What’s Ahead For Mortgage Rates This Week – February 6, 2017

Last week’s economic news included several good signs for U.S. Labor Markets with higher than expected readings for private and public sector job creation. The Federal Reserve announced its decision not to raise the target federal funds range, and inflation rose. Mortgage rates held steady and pending home sales rose.

Private and Public Sector Jobs Post Unexpected Gains

ADP, which tracks private-sector job growth, showed a gain of 246,000 jobs in January against expectations of 168,000 new jobs and December’s reading of 151,000 private sector jobs created. Analysts said 208,000 of jobs added were service-related jobs. January’s Non-Farm Payrolls, which is issued by the Labor Department and includes private and public sector jobs, also posted higher than expected job gains with 227,000 new jobs in January as compared to 197,000 new jobs expected and December’s reading of 157,000 new jobs. Retail, construction, financial and restaurant industries led job growth. The jump in construction hiring could indicate that home builders will expand construction in an effort to ease short inventories of homes for sale.

The national unemployment rate rose to 4.70 percent in January and matched analysts’ expectations based on December’s reading of 4.60 percent. New jobless claims were lower than expected with a reading of 246,000 new claims against expectations of 254,000 new claims and the prior week’s reading of 260,000 initial jobless claims.

Mortgage Rates Little Changed; Pending Home Sales Up

Freddie Mac reported little change in mortgage rates last week. Interest rates for 30-year fixed rate mortgages averaged 4.19 percent and were unchanged from the prior week. Rates for 15-year fixed rate mortgages rose by one basis point to 3.41 percent and the average rate for a 5/1 adjustable rate mortgage rose three basis points to 3.23 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

In related news, the Federal Reserve’s Federal Open Market Committee decided not to rate the Fed’s target rate that is currently 0.50 to 0.75 percent. Fed benchmarks for the economy include an unemployment rate of 5.00 percent or lower, but the annual growth inflation benchmark of 2.00 percent has not been met. January’s inflation rate rose by 0.10 percent above December’s reading of 0.0 percent.

Pending home sales increased in January with an increase of 1.60 percent; this exceeded December’s negative reading of -2.50 percent in December. Analysts said that the growth in pending home sales, which represents sales under contract that have not closed, reflects ongoing high demand for homes. Pending sales also suggest future volume for completed sales and mortgages.

Consumer confidence lagged in January to an index reading of 111.80 as compared to an expected reading of 112.90 and December’s reading of 113.30. December’s reading was the highest in 15 years. Analysts cited post-election uncertainty as contributing to consumer concerns.

Whats Ahead

This week’s scheduled economic reports include weekly releases on mortgage rates and new jobless claims along with readings on job openings and consumer sentiment.

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9815 N Copper Ridge Trail Fountain Hills, AZ 85268

