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.

What’s Your Home Worth?

Search for Your New Home

13330 E Jomax Road Scottsdale, AZ 85262

$5,250,000
3 Beds
3.5 Baths
4,764 SqFt
Status Active
MLS # 6754006
Property Type Single Family Residence
Price Type --
Welcome to this prime, 20 acre desert location near Scottsdale's iconic landmarks. Located directly adjacent to the McDowell Mountain Preserve and at the end of a paved, dead end road, you will find this stunning, pristine lot covered with the boulders that make the McDowell mountain park region unique. These formations are part of the broader landscape of the Sonoran Desert, which is known for its dramatic geological features. The combination of the desert environment with these ancient, weathered granite boulders creates a unique ecosystem and visual experience. The proximity to McDowell Mountain Park means that outdoor enthusiasts have direct access to miles of non motorized trails for hiking, biking, and trail riding right from their doorstep. At the heart of this exquisite parcel is a 4,700 square-foot custom home designed to complement the surrounding environment. The home features expansive windows and doors in every room to the outdoor living spaces that takes full advantage of the breathtaking 360' views of the Four Peaks, Granite Mountian, McDowell Mountain Range and the surrounding desert landscape. The architecture includes elements like stone and wood, harmonizing with the natural terrain. The master bedroom, complete with its own fireplace, has its own exit to the pool and spa which overlooks Tom's Thumb while the guest room and attached casita open to the north patio to take in the views of granite mountain. Views are amazing from EVERY room. The great room, chefs kitchen and custom wet bar ensure plenty of space for entertaining or just enjoying the cozy fireplace. Additionally the large and fully equipped attached casita is perfect for family or out of town guests with their own access to enjoy your time with them but allows everyone their own space. Head outside to find the 12 stall mare motel with 60' runs, lights and automatic waterers located right next to the 8 horse Priefert walker. Also noteworthy is the BRAND NEW, high producing well!! The arena is huge at 150 x 300 with new footing and plenty of parking for trailers if your friends come over to rope, trail ride or just hang out. This area is surrounded by upscale communities, with nearby luxury homes and ranch estates that take full advantage of the natural beauty and privacy the desert offers. While the setting provides a peaceful retreat, the property remains conveniently located just minutes away from world-class golf courses like Troon North, Desert Mountain, and Estancia and is just a short drive from Scottsdale's fine dining, boutique shopping, and cultural attractions, ensuring that convenience meets tranquility in this desert oasis.

7291 N 71st Place Paradise Valley, AZ 85253

$5,245,000
6 Beds
8 Baths
8,412 SqFt
Status Active
MLS # 6635976
Property Type Single Family Residence
Price Type --
The best priced property, in one of the most prestigious neighborhoods of Paradise Valley, this home is a must see... The quiet & peaceful lot features an outstanding 8,412 SqFt residence in the exclusive Cheney Place (only 20 private homes in the community) boasts impeccable craftsmanship & artistry enhanced by lush landscaping and a captivating central fountain. This masterpiece includes a FULLY-FURNISHED family chapel, as well as a FULLY-FURNISHED 2 bedroom Guest House equipped with a full kitchen, a fireplace, a jetted tub, its own 2-car garage, and a seating area with a grill. Ideal for in-laws or extended family. The main house showcases 4 bedrooms, a sitting room, an office, a movie theater and a 3-car garage (5 total garage spaces including guest house garage). Access through the grand entrance to experience sheer beauty & custom details throughout (backyard furnishings also included). Abundant natural light graces every corner, from the formal living room to the large dining room that overlooks the front yard and the massive family room with a fireplace & a wet bar. This beauty features soaring tray ceilings, elegant chandeliers, an intercom, rounded archways, refined tile flooring, classical pillars, artful niches, plantation shutters, a central vacuum, and recessed lighting. The striking kitchen is a testament to culinary perfection! Hand-carved wood detailing, granite countertops, a large peninsula, a central island, and NEW Viking appliances demonstrate unparalleled luxury. The laundry room also features brand NEW spare appliances such as an all new double oven and even a new washer & dryer set! Relish morning views in the sunlit breakfast nook or indulge in the exceptional wine cellar that can fit up to 868 bottles. The opulent master retreat has a fireplace & a generous sitting room with private access. The lavish en-suite bath comes with dual vanities, a make-up vanity, a jetted tub with a glass block wall allowing abundant natural light in, and a bountiful walk-in closet. This impressive home has a second master bedroom with its own bathroom & a jetted tub. There is more! Work from home in the sizable office or enjoy unlimited movie nights in the spectacular home theater, which is soundproof & has a brand-new projector & receiver. The awe-inspiring backyard is a complete paradise offering al fresco dining areas, an outdoor kitchen, serene fountains, a resort-style heated pool & spa, a fire pit with built-in seating, re-coated flooring, and an entertainer's game room with a fireplace & a wet bar. 3-car garage attached to main house for added convenience. Don't forget about the cozy billiard area under the Pavilion in the backyard, the perfect area for joyful gatherings with family & friends. This magnificent value is a statement!! The pool has also been completely re-tiled/re-chipped & new pebble added as of 9/13/24! The exclusive Cheney Place gated community only has 20 lots. Words alone cannot capture its essence. Don't miss out on this opportunity to own this gem before it's too late!

