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.

What’s Your Home Worth?

Search for Your New Home

11841 N 65th Place Scottsdale, AZ 85254

$3,510,750
5 Beds
5.5 Baths
5,071 SqFt
Status Active
MLS # 6719609
Property Type Single Family Residence
Price Type --
NEW from Thomas James Homes with an opportunity to select some interior finishes during early stages of construction! This house has a great address, great schools and great views. Sitting in the highly desirable Scottsdale neighborhood, this beautiful 5 bedroom, 5.5 bathroom is the definition of exceptional design. Wide plank wood flooring, decorative ceiling and wall treatments, including beams and wood paneling, impressive custom lighting, outstanding millwork, stone and tile accents, a gorgeous floor to ceiling fireplace, shaker cabinetry and a 4-car garage are just a sampling of the outstanding finishes going into the home. The large single story open concept floorplan is expertly crafted with a large interior courtyard leading to the home's entrance. Inside you'll find a large great room and luxury kitchen joined by a large quartz countertop island. The grand suite hosts a large his and hers walk-in closet and a spa like bathroom with a freestanding soaking tub and walk-in shower. The secondary bedrooms throughout the home have en-suite bathrooms. In addition to the bedrooms, you'll find ample added living space with a private office and a kitchen prep area adjoining a bonus room and a game room. Home will feature fully landscaped front and back yards with a pool and spa, providing great Arizona outdoor living space. Expected completion in Summer of 2025.

11 Sky Ridge Court Sedona, AZ 86336

$3,508,400
4 Beds
6 Baths
3,920 SqFt
Status Active
MLS # 6586352
Property Type Single Family Residence
Price Type --
A stunning custom home is set to be built in Sky Ridge Estates, Sedona's newest subdivision, located in the heart of Sedona. The home will be situated on a beautiful panoramic view hilltop lot on a ridge with a cul de sac. The property boasts breathtaking North/East/South facing panoramic views and will feature four or five en-suite masters. The home is just a short walk away from the new town square/city park and museum, Tlaquepaque, high-end shopping and dining, Los Abrigados Spa resort, restaurants, gym, lighted tennis/pickleball courts, and Oak Creek front park. The property is presently in the design phase (rendering and floor plans only), This home will break ground after the roads and utilities are completed. A guest house may be added. The home can be completed in 12-18 months. *The subdivision is approved, and roads and utilities are being constructed. Private clubs and gates are currently being designed and submitted to the city for approval. Take advantage of our unique buyer builder program, in collaboration with renowned architectural firm and builder, PHX Architecture Erik B. Peterson and Galloway Custom Homes Paul Galloway. Call for details. The owner/seller is an experienced AZ active licensed real estate broker, general contractor, and developer.

487 Loy Lane Sedona, AZ 86336

$3,500,000
3 Beds
4 Baths
3,828 SqFt
Status Active
MLS # 6647459
Property Type Single Family Residence
Price Type --
Imagine the best forever views of the most spectacular and most photographed Red Rock Vistas in all of Sedona! Enjoy glowing sunsets of Cathedral Rock Vista and expansive Forest Service views to the East from this top of the hill location, and gorgeous greenbelt views of Oak Creek to the West. Hear sounds of the meandering creek from your front patio. New luxury construction home with modern open floor plan, 3828 SF, 3 bedrooms/4 baths plus recreation room located in the prestigious gated subdivision of Sedona Ranch on Oak Creek. Private estate size parcel of 2.54 acres adjacent to Forest Service land. Hike out from your doorstep to 100s of miles of trails in Turkey Creek area, Red Rock State Park, Crescent Moon Ranch and Cathedral Rock. Home to be completed around August 1, 2024.

