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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10764 N 138th Way Scottsdale, AZ 85259

$3,950,000

5 Beds

6 Baths

4,897 SqFt

Status Active

MLS # 6770772

Property Type Single Family Residence

Price Type --

CalAtlantic's largest home with an amazing layout and private guest suite with its own entrance. The pool, hot tub, and pergola overlook the spectacular mountain views. The foyer opens to the formal dining which overlooks the expansive rear courtyard with giant chess pieces and a fireplace. The stunning kitchen features a large center island that overlooks the rear courtyard, a large walk-in pantry, home management area and butler's pantry. The four secondary bedrooms provide for plenty of privacy each with its own bath and walk-in closet. The master suite features two large walk-in closets, a spa-like bath and has the option to open up to the rear covered patio. There is two toned paint, barrel ceilings, charging station, and RV gate. Make this dream home yours today!

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15332 E Hidden Springs Trail Fountain Hills, AZ 85268

Open House

$3,950,000

4 Beds

5.5 Baths

4,265 SqFt

Status Active

MLS # 6748881

Property Type Single Family Residence

Price Type --

Stunning Golf Course Lot residence along the Scottsdale-Fountain Hills corridor with sweeping Views of the Fairway, Water & Mountains and NO INTERIOR STEPS, in guard gated Firerock Country Club. Nestled on 2 + Acres, the home was beautifully Remodeled and Expanded in 2019. Ample natural light flows into every living space. The serene and spacious Primary Suite is comfortably arranged with 2 private Bathrooms and a cozy sitting area to relax by the fireplace. Views of the Firerock Golf Course, Four Peaks and the neighborhood lake surround the owners retreat. Similarly, the views from the Living Room and Kitchen-Great Room are breathtaking and balanced by comfortable and gracious interiors. The Attached Casita offers a gracious suite for guests with a private entrance off the Terrace. All Bedrooms have en suite Bathrooms, Walk In Closets and are appointed in soft tones. Running the length of the home, the outdoor Terrace creates a seamless experience from the interior to the gorgeous Mountain and Golf Course Views. Truly an ideal Outdoor Living Space, it is complete with a built-in BBQ, Infinity Pool and Putting Green. Owners use the residents-only west gate which grants immediate access to the Mayo Clinic Scottsdale, BASIS - Scottsdale and Shea/101. This location is a hidden gem, lives like Scottsdale and must be viewed in person to appreciate all this property has to offer.

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5921 E Silver Sage Lane Cave Creek, AZ 85331

$3,913,995

4 Beds

3.5 Baths

4,315 SqFt

Status Active

MLS # 6746829

Property Type Single Family Residence

Price Type --

Toll Brothers Model Home! This home makes an immediate impression with a lovely foyer flowing into the expansive great room and casual dining area that presents alluring views of the covered patio. A large center island enhances the expertly crafted kitchen that offers plenty of counter and cabinet space, a generous pantry. Featuring a relaxing sitting area and expansive walk-in closet, the palatial primary bedroom suite is highlighted by a spa-like primary bath. Central to a versatile flex room with covered patio access, secondary bedrooms feature sizable closets and a shared bath with separate vanity area. A secluded multi-generational suite with closet, private bath, and living area can be found off the foyer. Additional features include a private office, convenient powder room

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2911 E Morrison Ranch Parkway Gilbert, AZ 85296

$3,900,000

6 Beds

6.5 Baths

6,241 SqFt

Status Active

MLS # 6776870

Property Type Single Family Residence

Price Type --

Beautiful custom home in Morrison Ranch All furnishings included. This 6,241 square foot home sits on an acre lot, featuring a full a size tennis/pickleball court, heated pool and spa. A detached garage has access through a separate side gate with room for up to 12 cars, RV and boat parking. The fully remodeled home has six bedrooms and eight bathrooms, including two master bedrooms. A stunning laundry/utility room, gym and game room make this house a rare find. This is a one of a kind opportunity. Don't miss this one.

