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 99th 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.

Whats 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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37445 N 104th Place Scottsdale, AZ 85262

$4,495,000
5 Beds
6 Baths
5,724 SqFt
Status Active
MLS # 6654477
Property Type Single Family Residence
Price Type --
Brand new contemporary build inside the prestigious Mirabel Golf Community, construction projected to be completed 1st quarter of 2025. Extremely functional open floor plan w/ impeccable details throughout, including rich wood tones accented by luxurious marble details and fluted wood accents. The kitchen features 2 islands. The dining room conveniently bridges the space between kitchen and great room, allowing for an extended dining table. The floorplan brings the indoor/outdoor living to life w/ floor-to-ceiling folding doors that open to the extra-large covered patio, perfect for entertaining. The exquisite and unique design of the resort-like pool makes it feel as though the pool flows into the home. Walk up the modern floating staircase to take in the breathtaking views of the golf.. course, McDowell Mountains, and Brown's Butte from the 2nd floor entertainment/guest area. Easy walking distance to the beautiful Mirabel Clubhouse. There is still time to personalize some finishes in the home! The attached videos of the interior and exterior give you a look into the completed project. Finishes may be subject to change based on availability.

9673 E Oberlin Way Unit 15 Scottsdale, AZ 85262

$4,495,000
3 Beds
3.5 Baths
4,414 SqFt
Status Active
MLS # 6708869
Property Type Single Family Residence
Price Type --
Access to golf membership * Timeless contemporary architecture with south-facing golf course and Pinnacle Peak views in Estancia * Access to a golf membership at The Estancia Club is available with the purchase of this property subject to board approval * Open great room living with soaring ceilings that include tongue and groove detail, a dry-stacked stone fireplace and integrated formal dining area that is perfect for entertaining * Exterior architectural details include a convex vaulted roof treated in copper, dry-stacked stone walls and floor-to-ceiling windows * Updated kitchen with stainless steel Wolf and Subzero appliances, carrara marble counter surfaces and a cozy dining nook * The oversized Primary Suite includes herringbone-design wood flooring and access to the spa * There are two guest suites and a large office/media room * The outdoor living area includes a gas fireplace, covered patio dining area and heated pool and spa with golf course and mountain views *

