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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4849 N Camelback Ridge Road Scottsdale, AZ 85251

$3,195,000
2 Beds
3 Baths
2,594 SqFt
Status Active
MLS # 6681503
Property Type Apartment
Price Type --
Tucked at the base of revered Camelback Mountain, Ascent is a new, private residential enclave adjacent to The Phoenician Resort - one of Arizona's premier luxury resort destination. This community incorporates the Sonoran Desert landscape directly into its design, at the most enviable location in Scottsdale. Ascent offer views overlooking the Valley & Camelback Mountain. Home designs feature contemporary architecture integrating warm, natural materials, expansive windows, and large outdoor patios. Thoughtfully designed by Nelsen Architects and Vallone Interior Design. Luxury finishes include exquisite Bulthaup Kitchens, Provenza wood floors, Sub Zero Wolf appliances & 10' ceilings.

525 W Berridge Lane Phoenix, AZ 85013

$3,195,000
5 Beds
4.5 Baths
6,349 SqFt
Status Active Under Contract
MLS # 6742844
Property Type Single Family Residence
Price Type --
Not many opportunities like this come available. Here's your chance to own this beautiful estate home in N. Central Phoenix. This home sits on a jaw dropping 1.4 acre irrigated lot. Situated on prestigious Berridge Lane. Surrounded by multi-million dollar estates. N/S exposure. 6349 sf of living space while maintaining minimal lot coverage. Massive front/rear yards. Original home was built in 1946 and expanded in 3 separate phases. Home maintains all the classic characteristics, yet modernized. 5 beds/4.5 baths+half at caba. Full in-law suite/guest quarters with private entrance, kitchen, living, and bed/bath. Multiple living areas t/o home. Sitting area off kitchen w/wainscoting & classic wood trimmed pillars. Living room w/fireplace & oversized beamed ceilings looking out to backyard Family room w/10ft+ flat ceilings, original bee-hive fireplace, and french doors to front sitting area with gas fireplace(3 interior fireplaces/2 exterior). Updated kitchen w/farmhouse sink, custom tile backsplash, gas range, B/I fridge/ice maker(24), and drawer micro. Wood floors t/o. Tile at baths. Primary bedroom has an attached office w/fireplace, walk-in closet, and classic bay window. Primary bathroom was renovated in 2018. Oversized walk-in shower, dual vanity, and water closet. All secondary bedrooms are very large in size. 2 of the secondary rooms share an adjoining bath. Farmhouse floating sink, partitioned shower, toilet, and urinal. Expansive rear patio w/separate exits off living and family rooms. Soaring vault w/exposed tung/groove. Beautiful diving pool and cabana was just renovated. New pebble sheen, pool equipment, and tile. Custom decking/outdoor barbecue. Cabana features a renovated half bath, full bar setup, and custom cabinetry. Sour orange trees recently added for privacy. Multiple trees surround the perimeter of the yard. The 2 car garage is tandem setup. Could accommodate up to 4 cars. RV hookup off front drive. New custom all steel front door. New exterior paint and custom metal chimney caps. Classic crank style dual pane windows. Sprinklers/drip front/back(portion). Plenty of room for potential garage, sport court, or additional detached guest quarters. Convenient to downtown, freeways, and all of Uptown's popular eateries. Don't miss this opportunity.

7117 E Rancho Vista Drive Unit 5003 Scottsdale, AZ 85251

$3,195,000
3 Beds
2 Baths
2,228 SqFt
Status Active
MLS # 6741140
Property Type Apartment
Price Type --
This incredible luxury renovation is expected to be completed by December 1st 2024. ***THE RAREST OF FEATURES IN ALL OF ARIZONA - ELEVATED & UNOBSTRUCTED CAMELBACK MOUNTAIN VIEWS*** Welcome to this legendary property at Optima Camelview Village, the award-winning luxury oasis. Featuring 3 Bedrooms + Study, 2 Baths and 2,228sqft. As an optimal residence, all beds, den and living areas showcase spectacular Camelback Mountain picture perfect views. Totaling 1,146 SF, both terraces are outlined in mature privacy hedges & boast panoramic westerly mountain and city views with the most incredible sunsets you can imagine. The 3 bedrooms all feature rare builder-installed sliding glass doors onto the 2nd terrace. Property comes with the two best parking spaces in the building & a storage unit. All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Womens Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.

