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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9197 E Bajada Road Scottsdale, AZ 85262

$3,595,000

4 Beds

5 Baths

4,244 SqFt

Status Active

MLS # 6749901

Property Type Single Family Residence

Price Type --

Membership available- Updated by Dick Lloyd Custom Homes, this single level jewel box desert retreat is located on a private cul de sac in Desert Mountains Village of Gambel Quail. Sale includes adjacent lot to south to preserve views featuring incredible sunset and surrounding mountain views, and some golf and night light views as well as expansion possiblities. Traditional Sante Fe-style exterior architecture melds with a contemporary interior including pristine travertine flooring, marble bathrooms, art spotlights, custom cabinets in kitchen and much more. The heart of the home is the large and open great room floor plan blending together lounging, dining, and gourmet kitchen with Miele appliances for all your entertaining spaces. The indoors spills out through large sliding glass doors to the outdoor living and dining room with 85 outdoor TV with heaters and kiva fireplace for cooler desert nights. Backyard also features large plunge pool, spa, pool bath, turf area, three-hole putting green and lush mature desert vegetation for a tranquil outdoor experience for all. The bedrooms offer privacy and space for all with master suite on one end of the home and three additional guest suites and office located on other wing. Entire home is wired for AV capabilities in all bedrooms and full home automation AV, lighting, cameras, garage doors. Home is equipped with solar and Tesla battery storage as well as large three car climate-controlled garage with plenty of storage. Home has been meticulously cared for with updates and warranties in place for roof, fridge, and HVAC. Truly a lock and leave home that can be accessed from any smartphone or iPad to open up or shut down. Please inquire for full list of updates. The location within Desert Mountain is ideal with close proximity to the front gate for easy access into town, as well as access to all other world-class amenities, including 7 golf courses, 7 clubhouses, and 20 miles of private hiking trails, promising an unparalleled lifestyle of luxury, leisure, and serenity. Embrace the Desert Mountain experience and make this extraordinary property your own.

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2457 E Glenhaven Drive Phoenix, AZ 85048

$3,595,000

4 Beds

4 Baths

3,749 SqFt

Status Active

MLS # 6619546

Property Type Single Family Residence

Price Type --

A NEW TO BE BUILT SPEC HOME ON ONE OF THE MOST AMAZING LOTS AVAILABLE IN AHWATUKEE!! LOCATED IN FOOTHILLS MOUNTAIN RANCH ESTATES!! ALMOST 4000 SQUARE FEET ON OVER 5 ACRE HILLSIDE LOT WITH STUNNING MOUNTAIN VIEWS FROM EVERY DIRECTION*YOUR DREAM CUSTOM ESTATE AWAITS*THERE IS NOT ANOTHER PIECE OF LAND IN AHWATUKEE THAT OFFERS THIS MANY ACRES*LOCATED AT THE END OF A CUL-DE-SAC*BE THE KING OF THE HILL WITH VIEWS ALL THE WAY TO FOUR PEAKS*DO NOT MISS THIS AMAZING TO BE BUILT SPEC HOME IN AN AMAZING LOCATION!!!!

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24724 N 119th Place Scottsdale, AZ 85255

$3,595,000

4 Beds

4 Baths

3,800 SqFt

Status Active

MLS # 6685315

Property Type Single Family Residence

Price Type --

Spectacular 360* Mountain & Valley VIEWS! TRUE GOLFER'S PARADISE! Newly UPDATED CONTEMPORARY ESTATE in the Heart of Troon In North Scottsdale. Incredible location...Close to Shopping, Dining, fabulous hiking trails + so much more! Breathtaking yard with Putting green, large sparkling pool, lounging areas for sun / shade. Boasting Soaring Ceilings, this light & bright home with a ''sunny'' disposition has been thoughtfully designed sparing no expense.

