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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20670 E Marsh Road Queen Creek, AZ 85142

$1,799,000
4 Beds
3.5 Baths
4,152 SqFt
Status Active
MLS # 6677084
Property Type Single Family Residence
Price Type --
Nestled within the prestigious gated community of Bridle Ranch in Queen Creek, AZ, the luxurious residence at 20670 E Marsh Rd is a true testament to elegance and refined living. Spanning 4,225 square feet on a 15,940 square foot lot, this property combines privacy, sophistication, and detailed craftsmanship in one magnificent offering. As you enter the gates, the grandeur of the entrance conveys a sense of exclusivity and safety, leading you through meticulously manicured landscapes and open, grassy expanses perfect for family gatherings and creating lasting memories. The home itself is a sanctuary of comfort and luxury, featuring an open floor plan that beautifully integrates living spaces with abundant natural light and upscale enhancements. The interior boasts 4 spacious... ...bedrooms, 3.5 opulent bathrooms, a versatile bonus room, and a 3-car garage, designed to accommodate a lifestyle of luxury and convenience. The heart of the home, a gourmet kitchen, is equipped with a reverse osmosis system, a 60 Sub-Zero fridge-freezer, a 48 range, a microwave drawer set within custom cabinetry, and a dedicated coffee bar, catering to both casual mornings and grand entertaining. Details such as coffered ceilings, board and batten accents, and wood beams in the entry and kitchen area add layers of sophistication throughout the space. Entertainment is effortlessly elevated with a state-of-the-art movie theatre room and a comfortable mother-in-law suite, alongside three indoor electric fireplaces that add warmth and ambiance. The luxury extends outdoors to a 30x40 heated pool, a 10-person spa with ledge loungers, and a marble landscaped backyard, featuring a marble chip edge pergola and two outdoor fireplaces, creating an idyllic environment for relaxation and social gatherings. The residence is also technologically equipped with advanced speaker and camera systems inside and out, ensuring security and convenience. The garage, detailed with epoxy floors, water softener, cabinets, and a mini-split system, mirrors the meticulous attention to detail found throughout the property. From the lush landscapes with black basalt walkway imported from Turkey to the imported fireplaces that grace the interior, every aspect of this home at 20670 E Marsh Rd in Bridle Ranch speaks to an unmatched level of luxury and elegance. This property not only offers a lifestyle of unparalleled sophistication but also stands as a symbol of luxury living in Queen Creek's most coveted gated community.

17808 E Bear Wallow Way Rio Verde, AZ 85263

$1,799,000
3 Beds
3.5 Baths
3,004 SqFt
Status Active
MLS # 6688055
Property Type Single Family Residence
Price Type --
Spectacular mountain views set the tone for this luxurious modern 3,004 sqft home in Trilogy Verde River. Amenities include golf, tennis, pickleball, pools, fitness center, restaurant, and much more. All in a guard gated community. This Orion model home features 3 beds, 3.5 baths, great room, office, extra large laundry/hobby room, bonus room plus 3 car garage with many first class upgrades throughout the home. The back covered porch has a huge standing propane fireplace, other paver sitting area, synthetic grass and Beautiful views of Four Peaks. Don't miss your chance to enjoy living in this remarkable residence with rare, hard to find Mountain Views.

33495 N 83rd Street Scottsdale, AZ 85266

$1,799,000
4 Beds
3.5 Baths
3,604 SqFt
Status Active
MLS # 6698671
Property Type Single Family Residence
Price Type --
BACK ON MARKET! $151K PRICE REDUCTION! SELLER WANTS IT SOLD! Situated on an expansive, approx. 1 acre parcel. This 3609 SF home has been extremely well maintained. Features 4 BD and 3.5 BA, extended 3 car garage and an AMAZING outdoor living space in the back. (Room to add a Casita) Inside you will find a gorgeous oversized Primary suite and large bath. Granite walk-in shower, jetted tub, dual sinks and beautiful closet space. 2 separate large living spaces and a wonderful islanded kitchen area that feeds into the breakfast nook and formal dining room. 2 more bedrooms featuring ensuite baths and a den office. (4th BD) In back you'll find a nice covered patio, built in BBQ, large fire pit, heated pool/spa and shuffle board. All this and still room to add a casita. This home has it all!

