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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10055 E Aniko Drive Unit 331 Scottsdale, AZ 85262

$4,294,800
4 Beds
5.5 Baths
5,313 SqFt
Status Active Under Contract
MLS # 6381701
Property Type Single Family Residence
Price Type --
This single level Contemporary, built by Sonora West Development and to be finished July 2024, showcases an open Great room floor plan with double island kitchen, breakfast nook, formal dining room, Master with sitting room, 4 bedrooms, office, 5.5 baths, guest/children retreat, 2 fireplaces, pool, BBQ, landscaping and a 4 car garage. Great lot with mountain and sunset views. floor plan in document tab.

Range 3 Iowa Claim -- Prescott, AZ 86305

$4,287,000
3 Beds
4 Baths
3,600 SqFt
Status Active
MLS # 6606613
Property Type Single Family Residence
Price Type --
EXQUISITE RURAL RETREAT LOCATED WITHIN THE NATIONAL FOREST ON PRIVATE LAND, IN GATED COMMUNITY. This Under Construction build is a Modern Mountain Outdoor Living Compound. Tucked away on 5 acres, with Views from Granite Mtn top to Thumb Butte, Watson Lake & Town of Prescott. This beautifully maintained - yet unique property, will appeal to the discriminating buyer who values maximum privacy with upscale and yet uncomplicated taste ! No HOA's. Wells are allowed when permitted.

37200 N Cave Creek Road Unit 1005 Scottsdale, AZ 85262

$4,285,050
4 Beds
4.5 Baths
3,899 SqFt
Status Active
MLS # 6746716
Property Type Single Family Residence
Price Type --
DESINGER FURNISHED NEW HOME! FULL DESERT MOUNTAIN GOLF MEMBERSHIP AVAILABLE! ENTERING THE GATED ENTRANCE TO THIS NEW CULLUM HOME WELCOMES YOU TO THE SOUND OF A BUBBLING FOUNTAIN IN THE QUAINT LANDSCAPED COURTYARD WITH GUEST CASITA AND TOWERING GLASS FRONT DOOR. UPON ENTERING THE MAIN HOME YOU WILL NOTICE THE VIEW STRAIGHT THROUGH THE HOME OVERLOOKING THE WATER AND GREEN OF THE 13TH FAIRWAY OF THE RENEGADE COURSE. THE CHEF'S KITCHEN ADORNED WITH SUB ZERO REFRIGERATOR, WOLF COOK TOP, OVENS AND COVE DISHWASHER ALL OVERLOOK THE LIVING AND ENTERTAINING SPACE. THE DINING AND GREAT ROOM WITH HIGH CEILING, FIREPLACE WITH BUILT IN SHELVING AND WALL OF GLASS OPEN ONTO THE ENTERTAINERS DREAM BACKYARD. THE SWIMMING POOL, BUILT IN BBQ, FIRE PIT AND LARGE COVERED PATIO HAVE AN AMAZING VIEW OVER THE RENEGADE COURSE, POND AND MOUNTAINS IN THE DISTANCE. THIS IS A GREAT PLACE TO ENJOY THE WINTER SUN. THE PRIMARY SUITE HAS A DESIGNER TOUCH WITH A STONE WALL ACCENT AND LARGE FIREPLACE FOR THOSE COOL EVENINGS. THE LARGE BATH WITH SEPARATE SINKS, SHOWER, SOAKING TUB AND CUSTOM CLOSET TO GET READY IN. TWO EN-SUITE BEDROOMS THAT ACCOMMODATE KING SIZE BEDS ARE ALL SEPARATE FROM EACH OTHER WITH ONE OPENING INTO THE PRIVATE COURTYARD. THE LARGE OFFICE WITH COURTYARD VIEW, LAUNDRY AND POWDER BATH COMPLETES THIS SINGLE LEVEL LIVING HOME. GUESTS WILL NEVER WANT TO LEAVE IN THEIR OWN CASITA WITH LARGE BATH. THE OVERSIZED 3 CAR GARAGE WITH EPOXY FLOORING IS LARGE ENOUGH TO STORE THAT GOLF CART. THIS HOME WILL BE MOVE IN READY BY YEARS END JUST IN TIME TO ENJOY ALL THAT DESERT MOUNTAIN HAS TO OFFER! BRING YOUR CLUBS AND GET ON ALL OF THE SEVEN COURSES!

