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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5825 E Cochise Road Paradise Valley, AZ 85253

$3,250,000
4 Beds
4.5 Baths
3,729 SqFt
Status Active
MLS # 6747881
Property Type Single Family Residence
Price Type --
Desert contemporary 2024 new build! Experience Paradise Valley's resort style, tranquil living in this 4 bed, 4.5 bath estate. With natural light beaming in through 2 walls of sliding doors, home boasts modern and clean design elements with open concept great, dining, and kitchen. Custom two-toned wood cabinets, oversized 2-tier kitchen island, and with stainless steel Wolf appliances, including gas cooktop, multiple ovens, coffee bar, and a wine fridge, creating a chef's dream kitchen. Primary suite includes private sliders to the backyard, dual sink vanity, soaking tub, oversized shower, enclosed toilet, and incredible walk-in closet with custom cabinetry. Entertain family and friends in the backyard with custom pool with expanded pool deck, built-in BBQ, covered patio, turf and desert landscaping or front yard with additional covered patio perfect for lounging and dining. Additional features include 3 en suite guest bedrooms, 4 car garage, RV gate, and builder warranty. Located minutes away from Paradise Valley and Scottsdale's top resorts, golf, dining, and shopping.

2402 E Esplanade Lane Unit 902 Phoenix, AZ 85016

$3,250,000
2 Beds
3 Baths
3,542 SqFt
Status Active
MLS # 6738813
Property Type Apartment
Price Type --
Nestled in the heart of the prestigious Biltmore area of Phoenix, this luxurious ninth-floor condominium residence offers over 3,500 square feet of contemporary elegance. The expansive floor plan features impressive entertaining spaces with breathtaking views to the downtown Phoenix skyline and beyond. Floor to ceiling windows plus two oversized balconies highlight these vistas and provide ideal natural light. As expected, top-of-the-line finishes and modern design elements abound, from beautiful light real oak wood floors to Wolf, Subzero and Miele appliances. Twp private and separated en suite bedrooms plus a dedicated office/study and powder room complete this perfect home. Esplanade Place offers true luxury lock and leave living along with the highest standards for residence security, including on-site guard, controlled garage and floor access, on-site valet, full exercise gym and steam rooms, large club room for entertaining with catering kitchen, roof-top pool, gas grills for residents plus a dedicated dog run area. Condominium residences of this size and level of finish are difficult to find in the greater Phoenix/Scottsdale market. This offering is truly a gem!

9853 W Jj Ranch Road Peoria, AZ 85383

$3,250,000 - 6Br/7Ba -  for Sale in Melton Ranch 2, Peoria
New
$3,250,000
6 Beds
6.5 Baths
5,587 SqFt
Status Active
MLS # 6759195
Property Type Single Family Residence
Price Type --
Rare opportunity for this exquisite estate in the luxury community of Melton Ranch! This masterpiece boasts luxury finishes throughout including custom carved cabinetry, Cantera stone finishes, wine cellar, wet bar, theater room, poker/game room or formal dining, casita, gym, full workshop w/bathroom, 2 full Size RV garages, additional parking for 6 cars, outside RV pad, 4 ensuite bedrooms in main house, plus office/bedroom, cooled storage, and entertainer's backyard with pool, spa, firepit, outdoor kitchen & more. The private courtyard offers a warm fireplace in the winter and privacy. Every detail was considered, including a luxury master suite with ample closets, 2-way fireplace, Swedish shower, spa tub and abundant dual closets. Perfect retreat for privacy and luxury RV needs. Please see the 3D tour and Additional Features tab. This home is perfect for travelling musicians that have multiple RV's plus trailer & more. Very private and beautifully appointed! Please check out this area of Peoria off of Lake Pleasant Parkway on the 303 loop. Great dining, shopping, and entertainment! Easy commute for RV travelers going to CA or North on the 303.

36133 N 24th Avenue Phoenix, AZ 85086

$3,250,000
4 Beds
4.5 Baths
5,249 SqFt
Status Active
MLS # 6719921
Property Type Single Family Residence
Price Type --
A remarkable opportunity to enjoy your own custom slice of paradise in the coveted gated preserve enclave awaits, no vacations needed! Builders bespoke meticulously crafted home with upgrades from the foundation up. Large private courtyard and abundant backyard are an entertainer's dream yet allowing for serene private enjoyment. From the outdoor kitchen & living room, to the statement fireplace, to the infinity edge pool straight from your Pinterest board. This oasis has uncompromising quality and attention to detail throughout. Expansive Designer Chefs kitchen. 2 room Casita w/ full kitchen and separate entrance keeps guests close while ensuring privacy for all. The upgrades are too great to list, come see this stunner in person today!

