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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39347 N Old Stage Road Cave Creek, AZ 85331

$2,925,000

3 Beds

3.5 Baths

3,711 SqFt

Status Active

MLS # 6560312

Property Type Single Family Residence

Price Type --

Premier Offering, Pre-Construction. Nestled in the hillside above and just beyond Ranho Mañana, you'll find 'The Village at Go John Canyon' by Del Rey Development. A hidden gem, a secluded enclave of fine custom homes. Each estate parcel is over 4.35 acres and borders the Desert Foothills Land Trust with direct, private trail access to the Cave Creek Regional Park. Here you'll find pure paradise with over 3000 acres of hiking, mountain biking and horseback riding. Enhanced by nature, each select residence affords unparalleled views and total privacy in a peaceful mountain paradise. Del Rey offers stylish architecture and each home is delivered complete with heated pool and landscape.

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41777 N 111th Place Scottsdale, AZ 85262

$2,900,000

4 Beds

5 Baths

6,217 SqFt

Status Active

MLS # 6613162

Property Type Single Family Residence

Price Type --

Set among giant boulders outside & inside the home, this contemporary home offers stunning unobstructed 270 degree views of city lights, sunsets, mountains & golf course from every room. Very rare for a home under $4M to sit so far above the homes in front, easily the best views you'll find in this price range. All living areas of main house are on one level with 4 large storage closets in the basement; framed for elevator. Kitchen & bath updates done summer 2023. Kitchen offers Sub-Zero & Miele appliances with views of all common areas of the home and major mountain ranges of the Valley. 3 adjacent lots are protected from having a home built, providing much more open space & enhanced view corridors. Great room has 2 separate TV viewing areas, pool table area, and 9' boulder that dramatically protrudes thru the wall. 4 bedrooms are ensuite and spacious; guest house can function as 2 bedrooms for a total of 5 bedrooms. Guest house is perched above a boulder field and offers even better views, with patio privacy secured by a 9' high granite formation. The main patio is built around magnificent boulders and features built-in BBQ, spa, firepit and views of the entire Valley. Ample room for large negative-edge pool and additional patio space if desired. Oversized 3.5 car garage has abundant storage. Recent upgrades... brand new spa heater, heat pump & water heater in 2023, all interior walls doors & cabinets painted for a more contemporary look, kitchen ceiling raised 2' with taller upper cabinets. Furnishings all available. Comps comment... home next door recently closed for $4.8M with views that are very inferior in width & elevation; at about half that price, this home is priced to sell! Golf & social memberships are available for purchase thru the Club; buyers are not required to purchase any type of membership. Owner agent.

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14035 E Lowden Court Scottsdale, AZ 85262

$2,900,000

4 Beds

4.5 Baths

5,055 SqFt

Status Active

MLS # 6727903

Property Type Single Family Residence

Price Type --

INCREDIBLE TUSCAN LUXURY VILLA. Private Gated Entry Driveway leads you to this incredible home. Step through a walled courtyard and discover a Formal Living and Dining Room, Chef's Kitchen, Billiards Room, Wet Bar with Beer Tap, 680 Bottle Wine Cellar, and Private Entry Office. True Rustic European Elegance is showcased throughout with features such as Tall Turrets with brick ceilings, Custom Wood Beam and Corbel Ceilings, and Beautiful Hardwood Floors. The resort-like backyard will leave you breathless with a Heated Grecian Pool and Spa, Built-in BBQ, Outdoor Fireplace with Seating Area, Fire Pit with Seating Area, Expansive Covered Patio with Dining and Additional Seating, and Mountain Views in Every Direction. There is even a Putting Green. A 900 Square Foot Guest House, located above the Grand Turret, has its own entry from the courtyard. Some furnishings will be available through a Bill of Sale. Granite Mountain Ranch homes and lots are in high demand. Properties range from 2 to 5-acre sites and feature paved, lighted streets and underground utilities. Nearby amenities include golfing, hiking, and biking, with the Tonto National Forest just out the back gate of the community. This home sits on a 2.5-acre lot with 360-degree mountain views. The Equestrian Community also features common areas and horse facilities. Experience unmatched luxury and elegance in this Tuscan Villa. Plan your private tour today as this home needs to be seen to be truly appreciated.

