What’s Ahead For Mortgage Rates This Week – January 2, 2017

Last week’s economic reports were in short supply due to the Christmas holiday. Events reported included Case-Shiller home price indices, pending home sales and weekly readings on mortgage rates and new jobless claims. Consumer confidence was also released.

CaseShiller Readings Indicate No Slowdown in Home Price Gains

Case-Shiller’s October readings for its home price indices showed continued growth in home prices. In spite of rising home prices and mortgage rates, high demand for homes and slim supplies of homes for sale continued to fuel higher home prices.

According to Case-Shiller’s national home price index for October, home prices rose 5.60 percent on an annual basis as compared to September’s reading of 5.40 percent. The 20-city home price index rose to 5.10 percent from September’s reading of 5.00 percent. Case-Shiller’s 10-city index also gained 0.10 percent in October with a reading of 4.30 percent year-over-year.

Seattle, Washington, Portland, Oregon and Denver, Colorado had the highest year-over-year home price gains in October with readings of 10.70, 10.30 and 8.30 percent respectively. David M. Blitzer, Managing Director and Chairman of the S&P Indices Committee, said that “Home prices and the economy are both enjoying robust numbers,” but he also cautioned that rising mortgage rates and home prices growing faster than wages continue to pose obstacles for some home buyers. The Federal Reserve is expected to raise its federal funds rate in 2017, which is expected to prompt rising mortgage rates.

Mortgage Rates Mixed, Pending Home Sales Fall

Pending home sales fell 2.50 percent in November. Analysts said that post-election reaction helped to drive mortgage rates higher, which made homes less affordable for first-time and moderate-income buyers; Sellers and buyers may have postponed decisions to sell or buy as they waited for volatile post-election responses to ease.

According to the National Association of Realtors®, pending home sales fell to their lowest level in almost a year with an index reading of 107.30 in November. September’s reading was 110.00. The holiday season and rising mortgage rates were seen as contributing to fewer pending home sales.

Freddie Mac reported the ninth consecutive week that fixed rate mortgages rose. In the final mortgage rates survey for 2016, the average rate for a 30-year mortgage rose two basis points to 4.32 percent; the average rate for a 15-year fixed rate mortgage was three basis points higher at 3.55 percent. 5/1 adjustable rate mortgage rates averaged 3.30 percent, which was two basis points lower than the prior week. Discount points averaged 0.50 percent for all three mortgage types.

New jobless claims were lower last week with a reading of 265,000 new claims filed. Analysts had expected 270,000 new claims filed based on the prior week’s reading of 275,000 new claims filed.

In spite of rising home prices and mortgage rates, consumer sentiment was higher than expected in December with a reading of 113.70 as compared to expectations of 110.00 and November’s reading of 109.40.

Whats Ahead

Next week’s scheduled economic reports include Labor Department releases on Non-Farm Payrolls, and the national unemployment rate. ADP payrolls and weekly readings on mortgage rates and new jobless claims will also be released. Financial markets are closed today in observance of New Year’s Day.

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7147 E Wilderness Trail Gold Canyon, AZ 85118

$1,756,600
4 Beds
3.5 Baths
4,340 SqFt
Status Active
MLS # 6740844
Property Type Single Family Residence
Price Type --
Welcome to your dream home nestled in the majestic Superstition Mountains of Gold Canyon, Arizona. This brand-new build, completed in August 2024, offers unparalleled luxury & breathtaking 360-degree views of the mountains, the pristine golf course, and the exclusive Superstition Mountain community. Living Space: 4,340 sqft of modern elegance, designed with meticulous attention to detail. Casita: Separate from the main house, this charming casita includes a kitchenette, living room, bedroom, & a spacious walk-in closet—perfect for guests or as a private retreat. The main home boasts 4 spacious bedrooms (3 in main, 1 in casita) & 3.5 beautifully designed bathrooms. Off the master suite, enjoy your own private observatory, ideal for stargazing & taking in panoramic views of Gold Canyon. Lot Size: Generous 17,837 sqft lot providing ample space & privacy. 3-car garage equipped with smart garage door openers for added convenience. Every corner of this home features modern, high-end finishes. Luxury Vinyl Plank Flooring: Durable & stylish flooring throughout the home. Laundry Convenience: Additional washer & dryer located in the master closet. Gourmet Kitchen: Equipped with an induction cooktop & top-of-the-line GE Monogram appliances. Home also has Hard-wired Wi-Fi boosters, smart thermostats, a comprehensive audio system, and a Ring doorbell with door keypads for enhanced security and convenience. Additional Amenities: Upgraded Washer/Dryer: Included for your convenience. Audio System: Enjoy a high-quality audio experience throughout the home. Set in the serene and picturesque community of Superstition Mountain, this home provides a peaceful & luxurious lifestyle. Enjoy the natural beauty of the surrounding landscape, the proximity to world-class golf courses, & the welcoming community atmosphere. This exceptional property is a rare find, combining luxury living with the natural beauty of the Superstition Mountains.

