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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6232 E Bret Hills Drive Paradise Valley, AZ 85253

$5,000,000
6 Beds
6.5 Baths
6,428 SqFt
Status Active Under Contract
MLS # 6657026
Property Type Single Family Residence
Price Type --
Rare opportunity to save years of planning by purchasing this project now! Framing and top of the line window package by Awake installed. Price is for the project in its current state and not the completed home. Main home is exquisitely designed with a huge living area that opens on both side to the outdoors with 14 foot full glass sliding doors. The main home is approximately 5500 sq ft with 4 bedroom suites plus an attached casita or office. In addition, there is a free staining 1000 sq ft guest or pool house with a living room, kitchenette, bedroom and bath. In total 6 bedroom suites !! Now is your chance to have instant equity once completed. Bring your own team to complete. Renderings are of the current design and subject to change.

32 N Biltmore Estates Drive Phoenix, AZ 85016

$5,000,000
7 Beds
10 Baths
12,225 SqFt
Status Active
MLS # 6736576
Property Type Single Family Residence
Price Type --
''As a philanthropist who loved golf and played it daily in retirement, he chose 32 BILTMORE ESTATES''. For the past 24 years, the Estate has been owned by the same ''second'' owner. The property's pedigree speaks volumes about its affluence and distinction. Embodying a seamless blend of classic elegance and modern luxury ambiance, the home is both welcoming and grand. Almost fireproof; commercial grade mechanicals, steel framed, masonry and metal roof. Its panoramic views of Camelback Mountain coupled with the lush golf course greens offers a serene and evolving picturesque setting. You'll appreciate the home's location, rich history, and architectural beauty from the moment you step up, family gatherings with friends in its spacious living and dining areas will become most memorable... Both primary bedroom-windows are undoubtedly and accurately facing towards breathtaking views of Camelback Mountain. Views of the green, the outdoor kitchen, and the expansive terrace all provide a perfect setting to enjoy the picturesque landscape, making every day feel like a retreat. The staff quarter is generous in size, the lot coverage allows for additional livable guest home or garage storage to be added within its setbacks. This is a rare chance to own a piece of history, an opportunity to experience the unparalleled lifestyle that 32 Biltmore Estates has to offer. Schedule a viewing today to see for yourself what makes this estate truly exceptional.

5567 E Mcdonald Drive Paradise Valley, AZ 85253

$5,000,000
5 Beds
5.5 Baths
3,148 SqFt
Status Active
MLS # 6738950
Property Type Single Family Residence
Price Type --
Welcome to Your Dream Retreat in Paradise Valley! This exquisite home was torn down to the foundation in 2012, and 3m was spent on the re-build. Enjoy Stunning views of Camelback Mountain, nestled next to The Sanctuary resort. Spanning over 3,000 sq ft, this property features multiple casitas, providing ample space for family and guests. The main house boasts elegant living areas and a gourmet kitchen perfect for entertaining. Step outside to enjoy the sparkling pool, or engage in friendly competition on the private tennis and basketball courts. Experience extraordinary living with luxurious amenities, stunning views, and unrivaled tranquility in this exceptional Paradise Valley estate. Your perfect oasis awaits!

