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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8829 E Rowel Road Scottsdale, AZ 85255

$3,200,000

5 Beds

4.5 Baths

4,289 SqFt

Status Active

MLS # 6740083

Property Type Single Family Residence

Price Type --

Situated on 1.35 acres, this contemporary home designed by architect Piet Boon has breathtaking Mountain views in addition to dramatic sunset views. The backyard has been complete renovated with addition of casita in 2020, new pebble tec, water feature with gas firepits, all new Pentair pool equipment and heater, LED lighting with control through app, gas firepit and was featured on Sonoran Living. Formal living room has custom gas fireplace and modern light fixtures. Family room with expanded Heritage slider door. Wine cellar with LED lighting. Garden. Iron gate. Carrier Comfort AC units replaced 2019. Solar panels owned. Security sytsem with cameras. Window coverings with lutron control. Cul de sac, North/South exposure Luxury home with resort style backyard.So many more upgrades

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25505 N 114th Street Scottsdale, AZ 85255

$3,200,000

4 Beds

4.5 Baths

4,113 SqFt

Status Active

MLS # 6565469

Property Type Single Family Residence

Price Type --

New custom coming in Troon Mountain Estates! This gorgeous, soft contemporary home to-be-built has approximately 4113 square feet, 4 bedrooms, 4.5 baths, including a 679 square foot one bedroom/one bath separate casita, plus an open kitchen with butler's pantry, a great room, game room/den and walls of glass overlooking spectacular views of the McDowells, 4 Peaks and city lights from the top of a 20,000+ sf lot in gated Troon Mountain Estates. The main house is all on one level/no stairs, including the 3 car garage, except for steps down to the casita, infinity pool and spa.

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26782 N Donna Place San Tan Valley, AZ 85144

$3,200,000

3 Beds

2 Baths

2,577 SqFt

Status Active

MLS # 6679447

Property Type Single Family Residence

Price Type --

Some properties have to be seen to be believed. Welcome to The Arthouse, the Valley's best kept secret. Having operated as a luxury destination wedding venue in recent years, this home presents an exceedingly rare opportunity to enjoy modern living among natural, undisturbed desert. Winding desert roads scattered with saguaro cacti and picturesque mountain views lead you through San Tan Mountain Regional Park, to a property where peace, calm and serenity envelop all who enter. At this one-of-a-kind retreat, the current stewards have lovingly and carefully crafted every inch of this property's 3.3+ acres to maximize desert dwelling in a secluded setting surrounded by untouched state park land - offering privacy that no other property in the Phoenix metro area can come close to. Each evening, painted skies abound for you to enjoy sunset from the wraparound deck - this property has been designed for those who simply cannot compromise on the joys of outdoor living. The interior of the home is the ideal blend of comfort and cozy with a South Western twist. Prepare meals in the gourmet kitchen - complete with butcher block island, modern cabinetry and farmhouse-style sink. The exclusive owner's retreat will rejuvenate your soul - gas fireplace and soaking tub. In addition to the main home, don't miss the separate suite plumbed for a bathroom with it's own private entrance, which has in recent history served as a bridal suite. You will not find a home that soothes you in a way that The Arthouse does, while offering all the indulgences of modern living.

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6101 E Larkspur Drive Scottsdale, AZ 85254

$3,200,000

5 Beds

5.5 Baths

5,055 SqFt

Status Active

MLS # 6700067

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 and great schools. Sitting in the highly desirable Scottsdale neighborhood, this beautiful 5 bedroom, 5 bathroom modern home 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 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. This home is minutes from dining, shopping and more. Expected completion date of early 2025.

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9701 E Happy Valley Road Unit 16 Scottsdale, AZ 85255

$3,200,000

3 Beds

4.5 Baths

4,688 SqFt

Status Active

MLS # 6629837

Property Type Single Family Residence

Price Type --

Do not miss out on this home situated on 4.44 acres surrounded by breathtaking-panoramic views of mountain peaks and city lights. Original owner chose this amazing location on which to build a home with views from the patios of every room. This home has been well maintained but needs a little TLC to make it your dream home. The dramatic foot bridge to the main entry is just one of many unique features of this custom built home.