3800 E Lincoln Drive Unit 5 Phoenix, AZ 85018

$3,500,000
4 Beds
4 Baths
4,712 SqFt
Status Active
MLS # 6753760
Property Type Townhouse
Price Type --
Exquisite home with Camelback Mountain and Downtown Phoenix views! This end unit at Estate Antigua's 24 hour guard-gated community has been renovated to the studs, sits just in front of the Mountain Preserve and has fantastic privacy. Upon entry, you are greeted with wood flooring throughout the home, arched entryways, high ceilings and large windows providing abundant natural light & scenic views. Kitchen area includes Sub-Zero/Wolf stainless steel appliances, 146 bottle wine fridge, pantry, and eat-in kitchen with access to an outdoor patio. There are three primary suites (one upstairs, two downstairs) each delivering stunning views. All bathrooms are fresh and completely updated with glass enclosed showers - two offer dual vanities and one has a freestanding bathtub. Additional upgrades include new cabinetry, quartz countertops, new electrical, new plumbing, and laundry rooms on each floor. Enjoy the best of Arizona's indoor/outdoor living with the community's heated pool, tennis and pickle ball court, and nearby walking and hiking trails. Located minutes away from Phoenix and Scottsdale's top resorts, golf, dining, and shopping.

10010 E Blue Sky Drive Scottsdale, AZ 85262

$3,500,000
4 Beds
4.5 Baths
5,476 SqFt
Status Active
MLS # 6651789
Property Type Single Family Residence
Price Type --
La Scala Siena Model designed by Bob Bacon and built by Bob Byrd * Updated Chef's kitchen with adjoining TV room * Open floor plan with dual Master Suites, den/office/game room and separate guest casita with 2 bedroom suites plus a breakfast area with kitchenette * Soaring ceilings, Wood and Travertine flooring, slab granite & stone countertops, alder wood doors & cabinets, and designer appliances * Outdoor living area includes a covered sitting area with gas fireplace, built-in heaters and resort-style landscaping * Private corner lot with elevated mountain views and sunsets * Walking distance to the clubhouse and amenities *

37075 N Bloody Basin Road Carefree, AZ 85377

$3,500,000
4 Beds
6.5 Baths
5,198 SqFt
Status Active
MLS # 6754735
Property Type Single Family Residence
Price Type --
LOCATION and STUNNING VIEWS surround this private tranquil estate. The location of this Carefree estate is only a short 3 minute walk to town. The quaint town of Carefree offers many restaurants and bars, a market, coffeehouses, hardware store, post office, florist, dry cleaner, lots of shopping and so much more. You will never tire of the panoramic Black Mountain and breathtaking sunset views. This private gated estate is set far back from the street and is surrounded by mature manicured lush desert landscaping that comes alive at night with extensive exterior LED custom lighting, infinity salt water pool and spa, several waterfalls, 3 outdoor fireplaces and so much more. Your own private oasis to relax and recharge. World class golf, country clubs and hiking are all in abundance and nearby for you to enjoy all that Carefree, Cave Creek and N Scottsdale have to offer. The primary bedroom is a true sanctuary with spectacular views, a fireplace, private patio that overlooks the spa and an outdoor fireplace. The extra large master bath has two large vanity areas with separate sinks, a water closet with a bidet, separate shower and tub with a large window that floods the bathroom with natural light. The oversized 2 story master closet provides ample space for all your needs. The property features 4 bedrooms that are all en-suite, each with their own private patio. The gated and walled estate is set on 1.67 acres with stunning views from the master bedroom, great room, eat in kitchen, and family room. The large gourmet kitchen has professional Viking appliances, thick granite countertops, wet bar & alder cabinets. There's a bonus room, a climate controlled wine room for over 1,000 bottles, a library with built-in alder shelves & an atrium with trompe-l'oeil. Over 1,200 sf of covered patio overlooks the magnificent yard! There is a timer controlled watering system that covers the entire property. The oversized 4 car garage bay ceiling was partially heightened to fit a car lift. Too many features to mention. This estate is a must see!

