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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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.

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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!

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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

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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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12312 E Shangri La Road Scottsdale, AZ 85259

$4,388,888

6 Beds

8 Baths

6,657 SqFt

Status Active

MLS # 6719813

Property Type Single Family Residence

Price Type --

NEWLY PRICED Immaculately remodeled and upgraded in 2022 to embody the finest elements in today's trends, this 6,650+ square foot cul-de-sac home is spread over 1.3 acres, with an open NAOS space and mountain views - making this your very own expansive and private oasis. Breathtaking Desert Contemporary AZ Estate combines modern elegance with the highest standards of sophisticated living. Designer Details flourish both inside/out, peaking in architectural accomplishment, blending modernity with the natural aspects that surround it. A heated pool/spa, expansive covered lanai built with entertainment in mind - w/space for over 100 people, full outdoor kitchen that redefines luxury lifestyle in every way. The 6 bed/8 bath interior exudes a luxury resort ambiance. With volume ceilings, hardwood floors, and dramatic wall and ceiling details that flow harmoniously throughout the main living areas. The exquisite quartz stone countertops complement the expansive executive chef's kitchen custom island, cabinetry, and Wolf appliances - which include a double fridge and freezer, and 60-inch range, with multi addition overs. 2 primary en-suites in addition to all bedroom en-suites, primary includes a private paradise featuring separate his/her baths, 10-foot walk-in shower and huge h/h closets and dramatic bathroom finishes, a freestanding tub, and morning bar. Additional features include Media/theatre with full quartz countertops, Wet bar and wine refrigerator, additional space for 25x25 casita, 3 fireplaces, oversized 6-car garage. Come see for yourself and enjoy this indoor/outdoor luxury experience in the heart of Scottsdale. NO HOA!

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14346 E Mourning Dove Drive Fountain Hills, AZ 85268

$4,350,000

3 Beds

3.5 Baths

4,541 SqFt

Status Active

MLS # 6663400

Property Type Single Family Residence

Price Type --

2024 NEW CONSTRUCTION. Gurczak Luxury Development is proud to present this New Construction Desert Contemporary Spec Home in the Exclusive Guard Gated Community of Eagles Nest. This 4,541 Sq. Ft. Home Features 3 Bedrooms w/ ensuite bathrooms & additional bonus rooms including a Game Room & Office. The shape and orientation of the home design takes advantage of the natural topography & North/South view corridors. The mixture of multi-colored stucco, stone, and metal accents give varied texture and visual interest to the home, while the muted grey-tone colors allow the design to mesh with the landscape as well as sky when viewed from nearby angles.

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40219 E County 7th Street Roll, AZ 85347

$4,350,000

4 Beds

3 Baths

4,555 SqFt

Status Active

MLS # 6624608

Property Type Single Family Residence

Price Type --

TACNA ARIZONA MEDJOOL DATE AND OLIVE FARM Perched on a ridge overlooking the Gila River Valley is an amazing opportunity. Not only can you live in a luxurious home and setting the land can produce a living for you and your family. This farm just north of I-8 has 20 acres (1,000+ palms) of Medjool Dates and 3 acres of Olive trees. The owners have done the hard part and nurtured the palms and trees to juvenile maturity. There is light production now and the palms and trees should be in full production in the next couple of years. A 4-bedroom 3-bathroom home on the property is 4,555 square feet, well maintained with stunning views of the Gila River valley. A/C chillers keep the home very cool in the scorching desert summers that the Medjool dates love. The home has two wet bars a

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8702 E Jenan Drive Scottsdale, AZ 85260

