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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10931 E Sutherland Way Scottsdale, AZ 85262

$1,500,000
3 Beds
3.5 Baths
3,720 SqFt
Status Active Under Contract
MLS # 6704159
Property Type Single Family Residence
Price Type --
Welcome to the guard-gated enclave of Candlewood Estates at Troon North, where this contemporary masterpiece redefines luxury living in North Scottsdale. Boasting a seamless fusion of style and functionality, this 3-bedroom residence with an office and library exudes sophistication at every turn. Spanning over 3,720 square feet, step through the custom wood and glass double front doors into a world of refinement, where solid wood doors, high ceilings, and exquisite detailing captivate. Outside, a desert oasis awaits, with lush vegetation, built-in barbecue, fireplace, covered patios, and a spa—perfect for dining al fresco. The primary suite and library occupy one wing of the home, offering a serene sanctuary for relaxation. Meanwhile, two guest suites and an office reside on the opposite wing, ensuring privacy for all. The heart of the home, the great room, beckons with its soaring ceilings, clerestory windows, wet bar, and a stunning centerpiece fireplace adorned with art niches and stone accents. Entertain with ease in the formal dining room, graced with a coved ceiling and views of the entry courtyard with a water fountain. For the culinary enthusiast, the kitchen is superb, featuring European-style gloss-coated cabinets, Viking stainless steel appliances, onyx stone countertops, and a stone backsplash. A breakfast nook and exterior patio access complete this space. The primary bedroom retreat boasts exterior access, dual floating vanities, a walk-in shower, and a freestanding tub, offering an escape. The library provides a perfect retreat with corner windows, built-in wrap-around bookshelves, and an attached powder bath. Additional highlights include a laundry room with ample cabinetry and a prep sink, a three-car garage with attached cabinets, and wood and tile floors throughout. Most furnishings are available by separate bill of sale.

37760 N Concho Drive Carefree, AZ 85377

$1,500,000
3 Beds
2.5 Baths
2,807 SqFt
Status Active
MLS # 6690630
Property Type Single Family Residence
Price Type --
Iconic Fred Linn Osmon design featuring his superlative architecture with original details intact & some lovingly restored. Welcoming courtyard & artistic front door are your first glimpse of the treasure within. Situated on a corner lot capturing mountain & desert views, the architect has perfectly positioned the residence to enhance your visual pleasure inside & out. Featuring 3 bedrooms + den with 2 ½ baths the home exudes a character that is impeccably ''Osmon''. Numerous patios scattered around the home complement memorable entertaining & enhance the joy of AZ sunshine, a sparkling pool or simply stargazing in Carefree's dark skies. Own a piece of architectural history in a community that enjoys tranquility, natural beauty, and a lifestyle that is truly Carefree.

2841 Thunderbolt Circle Overgaard, AZ 85933

$1,500,000
4 Beds
3 Baths
4,032 SqFt
Status Active
MLS # 6669701
Property Type Single Family Residence
Price Type --
Motivated Sellers!! Attention all discerning buyers seeking a luxurious escape in the breathtaking White Mountains - get ready to be amazed! Step into this exquisite home nestled in the coveted Mogollon Airpark (AZ82) and prepare to be swept off your feet. Boasting a spacious 4032 sq ft interior with a stunning modern update, along with a 2304 sq ft hangar, this property has everything you've been dreaming of. The living space is perfect for entertaining, with a loft/apartment above the hangar providing ample room for family, guests, or even rental income. Indulge in the luxury of two dining areas, a kitchen island that seats 10, and a private balcony with sweeping views from your large primary suite featuring a steam shower, soaking tub, fireplace, and... coffee/wet bar. The hangar, 48' x 48' (43' opening), w/a Schweiss hydraulic door, plus an extended 3 car garage, and additional workshop space, offers plenty of room for your plane, vehicles, and hobbies. Enjoy direct Taxiway access for ultimate convenience. Mogollon Airpark (AZ82) is a vibrant private airport community with a 3436' asphalt runway, hosting exciting events like BBQs, happy hours, breakfast fly-ins, and soon, a Pickleball court! Located in Heber/Overgaard at 6658' elevation, just 90 nautical miles northeast of Phoenix, you'll experience mild summers and winters. The area is ATV-friendly, with forest access roads and lakes for fishing less than 30 minutes away in every direction. Don't miss out on this incredible opportunity to live the high-flying lifestyle you've always wanted!

