What’s Ahead For Mortgage Rates This Week – December 19, 2016

Housing news was boosted by the National Association of Home Builders Housing Market Index, which posted its highest readings since July of 2002. In other news, the Federal Reserve’s Federal Open Market Committee voted to raise the federal funds rate and Fed Chair Janet Yellen gave a press conference. Mortgage rates rose and weekly jobless claims fell.

Home Builder Confidence Highest in 14 Years, Home Construction Lags

According to the National Association of Home Builders, builder confidence in housing market conditions reached its highest rate since 2002 in December. The NAHB Housing Market Index reading topped out at 70 as compared to November’s reading of 63. Analysts said that December’s high reading resulted from a post-election bump in builder confidence. While high builder confidence could bode well for supplies of new homes, construction rates continued to lag strong economic indicators such as low unemployment and high demand for homes. While builders gained confidence in current and projected housing market conditions, they continued to face shortages of labor and buildable lots.

Fed Raises Rate

The Federal Open Market Committee of the Federal Reserve announced it would raise the federal funds range by 0.25 percent to 0.50 to 0.75 percent. FOMC said strengthening job markets, lower unemployment and rising household spending supported the decision to raise the federal funds rate. Inflation, while below the Fed’s target of 2.00 percent, is gradually moving toward the Fed’s medium term goal. FOMC’s statement indicated that the Fed’s monetary policy would remain accommodative.

Fed Chair Janet Yellen held a press conference and cited “considerable progress” toward the Fed’s dual mandate of maximum employment and price stability as factors supporting the decision to raise the target federal funds range. Labor markets continue to improve; Chair Yellen said that the economy has added 180,000 jobs per month over the last three months. 15 million jobs have been added in the past seven years. Inflation is growing gradually, and the Fed expects to achieve its target inflation rate of 2.00 percent over the next two years.

Month-to-month consumer spending readings held steady at 0.20 percent growth. Core consumer price index data, which excludes volatile food and energy sectors, rose from 0.10 percent to 0.20 percent in November.

Mortgage Rates, Weekly Jobless Claims

Mortgage rates were higher last week, but Freddie Mac said that its survey data was collected before FOMC raised the federal funds rate. Analysts at Freddie Mac suggested a wait-and see position on rate forecasts due to the changing political climate. The average rate for a 30-year fixed rate mortgage was three basis points higher at 4.16 percent; the average rate for a 15-year fixed rate mortgage rose one basis point to 2.37 percent and the average rate for a 5/1 adjustable rate mortgage was two basis points higher at 3.19 percent. Average discount points for fixed rate mortgages held steady at 0.50 percent and dipped to 0.40 percent for a 5/1 adjustable rate mortgage.

New jobless claims were lower last week at 254,000 claims filed. Analysts had expected a reading of 250,000 new claims based on the prior week’s reading of 258,000 new claims filed. Volatility in weekly readings for new jobless claims can be expected due to seasonal hiring and layoffs.

What‘s Ahead

Next week’s economic releases include readings on new and previously-owned home sales, inflation and consumer sentiment. Readings for mortgage rates and new jobless claims will also be released.

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3616 E Kachina Drive Phoenix, AZ 85044

New

$2,749,000

5 Beds

5.5 Baths

6,182 SqFt

Status Active Under Contract

MLS # 6830116

Property Type Single Family Residence

Price Type --

Welcome to the crown jewel of Ahwatukee Custom Estates, Kachina Drive, where luxury, artistry, and nature converge. Perched on one of the most desirable preserve lots in the community, this home offers unobstructed mountain and city light views that are nothing short of breathtaking. With a sprawling 23,750 sq. ft. lot, this property is truly one-of-a-kind. From the moment you arrive, the decorative paver driveway, Cantera stone exterior accents, and wrought iron gated front courtyard with a Cantera stone fireplace and benches set the tone for this regal estate. The large, heavy wrought iron front door, framed by an impressive Cantera stone border, opens to reveal a home that is as elegant as it is inviting. Inside, the home boasts vaulted ceilings, coffered ceilings adorned with Cantera stone, and a mix of walnut wood and travertine flooring. The formal living room features grand Cantera stone pillars and decorative wood beam ceilings. The cantera stone art niches throughout the home add an artistic touch, while an abundance of oversized windows flood the home with natural light while framing the stunning mountain views. The primary suite is fit for royalty, featuring a Cantera stone fireplace, a sitting room, and a spa-like bathroom with a large soaking jetted tub, separate double sinks, a makeup vanity, and a walk-in closet. Additional highlights include a temperature-controlled wine room, a theatre/game room, and generously sized bedrooms, each with an ensuite bathroom. The den, located on the first level, offers a double door entry, double French doors to the back patio, a large closet, and an ensuite bathroom. This space has traditionally been used as a den but could effortlessly transform into a stunning guest suite as a luxurious 5th bedroom. The chef's kitchen is a masterpiece, complete with quartz counters, double wall ovens, a large built-in double-door fridge, stainless steel appliances, a separate coffee bar, and a walk-in pantry. The dinette area, located between the kitchen and family room, offers incredible views of the mountains and resort-style backyard. Step outside to your private oasis, where the resort-style backyard is designed for both relaxation and entertainment. The heated pool with a rock waterfall and spa features a large baja shelf, perfect for lounging. The stacked stone built-in BBQ grill, gazebo, and misting system on the back patio provide the ultimate outdoor living experience. Rough travertine flooring under the gazebo and around the pool adds a touch of elegance, while the charming Edison bulbs lining the back wall illuminate the stunning views beyond the fence line. The backyard also features artificial grass with a putting green, magical landscape lighting, and a sport court for endless fun. The 4-car garage with storage and a workbench ensures practicality meets luxury. Additional Features * Double iron doors opening to the front courtyard from the dining room * Built-in desk area in the upstairs hallway and kitchen * Wet bar with a beverage fridge and wine glass storage * Plantation shutters throughout * Multi-room audio system & Savant system app This home is located near all the hiking and mountain biking trails that the South Mountain Preserve has to offer, making it a haven for outdoor enthusiasts. Just minutes from the 10 and the 202 and 20 minutes to Phoenix Sky Harbor and Downtown Phoenix. The combination of privacy, luxury, and accessibility makes this residence truly special.