$2,690,000
4 Beds
3.5 Baths
5,695 SqFt
Status Active
MLS # 6815664
Property Type Single Family Residence
Price Type --
Elegant estate in the prestigious Firerock community! Experience the perfect blend of grandeur, comfort, and entertainment in this stunning 4-bedroom, 3-bathroom estate spanning 5,705 sq. ft. on a 0.64-acre lot in the exclusive Firerock Community. This exceptional home is designed for both elegant living and effortless hosting, offering soaring 24-ft ceilings, expansive living spaces, and resort-style outdoor amenities. From the moment you step inside, the formal entry with its signature curved staircase makes a striking impression. The great room is an inviting space, featuring a fireplace, floor-to-ceiling windows, and multi-slide doors that seamlessly transition to the private courtyard, heated pool, and spa. A full-service bar with a sink and icemaker enhance the home's entertainment appeal, while an additional bonus area at the top of the spiral staircase provides the perfect space for a craft room, second bar, or extra sitting area. The recently remodeled eat-in kitchen is a chef's dream, boasting a large island with an additional sink and breakfast bar, along with top-of-the-line Wolf appliances, including double ovens, a warming drawer, microwave, Subzero refrigerator, and a double-drawer dishwasher. The primary suite is a luxurious retreat featuring a private sitting room, fireplace, and a spa-inspired ensuite with dual sinks and a large soaking tub. The secondary master suite, located on the opposite end of the home, offers another fireplace and a jetted tub for relaxation. Upstairs, two additional bedrooms share a cozy sitting area and a private balcony with breathtaking views of the Fountain Hills fountain. Every bedroom includes a spacious walk-in closet for ample storage. This home has been thoughtfully updated with a newly expanded driveway featuring a center island, perfect for valet-style parking, along with fresh landscaping that enhances its curb appeal. The three-car garage is equally impressive, offering built-in storage, a workshop area, and an additional storage closet. Outdoor living is truly spectacular, with a gated archway leading to a private courtyard, complete with a heated pool and spa, ideal for both relaxation and entertaining. Located just a short walk from the Firerock clubhouse, this home offers convenient access to golf, dining, and social events. The neighborhood is welcoming and vibrant, with monthly block parties that foster a strong sense of community. For families, Basis Scottsdale, one of the top-rated schools in the area, is less than 10 minutes away. With its castle-like design, expansive living areas, and unbeatable location, this home is perfect for those who love to entertain or simply enjoy luxury living. Don't miss this rare opportunity to own an exquisite estate in the Firerock Community!

37200 N Cave Creek Road Unit 2127 Scottsdale, AZ 85262

$2,690,000
3 Beds
3.5 Baths
2,721 SqFt
Status Active
MLS # 6815875
Property Type Townhouse
Price Type --
Prepare to be enchanted by this exceptional corner residence, thoughtfully designed to take full advantage of its breathtaking, unobstructed panoramic views. Elevated above the surrounding landscape, this stunning home offers a seamless blend of indoor and outdoor living, with an expansive wraparound balcony and patio that invite you to immerse yourself in the beauty of your surroundings. Floor-to-ceiling stackable sliding doors open effortlessly, creating a harmonious flow between the interior and exterior spaces, allowing you to fully appreciate the natural splendor that unfolds before you. From this privileged vantage point, gaze out over sweeping southerly vistas that encompass the lush fairway and pristine 6th green of Seven, framed by the dramatic silhouettes of Pinnacle Peak, and Black Mountain. As the sun dips below the horizon, prepare to be mesmerized by breathtaking sunsets that set the sky ablaze with color, followed by the twinkling city lights that create a dazzling spectacle against the night sky. Every element of this residence has been meticulously curated to exude sophistication and refinement, with an array of the finest custom finishes that elevate the living experience. The open-concept great-room floor plan is designed for both comfort and style, featuring top-of-the-line appliances that cater to culinary enthusiasts, elegant French oak flooring that adds warmth and character, and exquisite stone countertops and backsplashes that provide a timeless and luxurious aesthetic. Whether entertaining guests or simply enjoying a quiet evening at home, this remarkable residence offers an unparalleled blend of beauty, quality, and tranquility. The generously proportioned owner's suite, along with two well-appointed and spacious guest suites, has been meticulously designed to create a refined yet inviting atmosphere. Every detail has been thoughtfully curated, from the designer-grade custom paint and exquisite wallpaper selections to the seamless integration of automated blinds that provide both privacy and effortless light control. These elements come together to craft an ambiance of understated luxury, ensuring that every space within the home feels both stylish and serene. Adding to the home's prestige is its coveted location on the highly desirable right-side corner of the building, a placement that offers an enhanced sense of exclusivity and unobstructed views. Designed for both convenience and security, a private elevator grants effortless access from the residence to the dedicated two-car garage, which also includes an additional space for a golf cartperfect for those who enjoy the ease and leisure of community golf course living. Just a short, picturesque stroll away lies the renowned Seven clubhouse, where residents can indulge in premier dining, social events, and recreational amenities, all while taking in the stunning desert surroundings. This extraordinary residence is more than just a home, it is a sanctuary, a retreat that seamlessly blends world-class design with Arizona's most iconic landscapes. Here, every element has been meticulously designed to enhance the luxury lifestyle, offering an unparalleled living experience where comfort, beauty, and convenience converge in perfect harmony. This home has a golf membership available through the Desert Mountain Club. Membership to the Desert Mountain Club is mandatory at Seven at Desert Mountain