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8535 E Regina Circle Mesa, AZ 85207

$3,200,000

5 Beds

5 Baths

6,025 SqFt

Status Active

MLS # 6722214

Property Type Single Family Residence

Price Type --

Hillside mountain masterpiece home that is beautifully situated on a cul-de-sac lot featuring 5 bedrooms and 5 bathrooms. This amazing layout has two master suites. The Gorgeous remodeled gourmet kitchen features a walk in pantry, built in appliances including a 48 inch gas cook top, dual wall ovens, built in ice maker and so much more. Enjoy the media room, office and huge family room with wall of glass to the back yard. You will love the Soaring 20+ foot ceilings, plus the beautiful stone and brick accents throughout. This open floor plan has new large format porcelain floors, all new base boards plus all new bathrooms. This home has a fabulous layout for entertaining! The backyard features a mosaic tile pool and spa, plus a huge outdoor kitchen with built in bar and BBQ. Enjoy sunsets and the putting green plus fabulous mountain views. front courtyard offers amazing sunsets and city light views plus a beautiful fireplace and don't forget the loft offering beautiful views of the valleys. so much to see and enjoy and plus this home is MOVE In READY!

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8130 E Vista Bonita Drive Scottsdale, AZ 85255

$3,200,000

4 Beds

3.5 Baths

3,800 SqFt

Status Active

MLS # 6516110

Property Type Single Family Residence

Price Type --

This stunning contemporary modern luxurious home is almost completed being renovated!! Walking in your greeted with a sprawling open floor plan featuring exquisite luxury finishes throughout. This home showcases a spacious lot (almost an acre) with breathtaking mountains views overlooking the golf course. Brand new Pickel Ball court is perfect for entertaining. This home is located in the gated PINNACLE PEAK ESTATES. *Seller agent has ownership in property

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5593 E Edward Lane Paradise Valley, AZ 85253

Open House

New

$3,200,000

3 Beds

3.5 Baths

3,620 SqFt

Status Active

MLS # 6755781

Property Type Apartment

Price Type --

Camelback View. Enjoy resort living w/ full amenities at adjacent Mountain Shadows resort combined with distinct architectural designs. Enjoy views from 800+ sq. ft. outdoor deck. This Villa has 20 ft. high entry foyer with private elevator/stairs to living level. Luxurious designer features include, Wolf combo dual fuel range oven and microwave, Sub Zero refrigerator, Asko dishwasher, Zephyr hood,10 ft. high ceilings, 9 ft. bi-fold doors to deck, 9 ft. bi-fold from primary suite to deck, indoor/outdoor fireplaces, Savant smart home, lutron lighting, motorized shades, surround sound, 24 hr guarded entry, & more! Includes membership in Citizen's Club at Mountain Shadows - fitness center, classes, signing privileges, golf, discounts on all retail services, including food, rooms, golf.

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3709 E Hazelwood Street Phoenix, AZ 85018

Open House

$3,200,000

5 Beds

5.5 Baths

4,298 SqFt

Status Active

MLS # 6749650

Property Type Single Family Residence

Price Type --

Step into unparalleled luxury in this exquisitely renovated single-level home nestled in the heart of Arcadia Lite! With 5 bedrooms, 5.5 bathrooms, & a generous bonus space, this stunning home seamlessly blends modern elegance & comfort, creating the perfect setting for both serene evenings & lively gatherings. As you arrive, a charming flower-lined walkway guides you to the inviting front patio with Camelback Mountain Views, setting the stage for the beautifully crafted interior. Inside, the gourmet kitchen is a chef's dream, boasting Wolf/Sub-Zero stainless steel appliances, panel-ready cabinetry, two expansive islands, Taj Mahal quartzite countertops, & custom cabinetry that elevates both style & function. Retreat to the primary suite, a true sanctuary with its own cozy fireplace, doors to patio, custom wallpaper, designer finishes, a luxurious soaking tub, and an impressive closet complete with a washer and dryer for ultimate convenience. The outdoor oasis in the backyard boasts lush landscaping, a heated pool/spa, low-maintenance turf, a putting green, a firepit, a large covered patio with misters & a built-in BBQ, and so much more! This home also boasts an oversized 2.5-car garage and an RV gate with ample parking, offering plenty of space for vehicles, recreational toys, & all your storage needs, perfectly blending functionality with convenience & style. Located in the heart of Arcadia Lite, you're just minutes away from LGO, Kachina Park, The Global Ambassador, and all the Arcadia hot spots. This home is a must-see!