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12228 E Wood Drive Chandler, AZ 85249

$2,749,000

5 Beds

4.5 Baths

4,967 SqFt

Status Active

MLS # 6762229

Property Type Single Family Residence

Price Type --

Experience unmatched luxury in this exceptional custom home, free of HOA restrictions. Featuring 5 bedrooms and 4.5 bathrooms, the residence boasts a chef's kitchen equipped with high-end appliances, seamlessly flowing into a magnificent great room adorned with a gas fireplace, soaring ceilings, and exposed beams. The exquisite wood and stone flooring enhance the elegance throughout the home.Entertain in style with a formal space that offers stunning views of a backyard oasis, complete with an outdoor fireplace, BBQ area, pool, putting green, mature trees, and lush turf. This rare gem is situated in a beautiful neighborhood of expansive 1-acre lots. Plus, the extended-length 4-car garage is a dream come true for car enthusiasts.

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39775 N 50th Street Cave Creek, AZ 85331

$2,747,250

5 Beds

5 Baths

7,040 SqFt

Status Active

MLS # 6805875

Property Type Single Family Residence

Price Type --

Nestled at the foot of Cave Creek Regional Park, this extraordinary 7040 sq. ft. home offers breathtaking, panoramic views that stretch from the Seven Sisters to Elephant Butte, Skull Mesa, and the Continental Mountains. Surrounded by nature's beauty, this home offers easy access to miles of hiking, jogging, biking, and riding trails right outside your door. Conveniently located just minutes from the art galleries, shopping, dining, and attractions of Cave Creek and Carefree, this property provides the perfect balance of serenity and accessibility. Every room is designed to take full advantage of the stunning mountain views, complemented by high ceilings that create a sense of openness throughout the home. The chef's kitchen, complete with Sub-Zero and Dacor appliances, is a culinary dream. Step through the great room's pocket doors and you'll be greeted by an expansive observation deck, ideal for savoring Arizona sunsets. Below, a sparkling pool with a soothing water feature invites you to relax and unwind. The lower level offers a private second master suite, a guest bedroom, and another inviting great room that opens directly to the pool area. And don't forget to explore the bonus storage areait's a hidden gem! This is more than a home; it's a sanctuary. Come see what makes it truly one-of-a-kind.

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10905 E Oberlin Way Scottsdale, AZ 85262

$2,745,000

3 Beds

3.5 Baths

2,835 SqFt

Status Active

MLS # 6655766

Property Type Single Family Residence

Price Type --

Serene is a new gated enclave of 21 cutting edge single level contemporary homes designed by Swayback Architects and built by Sonora West Development. Each Serene home brings a new definition to the ''Lock and Leave'' lifestyle with open Great Room floor plans perfect for entertaining and everyday living. Four different models to choose from with lavish interior finishes created by renown interior designers Est Est. This Model C comes with 3 bedrooms plus an office, a 25k pool allowance, 25k landscape allowance, Sub-Zero & Wolf Appliances & BBQ. Base Price is shown. Upgrades are at an additional cost. Backing to the North side of Pinnacle Peak Mountain, Serene is close to shopping, restaurants and over two dozen private and public golf courses.

