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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3915 E Sierra Vista Drive Paradise Valley, AZ 85253

$4,000,000

4 Beds

6 Baths

5,168 SqFt

Status Active

MLS # 6718868

Property Type Single Family Residence

Price Type --

In 2015, La Casa Builders and De Cesare Design collaborated to revamp this opulent dwelling situated within an esteemed guard-gated enclave. Spanning 5435 sq. ft., this Santa Barbara-style abode exudes elegance with its welcoming hues and top-tier embellishments. Highlights encompass luminous wood flooring, expansive stacking doors, Italian Cream Marble adorning the kitchen, a distinctive zinc oven hood, a bespoke banquette dining area, and French sliding doors leading to a rear terrace, ideal for outdoor dining. The luxurious Primary Suite boasts a magnificent bathroom and an expansive walk-in closet. Additionally, the residence features a guest room, a chic office (formerly the 5th bedroom), and a refined living area complete with cathedral wood-beamed ceilings and custom woodwork cabinetry. Opening to a charming front courtyard, the library completes the first level's layout.The second level includes two bedrooms, a game room, a theater, elevator closet that has been designed but not installed. The property also features an exercise room, a pool, a spa, a barbecue area, and a grassy space for pets.

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3900 S Clubhouse Circle Flagstaff, AZ 86005

$4,000,000

6 Beds

5.5 Baths

6,429 SqFt

Status Active Under Contract

MLS # 6720869

Property Type Single Family Residence

Price Type --

Remodeled and newly furnished by renown Prescott Valley designer at the top of 18th tee and fairway in Pine Canyon. Perfectly situated between the train, yard and clubhouse this resort cabin boasts quartzite counters, chunky white backsplash, Rejuvenation brass and matte black fixtures and restoration hardware furnishings. Great room features a grand stone fireplace and chef's kitchen with full wet bar, formal dining area, smaller breakfast nook with a lavish wine closet, island with additional bar seating, vast range with 8 burners, custom hood vent, 2 separate ovens, and large refrigerator and freezer. Elevator from ground level to main. On main level, the primary suite includes fireplace, private access to the spacious deck with hot tub, and a bonus loft bedroom, perfect for workout, kids bunking or seating area. Primary bath consists of a gigantic steam shower, separate Whirlpool Tub, dual vanities, a makeup vanity, dual closets, and laundry with utility sink. Main level also includes guest bedroom and office area. Lower level of the home holds 3 bedrooms- one with custom 6 sleeper bunks, 2nd family room with fireplace, dining area, a 2nd wet bar and another laundry room. Heated driveway leads to 3-car garage. Home also includes 2 dog doors, spacious wrap around deck with a built in BBQ and hot tub, expansive open and covered patio with a huge dog run and even an elevator. Epitome of mountain relaxation with breath taking views of San Francisco Peaks.

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6340 E Calle Del Norte -- Scottsdale, AZ 85251

Open House

$4,000,000

4 Beds

3 Baths

4,036 SqFt

Status Active

MLS # 6733646

Property Type Single Family Residence

Price Type --

Unlike anything else on the market. This Visually stimulating and functional home is sure to please. Floor to ceiling sliders, glass pivot door and store front glass windows throughout allowing an abundance of natural light to enter. Enjoy 10 and11' vaults throughout for interesting roof lines. Rift oak and book matched walnut custom cabinetry help to warm the space and adds to a super cool vibe. Subzero commercial fridge, concrete look counter tops, Brizo and California faucets reminiscent of very clean mid century modern home. Designed to cater to a busy family with office, flex space, 2 master bedrooms, laundry room with double stack washer/dryers, fridge, custom rift oak / steel bar with beverage/wine fridges and plenty of storage...Pre cast concrete fire pit, burnished block, exposed aggregate decking and killer landscape package add to that modern desert oasis. Custom Kebony cladding, terrazzo tile and 3 car garage with epoxy coated floors are just a few welcoming touches. All while being within a mile of some of the best restaurants, shopping and schools that the Valley of the sun has to offer.

