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.

Case–Shiller 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.

What‘s 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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3730 E Cloud Road Cave Creek, AZ 85331

$1,625,000

4 Beds

3 Baths

3,264 SqFt

Status Active

MLS # 6765683

Property Type Single Family Residence

Price Type --

Everyone who walks into this home says ''Wow!'' Gorgeous home on an appx acre. Custom travertine in all walk areas. High end finishes t/o. Gorgeous island kitchen featuring cherry stained knotty alder cabinets, granite, 48'' Prof. Viking 6 burner gas stove with grill. Pot filler over stove, warming drawer, prep sink in island, and trash compactor. Sub Zero refrigerator. Breakfast nook. The wet bar features a wine chiller and refrigerator, sink and granite counter. The split primary bedroom features a snail shower, separate partner sinks, and a gas fireplace over the bubble tub. Two bedrooms share jack and jill bathroom. Hard-wired Ring video doorbell w/ backyard ring video floodlights. Backyard features a deep patio with scenic views of the mountains. Whole home hard wired audio sy

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1637 N Quartz Valley Road Scottsdale, AZ 85266

Open House

$1,625,000

3 Beds

4 Baths

4,090 SqFt

Status Active

MLS # 6749533

Property Type Single Family Residence

Price Type --

One of a kind, private retreat nestled in the heart of The Boulders with no neighbors on one side,! This charming home is on a large lot and features wood-beamed ceilings, temperature controlled wine room, clerestory windows and a 720 sq. ft. detached guest house with living room, bedroom, bathroom and fireplace. The main house boasts an inviting living room, bright kitchen with island that opens to an enchanting family room and a bonus room with Murphy bed. A generous primary suite offers double walk-in closets, fireplace and sitting room/office with backyard views and additional fireplace. Enjoy the surrounding desert and views of the 11th & 12th fairways from multiple outdoor patios with fireplace, cascading water feature, built-in BBQ and private pool with additional water feature. The spacious 2 car garage has ample space for a golf cart, which is included.

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56444 N Vulture Mine Road Wickenburg, AZ 85390

Open House

$1,625,000

3 Beds

2 Baths

2,493 SqFt

Status Active

MLS # 6757823

Property Type Single Family Residence

Price Type --

Income property in Wickenburg, spanning across 12.432 acres with an additional 5 acres available, is a remarkable real estate opportunity that offers a range of features and amenities, main house 2493 sq ft w/3 bd -2 bath, walk in pantry equipped with freezer, new washer & dryer, 2 fireplaces creating a cozy environment, new flooring in master with 2 lg closets, impressive upgraded 1800 sq ft guest house 2bd/2 bath with ample space through out, stackable washer & dryer included, outdoor fireplace, salt water pool with new system, circular driveway offers easy access to both houses & horse set up, Arena 170 x 200, hay shed & tackroom 20 x 80 with full electric & outlets, 6 horse pens with covers, 20 x 24 square pen for training, private well, 3 septics, 3 Rv hook-ups, this is a must see

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110 Appaloosa Way Sedona, AZ 86336

$1,620,000

4 Beds

3 Baths

2,609 SqFt

Status Active

MLS # 6748783

Property Type Single Family Residence

Price Type --

Southwest Luxury and Elegance abounds within this beautifully appointed Custom West Sedona Gem built by Casa Natural. With STELLAR Red Rock views of Thunder Mountain and Chimney Rock, get ready to fall in love the moment you pass through the entry gates. Privacy and Zen-like tranquility delight the senses combined with the perfect location with easy access to hiking/biking trails, shopping and dining. Creatively and masterfully designed with UPGRADES GALORE featuring Great Room Living with 10 &12 ft ceilings. Upon entering, the massive stacked rock wall invites you in, creating harmony with the red rock views through a generous array of glass windows. Several interior walls are angled, all with rounded corners complemented by gorgeous Travertine floors, majestic 8 ft wood doors and rich cabinetry throughout. Native Trees provide privacy from every room creating the feeling of remoteness and connection to nature. Chef's Kitchen boasts granite counters, center island w/ SS prep sink and sitting area, custom cabinets including generous pantry closet with custom slide outs, Stainless Premium KitchenAid gas cooktop, fridge, double stacked ovens and newer BOSCH dishwasher, breakfast nook, wet bar w/beverage fridge and additional office space w/storage. Easy transition to casual dining on the adjacent outdoor patio. SPACIOUS Primary Bedroom Suite offers incredible red rock views, dual vanities, walk-in shower, separate tub and spacious walk-in closet with built-in shelving system. Plenty of space for guests with an additional ensuite bedroom w/walk-in closet plus two more guest bedrooms/office space. Relax and rejuvenate in nature with a choice of two patios and HUGE north facing deck while taking in views of Lizard Head Rock and Cockscomb. In the cooler months, cozy up inside with a blanket and a novel next to the warmth of the steel walled fireplace accentuated by a stacked rock wall. Additional features include ceiling mounted speakers in great room, home alarm system, Carbon Monoxide detector, Berber carpet in bedrooms, recirculating hot water, water softener and reverse osmosis. Warranties in place for HVAC, Roof, Dishwasher and termite treatment . Hot tub, jetted tub, hood over cooktop is not warranted by Seller. Washer Dryer and TV do not covey with sale.

