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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3648 N Sky Point Circle Mesa, AZ 85207

$3,675,000
5 Beds
5 Baths
6,000 SqFt
Status Active
MLS # 6640413
Property Type Single Family Residence
Price Type --
Spectacular Views from this Beautiful Modern Masterpiece '' TO BE BUILT'' home. Perched in the Mountainside Hilltop Community of Las Sendas. This home was meticulously designed to maximize all the best attributes and views of this almost 2 acre lot. This gated community sits elevated in the Sky Mountain exclusive neighborhood giving this home privacy and 360 degree views of the valley coupled with luxury features for the most discerning tastes. This home will take 12-14 months to build and has already been thru HOA approval and is ready to break ground. Come drive and walk the lot and meet the builder to discuss making this new home yours!

6516 E Maverick Road Paradise Valley, AZ 85253

$3,675,000 - 4Br/5Ba -  for Sale in Camelback Country Club Estates, Paradise Valley
New
$3,675,000
4 Beds
4.5 Baths
4,225 SqFt
Status Active
MLS # 6758994
Property Type Single Family Residence
Price Type --
Opportunity Waiting... Exceptional location in Camelback CC. *****PV approval pending for remodeling/addition permit - plus guest house***Permit expected by end Sept 2024*** Permit included with purchase*** Plans, renderings, etc. available upon request. Current home is very livable. Home was an excellent rental.

3749 S Clubhouse Circle Unit 224 Flagstaff, AZ 86005

$3,650,000
5 Beds
5.5 Baths
4,684 SqFt
Status Active
MLS # 6702759
Property Type Single Family Residence
Price Type --
This 5 bedroom 5.5 bath home is the epitome of upscale rustic elegance with every aspect of luxury mountain living. Take in the breathtaking views of the 5th green of Pine Canyon's award-winning golf course from the expansive back patio complete with a fireplace, dog run and built-in BBQ. This home boasts four primary bedroom suites, hardwood floors throughout, a floor to ceiling fireplace, exposed wood beams, two separate dining areas, and a bar area, perfect for entertaining. The spacious kitchen is a chefs dream with granite countertops, separate bar seating for 7, island with veggie sink, 6 burner wolf range and full tiled backsplash. This home also features a private guest bunk room on the upper level of the home and a 3 car garage. Within walking distance to Morrish Station this is truly the picture-perfect place for a family gathering.

9422 E Diamond Rim Drive Scottsdale, AZ 85255

$3,650,000
4 Beds
4 Baths
3,776 SqFt
Status Active
MLS # 6632506
Property Type Single Family Residence
Price Type --
Beautifully updated Pima Acres residence on a 1.69-acre lot that affords you with limitless possibilities to create your dream property. This stunning custom-designed home incorporates a welcoming air into the practical entertaining spaces. The gourmet kitchen features quartz countertops, Subzero, Wolf, and Miele appliances, including an induction cooktop. Kitchen island seats 5, with additional in-kitchen dining and a separate dining area. The large principal suite encompasses a gorgeous fireplace, walk-in closet, large tub, spacious shower, quartz countertops, dual sinks, and an adjacent outdoor shower. All four bedrooms in this home are en-suite. The kitchen opens to the comfortable family room with a fireplace and there is a fantastic secondary great room (or a fourth bedroom)... with a built-in wet bar, wine cooler, fireplace, and offers city light views. Skylights brighten the home, and wood flooring adds a touch of warm elegance. Custom pavers enhance the driveway, front entry, back patio, and side walkways. The expansive resort-style backyard includes stunning mountain views, built-in grill, heated pool with spa and water features, 2 outdoor showers, built-in wood-burning fire pit, and professional landscaping featuring an orchard with citrus and fruiting trees. Privacy is ensured by a NAOS to the east, a 15-foot setback on the vacant lot to the west, and an enclosed backyard with an impressive block fence. Other incredible features include a cozy front patio with a fireplace, RV gate, and a three-car garage with epoxy flooring and custom cabinets. This incredible home is located in Pima Acres, which has minimal HOA fees, and is conveniently close to the 101, golf, hiking trails, restaurants, shopping, and more. Contact us for a private tour of this exceptional home today. SELLER REASONABLY MOTIVATED!!

