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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7180 E Kierland Boulevard Unit 512 Scottsdale, AZ 85254

$1,445,000
2 Beds
2 Baths
1,461 SqFt
Status Active
MLS # 6725470
Property Type Apartment
Price Type --
Gorgeous luxury condo with spectacular views. Enjoy resort style living with every amenity at your doorstep! This spacious 2 bed/2 bath offers a convenient split floorplan, with expansive windows & walk-in closets in each suite. Center of the home is bright & inviting with great room featuring floor to ceiling windows overlooking city lights & the mountains beyond. Your gourmet kitchen offers prep space galore w/large island including breakfast bar seating, and plenty of lux white cabinets. Complimentary granite counters, stainless steel hardware, and Bosch appliances complete the beautiful kitchen. Both baths feature stone counters & large tiled showers + big soaking tub in primary. Enjoy cool evenings on your private patio, or head upstairs to the rooftop pool, spa, and seating. Enjoy panoramic views from the rooftop pool and patios along with running track, BBQ areas, TVs, spa, sauna, plunge pool, steam room, & entertaining areas large and small. On the main level, enjoy all the luxurious amenities you could ask for including fitness center, massage and spa, locker rooms, indoor sports courts including pickleball, basketball, and racket ball, plus party room, coffee bar, gaming room, ping pong and pool table, virtual golf, media area, numerous indoor and outdoor entertaining spaces, and even a shaded dog park with bathing and water stations. Supremely walkable location, right across the street from Kierland Commons for shopping, dining and entertainment. This unit includes 2 parking spaces conveniently located just across from the elevator, as well as a separate garage storage unit.

8281 E San Salvador Drive Scottsdale, AZ 85258

$1,445,000
3 Beds
2 Baths
2,404 SqFt
Status Active
MLS # 6743961
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the coveted McCormick Ranch community, renowned for its top-rated schools! This stunning 3 bedroom, 2 bathroom retreat has been meticulously remodeled to blend modern sophistication w/ classic charm. As you step inside, you'll be greeted by the bright and airy open layout, accentuated by soaring vaulted ceilings. The heart of the home is the sleek and stylish kitchen, boasting a generous quartzite waterfall island, soft-closing cabinets, and stainless steel appliances. The perfect blend of form and function, this kitchen is designed for effortless entertaining. Additional features include a convenient pantry, a state-of-the-art outdoor misting system for seamless indoor-outdoor living, & fresh paint throughout. With its prime location, modern amenities, and thoughtful design, this home is the epitome of desert living. Make it yours today!

7301 E 3rd Avenue Unit 402 Scottsdale, AZ 85251

$1,445,000
2 Beds
3 Baths
2,447 SqFt
Status Active
MLS # 6694836
Property Type Apartment
Price Type --
Step into luxury living at its finest! This property offers awe-inspiring interiors , creston system for lights and music with meticulous attention to detail. Marvel at soaring ceilings, wood-look flooring, and a wine cellar. Enjoy expansive windows, recessed lighting, and stylish ceiling fans throughout. The spacious living room is perfect for entertaining. Indulge in the outstanding eat-in kitchen with high-end appliances, lavish marble counters, and a large island with a breakfast bar. Upstairs, discover a versatile loft ideal for a second room or entertainment area. Retreat to the grand main suite, flooded with natural light and featuring a sitting area with breathtaking outside views. Pamper yourself in the pristine ensuite with a walk-in closet. Don't miss out!

