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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12297 E Troon Vista Drive Scottsdale, AZ 85255

$4,759,995

5 Beds

5.5 Baths

4,958 SqFt

Status Active

MLS # 6647257

Property Type Single Family Residence

Price Type --

Turn Key Home will be completed fall of 2024. Starting with an entertainers dream kitchen, including SS Wolf 48'' dual fuel Smart Range, Pro Hood, 30'' Wolf Microwave and Single Wall oven, Cove Dishwasher and a 60'' Subzero Fridge/Freezer as well as a 36'' Sub Zero Glass door fridge in the prep kitchen. Two islands and a prep kitchen complete this entertaining space. two 20' pocket doors from the kitchen/great room area lead to a large covered patio with a detached casita with a living room/bedroom. Back in the main house enjoy time in your oversized primary suite with bath and spacious WIC as well as three en-suite bedrooms with WIC closets. Flex space and a den flank the foyer when you enter this show stopping home. Full Landscaping and pool included.

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7550 N 21st Place Phoenix, AZ 85020

$4,750,000

6 Beds

5.5 Baths

7,975 SqFt

Status Active

MLS # 6715842

Property Type Single Family Residence

Price Type --

Experience the pinnacle of luxury living with this exceptional Mid-Century Modern hillside estate, meticulously crafted by renowned architect Arthur Froehlich. As you step into this architectural marvel, you're greeted by a stunning curved staircase that gracefully floats over a tranquil reflection pool, setting the stage for the extraordinary beauty that awaits. This residence embodies sophistication, boasting expansive windows and soaring ceilings that frame breathtaking skyline views, seamlessly blending the magnificence of nature with contemporary design. Revel in the harmonious fusion of indoor and outdoor living with two sprawling green spaces meticulously integrated into the mountainside, offering a serene oasis for both relaxation and entertainment. Encompassing over 7900 square feet, this estate features 6 bedrooms, 5.5 baths, and an array of amenities that redefine opulent living. Nestled beneath the main residence, the pool house beckons you to unwind by the shimmering pool, rock waterfall, and inviting patio, perfect for hosting gatherings and creating lasting memories. Retreat to the luxurious primary bedroom suite, surrounded by private patios and a deck offering panoramic vistas of the entire valley, ensuring a tranquil escape from the everyday hustle and bustle while enjoying 360-degree breathtaking views. Indulge in ultimate relaxation with three indoor fireplaces, an outdoor fireplace, and one in the pool house, along with an indoor steam room, sauna, and a hand-tiled indoor spa that exudes a resort-like ambiance. Immerse yourself in a botanical wonderland with rare plants and mature trees gracing the property, including majestic King Palms and fragrant Plumeria, creating a serene environment that soothes the soul. Every corner of this estate tells a story of luxury and elegance, with water features scattered throughout the grounds and picturesque walkways inviting exploration of this architectural gem. Discover the legacy of Arthur Froehlich, known for his iconic designs that transcend industries, from world-class horse race tracks to iconic structures in Hollywood, showcasing his unparalleled creativity and vision.

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6822 E Gold Dust Avenue Paradise Valley, AZ 85253

$4,750,000

6 Beds

6.5 Baths

6,206 SqFt

Status Active

MLS # 6749638

Property Type Single Family Residence

Price Type --

California modern with soaring ceilings sitting on a .8 acre lot with detached 2 bedroom single car garage casita, this 2023 build holds your dream home. Open great room with fireplace and large sliders that open to the backyard. Step into the kitchen with Sub-Zero and Wolf appliances, custom 2-toned cabinets, double sinks and dishwashers, kitchen island, hidden pantry, and built-in kitchen table creating the a seamless eat-in kitchen. Primary suite with private backyard access, and oversized bathroom with freestanding tub, large dual vanities, walk-in shower, and custom closet with add'l washer and dryer. Backyard includes covered patio, custom pool/spa with expanded pool deck, turf and desert landscaping with room to add pickle/tennis/sport court, ramada, or built-in BBQ area. Each bedroom includes en-suite bathroom with 2 bonus rooms perfect for an office, gym, theater or playroom. Home includes AV with speakers, lighting control, and option for auto shades in great room, kitchen, and primary and jr suites. Located only minutes away Paradise Valley's world class resorts, dining, and shopping.

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6600 N 64th Place Paradise Valley, AZ 85253

$4,750,000

5 Beds

7 Baths

9,224 SqFt

Status Active

MLS # 6749498

Property Type Single Family Residence

Price Type --

A La Place Grand Estate. Award winning Builder, Gary Geitz. 9,224 sq. ft. 5 or 6 bedrooms all en-suite, 7 bathrooms, gym, wine cellar, office, Media Rm, Library. This brick home boasts quality authentic finishes throughout. Distinctive features include a two-story foyer w/ a crystal Chandelier from Madam Rene's of Paris, custom wood doors & an Andalusian farmhouse kitchen w/ a butcher block island & multiple coffered ceilings. Primary bedroom is downstairs & an ultimate retreat w/ a spacious sitting room, wet bar & his and her baths, two showers (one steam) and 3 walk-in closets. Stunning resort backyard perfectly manicured w/ mountain views, new irrigation & all copper lighting, new wine cooling system + more! They don't build them like this anymore! Truly an amazing home. Opportunity!

