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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7131 E Foothill Drive Paradise Valley, AZ 85253

$4,700,000

4 Beds

4.5 Baths

4,205 SqFt

Status Active

MLS # 6716579

Property Type Single Family Residence

Price Type --

Welcome to luxury living in Paradise Valley's Cheney Estates! This exquisite home in a private, gated community with guard service. The floor plan seamlessly blends indoor and outdoor living, highlighted by 12' sliding glass doors. The stunning kitchen features a large gas cooktop and custom wooden island. The backyard is a serene retreat with a heated pool, spa, lush landscaping, natural grass, mature trees, a firepit sitting area, and an outdoor bbq. Each bedroom has a private ensuite, while the master suite offers a resort-like bathroom, huge walk-in closet, and built-in drawer refrigerator. The climate-controlled three-car garage and entire home entertainment and security system add convenience. This exceptional home is designed for relaxation and entertaining in Cheney Estates.

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8014 E Sharon Drive Scottsdale, AZ 85260

Open House

$4,700,000

5 Beds

5 Baths

6,191 SqFt

Status Active

MLS # 6702901

Property Type Single Family Residence

Price Type --

Indulge in luxury living within the prestigious Cactus Corridor with this stunning home spanning over 6191 square feet meticulously designed by Sheshadri Estate Properties. Boasting a split floor plan, offers 5 bedrooms, 4.5 bathrooms, and a spacious secondary family room for versatile living. Upon entry, be greeted by an expansive great room seamlessly connected to the chef's kitchen, featuring top-of-the-line appliances and a massive secondary butler's kitchen and pantry discreetly tucked behind. Enjoy Arizona's indoor-outdoor lifestyle with motorized sliding glass doors opening to the sprawling backyard oasis. Outside, discover a resort-style pool, built-in BBQ area, expansive turf play area, and a spa, perfect for entertaining or relaxation. The east wing hosts a game room and 3 BRs including a guest suite with its own entrance and mini kitchenette, each with full en-suite bathrooms. The west wing features the fourth bedroom and the luxurious primary suite. Experience unparalleled luxury and sophistication in this meticulously crafted residence. Welcome home to timeless elegance.

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24971 N 91st Street Scottsdale, AZ 85255

$4,695,900

4 Beds

5.5 Baths

5,667 SqFt

Status Active Under Contract

MLS # 6686053

Property Type Single Family Residence

Price Type --

To be completed October 2024, this single level home is one of the most highly upgraded in all of Solitude. With a total of 5,667/sf livable, with 4,686/sf main house and a 981/sf guest house with fireplace, living area and 1 bedroom. The home's Great room includes a 90 degree pocket slider with spectacular views of the McDowell Mountains that opens up to a huge backyard with large lap pool, separate spa, fire pit and room to add a Pickle Ball court. The master suite has great views as well and has an upgraded bathroom design with an extended master closet. The Great room has includes a walk up bar with 2 Sub-Zero wine towers and ice-maker. Swank kitchen with Wolf and Sub-Zero appliances. One of Solitude's most upgraded properties. Photos include photos of like finished model

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5350 E Calle Del Medio -- Phoenix, AZ 85018

$4,695,000

4 Beds

4.5 Baths

6,167 SqFt

Status Active

MLS # 6735383

Property Type Single Family Residence

Price Type --

Remodeled in 2018, this stunning 6,100 sqft Arcadia Estate sits on a beautiful corner lot bursting with curb appeal with its lush landscaping and welcoming front porch pergola and classic red brick fireplace to greet guests. Thoughtfully designed, this split floor plan presents four spacious ensuite bedrooms including a primary suite designed with luxury and comfort in mind with a spa like bathroom featuring a stand alone tub, walk-in shower, double vanities and hand selected finishes throughout. The rest of the home includes a formal family room finished with wainscoting, a coffered ceiling and a cozy fireplace. In addition, enjoy a private home library with custom built-ins and a reading nook, and a spacious front room perfect for formal dining or a home office. The butlers pantry, with a temperature controlled wine room, connects the formal dining to an oversized eat-in kitchen which is a testament to traditional elegance boasting marble countertops, a large kitchen island, and top-of-the line appliances including a Wolf Range and a Sub-Zero refrigerator/freezer. A passthrough fireplace seamlessly connects the kitchen to the home's great room which includes a full bar and a stunning sliding door entrance to the backyard. Designed for both relaxation and entertainment, the backyard retreat features lush landscaping, a diving pool that can be both heated and cooled, a built-in BBQ, and an elegant covered ramada that houses an outdoor fireplace creating a cozy ambiance for evening conversations and gatherings. To top it off, all your family and friends can have fun enjoying the in-ground trampoline, bocce ball court and a professional batting cage. Walking distance to the coveted Hopi Elementary and in close proximity to Arcadia's most popular shopping and dining experiences, this is the perfect place to call home so you can live, work and play the Arcadia lifestyle.

