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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11691 E Turquoise Avenue Scottsdale, AZ 85259

$1,650,000 - 5Br/4Ba -  for Sale in Parcel 13 At Stonegate Replat, Scottsdale
New
$1,650,000
5 Beds
3.5 Baths
4,004 SqFt
Status Active Under Contract
MLS # 6760615
Property Type Single Family Residence
Price Type --
Pride of ownership is shown in this enchanting Custom home featuring a sprawling corner lot in Stonegate! Fall in love with an exquisite interior showcasingbountiful natural light, soft carpets, surround sound, soothing color palette, and recessed lighting. Delightful fireplaces complemented the inviting living/dining room and thedesirable great room. Stunning chef's kitchen is ready for you to cook your favorite meals, offering gray cabinets adorned with crown moulding, granite counters, SS appliancessuch as a wall oven & electric cooktop, a center island, a peninsula with a breakfast bar, and a breakfast nook with a lovely bay window. Grand owner's retreat boasts privateoutdoor access, a spotless ensuite with two vanities, make-up area, a relaxing jetted tub. H2O water concept throughout the house installed in 2020. Interior has solid core doors, custom baseboards, newer paint and many many upgrades. Newer roof approx 3 years old, Newer AC units, that are 16.5 SEER with Variable speed fans / two 5 ton units and pool was recently refinished along with cool deck and and patio. 3 car garage has plenty of storage, including an air conditioned storage area. The incredible backyard is an entertainer's dream, complete with a covered patio, manicured landscape, & a crystal-clear swimming pool with a spa & a stone waterfall! No neighbors behind for privacy and a great view of the Arizona sky! Buyer is required to pay pre payment of two months HOA dues and a property Transfer fee of .005 of the full sales price

14715 N Adero Canyon Drive Fountain Hills, AZ 85268

$1,650,000
2 Beds
2.5 Baths
2,222 SqFt
Status Active
MLS # 6656006
Property Type Townhouse
Price Type --
This newly built 2023 Toll Brothers lock-and-leave home defines contemporary opulence within a gated community with mountain views and located on a quiet cul-de-sac flanked by multi-million-dollar properties. Located just a short distance from the Adero Canyon's hiking trails, the Adero Scottsdale Resort and Spa, vibrant downtown of Fountain Hills and Scottsdale's renowned golf courses and dining establishments. The interior and exterior showcases attention to detail relative to design, lighting fixtures, marble and granite accents throughout with featured designer fireplaces. The private patio with awesome mountain view offers indoor/outdoor living via expansive patio doors. The builder's ''Caullins Model'' has an open split floor plan with an area that may be utilized as an office, den/study, exercise, or 3rd bedroom with modifications, etc. The kitchen, a haven for culinary enthusiasts, features stainless steel high-end appliances and custom cabinets with modern lighting, with built-in microwave - open concept to the great room and dining areas. The laundry room offers a large pantry/storage area with attention to details depicting custom marble tile on the wall leading to the glass doors in the 2-car garage. The builder's selected upgrades were utilized in the construction while over 6,500+ photos were captured during the entire construction's phases of the home. This is the lifestyle that you have waited for in Adero Canyon's prestigious gated community. Furniture is available under separate bill of sale for a seamless transition to living the Adero Canyon's lifestyle! Opportunity awaits!

10592 E Horizon Drive Scottsdale, AZ 85262

$1,650,000
3 Beds
3.5 Baths
2,544 SqFt
Status Active
MLS # 6751378
Property Type Single Family Residence
Price Type --
Beautiful Hacienda home at Desert Mountain. The home offers a wonderful courtyard entry with fireplace that leads to an open great room floor plan. There are two en-suites in the home and a separate loft complete with a full bath. The kitchen has dual Viking ovens, Viking Range and Viking refrigerator, microwave and generous sized island that opens up to the great room that is ideal for entertaining. The owner's suite features two closets, soaking tub and fireplace. The Hacienda Village has a community pool, spa, and exercise room.

