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

39775 N 50th Street Cave Creek, AZ 85331

$2,992,000
5 Beds
5 Baths
7,040 SqFt
Status Active
MLS # 6617112
Property Type Single Family Residence
Price Type --
Million Dollar Views Unique 7040 Sq. Ft. Turn key home at the foot of Cave Creek Regional Park. Home is surrounded 360 degree by the Seven Sisters, Elephant Butte, Skull Mesa & Continental Mountains. Easy access to hiking, jogging, biking, and riding trails. This property is conveniently located minutes from Cave Creek / Carefree art galleries, shopping, dining, museums, and schools. Home has mountain views from every room, high ceilings, and a kitchen featuring Sub Zero / Decor appliances. The great room pocket doors open onto an observation deck with stunning views and overlooks a sparkling pool with water feature. The home also features a lower level 2nd master suite, spare bedroom and another great room that opens to the pool. Be sure to check out the bonus storage area.

5440 N Calico Drive Camp Verde, AZ 86322

$2,990,000
4 Beds
4 Baths
4,059 SqFt
Status Active
MLS # 6671977
Property Type Single Family Residence
Price Type --
MODERN CUSTOM FARMHOUSE with WRAP AROUND PORCH. Meticulously remodeled 2023-2024 is situated on 16 acres, 2 Well 300 GPM, 4 Stall Barn, Oil Pipe Fence, No HOA, luxurious 4 bedrooms-two being Masters w/ ensuite, conveniently located on main level, 2 oversize bedrooms upper level with dormers, 4 Custom Bathrooms with Granite wainscoting on walls, Granite Showers full walls to ceiling, Custom Vanities, Wainscoting on walls in all bathrooms & laundry room, Gourmet Kitchen, Grand Wood Beams in the Great room, Custom Glass throughout the Farm House & wood beam on stairs, custom glass window to allows visual going to upper level keeping that grand open feel to the space, Wrap around porch with 20 ft glass sliders & 8 ft glass sliders on the back of the house to allow beautiful views Coconino National Forest. Dog friendly Screens on Sliders on back of home, Outside patio has fire pit fully enclosed yard for your furry friends. 2 New AC/heat units w/warranty, New roof w/warranty, 3 Car Garage, Water Treatment for entire house w/warranty, New lighting, New fixtures throughout, Fire & Smoke Alarms throughout the home. Main level has formal living w/wood burning fireplace & Antique Mantel, Office/Library. Primary Master offers Gas fireplace with Full Feature Wall of Granite with 80 Flat Screen TV, Elegant chandelier lighting, Sitting area, Custom Master Bathroom floor to ceiling marble & marble Wainscoting on walls throughout the master bathroom, Master Closets HERS & HIS in primary master. Makeup Vanity with Elegant chandelier lighting, Double Sink Antique Vanity with Huge Custom Mirror. Grand living space provides ample seating with a great room, dining room, Gourmet Kitchen with Wolf Induction 5 burner cooktop, Commercial size refrigerator/ freezer, farmhouse copper sink, double ovens, hightop bar and breakfast bar, granite counters and abundant storage. Custom Knotty Alder doors throughout Kitchen & House, Laundry/mud room equipped with a front-load washer and dryer, living/dining area has 20 ft. slider & 8 ft slider glass doors creating a seamless Indoor-Outdoor Living Space. Upper level, TV Theater Room, with Walkout DECK provides you with Direct access to the balcony to watch breathtaking sunsets with panoramic mountain views & STARS Wet Bar for snacks with your movies in addition you'll find two additional bedrooms, one with dazzling chandelier lighting, additional bath w/ walk-in shower, loft/media room complete with 2 built-in desk spaces inside the dormers plus a refreshment bar w/wine drink fridge, microwave and cozy WOOD Burning fireplace. New OIL PIPE FENCE $100,000 in fencing - Acres of leveled and planted with wheat to fertilize soil for growing pastures, crops 4 Horse Barn Oil Pipe construction 4 Turnouts for your horses Property - (1) registered well domestic (1) registered irrigation well approx -300GPM 6 Miles from I-17 on paved roads until you get to the Private Entrance to the Equestrian Estate Close to I -17 for easy access for shopping, dining, casino, concerts, fairs, in old town Camp Verde & old town Cottonwood. Close to SEDONA approximately 30 minutes for hiking, dining, entertainment and trail riding AMAZING Access to breathtaking panoramic mountain views of the majestic Red Rocks of Sedona, adjacent Coconino National Forest, views of the Prescott National Forest,Flagstaff's Snow Bowl San Francisco Peaks and Lights of Historical Jerome. Unobstructed Views you are surrounded by National Forest one will ever build in your view. Private & Direct access to the Verde River that stretches 18 miles meandering through town limits, the winding waterway creates a habitat for bald eagles, hawks, blue heron, beavers, and otters... Located in the Napa Valley of Arizona, surrounded by wineries, this property presents the possibility for your own vineyard, become connected with a thriving wine community. Some area attractions include Montezuma Castle is the third National Monument dedicated to preserving Native American culture, Out of Africa WildLife Park, Inflatable Kayak Adventure down the Verde River, Cliff Castle Casino. Western Horseback adventures & Horse Boarding at the Nashwa Farms Equestrian & Event Center Horse boarding stable only minutes from your Custom Equestrian Estate.