12217 N 64th Street Scottsdale, AZ 85254

$1,444,000
4 Beds
2 Baths
3,080 SqFt
Status Active Under Contract
MLS # 6679399
Property Type Single Family Residence
Price Type --
Huge Lot! Nearly an Acre! Welcome to this exceptional residence in Scottsdale, AZ's highly coveted 85254 zip code. This property, featuring a 4-bedroom, 2-bath layout, spans over 3,080 square feet and is situated on a nearly one-acre lot. It offers a unique combination of expansive living space and affordability within one of Scottsdale's most desirable neighborhoods. Key Highlights of the Property: Culinary Excellence: The gourmet kitchen has high-end appliances, including a double wall oven and premium gas and convection stovetops. A ten-foot center island enhances this space, complemented by views of the landscaped backyard, facilitating culinary exploration and social interaction. Outdoor Sanctuary: The property features a recently upgraded deep-diving pool with fountain jets and multi-color lighting. Surrounding patio areas adorned with pavers and various seating arrangements create an inviting environment for relaxation and entertainment. Versatile Living Spaces: Tailored to meet diverse lifestyle needs, the home includes a family room with a stone fireplace and a formal dining room with a Bee-hive fireplace. An additional flexible area, boasting a vaulted ceiling and independent entrance, can function as a home office or fourth bedroom. Modern Comforts and Upgrades: Recent improvements to the property include a new roofing system, an updated central air conditioning unit, and a revitalized pool area, complete with a Baja shelf, new patio pavers, and a dedicated fire-pit area. This makes it an ideal setting for gatherings. Abundant Garden Space: The estate's urban farm presents an opportunity for gardening enthusiasts. It features raised-bed vegetable gardens, shaded growing areas, and butterfly gardens. Sixteen fruit trees, including varieties such as plums, apples, peaches, apricots, pomegranates, limes, mulberries, oranges, lemons, and apriums, offer a continuous supply of fresh produce and enhance the property's natural beauty. Strategically located near key shopping destinations like Paradise Valley Mall and Kierland, this property perfectly balances the serenity of secluded oasis living and the convenience of urban accessibility. It encapsulates the quintessence of Scottsdale living, promising a lifestyle defined by luxury and tranquility. This Scottsdale estate represents an outstanding opportunity for discerning individuals seeking the pinnacle of luxury living in the 85254 zip code. Contact us today to arrange an exclusive viewing and discover the full potential of this magnificent home.

2813 N 168th Avenue Goodyear, AZ 85395

$1,439,900
3 Beds
3.5 Baths
3,753 SqFt
Status Active
MLS # 6731322
Property Type Single Family Residence
Price Type --
Looking for a new place to call home this 2021 house with 3 beds & 3.5 baths is the one for you! Showcasing a delightful desert landscape, 3 car garage, & stone facade at the front. The sophisticated interior enjoys tile flooring, high tray ceilings, accent walls & a comfortable living room, ideal for receiving guests. The eat-in kitchen comes with recessed lighting, built-in appliances, white cabinets w/crown mouldings, mosaic tile backsplash, an island w/breakfast bar, walk-in pantry, & a dining area w/pendant lighting. Wonderful AZ room w/wood flooring, it includes a cozy niche ideal to be used as a reading nook. The sizable main retreat enjoys large picture windows, & an ensuite w/dual sinks, makeup desk, separate shower & tub, & a walk-in closet... The charming backyard has a paver patio & charming landscaping, the ideal place for relaxing during the evening. Do not miss the amazing amenities that the Pebble Creek Community has to offer: recreational room, Community pool, spa, workout facilities, and many sports courts await you. Don't wait to start your new life here!

6235 E Thunderbird Road Scottsdale, AZ 85254

$1,438,000
7 Beds
6 Baths
3,934 SqFt
Status Active Under Contract
MLS # 6728842
Property Type Single Family Residence
Price Type --
This is the perfect multigenerational home! Main House has 4 bedrooms and 3 baths and attached guest suite with additional kitchen & family room along with 2 bedrooms & 2 baths. Exterior has a Pool house with bathroom & shower that would be a great casita. So many possibilities due to multiple private entrances this could be a main home plus in-law quarters, investment property, or a vacation rental. Situated on over a half of an acre with resort-style backyard featuring a swimming pool, fire pit, citrus trees. The home has 3 kitchen areas to accommodate potential assisted living. Recent upgrades throughout the home include vinyl flooring, owned solar, paint, and a recent roof replacement. The home is currently an AIR BNB, please do not disturb tenants. SEE FLOOR PLAN IN DOCS TAB.

1244 E Smokehouse Trail Phoenix, AZ 85085

$1,435,000
6 Beds
3.5 Baths
3,038 SqFt
Status Active
MLS # 6725997
Property Type Single Family Residence
Price Type --
Another Stunning new contemporary NEXTGEN Builders home to be built. Main house boasts a grand Iron & Glass dbl. door entry, split floorplan with 4 spacious bedrooms, den/office and 3.5 baths. Large kitchen island w/waterfall sides, quartz countertops, walk in pantry, and a SS appliance package. 16 ft. sliding door in Great rm & 12 ft. sliding door in D/R. All bedrooms have walk-in closets. 12' ceilings in great room and kitchen. 3-car garage w. svc. door. BONUS- A 2-Bedroom Pool House with Game Room that includes a full bath, plus a separate 1/2 bath with outside access. Paved Road with a block wall to be built along South side of road to be paved. Quality build with energy efficient Spray foam insulation, 2x6 framed exterior, fully sheathed, post tension slab foundation. Elevated lots