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8200 N Charles Drive Paradise Valley, AZ 85253

$4,660,000

4 Beds

3.5 Baths

4,810 SqFt

Status Active

MLS # 6648872

Property Type Single Family Residence

Price Type --

New Construction...with original 3 car garage. Meticulously designed head to toe. The impeccable construction and design flawlessly combines exquisite modern elements, symmetrical lines and unique artistic impression, all of which fully embrace the unparalleled views that continue as far as the eyes can see. Each room is loaded with inspired design elements from the exceptional chef's kitchen to the magnificent primary retreat. The open floor plan offers endless large scale entertaining opportunities but is quaint enough for intimate family gatherings. With gorgeous walls of windows, and a thousand square foot view deck that perfectly captures the limitless city lights and mountain

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8517 N 48th Place Paradise Valley, AZ 85253

$4,650,000

4 Beds

4 Baths

4,118 SqFt

Status Active

MLS # 6703221

Property Type Single Family Residence

Price Type --

This stunning, classic mid century home, originally designed by noted mid century architect Albert Anderson. and additionally designed by James Kotke sits in an oasis of tranquility in Paradise Valley. With mountain views and lush desert landscaping surrounding the home, the walls of glass allow the spectacular surroundings to become part of the living space. Enter into a private courtyard with a fountain and specimen plantings and walk into an entry framed by mountain views. With a recently remodeled and expanded kitchen and primary bath, classic terrazzo floors, large expanses of glass walls and a six car garage, this home is a perfect haven for those who demand the finest. This is a classic, timeless home for a sophisticated buyer who appreciates beauty and requires quality

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8115 N 68th Street Paradise Valley, AZ 85253

Open House

$4,650,000

5 Beds

7 Baths

6,303 SqFt

Status Active

MLS # 6674293

Property Type Single Family Residence

Price Type --

Experience ''Old Arizona'' through the creative vision of Master of the Southwest artist Lash McDaniel. The charm, comfort, & quietly elegant design of this special property offers abundant beauty and tranquility, a million mental miles from the hustle and bustle of modern life. This private residence has NEVER BEEN ON THE MARKET, so this is your first opportunity to witness this Arizona masterpiece! The main home consists of 3 en suite bedrooms + 2 powder rooms, a Great Room, Library, Dining Room w/ wet bar, Gourmet Kitchen w/ Sitting Area, & both expansive and intimate patios. There are 7 fireplaces overall. The full Guest House offers 2 bedroom suites, a kitchen and dining area, and beautiful outdoor private patio. The grounds of this property are as enchanting as the home itself!

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40 Roadrunner Lane Sedona, AZ 86336

