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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5636 E Via Buena Vista Paradise Valley, AZ 85253

$6,000,000
5 Beds
6.5 Baths
6,872 SqFt
Status Active
MLS # 6749255
Property Type Single Family Residence
Price Type --
Santa Barbara transitional home with exquisite mountain views. Sitting on over a 2 acre lot, this estate is the ultimate indoor/outdoor Arizona living with sliders that open to a covered patio, ramada with outdoor kitchen, fireplace, and rooftop deck, mature landscaping, tennis court, and custom pool/spa. Open great room with new white Italian travertine stone floors, formal dining, living room, and remodeled kitchen with Carrara marble counters, high end appliances, and new lighting, backsplash, tile, and surround sound speakers. Primary suite with gas fireplace, private backyard access, and oversized bathroom with freestanding tub, large dual vanities, walk-in shower, and custom closet. Additional rooms include office, gym with surround sound, mirror wall, and mini fridge and casita with new quartz kitchenette and custom cabinets, shower, tile, plumbing, and lighting. Smart home security to control cameras, music, shades, TV, HVAC, pool, and landscaping. Located only minutes away Paradise Valley's world class resorts, dining, and shopping.

8600 E Whisper Rock Trail Unit 102 Scottsdale, AZ 85266

$6,000,000
4 Beds
6 Baths
5,500 SqFt
Status Active
MLS # 6562802
Property Type Single Family Residence
Price Type --
Located on a north-facing, 2.9 acre site within Whisper Rock Estates, this to-be-built home has been designed with the utmost care and craftsmanship * Craig Wickersham (Architect) & R-Net Custom Homes (Builder) combine to create a timeless, one-of-a-king masterpiece * This 5500 sq ft design is highlighted by an ideal layout consisting of an open living concept, 4 full bedroom suites and office with no interior steps * True indoor/outdoor living, 4-car garage and outdoor kitchen complete the design * See the documents tab for details *

44030 N Cottonwood Canyon Road Cave Creek, AZ 85331

$5,999,999
5 Beds
6 Baths
5,079 SqFt
Status Active
MLS # 6656613
Property Type Single Family Residence
Price Type --
BRAND NEW MOUNTAINSIDE LUXURY HOME IN THE HILLS OF CAVE CREEK - 10+ ACRES - MESMERIZING CITY LIGHT VIEWS - PRISTINE AND UNOBSTRUCTED DESERT / SAGUARO CACTI / CANYON / MOUNTAIN VIEWS! Nestled near Elephant Mountain and minutes to the incredible Spur Cross Recreation / Conservation Area, this newly constructed 5,079 sq ft luxury custom home has some of the best views in the Valley of the Sun. Rare to find almost 11 acres of pristine natural desert so close to the city! Situated behind both community and private custom driveway gates, this home features 5 ensuite bedrooms, a 5 car garage and is the privacy and quiet that you have been searching for. Careful attention was given to home placement for the jaw-dropping views, sunsets and sun / light exposure. (Continued. . . ) Entering the home through a beautiful 10 ft. iron and glass door, you are immediately hit with views of the hundreds of saguaro cacti, the surrounding desert mountains and downtown Phoenix in the distance. Continue past the enclosed outdoor courtyard to find yourself in the 28 foot tall cathedral ceiling of the barn style great room with giant wood beams and an oversized 60 fireplace with a 100 year old barn wood floor accent wall, creating a gorgeous everyday living and entertaining area. The chef's entertaining kitchen boasts two oversized islands with custom cabinets, beautiful quartz waterfall countertops, Wolf 60 professional double oven range with custom designed hood, SubZero side by side 72 refrigerator / freezer, SubZero wine refrigerator, 2 Cove dishwashers, a Wolf built-in microwave, and oversized farmhouse sink. An impressive butler's pantry with custom shelving, sink, additional refrigerator and Scotsman ice maker, a separate walk-in storage pantry make this kitchen and great room space perfect for gatherings of any size. Open the expansive 35+ feet of sliding glass pocket doors in the great room and kitchen area creating an amazing indoor / outdoor living and entertaining space like no other. The 2,000 sq ft of covered patio wraps around the back and eastern side of the home, giving you endless views and seating areas. From the built-in barbeque that feels like an extension of the kitchen to the two sided, resort style fireplace, pizza oven, and built-in bar area, outdoor entertaining couldn't be easier. The owner's suite is split from the other bedrooms and includes fantastic city light, desert, and mountain views. The suite boasts five large windows, a fireplace with warm floor-to-ceiling wood surround, and an ensuite bathroom with emphasis on a beautiful oversized, glass framed stand alone shower and deep, soaking tub. Passing through to the large, walk-in closet, there is custom built-in cabinetry and a pocket door leading to the laundry room. The laundry room offers plenty of storage and countertop space with two LG front load washers, two LG dryers, built-in collapsible stainless steel drying racks, a dog wash shower, and deep soaking sink. Also in the laundry is an iron Dutch door. Located near the front door and courtyard is an office with a custom, wall length, built-in bookcase. Across the foyer from the office are the four additional bedrooms. They are situated surrounding a common game / bonus room, also featuring an iron Dutch door with access to the back covered patio. Each of the four oversized bedrooms offer beautiful desert, saguaro cacti or mountain views. Walk-in closets with custom shelving, and en suite bathrooms with custom tiled showers with glass enclosures make each bedroom a private suite. The garage can easily accommodate 5 vehicles and currently offers three high speed Tesla charging stations, a water purification system, two tankless smart gas water heaters, a salt system, built-in storage cabinets, and workshop area. The garage floor has custom epoxy coating throughout. The home features a new, private well with a 2,500 gallon underground storage tank and brand new septic system. The well equipment is protected from the elements in its own well house, designed to blend in with the surrounding desert. There is a large, professionally graded lower pad that is perfect for anything you can dream of - a horse barn and arena / turn out, a future casita or in-law suite, sports courts, a resort style pool, extended playground, or car collector and RV garage. Pre-wried for all of the surround sound and smart home features you could want. And not to be missed is the attention to detail in this beautiful home - from the chandeliers and copper lighting fixtures, to the custom barn doors throughout the home and to the highest quality fixtures. It will be hard for you to not get lost in the beauty and tranquility that this home has to offer.

