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.

What’s Your Home Worth?

Search for Your New Home

26485 N 108th Way Scottsdale, AZ 85255

$3,000,000
6 Beds
6.5 Baths
6,602 SqFt
Status Active
MLS # 6723125
Property Type Single Family Residence
Price Type --
Welcome to a stunning custom-built masterpiece that exudes romantic charm and timeless sophistication. Nestled in the prestigious Windy Walk Estates, part of the Troon Village community, this home offers an enchanting blend of elegance and classic design. As you step through the grand entrance, you are greeted by the glow of ornate chandeliers that illuminate the spacious living areas. The beautiful iron spiral staircase adds to the home's captivating allure. For your convenience, an elevator provides easy access to all levels of this remarkable residence. The primary bedroom is a true retreat, featuring a private balcony that offers breathtaking views of Pinnacle Peak. Imagine waking up to the serene beauty of the mountain every morning, framed perfectly by the large windows in your bedroom. This home is designed for those who appreciate fine details and luxurious touches. The property includes a two-bedroom separate casita, each with its own entrance. One unit features a kitchenette, making it perfect for guests or extended family stays. The main house boasts a wet bar with a built-in wine fridge, ideal for entertaining. Step outside to the backyard oasis where a sparkling pool with a waterfall feature awaits. Whether you're hosting an intimate gathering or enjoying a quiet evening at home, the ambiance of this property will captivate and inspire you. Experience the epitome of luxury living in this exceptional Scottsdale home.

4900 E Castle Hot Springs East Road -- Morristown, AZ 85342

$3,000,000
3 Beds
2 Baths
1,774 SqFt
Status Active
MLS # 6688397
Property Type Single Family Residence
Price Type --

10249 E Joy Ranch Road Scottsdale, AZ 85262

$3,000,000
3 Beds
5 Baths
3,850 SqFt
Status Active
MLS # 6734554
Property Type Single Family Residence
Price Type --
Discover this contemporary masterpiece, a meticulously crafted 3-bedroom, 5-bathroom home. Upon entry, floor-to-ceiling glass doors invite you into a space defined by modern elegance. Entertain effortlessly with a built-in wet bar featuring a wine fridge, complemented by a double waterfall kitchen island, White Oak cabinets, and concrete countertops. The kitchen seamlessly flows into the main living area, where natural light enhances the sleek design. Storage is abundant with a walk-in pantry adorned with custom cabinets and shelves, while each bedroom boasts its own walk-in closet with built-in cabinetry. A dedicated office space doubles as an additional bedroom, ensuring versatility. Integrated speakers in every room enhance the ambiance, while the master suite offers a retreat-like experience with a massive walk-in closet, a separate shower, and a unique standalone tub. Floor-to-ceiling sliding glass walls provide direct access to the backyard from the master bath, merging indoor and outdoor living. Step outside to discover a Pebble Tech pool and a convenient pool bathroom, perfect for entertaining and relaxation. Every detail of this home is custom-made, promising luxury and comfort in every corner.

23832 N 112th Place Scottsdale, AZ 85255

$3,000,000
4 Beds
4.5 Baths
4,915 SqFt
Status Active
MLS # 6744119
Property Type Single Family Residence
Price Type --
Discover the epitome of luxury living w/this stunning custom Santa Fe home, perfectly positioned on a sprawling 1.25-acre lot in scenic Troon Ridge Estates. Embrace unparalleled privacy and serene mountain, golf course & sunset views from this exquisite property. The main residence seamlessly blends classic Southwestern charm w/modern sophistication. Inside, you'll find warm wood floors & stunning ceilings adorned w/rich wooden beams. Latilla wood shutters add an authentic touch while allowing natural light to flood the space. The updated interiors include a walk-in wine cellar w/a tasting room, perfect for wine enthusiasts and entertaining guests. The reimagined upstairs primary suite offers a haven of tranquility. This closet is designed as a multifunctional space... This closet is designed as a multifunctional space serving also as a sitting room/office and the spa-quality bathroom creates a serene retreat. Step outside to your private oasis, featuring a backyard designed for relaxation and entertainment with pool, fireplace, outdoor kitchen and acoustic amphitheater. Adjacent to the main home is a newly remodeled detached guest house, offering privacy and comfort for visitors. This charming addition complements the main residence with its own unique blend of style and modern updates.

