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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6348 E Wildcat Drive Cave Creek, AZ 85331

$1,750,000 - 3Br/2Ba -  for Sale in None, Cave Creek
New
$1,750,000
3 Beds
2 Baths
2,054 SqFt
Status Active
MLS # 6760821
Property Type Single Family Residence
Price Type --
Experience the epitome of equestrian luxury at this exquisite horse property that perfectly melds modern comfort with rustic charm. Equestrian enthusiasts will be thrilled with the barn, stables, multiple arenas, and a dedicated tack room. A detached, air-conditioned garage/workshop provides ample project space, while slab parking accommodates RVs, horse trailers, and multiple cars. Step inside to discover a beautifully renovated kitchen and bathrooms featuring high-end finishes and modern fixtures. The cozy living area, complete with a wood-burning stove, creates a perfect retreat on cooler evenings. For comfort and efficiency, the home is equipped with solar power. Outdoor living is effortless here, with inviting spaces including a wood-burning fire pit, cafe lights, built-in BBQ... swimming pool, dog run, and alfresco dining areas. Proximity to Cave Creek's top-rated schools, Dynamite Arena, Scottsdale, and the quaint Western town of Cave Creek ensures convenience and a rich local culture. Enjoy nearby golf, hiking, outdoor activities, and quick access to TSMC and the Loop 101. Living here is about becoming part of a vibrant, friendly community surrounded by the serene beauty of the Arizona landscape. Don't miss out on this unique property & experience the best of Cave Creek living!

4917 E Amelia Avenue Phoenix, AZ 85018

$1,750,000
3 Beds
3.5 Baths
2,064 SqFt
Status Active Under Contract
MLS # 6751007
Property Type Single Family Residence
Price Type --
Introducing this stunning new build in the desirable and charming Arcadia Lite neighborhood, where luxury finishes and transitional design come together to create an unparalleled living experience. This stunning residence is a perfect blend of modern elegance and timeless charm, offering both style and comfort. The exterior of the home boasts a sophisticated combination of beautifully crafted exterior stone and 24-gauge metal siding, topped with a 24-gauge standing seam metal roof for a sleek, modern look. The home is surrounded by lush landscaping including ficus surrounding the property, white roses, and a southern live oak tree for a picturesque and captivating street appeal. The front patio, with its stone wrapped gas fire pit, offers an inviting spot for intimate gather Introducing this stunning new build in the desirable and charming Arcadia Lite neighborhood, where luxury finishes and transitional design come together to create an unparalleled living experience. This stunning residence is a perfect blend of modern elegance and timeless charm, offering both style and comfort. The exterior of the home boasts a sophisticated combination of beautifully crafted exterior stone and 24-gauge metal siding, topped with a 24-gauge standing seam metal roof for a sleek, modern look. The home is surrounded by lush landscaping including ficus surrounding the property, white roses, and a southern live oak tree for a picturesque and captivating street appeal. The front patio, with its stone wrapped gas fire pit, offers an inviting spot for intimate gatherings. The gourmet kitchen with its beautiful modern design, features a show-stopping waterfall island and top-of-the-line appliances, ideal for culinary enthusiasts and entertaining. The spacious great room has 16' vaulted ceilings and a grand 60-inch fireplace creating a stunning focal point. The dining space is designed for both style and functionality, with a sleek wet bar. The bathrooms feature premium Kohler plumbing fixtures, curbless showers, and elegant marble countertops and floors. The master suite is complemented by a contemporary underlit floating vanity and an eye-catching freestanding tub within a spacious spa-like shower, equipped with the newest technology. California Closets systems in all bedrooms ensure organized and elegant storage solutions. Accent walls throughout the home add unique character and a personalized touch, while Lutron Maestro dimmers allow you to create the perfect ambiance with customizable lighting options. The home is equipped with a comprehensive security system featuring cameras covering the property, a video doorbell, door and window alarms, and motion detectors. The backyard is nothing short of your own private oasis, complete with a built-in BBQ station, a heated pool for year-round enjoyment, and a slatted pergola, perfect for relaxing under the stars. Located in a vibrant and welcoming neighborhood, this home is just moments away from some of Arcadia's finest dining and shopping. This residence is not just a home; it's a testament to refined living and exceptional design. Don't miss the opportunity to make this dream home yours.