6915 E Montreal Place Scottsdale, AZ 85254

$1,500,000
3 Beds
2 Baths
2,390 SqFt
Status Active
MLS # 6686041
Property Type Single Family Residence
Price Type --
RARE OPPORTUNITY! Gorgeously updated home in the small privately gated community of The Reserve at Kierland. These beautiful homes are situated on the Westin Kierland Golf Course. This is 1 of only 17 homes in this community. Enjoy the expansive golf course views and take in the gorgeous sunsets! Incredible location in the heart of it all! Enjoy a nice evening stroll to dinner. You are just minutes from Scottsdale Quarter and Kierland shopping center which offer great shopping and restaurants.

2000 Promontory -- Prescott, AZ 86305

$1,500,000
3 Beds
3 Baths
4,173 SqFt
Status Active Under Contract
MLS # 6726704
Property Type Single Family Residence
Price Type --
Jaw-dropping panoramic views, Craftsman quality and ultimate privacy on .57 acres high up in Forest Trails, one of Prescott's finest communities. Built of Insulated Concrete Forms creating a quiet environment and long-term energy cost savings. Rare 4 car heated garage with epoxy floor and large, level circular paver drive framed by lush landscaping and an impressive rock wall. Exterior has hand-carved volcanic Cantera stone window surrounds, cement tile roof, real stone details and dramatic architectural styling. Main level features living room with ceiling-to-floor fireplace, stone tower and stairway, also built of Cantera stone, spacious dining area that flows to a massive deck with views from the San Francisco Peaks to the Granite Dells to Thumb Butte, radiant tile floor and built-in heater to allow four season entertaining, engineered hardwood floors, tinted windows with custom shades, solid wood doors, high-end hardware, a chef's kitchen with Subzero fridge, Miele double wall oven and dishwasher, GE Profile cooktop, Kitchenaid microwave, Venetian plaster range hood, slab granite with chiseled edge and glass-fronted cabinets, a casual dining room, laundry with storage cabinets and utility sink, den with wet bar, primary suite with luxurious bath and door leading to private viewing deck, and two more bedrooms with ensuite baths and sliders to private decks. Lower level is an ideal separate living quarters with family room leading to a large covered deck with turf for a deluxe dog run, office, gym with cushioned floor, huge bonus space for kitchen, bath and multiple bedrooms. Whole house air filtration and humidifier, reverse osmosis and water softener. Entire interior, including the garage, was just painted a fresh neutral color and engineered floors were refinished. Walk to Prescott National Forest offering 950 miles of hiking and biking trails. Minutes to Dignity Health medical center, public and charter schools, historic downtown Prescott's shops, restaurants and events.

4601 E Desert Forest Trail Cave Creek, AZ 85331

$1,500,000
5 Beds
3.5 Baths
4,379 SqFt
Status Active
MLS # 6703015
Property Type Single Family Residence
Price Type --
Nestled in the prestigious Desert Forest South, this exceptional 5 bedroom, 3.5 bath custom home offers a spacious 4,379 square feet of flexible open living space on a sprawling 1.182-acre horse property with an RV gate and circular drive, all without the confines of an HOA. This home offers energy efficient features for comfort year-round with 12 inch thick walls, upgraded Sierra Pacific clad windows, and a double foam roof. Step inside to discover a neutral color palette, arched entries, skylights flooding the space with natural light, and a welcoming formal living room and dining area. The well-appointed eat-in kitchen boasts stainless steel appliances, including a gas cooktop and warming drawer, Sub Zero refrigerator, trash compactor, ample cabinet and counter space, and gorgeous chiseled edge granite slab countertops. A desirable oversized center island with a breakfast bar opens to the dining space, ensuring effortless entertaining. Flow seamlessly into the cozy family room, complete with a fireplace and wet bar featuring a wine cooler and sink. A double glass slider provides easy access to the backyard desert oasis, where upgraded decorative stone flooring sets the stage for relaxation and entertainment. Enjoy ample patio space, a soothing water feature, and a desirable resistance swim spa while soaking in the breathtaking Sonoran desert and distant mountain views. Retreat to the spacious Owner's suite, highlighted by soaring ceilings and an ensuite bathroom featuring dual sinks, a separate vanity space, a lavish custom tiled walk-in shower, a fabulous custom walk-in closet, and two private access points to outdoor spaces. A second primary or guest quarters offers its own separate entrance and an ensuite bathroom with custom tile and a deep soaking clawfoot tub with a shower option. Three remaining bedrooms, two of which share a double French door on the common wall, provide flexibility for use. Additional highlights include a guest bath, powder room, private office, and spacious laundry room. Don't miss the opportunity to experience luxurious desert living in this remarkable home. Submit your offer today!