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12560 E Cochise Drive Scottsdale, AZ 85259

$3,595,000

5 Beds

5.5 Baths

4,951 SqFt

Status Active

MLS # 6715679

Property Type Single Family Residence

Price Type --

NEW CONSTRUCTION - Contemporary home with private Casita in the prestigious Shea Corridor on an acre lot with stunning views of the McDowell Mountains! Front entrance takes you into a spacious foyer which leads to an expansive Great Rm, Kitchen and Dining area. The kitchen, with its European-style cabinets quartzite countertops and high-end appliances, also has a large walk-thru pantry. Wide hallways route you to the ensuites, each with an ample walk-in closet and bathroom. Owner's suite has a sitting and TV room, a gorgeous long vanity, bathing area, and an extra-large closet . An oversize 4-car garage fits your full size pickup with plenty of room to spare! The 856 SF detached 1-Bd Casita mirrors the luxury of the main home. with full kitchen and Great Rm for guests or relatives The large porch offers spectacular views of the mountains. Large Travertine steps take you to the modern, heated pool and spa. T There are two sliding metal gates and an RV gate for extra parking and/or access to the backyard, including private parking for the Casita. The home is within close proximity to fine dining and Old Town Scottsdale, the Mayo Clinic, world class golf, hiking trails, Westworld and more! No HOA. Your dream home awaits!

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37200 N Cave Creek Road Unit 1009 Scottsdale, AZ 85262

$3,595,000

3 Beds

3.5 Baths

4,556 SqFt

Status Active

MLS # 6564876

Property Type Single Family Residence

Price Type --

Desert Mountain GOLF Membership is available with this home. Stunning Cullum home at the Seven community at Desert Mountain. Light and bright great room floor plan that features three en-suites , additional family room and powder room. Expansive kitchen with large center island and is equipped with Subzero, Wolf and Cove appliances. A modern beautiful fireplace is a focal point in the great room. Expansive multi slide glass doors lead to a large covered patio. Enjoy great views of Renegade hole number 13, majestic mountains, and fabulous sunsets. Walking distance to the Seven clubhouse to enjoy dining, bocce ball, and the fabulous par 3 golf course. For more than three decades, Desert Mountain has been providing its Members with one of the world's finest year-round golf and lifestyle experiences. The Club's master plan was conceptualized by Taliesin Associated Architects, a firm founded by the legendary Frank Lloyd Wright, and designed to subtly harmonize with the magnificent natural landscape that surrounds the illustrious 8,300-acre property located in North Scottsdale Arizona. The Desert Mountain Club features Seven golf courses, seven clubhouses and nine different dining options from formal to casual. The Sonoran Fitness center and Spa offers the newest equipment and is staffed with top wellness and sports professionals, the expansive Fitness Center has everything you need for a total body workout, from muscle conditioning and flexibility to private personal training, group classes, and on-site physical therapy. The beautifully appointed Spa offers a wide range of services, including therapeutic massages, repairing facials, haircuts, color, and even acupuncture treatments.The Tennis Complex features five state-of-the-art Har-Tru green clay tennis courts, three fast-playing hard courts, and a spectacular stadium grass court. Members can enjoy spirited competition and socializing on six pickle ball courts. In addition Desert Mountain has a private trail system that borders the Tonto National forest and encompasses 20 miles of panoramic desert scenery and lush mountain flora. By two feet or two wheels, explore the eastern slope of the Continental Mountains, enjoy views for miles from the 4,100-foot summit that overlooks landmarks like Skull Mesa, Elephant Butte, and Harquahala Peak. Desert Mountain is proud to be distinguished by the Platinum Clubs® of America, considered as the most respected recognition in the private club industry. Every two years, clubs are judged for their history, ability to attract and retain exceptional members, and the experience delivered. Criteria include recognition, excellence in amenities and facilities, staff and professional services, quality and commitment of membership, governance and prudent fiscal management, adapting to changing times, and overall experience. Desert Mountain Club currently ranks #14 in the country on the 2021-2022 list, and is the highest ranking club in Arizona in the Country Club category.

