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 99th 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.

Whats 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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3560 Az-83 -- Sonoita, AZ 85637

$1,800,000 - 4Br/4Ba -  for Sale in Other/unknown, Sonoita
New
$1,800,000
4 Beds
4 Baths
2,747 SqFt
Status Active
MLS # 6760926
Property Type Single Family Residence
Price Type --
Discover Your Equestrian Oasis in Sonoita, Arizona Nestled just 30 minutes from Tucson, this stunning 20-acre horse ranch in Sonoita offers the ultimate in secluded luxury. Perched at an elevation of 4,998 feet, the property boasts breathtaking views of the surrounding mountains and a prime location in Arizona's renowned wine country which has some of the best wine outside of France. Equestrian Paradise. Horse enthusiasts will delight in the spacious 240 x 110 riding arena, 16 covered stalls, and 10 lush grass paddocks. Whether you're training your beloved horses or simply enjoying the tranquility of the countryside, this property has everything you need. Main Residence. The main residence is a masterpiece of modern design, featuring bamboo floors, exotic granite countertops... and a recently added primary bedroom with a black basalt feature wall, Viscount granite, and a private walkout balcony. The second primary bedroom offers stunning views of the property from its lookout window. Casita. The charming casita provides a perfect guest house or rental opportunity. With its picturesque mountain views and transom windows, this cozy space offers a peaceful retreat. Unparalleled Location.Enjoy the best of both worlds with easy access to the vibrant city of Tucson and the serene beauty of Sonoita. Explore nearby Patagonia State Park, known for its camping, trails, and lake, or indulge in the region's world-class wineries. For birdwatchers, the Patagonia-Sonoita Creek Preserve is a must-visit as it is the hotspot of the southwest. Live the Dream. This exceptional property offers the perfect combination of luxury, natural beauty, and equestrian amenities. Whether you're seeking a private retreat or a thriving equestrian business, this off-grid horse ranch is an ideal choice. Buyer is aware some MLS photos have been staged for marketing purposes.

29315 N 140th Street Scottsdale, AZ 85262

$1,800,000
5 Beds
3 Baths
3,150 SqFt
Status Active
MLS # 6756163
Property Type Single Family Residence
Price Type --
Welcome to your very own ranch in North Scottsdale in the desirable 85262 zip code. This rare, just under 5 acre property in the Rio Verde Foothills offers privacy and tranquility on a dead end road, and features a pitched metal roof and charming wrap around porch perfect for outdoor living while enjoying the scenic views of the Four Peaks, Weavers Needle and the McDowell mountains. A full size windmill adds a picturesque touch to the desert landscape as you sit outside to take in the beauty of the Arizona dessert. The main residence boasts two stone fireplaces that add to the inviting atmosphere in both the primary bedroom and main living area. The high ceiling and numerous windows in the great room enhance the sense of openness making the room feel like an extension of natur The newly remodeled kitchen is modern and stylish designed for both functionality and aesthetics. Additionally, the property includes a separate 2 bedroom, one bath 1000 ft.² Casita is ideal for guests or additional living space and is currently used as an income producing residence. The casita also has an inviting fireplace in the main living area along with a wraparound porch and pitched metal roof and stunning views that match the main home. This beautiful property also comes complete with a four stall mare Motel with runs that can be divided up to eight stalls (16x40), All with automatic waters, tack room, a 50 foot round pen and a large 80 x 200 arena along with a huge fenced turn out with no climb. Miles of scenic trails for riding, hiking, mountain biking, and running are easily accessible just steps from your front door in the McDowell Sonoran regional park. Some additional noteworthy aspects of the home include an oversized three car garage with plenty of room for storage, an on-site shared well (3 share) with new sub pump and a 6000 gallon above ground tank, main home AC unit that is only three years old. The surrounding natural landscape is dotted with mature mesquite and palo verde trees, cacti, and low maintenance rolling desert. This incredible property and traditional ranch style homes combine rustic charm with updated amenities creating a perfect blend of comfort and functionality. This property has so many unique features, you have to see it for yourself!

13620 N 80th Place Scottsdale, AZ 85260

$1,800,000
4 Beds
3 Baths
3,027 SqFt
Status Active
MLS # 6742169
Property Type Single Family Residence
Price Type --
Located in the highly desired Cactus Corridor, this ranch style home has been beautifully remodeled with a brand new kitchen and all new flooring. The property sits on a corner lot on over 1.2 acres, where you'll enjoy a brand new heated salt water pool with baja steps, covered outdoor BBQ ramada and a putting/chipping green. The new travertine, front drive pavers and landscaping throughout the property provide a special touch to convey Arizona indoor-outdoor living. Just minutes from Kierland Commons, Scottsdale Quarter, dozens of golf courses + hundreds of high-end restaurants/entertainment options, this is the ideal location! This gorgeous home invites you in with a bright + open floor plan with tons of natural light. Come see this special Scottsdale Oasis!