6271 E Horseshoe Road Paradise Valley, AZ 85253

$5,200,000 - 4Br/5Ba -  for Sale in Camelback Country Estates Unit 5, Paradise Valley
Open House
$5,200,000
4 Beds
5 Baths
5,134 SqFt
Status Active
MLS # 6756810
Property Type Single Family Residence
Price Type --
Fully furnished golf course modern with soaring ceilings and Mummy Mountain views! Newly remodeled kitchen, flooring, bedrooms, and bathrooms. Entertainers dream with new heated pool/spa and outdoor BBQ area. Located on Camelback Country Clubs Ambiante Golf course, beautiful flowers surround sidewalks and jogging/ biking paths. In the A+ rated CCC school district and moments from central Scottsdale's shops, restaurants and grocery stores. Split floorplan of primary suite with his and hers bathrooms and closets and generous bedroom on one side, office/den and two additional ensuites on the other. Large formal living and second entertaining space off of the kitchen. No interior steps and immaculacy furnished in Restoration Hardware.

22439 N 89th Street Scottsdale, AZ 85255

$5,195,000
4 Beds
4.5 Baths
5,147 SqFt
Status Active
MLS # 6756386
Property Type Single Family Residence
Price Type --
Modern Farmhouse in desirable White Horse community! This 5147 sf single level home is located one of Scottsdale's hottest neighborhoods due to its amazing architecture and convenient location. Set on nearly .7 acres, this site is regarded as the best lot in Whitehorse due to its orientation, deep backyard, open space behind and stunning McDowell Mountain views from the back. Desirable single level floorplan features 4 bedrooms and a media room/bonus room, along with a 4 car garage. The great room and kitchen have an open-concept design, featuring glass pocket doors that seamlessly connect to the front and back covered patios—perfect for enjoying Arizona's mild weather and entertaining guests. Private backyard oasis is anchored by a stunning pool surrounded by lush turf and captures sweeping mountain views. State of the art features include Wolf/Subzero kitchen appliances, double dishwashers, brick accent wall in kitchen, wide plank white oak flooring, beamed truss ceilings, built in media wall in bonus room, quartz and limestone counter tops, 3 tankless water heaters and a separate dog wash in laundry room. Whitehorse is conveniently located just north of DC Ranch in North Scottsdale, 1 mile from the shopping /dining of Market Street, and minutes away from the Loop 101. Please preview to see why this address is in such high demand!