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10040 E Happy Valley Road Unit 417 Scottsdale, AZ 85255

$3,595,000

4 Beds

5.5 Baths

6,370 SqFt

Status Active

MLS # 6711268

Property Type Single Family Residence

Price Type --

IMMEDIATE GOLF MEMBERSHIP AT CLOSE OF ESCROW! Situated on over 1.3 acres in a privates cul-de-sac lot that offers the ultimate in privacy! Gated courtyard entry surrounded by the beautiful flora of the Sonoran Desert. Great room floorplan, private master suite, 3 guest ensuite guest bedrooms, office, upstairs library/hobby room + bonus room with sweeping city light & mountain views. 24x24 travertine floors, wood beams, stacked stone & more. Gourmet kitchen with new top-of-the-line appliances, designed for the most discerning chef, features taj mahal quartzite countertops, knotty alder cabinets and adjacent breakfast room with fireplace. Private resort like backyard with beautiful mountain views as a backdrop, pebble tec pool and spa (see ''more'' remarks)... ... cooking station with new Napoleon gas grill, private side yard perfect for a garden or dog run. Exquisite landscape design by Trademark Landscaping. Desert Highlands, ranked as a top 100 club by Platinum Clubs of the World, offers world class amenities include a Jack Nicklaus championship golf course, 18-hole putting course, award winning clubhouse featuring Jack's Gastrupub and Jack's Backyard, Highlands Racquet Club offering grass and clay tennis courts + pickleball courts, state of the art fitness center & more. A $150,000 membership fee is due from buyer at close of escrow.

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5769 S Joshua Tree Lane Gilbert, AZ 85298

Open House

$3,595,000

4 Beds

4.5 Baths

4,052 SqFt

Status Active

MLS # 6659453

Property Type Single Family Residence

Price Type --

MODEL LEASEBACK OPPORTUNITY- Stone Crest is Camelots latest offering in the SE Valley. Luxury and glamour is the standard in this beautiful contemporary model home featuring 4 en-suite bedrooms, 4 car garage and a Man Cave that offers a great spot for entertaining outdoors! With Camelot you know your home is built with love and passion, indoor/outdoor lifestyle in mind - where it's easy to unwind, explore, or throw an unforgettable party with the ones you love. Step into the future of luxury living with the high quality design and innovative architecture of Award winning Architect Robert Hidey.

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9528 E Mountain Spring Road Scottsdale, AZ 85255

$3,594,500

4 Beds

4.5 Baths

4,644 SqFt

Status Active Under Contract

MLS # 6696187

Property Type Single Family Residence

Price Type --

Experience sophisticated desert living in this completely remodeled single-level home in DC Ranch, one of Scottsdale's most sought-after neighborhoods. 4-bedrooms, PLUS Office, PLUS fully outfitted theatre and 4.5-baths plus 3RD GARAGE BEING BUILT. This home blends timeless architecture with modern elegance. Enjoy light-filled living spaces, chef's kitchen with top-of-the-line appliances, and breakfast nook overlooking the lush backyard. Large primary suite w/ spa-inspired bathroom and private patio access. Resort-style backyard with pool, spa, fireplace, and outdoor kitchen. DC Ranch residents enjoy exclusive access to amenities like pools, tennis, pickleball, social events, miles of paved & lighted trails; adjacent to upscale casual dining, shopping, golf and right outside your doors. your door, the renowned McDowell Sonoran Preserve. Don't miss the chance to call this exceptional residence home.

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4840 E Caida Del Sol Drive Paradise Valley, AZ 85253

$3,590,000

6 Beds

5.5 Baths

5,598 SqFt

Status Active

MLS # 6692117

Property Type Single Family Residence

Price Type --

What makes this home a coveted gem? Value: Currently there is only one property with a 1000sqft+ guest houses under $4M in Paradise Valley. Perfect Generational Living. Design: bold, modern architecture with clean lines and multi-generational modern living. Luxurious Interiors: High-end details and a layout that's both functional and fabulously designed. Entertainer's Dream: Incredible outdoor living spaces, complete with a sparkling pool, spa, and an outdoor BBQ/Bar. It's the perfect setting for memorable gatherings, big or small. Location: Minutes away from exceptional schools dining, shopping, and entertainment, yet tucked away in a private refuge. The best of Paradise Valley, with elegant design and superior craftsmanship that seamlessly blends indoor and outdoor living.

