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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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!

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5805 E Agave Place Carefree, AZ 85377

$1,750,000

5 Beds

4 Baths

3,329 SqFt

Status Active

MLS # 6711345

Property Type Single Family Residence

Price Type --

This stunningly remodeled and modernized residence was crafted by the renowned architect Ilan Baldinger from Baldinger-Studio. Nestled at the foot of Black Mountain in Carefree, AZ, this exquisite home offers a tranquil setting. Step inside this luminous and spacious home to experience a sense of relaxation and serenity. Explore the expansive living and dining area with a revamped entertainment center, complete with a water vapor electric fireplace. The kitchen, with its contemporary white design, boasts top-of-the-line finishes and overlooks the living space and pool. The master suite features a private gas fireplace, a lavish bathroom with a freestanding tub, and a walk-in shower. Additionally, there is a guest casita or office ideal for remote work or visitors. The property includes a 3-car garage equipped with electric charging for your EV. Moreover, there is a separate air-conditioned RV garage or workshop. Countless other upgrades and amenities await discovery in this remarkable home - a true gem that should not be missed.

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12178 E Palomino Road Scottsdale, AZ 85259

$1,750,000

4 Beds

3 Baths

3,625 SqFt

Status Active

MLS # 6708772

Property Type Single Family Residence

Price Type --

Welcome to an exquisite luxury custom home situated on almost an acre in the prestigious community of Paradise Heights off the Shea corridor. This al fresco retreat is an idyllic backdrop for intimate gatherings or grand-scale entertaining. Formal dining, a spacious great room with expansive windows showcasing sweeping desert and city views, fireplace with custom mantel wall, chef's kitchen with top-of-the-line appliances and Quartz countertop. The primary suite features a spa-like bath with Carrera marble, free-standing tub, a private patio w/views and walk-in closet with custom cabinetry. The resort-style lap pool, multiple lounging areas, all framed by the tranquil privacy of lush desert landscaping and expansive views capturing authentic Arizona scenery There is an ample three car garage for car lovers and plenty of storage. No Hoa. Close to the cosmopolitan conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert. World class shopping, restaurants, museums and nightlife right outside your doorstep! Plus quick access to freeways for easy commuting.

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10468 E Quartz Rock Road Scottsdale, AZ 85255

Open House

$1,750,000

4 Beds

4 Baths

3,691 SqFt

Status Active

MLS # 6746155

Property Type Single Family Residence

Price Type --

A true Troon oasis! This beautiful custom home was perfectly designed to gaze directly upon Troon Mountain. Enter through the front courtyard and imagine yourself relaxing in the pool, or sitting on the patio with one of Scottsdale's most picturesque mountains as your backdrop. Step inside, where you'll find a living room with a wall of windows, again designed with the specific goal of soaking in those majestic views, topped by clerestory windows for abundant light. Subtle southwest details add tons of charm, like saltillo flooring, soft-edge niches and fireplace surrounds, and vega beam accents inside and outside. Continue to the kitchen, with gorgeous granite counter tops, stone accent backsplash, stainless appliances, and a generous pantry. Here you'll also find the comfortable sitting room, with a second fireplace and warm wood accent ceilings. The bedroom layout is ideal. The primary suite has access out to a private patio and an ample ensuite bathroom with separate shower and tub, as well as two walk-in closets. Also within the main house are two large guest bedrooms, each with walk-in closet and ensuite bathroom. Don't miss the casita, this fourth bedroom is a complete setup for your guests, with plenty of space for a bed and seating/office area, a niche for the mini fridge, and of course full bathroom and walk-in closet. The garage is huge, with more than enough space for two cars plus almost one full-size car space on the side for storage, workshop, bikes, golf cart, and more. Imagine having all of this in a gated community within Troon, one of Scottsdale's most renowned neighborhoods. Not just that, but in the center of Troon, walking distance to your morning hike at the Pinnacle Peak Mountain or lunch at Pinnacle Grill, or grab your bike and continue to the Four Seasons Resort for dinner at Proof Canteen, Talavera Steakhouse, or just enjoy a massage at the spa. The list is practically endless for golf, fine dining, shopping, hiking, everything that north Scottsdale has to offer, just minutes away. Come see this amazing home today.