6215 E Turquoise Avenue Paradise Valley, AZ 85253

$5,160,000
7 Beds
10 Baths
9,092 SqFt
Status Active
MLS # 6709896
Property Type Single Family Residence
Price Type --
Nestled within the prestigious enclave of Paradise Valley, this multigeneration home is luxury living at its finest. Grand courtyard entrance w/outdoor gas fireplace. Gourmet kitchen outfitted with Wolff gas stove, Miele Espresso machine, Sub-Zero Refrigerator, granite countertops with built in beverage ice tubs, pantry. Office w/private entrance, & ensuite. Private primary retreat featuring jet tub, double entrance steam shower, his and hers walk-in closets. Basement (1,745 sqft) equipped w/media room, climate-controlled 900 bottle wine cellar, billiard room with bar, bathroom and bedroom. Outdoor living w/putting green, sports court, grotto slide pool, spa, gazebo w/kitchen. Detached casita w/fitness room, infrared sauna, hair salon, 2 baths,1 bdrm, kitchen. Also, for lease $21,750. Main House - 5,872 sq.ft., Attached Guest Suite - 669 sq.ft., Detached Casita - 805 sq.ft., Basement 1,746 sq.ft. See Floor plan with measurements in Documents Tab.

6302 E Hillcrest Boulevard Scottsdale, AZ 85251

$5,000,000
4 Beds
5 Baths
5,376 SqFt
Status Active
MLS # 6745655
Property Type Single Family Residence
Price Type --
At the base of Camelback Mountain and on the Phoenician golf course sits this premier 4 bedroom, 5 bathroom coastal modren estate. With vaulted, exposed beam ceilings, skylights, wood paneled walls, large glass sliders, and hardwood flooring throughout this open concept living, dining, and kitchen. Chef's kitchen includes windows that open to the backyard, dual islands, Sub-Zero & Wolf appliances, multiple ovens, pantry and separate wet bar with built-in wine fridge. Multiple exterior areas perfect for entertaining; custom heated pool and spa with expanded pool deck, covered patio with built-in BBQ, sink, TV, putting green with artificial turf with large desert palms. Primary suite includes dual sink vanities, oversized shower, freestanding bathtub & outdoor private shower. Additional features include 3 en suite bedrooms and 3 car garage with electric charging station. Located only minutes away from Fashion Square, Old Town Scottsdale, and the best resorts, golf, dining, and shopping in Scottsdale and Arcadia.

20226 N 101st Way Scottsdale, AZ 85255

$5,000,000
5 Beds
5.5 Baths
4,746 SqFt
Status Active
MLS # 6737164
Property Type Single Family Residence
Price Type --
This 4,746sf home features 5 bedrooms, 5.5 bathrooms and exudes a cool, modern beach vibe. Highlights include vaulted beamed ceilings in the great room and principal bedroom, light hardwood floors, and abundant windows. The kitchen is equipped with both marble and leathered granite countertops, white cabinets, 2 dishwashers and a European cooktop. Designed for seamless indoor/outdoor living, the home offers pocket doors opening to a front courtyard with a spool, fireplace, synthetic grass, and soothing park views. Additional features include an interior courtyard with a 2nd outdoor fireplace, BBQ, and pizza oven. The upstairs bonus room adds versatility to this meticulously crafted residence. Every detail, from plantation shutters to updated mechanicals, reflects exceptional ... attention to detail. Price includes furniture and furnishings with a small exclusion list.

9279 E Andora Hills Drive Scottsdale, AZ 85262

$5,000,000
4 Beds
4.5 Baths
5,305 SqFt
Status Active
MLS # 6667422
Property Type Single Family Residence
Price Type --
Completion Fall 2024, Golf Membership available from seller. New build by leading luxury home builder - Blackstone Development and designed by Graffin Design. Terrific mountain views from Apache Peak all the way across the Continental Mountain Range to the western mountains and wonderful spring sunsets. Offering the floor plan today's buyer is looking for, an open great room plan with retractable glass doors to enjoy the gorgeous views and one level living with 4 suites plus a study. Outdoors enjoy a large patio area complete with two way fireplace, pool, spa, and BBQ. Buyer still has time to put their own stamp on this home and colorize it as they would like to. Save a year and half of design headaches and just do the fun part-picking out the colors. Home can be purchased now and new owners can start enjoying the Desert Mountain Club upon closing-of course subject to membership approval. Floor plan is located under the Document tab.

