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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19927 N 101st Place Scottsdale, AZ 85255

$3,800,000
4 Beds
4.5 Baths
4,121 SqFt
Status Active
MLS # 6756688
Property Type Single Family Residence
Price Type --
Silverleaf Stunning, Private Residence with Park Views and Luxurious Upgrades Nestled within Silverleaf Scottsdale overlooking the serene Jacaranda Park, this recently refurbished home offers lock-and-leave convenience with high-end finishes and a free-flowing, open floor plan. The Great Room features soaring, beamed ceilings, creating a grand, welcoming space, while the downstairs primary suite provides a private retreat. Each of the spacious bedrooms includes an ensuite bath, ensuring comfort and privacy for all. The flexible 4th bedroom offers potential as guest quarters, a media room, or a fitness space, all with breathtaking mountain views. Designed for relaxation and security, the private outdoor courtyard boasts a cozy fireplace, intimate seating areas, and a sparkling pool & spa

7425 S Joshua Tree Court Queen Creek, AZ 85142

$3,800,000
5 Beds
7 Baths
7,707 SqFt
Status Active
MLS # 6697613
Property Type Single Family Residence
Price Type --
NEW HOME! Step into a world of refinement with an open floor plan that seamlessly integrates spacious living areas. Kitchen with all upgraded appliance, space, & functionality. Entertain in style with a gorgeous backyard, pool, & large hot tub. Ramada with BBQ Grill & fridge, spacious pool house with bedroom & full bath. An extraordinary double RV garage with AC & bright lighting also used for recreational activities. Basketball hoop and pickleball net already installed. Escape to the luxurious master suite featuring a large walk in shower with double heads & a stand alone tub. Or let the cares of the world melt away in a private outdoor hot tub nestled in it's own private alcove conveniently off of the master bath, offering a spa like retreat.

40777 N Echo Canyon Drive Cave Creek, AZ 85331

$3,800,000
5 Beds
4.5 Baths
5,799 SqFt
Status Active
MLS # 6757254
Property Type Single Family Residence
Price Type --
On just under 15 acres of pristine land, this one-of-a-kind property offers unmatched privacy and convenience, located just minutes from famous Downtown Cave Creek with its lively entertainment, restaurants, and shopping. For outdoor enthusiasts, the home is perfectly situated near Spur Cross Ranch Conservation Area and Trails, providing easy access to some of the best hiking and riding in Cave Creek. The main house features a spacious and functional layout with two bedrooms and a grand owner's suite, complete with an oversized walk-in closet and a private office. The open living room is lined with windows, offering sweeping views of the beautiful backyard and the stunning mountain landscape. The backyard is an entertainer's paradise, equipped with a basketball court, infinity pool, koi pond, and desert landscaping that blends seamlessly with the natural surroundings. For equestrian lovers, the property also includes two horse stalls, perfect for enjoying the nearby trails. To top it all off, a rooftop deck offers stunning views making this the perfect spot to relax and enjoy the desert sunsets. The 1,500 sq ft guest house offers a cozy studio living space with a kitchenette, and an oversized bedroom upstairs that can double as a game room, office, or study. The sky's the limit! Let's not forget -this home offers a HUGE RV Garage and an additional 3 car garage, providing climate controlled space for up to 8 vehicles. This expansive property offers a rare opportunity to own almost 15 acres of highly sought-after land, combining serene privacy with close proximity to grocery stores, dining, and outdoor adventures. Don't miss out on this exceptional home!

10150 E Havasupai Drive Unit 1119 Scottsdale, AZ 85255

$3,800,000
4 Beds
4.5 Baths
4,756 SqFt
Status Active
MLS # 6738205
Property Type Townhouse
Price Type --
Contemporary home in The Parks at Silverleaf. This meticulously designed residence features two large Principal Suites, one on each floor, and another guest en suite on the main level - this home offers so much flexibility! The kitchen, equipped with all new Wolf Sub-Zero appliances, a walk-in pantry, and a spacious island with seating, opens to the great room with a fireplace and dining area. The large office/den offers excellent valley views. The upper level boasts a sizable entertainment area with a wet bar and with its' full bathroom it could also serve as another en suite bedroom! The backyard includes a pool, turf, and a covered patio with a dining area. The home is Crestron controlled with Sonos sound throughout. An exceptional opportunity in a prestigious neighborhood.

