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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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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40575 N 109th Place Scottsdale, AZ 85262

$4,550,000

4 Beds

4.5 Baths

4,268 SqFt

Status Active

MLS # 6753950

Property Type Single Family Residence

Price Type --

Stunning Contemporary design by Scott Lenz with panoramic views from Pinnacle Peak to Apache Peak with valley and mountain, and sunset vistas. Open great room floor plan features 4 bedrooms and 4.5 baths and a four car garage close to the Apache Club House. Planning for late 2024 completion. Home is framed. Golf Membership may be available to be purchased with this property. A 30 day membership application review and approval is required.

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5040 N Ascent Drive Scottsdale, AZ 85251

$4,548,601

3 Beds

3.5 Baths

4,312 SqFt

Status Active

MLS # 6702208

Property Type Single Family Residence

Price Type --

A NEW PRIVATE RESIDENTIAL COMMUNITY WITH A COVETED LOCATION AT THE BASE OF CAMELBACK MOUNTAIN ADJACENT TO THE ICONIC PHOENICIAN® RESORT IN SCOTTSDALE. ONLY A SHORT DISTANCE TO FASHION SQUARE AND OLD TOWN SCOTTSDALE. THIS COLLECTION OF CUSTOM HOMES TO BE BUILT EXCLUSIVELY BY CULLUM HOMES OFFERS ONE, TWO AND THREE-LEVEL RESIDENCES THAT REFLECT A TIMELESS, MODERN DESIGN AND LOOK OUT OVER THE BEAUTIFUL PHOENICIAN® GOLF COURSE. ALL PLANS ARE FULLY CUSTOMIZABLE. INTRODUCING THE CIRRUS B FLOOR PLAN, A THREE-LEVEL HOME FEATURING 3 BEDROOMS, 3.5 BATHROOMS, A PRIVATE OFFICE AND A 3-CAR GARAGE. THROUGH THE EXTRAVAGANT FRONT ENTRANCE LOCATED ON THE LOWER LEVEL, A BEAUTIFUL STAIRCASE OR AN ELEVATOR TAKE YOU TO EVERY LEVEL OF THE RESIDENCE. THE MAIN LEVEL BOASTS TWO EN SUITE BEDROOMS, PRIVATE OFFICE, FORMAL DINING AREA, BUTLER'S PANTRY, OPEN CONCEPT KITCHEN, ADDITIONAL POWDER ROOM AND THE GREAT ROOM AREA. SPACIOUS KITCHEN WITH ISLAND, EAT-AT BAR AND WALK-IN PANTRY. A GLASS WALL LEADS YOU TO THE COVERED PATIO OFF THE GREAT ROOM WHERE GORGEOUS VIEWS AWAIT YOU. OWNER'S SUITE WITH WALK-IN CLOSET, DOUBLE SINK VANITY, SEPARATE TOILET ROOM, TUB AND WALK-IN SHOWER SIT ON THE TOP LEVEL. ALONG WITH A LARGE LAUNDRY ROOM WITH EXTRA STORAGE, PRIVATE OFFICE SPACE AND TWO DECKS. THE COMMUNITY IS GUARD GATED FOR PRIVACY AND SECURITY. AT THE BASE OF CAMELBACK MOUNTAIN, YOUR PRIVATE POOL, FITNESS CENTER, AND SOCIAL SPACES OFFER AN INTIMATE GATHERING PLACE FOR WELLNESS, SOCIALIZING AND RELAXATION. RESIDENTS ARE OFFERED THE OPTION TO JOIN THE PHOENICIAN® AMENITY ACCESS PROGRAM - ACCESS AND DISCOUNTS TO THE NEW ATHLETIC CLUB, 38,000 SQUARE FOOT SPA, TENNIS FACILITY AND RESORT POOLS AT THE PHOENICIAN® RESORT.

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6876 S Star Drive Gilbert, AZ 85298

$4,540,000

6 Beds

7 Baths

8,490 SqFt

Status Active

MLS # 6724968

Property Type Single Family Residence

Price Type --

Located in the prestigious Estados at Circle G, in the country club community of Seville. As you step through the Mediterranean-inspired courtyard and into the grand foyer, you'll be transported to the old-world charm of Italy. Cantera stone pillars, finished ceilings with brick, and wood beams create an ambiance of timeless elegance. The heart of the home is the family room, featuring 25+ foot soaring ceilings and a handcrafted Cantera stone fireplace. Adjacent to the gourmet kitchen with a huge granite bar, this space is perfect for entertaining family and friends. The master wing, conveniently located on the first floor, offers privacy. Indoors, discover 6 bedrooms, 7 baths, game room, theater room, and a grand office. Outside enjoy one of the best resort style backyards in the Gilbert

