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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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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5235 E Calle Ventura -- Phoenix, AZ 85018

$4,995,000

6 Beds

5.5 Baths

5,580 SqFt

Status Active Under Contract

MLS # 6709849

Property Type Single Family Residence

Price Type --

Nestled in the prestigious Arcadia neighborhood of Phoenix, this custom home offers luxury living at its finest. Showcasing a spacious open floor plan, high-end finishes, and modern amenities throughout, this home is quintessential for both entertaining and everyday living. The gourmet kitchen features stainless steel appliances, quartz countertops, and a large island with bar seating. The living room is light and bright with a cozy fireplace and beautiful European Oak hardwood floors. The master suite is a true retreat with a spa-like bathroom and a walk-in closet. The finished basement includes a fitness room, large family room, full bar and an additional bedroom and bathroom. The entire home is handcrafted by Aspect Design Studio and 21 Interiors. Outside, you'll find a beautifully landscaped backyard with a covered patio, sparkling pool and spa, and lush greenery(artificial turf for low maintenance) - perfect for enjoying the Arizona sunshine and views of Camelback Mountain. Plus, the home is conveniently located near top-rated schools, fine dining, shopping, and more.

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40660 N 109th Place Scottsdale, AZ 85262

$4,995,000

4 Beds

5 Baths

6,875 SqFt

Status Active

MLS # 6649794

Property Type Single Family Residence

Price Type --

Welcome to 40660 N 109th Place, a Desert Contemporary masterpiece originally designed by renowned architect David J. Wade, a native Arizonian. This extraordinary home has undergone a complete renovation, resulting in a harmonious blend of modern luxury and natural beauty. Nestled within the breathtaking high desert landscape, the home boasts strategically placed picture windows that frame the majestic mountain views from every vantage point. Situated on two spacious lots within the prestigious Desert Mountain Country Club, this residence offers a level of exclusivity and privacy that is truly unparalleled. The meticulous attention to detail is evident throughout the property, featuring grand coffered ceilings, exquisite French oak floors, elegant limestone fireplaces, and precast exposed concrete block walls that pay homage to the iconic designs of Frank Lloyd Wright. Immerse yourself in the sheer magnificence of this architectural masterpiece by touring the home in person. Prepare to be captivated by the seamless integration of indoor and outdoor living spaces, the finest craftsmanship, and the awe-inspiring natural surroundings. This is a once-in-a-lifetime opportunity to own a true desert sanctuary that embodies the essence of luxury living.

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5601 E Caballo Drive Paradise Valley, AZ 85253

$4,995,000

7 Beds

6.5 Baths

7,119 SqFt

Status Active

MLS # 6733233

Property Type Single Family Residence

Price Type --

Nestled in the heart of a prestigious neighborhood of Paradise Valley, this stunning home offers a rare blend of luxury, comfort, and convenience. Boasting 7 bedrooms and 6.5 bathrooms, this meticulously renovated residence spans 7,119 square feet of living space, ensuring ample room for both relaxation and entertainment. As you step inside to discover a seamless fusion of modern elegance and timeless charm. The open-concept layout enhances the flow between the spacious living areas, which are adorned with High-end Wood Tile flooring from NY and large custom windows and doors that flood the interiors with natural light. The gourmet kitchen is a chef's dream, featuring top-of-the-line Kohler appliances, enormous island with 2 dishwashers, 2 refrigerators and freezer surrounded by custom cabinetry, sleek Quartz countertops, ideal for culinary enthusiasts and hosting gatherings. The private quarters including the Casita, offer a tranquil retreat from the hustle and bustle of daily life. Each bedroom is generously sized and showcases its own bathroom, mesmerizing views and walk-in spacious closets. The master suite is particularly inviting, boasting a spa-like ensuite bathroom complete with Quartz Countertops, creating a haven of relaxation. This home is equipped with iPad controlled smart home technology, energy efficient appliances and security system, ensuring comfort, convenience, and peace of mind. A beautifully designed spacious office provides versatility to accommodate various lifestyle needs. Situated in a highly coveted area of the Valley overlooking Mummy Mountain, residents enjoy proximity to schools, shopping centers, and fine dining, offering a lifestyle of convenience and accessibility. This exceptional residence represents a rare opportunity to own a sophisticated home that combines luxury with functionality. Whether enjoying quiet moments indoors or hosting gatherings, this property exemplifies the pinnacle of modern living. Schedule your private showing today and envision yourself living in this unparalleled home.

