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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1275 Dry Creek Road Sedona, AZ 86336

$3,395,000

6 Beds

5 Baths

6,414 SqFt

Status Active

MLS # 6747035

Property Type Single Family Residence

Price Type --

This sprawling West Sedona Estate is amazing for so many reasons! The main home is spacious and has 4 bedrooms, 4 ensuite baths on 2.09 fabulous acres with expansive 360 views overlooking so many of Sedonas' landmark red rock mountains in an amazing location with no HOA. The outdoor entertaining areas are ample with plenty of room to relax and unwind including a putting green, multiple fireplaces, hot tub and pool. This home has an oversized 4 car detached garage with room for a workshop, 2 driveways, a separate guest house featuring 16-foot ceilings, 2 bedrooms, living area, kitchen with an attached climate-controlled RV garage. This extraordinary retreat is currently functioning as a successful short-term rental. This property has produced 350k in gross revenue in its first year, comes fully furnished but would also be a wonderful home for your family or great second home. The main house is 6,414 square feet with 4 spacious bedrooms 4 ensuite bathrooms and the primary Bedroom is on the main level and is huge with a stacked stone rock wall to add to its ambiance. Walk out to the expansive rear patio and enjoy morning coffee while admiring some of Sedona's most iconic rock formations. The kitchen has a Cambria Quartz Island and countertops. NXR chef grade range with a 6 burner gas cooktop, wine fridge, plenty of space to cook and entertain with multiple options for casual dining including a charming out door pergola with a large dining area, an outdoor fireplace and 2 outdoor fire pit areas, surrounded by lush greenery and mature fruit trees. There are so many outdoor entertainment areas it will be hard to choose where to be, the upper level which boasts a large living room/game room, fireplace and two huge decks. The views are unobstructed, you can see all the way to Mingus Mountain and the twinkling lights of Jerome. Cockscomb, Doe Mesa, Bear Mountain and Boynton Canyon to the West and Lizard, Chimney, Thunder Mountain to the East. Come see this in person, it is truly spectacular. Allow time to take it all in. New wine fridge, new roof, expanded new septic, new water heater, new washer and dryer, both in main house and guest house, refurbished putting green, ev charger and fully furnished.

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8537 E Los Gatos Drive Scottsdale, AZ 85255

$3,390,000

5 Beds

4.5 Baths

4,590 SqFt

Status Active

MLS # 6714679

Property Type Single Family Residence

Price Type --

Experience luxury living in the exclusive gated community of Los Gatos, North Scottsdale. Designed by renowned builder Geoffrey Edmonds, this home features a charming front courtyard and a meticulously crafted floor plan that provides an open and flowing main living space, ideal for daily living and entertaining friends and family. The light-filled interiors boast expansive windows with views of the landscaped backyard. The large eat-in kitchen is equipped with wood floors, wood beams, an island with a sink, extensive granite countertops, six-burner gas range, side-by-side refrigerator and freezer, and a warming oven, all seamlessly connecting to the family room with a fireplace. A formal dining room offers additional dining options. The principal suite, located apart from the ... three guest bedrooms, includes a sitting area with a fireplace. A separate casita with a refrigerator and microwave enhances guest privacy. Large multi panel glass doors lead to patios, both covered and uncovered, perfect for Arizona's outdoor living lifestyle. The sprawling backyard features lush green grass, a pool with a water feature, a spa, an outdoor kitchen with a built-in BBQ and refrigerator, and a gas fire pit. The north/south orientation boasts a panoramic view of the McDowell Mountains and captures sunsets and city lights.

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2125 E Lexi Lane Gilbert, AZ 85298

$3,390,000

4 Beds

4.5 Baths

5,389 SqFt

Status Active

MLS # 6747661

Property Type Single Family Residence

Price Type --

Welcome to this stunning custom-built home situated on an acre lot. This impeccable residence features unparalleled craftsmanship and uncompromising attention to detail throughout. Natural light pours in from the oversized windows and doors. The heart of this home is the gourmet kitchen with top-of-the-line appliances, (sub-zero/wolf ) a prep kitchen, an RO system, custom cabinets, and two center islands that provide ample space for meal preparation. The open floor plan seamlessly connects the living and dining areas, providing the perfect space for entertaining and creating cherished memories with loved ones. The luxurious primary suite offers a private sanctuary with a spa-like ensuite bath with a steam shower and an expansive walk-in closet. Additional bedrooms are generously sized.

