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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33101 N 82nd Street Scottsdale, AZ 85266

$1,495,000

5 Beds

3.5 Baths

4,026 SqFt

Status Active

MLS # 6713004

Property Type Single Family Residence

Price Type --

Your N. Scottsdale oasis can be found here! This stunning 5 bedroom home sits on just over an acre with expansive desert views seen from the covered balcony off the incredible primary suite featuring its own sitting room & 2 walk-in closets. Enjoy the propane heated sparkling pool & spa with true privacy in your dream backyard due to lush and mature landscaping on this corner lot! The pride of ownership, extensive upgrades & high attention to detail the owners have had in maintaining this property truly shows! No HOA - Solar is OWNED & a huge asset for enjoying this property however you like (electric bills & list of major property upgrades in documents tab)!

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19617 N 39th Drive Glendale, AZ 85308

$1,495,000

4 Beds

3.5 Baths

4,024 SqFt

Status Active

MLS # 6733689

Property Type Single Family Residence

Price Type --

NEW CONSTRUCTION! Welcome to Vision Hill Estates. Single-level, perfect for creating unforgettable memories. 4 spacious bedrooms, 3.5 luxurious baths, and a 3-car garage. offering ample space for family and guests. The large lot, just under half an acre, ensures privacy and space to enjoy. Step inside to discover a large, open gourmet kitchen with high-end finishes, a walk-in pantry plus an additional room for extra storage. Conveniently located near the 101, 51, and 17 freeways, Vision Hills Estates provides easy commutes throughout the Valley of the Sun. The large backyard is ready for you to create your own private oasis. Don't miss this opportunity to make this stunning home your own in this exclusive community. Come and experience a blend of luxury and convenience. Energy Efficient home built with 2x6 construction and a 400 amp electrical panel.

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3018 N 50th Street Phoenix, AZ 85018

$1,495,000

5 Beds

4.5 Baths

3,819 SqFt

Status Active

MLS # 6739740

Property Type Single Family Residence

Price Type --

Experience the best of Arcadia living - walking distance to the greenbelt, OHSO, all of Arcadia's best amenities. This home features 5 bedrooms, 4.5 bathrooms, and over 3,800 square feet of luxurious living space. The gourmet kitchen boasts slab granite counters, an island, an eat-in area, and opens to a large family room. The primary suite includes a private balcony with Camelback Mountain views, dual walk-in closets, a jetted tub, and a walk-in shower. With two primary suites, one on each floor, the home offers flexibility and privacy. Enjoy high ceilings, formal living and dining areas, a loft, and covered patios in front and back. The property includes a three-car tandem garage and ample sized backyard. Situated on a cul-de-sac street and in the popular Arcadia Osborn neighborhood.

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13778 E Charter Oak Drive Scottsdale, AZ 85259

Open House

$1,495,000

3 Beds

2.5 Baths

3,060 SqFt

Status Active

MLS # 6740773

Property Type Single Family Residence

Price Type --

Experience luxury living in this guard gated Scottsdale Mountain home. Updated with light & bright finishes, floor-to-ceiling windows & sliding glass doors that frame breathtaking mountain views. The chef's kitchen boasts an immense island w/ stainless steel appliances & endless counter space that seamlessly flows into the family room & out to the backyard. Enjoy alfresco dining in the spacious covered patio, overlooking a sparkling lap pool. The primary suite is a true retreat, w/ direct access to the outdoors. The spa-like bathroom offers a large walk-in glass shower, a luxurious soaking tub, and an expansive walk-in closet. Secondary bedrooms are equally spacious, providing tremendous flexibility for your needs. This exquisite home combines elegance, comfort & breathtaking scenery. Go to our website for more information.

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8196 E Sunnyside Drive Scottsdale, AZ 85260

Open House

$1,495,000

4 Beds

3 Baths

3,097 SqFt

Status Active

MLS # 6709760

Property Type Single Family Residence

Price Type --

Discover refined living in this exquisite 4-bedroom, 3-bath home in the prestigious Scottsdale Country Club. Nestled on a large lot, this residence offers an oasis of tranquility with its sparkling pool and captivating golf course views. The spacious interior is a blank canvas, ready for your personal design touches. Imagine creating your dream home with elegant spaces perfect for both relaxation and entertaining. Enjoy the serene surroundings and exclusive lifestyle this community offers. A remarkable opportunity at an exceptional price for this highly sought-after area. Indulge in luxury and make this dream home yours today.