3905 Old Home Manor Chino Valley, AZ 86323

$4,489,137
3 Beds
4 Baths
5,400 SqFt
Status Active Under Contract
MLS # 6687063
Property Type Single Family Residence
Price Type --
Welcome to your pristine and private sanctuary, a sprawling contemporary estate spanning just over 60 acres in Chino Valley, nestled within the prestigious Running W Ranch. This extraordinary property encompasses a 5,400 square foot single-level main house with a 3-car attached garage, a 1,098 square foot guest house with a one-car garage and carport, a 2,800 square foot garage ideal for cars and a full-size RV, a storage shed, numerous patios, two water features, and an extensive trellised patio with a fire pit. Surrounded by breathtaking vistas, this estate is a masterpiece of luxury living, offering unparalleled amenities and finishes. Situated amidst cascading pinnacles, the property boasts panoramic views of the monumental Bradshaw and majestic Mingus Mountain ranges in the distance. Step into this luxurious haven and immerse yourself in the epitome of contemporary living. Don't be misled by the street name this is not an old home. Experience the tranquility and sophistication of this exceptional estate, where every detail has been meticulously designed to create a haven of unparalleled beauty and serenity. The main house: Upon entering, the grand foyer of this remarkable estate sets the tone for luxury living, boasting a lavish travertine inlay landing and an exquisite octagonal copper colored ceiling. Archways gracefully guide you through the home, leading to distinct areas. Straight ahead, the formal living room beckons with a welcoming propane fireplace, adorned with elegant crown molding, creating an ambiance of warmth and refinement. Adjacent to the living room, the formal dining room provides an intimate setting for gatherings and celebrations, setting the stage for memorable moments shared with loved ones. The heart of the home lies within the great room and kitchen, where a massive wood-burning fireplace and cross wood-beamed ceiling with intricate wood inlays serve as captivating focal points. Designed with entertaining in mind, the kitchen boasts a butcher block that was from a turn-of-the-century Chicago butcher shop and is attached to the granite counters, creating a stylish and functional island. Alder cabinetry with soft close doors and drawers, full extension glides, and dovetail construction elevate the space, while a breakfast bar peninsula and wraparound butler's pantry with wet bar add to the convenience and luxury. High-end appliances, including a Thermador fridge/freezer with faux-copper fronts, induction stovetop with pot filler, and double ovens, ensure culinary excellence. The flooring throughout the entire home is all hickory hardwood flooring. All the doors, shelves, and window sills throughout the main house and casita were hand made from Alder wood as well. The master bedroom wing offers a private retreat, featuring a study/den/library with built-ins and direct access to the back patio. The luxurious ensuite bathroom boasts a garden clawfoot tub, walk-in shower, and crown molding, accompanied by a large walk-in designer closet for utmost comfort and convenience. Two additional bedrooms in the opposite wing share a Jack and Jill bathroom, each with individual granite vanities and walk-in closets. The shared oversized jetted tub and tumbled stone walk-in shower with double shower heads add to the lavish space. Additional highlights of this exceptional estate include an office with extensive built-in bookcases and a hidden room, a garden room with tile floors and triple latch set doors, and a large laundry room with a farmhouse sink and a convenient kitty cut-out. The home also features radiant floor heating, a fire suppression system, engineered hardwood floors throughout with carpet in two of the bedrooms, and a three-car attached garage. The property continues to impress, showcasing impeccable finishes and custom woodworking, a massive interior paver driveway, and a circular asphalt driveway enveloping the property. Additional features such as a whole house generator, tile roof, and exterior stone detailing further enhance the allure of this magnificent residence. The guest house: The guest house, seamlessly connected to the main residence via a breezeway, serves as a luxurious extension of the estate. Step inside where every detail has been thoughtfully designed to enhance your stay. A cozy foyer entry sets the stage for your retreat, while recessed lit art skylights further illuminate the space with a touch of elegance. The full kitchen is a culinary delight, featuring alder cabinetry, a smooth top electric range oven, and expansive windows that frame breathtaking views of the surrounding landscape. The kitchen exudes warmth and sophistication, with soft-close doors and drawers, full extension glides, and dovetail construction adding to its allure. Adjacent to the kitchen, the great room welcomes you with its wood casement windows and an abundance of natural light, creating an inviting atmosphere for relaxation and entertainment. The spacious bedroom offers a serene escape, complete with a ceiling fan and a massive walk-in closet adorned with custom built-ins, providing ample storage space for your belongings. The spa-like attached bath boasts a raised granite vanity, a separate garden tub, and a walk-in shower, offering the ultimate in luxury and comfort. The resort-style patio area beckons, providing the perfect setting for al fresco dining or simply unwinding amidst the tranquility of the surroundings. The guest house also features a one-car attached garage, along with two storage rooms for added convenience and versatility. The detached garage/workshop: Nestled on the property is a remarkable 2,800 sf detached shop, thoughtfully designed to accommodate various needs and preferences. With 3 roll-up doors including one 14 x 12 foot door, this shop is perfectly suited for storing cars and accessing a full size RV spanning an impressive 50 feet deep. Boasting a durable metal roof and a sleek smooth finish sand stucco exterior the shop is insulated to maintain optimal temperature control. Natural light floods the interior through strategically placed skylights, illuminating the space and reducing the need for artificial lighting during the day. Wraparound shelving offers ample storage solutions, allowing for efficient organization of tools, equipment, and supplies. The shop is fortified with sturdy steel beams, ensuring structural integrity and stability. Whether you're seeking a space for woodworking, automotive repairs, or simply storage, this detached shop offers the perfect combination of functionality and versatility. Outdoor living: Step into the backyard oasis and discover a setting of unparalleled beauty and serenity. With breathtaking long-distance views as your backdrop, this outdoor sanctuary offers a multitude of features designed to elevate your outdoor living experience. Meandering paver pathways guide you through the landscape, inviting leisurely strolls and tranquil moments of contemplation. Nearby, the water feature gently cascades, leading to a picturesque koi pond, where the mesmerizing sight and sound of flowing water create a soothing ambiance. A trellised resort-style patio sets the stage for memorable gatherings and alfresco entertaining, with built-in benches and fire pit, offering ample space for socializing and celebrating under the open sky. From intimate dinners to lively celebrations, this versatile outdoor area is designed to accommodate a variety of occasions with style and sophistication. The backyard also features a sprawling grassy area, perfect for outdoor activities and recreational pursuits. From the massive paver patio to the tranquil koi pond, every element of this backyard oasis has been thoughtfully crafted to create a serene and inviting environment. Other features: In addition to the impressive amenities already mentioned, this property boasts an 18 x 15 foot building, offering convenient storage solutions. Constructed with durable synthetic stucco and equipped with gutters, this storage shed is designed whether you need space for gardening tools, outdoor equipment, or seasonal decorations, this versatile structure provides ample room for storage and organization. On the southwest side of the property, a convenient RV pad awaits, equipped with full hookups to accommodate your RV guests with ease. With 50 AMP power, water connections, and a cleanout station readily available, hosting visitors in their RVs becomes a seamless and comfortable experience. There's an extra 50 AMP power supply available near the main house garages. It's the perfect spot to charge up your RV as you prepare for your next adventure. Experience the pinnacle of luxury living in this meticulously crafted estate, where every detail has been thoughtfully designed to exceed expectations and provide unparalleled comfort and elegance.

