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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21106 W Granite Ridge Road Buckeye, AZ 85396

$5,800,000

5 Beds

8 Baths

7,215 SqFt

Status Active Under Contract

MLS # 6710824

Property Type Single Family Residence

Price Type --

REDUCED $200K ** Entertainers Dream Home ** Truly majestic home overlooking the White Tank Mountains and Verrado Founder's Golf Club's 2nd, 3rd, and 8th Holes. Views stretch to Glendale's Cardinal Stadium and downtown Phoenix. This lodge-style home has 7215 SF of spacious living on two levels including 5 bedrooms each with ensuite bathrooms. Also an exercise room, office, winding staircase, HUGE media room and bar. Yes, even an elevator, negative edge pool, spa and BBQ grill - wow! Double island kitchen w /Wolf and SubZero. Windows everywhere for bright, open feel. *Even pick your own flooring* 270 degree views from your wrap around patio deck will stun you on this perch high above Verrado like no other home west of Phoenix. You'll know as you drive up, this is your new home!

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6601 N Mountain View Drive Paradise Valley, AZ 85253

Open House

$5,795,000

6 Beds

6.5 Baths

6,809 SqFt

Status Active

MLS # 6748190

Property Type Single Family Residence

Price Type --

This exquisite custom estate is loaded with impeccable quality and unique design elements, and the soft contemporary vibe beautifully combines elegance and comfort. The island kitchen is absolutely gorgeous with every imaginable amenity, the great room is stunning with fully retractable walls of glass that open to the impressive backyard, and the dining room is another alluring space with a temperature-controlled wine room that holds more than 320bottles and french doors that open to a lovely outdoor patio. The magnificent primary suite has a fireplace, morning bar and spa like bath creating an ultra-serene environment, and the additional bedrooms are all ensuite. There's a newly built guest wing that includes another ensuite bedroom, bonus room, large family room and full bath and close

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7178 E Ironwood Drive Paradise Valley, AZ 85253

$5,794,245

4 Beds

4.5 Baths

4,568 SqFt

Status Active

MLS # 6716093

Property Type Single Family Residence

Price Type --

BRAND NEW CONSTRUCTION IS THIS SINGLE-LEVEL HOME, DESIGNED AND BUILT BY CULLUM HOMES. IRONWOOD GOLF VILLAS IS AN EXCLUSIVE COMMUNITY OF ONLY EIGHT CUSTOM HOME SITES. EACH SITE OFFERS ONE A HIGHLY DESIRABLE IN-TOWN LOCATION WITH ABUNDANT ROOM FOR A CUSTOMIZED ESTATE HOME. THIS PARTICULAR HOME OFFERS 4,568 SQUARE FEET OF LUXURIOUS LIVING SPACE WITH 4 BEDROOMS, AN OFFICE, 4.5 BATHROOMS, AND A 3-CAR GARAGE WITH A PRIVATE COURTYARD. CONTEMPORARY UPGRADED FEATURES AND DESIGNS ALL THROUGHOUT. VERY SPACIOUS OPEN FLOOR PLAN. ALL STAINLESS-STEEL, TOP-OF-THE-LINE APPLIANCES IN THE KITCHEN. ALL BEDROOMS HAVE OWN EN-SUITE BATH AND WALK-IN CLOSETS. COMMUNITY IS GATED FOR EXTRA PRIVACY AND SECURITY. LOCATED JUST MINUTES AWAY FROM OLD TOWN SCOTTSDALE, PARADISE VALLEY, AND FASHION SQUARE MALL, OFFERING PLENTY OF OPTIONS FOR SHOPPING, RESTAURANTS AND ENTERTAINMENT.

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4901 E Tomahawk Trail Paradise Valley, AZ 85253

Open House

$5,790,000

6 Beds

8 Baths

8,463 SqFt

Status Active

MLS # 6752947

Property Type Single Family Residence

Price Type --

This home has a beautiful presentation! It is an absolutely gorgeous walled gated estate. Enter thru a dramatic stone archway into an elegant courtyard with a large circular paver drive to the main residence which is not visible from the street. The 6 bedrm estate includes a full guest house w/ kitchen, bedrm + bathrm. The main home has beautiful architectural detail and hickory wood floors, as well as a master with separate sitting rm and expensive mahogany + glass woman's closet, a paneled library, theater + walk in wine rm. The extraordinary backyard has extensive lawns + features an award winning swimming pool with 4 firepits, spillways + waterfalls cascading from real boulders.The gourmet kitchen with 2 pantries opens to the inviting family room which opens to the large theatre.