3655 E Piccadilly Road Phoenix, AZ 85018

$1,650,000
5 Beds
4 Baths
2,810 SqFt
Status Active
MLS # 6756530
Property Type Single Family Residence
Price Type --
Discover your dream home in the vibrant heart of Arcadia Lite! This 5-bedroom, 4-bathroom home offers a generous 2,810 square feet of stylishly designed living space. The interior features an open floor-plan that connects living areas, ideal for entertaining and daily comfort. The primary suite includes dual sinks, gorgeous marble flooring plus double closets. Step outside to experience an outdoor enthusiast's paradise! This property boasts a meticulously maintained & very private outdoor space with a heated pool and spa, a large grassy area, and an outdoor kitchen with a built-in entertainment peninsula, gas grill, refrigerator, and sink. Please see a detailed list of upgrades in the documents section. Located minutes from dining, shopping and more. Check it out today!

2220 Tom Mcmillan Circle Flagstaff, AZ 86005

$1,650,000
3 Beds
3.5 Baths
2,780 SqFt
Status Active Under Contract
MLS # 6746056
Property Type Single Family Residence
Price Type --
Discover the rare opportunity to own a stunning Aspen Cottage in the highly sought-after Forest Highlands community. Nestled just steps away from the Canyon Clubhouse, this home offers panoramic views of the driving range and practice facilities. With 2,780 square feet of beautifully updated living space, this 3-bedroom, 3.5-bathroom home perfectly balances comfort and luxury. The main level features two spacious bedrooms and two and a half bathrooms, an open concept kitchen and living room with vaulted tongue and groove wood ceiling. The master suite upstairs offers an expansive space for unwinding and relaxing including a secondary living room space, complete with a cozy stone gas fireplace. Enjoy the outdoors on the expansive wrap-around deck, which includes an enclosed dog run. Don't miss your chance to own this exceptional cottage in Forest Highlands. It's more than a place to live; it's a lifestyle. Tucked away amidst 1,100 acres of pristine alpine beauty, Forest Highlands exudes an unparalleled sense of exclusivity and serenity. With two championship golf courses designed by Tom Weiskopf and Jay Morrish, Forest Highlands sets the stage for unforgettable golf experiences. The community offers an array of exceptional amenities, including two clubhouses, multiple dining options, tennis courts, swimming pools, and miles of hiking and biking trails. Forest Highlands is a retreat where luxury meets nature, ensuring a harmonious lifestyle for its residents.

37181 N 103rd Street Scottsdale, AZ 85262

$1,650,000
4 Beds
3.5 Baths
3,952 SqFt
Status Active
MLS # 6659778
Property Type Single Family Residence
Price Type --
Located in the luxurious gated community of Cresta Norte, this 4 bedroom, 3.5 bathroom, 3 car garage Toll Brothers masterpiece is nestled in a private cul-de-sac with unobstructed views of Pinnacle Peak Mountain. Expansive courtyard with solid redwood doors leads to a dramatic entry. An entertainer's dream, this back yard contains an amazing 1200 sqft putting green, pool with cave waterfall, spa with glass fire pit, 2 covered patios, built in grill and countertop and a bar just steps inside the door. Inside, this split floor plan is ideal for any family or visitors alike. The master suite resides on one wing of the house bosting its own fireplace (1 of 3 in home), his and hers walk in closets, his and hers sinks, double shower, and jetted tub. The other wing has 3 large bedrooms all with en suite bathrooms. Amazing eat in kitchen with granite & stainless steel throughout and island. Bonus game room, custom wine cellar, amazing views, new AC units, tankless hot water heater. This property has been meticulously maintained by these second owners since 2007. Truly has it all.