10023 E Filaree Lane Scottsdale, AZ 85262

$5,000,000
5 Beds
5.5 Baths
5,411 SqFt
Status Active
MLS # 6629086
Property Type Single Family Residence
Price Type --
FULL GOLF MEMBERSHIP AVAILABLE with purchase of home. We are thrilled to announce the commencement of construction on this extraordinary custom home. Crafted by esteemed builders, Black Stone Development, in collaboration with Graffin Design, this residence promises to be a contemporary masterpiece within the prestigious Desert Mountain community. Highlighted features of the main home include a spacious great room seamlessly connected to a formal dining area, an opulent chef's kitchen, 4 bedrooms, and 4 ½ baths. Ascending to the second level, you'll find a versatile study/lounge, a flex exercise room (with closet space, doubling as a potential 5th bedroom), and an expansive roof deck offering unparalleled panoramic views of the Desert Mountain landscape. Additionally, a separate casita with a full bath ensures privacy for both homeowners and guests alike. Step into the ultimate outdoor retreat, complete with a magnificent pool and spa, multiple fire pits, serene water features, an outdoor kitchen, and charming patios that perfectly encapsulate the quintessential Arizona lifestyle. Car enthusiasts will appreciate the four-car garage, supplemented with ample storage space. Every detail of this home has been meticulously planned to enhance your living experience. Early buyers will have the unique opportunity to provide input on customization and select interior finishes to tailor the home to their preferences. Don't miss out on this exceptional opportunity to own a piece of Desert Mountain luxury living.

4754 E Valley Vista Lane Paradise Valley, AZ 85253

$5,000,000 - 5Br/5Ba -  for Sale in Camelhead Estates Unit 2, Paradise Valley
Open House
$5,000,000
5 Beds
5 Baths
5,129 SqFt
Status Active
MLS # 6735878
Property Type Single Family Residence
Price Type --
Arizona living at its finest. An artistically inspired estate with gated privacy and iconic Camelback Mountain views. Showcasing botanical specimens and a variety of mature trees, the resort backyard, lush setting and huggable mountain views, make for an unparalleled Paradise Valley experience. Two master suites, two guest rooms, an office and separate enclaves make for relaxed living throughout the home. The artistic attention to detail is unsurpassed. Antique hand carved doors in both the interior and exterior, exemplary painted touches throughout and a flowing floor plan make this a truly signature home. The private approach & secondary entrance highlight the cobble stone circular driveway and water features. This unique home and its stellar setting form an entertainer's delight. Photography to be updated to reflect current changes in home.

9030 N 48th Place Paradise Valley, AZ 85253

$4,999,000
6 Beds
6.5 Baths
8,420 SqFt
Status Active
MLS # 6722994
Property Type Single Family Residence
Price Type --
Set in a quiet cul de sac in the coveted 3C's school district, this impressively remodeled PV estate boasts 6 generously sized en suite bedrooms & 6.5 baths, including attached casita with full kitchen and sep entrance + attached LL guest suite with lounge and fitness room, ideal for multi-generational living! Upon entering, guests are greeted by soaring 20 ft ceilings, a formal living room, a central kitchen bathed in natural light, an office, multiple dens for relaxing movie watching, and an immense great room for large scale entertaining! Mountain Views abound in the stunning backyard w/pool, spa, outdoor kitchen, firepit and many gracious conversation patios. Car enthusiasts will love the massive 5-car garage space (2 w/hvac) . One of the LOWEST priced remodeled homes per sq ft in Paradise Valley, priced well below appraised value! This home offers the perfect blend of expansive, upscale, yet comfortable living!

