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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6950 E Cactus Wren Road Paradise Valley, AZ 85253

$4,200,000 - 3Br/3Ba -  for Sale in Ritz-carlton Parcel B, Paradise Valley
Open House
$4,200,000
3 Beds
2.5 Baths
3,224 SqFt
Status Active
MLS # 6753478
Property Type Single Family Residence
Price Type --
*Stunning Modern Luxury Home in Azure, Paradise Valley's Exclusive Gated Community** Discover this luxurious modern home located in Azure, one of Paradise Valley's premier gated communities. This exquisite property blends contemporary design with high-end finishes, offering an unmatched living experience. Upon entry, you are welcomed by soaring ceilings and an open-concept layout that seamlessly connects the living, dining, and entertainment spaces. The gourmet kitchen features top-of-the-line stainless steel appliances, custom cabinetry, and a large island with waterfall edges—ideal for both casual meals and entertaining. The home is filled with luxury details throughout, including expansive windows that flood the space with natural light and offer stunning views of the desert landscape.

6715 E Montecito Avenue Scottsdale, AZ 85251

$4,200,000 - 5Br/7Ba -  for Sale in Hidden Village 16a, Scottsdale
Open House
$4,200,000
5 Beds
6.5 Baths
4,540 SqFt
Status Active
MLS # 6658706
Property Type Single Family Residence
Price Type --
This stunning Scottsdale home nestled one street over from Exeter. This custom home features an abundance of space and elegance provided by this meticulously designed home. The main house boasts four bedrooms and four and a half bathrooms, offering ample room for relaxation and privacy. The tastefully decorated interiors create an atmosphere of refinement and comfort throughout. Experience unrivaled comfort with ceiling fans and remote blackout blinds throughout the property. The main house features a stylishly appointed gourmet kitchen equipped with best-in-class stainless steal appliances, Stunning quartz countertops, an oversized island perfect for entertaining. This beautiful open concept living area offers luxury at its finest. Exquisite resort-like amenities: Step into your private oasis. Lounge by the shimmering swimming pool, sit around the state-of-the-art firepit, and enjoy alfresco dining on the expansive patio. Fire up the BBQ grill for a delightful cookout or simply savor the tranquility of the beautifully landscaped backyard. The attached casita is adjacent to the main house, the casita Living area offers a separate haven for additional privacy. It features a private entrance, a well-appointed bedroom, a fully equipped kitchenette, and a bathroom. Perfect for couples or those seeking extra space, the casita ensures a tranquil and exclusive retreat. spacious bathroom w/ 2 vanity sinks + an expansive walk-in rainfall shower and separate soaking tub

4719 E Palo Verde Drive Phoenix, AZ 85018

$4,199,000
4 Beds
4.5 Baths
3,562 SqFt
Status Active Under Contract
MLS # 6708782
Property Type Single Family Residence
Price Type --
A modern, monochromatic oasis with jaw dropping views of Camelback Mountain. Built in 2019 with Ovadia Design. Expansive windows and full retractable sliding doors merge the indoor and outdoor, providing a backdrop for stunning west coast sunsets. Located just minutes from The Global Ambassador (Paradise Valleys' newest and hottest Hotel) Steak 44, The Village, Sanctuary, AJ's, etc... Views of Camelback(from praying monk to red rocks!) Mummy Mountain, Phoenix Preserves & Peistewa Peak. Captivating comfort, bold layers, and unique textures masterfully display rich materials, while the open-plan kitchen and intriguing bar provide ample space to entertain. To maintain the sleek approach, decorative niches and hidden storage are thoughtfully integrated for functionality. Every piece of this home was intentionally selected to create an immersive environment in one of the best pockets of Phoenix/Paradise Valley.

