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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

7254 E Sonoran Trail Scottsdale, AZ 85266

$3,900,000

5 Beds

6 Baths

6,438 SqFt

Status Active

MLS # 6731933

Property Type Single Family Residence

Price Type --

Located in the guard-gated community of Whisper Rock, this stunning residence is thoughtful. An open concept plan, this home features the latest finishes, all on one level. Fabulous entertainer's kitchen with furniture grade cabinetry, pantry with wine refrigerator. 4 guest bedrooms in the main house, each with ensuite and walk-in closets. Master suite has his & her walk-in closets and luxurious bath. Custom office with floor to ceiling woodwork. Prewired for 4 fully automated lighting and AV control. Smart pool with unique lighting features. Retracting glass doors bring the outdoors in, showcasing the grand pool area & surrounding scenic desert views

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20908 W Durango Street Buckeye, AZ 85326

$3,900,000

8 Beds

8 Baths

5,512 SqFt

Status Active

MLS # 6688225

Property Type Single Family Residence

Price Type --

One of a kind commercial vet clinic/breeding facility including two residential homes. Vet clinic/breeding barn is complete with three 12' roller doors, front office, 2 stalks w/ foal cage, cabinetry, electric and hot/cold water. Bathroom w/washer, dryer, tub and sinks. 4 inside foaling stalls with turnouts. Apartment inside barn complete with bedrooms, kitchen and lab area. 60 covered stalls, several acres of irrigated safe pasture with automatic waters. Covered hay barn, two 40' storage containers. Stud teasing stall 25'x13' with 50'x50' turn out. Three car detached extended garage. Two beautiful identical homes 4 bedroom 2 bath slump block, tile roof, wood shutters, automatic security shades, carpet and tile throughout both homes. Shared well. 10 acres just 2 miles from I-10/ Verrado.

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7501 E Cholla Lane Scottsdale, AZ 85250

Open House

$3,900,000

5 Beds

4 Baths

4,356 SqFt

Status Active

MLS # 6723664

Property Type Single Family Residence

Price Type --

Located on a quiet cul-de-sac in the vibrant heart of Old Town, this exquisite residence offers a thoughtfully designed open floor plan that masterfully blends indoor comforts with outdoor delights. The expansive primary suite is designed as a private retreat, featuring a cozy fireplace and a separate sitting area. The chef-inspired kitchen is a highlight, centered around a striking cascading island and outfitted with stainless steel appliances, well equipped for both intimate family dinners and large gatherings.The dining space accommodates up to 12 guests and flows beautifully into a spectacular backyard through massive 20-foot pocket doors. This outdoor paradise boasts a putting green, several inviting fireplaces, a pergola and a swimming pool, creating a perfect setting for -- entertaining or relaxation. Further enhancing this home's appeal is the extensive 4-car garage along with an RV pad, offering plentiful space for parking and additional storage. This property stands as a beacon of sophisticated and elegant living within Old Town, with easy access to Sky Harbor Int'l Airport, Fashion Square mall, dining, golf courses, major freeways & much more!

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4514 E Pebble Ridge Road Paradise Valley, AZ 85253

Open House

$3,900,000

5 Beds

4.5 Baths

5,190 SqFt

Status Active

MLS # 6703586

Property Type Single Family Residence

Price Type --

Love Paradise Valley but want an updated home? Remodeled down to the studs in 2019/2020, this home offers updated kitchen, baths, flooring, and even new plumbing. Views of Camelback Mountain are visible the minute you enter, and from the entire rear of the property, inside and out. Warm wood floors welcome you into the home and a cozy bar is set in the corner of the living room with brass shelving supports, and both verage and dual zone wine coolers. Beamed Ceilings give a nod to the history of this contemporary style home, allowing any style of décor to blend. The first of three fireplaces graces the living room, which is open to the dining area. A very spacious family room is just steps away with it's own fireplace. With an opening to the Living/Dining areas, this floorplan is wonderful for entertaining. The Kitchen has a fresh feel with white cabinetry, Quartz countertops, with contrasting black and brass elements. A central island, induction Bosch rangetop, Sub Zero Refrigerator and Ovens, Microwave drawer and walk in Pantry provide an abundance of storage and top of the line appliances for culinary adventures. One of five bedrooms is just off the Living Room and would be a great space for an office. An adjacent bath with shower allows it be whatever works for you. The powder room sports a sophisticated feel with black millwork accented walls, black and white marble Hexagon floor tile, and brass accents. The powder room is also accessible from the rear open space of the property. The Primary Suite is a dream. Large enough to include a separate seating area, customized closets, and patio access, this room is secluded from the other bedrooms. The Primary Bath is well designed with marble and porcelain tile accents, a large walk-in shower, separate vanities and a soaking tub and fireplace. The remaining three bedrooms are spacious, the largest with an en-suite bath. Another bath is shared by the last two bedrooms. One of the family's favorite spots is the large media room. There is more than enough space for this to be a playroom and study area, in addition to the media area. The laundry is large, with extra cabinetry and a drop zone just off the 2 car garage. Outside, a raised patio keeps the views available, and overlooks the pool area. A large low maintenance turf lawn leads to the sports court. The batting cage in this area does not convey with the home.