10681 E Stoney Circle Scottsdale, AZ 85262

$4,277,625
4 Beds
4.5 Baths
5,185 SqFt
Status Active
MLS # 6661064
Property Type Single Family Residence
Price Type --
INTRODUCING STANDING STONES, AN EXCEPTIONAL NEW LUXURY COMMUNITY THAT REDEFINES ELEVATED LIVING. A TRUE MASTERPIECE OF CONTEMPORARY LIVING NESTLED AMIDST THE BREATHTAKING BACKDROP OF THE SONORAN DESERT LANDSCAPE, WITHIN AN EXCLUSIVE COMMUNITY BOASTING EIGHT METICULOUSLY CURATED HOMESITES, EACH OFFERING AN EXCEPTIONAL CANVAS FOR CRAFTING YOUR OWN CUSTOM ESTATE HOME. HERE, RESIDENTS WILL FIND THE PERFECT BLEND OF NATURAL BEAUTY, SPACIOUS LOTS, AND PROXIMITY TO URBAN CONVENIENCES. THE AMETHYST FLOORPLAN INTRODUCES MODERN ARCHITECTURE FROM THE MOMENT YOU ARRIVE, WITH A CAPTIVATING ENTRANCE FEATURING A PRIVATE GATED COURTYARD ADORNED WITH A WELCOMING FIREPLACE, CREATING AN INVITING SPACE FOR OUTDOOR LIVING AND ENTERTAINING. AS YOU STEP THROUGH THE CUSTOM GLASS DOOR ENTRY, YOU ARE TRANSPORTED INTO A WORLD OF ELEGANT DESIGN AND LUXURIOUS LIVING. THE HEART OF THIS REMARKABLE FLOORPLAN IS UNDOUBTEDLY THE EXPANSIVE GREAT ROOM, A TESTAMENT TO OPEN AND AIRY LIVING WITH 12-FOOT CEILINGS AND AN INVITING FIREPLACE. THIS HOME OFFERS 4 BEDROOMS, AN OFFICE/FLEX SPACE, 4.5 BATHS AND A GENEROUS 5,185 SQUARE FEET OF LIVING SPACE. DESIGNED TO CREATE A SEAMLESS CONNECTION BETWEEN THE INTERIOR AND THE BREATHTAKING DESERT LANDSCAPE, THIS SPACE EXUDES CHARM AND SOPHISTICATION. WITH AMPLE WINDOWS THAT BATHE THE ROOM IN NATURAL LIGHT AND ALLOW FOR UNINTERRUPTED VIEWS OF THE SURROUNDING NATURE, IT'S A PLACE WHERE TRANQUILITY MEETS FORWARD THINKING DESIGN. THE BUILT-IN BAR AREA ADDS AN ELEMENT OF GRANDEUR, OFFERING A LUXURIOUS SETTING TO ENTERTAIN GUESTS. GLASS DOORS EXTEND GRACEFULLY TO THE PATIO, FURTHER BLURRING THE LINES BETWEEN INDOOR AND OUTDOOR LIVING. FOR THOSE PASSIONATE ABOUT THE CULINARY ARTS, THE GOURMET KITCHEN IS A DREAM COME TRUE, BOASTING SUB-ZERO AND WOLF APPLIANCES AND AN EXPANSIVE ISLAND WITH BAR SEATING, CREATING A CULINARY HUB THAT EFFORTLESSLY CONNECTS TO THE GREAT ROOM AND DINING AREA. WHETHER YOU'RE HOSTING A DINNER PARTY OR ENJOYING A CASUAL FAMILY MEAL, THIS SPACE IS DESIGNED TO MEET YOUR EVERY NEED. A SPACIOUS WALK-IN BUTLERS' PANTRY JUST OFF THE KITCHEN OFFERS ABUNDANT CONVENIENCE AND AMPLE STORAGE. FOR THOSE WHO DESIRE EVEN MORE FUNCTIONALITY, AN OPTIONAL SECOND KITCHEN IS AVAILABLE, ELEVATING YOUR CULINARY EXPERIENCE TO NEW HIGHS. THE PRIMARY SUITE IS A PRIVATE RETREAT. AS YOU APPROACH, A SERENE STUDY/LOUNGE SITTING AREA OFFERS THE PERFECT SPACE TO UNWIND. THE PRIMARY SUITE ITSELF IS A HAVEN OF LUXURY AND COMFORT, WITH THE OPTION TO ADD A FIREPLACE, CREATING A COZY AND INVITING ATMOSPHERE. THE WALK-IN CLOSET OFFERS AMPLE STORAGE SPACE FOR YOUR WARDROBE AND ACCESSORIES, ENSURING THAT EVERY DETAIL IS METICULOUSLY ATTENDED TO. ADDITIONAL BEDROOMS ARE ALL ENSUITE, EACH WITH ITS OWN WALK-IN CLOSET, PROVIDING THE UTMOST COMFORT AND PRIVACY FOR ALL OCCUPANTS. AN OFFICE/FLEX SPACE FURTHER ENHANCES THE HOMES VERSATILITY, ALLOWING YOU TO CREATE YOUR OWN DEDICATED WORKSPACE, PERSONAL GYM, OR A HAVEN TAILORED TO YOUR UNIQUE NEEDS. THE EXPANSIVE COVERED PATIO BECKONS WITH THE PROMISE OF BREATHTAKING DESERT VIEWS AND AMPLE SPACE FOR CREATING YOUR OWN OUTDOOR OASIS. FOR THIS TURNKEY OFFERING, THE PACKAGE COMES COMPLETE WITH A POOL, BUILT-IN BBQ AND LANDSCAPING. THE PERFECT COMPLEMENT TO THE DESERT'S NATURAL BEAUTY, AND FOR BEAUTIFULLY LANDSCAPED GARDENS THAT ENVELOP YOUR HOME IN SERENE LUXURY. STANDING STONES IS AN INVITATION TO ELEVATE YOUR LIFESTYLE AND IMMERSE YOURSELF IN THE SPLENDOR OF NORTH SCOTTSDALE'S MOST EXCLUSIVE COMMUNITY. HERE, LUXURY AND NATURE COEXIST IN PERFECT HARMONY, OFFERING AN UNPARALLELED LIVING EXPERIENCE THAT IS AS UNIQUE AS IT IS BREATHTAKING.

