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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11440 E Black Rock Road Scottsdale, AZ 85255

$2,875,000
4 Beds
5.5 Baths
5,402 SqFt
Status Active
MLS # 6683249
Property Type Single Family Residence
Price Type --
Views, views, and more views! Showing off with a subtle sense of Southwestern sophistication, this extraordinary home enjoys a spectacular panorama of city lights, mountain and desert views from its secluded cul-de-sac setting on 2.4 acres in the exclusive Troon Estates community. Living room w/corner-set kiva fireplace, handsome ceiling beams, tall view- windows, stunning wood accents. Chef's kitchen w/gorgeous granite, high-end culinary accoutrements. Owner's suite w/blissful bedroom, luxurious bath, private cocktail view-balcony, Exercise room with private patio and surrounded by saguaro forest. Inviting alfresco amenities, front-of-property lagoon-style pool w/boulder trim. Spa w/gently cascading waterfall. Expansive lounge and sun-decks. Fireplace view-patios. Putting green. BB 1,502SF expansive guest house is currently used as an executive office suite, game room, entertainment space, and kitchenette. It could easily be converted to a 2-bedroom-2 bathroom private living quarters with a full kitchen.

37300 N School House Road Cave Creek, AZ 85331

$2,875,000
3 Beds
4 Baths
3,701 SqFt
Status Active
MLS # 6610024
Property Type Single Family Residence
Price Type --
$325,000 price improvement on home with FANTASTIC 360-degree views, exceptional privacy, yet a couple minutes away from the best dining, shopping, golf, and all the watering holes that Historic Cave Creek has to offer. Quality constructed custom home finished in 2019 by Presidio Homes has been lightly lived in, still looks new inside and out. Buyers will appreciate the detail, planning and finish of this home. Carefully integrated on a ridge for unsurpassed views of surrounding mountains, spectacular sunrise/sunsets and city lights by night. Every detail of the home was carefully planned by owner who is a structural engineer. Indoor/ outdoor living, privacy and top of the world views. Black Mountain Preserve borders this parcel providing a 320-acre paradise outside your door.

12201 E Shangri La Road Scottsdale, AZ 85259

$2,850,000
5 Beds
4.5 Baths
5,511 SqFt
Status Active
MLS # 6749323
Property Type Single Family Residence
Price Type --
Luxurious Custom Estate in Scottsdale - A True Gem! Welcome to unparalleled luxury in the heart of Scottsdale! A grand circular driveway leads to this exquisite custom home boasting 5 spacious bedrooms and 1 office, 4.5 bathrooms, all spread across an impressive 5,500+ square feet of thoughtfully designed living space. Step inside and experience a world of elegance with soaring 12-foot ceilings. Walk into the living and dining rooms which face the backyard. The office and primary suite are to your right. To your left you will find a chef's dream kitchen featuring two expansive granite islands, state-of-the-art stainless-steel appliances including double ovens. The master bedroom suite is a haven of relaxation, featuring a cozy attached sitting/reading room, a spa-like bathroom and an impressive walk-in closet. Two additional bedrooms with a full bath are split from the primary suite, offering ideal accommodations for guests. The basement is a recreational paradise, featuring a game and family area highlighted by a fireplace, wet bar, and a stunning glass patio door that floods the space with natural light. This bright and open area also includes two additional bedrooms, a full bath, a powder room, and a walk-out area leading to a private 1-car garage. Step outside to your own private sanctuary - a beautifully landscaped backyard with an expansive patio, complete with a misting system. The large diving pool and spa are perfect for relaxation, while the adjacent BBQ area and spacious grassy expanse offer ample space for gatherings. Enjoy breathtaking city lights and stunning mountain views from your backyard retreat. The 3-car garage is situated on one side of the house, leading directly to the primary suite. On the other side, a separate 1-car garage provides access to the basement. This Scottsdale estate is the epitome of luxury living, offering a perfect blend of elegance, comfort, and modern amenities. No HOA - Come see it today!