758 Southlake Road Lakeside, AZ 85929

$3,000,000
6 Beds
7 Baths
5,793 SqFt
Status Active
MLS # 6745246
Property Type Single Family Residence
Price Type --
This beautiful LAKE property in the perfect Arizona picturesque landscape, boasts a 3,398 SF Main house and a 2,394 SF Guest House. Tucked in a private portion of the lake, it is a serene escape into mountain living. The property sits on a stunning ¾ acre lot & offers a unique blend of comfort & eligance, with its log-sided architecture and FULLY furnished interiors. Surrounded by tons of trees & beautiful neighboring homes, this property stands out w/ its private gated entrance & private boat dock, perfect for fishing or kayaking adventures, on this exquisite & rare lakefront property. The promise of peaceful days amazing sunsets & starry nights is a reality here, w/ amenities such as a truly HUGE back deck, outside fireplace plus a lower firepit and BBQ area enhancing outdoor living! Imagine a grand log home where the great room, with its expansive floor-to-ceiling windows, offers a panoramic view of a serene lake. This home has one of the BEST views of Rainbow Lake! The heart of the home features a large rock fireplace, perfect for gathering around on chilly evenings. This fireplace has a gas starter for easy to light wood fires, or it could easily be converted to a ornamental gas fireplace. Both the interior and exterior fireplaces on the main house have gas starters. The ceilings boast beautiful tongue-and-groove woodwork, complementing the rich wood flooring that extends throughout the space. The ceilings throughout the main house, including the carport, and the wall under the stairs are a stunning cedar. An open chef's kitchen, complete with a rock-sided island and stone countertops, invites culinary adventures. The chef's gas commercial grade stove is fantastic. Lots of counter space and a custom made live edge wood island and breakfast bar. A custom pizza, by the fireplace, that you can cook with gas or wood is fun and creative for any setting. Imagine cooking looking out to the lake. The guest 1/2 bath on the main floor has a custom made cypress vanity that is one of a kind that adds rustic elegance. The Primary suite is a luxurious retreat, with its own stunning lake views, an ensuite that includes a soaker tub, double vanity, and a custom tiled shower designed for warmth with radiant floor heat and relaxation. The main floor also houses a cozy guest suite that basically mirrors the Primary and it too has heated radiant floors in the bathroom. Upstairs is a third bedroom with an accompanying bathroom awaits, alongside an open loft that's perfect for hosting additional guests. ALL bedrooms plus the loft have astonishing VIEWS of the lake. This log sided home is a harmonious blend of rustic charm and modern comfort, creating a space that's as inviting as it is beyond impressive. Photos can't begin to embrace it beauty and magic. The SIX car garage adds additional features like a car lift with an air compressor. The garage is 25X60 with an office and storage area above that is 15X60 with a 1/2 bath offers flexibility for work or play. Additional features are fully enclosed fenced property, smart home with cameras and alarms, plus a surround sound system cater to both convenience and entertainment. The electronic hub, cleverly concealed under the stairs in a built-in bookshelf, speaks to the thoughtful design of the home. A dog shower in the mudroom/laundry adds a touch of consideration for pet owners. The gated entrance ensures privacy and exclusivity, making this property a secure haven. For those drawn to the charm of lakeside living, this home on Rainbow Lake is a rare find, promising a blend of relaxation, recreation, and potential revenue. It's an invitation to embrace the tranquility of nature while enjoying the comforts of a well-appointed home. At the back of the property there is a beautiful guest home that offers the epitome of spacious living, with a split bedroom floor plan that seamlessly connects the living room with a wood burning fireplace, to an inviting front deck and an open kitchen. Large windows flood the space with natural light, creating an airy and welcoming atmosphere. The primary suite provides a private retreat, while two additional guest rooms ensure comfort for visitors. This home, with its thoughtful design and ample amenities, represents the ideal guest house for those who value both comfort and style. The landscaping on this property is stellar and the photos can't begin to show it's beauty. The circular driveway is incredibly appointed for ease and ample parking. This property must be seen to understand how fantastic it is. In addition, this property is beyond rare here in Arizona. It truly is so unique and the location on the lake is absolutely one of the very best available. The views are STELLAR. The sunsets are picturesque and the sunset cruises are a must! Imagine living in the White Mountains of Arizona where you have 4 beautiful seasons and where you can breathe in the fresh mountain air and enjoy the 40 lakes and over 600 miles of rivers and streams. In addition to the amazing fishing, this area has one of the most extensive trail systems in the southwest for hiking, biking, horseback riding, quadding and more. Sunrise Ski Resort is also just 40 minutes away with 3 beautiful mountains to ski, snow board or sled. If shopping is your interest, you will love the antique stores and the multitude of arts and craft shows that happen in the summer. The music festivals have something to fit everyone's enjoyment. Do you love to golf? There are 7 amazing golf courses, 3 that are public. The White Mountains, where this home/cabin is the best kept secret of Arizona! Come and explore and enhance your living! Pinetop-Lakeside was also voted 'Best Cabin Region in the U.S... Embrace the MAGIC!