12836 E Harper Drive Scottsdale, AZ 85255

$4,250,000
4 Beds
4.5 Baths
5,493 SqFt
Status Active
MLS # 6707586
Property Type Single Family Residence
Price Type --
**AGENTS - Please read private remarks** This incredible new construction home features a Full Landscape Package with Pool, Gourmet Outdoor Kitchen, A Spacious Back Prep Kitchen, Mirlux Cabinets, Wolf Appliances, Modern Tile Flooring, Quartzite Countertops, Contemporary Glass Pivot Entry Door, Infrared Ceiling Patio Heaters. With trails offering access to the Preserve and its 150+ mile trail network, life at Storyrock includes convenient access to Tom's Thumb and endless opportunities to enjoy nature. Storyrock offers a rare opportunity to live within close proximity to the best of Scottsdale while also among Arizona's timeless natural treasures, all within a distinctly modern setting. Property completion date is roughly 30-60 days from accepted purchase contract.

4849 N Camelback Ridge Road Scottsdale, AZ 85251

$4,250,000
3 Beds
4 Baths
3,166 SqFt
Status Active
MLS # 6552945
Property Type Apartment
Price Type --
This 3 bedroom, 4 bath residence features an open concept floorplan and beautiful views of Camelback Mountain. Ascent is a new, private gated community adjacent to The Phoenician Resort, one of Arizona's premier luxury resorts. Ascent presents a new level of luxury living with views overlooking the Phoenician & Camelback Mountain. Home designs feature contemporary architecture integrating warm, natural materials, floor to ceiling windows and stacking door systems opening to very large outdoor patios. Thoughtfully designed by Nelsen Architects and Vallone Interior Design. Luxury finishes include exquisite bulthaup Kitchens, wood flooing, Sub Zero-Wolf appliances, Waterworks fixtures. A private rooftop terrace & the Mountain Club pool and fitness facility are amenities homeowners will enjoy

7850 E El Sendero Drive Unit 22 Scottsdale, AZ 85266

$4,250,000
5 Beds
6 Baths
5,509 SqFt
Status Active Under Contract
MLS # 6752419
Property Type Single Family Residence
Price Type --
Discover one of Bill Tull's finest works of art in the beautiful Boulders community. Discerning buyers will appreciate the attention to detail that only an authentic adobe home built by Bill Tull can provide. This private retreat spans two lots and features three guest casitas, 13 fireplaces, a sauna, a 200+ bottle wine cellar, golf cart garage, massive viga beams, expansive latilla ceilings, saguaro rib window treatments, hand-carved woodwork, countless niches, flagstone flooring, and one of Bill Tull's most thoughtfully designed kitchens. The home is authentic adobe, meaning it was constructed with handmade solid bricks from the earth surrounding the property. The result is a home built with exceptional quality and care, boasting unparalleled efficiency for the desert climate. This home has been meticulously maintained by one owner, a close friend of Bill Tull, and represents one of his last completed projects. The property is golf-course adjacent, incredibly private, and offers scenic mountain views from the upper patios. A golf membership at the Boulders Golf Club, a golf cart, and most all furniture, furnishings, and artwork are available through a separate bill of sale. This is your opportunity to own a truly exceptional home.

