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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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.

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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!

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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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3197 E San Miguel Avenue Phoenix, AZ 85016

$4,250,000

4 Beds

4.5 Baths

6,495 SqFt

Status Active

MLS # 6709153

Property Type Single Family Residence

Price Type --

Impress your clients with this approximately 6,495 square foot home featuring stunning mountain views. Designed with entertainment in mind, this residence offers the luxury of modern amenities, including a fully equipped Savant home system. The grand 30-foot entryway leads to a masterfully crafted 4-bed, 4.5-bath residence spanning three levels, connected by striking staircases throughout. The modernist architectural exterior, crafted with concrete and steel, complements the tranquil, refined palette, featuring white oak herringbone floors. The home boasts a generous use of glass, seamless sliding doors, and two levels of day-lit space. Your clients will feel like they've escaped to a 5-star resort with the Entertainer's Backyard, complete with a multi-level infinity-edge pool and spa synthetic lawn, fire pit, gazebo patio, and tropical landscaping. The east wing includes an open kitchen with a breakfast area and formal dining room, featuring Miele, Thermador, and Bosch appliances, with easy access to the three-story, 1,000 sq. ft. guest home. The west corner is devoted to the primary suite, featuring metal and glass closets and a separate laundry area. The lower level includes spacious en-suite guest rooms, an expansive laundry room, and a Porcelanosa dog wash. Situated on an elevated lot between Paradise Valley, Arcadia and Biltmore, this home is minutes from PHX Sky Harbor, PVCC, Biltmore Fashion Park, Scottsdale Fashion Square, and Phoenix Country Day School. This property epitomizes luxury living in Arizona.

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5324 E Mariposa Street Phoenix, AZ 85018

$4,250,000

5 Beds

4.5 Baths

5,992 SqFt

Status Active Under Contract

MLS # 6614650

Property Type Single Family Residence

Price Type --

Unobstructed views of Camelback at this large lot high bone Santa Barbara transitional in Arcadia proper. Split floorplan with generous master amenities and office on one side, kids wing with kids living all en-suite with large closets and separate guest. Wine room, formal dining and game room in addition to open indoor outdoor formal living. Front home can be sold in conjunction with second guest house home and adjoining lot off 54th. Quiet street with no power lines, no alley and huge eat in kitchen and bar. Front yard al fresco dining and outdoor fireplace, back yard large north facing patios and resort style pool. Ideal entertaining home. Grass and turf details, lookout deck, newer build.

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6641 E Lincoln Drive Paradise Valley, AZ 85253

Open House

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.

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6900 E Ironwood Drive Paradise Valley, AZ 85253

$4,245,000

5 Beds

4.5 Baths

5,356 SqFt

Status Active

MLS # 6743581

Property Type Single Family Residence

Price Type --

This exquisite property in Paradise Valley is situated in a highly desirable location, just a short walk from the new Ritz Carlton development featuring luxury shops and dining options. Minutes away from Fashion Square, Kierland, and Scottsdale Quarter, it offers unparalleled access to high-end shopping in Arizona. Psst ... This luxurious home is nestled within the small, gated community where Emma Stone grew up. Yes, the Emma Stone. This home neighbors the J.W. Marriott's Camelback Country Club, boasting expansive golf course views and breathtaking 360-degree vistas of Mummy Mountain, Phoenix Mountain Preserve, McDowell Mountain, Thom's Thumb, and Pinnacle Peak. You will enjoy stunning sunrises and sunsets from the comfort of your bedroom or patio. This modern Santa Barbara-style home has been fully renovated, showcasing sophisticated architectural features such as clay roof tiles, solid wood beams, and enfilade with elegant arches. The chef's kitchen is equipped with a 48 Thermador range, double ovens, and ample storage, embodying classic elegance and functionality. With 5 spacious bedrooms and 4.5 luxurious bathrooms, this home is perfect for entertaining. It includes three generous entertaining areas and chic, remodeled bathrooms featuring ocean white marble floors and waterfall quartz countertops. The outdoor space features a large swimming pool with a diving board, water fountains, and a slide, while a serene water fountain pond invites relaxation. A citrus orchard adds seasonal fragrance, and a majestic Sissoo tree enhances the landscape's tranquility, complemented by seven striking date and Mexican palm trees that create a serene atmosphere.

