What’s Ahead For Mortgage Rates This Week – December 26, 2016

Last week’s economic news included readings on consumer spending, core inflation new home sales and regularly scheduled readings on mortgage rates and new jobless claims.

Consumer Spending Dips in November

Commerce Department reports on consumer spending in November indicated that consumer spending was lower in November with 0.20 percent growth as compared to October’s reading of 0.40 percent growth. November’s reading for core inflation, which excludes volatile food and energy sectors, was flat as compared to expectations of 0.10 percent growth and October’s reading of 0.10 percent growth.

New Jobless Claims Rise to 6–Month High

New jobless claims jumped to 275,000 last week as compared to an expected reading of 258,000 new claims and the prior week’s reading of 254,000 new claims. New claims typically rise during the holiday season due to school and other workplace closures.

There was good news as new jobless claims remained below the benchmark of 300,000 new claims for 94 consecutive weeks. This streak of new claims below 300,000 new claims is the longest since 1970. Increasing numbers of “contingent” workers contributed to volatility in employment; The Rand Corporation reported that 10.10 percent of the workforce was contingent workers in 2005; the percentage of contingent workers increased to 15.80 percent of the U.S. workforce in 2015.

Mortgage Rates, New Home Sales Rise

Freddie Mac reported a jump in mortgage rates last week; the average rate for a 30-year fixed rate mortgage was 14 basis points higher at 4.30 percent. The average rate for a 15-year fixed rate mortgage was 15 basis points higher at 3.52 percent; the average rate for a 5/1 adjustable rate mortgage rose 13 basis points to 3.32 percent. Analysts said that the 10-year Treasury rate rose 10 basis points in response to the Fed raising its target funds rate. New home sales gained in November with a seasonally adjusted annualized reading of 582,000 sales as compared to 285,000 expected sales and October’s annual rate of 563,000 sales of new homes. This was the second highest reading for new home sales since early 2008. Builders will be watching mortgage rates and new home sales in the New Year to determine how rising mortgage rates will impact new home sales.

What‘s Ahead

Next week’s scheduled economic news includes Case-Shiller Home Price Index reports, pending home sales and weekly readings on mortgage rates and new jobless claims. U.S. Financial markets are closed today in observance of the Christmas holiday.

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7112 E Wildcat Drive Scottsdale, AZ 85266

$2,200,000

4 Beds

3.5 Baths

4,203 SqFt

Status Active Under Contract

MLS # 6783557

Property Type Single Family Residence

Price Type --

Stunning Tuscan elegance in North Scottsdale! Absolute luxury in this truly one of a kind Custom Entertainers Dream! Two gated entrances, guest casita, & indoor/outdoor living in this special home. Gourmet kitchen w/granite counters, commercial grade appliances, plenty of cabinets & walk-in pantry! Designer touches T/O are impeccable works of art & must be seen to be believed. Fireplaces throughout the home for those gorgeous winter nights, multiple outdoor living spaces, & custom built Coral Craft Stalls, tackroon, turnouts & 60 ft round pen! 6 waterfalls in your outdoor oasis including; Beach entry Diving Pool, Spa & Heated Exercise pool! Very private & secluded feeling & yet only minutes to world class dining, shopping, and art galleries. Stunning Mountain Views!

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3330 S Sycamore Village Drive Gold Canyon, AZ 85118

$2,200,000

4 Beds

4.5 Baths

4,129 SqFt

Status Active

MLS # 6760787

Property Type Single Family Residence

Price Type --

BEAUTIFUL REMODELED HOME overlooking the 12th hole green of the Prospector Golf Course-although a distance from the cart path for privacy. . Views of the 11th fairway and green are also visible. Four bedrooms/4.5 baths. Primary suite with fireplace includes a second room for an office or work out room and his/her closets. Guest bedrooms all ensuite. A separate guest Casita is the fourth bedroom located just inside the gated front courtyard with its own sitting area. Your guests will never want to leave! Open great room/kitchen/dining room floor plan. All new flooring, paint bathrooms and kitchen. HIDEAWAY SLIDERS OPEN TO A REDESIGNED PATIO. NEW POOL WITH NEARLY A 50' LAP LANE AND AN ADJOINING SPA. Outdoor patio has a large sitting and dining area. Great for entertaining. ROOF DECK FOR SEEING INCREDIBLE SUNSETS AND CITY LIGHT VIEWS! TWO JACK NICKLAUS GOLF COURSES! Not a golfer? Enjoy pickle ball, bocce, tennis, hiking and many other activities. Country Club living at its best! Club amenities under a separate agreement. Buyer and/or buyer's agent to verify all pertinent information, including square footage.