5710 E Camelback Road Phoenix, AZ 85018

$2,690,000
5 Beds
5.5 Baths
4,592 SqFt
Status Active
MLS # 6816824
Property Type Single Family Residence
Price Type --
Step back in time! This Adobe home named Casa Manana was built on this Arcadia property in approximately 1935 by famous Chicago architect Jarvis Hunt. Beautiful Camelback Mtn. views! Property includes an updated 2 bed, 2.5 bath, 2569 SF main house plus a 2023 SF guest house with one studio Casita plus 2 furnished one-bedroom Casita's. There are 5 fireplaces, 3 in the main house, 1 in the west casita & 1 at the patio. This home has the charm & elegance of the era it was built. Home Includes a 140 bottle Wine Cellar in the family room, a big living room and an office off the den. Built for entertaining inside & out, especially at sunset when the Camelback Mountain red rocks are glowing. Close to nearby resorts & all the Camelback Corridor has to offer. Watch the virtual Tour!

37200 N Cave Creek Road Unit 2124 Scottsdale, AZ 85262

$2,690,000
3 Beds
3.5 Baths
2,721 SqFt
Status Active
MLS # 6676629
Property Type Townhouse
Price Type --
This exquisite upper-level corner residence is south facing and meticulously designed to integrate the beauty of the outdoors with the comfort of the indoors. Awe-inspiring views of the surroundings are a highlight, made even more spectacular by the stackable sliding doors that seamlessly connect the large outdoor patio to the cozy interior. Upmost care was taken when the finishes and materials were selected, so the home always shows in perfect condition. Overlooking the 3rd fairway and surrounded by mountains, this space is perfect for both entertaining guests and enjoying moments of solitude. Conveniently located on the right side of the building, the residence is equipped with an elevator, ensuring easy access from the garage to your living space.

10639 E Mark Lane Scottsdale, AZ 85262

$2,690,000 - 3Br/5Ba -  for Sale in Pinnacle Canyon At Troon North, Scottsdale
Open House
$2,690,000
3 Beds
4.5 Baths
4,299 SqFt
Status Active
MLS # 6819919
Property Type Single Family Residence
Price Type --
Nestled in the heart of Arizona's breathtaking desert landscape, this exquisite estate is a seamless blend of modern luxury and timeless elegance. From the moment you arrive, the property captivates with its commanding presence, set against sweeping mountain views that stretch beyond the horizon. A grand entryway leads to a private courtyard, where the tranquil ambiance is enhanced by the soft glow of outdoor lighting and the warmth of a charming fireplace, creating an inviting space for intimate gatherings or quiet reflection. Inside, the home unfolds with impeccable craftsmanship and thoughtful design. The foyer, bathed in natural light, opens into a spacious living area where soaring ceilings and expansive windows frame the stunning...CONTINUE READING... .....outdoor scenery. Every detail exudes sophistication, from the rich wood beams accenting the ceilings to the sleek, custom-built cabinetry that complements the fireplace. The dining space is equally refined, offering a perfect setting for hosting elegant dinner parties, seamlessly flowing into a chef's kitchen that is nothing short of a masterpiece. High-end appliances, pristine countertops, and an oversized island make this space as functional as it is beautiful, while the casual dining nook is perfectly positioned to capture the morning light. The primary suite is a sanctuary of comfort and style, boasting a generous layout that includes a sitting area, private patio access, and an en-suite bath designed for indulgence. A freestanding soaking tub, a glass-enclosed rain shower, and dual vanities adorned with designer finishes create a spa-like retreat. A custom walk-in closet offers ample storage, ensuring every inch of the space is as practical as it is luxurious. Additional bedrooms continue the theme of refined comfort, each offering ample space, large windows, and meticulously curated finishes. A separate casita provides flexibility, featuring its own entrance, a cozy living area, a well-appointed bedroom, and a full bath, perfect for guests or multi-generational living. Outdoor living is elevated to an art form, with multiple covered patios, an expansive backyard, and an entertainer's dream setup. A resort-inspired pool glistens under the Arizona sun, surrounded by carefully manicured landscaping and a backdrop of rugged desert beauty. A built-in barbecue and outdoor kitchen create the perfect setting for al fresco dining, while a fire pit and plush seating areas invite evenings under the stars. This home is more than just a residenceit's a lifestyle, offering unparalleled luxury, privacy, and an effortless connection to nature. Whether hosting grand gatherings or savoring peaceful moments of solitude, every space is designed to inspire and elevate the senses. NOTEWORTHY AREA AMENITIES INCLUDE: The Four Seasons at Troon North Social Membership, Troon North Golf Course Membership (OR Public), Troon Country Club Membership, Pickle Ball Courts, Pinnacle Peak Trail Head, Dogpark, The Boulders public Courses, many golf courses, shops, restaurants, Lake Bartlett, and the Tonto National Forest. CALL FOR YOUR TOUR TODAY!

