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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8989 N Gainey Center Drive Unit 216 Scottsdale, AZ 85258

$1,189,000

3 Beds

2 Baths

1,970 SqFt

Status Active

MLS # 6744856

Property Type Townhouse

Price Type --

Experience the epitome of luxury living in this stunning 3-bedroom, 2-bathroom 1,970 square foot townhome, nestled within the prestigious and gated enclave of Gainey Ranch. As you approach this residence, be greeted by grand 14-foot ceilings and expansive floor-to-ceiling windows, giving the space an abundance of natural light, creating an atmosphere of openness and airiness. This exquisitely maintained home radiates an unparalleled sense of pride and ownership, showcasing lavish enhancements that define luxury. The designer kitchen features New cabinets, a Built in refrigerator, and waterfall counters. Step onto the spacious patio/balcony, offering the upmost privacy. Retreat to the expansive primary bedroom, which features a spacious walk-in closet and an en-suite bath reminiscent of a spa-like oasis. Recent upgrades include a state-of-the-art HVAC system, new wood floors through out, and slab fireplace.Furthermore, this exclusive residence gives access to the EXCLUSIVE Gainey Ranch Estate Club, an enclave of unparalleled leisure and recreation. Delight in the pools, a cutting-edge fitness center, yoga and massage rooms, fitness classes, tennis courts, pickleball courts, a private event space, full bar, wine lounge, and a wealth of additional amenities that redefine the meaning of luxury living.Situated near the renowned Gainey Golf Club, and within close proximity to upscale shopping and dining of Gainey Village, this home encapsulates elevated living in the heart of Scottsdale. Discover the epitome of luxury living, where every detail exudes sophistication and refinement.

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16236 N 51st Street Scottsdale, AZ 85254

$1,189,000

5 Beds

3.5 Baths

3,538 SqFt

Status Active

MLS # 6683133

Property Type Single Family Residence

Price Type --

*Seller Concessions Available* NO HOA in the magic zip code! Exquisite corner lot property, including a 3-car garage & RV gate in Tatum Square, is a dream come true! Fall in love with a captivating interior featuring tile flooring, soothing palette throughout, high-vaulted ceilings, modern recessed lighting, & a delightful fireplace. The remarkable kitchen boasts a plethora of white cabinets, granite counters, SS appliances, a chic mosaic backsplash, & an island complete with a breakfast bar. Double doors open to the oversized main suite, comprised of a private bathroom with dual sinks & a walk-in closet. Enjoy outdoor living in the sensational backyard oasis, offering a full-length covered patio, putting green, built-in BBQ, a cozy fire pit, & sparkling swimming pool ideal for the summer Don't miss out on this one!

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13816 E Lupine Avenue Scottsdale, AZ 85259

$1,185,000

5 Beds

2.5 Baths

3,233 SqFt

Status Active

MLS # 6760057

Property Type Single Family Residence

Price Type --

GORGEOUS 5bed/2.5bath/3car 3200+sqft home located in the private community of Scottsdale Mountain. Nestled adjacent to the McDowell Mountain Preserve, this exclusive guard-gated community offers a quintessential Arizona lifestyle. Move in ready for a buyer interested in a quick COE. Featuring the Primary bedroom on the ground floor with direct views of the McDowells and Sunset Point. This floor plan has it all, formal living and dining spaces, family room, loft/office space, large eat in kitchen with bar and breakfast area, covered outdoor patio, pool, and oversized lot backing up to community wash. Enjoy endless sunset views and city lights. Located in Scottsdale Unified School District near boutiques, art district, outdoor activities and fine dining. MAKE THIS HOME YOURS TODAY!