6641 E Lincoln Drive Paradise Valley, AZ 85253

$4,250,000 - 5Br/5Ba -  for Sale in .lincoln, Paradise Valley
New
$4,250,000
5 Beds
5 Baths
3,870 SqFt
Status Active
MLS # 6759184
Property Type Single Family Residence
Price Type --
Amazing views of Camelback and Mummy Mountain from this modern, 3 Bed/3 Bath home with detached 2 bedroom/2 Bath guest house in the heart of Paradise Valley! This secluded gated subdivision offers a large 1.78 lot with lush desert landscaping. Outdoor entertaining features a lap pool and spa, artificial grass area, fire pit, outdoor kitchen, shaded trellis and outdoor shower. Premium appliance is the primary home and guest house along with loads of storage, round out this beautiful home. The attached oversized 3 car garage has plenty of storage.

21530 W Granite Ridge Road Buckeye, AZ 85396

$4,250,000
4 Beds
4.5 Baths
6,231 SqFt
Status Active
MLS # 6543828
Property Type Single Family Residence
Price Type --
This one-of-a-kind mountainside Villa is located on an acre+ golf course lot, nestled into the base of White Tank Mountains overlooking the Signature 12th Green of The Verrado Founders Course. A true architectural masterpiece of quality craftsmanship and the finest materials make this a unique buying opportunity for the most discriminant of Buyers. Meticulously designed to blend into the natural desert surroundings, this home features too many custom finishes to list them all. A stunning and dramatic Great Room with reclaimed Truss beams spanning the full length of this truly ''Great Room''. Panoramic mountain and golf course views from every window and balcony. A Gourmet Kitchen with Sub-Zero and Wolf appliances and your very own wood burning pizza oven are an entertainer's dream. Beautiful ceiling and architectural details throughout this residence. A large covered patio anchors the backyard retreat where you will find a built-in BBQ, lounge area, fire-pit and negative edge swimming pool and spa. This 6,231sqft estate home comes complete with 4 Bedrooms, 4.5 Baths, Bar, Formal Dining Room, Atrium, Theater Room, Private Office, 4 fireplaces and much much more. Inquire about a private tour of this property today.

12401 N 68th Street Scottsdale, AZ 85254

$4,250,000
5 Beds
5.5 Baths
5,197 SqFt
Status Active
MLS # 6756219
Property Type Single Family Residence
Price Type --
Welcome to this stunning new build on a large lot, designed for luxury and family living! This beautifully crafted 5-bedroom, 5.5-bathroom home offers an open, spacious layout perfect for active families. The gourmet kitchen with high-end appliances flows seamlessly into the living area and dining room, ideal for entertaining friends and family. The additional living space provides a quiet retreat for kids or guests, and each bedroom features its own en-suite bathroom for added comfort and privacy. The expansive backyard has a new sparkling pool, spa, and a 1 bedroom/1 bath guest house, creating a perfect outdoor haven for family fun all year. Located in a top-rated school district and minutes from great shopping and dining, this home balances convenience with a family-friendly lifestyle.

8845 E Sierra Pinta Drive Scottsdale, AZ 85255

$4,250,000
9 Beds
8.5 Baths
10,267 SqFt
Status Active
MLS # 6685524
Property Type Single Family Residence
Price Type --
MULTI-GENERATIONAL LIVING - Main House (4 bd, 3.5 bth), East Guest House (3 bd + loft, 3 bth), West Guest House (2 bd, 2 bth). This private compound on 1.6 acres is a work of art designed by renowned Architect, Barry Moffitt, AIA. Energy efficient North/South orientation allows maximizing City Light, McDowell Mountain & Camelback Mountain views. Artistic masonry block construction, 20 pillars, indoor/outdoor living at 10,267 sq ft of opulence. Intimate breezeways connect 3 separate living quarters by dedicated courtyards, their independent access & garages. Inside, enjoy soaring cedar ceilings, chef's dream kitchen, butler's pantry & skylights throughout. Notably, the property features an impressive 8 car garage, perfectly complementing the scale and luxury of this estate. SEE VIDEO!

7798 E Whisper Rock Trail Scottsdale, AZ 85266

$4,250,000
4 Beds
5.5 Baths
7,502 SqFt
Status Active
MLS # 6726500
Property Type Single Family Residence
Price Type --
Indulge in the epitome of luxury living with this remarkable estate in Whisper Rock, rated one of the top golf courses in Scottsdale. Step into the grand foyer to experience elegance and impeccable craftsmanship. Meticulously curated custom finishes flow seamlessly from room to room. The expansive living spaces feature formal and informal great rooms, a stunning dining room, and a custom study/office for productivity and comfort.

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