5419 E Calle Tuberia -- Phoenix, AZ 85018

$3,800,000
4 Beds
4.5 Baths
3,702 SqFt
Status Active
MLS # 6754197
Property Type Single Family Residence
Price Type --
Welcome to this meticulously crafted newer construction, embodying the true spirit of Arcadia living. Nestled in a private enclave of the highly sought-after Arcadia neighborhood, this home boasts stunning curb appeal. The well-designed split floor plan offers 4 bedrooms, 4.5 baths, plus an office and a teen room, ensuring a layout that's both functional and ideal for modern living. French doors throughout the home are perfectly positioned to frame picturesque backyard views from every living space. The kitchen is a chef's dream, featuring a spacious island, Thermador appliances, and ample counter space for effortless entertaining. The primary suite is a true retreat, offering serene backyard views, a cozy private sitting area with a fireplace, and a generous closet. All guest bedrooms are spacious and ensuite, providing comfort and privacy. Step outside into your own private oasis, complete with low-maintenance artificial turf, multiple seating areas, an outdoor fireplace, and a beautiful pool - perfect for enjoying the best of Arizona living.

15720 N 115th Way Scottsdale, AZ 85255

$3,799,000 - 4Br/4Ba -  for Sale in Mcdowell Mountain Ranch Parcel H Unit One, Scottsdale
Open House
$3,799,000
4 Beds
3.5 Baths
4,817 SqFt
Status Active
MLS # 6736814
Property Type Single Family Residence
Price Type --
Welcome to your dream home at 15720 N. 115th Way, where breathtaking views and modern comforts come together in perfect harmony. Nestled in the serene guard-gated community of 100 Hills this stunning residence offers panoramic mountain vistas, stunning desert sunsets and glittering city lights, providing a backdrop that will captivate you day and night. Step inside to discover a beautifully updated kitchen, the heart of the home, designed for both style and functionality. Featuring sleek granite countertops, custom cabinets, state-of-the-art appliances, and ample storage space, this kitchen is a culinary enthusiast's delight. Whether you're preparing a gourmet meal or hosting friends and family, you'll appreciate the thoughtful design and attention to detail. Beyond the kitchen, the spacious and inviting living areas are filled with natural light and open floor plan enhancing the home's warm and welcoming atmosphere. Sliding doors and expansive windows throughout offer stunning views from every part of the home, allowing you to enjoy the scenic beauty from the kitchen, living room, dining area, and bedrooms. The Outdoor spaces are equally impressive, with a patio perfect for al fresco dining, a beautifully landscaped yard, gorgeous infinity pool/spa w/boulder waterfall overlooking sunset views and city lights, and plenty of room for outdoor activities. Imagine sipping your morning coffee as you watch the sunrise over the mountains or relaxing in the evening with the sunset views or looking over the pristine city lights twinkling in the distance. The community of 100 Hills offers not only a spectacular setting but also convenient access to local amenities including multiple golf courses dining, private entrance to miles of open hiking/biking trails, excellent schools. 100 Hills exclusive amenities include private tennis courts, community pool and spa, and outdoor entertainment facilities within the guarded gate. This is more than just a home; it's a lifestyle. Don't miss your chance to experience the best of both worlds - stunning natural beauty and modern luxury. Schedule your private tour today and make this extraordinary property your own. Minutes to the McDowell Mountain Aquatic Complex which has a fitness facility, multiple pools, yoga, skate park, & lazy river.

9440 N 57th Street Paradise Valley, AZ 85253

$3,795,000
5 Beds
5 Baths
3,523 SqFt
Status Active
MLS # 6738222
Property Type Single Family Residence
Price Type --
Completely renovated to the highest standards! Finished home is similar to new construction. This is one of the best golf lots in the town of Paradise Valley Great Views but quiet and private. Single level home, with a split floor plan. Huge ceiling height throughout. Open floor plan through the Large kitchen, eating area and living room. 16 Foot pocketing door opens to pool,& patio. Wolf/Subzero appliances. 72'' horizontal gas fireplace. Lutron electric roller blinds and lighting. Four full bedrooms and family room with ensuite bathrooms. Oversized air conditioned / heated 3 car garage, 2 of which can be set up as an entertainment center. Electric car chargers in both garages, Smart controls, Security cameras. Golf and mountain views are absolutely stunning. Very easy to show.