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18720 N 101st Street Unit 3019 Scottsdale, AZ 85255

$3,900,000

3 Beds

4 Baths

3,239 SqFt

Status Active Under Contract

MLS # 6724800

Property Type Apartment

Price Type --

The FINAL and much anticipated phase of the highly successful Icon project now available with construction well underway and estimated completion in 2024. This is not only an opportunity for extraordinary views and new construction , it also continues to be the best opportunity to be inside the gates of Silverleaf. ICON at Silverleaf offers an unlimited lifestyle with the lock-and-leave luxury of exceptional single-story flats amid the incomparable beauty of Arizona's McDowell Mountains. This rare and unique offering of spacious, open-concept residences affords the very best of all possible worlds, close to the cosmopolitan conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert behind the gates of the truly iconic upscale private

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36631 N Peaceful Place Carefree, AZ 85377

$3,900,000

4 Beds

4 Baths

5,700 SqFt

Status Active

MLS # 6740677

Property Type Single Family Residence

Price Type --

PRICED TO SELL! Forget for a moment the exterior amenities and that the house is loaded with features. Instead, consider the prime location of this captivating contemporary on Black Mountain in Carefree. Unique in every way! From its circular design to the grandiose living space. Only a stone's throw from outdoor recreational opportunities, local shopping/dining spots, and the town center. As if that's not enough, you'll enjoy sweeping views of the Black & Continental Mountains. After your local excursions, you'll return to the irresistible charisma of contemporary design on a corner lot in a popular neighborhood of low-traffic streets. Whether walking or driving, a circular driveway makes a grand first impression. A second large driveway is at the back of the house.

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3350 Bar Circle A Road Prescott, AZ 86301

$3,900,000

4 Beds

6 Baths

11,073 SqFt

Status Active

MLS # 6523694

Property Type Single Family Residence

Price Type --

*Motivated Seller - Seller Financing Avail, $10.4MM Build Cost* Benvenuto a 'Casa di Buona Fortuna'- This Tuscan inspired masterpiece perched in the The Ranch provides breathtaking views, opulent luxury, and convenience unmatched in Prescott. The primary level is centered around an open-air central courtyard and features a sprawling master wing including 1 of 2 private elevators to the lower level, his and hers offices, a sitting area complete with wet bar, and dual walk-in closets large enough for the most extensive wardrobes. Starry-night home theater furnished with plush seating for eight. The opposite wing of suites includes a wet bar, formal dining area, family room, fireplaces and formal living room, spacious kitchen with tastefully appointed with Miele appliance

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20908 W Durango Street Buckeye, AZ 85326

$3,900,000

8 Beds

8 Baths

5,512 SqFt

Status Active

MLS # 6688225

Property Type Single Family Residence

Price Type --

One of a kind commercial vet clinic/breeding facility including two residential homes. Vet clinic/breeding barn is complete with three 12' roller doors, front office, 2 stalks w/ foal cage, cabinetry, electric and hot/cold water. Bathroom w/washer, dryer, tub and sinks. 4 inside foaling stalls with turnouts. Apartment inside barn complete with bedrooms, kitchen and lab area. 60 covered stalls, several acres of irrigated safe pasture with automatic waters. Covered hay barn, two 40' storage containers. Stud teasing stall 25'x13' with 50'x50' turn out. Three car detached extended garage. Two beautiful identical homes 4 bedroom 2 bath slump block, tile roof, wood shutters, automatic security shades, carpet and tile throughout both homes. Shared well. 10 acres just 2 miles from I-10/ Verrado.

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7254 E Sonoran Trail Scottsdale, AZ 85266

$3,900,000

5 Beds

6 Baths

6,438 SqFt

Status Active

MLS # 6731933

Property Type Single Family Residence

Price Type --

Located in the guard-gated community of Whisper Rock, this stunning residence is thoughtful. An open concept plan, this home features the latest finishes, all on one level. Fabulous entertainer's kitchen with furniture grade cabinetry, pantry with wine refrigerator. 4 guest bedrooms in the main house, each with ensuite and walk-in closets. Master suite has his & her walk-in closets and luxurious bath. Custom office with floor to ceiling woodwork. Prewired for 4 fully automated lighting and AV control. Smart pool with unique lighting features. Retracting glass doors bring the outdoors in, showcasing the grand pool area & surrounding scenic desert views

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6950 E Cactus Wren Road Paradise Valley, AZ 85253

$3,900,000

3 Beds

2.5 Baths

3,224 SqFt

Status Active

MLS # 6753478

Property Type Single Family Residence

Price Type --

*Stunning Modern Luxury Home in Azure, Paradise Valley's Exclusive Gated Community** Discover this luxurious modern home located in Azure, one of Paradise Valley's premier gated communities. This exquisite property blends contemporary design with high-end finishes, offering an unmatched living experience. Upon entry, you are welcomed by soaring ceilings and an open-concept layout that seamlessly connects the living, dining, and entertainment spaces. The gourmet kitchen features top-of-the-line stainless steel appliances, custom cabinetry, and a large island with waterfall edges—ideal for both casual meals and entertaining. The home is filled with luxury details throughout, including expansive windows that flood the space with natural light and offer stunning views of the desert landscape.