$4,350,000

4 Beds

5.5 Baths

6,854 SqFt

Status Active

MLS # 6682432

Property Type Single Family Residence

Price Type --

Conveniently located in the ''Cactus Corridor'', this property is just minutes away from the best dining and shopping Scottsdale has to offer at Kierland Commons and Scottsdale Quarter. For those seeking entertainment and adventure, Talking Stick Casino, the Butterfly Preserve, and the OdySea Aquarium are all within a 10-minute drive. Nature enthusiasts will appreciate the proximity to the Sonoran Preserve, while nightlife aficionados will enjoy the top bars, restaurants, and nightlife in Old Town Scottsdale, all just minutes away. Nestled in the heart of Scottsdale, Arizona, this exquisite estate offers a luxurious retreat with unparalleled amenities. Boasting 4 bedrooms, 5 full and one half bath, and a generous 6,854 square feet of living space, this modern masterpiece is a true gem. Step inside to discover a world of sophistication, with high-end finishes and meticulous attention to detail at every turn. The gourmet kitchen features Thermador Pro Series appliances and a 60 inch range with steam oven, perfect for the culinary enthusiast. The living and entry areas showcase stunning 5/8-inch thick wire-brushed oak engineered flooring in a herringbone pattern, adding a touch of elegance to the space. In addition to its stunning features, this exceptional property also offers the convenience of an attached 3-car garage, providing ample space for your vehicles. For those with a passion for cars or RVs, the estate includes a detached 1,650 square foot garage, ensuring that you have plenty of room to house all of your favorite vehicles and toys. Entertainment is effortless with the home's Control 4 automation and in-ceiling speakers throughout, creating the perfect ambiance for any occasion. Step outside to your own private oasis, complete with a resort-style pool featuring a swim-up bar and a large attached hot tub. The outdoor space also includes a one-of-a-kind 48-inch dropdown BBQ, a retractable outdoor projector, a firepit, and updated landscaping, making it ideal for outdoor dining and relaxation. Experience the true Arizona dream with this exceptional property. Live in luxury, entertain in style, and make this modern masterpiece your own! There is also a Hidden Room off the master that's set up like a gym, and a full bath out by the pool!

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9143 E La Junta Road Scottsdale, AZ 85255

$4,349,000

5 Beds

6 Baths

5,569 SqFt

Status Active

MLS # 6747003

Property Type Single Family Residence

Price Type --

A contemporary masterpiece nestled within prestigious Solitude awaits the discerning buyer. Built in 2024 and spanning over 5500 square feet with a separate casita, this architectural beauty designed by Swaback Architects and built by Sonora West Development, blends seamlessly with the desert landscape offering clean lines and a sophisticated façade that captures your attention, promising a home that is as stunning inside as it is out. The modern minimalist, open concept interior welcomes you with soaring ceilings, oak wood floors, custom chandeliers and high-end finishes throughout with over $895k in upgrades. Smart Home technology ensures every detail of modern living is at your fingertips, with an integrated audio visual system. A custom 490-bottle wine wall adds a touch of elegance, showcase your collection while maintaining optimal storage. Centered around a floor-to-ceiling stone surround fireplace, the great room captures Pinnacle Peak and McDowell Mountain views with a disappearing glass wall seamlessly opening to the professionally designed south facing outdoor living space. With over $100k investment in landscaping, the outdoor oasis offers a low-maintenance serene lifestyle with large wrap around covered patio with wood ceiling, built-in heating and lighting, perfect for al fresco dining. Custom paver patios and walkways lead through meticulously positioned desert vegetation, to the detached full casita with separate entrance. No expense has been spared in the creation of this home, a contemporary sanctuary of privacy, comfort and elegant living. Living in this exclusive North Scottsdale gated community means enjoying a lifestyle of unparalleled luxury and convenience. The prime location offers easy access to world-class golf courses, upscale shopping, fine dining and top-rated schools. More than just a home, this residence is a statement of sophistication and modern elegance.

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4561 E Desert Park Place Paradise Valley, AZ 85253

New

$4,300,000

4 Beds

4.5 Baths

7,197 SqFt

Status Active

MLS # 6758545

Property Type Single Family Residence

Price Type --

Welcome to 4561 E Desert Park Place where the location and views from this hillside home are only matched by the meticulous craftsmanship within. Originally built in 1981 by the esteemed Dave Hansen and meticulously expanded and remodeled by Schultz Development, this residence sets the gold standard for construction in Tatum Canyon. Spanning 7197 square feet on a sprawling 2.27-acre lot, this home boasts a thoughtful layout designed to capture sweeping mountain views from every angle. With 4 bedrooms and 4.5 baths, including a grand primary suite on the main floor and a junior primary suite with accompanying bedrooms on the second floor, there's no shortage of space for comfort and luxury. The formal dining room and library windows eloquently showcase the seamless integration of this home into its natural mountain surroundings. Enjoy breathtaking views from the spacious chef's kitchen, adorned with high-end appliances, and the luminous living room with its captivating Cantera fireplace. Step outside to the meticulously landscaped grounds, where a sparkling pool and spa await, offering a retreat that epitomizes the tranquility of Tatum Canyon living. This property isn't just a home; it's a testament to enduring quality and limitless possibilities.

