What’s Ahead For Mortgage Rates This Week – January 30, 2017

Last week’s economic news included readings on new and existing home sales and mortgage rates. Also released were reports on new jobless claims and consumer sentiment.

New and Existing Home Sales Lower in December

According to the U.S. Commerce Department, sales of new homes fell to 536,000 sales on a seasonally-adjusted annual basis. This reading was markedly lower than the expected rate of 595,000 sales and November’s reading of 598,000 sales. Analysts said that the drop in new home sales indicated that the housing sector is still experiencing a rocky recovery. December’s reading for new home sales was 10.4 percent lower than December’s adjusted reading of 598,000 sales. December’s reading was 0.40 percent lower year-over-year.

The median sale price of new homes was $322,500 in December, which was 4.30 percent higher than in November and 7.90 percent higher than in December 2015. The dip in sales has increased inventory of available homes to a reading of 5.80 months needed to sell all new homes presently available. Real estate pros typically consider a six-month supply of homes for sale a normal inventory.

In related news, sales of pre-owned homes were also lower in December. The National Association of Realtors® reported December sales at 5.49 million on a seasonally-adjusted annual basis; this reading was lower than expectations of 5.51 million sales and November’s reading of 5.65 million sales. The slower rate of sales may signal that home prices have topped out; there is also a very low inventory of available pre-owned homes for sale as compared to demand. Sales of pre-owned homes were 2.80 percent lower than November’s reading, which was the highest rate of existing home sales since 2007. Sales of pre-owned homes were 0.70 percent higher year-over-year.

Winter weather and holidays may have contributed to lower home sales in December, but higher prices, tough mortgage requirements and a low supply of available pre-owned homes were seen as obstacles to completed home sales for December.

Mortgage Rates Mixed, New Jobless Claims Rise

Freddie Mac reported higher fixed rates for mortgages last week. The average rate for a 30-year fixed rate mortgage rose 10 basis points to 4.19 percent; the average rate for a 15-year fixed rate mortgage rose six basis points to 3.40 percent. The average rate for 5/1 adjustable rate mortgage fell by one basis point to 3.20 percent. Discount points for fixed rate and 5/1 mortgages averaged 0.40 percent.

New jobless claims exceeded expectations of 250,000 new claims with a reading of 259,000 new claims and the prior week’s reading of 237,000 new claims. Analysts said that volatility is common with new jobless claims in January. There were few layoffs reported and good news that the new jobless claims rate remained below the benchmark reading of 300,000 new claims for the 99^th consecutive week. This milestone was last seen in 1970.

The four-week rolling average of new jobless claims fell by 2000 to an average of 245,900 new claims filed; this was the lowest reading since 1973.

Consumer sentiment rose to 98.5 which surpassed the expected reading of 98.2 percent and December’s reading of 98.1 percent.

What‘s Ahead

Multiple readings on housing and labor related data will be released this week. Scheduled releases include pending home sales, Case-Shiller Housing Market Indices and construction spending. Reports on inflation and core inflation are due along with readings on non-farm payrolls, ADP payrolls and the national unemployment rate.

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29910 N Baker Court Scottsdale, AZ 85262

$1,875,000

5 Beds

5 Baths

4,250 SqFt

Status Active

MLS # 6753123

Property Type Single Family Residence

Price Type --

Introducing our Updated Custom Monaco plan, a luxurious and spacious home spanning 4250 sqft. This plan will feature all 5 bedrooms as ensuites. The centerpiece of this home is the huge gourmet kitchen, perfect for culinary enthusiasts and those who love to entertain. The great room boasts 12 ft high ceilings, creating a grand and open atmosphere. Features to include upgraded bronze wwindows, Custom Iron entry door, recessed showers and comes with a 4-car garage, you'll have ample space for your vehicles and storage needs. The home to be built with energy-efficient foam insulation and synthetic stucco, providing both comfort and durability.