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5635 E Lincoln Drive Unit 4 Paradise Valley, AZ 85253

$3,390,000

3 Beds

3.5 Baths

2,945 SqFt

Status Active

MLS # 6690385

Property Type Single Family Residence

Price Type --

Nestled within the guard-gated enclave of Mountain Shadows East, this property presents a rare chance to indulge in prime Paradise Valley living. Boasting an open floor plan and fully renovated features, this home is ''like brand new!''Step inside and notice where the owner practically rebuilt the entire floorplan, including raised ceilings, widened hallways, new sewer lines under slab, new plumbing, new electrical, and new roof. High quality custom millwork throughout, White Oak hardwood floors that grace the expansive living spaces, providing a seamless flow for entertaining and everyday living along with a wet bar. The Primary Suite offers luxurious marble and ceramic tile bathroom, with custom vanity and spacious custom closet. Incredibe Mountain views are from almost every window and definitely framing the entire backyard. Three en-suite bedrooms and a powder room, is ideal for guests or family accommodations. Enjoy the convenience of walking distance to Mountain Shadows Resort for golf, fitness, and lap pool, El Chorro Lodge, Camelback Inn, Santuary for tennis & pickleball. Inquire about the MS Citizen's Club.

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10629 E Troon North Drive Scottsdale, AZ 85262

$3,380,000

5 Beds

7 Baths

7,443 SqFt

Status Active

MLS # 6666657

Property Type Single Family Residence

Price Type --

Welcome to your dream oasis in the heart of the luxurious gated community of Talus at Troon North. This stunning Italian-inspired Custom Home is a masterpiece of architectural elegance and timeless design. Nestled on an expansive ~1-acre corner lot, this home enjoys the utmost privacy within a serene cul-de-sac setting. As you approach the residence you are greeted by a grand gated entry courtyard adorned with two majestic fountains and lush landscaping, setting the tone for the opulence that awaits inside. With a spacious 7,443 SF of living space, this five-bedroom, seven-bath estate offers an impressive array of features and amenities. The main level of the home boasts a functional & well-thought-out floor plan. Three generous bedrooms PLUS 420SF Casita plus Office (CLICK ''MORE'')... Four bedrooms on main level plus a stunning ensuite office w/ closet, private patio and calming water feature, all ensure ample space for family and guests. The upstairs area is dedicated to entertainment, featuring a media/game room with an exterior balcony that provides breathtaking views. This upstairs compound has bath, deck, closet & kitchenette= BR5. For those seeking additional privacy, an ensuite guest casita with a kitchenette, closet and private entrance can be found off the charming front courtyard. This home is a paradise for those who love to entertain. The kitchen seamlessly connects to the family room, complete with a wet bar and convenient access to the wine cellar, which is large enough to accommodate a tasting table. The kitchen itself is a chef's dream, featuring top-of-the-line appliances, including a Viking gas cooktop, two Wolf wall ovens, two Asko dishwashers, three sinks, and dual Sub Zero fridge/freezers. The master suite is a sanctuary of luxury, occupying its own private wing of the home. It includes a cozy sitting room with a fireplace, a sumptuous bathroom highlighted by a sunken jetted tub framed with Cantera stone columns and an inviting fireplace. Additionally, there is a safe room and even a hookup for a washer/dryer in one of the three walk-in closets, providing ultimate convenience. Every inch of this residence exudes elegance and sophistication. It is loaded with first-class amenities, including fresh interior paint and new carpet, a domed entry ceiling, an exotic pool and spa surrounded by travertine pavers (recently refinished), a three-car garage with an extra detached bay for a total of four car garages, and a total of five fireplaces throughout the home for added warmth and charm. Cantera stone accents adorn both the interior and exterior, while polished travertine flooring and electronic shades add to the overall sense of luxury. This home is simply impressive and offers a lifestyle of grandeur, elegance, and sophistication. Don't miss the opportunity to make this exquisite Italian-inspired residence your own, and experience the epitome of luxury living in the exclusive Talus at Troon North community.