4840 E Gandalf Lane Flagstaff, AZ 86004

$5,999,000
4 Beds
6 Baths
5,411 SqFt
Status Active
MLS # 6732387
Property Type Single Family Residence
Price Type --
A rare opportunity to purchase a brand new, custom built home on just under 4 acres in a private cul-de-sac of 14 estate sized lots! Get the best of both worlds with the privacy and rural environment, while the convenience of being only 10 minutes from Downtown Flagstaff. The lot backs to a west facing bluff over the Rio de Flag with unparalleled sunset views of Humphreys Peak. Rare acreage with city services (city water and sewer - not on septic). Interior design by award winning Willows Fine Goods and Design with custom finishes and fixtures that are second to none. Reclaimed wood siding on the entire exterior. Luxury kitchen appliances in oversized great room along with a huge butler pantry (additional refrigerator, storage, wine fridge baker's rack and more). Large downstairs and upstairs laundry rooms. Every bedroom has an en-suite bathroom with top of the line finishes. No design elements has been overlooked in this magazine-worthy home. Handpicked, one of a kind furnishings available (pricing on request) by separate bill of sale.

6587 N Palmeraie Boulevard Unit 1043 Paradise Valley, AZ 85253

$5,999,000
3 Beds
3.5 Baths
3,191 SqFt
Status Active
MLS # 6722692
Property Type Apartment
Price Type --
Welcome to the Ritz-Carlton lifestyle, where luxury and comfort merge seamlessly. This exquisite garden-level unit, with an extended patio, offers the perfect blend of indoor and outdoor living. Centrally located yet incredibly private, you'll have easy access to the pool, fitness center, and clubhouse, making every day feel like a retreat. Inside, you'll find custom millwork and high-end finishes throughout, from bespoke tile and countertops to exquisite flooring and wall coverings. The den is a wine lover's dream, featuring tailored millwork, Sub-Zero wine storage columns, and ample barware space. State-of-the-art technology enhances your living experience with Crestron lighting control, motorized privacy and blackout shades, house music system and in ceiling speakers throughout. The interior flooring and patio are adorned with elegant Galician Blue Limestone, while the bedrooms feature warm European white oak. Luxurious touches continue in the bathrooms with beautiful marble, wood and porcelain finishes. This villa is more than just a home; it's a lifestyle defined by elegance and convenience. Welcome to your new sanctuary.

