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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

242 W Royal Palm Road Phoenix, AZ 85021

$1,600,000

4 Beds

3 Baths

3,457 SqFt

Status Active

MLS # 6751140

Property Type Single Family Residence

Price Type --

Experience the epitome of luxury living at 242 W Royal Palm in the prestigious Royal Palm neighborhood of Phoenix. This home, masterfully reimagined and exudes timeless elegance and modern sophistication. The home's interior is enriched with Bentley White Oak flooring, and beautifully honed natural stone infusing warmth and natural beauty into the home . Locally curated iron work adds a unique, artisanal touch which includes six exquisite French doors, a charming Dutch front door, and custom gates. Standout features include a grand living room with a soaring 19-foot ceiling, second-floor balcony with views of Piestwa Peak , and the two fireplaces create cozy focal points. Enjoy Arizona living at its finest with a wrap-around covered patio, a fire pit for evening gatherings, and a spacious corner lot in lush North Central Phoenix. This home also boasts a downstairs bedroom, perfect for guests or multigenerational living, and the freedom of no HOA restrictions.

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6221 E Cielo Run Cave Creek, AZ 85331

$1,600,000

3 Beds

3 Baths

3,164 SqFt

Status Active Under Contract

MLS # 6755148

Property Type Single Family Residence

Price Type --

Experience ultimate entertaining in this exclusive 4.509-acre estate backing to Tonto National Forest. The updated kitchen, stylishly modernized 5 years ago, seamlessly connects to an expansive indoor/outdoor living area, ideal for hosting gatherings. Revel in luxury with a $50,000 cooled wine room, a 27,000-gallon pool, and a 6-person jacuzzi. The open space and privacy of the property enhance your celebrations, while the unobstructed night sky offers breathtaking views of the Little Dipper and shooting stars. Enjoy the serenity and grandeur of this unique, secluded retreat.

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3530 N Hawes Road Unit 8 Mesa, AZ 85207

$1,600,000

6 Beds

3.5 Baths

5,052 SqFt

Status Active

MLS # 6740983

Property Type Single Family Residence

Price Type --

Welcome home to the gated, secluded community of Overlook. Get ready to take in majestic mountain views & spectacular city lights everywhere you look! This residence sits at the highest elevation in the community for unobstructed views of the entire Valley. Situated on a premium lot, this 6 bedroom, 3 ½ bath home with 4-car garage has space for everyone. The living area & great room with wood-burning fireplace give way to the kitchen with dual pantries & expansive work island, perfect for entertaining friends & family; parties & teambuilding events too! The Owner's Suite has its own private exit to the 1700 sqft double view deck with 360-degree views of the Valley. Sunset will take your breath away - - spectacular mountain views of Red Mountain, Superstition, Santan, Goldfield, McDowell & Estrella mountains plus jaw-dropping views of the Valley - all the way to downtown Phoenix. Flexible living spaces abound inside & out, with room for an RV garage - even a guest house. Not only are there gorgeous views of the entire Valley, but the yard includes an oversized patio, sparkling pool and grassy oasis with mature palm trees & saguaros. It is a sight to behold! Enjoy the seclusion of this gated community while also having easy freeway access, making for a convenient commute anywhere in the Valley, and only a 25min drive to Valley airports. Saguaro Lake, Canyon Lake & the Salt River are just 20min away. Hiking & biking paths are right outside your front door. Come enjoy the good life here in the Valley of the Sun. Make plans to see this one today!