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6575 W Singing Wolf Lane Prescott, AZ 86305

$1,185,000

3 Beds

3 Baths

2,506 SqFt

Status Active

MLS # 6741828

Property Type Single Family Residence

Price Type --

This stunning home, recently constructed by the esteemed Crystal Creek Homes, is arguably better than new. Set on just over 2.5 acres in the impressive Inscription Canyon Ranch, it offers nearly 360-degree panoramic views of the surrounding mountain ranges, with Granite Mountain as the striking centerpiece. Upon entry, you're greeted by a fabulous great room featuring a floor-to-ceiling tumbled stone linear gas fireplace and inconspicuous surround sound speakers. The light, open, and airy kitchen, adorned with antique white cabinetry, boasts 42-inch uppers with crown molding & under-cabinet lighting, gleaming quartz countertops, decorative tile backsplash, WiFi-enabled double wall ovens, and a 6-place gas cooktop. The island sports dark-stained natural wood cabinets and pendant lighting. Adjacent to the kitchen, a massive walk-in pantry with abundant power receptacles provides ample space for appliance use. The great room and kitchen open to an adjacent dining area, displaying a striking wall of windows that showcase the surrounding vistas. The beautiful office space is conveniently located just off the great room. The spacious master suite offers stunning views of Granite Mountain. The spa-like master bathroom features double vanities with quartz counters, oversized powder area, large Kohler garden soaking tub, and a massive walk-in shower with double shower heads and floor-to-ceiling tile work. The generous walk-in closet in the master suite has direct access to the laundry room, which is equipped with a deep tub basin sink, upper and lower storage cabinetry, a hanging bar, and an additional storage closet for overflow linens. Offering wonderful views, the spacious guest bedrooms are served by a Jack and Jill bathroom with a full tub shower and a linen closet. Carpeting is limited to the bedrooms, with the remainder of the home featuring woodgrain LVP flooring. The oversized covered deck, accented by a tongue and groove ceiling, features engineered composite decking, making it the perfect space to observe Arizona sunsets and monsoon storms. The back deck is pre-wired for a ceiling fan and also plumbed for a permanent barbecue. Steps off the back deck lead down to the lower level, providing full access to a cavernous, functional storage area under the house, which could be customized into a workshop or other endless possibilities. The massive garage features insulated overhead doors with WiFi-enabled openers. Additional features of this home include a powder bath featuring a decorative vessel sink, recessed LED lights, water softening system, 50-gallon hot water heater with a recirculating pump, and low-maintenance stucco exterior accented by stacked stone pillars and columns. Immaculately cared for, this property is ready for you to call it your home.

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1810 E Mountain View Road Phoenix, AZ 85020

$1,185,000

4 Beds

4.5 Baths

3,041 SqFt

Status Active

MLS # 6704185

Property Type Single Family Residence

Price Type --

This 2013-built ''Uptown Home'' nestled in the prestigious gated community of Cinnabar Canyon Estates is primed and ready! Great views from every corner! Each bedroom boasts its own ensuite bathroom & spacious walk-in closets. The gourmet kitchen, with BRAND NEW stainless steel appliances, features custom cabinetry with convenient pull-out drawers and backsplash. A deck atop the roof, offering panoramic vistas of the valley's skyline is what this location is all about! Desert landscaping envelops the property, featuring a private yard & an expansive covered patio, perfect for entertaining. Retreat to the separate master suite, complete with a colossal walk-in closet, 8' solid core doors and soaring 10' ceilings! On a beautiful half-acre hillside lot, this 2024 remodeled gem stands out!

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577 Donny Brook Circle Prescott, AZ 86303

