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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19132 W Townley Court Waddell, AZ 85355

$1,759,000

4 Beds

3 Baths

3,354 SqFt

Status Active

MLS # 6711991

Property Type Single Family Residence

Price Type --

This estate is the epitome of serene living complete with a generous sized 2600 plus sq. ft. detached garage for your car collection & motorhome. This custom built one owner home showcases an incredible detached RV garage for cars/toys/storage that includes a large office and a casita. Located in the gated community of Sonoran Ridge Estates where the breath-taking mountain views of the White Tank Mountains and wildlife are endless. Once you enter the gated community you look to the left you see the massive detached garage and are intrigued to explore the .96-acre property and dream of owning such a gem. As you find your way into the secluded cul-de-sac you will see the beautiful territorial home with mature landscaping. Once you pass through the large beautiful front door and make your way through the home, you see the custom touches such as the 10-to-12-foot ceilings, tile through-out, oversized Jacuzzi tub in primary bath and interior stone in living and family room. The home also possesses granite countertops, 2 newer a/c units, surround sound inside home and back patio, stainless steel appliances, solid beechwood cabinets, walk-in pantry, kitchen island, solid knotty Alder wood doors/jams, and 2 x 6 framing. Off the patio is a staircase leading to an observation deck that has a cable outlet great for watching television while observing the mountains in the background. The garage attached to the home has a mini split for added cooling. This property has endless opportunities for grand scale entertaining with a generous shaded back patio equipped with a large bar complete with a sink/water, refrigerator and under counter storage and lighting. You will be mesmerized as you follow the walkway lined in pavers to this 2600 plus sq. ft. detached garage (front and back entry). The garage boasts a foam roof, 2 x 8, 2 x 6 RV construction, spray foam insulation, insulated garage doors, cooled by 2 new a/c units (4 & 5 tons), industrial LED lighting, wired with 220 that includes compressed air outlets in several areas throughout RV/garage /workshop area, wired with security video. The office/casita has wood-look plank tiles, quartz countertops, new slate maple cabinets, wired for dual zone surround sound speakers/cable/WIFI, new 75 smart T.V., dual pane windows-energy efficient. Home and detached garage has outlets installed on roof parapets for Christmas lights. Do not miss this one!

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36001 N 17th Avenue Phoenix, AZ 85086

$1,753,744

5 Beds

5.5 Baths

4,549 SqFt

Status Active

MLS # 6676761

Property Type Single Family Residence

Price Type --

TO BE BUILT: Amazing modern contemporary house nestled at the base of a majestic mountain and the Sonoran Preserve. This home features 5 bedrooms, 5.5 bathrooms, with soaring 12 foot ceilings throughout the open floor-plan. Gourmet kitchen features top of the line appliances, huge center island, and walk-in butler;'s pantry. Split floor plan with. an incredible primary suite with. large soaking tub, walk in steam shower, and expansive his/her closets. This side also has an additional ensuite bedroom and home office. The other side has 1 additional ensuite bedroom with hidden door. Expansive patio leads to fully loaded pool house adjacent to detached casita. Home has 3 car, extra deep garage, mudroom entry from garage, and large laundry room. Situated on just over 1 acre.

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35267 N 98th Street Scottsdale, AZ 85262

$1,750,000

3 Beds

3.5 Baths

3,517 SqFt

Status Active

MLS # 6731879

Property Type Single Family Residence

Price Type --

Surrounded by the beauty of the Sonoran Desert, in the community of Legend Trail, this home is a true masterpiece, combining perfect size, style, and low maintenance for year-round enjoyment. This extraordinary single-level custom home is positioned on a generous corner lot and offers stunning mountain views and natural desert surroundings. Immaculate pride of ownership radiates through every detail of this residence, with over $175,000 in meticulous updates that elevate its luxurious charm. As you step through the custom iron front door, the grandeur of the home unfolds. The great room seamlessly connects to the gourmet kitchen, creating an inviting space for entertaining. Revel in the warmth of a stone fireplace and accent wall in the great room. The culinary gem of a kitchen boasts high-end GE Monogram appliances, granite countertops, a walk-in pantry, and a spacious island with a prep sink. Recent upgrades, including a new range hood vent and island cabinet doors, showcasing a commitment to modernity and functionality. The floor plan is thoughtfully designed, creating an inviting and practical space for both everyday living and special occasions. The primary suite is a haven of tranquility, with ample natural light, a tray ceiling, and a recently updated ensuite bath featuring double vanities, a soaking tub, and separate shower. The custom-built master closet is illuminated by new lighting, and built-ins provide additional storage solutions. Step into the enchanting backyard oasis, where a sprawling covered patio overlooks a heated pool and spa, a built-in BBQ, and a captivating fire pit. Recent landscaping enhancements, including additional trees and strategically placed gravel with drainage systems, elevate the outdoor experience. Legend Trail is a unique, well established, master-planned community in North Scottsdale, home to world famous resorts and upscale shopping, dining and entertainment experiences. Residents of Legend Trail enjoy resort-style amenities, fitness facilities and classes, golf, tennis and pickleball courts and direct access trails to scenic McDowell Sonoran Preserve.