17425 E Brantley Drive Fountain Hills, AZ 85268

$1,650,000
3 Beds
3.5 Baths
3,701 SqFt
Status Active
MLS # 6739897
Property Type Single Family Residence
Price Type --
Welcome to your dream home in Fountain Hills! This stunning luxury residence features 3 bedrooms and 3.1 bathrooms and is conveniently located just minutes from shopping, dining, and the picturesque Fountain Hills Park. The home has recently undergone a complete remodel.On the first floor, you will find 2 bedrooms, 2 bathrooms, a powder room, an open floor plan with tiled floors, a fireplace, and a bar area. The gourmet kitchen, is perfect for entertaining, a gas stove, a large stainless steel Sub-Zero refrigerator, and a granite island. The second floor is home to the primary suite, which includes a balcony with breathtaking views, a double sink, tub, private toilet room, shower, ample closet space, and its own washer and dryer. The family room has a custom bar, fireplace.

6501 E Gary Road Scottsdale, AZ 85254

$1,650,000
4 Beds
3 Baths
2,832 SqFt
Status Active Under Contract
MLS # 6708933
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This stunning residential property boasts a spacious three-bedroom, two-bathroom main house with vaulted ceilings, creating an open and airy atmosphere throughout its generous 2,832 square feet. The freshly painted interior and exterior enhance its modern, well-maintained look. The master bedroom features a luxurious seating area, perfect for unwinding after a long day, and a spacious walk-in closet for all your storage needs. Step outside into your private paradise, complete with a newly built guest house in 2022, offering 1,200 square feet of comfortable living space, perfect for visitors or as an income-generating rental. Additionally, there's an 800-square-foot workshop, ideal for hobbyists or those needing extra space for projects... Conveniently located in central Scottsdale, this property provides easy access to all the amenities the area has to offer, including shopping, dining, and the Paradise Valley Mall revamp. This large property, just under an acre, even has access to a bridal path, perfect for romantic strolls or horseback riding adventures. Imagine relaxing by the shimmering pool on sunny afternoons, surrounded by lush landscaping and swaying palm trees. Entertain friends and family in the charming gazebo area, perfect for outdoor dining or simply enjoying the tranquil surroundings. Located in a desirable neighborhood, this home offers both comfort and luxury, providing an ideal retreat from the hustle and bustle of everyday life. Don't miss out on the opportunity to make this your forever home! *Photos to be added the week of June 10th.

35519 N 87th Place Scottsdale, AZ 85266

$1,650,000
5 Beds
5.5 Baths
4,132 SqFt
Status Active Under Contract
MLS # 6712568
Property Type Single Family Residence
Price Type --
A very rare opportunity for the most discerning of buyers. This Amazing home was the only Model Home for this gated community of 16 lots. Welcome to Baraca Estates! On almost an acre you will find a stunning home (3740 sq ft) that has 4bd/ 4.5 bath, Den, Living Room, Family Room with the a Private Detached Casita with full bathroom (additional 392 sq ft). Start by walking through the gate into your private courtyard & through the Custom Cantera Iron & Glass Door where the Beautiful Finishes start & don't seem to end! This open floor plan has a Gourmet Kitchen that showcases high-end Appliances, Upgraded Cabinets, a Huge Island, dedicated Wine Fridge and Built-In Wine Rack! Your Spacious Primary bedroom has a sliding door opening to your back patio. The Primary bathroom has dual vanities, granite counters, two separate walk-in closets, huge jetted tub, large walk-in shower with dual shower heads. The 4 bedrooms of the main home each have their own dedicated full En Suite & walk-in closet. The Large Great Room opens to the backyard with 20 Foot telescoping sliding glass doors for those wonderful Arizona evenings! The detached Casita features a full bathroom, kitchenette, & 14' sliding door that opens to the courtyard. The resort-like Backyard offers Travertine, Sparkling Heated Pool, Spa, Gas Firepit, Built-In Gas BBQ, & unique waterfall feature standing under the pergola next to your outdoor dining area. Garage is a full 4 car garage, custom cabinets and epoxy floor. This home encompasses all the best of Arizona living! New HVAC on Main home 02/2024. Casita HVAC unit works great. New Hot Water Heater 05/2024. New Kitchen Refrigerator 09/2023. New pool/spa natural gas heater 11/2023. Furnishings available on separate bill of sale.