3510 E Claremont Avenue Paradise Valley, AZ 85253

$3,000,000
6 Beds
4 Baths
3,718 SqFt
Status Active
MLS # 6707201
Property Type Single Family Residence
Price Type --
Nestled in the tranquil back of a cul-de-sac within the prestigious Mirada Los Arcos subdivision of Paradise Valley, this extraordinary property offers breathtaking mountain views in multiple directions. Its prime location places you close to the finest amenities that Paradise Valley, Scottsdale, and Phoenix have to offer, including the scenic Phoenix Mountain Preserve trails, an array of popular restaurants, boutique shops, and top-rated public and private schools. The main home, constructed with solid block, features sleek, modern architectural lines, presenting an excellent opportunity for renovation to suit your personal taste. Alternatively, you could capitalize on the expansive lot to build your dream home, creating a custom living space that takes full advantage of the stunning natural surroundings. A standout feature of this property is the unique 734 sq ft detached guest house, which is accessed via a charming bridge over a natural wash that traverses the property. This guest house provides a private retreat for visitors or could serve as an artist's studio, home office, or rental unit, adding versatility and value to the property. For car enthusiasts or those needing ample storage, the property boasts a total of seven garages, offering abundant space for vehicles, hobbies, or storage. The extensive garage space is perfect for housing a car collection, recreational vehicles, or creating a spacious workshop. This one-of-a-kind property combines a prime location, stunning views, and exceptional potential. Whether you choose to renovate the existing structure or build anew, this property offers an unparalleled opportunity to create a luxurious and personalized living environment in one of the most desirable areas of Paradise Valley.

5831 N Echo Canyon Circle Phoenix, AZ 85018

$3,000,000
2 Beds
2.5 Baths
3,667 SqFt
Status Active
MLS # 6748221
Property Type Single Family Residence
Price Type --
Welcome to Echo Canyon's guard-gated community! This modernly remodeled home offers breathtaking views of Echo Canyon and ThePraying Monk. Upon entry, you're welcomed by an expansive great room with soaring ceilings. The gourmet kitchen features a stunning prep island adornedwith a Dekton Trilium countertop. The primary suite is luminous, highlighting views of the Praying Monk and providing private access to the tranquil backyard. Itsspa-like bathroom showcases a custom metal barn door, a floating vanity with double glass sinks, & Grohe fixtures. Outside, an outdoor kitchen equipped with a50'' Wolf Professional Gas BBQ and seating area awaits, alongside two custom-designed Eurocave wine coolers holding 500 bottles! The community alsofeatures private hiking trails, pool, spa & tennis.

10024 N 61st Place Paradise Valley, AZ 85253

$3,000,000
6 Beds
4.5 Baths
4,122 SqFt
Status Active
MLS # 6751620
Property Type Single Family Residence
Price Type --
This bright happy home has been fully remodeled and expanded to include a separate detached two room guest house, and a separate detached office. This tasteful up to date home is not just esthetically pleasing, but also very functional. The main house has a large master suite, a two room junior master suite, and three additional bedrooms along with an additional bathroom and a powder room. The large laundry room is just off the kitchen. And, the great room/kitchen looks out into the large backyard and pool area. There are multiple play areas, including a sport court. The exterior rooms include a large covered patio area with an exterior kitchen, and a gazebo with a fireplace. In addition, the garage has an evaporative cooler and two electric car outlets. Also equipped with solar panels.