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8942 E Calle De Las Brisas -- Scottsdale, AZ 85255

$1,875,000

4 Beds

2.5 Baths

2,955 SqFt

Status Active

MLS # 6672579

Property Type Single Family Residence

Price Type --

This meticulous home is the unicorn you've been searching for! Nestled on a cul-de-sac in the gated community of Canada Vistas in North Scottsdale, this single-story gem features a vibrant split floor plan with three living rooms, a dedicated formal dining space, and abundant natural light, complemented by automated blinds and black-out shades, creating seamless indoor/outdoor flow. Lounge on the front or backyard patios, enjoying water fountains and features that create a calming ambiance throughout the home.The kitchen is equipped with top-of-the-line appliances, including a Wolf oven and cooktop, a Miele dishwasher, a Monogram-Advantium microwave convection oven, ample custom cabinetry, and a spacious center island. The SubZero refrigerator and additional tall wine and beverage drawer storage unit add both style and convenience. The backyard transforms into a private sanctuary, perfect for entertaining and relaxation. It features two top-of-the-line Summerset Alturi BBQ grills, an outdoor Summerset cooktop, a Marvel beverage fridge, commercial-grade misters, and a custom 650 sq ft ramada with built-in entertainment and surround sound throughout the house. Unwind by the cozy outdoor fireplace, two fire pots, and low-maintenance artificial turf, with plenty of space to lounge by the impressive pool. Every window shade opens and closes at the touch of a button, making this truly a smart home that feels like living in a resort! Located just minutes from shopping, trendy restaurants, hiking & biking trails, and the 101 freeway, this home exudes true pride of ownership with a newer roof, HVAC system, custom garage cabinets, a 75-gallon water heater, and a large three-car garage with plenty of storage.

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7456 S Brighton Court Queen Creek, AZ 85142

$1,875,000

4 Beds

4 Baths

4,356 SqFt

Status Active

MLS # 6715436

Property Type Single Family Residence

Price Type --

Add your POOL with this recent PRICE DROP! Amazing SKI LAKE community of San Tan Lakeside Estates! Premium corner lot location of a peaceful cul-de-sac with impressive lake and mountain views from every angle! Stone accented facade, 4-car garage + paver driveway, manicured landscaping, and welcoming courtyard. Thoughtfully laid-out floor plan comprised of warm wood floors, recessed lighting throughout, pre-wired surround sound, high customized ceilings, and abundant natural light. The formal dining, living room, and family room w/fireplace provide endless entertainment possibilities! Wide-open kitchen has SS appliances, quartz counters, an island for prep and breakfast bar, a walk-in pantry, gorgeous cabinets, and a subway backsplash. Create gourmet dishes in this delightful kitchen Generous size bedrooms with their own upscale bathrooms, 4th bedroom (set up as an office) has its own entrance/exit w/ full bath directly across the hall way. Master split and the secondary bedrooms on east side of the home are amazing. Bedroom 2 complete with huge walk-in closet and tile accented shower. #rd bedroom is the Bunk Room! Check out the amazing built in bunk beds and huge space for gatherings, teen room, game room etc. Ample laundry room with cabinetry space for extra storage can't be left unsaid. Every room is a work of art! The grand owner's retreat offers private backyard access and a spa-like ensuite boasting a jetted tub, glass enclosure raindrop shower, dual vanities, and a large walk-in closet. Enjoy relaxing in your oversized backyard, featuring green grass, a covered patio, a built-in BBQ, a fire pit, plenty of shade trees, and a romantic deck for admiring the stunning mountains or the beautiful lake. This home is a treasure. The natural lighting from the huge windows, and sliders allows the north/south face exposure to shine! Act now!

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5148 N 35th Street Phoenix, AZ 85018

$1,875,000

5 Beds

4.5 Baths

4,943 SqFt

Status Active Under Contract

MLS # 6641013

Property Type Single Family Residence

Price Type --

Back on Market! RARE FIND, home features a fully finished Basement with its own Entry; perfect for an office or separate guest space. Nestled in the sought-after Biltmore Heights neighborhood, this home is priced under $400 a square foot! Featuring 4,943sq ft of living area, including formal living and dining rooms, multiple fireplaces, mountain views. 5 bedrooms, 4.5 baths, and inviting outdoor patios and pergolas, this home provides ample room for the entire family to unwind and enjoy. Step into the backyard oasis, where your private pool awaits on one side, and a green space area with a charming gazebo, and shed on the other. Recent updates include new carpet, new first level AC unit, freshly painted exterior, updated light fixtures, and a newly treated cool deck