3720 E Boot Track Trail Gilbert, AZ 85296

$1,755,000
4 Beds
3.5 Baths
3,557 SqFt
Status Active
MLS # 6686515
Property Type Single Family Residence
Price Type --
Freshly painted and ready for a new owner! Stroll down the tree lined streets to discover unparalleled luxury in this magnificent Toll Brother's estate nestled in Lakeview Trails at Morrison Ranch. This freshly painted, single story, highly updated home showcases soaring ceilings and exquisite finishes throughout. Paid off solar and soft water system are an added bonus for the energy conscious buyer! The chef's kitchen is a culinary masterpiece, featuring top-of-the-line Wolf appliances, Sub-Zero custom cabinetry refrigerator, wine display and a spacious layout that is perfect for entertaining. Retract your oversized sliders to step outside to your own private oasis, complete with a swim-up sunken bar, hot tub, Infrared dry sauna, outdoor shower and a meticulously landscaped backyard that is an entertainer's delight on a premium lot that backs to a walking trail, with no neighbors behind. The RV gate adds convenience and functionality to this already stunning property. Live the resort lifestyle in this remarkable home, where every detail has been carefully curated for the discerning buyer. Now is the ultimate chance to experience the epitome of luxury living TODAY!

36001 N 17th Avenue Phoenix, AZ 85086

$1,753,744
5 Beds
5.5 Baths
4,549 SqFt
Status Active
MLS # 6676761
Property Type Single Family Residence
Price Type --
TO BE BUILT: Amazing modern contemporary house nestled at the base of a majestic mountain and the Sonoran Preserve. This home features 5 bedrooms, 5.5 bathrooms, with soaring 12 foot ceilings throughout the open floor-plan. Gourmet kitchen features top of the line appliances, huge center island, and walk-in butler;'s pantry. Split floor plan with. an incredible primary suite with. large soaking tub, walk in steam shower, and expansive his/her closets. This side also has an additional ensuite bedroom and home office. The other side has 1 additional ensuite bedroom with hidden door. Expansive patio leads to fully loaded pool house adjacent to detached casita. Home has 3 car, extra deep garage, mudroom entry from garage, and large laundry room. Situated on just over 1 acre.

Range 1 W Six Claims Road Prescott, AZ 86305

$1,750,000
3 Beds
3 Baths
2,881 SqFt
Status Active
MLS # 6774984
Property Type Single Family Residence
Price Type --
MOUNTAIN MODERN RANCH - LOCATED WITHIN THE NATIONAL FOREST ..... yet ON PRIVATE LAND, w/GATED COMMUNITY. NO HOA. This exquisite modern ranch-style masterpiece is soon to be built on top a premium 5 or 10+ acre lot; nestled amidst the serene Boulders - natural trees, ensuring privacy and tranquility for its owner. The Buyer will have the opportunity to handpick every finish, thanks to the generous Allowance package added, ensuring a truly personalized living experience that perfectly matches your unique style. This beautifully maintained - yet unique property will appeal to the discriminating buyer who values maximum privacy with upscale and uncomplicated taste! Just 12 minutes to Prescott's Town Center.