8150 N 47th Street Paradise Valley, AZ 85253

$3,795,000 - 3Br/3Ba -  for Sale in Tatum Canyon, Paradise Valley
Open House
$3,795,000
3 Beds
2.5 Baths
4,952 SqFt
Status Active
MLS # 6721098
Property Type Single Family Residence
Price Type --
Nestled amidst the hillside within highly desired Tatum Canyon in Paradise Valley, this exquisite retreat boasts expansive views of Camelback Mountain, Mummy Mountain, the McDowells, Phoenix Mountain Preserve and city lights. Enjoy breathtaking sunsets and spectacular views from every single room! Upon entering, you are greeted by a grand foyer that leads into spacious and beautifully appointed living areas, media room, den, dining room, and contemporary gourmet kitchen featuring custom cabinetry with quartz countertops and massive waterfall island; each room capturing their own unique views. The upstairs primary suite is a sanctuary of tranquility, featuring a fireplace, private balcony, ensuite bath with a soaking tub, and exercise/yoga studio with expansive views that invite relaxation Two additional bedrooms feature an ensuite bath and offer versatility for guests or a home office. On the lower level you will find an extended garage with built In cabinetry and an attached hobby room with additional storage space. Outside offers the perfect setting for relaxing poolside, dining, entertaining guests, or simply soaking in the serenity of the surrounding landscape. A true entertainer's dream, with the perfect combination of indoor-outdoor living. Located in one of Paradise Valley's most coveted neighborhoods, this home combines the privacy and tranquility of hillside living with convenient access to upscale shopping, dining, hiking, and golf. Whether you seek a peaceful refuge or a place to entertain in style, this exceptional residence offers a rare opportunity to experience the ultimate in AZ living.

12220 E Alameda Road Scottsdale, AZ 85255

$3,794,995
3 Beds
3.5 Baths
4,365 SqFt
Status Active
MLS # 6749244
Property Type Single Family Residence
Price Type --
THIS OPPORTUNITY WON'T LAST, BUT THE VIEWS WILL! Move in Ready home on over 4 Acres. This beautiful pre-designed home with luxurious upgrades throughout. The award-winning Mayne home design was made for entertaining. This single level home showcases an open floor plan with elevated ceiling heights in the main living spaces. The gourmet kitchen is a chef's delight with upgraded cabinets and designer stainless steel appliances including a Wolf 48'' G Pro Range, 48'' Custom Decorative Kitchen Hood, JennAir Ice Maker, Sub-Zero 24'' Beverage Center, Sub-Zero 24' Wine Column, and a 30'' Column refrigerator and 30'' Column Freezer. Spacious great room features a 60'' Mezo fireplace and a 20' multi-stacking pocket door. Oversized bonus room with access to covered patio. Casita with living and bat

19627 N 101st Street Scottsdale, AZ 85255

$3,775,000
5 Beds
5.5 Baths
4,533 SqFt
Status Active
MLS # 6683085
Property Type Single Family Residence
Price Type --
This Canyon Villa, nestled within the prestigious guard-gated enclave of Silverleaf and masterfully crafted by the renowned Bing Hu, characterizes luxury living. Boasting 5 bedrooms and 5.5 bathrooms, 4,533 square feet, this residence offers a blend of sophistication and comfort. The expansive great room is accentuated by charming wood beam ceilings, creating an inviting ambiance that seamlessly flows onto the covered patio. Whether hosting indoor gatherings with friends or enjoying serene evenings outdoors while the sunset casts a golden glow over the McDowell mountains, this space offers spectacular views, making it the perfect setting for every occasion. Thoughtfully updated, this home features a Chef's kitchen, Bifold doors, new wood flooring throughout adds warmth and elegance to every corner of this abode. Convenience and privacy define the main level, which hosts a luxurious primary bedroom suite, office with views, open great room with vaulted ceilings providing a sanctuary of comfort and relaxation. Stepping into the front lushly landscaped courtyard, guests are greeted by a detached guest casita, complete with a heated pool and spa. Whether lounging poolside or enjoying a rejuvenating soak, visitors are treated to an unforgettable retreat experience. Silverleaf, located in North Scottsdale, Arizona, is a prestigious guard gated community known for its luxurious estates, exclusive golf courses, private Club and stunning desert landscapes. The Tom Weiskopf-designed Silverleaf Golf Course is a highlight for golf enthusiasts. With a blend of Spanish and Mediterranean-inspired architecture, the community offers a high standard of living, including upscale amenities like spas, fine dining, and exclusive shopping. Residents enjoy a harmonious balance between modern luxury and the natural beauty of the desert environment, making Silverleaf a sought-after destination for those seeking an exceptional lifestyle in North Scottsdale.