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18825 E Azalea Drive Queen Creek, AZ 85142

$1,600,000

4 Beds

4.5 Baths

4,371 SqFt

Status Active

MLS # 6753133

Property Type Single Family Residence

Price Type --

Prepare to be stunned! Nestled in the highly desired area of Legado Capstone on a premium corner lot, this home has it all! Boasting 12-foot ceilings throughout, 4 bedrooms with their own ensuites, an oversized sliding glass door overlooking the beautiful backyard, quartz countertops throughout and so much more! The chef's kitchen includes upgraded cabinets, custom backsplash, double ovens, butler's pantry, casual dining area, and a huge island for preparing gourmet meals or just relaxing. The master includes a soaking tub, his and her closets, double vanities, and a massive walk-in shower. Additional home features include a den, formal dining room, bonus room, custom accent walls, built in entertainment center, and spacious 4 car garage. Wind down in the resort style backyard that includes a heated salt pool and spa with a 12-foot fire bar, covered ramada, putting green, and over 2200 sqft of turf. Walk down the block to enjoy the neighborhood parks including a lake, walking trails, splash pad, pickleball courts, playground, basketball courts, and ninja course. This home has so much more to offer than listed so don't let this incredible opportunity slip by!

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2626 E Arizona Biltmore Circle Unit 35 Phoenix, AZ 85016

$1,600,000

3 Beds

2.5 Baths

2,754 SqFt

Status Active

MLS # 6746652

Property Type Single Family Residence

Price Type --

Stunning home in the highly desirable gated community of Biltmore Square at the Arizona Biltmore. This property offers an ideal layout with two en-suite bedrooms, an office that could serve as a third bedroom, & a versatile upstairs loft. The spacious great room boasts soaring ceilings, a propane fireplace, tile flooring, & a formal dining area bathed in natural light from expansive picture windows & French glass doors. The chef's kitchen is equipped with a Wolf induction cooktop, double ovens, a wine fridge, granite countertops, a butcher block island, & a cozy breakfast nook. The primary suite includes access to the patio, a fireplace, & a walk-in closet. The immaculate backyard features a propane fire pit, built-in BBQ grill, ample seating, artificial turf, lush landscaping, and overlooks the 12th green with picturesque mountain views.

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8449 E Sage Drive Scottsdale, AZ 85250

$1,600,000

5 Beds

3 Baths

2,269 SqFt

Status Active

MLS # 6735431

Property Type Single Family Residence

Price Type --

BACK ON MARKET New 'HERRINGBONE' Paver POOL Deck + Full Size PICKLEBALL Court, HEATED Pool, HUGE 1.5 PARCEL Lot with PRIVACY Wall. GE Cafe Appliances With Built In Ice Machine. Inside New PEX Plumbing + Sewer Line REPLACEMENT. Entire Roof BRAND NEW with Warranty. All New Black Cap Windows, New SMOOTH Texture Drywall, New WATERPROOF Wood Based Flooring, EXTRA THICK Quartz Countertops, 3 Luxurious Bathrooms, New TRANE A/C & DUCTS. LARGE Paver Driveway with GLASS Garage Door and EV Charger. Synthetic Turf Throughout Home With Custom Side Gates. Glass Iron Entry Door. So Many Upgrades It's SURREAL. Home Will EASILY Generate over 200K on Airbnb. Don't OVERTHINK It. You Can't Replicate A Full Sized Pickleball Court Guests Pay Top DOLLAR. Be a Savvy Investor and Come See For Yourself.

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35925 S Caballero Drive Wickenburg, AZ 85390

$1,600,000

6 Beds

3.5 Baths

5,057 SqFt

Status Active

MLS # 6717607

Property Type Single Family Residence

Price Type --

Stunning horse property that is elegant inside and out. Home has a fenced pool and has been cared for by single owner since purchase date. Property is upscale inside with extravagant tastes throughout each and every room in the home. The is a prominent subdivision where the roads are paved, and views are absolutely breathtaking. The panoramic views from the living room, dining room and kitchen are amazing.