$4,645,000

7 Beds

5 Baths

4,630 SqFt

Status Active

MLS # 6620196

Property Type Single Family Residence

Price Type --

PRICE REDUCTION! STR PERFORMING WITH OVER $400k WORTH OF RESERVATIONS from October 2023 until August 2025! Step into luxury living with this exquisite 7-bedroom, 5-bathroom home, perfectly situated in the heart of Sedona with NO HOA! Boasting a modern design, this property is a true entertainer's dream, offering the perfect blend of sophistication and comfort. As you enter through the grand foyer, you'll be greeted by a spacious open-concept great room and kitchen, creating a seamless flow for social gatherings. The split floor plan ensures privacy, with the primary bedroom boasting a luxurious walk-in shower, deluxe soaking tub and also features a spacious walk-in closet. The primary also has direct access to the pool area. The gated pool area includes a salt water pool, jacuzzi, and fire pit which is perfect for relaxation or hosting unforgettable events. The kitchen is a chef's delight, equipped with top-of-the-line appliances, including a Monogram refrigerator, Wolf oven & range, gas stove, and wine fridge. Stainless steel appliances complement the modern aesthetic! Upstairs, a media room with a wet bar awaits, surrounded by floor-to-ceiling windows that open to an upper balcony, offering panoramic views of Sedona's breathtaking red rock landscape. Four additional bedrooms, each with its own bathroom and ceiling fans, complete the second floor. Practicality meets luxury with features such as a 3-car garage, storage room, and mudroom area with ample storage, and two tankless water heaters. Just a 10-minute walk to Oak Creek and near the intersection of 89A and Hwy 179, this home is centrally positioned in Sedona, providing easy access to Uptown Sedona, Hillside Plaza, Art Galleries, Historical Tlaquepaque Village, shopping, world-class dining, hiking, biking, and so much more! The convenience of no HOA adds to the appeal of this private gem, offering a lock-and-leave lifestyle. For a full priced offer, the property comes fully stocked with new furniture, appliances, washer, dryer, lighting fixtures, decor, dishware, and linens, making it move-in ready for the fortunate buyer! Property is currently being used as a Short Term Rental so it's perfect for someone looking for an income generating property. Come experience Sedona luxury living at its finest!

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25583 N 89th Street Scottsdale, AZ 85255

$4,633,000

5 Beds

4.5 Baths

5,807 SqFt

Status Active

MLS # 6713905

Property Type Single Family Residence

Price Type --

Welcome to your dream home! Nestled in the heart of North Scottsdale, this luxury estate is the epitome of elegance and comfort. Perfect for entertaining, the functionality of this residence is unmatched. Step inside to discover a grand open-concept living space, featuring a fireplace in the living room connecting to the dining room. The sprawling quartz kitchen has a generous island + a spacious bar area. You will love cooking here using 2 convection ovens, chefs gas stove, huge Sub-Zero refrigerator and a walk-in pantry. Kitchen is adjacent to a family room with stylish wood beams. The main house has a split floor plan, offering 2 master suites, as well as an office, on each side of the home. The bedrooms on the opposite wing are connected by a generous bonus room. Outside, the property continues to impress. A huge landscaped yard provides a serene oasis, with putting greens and room for a pickle ball court. The centerpiece of this outdoor paradise is the stunning 51-foot heated pool, which features a waterfall jacuzzi. Additionally, the estate includes a beautifully appointed detached guest house, offering a private sanctuary for visitors or extended family. This guest house features its own living area with bar plus bedroom, and a full bathroom, ensuring your guests enjoy their stay in utmost comfort. This remarkable property is not just a home, it's a lifestyle. With its unparalleled amenities and prime location (just minutes to 101 Frwy) this home offers everything you need for luxurious living and unforgettable entertaining. Don't miss the opportunity to make this extraordinary estate your own! See floor plan in documents. 5807 Sq Ft 5 Bedrooms (4 Main House, 1 Guest House ) 2 Offices (Main House) Loft/Bonus Area ( Main House) Key Features : - Custom home - solid 2 x 6 construction - 1.6 acre lot - Own Reverse Osmosis and Water Softener - Exclusive Gated Community - Pelle windows - RV Gate - Ample 3 car garage - HVAC - high rating Main House : - Natural gas - Fireplace in Living Room - Travertine Stone Tiles plus Wood Floors - Split Floor Plan - (2x) Master Suites - Lofted Wood Beams in Family Room - Granite in Bathrooms Gourmet Kitchen : - Wolf Stovetop with Grill Addition and Pot Filler - (2x) Wolf Convection Ovens - (2x) Garbage Disposals - Huge Sub-Zero Refrigerator - Ice Makers in both doors - Huge Walk-In Pantry - Farmhouse Kitchen Sink and Handwash Station - Quartz Counters in Kitchen and Laundry Detached Guest House : - 825 sqft - Bar Area seats 6 - Sink, Microwave, Fridge - Bed w Full Bath Wonderful Outdoor Space : - Putting Green - Heated Pool (51ft long, 6ft deep) (2023 gas heater) - Heated Waterfall Jacuzzi - Outdoor Grill with Bar, Seating Area for 10 - Beverage Fridge and Sink - Seller loves that the property has space to entertain large groups of people