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7730 N 2nd Avenue Phoenix, AZ 85021

Open House

$1,620,000

4 Beds

3 Baths

2,761 SqFt

Status Active

MLS # 6787413

Property Type Single Family Residence

Price Type --

**Immaculate remodel** An extraordinary opportunity to own a stunning corner lot in the heart of North Central Phoenix. The upgrades are unparalleled, from the high end Cafe appliances, custom soft-close cabinets and textured quartz countertops. New roof, new AC/heat, water heater, floors, cabinets, plumbing, wiring, windows, paint...consider this home newly built. Everything has been updated with the finest level of modernized touches! Plus an incredible 4 car garage! A rare find in North Central Phoenix, fitted with custom flooring and cabinetry. Located in the highly sought-after Central Corridor, this home is surrounded by a vibrant community that perfectly blends historic charm with urban convenience, exceptional schools and a family friendly neighborhood. This home will not last!

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38844 N 11th Avenue Phoenix, AZ 85086

$1,619,999

4 Beds

3 Baths

4,116 SqFt

Status Active

MLS # 6773535

Property Type Single Family Residence

Price Type --

Oasis in the Desert! Stunning Ingram built home on 1.13 acre lot. Out front you will find a Circular driveway and regal stone entry which lead to a large private courtyard with fireplace. Expanded floorplan with 10 foot and 12 foot ceilings. Travertine floors and base throughout. Separate family and living rooms. 4 bedrooms plus a 17'5x13' den/office with barn entrance doors. Then there is a 6th room near the family room loaded with cabinets and a sink. It also has a separate exit. Excellent room for an office. Roomy eat in kitchen with island and ample cherry cabinets. Granite countertops, built in fridge, and breakfast bar. More than enough room to entertain. Oversize master bedroom is 25'9x18'. Plenty of room for a sitting area. Huge walk in closet also has a 12' ceiling. Master bath features a jetted garden tub, walk in shower with stone surrounds to the ceiling. Nice size secondary bedrooms and one has its own private bath. 8' over height interior doors throughout. Oversize laundry room with plenty of cabinets/tops and a wash basin. Backyard is absolutely loaded with upgrades and truly is resort style living. This yard is fully landscaped, very private, and an entertainers dream. 25'5x13' covered patio and large amounts of stone leading out. Current owners even removed some of the stone and re-leveled to perfection. Playpool with water feature and a heated spa. Pool was converted to chlorine but could go back to salt. There is a beautiful Ramada with its own fireplace. RV gate and parking on the side with plenty of room for an RV garage to be added. Landscaping is the nicest you will find in Desert Hills. Some of the trees featured are Mesquite, Palo Verde, Orange, Lime, Grapefruit, Pomegranate, Kumquat, Lemon, Japanese Orchid. All recently trimmed. Recently a putting green was installed to improve your game. There is also a huge BBQ island to entertain a large group if you wish. The following has been done in the last couple of years. New interior paint 100%. New exterior paint 100%. New rain gutters. New window screens. Putting green. Endless amounts of rocks, landscaping, plants, pavers, travertine, etc. All new lights inside and outside. All new ceiling fans. All new outlets and switches. New carpet. New RV and man gates. Just over two years warranty from Maximum left on the termite package and 100% stem wall treatment. New roof. New 2 x 5 ton AC units, one x 2 ton. Upgraded Nest climate control. Just finished 100% full yard pruning of trees, $5000 worth of labor. All LED lighting on property. There is a 23.2 KW solar system for low utilities. It also includes an extended warranty. Water softener was just replaced. 3 car garage loaded with built in cabinets. Floor coating recently done. Shared well with storage tank and only two users. Beautiful home and is move in ready!! Full set of photos coming soon.

