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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865 E Monte Vista Trail Wickenburg, AZ 85390

$3,500,000
5 Beds
7 Baths
7,880 SqFt
Status Active
MLS # 6659880
Property Type Single Family Residence
Price Type --
Experience luxury & sophistication gated community! Integrating indoor & outdoor living. BREATH TAKING VIEWS! Nestled in the heart of Wickenburg, this stunning custom home has 5 bedrooms, 7 baths & theater room. Entering thru this grand entrance you are greeted w/a water feature & expansive living spaces. Gourmet kitchen is a chefs dream. Featuring top-of-line appliances, custom cabinetry, 2 warming drawers, 3 ovens, & a spacious island. Custom built bar. Relax by one of 5 fireplaces. Your master suite is a private sanctuary boasting a spa-like feel, fireplace, Large walkin & jet tub. Stepping into your private backyard oasis offers total relaxation. Negative edge pool/spa, built in b-bque, ramada, steam room & lush landscape is your ideal entertainment. The spacious 3200 sq ft RV garage. Spacious RV garage with a drive through RV Stall, can hold 8+ vehicles. Until you see this amazing property in person, you will not appreciate the value. This custom home was built by Tom Hogue and used as his personal home. From the grand entry way, rocked pillar, fountain water feature, floor to ceiling retractable glass doors, workout room, sauna and so much more. This is a MUST SEE!!!

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.

10025 N 78th Place Scottsdale, AZ 85258

$3,500,000 - 4Br/5Ba -  for Sale in Gainey Ranch North Meadow, Scottsdale
Open House
$3,500,000
4 Beds
4.5 Baths
4,483 SqFt
Status Active
MLS # 6738053
Property Type Single Family Residence
Price Type --
Showcasing over $350,000 in recent enhancements, this 4 bed/4.5 bath home, with additional large bonus/flex/game room, is located in the gated North Meadow I section of Gainey Ranch. Set on a prime golf course lot with stunning views of the 6th hole of the Dunes course, this property epitomizes luxury living. The gourmet kitchen is a chef's paradise, featuring high-end appliances and custom cabinetry. Step outside to discover a beautifully landscaped oasis that includes a sparkling pool, hot tub, fire bowls, built-in BBQ, and outdoor patio. Residents also enjoy access to the Gainey Estate Club, which offers state-of-the-art fitness equipment, pickleball, tennis, lap pool, and spa facilities.

4035 E Stanford Drive Phoenix, AZ 85018

$3,499,999
5 Beds
5 Baths
4,110 SqFt
Status Active
MLS # 6703444
Property Type Single Family Residence
Price Type --
Nestled where the beauty of Paradise Valley meets the allure of Arcadia and the Biltmore's grandeur, The Stanford awaits. This Modern Luxury Estate is a sun-drenched haven where each day starts with breathtaking Camelback Mountain vistas. Spend your days lounging by the resort-style pool, enjoying a friendly game on the private volleyball court, or perfecting your swing on the putting green. Live the life you dream of, just moments away from world-class dining, the legendary Biltmore, and prestigious schools. Gather with loved ones under the starry sky in your outdoor kitchen, create unforgettable memories on expansive patios, and let the vibrant Arizona sunsets paint the perfect backdrop for every gathering. Embrace your Vibe!

8332 E Sand Flower Drive Scottsdale, AZ 85266

$3,499,995
4 Beds
4 Baths
4,297 SqFt
Status Active
MLS # 6734396
Property Type Single Family Residence
Price Type --
MOVE IN READY beautiful pre-designed home with luxurious upgrades inside and out. The award winning Mayne Modern 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 maple cabinets and designer stainless steel appliances included a Wolf 48'' Rangetop w/Griddle, Pro Hood, Micro Drawer, Pro Double Ovens, and Cove Dish Washer. Spacious great room features a 60'' primo fireplace and 20' multi-stacking door open to covered patio. Oversized bonus room with wet bar and direct access to large covered patio. Attached casita with living area and full bath. Price includes full landscape and pool. THIS IS A MUST SEE!