36578 N Boulder View Drive Scottsdale, AZ 85262

$1,750,000
4 Beds
4.5 Baths
3,381 SqFt
Status Active
MLS # 6708862
Property Type Single Family Residence
Price Type --
Luxury meets tranquility in the prestigious neighborhood of Boulder Heights in N. Scottsdale. This luxury residence offers breathtaking city light, mountain and sunset views. With a spacious private entry courtyard with a carved stone water feature, and an expansive back patio featuring a heated pool with a soothing waterfall, outdoor kitchen and fire pit it guarantees endless opportunities for entertaining. Upon entering this single level home with its vaulted ceiling and prominent foyer it also features an inviting great room with wet bar and fireplace, large dining area and an open kitchen with high end appliances. All 4 bedrooms are ensuite - the owners suite includes a large walk-in closet, jetted tub and walk-in shower. All this just a short distance from hiking, shopping and entertainment in Cave Creek, Carefree and Far North Scottsdale.

4302 E Mountain View Road Phoenix, AZ 85028

$1,750,000
4 Beds
2.5 Baths
3,296 SqFt
Status Active
MLS # 6750177
Property Type Single Family Residence
Price Type --
This luxury home is nestled in the quiet neighborhood of Rancho Alta Vida with breathtaking views of Phoenix Mountain Preserve from every angle! Your new home sits on a private cul de sac corner lot, and steps away from the community pickleball and tennis courts. The custom wood gate leading to the secluded courtyard offers a peaceful area to enjoy the beautiful sunsets. Upon entering the home through double wooden doors, you are presented with a spacious foyer that gives you views and an exit to your outdoor oasis, along with site lines to both the living room and family room. Stepping into the chef's kitchen you will find an abundant offering of cabinets, pantry storage, granite counters, built in microwave and wall oven, a cook top with hood, breakfast bar, wine fridge and more amazing views of your outdoor oasis, including a built in BBQ for that indoor/outdoor entertaining that Arizona weather offers us. Plenty of room for formal dining and a cozy family room with a wood-burning fireplace. The primary suite has a private sitting room with private exit to your oasis, large walk in closet, with built-ins, spacious ensuite bathroom with walk in shower, double vanities, and a bidet. The 3 other bedrooms are spacious and down the hall, along with the second full bath and additional half bath. Your backyard has plenty of entertaining space, with 3 separate patio and lounging areas, built in BBQ, and all to enjoy the astounding custom 60 foot, pebble tec lap pool. The property is adorned with grapefruit and lemon trees, lush private landscaping and picturesque mountain views.The oversized 3-car garage has built in cabinets, and a cedar-lined storage room. Close proximity to excellent private and public schools, shopping, entertaining, yet secluded from the hustle and bustle of downtown living. Enjoy the Paradise Valley area with an 85028 affordability.

5730 E Cielo Run Cave Creek, AZ 85331

$1,750,000
3 Beds
3.5 Baths
2,638 SqFt
Status Active
MLS # 6708103
Property Type Single Family Residence
Price Type --
This awesome horse property sits on nearly 4 acres of pristine Sonoran desert in the community of Arizona at Rockaway Valley in north Cave Creek. A stones throw away from a wash that will take you straight to the Spur Cross preserve w/thousands of acres of riding trails this single level home is pristine & move in ready. The home is both modern & rustic w/split floor plan & features a great room w/3 beds + 3 baths, cozy fireplace, and a 3 car garage. The interior boasts wood-look tile floors, barrel ceilings w/solid wood Vegas, quartz & granite countertops, stainless appliances, white-washed hickory cabinets, high ceilings, & lots of windows. The back yard features a sparkling p-tec pool w/boulder waterfall, tons of cool deck, huge covered patio, & tons of space for toys. The horse set up features a tack shed, a mare motel w/runs, hay shed, large round pen, and an arena. Every area of the property has fantastic views of saguaro studded mountains and native desert flora. The sellers also have owned solar with dual zones AC/heat so super low electric bills. Almost no noise too as all surrounding homes are on large lots and away from any major streets so this home is quiet and serene. Great value as rarely do I see horse properties where the property, horse set up, and home are all great so put this at the top of your list to see.