1519 W Wagon Wheel Drive Phoenix, AZ 85021

$2,985,000
4 Beds
4.5 Baths
3,938 SqFt
Status Active
MLS # 6663490
Property Type Single Family Residence
Price Type --
CAMELOT HOMES STUNNING RANCH MODEL LOCATED AT WILLOW, A GATED 14 LOT COMMUNITY IN NORTH CENTRAL PHOENIX, IS NOW AVAILABLE! Designed by renowned architect, Robert Hidey, this impressive 3,938 SQ FT home with 4 Bedrooms, 4.5 bathrooms with casita has been upgraded throughout. Chef's kitchen with a 17 foot waterfall island, Wolf appliances and a Subzero Refrigerator. Wall paneling throughout the home with tongue and groove ceilings at Dining Room, Foyer and Great Room in addition to custom cabinetry at the Dining Room and Den. Indoor outdoor living with 20 foot pocket doors at Great Room opening to resort backyard including Zen pool with waterfall and a covered outdoor kitchen with a BBQ and refrigerator. Perfect home for relaxing and entertaining friends and family!

10638 E Yearling Drive Scottsdale, AZ 85255

$2,973,000
5 Beds
4.5 Baths
4,379 SqFt
Status Active
MLS # 6714988
Property Type Single Family Residence
Price Type --
Welcome to your dream retreat in guard-gated Windy Walk Estates at Troon Village, where luxury meets panoramic beauty. This custom home offers an unparalleled backyard sanctuary with breathtaking up-close views of Pinnacle Peak, ensuring every moment spent outdoors is a masterpiece. The expansive private yard features a majestic Ironwood tree as its centerpiece, surrounded by artificial turf and mature vegetation, providing the perfect backdrop for relaxation and entertainment alike. Step into serenity as you lounge under the covered patio adorned with stacked stone accents, a cozy fireplace, and a built-in barbecue. Descend into tranquility as the tiered yard leads you to a sparkling pool and spa, complete with a mesmerizing rock waterfall and travertine hardscape surround, offering a blissful oasis against the backdrop of the desert landscape. Inside, you will find a remodeled interior completed in 2017 boasting on-trend finishes including high-end quality stonework throughout from a Chicago-based Eastern European craftsman. The French country-inspired kitchen exudes charm with custom white cabinetry, delicate mosaic backsplash, stone counters, Subzero refrigerators, complemented by stainless steel appliances including a Wolf gas cooktop and two wall ovens. Enjoy intimate meals in the attached breakfast nook with corner view windows, or entertain guests in the formal dining room with up-close views of Troon Mountain. Experience seamless living with accordion-style doors in the great room, opening up the space to the outdoors and flooding the home with natural light. A dramatic staircase, stone-clad centerpiece fireplace, and adjacent den create a welcoming ambiance, while clerestory windows and a private alcove offer versatility for office space or additional storage. Retreat to the upstairs primary suite, boasting a private balcony deck with city, golf (8th tee box of Troon Country Clubs private course), and mountain views, along with dual vanities, walk-in closets, and a spacious walk-in shower in the ensuite bathroom. With four additional bedrooms, including two ensuites, a third bedroom adjacent to a bath, and the fourth with a private den/living space and adjacent bath, perfect for in-law quarters. The laundry room has beautifully stained cabinetry, two washers, two dryers, and a prep sink. The owners entry off the two-car garage (with storage closet) has a touchdown station with cabinets and countertop, refrigerator, trash drawers, and an ice maker. Complete with all-new exterior paint and all-new windows throughout, custom window treatments on electric openers, an elegant entry courtyard, and a paver drive for visiting guests, this residence sets a new standard for refined living in the heart of Troon Village. Most furnishings and accessories are available for purchase via a separate bill of sale, allowing you to effortlessly transition into your desert paradise.