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6044 E Calle Del Paisano -- Scottsdale, AZ 85251

$4,995,000

5 Beds

5 Baths

5,235 SqFt

Status Active

MLS # 6721789

Property Type Single Family Residence

Price Type --

This quintessential Arcadia residence is located on a quiet, cul-de-sac street with no through traffic and offers the ideal lifestyle in a highly desirable neighborhood. Newly constructed in 2023 by Bolte Homes and ticking all the boxes, from the moment you enter the charming front courtyard you know something special lies ahead. The layout is ideal with a total 5235 sq ft. 3484 sq ft on the main level, which features a stunning great room, gourmet kitchen with butlers pantry, spacious primary suite and separate wellness room. The 1751 sq ft basement features two bedrooms, one and half baths, game room, wet bar and theatre room. The backyard and outdoor space is a dream and features a sparkling pool with swim up bar, spa and huge covered ramada with grill with lounge seating. Simply put, you'll never want to leave. Thoughtful design, attention to detail and custom finishes throughout. With gorgeous views of Camelback Mountain to top it off - this incredible home has it all.

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11988 E Larkspur Drive Scottsdale, AZ 85259

Open House

$4,995,000

6 Beds

6 Baths

8,904 SqFt

Status Active

MLS # 6671869

Property Type Single Family Residence

Price Type --

Step into your exquisite sanctuary nestled within the esteemed gated Ancala Country Club golf community. This exceptional custom home is perched on a sprawling hillside lot, commanding awe-inspiring views of the city lights below. Indulge in the artfully crafted interior, where every detail exudes sophistication and elegance. From the high-end finishes to the opulent amenities, no expense has been spared in creating a space that is as luxurious as it is inviting. With six bedrooms, an office, a theatre, bonus room, and fitness center that can easily be converted to an in-law suite, five full baths, three powder baths, this home is designed to exceed every expectation of comfort, style, and luxury. Retreat to the sumptuous primary suite, a haven of relaxation boasting a spa-like bathroom, spacious his and her walk-in closets, and a private balcony offering a serene escape with breathtaking views. Outside, a resort-style paradise awaits, featuring a glistening pool, a tranquil spa, a cozy firepit and fireplace, gas bbq, perfect for unwinding or entertaining guests against the backdrop of the stunning landscape. Located up the mountain in Ancala Country Club, where you have the option to join the club if you wish, including a social or full golf membership.

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5676 E Cheney Drive Paradise Valley, AZ 85253

Open House

$4,989,000

5 Beds

5.5 Baths

5,950 SqFt

Status Active

MLS # 6743011

Property Type Single Family Residence

Price Type --

Looking to trade up for views? Discover unparalleled luxury here in this distinguished Paradise Valley estate, masterfully crafted by Salcito Custom Homes. Soaring above Paradise Valley in the exclusive, guard gated community of La Place du Sommet, this 5,950 sq. ft. masterpiece offers breathtaking panoramic views from Mummy Mountain, with vistas of the McDowells, Superstition Mountains, and glittering city lights below. The residence features five opulent bedrooms, a mahogany library, a theater, and a gourmet kitchen w/ Viking and Subzero appliances. Seamlessly integrated into the hillside, the home boasts multiple terraces, an infinity spool, and dramatic indoor-outdoor living spaces, epitomizing refined elegance and elevated living.