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6436 E Clinton Street Scottsdale, AZ 85254

$3,371,250

5 Beds

5.5 Baths

5,071 SqFt

Status Active

MLS # 6716201

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.

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13023 N 68th Street Scottsdale, AZ 85254

$3,350,000

5 Beds

5.5 Baths

5,071 SqFt

Status Active

MLS # 6752069

Property Type Single Family Residence

Price Type --

Unique opportunity to unlock the advantages of buying an in-progress home built by Thomas James Homes. When purchasing this home, you will benefit from preferred pricing, design personalization, a guaranteed delivery, and more. Estimated home completion Spring 2025. Great address, great schools! Sitting in the highly desirable Sweetwater Corridor in Central Scottsdale, this beautiful 5 bedroom, 5.5 bathroom modern farmhouse 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 for modern living 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, gym and a kitchen prep area adjoining the dining room and a bonus room. Home will feature fully landscaped front and back yards, providing great Arizona outdoor living space. This home is minutes from dining, shopping and more.

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3644 E Hazelwood Street Phoenix, AZ 85018

$3,350,000

5 Beds

3.5 Baths

4,035 SqFt

Status Active

MLS # 6691108

Property Type Single Family Residence

Price Type --

Built in 2020, this stunning home artfully blends modern finishes with Arcadia appeal. With soaring ceilings, sleek lines, wood paneled ceilings and concrete floors, this home embodies the essence of luxury living. The open concept design is complimented by large sliding glass doors that seamlessly blend indoor living with over 500 ft of covered patio space in the lush backyard. Created for entertaining, select the perfect bottle of wine from the temperature controlled wine room and gather in the gourmet kitchen featuring Shinnoki cabinetry, Sub-Zero and Fisher-Paykel appliances and a hidden butler's pantry. Additional storage can be found close by in massive storage room with cedar lined closet to keep all of your things organized and clean. The primary bedroom entices with a spa-like ensuite, walk-in closet and private patio. Outside, the extended overhangs provide shade year round for the backyard lounge complete with gas fireplace, built-in gas grill, and views of the sparkling pool and jacuzzi. Cohesively designed with the main house, the 615 sq.ft casita features a main living space, bedroom and bathroom. Smart home technology, security system, whole house water filtration/water softener, and EV chargers top off this one of a kind modern masterpiece. Located in the heart of Arcadia Lite just minutes from neighborhood classics including Postino, LGO, Ingo's, Beckett's Table, Biltmore shopping/dining, and Sky Harbor Airport.

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12970 E Cibola Road Scottsdale, AZ 85259

Open House

$3,350,000

4 Beds

4.5 Baths

7,303 SqFt

Status Active

MLS # 6670958

Property Type Single Family Residence

Price Type --

This beautiful custom home sits at the end of a cul de sac in prestigious Sabino Norte in North Scottsdale. a+ curb appeal combined w/a flawless floor plan make this a premium offering. Layout features formal living/dining rooms, massive family room adjacent to the chef's kitchen & wet bar, media room, 4 en suite bedrooms, exercise room, and home office. High ceilings throughout w/beams, coffers, & many other custom details. Upgrades are everywhere from the stone & hardwood floors, custom alder cabinetry, slab granite counters, Viking Pro appliances, 1000 bottle wine room, Canterra fireplace surrounds & columns, barreled ceiling w/brick inlay, custom light fixtures, too much to list. Other under the skin updates include all new Trade AC units in 2020, new roof in 2019, & owned solar system. Back yard features a massive covered patio overlooking large pool & spa w/boulder water fall, grassy play area, fire pit, fireplace, paver deck, b-in bbq, and awesome mountain & sunset views. Ideal location minutes to Basis & Desert Mountain High School as well as Mayo Clinic & shopping/dining options. This home has to be seen in person to appreciate as it is a fantastic package for the list price.