3955 Mediterranean Lane Lake Havasu City, AZ 86406

$2,678,000
5 Beds
5 Baths
5,153 SqFt
Status Active
MLS # 6817112
Property Type Single Family Residence
Price Type --
Exceptional Estate Tailored for Every Lifestyle. Nestled in the coveted South side of town, this expansive estate offers breathtaking panoramic mountain views that stretch as far as the eye can see. Designed with versatility and luxury in mind, this property seamlessly blends sophisticated living with the serenity of nature. The main residence offers elegant comfort throughout ,designed for relaxation and entertainment. The chef-inspired kitchen boasts luxurious leathered granite countertops, stainless-steel appliances, and a convenient layout that flows into a cozy great room with a fireplace—perfect for gatherings. Rich flooring enhances the home's warmth and charm, complementing the thoughtfully designed living spaces. The casita offers a private retreat for guests or extended family. With its own entrance, driveway, and garages, it ensures privacy and convenience. Inside, a fully equipped kitchen with granite countertops and stainless-steel appliances awaits, alongside a master suite featuring a garden tub. A versatile bonus room offers endless possibilities. The guest house opens to a lush backyard with a tranquil waterfall feature, adding an extra touch of serenity. Step outside to discover a true entertainer's paradise. The meticulously landscaped grounds include a pristine pool a charming gardening shed with a rainwater catchment system. This is perfect for the green-thumbed enthusiast, while the expansive workshop caters to hobbyists of all kinds. Additional amenities include two RV garages, a spacious driveway, and direct desert access, ensuring ample room for vehicles, recreational toys, and complete privacy. This property is truly one-of-a-kind, offering an exceptional combination of luxury, functionality, and outdoor living. Designed to accommodate every lifestyle, it's an entertainer's dream and a peaceful sanctuary in one.

5641 N Echo Canyon Circle Phoenix, AZ 85018

$2,675,000
3 Beds
4 Baths
3,818 SqFt
Status Active Under Contract
MLS # 6641691
Property Type Single Family Residence
Price Type --
A true gem situated under the iconic Praying Monk! Resort style living in the privately guard gated community of Echo Canyon. This is a very rare and special find! A charming home with a warm open floor plan/ high ceilings and picture windows to take advantage of stunning Camelback Mountain views. There are two bedrooms and a den/bedroom on the main floor. An additional guest suite upstairs which includes its own kitchenette, 3/4 bath and veranda with spectacular views of city lights to the northwest. Centrally located with walking distance to echo canyon trailhead, urban activities like the Village, the new Global Ambassador hotel and a stone's throw to Old Town Scottsdale, PV and Arcadia! Enjoy the amenities of Echo Canyon living with a community clubhouse, pool and tennis!