11475 E Paradise Lane Scottsdale, AZ 85255

$4,999,000
5 Beds
5.5 Baths
6,782 SqFt
Status Active
MLS # 6690112
Property Type Single Family Residence
Price Type --
If you love to ENTERTAIN, this REMODELED custom estate with mountain views from almost every window is for you! Located on a 1.2 acre hillside lot on a cul-de-sac in the guard gated community of the Retreat at 100 Hills in McDowell Mountain Ranch. Drive up the new, winding exposed aggregate driveway with plenty of onsite parking for guests leading to the auto court situated adjacent to the 4+ car/2400 square foot garage. Next, enter this Modern Mediterranean home through the gated courtyard which includes a cozy gas fireplace and serene fountain. Enter the home through the custom iron and glass entry door into the domed foyer. Architectural details throughout the home include new engineered oak wood flooring, knotty alder doors and cabinets, coffered ceilings, expansive rooms with ceiling heights ranging from 18 to 11 feet, re-textured walls and ceilings with a 90/10 drywall finish painted bright white. The Chef's kitchen equipped with a large island with waterfall quartz counters is the ideal place to prepare a gourmet meal or host friends and family. The dining room with adjacent butler's pantry with secondary prep area, bar, dishwasher, warming drawer and microwave is just steps from the kitchen. After dinner relax and entertain in the expansive game room with wet bar, family room and home theatre. The property includes 4 bedrooms plus an office/den on the main level and an attached casita with a kitchenette and ensuite bedroom. The primary bedroom has a separate patio overlooking the mountain preserve. The primary bathroom includes a large walk-in shower, his and hers vanities and a free standing tub. The outdoor spaces include numerous patios, extensive hardscape, a large negative edge playpool with swim up bar, firepots, spa, fire pit, outdoor kitchen and room for a play area or putting green. Interior remodel includes new wood and tile flooring, quartz countertops, plumbing fixtures, lighting fixtures, ceiling fans and more. The 100 Hills community is conveniently located near freeway access, golf courses, dining, shopping, schools, hiking trails and much more. 100 Hills has a private tennis courts and a community pool and spa. McDowell Mountain Ranch offers access to recreational amenities including pickleball courts, tennis courts, pools, parks, hiking trails and community activities for all. Nearby is the McDowell Mountain Aquatic Complex with multiple pools, a lazy river and waterslide, fitness facilities and skate park. Owner/agent

12140 N 106th Street Scottsdale, AZ 85259

$4,997,000
7 Beds
6.5 Baths
6,063 SqFt
Status Active
MLS # 6596266
Property Type Single Family Residence
Price Type --
NEW CONSTRUCTION - permits ready and we are set to break ground on this exceptionally designed Modern Luxury Estate brought to you by Blue Sky Homes. Boasting roughly 5226 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 feel 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. *Pictures used to reflect floor pan, not actual property. This property is located on Lot B of the site.

5000 E Camelback Ridge Road Scottsdale, AZ 85251

$4,995,000
3 Beds
3.5 Baths
3,985 SqFt
Status Active
MLS # 6737125
Property Type Apartment
Price Type --
Scheduled completion Nov/Dec 2024. Discover unparalleled elegance in this stunning nearly 4,000 sq ft Scottsdale condo. Nestled against breathtaking mountain and city light views, as well as the gorgeous resident's clubhouse and pool, this residence offers: Spacious Living: Expansive open-plan layout with high ceilings and floor-to-ceiling windows showcasing panoramic views.. Gourmet Kitchen: High-end appliances with gas range, custom cabinetry, and bulthaup countertops, perfect for culinary enthusiasts. Elegant Bedrooms: Three generous bedrooms, each with an en-suite bathroom; the master suite features a private terrace and spa-like bathroom. Bonus Den/Bar Room: Versatile space ideal for entertaining or relaxing, with stylish finishes. Luxurious Bathrooms: High-end fixtures and contemporary design in each of the 3.5 bathrooms. Outdoor Terrace: Expansive private space for al fresco dining and enjoying serene sunsets. Located in a prime mountainside enclave, this condo offers luxury, privacy, and proximity to Scottsdale's finest amenities.

10433 E Mirabel Club Drive Scottsdale, AZ 85262

$4,995,000
4 Beds
4.5 Baths
5,738 SqFt
Status Active
MLS # 6752070
Property Type Single Family Residence
Price Type --
GOLF MEMBERSHIP AVAILABLE PER THE CLUB BYLAWS. Spectacular Santa Barbara style home located on the 13th hole of the Mirabel Club. Unobstructed views of the golf course on both sides of the home, plus Pinnacle Peak, & the McDowell Mountains, city lights & sunsets. Very open great room floor plan with gigantic, automated pocket doors that opens the entire home up to the gorgeous back patio complete w/ pool, multiple water features, spa, built-in barbeque, firepit, large-covered patio, and bocce ball court. The travertine flooring seamlessly carries out to the back patio making the space feel like one large entertainer's dream. The kitchen is fabulous w/ updated countertops, double islands, natural stone stove/oven surround, double dishwasher & side by side 48'' subzero refrigerator/freezer. Most furnishings can be purchased under separate bill of sale. The home is not on lockbox so listing agent must be present for all tours. Truly one of the best view lots in all of the highly acclaimed Mirabel Club community. Having access to a golf membership subject to club approval, payment of the initiation fee and the bylaws is a huge benefit as there is a substantial wait list for a golf membership currently. Mirabel is limited to 275 golf members and boasts a Highly Ranked Tom Fazio designed golf course and a stunning clubhouse complete with multiple dining location options, fitness center, spa treatment facilities, pool, spa, tennis, pickleball and bocce ball courts. The home is stunning and shows better in person than the beautiful photos. A must see for anyone looking to purchase a home in one of the top tier private golf clubs in north Scottsdale.

