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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39254 N 104th Place Scottsdale, AZ 85262

$4,760,450

4 Beds

3.5 Baths

5,011 SqFt

Status Active

MLS # 6714712

Property Type Single Family Residence

Price Type --

Nestled within the prestigious Desert Mountain community, renowned for its world class golf and stunning desert landscapes, this exquisite custom home offers the epitome of luxury living. FULL GOLF MEMBERSHIP is available through the club upon approval and close of escrow. Crafted in 2018 by the esteemed Red Moon Development, this soft contemporary residence seamlessly blends indoor and outdoor living spaces, providing a serene retreat in the Sonoran Desert. Greeted by an abundance of natural light through large sliders, breathtaking outdoor vistas, covered patios, pool, spa, and views of city lights and rolling mountain vistas to the west serve as a captivating backdrop. Designed for entertaining, the outdoor living spaces are a true oasis with outdoor kitchen, dining, fire pit, all... surrounded by lush, newer, landscaping design including mature cacti and meticulously watered pots. Whether hosting a soiree under the stars or simply enjoying a quiet evening soak, this outdoor setting will be enjoyed year-round. Experience the pinnacle of unparalleled quality and craftsmanship in this home with 2 primary suites, 3rd bedroom, and office, or 4th bedroom to suit a family or empty nesters. Within the home with no steps, even the most discerning chef will feel right at home with gas stove, walk-in pantry, extended island, and informal dining all the while in view of the stone stacked fireplace. The elegance extends to the modern, faux, hand painted ceilings, stand-alone bar, and back lit 750 bottle wine wall elevate every corner into a work of art. Car enthusiasts will delight in the 5-car garage with built in cabinetry and work bench, and large motor court. Meanwhile, 23 owned solar panels meticulously placed out of view, ensure economical electric bills, control 4 system, 220 electric car charger, water filtration system, all adding to the homes sustainability and efficiency. Lot is conveniently located within walking distance to the state-of-the-art fitness center, tennis courts, 8 pickleball courts, and one of the 10 restaurants within Desert Mountain. Furniture and turn key an option at additional cost.

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6312 N 42nd Street Paradise Valley, AZ 85253

$4,750,000

4 Beds

5 Baths

7,800 SqFt

Status Active Under Contract

MLS # 6751699

Property Type Single Family Residence

Price Type --

Nestled on nearly 1.4 acres in the Clearview gated community sits this 4 bedroom, 5 bath estate. Soaring Camelback, Mummy, and Phoenix Preserve Mountain views in the Hopi district, home features high ceilings, arched entryways, wooden beams, and natural light with large sliders and windows. Chef's kitchen includes crown molding, custom cabinets, high end appliances, butler's pantry, kitchen island and eat-in kitchen. Primary suite holds a fireplace, sitting area, separate exterior entrance, and spacious bathroom with dual vanities, freestanding bathtub, oversized shower, and dual walk-in closets. Stunning mountain views surround the backyard's custom pool/spa with expanded pool deck, covered patio, built in BBQ, and multiple areas for lounging and entertaining, featuring front and back desert landscaping. Additional rooms include formal dining room, great room with gas fireplace, theater, and family room with a wet bar. Located only minutes away from Paradise Valley and Scottsdale's world class resorts, dining, and shopping.

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10116 E Relic Rock Road Scottsdale, AZ 85262

$4,750,000

5 Beds

5.5 Baths

6,071 SqFt

Status Active Under Contract

MLS # 6751540

Property Type Single Family Residence

Price Type --

The VIEWS from every room in this home are simply breathtaking. Don't take my word for it, come see for yourselves! This offering encompasses all the essential criteria requested by the most discriminating Buyers, starting with the views which are unique to this hillside site. This contemporary southwest design by Taliesin inspired architect Bing Hu is a work of art. Featuring four ensuites and five and a half baths plus an office with a dedicated Bath (5th Bedroom), a free-standing guest house with living quarters then add a home theater, game room and 4 car garage. This home serves beautifully as a year-round residence or a second home where you can entertain friends and family in style. Furnishings available. golf course lot, mountain, sunset and Valley lights views. This one of a kind residence in its unique setting is the quintessential union of art and function. Golf Memberships are available through the Desert Mountain Club and interim social membership privileges are extended to approved applicants on the waitlist. Contact the Desert Mountain Membership office for further details.