Amado AZ 85645

$5,995,000
18 Beds
14 Baths
2,197 SqFt
Status Active
MLS # 6682628
Property Type Single Family Residence
Price Type --
Tucked away at the base of the Santa Rita Mountains, yet close to Tucson, GreenValley and Tubac, lies this 160-acre horse and cattle ranch. Immediately adjacent to it is an accompanying 6,000-acre state cattle grazing lease, where one can ride, hike, nature watch, or hunt. This exceptional Ranch features many amenities including 2 residences (1972, 2017) suitable for owners or family situated on the Headquarters parcel and 4 homes suitable for guests or crew. Verdant irrigated pastures, beautiful old mesquite trees and breathtaking views of Elephant Head Butte and the Santa Cruz River make this retreat unique. Cherished as a private family homestead for many years, this land dates back to the historic Canoa Land Grant and was later owned by the Amado family for which the town is named.

9010 E Northview Lane Carefree, AZ 85377

$5,995,000
4 Beds
4.5 Baths
6,900 SqFt
Status Active
MLS # 6574997
Property Type Single Family Residence
Price Type --
Step into the grandeur of Casa CarBella, where automotive elegance meets luxury living. This architecturally significant residence, to be built by State 48 Contracting, offers a harmonious blend of world-class luxury complete with a 6 car garage and spectacular RV/Toy Barn with side and front entry. 3,840 SF of garages, with the height to accommodate two lifts per bay, providing the best aspects of storage and display for your prized collection. Situated on a sprawling 2.2-acre lot, with breathtaking views of the Seven golf course and Continental Mountains, this magnificent home provides the ultimate backdrop for living and entertaining. The indoor-outdoor living experience is effortless with vast glass doors that lead to the beautifully designed outdoor space. The outdoor living areas are impressive, with multiple gathering spaces, a stunning swimming pool, spa, Kitchen/BBQ. The great room design features a chef's kitchen with informal and formal dining room, a glass wine cellar, office, and a spa-like primary suite. All located on the main level with no steps. On the upper floor, three ensuite guest bedrooms and a family room/game room offer the perfect escape for your guests, with stunning views. This home is the epitome of luxury and style, offering a showpiece living space. Experience the ultimate in living and entertaining at Casa CarBella. Please note that all renderings are subject to change. Home is to be built and does not include furnishings. Pricing is pre-construction and is subject to change. 6500 Square Feet Home 3,840 Square Feet Garage 10,125 SF Total Under Roof Looking for more auto/toy space, get details for expanded floor plan and 20 car garage. Reach out to walk the lot or to see floor plans.

9983 E Mirabel Club Drive Scottsdale, AZ 85262

$5,995,000
5 Beds
5.5 Baths
5,616 SqFt
Status Active
MLS # 6754350
Property Type Single Family Residence
Price Type --
An extraordinary new contemporary home located on a large elevated 1.8 acre lot, with a 5-car garage and 2 room detached guest casita, having South facing views of Pinnacle Peak, sunsets and city lights in the prestigious Mirabel Club community. This home has an outstanding mixture of textures & finishes throughout, including exposed textured block, beautiful natural stones, wood flooring, and with a steel trellis connecting the main house to the guest casita, which sets this home apart. A very open floor plan that opens up via retractable sliding doors/bar window to a backyard oasis, for seamless indoor/outdoor Arizona living at its finest. A finish book & the floorplan are available under the documents tab. COMPLETION DATED FOR MID OCTOBER 2024. Home is 95% complete as of 9.7.24.

3866 S Clubhouse Circle Unit 259 Flagstaff, AZ 86005

$5,995,000
5 Beds
4.5 Baths
6,522 SqFt
Status Active
MLS # 6691628
Property Type Single Family Residence
Price Type --
Situated on one of Pine Canyon's best fairway lots this stunning mountain lodge has dramatic views of the 17th green and the San Fransisco Peaks. The grand ledge stone and wood exterior design continues inside as textured stone columns frame the great room and a stunning floor-to-ceiling ledge stone fireplace takes center stage along with expansive windows and glass double doors to frame the outdoor views. The Great room towers to over 25 feet with a beamed ceiling and partially surrounded by the wood and metal railings of the upper loft area. This very special home features two primary suites, each with its own fireplace and luxurious bath. The Great room floor plan blends the the living, dining and kitchen areas altogether. Between the the Great room and dining area is a ... wet bar with wine and beverage coolers as well as a sumptuous powder room. The dining area has room for family and guests. The country kitchen is a chefs delight with a large butcher board and granite center island, Viking appliances and a walk-in pantry. You enter the outdoor patio deck from either the Great room or kitchen. Its a great place to enjoy the fabulous views, relax in the hot tub, or to enjoy a barbecue. The main level laundry/craft room is the access into the large 3 car garage. The lower walk-out level includes a large media/game room with a large sitting area with fireplace and a separate area for the pool table. This all opens to two covered patios with similar golf course and mountain views as the main deck above. The lower level also includes 2 bedrooms, a large bunk room, 2 baths and two large mechanical closets with an abundance of storage. The loft includes a comfy office, a large seating area and half bath (This seating area can easily be converted to a spacious guest en-suite by adding a shower to the half bath). High end finishes abound in including ledge stone and steal fireplace surrounds, hardwood flooring, floating vanities, custom wood and metal railings and beamed and tongue & groove ceiling treatments. This is Pine Canyon living at its best.