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10779 E Whitethorn Drive Scottsdale, AZ 85262

$2,900,000

4 Beds

3.5 Baths

4,063 SqFt

Status Active

MLS # 6693349

Property Type Single Family Residence

Price Type --

Now $50K UNDER new APPRAISAL. Exquisite NEW CONSTRUCTION in gated Pinnacle Canyon completed March 2024 by Bent Nails, Inc. and Realm Architecture & Design. Quality through and through, this desert getaway is replete with luxurious finishes such stone and wood floors throughout, granite countertops, handcrafted custom cabinetry, Subzero/Wolf Kitchen and loads of extras such as refrigerator/freezer drawers, steam oven, vacuum seal drawer, and a passthrough window from the outdoor kitchen.The open concept family room centers on a gorgeous stone fireplace and is perfect for large gatherings or intimate evenings at home; this flexible floor plan offers privacy and comfortable living. Beautiful Primary Suite and Junior Primary Suite; both are bright and airy with wonderful walk-in closets and their own laundry. Wood plantation shutters and automated shades throughout. Disappearing doors allow indoor/outdoor living to flow out to a generous covered patio overlooking the surrounding mountains.Enjoy this acre+ desert oasis year round with built-in heaters, heated pool and spa, fire pit, misting system, and a fabulous outdoor kitchen. Whole-house water filtration and soft water, Lutron system controls shades, thermostat, lights. Auto-locking garage doors. *Please check the documents tab for an extensive list of amenities* This is truly Arizona living at it's best!

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9412 E Hidden Spur Trail Scottsdale, AZ 85255

Open House

$2,900,000

6 Beds

4.5 Baths

5,050 SqFt

Status Active

MLS # 6756587

Property Type Single Family Residence

Price Type --

Discover this Beautifully Remodeled and Updated Luxury Home located on a coveted corner lot in the highly desirable DC Ranch Desert Haciendas Gated Community boasting a blend of Modern High-End Finishes and Timeless Elegance like the Authentic Reclaimed Antique Oak Wood Flooring that flows seamlessly throughout the home. Renovations have just been completed and this home now features brand-new kitchen flooring, an expanded master bathroom with an additional closet, creating his-and-hers walk-in closets, and a completely remodeled office with built-in cabinets and dual desks for a sophisticated workspace. The exterior front and back landscaping has been completely upgraded with low-maintenance artificial turf and creatively creating additional backyard space, making it perfect for enjoying and entertaining. The pool equipment has also been updated for modern convenience. This home truly accommodates every need because it offers 5 spacious bedrooms including 3 Downstairs En-suites, a large downstairs office and downstairs workout room that has its own closet so it can easily be considered the 6th bedroom. An additional bonus/media room offers further space for relaxation or entertainment. The updated Gourmet Kitchen is a chef's dream, featuring stainless steel appliances, a 6-burner gas cooktop, quartz countertops, and a custom bar area complete with a built-in Sub-Zero wine fridge and two pull-out refrigerators. The large center island serves as a perfect focal point for both casual dining and entertaining. The kitchen opens to an Open Space Great Room, beautifully accentuated by rustic wood beams that add character and warmth to the space. Come take a look and be greeted by the impressive Ironworks front door.

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18 E Heron Place Saint David, AZ 85630

$2,895,000

4 Beds

5 Baths

4,386 SqFt

Status Active

MLS # 6358785

Property Type Single Family Residence

Price Type --

MEDITERRANEAN DREAM HOME PRE-SALE TO BE BUILT ON THIS PRISTINE FOOTHILLS CUSTOM SURVEYED 37.14 ACRES HIGH ON A RIDGE CAPTURING ALL THE MAJESTIC 360' MOUNTAIN VIEWS LIKE NO OTHER * BIG ROAD FRONTAGE ON CUL-DE-SAC HERON PL. & DRAGOON RANCH ROAD * STARY NIGHTS FEELS LIKE YOU CAN TOUCH THE STARS * 4 BEDROOMS W/GUEST SUITE * 41/2 BATHS * ENORMOUS GOURMET KITCHEN * GRAND MASTER BATHROOM * OUTDOOR LIVING AT ITS BEST *SEE INTERIOR RENDERING PHOTOS & HOME SITE * CITY LIGHTS OF SIERRA VISTA, TOMBSTONE, BENSON * GATED ACCESS TO THE 52,000 ACRE CORONADO NAT'L FOREST WITH MILES OF HIKING & EQUESTRIAN TRAILS TO EXPLORE * VISIT THE HISTORICAL ''COCHISE STRONGHOLD'' AND TREATY HILL * MINUTES TO BENSON AIRPORT & GOLF COURSE *** BEST KEPT SECRET GATED COMMUNITY IN TUCSON ***LOW TAXES *** NO CITY TAX *

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4849 N Camelback Ridge Road Scottsdale, AZ 85251

$2,895,000

2 Beds

3 Baths

2,294 SqFt

Status Active

MLS # 6563509

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.