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24444 N 128th Street Scottsdale, AZ 85262

$4,500,000

4 Beds

4.5 Baths

5,806 SqFt

Status Active

MLS # 6645982

Property Type Single Family Residence

Price Type --

One of three extraordinary & sophisticated contemporary styled Farmhouse homes designed by Encore Design Group on a massive three acre lot with NO HOA! This incredible home combines bright, contemporary design with timeless indoor-outdoor appeal, all in a highly-desirable location a stones throw from Tom's Thumb trailhead. This 5,806 SQFT custom home has a massive open great room floor plan with 4 bedrooms, 4.5 bathrooms, a separate game room or movie room, & an incredible four car garage. All selections & finishes can still be chosen.

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140 E Rio Salado Parkway Unit 1205 Tempe, AZ 85281

$4,500,000

3 Beds

3.5 Baths

5,186 SqFt

Status Active

MLS # 6745560

Property Type Apartment

Price Type --

Welcome to the Crown Jewel of Arizona's Luxury Real Estate—the breathtaking Penthouse on the 12th floor of the iconic Bridgeview Condominiums at Tempe Town Lake. This is a rare opportunity to own an extraordinary piece of architectural brilliance in one of the most prestigious buildings in AZ. ** Panoramic Views** Prepare to be mesmerized by sweeping panoramic views of the serene Tempe Town Lake, majestic mountains, and glittering city lights. From sunrise to sunset, this exclusive Penthouse offers a front-row seat to nature's masterpiece, providing an ever-changing canvas of beauty that truly has the Best Views in the city. Spacious Elegance Spanning an impressive 5,186 sqft which offers Three Expansive Master Suites, each w/ its own En-Suite Bathroom. With 3.5 lavishly appointed bathrooms, this home is tailored to meet the most discerning tastes. Gourmet Kitchen The gourmet European-styled kitchen is a culinary enthusiast's dream, featuring top-of-the-line appliances, including Sub-Zero, Wolf, and Miele. Whether you're preparing an intimate dinner or hosting a grand soirée, the kitchen's upscale amenities and stylish wine fridge make entertaining a breeze. Opulent Amenities Indulge in the private spa and savor the breathtaking vistas from multiple patios that promise a perfect blend of relaxation and luxury. These are the largest Balconies you will find. Enjoy seamless convenience with an internal elevator that effortlessly connects the grand spaces within this residence. With three dedicated Gated parking spaces, air controlled storage space, your every need is anticipated and catered to. Exquisite Craftsmanship This penthouse epitomizes a harmonious fusion of exceptional design and unparalleled craftsmanship. From the finest materials of Glass and Steel to Triple Pane Windows, the meticulous attention to detail, every inch of this residence exudes sophistication and elegance, leaving nothing left to desire. Prime Location Located at the Heart of Tempe, this prestigious address offers proximity to a vibrant array of dining, shopping, and cultural experiences. Immerse yourself in the thriving local scene while savoring the tranquility and exclusivity that only this luxurious penthouse can provide. Residents also enjoy a Large Heated Pool/Spa, Updated Gym with Steam Room and Sauna. A Media room, Club room, Billiards room, Five gas BBQ grills. The HOA fee covers all of the above, as well as water, sewer, and trash, ensuring a hassle-free living experience. Located in a prime spot within walking distance of Mill Ave, ASU Stadium, Gammage, Tempe Center for the Arts, Restaurants, Bike Paths, Parks, Light Rail and our New Trolley. No car needed! This condo is a must-see for those seeking the epitome of sophisticated urban living. Don't miss the chance to make this luxurious condo your new home.

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5625 E Indian Bend Road Paradise Valley, AZ 85253

$4,500,000

4 Beds

3 Baths

3,761 SqFt

Status Active

MLS # 6748931

Property Type Single Family Residence

Price Type --

California style home that evokes the essence of the Hollywood Hills.Property is a true gem situated on Hillside (but flat) lot w/ jaw dropping views of Camelback Mtn in the heart of Paradise Valley.Single level w/ no steep driveway makes the property extra rare & special. Home features great floor plan w/ 4 bdrms,3 baths w/ expansive glass windows offering stunning views of Camelback Mtn & the city. Throughout home: Hardwood Floors (Herringbone pattern),chic marble floors, custom wallpaper, Perrin & Rowe faucets, Egg Tub Mastella design tub flown in from Italy,Custom cabinetry from LA designer, Gaggenau induction cooktop, custom light fixtures & grates & more! Backyard is ideal for entertaining! Pool, artificial grass, lush vegetation and city & mountain views that will leave you in awe!