6301 E Phoenician Boulevard Unit 26 Scottsdale, AZ 85251

$3,499,000
3 Beds
3.5 Baths
2,823 SqFt
Status Active
MLS # 6748751
Property Type Townhouse
Price Type --
Nestled at the base of the iconic Camelback Mountain, Ascent at The Phoenician Golf Villas is a private 24/7 guard-gated community next to the prestigious Phoenician® Resort, one of Arizona's top luxury destinations. This exclusive enclave blends seamlessly with the Sonoran Desert, making it one of Scottsdale's most desirable locations. Completed in 2023, this custom golf villa is situated on Hole 1 of the Phoenician Golf Course and embodies both luxury and convenience. The home features 3 bedrooms, 3.5 baths, and has been designed with sophistication in mind. Upon entering through the foyer, you'll find a convenient elevator for easy access throughout the villa. The property boasts stunning golf course views and modern architecture with warm, natural materials and impressive 10-foot... ceilings. Expansive pocket doors connect the kitchen to the great room, offering a seamless indoor-outdoor living experience. Additional highlights include a high-end Bulthaup kitchen and bar, Provenza wood flooring throughout, Sub Zero Wolf appliances, a spacious outdoor patio with a built-in BBQ, and a private 2-car garage. All furnishings are available for purchase, making this an effortless turn-key home. Additionally, residents can enjoy exclusive access to the Mountain Club amenity center equipped with a community pool, spa, workout facility, and game room.

9591 E Havasupai Drive Scottsdale, AZ 85255

$3,499,000
5 Beds
5 Baths
5,240 SqFt
Status Active
MLS # 6719082
Property Type Single Family Residence
Price Type --
Located in one of the finest private communities in Scottsdale, this luxurious home sits on THE BEST lot in La Strada. Surrounded by mountain views & city lights while still in the heart of the city, this stunning & spacious home features all the amenities including 5 bed, 5 bath, 4 car gar, office/den, walk in wine cellar w/Subzero fridge by Cellar, casita, courtyard, & sport court. Resort-style backyard with amazing views is private & features a negative edge heated pool, spa, & outdoor kitchen area. The indoors are just as inviting with a recently remodeled chef's kitchen equipped with Wolf & Subzero appliances, steam oven, and other high-end finishes. A dream home on a quiet & private cul-de-sac just minutes from the 101, DC Ranch Marketplace, Kierland, & all the Valley has to offer.

7155 E Navarro Way Scottsdale, AZ 85266

$3,499,000
4 Beds
4.5 Baths
5,084 SqFt
Status Active
MLS # 6742165
Property Type Single Family Residence
Price Type --
WOW! Just WOW! Nestled on a sprawling 1.882-acre cul-de-sac lot within the prestigious Turquesa Equestrian Estates, this majestic property offers a serene desert oasis. The residence greets visitors with a beautifully landscaped desert yard, enhanced by stone accents on the facade, a spacious 4-car garage, and extensive parking spaces. A large, inviting courtyard offers the perfect spot for enjoying morning coffee in tranquility. Step inside to discover a stunning interior adorned with wood floors and pre-wired surround sound, creating an ambiance of both luxury and comfort. The expansive living and dining area features a cozy fireplace and glass doors that seamlessly blend indoor and outdoor living... The bright great room is an ideal setting for creating cherished memories with loved ones. The sleek kitchen is a chef's dream, equipped with stainless steel appliances, dual wall ovens, granite counters, a mosaic tile backsplash, a walk-in pantry, and two large center islands. A dedicated room with built-in wine racks adds a touch of sophistication, perfect for the connoisseur. Retire to the rich main suite, which offers direct backyard access and a lavish bathroom complete with dual vanities, a standalone tub, a makeup vanity, and a spacious walk-in closet. Additional living spaces include a cozy den accessed through double doors, and two bonus rooms that can serve as a media center or additional bedrooms. Outside, the expansive backyard is a private paradise, featuring a covered patio, built-in BBQ, gazebo, refreshing spa, sparkling pool, lush grassy areas, and a captivating water feature, all set against a backdrop perfect for a variety of outdoor activities. This property is more than just a home, it's a lifestyle. Don't miss the opportunity to experience the grandeur for yourself!