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5601 E Monterosa Street Phoenix, AZ 85018

$3,570,000

5 Beds

5.5 Baths

4,491 SqFt

Status Active

MLS # 6686485

Property Type Single Family Residence

Price Type --

Nestled in the heart of Arcadia proper, perfectly situated between Exeter and Lafayette on a coveted corner lot. This meticulously designed residence boasts an array of features that epitomize modern elegance and comfort. Upon entry, you're greeted by the grandeur of soaring ceilings that create an ambiance of openness and natural light throughout the home. The focal point of the residence is undoubtedly the amazing chef's kitchen, meticulously crafted with top-of-the-line subzero & wolf appliances, custom cabinetry, open shelving and a full butters pantry with dishwasher & prep space. This home provides the perfect setting for culinary enthusiasts and entertainers with a seamless floorpan and large open light open spaces. With 5 spacious bedrooms and 5.5 ensuite baths, plus office & loft this home has plenty of room for the family. Including a master suite that features unobstructed camelback views, this home offers ample space for both relaxation and privacy. All bedrooms have walk in closets and ensuite bath. Additionally, a huge bonus room/loft provides versatility for various lifestyle needs, whether it be a home office, media room, or play room space. Every inch of this residence exudes sophistication and attention to detail, with no expense spared in its design and construction. From the meticulously landscaped grounds featuring lush ficus, fruit trees, and a charming garden atmosphere, to the sparkling pool and numerous outdoor sitting areas, the indoor/ outdoor living is elevated to an art form, offering an oasis of tranquility and relaxation. With million-dollar views of camelback adding to the allure of this prestigious property, and its prime location in the heart of Arcadia, this home represents the epitome of luxury living in one of the most sought-after neighborhoods. This home has an extra deep 3 car garage and 5 car spaces in the drive way for your car enthustiast. Backyard includes tuff shed and has alley access. We are just a 10 min bike ride away down the canal from fashion square and a 10 min drive to the sky harbor airport. Walking distance to all Arcadia has to offer this home its the epitome of urban living.

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5036 N Ascent Drive Scottsdale, AZ 85251

$3,554,620

2 Beds

2.5 Baths

3,035 SqFt

Status Active

MLS # 6702185

Property Type Single Family Residence

Price Type --

A NEW PRIVATE RESIDENTIAL COMMUNITY WITH A COVETED LOCATION AT THE BASE OF CAMELBACK MOUNTAIN ADJACENT TO THE ICONIC PHOENICIAN® RESORT IN SCOTTSDALE. ONLY A SHORT DISTANCE TO FASHION SQUARE AND OLD TOWN SCOTTSDALE. THIS COLLECTION OF CUSTOM HOMES TO BE BUILT EXCLUSIVELY BY CULLUM HOMES OFFERS ONE, TWO AND THREE-LEVEL RESIDENCES THAT REFLECT A TIMELESS, MODERN DESIGN AND LOOK OUT OVER THE BEAUTIFUL PHOENICIAN® GOLF COURSE. ALL PLANS ARE FULLY CUSTOMIZABLE. INTRODUCING THE CIRRUS A FLOOR PLAN, A TWO-STORY HOME FEATURING 2 BEDROOMS, 2.5 BATHROOMS, AND A 3-CAR GARAGE. THROUGH THE EXTRAVAGANT FRONT ENTRANCE LOCATED ON THE LOWER LEVEL, A BEAUTIFUL STAIRCASE OR AN ELEVATOR TAKE YOU TO BOTH LEVELS OF THE RESIDENCE. THE MAIN LEVEL BOASTS TWO EN SUITE BEDROOMS, PRIVATE FORMAL DINING AREA, OPEN CONCEPT KITCHEN, ADDITIONAL POWDER ROOM AND THE GREAT ROOM AREA. SPACIOUS KITCHEN WITH ISLAND, EAT-AT BAR AND WALK-IN PANTRY. A GLASS WALL LEADS YOU TO THE COVERED PATIO OFF THE GREAT ROOM WHERE GORGEOUS VIEWS AWAIT YOU. OWNER'S SUITE WITH WALK-IN CLOSET, DOUBLE SINK VANITY, SEPARATE TOILET ROOM, TUB AND WALK-IN SHOWER. ALONG WITH AN ADDITIONAL EN SUITE BEDROOM, LARGE LAUNDRY ROOM WITH EXTRA STORAGE AND A DECK AREA. THE COMMUNITY IS GUARD GATED FOR PRIVACY AND SECURITY. AT THE BASE OF CAMELBACK MOUNTAIN, YOUR PRIVATE POOL, FITNESS CENTER, AND SOCIAL SPACES OFFER AN INTIMATE GATHERING PLACE FOR WELLNESS, SOCIALIZING AND RELAXATION. RESIDENTS ARE OFFERED THE OPTION TO JOIN THE PHOENICIAN® AMENITY ACCESS PROGRAM - ACCESS AND DISCOUNTS TO THE NEW ATHLETIC CLUB, 38,000 SQUARE FOOT SPA, TENNIS FACILITY AND RESORT POOLS AT THE PHOENICIAN® RESORT.

