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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5241 E Calle Ventura -- Phoenix, AZ 85018

$3,950,000

4 Beds

3.5 Baths

3,957 SqFt

Status Active

MLS # 6748216

Property Type Single Family Residence

Price Type --

The epitome of Arcadia charm! Crafted by Rafterhouse and located on a quiet, peaceful cul-de-sac, this spectacular home has everything you've been dreaming of. You'll be captivated by the curb appeal and fall in love with the detailing such as exposed brick, custom mill work, wood floors, marble countertops, reclaimed wood mantle and vaulted ceilings. This 4 bedroom, 3.5 bathroom home also boast a private office, huge family room and oversized mudroom with built-in work station. Come take a dip in the recently added pool/spa or host a BBQ with the outdoor kitchen and lush vegetation in the backyard. Don't blink, this home won't last long!

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2717 E Byrds View Drive Flagstaff, AZ 86005

$3,950,000

4 Beds

4.5 Baths

3,698 SqFt

Status Active

MLS # 6750858

Property Type Single Family Residence

Price Type --

Discover your dream home in this luxurious 2021 custom-built, 4-bedroom, 4.5-bathroom, 3,686 sqft residence, perfectly situated on a premium golf course lot at the end of a private cul-de-sac with breathtaking views of the picturesque par-5 4th hole. The thoughtfully designed floor plan balances privacy with open living, featuring a spacious master wing with a private patio, ideal for morning coffee or evening relaxation. Every detail exudes contemporary elegance, from high-end finishes to seamless indoor-outdoor flow. Nestled in the serene beauty of the Pine Canyon community, this exceptional property offers an unmatched lifestyle of comfort and sophistication. Stay tuned—this stunning home won't be on the market for long!

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23 & 109 W Lone Star Lane San Tan Valley, AZ 85140

$3,950,000

7 Beds

7.5 Baths

8,161 SqFt

Status Active Under Contract

MLS # 6674826

Property Type Single Family Residence

Price Type --

Large Multi-Family Oasis with TWO Beautiful Homes on 7+ irrigated acres. Way below present day replacement costs! The homes have that old fashion feel of cozy living, yet open and roomy. Makes You want to sit down and put your feet up!! PRICE per SQ FT. $484. for both. First class equine set-up. Expansive covered barn with roomy stalls. Plus, Barn has additional guest quarters. Massive garage/workspace for ranch equipment &, RV parking. Large Roping arena with lights! Fully fenced and gated entry make this a secret retreat in Prime Lotion. Chefs kitchens, both designed for easy family function. Master Bedrooms and bathrooms are spa like retreats. All bedrooms have large bathrooms. Beautiful mature landscape and easy flood irrigation.

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2782 Andrew Douglass -- Flagstaff, AZ 86005

$3,950,000

4 Beds

4.5 Baths

6,100 SqFt

Status Active

MLS # 6755147

Property Type Single Family Residence

Price Type --

Perched upon 1.28 acres of picturesque land, this stunning log home is a masterpiece of craftsmanship and history, built from ''King'' logs salvaged from the historic Yellowstone fire. The property boasts panoramic views of the 16th hole of the Meadow Golf Course and amazing views of the San Francisco Peaks, enhancing its serene and picturesque setting. Inside, the home offers multiple living areas, including a spacious, reimagined game room complete with newly constructed full bar—ideal for entertaining guests. The large chef's kitchen features a center island, modern appliances and is open to the formal dining area and an additional family room, providing a seamless flow for gatherings. The primary suite is conveniently located on the main level, providing easy access and a tranquil retreat, with the other bedrooms tucked away downstairs. The residence is designed for comfort and elegance, with four rustic fireplaces and central air conditioning ensuring a pleasant atmosphere year-round. Enjoy the outdoors from multiple covered decks that offer sweeping views and wonderful privacy. A brand-new Lutron lighting system has just been installed! With its blend of historical charm, modern amenities, and stunning natural views, this log home is a unique sanctuary. Tucked away amidst 1,100 acres of pristine alpine beauty, Forest Highlands exudes an unparalleled sense of exclusivity and serenity. With two championship golf courses designed by Tom Weiskopf and Jay Morrish, Forest Highlands sets the stage for unforgettable golf experiences. The community offers an array of exceptional amenities, including two clubhouses, multiple dining options, tennis courts, swimming pools, and miles of hiking and biking trails. Forest Highlands is a retreat where luxury meets nature, ensuring a harmonious lifestyle for its residents.