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11264 E Apache Vistas Drive Scottsdale, AZ 85262

$4,300,000

4 Beds

4.5 Baths

6,300 SqFt

Status Active

MLS # 6698865

Property Type Single Family Residence

Price Type --

A Golf Membership is available. Experience the epitome of luxury living in this exquisite Desert Mountain home offering views of the 13th and 14th fairways on the Apache Course and a backdrop of the Continental Mountains, Apache Peak and year-round sunsets. The Great Room is an entertainer's dream with a spectacular wet bar to complement the open space. The well appointed and thoughtfully designed kitchen offers upgraded appliances and plenty of storage. A private and inviting owner's suite includes a spa like ensuite and a massive walk-in closet. All bedrooms are ensuite with walk-in closets. An abundance of natural light fills the home by day and cool evenings draw you to the outdoor living spaces with an expansive patio to enjoy spectacular views, a stunning negative edge pool and spa.

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10867 E Laurel Lane Scottsdale, AZ 85259

$4,300,000

6 Beds

5.5 Baths

4,899 SqFt

Status Active

MLS # 6736397

Property Type Single Family Residence

Price Type --

This custom Cactus Corridor estate impeccably blends luxury with functionality. Nestled on an impressive 1+ acre cul de sac street with no HOA, this transitional-style masterpiece, completed in 2017, offers stunning curb appeal and an expansive, open floor plan with large-scale living areas that connect seamlessly for entertaining and your family gatherings. Equipped with a state-of-the-art Smart Home Control 4 System, you can effortlessly monitor music and TVs settings to suit your lifestyle. The gourmet kitchen is a chef's dream, boasting high-end Thermador appliances, a stunning combination of quartz countertop materials, two large islands, a fruit sink, walk-in pantry, deluxe butler's pantry, and thoughtfully designed custom cabinetry throughout for optimal organization. Family room has 16-foot soaring ceilings, 20 ft. & 8 ft. sliding pocket doors, an 8-foot linear fireplace, and a floor-to-ceiling accent wall. Formal dining room includes a bar niche with beverage refrigerator, sink, and wine glass display. The primary suite is a luxurious retreat featuring a spa-style bathroom with a freestanding tub, an oversized shower with body shower heads and a rainfall showerhead, and two separate closets complete with an additional washer and dryer. Adjacent to the master suite is a spacious office with floor-to-ceiling windows and a walk-in closet. All 4 secondary bedrooms are en-suites with custom walk-in closets, providing ample privacy and comfort. Additional highlights include a large laundry and utility room, a drop zone with shelving leading from the garage. Automated blinds throughout the home. 3.5 extended car garage with an epoxy floor. The resort-style backyard is an entertainer's paradise, featuring a sparkling swimming pool and spa, spacious patios, and an outdoor living room complete with a covered seating area and bar/BBQ island. The expansive lot, with lush grass and sprawling travertine-tiled patio and pool area, brings a resort feel right to you. There's plenty of space to add a guest retreat or a sport pickleball court. This home puts the fun in functional and perfectly blends tranquility and modern sophistication in one of Scottsdale's most sought-after neighborhoods. Conveniently located near premier shopping, dining, and entertainment destinations and just minutes from the 101 freeway. and less than 10 minutes from Scottsdale HonorHealth and the Mayo Clinic. Cactus Corridor is desired for its easy access to shopping, hiking and bike trails, and all the amenities Scottsdale has to offer. This property offers the ideal balance of privacy and accessibility. With its stunning design and prime location, your dream home awaits and is ready for you to move right in. Refer to supplement for more details.

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