9594 E Tee Box Court Gold Canyon, AZ 85118

$1,750,000
4 Beds
3.5 Baths
2,781 SqFt
Status Active
MLS # 6730390
Property Type Single Family Residence
Price Type --
Beautiful new custom home located in Gold Canyon East at Barkley Ranch backing Golf Course on the 10th Green of the Dinosaur Course. Incredible elevated unobstructed expansive views of the golf course. Can clearly see 4 Golf fairways on one of the most beautiful Golf courses in Arizona. Exceptional Superstition Mountain views. Fantastic finishes and details in the cabinetry, wood flooring, wood boxed beams on ceiling, marble tiled master bath, firepit and built in barbecue. The home surrounds a resort style pool with tiled Baja shelf and spa, stone finished columns with copper scuppers pouring waterfalls into the pool. Travertine pavered patios and pool deck with synthetic grass and firepit inside the fenced yard overlooking the 10th green of the golf course across the pool.

17411 E Fort Verde Road Rio Verde, AZ 85263

$1,750,000
3 Beds
3.5 Baths
3,290 SqFt
Status Active
MLS # 6781858
Property Type Single Family Residence
Price Type --
Welcome to the Carina floorplan in Trilogy at Verde River, nestled on a premium lot set back behind the golf course along the natural desert, providing ultimate privacy and an unbeatable Four Peaks mountain view! This stunning home spans over 3,290sq ft and exudes luxury from every corner, offering 3 bedrooms, a den, 3.5 bathrooms, and a spacious 3-car garage. You will be captivated by the impeccable design—neutral wall tones, elegant plank-wood style tile floors, electric shades, and soaring ceilings set the stage. The great room features a floor-to-ceiling fireplace, custom beamed ceilings, and a 20' multi-panel slider that seamlessly merges indoor and outdoor living. Enjoy a dream kitchen with glass-stacked lighted cabinets, a stylish tile backsplash, GE Monogram appliances, double ovens, a wine refrigerator, walk-in pantry, and beautiful pendant lighting. The primary suite is a true retreat, complete with a lavish ensuite that includes a soaking tub, walk-in shower, and custom walk-in closet. Each additional bedroom also has a private ensuite. A unique feature of this home is the fully gated courtyard, accessible from multiple rooms, including the den, office, primary suite, and main living area, creating a private outdoor area within. Outside, the backyard is an entertainer's paradise with a sparkling heated pool, elevated spa with a stunning mountain view, built-in BBQ, and a cozy wrap around patio featuring a custom-built fireplaceperfect for relaxing. Additional upgrades include surround sound in the great room and patio, central vacuum, an extended 2-foot garage, and built-in cabinets in both garages. This home is truly a rare find, do not miss your chance to view! The amenities at Verde River are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickleball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails. This home is truly a rare find, do not miss your chance to view!

7137 E Rancho Vista Drive Unit 5011 Scottsdale, AZ 85251

$1,750,000
3 Beds
2 Baths
1,716 SqFt
Status Active
MLS # 6776733
Property Type Apartment
Price Type --
Welcome to this absolutely breathtaking Optima Camelview 3 Bedroom, 2 Bath, 1716 SF luxury remodel. Located on the 5th floor, this corner unit property boasts an amazing floor-plan, two gorgeous private patio's and one of the most private locations in the community filled with natural light and fantastic views. This magnificent property underwent a complete head to toe remodel featuring gorgeous ''polar express'' quartzite countertops, custom cabinetry, Sub-Zero / Wolf appliances, premium plumbing fixtures/lighting and so much more (see documents tab for full list). The master suite is very spacious with lovely views of your own garden oasis private patio. This unit also features 3 HVAC units with wi-fi connected thermostats, two side by side parking spaces and a storage unit. All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Womens Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.