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3940 E Mulberry Drive Phoenix, AZ 85018

New

$1,750,000

6 Beds

4 Baths

3,216 SqFt

Status Active

MLS # 6760009

Property Type Single Family Residence

Price Type --

WOW!!! This is a SHOWSTOPPER in the highly sought after zip code 85018! Professionally imagined and designed, this sophisticated home is ready for its new owner! Mulberry will check ALL the right boxes, 6 bedroom, 3.75 baths, soaring ceilings, GORGEOUS wood flooring and high end finishes/fixtures throughout! Entertaining will be a breeze with the huge OPEN floor plan boasting a beautiful modern accordion door - One that leads to the backyard oasis/pool/firepit. The Chefs kitchen has everything you want and need including a gas range/oven and cook top, double islands with granite countertops. The grand primary suite has a huge custom closet and spa-like bathroom. The list is endless! Create memories in this dream home! No HOA! YOU will LOVE this HOME!!!

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6711 E Camelback Road Unit 61 Scottsdale, AZ 85251

$1,750,000

3 Beds

2 Baths

2,236 SqFt

Status Active

MLS # 6752393

Property Type Townhouse

Price Type --

Discover the epitome of luxury living in this beautifully appointed home located in the exclusive Pavoreal gated community in Scottsdale. Featuring modern finishes and soaring high ceilings, this residence offers a perfect blend of elegance and comfort. The backyard boasts brand-new landscaping, providing an ideal space for outdoor entertaining or simply relaxing in privacy. Situated within walking distance to Scottsdale's premier shopping and dining destinations, this home offers the convenience of urban living while maintaining a tranquil, private atmosphere. Don't miss this opportunity to experience this exceptional property in one of Scottsdale's most sought-after communities.

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5658 N Scottsdale Road Paradise Valley, AZ 85253

$1,750,000

2 Beds

2 Baths

2,128 SqFt

Status Active

MLS # 6753682

Property Type Townhouse

Price Type --

This charming home is in the highly sought after Scottsdale North town home community. The development was placed on the National Register of Historic Places in 2023. It is conveniently located 5 minutes from Old Scottsdale, Scottsdale Fashion Square, and only 20 minutes from Sky Harbor Airport. The home boasts 10 ft ceilings and wraps around a private central courtyard with a European wall fountain. There is a cozy second private patio that has a custom gas fireplace. This property is one of the few remaining original floor plans offering the buyer the perfect opportunity to remodel and put their own personal design touch to the interior.

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10906 E Southwind Lane Scottsdale, AZ 85262

$1,750,000

5 Beds

4 Baths

4,243 SqFt

Status Active

MLS # 6746966

Property Type Single Family Residence

Price Type --

Introducing ''Southwind Serenity'' - your sanctuary set within the prestigious, guard-gated enclave of Candlewood Estates in Troon North. Recently refreshed, the organic modern desert finishes throughout enhance the architectural details of this luxury custom home. The thoughtfully designed dual owners' suite floorplan ensures privacy for you and your guests, while the airy great room with lounge is perfect for entertaining. Upstairs, the loft showcases picture-window views of Pinnacle Peak and Troon Mountain with an attached balcony made for scenic sunset gazing. The terraced backyard is a private haven offering multiple inviting spaces to unwind fireside, dine al fresco on the generous covered patio, enjoy a refreshing drink at the swim-up table, or relax in the rejuvenating spa. Located in vibrant North Scottsdale, this home offers easy access to world-class golf courses, fine dining, and scenic hiking trails, placing you at the heart of luxury living and outdoor adventure.