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6602 E Cheney Drive Paradise Valley, AZ 85253

$3,899,999

5 Beds

4 Baths

4,107 SqFt

Status Active

MLS # 6757875

Property Type Single Family Residence

Price Type --

CUSTOM CORNER LOT HOME WITH 5 BEDROOMS AND 4 BATHROOMS. BACKYARD WITH CANTERRA STONE PATIOS, RAMADA, LARGE FIREPLACE AND WITH WATERFALLS INTO THE POOL. LARGE MASTER BEDROOM WITH SITTING AREA AND FIREPLACE, CARRERA MARBLE MASTER BATH. BEDROOMS ARE A SPLIT FLOOR PLAN. NEW POOL MOTOR, POOL SWEEPER, GARBAGE DISPOSAL AND UPDATED WATERING SYSTEM.

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5339 E Desert Vista Road Paradise Valley, AZ 85253

$3,899,000

4 Beds

3.5 Baths

5,533 SqFt

Status Active

MLS # 6585543

Property Type Single Family Residence

Price Type --

Nestled within the prestigious enclave of Paradise Canyon Foothills, this classic hilltop estate offers character and amazing panoramic views. Upon entering the gated 4 Bedroom, 3.5 Bath property, you'll find a flat driveway leading to a spacious 3-car garage equipped with a Tesla charger, Enter private courtyard and a dramatic pivot front door that welcomes you into the foyer with high beam ceilings. Amazing views from all vantage points. Updated Kitchen with huge island, updated appliances, gas cooking and commercial refrigerator/freezer. Family room with gas fireplace overlooking east-facing backyard with luxurious pool, turf area and gazebo. Billiard room with hidden wine room. Primary Bedroom with wrap-around balcony, updated Bath with views from soaking tub. Dual closets and walk-in shower. Full casita over garage with living room, kitchenette, bedroom, bath and walk-in closet, great views from balcony. Ready for new owners! Updates include: Roof, ACs, electrical, interior/exterior paint, baths, kitchen. Home is served by SW Gas and is on Sewer.

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3550 S Balsawood Court Unit 112 Flagstaff, AZ 86005

$3,890,000

5 Beds

4.5 Baths

5,014 SqFt

Status Active

MLS # 6738539

Property Type Single Family Residence

Price Type --

This 5,014 sqft, 5 bedroom, 4.5 bath mountain custom home sits on a quiet cul-de-sac, offering great privacy, and is the ideal escape for friends and family. This home is perfectly positioned at the edge of a serene pond surrounded by Aspens and Ponderosa Pines overlooking the 8th green and 9th tee box. The large partially covered deck has a built-in BBQ, surround sound, a fire table and a gas fireplace. The main level is great for entertaining with an open floorplan concept, large windows, surround sound, tongue and groove ceilings, and a large wood burning Malapai rock fireplace. The gourmet kitchen is complete with granite countertops, an island with a vegetable sink, bar seating, oversized refrigerator and freezer, walk-in pantry, 6-burner range with griddle and full granite backsplash, two ovens, and a trash compacter. Off the living room is the formal dining area and a custom bar that is inviting and functional for entertaining. The primary bedroom is located on the main level overlooking the pond and has a private entrance to the deck. The suite has a gas fireplace, and opens to the main level with beautiful French doors. The bath has a large walk-in closet, dual vanities, a separate floor to ceiling tile shower, and a Jacuzzi soaking tub. The upper level has views of the San Francisco peaks from the office area. The office has built-in bookshelves and just off the office area is a guest bedroom with access to the shared guest bath. Located on the lower level are three additional guest rooms, including one bunk room. The lower level also features a theatre/family room with slate flooring, a projector screening area, surround sound, a wet-bar and access to the covered patio which has a hot tub an additional firepit and breathtaking views of the nearby lake. Other features of the home include a large laundry room on the main level, a 3-car garage with built-in cabinets and metal wall finishes, and beautiful landscaping surrounding the home. This home is the perfect family mountain retreat.