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6312 N 42nd Street Paradise Valley, AZ 85253

$4,750,000

4 Beds

5 Baths

7,800 SqFt

Status Active

MLS # 6751699

Property Type Single Family Residence

Price Type --

Nestled on nearly 1.4 acres in the Clearview gated community sits this 4 bedroom, 5 bath estate. Soaring Camelback, Mummy, and Phoenix Preserve Mountain views in the Hopi district, home features high ceilings, arched entryways, wooden beams, and natural light with large sliders and windows. Chef's kitchen includes crown molding, custom cabinets, high end appliances, butler's pantry, kitchen island and eat-in kitchen. Primary suite holds a fireplace, sitting area, separate exterior entrance, and spacious bathroom with dual vanities, freestanding bathtub, oversized shower, and dual walk-in closets. Stunning mountain views surround the backyard's custom pool/spa with expanded pool deck, covered patio, built in BBQ, and multiple areas for lounging and entertaining, featuring front and back desert landscaping. Additional rooms include formal dining room, great room with gas fireplace, theater, and family room with a wet bar. Located only minutes away from Paradise Valley and Scottsdale's world class resorts, dining, and shopping.

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10116 E Relic Rock Road Scottsdale, AZ 85262

$4,750,000

5 Beds

5.5 Baths

6,071 SqFt

Status Active

MLS # 6751540

Property Type Single Family Residence

Price Type --

The VIEWS from every room in this home are simply breathtaking. Don't take my word for it, come see for yourselves! This offering encompasses all the essential criteria requested by the most discriminating Buyers, starting with the views which are unique to this hillside site. This contemporary southwest design by Taliesin inspired architect Bing Hu is a work of art. Featuring four ensuites and five and a half baths plus an office with a dedicated Bath (5th Bedroom), a free-standing guest house with living quarters then add a home theater, game room and 4 car garage. This home serves beautifully as a year-round residence or a second home where you can entertain friends and family in style. Furnishings available. Enjoy golf course, mountain, sunset and Valley lights views. This one of a kind residence in its unique setting is the quintessential union of art and function.

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26915 N 162nd Street Scottsdale, AZ 85262

$4,750,000

5 Beds

6 Baths

6,633 SqFt

Status Active

MLS # 6657630

Property Type Single Family Residence

Price Type --

* PLEASE DO NOT REACH OUT TO SELLER. Equestrians paradise on 14 acres! This Tuscan-inspired luxury home, created by the prestigious builder Paul Levato, spans over 6,600 square feet showcasing intricate details, vaulted ceilings, and high-end finishes. The expansive kitchen is a chef's dream, equipped with state-of-the-art appliances, a large center island and bar top counter space for entertaining. The remarkable outdoor entertaining space includes a giant covered patio, a grand outdoor fireplace and mesmerizing views that provide the perfect backdrop for enjoying Arizona's breathtaking sunsets. The horse facility is designed with precision, featuring a 10 stall breezeway barn with oversized stalls that each open up to large turnouts, automatic waterers, a spacious tack room and plenty o space for a farriers bay or saddling area. Adding to the equestrian amenities, is a huge 140 x 260 riding arena and four giant 70x280 turn outs with water and shades. The property's 14 acres offer a mix of lush landscapes, desert flora, and open spaces, creating a serene and private retreat and easy access to the open in desert in The McDowell Mountain Park for unlimited trail riding, hiking and biking. Conveniently located in the Rio Verde foothills, you and your family can enjoy the tranquility of rural living while still being within reach of urban amenities. This unique property represents the epitome of luxury living combined with a passion for horses and the great outdoors.

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12934 E Corrine Drive Scottsdale, AZ 85259

Open House

New

$4,750,000

4 Beds

4.5 Baths

4,359 SqFt

Status Active

MLS # 6759314

Property Type Single Family Residence

Price Type --

The most remarkable home in Scottsdale Mountain with HUGE camelback and city views is now available. Fully rebuilt with a clean, Modern Organic pallet, this home makes you feel as though you are a part of the mountains. With no neighbors on 3 sides every room of this estate offers jaw dropping vistas. Step out back and you'll be blown away by the massive pool patio overlooking camelback mountain and the night lights. Inside, see extraordinary spaces and textures that capture the nature around you. Rift cut white oak cabinets and beautiful Quartzite, Moroccan plaster and unique tile patterns, White Oak Plank floors and floor to ceiling glass. Solid Oak doors and beautiful organic lighting. You must see this home in person to feel how it captures the romance of living on the mountain.