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11008 N 60th Street Scottsdale, AZ 85254

$4,750,000

4 Beds

3.5 Baths

6,823 SqFt

Status Active Under Contract

MLS # 6770427

Property Type Single Family Residence

Price Type --

Private 1-acre estate with mountain and golf course green views. This 2-story Candelaria designed home boasts wood floors, high ceilings, and tons of natural light beaming in through the French windows and doors. Luxury living with a gas fireplace in the great room, formal dining, billiards room with wet bar, office, and expansive 2nd story balcony perfect for private gatherings with fire pit and stunning views. Chef's kitchen includes high end appliances, multiple ovens, island, and pantry. Primary suite includes private entry to the backyard, vaulted ceilings with wooden beams, gas fireplace, walk-in closet, dual sink vanities, and separate bathtub and oversized shower. Manicured grounds and mature landscaping surround the custom pool with expanded pool deck, Ramada with built-in TV and firepit, and multiple covered and uncovered areas to lounge and entertain. Located minutes from Paradise Valley's top resorts, golf, hiking, dining, and shopping.

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6600 N 64th Place Paradise Valley, AZ 85253

$4,750,000

5 Beds

7 Baths

9,224 SqFt

Status Active

MLS # 6749498

Property Type Single Family Residence

Price Type --

A La Place Grand Estate. Award winning Builder, Gary Geitz. 9,224 sq. ft. 5 or 6 bedrooms all en-suite, 7 bathrooms, gym, wine cellar, office, Media Rm, Library. This brick home boasts quality authentic finishes throughout. Distinctive features include a two-story foyer w/ a crystal Chandelier from Madam Rene's of Paris, custom wood doors & an Andalusian farmhouse kitchen w/ a butcher block island & multiple coffered ceilings. Primary bedroom is downstairs & an ultimate retreat w/ a spacious sitting room, wet bar & his and her baths, two showers (one steam) and 3 walk-in closets. Stunning resort backyard perfectly manicured w/ mountain views, new irrigation & all copper lighting, new wine cooling system + more! Opportunity with tremendous upside! Looking at all reasonable offers.

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11571 E Cochise Drive Scottsdale, AZ 85259

$4,749,995

5 Beds

6.5 Baths

8,433 SqFt

Status Active

MLS # 6673874

Property Type Single Family Residence

Price Type --

This elegant luxury estate is a masterpiece of superior craftsmanship and attention to detail. The grand foyer with a striking staircase leads to impeccably designed living spaces, including formal and informal great rooms, a dining area, a custom study or office, and a chef's kitchen outfitted with top-of-the-line appliances. The home also features a wine cellar and abundant storage throughout. The bedrooms are works of art, boasting custom fireplaces, exquisite millwork, designer lighting, and high-end fixtures. The garage is equally impressive, offering ample storage and two EV charging stations for convenience. Set on a lushly landscaped acre, the outdoor amenities are unparalleled. Enjoy a resort-style pool and spa, an outdoor kitchen with a bar, a dining gazebo, a putting This elegant luxury estate is a masterpiece of superior craftsmanship and attention to detail. The grand foyer, highlighted by a striking staircase, leads to impeccably designed living spaces, including formal and informal great rooms, a sophisticated dining area, a custom study or office, and a chef's kitchen outfitted with top-of-the-line appliances. The home also features a wine cellar and abundant storage with ease. The bedrooms and bathrooms are a sanctuary of comfort, adorned with custom fireplaces that add warmth and charm. Throughout the home, you'll find unique millwork, lighting, fixtures, and cabinetry that elevate the space to new heights of luxury. The garage is equally impressive, offering ample storage and two EV charging stations for convenience. Nestled on an acre of lush land, the meticulously manicured grounds offer a resort-like retreat, complete with a sparkling pool and spa, an outdoor kitchen, a dining gazebo, an expansive bar area, and a putting green for leisurely afternoons. Sports enthusiasts will appreciate the basketball court and pickleball court, while tranquil water features add a sense of serenity to the outdoor oasis. Multiple verandas and covered patio areas provide the perfect setting for enjoying the breathtaking surroundings and entertaining guests in style. Take a tour today to experience what luxury living in Scottsdale could look like for you!