28118 N 109th Way Scottsdale, AZ 85262

$2,670,000 - 3Br/4Ba -  for Sale in Serene Aka Bella Sol At Troon North, Scottsdale
Open House
$2,670,000
3 Beds
3.5 Baths
2,875 SqFt
Status Active
MLS # 6655632
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.

11717 E Estrella Avenue Scottsdale, AZ 85259

$2,670,000
5 Beds
4.5 Baths
4,910 SqFt
Status Active
MLS # 6772481
Property Type Single Family Residence
Price Type --
Top Scottsdale Location! Amazing views of McDowell Mountains! Absolutely gorgeous 6-bedroom 5.5-bathroom home. With an almost 5000 square feet with a separate 850 sf Guest house with its own entrance and garage, this is the one that checks all the boxes for family living at its finest. Garage parking for 7 Cars Kitchen equipped with 6 gas burner stoves, double ovens, and double door Sub Zero fridge. With 3 master suites. Main Garages are converted to game room and theatre, but easily converted back. Separate garage for guest house. The home is situated on an acre lot with a massive yard equipped with seating, dining, pool, spa and entertaining. All the best schools, access to entertainment, Freeway 101 No HOA, so perfect for a turnkey rental (Short or long term

8287 E Nightingale Star Drive Scottsdale, AZ 85266

$2,670,000
5 Beds
4.5 Baths
5,292 SqFt
Status Active
MLS # 6807497
Property Type Single Family Residence
Price Type --
Discover Contemporary Living at Its Finest! Welcome to this elegantly remodeled estate nestled within the prestigious gated community of Cortona. This stunning home boasts 5 bedrooms, 4.5 bathrooms, a heated pool, an office, a wet bar, a 4-car garage, and much more. The chef's kitchen is a culinary delight, featuring an oversized granite island, a 48'' gas range, a 66'' built-in refrigerator, new custom cabinets, and modern lighting throughout. The kitchen seamlessly connects to the living room, family room, and dining area, showcasing a wall of windows and a 72'' linear fireplace with a custom stone façade. Entertain with ease in the conveniently located wet bar, equipped with a wine fridge, beverage fridge, ice maker, and ample storage. All of this opens up to the family room, offering breathtaking views of your backyard oasis. Retreat to the oversized primary suite, complete with a sitting area, private exit, and a luxurious spa-like bathroom featuring a free-standing tub, an oversized shower with multiple shower heads, floating vanities, and two large custom walk-in closets. The split floor plan provides ample space for family and guests, with a custom theatre separating the guest bedrooms. Two of the four guest bedrooms are en-suites, one with a private exit, and all feature walk-in closets. Step outside to enjoy mountain views from your heated, negative edge pool, complete with a baja shelf and expansive travertine pavers. The backyard is finished with brand new synthetic grass and block fencing. Additional interior updates include new flooring and baseboards throughout, fresh interior paint, automated window coverings & shutters, new fans, and lighting. Exterior updates feature 3 newer AC units, new Pentair pool pumps, new epoxy garage floor, exterior paint, multiple new windows, and enhanced landscaping. Conveniently located near restaurants, shopping, and more, this home is a true masterpiece. Don't miss the opportunity to make it yours! Your new home can be purchased fully furnished minus some of the artwork and personal property on a separate bill of sale, reach out to LA for details. (Multiple pieces from RH).