$1,185,000

4 Beds

4 Baths

3,958 SqFt

Status Active

MLS # 6722487

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bedroom, 4-bathroom home located at 577 Donny Brook Circle in the serene surroundings of The Ranch at Prescott. Exemplifying sophistication and comfort, this property promises an unrivaled lifestyle experience, perfect for both relaxation and entertainment. This home has great curb appeal with a level driveway and offers main-level living. The heart of the home is a spectacular great room which includes soaring ceilings, a gas fireplace, and access to the back deck. Enjoy the large covered deck to entertain guests, watch the wildlife, or a quiet area to soak in the gorgeous scenery. The kitchen is a chef's delight, equipped with custom cabinetry, newer black Samsung appliances, a double oven and a walk-in pantry. A standout feature is the kitchen island with leather-look granite counters, providing space for meal preparation and social gatherings. Beyond the kitchen is an extended living space, also on the main level. This room offers many options- a gym, office, craft, or theater/media room...endless possibilities. There are 3 comfortable bedrooms upstairs and an additional bedroom downstairs. The main level includes a lavish primary suite that boasts a cozy gas fireplace and direct access to the back deck. The suite's spacious bathroom is equipped with a jetted soaking tub, walk-in tiled shower, and the most impressive custom closet. Additionally on the main floor, there is an en-suite second primary bedroom and a generously sized third bedroom, all with built-in shelving, multiple clothing racks and upgraded lighting in the closets. All designed to offer family and friends a retreat-like experience. The lower level is perfect for multi-generational living featuring an in-law suite with a small kitchenette, nice living space, a large 4th bedroom and a full-size bathroom. Storage is not a problem with an extra-large storage/workshop. It is complete with built in shelves and cement/paver flooring. There is a spacious patio to enjoy the treed backyard that backs up to HOA property, offering privacy and natural beauty. The home is located in a desirable area, providing convenient access to essential shopping at nearby Costco and Trader Joe's, PineRidge Marketplace and is just a short drive from the vibrant downtown Prescott Courthouse Square. This home combines practicality with luxury. With low HOA dues and its excellent location, this house is an extraordinary place to call home.

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4237 E Sierra Madre Avenue Gilbert, AZ 85296

Open House

$1,185,000

4 Beds

3.5 Baths

4,191 SqFt

Status Active

MLS # 6741643

Property Type Single Family Residence

Price Type --

Your dream home is within reach! Discover this exquisite 4-bedroom, 3.5-bath residence, complete with a 4-car garage in Morrison Ranch!! New AC, New Flooring, New Kitchen, and much more! You will be captivated by the soaring ceilings in the great room and the fresh kitchen remodel featuring: linen colored shaker cabinets, white quartz counters, a farm sink, butler's pantry, large walk-in pantry, and updated fixtures. The primary suite is spacious and boasts dual vanities, separate shower and tub, and the closet of your dreams. Golfers beware.. there is a indoor golf simulator in the home gym. Additional rooms include a formal living room, office, loft, and play room/gym. Backyard is spacious featuring mature landscape, real grass, a large covered patio and an RV gate. Come take a look!

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3281 W Falling Leaf Road Show Low, AZ 85901

$1,180,000

4 Beds

3.5 Baths

3,136 SqFt

Status Active

MLS # 6680231

Property Type Single Family Residence

Price Type --

Welcome to your dream retreat nestled among the tall Ponderosa Pine trees of Torreon. Home was beautifully remodeled inside and out in 2020 and comes Fully Furnished. The breath taking views makes this a truly exquisite property. As you approach this stunning 4-bedroom, 3.5-bathroom estate, which includes a ground level 1 bedroom, 1 bath separate casita. The exterior boasts a spacious 4-car garage, being oversized allows for your vehicles and outdoor gear. Step inside, and you'll be captivated by the warm ambiance of the interior, accentuated by the glow of not one, but two fireplaces—one inside for cozy evenings indoors, and another outside, perfect for gathering with loved ones under the starlit sky. Experience the excitement of mountain living in this exceptional Torreon residence

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15215 N Kierland Boulevard Unit 436 Scottsdale, AZ 85254