12825 N 71st Street Scottsdale, AZ 85254

$1,649,999
5 Beds
3.5 Baths
2,629 SqFt
Status Active Under Contract
MLS # 6697776
Property Type Single Family Residence
Price Type --
NEED A CASITA? KEEP A 870 sf SEPARATE GARAGE? This HUGE 27,000+ sq. ft. LOT with an OVERSIZED 870 sf GARAGE is one of its features! The garage has FOAM insulation & AIR CONDITIONING with a high quality metal rolling gate that has alley access. This could become a great GUEST HOUSE! Second, feature is that the SOLAR PANELS are OWNED & the BILLS are so LOW!! Another feature in this home - is any chef would be honored to cook in this GORGEOUS KITCHEN! Recently upgraded with a high-end stainless GAS STOVE & a gorgeous QUARTZ WATERFALL ISLAND. New MODERN CABINETS bring a strong sense of style to this amazing home. Find the WALK-IN PANTRY with a SECRET door! Best feature is the AMAZING BACKYARD with GRASSY TURF & PEBBLED POOL! RV PARKING with SEWER connect. TWO NEW TRANE AC UNITS

16101 E Powderhorn Drive Fountain Hills, AZ 85268

$1,649,000
4 Beds
4 Baths
4,109 SqFt
Status Active
MLS # 6734548
Property Type Single Family Residence
Price Type --
Welcome to your Custom Italian Villa! This one of a kind home is nestled on a 3.3 acre lot in the McDowell Mountains & offers tons of privacy w/ serene Four Peaks views. Upon entry you are greeted by a grand spiral staircase, large picturesque windows, & the homes high attention to detail. Kitchen boasts Viking Stove, Sub Zero Fridge, granite, & butlers pantry. In addition to a Split Master Suite w/a 2-way fireplace & Lanai Pocket Doors that open to the luxurious pool area, the home offers a Mother in Law suite or casita with separate entrance & bathroom, perfect for a man cave or home based business. Home has been updated w, bathroom fixtures, new interior & exterior paint, landscaping, Jacuzzi, pebble tec & heater & more!

20668 E Natalie Way Queen Creek, AZ 85142

$1,649,000
4 Beds
4 Baths
3,947 SqFt
Status Active
MLS # 6678539
Property Type Single Family Residence
Price Type --
Welcome to 20668 E Natalie Way, nestled in the highly sought-after Pecan Lake community of Queen Creek, AZ. This luxurious abode boasts 3,947 square feet of meticulously designed living space, featuring 4 bedrooms and 4 bathrooms, ensuring ample space and comfort for you and your loved ones. Step inside to discover a culinary enthusiast's dream kitchen, complete with a vast kitchen island adorned with elegant quartz countertops. Equipped with top-of-the-line Wolf 6 burner double oven, a built-in refrigerator and freezer, and custom cabinetry, this kitchen is both functional and stylish. The focal point of the kitchen is the gas fireplace, adding warmth and charm to the heart of the home. The allure continues with engineered hardwood flooring gracing the entire residence, adding a touch of sophistication to each room. The expansive master bedroom suite offers a peaceful retreat, featuring a spacious walk-in closet and balcony access overlooking the lush backyard oasis. Indulge in the luxurious master bathroom, showcasing a large walk-in shower with dual shower heads, a deep soaker tub, and dual vanities. Outside, you will find a brand new pool and hottub with low maintinence turf hardscape! Immerse yourself in the serenity of the Pecan Lake community, surrounded by natural beauty and an array of amenities. Enjoy leisurely strolls through Queen Creek Botanical Gardens, entertainment at Pecan Lake Entertainment Center, thrilling events at Horseshoe Park & Equestrian Centre, or a fun-filled evening at Fat Cats. Experience the epitome of luxury living in Queen Creek, with this stunning residence offering unparalleled comfort, style, and convenience. Don't miss your chance to make 20668 E Natalie Way your new home sweet home.

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