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39081 N Crested Quail Run Carefree, AZ 85377

$3,860,000

5 Beds

4.5 Baths

6,920 SqFt

Status Active

MLS # 6670266

Property Type Single Family Residence

Price Type --

It's one thing to live in the desert. It's another to experience living in the Sonoran Desert. Welcome to Ocotillo Ridge Estates! This beautiful, John Schultz custom home is surrounded by mountain views, high desert vegetation and a variety of wildlife, that gives one the sense of communing with nature. The home is nestled on a 4.4 acre lot with numerous ocotillos, saguaros and other types of native plants and cacti. The driveway guides you past a 2 BR casita to the main house. Along the way, artisan crafted wood gates mark the entry points to the front patio and mesquite entry door. Once inside, you immediately notice that this is not your normal boxy home design. You'll also discover that every room is oversized. Distinctive elements, such as custom-built Alder cabinets throughout, provide the warmth needed to make this house a home. An open design allows hosts to entertain large gatherings without feeling cramped. There are 4 large sliding glass panels in the Great Room that hide into a pocket and allow the party to flow outside into an expansive covered patio. Turn up the sound system and enjoy! The main house has 2 MBRs and 1 Ensuite BR. The MBR wing boasts an oversized MBA, a huge walk-in closet, a separate exercise room (with exit to an outdoor spa) and another door leading to a private outdoor shower. On the opposite side of the house, the other MBR has a sunken area perfect for reading, studying, working or just plain relaxing. A private exit to the large backyard and infinity pool can be found there as well. The main house also includes a chef's kitchen with a large island, walk-in pantry and breakfast nook. Stroll around to locate the laundry (with built-in ironing board), an office with 2 book closets, a Powder Room and a separate media closet to 'hide' all your audio/visual technology. The casita, while under the same roof as the main house, has its own private entry and outdoor parking space. The design of interior is fashioned after a charming Mexican...casita, with a large family room, full kitchen and washer/dryer closet. The 2 bedrooms share a bathroom with a large walk-in tiled shower. Guests can access the pool, spa and back patio through a delightful side yard. All you'll need to begin enjoying your new home in Carefree is there. After all, the town is not named Carefree for nothing...and neither is Ocotillo Ridge Estates!

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4701 E Calle Del Medio -- Phoenix, AZ 85018

$3,850,000

5 Beds

5 Baths

4,003 SqFt

Status Active Under Contract

MLS # 6712968

Property Type Single Family Residence

Price Type --

Sitting on over a ½ acre lot with stunning Camelback Mountain views, this classic Arcadia proper estate is in the Hopi school district and holds 5 bedrooms and 5 bathrooms. Open and bright with large windows, hardwood floors, formal dining, open living and kitchen with fireplace, high end stainless-steel appliances, breakfast table, kitchen island, and pantry. Primary suite includes private access to the backyard, dual vanity/sinks, freestanding bathtub, and oversized shower. Entertain family and friends in the home's front or backyard featuring custom pool and spa with oversized pool deck, built-in BBQ, and large grass areas with mature trees. Home includes office/den with built in desk and shelves, double laundry units, and 3 car garage. Enjoy Arcadia and Scottsdale's top resorts, golf, dining, or restaurants just minutes from your new home!