7444 Caldwell Canyon Road Snowflake, AZ 85937

$3,500,000
10 Beds
9 Baths
14,537 SqFt
Status Active
MLS # 6710527
Property Type Single Family Residence
Price Type --
Luxurious Resort Estate with Unrivaled Features and Mesmerizing Canyon Sunset Views in Arizona's White Mountains. Nestled on 10 picturesque acres with breathtaking canyon views and a serene creek running below, this extraordinary Tuscany-style estate offers unparalleled elegance and comfort. As you approach, the white-fenced, tree-lined driveway draws you in. Inside, soaring 14-foot ceilings create a sense of grandeur throughout the home. Upon entering, you are greeted by a formal entry that sets the tone for the entire residence. To your left, a dedicated office space is perfect for remote work or study. The formal living and dining rooms are designed for entertaining, offering elegant spaces to host gatherings. The heart of the home is the gourmet kitchen, featuring an expansive island, top-of-the-line appliances, a cozy dining nook, and an adjacent living room making it ideal for intimate family gatherings. The oversized master suite is a true retreat, with direct access to the back patio, perfect for enjoying the outdoors and taking in the serene views. In the west wing, you'll find four additional main-level bedrooms, each with its own bathroom - three are ensuite, and one features a Jack and Jill. The main level also boasts a spacious bonus/game room for recreation and relaxation, and a large, functional laundry room to meet all your household needs. Descend to the basement, where 12-foot ceilings give a spacious feel, revealing a large game room, a museum-style trophy room, and a theater room complete with tiered seating. This level also includes two additional bedrooms, a home gym that can easily be converted into another bedroom, plus two bathrooms, offering ample space for guests or extended family. Outside, the property transforms into an outdoor paradise. Mature cottonwoods line the beautifully maintained grounds. Indulge in the exclusive 2-acre private fishing and swimming pond boasting a diverse array of fish species, expansive sandy beachfront, a secluded dock, and twin cascading waterfalls, ensuring an unforgettable experience for all. The covered, lighted entertainment pavilion is perfect for hosting outdoor gatherings. The main house and guest house share a spacious, lush green courtyard, connected by a covered walkway and featuring a stunning outdoor stacked stone fireplace. The breathtaking canyon views are the perfect backdrop as you walk across the courtyard to the guest house, which includes a large kitchen with an open living and dining area, a master suite with private courtyard access, a double vanity, custom shower, and a safe step walk-in tub. The second bedroom in the guest house is oversized, with ample room for multiple beds. Additionally, a versatile room with high ceilings and large windows is designed as a pool room but can be adapted for various uses, such as a hobby or craft room, pickleball court, indoor gaming area, event hall, or sunroom. The main house 4 car garage, and guest house 2 car garage connect the two residences, providing ample space for vehicles and storage. This property offers endless possibilities for luxury living, entertaining, and outdoor enjoyment. Don't miss this rare opportunity to own a truly exceptional estate. Contact us today to set up your private tour and experience this incredible property for yourself! Available for negotiation oustide of escrow: Equestrian enthusiasts will appreciate the barn with three stables, tack storage, and an upper loft that can be rented out or used as a caretaker's cabin. Barn +Studio - 759 livable sq ft, tack, storage, stables, covered parking & 1.07 acres Additional acreage available outside of escrow: ***Parcel A- 3 acres, parcel B- 1 acre, parcel C- 2.51 Acres. Ask listing agent for more details. Property and included buildings is Parcel E. Note: Parcel E - 10.23 acres (less small cabin and acreage in the canyon that will be surveyed and split prior to close of escrow).

11970 S Blue Bell Road Mayer, AZ 86333

$3,500,000
3 Beds
2 Baths
1,406 SqFt
Status Active
MLS # 6628769
Property Type Single Family Residence
Price Type --
There are four wells located on the property The site has one main house and four smaller homes. (1400sqft Main House) Over 60,000sqft of covered horse facilities. Includes an enormous indoor covered show ring 36,000sqft, an outdoorshow/roping ring, two paddocks for horses, a hot walker and open land available for growing feed for crops In Mayer, the summers are hot, dry, and mostly clear and the winters are cold and partly cloudy. Over the course of the year, temperatures vary from 31°F to 92°F and are rarely below 23°F or above 99°F. 70 miles north of Phoenix