6201 E Calle Redonda -- Scottsdale, AZ 85251

$4,475,000
4 Beds
3.5 Baths
4,028 SqFt
Status Active
MLS # 6752109
Property Type Single Family Residence
Price Type --
This stunning custom-built modern Arcadia Estate by Blue Sky Homes offers award winning energy efficient and smart home features while situated on a lush green half acre. This home was purposely designed for entertainment in mind with 4 bedrooms, 3.5 baths, a dedicated office, fire place, wine wall, and a rooftop deck with outdoor living rooms in various areas that will exceed the expectations of anyone with the most discerning of taste. Whether you want to entertain inside of the awe-inspiring great room, under the expansive covered patio, under the ramada adjacent to the bluest of blue swimming pools or atop the roof deck with 360° views of Camelback Mountain, Downtown Phoenix and Papago, you've got choices.

10287 E Diamond Rim Drive Scottsdale, AZ 85255

$4,475,000 - 4Br/5Ba -  for Sale in Silverleaf At Dc Ranch, Scottsdale
Open House
$4,475,000
4 Beds
4.5 Baths
4,767 SqFt
Status Active
MLS # 6698382
Property Type Single Family Residence
Price Type --
Nestled in the desirable Horseshoe Canyon neighborhood of prestigious Silverleaf, this beautifully remodeled Ranch Hacienda-style home offers both incredible curb appeal and a prime location. Situated near the 2nd fairway and just blocks from the Silverleaf Clubhouse, this residence enjoys a serene setting, fronting a natural preserve and within easy reach of several community parks. The open floor plan includes a spacious great room with pocket doors that lead to a charming courtyard, complete with a covered patios, pool, ramada, and BBQ center, creating an ideal space for indoor-outdoor living. The kitchen has been completely remodeled with high-end appliances, featuring a Sub-Zero fridge, Wolf ovens, a Viking range, sleek new Quartzite countertops, and updated iron light fixtures tie it all together. The private Master retreat offers a bonus room and a balcony that showcases breathtaking views of the McDowell Mountains and city lights. The primary bath has been completed transformed, highlighted by the marble flooring and wall detailing. In addition to the primary suite, there are three guest suites, strategically split for added privacy. All bathrooms have been remodeled, providing a fresh and modern touch throughout the home. Office/media room is conveniently located on the main floor, close to the kitchen, offering a great retreat from the living areas. This updated home in Silverleaf's Horseshoe Canyon truly combines luxury, comfort, and a superb location. Silverleaf features guard gated privacy and timeless architecture in a stunning mountain setting. The community features world-class golf, spa and clubhouse facilities while conveniently located just minutes from hiking, shopping, dining and the Loop 101.

7501 E Palo Verde Drive Unit 8 Scottsdale, AZ 85250

$4,469,000
3 Beds
4.5 Baths
4,415 SqFt
Status Active
MLS # 6758018
Property Type Single Family Residence
Price Type --
Nestled among well-established neighborhoods just north of downtown Scottsdale, Palo Verde Lane is like no other community in the greater Phoenix area. While the architecture is desert modern, the home manifests the enduring characteristics of the materials used to create them: the warmth of wood, the permanence of masonry, and the openness of glass. The last in the community to be built, this home is the icing on the cake sitting on almost a 1/2acre lot and boasts a 3 car garage. The 3 spacious bedrooms are all ensuite, plus an office and a gym! Though only a stroll from upscale restaurants and shops, Palo Verde Lane honors its desert heritage. From its very inception, the community has been designed to harmonize with the environment and cultivate neighborliness among its residents.