9127 N Fireridge Trail Fountain Hills, AZ 85268

$4,199,000
4 Beds
5 Baths
4,685 SqFt
Status Active
MLS # 6727253
Property Type Single Family Residence
Price Type --
Situated above the 4th hole at Firerock Country Club, this Desert Contemporary home has all the architectural details and finishes. Floorplan that allows for sweeping views of the entire golf hole and desert hillsides, the home invites you to enjoy the elegance of the interior to exterior layout. An abundance of Natural Stone, Limestone, Granite and Marble blended with Metal Accents and crisp modern touches, are showcased in every room. All bedrooms are on-suite and allow for privacy for families and or guests. Large sliding glass walls allow for an easy path to the outside and pool area. Control4 smart electrical system integrates TV, music, HVAC, Security seamlessly with a control pad or your phone.

15332 E Hidden Springs Trail Fountain Hills, AZ 85268

$4,195,000 - 4Br/5Ba -  for Sale in Firerock Parcel Q-2, Fountain Hills
Open House
$4,195,000
4 Beds
4.5 Baths
4,265 SqFt
Status Active
MLS # 6748881
Property Type Single Family Residence
Price Type --
Stunning Golf Course Lot residence along the Scottsdale-Fountain Hills corridor with sweeping Views of the Fairway, Water & Mountains and NO INTERIOR STEPS, in guard gated Firerock Country Club. Nestled on 2 + Acres, the home was beautifully Remodeled and Expanded in 2019. Ample natural light flows into every living space. The serene and spacious Primary Suite is comfortably arranged with 2 private Bathrooms and a cozy sitting area to relax by the fireplace. Views of the Firerock Golf Course, Four Peaks and the neighborhood lake surround the owners retreat. Similarly, the views from the Living Room and Kitchen-Great Room are breathtaking and balanced by comfortable and gracious interiors. The Attached Casita offers a gracious suite for guests with a private entrance off the Terrace. All Bedrooms have en suite Bathrooms, Walk In Closets and are appointed in soft tones. Running the length of the home, the outdoor Terrace creates a seamless experience from the interior to the gorgeous Mountain and Golf Course Views. Truly an ideal Outdoor Living Space, it is complete with a built-in BBQ, Infinity Pool and Putting Green. Owners use the residents-only west gate which grants immediate access to the Mayo Clinic Scottsdale, BASIS - Scottsdale and Shea/101. This location is a hidden gem, lives like Scottsdale and must be viewed in person to appreciate all this property has to offer.