40167 N 110th Place Scottsdale, AZ 85262

$1,799,000
3 Beds
3 Baths
2,454 SqFt
Status Active
MLS # 6735429
Property Type Single Family Residence
Price Type --
A Desert Mountain Lifestyle Membership is available to be transferred with this property. Situated on the 1st fairway of the Apache Golf Course at the world-renowned Desert Mountain Club, this property will impress with its stunning golf course views, expansive wall-to-wall windows, soaring 12' viga ceilings, alder woodwork, multiple fireplaces and hardwood floors. Your eye will be drawn to the stunning views of the golf course to the East and the mountain, sunset and city light views to the West. This North Scottsdale upgraded Cielo model patio home features an open great room floor plan with 3 bedrooms, 3 baths and 2,454 sq. ft. all on one level. The modern southwest architectural feel and the natural light interior throughout offers a high-end custom feel. The updated kitchen showcases stainless steel appliances with a gas cooktop, double ovens, copper backsplash, granite countertops, breakfast bar, and casual dining nook with custom built-in kitchen seating. Exterior features include large covered patios with lounging areas and banco seating, private spa, updated built-in BBQ grill, view fence, lush landscaping and a two car attached garage with epoxy flooring. A portion of the additional upgrades include roof coating, skylights, HVAC, tankless water heater, water softener and garage cabinets. The Village of Apache Cottages provides a private village pool and lounging area for residents.

10634 E Sheena Drive Scottsdale, AZ 85255

$1,799,000
4 Beds
3.5 Baths
3,466 SqFt
Status Active
MLS # 6741510
Property Type Single Family Residence
Price Type --
Welcome home to this recently remodeled golf course and mountain facing gem in the highly desirable gated community of McDowell Dowell Mountain Ranch. Home wows with upgraded flooring and fixtures throughout. Chef's kitchen w/ breakfast nook that opens to family room boasting wet bar and cozy gas fireplace perfect for entertaining. Bedroom with en-suite, half bath and laundry 1st floor. Upstairs primary bedroom wows with resort style bathroom and exit to private patio overlooking the golf course. 2 additional bedrooms, full bath and loft space upstairs. Backyard oasis with low maintenance turf and private pool and spa. Hiking and biking trails.

2910 E Chuparosa Circle Payson, AZ 85541

$1,798,888
4 Beds
3.5 Baths
5,934 SqFt
Status Active
MLS # 6582207
Property Type Single Family Residence
Price Type --
BEST VALUE/PER SF PRICING in CHAPARRAL PINES!! Fabulous Modern Spanish Colonial custom built home perched on the top of the ridge with commanding forest & mountain views in every direction! This stunner boasts unparalleled quality construction, gorgeous finishes throughout & an attention to detail in every inch of this beautiful one-of-a-kind custom home in the highly desired guard-gated private secure enclave of Chaparral Pines! The over-sized great room features soaring high ceilings with hand sawn wood beams & walls of glass/ & matching huge gas stone fireplaces flanking the room -truly an entertainer's delight! Enjoy this dream chef's kitchen in the heart of this extraordinary custom home that features a high end Sub-Zero, Wolf, Bosch appliance pkg & panoramic mountain & forest view from every window & a huge custom island w/ counter level seating for the best kitchen entertaining experience! Decadent primary suite featuring soaring high vaulted ceilings, a wall of glass overlooking the incredible mountain & forest views, & a stone surround gas fireplace! This primary suite also features a coffee/drink bar complete w/ R/O tap at it's own sink & Sub-Zero refrigerator/& freezer/ice maker drawers! The primary bathroom boasts a gas stone fireplace across from the jetted/heated over-sized tub with huge panoramic picture windows for your viewing/soaking relaxing experience! Additionally, the primary bathroom features double vanity w/ 2 sinks, a walk-in shower, & lg. walk-in closet! The main level of the home features 1 more ensuite secondary bedroom w/ stunning views! Additionally, there is a spacious beautifully appointed home den/office with a gorgeous custom desk, built-in file drawers & plenty of cabinet space & an ensuite bathroom w/ large shower & antique sink vanity (this home office could easily be converted to an additional bedroom/or mother-in-law suite). Don't forget to see the dream laundry center--& enjoy the panoramic views here! The finished lower-level entry starts with a beautiful custom stone & wrought iron staircase leading you to the huge game room for all of your gaming preferences that features a stunning stone gas fireplace/hand-sawn wood beams in the ceiling & a spacious kitchen/bar area featuring a sink with it's own R/O system, Sub-Zero refrigerator/freezer/ice maker drawers, dishwasher & microwave! Additionally, there is a decadent 7 seat movie theatre room that features beautiful electric reclining theatre chairs/tiered in 2 separate rows for the whole family's preferred viewing experience! Additionally, you will find a spacious wine nook in the lower level with custom hand-crafted wine drawers to fill with your favorite wines! There are 2 more secondary bedrooms in the lower-level that enjoy a full bathroom for their use! Dream garage w/ an electric car charging station, a spacious workroom w/ beautiful cabinetry & hand-wrought zinc countertops, & plenty of custom built-in cabinetry for all of your garage storage needs! Incredible custom home with custom alder wood interior doors throughout -- in an incredible natural setting with incredible finishes!!! One of a kind!!! (Dedicated engineered & pre-wired space for an elevator in the kitchen if the buyer wants 1 installed)