33371 N Vanishing Trail Scottsdale, AZ 85266

$4,450,000
5 Beds
4.5 Baths
4,739 SqFt
Status Active Under Contract
MLS # 6749089
Property Type Single Family Residence
Price Type --
Introducing an exceptional 2023 Platinum Homes custom built property, set within prestigious, guard-gated Whisper Rock Estates community. This sophisticated and luxurious contemporary residence embodies the pinnacle of elegance and offers an unparalleled lifestyle for the discerning buyer. With meticulously curated premium finishes throughout, this home is a true masterpiece redefining the standards of stunning design. The residence features a versatile 5-car garage thoughtfully designed to double as a gym. It also boasts advanced solar technology, ensuring both energy efficiency and sustainability. The seamless indoor/outdoor living spaces capture the essence of sublime desert living, creating an idyllic environment for relaxation and entertainment. This is more than just a home, it's a statement of luxury and distinction.

5929 E Indian School Road Phoenix, AZ 85018

$4,440,000
6 Beds
4.5 Baths
4,579 SqFt
Status Active Under Contract
MLS # 6706124
Property Type Single Family Residence
Price Type --
This designer modern farmhouse has been featured in Phoenix Home and Garden Magazine. The estate is directly on the 15th hole of the Arizona Country Club with multiple gate access including a golf cart gate. It boasts incredible Camelback and Papago views and sits behind a private gate on over a half-acre with a very long, estate-sized driveway with custom pavers and room for over 10 guest vehicles. This 6 bed, 4.5 bath stunning custom home features French oak wood flooring, reclaimed wood beams, natural light and soaring 25' living room ceilings. Open concept great room designed by Paul Rene, the living room includes an oversized fireplace with showpiece art wall, French doors, open concept dining, and Chef's kitchen with high end Wolf and Icon appliances including double ovens. Perfect eat-in kitchen island with newly added pantry and storage room. Primary suite holds tons of natural light with private access to the backyard and spa, dual sink vanities, freestanding bathtub, oversized shower, and custom closets. Enjoy Arizona's best indoor/outdoor living in this quiet backyard with unobstructed mountain and golf course views, all without any golf balls due to the proximity to a Par 3 hole. Perfect for entertaining or even high-end VRBO (no HOA) with heated pool and 2 spas, 2 pergolas, built-in BBQ, outdoor kegerator and fridge, multiple outdoor TVs, custom outdoor gas fireplace by Mod Fire, multiple places for lounging and dining both front and back. New front and back turf with extra drainage, mature trees and landscaping, and oversized 2 car garage plus carport and a surplus of shaded parking with option to convert the bonus room to another 1 ½ car garage. Smart home with EV charger, Control 4 system, and upgraded sound system inside and out that includes multiple primary suites, secret playroom/bonus 6th bedroom perfect for office or gym. Home maps to Ingleside and Arcadia Highschool and is across the street from the lighted canal walkway and Herberger Park, featuring pickleball and tennis courts. Incredibly private and quiet location yet only four minutes to Old Town Scottsdale and Fashion Square.

8408 E La Senda Drive Scottsdale, AZ 85255

$4,400,000
5 Beds
6 Baths
6,191 SqFt
Status Active
MLS # 6740273
Property Type Single Family Residence
Price Type --
Experience the pinnacle of sophistication with this meticulously designed Hacienda-style residence, strategically located on the 18th fairway of the prestigious Pinnacle Peak Country Club Estates. This North-South facing home embraces the North Scottsdale lifestyle with its seamless integration of high-end finishes and architectural elegance. Upon entering through the gated courtyard, you are welcomed by a serene stone fountain, inviting fireplace and lush, well-established vegetation that enhance the home's refined character. Inside, the grandeur of the space is evident with elegant chandeliers, towering wood-beamed ceilings, and custom wood doors. The residence features reclaimed hardwood and manganese Saltillo floors, along with five meticulously designed fireplaces featuring, more custom ironwork, creating a warm and inviting ambiance. Spanning an impressive 6,191 square feet including detached casita and rare four car garage with storage, the open floor plan effortlessly balances expansive communal areas with private, luxurious bedroom suites and solar. The primary suite offers a private retreat with its dramatic wood-beamed ceiling, a cozy gas fireplace, and a spa-like bathroom complete with a pedestal soaking tub, dual vanities, and a custom walk-in closet. The open kitchen is a culinary dream, featuring custom cabinetry, rich stone wood butcher block countertops, a large center island with seating, and premium appliances including a Viking 6-burner gas range, copper farm sink, and built-in Viking refrigerator. Adjacent to the kitchen, a custom bar with a wine refrigerator and seating at sleek concrete counters offers convenience and style, seamlessly connecting to the covered patio through an accordion window. The great room, enhanced by a stone-surround fireplace and French doors, opens to the backyard oasis. This outdoor haven includes an expansive covered patio with a stone fireplace, multiple lounging areas, and an elevated patio overlooking a custom heated pool and spa with captivating water features. The lush, private backyard, complete with paver patios and walkways, features a built-in barbecue and ample space for outdoor dining and relaxation, all framed by serene views of the golf course. Residing in Pinnacle Peak Country Club Estates combines exclusivity, offering proximity to upscale shopping, fine dining, and top-rated schools. This residence is not merely a home but a tranquil sanctuary where elegance meets comfort.