360 S Falling Leaf Road Show Low, AZ 85901

$1,750,000
5 Beds
3.5 Baths
3,649 SqFt
Status Active
MLS # 6748746
Property Type Single Family Residence
Price Type --
Experience luxury living in this exquisite 5-bed, 3.5 bath home nestled among the serene pines of the Torreon Community. With a prime location on the 14th green of the Tower Course, this spacious residence offers a perfect blend of elegance and comfort. Upgraded features throughout the property add a touch of sophistication, making it a dream home for those seeking a higher standard of living. Enjoy the tranquility and beauty of nature while indulging in the exclusive amenities that Torreon has to offer. This gorgeous custom build sits on one of Torreon's largest lots at 1.49 acres, providing lots of privacy. The modern exterior with black and natural siding as well as stone, pops among the pine trees. The main entrance has double doors that swing open to take in the large living room. The large windows flood the home with natural light and accentuate the gorgeous finishes. The home features a chef's kitchen with 2 islands and high end appliances that include 3 freezers, 2 refrigerators and a wine fridge. The 2 islands provide lots of storage and extra seating for large gatherings. You and your guests alike will enjoy the view of the large covered deck from the dining room. The deck features tongue and groove ceiling, built in speakers and cable/steel railings. The main floor has 2 primary suites with double vanities in the bathrooms and vaulted tongue and groove ceilings in each. Upstairs is a large bunk style room also with vaulted tongue and groove ceiling. The home also has an oversized 3 car garage. We can't wait for you to experience mountain living at it's finest in this gorgeous Torreon home!

10432 E Winter Sun Drive Scottsdale, AZ 85262

$1,750,000
3 Beds
3.5 Baths
3,952 SqFt
Status Active
MLS # 6720599
Property Type Single Family Residence
Price Type --
Motivated Seller so briing your offer on this private DREAM home in the gated Cresta Norte! Nestled on a HUGE an acre and an half lot on a cul-de-sac, this stunning property has all the bells & whistles. Surrounded by breathtaking mountain views and a private yard with a serene & picturesque backdrop. Displaying a desert landscape, private courtyard, and a split 3-car garage w/epoxy floors & cabinetry. The double-door front entry opens a spacious living & dining room combo! Continue onto the inviting family room adorned with a fireplace for chilly nights. Tall ceilings add to the airy feel, complemented by plantation shutters, chic light fixtures, designer paint, tile & wood-look flooring, and large windows for tons of natural light. Pre-wired surround sound for the ultimate audio experience! For added functionality, this gem comes with a bonus room & a cozy den, both of which provide versatility! Double-door main bedroom has a lavish ensuite with a soaking tub, separate shower, two vanities, & two walk-in closets. PLUS! Another one bedroom includes its own full bathroom, perfect for the guests. But the true highlight is the RESORT-SYLE backyard! With a covered patio, a built-in BBQ, & a sparkling pool, this space promises year-round enjoyment. Immerse yourself in the tranquility and natural beauty that embraces this serene residence. Explore it! Love it! Live it!