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11656 N Silverwood Drive Oro Valley, AZ 85755

$1,615,000

4 Beds

3 Baths

3,045 SqFt

Status Active

MLS # 6781588

Property Type Single Family Residence

Price Type --

Attention all particular home buyers, this home is exceptionally cared for, in a Gated community. For sale in the highly sought after community of Oro Valley. This home sits on one of the most panoramic view lots in all of Oro Valley The exceptional views of the Catalina Mountains are visible from the entire back of this home. Other listings will tell you they have ''views of the Catalina's'', but if your priority is a true, unobstructed view lot, this home is for you. This home sits at the end of a cul-de-sac with no neighbors across from you. Because of it's location, this home offers true indoor/outdoor living at it's finest

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953 W Sheppards Trail Globe, AZ 85501

$1,600,000

4 Beds

2 Baths

1,956 SqFt

Status Active

MLS # 6671909

Property Type Single Family Residence

Price Type --

Let the Views begin!! 360 Degree views from the home. Beautiful well maintained 4 bedroom home that is completely off the grid. Home sits on 158+ acres with fresh springs running throughout the property. Home is Custom built with 18'' insulation walls and 12'' insulated walls. Granite kitchen counter tops. Italian tile in primary bath. Beautiful commercial grade tile throughout the home. Acreage has 2 streams running thru the property to provide fresh water. Plenty of area to built future home. Fruit trees located on property. Gated private entry road.

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492xx N 15th Avenue New River, AZ 85087

$1,600,000

4 Beds

4.5 Baths

3,983 SqFt

Status Active

MLS # 6736365

Property Type Single Family Residence

Price Type --

This is your opportunity to build an exquisite custom home boasting a captivating great room floor plan situated on an expansive 1.6 acre lot with 180-degree mountain views, providing the perfect canvas for your vision of luxury living. With the unique opportunity for the buyer to choose all finishes, this remarkable residence promises an unparalleled level of customization and sophistication. Step into the heart of this home, and be greeted by a kitchen that is as functional as it is beautiful. The buyer has the freedom to select their desired stone for the island, countertops, and backsplash, creating a kitchen that reflects their personal style and taste. Every cabinet in this culinary haven is equipped with slow-close drawers and doors, embodying the seamless blend of convenience and refine craftsmanship. With 42 upper cabinets and 30 lower cabinets, ample storage space is provided, ensuring a clutter-free environment. The 3cm countertop edge profile adds a luxurious finishing touch to this stunning kitchen. The elegance continues throughout the home with a choice of 12x24 or 24x36 tiles in all wet areas, creating a cohesive and visually pleasing aesthetic. The 8 baseboards and solid core doors add an extra layer of sophistication and durability. Floor-to-ceiling glass doors open up to a covered patio, seamlessly blending indoor and outdoor living spaces. Step outside and discover an oasis of relaxation and entertainment. The outdoor space boasts a fully equipped kitchen with a grill, and dual burner gas cooktop, offering the perfect setting for al fresco dining and culinary adventures. The centerpiece of the outdoor area is the stunning 20x50 swim-up beach pool with a separate spill-over hot tub, providing a luxurious retreat for relaxation and recreation. Every bathroom in this custom home features custom stone and tile showers, exuding opulence and sophistication. The master shower is equipped with dual body systems, ensuring a spa-like experience in the comfort of your own home. Satin nickel Moen fixtures add a sleek and modern touch throughout. Indulge in the opportunity to create your dream home with this exceptional custom residence. From the meticulously designed kitchen to the luxurious outdoor oasis, every detail has been carefully considered to provide the ultimate in comfort, style, and functionality. Embrace the chance to curate a space that reflects your unique vision, and experience the epitome of elegance and refinement in this remarkable custom home. Opportunity to create your own custom floor plan or add more space, or build a completely Off the Grid home if desired. Custom home builder is ready to start building for you! Solar upgrade, ICF insulation upgrades available.