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37218 N 29th Avenue Phoenix, AZ 85086

$1,875,000

4 Beds

4.5 Baths

7,700 SqFt

Status Active

MLS # 6689775

Property Type Single Family Residence

Price Type --

Spectacular one of a kind hill top home on approximately 2.8 acres. Unobstructed views in all directions. Words can not describe this property. Gated and secluded location. 4 BR, 4.5 Baths plus 4 additional rooms that can be used for an office, exercise room, theatre etc. Built in BBQ w/ firepit. Large upper deck and lower outdoor patio. Detached Ramada for more views. Granite counters, stainless steel appliances, gourmet kitchen, stone/wood floors, walk in pantry, oversized 4 car garage and much more. Secluded feeling yet close to shopping and schools. 20 minutes to Lake Pleasant and easy access to I-17 and the 303 corridor. Owner/agent

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3011 E Los Gatos Drive Phoenix, AZ 85050

$1,873,700

5 Beds

2.5 Baths

3,450 SqFt

Status Active

MLS # 6725467

Property Type Single Family Residence

Price Type --

Discover unparalleled luxury in this 3,400+ sq ft custom stucco ranch home located near the prestigious Desert Ridge, AZ. This exquisitely designed residence features 5 bedrooms and 2.5 bathrooms, blending elegance, comfort, and cutting-edge technology to create a true masterpiece of modern living. As you approach the home, the custom front door and entryway, along with custom side gates, welcome you into an atrium-like front courtyard, setting the stage for the grandeur within. Inside, the home boasts high-end custom cabinetry and crown molding throughout, complemented by custom lighting fixtures and Philips Hue smart bulbs offering infinite color options. The gourmet kitchen is the heart of the home, featuring a custom kitchen island with leathered granite., high-end stainless steel appliances, and custom pantry with built-ins. A KitchenAid mini fridge in the pantry and a full-size KitchenAid fridge in the laundry room add to the convenience. The expansive living spaces include a great room with a 7.1 Dolby Digital surround sound system, perfect for entertaining. The luxurious media room, designed to double as an additional family room, features a state-of-the-art 13.2 Dolby Atmos surround sound system, custom noise-canceling blackout curtains, and smart lighting. Each bedroom is a sanctuary, with custom designs and high-end finishes. The master suite offers a spa-like bathroom with dual vanities, a soaking tub, a walk-in shower, and a custom closet with built-ins. Step outside to your private oasis. The backyard showcases a brand-new Pebble Tec pool with a propelled swim lane, heated and cooled with a heat pump, and a gas-heated spa. The sunken outdoor kitchen, climate-controlled and featuring a high-end Heston grill and refrigerator, is perfect for alfresco dining. The backyard walls are stuccoed and painted for a polished look, while the custom automated room-darkening screens on the back lanai provide the perfect environment for relaxation. This home is equipped with the latest smart home technology, fully integrated with Amazon Alexa for seamless voice command control. The entire home is fitted with Nest smoke/CO detectors, custom automated dog doors with backup batteries, and a comprehensive security system. Energy efficiency is paramount, with a 46-panel, 15 kW solar system and two Tesla battery walls ensuring sustainability and lower utility costs. The residence also features climate-controlled garages with a 220 outlet for electric vehicles, an ultra-quiet garbage disposal, reverse osmosis filtration in the kitchen, and soft-close cabinetry throughout. Every detail has been meticulously curated, from the custom coat and mudroom space by the garage to the high-end carpet and pet-resistant padding. This meticulously designed estate offers an unparalleled living experience, combining luxury, sustainability, and modern amenities to create the ultimate sanctuary for discerning homeowners just one mile from Pinnacle High School, 3 blocks from the brand new Sky Crossing Elementary School, and just minutes from Desert Ridge shopping center.