3038 E Daley Lane Phoenix, AZ 85050

$1,750,000
4 Beds
4 Baths
3,121 SqFt
Status Active
MLS # 6740977
Property Type Single Family Residence
Price Type --
This modern residence is a true gem awaiting your discovery. The natural light streaming through the corner-less glass sliders and the neutral white palette create an inviting atmosphere. The iron and glass front door sets the tone for numerous upgrades throughout the home. The gourmet chef's kitchen is a standout feature, offering a restaurant-grade gas range with two ovens and a pot filler. The large granite island is accented by modern pendant lights and a lighted drop ceiling. White maple cabinets extend from floor to ceiling with elegant glass accents. Impressive built-in bar with cabinets and dual beverage refrigerators make entertaining a breeze. The main bedroom is spacious and boasts a meticulously organized closet with direct access to the laundry room. The main bathroom is impressive featuring a stand-alone soaking tub, dual granite vanities, and a fully tiled and glass walk-in shower. The outdoor living space rivals all others, with an extended covered patio featuring fully automated sun screens to create a comfortable living area with a cozy fireplace. Enjoy fun in the sun while lounging by the pool or playing on the low-maintenance turf. Cool Arizona nights can be spent around the beautiful tile and glass fire pit. All bedrooms are equipped with organized walk-in closets and full bathrooms. The garages offer ceiling rack systems for additional storage and epoxy flooring. Surround sound inside and outside. Located in the gated section of the Sky Crossing Community, this home provides access to a host of amenities, including pools, a spa, fitness center, and a calendar filled with engaging activities and social events. The property is just minutes from Desert Ridge shopping and various nearby restaurants, with easy access to the 101, 51, and I-17 freeways. This exceptional home harmoniously blends modern luxury and practicality, making it an opportunity not to be missed. Your dream home awaits.

10507 E Conieson Road Scottsdale, AZ 85255

$1,750,000
5 Beds
3.5 Baths
3,466 SqFt
Status Active
MLS # 6745186
Property Type Single Family Residence
Price Type --
This beautifully remodeled McDowell Mtn Ranch home within the gated community of Sonoran Fairways, features a golf course lot, 5 bedrooms, 3.5 bathrooms, a host of modern upgrades, including engineered white oak hardwood throughout. The downstairs boasts high ceilings and beautifully remodeled kitchen, featuring new white oak and white cabinets, appliances and quartz countertops. Step into backyard oasis through the 16 ft stacking sliding glass door onto a sparkling pebble tech pool and spa and a view fence, looking over the 9th hole of the McDowell Moutain Ranch Golf Club. All of the bathrooms have been completely remodeled and enjoy the stunning views off the Master Suite. Lastly, the home has a brand new roof with a 10 year warranty from Prime Roofing and 2-year old Trane HVAC units. Don't miss this stunning remodel in the safe and secure gated community of McDowell Mountain Ranch, adjacent to award winning schools!

710 N Bullmoose Drive Chandler, AZ 85224

$1,750,000
5 Beds
4.5 Baths
4,350 SqFt
Status Active Under Contract
MLS # 6679883
Property Type Single Family Residence
Price Type --
LOCATION! LOCATION! LOCATION! One-of-a-kind property with 2.5 acres in the heart of Chandler. Close to fways, shopping, dining, schools, Intel and other major employers. Combined PASTURES are 1.5 acres, quiet and serene, SRP irrigated, Corral, room for horses/animals. CAR ENTHUSIAST! Has Garage parking for 7 vehicles, has high ceiling, oversized door, Prof vehicle lift, Evap Cooling, Half Bath, sink, W/D, Micro, soft water plus 50-foot RV Carport and Trailor Parking. BACKYARD is perfect for entertaining with large, covered Patio, Pebble Tech Pool/Jacuzzi/BBQ/Fireplace and artificial grass HOME is well maintained, true Territorial style with 5/Bdrms, 4.5 Baths. MBR is on main level, 2 secondary Bdrms have on- suite Baths. BASEMENT is large with 2 Bdrms, cool in summer. LOW PROPERTY TAXES