9698 E Peak View Road Scottsdale, AZ 85262

$1,500,000
4 Beds
4.5 Baths
4,000 SqFt
Status Active
MLS # 6713281
Property Type Single Family Residence
Price Type --
Positioned on the 4th hole of the award winning Monument Golf Course sits this remarkable home with a versatile floor plan measuring 3400 square feet and an additional exquisite 600 sq ft Casita. This totals 4000 sq ft under roof with a total of 4 Bedrooms, 4.5 Bathrooms, separate Office and oversized bedrooms. Outside you'll enjoy the openness of being on the Golf Course, tasteful landscaping and added front walkway/ patio pavers. New Iron Doors installed on main Home and Casita. You'll have your own putting green, Hot Tub, built in BBQ and fireplace. The gourmet Kitchen opens to the Great Room and has New Double Wall ovens, New Convection/ Microwave oven, Wolfe Induction Cooktop, Sub-Zero refrigerator and slab granite. The spacious Master Bedroom has a sitting room and captivating views to the backyard and Golf Couse. The sizeable Master Bath has an installed Steam Shower with quick heat, separate Jacuzzi Jetted Tub, Dual vanity Sinks and a huge walk-in closet. Move in ready with full roof completed last year, A/C units installed 2015/2016 and New Tankless Gas water heater installed in 2019. This is your chance to reside in a terrific community having social events and nearby fine dining.

2224 W Speer Trail Phoenix, AZ 85086

$1,500,000
5 Beds
4.5 Baths
4,133 SqFt
Status Active
MLS # 6725677
Property Type Single Family Residence
Price Type --
Situated on over an acre of pristine horse property, this exquisite custom home has been entirely remodeled in recent years, boasting upscale finishes throughout. The brand-new kitchen features Euro-style double-stacked cabinetry, stone countertops, a Wolf range, Scotsman ice maker, and elegant pendant lighting. The master suite has also been transformed, offering a luxurious bath and an expansive walk-in closet equipped with all the desired amenities. For a comprehensive list of upgrades, please refer to the documents tab. Beyond its stunning interiors, the property is equestrian-ready with four covered horse stalls, a dedicated tack room, covered storage space, and a wash area. Additionally, it includes both a round pen and a rectangular pen, making it ideal for the horse enthusiasts.

3428 E Clarendon Avenue Phoenix, AZ 85018

$1,500,000
4 Beds
3.5 Baths
2,741 SqFt
Status Active
MLS # 6737229
Property Type Single Family Residence
Price Type --
Welcome to this exceptional home in the desirable Pomelo Park neighborhood! This beautiful property offers 4 bedrooms, a versatile bonus room perfect for an office, gym, or playroom, & 3.5 bathrooms. The home features a split floorplan, elegant fixtures, & shutters throughout, The gourmet kitchen opens to a stunning family room with 20-foot ceilings & a dramatic stacked stone fireplace. It boasts high-end cabinetry, a large kitchen island, quartz countertops, a stylish backsplash, a walk-in pantry, & Viking & KitchenAid appliances. The front yard features low-maintenance artificial turf, while the private backyard is an entertainer's dream with an outdoor kitchen, gas BBQ, expansive covered patio, misting system, & a putting green. Plus 2 Trane HVAC units installed 2023. This is the one!! All of this & so much more plus located near all of the Arcadia Hot Spots! Centrally located with easy access to downtown Phoenix, Bitmore, Arcadia, Scottsdale and the airport. Walking & biking distance to LGO, Ingos, Postinos, Trevors, and so much more!