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10595 S State Route 69 -- Mayer, AZ 86333

$1,490,000

3 Beds

5 Baths

4,666 SqFt

Status Active

MLS # 6752671

Property Type Single Family Residence

Price Type --

Welcome to your dream horse training facility!! Positioned on 12 sprawling acres of picturesque landscape in Mayer, AZ. This exceptional property combines western life with luxury living! A grand 4,666 square foot home features 3 spacious bedrooms and a versatile loft. Enjoy the convenience of a dedicated laundry room and a well-appointed office. The two master bathrooms offer opulent amenities, including tile finishes, a walk-in shower, a classic clawfoot tub, and a soothing jacuzzi tub. The expansive kitchen boasts upgraded appliances, granite countertops, and ample space for culinary creativity. The great room is a showstopper with its floor-to-ceiling rock fireplace, creating a warm and inviting atmosphere. The property includes a 4,000 square foot horse barn with 10 stalls, a wash rack, and a tack room with a sink and refrigerator, ensuring top-notch care for your horses. The facility also features four large turnouts with shade structures, a cutting pen, a round pen, and a hot walker. A hay shed provides convenient storage, while 8 RV hookups offer accommodation for guests or staff. Enjoy lush green pastures, mature trees, and the peaceful sound of the seasonal creek flowing through the property. The front 2 acres of the property are zoned commercial!! Benefit from low utility costs with a septic tank, and 2 private wells!!! There are 3 heat pump units, a water softner unit and reverse osmosis. The home includes a 3-car garage, and an additional storage shed with its own porch, perfect for hobbies or extra storage needs. This property is more than just a home; it's a complete equestrian paradise offering luxury, functionality, and breathtaking beauty. Don't miss the chance to make this exceptional estate your own.

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2500 Lupine Lane Wickenburg, AZ 85390

$1,490,000

4 Beds

3.5 Baths

4,205 SqFt

Status Active

MLS # 6768049

Property Type Single Family Residence

Price Type --

Beautiful truly custom home abutting airport real estate, providing never ending views of the Bradshaws! Each room was independently designed for a completely different ascetic, yet the overall feel still has cohesion. With two owner suites split from one another by the parlor as well as from the other two bedrooms, this home is perfect for any entertaining scenario. Each owner's suite closet is so intricately designed, bedroom furniture may be unnecessary. The parlor has a pass-through fireplace to the main living area which makes the room feel connected yet isolated for privacy. The open concept living space enjoys an eat up bar, wonderful living space, formal dining as well as a quaint breakfast area. No expense was spared in this gourmet kitchen and walk in pantry!

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6711 E Camelback Road Unit 21 Scottsdale, AZ 85251

$1,490,000

2 Beds

2 Baths

2,049 SqFt

Status Active

MLS # 6769046

Property Type Townhouse

Price Type --

Welcome to your tranquil oasis near the heart of Old Town Scottsdale! Nestled within the serene, guard-gated Village of Pavoreal, the home offers a unique blend of luxury, convenience, and timeless charm. As you step into this meticulously crafted residence, you'll immediately be greeted by the warmth of espresso hardwood floors and a space flooded with natural light, creating an inviting atmosphere throughout. The den provides a versatile space for work or relaxation, while the absence of stairs ensures easy accessibility. Experience the epitome of peace, privacy, and security away from major streets. Surround yourself with lush vegetation and fruit trees, creating a picturesque backdrop for your everyday life. The home can be sold furnished making it an ideal lock and leave opportunity The resort-style lighting illuminates the yard and adds to the enjoyment of your own private oasis. With high ceilings adding to the sense of spaciousness, this lock-and-leave residence offers convenience and security, perfect for those with a dynamic lifestyle. Rest easy knowing that your home is safeguarded within the 24/7 guard-gated community, providing peace of mind and a sense of exclusivity.