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841 E Juanita Avenue Gilbert, AZ 85234

New

$1,600,000

4 Beds

3 Baths

4,023 SqFt

Status Active

MLS # 6757331

Property Type Single Family Residence

Price Type --

Welcome to 841 E Juanita Ave, a truly extraordinary estate nestled in the prestigious Circle G Ranches in North Gilbert, offering the perfect blend of country charm and modern luxury. Located just minutes from the vibrant Downtown Gilbert and with easy access to the 60 freeway, this property provides the ideal setting for those seeking tranquility, space, and convenience all in one. This expansive 36,573 square foot lot features not one, but two beautifully crafted homes, making it perfect for multi-generational living, guest accommodations, or even a private home office setup. The main home spans an impressive 4,023 square feet and offers 4 bedrooms and 3 bathrooms, thoughtfully arranged in a split floor plan for maximum privacy. The master suite is a private sanctuary with abundant natural light, an attached office area ideal for working from home or creating a quiet reading nook, and a spacious en-suite bathroom. The heart of the main home is a beautifully designed living space that seamlessly connects the formal living room, family room, and dining areas. The open floor plan is perfect for both intimate family gatherings and larger social events. The gourmet kitchen is a chef's dream, complete with ample counter space, custom cabinetry, and modern appliances, making meal preparation both fun and functional. Outside, the sparkling pool invites you to cool off during the warm Arizona summers, while the expansive yard offers ample space for outdoor entertaining, gardening, or enjoying a quiet moment of solitude. As an added bonus, this estate includes a separate 984 square foot guest house, which is essentially a fully self-contained second home. It offers a cozy family room, a full-size kitchen with all modern amenities, a generously sized bedroom, a large bathroom, a dedicated laundry room, an office area, and a private patio where guests or family members can enjoy their own outdoor space. The guest house is perfect for visiting guests, in-laws, or even as a rental unit to generate additional income. Despite having two homes, a pool, and a three-car garage, this estate still provides ample space for customization and additional amenities. Whether you envision creating a garden, a horse corral, or adding more recreational features, this property offers endless possibilities. The estate even comes with horse privileges, making it ideal for equestrian enthusiasts looking for a luxurious property with room to ride. This rare find in the heart of Circle G Ranches offers a unique opportunity to enjoy a luxurious lifestyle with the space and amenities of a rural setting, while still being close to all the amenities that make Gilbert one of Arizona's most desirable places to live. Don't miss your chance to make this dream property your own!

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125 Laurel Court Prescott, AZ 86303

$1,600,000

5 Beds

4 Baths

4,542 SqFt

Status Active

MLS # 6729830

Property Type Single Family Residence

Price Type --

Stunning, private, luxurious, hillside cabin home in Hidden Valley Ranchs! Amazing 5bd/4bth layout, w/ two guest areas, 3 car garage, luxurious and spacious kitchen with two islands and high end appliances including a built in refrigerator, gas range, vaulted ceilings, views galore, privacy, multiple balconies and so much more! 5 bedroom (three on main level and two as a part of two guest quarters on either side of garage, first floor) . One guest area has bathroom and bedroom, another has a living area, wet bar and bedroom. Both enjoy private entrance for potential multi-generational living, etc. Community enjoys tennis, pickleball, swimming pool, racquet ball, bocce ball courts, community kitchen, meeting room and game room! It is located near community area and trails The stairwell

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1532 E Sharon Drive Phoenix, AZ 85022