36447 N Livorno Way Scottsdale, AZ 85262

$1,435,000
5 Beds
4.5 Baths
4,379 SqFt
Status Active
MLS # 6711491
Property Type Single Family Residence
Price Type --
MAJOR PRICE IMPROVEMENT! REDUCED OVER $100,000! BRING ALL OFFERS, SELLER IS MOTIVATED! Stunning Custom home located in the private gated community of Treviso. Scottsdale. Another Toll Brothers creation. Huge lot over an acre! This amazing home features 5 Bedrooms and 4.5 bathrooms. Huge open floorplan featuring a family room, living room with a beautiful Fireplace, many architectural archways, and tons of windows letting in that wonderful natural sunlight. Large Master bedroom with Ensuite. Exit off the Master leading out to the resort-style Pool & Spa. 4 Private bedrooms on the other side of this wonderful home. Each has its own bathroom. So fantastic! The front bedroom is very large making room for a home gym or craft room. The large kitchen is great for entertaining family and friends. The huge kitchen island is great for all of that holiday baking. SS Appliances, double ovens, and tons of ample cabinetry. Many great restaurants, coffee shops, shopping centers, dog parks, hiking, and biking. On an entertaining note. Close to Cave Creek, check out the Bull Riding Events at The Buffalo Chip Saloon, Harold's. Great BBQ'S!!! Kierland Commons Restaurants & Bars:· Bar North · The Cheesecake Factory · The Greene House · Maestro's Ocean Club · The Mission · North Italia · P.F. Chang's · Snooze, an A.M. Eatery.

2118 E Clubhouse Drive Phoenix, AZ 85048

$1,430,000 - 4Br/5Ba -  for Sale in Parcel 1c And 37 At The Foothills, Phoenix
New
$1,430,000
4 Beds
4.5 Baths
4,260 SqFt
Status Active
MLS # 6760663
Property Type Single Family Residence
Price Type --
Discover luxury desert living at its finest in this stunning 4 bed / 4.5 bath contemporary hillside home designed by award-winning architect Marc Soloway. Located in the hillside community of Sanctuary, this single-level home is one of two in a private cul-de-sac, nestled against a serene desert hillside with breathtaking city, mountain, & golf course views. The home features seamless indoor/outdoor living, with 1,000 sq ft of multi-level slate-style stamped concrete patios & a heated spa/pool with a waterfall feature, perfect for entertaining. New AC units in 2023 & a new roof in 2024 allow you to buy with confidence. Lots of updates! Step inside to a spacious & bright foyer leading to a grand living room with soaring ceilings, vast windows, a fireplace, & sliding glass doors that open to the back patio. The travertine tile flooring throughout the home enhances its elegant feel. The split floor plan offers ultimate privacy, with a luxurious master suite featuring a fireplace, sitting room, back patio access, & a large walk-in closet. The serene master bath boasts dual vanities, a soaking tub with mountain views, & a separate toilet room. The gourmet kitchen is a chef's dream, with granite countertops, custom cabinetry, stainless steel appliances, a 72 Monogram refrigerator, & a large island with a built-in sink & electric stove top. Additional living spaces include a formal dining area, a cozy den that can be easily converted into a 5th bedroom, & a second living room with direct access to the patio. Bedrooms #2 & #3 have en-suite bathrooms with tub/shower combos & spacious closets. Additional features include a versatile office nook with built-in desk & laundry area. 3-car garage with a separate storage area is a huge plus! Sanctuary is an exclusive, upscale subdivision nestled in the scenic desert hills of The Ahwatukee Foothills. Homes in this prestigious community are designed by renowned architects & boast contemporary, luxury designs that seamlessly blend indoor & outdoor living. With its serene environment, large lots, & proximity to hiking trails, Sanctuary provides a peaceful retreat while conveniently located near the city's amenities & attractions. This unique desert sanctuary offers luxury, privacy, & unparalleled viewstruly a one-of-a-kind opportunity!