39336 N Old Stage Road Cave Creek, AZ 85331

$3,650,000
4 Beds
4.5 Baths
4,503 SqFt
Status Active
MLS # 6522951
Property Type Single Family Residence
Price Type --
'Pre-Construction' Spectacular Hillside Custom Contemporary, located in The Village at Go John Canyon. MODEL HOME UNDER CONSTRUCTION NEXT DOOR ON PARCEL 5. No HOA, but thoughtful Design Guidelines apply. Nestled into the upslope of Go John Mountain, this 4503 sq. ft. Desert Contemporary will feature over 3200 sq. ft. main level living and 1300 sq. ft. lower lever attached Guest Home. Fabulous Great Room, Temp controlled glass enclosed wine room, luxurious Owner's Suite, an elevator and the most incredible expansive views. Exceptional luxury for multi-generational living or generate income with separate lower-level guest Cottage. Go John Canyon by Del Rey Development is a hidden and secluded enclave of premium custom homes. Each estate sized parcel is 4.3 acres and borders the Desert Foothills Land Trust with direct, private trail access to Cave Creek Regional Park. This luxury home also includes a custom, heated pool/spa

19621 N 96th Place Scottsdale, AZ 85255

$3,625,000
5 Beds
4 Baths
4,435 SqFt
Status Active
MLS # 6752044
Property Type Single Family Residence
Price Type --
Highly sought after, gated DC Ranch Hacienda on one of a kind, oversized lot is tucked on an exterior cul de sac street with amazing curb appeal, faces open preserve and backs to natural area with picturesque McDowell mountains. Capture serene mountain and city light views from multiple areas of the home. Desirable great room home plan features 5 bedrooms, 4 baths, downstairs office and plus an upstairs office/den with wine fridge bar, and an expansive flex bonus room upstairs, with charming interior courtyard for entertaining. Enjoy seamless indoor/outdoor AZ living with a telescoping glass door from great room to picture perfect resort style backyard with scenic mountain backdrop, featuring oversized grassy area plus garden planters, outdoor covered ramada adjacent to generous heated pool and spa, and linear firepit, built-in BBQ with seating, covered patio, with ample hardscape space for seating/lounging. Stunning designer finishes including oak hardwood flooring throughout the home, light and bright oversized eat-in kitchen island, chic statement vent over gas range overlooking backyard, refined marble and tile selections throughout for a polished sophisticated appeal. Breathtaking views from second level primary suite with sitting area overlooking majestic McDowell Mountains, enjoy generous wardrobe, and spa like bath with freestanding bubble soaker tub. Convenient utility room with hall tree, three car tandem garage with cooling unit, plus spacious additional paved parking for four more cars. Quaint neighborhood park nearby. This showstopper is a unique opportunity in the coveted DC Ranch Haciendas.

42016 N 54th Street Cave Creek, AZ 85331

$3,600,000
4 Beds
4.5 Baths
4,000 SqFt
Status Active
MLS # 6657847
Property Type Single Family Residence
Price Type --
Luxurious and spacious home with stunning mountain views. This to-be-built home will offer four bedrooms, 4.5 bathrooms, and 4000 sqft of living space on a 2.5-acre lot. The home will have a north/south exposure, a formal dining area, a great room, a private pool, and a three-car garage. The home will also have no HOA fees, giving you more freedom and flexibility. This is a perfect opportunity to own a custom and elegant home in a scenic and convenient location!