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3737 E Amelia Avenue Phoenix, AZ 85018

$1,870,000

6 Beds

4.5 Baths

3,545 SqFt

Status Active

MLS # 6707146

Property Type Single Family Residence

Price Type --

Welcome to this beautiful NEW CONSTRUCTION 6 bedroom, 4.5 bathroom, two-story home in Arcadia Lite by Thomas James Homes! When you enter this home, you'll notice the elegant open concept floorplan perfect for modern living with a spacious great room, state of the art kitchen and breakfast nook joined by a perfectly oversized quartz island. High ceilings at the entry allow wonderful natural light to fill this space and into the great room through a multi-sliding door that leads to your covered patio that is perfect for indoor-outdoor living. Escape to the secluded grand suite which boasts a spa like bathroom with a walk-in shower, soaking tub, dual vanity sinks and a walk-in closet. Two additional bedrooms with a shared bathroom are on the first floor. Upstairs you'll find additional living space with a large bonus room connecting 3 bedrooms, and 2 more bathrooms. This sleek home comes complete with a fully landscaped front and backyard and a pool! Come see what this beautiful home with a great address and great Camelback Mountain Views has to offer! Located minutes from dining, shopping and more.

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7180 E Kierland Boulevard Unit 308 Scottsdale, AZ 85254

New

$1,865,000

3 Beds

3 Baths

2,018 SqFt

Status Active

MLS # 6759965

Property Type Apartment

Price Type --

Luxury Living starts here in N. Scottsdale's highly acclaimed Optima Kierland Tower! Urban walkability & State of the Art Amenities make this the ultimate find! Rare 3/bedroom, 3/bath, NE corner end unit of the 3rd Floor. Picturesque Mountain Views, Floor to Ceiling Windows & Sliding Wall of Glass open to a large Covered Terrace. The expanded 2018 sf floor plan offers a spacious design combining the kitchen, living and dining spaces seamlessly together for the ultimate in open concept high-rise living. Feature wall with linear gas fireplace and custom mantel. Sleek kitchen design with flat-panel cabinetry, custom sliding shelves, Bosch SS appliances, gas cooktop with custom vent hood, granite countertops and prep. island w/breakfast bar seating. Generous split floor plan enjoyed with two primary suites with en-suite baths; one oversized with seating area; both having spacious walk-in closets. The 3rd guest room offers a built-in Murphy Bed perfectly suited for an office/guest suite. Exceptional Extras Include: Sliding wall of glass, motorized shades throughout, primary suite blackout shades, primary bath spa shower, upgraded custom lighting, WiFi thermostats, outdoor tile patio, 2-gas stubs for outdoor bbq and firepit, and more. **Includes 2-parking spaces conveniently located just across from the elevator, as well as a separate Storage Unit.** Gorgeous views of the McDowell Mountains start from your unit and continue from the rooftop pool and patios with breathtaking views, rooftop running track, BBQ areas, TVs, spa, sauna, plunge pool, steam room, & entertaining areas large and small. On the main level, enjoy all the luxurious amenities you could ask for including state of the art fitness center, massage and spa, locker rooms, indoor sports courts including pickleball, basketball, and racket ball, plus party room, coffee bar, gaming room, ping pong and pool table, virtual golf, media area, numerous indoor and outdoor entertaining spaces, and even a shaded dog park with bathing and water stations. Urban walkability is ideally situated right across the street from Kierland Commons & Scottsdale Quarter for luxury shopping, dining and entertainment. Plus, you're minutes from the 101, Scottsdale Airpark, TPC Scottsdale, and WestWorld.

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33490 N Bell Road Queen Creek, AZ 85144

New

$1,850,000

5 Beds

4 Baths

3,800 SqFt

Status Active

MLS # 6760571

Property Type Single Family Residence

Price Type --

This brand-new, custom-built 5-bedroom, 4-bathroom luxury home sits on over 2 acres in a gated community, offering breathtaking 360-degree mountain and city views. The gourmet kitchen is the heart of the home, boasting high-end appliances, a grand island, and custom cabinetry, perfect for entertaining and culinary adventures. The main bedroom is a luxurious retreat, featuring an expansive en suite with a freestanding tub, oversized walk-in shower, and dual vanities. Step outside to the resort-style backyard with a sparkling pool and water features, ideal for relaxation or hosting guests. The home's courtyard provides a serene outdoor living space, while the private office is perfect for work-from-home days. A 4-car garage and RV gate offer ample space for parking and storage. With a dedicated media room and top-tier finishes throughout, this custom home offers the perfect blend of elegance, comfort, and privacy, all within minutes of city conveniences.