27715 N 164th Place Scottsdale, AZ 85262

$1,430,000
4 Beds
2.5 Baths
3,746 SqFt
Status Active
MLS # 6748411
Property Type Single Family Residence
Price Type --
SPECTACULAR CUSTOM HOME WITH BREATHTAKING MOUNTAIN VIEWS Welcome to this extraordinary 4-bedroom, 2.5-bathroom custom home set on 1.25 acres of prime real estate, designed for both luxurious living and exceptional entertaining. The property boasts an incredible backyard oasis featuring a Pebble-Tec pool with solar heating and spillover spa, a built-in BBQ, bocce ball court, spacious covered patio, and custom fencing. Enjoy serene mountain views from the comfort of your outdoor spaces. Interior Features: Chef's Kitchen: Recently updated with high-end appliances, including double ovens and a KitchenAid induction stovetop. The expansive island, granite countertops, and walk-in pantry make this kitchen a cook's dream. Great Room: Soaring 15-foot ceilings, with a cozy fireplace and stunning mountain views, create an impressive setting for family gatherings and dining. Game Room: Includes a built-in bar, captivating murals, and ample space for a pool table. Master Suite: This luxurious retreat features a sitting area with a fireplace, sliding doors to the backyard, two large walk-in closets with built-ins, and a lavish bathroom with dual sinks, a jacuzzi tub, a TV, and a lighted makeup area. Additional Bedrooms: Three bedrooms each with exterior doors, patios and walk-in closets. Outdoor Living: Pool & Spa: Heated Pebble-Tec pool with solar heating, water features, automatic cleaning system, and a new Jandy Pool Controller. Backyard: Fully fenced large backyard, including snake-proofing, a gas firepit, and a plumbed gas grill with a mosaic patio table and benches. A large private outdoor shower with a bench seat adds to the convenience. Courtyard: A beautifully landscaped, gated courtyard with a custom fountain warmly welcomes guests. Energy Efficiency & Extras: Owned Solar System: A new Elevation Solar System with an Enphase battery, significantly reducing the electric bill by approximately $300 per month. Garage: The 3-car garage (2-car and a single-car) features newly epoxy-coated surfaces and a professionally painted desert mural. A/C & Water Systems: New primary A/C unit (American Standard), two additional Trane A/C units for the bedrooms, a 3,400-gallon water storage tank, and a newly installed Rainbird sprinkler system. The property is already signed up with Epcor, so no sign-up fees for water. This home is a true entertainer's paradise with high-end finishes, exceptional amenities, and stunning views. The newly-stained exterior wood garage doors, gates, and posts add the final touches to this desert gem. Seller is offering furniture currently in the home for sale on a separate bill of sale.

2974 E Camellia Drive Gilbert, AZ 85296

$1,429,000
9 Beds
5.5 Baths
5,979 SqFt
Status Active
MLS # 6700965
Property Type Single Family Residence
Price Type --
Price reduction is lower than recent appraisal - get instant equity! This one of a kind home features 7 bedrooms/5.5 baths/basement PLUS a 2 bedroom casita. Open floor plan boasts a spacious living area perfect for entertaining guests & enjoying family time. Entertain in style w multiple living areas, including a formal dining, wet bar, cozy living room w gas fireplace. Primary bath has steam shower, sep tub w jets & large w/in closet. Backyard boast synthetic grass for easy upkeep. The whole family can enjoy your private pool/spa and large covered patio. Basement has plenty of space to convert into a theatre. Agritopia is known for its tree-lined streets, community gardens, and friendly atmosphere. Residents enjoy nearby amenities such as parks, restaurants & shopping.Just off the 202 fw Welcome to this charming home in the highly sought after Agritopia! Charming community has many family oriented event happening monthly. This is a rare find with the 2 bedroom guest house. 9 bedrooms total plus an office with builtin bookshelves. Rent out the 2 bedroom casita for $1850 - $2300 a month to subsidize the mortgage payments. The casita is 860 st ft, with W/D, full kitchen and a back yard which is gated. New carpet & paint in the home and guest house. Close to the Freeway for easy access to anywhere is the valley.

5455 E Ludlow Drive Scottsdale, AZ 85254

$1,429,000 - 5Br/4Ba -  for Sale in Maravilla, Scottsdale
Open House
$1,429,000
5 Beds
3.5 Baths
3,436 SqFt
Status Active
MLS # 6731016
Property Type Single Family Residence
Price Type --
Welcome to this exquisite 5-bedroom, 3.5-bathroom gem thoughtfully designed in the prestigious gated community of MarVilla. Nestled within Scottsdale's magic zip code. As you step inside, archways lead you to the heart of the home—a spacious living room overlooks to the outdoor oasis. The custom kitchen boasts ample cabinetry, granite countertops, high-end appliances (including a double wall oven), and an island with a breakfast bar. The master suite features private access to the covered patio, two walk-in closets, and a luxurious full bath with double sinks, a separate tub, and a shower. Step outside to a pool with a soothing waterfall, spa, and built in BBQ. A new solar roof is fully paid for. New AC units, water heater, dishwasher and wine fridge. Roof replaced in 2019. Don't miss this opportunity to own a slice of Scottsdale luxury. Make sure to check the PHOTOS and VIRTUAL VIDEO. {Kitchen Dinette Chandelier does not covey!}

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