12265 E Troon Vista Drive Scottsdale, AZ 85255

$3,751,995
5 Beds
5.5 Baths
4,682 SqFt
Status Active
MLS # 6668733
Property Type Single Family Residence
Price Type --
Don't miss this opportunity to live in Scottsdale's most desirable location, the picturesque, and award winning community of Sereno Canyon. Nestled against the McDowell Mountain preserve, with Sonoran desert views and close proximity to hiking trails. This open floorplan includes a casita with an exterior and interior entry, wet bar, and has enough room for bedroom and living space. The kitchen great room opens to a large covered patio with a 20' 90 degree corner door that pockets into the wall and brings the outside in. Chefs kitchen including two quartz islands for entertaining, SS Wolf Pro Line including a 48'' smart range, wall oven, and Sub-Zero 48'' side by side built refrigerator. 14' ceilings in the main living area. All bedrooms are en-suite with WIC. 10 year warranty included.

20 Sierra Roja Circle Sedona, AZ 86351

$3,750,000
5 Beds
5 Baths
5,355 SqFt
Status Active
MLS # 6743613
Property Type Single Family Residence
Price Type --
2.09 Acre Compound/Getaway Retreat and/or Incredible Investment Opportunity minutes away from Red Rock Crossing! DEAD-ON views of the iconic Cathedral Rock upon entering property. EXTENSIVE2024 REMODEL of this Craig Stromme masterpiece features a Stunning transformation of rustic meets contemporary with subtle hints of the Southwest. SINGLE LEVEL LIVING perfect for Multi-generational living and/ or work from home with multiple options for office/home gym/yoga/game room/bar/ art studio. AWESOME RED ROCK VIEWS from every room & from the open exterior center Courtyard. IMPRESSIVE Interior of main home boasts10ft ceilings adorned by multiple glass sliders and windows create an inviting, open, bright and airy living space. Coffered ceilings with dazzling chandeliers adorn the SPACIOUS dining room and kitchen. Create your favorite Culinary delights in the HUGE chef's kitchen boasting white quartz countertops, massive center island with built-in Smart convection/microwave combo and two beverage fridges, White Café Appliances, including commercial grade 6-burner propane cooktop with brushed copper hardware, soft close cabinet doors, farmhouse sink, lower level cabinets w/ pullouts and two breakfast bar/serving areas. Primary bedroom suite has HUGE bath including elongated walk-in tiled shower with two oversized rain shower heads and two hand-held wands, soaking tub, dual vanities with Oversized Smart mirror. Continue down the Grand Hallway and enjoy your art collection displayed in a custom niche cluster on the way to two cozy guest bedrooms with shared bath. Attached Guest Casita across courtyard includes spacious ensuite bedroom w/ separate entrance, a HUGE Studio/Game Room/Office Area with large wet bar w/ dual beverage fridges and an adjoining Guest Suite with kitchenette/dining combo, perfect for a live in caretaker/property staff with separate entrance. Two HUGE 600 sf garages with 12 ft ceilings with one side open to the courtyard. Use one for vehicles and the other as an open-air shaded relaxation area complete with Red Rock Views OR put in a pickelball court! Plenty of space for all your toys and acreage to build an oversized RV Garage and/or shelter paddocks for horses. An Entertainer's Dream Home, take the party outside for good times in the spacious 2,640 sf courtyard complete with heated and lighted lap pool, adjoining hot tub, sunken sitting area with firepit and trellised BBQ Station with SS Blaze Grill w/ prep sink, built-in fridge and storage. Prime Location offers a hiker's paradise with Red Rock Crossing and Baldwin Trail just minutes away. Enjoy world-class golf, shops, dining, galleries, and amenities within a two-minute drive. This extraordinary property offers a unique blend of luxury, functionality, and natural beauty. Schedule your showing today to explore this magnificent estate and make it your own. Welcome Home! Additional Features include: · Custom cabinetry throughout · 3- ft wide doors