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160 Pinon Valley Drive Sedona, AZ 86351

$1,749,900

3 Beds

3.5 Baths

2,352 SqFt

Status Active

MLS # 6680660

Property Type Single Family Residence

Price Type --

Pull into your private retreat situated in a cul de sac at the end of a private road and NO HOA!! Sea of pavers allow for plenty of parking for guests as well as RV parking on side of home with 220 plugin. Plenty of room for entertaining in great room with 18+foot ceilings and views of Courthouse Butte. Chefs kitchen with oversized Monogram gas range and large built-in fridge. The 3 bedrooms all have their own full bathrooms. Outdoor entertaining with a front courtyard and rooftop walk deck with views of Courthouse Butte. On the rear patio enjoy evenings in front of a wood-burning fireplace underneath a large separate covered patio.

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504 E Linda Lane Phoenix, AZ 85086

$1,749,500

4 Beds

4.5 Baths

3,530 SqFt

Status Active

MLS # 6689742

Property Type Single Family Residence

Price Type --

**33K ANNUAL INCOME FROM INTERNET LEASE, 3 YEAR CONTRACT, RENEWABLE. This magical 5-acre property sits high on the hill boasting epic mountain &/or City views in every direction. This high-quality luxury home was made to take in unobstructed mountain views from every window. The perfect Great Room-split bedroom floorplan- Kitchen open to the great room with massive wrap around island & ample cabinet/counter space. This gourmet kitchen includes a walk-in Pantry, granite counter tops, high-end stainless-steel appliances including double oven & built-in oversize refrigerator. The spacious owner's suite with separate walk-in shower & tub & large walk-in closet. & upgraded fixtures. This home has an enormous back patio with recessed lighting, propane patio heaters & fire tables. The views are endless & the Sunsets are EPIC. The garage can easily be converted to living space-complete with spray foam insulation, electrical & ceiling fan box. There is an additional 200amp breaker at the East side of the house so you can add whatever you like. Back-up generator runs on propane. The roof was recently recoated, 5 year warranty. PRIVATE WELL with 6,800 gallon holding tanks & 5 year warranty on the well pump. 2 water softeners with filter at the main line. Room to park 15 cars! Security gate with remote access. No one has a home like this on a large parcel like this one. Even though it is hillside, there is plenty pf space down below for another home, a horse set, a workshop/additional garage, whatever your dream is. The Maricopa Trail & Preserve is right outside your back door for adventure & exploration. Close to the new TSMC Chip manufacturing plant. Easy access to the I17 & Carefree Hwy, Grocery, Retail, banking & more. **Since every home has its own private bath & you have a private studio, this home would make a great Vacation rental, multigenerational home or full-time residence. **

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12418 E Troon Vista Drive Scottsdale, AZ 85255

$1,749,000

3 Beds

3 Baths

2,224 SqFt

Status Active

MLS # 6750353

Property Type Townhouse

Price Type --

Welcome to your dream home in the heart of Sereno Canyon a premier Luxury Guard Gated Community in North Scottsdale! This breathtaking single-level Luxury home has it all! The spacious split floor plan with 3 upscale bedrooms boasts a gourmet kitchen with SS appliances, and a large island that's perfect for entertaining. You'll appreciate the attention to detail and luxurious touches throughout that make this home truly special. Custom finishes throughout including wood look tile floors, built in wall unit, extra cabinets, stunning lighting fixtures, and custom window treatments. The primary is a true oasis of comfort and sophistication, featuring dual vanities, and a large walk-in closet. True privacy and convenience abound - this home is fit for comfort and luxury, and includes spectacular spaces, including the retractable glass door to covered patio, a built-in BBQ, Gas Fireplace and Firepit for an effortless outdoor dining experience and relaxation. Enjoy just a few minutes' walk to the Club House, where exceptional Living, Social Life and health and wellness intersect.