6964 E Redbird Road Scottsdale, AZ 85266

$1,798,500
4 Beds
3.5 Baths
4,142 SqFt
Status Active
MLS # 6708889
Property Type Single Family Residence
Price Type --
Welcome to 6964 E Red Bird Rd, Scottsdale, AZ 85266 - an exquisite desert oasis that perfectly blends luxury and tranquility. Nestled in the heart of Scottsdale, this stunning property offers a serene escape with breathtaking views of the Sonoran Desert and majestic mountains. As you approach this elegant home, you are greeted by a beautifully landscaped front yard featuring native desert plants and a charming pathway leading to the grand entrance. Step inside to discover a spacious and open floor plan that boasts high ceilings, expansive windows, and an abundance of natural light, creating a warm and inviting atmosphere. The gourmet kitchen is a chef's dream, equipped with top-of-the-line stainless steel appliances, custom cabinetry, granite countertops, and a large island with a breakfast bar. The adjacent dining area and living room, with a cozy fireplace, provide the perfect space for entertaining guests or enjoying a quiet evening with family. Retreat to the luxurious master suite, complete with a spa-like ensuite bathroom featuring a soaking tub, dual vanities, and a walk-in shower. Additional bedrooms are generously sized and offer ample closet space, ensuring comfort for family and visitors alike. Step outside to the expansive backyard, where you'll find a covered patio ideal for alfresco dining, a sparkling pool perfect for cooling off on hot Arizona days, and plenty of space for outdoor activities. The property also includes a three-car garage and a dedicated laundry room for added convenience. Located in a peaceful and prestigious neighborhood, this home provides easy access to top-rated schools, fine dining, shopping, and outdoor recreational activities. Experience the best of Scottsdale living at 6964 E Red Bird Rd - where luxury meets the beauty of the desert.

5960 E Pershing Avenue Scottsdale, AZ 85254

$1,797,000
4 Beds
2 Baths
2,750 SqFt
Status Active
MLS # 6736871
Property Type Single Family Residence
Price Type --
Complete remodel with the finest finishes. 4/2 plus den, & event room 6 burner stove/oven with pot filler, griddle and wok, full extension soft close cabinets, quartz counters, 6 person island seating, custom red brick back slash, farm sink, Plank Tile Floors, high end luxury custom lighting throughout, double opening slider for indoor/outdoor living, pebble flooring in master rain shower, deep soaking tub, double sink, custom built in walk in closet, private master patio, gold luxury lighting, complete interior and exterior paint, travertine tiled patio, extended patio covering, outdoor kitchen and sink, on demand hot water tank, all new windows, two large custom pergola gazebos with curtains and lighting, high end turf, waterfall and rock designed pool with shallow ''kid'' area, CLICK M huge covered parking and triple wide gate for toys and cars, 4 storage sheds, extended event space, media room, bar with quartz, custom cabinets, wine fridge, new HVAC, insulation, electrical, new hardware through out, new doors, custom window insets and front door installed, a true paradise for living, entertaining and running a business from your very own home

5247 Az-260 Highway Pinedale, AZ 85934

$1,795,000
5 Beds
3 Baths
3,410 SqFt
Status Active
MLS # 6722710
Property Type Single Family Residence
Price Type --
This custom built luxury home sits on just over 10 acres fully fenced with a private gated entrance, and touches national forest for access to horse back riding, hiking, hunting, and more. Located on the property there is an oversized detached 4 car garage, a separate workshop / tool or toy shed, chicken coop, a barn that has power and water for your animals, 4 stalls, 3 separate pastures, fruits trees, a garden area, and a fully fenced backyard. The home itself has a 12x70' front porch and a 10x70' rear porch. The heart of the home boast 16+ foot ceilings of open space including the kitchen, dining, and family room. The kitchen features a farm house sink, quartz countertops, soft shutting drawers and cupboards, gas stove, and an oversized pantry. Owner is a licensed AZ Real Estate Agent. It includes a split floor plan with 5 large bedrooms, 3 full baths. The master bathroom includes a barn door, dual sinks, and an huge shower with dual shower heads. There is also a bonus room above the master suite that has endless possibilities. This property was designed to fit whether you are looking for a full time residence or the perfect place to gather with friends and family on the weekends.

