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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19939 E Natalie Way Queen Creek, AZ 85142

$3,000,000
5 Beds
5.5 Baths
4,965 SqFt
Status Active Under Contract
MLS # 6717871
Property Type Single Family Residence
Price Type --
Stunning Former Weston Model 5-Bedroom, 5.5-Bathsrooms, Home on a Corner Lot with Guest House in Prestigious Gated Community that offers an unparalleled living experience. This residence boasts exquisite design and top-of-the-line amenities. This home includes all the designer features you dreamed of. Spacious great room with soaring ceilings over 13', ceiling detail includes gorgeous shiplap and wood beams. A 20' multi-panel pocket door opens to a generously covered patio. All glass walk-in wine cooler next to formal dining room creates the perfect entertainer's dream. Cozy up by the beautiful fireplace in the grand living room and enjoy! The luxurious primary suite includes a spacious bedroom, a spa-like bathroom with a soaking tub, and a large custom walk-in closet including personal washer and dryer. Step outside to your entertainers dream backyard. Jump into the crystal-clear pool to cool off, then turn around and enjoy whatever is cooking up on your BBQ. Come on by your beautiful home is waiting for you.

10662 E Mark Lane Scottsdale, AZ 85262

$3,000,000 - 4Br/5Ba -  for Sale in Pinnacle Canyon At Troon North Unit 1, Scottsdale
Open House
$3,000,000
4 Beds
4.5 Baths
4,266 SqFt
Status Active
MLS # 6756792
Property Type Single Family Residence
Price Type --
ONE OF A KIND custom Home situated on a premium .82 ACRE lot PERCHED above the Troon Monument GOLF COURSE in GATED Pinnacle Canyon. Enjoy BREATHTAKING VIEWS of the course & mountain vistas! The Wonderful SPLIT Floorplan boasts a Large Primary Retreat, all ENSUITE BEDROOMS, an EXECUTIVE OFFICE & a DETACHED 1/1 CASITA! The thoughtful design features 12-foot ceilings paired w/ expansive picture windows, elegant formal living & dining rooms, spacious great room, a chic wet bar & cozy fireplace to create the ideal setting for both everyday living & upscale entertaining. The grand kitchen includes double ovens, butlers pantry, Kitchen island w/ breakfast bar & an abundance of cabinets! Relax in the backyard oasis by the pool, spa, tranquil water feature, fireplace or firepit! BRAND NEW Roof!

14256 N Territory Trail Fountain Hills, AZ 85268

$3,000,000 - 4Br/6Ba -  for Sale in Adero Canyon Parcel 7, Fountain Hills
Open House
New
$3,000,000
4 Beds
5.5 Baths
4,734 SqFt
Status Active
MLS # 6758592
Property Type Single Family Residence
Price Type --
Discover this spectacular contemporary home in Adero Canyon, perfectly positioned against a serene preserve on a quiet cul-de-sac. If you seek privacy, stunning views, and a tranquil setting, this property is an absolute must-see. Access Adero Canyon through a private gate, which opens to a select enclave of 31 semi-custom luxury homes. This exquisite residence features 4 large ensuite bedrooms, 2 private offices one with private entry, a bonus/movie room, 5.5 bathrooms, and an oversized 4-car garage. The main living spaces and the master suite are located upstairs to take full advantage of the 360-degree mountain views. Upon entry, you'll be welcomed by a spacious great room that seamlessly flows into the gourmet kitchen. This culinary haven boasts a 48-inch Wolf range & hood....cont'd A 42 Sub Zero French door Refrigerator, double Wolf wall ovens, a large island, and a walk-in pantry. The open great room design extends to a generous outdoor balcony, ideal for entertaining. The primary suite is a private retreat, featuring an upgraded body shower sprayer, a separate bath tub, and a large, beautifully finished closet. A separate walkway leads to one of the private offices, offering extra quiet and privacy away from the main house. Downstairs, you'll find 3 additional large en suite bedrooms plus a large movie/games room with pocket doors that open to a private outdoor oasis. This outdoor paradise includes a heated oversized pool with a swim-up sunken bar, a spa, a built-in covered outdoor kitchen and bar area, a full pool bathroom, a putting green, and a grassy area for entertainment. Enjoy the spectacular outdoor spaces and the breathtaking 360-degree mountain views along with the serene preserve.