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5101 N Casa Blanca Drive Unit 301 Paradise Valley, AZ 85253

$4,000,000

2 Beds

2 Baths

2,000 SqFt

Status Active

MLS # 6751923

Property Type Townhouse

Price Type --

Situated on a detached corner parcel for maximum privacy inside coveted Historic Casa Blanca Phase 3 lies this stunning Spanish/Moroccan contemporary with soaring views of Camelback and beautiful sunsets. Low care manicured landscaping complete with stone fountain and outdoor fireplace, 2 car garage, prime location for safety and tranquility. High ceilings with brand new Lutron lighting system, automated shades, everything new to the studs. Custom Thermador appliances. Marble and quartz counters, lots of natural light, soft oak floors and generous primary. Truly turnkey complete with an added custom built bar. Rich, timeless & elegant, enjoy tennis, pickleball, and 3 heated pools in the convenience of a manned guard gate. Minutes from Fashion Square Mall on most desirable street in PV. Paradise Valley's best shopping and restaurants.

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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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40980 N 97th Street Scottsdale, AZ 85262

$4,000,000

4 Beds

4 Baths

5,623 SqFt

Status Active

MLS # 6758043

Property Type Single Family Residence

Price Type --

Golf Membership available from seller. Situated on the 10th fairway of the beautiful Chiricahua golf course at Desert Mountain, this charming Santa Barbara style home offers sparkling city lights, sunset, mountain and golf course views. The open and flowing floor plan has three suites in the main home as well as a detached casita. The home is tucked back off of the street for ultimate privacy and has a courtyard entry complete with beautiful water feature and spacious patios. Enjoy the great views from the wrap around outdoor living space complete with pool/spa/bbq and outdoor living room with fireplace and tv. Exquisite details include multiple use of natural stone and wood thru out the home. Being offered turn key minus several of sellers personal items. Truly a must see!

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11108 E Mariola Way Scottsdale, AZ 85262

$3,999,977

4 Beds

4.5 Baths

7,277 SqFt

Status Active

MLS # 6662532

Property Type Single Family Residence

Price Type --

A rare, immediate golf membership is available with purchase. Ask for details! This is a hillside gem capturing awe-inspiring panoramic mountain views from every corner! This home was made to entertain the largest of gatherings, yet cozy enough for the smallest. Top of the line when built in 2004. Built into the mountain. Hardly lived in. CMU build. Great bones. Needs some updating and you've just added to the equity. Multi generational for those who don't mind the shallow steps. 4 separate guest suites, including the 950 sf upper deck casita. 3 car garage, 7+ additional parking spots. Well designed motor court. Purchase the lot in front and build another home or tie it to this lot for an acre of expanded yard. For undisturbed views, pets, kids, parties or whatever your heart desires.

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10728 E Cottontail Lane Scottsdale, AZ 85255

$3,999,900

4 Beds

4.5 Baths

5,511 SqFt

Status Active

MLS # 6704872

Property Type Single Family Residence

Price Type --

This timeless styled Spanish Colonial home rests in guard gated Windy Walk Estates of Troon. It's North - South exposure captures views of Pinnacle Peak, Troon Mountain and city lights. The luxurious home is all on one level except for a large 875/sf 2nd level game/office/bedroom with its own fireplace, full bath and balcony overlooking city light views. You enter the main home through a hand forged iron gate into a charming front courtyard with bubbly fountain. The iron front door opens to the formal living and dining areas with rough sawn beams, stone floors, Venetian plastered walls and a cantera stone fireplace. Just down the hall is an intimate home theater. The large family room includes a corner fireplace, walk-up wet bar with ice maker, dishwasher, Sub-Zero wine and beverage ..... cooler plus room for a pool table. It opens to a center island kitchen with Wolf and Sub-Zero appliances and breakfast room. The Arcadia doors from the breakfast room lead to an outdoor patio with fireplace, BBQ and pizza oven all overlooking views of the boulder filled Troon Mountain. The kitchen conveniently opens to the 4 car garage and includes a key drop and very large walk-in pantry. The charming Primary suite includes a fireplace and a marble floored bath and a large closet that opens to the laundry room. The living room, family room and Primary suite are lined with Arcadia doors opening to arched covered patio that overlook the sparkling pool, paver hardscape, lush landscaping and views of Pinnacle Peak. The home has been updated with Venetian plastered walls, white oak flooring, new garage doors and a Bull Frog spa. Two of the three HVAC systems have been replaced and the exterior has been newly painted. The home includes 4 interior and 1 exterior fireplaces.