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N Marchant Trace -- Queen Creek, AZ 85144

$1,850,000

4 Beds

5 Baths

4,325 SqFt

Status Active

MLS # 6698857

Property Type Single Family Residence

Price Type --

Welcome to Ravenwood! Your future home in SanTan Foothills. This modern farmhouse, to be complete in 2025, offers 4 beds, 5 bath, and is situated on a spacious 3.3-acres! Designed with both horse lovers and outdoor enthusiasts in mind, its proximity to San Tan Regional Park ensures endless adventure possibilities. Spanning 4,325 square feet, the home has a large RV barn and features designer touches including GE Café Series appliances, Custom Cabinetry, and wide plank LVP flooring. Guests are greeted by soaring 15 ft ceilings leading seamlessly into the open-concept living area, perfect for both relaxation and entertaining. Located just a short 20-minute drive from Queen Creek shopping and surrounded by scenic mountains and trails is the perfect blend of rural charm and city convenience.

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40150 N Tubac Trail Carefree, AZ 85377

$1,850,000

4 Beds

4.5 Baths

3,571 SqFt

Status Active

MLS # 6757961

Property Type Single Family Residence

Price Type --

Welcome to your serene desert oasis in Carefree! This enchanting Santa Barbara/ Mediterranean-style home, nestled on 4+ expansive acres, offers unparalleled tranquility, privacy & expansive mountain/sunset views. New picture windows & sliding glass doors frame the mesmerizing vistas, leading you to a lush backyard w/infinity edge pool. The heart of the home showcases a newly renovated kitchen that seamlessly opens to a spacious remodeled living area. The property has many updated features such as a new, fully-owned solar system & new E-efficient AC units which will keep your electric bills down. Located at 2600 ft elevation, away from town means cooler temps in the summers! Equestrian enthusiasts will appreciate the thoughtfully designed horse barn w/ turn-outs, misters, fans, tack&feed rooms & arena. This property caters perfectly to the leisure rider and their equine companions. Enjoy the convenience of riding right from your property while immersing yourself in the peaceful desert scenery. This desert retreat offers a unique blend of elegance & practicality, making it a haven for both humans and horses alike.

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3279 E Vallejo Court Gilbert, AZ 85298

$1,850,000

5 Beds

4 Baths

4,573 SqFt

Status Active

MLS # 6741270

Property Type Single Family Residence

Price Type --

Nestled in the exclusive, private gated community of Portofino in Gilbert, AZ, this luxurious 5-bedroom, 4-bathroom estate is the perfect blend of comfort and style. The open-concept layout creates a spacious and inviting atmosphere, ideal for both daily living and entertaining. The chef's dream kitchen boasts high-end stainless steel appliances, gleaming granite countertops, under-cabinet lighting, and a huge island perfect for meal prep, casual dining, and gathering with friends and family. The main bedroom is a sanctuary designed for relaxation, featuring a cozy sitting area, a warm fireplace, and private access to the backyard. This seamless indoor-outdoor transition is perfect for enjoying morning coffee or evening stargazing. A/C Garages!! sinks, a large walk-in shower, a designer soaker tub, and spacious his and hers closets, providing ample storage and convenience. Beyond the main living spaces, this home includes an office/den, ideal for remote work or quiet study. Outdoor living is equally impressive with a resort-style pool complete with a gazebo at one end, creating a perfect setting for summer gatherings. The outdoor BBQ area is designed for culinary enthusiasts who love to grill and entertain. A four-car garage provides plenty of space for vehicles and storage. The courtyard with a pond and sitting area offers a peaceful retreat within the property, enhancing the home's appeal as an entertainer's paradise. Every detail of this home has been carefully considered to provide a luxurious living experience.

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