5250 E Deer Valley Drive Unit 206 Phoenix, AZ 85054

$1,750,000
2 Beds
2.5 Baths
1,781 SqFt
Status Active
MLS # 6762671
Property Type Apartment
Price Type --
The embodiment of sophisticated design, modern comfort and luxury living, this luxury condominium at The Luxe emphasizes spaciousness and an effortless connection to resort style living. The 2-bedroom former-model residence has been designed with careful attention to detail and craftsmanship evident in every corner including wide plank baseboards, wide plank wood flooring, quartz counters, custom chandeliers and lighting, floor-to-ceiling marble tile surround gas fireplace, custom wall finishes and electronic horizontal window blinds. Whether you're an avid cook or simply enjoy entertaining, the gourmet kitchen will inspire. As functional as it is beautiful, the high-end kitchen centers around a large quartz waterfall island with undermount lighting, wine cooler and seating. Abundant cabinets are framed by custom glass tile backsplash, quartz counters and premium stainless steel appliances including Wolf double ovens, drawer microwave, gas range with hood, and SubZero refrigerator. A formal dining area adjacent to the kitchen creates the perfect ambiance for hosting dinner parties or intimate family gatherings. Soaring ceilings and large 4-panel patio door floods the open concept interior with abundant natural light, opening to an expansive 1200 square foot outdoor living space including covered patio, multiple lounging areas, built-in Coyote barbeque with vent hood, custom lighting and quartz counter. The only patio of this size in the community, the versatile space is a seamless expansion of the interior, allowing for a truly dynamic lifestyle. Located in the main building of the community, world-class amenities designed to enhance your lifestyle are just steps away. Whether you prefer relaxing by the Olympic-sized pool surrounded by lush landscaping, exercising in a state-of-the-art 4000 square foot fitness center with infrared sauna, enjoying movie night in the multi-seat movie room, or partaking in community events, everything you need to rejuvenate body and mind is at your fingertips. Upscale shopping, dining and Mayo are just minutes from the community, with easy access to freeways and championship golf courses. Not to be overlooked, this guard gated residence is made complete with 2 personal underground parking bays and private storage room. For buyers looking for an exceptional property in one of North Phoenix's most desirable locations, this beautiful residence offers the ultimate in sophistication and convenience for full-time or seasonal escapes. Come enjoy some of the very best Arizona has to offer.

6711 E Camelback Road Unit 61 Scottsdale, AZ 85251

$1,750,000
3 Beds
2 Baths
2,236 SqFt
Status Active
MLS # 6752393
Property Type Townhouse
Price Type --
Discover the epitome of luxury living in this beautifully appointed home located in the exclusive Pavoreal gated community in Scottsdale. Featuring modern finishes and soaring high ceilings, this residence offers a perfect blend of elegance and comfort. The backyard boasts brand-new landscaping, providing an ideal space for outdoor entertaining or simply relaxing in privacy. Situated within walking distance to Scottsdale's premier shopping and dining destinations, this home offers the convenience of urban living while maintaining a tranquil, private atmosphere. Don't miss this opportunity to experience this exceptional property in one of Scottsdale's most sought-after communities.

10275 E Winter Sun Drive Scottsdale, AZ 85262

$1,750,000
4 Beds
4 Baths
3,952 SqFt
Status Active
MLS # 6766921
Property Type Single Family Residence
Price Type --
Beautiful corner lot with a very peaceful magical garden. where you can enjoy the AZ sunsets. Highly upgraded home built around a huge courtyard. Very private setting with several outdoor living areas. Courtyard has a large ramada, and firepit. The 4,000 sq ft home features 4 bedrooms, 3 1/2 bathrooms, including a mastersuite with fireplace and his and hers closets. Wonderful kitchen with beautiful granite SS appliances, gas cooktop, warming drawer. Open to the oversized greatroom. The livingroom features a fireplace and wetbar off the diningroom. There is also a bonus/gameroom with sliders out to the courtyard. The backyard was created for entertaining and relaxing. In addition to the pool with a water feature, BBQ, fireplace, and pergola.

