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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2626 E Arizona Biltmore Circle Unit 6 Phoenix, AZ 85016

$1,477,000

4 Beds

3 Baths

2,913 SqFt

Status Active

MLS # 6773162

Property Type Townhouse

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The secluded Biltmore Square at the Biltmore. Completely remodeled in 2021 including newly applied smooth exterior stucco. Photographs do not do this home justice - you have to see it to believe it! Minutes walk from the Biltmore, Camelback shopping and restaurants, and canal walking/jogging path. Beautifully maintained common areas and pool. NOTE: LISTING BROKER RELATED TO SELLER

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6918 N 178th Lane Waddell, AZ 85355

$1,475,000

4 Beds

3.5 Baths

3,834 SqFt

Status Active

MLS # 6762928

Property Type Single Family Residence

Price Type --

Brand new home full of custom finishes throughout. Situated on an acre lot with access to flood irrigation in the backyard. NO HOA. Fully landscaped front yard with oversized driveway and plenty of room for all your needs. You do not want to miss this one!

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2875 S Azurite Street Dewey, AZ 86327

$1,475,000

5 Beds

4 Baths

4,742 SqFt

Status Active

MLS # 6658738

Property Type Single Family Residence

Price Type --

Welcome to a one-of-a-kind, fully sustainable and luxurious estate, perfect for multi-generational living, business and church retreats, or as a unique party venue, etc. Nestled on 4+ serene acres, the expansive grounds are a true oasis with the added benefit of a private pond, boasting over 2,000 fish. The lush landscape includes a variety of fruit trees and many raised garden beds to plant your favorites, while two workshops with electricity provide ample space for any hobby or entrepreneurial endeavor. Read to the END! A grandiose stairway leading to the stunning rain glass double doors entering the main house that features 4 bedrooms, including two master suites, and 3 bathrooms, AND a lower level in-law suite with 1 bedroom, 1 bathroom and full kitchen for additional privacy and comfort. The new appliances, oversized L-shaped quartz kitchen counter, and custom Forno fridge make the kitchen a chef's dream. For endless entertainment and relaxation, the indoor heated pool with diving board, jacuzzi, sauna and ¾ bathroom are sure to please. Also, offering a projector with screen and elevated deck with hood vent for BBQing. A separate 2,900 square foot guest house, along with a cozy studio apartment, provide even more space for family, friends, or potential renters. Attached is a RV garage and an oil change pit for the mechanics out there. For outdoor enthusiasts, the sand volleyball court is a fantastic addition. The electric gated entry to the partially fenced private yard, and lack of HOA and CCRs allow for a truly unique living experience. Notable features include solar power, a private well with new pump and pressure tanks and city water, brand new roof on both homes, new 5-ton and 3.5-ton AC units, and propane tankless water heater for the main house. New split units in the guest house and new electric water heater. Experience the ultimate in luxury, sustainability, and versatility in this unparalleled estate ensuring self-sufficiency and eco-friendliness. All in a breathtaking Arizona setting, only 30 mins from the Prescott Courthouse Square and 50 mins from Anthem's outlet mall.

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Show Low AZ 85901

$1,475,000

4 Beds

3.5 Baths

3,232 SqFt

Status Active

MLS # 6760708

Property Type Single Family Residence

Price Type --

Come and experience ''Mountain Luxury'' in this meticulously maintained custom built home with breath taking views of the fairway! FULLY FURNISHED with attention to every detail. Boasting 3 Master Suites, Gourmet Kitchen w/Subzero Frig, Lg Walk-In Pantry, Game Rm w/Bar, Flex Rm/w Murphy bed & more!

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7131 E Rancho Vista Drive Unit 2011 Scottsdale, AZ 85251

$1,475,000

3 Beds

2 Baths

1,886 SqFt

Status Active

MLS # 6637093

Property Type Apartment

Price Type --

Located near Old Town Scottsdale in the Optima Camelview, this urban residence is the essence of modern city living. Thoughtfully designed, this haven offers comfort and style bathed in natural light with floor-to-ceiling windows and captivating views of one of the community pool areas from two private balconies. Three generously sized bedrooms are perfect for relaxation while the bathrooms offer premium fixtures and finishes. The kitchen is equipped with sleek cabinetry, stainless appliances and offers plenty of space for culinary exploration. Residents of Optima can enjoy amenities such as the state-of-the-art fitness center, multiple pools and spas, and the lush landscaped gardens. The prime location is moments away from fine dining, shopping, entertainment and the best that Scottsdale has to offer. The community also offers 24-hour security and underground parking.