$1,180,000

2 Beds

2 Baths

1,378 SqFt

Status Active

MLS # 6684481

Property Type Apartment

Price Type --

Lifestyle living at its finest. This 2 bedroom, 2 bathroom condo offers expansive living space that opens to floor-to-ceiling glass with gorgeous views of the Westin Kierland Golf Course, McDowell Mountains, and City Lights with beautiful Arizona sunrise and sunsets. High-end Gourmet Kitchen with Wolfe range, SubZero refrigerator, and Asko dishwasher. Spacious primary bedroom with wall of windows highlighting golf course views. The bathroom has an oversized shower, double sinks, a separate room for the toilet, and a generous walk-in closet. The secondary bedroom is beautifully designed with an En Suite Bath. Freshly remodeled in 2019 this lock and leave is spectacular. Conveniently located on the 4th Floor, just steps from the outdoor kitchen/dining area, covered ramadas, fireplace, fire pit, and gas barbeque. Scottsdale living at its best with Kierland Commons, Scottsdale Quarter, Kierland Resort & Spa, and 27-hole Kierland Golf Course. Enjoy the many amenities a luxury home can offer without the maintenance. Amenities include on-site concierge staff and property management, a private fitness studio, two community lounges, two resort-style sundecks, a heated lap pool, grilling stations, pet park, reserved owner parking, and guest parking in the private garage, and exclusive VIP discounts on shopping and dining throughout Kierland Commons, Scottsdale Quarter and special privileges at the Westin Kierland Spa and Kierland Golf Club.

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19914 E Calle De Flores -- Queen Creek, AZ 85142

$1,180,000

4 Beds

3 Baths

4,104 SqFt

Status Active

MLS # 6672215

Property Type Single Family Residence

Price Type --

This stunning custom-built residence sits on a corner lot in the desirable Circle G community in the heart of Queen Creek! Sitting on 8/10th of an acre offering flood irrigation and horse privileges. Feel the country living with the convenience of all the shops and restaurants around the corner. Upon entry into this open 4 bed 3 bath you'll be greeted by the 12-foot ceilings, travertine diagonal tile, stunning granite countertops and beautiful Alder cabinets. This home boasts an Oversized garage for all your toys and offers quality craftmanship at every turn. Outside, the Side Rv gate allows for easy access to park your boat and trailers. This expansive yard and sparkling pool awaits your enjoyment providing endless opportunities and entertainment.

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2326 E Montebello Avenue Phoenix, AZ 85016

$1,180,000

4 Beds

3.5 Baths

2,321 SqFt

Status Active

MLS # 6721487

Property Type Single Family Residence

Price Type --

Your Dream Home Awaits in the Heart of the Biltmore! Welcome to your new sanctuary in the prestigious Biltmore area! This fully remodeled 3-bedroom, 2.5-bathroom gem offers the perfect blend of modern luxury and timeless elegance. As you step inside, you'll immediately be captivated by the open, airy layout and stunning details throughout. Picture yourself in the breathtaking kitchen, featuring crisp white quartz countertops and chic shaker cabinets, perfect for creating culinary masterpieces and seamless entertaining. The primary suite is a true retreat, boasting a spa-like bathroom with a walk-in shower, a luxurious free-standing tub, and double vanities, providing the ultimate relaxation experience. Imagine the convenience of a full guest house on your property, complete with a kitchenette and full bathroom, ideal for visiting family, a private office, or rental income. Step outside to your private backyard oasis where every day feels like a vacation, with lush, green turf and a massive diving pool perfect for summer fun and pool parties. Situated in one of the most desirable areas, you'll enjoy easy access to top-rated schools, upscale shopping, gourmet dining, and beautiful parks. This home is more than just a place to live; it's a lifestyle. Don't miss the opportunity to make this incredible home yours!

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4525 N 40th Street Unit 5 Phoenix, AZ 85018

$1,179,000

3 Beds

2.5 Baths

2,278 SqFt

Status Active

MLS # 6682069

Property Type Townhouse

Price Type --

VIP Homes is Arizona's premier builder specializing in quality construction with state of the art features. Brand new luxury condo. Very rare to find something this highly upgraded in the highly desirable location of the Biltmore and Arcadia!! . This 3 Bed, 3 Bath, 2 Car Garage Condo has gorgeous tile floors, bosch appliances, walkout terrace, incredible kitchen and tons of upgrades. Other models also available for your client to purchase!! Come see this today!

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