1502 E Treasure Cove Drive Gilbert, AZ 85234

$3,600,000 - 8Br/8Ba -  for Sale in West Lake Estates, Gilbert
New
$3,600,000
8 Beds
8 Baths
6,781 SqFt
Status Active
MLS # 6760150
Property Type Single Family Residence
Price Type --
Welcome to the rarest one-of-a-kind MASTERPIECE in prestigious GATED West Lake Estates! This unique estate is located on 2 waterfront lots with the most STUNNING expansive 240 degree views of the lake--and this exquisite ESTATE has recently been completed remodeled! Some unique features: over 6700 square feet of the finest luxury and superior quality finishes with 8 bedrooms and 8 baths, a large 3 car garage, an elevator, Gourmet Chef's Kitchen--both indoors and out--home theater, game room, 50 bottle wine room with humidor, impressive outdoor patio with a huge gazebo that has misting and heating, firepits, impressive 36,000 gallon salt water pool with swim up bar.. the views & outdoor living are like living in the finest 5 star resort! Click ''more'' for further

27184 N 97th Place Scottsdale, AZ 85262

$3,600,000
4 Beds
7 Baths
7,587 SqFt
Status Active
MLS # 6744319
Property Type Single Family Residence
Price Type --
Discover your desert oasis within the gates of Estancia. This luxurious residence features block construction and southwest architecture that blends seamlessly with the stunning natural surroundings. The spacious interior boasts high ceilings, gourmet kitchen, and a serene primary suite with a spa-like bathroom. The large outdoor living space offers privacy and features a covered patio, built-in BBQ, and a sparkling pool and spa, Located in an exclusive neighborhood with easy access to golf courses, hiking trails and Scottsdale's vibrant amenities, this home offers the perfect blend of luxury and tranquility. Membership to the Estancia Club is separate and subject to application and approval. Approved applicants will likely be subject to a waitlist.

35670 N 85th Street Scottsdale, AZ 85266

$3,600,000 - 3Br/4Ba -  for Sale in Rosewood Ranch Estates, Scottsdale
Open House
$3,600,000
3 Beds
3.5 Baths
4,828 SqFt
Status Active
MLS # 6732527
Property Type Single Family Residence
Price Type --
Step into a world where decadence meets contemporary elegance in this exceptional masterpiece nestled behind the coveted gates of Rosewood Ranch Estates. Surrounded by breathtaking mountain vistas, this residence is a serene oasis meticulously crafted by the award-winning Rosewood Homes, celebrated for their environmentally sensitive designs and innovative style. This custom, contemporary home, built in 2020, seamlessly blends luxury, comfort, and modern sophistication. Designed for those with discerning tastes, this exquisite residence features three sumptuous ensuite bedrooms and 3.5 opulent bathrooms, ensuring every guest feels pampered. As you enter, you'll be captivated by unobstructed, postcard-perfect views of Black Mountain, Elephant Mountain, and the Continental Mountains that will leave you in awe. The home boasts disappearing walls of glass that effortlessly merge indoor and outdoor living, leading to a stunning private interior courtyard that invites natural light and tranquility into every corner. With soaring 12-foot ceilings, elegant wood accent beams, and upscale tile hardwood floors throughout, every detail has been thoughtfully curated. The designer kitchen is a chef's dream, equipped with a Sub Zero custom refrigerator and freezer, a six-burner Wolf cooktop, and Fisher Paykel dish drawers. The stylish culinary island and designer backsplash create an inviting space for gatherings, making it the heart of the home. Unwind in the luxurious great room, featuring a sleek linear gas fireplace, or retreat to the versatile den/media room, perfect for a private office, gym, or home theater. The primary suite serves as a private sanctuary, boasting a spa-like bathroom with a generous walk-in shower, a freestanding tub, and his and her vanities, complemented by oversized designer closets. Guest comfort and privacy are paramount, with generously sized guest suites thoughtfully located on the opposite side of the house. Embrace seamless indoor-outdoor living with two walls of disappearing glass that open to a spectacular private courtyard, complete with a large custom pool featuring an oversized Bahia shelf for the ultimate relaxation, a designer poolside ramada and outdoor BBQ kitchen perfect to swim up to and enjoy fabulous sunsets, drinks, and dinner, and a bocce ball court for endless entertainment. Gather around the gas fire table under the star-filled desert sky for unforgettable evenings. Situated on over an acre this boast the largest, most private lot in the neighborhood and offers ample space for a separate guest house, pickleball court, yoga shala, or simply room to run and play. The four-car garage provides plenty of storage for all your vehicles and toys. This impeccable home presents an unparalleled opportunity for luxurious living in North Scottsdale. Don't miss your chance to experience luxury at its finest, book your private tour today and step into the lifestyle you've always dreamed of!