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94 Biltmore Estate Phoenix, AZ 85016

$4,500,000

8 Beds

7.5 Baths

8,933 SqFt

Status Active

MLS # 6714218

Property Type Single Family Residence

Price Type --

Iconic, Timeless- Original Biltmore Estate. A true testament to opulence and the American spirit of the early 20th century, The Biltmore Estate is an emblem of luxury, history & architectural brilliance. Located in the sought-after Biltmore Circle & set amidst stately mansions, a RARE opportunity to own a piece of this Arizona history is now available! Whether undertaking a full restoration, or creating your vision of a modern-day luxury masterpiece, the possibilities are endless. This original & classic Spanish Hacienda Biltmore Estate, circa 1933, was built and owned by the BILTMORE HOTEL LLC. The estate's location is nearly unbeatable. Positioned on one of the most desirable view lots within the Biltmore Circle, the estate offers a serene & inspiring setting, providing expansive (more) grounds of verdure, meandering water gardens, breathtaking views of Camelback Mountain, Praying Monk, rare lake views & an IMPRESSIVE 177 ft+/- of GOLF FRONTAGE on the Links Golf Course. With the benefit of NO HOA & two separate residences on the lot, the home's current offering provides the ideal multi-generational living or vacation rental possibilities. Included is a 6,219 sf main estate, an attached 900+/- sf 1BR/1BA guest townhome w/ kitchen & great room, a small casita w/ 1BA & kitchenette, and a detached second home, designed & built by internationally acclaimed architect, Jeffrey Page of Space Line Design. The 2,500+/- sf modern architectural gem was featured on HGTV: UNIQUE DESERT HOMES, PHOENIX HOME & GARDEN magazine, as well as numerous other publications in the US, UK, Turkey & the UAE. The villa offers a large great room w/ soaring ceilings, walls of glass, & 2 BR/3 BA plus an office. Completing the estate is a 6 car-garage (one is an RV height), providing plenty of room for your classic cars or 'toys'. SELLER FINANCING COULD BE CONSIDERED. Embrace your vision with this truly one-of-a-kind opportunity! See also land/lot listing MLS #6715940

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10004 E Cholla Street Scottsdale, AZ 85260

$4,500,000

6 Beds

8 Baths

5,674 SqFt

Status Active

MLS # 6741624

Property Type Single Family Residence

Price Type --

Located in the coveted enclave of Cactus Acres in North Scottsdale, this private estate offers a modern lifestyle of unparalleled comfort, privacy and convenience. Thoughtfully designed, this residence fosters both relaxation and pure fun. Whether a gathering or a quiet evening, multiple vignettes flow seamlessly from the living areas to the outdoor spaces. Complementing the main residence is a fully-equipped guest house, perfect for extended stays with family or friends. It mirrors the main home's style ensuring that your guests experience the same level of comfort you enjoy daily. The outdoor spaces resemble an intimate resort with a pool and spa, covered ramada, fire pit and built-in BBQ. This private sanctuary is moments away from award-winning shopping, dining and entertainment.

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5518 N Quail Place Paradise Valley, AZ 85253

$4,500,000

8 Beds

8.5 Baths

9,442 SqFt

Status Active

MLS # 6470008

Property Type Single Family Residence

Price Type --

Welcome to this stunning Mediterranean estate in a prime Paradise Valley, Arizona location. This expansive 2-story estate sprawls out over 1.1 acres. The 8Bd/8.5Ba estate features a library, den/office, sunroom, gym, theater, and your very own elevator. Gated motor court accented by towering palm trees and mature easy to maintain foliage. As you enter the threshold and step into the grand entry hall you will be awed by pillared accents, custom flooring throughout, magnificent living room featuring a jewel of a fireplace, oversized windows, and beautiful crystal chandeliers throughout. Elegant formal dining room, spectacular kitchen with rich hardwood cabinetry, sparkling jet-black granite, cabinet-faced cold-storage units, and a gas range. The family room features a gas fireplace, wet bar perfect for entertaining guests and whisper-quiet sliding doors that lead out into the courtyard. Soak in the relaxing views from the atrium-style sitting room or unwind in your own lush home theater with stadium style seating. Dramatic staircase ascends to the loft-library and balconied bedrooms. Primary suite features a two-way fireplace, posh private bath, and a cocktail veranda overlooking beautiful Camelback Mountain views. This estate also provides a fitness room/dance studio with mirrored wall as well as a very private in-law suite with a full kitchen. Sizable backyard with a lush lawn, putting green and stone pathways to a gazebo complete with a barbecue. Plenty of space for a resort style custom designed sparkling pool and and additional personalized amenities you desire. 4-Car Garage with plenty of storage. Come in today and discover what this truly special move-in ready estate has to offer.