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3800 S Clubhouse Drive Unit 5 Chandler, AZ 85248

$3,999,000

5 Beds

6.5 Baths

9,668 SqFt

Status Active

MLS # 6711422

Property Type Single Family Residence

Price Type --

This exquisite lake front custom home resides in the exclusive gated subdivision of Crown Point, a private community with only 11 lots. It provides easy access to the Ocotillo Golf Club, a premiere golf destination in Chandler, Arizona. This Spanish/Mediterranean home has 5 bedrooms and 6 1/2 bathrooms. There are 3 bedrooms on the main floor, 2 being ENORMOUS full master suites, each on opposite ends of the home. There are 8760 sq ft of living space, plus 1156 sq ft in attached casita. The casita has a separate entrance, with bar and bathroom with easy access from the pool and patio. The kitchen has new appliances. 4 Viking convection ovens, 8 burner Viking stove, 36 inch Viking refrigerator, 36 inch Viking freezer, and 2 dishwashers and ice maker. Two islands in the kitchen make entertaining effortless. The under the staircase wine cellar is amazing, with stone clad walls and clay slots.Upper level includes 2 bedrooms, 2 bathrooms, game room/lounging area, bar with mini kitchen and fireplace. You can view the gorgeous Arizona sunsets from a private patio just outside.The negative edge pool was resurfaced and equipment replaced. There is also a spa and fire pit for your enjoyment. All the bathrooms were remodeled. The roof was just replaced at a cost or $300, 000.00, and four of the five AC units were recently replaced. All of this and more in this Magnificent Move In Ready Home!!

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9775 E Hidden Valley Road Scottsdale, AZ 85262

$3,995,000

5 Beds

5.5 Baths

4,600 SqFt

Status Active

MLS # 6347935

Property Type Single Family Residence

Price Type --

Welcome to the epitome of modern luxury living in the heart of our exclusive lifestyle community, Desert Mountain. This brand-new custom home that has just broken ground defines elegance and sophistication, offering a harmonious blend of contemporary design, opulent features, and an unparalleled level of craftsmanship. Spanning an expansive 4600 square feet, this residence boasts 5 bedrooms, 5.5 baths, and a host of amenities that cater to every facet of refined living. Step inside and be captivated by the seamless integration of indoor and outdoor spaces. The open-concept layout flawlessly transitions from the interior's sleek lines and top-tier finishes to the captivating outdoor oasis. Entertain in style as you host gatherings in the sun-soaked courtyards and indulge in poolside relaxation creating memories that will last a lifetime. The heart of this home lies in its gourmet kitchen, complete with state-of-the-art appliances and an exquisite butler's pantry, perfect for culinary enthusiasts and gracious hosts alike. Abundant natural light illuminates the interior through large windows that showcase the breathtaking surroundings. Unwind in the luxurious primary suite, a serene retreat featuring a spa-like en-suite bath and a walk-in closet. Four additional well-appointed bedrooms each with their own en-suite baths provide comfort and privacy for family members and guests. Completing this exceptional property is a guest house that offers versatile space, ideal for an art studio, home office, gym, or additional living quarters. Located within our sought-after lifestyle community, residents enjoy exclusive access to amenities that include 7 golf courses, fitness, tennis, pickleball, swimming, and 7 restaurants. Membership is not included with this property, however additional information regarding membership applications is available through the document tab.

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9467 E Sundance Trail Scottsdale, AZ 85262

$3,995,000

5 Beds

5.5 Baths

4,900 SqFt

Status Active

MLS # 6461596

Property Type Single Family Residence

Price Type --

Another spectacular contemporary home by August Building Company to be built on a great view lot in Desert Mountain. More information to come. No membership to the Desert Mountain Club available with this property.

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9525 E Buckskin Trail Scottsdale, AZ 85255

$3,995,000

6 Beds

6.5 Baths

7,231 SqFt

Status Active

MLS # 6669023

Property Type Single Family Residence

Price Type --

At the base of the boulder cluster mountain ranges in north Scottsdale's most desirable pocket lies this privately gated desert modern sanctuary. As you walk through this amazing estate you will be enamored with details from the beautiful open chef's kitchen, with walls of glass slider creating an indoor/outdoor experience to the waterfall pool and cascading city views. Elevated lot captures ideal sunsets with an easy maintenance yard, making this home ideal even as a lock and leave. Entertainer's dream layout with full gym, media room/play room, office and 6 bedrooms, laundry and multiple oversized garages. Over two acres of serenity with a mix of views, elegance and room for your favorite 5 cars in your oversized garage!

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