13188 E Desert Holly Drive Scottsdale, AZ 85255

$2,958,545
4 Beds
4.5 Baths
4,779 SqFt
Status Active
MLS # 6678261
Property Type Single Family Residence
Price Type --
**AGENTS - Please read private remarks** This fantastic new construction home features a Full Landscape Package with Pool, Gourmet Kitchen, A Spacious Back Prep Kitchen, Urban Style Aries Cabinets, Modern Tile Flooring, Quartzite Counters with Waterfall Edge on Island, Contemporary Iron Entry Door, Infrared Ceiling Patio Heaters, 12ft Rolling Wall of Glass at the Nook and a 20ft Rolling Wall of Glass at the Great Room. With trails offering access to the Preserve and its 150+ mile trail network, life at Storyrock includes convenient access to Tom's Thumb and endless opportunities to enjoy nature. Storyrock offers a rare opportunity to live within close proximity to the best of Scottsdale while also among Arizona's timeless natural treasures, all within a distinctly modern setting.

28101 N 109th Way Scottsdale, AZ 85262

$2,950,000
4 Beds
4.5 Baths
3,730 SqFt
Status Active
MLS # 6655267
Property Type Single Family Residence
Price Type --
Serene is brand new gated enclave of 21 cutting edge single level contemporary homes designed by Swayback Architects & Planners and built by Sonora West Development. Each Serene home brings a new definition to the ''Lock and Leave'' lifestyle with open Great Room floor plans perfect for both entertaining and everyday living. There are four different models to choose from with lavish interior finishes created by renown interior designers Est Est. This Model A has a 2 car garage and available only on lots, 2, 4, 6 & 16. (3 car garage only on lots 7, 11, & 18 at additional cost). Base price shown does not include lot premiums but does include 25K pool and a 25k landscape allowance, Subzero & Wolf Appliances & BBQ. Backing to the North side of Pinnacle Peak Mountain in N Scottsdale Serene... is close to shopping, restaurants and over two dozen private and public golf courses. Don't miss your opportunity to take part in the Serene lifestyle.

2112 Forest Mountain Road Prescott, AZ 86303

$2,950,000
5 Beds
5.5 Baths
6,019 SqFt
Status Active
MLS # 6690696
Property Type Single Family Residence
Price Type --
Stunning and serene home in the luxurious community of Hassayampa Village. This extraordinary property will captivate you upon your arrival! Gorgeous gourmet chefs kitchen featuring 6-burner Thermador range with Zephyr hood, Earthstone pizza oven, additional wall oven and warming drawer, Northland refrigerator, built-in Miele coffee machine, multiple sinks, dishwashers, ample cabinets, and countertops. Family room space is cozy with uniquely designed fireplace. Living room architecture commands attention with its soaring ceiling and wall of windows, large fireplace and breathtaking views of Thumb Butte. Main deck just off living room is a phenomenal spot for dining and stargazing. Master suite has remarkable stone wall, fireplace, wet bar, dual vanities and closets, garden tub, and large shower. Step out onto you private deck with spa, fireplace and incredible views. Office/den, laundry room and 2nd full bath on same level as master. Lower level features 2 bedrooms- 1 ensuite, steam shower bathroom, dry sauna, wet bar, Cinema style theatre room, wine cellar and additional stackable washer/dryer closet. Large loft consists of wet bar and great view overlooking the living room, a cozy 4th bedroom with fireplace and bathroom. The office/den does make this easily a 5 bedroom home if space is needed (closet in pictures). 4 outdoor entertaining spaces, 3 fireplaces as well as a fire pit off family room patio that puts you right in touch with nature! New lower deck addition with brand new Endless X500 swim spa (Completed April 2024). This sensational home not only offers unmatched luxury but was originally designed as a corporate retreat!

7486 E Sonoran Trail Scottsdale, AZ 85266

$2,950,000
4 Beds
4.5 Baths
4,740 SqFt
Status Active
MLS # 6714935
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the exclusive, guard-gated community of Whisper Rock in North Scottsdale. This stunning Spanish-style residence offers 4,740 square feet of luxurious living space, featuring four spacious bedrooms, four and a half baths, and a dedicated office. Enjoy the elegance of arched doorways, multiple fireplaces, including a magnificent canterra stone fireplace in the great room, and a 720-bottle wine cellar for the connoisseur. The separate guest house off the front courtyard provides additional privacy and convenience. Outdoors, entertain with ease around your private pool & spa with a water feature, outdoor BBQ, firepit, and a covered dining area. The property, situated on a desirable corner lot, also boasts a meditation courtyard, an inground trampoline, and a lush grassy area surrounded by mature vegetation. As part of the Whisper Rock community, you'll have access to a community pool, tennis courts, pickleball courts, and a state-of-the-art workout facility. This is not just a home; it's a lifestyle.