3816 E Fairfield Street Mesa, AZ 85205

$1,500,000 - 4Br/5Ba -  for Sale in Trovita Norte, Mesa
Open House
$1,500,000
4 Beds
4.5 Baths
4,333 SqFt
Status Active
MLS # 6754099
Property Type Single Family Residence
Price Type --
Welcome to luxury living in the highly sought-after gated community of Trovita Norte in Mesa, Arizona! This stunning 4,333 sq. ft. estate boasts 4 bedrooms and 4.5 bathrooms, offering the perfect blend of elegance and comfort on a spacious corner lot with RV gate access. Step inside to an inviting courtyard that leads to a grand formal dining room and an expansive great room featuring a full wall of custom built-in cabinetry. The gourmet kitchen is a chef's dream, complete with high-end appliances, a gas cooktop, double ovens, a massive island, and a cozy breakfast nook, all perfectly designed for entertaining and family gatherings. The multi-purpose room, with a large storage closet, is ideal for a variety of uses, while two generously sized bedrooms, each with walk-in closets and en-suite bathrooms, provide privacy and comfort for guests. The master retreat is a sanctuary of its own, featuring direct access to the backyard, his-and-hers closets, a luxurious spa-like bathroom with a walk-in shower, freestanding tub, and dual vanities. Additionally, there is a sophisticated den/office complete with custom built-in cabinetry. A guest suite with serene backyard views completes the interior, but the true gem lies beyond the double sliding doors. Step out to your private oasis with travertine flooring, a sleek modern pergola equipped with a misting system, and a built-in outdoor kitchen island perfect for al fresco dining. The resort-style backyard includes a diving pool with a cascading fountain, a waterslide, a basketball hoop, and a cozy fire pit. The beautifully manicured landscape, including a lush turf area, offers both tranquility and space for outdoor fun. Additional highlights include a 4-car garage with epoxy flooring, built-in cabinets, a tool area, and ample parking for all your toys. This home is a rare find that combines modern luxury with timeless design in one of Mesa's most prestigious communities.

3950 E Mclellan Road Unit 14 Mesa, AZ 85205

$1,500,000 - 4Br/3Ba -  for Sale in Crossroads Estates, Mesa
Open House
$1,500,000
4 Beds
3 Baths
3,327 SqFt
Status Active
MLS # 6756771
Property Type Single Family Residence
Price Type --
Step into this stunning modern home! Soaring ceilings meet you at the front door along with large windows that flood the home with natural light. Separate home office with a lot of natural light. The 4th bedroom is set up as a bonus movie room. Entertainers dream back yard complete with pool, spa, fire pit, built in BBQ & prep area, PLUS a covered patio sure to make family gatherings top notch. Play area w/ built in trampoline and a basketball court!! Detached 4 car garage with walk in storage. RV gate with parking! Wired surround sound throughout the home AND throughout the RV garage AND the back yard! Let's GO!

10730 N Linda Lane Flagstaff, AZ 86004

$1,499,999
4 Beds
4.5 Baths
4,285 SqFt
Status Active
MLS # 6738049
Property Type Single Family Residence
Price Type --
The electric gate opens. You take in the glorious ponderosa pines, the beautiful front yard, the circular driveway, the sprawling, welcoming single-level home, and the barn. The Alpacas come closer, curious. The mountains glow and shimmer as a stunning backdrop on one side, the national forest invites you on the other. As you breathe in and process this beauty, you know. You are home. Welcome. This is a unique opportunity to live your dream in a single-level home on almost 4 treed acres, backing national forest on 2 sides, with a separate guest house/apartment and a 6 stall barn with a workshop. The design of the home is fabulous. Family and friends will gather in the newly upgraded kitchen and dining area, or spill over into the greatroom. The wall of windows in the greatroom allows you to feel like you are surrounded by nature while relaxing inside. Behold the ponderosas, blue skies and the ever changing colors of the mountains in the near distance. The sunroom on the side of the kitchen is a perfect office or, why not? Use it as a sunroom. Do you need privacy? There is a bedroom and bathroom behind the kitchen, perfect as a guest suite, exercise area, or your office. The entry room is that highly desired second living area or play area. With a spacious primary bedroom and two additional bedrooms and bath, live and entertain with ease. Start every day peacefully waking to the mountain's dazzling and subltly changing hues in the morning sunlight. You may never want to leave. But wait. There is a detached apartment above the garage! House your teenager, your guest or rent it out! Equestrian? You will adore the 6 stall steel barn in excellent condition that now includes a full workshop. Toys? When you see the three car garage and additional breezeway you will want to buy more - there is plenty of space to store them. The breezeway lends itself to many uses. Imagine! RV? Hook it up! (septic for RV is not permitted). Let's walk the property. Breathe in the tranquility of the pines and enjoy the views of the mountains on your back deck. Listen to the soothing sounds of your water feature, the calming whispers of the wind in the trees and the birds chirping. Time to explore! Mount your horses, put on your hiking shoes or get your bike ready - lose yourself in the National forest from your back yard. You must spend time here to understand the peace, tranquility and opportunities offered by this unique home. Let us inpsire you. The home inspection has been completed. This home is in excellent condition. Owners are meticulous. Welcome.

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