37336 N Boulder View Drive Scottsdale, AZ 85262

$1,800,000
4 Beds
3 Baths
3,206 SqFt
Status Active Under Contract
MLS # 6734843
Property Type Single Family Residence
Price Type --
Step into the epitome of elegance at this stunning home in Boulder Heights, welcomed by a picturesque gated courtyard and an impressive custom front door. This residence exudes sophistication with wood-inspired ceramic plank flooring, plush carpeting, recessed lighting, and quartz countertops throughout. The spacious living room features a 16x8 multi-sliding door that opens to a travertine patio, offering breathtaking mountain views. The chef's kitchen is equipped with a center island, double ovens, a gas cooktop, and a custom backsplash, complete with extensive pantry space. A versatile room with a barn door doubles as an office or potential fourth bedroom. The luxurious primary suite includes a spa-like bathroom with a separate soaking tub, shower, dual vanities, and a large walk-in closet, adjacent to a laundry room with additional storage. Privacy and comfort are paramount in the additional bedrooms, each with access to well-appointed bathrooms. The outdoor area features a covered patio with a BBQ, a pool, and a beautifully paved yard, perfect for entertaining. Located near shopping and outdoor recreation, this home perfectly blends functionality with luxury, offering an exceptional living experience.

7800 E Dale Lane Scottsdale, AZ 85266

$1,800,000
5 Beds
4.5 Baths
6,187 SqFt
Status Active
MLS # 6721266
Property Type Single Family Residence
Price Type --
An exceptional estate with NO HOA, boasting two homes and a host of luxurious amenities! The main home, built in 2018, features a chef's kitchen with stainless steel appliances, quartz countertops, and custom white cabinetry, complemented by a full prep kitchen. Polished marble flooring and high ceilings enhance the spacious layout, which includes a cozy living room with an electric fireplace and multiple conversation areas in the great room, complete with a wet bar. Versatile 'His and Hers' offices also double as additional bedrooms, ensuring flexibility. Zoned for horses, the estate features block wall fencing with a gated entrance. Minutes from shopping, golf courses, hiking, and more, this property offers both luxury and practicality. Additional highlights include a detached guest house, a fruitful orchard with orange, tangerine, mango, apple, pomegranate, and peach trees, and automated features such as intercoms, speakers, and security cameras for convenience and peace of mind. Enjoy unique amenities like a secret room, a mini bar adjacent to an entertainment/theater room, and EV car charging capabilities in the spacious 4-car garage. Notably, this home is designed for ease of living with no interior steps. The expansive 4-car garage includes a view deck above, offering a serene space with breathtaking mountain views! Main House sqft is 4311. Guest house sqft is 1876.

17117 W Dale Lane Surprise, AZ 85387

$1,800,000
3 Beds
2.5 Baths
2,659 SqFt
Status Active
MLS # 6648276
Property Type Single Family Residence
Price Type --
Country living in the city. Beautifully maintained home on 2.73 acres. Additional parcels included in this sale total 7.3 acres. Open floor plan, extra large 3 car garage. Entertain from beautiful bar onto back patio with an observation deck for outstanding views. 9 horse mare motel, large stuccoed conex building work shop and tack room. Complete 300x160 approx arena is negotiable in sale. RV hook ups

31010 N 117th Drive Peoria, AZ 85383

$1,800,000 - 4Br/4Ba -  for Sale in Blackstone At Vistancia Parcel B9, Peoria
New
$1,800,000
4 Beds
3.5 Baths
3,836 SqFt
Status Active
MLS # 6759894
Property Type Single Family Residence
Price Type --
Enjoy resort living on the golf course in the prestigious gated community of Blackstone Country Club. This spotless 4 BDRM 3.5 BATH exceptional contemporary style home is ready to be your new home. W/ 3836 sq ft, a soaring 17' ceiling in main living space & packed w/ top of the line extras ranging from air conditioned 4 car split garages to a 500 bottle wine celler, to a $50,000 Control 4 system. W/ endless designer features this is a one of a kind luxury home. The gourmet kitchen includes Wolf/Subzero appliances, quartz countertops, huge island & an abundance of cabinets. Light & bright w/ tile t/o. Low maintenace yards, gas fireplace in courtyard, extended patio & tons of travertine plus a relaxing golf course view to enjoy the beautiful AZ sunsets. SEE DOC TAB FOR LIST OF UPGRADES.