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20475 E Indiana Avenue Queen Creek, AZ 85142

New

$2,200,000

3 Beds

4 Baths

3,124 SqFt

Status Active

MLS # 6788289

Property Type Single Family Residence

Price Type --

One year new, LUXURY 3 bedrooms plus office plus bonus room, single story, with pool & spa, 3 car garage in the gated community of Bridle Ranch. Many upgrades, tile flooring, high ceilings, upgraded cabinets and lighting throughout. 3 separate heating/cooling zones. Upgraded insulation to lower energy costs. Dual slab islands, extra kitchen cabinet storage, stainless steel appliances, double ovens. Upgraded closets throughout. Exterior cabana and outdoor fireplace for entertaining and for those chilly desert evenings. Self cleaning heated pool is controlled via phone app. Close to dining, shopping, entertainment and walking/biking trails. Minutes from Fat Cats (movies/bowling/arcade games). Minutes from San Tan Mountain Park (hiking, horseback riding, mountain biking). Close to Pecan Lake. Sellers are licensed AZ & NV real estate agents.

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501 S Saguaro Drive Wickenburg, AZ 85390

$2,200,000

3 Beds

2.5 Baths

2,583 SqFt

Status Active

MLS # 6787388

Property Type Single Family Residence

Price Type --

Welcome to your very own slice of roper's paradise! This stunning property blends the best of luxury living with a top-of-the-line roping facility, all set against breathtaking views. Step inside this beautifully updated Santa Fe-style home, where charm and comfort harmonize perfectly. Rock fireplace creates a warm and inviting centerpiece for cozy nights. In the kitchen the gorgeous granite countertops, updated refrigerator, and many cabinets add sophistication and practicality. The Spanish style tile floors and wood accents & rock wall are finishes that showcase the exceptional craftsmanship of the home. The numerous entertainment spaces are perfect for hosting family and friends. The courtyard entrance and gate provide a stunning welcome with extensive landscaping, mature plants and trees with true Southwestern charm. Enjoy the Arizona sunsets, relax and unwind in your private heated pool. Ropers will love the professional arena equipped with sprinklers, roping chute and return alley. There is also a large turnout, steer pen, and 7 pens with covers misters and automatic waterers. There is a hay barn and tack room with a covered tie rack that will fit all your storage needs. For visitors there are two full RV hookups that will make hosting friends and family a breeze. The property is also fenced with steel pipe and no climb. This extraordinary property offers the ultimate balance of luxury living and equestrian excellence. Whether you're a professional roper, a weekend cowboy, or simply someone who appreciates the Western lifestyle, this is the place where dreams become reality. Come and experience firsthand why this roper's dream is truly one of a kind!

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8170 E Kalil Drive Scottsdale, AZ 85260

$2,200,000

3 Beds

3.5 Baths

3,888 SqFt

Status Active Under Contract

MLS # 6782637

Property Type Single Family Residence

Price Type --

outstanding golf course water and mountain views one of the best view lots in Scottsdale Country Club East 9

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36482 N Boulder View Drive Scottsdale, AZ 85262

$2,200,000

5 Beds

4.5 Baths

4,180 SqFt

Status Active

MLS # 6769105

Property Type Single Family Residence

Price Type --

This beautifully remodeled home features a new roof, new garage doors, and a newly remodeled pool. Fresh exterior paint gives it great curb appeal. Inside, you'll find custom accent beams, a redesigned fireplace and bar, and a 500-bottle, temperature-controlled wine cellar. The kitchen, primary, and guest baths feature new cabinets and granite countertops. The split floor plan and detached casita with kitchenette are perfect for guests. Enjoy sunsets over Black Mountain from the backyard or relax by the fire pit and waterfall pool. Explore the nearby McDowell Sonoran Preserve with over 175 miles of trails.

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4455 E Quail Brush Road Cave Creek, AZ 85331

$2,200,000

4 Beds

4.5 Baths

3,652 SqFt

Status Active

MLS # 6766062

Property Type Single Family Residence

Price Type --

Extraordinary home that combines elegance and comfort! Beautiful 4 bedrooms plus den with split design. All secondary bedrooms with ensuite baths! Luxurious primary suite with his & hers vanities, separate soaking tub & large walk-in shower! Top of the line appliances enhance the chef kitchen with large island, pot filler, wine bar & large walk-in pantry. Cook outdoors too! In the fully appointed kitchen with grill, gas stove, ice maker, & dual beverage/condiment refrigerators! Embrace the carefree lifestyle of RV life with the 50 foot RV garage & workshop. Plenty of room for other toys/boats with dual RV gates! (one on each side of home) Telescopic doors from great room to patio unveils the backyard oasis with sparkling pool, putting green, citrus trees & low maintenance landscaping. Dis Discover the meticulous extra details that add to your comfort level such as, Whole house water filtration system, Entertainment system throughout, California closets in every bedroom closet, Solid wood doors throughout, Digital door locks & pool controls & Security camera. You'll appreciate the LOW utility bills with the 68 Panel owned Solar system! Pre-wired for electric infrared ceiling heaters on patio, pre-wired for electric shades on patio, and pre-plumbed for air compressor on patio (for misting system) and in the garage! Paved Circle driveway allows for extra guest parking. Rare opportunity to call this home YOURS!