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9219 E Los Gatos Drive Scottsdale, AZ 85255

$1,749,000

4 Beds

3 Baths

3,794 SqFt

Status Active

MLS # 6759565

Property Type Single Family Residence

Price Type --

Remarkable custom home on nearly an acre with beautiful mountain and city lights views, backing to natural wash. Foyer has stunning round skylight, elegantly appointed, creating a dramatic entry space. Primary Bedroom is split and boasts a huge walk-in closet and has its own private Patio. Interior is spacious, bright and beautiful, but could use some updating and is priced accordingly (would be $1,995,000). Make sure to check out the VIEWS from the Balcony Deck up the Spiral Staircase!

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18206 W San Miguel Court Litchfield Park, AZ 85340

$1,749,000

4 Beds

3.5 Baths

3,873 SqFt

Status Active

MLS # 6751277

Property Type Single Family Residence

Price Type --

This stunning home is located in the gated community of Russell Ranch. As you enter through the gated courtyard you will appreciate the bright open concept split plan residence that flows from the front to the rear of the home through the 12' sliding pocket door. The beautiful gourmet kitchen offers 2 dishwashers, 60'' wolf range, built in column refrigerator/freezer, extra-large quartzite island and counter tops. Separate area for coffee bar and large pantry, wet bar includes icemaker and beverage cooler with a bifold window that opens to the outdoor entertaining patio. The dining room features a 9' x 12' temperature-controlled wine display. Enjoy the relaxing and incredible master suite with elegant soaking tub, steam shower and marble counter tops. This a 4 bedroom, 3.5 bath with extr large bonus room. The extra deep 3 car garage with built-in cabinets and RV garage provides plenty of space for all of your vehicles and toys. Home was professionally designed and has top of the line features throughout. This home is an Entertainers Dream!!!

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12 W Kaler Drive Phoenix, AZ 85021

$1,749,000

4 Beds

4 Baths

4,405 SqFt

Status Active Under Contract

MLS # 6722223

Property Type Single Family Residence

Price Type --

Nestled in a prime location in the highly sought-after Madison Meadows, just off Central Ave and the Bridle Path, this French Mediterranean custom home exemplifies sophistication. Meticulously remodeled in 2008, it offers a seamless blend of luxury and comfort, presenting an opportunity to experience living in one of Phoenix's most desirable neighborhoods. The opulent great room is perfect for entertaining, distinguished by a soaring ceiling, a wood burning fireplace, and a wet bar that creates an expansive and inviting atmosphere. Formal dining room off the kitchen features an elegant domed ceiling. Bright and airy family room with plantation shutters and soaring ceilings. The high-end kitchen boasts a breakfast nook, Viking appliances, and separate Sub-Zero freezer and refrigerator, making it a dream for culinary enthusiasts. Retreat to the split master suite, where vaulted ceilings, a walk-in closet, a soaking tub, marble flooring, and a dual marble shower provide a luxurious spa-like experience. Open sitting room off the primary suite features a two-way wood burning fireplace. Outside, the backyard features a large covered patio, grapefruit and orange trees, a lush lawn, and a refreshing diving pool, offering the perfect setting for relaxation and outdoor gatherings. Additional highlights include dual-pane windows, beautiful floors, and a large 2-car garage with upgraded epoxy. Located in the sweet spot of the North Central Corridor, you'll be just moments away from popular restaurants, boutiques, Uptown Plaza featuring AJ's Fine Foods, the Uptown Farmers Market, the Murphy Bridle Path, and the Phoenix Mountain Preserve. Enjoy the proximity of excellent public and private schools including All Saints, Brophy, and Xavier, making this residence the epitome of luxury living in the Valley. Don't miss the opportunity to make this stunning property your new home!

