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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4630 E Mockingbird Lane Paradise Valley, AZ 85253

$2,600,000

4 Beds

2.5 Baths

3,069 SqFt

Status Active Under Contract

MLS # 6807010

Property Type Single Family Residence

Price Type --

Discover the beauty of architectural mid-century, a rare find in Paradise Valley. This single-level architectural gem spans just over 3,000 square feet, effortlessly blending timeless design with today's luxury. Situated on a prime view lot in a peaceful enclave, this home boasts breathtaking panoramic views of the McDowell Mountains and as far as Pinnacle Peak, complemented by shimmering city lights that create a serene, picturesque backdrop. Expansive windows invite the natural light to dance through open concept living spaces. The outdoors rivals the single level residence, with large patio and generous pool looking out to the view. With its iconic style, clean lines and superb location, this home is a rare find for those seeking the esteemed PV way of life. Completely remodeled circa 2017, with additional property updates to date.

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22339 N 77th Way Scottsdale, AZ 85255

$2,600,000

5 Beds

3.5 Baths

5,006 SqFt

Status Active

MLS # 6825857

Property Type Single Family Residence

Price Type --

5006 square feet 5 bedrooms 3.5 bath beautiful home with 3 car garage and pool. Definitely CANNOT find one like this. Steam room, oversized closet and views are some of the points you can't find in this price range, period. This home was recently fully remodeled from top to bottom.

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11232 E Palomino Road Scottsdale, AZ 85259

$2,600,000

5 Beds

4 Baths

4,267 SqFt

Status Active

MLS # 6820837

Property Type Single Family Residence

Price Type --

Indulge in luxury living with this fully renovated, turnkey 5-bed, 4-bath estate, located in the prestigious, guard-gated Stonegate community. Tucked away on a private cul-de-sac, this home radiates elegance with rich wood floors, high-end kitchen appliances, abundant natural light, and an open-concept layout. The chef's kitchen flows effortlessly into the expansive great room, where vaulted ceilings, a striking fireplace, and a sleek wet bar create the perfect setting for both relaxation and entertaining. Step outside to the ultimate backyard retreat, featuring a covered patio, extended seating area, built-in BBQ, lush turf, and a resort-style pool with a captivating stone waterfall. Enjoy an array of world-class amenities, including pickleball, tennis, basketball courts, heated pools, and scenic walking trails. This exceptional home blends modern sophistication with unmatched convenience and refined elegance.

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2649 S Bluebird Court Flagstaff, AZ 86005

$2,600,000

4 Beds

4.5 Baths

3,252 SqFt

Status Active

MLS # 6829384

Property Type Single Family Residence

Price Type --

Nestled in the serene pines of Flagstaff's premier golf community, Pine Canyon, this beautiful 4-bedroom, 4.5-bathroom home offers a perfect blend of mountain luxury and tranquility. Among the tall pines on a peaceful cul-de-sac lot, the residence provides privacy and breathtaking natural surroundings. Step inside to an open concept living space with vaulted ceilings, large windows, and abundant natural light. The main level boasts a spacious primary suite for ultimate convenience. A fully finished walk-out basement features two additional bedrooms, a versatile bonus room or cozy family room ideal for gatherings or a private retreat. The spacious and secure dog run is perfect for your furry friends! Enjoy the beauty of Flagstaff's mountain living while being part of the prestigious Pine Canyon community. Don't miss this exceptional opportunity!

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10751 E Candlewood Drive Scottsdale, AZ 85255

$2,600,000

3 Beds

3.5 Baths

4,440 SqFt

Status Active

MLS # 6692218

Property Type Single Family Residence

Price Type --

Nestled in the Windy Walk Estates of Troon Village, with Troon Mountain as its backdrop, extensive mountain and city views as well as a private backyard oasis, this expansive custom home is a must see in order to truly appreciate all it has to offer. The large and recently updated primary suite and balcony afford panoramic views while the extra large covered patio and outdoor fire pit create the perfect opportunity to enjoy private outdoor living at its finest. Step into the inviting ambiance of 4440 sq ft of soaring ceilings, authentic French Oak hardwood flooring, two way fireplace, 1000 bottle wine room, two pantries. Updated kitchen with sleek lines, SS appliances/Viking range, large island, breakfast bar and eat in kitchen overlooking the backyard's sparkling heated pool and spa Original laundry room could be converted to additional full bath. Formal Dining room could be converted to additional living space, see digital staging in photos tab for home gym, office or 4th bedroom options. Turf area was professionally installed to meet specifications for use as a proper dog run.