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22351 S Sossaman Road Queen Creek, AZ 85142

$4,500,000

6 Beds

4.5 Baths

4,748 SqFt

Status Active

MLS # 6722089

Property Type Single Family Residence

Price Type --

Welcome to this stunning red brick home situated on almost 3 irrigated acres in the heart of Queen Creek. As you drive up the tree-lined driveway, you will be captivated by the beauty of this property. The home features a play pool perfect for hot summer days, as well as a 6,000 sq ft barn with 4 oversized stalls and extra garage space. The full guest casita offers additional living space for guests or extended family. Surrounded by mature fruit trees and citrus trees, this property offers a peaceful oasis with no HOA restrictions. Just minutes away from downtown Queen Creek, you can enjoy all the amenities including Horseshoe Park, Fat Cats, Pecan Lake, and more. Don't miss out on the opportunity to own this incredible horse property.

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16229 N 115th Place Scottsdale, AZ 85255

Open House

$4,500,000

5 Beds

5.5 Baths

5,414 SqFt

Status Active

MLS # 6749308

Property Type Single Family Residence

Price Type --

This Lot was originally owned by World Renowned Architect Bing Hu from 2002 - 2006 and his Inspiration and Vision went into the many years it took to Design and Build this Custom Home that was finally completed in 2009. This Spectacular Home is Perfectly Situated on a Premium 2.3 Acre Lot that offers both Privacy and Views because it backs up to endless Acres of Private NAOS of the McDowell Mountains and Boasts Iconic City Light and Camelback Mountain Views! Superb Craftsmanship and Luxury High-end finishes throughout elevate this home to the Pinnacle of Refined Living. The spacious living and dining areas, adorned with 14-foot ceilings, a Cantera fireplace, and a strategically placed wet bar, provide a perfect setting for both intimate gatherings and grand entertaining. The kitchen, a culinary enthusiast's dream, features top-of-the-line Sub-Zero and Wolf appliances, alder cabinets, sealed concrete counters, and an oversized walk-in pantry, all under a beautifully detailed T&G ceiling. A charming breakfast nook overlooks the lush backyard and majestic mountain views, offering a serene spot for daily meals. The family room, while considerable in size, exudes a cozy ambiance with its stone fireplace and stunning views of the sparkling city lights below. The primary suite is a retreat within a retreat, featuring a dedicated seating area, a dual-sided fireplace, and a private covered patio with sweeping mountain vistas. The ensuite bath is a spa-like oasis with a jetted soaking tub, a dual-entry steam shower, his and her water closets, and two expansive wardrobe closets. A dedicated office with stunning ceiling details, beautiful wallpaper, and a convenient walk-in closet provides a perfect space for work or study. The lower level houses three generously sized guest rooms, two with ensuite baths and one with a dedicated hallway bathroom. The main garage, featuring an epoxy floor, accommodates up to three cars and offers ample storage space. An additional Guest Casita on the property includes a fully equipped kitchen, living room, separate ensuite bedroom, and an attached single-bay garage, perfect for guests or extended family. The outdoor spaces are as impressive as the interiors. A grand T&G-covered balcony with freshly resealed decking spans the front of the house, offering panoramic views. The backyard oasis is framed by mountain vistas and features a glass-tiled pool and spa, extensive flagstone decking, a charming gazebo, covered patios, and an exterior fireplace, creating an idyllic setting for both entertaining and relaxation. Additional features include new lighting fixtures and sconces, newer HVAC units, tankless water heaters, Pella doors and wood-cased windows with automated coverings, natural stone veneer, custom ventilation for the Crestron home automation system, upgraded pool equipment, and enhanced landscape lighting. This one-of-a-kind residence is further complimented by access to three community centers offering heated pools and spas, tennis, pickleball, and basketball courts, as well as hiking and biking trails. The nearby Aquatic Center and MMR Golf Club ensure there's something for everyone. Experience the ultimate in luxury living at The Retreat at One Hundred Hills, where every detail has been meticulously crafted to provide an extraordinary lifestyle.

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