Prescott AZ 86305

$2,999,999
3 Beds
3 Baths
3,586 SqFt
Status Active
MLS # 6609583
Property Type Single Family Residence
Price Type --
Less than 25 miles from downtown Prescott, AZ awaits a truly special equestrian treasure - Happy's Dream Ranch. Designed for the pleasure of humans and horses alike, this beautiful property set in Long Meadow Ranch features a warm yet elegant modern 3586 sqft. farmhouse with a 1-car attached, and 2-car detached garage. Beyond the home, the property includes a hay barn w/ bunkhouse, a tiny home, and two airy barns with tack rooms and a total of 20 stalls. Perimeter fenced and cross fenced, there is ample room to train, ride, and run on the magnificent 36.46 acre property - including in a 120' x 240' arena, and an electric Eurociser. With a backdrop of majestic Granite Mountain and stunning 360 degree sweeping views, Happy's Dream Ranch provides the quintessential Arizona ranch lifestyle!

2659 E Maplewood Street Gilbert, AZ 85297

$2,999,999
5 Beds
3.5 Baths
4,031 SqFt
Status Active
MLS # 6717424
Property Type Single Family Residence
Price Type --
PERSONALIZE YOUR DREAM HOME & CHOOSE YOUR FINISHES! Gilbert's Landmark at Somerset, spanning 4,031 sq ft - nestled by the park on .54 acres with a 4-car garage & storage room. A large courtyard welcomes you, while inside, 5 bedrooms, including a luxurious primary suite & a full guest retreat & playroom, await. The heart is the open kitchen, great room, & nook area, perfect for gatherings. Retreat to the primary bedroom oasis with a spa-like ensuite, large walk-in closet & large walk-in shower with benches on both sides & a separate soaking. A large, covered patio & a N/S lot orientation. Don't miss out on this opportunity to own a custom-built masterpiece in Gilbert's Somerset. Skip the lengthy design & construction process! ESTIMATED COMPLETION QUARTER ONE 2025!

12037 E Yucca Street Scottsdale, AZ 85259

$2,999,995 - 5Br/4Ba -  for Sale in Sendero Highlands Replat, Scottsdale
Open House
$2,999,995
5 Beds
3.5 Baths
4,615 SqFt
Status Active
MLS # 6715754
Property Type Single Family Residence
Price Type --
Welcome to this beautifully updated 5-bedroom,3.5 bathroom home with high ceilings and wide hallways .From the curb to the back wall, nothing was missed - including turf in the front yard, along with new hardscaping, stucco, new roof, new exterior lights and exterior paint.The gorgeous iron and glass front door brings you into the foyer, where you'll see a soaring ceiling with a stunning chandelier. New wood floors seamlessly bring the rooms together, the color being the perfect backdrop to all the amenities and the style of this beautiful home. The formal dining room is highlighted with an amazing artistic piece of backlit onyx displayed on the back wall of the chilled wine closet. The translucent quartz has been backlit with LED lights for the perfect ambience as you entertain your gue and family and will be a showstopper every time you flip the switch! The kitchen is the perfect blend of functionality and beauty, featuring all new GE appliances, a Miele coffee center and buffet in the eat-in area and a 46 gas cooktop. Both islands feature tons of storage, full-sized sinks, lots of counter seating and trash bins for optimal hosting when you have those big get-togethers. The large family room pocket sliders open to the kitchen and the living room where you will see a gas fireplace with a charming brick finish. Need more storage? There is a built-in credenza that accents a large wall where you could hang a massive 80 TV, with room to spare. Walking into the Primary bedroom, you'll notice solid core doors on all the interior doors, and another beautiful gas fireplace with matching brick finishes as the family room. Opening the custom barn door, you will access the massive primary bathroom. This bathroom is what you would find in the most luxurious homes, complete with 2 seperate showers with a soaking tub in between. Getting ready for the day will be a breeze with the oversized walk-in closet, complete with a dresser island finished with a gorgeous quartz countertop. The rear living area will be a favorite family hangout spot with a sparkling pool complete with LED mood lighting, landscaping (including privacy hedges) and new BBQ. New HVAC units will keep you and your family comfortable year round as you all enjoy the amenities and finishes of this home. You will find beautifully finished garages with new epoxy floors, electric openers, and insulated doors to help keep the heat out. In the laundry room, the washer and dryer are included and are ideally located next to the new utility sink for those messes that need to be cleaned out right away. This one of a kind home is close to shopping, dining, golf, hiking, schools, parks and so much more we can't list it here! The unique finishes, quality workmanship and luxury amenities are the best you will find at this price, so don't wait to see this amazing home before it's gone!