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5738 N 32nd Place Paradise Valley, AZ 85253

$4,700,000

5 Beds

5.5 Baths

6,724 SqFt

Status Active

MLS # 6755176

Property Type Single Family Residence

Price Type --

One-of-a-kind 1.5 acre mountain lot on a cul-de-sac, gated estate, Breathtaking custom hillside PV home w/ panoramic mountain & city views. The entry level of the home boasts a chef's kitchen with Subzero/Wolf appliances & large pantry , bar, dining room, large laundry room, primary bedroom w/fireplace, 2 balconies, ensuite bath with his/her vanities & large walk in closet, secondary ensuite bedroom w/fireplace and private patio, office w/wine cellar, stunning views from the living/family rooms that lead to an oversized covered patio w/custom stonework, fireplace, outdoor kitchen- perfect for entertaining! Downstairs is the family room w/direct pool access, 3 additional bedrooms (two ensuite w/ walk in closets), a movie theatre/playroom. NO HOA & Oversized 4 Car Garage! Prime location minutes from the best shopping, world class resorts, golf, hiking & restaurants in the valley!

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8714 N 65th Street Paradise Valley, AZ 85253

$4,700,000

4 Beds

3.5 Baths

4,471 SqFt

Status Active

MLS # 6769504

Property Type Single Family Residence

Price Type --

This elegant, Mediterranean-style home is new to the market and a must-see for those seeking a home that blends timeless charm with serene mountain views in a highly-sought after neighborhood in Paradise Valley. This exceptional property boasts soaring wood beamed ceilings in the master, living, dining and family rooms; three stone fireplaces; custom hardwood flooring throughout; and french doors in the grand living and dining area. Outside, enjoy the resort style backyard complete with a beautiful covered patio, large pool and expansive lawn against the backdrop of stunning mountain views. This property's desirable lot orientation and location makes it a true standout in Camelback Country Estates Unit 1. This home has been cherished by the same family for four decades... now let your family create its own memories here!

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10953 E Tusayan Trail Scottsdale, AZ 85255

$4,695,000

5 Beds

7 Baths

5,913 SqFt

Status Active

MLS # 6778034

Property Type Single Family Residence

Price Type --

Live in art! This exceptional home, designed by renowned architect Bob Bacon, harmonizes perfectly with it's majestic boulder formations, and is embraced by stunning mountain and city light views. Located in the exclusive gated community of Tusayan at Troon, you'll discover a truly unparalleled living experience. One of the many unique features of this property is it's short yet breathtaking drive up the hillside, revealing a grand motor court entrance to your 4 bedroom, 7 bath home plus casita, ensuring your journey home and your stay is always enchanting. Constructed with exceptional craftsmanship, this luxurious 5,913 SF residence features: a spectacular kitchen with custom cabinetry, oversized island, Viking appliances, walk-in pantry and walk-in wine room; elegant lofty and wood beamed ceilings throughout, a primary master suite with expansive windows offering breathtaking views, 4 guest bedroom suites, 2 elegant powder baths, a separate office complete with custom built-ins, a wet bar, fridge and private view patio. The separate fourth bedroom suite ensures privacy, flexibility and it's own entrance for guests or extended family, while an inviting 498-square-foot casita is conveniently located off the motor court, provides even more additional living space. The Great Room boasts two expansive retractable folding doors creating a welcoming blend of indoor and outdoor living spaces that seamlessly integrate the home with its natural surroundings and creates an ideal space for large-scale entertaining. Once outside, enjoy expansive covered patio areas, complete with an inviting heated negative edge pool with a powerful swim jet, a thoughtfully placed hot tub and a small putting green perfect for honing your skills in the privacy of your home. Experience warmth and ambiance year-round with a unique two-way indoor/outdoor gas fireplace, complemented by multiple outdoor gas fire pits for cozy evenings and spectacular Arizona sunset views. Car enthusiasts will appreciate the spacious oversized climate-controlled four-car garage, with a large storage room for added convenience. This outstanding, friendly community frequently hosts social functions, offering a perfect opportunity to connect with neighbors. Schedule an appointment today to see this outstanding, one-of-a-kind home.