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9877 E Miramonte Drive Unit 280 Scottsdale, AZ 85262

$5,750,000

5 Beds

6.5 Baths

5,750 SqFt

Status Active

MLS # 6753464

Property Type Single Family Residence

Price Type --

Stunning Desert Mountain contemporary home on a terrific lot. Built by leading luxury home builder - Black Stone Custom Homes, this gem is located in the 2nd closest village to the front gate of the Desert Mountain community and an easy walk to the brand new Renegade Clubhouse and practice park. Less than one-year new, this home offers a great room floor plan, 5 suites, one of which is a detached casita, outstanding outdoor living space with two fireplaces, fire feature, 7 outdoor Infrateck ceiling heaters and 3.5 car air conditioned garage. Built with outdoor living in mind and to capture the Continental Mountains and sunset views, the retractable walls of glass allow the outdoors in. Some of the updated features include: 1) Crestron automation system throughout the entire home controlling music and lighting, 2) upgraded Awake windows featuring larger glass size, thinner profiles, heavy duty rollers for easy retractable open and close, enhanced R values, 3) entire home water purifying system, 4) additional full size refrigerator in pantry, 4) DCS 48 Evolution Built in Grill, and 5) automated shades throughout the home. This home was designed by one of the leading home designers in Desert Mountain - Graffin Design. Desert Mountain Club now offers a terrific opportunity to join as a temporary Lifestyle Member while waiting for the Golf Membership. This membership allows the applicant to enjoy all amenities except golf. Applicants must be approved for membership prior to going on the waitlist. The approval process is approximately 30 days long from the date the application is submitted. See Document tab for Update list

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10761 E Buckskin Trail Scottsdale, AZ 85255

$5,750,000

5 Beds

8 Baths

8,382 SqFt

Status Active

MLS # 6757384

Property Type Single Family Residence

Price Type --

This contemporary Southwest masterpiece, designed by Tor Barstad and completed in late 2015, spans 8,382 square feet. Situated on a prime lot, the home boasts panoramic views capturing stunning sunsets, Pinnacle Peak, and dramatic boulder landscapes. The owners have meticulously refined every detail, from custom window treatments and mature landscaping to perfecting the outdoor living spaces and addressing all new home adjustments, ensuring that this house is the epitome of move-in ready. The residence features an expansive open floor plan that includes five bedrooms, eight bathrooms , His and Hers in the primary bathroom, an office, an exercise room, and a bonus room, with nearly all living spaces located on the main level.

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8821 E Havasupai Drive Scottsdale, AZ 85255

$5,750,000

5 Beds

5.5 Baths

6,016 SqFt

Status Active

MLS # 6733606

Property Type Single Family Residence

Price Type --

Remodeled in 2019 and 2024 this awe inspiring residence on a 1.5 acre lot with impressive views of the McDowell mountains. In the perfect cul-de-sac location in sought after Pima Acres Estates Community. Perfectly located to everything Scottsdale has to offer. Established desert landscaping with front patio, 4 car garage and circular driveway, space to the side for RV garage or sport court. Enter to find plantation shutters, wood floors, an extensive great room, two Heat & Glo gas fireplaces, glass wine cellar and wet bar area. The Chef's kitchen has Thermador/ Viking appliances, 2 dishwashers, 3 ovens, walk in pantry, 2 oversized islands and a desk area all finished in quartz counters. There are 2 private offices, upscale baths with designer finishes , walk in closets and generous sized bedrooms. A large media/living room sits perfectly located off the kitchen seating area. Each room is a work of art. The split bedroom layout ensures privacy with a grand owner's retreat with spa-like en-suite with a stand alone tub, walk in shower, dual vanities and makeup area. The casita opens to the pool courtyard and boasts a full kitchen, dining and living areas. A fully owned solar system keeps energy bills down. The resort style backyard has a built in summer kitchen, pool with wrap around patio and fire pit all overlooking the extensive mountain views.

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6324 N 48th Place Paradise Valley, AZ 85253