6368 N Lost Dutchman Drive Paradise Valley, AZ 85253

$4,195,000 - 3Br/4Ba -  for Sale in Mountain Shadows Resort Estates, Paradise Valley
Open House
$4,195,000
3 Beds
3.5 Baths
4,392 SqFt
Status Active
MLS # 6724005
Property Type Single Family Residence
Price Type --
NESTLED AT THE BASE OF THE VALLEY'S MOST ICONIC NATURAL LANDMARK, CAMELBACK MOUNTAIN, THE VILLAGE AT MOUNTAIN SHADOWS IS SITUATED IN THE HEART OF PARADISE VALLEY. BUILT EXCLUSIVELY BY CULLUM HOMES AND DESIGNED BY THE RENOWNED ARCHITECTURAL FIRM CANDELARIA DESIGN ASSOCIATES. THIS BEAUTIFUL CUSTOM ECHO TWO-STORY FLOOR PLAN FEATURES 3 BEDROOMS(2 PRIMARY SUITES 1 UP AND 1 DOWN), 3 FULL BATHS AND 1 POWDER BATH. GUESTS ENTER THROUGH THE PRIVATE COURTYARD LANDSCAPED TO PERFECTION TO THE LARGE IRON AND GLASS FRONT DOOR. THE GREAT ROOM WITH FIREPLACE WALL WITH BUILT IN SHELVES AND RETRACTABLE WALL OF GLASS LEAD YOU OUT TO THE COVERED PATIO AND OUTDOOR BBQ. THE BACKYARD WITH VIEWS OF CAMELBACK MOUNTAIN MAKE THIS INDOOR/OUTDOOR ENTERTAINING SPECIAL. THE DINING ROOM WITH DRY BAR. KITCHEN WITH... QUARTZITE STONE ISLAND, EAT-AT BAR, BUILT IN PANTRY, OTHER CABINETS FOR STORAGE AND EXTRA APPLIANCES (SUB ZERO, WOLFF) TOP OFF THIS CHEFS KITCHEN. A BUILT IN COMMAND CENTER JUST OFF THE KITCHEN IS PERFECT FOR A SPACE TO STILL WORK. THE STYLISH POWDER ROOM, LAUNDRY ROOM AND ELEVATOR LEAD DOWN TO THE 3 CAR GARAGE. TONS OF GARAGE STORAGE BUILT INS, EPOXY FLOORING AND A/C CONTROLLED. THE FIRST PRIMARY SUITE OPENS OUT TO THE BACKYARD, BATH AND WALK IN CLOSET FOR SINGLE LEVEL LIVING. THE WOOD STAIRCASE (ENTIRE HOME WOOD) OPENS UP TO A LOFT LIVING AREA, SECONDARY LARGE PRIMARY SUITE WITH BEAUTIFUL BATH AND OVERSIZED CLOSET OPEN UP TO A LARGE PRIVATE TERRACE. THE 3RD GUEST BEDROOM IS LARGE TO MAKE A BUNK ROOM WITH EN SUITE AND ROMEO AND JULIET BALCONY. A OFFICE OR GYM ROOM TOPS OFF THE SECOND LEVEL. THIS HOME HAS SO MANY EXTRAS AND IS HIGHLY UPGRADED THROUGH OUT INTERIOR AND EXTERIOR. COME SEE THIS HOME TODAY. IT WILL NOT LAST LONG! RESIDENTS HAVE ACCESS TO THE PLETHORA OF AMENITIES AVAILABLE AT THE MOUNTAIN SHADOWS RESORT. THE COMMUNITY BOASTS A PRIVATE POOL AREA, PARK AND IS GUARD-GATED 24/7 FOR THAT HIGHLY DESIRED LOCK AND LEAVE LIFESTYLE.

4849 N Camelback Ridge Road Scottsdale, AZ 85251

$4,185,000
3 Beds
4 Baths
3,141 SqFt
Status Active
MLS # 6636463
Property Type Apartment
Price Type --
This three bedroom plus den residence features some of the best views at Ascent overlooking the golf course and to the McDowell Mountain range. Tucked at the base of Camelback Mountain, Ascent is a new, private gated community adjacent to The Phoenician Resort - one of Arizona's premier luxury resort destination. Ascent presents a new level of luxury living for Scottsdale with views overlooking the Valley & Camelback Mountain. Home designs feature contemporary architecture integrating warm, natural materials, expansive windows, and large outdoor patios. Thoughtfully designed by Nelsen Architects and Vallone Interior Design. Luxury finishes include exquisite bulthaup Kitchens, wood floors and Sub Zero-Wolf appliance package. A private rooftop terrace and the Mountain Club pool and fitness