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28048 N 109th Way Scottsdale, AZ 85262

$2,745,000

3 Beds

3.5 Baths

2,835 SqFt

Status Active

MLS # 6682870

Property Type Single Family Residence

Price Type --

Serene is a new gated enclave of 21 cutting edge single level contemporary homes designed by Swayback Architects and built by Sonora West Development. Each Serene home brings a new definition to the ''Lock and Leave'' lifestyle with open Great Room floor plans perfect for entertaining and everyday living. Four different models to choose from with lavish interior finishes created by renown interior designers Est Est. This Model C comes with 3 bedrooms plus an office, a 25k pool allowance, 25k landscape allowance, Sub-Zero & Wolf Appliances & BBQ. Base Price is shown. Upgrades are at an additional cost. Backing to the North side of Pinnacle Peak Mountain, Serene is close to shopping, restaurants and over two dozen private and public golf courses.

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220 E Georgia Avenue Phoenix, AZ 85012

$2,745,000

5 Beds

4.5 Baths

4,738 SqFt

Status Active

MLS # 6826571

Property Type Single Family Residence

Price Type --

Construction to be completed 2026 - This is an exclusive opportunity to own in The Georgia Three, North Central's newest gated enclave, crafted by Bolte Custom Homes. Purchasing now offers the new owner the exclusive opportunity to personalize their finishes, with construction slated for completion in 2026. The floor plan features a single-level design complemented by a versatile basement that adds valuable square footage to the floor plan. The residence is situated within a private, gated community of three homes. The layout emphasizes spacious living, with a basement designed to be an inviting, well-lit area through an expansive walk-out that brings in abundant natural light. The main living areas, including the kitchen, are designed for effortless entertaining and family gatherings. In addition to these core spaces, the home includes two more flexible living areas that offer versatility for a range of purposes. Located just a short walk from the vibrant North Central hotspots and Windsor square, the location is truly unbeatable.

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8327 E Sunnyside Drive Scottsdale, AZ 85260

$2,745,000

5 Beds

4.5 Baths

3,681 SqFt

Status Active

MLS # 6797959

Property Type Single Family Residence

Price Type --

RESORT GOLF VIEWS: Upon entering, you'll be captivated by expansive custom windows that bathe the interior in natural light, offering breathtaking golf course panoramas. The great room's central fireplace elegantly defines distinct living spaces, seamlessly connecting the gourmet kitchen, dining, and living areas. EXCEPTIONAL KITCHEN & ENTERTAINMENT FEATURES: The professional-grade kitchen boasts a multifunctional island perfect for gatherings, complemented by sophisticated lighting and top-tier appliances. Multiple backyard doors invite resort-style living to enjoy: swim, spa, putt, or simply relax amid stunning indoor-outdoor environments. Luxurious DESIGN DETAILS: No detail was overlooked in this meticulously crafted home. Each room features designer wall coverings & premium finishes.

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19777 E Ivy Lane Queen Creek, AZ 85142

$2,725,000

4 Beds

3.5 Baths

4,360 SqFt

Status Active

MLS # 6821110

Property Type Single Family Residence

Price Type --

Welcome to Whitening at Whisper Ranch, where luxury and functionality blend seamlessly in this stunning newer home. Boasting 4 bedrooms, 4.5 bathrooms, a private guest house, and a massive RV garage with an office and loft for additional storage, this estate is designed for those who crave space, style, and versatility. Step inside and be captivated by the modern, open-concept design featuring soaring ceilings, elegant finishes, and abundant natural light. The gourmet kitchen is a chef's dream, equipped with high-end appliances, custom cabinetry, and an oversized island—perfect for entertaining. For sports enthusiasts, this property is a true haven. Outside, a bullpen and sport court provide the ultimate setup for training and friendly competition, while the diving pool offers a a refreshing escape. Relax and unwind in the charming gazebo, the perfect spot for enjoying Arizona's stunning sunsets. The massive 1,575 sf RV garage not only accommodates your largest toys but also features a dedicated office and loft space, ideal for additional storage or a private workspace. Located in the prestigious Whitening at Whisper Ranch, this home offers the perfect balance of luxury, comfort, and recreational amenities. Don't miss the opportunity to own this exceptional property!

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28409 N 59th Way Cave Creek, AZ 85331

$2,700,000

4 Beds

3.5 Baths

4,315 SqFt

Status Active

MLS # 6800326

Property Type Single Family Residence

Price Type --

Move-in Ready! Oversized, resort style backyard. The Kartchner makes an immediate impression with a lovely foyer flowing past the elegant dining room into the expansive great room and casual dining area that presents views of the desirable covered patio. A large center island with breakfast bar enhances the expertly crafted kitchen that offers plenty of counter and cabinet space, a generous walk-in pantry, and passthrough to the dining room. Featuring a relaxing sitting area and expansive walk-in closet, the palatial primary bedroom suite is highlighted by a spa-like primary bath complete with dual vanities, large soaking tub, deluxe shower with seat, walk-in linen storage, and private water closet.