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8028 E Vista Canyon Street Mesa, AZ 85207

$1,475,000

4 Beds

3.5 Baths

3,690 SqFt

Status Active Under Contract

MLS # 6780826

Property Type Single Family Residence

Price Type --

Discover unparalleled Valley views in the prestigious Las Sendas community! This 4-bedroom, 3.5-bath, single-level gem spans 3,690 sq. ft. and offers a spacious 0.328-acre lot with a 3-car garage. Experience Arizona's breathtaking sunsets from your private backyard retreat, complete with sweeping mountain and city light vistas, highlighting the beauty of the Phoenix skyline. An elegant gated courtyard introduces you to a thoughtfully designed split floorplan with seamless indoor-outdoor flow. The expansive backyard is an entertainer's dream, featuring a pristine pool and spa with LED lighting, fire pots, water features, a raised seating area with a gas firepit, and a putting green with stunning Red Mountain views. Luxurious travertine pavers, a...CONTINUE READING... ...misting system, and motorized shade screens provide ultimate comfort, while a sunken outdoor kitchen with a Viking grill, fridge, ice maker, and poolside bar seating elevates the experience. The side yard offers a grassy area for pets or play, alongside fruit trees for added charm. Inside, enjoy soaring ceilings, custom coffer detailing, plantation shutters, and two cantera fireplaces. An additional room serves perfectly as an office or bonus space, and the secluded owner's suite is a true retreat with its cozy fireplace, spa-like bath, and expansive walk-in closet. The gourmet kitchen boasts maple cabinetry, a large island, granite counters, and high-end Jenn-Air Noir Series appliances. The 3-car tandem garage includes a bay with over-height ceilings and a 220V outlet for easy car charging, ideal for extra storage or 'toys.' Las Sendas offers top-tier amenities including award-winning golf, miles of trails, tennis, pickleball, pools, parks, a community restaurant, and a fitness center. Situated near top-rated schools, major freeways, airports, and outdoor recreation like hiking and lakes, this home is a rare find with access to both natural beauty and city conveniences.

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8020 E Del Laton Drive Scottsdale, AZ 85258

$1,475,000

3 Beds

2.5 Baths

2,000 SqFt

Status Active

MLS # 6766343

Property Type Single Family Residence

Price Type --

This is the home you have been waiting for! Completely reconceived with euro-modern design elements in the sought-after McCormick Ranch area! Entry wows with a tongue and groove ceiling, custom-designed frosted glass door entry, and a lovely, paved front sitting area for experiencing the beautiful AZ sunsets. Enjoy the simplicity of a Eurocentric kitchen design style with exquisite flat slab quartz, mixed wood elements, and sleek modern cabinets with under-lighting for added ambiance. Appliances that thrill any seasoned chef, and a glass-encased wine closet for the wine connoisseur to show off their prized collection. Striking custom elements set this home apart from all others, from lighted niches, French-inspired glass barn doors, and a marble floor-to-ceiling linear fireplace to enjoy quiet evenings or entertain guests. The extended glass-enclosed patio adds additional entertaining space and looks out to the large lush yard with a sparkling pool. Close to parks, bike trails, coffee shops, restaurants, and shopping. Don't miss out!

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26441 N Trails End -- Rio Verde, AZ 85263

$1,475,000

3 Beds

4.5 Baths

4,444 SqFt

Status Active

MLS # 6768882

Property Type Single Family Residence

Price Type --

Views. Views. Views. Perfect location on the Quail Run golf course with expansive fairway panoramas. Contemporary design with many architectural enhancements. (Please see Virtual Tour under Photos Tab). Huge family room with convenient, bright and open kitchen for easy entertaining. Family room opens to patios and the great outdoors. Three bedrooms and four full baths plus a powder room. Huge laundry/hobbies room. Office with built-in cabinets. Full three car garage with built in cabinets. Rio Verde is a planned community for active adults over 55. Golf, tennis, swimming, hiking, biking, fresh clean air, starry nights in the friendliest golf community in Arizona. Come enjoy the fun

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5485 W Bruno Canyon Drive Prescott, AZ 86305

$1,475,000

3 Beds

3 Baths

2,608 SqFt

Status Active

MLS # 6773967

Property Type Single Family Residence

Price Type --

Luxurious custom home on a .80-acre corner lot with captivating Granite Mountain views. This impeccable 3-bedroom plus office offers high-end finishes throughout and is located near the clubhouse. The exterior boasts upgraded landscaping, a front fenced courtyard, an extended rear patio, a gas fire pit, and a large covered patio. Inside, enjoy a spacious kitchen with custom cabinets, GE Profile appliances, and a walk-in pantry. The primary suite features a sliding door to the patio, a walk-in shower, soaking tub, and direct access to the laundry room. Plus, an oversized 3-car garage with a sauna. Talking Rock is a gated private community for members only. Amenities include: award winning Jay Morrish designed Golf Course, The Ranch House restaurant and bar, Coop's Coffee House fitness center, bocce, pickle ball courts, tennis court, pool and dog park.