2739 S Balboa Drive Gilbert, AZ 85295

$1,800,000
7 Beds
6.5 Baths
7,000 SqFt
Status Active
MLS # 6692065
Property Type Single Family Residence
Price Type --
Introducing the epitome of luxury living in Gilbert: 2739 S Balboa Drive. Highly sought after Toll Brothers Mirador model with full basement. This meticulously updated residence in The Retreat at Chaparral Estates West seamlessly combines contemporary elegance with unparalleled convenience, offering a lifestyle of sophistication and comfort. Spanning over 7,000 square feet, this 7-bedroom, 6.5-bathroom home exudes charm and sophistication at every turn. Step through the dramatic double staircase grand entryway and be greeted by a haven of refined living spaces. The main floor impresses with its open-concept design, featuring 2'X4' porcelain tile flooring that leads you effortlessly from the dramatic formal dining room with its soaring 20-foot ceilings to the spacious living room and a family room boasting a cozy fireplace with space to relax and play. The heart of the home lies in the immaculate kitchen, where culinary dreams come to life amidst granite countertops with matching backsplash, updated cabinets with soft close drawers/doors. A large breakfast nook offers a cozy spot to enjoy morning coffee. Main level en suite bedroom provides comfort and privacy for guests. Fully dedicated office for those who work from home. Ascend the staircase to discover the luxurious primary suite that extends from front to back of home, complete with a private deck, expansive walk-in closets, and a large renovated primary bathroom. Three additional bedrooms and two fully renovated bathrooms await on the upper level, while the spacious basement offers huge gathering/play space with endless possibilities for entertainment or relaxation, and two more en suite bedrooms. Outside, the 1/2 acre lot with private backyard oasis beckons with a fenced, heated play pool with water features, perfect for entertaining or unwinding amidst the serene surroundings. RV gate, double two car garages with EV charging and paid for solar adds convenience to luxury living. Located in close proximity to top-rated schools, shopping centers, and parks, 2739 S Balboa Drive offers the perfect blend of tranquility and urban convenience. Don't miss your chance to experience the pinnacle of Gilbert livingschedule your private tour today.

7629 E Via De Ventura -- Scottsdale, AZ 85258

$1,800,000
4 Beds
3 Baths
2,418 SqFt
Status Active
MLS # 6706404
Property Type Single Family Residence
Price Type --
WELCOME TO THE REALM OF REFINED LIVING & UNMATCHED SOPHISTICATION IN THE HEART OF MCCORMICK RANCH. THIS EXQUISITE 4 BEDROOM, 3 BATHROOM 'MEDITERRANEAN VILLA' CREATED BY 'SCOTTSDALE'S PREMIER LUXURY BRAND' ENCAPSULATES THE EPITOME OF WATERFRONT LUXURY.....OFFERING A LIFESTYLE THAT SEAMLESSLY COMBINES CONTEMPORARY DESIGN WITH BREATHTAKING 'LAKE & MOUNTAIN' VIEWS. SITUATED IN THE PRESTIGIOUS ENCLAVE OF PALO VIENTO WITH WATERFRONT PRIVACY AND THE MOST IDYLLIC OUTDOOR LIVING ENVIRONMENT! A unique opportunity to own 'one' of just 8 homes on a private-sub street perched on lake's edge. With superior corner location, the design is modern & open encapsulating all the space, flow & light with wood beamed soaring vaulted ceilings, engineered hard wood floors throughout. Floor to ceiling illuminating fireplace & 'RESTORATION HARDWARE' chandeliers centers the large open concept living-room with views all around & sliding doors leading to the wrap around terrace, complete with splash sized spool/JACUZZI, BBQ, DINING AREA, FIREPLACE, PUTTING GREEN perfect for family gatherings & 'al-fresco' dining. Wine enthusiasts will appreciate the dedicated floor to ceiling wet bar. State of the art, SUBZERO/ WOLF integrated kitchen sits adjacent to formal dining room that has sliders onto private after dinner cigar patio! The primary bedroom is a true SANCTUARY has large sliders outlining the sensational lake views and opens onto private 'Owner's Suite' patio with easy spa access. featuring walk-in closet with lavish en-suite bathroom. Enjoy 3 more bedrooms & 2 bathrooms. The upstairs has 2 bedrooms share a gorgeous bathroom and open onto huge exquisite view balcony. Enjoy the sun-set over the mountains, twinkling moonlight glistening on the lake... THIS IS SERENITY FOUND AND AN ESCAPE TO PARADISE! FEATURES INCLUDE: TESLA SOLAR PANELS, Inside Laundry with Washer/ Dryer, 2 Car Oversized Epoxy Floored Garage with Electric Car Charging Station, Dual Pane Sliders & Windows, Floor to Ceiling Custom Designed Cast Iron & Glass Front Door, Custom Made to Order Barn Doors, Window Hardware & Drapery, Wood Inlayed Signature Mirrored Staircase, Sundeck, Spa Coating 2022, Roof 2022 HVAC 2022, Water Heater 2022, Smooth Cashmere Walls, Exterior Smooth Stucco, Handpicked Lighting & fans Throughout, Signature Bronze & Pewter Hardware, Custom Designed Wrought Iron Side Gates, New Landscaping, Artificial Turf, Pavers, Lights & Auto H2O System, Scottsdale Schools.