10460 E Quartz Rock Road Scottsdale, AZ 85255

$2,999,900
4 Beds
4.5 Baths
5,112 SqFt
Status Active
MLS # 6755408
Property Type Single Family Residence
Price Type --
This beautiful recently updated home is located in gated Troon Fairways which is adjacent to private country club or Troon featuring a Tom Weiskopf championship golf course. The home features spectacular view of Pinnacle Peak, Troon & McDowell Mountains as well as city lights. The 5,112,sf, 4 bedroom en-suite home is all on one level except for a lower level home theater and wine storage. Nearly every room has been updated with the finest finishes and features including updated baths, white oak wood and Travertine floors, new stainless-steel appliances, two dishwashers, center island kitchen, walk-in pantry, Lutron lighting, new pool equipment, home water filtration system, view deck, new roof, new low-e windows, new HVAC, epoxy coated oversized 3 car garage and much more.

33799 N 84th Street Scottsdale, AZ 85266

$2,999,900
4 Beds
3.5 Baths
4,985 SqFt
Status Active
MLS # 6657379
Property Type Single Family Residence
Price Type --
Fresh exterior paint and massive price reduction! This luxury desert oasis has 360 Mountain Views. Never miss a sunset or city lights with 2 scenic patios. Custom owners closet, temp controlled wine cellar, Control 4 automated, 1-touch throughout, multiple outdoor tvs, built in bbq, heated pool and spa with spillover. Resort style backyard customized only for this home with reflection fountain, splash pad, palapa, playset, putting green. Oversized epoxied garage and extended driveway perfect for RV parking. Custom pendant lighting, accent wall with reclaimed wood and steel. Kitchen features 3 ovens, 8 cooktop with pot filler. A pass-through window opens to the backyard patio. See extensive list of upgrades. No HOA.

7150 E Sierra Vista Road Cave Creek, AZ 85331

$2,999,500
4 Beds
4.5 Baths
3,490 SqFt
Status Active
MLS # 6737874
Property Type Single Family Residence
Price Type --
Almost 50 acres on one of the highest view parcels North of Cave Creek. Pristine high desert vegetation and incredible 360 degree views from the mountaintop. Rare opportunity and stellar home will be sure to woo you with the peacefulness, privacy, and setting. Vacant land parcel is 38.5 acres plus the home is on 9.9 acres. This home is priced right and ready to sell. Nothing in the area compares and homes rarely come on the market in this area. Remodeled in 2017 w/high-end modern finishes while preserving the integrity of the original homestead built in 1975. Massive great room/dining room overlooking view/pool with extensive patios. The 676 sqft casita has 1 bdrm & bath, kitchenette & great room w/deck. Don't miss an opportunity to own this one of a kind property!