$1,600,000

4 Beds

3.5 Baths

3,999 SqFt

Status Active

MLS # 6757049

Property Type Single Family Residence

Price Type --

Experience luxury living in this custom-built home nestled in a prestigious hillside gated community! Enjoy breathtaking mountain and Valley views that create a vibrant display of colors from sunrise to sunset. This Santa Barbara-style home features elegant stone accents and a paver-lined entry & driveway. Spanning 3,999 sq ft (almost 6000 sq ft under roof), this home offers 5 bedrooms (2 currently used as offices) plus a bonus/family room with custom built-in cabinetry and bookcases, and 3.5 bathrooms. This home boasts a spacious great room w/stunning limestone gas FP and a custom entertainment wall. The expansive gourmet SS KitchenAid kitchen incl double ovens, gas stovetop, French-door refrigerator, granite countertops, 36'' maple cabinets, pull-out shelves, & a large walk-in pantry. With soaring 12' and 10' ceilings throughout, natural light floods the home through oversized windows, all fitted with plantation shutters. The grand 17'x13' ft formal dining room allows for entertainment along with the extended kitchen space which holds a large table also! The home features travertine flooring in the great room, kitchen, hallways, & bathrooms, while the bedrooms & bonus/family room are carpeted with brand new 25 year warrantied Mohawk carpet installed 7/30/24. Bedroom 5(study) showcases hand-scraped engineered wood plank flooring. The separate primary bedroom is a spacious 19'x17' with a gracious primary bath that includes travertine shower & flooring, double sinks, oversized soaking tub and approx. 14' x 12' walk-in closet with closet organizers & custom built-in island storage. Bedroom 2 & 3 each have walk-in closets and share a wing of the house with the bonus/family room that can be closed off from the rest of the house when not in use! Bedroom 4 (used as an office) includes built-in cabinets/desk and has a closet, while Bedroom 5 (study) is equipped with a built-in bookcase and has 2 closets. This is truly a desirable floorplan that is hard to find! (See the floorplan in documents and in photos.) Step out back to the resort-style 800sf covered balcony overlooking the PebbleTec heated pool & spa surrounded by travertine decking. The pool is down a flight of stairs from the balcony. Balcony has freshly painted flooring and built-in BBQ for added outdoor enjoyment to take in the stunning mountain views! The oversized 3-car garage offers 945 sq ft of space (27' deep by 35' wide), complete with built-in cabinets on two walls and a 10.5' ceiling height that allows for parking of extra large vehicles! Meticulously maintained by original owners, this home offers magnificent views of Lookout Mountain from every north-facing window. Entire drip system was replaced in Nov 2023 with front landscape refreshed with over 30 replaced plants & granite. Construction of this home was finished in February 2012. This is a must-see home! See it a second time at sunset! Don't miss your chance to own this stunning property! Enjoy serenity and quiet living in this gated hillside neighborhood!

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10190 N Prescott Ridge Road Prescott Valley, AZ 86315

$1,600,000

4 Beds

5 Baths

3,220 SqFt

Status Active

MLS # 6739226

Property Type Single Family Residence

Price Type --

PREMIER EQUESTRIAN LOCATION embodies rare natural beauty w/ panoramic views! Gorgeous, private & serene horse property in prestigious gated Prescott Ridge Community on over 14 acres set back off of Prescott Ridge Rd bordering state land to the south. Direct Gate access to State Land off SW Corner of property. Numerous upgrades in past 3 years including appliances, roofs, some windows & brand new exterior paint. 4 or 5 bedrooms in the main house along with 3 full bathrooms. 2 bed/1 bath guest suite above the barn and a separate detached studio with a kitchenette for an in-law suite. Perfect for multi-generational living. 8 Stall Barn, Foaling Stall, 3 fenced Pastures, Tack Room, Grain Room, Round Pen, Hot Walker & Bath Rack, Fruit Trees, RV Dump & Hook ups & Oversized garage.

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5145 E Kathleen Road Scottsdale, AZ 85254

$1,600,000

4 Beds

3 Baths

3,032 SqFt

Status Active

MLS # 6754984

Property Type Single Family Residence

Price Type --

Stunning and completely renovated home in a well established neighborhood in 85254, close to fabulous schools, parks, freeways and the best of shopping/entertainment that Scottsdale has to offer. Walls removed creates soaring ceilings and dramatic lifestyle as a canvas for your best life. Features highly upgraded flooring, a chefs dream new kitchen, flowing into the spacious great room as well as a 4th bedroom and 3rd bath on the main floor. Custom wine cooler completes the ''NOW'' lifestyle. Upstairs has a large and wonderful main bedroom/bath you will love, enhanced by views of your resort yard and pool, framed by views of Camelback mountain! Don't miss this elegantly casual home and live the dream!!

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