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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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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10627 E Hedgehog Place Scottsdale, AZ 85262

$5,500,000

4 Beds

5.5 Baths

5,873 SqFt

Status Active

MLS # 6702937

Property Type Single Family Residence

Price Type --

PINNACLE PEAK HILLSIDE CUSTOM RESORT HOME: Perched high on the mountain, backs to ''The Rocks'' and Four Seasons. The main house is 4917 sf with 360 degree views and features reclaimed solid wood floors, rustic beam ceilings & organic stones incorporated throughtout, Huge Chef's Kitchen with Double Sub Zero and Wolf apppliances. Kitchen is open to the dining area with two 10' tall vanishing patio doors. Primary bedroom has fireplace/private deck to the outside living areas. Two more bedrooms, lower level and very private den/office with expensive views. Extraordinary Guest House is over 900 square feet w/Bedroom, separate Living Room, Kitchen Area, W/D, & Full Bath. Complete home automation w/remote access to control temperature, lighting, alarm and pool & spa and Automated shades. Multiple fireplaces, patios & private balconies showcase panoramic views of boulder outcroppings, mountains & city lights to the north. Pool and spa with water fall features and slide. Outdoor covered kitchen BBQ. This is one of a kind custom Sante Fe with some contemporary flair, built on the side of the mountain with expansive unobstructed views. Multiple fireplaces, private balconies, Note the beautiful large organic stones were incorporated into the architecture with rustic beams and vegas, to create opulence and charm. The private resort-style outdoor living area features self-cleaning pebbletec pool, spa, two large waterfall features, outdoor shower, and fully covered outdoor living room. All furnishings are available on separate bill of sale. See the Matterport walk through to see the floorplan and walk through the rooms. Pinnacle Peak, Tom's Thumb, Granite Mt Visitors Center Hiking are hiking trails within walking distance. Scottsdale National Golf Course is minutes away. This feels like Hotel Arizona.

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6228 N Cattletrack Road Scottsdale, AZ 85250

$5,500,000

5 Beds

8.5 Baths

5,161 SqFt

Status Active

MLS # 6724076

Property Type Single Family Residence

Price Type --

This to be built prime 1.9-acre parcel is located just south of Lincoln on the Scottsdale/Paradise Valley border, placing you in the heart of Scottsdale's best shopping, restaurants, and golf courses. Originally two parcels now combined you get one of the larges lots in the area. The property has approved plans with car garage, multiple dwellings and luxurious design by Kendle Design collaborative. Price reflects lots and completed plans and engineering. Don't miss this incredible opportunity to live the Scottsdale lifestyle!

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10039 N Mcdowell View Trail Fountain Hills, AZ 85268

$5,500,000

4 Beds

5.5 Baths

6,068 SqFt

Status Active

MLS # 6750498

Property Type Single Family Residence

Price Type --

Extravagant custom home to be built in the beautiful hillside community of Firerock. Building to start as early as mid November with an estimated completion time of late 2025 to early 2026. The design of this home accentuates the views of the McDowell Mountains to the North and Four Peaks to the East. This home features 4 bedrooms, a theater room, and a study on the main level. There is a very large bonus room on the garage level. An elevator that brings you from the garage to the main level. Kitchen looks out past an L-shaped slider for an indoor/outdoor living feel. The luxury pool and raised spa are the focal point of the kitchen view. Built in BBQ area, planter boxes and a raised grass/garden area finishes off this luscious outside living space.

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8922 E Covey Trail Scottsdale, AZ 85262

$5,500,000

4 Beds

4.5 Baths

5,490 SqFt

Status Active

MLS # 6492823

Property Type Single Family Residence

Price Type --

Membership available at increased price. Ground Break in Feb 2024- New build in Desert Mountain's Village of Gambel Quail Preserve Lot 215. Spectacular combination of Black Stone Development and Graffin Design on this cutting edge contemporary home featuring everything that today's buyers are seeking! Home features 4 bedrooms, office oversized laundry room and four car garage. Ideal great room floor plan. Oversized master bedroom with spa like bath and dual closets. A chef's kitchen with all the latest in high end appliances and cutting edge finishes that spill out to the patio through walls of glass, multi slide door systems and into the outdoor living, dining, patio, pool/spa and outdoor kitchen for today's outdoor living needs. Enjoy ample storage for autos and outdoor adventures in the four car garage with additional storage closet. Views include surrounding mountains including Lone Mountain, Black Mountain, The Continentals, sunsets and Desert Mountain night lights. The location of Gambel Quail Preserve is close to the main gate for quick access to shopping and dining. Additional community amenities include golf, biking and hiking trails. The Sonoran Fitness Center (spa, pickle ball, tennis, swimming, fitness facilities and much more) is nearby.