40485 N 109th Place Scottsdale, AZ 85262

$2,850,000
4 Beds
4.5 Baths
4,800 SqFt
Status Active
MLS # 6745877
Property Type Single Family Residence
Price Type --
This beautiful, meticulously maintained custom home boasts an ideal floor plan.The open-concept layout features a chef's kitchen & wet bar, seamlessly connecting to the expansive dining and living areas, enhanced by mountain & city light views.The luxurious primary bedroom offers a cozy fireplace & direct access to the backyard, while the primary bath is a haven of comfort with 3 separate vanities & two walk-in closets. A dedicated bedroom wing includes 2 ensuite bedrooms & a 300 sq ft casita with a fully equipped kitchen.The outdoor living space is equally impressive, featuring a negative-edge pool & spa, a firepit, a built-in BBQ, & a large covered patio, perfect for entertaining. Enjoy panoramic 360-degree views from the upper deck. A Four Seasons Membership is available upon approval

3723 E Sells Drive Phoenix, AZ 85018

$2,850,000
4 Beds
4.5 Baths
4,169 SqFt
Status Active
MLS # 6721838
Property Type Single Family Residence
Price Type --
Gated Sycamore community townhome located in the heart of Arcadia. This exquisite 4 bed, 4.5 bath lofted home is open concept with wood flooring, large windows, glass sliders, and high ceilings. Living room features fireplace with tons of natural light, dining area, high end lighting, and chef's kitchen with stainless steel appliances, island, custom cabinets, and pantry. Primary suite includes dual vanities, freestanding clawfoot bathtub, enclosed toilet, and oversized shower. Entertain family and friends in the backyard's covered patio, custom pool, outdoor kitchen, or outdoor firepit, including misters and foggers, lush plants and desert landscaping. Home features an additional 3 guest bedrooms, 3 garage spaces, and lofted area perfect for office, theater, gym, or playroom. Enjoy Arcadia and Scottsdale's top resorts, golf, dining, or restaurants just minutes from your new home!

7475 E Gainey Ranch Road Unit 26 Scottsdale, AZ 85258

$2,850,000
3 Beds
3.5 Baths
5,207 SqFt
Status Active Under Contract
MLS # 6692902
Property Type Single Family Residence
Price Type --
Enjoy the Gainey Ranch Lifestyle in this architectural custom masterpiece with expansive views of the 2nd fairway of the Dunes golf course and a 3-car garage. The large primary suite and den/gym are on the main level along with a perfectly positioned wet bar. 2 ensuite bedrooms and an office/family room are on the upper level. Expansive windows in the living room welcome the outside in and provide stunning views throughout. A desert oasis with a heated pool, private, secluded spa and grill area allow for the perfect point of relaxation or entertainment. Gainey Ranch offers an array of amenities, including golf, tennis, pickleball, a fitness center, and a community pool, along with easy access to everything Scottsdale has to offer.

19778 E Sonoqui Boulevard Queen Creek, AZ 85142

$2,850,000
4 Beds
4.5 Baths
4,407 SqFt
Status Active
MLS # 6742898
Property Type Single Family Residence
Price Type --
Prepare to be amazed! Check out this luxurious home now for sale in Circle G at Queen Creek! Nestled on an oversized corner. Walk up to a gorgeous front courtyard with a beautiful outdoor fireplace featuring a stunning facade w/stone accents, lush green landscape, circular paver driveway, 3 car garage plus a detached 40 x 60 RV garage, huge motor court perfect for car lovers, and 2 RV gates! Open the door to a spacious open floor plan w/beamed ceilings, elegant wood-look tile flooring, and a linear fireplace. The chef's kitchen is comprised of custom cabinetry w/quartzsite countertops, 60'' Viking Stove with Double Ovens, 60'' Viking Fridge/Freezer, an additional wall oven/Microwave, pendant lighting, stylish backsplash, a breakfast nook, and a 16 ft island complete w/a breakfast bar. You'll also find a formal dining room w/an accent wall and plantation shutters, perfect for hosting dinner parties. End your busy day in the primary bedroom, boasting private outdoor access, a walk-in closet, and a lavish ensuite w/dual vanities. Don't forget about the cozy den, ideal for an office or lounge area. The laundry room has a dog washing station. Attached to the 40 x 60 RV garage is a 12 x 24 casita with it's own bathroom and small kitchen. All of the gas features are fed by a 1000 gallon propane tank. Finally, the wonderful backyard includes a covered patio, extended seating area, a 3rd fireplace, fire pit, a built-in BBQ containing a flat top grill, a charcoal grill, & 2 large burners, margarita station, a lovely pergola, and a sparkling blue pool! This is the opportunity of a lifetime, hurry and act now!