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9915 E San Salvador Drive Scottsdale, AZ 85258

$2,200,000

5 Beds

3.5 Baths

3,700 SqFt

Status Active

MLS # 6786813

Property Type Single Family Residence

Price Type --

Welcome to your dream home in one of the greatest Scottsdale neighborhoods. Completely remodeled from top to bottom this turn key home is a sophisticated and modern retreat that reflects that magical merging of inspiration and design. This home is a masterpiece of craftsmanship featuring a great entertaining dream, large open floor plan, high ceilings, contemporary statement wood fireplace, stainless steel appliances, double ovens, oversized quartz island. Kitchen is a dream come true! Master bedroom is the ultimate retreat complete with a generous size room a sleek ensuite bath with a modern tub, premium finishes and fixtures. Plenty of natural light flows throughout the home's open, airy layout. .Enjoy gatherings in the entertainer's resort style backyard. LARGE LOT BEST DEAL IN TOWN!

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4150 E Dynamite Boulevard Cave Creek, AZ 85331

$2,200,000

3 Beds

3 Baths

1,378 SqFt

Status Active

MLS # 6664797

Property Type Single Family Residence

Price Type --

Seller-Financing Available! A very rare ''RU-43'' zoned Ranch to purchase in the absolutely best possible location of the Valley (a Hop & Skip from the Dynamite Roping Arena). And the Seller will consider ''Carrying the Paper'' on the financing. By the way, the ''U'' designation of the RU-43 affords additional privileges for equestrian purposes, and there is ''NO HOA''. This property is loaded with features. A Modern Barn with: Office, Ranch Hand Living Quarters, Fourteen (14) Stalls/Pens (7 in barn), Grooming Bay, Horse Drawn Carriage Garage, and Tac Room; Bull Pen, Walker, Multiple Corrals, Multiple Arenas, Breeding Facilities and a 'Hay Barn'' that would be difficult to get a permit to build these days. This ranch just went through a major renovation. Modern steel fencing was installed on the complete perimeter to help secure the property and keep unwanted animals from entering. A New Arena and Updated Corrals, were updated as well in the same way. And the house and barn were detailed throughout. The home was inspected as if the present Seller was a buyer, and items found to be an issue were repaired. And lastly, this Seller will consider owner financing for the right Buyer.

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1775 S 131st Street Gilbert, AZ 85233

$2,200,000

5 Beds

7 Baths

5,343 SqFt

Status Active

MLS # 6714697

Property Type Single Family Residence

Price Type --

Experience unparalleled luxury in this meticulously designed Tuscan-inspired home. As you approach the grand front entry, custom old-world wood/metal doors welcome you into enchanting front courtyard. Step inside to discover a huge foyer and open interior that epitomize grandeur.Key Features*5400 Sqft Layout, Spacious and open, perfect for both relaxation & entertaining*Lush 1.38 Acre Lot:*A sprawling estate offering ample outdoor space for recreation*Gourmet Kitchen w granite counter tops/ designer cabinetry, a culinary haven ideal 4 entertaining *High-End Finishes, Meticulous attention to detail w/ luxurious finishes throughout*Resort-Style Outdoor Oasis: Heated pool & spa, gas fire pit, outdoor grill, putting green, & multiple covered entertaining areas. 8-Car Gar

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38646 N 104th Place Scottsdale, AZ 85262

$2,200,000

3 Beds

3.5 Baths

2,544 SqFt

Status Active

MLS # 6739325

Property Type Townhouse

Price Type --

Golf Membership available & Furnished~Remodeled Hacienda in a fresh ''Cala Lily'' soft white palette with new flooring, countertops, backsplash, primary suite walk-in shower, electrical and new plumbing. This is a GEM as a lock and leave or easy primary residence with less maintenance in mind. Dual generous entertaining patios both covered and uncovered lounge/dining areas featuring an exterior fireplace and BBQ patio showcasing a new bar with more conversation space. Primary suite has been completely redone; elegant white hexagon tile flooring, dual sided zero entry shower with new hardware and 2 walk in closets. Bright farmhouse style kitchen opens to the great room and dedicated dining with a very convenient and civilized service bar. En-Suite casita with kitchenette, sitting area and views of Pinnacle Peak, Tom's Thumb and all the ranges that surround. Please see features sheet in documents tab for a complete list of all updates/upgrades regarding this just finished remodel.

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12209 N 66th Street Scottsdale, AZ 85254

$2,200,000

5 Beds

3.5 Baths

4,266 SqFt

Status Active

MLS # 6762109

Property Type Single Family Residence

Price Type --

Back on market. Buyer couldn't perform. Dream backyard on over a flat acre. Quiet and minimally traveled street. Front door flows open to large bifolds creating a beautiful indoor outdoor environment. Custom white oak kitchen w quartzite countertops. Walk in pantry. Showcase wine cooler. Separate dining space with bar. 3 fireplaces. Two primary suites, # Separate living rooms with options for convertible space. 1300sf garage with tremendous ceilings and workshop space. Every inch of this house has been completely gut renovated. AC and ductwork is brand new. Brand new roof and stucco. All plumbing is new. Resort like backyard, the exterior showcases a brand new pool with heater, oversized outdoor kitchen, water feature, bocce ball, putting green, fire pit, new fence. List goes on and on

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