10763 E Addy Way Scottsdale, AZ 85262

$4,150,000
4 Beds
6.5 Baths
6,043 SqFt
Status Active
MLS # 6746620
Property Type Single Family Residence
Price Type --
Welcome to high-quality custom construction and sunset views in guard-gated Mirabel Club. As you approach, you'll notice the pristine curb appeal, in low-maintenance desert landscaping. The courtyard with wrought iron gate and water feature sets the mood upon arrival, and provides a central meeting space for your guests, with covered patios for both the guest house and one of the guest suites. Before stepping inside, take a moment to appreciate the 9.5' custom alder door, an impressive piece on its own. Upon entry into the living room, you'll immediately notice the thoughtful design, quality finishes, and the breathtaking views. With sunset bronze flagstone flooring, massive two-way stone fireplace, and beamed ceilings. This entertaining area also includes a full wet bar with copper sink and under-counter drink fridge. Imagine hosting your friends in this dining room while enjoying sunset views out your window. The ironwork on the wine cellar is another nod to the thorough attention paid to every detail. Continue toward the kitchen, first stopping at butler's pantry with ice maker and dual-drawer dishwasher. The kitchen is comfortable yet luxurious, from the hand-finished alder cabinets to the herringbone terra cotta backsplash. High end appliances include 48 Wolf gas cooktop, Wolf carbon finish dual-ovens, microwave, and warming drawer. There is abundant cool storage, with a full-size fridge plus two cooling drawers along with a full-size freezer plus two freezer drawers, all Subzero. Continuous hickory flooring connects the kitchen and family room, with vega beams radiating out over the curved room, seamlessly connecting them into a flowing great room. Across the home you'll find the owner's wing. The office features square wood beamed ceilings, with that square pattern duplicated on the hickory flooring below. The ample primary suite is complemented by a sitting room with kiva fireplace, a perfect place to take in the stunning views. The primary bathroom includes the same quality finishes you've seen throughout, from the travertine slab countertops, alder doors, down to the rustic iron towel holders. Completing the primary suite is the oversized closet, with built-ins from wall to wall. Multiple guest suites provide privacy for all of your family and friends. First, upstairs you'll find an ensuite bedroom with their own loft living room, and access to the rooftop deck with amazing views. Also within the main house is a second ensuite bedroom. For additional guests, through the front courtyard is a full guest house, with living room and half-kitchen, private patio, large ensuite bedroom, and direct access to the third garage bay. Fundaments have also been updated. The entire roof was recoated (2021), and all four AC units and two furnaces replaced (2021), as well as two large water heaters with recirculating pumps replaced (2020). Outside, the landscaping was redone with the entire irrigation system replaced (2021). The pool was resurfaced with mini-pebble finish, tile edge, and travertine coping, along with a wi-fi Aqualink control system added (2021) and the pool heater replaced (2020). Finishing off this home is precisely where you'll want to unwind every evening, in the spacious and gracious backyard. The covered patio extends the length of the home, and includes an outdoor fireplace for those cool nights. Two additional uncovered seating areas offer options for taking in the sun. Entertain at the built-in BBQ, and don't miss the outdoor half bathroom. The backyard is a serene high-desert landscape, strategically placed to take in the picturesque Arizona sunsets while overlooking the golf course. Located toward the end of a cul-de-sac, so extremely light traffic, and all adjacent homesites have already been built. Mirabel's weather is famously dry and sunny. Our risk of natural disasters is extremely low. Being higher and somewhat removed from the city means the stars are bright at night, the air typically much cleaner, and the daytime high temperatures can be about eight to ten degrees cooler than the Valley floor, every day of the year. You would be amazed how comfortable 95 degrees is at night or in the shade. So, being in Mirabel on a year-round basis is an attractive proposition. In addition to the endless shopping and fine dining options all just minutes away, the owner of this home will be close to major league and collegiate sports, fabulous medical care (including the Mayo Clinic and hospital), terrific air service, and a wide variety of cultural attractions. This home is truly one of a kind, with quality materials that cannot be built for even close to this price today, and the rare combination of views while maintaining privacy, I encourage you to come see it today, you'll be glad you did.