2639 E Lovebird Lane Gilbert, AZ 85297

$2,850,000
6 Beds
4 Baths
5,118 SqFt
Status Active
MLS # 6724761
Property Type Single Family Residence
Price Type --
If you're looking for a contemporary home with a resort style backyard and like to entertain then look NO further! This is the home you have been looking for! Welcome to the 2013 winner of the Street of Dreams, located in the coveted guard gated subdivision of Whitewing at Germann Estates. This luxurious move in ready home is one of a kind and includes 6 bedrooms, 4 bathrooms, 25' ceilings, a 4 car garage, a private heated pool and more. From the second you enter the beautifully landscaped courtyard and walk through the 9' pivoting front door you're going to fall in love with the architectural designs throughout the home. The chef's kitchen features an oversized quartz island, SS Thermador appliances including a 48'' gas range, two dishwashers, and a 60'' refrigerator. The kitchen opens to the expansive great room featuring floor to ceiling windows with automated window coverings, custom TV's a 15' chandelier and panoramic views of the resort style backyard. The interior finishes are composed of luxurious silver plaster over linen, coffered ceilings, and a control 4 automation system. Like to entertain? Step out back to your private heated pool complete with multiple water features, a spa, built in BBQ, 3 glass fire pits, putting green, misting system, expansive use of pavers offering multiple seating areas and 2 covered patios. Opportunities like this don't come along often so move this one to the top of the list and get out there before it's too late!

24911 N 124th Way Scottsdale, AZ 85255

$2,850,000
3 Beds
3.5 Baths
4,361 SqFt
Status Active
MLS # 6718608
Property Type Single Family Residence
Price Type --
Pictures don't do this ''like NEW'' gem justice. This is your chance to own the ONLY Estate Collection home priced under $3M. All in, $4K BELOW base price for new similar floor plan. Bonus room easily converted to 4th BR. Welcome to Toll Brothers' premier, amenity-rich community w/stunning views of the desert & mountains.Sereno Canyon is N. Scottsdale's top destination for luxury living, exemplifying perfection: absolutely pristine & impeccably maintained. Features of this exquisite home include: Guest Suite w/private entrance & living area, offering visitor's comfort & privacy. Huge Bonus/Flex/4th Bedroom adaptable to all your needs. Den ideal for home office or cozy retreat. 20' Great Rm Pocket Door, seamlessly blending indoor & outdoor living spaces.

4420 N 29th Street Phoenix, AZ 85016

$2,850,000 - 4Br/5Ba -  for Sale in Wilson Terrace, Phoenix
Open House
$2,850,000
4 Beds
4.5 Baths
3,811 SqFt
Status Active
MLS # 6744731
Property Type Single Family Residence
Price Type --
This exquisite single-family residence offers over 3,800 square feet of luxurious living space, featuring 4 spacious ensuite bedrooms and 4.5 bathrooms. Nestled on a nearly 13,000 square foot lot on a cul-de-sac, this home boasts breathtaking views of Camelback Mountain and Piestewa Peak. Step inside to discover high ceilings that create an airy ambiance, complemented by an abundance of natural light throughout. 10 foot tall multi-slide doors, butted glass windows & staircase, imported large format tile, temperature controlled walk-in wine storage & hardwood floors set this masterpiece apart. The gourmet kitchen is a chef's delight, equipped with top-of-the-line Wolf and Sub-Zero appliances, perfectly suited for culinary enthusiasts. Enjoy hosting family gatherings with the convenience of a secondary kitchen and multiple living areas that provide ample space for relaxation and entertainment. The outdoor oasis features a sparkling pool, ideal for cooling off during those warm Phoenix days or enjoying sunset views with friends and family. The property also includes a 3-car garage and electric vehicle outlets, ensuring your modern lifestyle is accommodated with ease. Don't miss this unique opportunity to own a slice of paradise in one of Phoenix's most sought-after locations. Experience the perfect blend of luxury and comfort!

2531 E Birchwood Place Chandler, AZ 85249

$2,849,000 - 6Br/6Ba -  for Sale in Circle G At Riggs Homestead Ranch Unit 5, Chandler
Open House
$2,849,000
6 Beds
6 Baths
5,457 SqFt
Status Active
MLS # 6725724
Property Type Single Family Residence
Price Type --
Come fall in love! INCREDIBLE REMODEL, 35,000 lot, pool w/ swim up bar, sunken fireplace, outdoor kitchen, 4 CG, casita, pool bath, the list goes on for days The home boasts 5 bedrooms/3.5baths/4300 sq feet in the main house & a detached 1300 sq feet casita w/ 1 bed/bath. The kitchen is what dreams are made of, 48 in commercial gas range, wall oven/micro/convection, 2 dishwashers, 2 pantries, quartzite counters & backsplash, pot filler sink & cabinet storage for days all overlooking a large great room with sleek modern fireplace wall. The primary bedroom/bathroom are stunning w/ wet room shower combo, executive height sinks, coffee bar, fireplace & private exit to secluded tiled hot tub. The dining room has built in bar w/ wine fridge & gorgeous under lit quartzite counters. Multi/gen. The firepit invites intimate gatherings on moonlit evenings, while the sparkling pool and spa promise endless fun and relaxation. Make it yours today!