332 W Malibu Drive Chandler, AZ 85248

$1,795,000
5 Beds
4.5 Baths
5,335 SqFt
Status Active
MLS # 6749752
Property Type Single Family Residence
Price Type --
A FULTON RANCH DREAM COME TRUE..... THIS STUNNING AGEAN COVE HOME HAS EVERYTHING YOU COULD EVER WANT & MORE! FROM THE GATED ENTRYWAY, FABULOUS CASITA, 4 CAR SPLIT GARAGE, AS WELL AS THE PRIVATE COURTYARD W/FIREPLACE & LOTS OF SEATING AREA, YOU ARE GOING TO BE HOOKED! CUSTOM IRON DOOR OPENS INTO A GRAND FOYER FEATURING A WINDING STAIRCASE ONLY SEEN IN THE MOVIES, CUSTOM STONE FLOORING, HUGE LIVING & DINING ROOMS (CURRENTLY SET AS A PERFECT GAME ROOM), LARGE OFFICE, AS WELL AS A HUGE OWNERS SUITE ON MAIN FLOOR W/SPACIOUS ENSUITE THAT INCLUDES 2 OWNERS CLOSETS, JETTED TUB, & SEPARATE SINK AREAS. TAKE A WALK INTO THE CHEF'S KITCHEN THAT OFFERS A GAS STOVE, 3 OVENS, WARMING DRAWER, MICROWAVE, OVERSIZED ISLAND W/WINE REFRIGERATOR. CHECK OUT THE BUTLERS SERVICE STATION EQUIPPED W/REFRIGERATOR AS WELL AS THE WALK-IN PANTRY. THIS HOME OFFERS YOU 2 LAUNDRY ROOMS (1 UP AND 1 DOWN). UPSTAIRS YOU WILL FIND A TRUE CINEMA EXPERIENCE W/STADIUM STYLE RECLINERS, & FULL MOVIE SCREEN, ALL UNDER A MESMERIZING CEILING OF SHOOTING STARS. 1 SET OF THE BEDROOMS UPSTAIRS OFFERS A JACK & JILL BATH; 1 OFFERS A PRIVATE ENSUITE, AND THE OTHER ONE OFFERS A SIZE FULL BATH! ALL BEDROOMS HAVE SPACIOUS CLOSETS! AFTER YOU HAVE BEEN WOWED BY THE INSIDE OF THIS HOME --- STEP OUT INTO THIS RESORT STYLE BACKYARD! THIS ONE OF A KIND CUSTOM HEATED POOL INCLUDES NUMEROUS WATERFALLS & FIRE FEATURES ENCOMPASSING JETTED GROTTOS WITH CHANGEABLE LIGHTING, SLIDES, AND A RAISED SPA. ADDITIONAL FOUNTAINS ALONG THE DECK MAKE THIS EXPERIENCE UNMATCHED! PUTT ON THE GREENS, SIT AT THE BUILT-IN BBQ & ENJOY A DRINK WHILE WATCHING ALL OF THE FUN IN THE POOL! -- NEEDING SOME SHADE --- THE REMOTE SHADES HAVE YOU COVERED! THIS GEM OF A HOME AND YARD WILL AMAZE YOU! CALL FOR YOUR PRIVATE SHOWING TODAY!

7075 W Whitman Trail Flagstaff, AZ 86001

$1,795,000
4 Beds
3.5 Baths
3,010 SqFt
Status Active Under Contract
MLS # 6741687
Property Type Single Family Residence
Price Type --
Experience the tranquility of this newly built custom home at the base of the majestic San Francisco Peaks just minutes from Snowbowl Ski Resort. Imagine hosting holiday gatherings in the beautiful gourmet kitchen that flows seamlessly into the open great room, leading to a spacious covered patio with breathtaking mountain views. Enjoy the comfort of a summer afternoon as clouds roll in, bringing the refreshing scent of rain-kissed pine trees. The luxurious primary en-suite features a soaking tub and radiant floor heating. A second en-suite plus two other guestrooms, and a three car garage, offer the versatility to accommodate your specific needs. This is the lifestyle you have been dreaming of! The furnishings and décor are included, so bring just a suitcase and make yourself at HOME. Owner is a licensed real estate agent in NV.

7117 E Rancho Vista Drive Unit 4011 Scottsdale, AZ 85251

$1,795,000
3 Beds
2 Baths
1,944 SqFt
Status Active
MLS # 6705754
Property Type Apartment
Price Type --
Welcome to this truly special Optima Camelview 3 Bedroom 2 Bath 1944 SF showstopper! This breathtaking property underwent a complete remodel by the impressive Wild Development Design & Renovation team. Simply a must see in person, you will be awed from the moment you walk inside by the abundance of floor-to-ceiling glass windows, gorgeous & spacious open kitchen/bar and well laid out living/dining spaces. This property boasts a rare two private patios (one off of the living room & one off of the master) - both featuring lively city & lush landscaping views. The spacious master suite is separate from the two guest bedrooms and offers a custom closet, soaking bath & roomy shower. Both guest rooms have multiple walls of glass and are light & bright. Walk-in laundry room. Two side by side premium private parking spaces, one with tesla/electric vehicle charging. All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Womens Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.

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