3040 S Solitaires Canyon Drive Flagstaff, AZ 86005

$3,500,000 - 4Br/5Ba -  for Sale in Estates At Pine Canyon 5, Flagstaff
New
$3,500,000
4 Beds
4.5 Baths
3,832 SqFt
Status Active
MLS # 6760314
Property Type Single Family Residence
Price Type --
Nestled in the prestigious Pine Canyon community of Flagstaff, AZ, this exceptional home offers a unique blend of luxury and natural beauty. Spanning 3832 square feet on a 0.33-acre lot, this SMART HOME wired residence captures the essence of mountain living with a contemporary twist. Surrounded by the tranquil pines and backing onto the National Forest, the home offers breathtaking views of the San Francisco Peaks, blending seamlessly with its environment. Designed with both elegance and comfort in mind, the architectural details of this custom home create a harmonious balance between modern mountain aesthetics and industrial chic. High ceilings, exposed beams, and expansive windows flood the interiors with natural light, while reclaimed materials, oak floors, and (Continue)

1187 S Val Vista Drive Gilbert, AZ 85296

$3,500,000
4 Beds
2.5 Baths
2,685 SqFt
Status Active
MLS # 6729558
Property Type Single Family Residence
Price Type --
Rare Acreage in Gilbert. Nearly 5 acres. Existing home is approximately 2700 sqft. Or build your own dream home in the heart of Gilbert on this irrigated horse property. Looking for an investment property - Many Development Opportunities are available on these 3 parcels currently zoned R43. Adjoining nearly 5 acre parcel may also be available for those seeking larger acreage. Don't miss this rare opportunity to live on or develop roughly 5-10 acres in a highly desired Gilbert location - just 1.5 miles to Loop 202 or 4 miles to US 60.

3428 S 159th Street Gilbert, AZ 85297

$3,500,000
5 Beds
5.5 Baths
10,171 SqFt
Status Active
MLS # 6712293
Property Type Single Family Residence
Price Type --
Experience livable luxury in this stunning iconic colonial style home ideally located across the street from the LDS Temple in the heart of Gilbert. The architectural masterpiece combines historic elegance with modern amenities, offering an unmatched lifestyle. Designed for both comfort and entertainment, this nearly 11,000 square foot home features a beautiful front porch and balcony straight out of the movies, grand foyer, 20 ft. vaulted ceilings, extensive molding and trim work, expansive living and dining areas, a huge entertainer's kitchen with hidden walk-in pantry complete with a commercial grade walk-in refrigerator, indoor pro racquetball court, theater room and serene library. Majestic kitchen features a two tier island with breakfast bar and large dining area with the temple as a backdrop out every window. The home boasts 5 spacious bedrooms and 5.5 bathrooms, extended 3 car garage on one side of the house and an additional 2 car garage on the apartment side of the home. Enter the master bedroom through a large sitting room with fireplace and front porch access. Large master has built in bookshelves, bay window with temple views, and large ensuite bathroom complete with his and hers sinks, expansive walk in shower/steamer and walk through master closet. Relax in the upstairs loft, on the balcony or with your favorite movie in the theater. Large laundry room is equipped with 2 sets of washer/dryer, center island surrounded by cabinets and more storage. The separate apartment is perfect for guests, in-laws or rental income. RV gate with RV pad. 32kW paid off solar system with battery backup. With no HOA restrictions, you have the freedom to truly make this home your own. Embrace the perfect blend of historic charm and contemporary luxury in a location that offers top-rated schools, easy access to the 202 freeway, Mercy Hospital, San Tan Mall, dining, entertainment, shopping and community events. Too much to list here, this home is a must see.

5828 E Cactus Wren Road Paradise Valley, AZ 85253

$3,500,000
3 Beds
3 Baths
2,588 SqFt
Status Active Under Contract
MLS # 6747885
Property Type Single Family Residence
Price Type --
The best Camelback view lot in Paradise Valley. This plot of land is an exceptional opportunity located on one of the most prestigious and quiet streets in arguably the best part of town. The lot is flat and easy to build on, making it an ideal foundation for your dream home. It offers incredible, unobstructed views of Camelback Mountain. The neighborhood is very exclusive, including a new build valued at over $13 million, highlighting the high-end nature of the surrounding homes. This is truly a prime location in Paradise Valley, offering both luxury and tranquility. House on property is in great shape as well! Will go quick at this price. *HOME IS OCCUPIED. DO NOT WALK ON THE LOT WITHOUT PRIOR APPROVAL.

Leave a Reply

Your email address will not be published.