entertaining. The gourmet kitchen is a chef's delight, featuring Sub Zero/Wolf appliances, sleek quartz countertops, and ample custom cabinetry, providing both style and functionality. Retreat to the spacious master suite, where luxury knows no bounds. Unwind in the lavish ensuite bathroom complete with a large glass-enclosed shower, and dual Retreat to the spacious master suite, where luxury knows no bounds. Unwind in the lavish ensuite bathroom complete with a large glass-enclosed, and dual vanity sinks, offering a spa-like experience right at home. Two additional well-appointed bedrooms offer plenty of space for family members or guests, each providing comfort and privacy. Step outside to your private balcony and soak in the breathtaking views of the surrounding cityscape, serving as the perfect backdrop for al fresco dining or morning coffee. Residents of this exclusive community enjoy a wealth of amenities, including a resort-style pool, spas, cold plunge, steam rooms, saunas, massage room, fitness center, basketball, pickleball, bocce ball, squash, gaming room, golf simulator, conference room, business center, party room, BBQ areas, Located in the heart of Scottsdale, you'll find yourself just steps away from world-class dining, shopping, entertainment, and outdoor recreation options, ensuring every day is filled with excitement and adventure.

15214 N Elena Drive Fountain Hills, AZ 85268

$1,900,000
3 Beds
3 Baths
3,043 SqFt
Status Active
MLS # 6555456
Property Type Single Family Residence
Price Type --
Pool and Spa Included! New home by Harr Family Homes, Contemporary Southwest home on .86 acre w/big views of McDowell Mountains, Fountain & Superstitions...backs to arroyo for privacy & features stunning rock structures for drama. Enjoy open, view-oriented plan featuring 16' X 10' stacking doors that lead to outdoors from a stunning Great Room w/60'' fireplace and 8' interior doors. 10' island kitchen in Kitchen offers Shaker style cabinetry, 66'' uppers (to 10'), SS Frigidaire Pro Series appliances w/full size Refrigerator & Freezer plus 138-bottle wine captain. large Den + 3 fully-suited bdrms, primary suite features W/I shower, beautiful tub & a 9x13' w/i closet w/ custom shelving. Large 4-car garage w/10' ceilings! Pool images represent the pool to be built at closing. POOL AND SPA: -Pool to be complete approx. 90 days after close of escrow. -Pool and spa with Baja Beach entry, by Presidential Pools, includes pavers and landscape CONTEMPORARY ARCHITECTURAL STYLING: - Modern design with details like stacked Ledgestone - Paver Driveway - Modern garage doors with horizontal windows - High-efficiency Vinyl Milgard windows HIGH-QUALITY INTERIOR FINISHES: - 60 Dimplex xlf60 Linear/Landscape Electric fireplace in entertainment wall - 8' Shaker 3 Even-Panel Interior Doors throughout - 16' x 10' PRL stacking Patio Door in the Great room - All Bedrooms feature walk-in closets with high quality organizational systems - Large Laundry room with ample base (lower) Cabinets, sink and Quartz counter-top - Luxury vinyl plank flooring in all Living areas, Bedrooms, Den, Laundry, and Bedroom 3 Closet. - 12 x 24 Porcelain tile in Bathrooms, MB closet, and Bed 2 closet - Quartz countertops throughout the home including the laundry room and baths with under-mount sinks - Primary Bathroom #1 includes a generous size Walk-in shower with dual shower heads, a separate soaking tub with mountain views - Tile Showers in all Baths featuring 12 x 24 porcelain tile and a recycled glass small hex tiled shower floor. - 12 x 24 soap niche, shower bench, and chevron deco band at Main Bathroom #1 Shower surround Kitchen, Bathrooms, and Laundry - Delta Plumbing fixtures and high-end chrome West Elm bathroom accessories - Two-Tone Sherwin Williams paint throughout the home - Executive height vanities with Quartz counters at all Baths - 70 LED Ceiling Fan with Remote included at Great room. 52 White Ceiling Fan with Remote included in Main Bedroom and Bedroom 2 STATE OF THE ART KITCHEN FEATURES: - 4' x 10' entertainers Kitchen Island with seating - Shaker style Cabinetry throughout the home with a designer mix of stained Cherry Wood and white painted. - White Quartz countertop throughout the kitchen with under-mount stainless steel sink - Sleek black Delta faucets and accessories - Stone Chevron Backsplash at Kitchen wraps around the gorgeous 9' Window - (3) Pendant lights at kitchen island GOURMET CHEF-QUALITY APPLIANCES: - Frigidaire Pro 30 built-in Wall Oven - Frigidaire Pro built-in Convection Microwave with pull-down door - Frigidaire Pro Dishwasher - Frigidaire Pro 36 Electric cooktop - 36 Downdraft vent hood at island - Built-in side-by-side Frigidaire Pro Refrigerator and Pro Freezer - 24 wide 138 bottle capacity Dual Zone Tall Wine Cooler with Glass Door