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36001 S Moreton Road Wickenburg, AZ 85390

$2,700,000

3 Beds

3 Baths

2,552 SqFt

Status Active Under Contract

MLS # 6744469

Property Type Single Family Residence

Price Type --

Hidden Hacienda, Wickenburg's Premier Team Roping and RV Camp Destination. Private, quiet, crisp and clean! 22+ Acres, contiguous to state land. Property available turnkey with tools equipment and furnishings. Secluded hilltop 3 bedroom, 3 bath home overlooking the property. 150 x 300 Roping Arena with Sprinkler System. 28 Covered Horse pens. 7 Stall Barn with turn outs and Tack Room. 60' Panel Round Pen. Outside pens approximately 180' x 40'. Covered Hay Storage and Connex Tool Shop. RV Camp and Club House is county approved and permitted in 2016 offering 110, 30 & 50 amp, plug-ins at each pedestal, water and septic. Club House offers an open-air lounge, two commercial washers and dryers, a commercial ice maker, two bathrooms, one with handicap accessible custom tile show Custom Cabinetry and furnishings. Home has an expansive and very private back yard, new roof and fresh interior and exterior paint as well as new tile and carpet. Property available turnkey with tools equipment and furnishings. Acreage available near the home to build additional shop or barn as well. Property Owned and offered for Sale by Arizona Licensed Real Estate Broker. 4 Parcels Available: 201-13-001-B, 201-02-002M, 201-02-002L, 201-06-005-D. Purchase 22 Acres or 12+ Acres THE ADDITIONAL 10 ACRES BORDERS STATE LAND, IS A PREMIUM LOT AND IS ZONED RCU-2A! MUST SEE Please see Turn Key list of Equipment to convey.

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1020 E Caroline Lane Tempe, AZ 85284

$2,700,000

6 Beds

7 Baths

10,613 SqFt

Status Active

MLS # 6707527

Property Type Single Family Residence

Price Type --

Over 13,000 total s/f!! High craftsmanship main home is 10,613 s/f and features a gourmet kitchen, 2 dishwashers, double ovens, 6 bed +office, 6 bath, 3 car garage, new carpet on a 1.382 acre irrigated cul-de-sac lot. Gorgeous custom wood paneling throughout. Extensive storage- laundry room with 2 washers & dryers, mud room & huge pantry in the basement. Two bright secret rooms add to the charm! The carriage house is approx 3,000 s/f including 6+ car garage, workshop, gun/storage room, half bath, A/C & large hayloft next to horse pasture. Diving pool with newer commercial grade filtration system & poolside half bath. Peach, lemon, grapefruit trees. Large court for sports. No HOA- can have goats, chickens, horses. Highly rated school district. 4 of the 5 A/C units are 1 year old.

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35140 N 52nd Place Cave Creek, AZ 85331

$2,700,000

5 Beds

4.5 Baths

4,731 SqFt

Status Active

MLS # 6740350

Property Type Single Family Residence

Price Type --

LOCATION! PRIVACY! MOUNTAIN VIEWS! HORSE PROPERTY W RESORT STYLE LIVING! Amazing custom home in one of the best kept secret CC locations. 2.13 fenced acres offers 4733 sf home w attached Casita w/kitchenette, walk through gated court yard,water feature & fireplace. Open the front door to overlook negative edge heated pool/spa & 360 mountain views, huge covered outdoor living area, built-in BBQ, total of 5 bedrooms/4.5bath, office,gourmet kitchen w granite island,ss appliances, w desk,warming drawer,office ,custom cherry cabinets, Big game-room w wet bar/ billiards rm view of pool. 3 stall-barn w turnouts,tack room/feed arena, pipe fencing & miles of trails out your back door, RV full hook up, trailer parking, large 4 car garage, close to all stores/restaurants but feels remote & secluded Features include: Butlers pantry off the kitchen with huge pantry, warming drawer and appliance center, special, under mount and art lighting through-out, Huge 1200 sq foot covered patio with heated pool and spa, family/billiards room with wet bar, wine cabinet with entry to the patio, folding glass folding into the wall patio glass doors from great room to patio to increase the livable space, cozy office off the primary bedroom, attached guest house has been used for Air B&B and is a premier listing on that sight! Guest house offers bedroom kitchenette, and full laundry facilities, full bath and cozy sitting area with access to the fenced front court yard with a fireplace and water feature. Horse facilities offers 3 stalls with runs, trailer parking with full RV hook up, tack/feed room, turn outs and trails for miles of riding right from you home. Fenced dog run, Huge 4 car garage with pull through and large doors- plenty of room for a tractor, & set up for an Air compressor, and lots of storage. surround sound speakers, View out of all windows of the mountains- quiet neighborhood, with paved streets and city water. Minutes to stores, Home Depot/Lowe's, restaurants, and the fun town of Cave Creek.

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