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8510 E Tecolote Circle Scottsdale, AZ 85266

$5,500,000

4 Beds

5.5 Baths

5,867 SqFt

Status Active

MLS # 6564657

Property Type Single Family Residence

Price Type --

This 5,867/sf ''Palo Blanco'' Ranch Hacienda style home is currently being constructed on 2.17 acres of beautiful Sonoran desert within the private and gated 8 home enclave of Windmill. The luxurious home is all on one level with an open floor plan with great room, dining, living and sitting rooms, 4 bedroom en-stuites , den/office, 6 baths, fitness room and a 4 car garage. It is filled with high end features including 3 fireplaces, gourmet center island kitchen with Subzero and Wolf appliances and two dishwashers, Butler's pantry, covered patios, covered patios, courtyards, water & fire features, negative edge pool with spa and BBQ. Lots 5 and 7 are also available with soon to come custom homes.

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29646 N 109th Place Unit 128 Scottsdale, AZ 85262

$5,500,000

4 Beds

5.5 Baths

6,541 SqFt

Status Active

MLS # 6693328

Property Type Single Family Residence

Price Type --

Brand New Construction! Just completed! Featuring timeless architecture with contemporary flair this new masterpiece by Red Moon Homes is the perfect getaway to the Sonoran Desert. Open & airy great room concept plan with sleek wet bar and grand fireplace. Main living spaces connect to expansive outdoor patios, refreshing pool/spa, BBQ, mountain views, and spectacular sunsets. Upstairs is a bonus room with full bathroom and view deck. The serene primary suite features a spa like bathroom and designer closet which connects to the laundry room. Split are two additional bedrooms & den/optional 4th bedroom all with ensuite bathrooms. Kitchen features top of the line appliances with an oversized island & connecting breakfast nook.

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5300 E Via Del Cielo -- Paradise Valley, AZ 85253

$5,499,000

6 Beds

6.5 Baths

8,086 SqFt

Status Active

MLS # 6748669

Property Type Single Family Residence

Price Type --

This outstanding updated Paradise Valley Estate is situated on a large flat lot with complete new low maintenance landscape design. The open concept contemporary interior show cases beautiful hardwood floors throughout. All bedrooms are en suite with huge showers. The spacious main floor primary suite allows for multi generational living. The upstairs primary suite has a sitting area where you will enjoy amazing views, a fireplace, and a great space to add an elevator, if desired. The vast his/her primary closets also incorporate a washer/dryer. So many places to covet here, with several spaces to entertain, use as separate offices, game rooms, theater or yoga retreat. The kitchen has so much storage, two pantries, glass wine room, Subzero and Wolf appliances with a large island and an abundance of light. The 4 car garage area has an electronic gate to maximize privacy and security. The sport court, trampoline and putting green are strategically situated on the large lot with plenty of room for other activities. Don't miss the heated diving pool and the most beautiful eucalyptus trees I have ever seen for the grand finale.

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6431 N Lost Dutchman Drive Paradise Valley, AZ 85253