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5755 S Joshua Tree Lane Gilbert, AZ 85298

$2,895,000

4 Beds

4.5 Baths

3,938 SqFt

Status Active

MLS # 6709775

Property Type Single Family Residence

Price Type --

MODEL LEASEBACK OPPORTUNITY- Stone Crest is Camelots latest offering in the SE Valley.This was our most popular floor plan in Morrison Ranch! Luxury and glamour is the standard in this beautiful Modern Farm House model home featuring 4 en-suite bedrooms.Attached guest house with living and kitchenette. Isokern fireplace and tons beautiful designer features and finishes. With Camelot you know your home is built with love and passion for indoor/outdoor lifestyle in mind - where it's easy to unwind, explore, or throw an unforgettable party with the ones you love. Step into the future of luxury living with the high quality design and innovative architecture of Award winning Architect Robert Hidey.

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5310 E Wonderview Road Phoenix, AZ 85018

$2,895,000

3 Beds

4 Baths

4,160 SqFt

Status Active

MLS # 6743609

Property Type Single Family Residence

Price Type --

Live above it all! Nestled on an expansive acre lot on Camelback Mountain, this stunning property offers a serene desert landscape and awe-inspiring mountain views. Living on Camelback Mountain offers a unique lifestyle with access to top hiking trails, breathtaking views, and close proximity to upscale shopping and dining in Phoenix and Scottsdale. This home presents a fantastic opportunity to customize and enhance its features with cosmetic upgrades, allowing you to infuse your personal style and transform this house into your dream home. Embrace the chance to create a luxurious haven with unbelievable views in one of Phoenix's most prestigious areas.

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39334 N Old Stage Road Cave Creek, AZ 85331

$2,895,000

4 Beds

4.5 Baths

3,603 SqFt

Status Active

MLS # 6575759

Property Type Single Family Residence

Price Type --

'To be built' Spectacular Hillside Custom Contemporary, located minutes from Cave Creek 'main street' in The Village at Go John Canyon. MODEL HOME IN COMMUNITY IS UNDER CONSTRUCTION ON PARCEL 5. No HOA. Nestled into the upslope of Go John Mountain, this single level 3603 sq. ft. Desert Contemporary is featured with a fabulous Great Room, temp controlled glass enclosed wine room, luxurious Owner's Suite, gourmet chefs kitchen, heated pool, spa and elevated expansive S.E. views. Some Images are conceptual and subject to modifications. Ask about the 'optional' 900 sq. ft. Carriage Home above garage.

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9801 N 53rd Place Paradise Valley, AZ 85253

$2,895,000

6 Beds

7 Baths

6,809 SqFt

Status Active

MLS # 6755031

Property Type Single Family Residence

Price Type --

This Paradise Valley Estate has never been on the market and is being sold in As Is condition. This one of a kind home was custom built in 1991 and exhibits many unique qualities including multiple attached guest quarter suites and an indoor swimming pool. Main house is 2 bedrooms + an office. Additional bedrooms are located in multiple attached guest quarters Situated on nearly .8 acres adjacent to Camelback golf course and impeccably maintained, this is a rare opportunity in Paradise Valley.

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4335 N Morning Dove Circle Mesa, AZ 85207

New

$2,895,000

5 Beds

4 Baths

4,635 SqFt

Status Active

MLS # 6759191

Property Type Single Family Residence

Price Type --

Stunning estate in prime location backing to the Tonto National forest in the prestigious gated community of Hidden Canyon in Las Sendas. Cul-de-sac lot on .88 +/- acre. Extensive remodel just completed in 2024 with no detail spared. Click on the documents tab for detailed amenity list. Single level, great room concept with 5 bedrooms and 4 baths. Gourmet kitchen with beautiful custom walnut cabinetry, stunning granite countertop, stainless steel appliances, full size fridge and freezer, additional wine/beverage fridge, dual sinks and so much more. Solid walnut interior doors throughout. Spacious laundry with additional fridge and lots of additional cabinetry and storage. Large outdoor covered patio with ceiling heaters, sparkling heated pool and spa, BBQ center, fire pit and view deck.

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