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2150 E Belmont Avenue Phoenix, AZ 85020

$3,349,995

3 Beds

3.5 Baths

4,716 SqFt

Status Active

MLS # 6643007

Property Type Single Family Residence

Price Type --

Biltmore Highlands, located on a hillside bordering the Phoenix Mountain Preserve Piestewa Peak. This residence combines nature's tranquility with urban convenience, offering breathtaking & unobstructed mountain, and city views! Minimalist-style kitchen with ample storage, and a complete butler pantry. The primary bedroom has a sizable walk-in closet w/built-ins and a lavish ensuite with dual sinks & soaking tub. The upstairs laundry room is complete with sink & cabinetry. Discover the entertainer's backyard, where an elevated negative edge pool awaits for refreshing swims, or chill and take in the mountain views. The rooftop party deck is an excellent spot to savor those amazing sunsets complete with an outdoor kitchen. You have a private gate to access the Phoenix Mountain Preserve! The scrim that covers the front and east side of the home creates a solar passage, increasing efficiency, privacy, and once it rust it will allow the home to blend with its desert surroundings. Enjoy a massive rooftop party deck with an outdoor kitchen overlooking the preserve. A huge covered patio in front of the home allows you to enjoy indoor-outdoor living when opening your matching 4-panel pocket doors and 8 pivot doors, doubling your space for entertaining. World-class hiking right out your back gate! Just Minutes from Old Town Scottsdale, Sky Harbor Airport, and downtown Phoenix. Located near the 51 freeway, without the noise, that gets you to the 10 or the 101 freeways in minutes.

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9068 E Rimrock Drive Scottsdale, AZ 85255

$3,349,900

4 Beds

4 Baths

3,352 SqFt

Status Active

MLS # 6752751

Property Type Single Family Residence

Price Type --

This modern luxury estate is the result of a two-year like new, complete remodel on a 1.5-acre view lot! Future expansion survey and drawings offer an incredible opportunity to double the size of this home. The stunning new design created a fabulous, open great room featuring a modern see-through gas fireplace and a gourmet chef's kitchen boasting all new Viking appliances, custom cabinetry, quartz countertops, and an oversized island with bar seating. The split primary suite is the ultimate retreat featuring an expanded shower, a new tub, and custom walk-in closet. Two bedrooms are ensuite and a full bath was added across from the third bed. The backyard oasis features a brand-new heated pool, spa, white travertine, artificial grass, mature trees and picturesque McDowell mountain views!

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20007 N 96th Way Scottsdale, AZ 85255

$3,349,000

4 Beds

3.5 Baths

4,661 SqFt

Status Active

MLS # 6691184

Property Type Single Family Residence

Price Type --

Fully remodeled GEM in the heart of DC Ranch, within the coveted Desert Haciendas enclave, where homes rarely come to market, and quickly sell. From the backyard of this large, corner lot (which feels much larger due to the surrounding NAOS) you'll enjoy sweeping 180 degree views of Scottsdale's McDowell Mountains, as well as city lights to the south. The popular Camelot Homes design features 4 bedrooms, 3.5 baths, a huge game room, and separate office/den. Exquisite, recent upgrades adorn: solid plank oak floors, Manhattan Marble, quartz countertops, white shaker cabinetry with rubbed bronze pulls and knobs, and more. The chef's kitchen offers top-of-the-line appliances from Thermador, Sub Zero and Miele. Recent additions also include state-of-the-art tankless hot water system, comprehensive whole-house filtration, water softener, HVAC units (3) and variable speed pool pumps. Abundant grassy back and side yard, guarded by towering mesquites, provides plenty of space for a swing-set, games, or simply throwing a ball for a dog. This home is central to all the elements of DC Ranch, including the newly renovated community center, and the marvelous restaurants, bars, and shopping of nearby Market Street. Just a short distance away is access to the community's sprawling trail system, which also provides easy walking access to Scottsdale's highly ranked Copper Ridge School.

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