750 Rhapsody Road Sedona, AZ 86336

$3,000,000
4 Beds
4 Baths
4,125 SqFt
Status Active
MLS # 6734090
Property Type Single Family Residence
Price Type --
Adjacent parcel #408-24-510 available for purchase WITH the home, not in advance of home sale.

25572 N 113th Way Scottsdale, AZ 85255

$3,000,000
3 Beds
6 Baths
5,593 SqFt
Status Active
MLS # 6726576
Property Type Single Family Residence
Price Type --
Spectacular luxury home located in coveted guard gated Troon Village, w/ dramatic drive-up appeal & picturesque Sonoran boulder setting, boasts panoramic mountain views. Architectural masterpiece w/ fine details & thoughtful home design, this great room split bedroom plan with exquisite indoor outdoor AZ living is an entertainer's dream.Luxurious kitchen with expansive eat-in island, Wolf gas range & electric ovens, SubZero fridge/freezer, opens to inviting family room with charming stone fireplace, slate floors, rich wood planked ceiling accented with stunning beams, opens to outdoor living with retractable glass & screen slider & dine in style with Four Peaks views & seated wet bar with access to downstairs tasting room and 500 bottle temp-controlled wine cellar. Executive office with custom built-ins, Owner's retreat with flex exercise/office opens to private patio and backyard outdoor living space and pool/spa. Ideal ensuite secondary bedrooms with private entries and expansive wrap around balcony with fireplace. Downstairs hub with an impressive in-home theatre with wet bar plus flex room that could serve as a bunk room/office/exercise room with half bath. Spacious 1200 SF air-conditioned extended three car garage is fit for a king with half bath, motorcycle lift ,work benches, air compressor lines and easy access elevator lift to main level. G5 automated system, owned solar panels, 5 new AC units, pool equipment and appliances. A sanctuary in the Sonoran desert.

9267 E Rimrock Drive Scottsdale, AZ 85255

$3,000,000
4 Beds
4.5 Baths
5,079 SqFt
Status Active
MLS # 6580717
Property Type Single Family Residence
Price Type --
An elegant and timeless estates has just come to market. This HOME is situated on one of the best lots (larger in size, location and orientation N/S) in the highly sought after and coveted Pima Acres. Let's start with the main features of the home...you will find four excellent sized rooms, four and a half bathrooms, 5079 sq ft, EIGHT+ car garage, HUGE theatre/entertainment room, 83,459 sq ft lot, sparkling centerpiece pool/spa, fully fenced yard, R/V gate, chef's dream kitchen, entertainers delight backyard with sand volleyball and putting green, HUGE OWNED SOLAR SYSTEM, open floor plan with soaring ceilings and so much more! Don't miss out on your chance to get into this community at an attractive price point. The home next door is listed at $9.4 mil and several others north of $6 mil.

17700 S Krolak Way Munds Park, AZ 86017

$3,000,000
7 Beds
5.5 Baths
7,029 SqFt
Status Active
MLS # 6700156
Property Type Single Family Residence
Price Type --
Welcome to the most luxurious cabin in Munds Park with top of line finishes. As you enter through the custom iron front door you are greeted by 24' tongue & groove ceilings with real log beams, hickory wood floors throughout and pella windows capturing the tall ponderosa pines. With over 7,000 sqft of livable space the main level features a grand kitchen with a 6 burner gas cooktop, pot filler, warming drawer, oven, convection microwave, copper sink & prep sink on the island, plus two fridges. Adjacent to the formal dining is a spacious primary bedroom with private access to the back deck, a fireplace, steam shower, & a jetted tub. Down the hallway past the kitchen are two additional bedrooms, a mudroom, laundry room, and half bath with a custom pine tree log with stone sink. Downstairs in the walk out basement is a massive game room with an air hockey, foosball, golden tee, & pool table, a private 11 seat movie theater, a second master suite and/or bunk room, an additional bedroom with Ensuite and a plumbed kitchenette. In addition is a 5 car garage and/or workshop space. Other special features include trex decking on both front & back decks, custom metal railings, paver driveway, loft space with real log handrails, elk chandelier in dining room & above kitchen island, & knotty alder solid interior doors throughout. Realtors are owners/related. Owner will carry!

Leave a Reply

Your email address will not be published.