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3916 E Encanto Street Mesa, AZ 85205

$1,475,000

5 Beds

3.5 Baths

3,982 SqFt

Status Active

MLS # 6780417

Property Type Single Family Residence

Price Type --

Luxury living in Trovita Estates at its finest! This gorgeous residence is in one of Mesa's most prestigious communities! You'll be welcomed by an exquisite curb appeal complemented by stone accents, a carefully manicured landscape, 4 car garage, RV gate, and pavers. Understated elegance & subtle modernity seamlessly mix in this breathtaking open floor plan showcasing tall ceilings, recessed lighting, custom palette, and wood-plank tile flooring. The spacious living room features a delightful wagon wheel chandelier, a gas fireplace, and window seats. The multi-sliding glass doors connect indoor and outdoor living, promoting easy entertaining and quick access to your own private backyard paradise featuring a relaxing pool and sport court.

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6314 N 10th Drive Phoenix, AZ 85013

$1,475,000

4 Beds

3.5 Baths

2,703 SqFt

Status Active

MLS # 6769947

Property Type Single Family Residence

Price Type --

SELLER OFFERING 5.75% FINANCING RATE FOR 30 DAYS. COME SEE THIS GORGEOUS NEW CONSTRUCTION - CHOOSE YOUR HOME NOW. Blue Sky Homes are 50% MORE energy efficient than a standard new build and Energy Star / Indoor AirPlus Certified for cost savings and a significantly healthier home for you and your family. WELCOME TO CIELO at CASA AZUL - We are a Newly Constructed 12 home subdivision exuding state of the art smart home features, notable sustainability with the intent of encouraging community and serenity. This 4 bedroom , 3 1/2 bathroom homes offers upgrades and amenities you won't find from any other new home builder Aside from our custom interior design features and highly desirable family friendly floor plans, we proudly offer all of the following upgrades in all of our Casa Azul homes... 16' Sliding Glass Doors / Vaulted Ceilings / Smart Home Control Center Tablet / Smart lock & Keyless Entry / Smart Thermostat / Smart Home Pre-wiring for Complete Home Synthesis / Quartz Countertops & Custom Cabinetry / Energy Star Appliances / Oversized Bathrooms & Bedrooms / Covered Back Patios / Lifestyle Features / Serene Backyards / Electric Vehicle Charging Outlet / ENERGY STAR Certified / Indoor AirPLUS Certified / 3rd Party Audited Energy & HERS Score Rating / Spray foam insulation / Insulated Garage & Attic / EPA Water sense Toilets, Faucets, & Showers / LED Lighting /Insulated Owner's Suite for Efficiency & Sound / No VOC paint / Low VOC Engineered Flooring. Centrally located and close to all of the best restaurants and schools Arizona has to offer ... welcome to your new home!

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10613 E Diffraction Avenue Mesa, AZ 85212

$1,475,000

6 Beds

5.5 Baths

5,704 SqFt

Status Active

MLS # 6663410

Property Type Single Family Residence

Price Type --

This BEAUTIFUL home w/CASITA is OVERFLOWING w/DESIGNER upgrades!! GOURMET kitchen w/granite countertops, HUGE island w/sink, tiled backsplash, 42'' cabinets + stainless appliance suite w/wall ovens! Open concept great room w/GORGEOUS built-in entertainment center w/STONE gas FIREPLACE! PRIVATE owner's suite w/sitting room + ensuite bath, BIG walk-in shower + soaking tub! Separate den! Loft! Media room! CASITA w/kitchen, bedroom, living room, bath, laundry + separate entrance! SO many living options in this multi generation home! FANTASTIC backyard OASIS w/built-in swimming pool w/waterfall, fire features, pergola w/sunken kitchen + swim up seating/counter, gas fire pit, pavers/faux grass + covered porch & balcony! This is true LUXURY LIVING! Located in award winning EASTMARK! WELCOME HOME

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