7702 N Moonlight Lane Paradise Valley, AZ 85253

$3,195,000
5 Beds
6.5 Baths
6,214 SqFt
Status Active
MLS # 6745821
Property Type Single Family Residence
Price Type --
THE MOST STUNNING VIEWS IN PARADISE VALLEY! Seize the extraordinary and rare chance to own a prime 1.2-acre hillside lot offering sweeping, awe-inspiring views of Camelback Mountain, Mummy Mountain, the McDowell Mountains, Pinnacle Peak, and the shimmering city lights below. This hilltop sanctuary is nestled in the prestigious Tatum Canyon enclave in the heart of Paradise Valley. Privately gated and situated at the end of a tranquil cul-de-sac, the property currently features a livable soft contemporary-style home. Its prime location is just moments from the Paradise Valley Golf and Country Club, the new Ritz Carlton Resort, Camelback Inn & Spa, and a variety of upscale shopping and dining options. Remodel the existing 6,200 SqFt home or create the estate of your dreams— no HOA restrictions.

8602 N Dove Circle Phoenix, AZ 85028

$3,195,000
5 Beds
5.5 Baths
5,902 SqFt
Status Active
MLS # 6670999
Property Type Single Family Residence
Price Type --
This price improvement now offers the Paradise Valley area's, BEST value for an extremely private, view encompassed, single family home. Don't miss this extraordinary opportunity. Positioned on a tranquil lower hillside cul-de-sac, nestled in a distinctive enclave enveloped on all sides by mountain views, this unique residence offers large, flat front and rear grounds with unparalleled sunrise/set views of a variety of mountain ranges. Designed for discerning individuals who appreciate quality, art and nature, the home boasts open, clean lines accentuated by expansive, asymmetrical windows and grand ceiling heights. Five bedroom suites - each with full private baths & WI closets - are thoughtfully separated, with the private, upstairs owner's suite commanding the most expansive views and privacy. The home also provides an over-sized executive office (or music room option); bonus recreation/flex room, exercise and more - all equipped with smart home technology. The double-island chef's kitchen is the heart of the home, with easy flow to breakfast, formal dining, family room and outdoor entertaining (front & rear). Don't miss this very special opportunity to live the iconic Paradise Valley/Phoenix desert lifestyle, served by Scottsdale Unified School District, moments from the finest dining, resorts & Sky Harbor International Airport.

6097 N Paradise View Drive Paradise Valley, AZ 85253

$3,195,000 - 4Br/4Ba -  for Sale in Paradise Mansion Estates, Paradise Valley
Open House
$3,195,000
4 Beds
3.5 Baths
4,605 SqFt
Status Active
MLS # 6742365
Property Type Single Family Residence
Price Type --
Welcome to Paradise! Nestled in the heart of Paradise Valley, this hillside home seamlessly blends serene luxury living and sweeping Camelback Mountain views with functionality. Built by the award-winning Cullum Homes, this residence sets the standard for quality construction, offering the latest in design and prime location. Features of note include stunning views of Camelback Mountain from every room, walls of glass, a spacious, open floor plan, an open and bright kitchen, and en-suite bedrooms. The large primary suite features an expansive closet and a versatile flex space, ideal for a workout room, study, or nursery. The outdoor entertainment spaces are perfect for hosting gatherings or simply to enjoy the tranquility of nature. With multiple covered patio areas, a stunning pool with a custom waterfall, spa, and a tranquil grassy space, this home truly has something for everyone. Offering the perfect size in the ideal location at an exceptional price. It is sure to impress even the most discerning buyers.

3905 E Sierra Vista Drive Paradise Valley, AZ 85253

$3,195,000 - 3Br/4Ba -  for Sale in Paradise Reserve Replat, Paradise Valley
Open House
$3,195,000
3 Beds
3.5 Baths
4,363 SqFt
Status Active
MLS # 6755127
Property Type Single Family Residence
Price Type --
This all one level, custom home is situated at the end of a cul-de-sac in the guard gated Paradise Reserve community. This home boasts a split floor plan with 3 bedrooms, an office, and multiple living spaces. When you enter your new home you will be greeted with soaring ceilings, beautiful woodwork, and a lot of natural light. The finishes from Cullum Homes are absolutely timeless and of the highest quality. Enjoy the beautiful Arizona weather in your spacious backyard with amazing views of mountains and the downtown skyline. The oversized 3 car garage makes plenty of room for your beautiful car collection. Come and see this one of a kind gem!

