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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1030 Circula De Hacienda -- Lake Havasu City, AZ 86406

$5,500,000

4 Beds

6 Baths

4,956 SqFt

Status Active

MLS # 6765751

Property Type Single Family Residence

Price Type --

Elegance meets functionality in this 4,956 sq/ft residence on nearly an acre in Havasu Foothills Estates. With 4 bedrooms, 6 bathrooms, an office, game room, and an interior courtyard, this home exudes luxury. The great room features 16' ceilings, a fireplace, pocket sliding doors for indoor/outdoor living, and custom ceilings. The gourmet kitchen boasts two granite islands, a Viking range, double oven, and built-in fridge. The master suite includes large windows, a sitting area, and a luxurious bath with marble countertops, a cast iron tub, and a walk-through shower. The backyard features two covered patios, a pool, a 10'x10' spa, two fire pits, and an outdoor kitchen. The property also offers an attached 4-car garage, plus a detached 80' deep double RV garage with a deck and lake views.

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7311 E Arroyo Hondo Road Scottsdale, AZ 85266

$5,500,000

5 Beds

9 Baths

9,095 SqFt

Status Active

MLS # 6777133

Property Type Single Family Residence

Price Type --

Every detail speaks of intentional design. With a 2 bed casita. This extraordinary estate begins with impeccable site selection, Massive boulders and amazing views of the golf course flows into the home with architecturally refined fl plans, & culminates in the finest interior design finishes. Situated near the Guard Gate and the Club House and surrounded by breathtaking views of distant mountains, seven prominent boulders, and the iconic #1 Signature Fairway, this property offers an unparalleled lifestyle. The lot's unique positioning ensures uninterrupted privacy and preserved views, with neighboring building envelopes thoughtfully designed to protect this seclusion. Among the priceless finishes are rare limestone and reclaimed wood flooring, bespoke ironwork, and intricate corbeled The chef's kitchen is a work of art, centered around the rare LaCornue range with dual ovens, hand-crafted by artisans outside Paris, France. About the Boulders Community: Residents come from across the nation and around the globe, drawn by the unmatched blend of world-class golf, resort amenities, and vibrant social life. Nestled among striking rock formations, towering saguaro cacti, and majestic mountains, the Boulders community is beloved for its down-to-earth, welcoming spirit. Warm, supportive, and genuinely passionate, this is more than just a place to liveit's a way of life like nowhere else.

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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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10761 E Buckskin Trail Scottsdale, AZ 85255

$5,500,000

5 Beds

8 Baths

8,382 SqFt

Status Active

MLS # 6757384

Property Type Single Family Residence

Price Type --

*HUGE Price Adjustment! Absolutely Jewel of a house, now really priced to sell!!! No Way can this be duplicated for even close to this price. This contemporary Southwest masterpiece, designed by Tor Barstad and completed in late 2015, spans 8,382 square feet. Situated on a prime lot, the home boasts panoramic views capturing stunning sunsets, Pinnacle Peak, and dramatic boulder landscapes. The owners have meticulously refined every detail, from custom window treatments and mature landscaping to perfecting the outdoor living spaces and addressing all new home adjustments, ensuring that this house is the epitome of move-in ready. The residence features an expansive open floor plan that includes five bedrooms, an office, an exercise room, and a bonus room, with nearly all living space A highlight is the fully-equipped bakery adjacent to the kitchen, which also features an oversized bar, a large wine cabinet, and expansive pocket doors that enhance the flow between the great room and kitchen. The designer kitchen is a culinary dream, equipped with four ovens (including LaCornue Chateau and Viking), multiple Sub-Zero refrigerators and freezers, two Viking microwaves, dishwashers by Asko and Fischer & Paykel, two Scotsman icemakers, and a Wolf warming drawer. The home's interiors are both modern and inviting, with light finishes, limestone and wide-plank wood floors, granite and marble countertops, and custom details such as brick and wood ceiling treatments, bespoke plumbing fixtures, lighting, and a comprehensive house-wide audio/visual system. The backyard is an entertainer's paradise, featuring a large pool and spa, three fire elements, an outdoor BBQ center with a spacious island, multiple covered patios, and even an outdoor pool shower and bathroomall set against the backdrop of Troon's iconic rock formations. This private, guard-gated community is just moments from the Troon Country Club and only ten minutes from the Loop 101, blending exquisite privacy with convenience.