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37200 N Cave Creek Road Unit 1025 Scottsdale, AZ 85262

$3,516,036

4 Beds

4.5 Baths

3,951 SqFt

Status Active

MLS # 6716303

Property Type Single Family Residence

Price Type --

**MEMBERSHIP AVAILABLE - CONTACT FOR DETAILS** WELCOME TO THE VILLAGE AT DESERT MOUNTAIN! BUILT BY THE AWARD-WINNING CULLUM HOMES, THESE DISTINCTIVE ''LOCK-N-LEAVE'' RESIDENCES ON ALL 33 LOTS EITHER BACK UP TO THE 13TH HOLE OF THE RENEGADE GOLF COURSE, OR THE 10TH AND 11TH HOLE OF THE SEVEN DESERT MOUNTAIN® GOLF COURSE. INTRODUCING THE OCOTILLO PLUS CASITA FLOORPLAN, A SINGLE-LEVEL HOME WHICH FEATURES 4 BEDROOMS AND 4.5 BATHS. OPEN GREAT ROOM WITH A MODERN LINEAR-STYLE BUILT-IN FIREPLACE WITH AN OPTION FOR INDOOR/OUTDOOR GLASS WALL. FORMAL DINING AREA SEPARATING THE KITCHEN AND GREAT ROOM AREAS. KITCHEN AREA WILL HAVE A LARGE CENTER ISLAND WITH EAT-UP BAR SEATING, ALL STAINLESS-STEEL TOP-OF-THE-LINE WOLF SUB ZERO APPLIANCE PACKAGE, WALK -IN PANTRY. OWNERS SUITE WITH A SEPARATE EXIT OUT TO THE BACK YARD, DUAL SINK VANITIES IN THE BATH, SEPARATE SHOWER AND SOAKING TUB, WALK-IN CLOSET WITH BUILT-INS. ADDITIONAL BEDROOM WITH EN-SUITE BATH AND WALK-IN CLOSET. LARGE LAUNDRY ROOM WITH EXTRA STORAGE SPACE AND LAUNDRY TUB AND A POWDER ROOM. PLENTY OF OPTIONS TO CUSTOMIZE THIS HOME ARE AVAILABLE, INCLUDING A BASEMENT WHERE YOU CAN HAVE A COMPLETE ENTERTAINMENT ZONE! HOMES ARE EQUIPPED WITH THE LATEST SMART-HOME TECHNOLOGY WITH FULL HOUSE AUTOMATION AVAILABLE. ENERGY EFFICIENT WITH THE CLEAR AIR EFFECT VRV SYSTEM, FOR THAT CLEAN, QUIET AND COMFORTABLE FEEL. FRONT YARD LANDSCAPING INCLUDED. HOMEOWNERS AT SEVEN DESERT MOUNTAIN WILL BECOME EITHER A LIFESTYLE OR EQUITY GOLF MEMBER AT DESERT MOUNTAIN, GAINING ACCESS TO ITS WORLD-CLASS AMENITIES INCLUDING THE NEWLY RENOVATED SONORAN SPA AND FITNESS CENTER, TENNIS COMPLEX, HIKING AND BIKING TRAILS, SIX ADDITIONAL PRIVATE GOLF COURSE, LUXURIOUS CLUBHOUSES AND RESTAURANTS. COMMUNITY IS GUARD-GATED 24/7 FOR THAT LOCK-N-LEAVE LIFESTYLE ONE SO DESIRES.

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