throughout · 2 Bosch tankless water heaters, · 2 Green Energy RHEEM A/C Gas Pack Units · Climate-controlled storage with built-in shelves · Sierra Pacific aluminum clad wood low-E windows and doors · Roof Professionally coated and sealed in 2024, · New 2,000-gallon septic system installed in 2024. · Sprinkler System for Fire Safety Overview: Discover your personal and private oasis in unincorporated Sedona with this breathtaking 2.09 acre estate and getaway retreat, offering stunning unobstructed views of the iconic Cathedral Rock. Just minutes from Red Rock Crossing, this custom built Craig Stromme masterpiece was completely remodeled in 2024 with high-end finishes throughout, seamlessly blending rustic charm with contemporary elegance and subtle hints of the Southwest. Ideal for the private professional, multi-generational living, large families, a versatile work-from-home space, or fantastic investment opportunity. Property Features: Spectacular Views: Every room in the main home and the open exterior center courtyard boasts awe-inspiring Red Rock views, ensuring an ever-present connection to nature's beauty. Single-Level Living: Perfect for easy accessibility and multi-generational living, this home features a thoughtfully designed floor plan with numerous spaces adaptable for office, home gym, yoga studio, or art studio. Grand Interior: Step into a bright and airy space with 10-ft ceilings, multiple glass sliders, and windows. The spacious dining room and kitchen feature coffered ceilings adorned with dazzling chandeliers, creating a stunning visual impact. Chef's Kitchen: The expansive kitchen is a culinary delight, showcasing white quartz countertops, a massive center island with built-in smart convection oven microwave combo and two beverage fridges, and premium commercial grade appliances. A 6-burner propane cooktop with pot filer and brushed copper hardware, soft-close cabinets, farmhouse sink, and dual breakfast bars offer both functionality and style. Luxurious Primary Suite: The primary bedroom suite includes a lavish bath with an elongated walk-in tiled shower featuring dual oversized rain shower heads and handheld wands, a soaking tub, dual vanities with an oversized smart mirror, and ample closet space. Guest Accommodations: The attached guest casita across the courtyard offers a spacious en-suite bedroom with a separate entrance, a huge studio/game room/office area with a wet bar and dual beverage fridges, and an adjoining guest suite with kitchenette and dining comboperfect for live-in caretakers or property staff. Courtyard Oasis: The 2,640 sq ft courtyard is an entertainer's dream, complete with a heated lap pool with bench seating, therapeutic spa, sunken sitting area with a gas firepit, and a trellised BBQ station featuring a stainless steel Blaze Grill with prep sink, built-in fridge, and ample storage. Four Car Garage: Two massive 600 sq ft garages with 12 ft ceilings and LED honeycomb lighting with one side open to the courtyard. Use one for vehicles and the other as an open-air shaded relaxation area complete with Red Rock Views. Plenty of space for all your toys. Outdoor Space: Ample room for all your recreational needs, including space for an oversized RV garage, paddocks for horses, and shaded relaxation areas with Red Rock views. Prime Location: A hiker's paradise with Red Rock Crossing and Baldwin Trail just minutes away. Enjoy world-class golf, shops, dining, galleries, and amenities within a two-minute drive. Additional Features: Custom cabinetry throughout; Two Bosch tankless water heaters; 2 Green Energy RHEEM A/C Gas Pack Units- 2 Zones; climate-controlled storage with built-in shelves; Sierra Pacific aluminum clad wood low-E windows and doors; professionally coated and sealed roof in 2024; all doors are 3 ft wide; New 2,000 gallon septic system installed in 2024. This extraordinary property offers a unique blend of luxury, functionality, and natural beauty. Contact us today to explore this magnificent estate and make it your own!

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