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461 Rockrimmon Circle Prescott, AZ 86303

$2,600,000

4 Beds

6 Baths

6,125 SqFt

Status Active

MLS # 6745528

Property Type Single Family Residence

Price Type --

Luxurious Living!This exquisite home nestled in The Ranch of Prescott designed with meticulous attention to detail.Greeted by a grand entry,flows into an open concept living area perfect for entertaining.Gourmet kitchen is a chefs dream,w/high end appliances,custom cabinetry,large island.Great Room w/expansive windows,offers breathtaking views of the surrounding landscape,creating a serene&peaceful ambiance.Luxurious primary suite is a private retreat,complete with spa-like bathroom&spacious walk-in his&herclosets,sitting room.Additional bedrooms are generously sized,w/en-suite bathroom, ensuring privacy&comfort for guests or family.State of the art home theater,spacious family room,full kitchen,for entertainment&family get togethers,expansive deck, where you can enjoy panoramic views Step outside onto the expansive deck, upstairs and the lower level where you can enjoy panoramic views of the lush, rolling hills and stunning natural beauty. The outdoor space is perfect for hosting gatherings or simply unwinding with a glass of wine as you take in the spectacular sunsets or relax in the hot tub and enjoy the warmth of the firepit. Every detail of this home has been thoughtfully designed to offer the finest in luxury living. Amenities List is available upon request. Don't miss the opportunity to make this your dream home

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22 W Palm Lane Phoenix, AZ 85003

$2,600,000

4 Beds

5 Baths

5,485 SqFt

Status Active Under Contract

MLS # 6800093

Property Type Townhouse

Price Type --

This truly one of a kind loft/ brownstone offers a sophisticated and large-scale lifestyle unlike any other urban home in the Valley. Featured on the cover of Phoenix Home & Garden magazine, this home has striking design elements, including exposed materials—concrete floors, red brick walls, exposed duct work and steel and copper accents. The open-concept kitchen and great room is perched on the top of home with exceptional city and distant mountain views. The kitchen features a large Wolf gas range, open shelves and a generous island. This space opens to the living room and extraordinary outdoor living space, making it perfect for family gatherings and entertaining with guests. The primary suite, occupying an entire floor, is a private city sanctuary complete with a large bathroom and closets. Multiple outdoor patios overlooking a lush park filled with grass and trees, provide a fresh connection with nature in the middle of the city. With 4 ensuite bedrooms and over 5400 sf of living space, this home is as functional as it is stylish. A dedicated home office meets today's needs, while a versatile craft and project room and adjacent family room, make it a perfect choice for families. A large commercial elevator serves all 5 floors of the home and the private attached garage provides direct access into the home. Located in the heart of the Phoenix Arts district just across the street from the Phoenix Art Museum, the Phoenix Theater and the Heard Museum, this exceptional property also offers proximity to dining, shopping, and other cultural hotspots, all while being tucked away in the exclusive tranquility of Chateaux on Central. This is an exceptionally special home ready for its next exceptional owners.

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8714 E Tether Trail Scottsdale, AZ 85255

$2,600,000

5 Beds

4 Baths

4,053 SqFt

Status Active

MLS # 6798833

Property Type Single Family Residence

Price Type --

Welcome to your stunning new home, complete with a beautiful pool, nestled in a neighborhood established in 1996- Save 28 years of headaches with this brand new home! This spacious 5-bedroom, 5-bathroom home is designed for comfort and luxury, ready for its new owner in just 60 days. Key features include:Upgraded black aluminum windows,iron entry door,Durable 2x6 framed exterior,Large fireplace and a spacious kitchen with a massive island and quartz counters,Top-of-the-line upgraded appliances,All bedrooms equipped with walk-in closets and private bathrooms,Master bath featuring a large entry, steam shower, standalone tub, and double sinks,Elegant 8' doors throughout and soaring high ceilings,Energy-efficient spray foam insulation,Expansive north-facing backyard. Come take a look.