$5,499,000

4 Beds

4.5 Baths

4,964 SqFt

Status Active

MLS # 6724747

Property Type Single Family Residence

Price Type --

ENTERING THROUGH THE PRIVATE COURTYARD OF THE LAST REMAINING HOME IN THE COMMUNITY WILL BE THOUGHTFULLY LANDSCAPED FOR A WELCOMING ENTRANCE. THE IRON AND GLASS DOOR LEADS YOU INTO THE VAULTED GREAT ROOM WITH 2 STORY FIREPLACE WALL, CHEFS KITCHEN, WET BAR, AND DINING ROOM. THE KITCHEN AND WET BAR IS ADORNED WITH NUMEROUS SUB-ZERO, WOLF AND COVE APPLIANCES. THE INCREDIBLE ATTENTION TO DETAIL IN THE ALL THE FINISHES IN THIS HOME WERE CHOSEN BY CULLUM HOMES INTERIOR DESIGN TEAM. THE RETRACTABLE WALL OF GLASS AND 2-STORY CLERESTORY GLASS MAKE THIS HOME SO LIGHT AND BRIGHT. THE PRIMARY SUITE IS SO COMFORTABLE WITH VIEWS OVER THE BACK YARD FOUNTAIN AND ENTERTAINING AREA. A SMALL GUEST SUITE WITH OWN ENTRANCE, LAUNDRY, POWDER BATH, ELEVATOR AND 3 AIR-CONDITIONED GARAGES MAKE UP THE FIRST FLOOR. THE IMPRESSIVE STAIRCASE AND LARGE WINDOW TO THE UPSTAIRS LANDING OVERLOOKING THE ENTRANCE AND GREAT ROOM WAS THE VISION OF THE CULLUM ARCHITECT TEAM. THE GLASS OFFICE EN-SUITE HAS VIEWS TOWARD CAMELBACK MOUNTAIN. THE LARGE LOFT AREA WITH CUSTOM BUILT IN CABINETRY LEAD TO THE COVERED DECK WITH GREAT VIEWS OF MUMMY MOUNTAIN! 2 LARGE EN-SUITES WITH BEAUTIFUL CUSTOM FINISHES AND WALK OUT DECK WITH CAMELBACK MOUNTAIN VIEWS COMPLETE THE SECOND LEVEL. PLENTY OF STORAGE IN THIS 4-BEDROOM, 4 FULL BATHS, 1 POWDER BATH, OFFICE, GREAT ROOM, CHEF'S KITCHEN, DINING ROOM, WET BAR, LOFT AND 3 CAR AIR CONDITIONED GARAGE. THIS HOME IS LOCATED IN THE 24-HOUR GUARD GATED COMMUNITY OF THE VILLAGE AT MOUNTAIN SHADOWS WITH ITS PARK, COMMUNITY POOL AND ACCESS TO THE MOUNTAIN SHADOWS RESORT AND ALL ITS AMENITIES AT YOUR DOORSTEP. A GREAT LOCK AND LEAVE HOME FOR THE WHOLE FAMILY!

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38152 N 109th Street Scottsdale, AZ 85262

$5,495,000

5 Beds

6 Baths

6,169 SqFt

Status Active

MLS # 6641439

Property Type Single Family Residence

Price Type --

Cutting edge new build by Red Moon Homes. Located in the exclusive North Scottsdale private community of Mirabel. Contemporary design, all on one level with an upstairs guest home reached by an impressive cantilevered lighted wood slab tread and steel beam U shaped lighted staircase. To die for spacious outdoor living to enjoy with modern pool with sizeable beach entry and adjacent spa, covered grilling, living and alfresco dining space. The cool and clean look of artificial turf is plentiful and easy to care for. Modern minimalist exterior with stucco, rough limestone stack stone details, multitudes of glass doors and windows, metal roof and facia with multiple vaulted roof lines. The flawless floor plan with an open, high ceilings, airy great room, dining, kitchen, wet bar and powder provide for daily living as well as festivities with many. The private split primary sanctuary with cutting edge finishes, spa like bath, massive designer closet and patio access will delight. The nearby ensuite barn door entry office provides an exemplary workspace or can serve as a 5th ensuite guest room. Close proximity to the decadent laundry with mitered window detail and to the beautifully finished 4 car spic and span garage space, entices all. For family and friends the two guest ensuites on the main level provide privacy and elegance, wonderful retreats, one with patio access. The upstairs guest home is not to be believed. The sitting space, ensuite bedroom, living space with powder and breakfast bar complete with sink and faucet enchant. The North and South balconies, through 4 paned glass wall systems bestow elevated panoramic views of mountains, city lights, sunsets and starry skies. Sophistication is viewed throughout with the finest of finishes - new sizeable porcelain tiles used on bath floors and walls, wide wood plank floors throughout, SubZero and Cove appliances, rift cut and lacquered slab cabinetry with lit toe kicks, fabulous top of the line exotic Quartz counter and vanity slabs and chrome and the new brass hardware. Mirabel's intimate community offers, golf, tennis, fitness and social endeavors. Come, live the Arizona desert lifestyle with comfort, opulence and functionality in this magnificent Red Moon Homes built Mirabel home.

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