10207 E Diamond Rim Drive Unit 2121 Scottsdale, AZ 85255

$4,995,000
5 Beds
5 Baths
5,660 SqFt
Status Active
MLS # 6753179
Property Type Single Family Residence
Price Type --
Situated on a rare 1/2 acre corner lot, you'll enjoy privacy, and plenty of lush, mature landscaping, and the ease of hopping in a golf cart to get to Silverleaf Country Club. A private courtyard entrance will lead you to the entry as you meander through the meticulously maintained rose gardens, a bubbling fountain and large blue tiled swimming pool, and spa. The open great room has a grand feel as it's accented with a Cantera stone arch, soaring ceilings with hand-hewn beams, and telescoping doors that open up to the covered patio, and additional center courtyard with charming stone fireplace to add to the ambiance while entertaining. No additional expenses needed on this home, as the owner has recently completed a renovation to include, new lighting throughout, fully remodeled bathrooms with designer tiles, and plumbing fixtures. The kitchen is a dream to cook in as it has a large center island adorned with South American Quartzite and Cristallo translucent Quartzite, Wolf 6 burner gas range with griddle, Wolf double ovens, coffee bar, and 3 tall sub-zero wine refrigerators. Exterior was renovated with new landscaping, new landscape lighting, and Rhinosheild paint. The main house features three spacious guest bedrooms with en-suite bathrooms that any guest will enjoy. An elevator leads to the primary suite with a large sitting room, spacious his/hers custom closets, and luxurious bathroom with dual vanities, make- up vanity soaking tub, and over-sized shower. The office has lovely built-ins and french doors that lead to a secret garden with a stone fireplace. Retreat to the detached, 462 sq ft Casita, to enjoy an afternoon of sewing, gaming, or fitness. The Crestron system is the brains of the home, and has been fully updated in 2023, along with 7 new HVAC units for the home. This home also features a 3 car garage and plenty of storage space.

36421 N 105th Place Scottsdale, AZ 85262

$4,995,000
4 Beds
4.5 Baths
5,208 SqFt
Status Active
MLS # 6620771
Property Type Single Family Residence
Price Type --
Framing is almost complete! Right sized at 5208 feet, three bedrooms plus guest house and lots of covered outdoor patio area for modern desert living at Mirabel. Great room with soaring 16´ceilings, looking through retractable glass wall to pool/spa and a view of Pinnacle Peak. South facing rear yard is perfect exposure for AZ living. Double oversized 2-car garages fit four luxury vehicles (or your expensive toys on lifts!) comfortably. Light and bright throughout, Wolf/Subzero gourmet kitchen, full wet bar with pocketing windows out to patio, his and hers water closets in owner's suite. Flex room for gym, second office, workspace, or storage. Two secondary ensuite bedrooms and den. Free-standing guest house makes having guests more fun! CW's Touchpoint Home Management program will help you take care of your home; you've worked hard enough already! Complete specifications available, hurry while there's still time to customize and make it yours! Images are intended to convey overall design direction for this home but final specifications are subject to change. Contact Calvis Wyant Luxury Homes for up to date details. Please call Listing Agents to show, thank you!

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