11559 E Caribbean Lane Scottsdale, AZ 85255

$2,950,000
5 Beds
3.5 Baths
3,987 SqFt
Status Active
MLS # 6744280
Property Type Single Family Residence
Price Type --
Nestled within highly sought-after McDowell Mountain Ranch. This stunning home with magnificent mountain and city light views sits on a generous, elevated, cul-de-lac lot in the prestigious 24 hour gated community of Cimmaron Ridge (Hills). As you step through the entrance, you are welcomed by an impressive circular foyer adorned with elegant stone accents, setting the tone for the luxury that awaits. The main living room, featuring a striking stacked stone fireplace, seamlessly flows into the formal dining area, which is graced by a wall of windows framing breathtaking mountain views. Throughout the home, travertine flooring adds a touch of timeless sophistication. The gourmet kitchen has been meticulously remodeled, boasting pristine white cabinetry, gorgeous stone countertops, stainless steel appliances, a Sub-Zero refrigerator and freezer, new dual ovens, a 6-burner gas range, convenient pull-out drawers, and a central island that opens to the expansive great room. Here, you will find another inviting fireplace with designer tile surround, along with a custom-built entertainment center complete with a wine fridge and beverage fridgeperfect for entertaining. The primary suite is a true sanctuary, featuring wood shutters, a spa-like remodeled bath, and dual walk-in closet with custom built-ins and a shower with multiple shower heads and body jets. All additional bedrooms are generously appointed, with the flexibility of an office that could serve as a fifth bedroom, a separate bonus room, and private guest quarters with their own entry. Outside, the resort-style backyard is nothing short of spectacular, offering expansive city light and mountain views. Enjoy the luxurious infinity-edge pool and spa with cascading rock water features, practice your swing on the putting green, or entertain with a built-in BBQ and built-in firepit area with built-in seating. Enjoy all the additional community amenities that include, multiple heated pools, tennis and pickleball courts, a work-out facility, children's playground with splash pad and miles of scenic hiking trails. Call us today to schedule your private showing.

7161 E Rancho Vista Drive Unit 6001 Scottsdale, AZ 85251

$2,950,000 - 4Br/2Ba -  for Sale in Optima Camelview, Scottsdale
New
$2,950,000
4 Beds
2 Baths
2,590 SqFt
Status Active
MLS # 6760219
Property Type Apartment
Price Type --
This is it. Welcome to the most incredible Optima Camelview condominium to ever be offered on the re-sale market. Designed & originally owned by the developer of this state of the art award winning community. Out of 688 units, this exquisite residence was their choice. Boasting 4 Bedrooms, 2 Baths, 2,590 sqft, ~1000 sqft of both covered and uncovered terrace space & the most breathtaking Camelback Mountain & McDowell Mountain Views. This unit features a fantastic open floor plan, endless floor-to-ceiling glass, 3 Patio/Terraces (perfect for relaxing & entertaining), a natural gas piped in bbq, fire pit and fire place, designer finishes through-out, automated blinds & so much more. The master suite is extremely spacious w/ a huge walk in closet (w/ it's own window!) & a very large bath.

2320 Link Smith -- Unit 636 Flagstaff, AZ 86005

$2,950,000
4 Beds
5 Baths
3,411 SqFt
Status Active Under Contract
MLS # 6738966
Property Type Single Family Residence
Price Type --
Upon entering, floor-to-ceiling windows give you the perfect vantage for admiring the forest and breathtaking sunsets. Three separate Trex decks provide foliage-level views of the pines and a peek-a-boo look at the 18th fairway of the award-winning Canyon Course. Though it feels like you're floating in the clouds, the Tree House's earthly delights include a grand main floor with wide plank French oak flooring, impeccable chef's kitchen with Lacanche Range, tongue/groove ceiling, powder bath with 24K fixtures, custom-lighted bookcases, new Heat-n-Glow fireplace, access to your dining deck and built-in grill. Boasting 5 baths, 4 beds, 3 decks, 2 living areas, this beautiful multi-generational home is steps from the Canyon Clubhouse, golf practice area, new tennis facility. Come be wowed!

3079 E Fruitvale Court Gilbert, AZ 85297

$2,950,000
6 Beds
7 Baths
6,051 SqFt
Status Active
MLS # 6721005
Property Type Single Family Residence
Price Type --
This 6 bedroom, 7 bath home has it all! Theater room, interior courtyard, a full-sized lap pool/spa, putting green, 4 car garage w/ storage. The list goes on. This home has also been upgraded with a 30'x60' RV garage with hook up and sewage drain, along with storage cabinets and a sink. It also has an exterior half bathroom that serves the shop and pool area. This beautiful home's exterior has been freshly painted, the pool was upgraded in the last month, resurfaced and new waterline tile added, the baja step was extended, and barstools installed for swim up effect. The pool also received new updated equipment. The turf in front yard along with a paver round-a-bout drive for extra parking were also additions recently completed. This home is great for entertaining and calls for lots of fun

Leave a Reply

Your email address will not be published.