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8595 E Bronco Trail Scottsdale, AZ 85255

$3,950,000

5 Beds

5.5 Baths

5,365 SqFt

Status Active

MLS # 6636180

Property Type Single Family Residence

Price Type --

An Amazing Grand Estate on approximately 2.2 Acres with NO HOA & minutes to fine dining, shopping & entertainment. This Custom home has an open floorplan & is well appointed with a kitchen built for a chef with high end finishes & stainless-steel appliances, & a large island which seamlessly merges with the open family room. Just off the kitchen entertain your guests in the formal dining room & wine cellar/tasting room which exceeds over 300 bottles of your top choices. The grand first-floor master bedroom has a fireplace & the en-suite features dual vanities, cosmetic counter, jetted tub & spectacular views of the backyard oasis. The second master bedroom is located on the second floor with its own walk-in closet & luxury bathroom. Enjoy the massive upstairs balcony with a two-sided fireplace with mountain & city light views. The Backyard was built for enjoyment. A heated pool & spa with waterfall, grotto, a built-in BBQ, Big Green Egg Grill, putting green & a large, extensive covered patio, your guests will never want to leave. This estate also has a guest house with a full kitchen, beautiful cabinetry, a fireplace & granite counters.

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8808 E Sulky Circle Scottsdale, AZ 85255

$3,945,000

6 Beds

4.5 Baths

4,742 SqFt

Status Active

MLS # 6724345

Property Type Single Family Residence

Price Type --

Built in 2021 on 1.73 acres, this contemporary retreat is tucked in the tranquil, gated enclave of Pinnacle Peak Place. Spanning 4,742 SF, including a 550 SF guest house, the home was meticulously designed with contemporary finishes throughout. The gourmet kitchen is both stunning and functional, boasting high-end appliances, two dishwashers, and a hidden walk-in pantry. The open-concept great room features soaring ceilings, wood beams, and a spectacular wall-to-wall slider that seamlessly blends indoor/outdoor living. Enjoy breathtaking views of Pinnacle Peak from the resort-style backyard, which is beautifully landscaped w/ newly-added mature trees, a lighted, heated pool, integrated spa, deck jets, extensive covered patio w/ tongue-and-groove ceilings, built-in BBQ, fire pit, & turf. Located within 10 minutes of premier golf courses, hiking/biking trails, and upscale shopping and dining, this modern desert sanctuary offers luxury, comfort, and convenience.

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5921 E Silver Sage Lane Cave Creek, AZ 85331

$3,913,995

4 Beds

3.5 Baths

4,315 SqFt

Status Active

MLS # 6746829

Property Type Single Family Residence

Price Type --

Toll Brothers Model Home! This home makes an immediate impression with a lovely foyer flowing into the expansive great room and casual dining area that presents alluring views of the covered patio. A large center island enhances the expertly crafted kitchen that offers plenty of counter and cabinet space, a generous pantry. Featuring a relaxing sitting area and expansive walk-in closet, the palatial primary bedroom suite is highlighted by a spa-like primary bath. Central to a versatile flex room with covered patio access, secondary bedrooms feature sizable closets and a shared bath with separate vanity area. A secluded multi-generational suite with closet, private bath, and living area can be found off the foyer. Additional features include a private office, convenient powder room

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24366 N 125 Street Scottsdale, AZ 85255