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24892 N 107th Street Scottsdale, AZ 85255

Open House

$4,987,000

4 Beds

4.5 Baths

4,502 SqFt

Status Active

MLS # 6745561

Property Type Single Family Residence

Price Type --

Luxury Custom New Construction, Move-in-Ready! Welcome to the Artesano Custom Estate, an exquisite masterpiece of architectural design and luxurious living. This home sets the standard for elegance and sophistication. Nestled in the prestigious neighborhood of Artesano at Troon Canyon, this property offers unparalleled craftsmanship and attention to detail, creating an extraordinary living experience for the most discerning homeowner. Featured in Architectural Digest, Landmark Luxury Group, a distinguished Chicago & Scottsdale-based build, architectural, and design firm, bring experience, design range, and excellence for the things both seen and unseen in new construction. This luxury home also boasts state-of-the-art smart home technology, Sub-Zero and Wolf appliances

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10162 E Sundance Trl 227 --, Scottsdale

$4,975,000

5 Beds

5.5 Baths

5,830 SqFt

Status Active

MLS # 6653002

Property Type Single Family Residence

Price Type --

This Brand New Home Exudes Elevated Elegance & Craftmanship in the Village of Sunrise on the 3rd hole of the Renegade course, offering panoramic mountain views, sunset views, city lights and golf course views. Quiet interior location on 1 acre. Cart path for this hole is located on the other side of the fairway offering additional privacy. A perfect mixture of traditional architecture with contemporary finishes. 4 car garages, large covered view deck, large entry courtyard, custom ceiling treatments t\o, spacious primary bedroom, w/luxurious bath & expansive primary closet. High end gourmet kitchen made for entertaining, wine room. Golf Membership is not included with purchase of home.

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6841 N 58th Place Paradise Valley, AZ 85253

New

$4,975,000

4 Beds

3 Baths

4,786 SqFt

Status Active

MLS # 6758290

Property Type Single Family Residence

Price Type --

This breathtaking 1.26-acre property in Paradise Valley is located on the south slope of Mummy Mountain, offering panoramic views of Camelback Mountain, Mummy Mountain, downtown Phoenix, and the East Valley including Four Peaks. The existing 4,759 sq. ft. contemporary home features 4 bedrooms and 3 bathrooms, with potential for expansion to include a car collector's garage or guest quarters.

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5000 N Camelback Ridge Road Unit 109 Scottsdale, AZ 85251

$4,950,000

3 Beds

3.5 Baths

3,867 SqFt

Status Active

MLS # 6659586

Property Type Apartment

Price Type --

You do not need to wait two years! This is a rare opportunity to own a first floor (walk out patio) home in Ascent at the Phoenician and BE IN BY FALL OF 2024! Unit 109 offers a generous 3867 square foot open concept floor plan with numerous upgrades, including Bulthaup Kitchen and Smart Home technology. Three bedrooms, four bathrooms and corner, very private location.

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5625 E Exeter Boulevard Phoenix, AZ 85018

$4,950,000

5 Beds

6 Baths

5,004 SqFt

Status Active

MLS # 6750959

Property Type Single Family Residence

Price Type --

This quintessential Arcadia home is every family's dream. This sprawling ranch, located on the coveted Exeter Blvd in the heart of Arcadia, is as grand as it is charming. Enter through a custom Dutch entry door into a home filled with vintage wood flooring, beamed ceilings, and a chef's kitchen boasting custom cabinetry, Carrera marble countertops, high-end appliances, two dishwashers, a farmhouse sink, and a walk-in pantry with a second fridge. The versatile den is an ideal space for both kids and adults or can be transformed into a spacious mother-in-law suite. The Arcadia Proper cottage-style home offers a split floor planwith five bedrooms and six bathrooms. The primary suite includes a cozy fireplace, an oversized closet, a dual sink vanity, and a luxurious walk-in shower with a... ...clawfoot tub. A wall of glass sliders opens to the magnificent grounds, featuring stunning resort-style landscaping, a heated pebble tec pool and spa, and a covered patio. There's plenty of space fora sport court, bocce ball, pickleball, or even a soccer pitch, making this home perfect for hosting birthday parties, cocktail gatherings, weddings, and outdoor soirées. Additional features include a massive laundry room, an exposed red brick wine room, and an air-conditioned garage that fits nine cars. Truly a car enthusiast's dream. The prime location offers easy access to the best shops, restaurants, and amenities in both Arcadia and Old Town Scottsdale.

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