20177 E Via De Arboles -- Queen Creek, AZ 85142

$2,660,000
5 Beds
5.5 Baths
5,321 SqFt
Status Active
MLS # 6802242
Property Type Single Family Residence
Price Type --
Fully Renovated Luxury Estate in the Exclusive Pecans Community! Welcome to your dream home in the highly sought-after gated community of Queen Creek.This stunningly renovated 5-bedroom, 5.5-bathroom estate sits on a sprawling ¾-acre lot and redefines modern luxury with timeless elegance and unparalleled functionality. Step inside to be greeted by soaring ceilings, expansive windows, and premium finishes that flood the open layout with natural light. Every detail has been thoughtfully curated, blending sophistication with comfort to create an entertainer's paradise and a serene retreat for daily living. Gourmet Kitchen - A Chef's Dream The heart of this home is the show stopping gourmet kitchen. Outfitted with high-end Viking appliances, custom floor-to-ceiling cabinetry with LED-lit shelving, and quartzite countertops, this space is as functional as it is beautiful. The expansive island invites family and friends to gather, whether for a grand feast or an intimate dinner. Primary Suite & Spa Retreat The luxurious primary suite offers two custom walk-in closets, a free-standing tub, and a glass-enclosed shower with wood-tile finishes. Adjacent, discover a private spa retreat featuring a barrel sauna and cold plungeperfect for unwinding while enjoying breathtaking Arizona sunsets. Dining & Living Spaces The dining room exudes timeless luxury with a stone accent wall and custom wood beams, while the great room features a floor-to-ceiling stone fireplace, creating the perfect ambiance for relaxation or entertaining. Resort-Style Backyard Oasis Step through the custom 10-ft French doors into your European-inspired resort oasis, designed for year-round enjoyment. The heated pool with cascading waterfall, expansive ramada with built-in BBQ and fire pit, and ambient outdoor lighting make this the ultimate indoor-outdoor living experience. Flexible Living Spaces This home offers versatile spaces to fit your lifestyle, including: A substantial guest suite; A separate-entrance casita with one bedroom, one bathroom, and spacious livingideal for in-law quarters, a private office, or a teen media space; Additional two rooms that can serve as an office, gym, or media room. Additional Features Epoxy-finished garage with built-in cabinets and overhead storage; Tankless water heaters, water softener, and alkaline drinking system; Fresh smooth stucco and exterior paint for ultimate curb appeal; Secure pet run with a dog door for your furry friends. The Pecans Community Nestled among tree-lined streets and lush scenery, The Pecans is where luxury meets lifestyle. This exclusive community offers a serene environment while being conveniently located in the vibrant Southeast Valley. Don't miss this rare opportunity to own a meticulously renovated estate in one of Queen Creek's most prestigious neighborhoods. Experience the pinnacle of modern luxury living!

4551 S Avenida Corazon De Oro -- Gold Canyon, AZ 85118

$2,650,000
7 Beds
6.5 Baths
8,432 SqFt
Status Active
MLS # 6782095
Property Type Single Family Residence
Price Type --
Majestic Custom Estate in the Gated Community of Vista Del Corazon. Jaw-dropping 180+ degree views of the magnificent Superstition Mountains. The private community sits on the renowned Dinosaur Mountain Golf Course with the Superstition Mountain Golf & Country Club just to the north. This *furnished* listing includes the neighboring lot for a total of over 1.3 acres- affording the buyer the luxury of unobstructed views and the opportunity for a future sale of the separate lot. 7 bedrooms (including 2 phenomenal primaries), 2 kitchens, 2 greatrooms, and many versatile spaces for game rooms, media rooms, etc.. This property offers the buyer the ability to accommodate everything on their own personal dream home wish list. Stargaze or take in the breathtaking sunrises and sunsets from sweeping walk-out terraces on both levels, from the tranquil heated pool and spa, the cozy private patios of the ensuite guest rooms, or in the romantic primary spa-jetted tub with two-sided fireplace. Soaring beamed ceilings, a tasting room, an outdoor bbq kitchen with pizza oven, an expansive 4-car garage, and even 3 laundry options throughout the home,... all come together for true luxury resort living with an unrivaled backdrop in every direction.

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