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5059 N Ascent Drive Scottsdale, AZ 85251

Open House

$4,235,409

2 Beds

2.5 Baths

2,952 SqFt

Status Active

MLS # 6656843

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® 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 STRATUS A FLOOR PLAN, A SINGLE-LEVEL HOME FEATURING 2 BEDROOMS, 2.5 BATHROOMS AND A 2-CAR GARAGE. THIS FLOOR PLAN BOASTS TWO EN SUITE BEDROOMS, PRIVATE OFFICE, FORMAL DINING AREA, 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

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24334 N 128th Street Scottsdale, AZ 85255

$4,200,000

4 Beds

4.5 Baths

5,000 SqFt

Status Active

MLS # 6645947

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 5,000 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 three car garage adjacent to a massive RV Garage. All selections & finishes can still be chosen.

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3933 E Rancho Drive Paradise Valley, AZ 85253

$4,200,000

6 Beds

5.5 Baths

7,655 SqFt

Status Active

MLS # 6757463

Property Type Single Family Residence

Price Type --

The property boasts stunning, uninterrupted views of Camelback and Praying Monk Mtns. The previous home was demolished, leaving an oversized 3-car garage and a 884 +/- sq.ft. guest home sitting on over 1.2 acres. You can live in the guest home while building your dream house. The modern guest home has one bedroom but can be converted into a two-bedroom home, with one bathroom, a full kitchen, laundry, and separate parking (built in 1994). This beautiful corner lot, featuring desert landscaping, has a heated pebble tech lap pool & spa, a labyrinth, & a lovely lounging area to enjoy the breathtaking Arizona sunsets. The property is located in the heart of P.V, close to major shopping, dining, hiking and biking trails &commute routes. The architectural plans and permits for a total area o

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7201 N 23rd Place Phoenix, AZ 85020

$4,200,000

4 Beds

4.5 Baths

5,645 SqFt

Status Active

MLS # 6754404

Property Type Single Family Residence

Price Type --

Tour Your Desert Jewel at ''House in the Rock'', a breathtaking architectural masterpiece nestled within a secluded canyon at Piestewa Peak. Set on a 13,522-square-foot lot with nearly 6,000 square feet of living space, this estate seamlessly blends modern luxury with the rugged beauty of the desert. Designed to appear as if it grew from the surrounding terrain, the home stands as a true fortress—the most expensive build on the mountain, requiring the mountainside to be blasted and reinforced with steel and concrete. Every detail, from the hand-fabricated steelwork to the raw materials, showcases exceptional craftsmanship and durability. A hand-laid curved driveway leads to a secure motor court for five luxury vehicles, setting the tone for the grandeur inside. Ascend to the main living spaces via an Otis Commercial Elevator or steel stairs, arriving at a dramatic pivot door crafted from steel and glass. Inside, you'll be greeted by 180-degree city and sunset views, though the showstopper is the linear wall of fire set against the backlit mountainside. The kitchen is equipped with top-of-the-line appliances, walnut cabinetry, and quartz countertops, while the great room offers a seamless indoor-outdoor living experience with automated glass doors. The second floor houses the owner's suite and two ensuite bedrooms, each with private balconies, as well as a stunning pool terrace carved into the rock, featuring a heated pool and spa. The top level is a true entertainer's dream, with a wet bar, full bathroom, and access to the expansive rooftop Sky Yard, a desert garden perfect for gatherings. Combining impeccable craftsmanship, unparalleled views, and cutting-edge construction, House in the Rock is a one-of-a-kind desert sanctuary built to stand the test of time. This house is not for just anyone, its for those with a keen eye and a taste for the extraordinary.

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4613 E Desert Park Place Paradise Valley, AZ 85253

Open House

$4,200,000

4 Beds

4.5 Baths

5,214 SqFt

Status Active

MLS # 6751720

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Tatum Canyon, Paradise Valley. Where luxury living meets breathtaking natural beauty. Nestled on a sun-drenched hillside, this exquisite estate offers panoramic vistas reminiscent of a Santa Barbara retreat. Crafted by renowned luxury homebuilder Dave Hansen, this 5214 sqft masterpiece is a testament to meticulous craftsmanship and refined taste. As you step inside, you're greeted by a sense of grandeur, with marvelous views beckoning from every corner. 3 oversized car garage with a fantastic moderate driveway for hillside.

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