10648 E Greythorn Drive Scottsdale, AZ 85262

$3,180,000 - 4Br/7Ba -  for Sale in Pinnacle Canyon At Troon North Phase 2 Unit 2, Scottsdale
Open House
New
$3,180,000
4 Beds
6.5 Baths
7,000 SqFt
Status Active
MLS # 6759774
Property Type Single Family Residence
Price Type --
Extraordinary desert estate w/ home theatre situated along the 14th fairway of Troon's prestigious championship golf course in gated Pinnacle Canyon. With dramatic drive-up appeal set against a picturesque Sonoran boulder backdrop, this home boasts breathtaking panoramic mountain & golf course views. Gourmet kitchen equipped w/ premium Viking appliances, granite counters, large center island, custom cabinetry, & walk-in pantry.Occupying the entire top floor, the primary suite offers a luxurious escape w/stunning views from the wrap around balcony, separate His and Her walk-in closets & spa-like bathrooms, a private office & elevator. Impressive family room features a custom gas fireplace, fridge, entertainment center & retractable slider wall that opens to the exterior. Step outside to your private paradise, complete w/heated pool, spa, BBQ & captivating boulder formations. This serene space is perfect for relaxation or hosting gatherings against the backdrop of the desert landscape. 3 additional well appointed en-suite bedrooms provide comfort & space for family or guests. The lower level features a dedicated home theater,exercise area, & steam shower w/convenient half bath. This extraordinary estate is not just a home; it's a lifestyle defined by elegance, comfort, and breathtaking natural beauty. Nestled in one of Arizona's most coveted communities, you'll enjoy unparalleled access to world-class golfing, fine dining, and outdoor adventures.

8309 W Softwind Drive Peoria, AZ 85383

$3,150,000
5 Beds
5.5 Baths
5,654 SqFt
Status Active
MLS # 6712558
Property Type Single Family Residence
Price Type --
Step into a realm of luxury and practicality with this stunning custom-built residence, a perfect haven for families who cherish the outdoors and love entertaining. Built in 2015, this exquisite home is a blend of modern design and comfort, situated in the serene landscapes of North Peoria.As you drive through your private gate with custom pavers, you're welcomed by bold iron doors that open into a spacious foyer. This leads you into an expansive, open-concept living room that effortlessly extends to an outdoor entertainment area through sleek sliding glass doors. The home's 100% smart functionality is powered by Unifi 4k security system cameras, Sonos, and Genelec professional speakers, offering customizable surround sound in every space, both inside and out. ( see more remarks) Step into a realm of luxury and practicality with this stunning custom-built residence, a perfect haven for families who cherish the outdoors and love entertaining. Built in 2015, this exquisite home is a blend of modern design and comfort, situated in the serene landscapes of North Peoria.As you drive through your private gate with custom pavers, you're welcomed by bold iron doors that open into a spacious foyer. This leads you into an expansive, open-concept living room that effortlessly extends to an outdoor entertainment area through sleek sliding glass doors. The home's 100% smart functionality is powered by Unifi 4k security system cameras, Sonos, and Genelec professional speakers, offering customizable surround sound in every space, both inside and out. To the right of the grand entrance, a private attached casita awaits, perfect for guests, a nanny, or in-laws. This self-contained suite features its own kitchen, bathroom, and garage, ensuring privacy and independence for your visitors. The residence boasts a true split floor plan, with the primary bedroom located on the east side. This peaceful retreat offers separate his-and-hers walk-in closets, a luxurious rounded walk-in shower, and direct access to the patio. The built-in fireplace and rounded windows provide picturesque views of the sparkling saltwater play pool, complete with a spill-over waterfall from the hot tub and a built-in fire pit. On the west side, you'll find bedrooms two through four, each with en-suite bathrooms, walk-in closets, and sliding glass doors leading to private patios. These rooms are designed for maximum comfort and functionality, offering ample space for family or guests. An oversized flex space adjacent to these bedrooms is perfect for movie nights, a game room, or a second living room, with sliding glass doors opening to the private patio and backyard oasis. The kitchen, a chef's dream, is equipped with high-end finishes, stainless steel appliances, a six-burner gas cooktop, an oversized island with seating for eight, a beverage fridge, and a built-in Wolf coffee machine, making it the perfect spot to start your mornings. The backyard is a private, lush paradise, ideal for both entertaining and relaxation. It features an extended patio with a TV, a saltwater play pool, a spa with a spillover waterfall, and an in-ground gazebo with a dining area and built-in BBQ and kitchenette. Two expansive grass areas provide great spaces for kids to play or for hosting gatherings. The backyard landscape, redesigned by Moon Valley Nursery at a cost of $100,000, adds privacy and a resort-like feel to your home. Let's not forget the detached 60x20 ft RV garage with a 16 ft opening and two ductless mini-splits, offering ample room for storing an RV, boat, and all the recreational toys your heart desires. As a bonus, there is additional parking to the west of the building, equipped with two floodlights and 50-amp outlets inside and outside the garage. With Lake Pleasant and numerous riding, biking, and hiking trails just a few miles away, life in this home couldn't be more perfect. This residence seamlessly combines luxury and practicality, providing a comfortable and stylish living environment in North Peoria. Welcome to your Peoria Paradise!