10512 E Cortez Drive Scottsdale, AZ 85259

$3,250,000
5 Beds
4.5 Baths
5,015 SqFt
Status Active
MLS # 6748941
Property Type Single Family Residence
Price Type --
* SCOTTSDALE STUNNER * CACTUS CORRIDOR GEM * BELLA MONTAGNA BEAUTY * 0.86 ACRE LOT * 5 BED * 4.5 BATH * 5,000+ SQ FT * HIGH-END STAINLESS STEEL APPLIANCES * NEW VINYL FLOORING THROUGHOUT * NEW MAPLE HARDWOOD CABINETS THROUGHOUT * NEW TAJ MAHAL QUARTZITE COUNTERTOPS THROUGHOUT * REDESIGNED KITCHEN * FRESH INTERIOR PAINT * FRESH EXTERIOR PAINT * PRIVATE SPORT/TENNIS COURT * RESORT-LIKE POOL * SPLIT FLOORPLAN * TOWERING COFFERED CEILINGS * 3 CAR GARAGE * EXTRA EXTRA PARKING * CIRCULAR DRIVEWAY * OWNED SOLAR SYSTEM * NEWER ROOF * CLOSE TO MAYO * CLOSE TO HONOR HEALTH * CLOSE TO BASIS SCOTTSDALE * CLOSE TO 101 * GET IT BEFORE ITS GONE! *

7330 E Arroyo Seco Road Scottsdale, AZ 85266

$3,250,000
4 Beds
6 Baths
6,460 SqFt
Status Active
MLS # 6609535
Property Type Single Family Residence
Price Type --
This very unique home is located in the Estate Lots at The Boulders. A custom steel gate of desert motif welcomes you into the front courtyard. The massive carved front doors feature a relief of a large multi-branched tree. The living Room has a 2 story ceiling and a beautiful winding stairway to the Family/Game Room with wet bar and bathroom located upstairs. Enjoy the mountain and golf course views from the balcony. The large kitchen opens to a family room with a fireplace, wet bar and entertainment center built-in cabinets. All guest rooms have their own baths. The Master Bedroom is a generous approximate 21 X 21 square feet with a huge walk-in closet. The pool patio area offers total privacy for relaxing or entertaining. The adjacent lot is also available for purchase. includes a boundary and topographic survey, a schematic site plan and schematic floor plan.

13042 N 116th Street Scottsdale, AZ 85259

$3,250,000
5 Beds
5.5 Baths
5,446 SqFt
Status Active
MLS # 6702168
Property Type Single Family Residence
Price Type --
Sweeping views of Camelback Mountain and sparkling city lights in this newly renovated, guard gated Ancala estate. High ceilings and natural light with multiple walls of windows and sliding doors; great room includes custom built-in bookcase, formal dining room, and open concept living and kitchen with fireplace. Chef's kitchen includes new Wolf and Sub-Zero appliances, new custom cabinets and kitchen island. Primary suite includes fireplace and updated bathroom with dual sink vanities, freestanding bathtub, oversized shower, and walk-in closet. Enjoy Arizona best indoor/outdoor living and views in the backyard with your custom infinity heated pool, spa, built-in BBQ area with wood burning fireplace, covered patio, and putting green. Additional features includes basement with updated kitchenette and wet bar area - perfect for a game room and entertaining guests, 3 en suite bedrooms, office, and 3 car garage. Located minutes away from Scottsdale's world renowned resorts, golf, dining, and shopping.