9821 E Sundance Trail Scottsdale, AZ 85262

$5,995,000
5 Beds
5.5 Baths
7,559 SqFt
Status Active
MLS # 6752031
Property Type Single Family Residence
Price Type --
Immerse yourself in the epitome of luxury living with this exquisite contemporary residence, offering timeless modern design and unparalleled quality in the heart of Arizona's Desert Mountain community. Designed by Peter Magee and influenced by renowned architects Ricardo Legorreta and Luis Barragan, this organic masterpiece seamlessly blends indoor and outdoor living, boasting sweeping views over the 7th hole of the Renegade Golf Course. From the moment you enter, experience a harmonious fusion of luxury, innovation, and nature, with an inviting outdoor oasis surrounded by lush desert landscapes. FURNITURE AVAILABLE VIA SEPARATE BILL OF SALE. Outdoor amenities include various seating areas, an outdoor kitchen, spa, and a stunning infinity-edge lap pool framed by linear fire feature to the dining room with breathtaking views, while the primary suite offers a tranquil sanctuary connected to an open-air reflecting pool. The primary bathroom exudes spa-like luxury with floating vanities, solid limestone counters, and a deep soaking tub. The chef's kitchen is appointed with the finest appliances, including double Sub-Zero refrigerators/freezers, Wine Refrigerators, Wolf range, and Miele coffee makers, making it a dream for entertainers and culinary enthusiasts alike. Additional features include a casita with three ensuite bedrooms, an expanded 3-car garage, and updated systems throughout, ensuring modern comfort and security. Desert Mountain offers a relaxed, natural setting with exclusive amenities, including guard gated security, private hiking trails, and separate private membership club with golf courses, restaurants, tennis, and more. Welcome to the pinnacle of luxury desert living.

6111 N Camelback Manor Drive Paradise Valley, AZ 85253

$5,995,000
4 Beds
4.5 Baths
5,900 SqFt
Status Active
MLS # 6719922
Property Type Single Family Residence
Price Type --
HUGE CAMELBACK VIEWS!! This very special 1.25 acre gated estate is nestled on one of Paradise Valley's most coveted streets where homes rarely come to market. A breathtaking desert gem, this home was completely rebuilt in 2008 and recently remodeled and redesigned by its designer owner. It features soaring ceilings, a considerable great room open to the chef's kitchen with high-end appliances, ample storage & counter space and large glass sliders leading to a lap pool, outdoor fireplace, gracious seating areas and a private lush desert oasis, 4 beautifully appointed bedroom suites + office w/ sep entry + includes an attached 900 sq ft casita with kitchenette. Views abound from every window! A rare exquisite jewel in the heart of PV at the base of iconic Camelback Mountain.

8843 N 63rd Place Paradise Valley, AZ 85253

$5,995,000 - 5Br/6Ba -  for Sale in Camelback Country Estates Unit 5, Paradise Valley
Open House
$5,995,000
5 Beds
5.5 Baths
5,930 SqFt
Status Active
MLS # 6684784
Property Type Single Family Residence
Price Type --
House plus Heart equals HOME and this estate is a perfect example . The warmth of Santa Barbara with modern updates such as Pinkies steel doors and windows. The front patio with fireplace and comfy seating opens to the dining room with a custom wine wall . Chefs kitchen with island and seating open to family room featuring bar ,humador,wine fridge and ice maker. Split primary suite has lounge area and private patio plus killer closets and bathroom . Attached casita/gameroom/ or bedroom 5? Bedroom 4 can be an office with builtins or ensuite bedroom. Two additional bedrooms with private bathrooms. Resort Backyard includes a huge bbq ramada, tv/bar party ramada , kids play area, pool and spa and putting green. Also a Lift in the garage ! Well maintained and upgraded tastefully .

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