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12037 E Yucca Street Scottsdale, AZ 85259

$2,599,999

5 Beds

3.5 Baths

4,615 SqFt

Status Active

MLS # 6781594

Property Type Single Family Residence

Price Type --

The best priced remodel in all of 85259 and 85260 with a new roof, new AC units, new cabinets, new wood floors, new granite and quartz countertops, updated bathrooms, all new appliances and so, so much more! This never lived in remodel, is nestled in the McDowell Mountain foothills, this luxury remodel has all of the contemporary colors and finishes the discerning buyer is looking for in their new home. The exclusive 10-home gated subdivision is the setting for a small town community feel, yet is close to schools, parks, golf courses, hiking trails, shopping, entertainment and more. From the real wood floors to the backlit cooled wine wall, no feature was overlooked in the home. The backyard will be the perfect gathering space for outdoor entertaining, and the large retractable sliders easily transition from the inside to the outside, increasing the family room area to encompass the great outdoors. This is your dream home in the Sonoran Desert!

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36600 N 50th Street Cave Creek, AZ 85331

$2,599,999

8 Beds

7.5 Baths

7,605 SqFt

Status Active

MLS # 6783477

Property Type Single Family Residence

Price Type --

Stunning Cave Creek Estate on 5.2 Acres with Desert Views! Located in the heart of Cave Creek, this exceptional estate offers 5.2 flat acres of serene desert landscape, backing up to 300 acres of protected desert preserve. With no HOA, this property provides ultimate privacy and flexibility, ideal for a peaceful retreat or short-term rental opportunities. With over 7,600 sq. ft. of living space, the main home spans 4,728 sq. ft. and features 4 bedrooms and 4.5 baths. A gourmet kitchen designed for entertaining includes double islands, granite and marble countertops, and custom alder cabinetry. Rich flagstone and hand-honed wood floors, 4 fireplaces, and floor-to-ceiling windows create a warm, inviting atmosphere throughout the home. The spacious 2,040 sq. ft. MULTIGENERATIONAL guest house offers 4 bedrooms and 3 baths, perfect for extended family or guests. Both homes are set against breathtaking mountain views and lush desert landscaping, offering unparalleled privacy and tranquility. Outdoor amenities include a sparkling heated saltwater pool and spa, a sports court ideal for pickleball or basketball, and ample space to add equestrian facilities. The property also includes a bonus 832 sq. ft. game room/gym adjacent to the pool, providing endless entertainment potential. Additional upgrades include a new roof on the main house, guest house, and garages, owned solar panels, new carpet throughout, updated pool equipment, and fully serviced HVAC systems. The property also features new irrigation, water softeners, a tankless water heater, and a 2,500-gallon septic tank which was serviced in November 2024. Just minutes from downtown Cave Creek's shops and restaurants, this peaceful estate offers both luxury and convenience, making it the perfect blend of modern comfort and desert charm!

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12240 N 62nd Place Scottsdale, AZ 85254

$2,599,950

4 Beds

3.5 Baths

3,613 SqFt

Status Active Under Contract

MLS # 6821593

Property Type Single Family Residence

Price Type --

This newly built 4-bedroom + office, 3.5-bath modern home in North Scottsdale offers luxury living with no HOA. Set on over half an acre, the property includes a 4-car garage and a low-maintenance yard with a pool and spa for ultimate relaxation. Inside, you're greeted by soaring ceilings, a floating drop zone, and custom stone accents. The open living area features expansive windows, a built-in entertainment center, and a sleek design that flows seamlessly into the chef's kitchen with panel-ready appliances, a hidden pantry, and a custom bar with wine storage. The primary suite includes a custom walk-in closet and a spa-like ensuite with a walk-in shower, dual vanities, soaking tub, and private toilet room. A perfect blend of style, comfort, and function!

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15 E Country Club Drive Phoenix, AZ 85014

$2,599,000

5 Beds

5 Baths

5,154 SqFt

Status Active

MLS # 6781198

Property Type Single Family Residence

Price Type --

If you're looking for the convenience of the Phoenix Country Club look no further. For the first time in 30 years the Lane Estate is on the market! This classic ranch has a red tile roof and welcoming courtyard. The lush landscaping draws you into the comfort of this 5 bedroom, 5 bath home. The additional features include a formal living room, 2 family rooms, office, fully tiled pool, 3 fireplaces and a 5 car garage! Just across the private street is the golf shop, pool, tennis courts and locker rooms. It doesn't get better than this! Come see for yourself and imagine living across the street from the Phoenix Country Club! Luxury and convenience are steps away!

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