18720 N 101st Street Unit 2012 Scottsdale, AZ 85255

$3,150,000
3 Beds
4 Baths
3,157 SqFt
Status Active
MLS # 6576548
Property Type Apartment
Price Type --
**NEW CONSTRUCTION** The best opportunity to be inside the gates of Silverleaf at a competitive price. ICON at Silverleaf offers an unlimited lifestyle with the lock-and-leave luxury of exceptional single-story flats amid the incomparable beauty of Arizona's McDowell Mountains. This rare and unique offering of spacious, open-concept residences affords the very best of all possible worlds, close to the cosmopolitan conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert behind the gates of the truly iconic upscale private resort community of Silverleaf. Silverleaf, located in North Scottsdale, Arizona, is a prestigious guard gated community known for its luxurious estates, exclusive golf courses, private Club and stunning desert landscapes. The Tom Weiskopf-designed Silverleaf Golf Course is a highlight for golf enthusiasts. With a blend of Spanish and Mediterranean-inspired architecture, the community offers a high standard of living, including upscale amenities like spas, fine dining, and exclusive shopping. Residents enjoy a harmonious balance between modern luxury and the natural beauty of the desert environment, making Silverleaf a sought-after destination for those seeking an exceptional lifestyle in North Scottsdale.

35097 N 83rd Place Scottsdale, AZ 85266

$3,145,000
4 Beds
5.5 Baths
4,341 SqFt
Status Active
MLS # 6697384
Property Type Single Family Residence
Price Type --
Nestled on nearly an acre in North Scottsdale's Reserve at Black Mountain, this Toll Brothers marvel spans 4,341 sq. ft. The home features 4 bedrooms and 5.5 baths, each crafted for luxury living. The heart of this abode, a great room with soaring 17' vaulted ceilings, seamlessly integrates with a kitchen boasting Wolf/Sub-Zero appliances! Imagine entertaining as spaces flow outdoors to a grand covered patio. The charm extends to a detached casita with 90-degree doors, blending the indoors with the outdoors. Nice! The primary suite, a haven of tranquility, offers a custom closet. Two ensuite bedrooms encircle a bonus room, each with courtyard access. Unleash your creativity to sculpt the landscape, pool, and spa in this canvas of luxe, set against the dramatic Black Mountains.

3711 N Hawes Road Mesa, AZ 85207

$3,145,000
5 Beds
5.5 Baths
7,371 SqFt
Status Active
MLS # 6745053
Property Type Single Family Residence
Price Type --
Nestled in the prestigious Las Sendas Mountain Estates community, this stunning estate epitomizes luxury and tranquility. Offering seamless access to the Las Sendas Clubhouse & Golf Club and set against the dramatic backdrop of Tonto National Forest, this property is a showcase of exceptional design and refinement. Upon arrival, the grand entry gate and desert-accented motor court lead to a Cantera Stone courtyard, where a custom tile fireplace and elegant fountain set a sophisticated tone. The expansive covered patio and backyard invite you to revel in breathtaking west-facing views of the Arizona skyline and majestic mountain ranges beyond. Step inside to discover a blend of opulence and functionality: soaring 20-foot ceilings, honed stone flooring with herringbone accents, and a gourmet kitchen outfitted with a Wolf & Subzero appliances, multiple ovens, and two Miele dishwashers. The primary suite is a serene retreat with a hydro system jetted tub, complemented by an exercise room with a steam sauna. Unlock true entertaining for few or many with this estate's cinema screening room, dedicated wine room, and guest casita suite. This residence masterfully integrates indoor and outdoor living with retractable glass walls and a negative-edge pool and spa that enhance the outdoor experience. Car enthusiasts will appreciate the 4-bay garage, while the meticulously landscaped grounds provide a serene setting. Architectural details include domed and barrel ceilings, brick accents, and Venetian plaster interiors, all highlighted by Cantera stone pillars and metal bonnets. Spanning over 7,300 square feet, the estate is equipped with an advanced Control 4 home system, automatic Hunter Douglas blinds, and an intercom system for effortless living. The guest wing features en-suite bedrooms, walk-in closets, and a versatile common flex space. An optional Golf Club or Social Membership at Las Sendas adds to the allure. Experience unparalleled East Valley living with panoramic sunrises over Tonto Preserve and dazzling city sunsets.

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