$3,900,000

4 Beds

4.5 Baths

4,650 SqFt

Status Active Under Contract

MLS # 6712085

Property Type Single Family Residence

Price Type --

Discover breathtaking panoramic mountain views in this stunning, MUST SEE, uniquely designed home. This exquisite 4000+ footprint offers 4 ensuite bedrooms, 2 of which are fabulous attached guest casitas with their own private living spaces, a kitchenette and separate entrances. Spectacular upgrades throughout this home make it one-of-a-kind and inviting. So many spaces provide endless opportunities for living and entertaining. As you enter through the serene interior courtyard, you're welcomed by an amazing rain curtain water feature, fire pit, beautiful landscape and 9' panel doors. Situated on a premium lot and upgraded with ~$1M of enhancements, including a custom kitchen design with a beautiful matching quartz counter island with underneath lighting, top-of-the-line finishes & appliances (Wolf), a 330 bottle wine dual zone cellar, four bottle wine dispenser, wet bar with still and sparkling water faucet, a state-of-the-art audio system throughout the interior and exterior of the home, owned solar and stellar touches. No expense was spared in this custom designed home! As part of the Sereno Canyon Estate luxury community and nestled into the shadow of Tom's Thumb, this home is surrounded by unmatched mountain views and floor to ceiling visibility. The vast great room, primary bedroom, and second guest casita are adorned with 9' sliding panel doors that seamlessly blend indoor & outdoor living. Your own resort within a resort-style community. This staff-gated community, Sereno Canyon offers an array of amenities, including a fitness center, spa, pools, outdoor gathering areas, a café and a community fire pit. This one-of-a-kind masterpiece combines the prestige, tranquility, comfort, and breathtaking views of North Scottsdale with the opportunity to move into and enjoy your dream home NOW -- no multi-year wait. Come embrace the prestigious lifestyle.

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36631 N Peaceful Place Carefree, AZ 85377

$3,900,000

4 Beds

4 Baths

5,700 SqFt

Status Active

MLS # 6740677

Property Type Single Family Residence

Price Type --

PRICED TO SELL! Forget for a moment the exterior amenities and that the house is loaded with features. Instead, consider the prime location of this captivating contemporary on Black Mountain in Carefree. Unique in every way! From its circular design to the grandiose living space. Only a stone's throw from outdoor recreational opportunities, local shopping/dining spots, and the town center. As if that's not enough, you'll enjoy sweeping views of the Black & Continental Mountains. After your local excursions, you'll return to the irresistible charisma of contemporary design on a corner lot in a popular neighborhood of low-traffic streets. Whether walking or driving, a circular driveway makes a grand first impression. A second large driveway is at the back of the house.

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12347 E Gold Dust Avenue Scottsdale, AZ 85259

$3,900,000

5 Beds

5.5 Baths

5,196 SqFt

Status Active

MLS # 6689294

Property Type Single Family Residence

Price Type --

**BREAKING NEWS** July 2024 - The construction is done, the home is staged and now we're just waiting for you to come visit! Welcome to Emerald Hills - your new seven home subdivision in north Scottsdale. Once again, Cachet Homes has hit a homerun with this luxury contemporary home and has all the amenities you could possibly want. With an attached guest house and detached pool house, oversized 4-car garage, north-south lot, with a south facing backyard boasting an amazing pool & spa - this one has it all! Cachet Homes finishes their homes with beautiful style and modern elegance and carry their commitment to handing you a truly turn-key home by having the landscaping and backyard finished and ready to use. Home next door is also for sale go to MLS#6646447 to see what is available now.

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18720 N 101st Street Unit 3019 Scottsdale, AZ 85255

$3,900,000

3 Beds

4 Baths

3,239 SqFt

Status Active Under Contract

MLS # 6724800

Property Type Apartment

Price Type --

The FINAL and much anticipated phase of the highly successful Icon project now available with construction well underway and estimated completion in 2024. This is not only an opportunity for extraordinary views and new construction , it also continues to be the best opportunity to be inside the gates of Silverleaf. ICON at Silverleaf offers an unlimited lifestyle with the lock-and-leave luxury of exceptional single-story flats amid the incomparable beauty of Arizona's McDowell Mountains. This rare and unique offering of spacious, open-concept residences affords the very best of all possible worlds, close to the cosmopolitan conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert behind the gates of the truly iconic upscale private

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3350 Bar Circle A Road Prescott, AZ 86301

$3,900,000

4 Beds

6 Baths

11,073 SqFt

Status Active Under Contract

MLS # 6523694

Property Type Single Family Residence

Price Type --

*Motivated Seller - Seller Financing Avail, $10.4MM Build Cost* Benvenuto a 'Casa di Buona Fortuna'- This Tuscan inspired masterpiece perched in the The Ranch provides breathtaking views, opulent luxury, and convenience unmatched in Prescott. The primary level is centered around an open-air central courtyard and features a sprawling master wing including 1 of 2 private elevators to the lower level, his and hers offices, a sitting area complete with wet bar, and dual walk-in closets large enough for the most extensive wardrobes. Starry-night home theater furnished with plush seating for eight. The opposite wing of suites includes a wet bar, formal dining area, family room, fireplaces and formal living room, spacious kitchen with tastefully appointed with Miele appliance

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