9445 E Quail Trail Carefree, AZ 85377

$1,750,000
3 Beds
2.5 Baths
3,977 SqFt
Status Active
MLS # 6772648
Property Type Single Family Residence
Price Type --
Welcome to Quail Trail Haven: Where nature meets serenity! Escape to your private desert oasis. This stunning single-level home offers the perfect blend of luxury & tranquility. With 3 bedrooms, 2.5 baths, & an open-concept floor plan, Quail Trail Haven is ideal for entertaining or star gazing. Enjoy the newly remodeled kitchen, sparkling saltwater pool, hot tub & multiple fireplaces while soaking in the serene desert views. The expansive primary suite is a true retreat, complete with a sitting room, fireplace, & spa-like bath. Additional features include NEW Anderson windows, a flex room(perfect for a workshop/3rd car garage),& breathtaking desert landscaping. Whether you want to relax in your backyard or explore nearby hiking trails and trendy restaurants. Quail Trail Haven is living!

30 Sycamore Canyon Road Sedona, AZ 86336

$1,750,000
3 Beds
3 Baths
2,323 SqFt
Status Active
MLS # 6770114
Property Type Single Family Residence
Price Type --
Live in Luxury w/ NO HOA & enjoy 180 Degree UNBLOCKABLE PANORAMIC VIEWS of Sedona'a Majestic Red Rocks. Use as a secondary or primary residence & STR when not in use. 2024 Upgraded Chef's Dream Kitchen offering massive island/ Wolf Oven & Steam Oven/ Induction Cooktop/ 2 wine fridges and Butlers' Pantry to Die For, Great Room Living, 572 sq ft Terrace Featuring Hot Tub & Electronic Sun Shade, ELEVATOR to access both floors, Primary Suite featuring Spa Bath/ Steam Shower & 3 Way Fireplace. Spacious 2nd & 3rd Bdrms w/ full bath for guests to visit. Step out to the south 966 sq ft sun deck for privacy or meander out to the terraced landscaping and listen to the water feature. The Oversized 2 car garage has plenty of storage. Once You Enter You Won't Want to Leave! 2023 HVAC's, Other upgrades in 2023: remote window shades in the kitchen, Instant hot water, Reverse Osmosis w/Whole House Water Treatment System, Dual Zone A/C, soft water spigot for car washing, Western Decorative Security Door & Emergency Access Fire Dept Key Box at Front Entrance. STUNNING Chef's Kitchen boasts polished granite island with built-in GE Monogram Induction Cooktop, built in Sharp Microwave and storage beneath. Gorgeous Taj Mahal Quartzite Counters with full textured tile backsplash make this kitchen a gathering magnet with upgraded appliances including Wolf Oven and Wolf Steam Oven, Oversized dual faucet Farmhouse Sink, Bosch Dishwasher, Samsung side by side fridge, and dual mini wine/beverage fridges. Enjoy casual island dining with guests while admiring the custom metalwork chandelier above and views of nature to the South & Red Rock Show to the North. Multiple options to dine both inside at the island or formal dining area OR take the entertaining outside on th 572 sq ft terrace with huge retractable awning when shade is desired. In the evenings enjoy stargazing from the hot tub or on the south deck around a firepit table. Plenty of Alder soft-close upper and lower cabinetry, PLUS spacious walk-in Butler's Pantry with granite counters, beverage and coffee stations and Iron metal door to access your south deck. Huge and Lavish Primary Bedroom Suite invites you to pamper yourself in luxury. Plenty of space with dual vanities and large walk-in closet. Relax in the jetted tub while reading a book next to the three-sided fireplace. The walk-in STEAM SHOWER is stunning featuring four complimentary tile designs, dual shower heads and wand and spacious bench. Even the shower has views!! Enjoy coffee in bed with the best views in Sedona or stroll out onto the terrace through the glass slider. Guests can enjoy privacy and comfort on the lower level in the two spacious bedrooms with walk-in closets and shared full bath. The larger bedroom can also be an office with enough space for gym equipment or full on media room. The exterior of this home is as amazing as the interior. Paver walkways and shimmering tiled stairs adorn the front entrance. Transport yourself through the red rock portal and hike up to the picnic table in the back yard or meditate on the stone bench while listening to the sound of the trickling water feature. All surrounded by mature native tree provided shade and privacy. When it's time to dine outside, BBQ in Style on South Trex Deck w/ Shade provided by the towering native evergreens.

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