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23205 N Church Road Scottsdale, AZ 85255

Open House

$3,200,000

4 Beds

4.5 Baths

5,654 SqFt

Status Active

MLS # 6724654

Property Type Single Family Residence

Price Type --

Privately gated Custom home on 2.7 acres with 360 degree views of the McDowell mountains as well as sunset views and city lights. The primary suite is upstairs with a separate office , sitting area and fireplace, spa like bath, two closets and private balconies to enjoy the views. Guest house for privacy. Cook's kitchen completes this luxurious home.

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9125 N Lava Bluff Trail Fountain Hills, AZ 85268

Open House

$3,200,000

4 Beds

4.5 Baths

4,253 SqFt

Status Active

MLS # 6632276

Property Type Single Family Residence

Price Type --

***PRICE REDUCTION $550K***BREATHTAKING VIEWS of Four Peaks & surrounding mountains, this STUNNING FireRock home is ideally situated looking out over 2 golf course fairways & a LAKE! The ULTIMATE in soft Contemporary living w/a GREAT Room highlighted by 14ft beamed ceilings, a 2-way Stone Fireplace & floor to ceiling windows to enjoy EXTRAORDINARY VIEWS all around! Main house is approx. 3,851sf PLUS approx. 402sf in a GUEST CASITA. This den could be a media/theater room! This Chef's kitchen boasts Quartz countertops, Custom Designed Cabinetry, & a Wolf induction Cooktop & Oven. A gorgeous spacious Primary Suite which has dual vanities, a sep. shower & tub & a customized walk-in closet. EPITOME of RESORT STYLE LIVING w/ OUTSTANDING VIEWS, pool,spa & built-in BBQ! Beautiful Porcelain 24 x 48 tile floors have now replaced the carpeted secondary bedrooms and all porcelain 24 x 48 tile floors throughout refinished 6/24. Additionally, there is an anti-crack membrane to help prevent the porcelain tile floors cracking or breaking!

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6615 E Shea Boulevard Scottsdale, AZ 85254

Open House

$3,200,000

5 Beds

6 Baths

5,908 SqFt

Status Active

MLS # 6731750

Property Type Single Family Residence

Price Type --

This custom-built home epitomizes expansive luxury and is designed to accommodate the grandest lifestyles. Upon entry, you are greeted by a spacious great room and kitchen, featuring large sound-deadening windows that ensure a peaceful ambiance. The home boasts a fireplace, built-in bookcases, and extensive travertine finishes. Rich knotty maple woodwork complements the white island with Rainforest Brown marble, a farmhouse sink, and dark chocolate brown solid travertine countertops. Professional-grade appliances, designer lighting, and eight-blade fans enhance the overall aesthetic. Each bedroom is an en-suite, offering the utmost in privacy and convenience. The home includes a versatile kosher kitchen or mother-in-law suite. A 50-foot RV garage is ideal for a custom coach or car collection. The property features a comprehensive solar system with full battery backup, including a Tesla charging station. This system powers the entire house, eliminating electric bills and providing annual refunds from APS. The detached office/casita includes a full bath, and the extensive outdoor kitchen on the expansive covered patio is perfect for entertaining. The fully landscaped grounds feature pavers and turf throughout, with ample parking available. Additionally, an 804 square foot guest house, included in the total square footage, ensures your guests are comfortably accommodated. This home is designed to fulfill every desire and entertain lavishly.

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