37200 N Cave Creek Road Unit 1014 Scottsdale, AZ 85262

$2,844,437
3 Beds
3.5 Baths
3,425 SqFt
Status Active
MLS # 6716311
Property Type Single Family Residence
Price Type --
**MEMBERSHIP AVAILABLE - CONTACT FOR DETAILS** WELCOME TO THE VILLAGE AT SEVEN DESERT MOUNTAIN! BUILT BY THE AWARD-WINNING CULLUM HOMES, THESE DISTINCTIVE ''LOCK-N-LEAVE'' RESIDENCES ON ALL 33 LOTS EITHER BACK UP TO THE 13TH HOLE OF THE RENEGADE GOLF COURSE, OR THE 10TH AND 11TH HOLE OF THE SEVEN DESERT MOUNTAIN® GOLF COURSE. CHOOSE FROM FOUR DIFFERENT BASE FLOOR PLANS, WITH SINGLE AND TWO-LEVEL OPTIONS AVAILABLE, AS WELL AS THE OPTION TO ADD A ''19TH HOLE'' BASEMENT ENTERTAINMENT ZONE COMPLETE WITH INDOOR GOLF SIMULATOR, GLASS-ENCLOSED COLLECTOR CAR SHOWROOM, THEATER, WET BAR AND OTHER AMENITIES. THIS MESQUITE FLOOR PLAN, IS A SINGLE-LEVEL HOME WITH LIVABLE SQUARE FOOTAGE AT 3425 SF, FEATURES 3 BEDROOMS AND 3.5 BATHROOMS, WITH A 3-CAR GARAGE. SPACIOUSLY LAID OUT SPLIT FLOOR PLAN. OPEN GREAT ROOM WITH A MODERN LINEAR-STYLE BUILT-IN FIREPLACE AND GLASS WALLS FOR VIEWS, WITH AN OPTION FOR INDOOR/OUTDOOR POCKET DOORS. FAMILY/GAME ROOM BETWEEN THE TWO GUEST BEDROOMS. FORMAL DINING AREA. KITCHEN AREA WILL HAVE A LARGE CENTER ISLAND WITH EAT-UP BAR SEATING, ALL STAINLESS-STEEL TOP-OF-THE-LINE WOLF SUB ZERO APPLIANCE PACKAGE, WALK-IN PANTRY. OWNERS SUITE WITH A SEPARATE EXIT OUT TO THE BACK YARD, DUAL SINK VANITIES IN THE BATH, SEPARATE SHOWER AND SOAKING TUB, WALK-IN CLOSET WITH BUILT-INS. TWO ADDITIONAL GUEST BEDROOMS, BOTH WITH EN-SUITE BATHS AND WALK-IN CLOSETS. LAUNDRY ROOM WITH EXTRA STORAGE SPACE AND LAUNDRY TUB AND A POWDER ROOM. HOMES ARE EQUIPPED WITH THE LATEST SMART-HOME TECHNOLOGY WITH FULL HOUSE AUTOMATION AVAILABLE. ENERGY EFFICIENT AND LOTS OF HEALTHY HOME FEATURES ALSO INCLUDED. FRONT YARD LANDSCAPING INCLUDED. HOMEOWNERS AT SEVEN DESERT MOUNTAIN WILL BECOME WITHER A LIFESTYLE OR EQUITY GOLF MEMBER AT DESERT MOUNTAIN, GAINING ACCESS TO ITS WORLD-CLASS AMENITIES INCLUDING THE NEWLY RENOVATED SONORAN SPA AND FITNESS CENTER, TENNIS COMPLEX, HIKING AND BIKING TRAILS, SIX ADDITIONAL PRIVATE GOLF COURSE, LUXURIOUS CLUBHOUSES AND RESTAURANTS. COMMUNITY IS GUARD-GATED 24/7 FOR THAT LOCK-N-LEAVE LIFESTYLE ONE SO DESIRES.

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