3000 W Shadow Valley Ranch Road Prescott, AZ 86305

$1,800,000
5 Beds
6 Baths
5,265 SqFt
Status Active
MLS # 6708067
Property Type Single Family Residence
Price Type --
Welcome to your private sanctuary where cozy country charm meets luxurious living. Perfectly nestled behind the private gate at the end of Shadow Valley Ranch Rd, this exquisite estate is the ultimate in upscale peaceful living. Sitting on almost 5 fenced acres, this house is overflowing w/ superior quality. The stunning kitchen has tongue & groove wood ceilings & every upgraded amenity including a chefs room off of the kitchen & butlers pantry. The spacious living areas are cozy & inviting. Each bedroom has its own bathroom & the attached spacious guest suite truly has endless possibilities. Outdoor living is at its finest w/ these breathtaking views & outdoor kitchen area. This is the dream home you've been waiting for!

10105 E Bayview Drive Scottsdale, AZ 85258

$1,800,000
3 Beds
2.5 Baths
2,864 SqFt
Status Active
MLS # 6746481
Property Type Single Family Residence
Price Type --
Discover luxury living with this furnished waterfront home in the exclusive gated community of Island at Scottsdale Ranch! Upon entering, you're welcomed by stunning waterfront views that set the tone for this remarkable home. The spacious living room flows seamlessly into the kitchen and dining areas, creating an inviting open floor plan. The gourmet kitchen features a stainless steel appliance package, high-end soft-close shaker cabinetry, quartz countertops, a wine fridge, and a large island. The family room offers additional living space, highlighted by a tile-surround fireplace. Situated on the second floor, the master bedroom features a sitting area with lake views, walk-in closet, beautifully tiled shower, and a freestanding tub with additional lake views. Two additional bedrooms and a full bath provide ample space for family or guests. The laundry room is equipped with a utility sink and both upper and lower cabinetry for convenience. The garage features epoxy floors and extra storage space. Outdoors, you'll find an entertainer's paradise with a PebbleTec pool, spa, multiple seating areas, expansive lake views, and a boat dock. Additional highlights include newer dual-pane windows and glass sliding doors, an air scrubber system that sanitizes the air by eliminating airborne contaminants, germs, viruses, and odors, and much more.

38306 N 108th Street Scottsdale, AZ 85262

$1,800,000 - 5Br/5Ba -  for Sale in Mirabel Village 3, Scottsdale
Open House
$1,800,000
5 Beds
5 Baths
5,217 SqFt
Status Active
MLS # 6752636
Property Type Single Family Residence
Price Type --
PRICED AT JUST $345 / sq. ft....THE LOWEST IN GATED MIRABEL VILLAGE!!!! Discover contemporary comfort in N. Scottsdale's gated Mirabel Village. This Monterey home has 5,217 sq. ft. open-concept & split floor plan on main level seamlessly connect the chef's kitchen, featuring stainless appliances, a walk-in pantry and a butler's area, to inviting living spaces. The main level includes a spacious owner's suite with a fireplace, two ensuite bedroom, & a charming gated entry courtyard. For outdoor enthusiasts, you are close to hiking, biking & boating at Bartlett Lake. Just a mile from Desert Mountain & Mirabel golf communities, minutes from downtown Carefree & Cave Creek, this home also offers a versatile loft, balconies with stunning views, fresh paint, new light fixtures & 2 two car garage

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