10 Ranch House Circle Sedona, AZ 86336

$2,999,000
5 Beds
5 Baths
5,580 SqFt
Status Active
MLS # 6756415
Property Type Single Family Residence
Price Type --
Welcome to Doodlebug Ranch, the First of Three Historic Properties Homesteaded in Sedona & Featured on TV! No HOA and STR Friendly, this is truly a one of a kind spectacular setting on 1.25 acres & stroll to Oak Creek! Relive history in this Rustic Rambling Ranch Home and a Cowboy Bunkhouse built in 1936 with river rock harvested from Oak Creek and Wood Beams brought in on Horseback from Oregon! The Massive Covered Front Porch beckons you to cool off and rejuvenate in the oversized Adirondack Chairs listening to the melodies of the creek and wind blowing through the massive oak and sycamore trees. Step back in time and marvel at the craftsmanship of the rock walls, multiple fireplaces and varied rich textures of wood and stone. Sellers Modernized the Lodge 2022. Main house sleeps 10 & features two Primary Bedrooms. Main Level Primary is spacious and secluded at one end of the home. Upper level Primary features a HUGE walk-in closet, Clawfoot Tub, Balcony, Skylight over the Bed for Stargazing as you fall into a peaceful slumber. Play some darts during Happy Hour in The Bourbon Lounge. Magical memories gatherings happen in the Open Kitchen Dining Combo with two-story high ceilings which seats twelve comfortably on the natural flagstone floor. Chef's kitchen boasts butcher block Island to prep your favorite culinary delights and finish them off on the Forno 5-burner gas cooktop. Be blown away by the design of the Massive River Rock Fireplace and the intricate floor to ceiling tree trunk support beams. Just steps away is Cowboy Bunkhouse which sleeps four and features two separate cozy and comfy dwellings. Guests will experience the simplicity, privacy and tranquility that generations before have enjoyed. Other than a few modern additions, this cabin-like treasure is the real deal! When it's time to celebrate life, congregate with guests in the massive lush green backyard and let the fun begin. While the chef is preparing the BBQ feast, take a stroll over to the creek or around the grounds to admire the metal sculptures and gardens, play croquet, backgammon, hide 'n seek, or take a snooze in the shade under one of many towering trees. Be sure to look for the first boulder excavated from Chapel Of The Holy Cross site, which can be admired and awed forever in the backyard. At night, relax and rejuvenate in the hot tub while gazing into the dark celestial skies of Sedona. This amazing property also has a three-car garage with laundry/utility station. As if this lifestyle couldn't get any better, membership is available next door at Poco Diablo Resort where you and your guests can enjoy the resort amenities. Or visit their restaurant as an additional dining option. Be sure to order one of their famous Bee Sting Cocktails at the bar! This may be a once in a lifetime opportunity to own a historical property in beautiful Sedona. Coconino Parcel 40144047 included in sale. Won't last long so make it yours today!

6924 E Stagecoach Pass Carefree, AZ 85377

$2,999,000
3 Beds
3.5 Baths
4,400 SqFt
Status Active
MLS # 6755398
Property Type Single Family Residence
Price Type --
On the southeast side of Carefree's Black Mountain. This hillside landmark residence was designed by the legendary Carefree architect Gerry Jones. One of a kind desert contemporary home with stunning views of the Boulder pile, Pinnacle Peak, McDowell Mountains, and city lights. Only a block from the Boulders resort. Private gate. No HOAs. Nestled in the boulder outcroppings. You will find the pool and outdoor spaces in the most private setting with amazing mountain and city lights views. The home has been designed with such harmony w/ nature and seamlessly blending the living space to the outdoors. Lots of recent upgrades & improvements. You will be impressed and captivated. Rare opportunity to own an iconic residence. Perfect private vacation golf getaway or year-round residence

10031 N Palisades Boulevard Fountain Hills, AZ 85268

$2,999,000 - 4Br/6Ba -  for Sale in Firerock Parcel P2-q1, Fountain Hills
Open House
$2,999,000
4 Beds
5.5 Baths
4,604 SqFt
Status Active
MLS # 6727118
Property Type Single Family Residence
Price Type --
New construction! Preferred lender offering discount points. Welcome to the All American home, a stunning new construction masterpiece that embodies the beauty of fountain hills in every way. EVERYTHING is top notch, this is for the meticulous buyer that demands perfection. MUST SEE the video tour of this home with IMPORTANT INFO! Walk up and experience Breathtaking curb appeal, designer entryway with tray sky ceiling, climate controlled 3 car garage, and VIEWS!! ALL Main living area is on ONE LEVEL. Custom chef's kitchen, w/ ample cabinetry w/marble counters, herringbone tile backsplash, pendant & recessed lighting, stainless steel dual wall ovens, island complete w/a breakfast bar. Upstairs bonus w/loft, bathroom, extra hidden room and more! POOL allowance included! The primary bedroom boasts direct outdoor access, a walk-in closet, and a lavish ensuite w/dual sinks & a garden tub. All other bedrooms also showcase their own private baths for added convenience. Don't forget about the sizeable loft w/soft carpet or the cozy den, ideal for an entertainment center and office. Laundry room is equipped w/additional storage cabinets and a utility sink. Finally, the backyard includes a covered patio, extended seating area, a built-in BBQ, and a fire pit! What are you waiting for? Act now!

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