29906 N Miradar Court Scottsdale, AZ 85262

$3,250,000
4 Beds
5 Baths
5,684 SqFt
Status Active
MLS # 6651364
Property Type Single Family Residence
Price Type --
Spectacular luxury living in this meticulously designed Spanish Ranch home, nestled in Granite Mountain Ranch, North Scottsdale's only gated equestrian estates. Gorgeous Four Peaks mountain view estate is on almost 5 acres (2 lots) located at the end of a large cul-de-sac. Sale includes two parcels totaling 4.803 acres - parcels 219-40-083 and 219-40-082.The property's circular driveway and stone gate house create a grand entrance with a fountain and gas fireplace that welcomes guests with a sense of luxury and prestige. An architectural masterpiece, this four-bedroom custom home with attached casita was originally crafted for the architect himself, and exudes sophistication and attention to detail at every turn. The interior is captivating with elegance and warmth, and has four distinct shapes of large tumbled travertine, laid in a Versailles pattern throughout main living areas and extending gracefully to the outdoors. Pillars and niches adorned with ambient lighting create a timeless look. Main living area has amazing views to the outdoors with a massive cantera stone gas fireplace. The kitchen is a chef's delight, equipped with a warming drawer, appliance garage, a new ASKO dishwasher and a huge center island with granite slab countertops. The Wolf built-in cooktop and oven are propane gas and the range hood is accentuated with faux painting. The SubZero double refrigerator and two dishwashers ensure efficiency. The separate bar seats five and is granite-topped with ice maker and wine chiller. This residence is a showcase of thoughtful features, including a central vacuum system, four AC zones, an AV closet and a beautiful powder room. The den, complete with wood-beamed ceilings offers versatility with its closet, potentially transforming it into a bedroom. A four-car garage with epoxy floors and a spacious in-garage storage room. The utility closets house a water softener, 4 HVAC air handlers, and two hot water heaters. The primary suite on the same side as the den invites tranquility, with wood flooring, knotty alder cabinets and doors, and a gas fireplace. The primary bath is a spa-like retreat, featuring a coffee bar with built-in SubZero refrigerator, jetted soaking tub, separate closets with custom built-ins, and an indulgent six-shower head experience. Enjoy the breathtaking view of Four Peaks from the primary bathroom, complemented by a travertine outdoor shower. Your visitors will love the guest amenities, with two spacious guest suites on the opposite side of home with private baths and large walk-in closets. A 400 sq ft casita with a kitchenette, SubZero fridge, walk-in closet, and full bathroom provides your guests a private retreat. Technology seamlessly integrates with luxury in this property, with Control 4 system, managing 4 outdoor security cameras, music with in-ceiling speakers throughout the house and back patio, weather, and six mounted TVs which convey to the buyer. A formal dining room with a bricked ceiling and double doors opening to the front courtyard sets the stage for intimate gatherings around the gas fireplace and courtyard fountain. The outdoor space is an entertainer's dream. The backyard oasis offers unobstructed Four Peaks and Matzatzal mountain views, with a Jacuzzi and pool that can be controlled from inside the home. Owned solar system heats the pool for extended enjoyment in the fall and spring. A built-in grill and bar, wood-burning fireplace and firepit complete the entertainment amenities. Granite Mountain Ranch is the only gated equestrian community in Scottsdale where each homeowner can have up to 4 horses per lot. It has 100 home sites spread across 315 acres, 15 acres of equestrian facilities including 2 large arenas and 2 round pens, paved and lighted streets, underground utilities and a private water resource. It's adjacent to the McDowell Sonoran Preserve. You'll have easy access to unlimited riding trails, hiking, biking & fishing. Within a 10-to-30 minute drive are many of Arizona's top golf courses.

11776 N 119th Street Scottsdale, AZ 85259

$3,250,000 - 4Br/5Ba -  for Sale in Ancala, Scottsdale
Open House
$3,250,000
4 Beds
4.5 Baths
5,161 SqFt
Status Active
MLS # 6742213
Property Type Single Family Residence
Price Type --
Enjoy the serene golf course and mountain views from this custom home in guard-gated Ancala! No detail has been spared in this magnificent updated home! Enter into the open great room, designed for entertaining with wet bar, fireplace, and butted glass windows showcasing the endless views! New interior/exterior paint, newer AC units, recoated roof, and newer water heater too! White oak floors with 6'' baseboards throughout. Gourmet Chef's kitchen is appointed with double waterfall edge islands, 3 ovens, 6 burner gas stove w/ griddle, and sub zero built-in fridge. Luxury primary suite with fireplace, sitting room overlooking the views, and backyard access. Primary bathroom with dual sinks, leathered quartz, Solano tub, and MORE... floor to ceiling tile surrounds in walk- in shower. Entertainer's backyard oasis with updated pebble tech pool, extended covered patio, electric sun shades, recessed infratech ceiling heater, misters, BBQ, and wood burning fireplace. All overlooking the 15th hole of Ancala Country Club! This home is a true showstopper with too many great details to list. Check out the full features list in docs tab!

3500 E Lincoln Drive Unit 22 Phoenix, AZ 85018

$3,250,000 - 5Br/5Ba -  for Sale in Lincoln Hills, Phoenix
Open House
$3,250,000
5 Beds
4.5 Baths
4,241 SqFt
Status Active
MLS # 6729102
Property Type Single Family Residence
Price Type --
Welcome to your GUARD GATED serene retreat on over half an acre along the mountainside of Lincoln Hills with city views of the valley! Enter into the open concept floorplan with newer ACs, roof w/ 5 year warranty, water purification system, updated flooring, solid core doors, and updated ceiling fans and light fixtures throughout. Remodeled chef's kitchen with top of the line Sub-Zero fridge, 4 burner gas cooktop plus griddle, all new cabinets/ pull outs, RO system, prep sink, and wine fridge. Luxury primary suite with extended balcony overlooking the mountain and city views. Flex game room designed for indoor/outdoor style living with glass garage doors. Private backyard oasis with multiple private patios, pool, outdoor kitchen with gas BBQ, dishwasher, and fridge. Come take a look today