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35624 N 86th Place Scottsdale, AZ 85266

$1,749,000

3 Beds

3.5 Baths

4,001 SqFt

Status Active Under Contract

MLS # 6643477

Property Type Single Family Residence

Price Type --

Remarkable Southwest style meets Tuscan elegance in this splendid home nestled within the intimate gated community of Cantada in North Scottsdale. Beautifully designed with every detail well thought out for the ultimate in impression, sophistication and livability inside and out. Sited on almost an acre, the location offers privacy and the supreme Sonoran Desert lifestyle with scenic vistas in every direction. Approaching the home, the meticulous craftsmanship is evident in the smooth stucco, Pueblo roof lines and the captivating circular entrance portico featuring a tiled roof. A grand double door iron gate opens to the entrance courtyard. The striking Alder-wood arched front door framed by Cantera stone welcomes you into the epitome of sophistication. The casual yet elegant lifestyle emanates with the spacious, great floor plan with; the high-ceilinged great room with fireplace and picture windows, the sizeable gourmet kitchen with mitered windows to outdoor living, the casual dining space with patio access and the comprehensive wet bar with bar sink and inset wall wine rack. For formal occasions the dining room with whimsical star ceiling detail and windows to front courtyard take you to another realm. The WOW factor of the distinctive use of limestone, granite, marble, glass, unique ceiling applications, Venetian finished walls and ceilings, interesting light fixtures, and 2 notable fireplaces is felt from head to toe. The exterior seamlessly integrates with the interior creating a harmonious blend of outdoor and indoor living. A luxurious oasis awaits in the backyard, complete with a pool, boulder waterfall feature, multi-level sunning patios, covered living and dining spaces, outdoor kitchen and lush Sonoran Desert landscaping. For business matters retire to the arched double doored office, warmed with low pile carpet, built-in shelves and cabinets, windows to the front courtyard and closet for supplies. When entertainment beckons head to the incredible media room with 100 screen with step up theater seating for 4, wall sconces and an ensuite luxury bath. The primary suite is a sanctuary unto itself. The massive size with picture window and slider to extended outdoor patio, the dramatic fireplace with curved stone hearth and low pile carpet is the perfect back drop for relaxation and privacy. For further luxury, head to the ultimate spa bath. The double vanities with make-up space, inviting spa tub with windows to the outside landscape, walk-in shower and enlarged water closet with bidet provide hours of sumptuous tranquility. The double-sided immense designer closet adds even more luxury. Guests enjoy privacy in the tastefully appointed ensuite, providing direct access to the outdoor entertainment area. The 4-car garage, a work of art in itself, is impeccable finished with a generous storage room. Precision-built and meticulously maintained, this home offers an aesthetically refined yet casually luxurious lifestyle. The North Scottsdale location ensures privacy, space, beautiful sunsets and starry night skies, all while being conveniently close to Pima Rd for shopping dining and more outdoor activities. Immerse in the epitome of Scottsdale living, where every detail is a testament to quality and style.

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4340 E Estrella Court Gilbert, AZ 85296

$1,747,000

5 Beds

4.5 Baths

3,542 SqFt

Status Active Under Contract

MLS # 6726476

Property Type Single Family Residence

Price Type --

Welcome home! Located in a prime cul-de-sac with custom-built homes, this property is just minutes away from the highly anticipated Cannon Beach water park, with quick access to the 202, dining, and shopping. Completely remodeled in 2024, all you have to do is unpack and enjoy! As you step through the front door, you're greeted by the beautiful blue waters of your heated and cooled diving pool, finished with new Pebble Tech and three waterfalls. Wade onto the Baja Ledge and cool off, knowing your pool is freshly maintained and ready to offer complete serenity. The outdoor kitchen is a perfect spot to entertain, featuring a built-in BBQ and flat top grill.... ''click on more'' for more info. Enjoy a game of pickle ball or hoops on your sport court, and as the evening temperatures drop, gather around the propane fire pit to take in the sunsets. The low-maintenance landscape lets you focus on friends and family instead of yard work. Spanning over 3,500 sq. ft., this split-bedroom floor plan includes 5 bedrooms (one of which is a junior suite), 2 full bathrooms, two 3/4 baths, and a 1/2 bath, offering ample room for everyone. The kitchen boasts plenty of storage, including a walk-in pantry, a 36 natural gas stove, an oversized built-in refrigerator, and a separate beverage fridge. The generous-sized island is perfect for gathering around the heart of the home. The flex space provides the ideal area to play pool, watch the big game, or snuggle in for movie night. Additional features include built-in Wi-Fi speakers, an RV gate, extra parking, spray foam insulation, and a 40-year roof that has just been serviced and certified. This home has too many extras to list!

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