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2946 N Lodgepole Road Overgaard, AZ 85933

$1,490,000

4 Beds

4 Baths

5,088 SqFt

Status Active

MLS # 6773690

Property Type Single Family Residence

Price Type --

Experience the ultimate in luxury living at this magnificent hilltop retreat! With expansive decks offering breathtaking views, this custom-built home is a true gem. Step inside to find wide wood plank hickory floors that lead you to a spacious living room. The chef's kitchen is a dream, featuringgorgeous cabinetry, a Sub-Zero fridge, Wolf gas double oven, large slab granite counters, walk in pantry & a cozy sitting area. Every bedroom boasts an ensuite, with one conveniently located on the main level as well as the laundry. Ascend the stunning staircase to discover a huge family room complete with a fireplace & split floor plan. Two additional bedrooms, along with a lavish primary suite that includes its own fireplace and private deck and attached office with mini kitchen and balcony.

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263 W Malibu Drive Chandler, AZ 85248

$1,490,000

5 Beds

4.5 Baths

5,735 SqFt

Status Active

MLS # 6681125

Property Type Single Family Residence

Price Type --

Welcome to the captivating 5-bedroom, 4.5-bathroom house located in the desirable Fulton Ranch, Aegean Cove subdivision in Chandler. This spacious home spans an impressive 5,735 square feet and offers a multitude of possibilities for comfortable living. With its generous layout, gourmet kitchen, spacious living areas and bedrooms, this property boasts a basement, providing additional space for various activities. The house features a large backyard, perfect for outdoor gatherings, gardening, or simply enjoying the beautiful Arizona weather. Whether you are looking for room to grow or desire ample space for entertaining, this house offers the perfect canvas to create your dream home. Don't miss out on the opportunity to make this captivating 5-bedroom, 4.5-bathroom house in Chandler your own. Close to freeway and shopping.

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3413 E Equestrian Trail Phoenix, AZ 85044

$1,490,000

6 Beds

4 Baths

5,769 SqFt

Status Active

MLS # 6765363

Property Type Single Family Residence

Price Type --

Step inside this recently renovated estate located in the sought after Ahwatukee Custom Estates community. Everything you need on one property including large pool and custom basketball court sitting on a large half acre lot with three car garage. Home consists of 6 bedrooms with two additional bonus rooms acting as fitness room and office room. 2 of the 6 bedrooms are located in the spacious basement that was also renovated and contains kitchen and living room, great for the ideal man cave or additional living space for guests (basement photos coming soon). High ceilings and grand layout make this home feel larger than it truly is.

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2625 N 24th Street Unit 36 Mesa, AZ 85213

$1,490,000

4 Beds

4 Baths

3,309 SqFt

Status Active

MLS # 6772722

Property Type Single Family Residence

Price Type --

This absolutely stunning remodel was inspired and professionally designed by MARA Interior Design. As you step inside, you're welcomed into an elegant formal living room with a breathtaking view of the pool, spa and glass fire pit through expansive glass windows. The fully remodeled chef's kitchen is a perfect blend of design and functionality, featuring timeless luxury finishes and high-end appliances i.e. Wolf and Subzero. Don't miss the large walk-in-pantry! The kitchen expands into a cozy and warm family room with a built-in fireplace and desk workstation. This 3309 square foot gem has 3 en-suite bedrooms and there's a 4th large bedroom that is currently being used as an office & gameroom. The outdoor area is perfectly manicured and designed... for entertaining - with a huge covered patio, a built-in BBQ, sunlit pergola and lush mature landscaping that's sure to impress. A heated play pool with a baja shelf, a large heated spa and a waterfall feature that lights up the backyard beautifully. The 3 car garage has new epoxy floors, and there is plenty of parking at the RV gate slab. Inside and out, this home in the beautiful community of Estates at Northridge is absolutely stunning! This gated community has private community amenities including greenbelt with Basketball Court, and another Community Sport Court with Basketball, Tennis and Pickleball for residents only. There is a Tot Lot/playground on sand as well. Don't wait to see it or you will miss the chance to own it.

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