3710 E Hazelwood Street Phoenix, AZ 85018

$3,249,000 - 3Br/4Ba -  for Sale in Rancho Del Monte Unit 1 Blk 2, Phoenix
Open House
New
$3,249,000
3 Beds
4 Baths
4,799 SqFt
Status Active
MLS # 6756071
Property Type Single Family Residence
Price Type --
From the moment you turn on to Hazelwood Ave., you'll be immediately reminded why it is one of Arcadia's most iconic streets. A blend of creative architecture, lush green landscapes, and pride of ownership from neighbors who live active lifestyles is obvious. As you arrive at the curb of 3710 E. Hazelwood, you will be welcomed by shade trees in bloom, combined with eco-friendly, low-maintenance landscape design. As you enter the front door, you will discover the perfect fusion of elegance and modern design in this beautifully appointed Arcadia home. Just inside, you'll notice the large split, open floor plan is warmed with natural light at every corner. The open kitchen is appointed with an abundance of European design, walnut cabinetry, dressed in waterfall Carrara marble countertops, commercial grade 70 refrigerator/freezer, Bosch double dishwashers, GE Monogram double oven, gas range, and speed oven. The sleek, high-top kitchen island welcomes guests to tell stories, laugh, and drink wine while watching the chef/s work their magic. The large living room is adorned with recessed LED mood lighting, a Control4 smart control system, and stunning walnut cabinetry to dress the dining area. The living room takes center stage to the kitchen and backyard, making this home the repeat destination for parties with friends and holiday feasts. The secondary bedrooms are large and equipped with massive amounts of storage. The primary suite is private, secluded, and the perfect place to fall into bed to decompress from the energy of a productive day. The closet is a dream! Floor-to-ceiling shoe wall, deep, floor-to-ceiling custom-designed clothing storage, and your own runway for modeling your outfit before revealing it to the world. The home offers the utmost in versatility and has been uniquely designed to accommodate a variety of living arrangements. The current set up offers two residences, each home has its own entrance and driveway for complete privacy and is perfect for multi-generational living. The main home offers two-bed, two-full bath and one half-bath, and the attached guest house (ADU) has one-bed, one-full bath, one-half bath, plus a full kitchen and expansive living and dining area. With an extremely simple modification, the home can also be a traditional four-bed, split plan. The home has so many options, including a two-unit luxury rental or an alternative would be to live in one home and lease the other, with the most obvious being a spectacular contemporary masterpiece in the perfect location with flawless design. The backyard is a private oasis with a large low-maintenance turf area for playing catch with the kids, fetching with the pup, or just lounging with friends over an evening cocktail. Brand new pebble sheen pool and hot tub make it an automatic yes when inviting friends. An enormous extended two-car plus garage that allows for any car, truck, or SUV, with an EV charging station and leftover room for bikes, toys, or workout gear. You'll never want to leave home, but if you do, a short walk to LGO, North Italia, Ingo's Tasty Food, Sushiholic, Chelseas's Kitchen, create the definition of convenient living. One visit and you'll want to call it home.

35203 W Indian School Road Tonopah, AZ 85354

$3,240,000
3 Beds
2 Baths
5,760 SqFt
Status Active
MLS # 6742751
Property Type Single Family Residence
Price Type --
Lot 1,2,3,and 5 are a total of 37.83 level acres of land being split from 504-10-003-B with a 3 bedrooms and 2 bathroom home, private well and room to expand! There is a large enclosed hall that can be used for gatherings, storage and more. The covered storage area offers its own possibilities for an income producing venue with the start of 9 individual rooms and three bathrooms along with one large central space that could be a centralized kitchen or living space. Private well and three separate septic tanks make the possibilities of this property endless! Near the future Belmont Master Planned Community and soon to break ground Desert Studios. 20 min to Buckeye Equestrian Center, 35 min to Wickenburg, Stone's throw from Teravalis, Desert Whisper, Tartesso etc. Easy access to Interstate I-10, MC-85, Loop 202 & 303. Close to the proposed I-11 freeway, connecting Arizona, Nevada & California. Early-stage planning efforts for I-11 to become a trade route connecting Canada & Mexico. Providing Arizona with access to regional & international markets, jobs & economic growth. Possible seller carry back with large down payment. You won't want to miss out on this property and all that it offers!

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