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2505 W Black Ridge Trail Prescott, AZ 86305

$1,600,000

3 Beds

3 Baths

3,200 SqFt

Status Active

MLS # 6743215

Property Type Single Family Residence

Price Type --

New Private Property new build, unconstructed roads are unsafe for public driving at this time! Lot 16's unique slope & layout make it perfect for a home design that captures stunning views & blends seamlessly w/ the natural terrain. With the garages positioned towards the road, the design maximizes rear facing views, which are enhanced by expansive windows and ample DECK space. The home features a lower level perfect for a SHOP/RECREATION AREA, but can be easily changed to a THEATER ROOM/GYM/PRIVATE GUEST SUITE. Crystal Creek Builders will prioriize your vision. Customize every aspect, from design to materials, and you can trust the experienced team to bring your dream to life on this exceptional lot. New private property new build, unconstructed roads are unsafe for private driving at this time! Prescott National Forest, but it's an easy 10 minute drive to the best of what Prescott has to offer. From the lively PRESCOTT COURTHOUSE SQUARE & WHISKEY ROW to ample retail and a thriving arts community, Prescott has all the charm of a small town but with big-city amenities. Additionally, HIKING & BIKING TRAILHEADS, along with many outdoor activities are at Stringfields front door. DISCLAIMER: Property is offered as a Design Build of Crystal Creek Builders on Stringfield Lot 16. Lot price is $275.000 and home is budgeted at $1.200.000. Subject to change depending on final design and Buyer/Owner finish selections.

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12405 Forest Service 772 Road Flagstaff, AZ 86005

$1,600,000

2 Beds

1.5 Baths

1,705 SqFt

Status Active

MLS # 6310059

Property Type Single Family Residence

Price Type --

Incredible Opportunity! This gorgeous,10.9 acre property has I-17 highway frontage with an interchange just off the Newman Park Exit and borders the Coconino National Forest. Zoned General, 10 acre minimum. Current home was previously used as a bar/restaurant. There are two additional, small, rustic cabins, RV hookups, an equestrian arena & ponds / water holes. Zoning & proximity to I-17 interchange may allow for use as an auto service station, campground, convenience market, hotel-motel, info center, museum, RV park, rest area, restaurant or truck stops. Also listed commercial ML# 6312512. Please call with questions today before this amazing Northern Arizona property is gone!

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841 E Juanita Avenue Gilbert, AZ 85234

$1,600,000

4 Beds

3 Baths

4,023 SqFt

Status Active

MLS # 6757331

Property Type Single Family Residence

Price Type --

Welcome to 841 E Juanita Ave, a truly extraordinary estate nestled in the prestigious Circle G Ranches in North Gilbert, offering the perfect blend of country charm and modern luxury. Located just minutes from the vibrant Downtown Gilbert and with easy access to the 60 freeway, this property provides the ideal setting for those seeking tranquility, space, and convenience all in one. This expansive 36,573 square foot lot features not one, but two beautifully crafted homes, making it perfect for multi-generational living, guest accommodations, or even a private home office setup. The main home spans an impressive 4,023 square feet and offers 4 bedrooms and 3 bathrooms, thoughtfully arranged in a split floor plan for maximum privacy. The master suite is a private sanctuary with abundant natural light, an attached office area ideal for working from home or creating a quiet reading nook, and a spacious en-suite bathroom. The heart of the main home is a beautifully designed living space that seamlessly connects the formal living room, family room, and dining areas. The open floor plan is perfect for both intimate family gatherings and larger social events. The gourmet kitchen is a chef's dream, complete with ample counter space, custom cabinetry, and modern appliances, making meal preparation both fun and functional. Outside, the sparkling pool invites you to cool off during the warm Arizona summers, while the expansive yard offers ample space for outdoor entertaining, gardening, or enjoying a quiet moment of solitude. As an added bonus, this estate includes a separate 984 square foot guest house, which is essentially a fully self-contained second home. It offers a cozy family room, a full-size kitchen with all modern amenities, a generously sized bedroom, a large bathroom, a dedicated laundry room, an office area, and a private patio where guests or family members can enjoy their own outdoor space. The guest house is perfect for visiting guests, in-laws, or even as a rental unit to generate additional income. Despite having two homes, a pool, and a three-car garage, this estate still provides ample space for customization and additional amenities. Whether you envision creating a garden, a horse corral, or adding more recreational features, this property offers endless possibilities. The estate even comes with horse privileges, making it ideal for equestrian enthusiasts looking for a luxurious property with room to ride. This rare find in the heart of Circle G Ranches offers a unique opportunity to enjoy a luxurious lifestyle with the space and amenities of a rural setting, while still being close to all the amenities that make Gilbert one of Arizona's most desirable places to live. Don't miss your chance to make this dream property your own!

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