9657 E Peregrine Place Scottsdale, AZ 85262

$1,900,000
3 Beds
3 Baths
3,908 SqFt
Status Active
MLS # 6733068
Property Type Single Family Residence
Price Type --
Welcome to this meticulously maintained home, perfectly situated on an oversized lot with breathtaking views of Legend Trail Golf Course #11. Check out the attached VIDEO. This stunning residence, with zero steps, offers 3 bedrooms, 3 bathrooms, an office, and a dedicated movie theater. The chef's kitchen is a culinary delight, seamlessly connected to the family room, dining room, and living room, providing an ideal layout for both entertaining and everyday living. Additionally, a 250+ bottle walk-in-wine cellar off the dining room enhances your entertaining experience. Step outside to your own private oasis featuring a negative edge pool, built in BBQ, multiple sitting areas, fireplace, and an extra large covered patio perfect for outdoor relaxation and gatherings. A sweet surprise in the backyard is the wonderful rose garden, thriving vegetable garden and the mature pear, nectarine, apple, peach, orange, & grapefruit trees which add to the charm and appeal. Recent updates include: - Rebuilt heated negative edge pool in 2021 - New roof in 2023 with a 10-year warranty - New carpet in 2024 - New Trane HVAC in 2019 (2 units) - New Water heater (1 month ago) - Back covered patio fully updated (4 months ago) - 3 car garage offers epoxy flooring & plentiful cabinetry Legend Trail is the ideal location, offering resort-style amenities including a Rees Jones designed 18-hole golf course, rated 4.5 out of 5 stars for Best Places to Play by Golf Digest Magazine. Other amenities include a Community Center with swimming pools, a jacuzzi, tennis courts, pickleball, fitness equipment, social activities, hiking, and more. This is your opportunity to own an exceptional property that combines luxury, comfort, and an unparalleled location.

28421 N 59th Way Cave Creek, AZ 85331

$1,899,995
3 Beds
3.5 Baths
2,946 SqFt
Status Active
MLS # 6641971
Property Type Single Family Residence
Price Type --
To Be Complete Summer 2024. The Elden's warmly inviting porch leads into a soaring foyer set between the spacious formal dining room and the flex room. The impressive great room overlooks a desirable covered patio. A cozy casual dining area complements the well-appointed kitchen featuring a large center island with breakfast bar, ample counter and cabinet space, a roomy walk-in pantry, and a butler pantry to the dining room. The serene primary bedroom suite is highlighted by a generous walk-in closet and spa-like primary bath with dual-sink vanity, large soaking tub, luxe shower with seat and drying area. Each secondary bedroom features a walk-in closet and private bath. Convenient powder room, an everyday entry, a centrally located laundry, and additional storage.

23853 N 123rd Place Scottsdale, AZ 85255

$1,899,995 - 4Br/4Ba -  for Sale in Sereno Canyon Phase B2 Phase 4, Scottsdale
Open House
$1,899,995
4 Beds
3.5 Baths
2,785 SqFt
Status Active Under Contract
MLS # 6707786
Property Type Single Family Residence
Price Type --
*Seller is offering a $40,000 incentive for closing costs or rate buy down* The home sits on an elevated lot, has 4 bedrooms, 3.5 baths, a guest casita with private entrance, a bonus room & a 3 car garage! Open concept ideal for entertaining with 16' Multi Slide Glass Door and 60'' Primo Fireplace. The Primary Suite has an extended Closet, deluxe Primary Bath with dual-sink vanities & a luxurious shower. Kitchen upgrades include stainless steel Wolf appliances and a 48'' Sub Zero fridge. Price includes backyard landscaping, pool, spa, oversized covered patio, outdoor kitchen, fire feature and artificial turf. Located in Sereno Canyon, Toll Brothers Amenity rich, gated, resort lifestyle community in North Scottsdale. Brand new and under warranty!

Leave a Reply

Your email address will not be published.