30 E Glendale Avenue Phoenix, AZ 85020

$3,495,000
6 Beds
4.5 Baths
6,564 SqFt
Status Active
MLS # 6720436
Property Type Single Family Residence
Price Type --
Lined Palm trees frame this Spanish Colonial Estate and embrace this luxurious villa settled on over an acre in the heart of North Central Phoenix, within walking distance to Murphy Bridle Path. Filtered through oak and orchid trees, light flickers over the elegant central courtyard with a decorative fountain, lush landscape, and a paved roundabout. The formal entry includes beautiful hardwood floors and a gorgeous chandelier, as dramatic 20-foot beamed ceilings, crown molding, embellished corbels and hardwood floors move you through 4,290 sq ft of living space, seamlessly. A jaw-dropping dining room with a coffered ceiling opens up to an incredible terrace. Beautiful newer 2000+sqft ft guest house included in overall square footage..guest house can easily be connected to main house. Continuing with gathering spaces, the impressive kitchen with vaulted ceilings, high-end stainless-steel appliances, a 20-foot skylight, built-in China cabinets, and a spacious eat-in area create a warm and impressive atmosphere. The primary bedroom, on the main level, features a large walk-in closet, complemented by solid core doors and a glorious ensuite bath. Add another bedroom on the main level and two upstairs, both opening onto private balconies. Outside, the back patio features a fireplace, and overlooks a sprawling backyard enveloped by majestic mature trees and boasts an opulent pool adorned with a captivating water feature, fountain, and spa. Adding to this estate's allure is an incredible 2274 square ft guest house, showcasing 22-foot vaulted ceilings, a spacious family room, two bedrooms, eat-in kitchen, and entertainment area. This invigorating dwelling is move-in-ready, offering a blend of elegance, comfort, and perfection.

39395 N 105th Street Scottsdale, AZ 85262

$3,495,000
5 Beds
5.5 Baths
4,730 SqFt
Status Active Under Contract
MLS # 6522391
Property Type Single Family Residence
Price Type --
Fantastic brand new home in Grey Fox at Desert Mountain. Completion expected in the Fall of 2024. Interior finishes are being installed and should be completed by mid-August. Exterior work including the new pool, is well underway. This home from Sierra Custom Homes offers a fantastic floor plan, impeccable finishes and fixtures and a beautiful setting on this great corner lot. With 4 or 5 bedrooms, a separate office, great room and fantastic indoor/outdoor living, this home will live and entertain exceptionally well. The huge covered patio opens to the pool and spa. There will be many new and impressive features and details in this home. This home will be ready for occupancy by its new owner this Season!

37200 N Cave Creek Road Unit 1070 Scottsdale, AZ 85262

$3,495,000
3 Beds
3.5 Baths
3,162 SqFt
Status Active Under Contract
MLS # 6753892
Property Type Single Family Residence
Price Type --
Introducing the Camelot Home Villas model at Seven in Desert Mountain—a stunning modern residence featuring 3,162 sq ft of luxurious living space, upgraded with the finest finishes. This thoughtfully designed split single-level floor plan offers 3 ensuite bedrooms, including a casita with a kitchenette, an office/den, 3.5 baths, and a spacious 3-car tandem garage. Situated on an elevated south-facing corner lot, the home overlooks hole 13 and a large adjacent wash, providing serene and private views. The open great room boasts beautiful wood floors throughout, T&G wood ceilings, and 10-foot glass pocket doors that seamlessly blend indoor and outdoor living. Step into the spectacular backyard, complete with a raised negative-edge spool, fire pit, BBQ, and heated patio ceilings—perfect for year-round enjoyment. The gourmet chef's kitchen is a showstopper, featuring a black quartz waterfall island that seats six, along with premium Wolf and Subzero appliances.

8579 E Nightingale Star Drive Scottsdale, AZ 85266

$3,495,000 - 5Br/5Ba -  for Sale in Sierra Boulders, Scottsdale
Open House
New
$3,495,000
5 Beds
5 Baths
5,349 SqFt
Status Active
MLS # 6756874
Property Type Single Family Residence
Price Type --
Prepare to be captivated by this meticulously maintained estate situated on a sprawling acre of land. The main residence boasts three spacious en-suite bedrooms, an additional bedroom or office with a full bath, and luxurious high ceilings accentuated by beautiful hardwood floors and state-of-the-art Control 4 automation. Culinary enthusiasts will delight in the large kitchen island, Wolf, and Sub Zero stainless steel, professional-grade appliances, custom wine buffet, and charming breakfast nook. Adding to its allure, the 1,178 sq ft detached guest house features impeccable finishes and a stunning rooftop deck perfect for sunset views. Entertain in style under the covered veranda or in the outdoor gourmet kitchen, complete with a barbeque, warming drawer, beverage cooler, sink, and mist Cozy up by the outdoor fireplace while serving delicious pizzas from the Imported from Italy, Mugnaini wood-fired oven. An outdoor oasis includes a generous Pool andspa that comfortably seats nine. The lush yard is adorned with vibrant green turf, ideal for children's play, yoga sessions, or soaking up the sunshine while playing catch with your furry four legged friends. Over $250,000 was recently invested in updates. Outside, fresh herbs and vegetables are easily accessible from three beautifully constructed raised bed gardens. For car enthusiasts or those with a passion for hobbies, the four-car garage offers ample space for vehicles and toys alike. This property is a true gem in today's market. Make it your dream home today!

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