Open House

$5,750,000

5 Beds

6 Baths

7,292 SqFt

Status Active

MLS # 6757553

Property Type Single Family Residence

Price Type --

Set on nearly 1.5 Acres, this expansive lot offers UNMATCHED PRIVACY, STUNNING VIEWS, & MULTIPLE OUTDOOR AREAS. Originally built in 1975, added onto & rebuilt in 2007. Recently upgraded to high-quality syn. turf for low-maint. upkeep & water conservation. The floor plan is exceptional, featuring a Primary Suite that includes an executive office, a spacious exercise room with closet, a secondary laundry area, & completely separate his-and-her primary bathrooms. The Primary also enjoys a pvt. courtyard with built-in spa, fireplace, & mtn-view window. Featuring a total of 2 offices, a large primary laundry room, & an eat-in kitchen with views of the backyard. Additionally, there are 2 en-suite beds & a generous game room that can be converted into a 3rd bed. PLUS an attached GUEST CASITA... complete with living room, fireplace, full kitchen, bedroom w/ walk-in closet, and full bath. The grounds also features a discretely situated 'Taj Mahal' of henhouses and garden. Back of home parking with 2 slab spaces and a 4-car garage with large climate controlled storage room and 2 separate storage closets. Convert the storage room, 1 of the 2 powder rooms, and the 2nd office to make a spacious 7-car garage. End of cul-de-sac location with large circular drive and additional guest parking.

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5455 E Berneil Drive Paradise Valley, AZ 85253

Open House

$5,745,000

5 Beds

5.5 Baths

7,010 SqFt

Status Active

MLS # 6753337

Property Type Single Family Residence

Price Type --

This luxurious estate is located in the gated Hidden Paradise neighborhood of Paradise Valley, an exclusive enclave known for its seclusion and prestige, featuring 17 exceptional homes which are rarely on the market. As you approach the property, the beautifully landscaped grounds catch your eye, leading you to the circle driveway with a porte-cochère. The grand entrance of the home features a striking 10-foot door that opens into a beautiful stone foyer, offering a glimpse straight through the living room and out to the outdoor spaces. The recently renovated home boasts stunning grounds, light and bright lavish interiors with spacious rooms, soaring ceilings and expansive high windows that bring the outdoors inside. New hardwood floors add warmth and elegance to every room,

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10184 E Peak Circle Scottsdale, AZ 85262

$5,700,000

4 Beds

4.5 Baths

4,519 SqFt

Status Active

MLS # 6754344

Property Type Single Family Residence

Price Type --

Estancia Golf Membership available * Completely remodeled in 2023 * Elegant residence in the guard-gated community of Estancia with timeless architectural details * The exterior details include an organic composition of dry-stacked stone, stucco and glass with a new concrete tile roof * Sited on an elevated lot with panoramic views of Pinnacle Peak * Split floor plan with a living room, family room that connects to an open kitchen, two guest suites and a dedicated office with full bath providing the flexibility for a fourth bedroom * Interior details include wood plank flooring, granite and quartz countertops, custom-crafted cabinetry, all new custom lighting and dry-stacked stone fireplace surrounds * The resort-style outdoor living space offers a large covered patio, heated pool and spa built-in BBQ station and a gas fireplace *

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9203 E Happy Hollow Drive Scottsdale, AZ 85262

$5,650,000

4 Beds

4.5 Baths

7,308 SqFt

Status Active

MLS # 6617612

Property Type Single Family Residence

Price Type --

Experience the epitome of luxury living in this exquisite Desert Mountain home designed by award winning builder Peter Magee, offered with a rare Golf Membership. The Family Room is an entertainer's dream and opens to the well-appointed and tastefully designed kitchen offering upgraded appliances, two islands and Brazilian soapstone countertops. The Great Room boasts an elegant wet bar and multiple lounging areas. A private and inviting owner's wing includes a spa like ensuite, oversized walk-in closet and separate laundry room. An abundance of natural light fills the home by day and cool evenings draw you to the expansive outdoor living spaces which include alfresco dining and a heated pool & spa to capture sunset, golf course, mountain & city light views. A true contemporary masterpiece

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12913 N 119th Street Scottsdale, AZ 85259

$5,600,000

7 Beds

11 Baths

11,548 SqFt

Status Active

MLS # 6743300

Property Type Single Family Residence

Price Type --

BREATHTAKING VIEWS, ULTIMATE PRIVACY AND ENTERTAINER'S DREAM in this guard gated golf club community. Perched on a hill in the back of the neighborhood, this home gives you the feeling of being on top of the world as you step out onto one of the many balconies where you can enjoy unobstructed views of Camelback Mountain and the shimmering city lights below. Imagine hosting ultimate gatherings in a home that's designed for entertaining! This paradise offers your very own movie theater, billiard room with bar, fitness center with sauna, wine cellar, sprawling open-concept living and kitchen area that flows effortlessly into a fully equipped bar and outdoor patio. A spa and 2 beautiful pools with waterfalls share a private courtyard space. Main house includes a separate guest quarters -- along with an additional detached guest house adjacent to the courtyard pool. Even a 7 CAR GARAGE including space for an RV or boat! This home is more than just a place to live - it's a venue for experiences....a perfect escape from the hustle and bustle of everyday life while still being close to all amenities and events Scottsdale has to offer!

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