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1480 E Raven Court Gilbert, AZ 85297

$5,499,900

6 Beds

9 Baths

7,226 SqFt

Status Active

MLS # 6783672

Property Type Single Family Residence

Price Type --

This incredible custom home on a cul-de-sac in Gilbert offers nearly 8,000 square feet of luxury living space, featuring six bedrooms and nine bathrooms. Thoughtfully designed with every detail in mind, this property has a theater room, game room, and multiple flex spaces to cater to any lifestyle. The property includes a detached Casita, a sparkling pool, and was built with ICF blocks, ensuring exceptional energy efficiency..... This incredible custom home on a cul-de-sac in Gilbert offers nearly 8,000 square feet of luxury living space, featuring six bedrooms and nine bathrooms. Thoughtfully designed with every detail in mind, this property has a theater room, game room, and multiple flex spaces to cater to any lifestyle. The property includes a detached Casita, a sparkling pool, and was built with ICF blocks, ensuring exceptional energy efficiency. As you approach through the custom gates, you're welcomed by a circular paver driveway, setting a grand tone. The entertainer's kitchen boasts dual walk-in pantries, marble and quartz slab countertops, three sinks, a 48-inch Wolf range with double ovens, two dishwashers, a Sub-Zero fridge and freezer, a Scotsman ice maker, and beverage fridge. This open-concept kitchen flows into the family room, overlooking the stunning pool. Enjoy the latest in smart home technology with Control4 integration for the doorbell, garage, thermostats, and more. Each bathroom is adorned with high-end faucets, hardware w/ marble and quartz finishes. All bedrooms feature en-suite bathrooms with soaking tubs and luxurious finishes throughout. Outside, a heated pool with a rainfall feature, suspended lounge beds, and a built-in BBQ complete this impressive backyard. This property also includes a six-car garage, an elevator, an exercise room, and ample space for any family size.

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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 --

**HOME IS BEING SOLD TURN-KEY READY WITH DESIGNER FURNISHINGS** 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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5444 E Sanna Street Paradise Valley, AZ 85253

$5,495,000

5 Beds

6.5 Baths

7,152 SqFt

Status Active

MLS # 6782647

Property Type Single Family Residence

Price Type --

Nestled on an expansive 1-acre lot in beautiful Paradise Valley, this stunning residence is an entertainer's dream, with an array of luxurious amenities and a fabulous guest house. Designed for ultimate functionality, the 4,855 square foot main house, has a split floor plan with 4 en-suite bedrooms, an office, a playroom and a gym. Beautiful white oak flooring throughout and a clean design, make this home warm and timeless. The attached 2,296 square foot guest house, was recently remodeled, with a full chef's kitchen, living room, bedroom, bathroom, laundry and movie theater- perfect for hosting guests and entertaining! The backyard is built for nonstop entertainment with a large pool, spa, sport court, firepit, in ground trampoline and batting cage. Located in one of Paradise Valley's most coveted areas, this home is just minutes from top-rated schools, world-class golf courses, shopping, and fine dining. Don't miss out on a property that embodies the best of Arizona luxury living in a prime location!

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38031 N 97th Way Scottsdale, AZ 85262

$5,485,000

4 Beds

4.5 Baths

6,556 SqFt

Status Active

MLS # 6443503

Property Type Single Family Residence

Price Type --

DESERT MTN. MEMBERSHIP NOW AVAILABLE WITH CLUB APPROVAL, ASK FOR DETAILS. Brand New Mortensen Signature Home. Now Completed 5750 sq ft main house plus stand alone 806 sq ft Casita with a king size bedroom, kitchen, large bathroom, closet and living room. Main house includes a large flex room, great for a Game Room, Home Theater or a hobby of your choice. Great Room, Gourmet Kitchen, Home Office and Master Bedroom have stunning S/W sunset views that overlook your pebble tec pool and spa. Custom built in BBQ, landscaped front and rear with auto drip systems, pots and lighting all included. Unlimited options for your family and friends. Whole home furniture packages available.

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10039 N Mcdowell View Trail Fountain Hills, AZ 85268

$5,450,000

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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