6213 W Saguaro Park Lane Glendale, AZ 85310

$1,750,000
4 Beds
5 Baths
5,984 SqFt
Status Active
MLS # 6642897
Property Type Single Family Residence
Price Type --
Welcome to the prestigious gated community of Tuscany Hills, where luxury living meets panoramic perfection. This meticulously remodeled custom home offers a refined retreat in the scenic foothills, commanding awe-inspiring views of both the majestic mountains and the glittering city below. Step through the custom door into the grandeur of the great room, adorned with intricate column details and featuring a bespoke wine room that sets the tone for sophisticated entertaining. The gourmet kitchen is a culinary masterpiece, boasting high-end quartz countertops, a tasteful tile backsplash, and state-of-the-art Wolf appliances. Dual kitchen islands, a spacious pantry, and a charming breakfast nook add both functionality and style. In the dining room, an oversized custom window captures the essence of the breathtaking views, creating an enchanting backdrop for your dining experience. The master retreat is a haven of indulgence, complete with an attached exercise room, a two-way fireplace, and a spa-like ensuite featuring a custom large step-in shower and a luxurious slipper tub. The walk-in closet is a fashionista's dream, equipped with secondary laundry facilities and a private covered deck space. This residence offers three additional en suite bedrooms, each designed for comfort and privacy, along with a dedicated office space featuring elegant ceiling details. The lower level is an entertainment haven, boasting a vast game room and bar for memorable gatherings. Convenience is elevated with the inclusion of an elevator, newer wood flooring, plantation shutters, and two distinct laundry areas. The three-car garage is not only impeccably finished with epoxy flooring and ample storage but also houses newer A/C units and a roof. High-end upgraded lighting throughout the home adds a touch of sophistication. Experience the allure of the outdoors on the extensive decks enveloping the home, providing the perfect vantage point for enjoying the captivating mountain and city views. With meticulous attention to detail, this one-of-a-kind luxury estate epitomizes the epitome of upscale living in the heart of Tuscany Hills. This residence is a rare gem that seamlessly combines opulence, functionality, and breathtaking surroundings. Welcome to your new home, where every detail exudes elegance and every moment is immersed in the beauty of Tuscany Hills living.

1844 Palmcroft Way Phoenix, AZ 85007

$1,750,000
5 Beds
4 Baths
3,510 SqFt
Status Active
MLS # 6702755
Property Type Single Family Residence
Price Type --
OWNER MOTIVATED TO SELL. Ask your agent about lower historic district taxes. No HOA! Nestled in Phoenix's prestigious Encanto-Palmcroft Historic District, this gorgeous 5 bed/4 bath domicile attracts with informal grace. No detail is unchecked. Everything is impeccably replaced, remodeled, redesigned. This lovely neighborhood surrounds Encanto Park, the golf course and Enchanted Island children's park. Friendly neighbors plan block parties, have regular ''Sunday Schmoozes,'' and enjoy incredibly planned annual activities. The whole property shouts ''comfort & quality.'' Inside, ceiling beams, artisan 5'' solid oak flooring, floor to ceiling gas fireplace, media & bonus bookcase walls command attention. A vaulted wall of windows offers fun-loving pool scenes. Intimate dining is accented by recessed ceiling, buffet w/mini fridge, & attractive view of outdoors. Chef's kitchen dazzles with illumined cabinetry, dimensional backsplash, ample pantry space, workstation sink, superior Café & ZLINE SS appliances & filtered water system. Laundry also provides built-in ironing system, folding station & additional cabinetry housing security technology. Owners' Ensuite w/ceiling beams & 12' walk-in closet has private access to lush patio. Quartz bathroom counter offers LED mirrors, wide benched shower & abundant storage. Large southern bedroom has built-in media center w/private patio entry. Bright spacious basement Ensuite has bath/laundry combo & LVP flooring while the carpeted living area features wired technology, electric fireplace, split A/C dehumidifier, copious storage & beverage center. Recessed lights supplement natural light from two generous window wells in these happy quarters. Redesigned travertine patio & large pebble finish pool include deck jets, gas firepit, Sunbrella spa gazebo, dining counter, & breezy redwood pergola. The twin cedar gates are enhanced by a long wall of sun-loving orange trumpet vines. Adorable, detached guest house suite offers lively kitchen entry, full kitchen w/SS appliances, Italian quartz counters, vast pantry, bath/laundry combo, and dining/workspace counter. Sliding entry opens to generous living area w/pool view. Outdoors a solar lit sunken travertine patio offers quiet repose. Adjacent is a picture-perfect A/C Tuff Shed with easy clean LVP flooring.

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