2133 E Ranch Road Tempe, AZ 85284

$5,000,000
6 Beds
6.5 Baths
8,624 SqFt
Status Active Under Contract
MLS # 6745207
Property Type Single Family Residence
Price Type --
One of a kind luxury home built by Forte Homes is located in the coveted equestrian community of Circle G Ranches. This stunning custom home features everything you will want. 6 bed/6.5 bath basement, RV GARAGE, work shop, pool bath. When you enter the home you will be greeted with 22' ceilings in the entry, formal dining room with tray lighting, separate office/den with wainscot, master bedroom w/sitting area, separate toilets in the master, jetted jacuzzi tub, built in linen closets, gourmet kitchen features 2-36'' subzero refrigerator/freezer, twin dishwashers, warming drawer, Scotsman sonic ice machine, 60'' Wolf range w/griddle and french cooktop, convection microwave, 18' island, basement features a wine room, storage room, weight room, Home THEATER & stadium seating!!

10040 E Happy Valley Road Unit 1048 Scottsdale, AZ 85255

$5,000,000
5 Beds
6.5 Baths
7,592 SqFt
Status Active
MLS # 6725864
Property Type Single Family Residence
Price Type --
''TIMELESS'' Desert Highlands Developer, Lyle Anderson's original homesite, with most premier sweeping Mountain and City Light Views at the base of Pinnacle Peak Mountain as part of this homes backyard. Built by legendary Linthicum Custom Homes; interiors by David Michael Miller; certainly timeless. With IMMEDIATE GOLF MEMBERSHIP, this award-winning 18-hole Jack Nicklaus, Signature Championship Golf Club was recognized by Platinum Clubs of America as being in the Top 3% in the country. Known for its Gary Panks designed putting course, its Racketball Club offers diverse playing surfaces, with a total of 13 Tennis/Pickleball courts; 7000 SF wellness center, year-round recreational activities, fine and casual dining experience, all behind its guard gated walls. The Residence offers... a welcoming foyer space, floor-to-ceiling windows, Chef's Kitchen to include German crafted cabinetry, European style layout wet-bar, Great Room and Dining areas all sit within the heart of the home. The primary Suite is tucked away, exquisitely appointed Bathrooms with their own walk-in closets, 2 private balconies and 2 fireplaces. All 4 guest suites boast their own inspiring and private patio, baths and custom layout amenities. The outdoor kitchen and dining patio overlooks the negative edge pool/spa and sparkling city lights after sundown. 10-seat state-of-the-art theater and stunning Partners Office will impress even the most discriminating buyer. Don't miss this one of one, hard to duplicate, move in ready opportunity!!

10535 E Paradise Drive Scottsdale, AZ 85259

$5,000,000
6 Beds
6.5 Baths
6,181 SqFt
Status Active
MLS # 6596265
Property Type Single Family Residence
Price Type --
NEW CONSTRUCTION - Permits ready and we are set to break ground on the exceptionally designed Modern Luxury Estate brought to you by Blue Sky Homes. Boasting roughly 5312 SF this home is an entertainer's dream, with open kitchen, large sliding door system to the backyard and a split bedroom floor plan and with 10'+ ceilings. Guest will fee welcomed in the spacious 800+ SF casita overlooking resort style backyard. This amazing home is located in the popular Cactus/Shea corridor close to shopping, dining, as well as hiking trails. Don't miss out on the opportunity to semi customize this desert gem before it's too late. *This property is located on lot A of the site.

23433 N 84th Place Scottsdale, AZ 85255

$5,000,000
5 Beds
5.5 Baths
5,340 SqFt
Status Active
MLS # 6701102
Property Type Single Family Residence
Price Type --
This to-be-completed home will be the epitome of modern sophistication and luxury living, offering two primary suites, with spa like bathrooms, and large walk-in closets. There are two additional bedrooms with attached bathrooms and walk-in closets, and an additional office/den. The attached casita offers a separate entrance with private bath, making it the perfect space for guest quarters or home gym. Kitchen is a chefs dream with large island, top of the line appliances, and a butlers pantry. Sitting on almost two acres, corner lot, gorgeous mountain views, and located in the quiet, gated community of Pinnacle Paradise. Plans and permits available. Home to be finished by end of 2024. This is your opportunity to work with the contractor in picking your own finishes.

Leave a Reply

Your email address will not be published.