4849 N Camelback Ridge Road Scottsdale, AZ 85251

$3,595,000
2 Beds
3 Baths
2,683 SqFt
Status Active
MLS # 6675758
Property Type Apartment
Price Type --
This unique loft style home features 20' ceilings in the living area with spacious indoor/outdoor living and a lower garden/yard. This home is exceptional with its soaring ceilings and phenomenal views of Camelback Mountain. Featuring 1 bedroom, 2 full baths, a den and 2 reserved parking spaces. Tucked at the base of Camelback Mountain, Ascent is a new, private gated residential enclave adjacent to The Phoenician Resort - one of Arizona's premier luxury resorts. Home designs feature contemporary architecture integrating warm, natural materials, expansive windows, stacking door systems opening to a large outdoor patio with fire feature and BBQ Thoughtfully designed by Nelsen Architects and Vallone Interior Design. Luxury finishes include exquisite Bulthaup Kitchens, hardwood floors, .....

220 Wilson Road Sedona, AZ 86336

$3,595,000
6 Beds
7 Baths
4,875 SqFt
Status Active
MLS # 6751643
Property Type Single Family Residence
Price Type --
Get ready to step into a world where luxury meets legacy- welcome to Villa D' Vaquero, a gated iconic Tuscan farmhouse in the absolute prime of Uptown Sedona. This isn't just a property; it's a rare opportunity to revive an Uptown bed and breakfast experiences right in the heart of everything Sedona has to offer. Let's talk about the bones of this masterpiece: three separate living spaces under one expansive roof—each corner of this 5-bdrm, 6-bthrm estate whispers exclusivity. Walk into the Great Room & your jaw drops as you take in the gigantic ceilings that stretch above you. This is where luxury truly lives. The chef's kitchen? It's a playground for culinary greatness with a Sub-Zero fridge, Wolf gas range, warming drawer, and even a trash compactor because every detail matters when you're operating on this level. Outside, the magic continues. Picture this: a courtyard patio with a fireplace, lush green grass, & beautifully manicured landscaping that's straight out of a magazine. There's a built-in BBQ for those unforgettable nights under the stars, & a hot tub just waiting to melt your stress away. And let's not forget the separate studioa total game-changer. This space, complete with a kitchenette, Great Room & private bath, can easily transform into a bunkhouse or expand your guest list to 14. It's the kind of flexibility that's hard to find, making Villa D' Vaquero a true unicorn in the market. Now, let's get to the location- because in real estate, we know it's all about location, location, location. This is an A+ spot that doesn't just give you privacy-it delivers convenience on a silver platter. Walk across the street for your morning coffee, grab necessities at Manzanita Market without getting in the car & dine at top-tier restaurants just steps away. And the best part? No restrictions. You have the freedom to turn this into whatever you want a high-end bed and breakfast, a luxurious private estate, or a short-term rental goldmine. Villa D' Vaquero isn't just a house- it's a lifestyle, a business, and an incredible investment opportunity all rolled into one. The privacy is real, the potential is massive, and the time to make it yours is now. Are you ready to bring this Sedona legend back to life? Because Villa D' Vaquero is ready for you.

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