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4569 E Lafayette Boulevard Phoenix, AZ 85018

$3,850,000

5 Beds

5 Baths

4,338 SqFt

Status Active

MLS # 6718180

Property Type Single Family Residence

Price Type --

Experience the epitome of luxury living in this stunning Arcadia estate! Spanning 4,337 sq ft, this exquisite residence boasts 7 bedrooms and 5 bathrooms, perfect for the discerning homeowner. The chef's kitchen is a culinary dream, featuring top-of-the-line Gaggenau appliances and an expansive island adorned with a Carrara marble waterfall countertop. The family room's doors lead to an elegant covered patio, seamlessly blending indoor and outdoor living. Limestone pavers encircle the sparkling pool, creating a serene oasis. The lush front yard offers breathtaking views of Camelback Mountain, best enjoyed by the gas fire pit. The lavish Master Suite includes a spa-like bathroom, offering a private retreat A second oversized room with an ensuite bath opens to the pool area, ideal as an in-law suite. Additional bedrooms are connected by a sophisticated Jack-and-Jill bath. Nestled in the heart of Arcadia, this residence is situated in a prestigious and highly desirable neighborhood. Don't miss your chance to own a piece of elegance in one of the most sought-after areas.

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15864 N 115th Way Scottsdale, AZ 85255

Open House

$3,850,000

3 Beds

3.5 Baths

4,285 SqFt

Status Active

MLS # 6746160

Property Type Single Family Residence

Price Type --

Elevated Extravagance! Ricci Renovations unveils another jewel within The Retreat at One Hundred Hills, a guard-gated community in McDowell Mountain Ranch. Views from every room, the transformation was just completed, ready for enjoyment & memories to be made. A freshly painted exterior w/ travertine entry leading up to the 12' arched wood front door provides a terrific initial impression. Upon entering, you immediately notice the new 10' sliders framing the new pool & majestic mountain views. The brand-new European oak wood floors are gorgeous & run throughout the main areas while hand-selected tile differs in each bath. The spectacular kitchen offers an all-new Thermador appliance package, Perlato Taj Satin quartzite counters waterfalling on 3 sides that sit atop rift oak & macaron green counters. The locally custom-made Supra Mat & textured laminate cabinetry bring warmth & luxury to this fabulous estate. The primary suite showcases a 14-light centerpiece pendant & a gas fireplace wrapped in matte charcoal tile with aspen logs. The primary bath is an oasis with floating cabinetry, Calacatta Maywood quartz counters, soaking tub, redesigned/oversized shower with his and her heads, all adorned with brilliance black onyx Brizo finishes. The closet is spacious, also with custom cabinets, plus there's a dedicated exercise room. The built on-site gas fireplace, 72'' linear open face with herringbone brick & glass bed, in the family room is a showstopper. It overlooks the city below providing the perfect gathering spot. Other features include a shiplap ceiling in the dining, a Chevron wall in the office, deco tile accent wall in powder & carbon reflective glass tile with light-embedded floating shelves on the bar. Both guest rooms have walk-in closets, ensuite baths with floating cabinetry, Ripieno satin quartz counters & faucets/showers with Brizo selections. The backyard is ideal, covered in silver storm travertine that surrounds an all-new sparking pool, spa, deco-tiled water feature wall, firepit, BBQ station & large turf area. The backdrop of city lights & the McDowell Mountains are incredible, day or night. The 4-car garage has all-new epoxy flooring & lighting. A new roof underlayment in 2023 has a transferrable lifetime warranty. HVAC units were replaced in 2012, serviced in 2024 & are in great working condition. 2 new water heaters & a water softener. The community has a heated pool & spa alongside 2 tennis courts. There are also 2 more community centers within MMR that offer pickleball, tennis, basketball, playgrounds, pools, hiking & biking trails as well as an aquatic center. North Scottsdale living at its finest.

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6347 E Carriage Drive Cave Creek, AZ 85331

$3,800,000

4 Beds

4.5 Baths

3,700 SqFt

Status Active

MLS # 6703961

Property Type Single Family Residence

Price Type --

Newly Constructed with 4 Bedroom, 4.5 baths, oversized 4 car tandem garage!! Introducing a remarkable opportunity nestled atop Black Mountain in Cave Creek, this stunning residence boasts unparalleled vistas of panoramic mountain scenery and breathtaking sunsets. This newly constructed home epitomizes modern luxury, showcasing state-of-the-art finishes and appliances including a dual gas and induction cooktop perfect for the culinary artist. Experience the essence of Arizona living in this meticulously crafted home, where every detail reflects sophistication and comfort.

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