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5311 E Via Los Caballos -- Paradise Valley, AZ 85253

$4,695,000

6 Beds

7 Baths

6,081 SqFt

Status Active

MLS # 6784600

Property Type Single Family Residence

Price Type --

Experience elegance in this custom-built 5 bedroom all en-suite, 7-bath luxury estate. Bonus room (could be 6th bedroom) and a large Game Room! Home is craftsman-inspired where warmth meets refined sophistication. Nestled to capture breathtaking mountain views with a South backyard, this home's sprawling grassy backyard and mature trees is an entertainer's paradise, featuring a resort-style retreat with a sparkling spa, lap pool, sport court, and an expansive covered patio perfect for outdoor living and dining. Inside, the split floor plan offers four ensuite bedrooms, each with custom walk-in closets, plus a built-in study area for added versatility. The Primary Suite was recently updated with timeless wood floors, walnut millwork, a luxurious bath featuring a Dry Sauna, Spa-Style dual shower, custom floating walnut vanities and gorgeous lighting! Closet to be envied and a large center island. An attached exercise room is the added bonus to this suite. An attached casita provides the perfect setting for a playroom or guest suite, while a secluded office, located near the walk-in wine room, offers an elegant, private workspace. Practical elegance is found in the well-appointed laundry/workspace, mudroom, and storage area adjacent to the garage. Don't miss the wine cellar room and spacious garage with even more storage. Enveloped by mature landscaping, this estate offers total privacy and captures the beauty of its mountain surroundings, creating an exquisite luxury retreat. Located in the heart of Paradise Valley and walking distance to Cherokee Elementary School.

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5350 E Calle Del Medio -- Phoenix, AZ 85018

$4,695,000

4 Beds

4.5 Baths

6,167 SqFt

Status Active

MLS # 6735383

Property Type Single Family Residence

Price Type --

Remodeled in 2018, this stunning 6,100 sqft Arcadia Estate sits on a beautiful corner lot bursting with curb appeal with its lush landscaping and welcoming front porch pergola and classic red brick fireplace to greet guests. Thoughtfully designed, this split floor plan presents four spacious ensuite bedrooms including a primary suite designed with luxury and comfort in mind with a spa like bathroom featuring a stand alone tub, walk-in shower, double vanities and hand selected finishes throughout. The rest of the home includes a formal family room finished with wainscoting, a coffered ceiling and a cozy fireplace. In addition, enjoy a private home library with custom built-ins and a reading nook, and a spacious front room perfect for formal dining or a home office. The butlers pantry, with a temperature controlled wine room, connects the formal dining to an oversized eat-in kitchen which is a testament to traditional elegance boasting marble countertops, a large kitchen island, and top-of-the line appliances including a Wolf Range and a Sub-Zero refrigerator/freezer. A passthrough fireplace seamlessly connects the kitchen to the home's great room which includes a full bar and a stunning sliding door entrance to the backyard. Designed for both relaxation and entertainment, the backyard retreat features lush landscaping, a diving pool that can be both heated and cooled, a built-in BBQ, and an elegant covered ramada that houses an outdoor fireplace creating a cozy ambiance for evening conversations and gatherings. To top it off, all your family and friends can have fun enjoying the in-ground trampoline, bocce ball court and a professional batting cage. Walking distance to the coveted Hopi Elementary and in close proximity to Arcadia's most popular shopping and dining experiences, this is the perfect place to call home so you can live, work and play the Arcadia lifestyle.

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40575 N 109th Place Scottsdale, AZ 85262

$4,695,000

4 Beds

4.5 Baths

4,268 SqFt

Status Active

MLS # 6753950

Property Type Single Family Residence

Price Type --

DESERT MOUNTAIN GOLF MEMBERSHIP NOW AVAILABLE!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 large three car garage close to the Apache Club House. Planning for spring of 2025 completion. Home is in drywall stage with cabinets and flooring to be installed late November. Appliances to be installed shortly thereafter. Rooms designated and spec book is on property. Great detail and finishes. A 30 day membership application review and approval is required.

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