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4350 E Vermont Avenue Phoenix, AZ 85018

$1,750,000

4 Beds

5 Baths

4,042 SqFt

Status Active

MLS # 6757442

Property Type Single Family Residence

Price Type --

GREAT FLIP INVESTMENT- SFR OR CARE HOME opportunity! This property is situated in a prime location in Arcadia, at the intersection of 44th and Camelback. It presents an excellent opportunity to create your dream home or generate income through investment options such as an in-home care facility or Airbnb. The interior of the house has been completely demolished, providing a blank canvas for you to bring your vision to life. The property is currently 4,042 sq. ft and sits on just under half an acre, with a private side road that offers ample parking, a pool, and mature landscaping. Permits and plans are included in the sale. The developer can also assist with completion and financing if needed.

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7705 E Doubletree Ranch Road Unit 32 Scottsdale, AZ 85258

$1,750,000

2 Beds

2 Baths

2,232 SqFt

Status Active

MLS # 6751773

Property Type Single Family Residence

Price Type --

Stunning remodel in gated Gainey Ranch! Extensive renovations in this 2 bedroom + den home feature a fabulous chef's kitchen with brand-new cabinetry, quartz countertops, state-of-the-art appliances, and island with waterfall edge and seating area. Luxurious bathrooms have been completely upgraded, showcasing slab quartz showers, new cabinetry, and quartz countertops, with the main bath offering a spacious tub. Enjoy fresh flooring and paint throughout the entire home, along with a two-way fireplace adorned with a new surround seen from living, dining, great room and den. The laundry room has also been updated with new cabinetry and a quartz countertop. The living space opens to a beautiful, resort-like backyard, complete with a new private pool and spa, refreshed landscaping, and extensive travertine pavers. Resort living at the Gainey Ranch Estate Club includes tennis & pickleball courts, state-of-the-art gym, 25-meter pool, clubhouse and more. Located in a prime Scottsdale area, close to shopping and dining.

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10855 E Elba Way Scottsdale, AZ 85262

$1,750,000

6 Beds

5.5 Baths

5,358 SqFt

Status Active

MLS # 6740974

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Scottsdale's prestigious Treviso community, nestled near the renowned Mirabel Golf Course. This exquisite Toll Brothers residence embodies luxury, privacy, and exceptional craftsmanship. As you approach this magnificent property, you'll immediately notice its impressive presence. The added benefit of an attached Casita featuring a private entrance—perfect for guests or a home office. Step inside to discover an expansive interior with high ceilings and elegant finishes. The backyard is a true retreat, offering unparalleled tranquility with its stunning views of the desert landscape and majestic mountains. Facing the Preserve, you can rest assured that your views will remain unobstructed, offering a serene and private outdoor living space.

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15802 N 71st Street Unit 409 Scottsdale, AZ 85254

$1,750,000

3 Beds

3 Baths

2,591 SqFt

Status Active

MLS # 6745575

Property Type Apartment

Price Type --

Amazing opportunity to own this Luxurious condo! Be dazzled by the Incredible Views, high ceilings, open floor plan, recessed lighting & tile flooring. The great room is the ideal place for entertaining. Cooking is bliss in this gourmet kitchen, featuring plenty of espresso cabinets, built-in appliances, tile backsplash & marble counters. The bonus room is excellent for a media room. The main bedroom boasts a private balcony & an ensuite w/dual sinks, a sit-down shower, a soaking tub, & a walk-in closet. The other two bedrooms also provide private bathrooms & walk-in closets. Enjoy the pinnacle of luxurious living in the Landmark Community; Discover the great amenities it provides, like the heated pool, conference rooms, wine cellar, spa & recreational centers. This won't last for long!

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9908 E Cavalry Drive Scottsdale, AZ 85262

$1,750,000

4 Beds

3.5 Baths

3,655 SqFt

Status Active

MLS # 6746544

Property Type Single Family Residence

Price Type --

Located in the highly desirable gated community of Legend Vista Estates at Legend Trail. Imagine stepping into this bright and airy home, where every corner invites the beauty of the outdoors inside. The multiple oversized picture windows frame stunning garden, sunset and mountain views, transforming each glance into a captivating piece of live art on the private oversized lot. This property is perfect for entertaining with high ceilings, an open floor plan, and chef's kitchen with Wolf & Subzero appliances. The home is move-in ready with desirable finishes & updated systems maintained by meticulous owners. The resort backyard boasts expansive undercover with a pool, water feature, built-in BBQ, updated landscaping, & professionally designed landscape lighting. 3 car garage has storage Legend Trail features a public golf course and community center with pool, spa, fitness, tennis, and pickleball located close to hiking, biking, restaurants and shopping. This is Arizona living at its best!!!

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