2001 N 1st Avenue Phoenix, AZ 85003

$4,400,000
3 Beds
5 Baths
10,560 SqFt
Status Active
MLS # 6602810
Property Type Townhouse
Price Type --
Entertainer's DREAM! This one of a kind CUSTOM built brownstone residence is located in the PRESTIGIOUS gated community of Chateau on Central! STUNNING panoramic city & mountain views! IMPECCABLE craftsmanship that took 4+ years and over $7.2M to build! GORGEOUS designer interior & exterior finishes throughout this MASTERPIECE! Multiple kitchens, living areas, dining areas, a HUGE game room, theatre room, elevator, rotunda, patios + SO MUCH MORE! INCREDIBLE sunsets abound! Over 10,000 sq ft on 5 levels including a 4 car garage! This truly CAPTIVATING home is unlike any other! The central corridor LOCATION can't be beat! 1 block to light rail. Adjacent to Willow district. Walk to Phoenix Art Museum, Phoenix Theater, Heard Museum, Playhouse in the Park, Arizona Opera, Phoenix Library and the ultra-hip Roosevelt Row! The BEST shopping and restaurants that Phoenix has to offer! Easy access to freeways, airport, and sporting venues! WELCOME HOME!

10801 E Happy Valley Road Unit 108 Scottsdale, AZ 85255

$4,399,999
4 Beds
4.5 Baths
5,350 SqFt
Status Active
MLS # 6679843
Property Type Single Family Residence
Price Type --
This stunning Terry Kilbane-designed home sits on an interior, acre+ corner lot w/city light & mountain views in guard gated Glenn Moor at Troon. Excellent curb appeal w/stucco, copper, & natural stone accents along w/gorgeous landscaping. Step into an ideal layout w/large great room w/butt glass windows that highlight the city light views along w/3 ensuite bedrooms plus an office, a casita, & 4.5 baths. Formal dining w/b-in buffet, wine room, & gourmet kitchen w/subzero fridge, Miele steamer, warming drawer, double ovens, gas cooktop, dual sinks, & additional wine fridge. Custom touches throughout such as tongue & groove ceilings, Vega poles, concrete floors w/custom stone inlays, knotty alder cabinets w/brushed nickel hardware, pocket door in kitchen, 3 fireplaces, & tons of built-ins. Back yard was designed for outdoor living w/negative edge pool & spa, b-in heaters, bbq, fireplace, tons of covered patio & decking, & tremendous city light views. This home has been very lightly lived in as a second home and feels both warm and modern. Rare to find this combination of quality, views, & functionality. All this within 10 minutes os tons of golf courses, hiking/biking trails, shopping, dining, & all of the other amenities Scottsdale has to offer

8500 E Aster Drive Scottsdale, AZ 85260

$4,399,000
6 Beds
9 Baths
7,205 SqFt
Status Active
MLS # 6726365
Property Type Single Family Residence
Price Type --
Welcome home to this gorgeous fully remodeled residence designed by SoHome Scottsdale (2022). This expansive home is situated on a .8 acre quiet, interior lot with no HOA. This incredible home features 7205 sf, 6 beds (5 in the main house, 1 in the detached casita), 7 full baths + 2 half baths, 6 car garage, office + bonus room with incredible entertaining backyard. Kitchen has massive island and eat up bar seating for 8-10, open to family room with fireplace. Two large pocket doors open to the resort patio and backyard, including Pool/Spa with waterfall and slide, ramada, and full basketball pickleball court. Huge laundry room, glass office, pet spa, 5 New HVAC Systems (2022), OWNED SOLAR System with 3 Tesla Powerwall Battery Backup, New Roof 2021, way too much to list, must see.

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