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11952 E Casitas Del Rio Drive Scottsdale, AZ 85255

Open House

$4,750,000

4 Beds

5 Baths

5,000 SqFt

Status Active

MLS # 6714760

Property Type Single Family Residence

Price Type --

Just completed in 2024, this contemporary masterpiece is located within the gated community of Troon Highlands Estates within Troon Village. The private corner lot backs to 18 acre HOA owned preserve featuring extensive views of the McDowell Mountains, Tom's Thumb, and natural rock formations. Modern, yet timeless architecture and meticulous custom construction resulted in a stunning home complete with masonry walls, steel accents, extensive white oak millwork, floor-to-ceiling windows, and sliding glass walls. German-crafted Eggersmann kitchen featuring Miele and SubZero refrigeration and Wolf cooking appliances. The open-concept kitchen features two waterfall islands, dual sink stations, a patio pass-through, vast organization including an integrated pantry system, and a roll-up.. appliance garage. Fifteen illuminated crystal orbs are suspended over a 10-person dining area located between the kitchen and the great room. A glass walk-in wine storage incorporates independent temperature control. The private master suite features a wellness spa-inspired wet room, dual floating vanities, and large his and her's custom-finished wardrobes. A full guest suite offers mountain views from a private patio and a separate entrance. The large flex room is complete with SubZero and Fisher Paykel drawers, bar seating, and a sliding glass wall is perfect for entertaining. Two additional bedrooms with ensuite bathrooms, a large office, pool bath, and a powder room complete the guest wing. Exterior features include a large lap pool with Baja shelf, negative edge spa, natural limestone pavers, glass railings, double-sided fireplace, putting green, several cactus gardens, and a large BBQ area. A temperature controlled showroom garage sits across from an oversized 3 car garage allowing for a total of 4 full-sized vehicles to be parked inside. Integrated technology includes advance lighting and shade automation from Lutron HomeWorks, convenient whole-house audio via Sonos, and prewired for an advanced surveillance system. The project was built-to-suite for a discerning client who intended on living in the residence. With that said, no expense was spared and the home features best-in-class upgrades comparable to finishes seen in much more expensive homes.

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8760 E Hackamore Drive Scottsdale, AZ 85255

$4,749,900

4 Beds

5.5 Baths

6,240 SqFt

Status Active

MLS # 6726473

Property Type Single Family Residence

Price Type --

Welcome to this luxurious 4-bedroom, 5.5-bathroom home with a separate guest house, located in a stunning Scottsdale location. This exquisite property boasts sprawling wood floors and offers breathtaking city light and mountain views. The main property sits at 5,371 square feet w/ a gorgeous guest house that is 869 sqft The interior is adorned with numerous upgrades, including elegant wainscoting and a huge kitchen featuring a massive island with granite counters, custom fixtures, and top-of-the-line Sub-Zero appliances. Step outside to your resort-style oasis, complete with a stunning pool, travertine patio decking, and a built-in patio area, perfect for entertaining and relaxing. Don't miss the opportunity to own this exceptional home in one of Scottsdale's most desirable areas

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4090 E Galvin Street Cave Creek, AZ 85331

$4,700,000

5 Beds

6.5 Baths

7,451 SqFt

Status Active

MLS # 6726940

Property Type Single Family Residence

Price Type --

Nestled on a sprawling 4.5-acre lot in scenic Cave Creek, this single-family home is luxurious desert living. With each bedroom having its own balcony, the residence offers unparalleled comfort, privacy, and elegance. A standout feature is the spacious RV garage, catering to outdoor enthusiasts and providing ample storage. The property also includes a charming guest house, perfect for visitors or extended family. Outdoor recreation is at its finest with a sport court and a mini-golf course, ensuring endless entertainment options. The highlight of the backyard is a beautiful pool complete with a slide and a swim-up bar, creating a resort-like atmosphere for relaxation and gatherings. This property seamlessly blends sophisticated living with the natural beauty of its surroundings, offering a rare opportunity to enjoy expansive desert living in Cave Creek. Plenty of room to suit the needs for someone who is looking for a horse property as well. Home has been a high performing VRBO with over $1.35 Million in Revenue since 2020.

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5738 N 32nd Place Paradise Valley, AZ 85253

$4,700,000

5 Beds

5.5 Baths

6,724 SqFt

Status Active

MLS # 6755176

Property Type Single Family Residence

Price Type --

One-of-a-kind 1.5 acre mountain lot on a cul-de-sac, gated estate, Breathtaking custom hillside PV home w/ panoramic mountain & city views. The entry level of the home boasts a chef's kitchen with Subzero/Wolf appliances & large pantry , bar, dining room, large laundry room, primary bedroom w/fireplace, 2 balconies, ensuite bath with his/her vanities & large walk in closet, secondary ensuite bedroom w/fireplace and private patio, office w/wine cellar, stunning views from the living/family rooms that lead to an oversized covered patio w/custom stonework, fireplace, outdoor kitchen- perfect for entertaining! Downstairs is the family room w/direct pool access, 3 additional bedrooms (two ensuite w/ walk in closets), a movie theatre/playroom. NO HOA & Oversized 4 Car Garage! Prime location minutes from the best shopping, world class resorts, golf, hiking & restaurants in the valley!

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