21168 W Granite Ridge Road Buckeye, AZ 85396

$4,140,000
5 Beds
6 Baths
7,200 SqFt
Status Active
MLS # 6516382
Property Type Single Family Residence
Price Type --
Welcome to the glass house. Nestled within the breathtaking White Tank mountains, this elevated mountain side modern estate is in a league of its own. Boasting unparalleled views of the Golf Course, White Tanks, and Sparkling City Lights. This glass stunner offers every conceivable modern luxury. Chef's Kitchen, Cinema, Gym, Elevator, Resort-Style Infiniti Pool with an under water window that looks into the game room, 20 person Spa, Over 130' of glass walls for seamless indoor/outdoor living. Indoor Basketball Court doubles as a Night Club with state of the art lighting, audio and a suspended platform for the DJ. Private courtyard includes a pristine turf area, a half pipe and two in ground trampolines. All three rooms on the first floor have walk-in closets with their own private laundry. Owners suite with 32' of glass door walls allows you to step directly onto the balcony, pool or spa deck, and has dramatic views of the golf course, mountains and city lights, it also has a two story Chanel inspired closet, soaker tub in front of massive corner picture windows, luxurious walk-in shower and dual commodes. The resort inspired guest rooms (accessible) from the elevator have walk-in showers and soaker tubs that look out onto the golf course. The sports court has a rock climbing wall with two auto belays and has a discreet in wall net system for volleyball and pickleball. Estimated completion is October 2024. Owner Agent

3831 E Huber Street Mesa, AZ 85205

$4,100,000
6 Beds
7 Baths
10,418 SqFt
Status Active
MLS # 6707677
Property Type Single Family Residence
Price Type --
Experience the epitome of luxury living in this Tuscany-inspired custom basement home nestled on a private 2.1-acre lot. Boasting 6 bedrooms (Guest house with full kitchen), 7 bathrooms, and a 5-car garage, this residence offers unparalleled comfort and elegance. Entertain guests in style with a diving pool, grotto, waterfall, expansive gazebo with BBQ, and a rooftop deck showcasing panoramic views. Delight in the golfer's paradise putting green amidst citrus trees and an original windmill. The chef's kitchen is fully equipped with top-of-the-line appliances. Descend into the basement via indoor stairs, outdoor stairs, or an indoor elevator leading to a movie theater, built-in bar, game room, wine cellar, and living room. This home redefines the Irrigated horse property luxury living.

4524 E Pebble Ridge Road Paradise Valley, AZ 85253

$4,075,000
5 Beds
6 Baths
5,686 SqFt
Status Active Under Contract
MLS # 6664613
Property Type Single Family Residence
Price Type --
Santa Barbara-style family home w/ Mtn views in all directions! Tucked away on a quiet cul-de-sac, this property offers an ''AZ Lifestyle '' w/ Saltillo floors, planked ceilings, Cantera fireplaces & colorful painted tile in the bathrooms. Add'l features include a Poggen-Pohl kitchen w/ illuminated cabinets, marble counters, a 72'' Subzero & an 8-burner Wolf gas cooktop, two butler pantries w/ wine storage and an icemaker. The floorplan offers a cozy great room, formal living room w/ vaulted ceilings & a formal dining room w/ stunning Camelback Mtn views, a 300-bottle wine room & a spacious primary suite w/ an adjacent office. The attached guest house w/ consistent finishes is perfect for teens or an in-law. The outdoor spaces are ideal for entertaining or letting kids roam. A PV treasure

202 Calle Diamante -- Sedona, AZ 86336

$4,000,000
4 Beds
4 Baths
4,601 SqFt
Status Active
MLS # 6753553
Property Type Single Family Residence
Price Type --
Stunning custom home built in 2022 in the gated community of Casa Contenta. If you're looking for views, this is the home! From the moment you open the front door you will understand why this home is special. Light, bright, and open floor plan on the main level. Sliders lead you to an expansive patio that runs the width of the house with a covered BBQ area and overhead heater for those chilly Sedona evenings. Master shares a similar view with Jacuzzi tub, walk in shower, dual sinks, makeup area, and lastly a large closet with extensive build-outs. The downstairs area offers you a multitude of functionality. These 2 rooms can be bedrooms or a game room, media room, and/or office. Once you step into the backyard you will be blown away by the finishes. Beautiful red rock streaming fountain, built in gas fire pit, pavers, artificial turf, and a putting green. Plenty of covered patio with surround sound and a hot tub with miles of unobstructed views. Owner Agent. Some personal property available with separate bill of sale.

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