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10119 E Horizon Drive Scottsdale, AZ 85262

$3,895,000

4 Beds

4.5 Baths

4,128 SqFt

Status Active

MLS # 6785085

Property Type Single Family Residence

Price Type --

Welcome to 411 Eagle Feather, a beautifully updated custom home on the 3rd hole of Desert Mountains Renegade Golf Course. This home offers contemporary design and stunning views, all with ZERO interior steps. The south-facing outdoor space is perfect for desert living, capturing year-round sunshine and offering panoramic views of the golf course, mountains, sunsets, and city lights. Entertain with ease, whether by the pool and spa, around the firepit, or in the outdoor kitchen featuring multiple grills, a cooktop, fridge, and an island with built-in seating. Inside, the heart of the home is the spacious kitchen and great room, which seamlessly flows to the outdoor living areas through pocketing glass doors. The chefs kitchen is equipped with updated cabinetry, a large island, Wolf/Subzero appliances, an oversized pantry, and a pass-through window to the courtyard firepit. The split floor plan includes a private master suite, two guest ensuites in the main home, and a detached casita with its own living space and full ensuite ideal for longer-term guests. An oversized three-car garage provides ample space for your outdoor adventures. Located in the exclusive Desert Mountain community, this home is just minutes from the new Renegade Clubhouse for golf and dining, as well as the Sonoran Club for pickleball, tennis, and fitness. With seven golf courses, seven clubhouses, ranch amenities, and scenic trails bordering the Tonto National Forest, Desert Mountain offers a lifestyle unlike any other. Close proximity to main gate allows for easy access to all of Scottsdale, Carefree and Cave Creek. This home is more than just a place to liveits a sanctuary where elegance, comfort, and the desert landscape come together.

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6616 E El Sendero Road Carefree, AZ 85377

Open House

$3,895,000

4 Beds

4.5 Baths

7,085 SqFt

Status Active

MLS # 6768686

Property Type Single Family Residence

Price Type --

STUNNING HILLSIDE HOME w/Mountain & City light views. Relax in peaceful surroundings to experience the pure magic of this very special home. This chic & stylish Southwest home is truly one of a kind offering a harmonious blend of elegance with a relaxed feel. Grand entryway leads into welcoming foyer w/ rustic wood vaulted ceilings w/heavy beams which continue t/o the home. Abundance of natural light creates an inviting ambiance in the Formal Living Rm w/cozy wetbar. Recent main level flooring update; Living Rm, Family Rm and Master/Guest EnSuite...all have been leveled for seamless transitioning throughout. Lovely European Kitchen is culinary delight w/huge island, quartz counters, Wolf Appls & walkin pantry. Dining area w/easy access to patio for exceptional outdoor entertaining...Cont All Four bedrooms are en-suite, offering unparalleled comfort and privacy. Two of the bedrooms are master suites, each with their own unique character & luxurious features. The Upper level Primary Master Retreat is a sanctuary unto itself, complete with spacious living area, custom built-in king platform bed, large spa-like bath with double sinks, large shower, free standing tub, custom walk-in closet, mini-bar w/sink, multiple balconies to relax and enjoy an amazing sunrise & sunset. The second master bedroom is located on the main level of the home w/cozy living area & gas fireplace, full bath w/soaking tub, separate walk-in shower, walk-in closet & access to back patio. The remaining two bedrooms each offer their own distinct charm, each being en-suite. The outdoor spaces of this home have been meticulously re-hardscaped and landscaped, creating a resort-like oasis and truly a paradise, offering multiple seating areas with Pergolas that can be opened and closed to control sunlight, gas fireplace, wood-burning fire pit and built-in BBQ area with refrigerator. The heated pool and spa complete this outdoor haven, providing a perfect place to relax and soak in the stunning surroundings. This extraordinary home is a rare find that seamlessly combines the essence of the Southwest. From the elegant finishes and spacious living areas to the enchanting outdoor spaces with absolutely the most breathtaking majestic views, this residence offers a lifestyle of unparalleled luxury and tranquility. Don't miss the opportunity to make this masterpiece your own. Come experience the magic of this exceptional home.

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