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4735 E Calle Del Medio -- Phoenix, AZ 85018

Open House

$4,600,000

5 Beds

4 Baths

4,473 SqFt

Status Active

MLS # 6749002

Property Type Single Family Residence

Price Type --

Set on a nearly 30,000-square-foot corner lot with sweeping Camelback Mountain views, this 4,473-square-foot home is nestled among Live Oaks and lush landscaping on a picturesque street in the heart of Arcadia. Reimagined by Krogh Enterprises in 2010, the home combines modern design with timeless farmhouse appeal. Vaulted ceilings and an open-concept great room create a versatile space suited to a variety of lifestyles. The thoughtfully designed split floor plan offers generously sized rooms, providing both privacy and ample space for living or entertaining. The kitchen, with its oversized island and high-end appliances, flows seamlessly into the living and dining areas, making it ideal for gatherings. The primary suite includes a luxurious bathroom and direct access to beautifully landscaped backyard. Outside, the expansive patio, green lawns, and mature trees create a tranquil setting, perfect for relaxation or outdoor activities.

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18931 N 97th Place Scottsdale, AZ 85255

$4,553,000

5 Beds

5.5 Baths

4,805 SqFt

Status Active

MLS # 6711452

Property Type Single Family Residence

Price Type --

Nestled in the serene enclave of Arcadia at Silverleaf, this exquisite single-level residence exudes a blend of timeless elegance and modern comfort. Boasting five bedrooms, including a charming guest casita, and 5.5 bathrooms, this home offers an inviting sanctuary for both relaxation and entertaining. Step through the welcoming front courtyard into a thoughtfully designed foyer, offering a tantalizing glimpse of the resort-style pool area beyond. A harmonious flow awaits as you enter the great room, where the family room, dining area, and kitchen seamlessly converge, creating an ideal space for gatherings of all kinds. Entertain with flair in the formal dining room, replete with a temperature-controlled wine room and a striking brick groin vault ceiling. The spacious family room beckons with its dramatic stacked stone fireplace and expansive doors leading to the poolside oasis. The chef's kitchen is a culinary delight, boasting custom cabinetry, a generous island, and top-of-the-line Thermador appliances, including a 6-burner gas range and double ovens. A built-in Miele coffee system adds a touch of luxury, while a walk-in butler's pantry ensures effortless organization. Retreat to the opulent primary suite, tucked away for ultimate privacy and featuring a cozy gas fireplace, a serene sitting area, and a spa-like primary bath with dual vanities, a walk-through shower, and a sumptuous soaking tub. Three additional spacious bedrooms, each with its own private bath, offer comfort and convenience, while a media room with a wet bar provides the perfect space for relaxation and entertainment. For guests seeking their own haven, the private casita awaits, complete with a kitchenette and ensuite bathroom. Outside, the backyard paradise awaits, offering a sprawling covered patio, a soothing gas fireplace, and a heated saltwater pool with a cascading waterfall and spa. Surrounded by low-maintenance desert landscaping and a lush grassy play area, this outdoor retreat is perfect for enjoying the Arizona sunshine in style. Located in the prestigious community of DC Ranch, residents enjoy access to a wealth of amenities, including miles of scenic trails, community parks, and nearby shopping and dining destinations. Experience the luxury living in this meticulously crafted home, where every detail has been thoughtfully curated for the discerning homeowner.

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27390 N 111th Street Scottsdale, AZ 85262

$4,550,000

4 Beds

3.5 Baths

4,400 SqFt

Status Active

MLS # 6744434

Property Type Single Family Residence

Price Type --

Introducing an exquisite desert contemporary masterpiece by Worth Development and J.Cor Architecture. Set on an expansive 4.22-acre parcel, this custom estate is a sanctuary of privacy and seclusion, offering breathtaking, unobstructed vistas of Pinnacle Peak, Troon Mountain, and Tom's Thumb/McDowell's. Enjoy the rare privilege of no HOA restrictions, and relish in the proximity to the world-class Four Seasons Resort Scottsdale. We invite you to inquire about this remarkable estate, where elegance and tranquility harmoniously converge.

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