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

19777 E Ivy Lane Queen Creek, AZ 85142

$2,841,700
4 Beds
3.5 Baths
4,360 SqFt
Status Active
MLS # 6688276
Property Type Single Family Residence
Price Type --
Welcome to the epitome of luxury living in the esteemed Whitewing at Whisper Ranch community! This immaculate newer home boasts unparalleled elegance and amenities, perfect for those seeking the pinnacle of modern comfort and style. The spacious layout boasts high ceilings, abundant natural light, and impeccable attention to detail throughout. The heart of the home is a gourmet kitchen featuring top-of-the-line appliances, custom cabinetry, and a generous island, perfect for culinary adventures and gatherings. The epitome of outdoor luxury living awaits in the expansive backyard sanctuary, where endless entertainment possibilities abound. Dive into relaxation in the sparkling diving pool or challenge friends to a friendly game on the sport court. A charming gazebo provides the perfect spot for al fresco dining or enjoying evening cocktails under the stars. For those with a penchant for adventure, the RV garage provides ample space to store your recreational vehicles, ensuring you're always ready for your next excursion. Plus, a guest house, visitors will feel right at home while enjoying their own private retreat. Located in the prestigious Whitewing at Whisper Ranch community, this exceptional home offers the perfect blend of privacy and convenience, with easy access to shopping, dining, and outdoor recreation. Don't miss your opportunity to experience luxury living at its finest!

12313 N 93rd Way Scottsdale, AZ 85260

$2,827,990
4 Beds
4.5 Baths
5,117 SqFt
Status Active
MLS # 6675558
Property Type Single Family Residence
Price Type --
Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender. The stunning Sterling model comes complete with landscaping in both the front and back yards, as well as a spacious four-car tandem garage. The kitchen is adorned with KitchenAid Pro Premier Appliances and features a thoughtfully planned cabinet layout. In the foyer, a trey ceiling adds elegance, while the great room is highlighted by a multi-panel center sliding glass door. Additional luxuries include an AV built-in with a fireplace, a guest suite with a living area, and a lavish owner's bath. All conveniently situated in the sought-after Cactus corridor.

28083 N 109th Way Scottsdale, AZ 85262

$2,800,000
4 Beds
4.5 Baths
3,500 SqFt
Status Active
MLS # 6655145
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 B has an office and 2 car garage at 3,500/sf (Also available at 3,290/sf with 3 car tandem garage.) Either configurations available only on lots 1, 3, 5, 8 & 19. 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 North 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.

461 Rockrimmon Circle Prescott, AZ 86303

$2,800,000
4 Beds
6 Baths
6,125 SqFt
Status Active
MLS # 6745528
Property Type Single Family Residence
Price Type --
Luxurious Living!This exquisite home nestled in The Ranch of Prescott designed with meticulous attention to detail.Greeted by a grand entry,flows into an open concept living area perfect for entertaining.Gourmet kitchen is a chefs dream,w/high end appliances,custom cabinetry,large island.Great Room w/expansive windows,offers breathtaking views of the surrounding landscape,creating a serene&peaceful ambiance.Luxurious primary suite is a private retreat,complete with spa-like bathroom&spacious walk-in his&herclosets,sitting room.Additional bedrooms are generously sized,w/en-suite bathroom, ensuring privacy&comfort for guests or family.State of the art home theater,spacious family room,full kitchen,for entertainment&family get togethers,expansive deck, where you can enjoy panoramic views Step outside onto the expansive deck, upstairs and the lower level where you can enjoy panoramic views of the lush, rolling hills and stunning natural beauty. The outdoor space is perfect for hosting gatherings or simply unwinding with a glass of wine as you take in the spectacular sunsets or relax in the hot tub and enjoy the warmth of the firepit. Every detail of this home has been thoughtfully designed to offer the finest in luxury living. Amenities List is available upon request. Don't miss the opportunity to make this your dream home

6920 E 2nd Street Scottsdale, AZ 85251

$2,800,000
4 Beds
4.5 Baths
3,014 SqFt
Status Active
MLS # 6751811
Property Type Single Family Residence
Price Type --
Introducing Old Town 5! Downtown Scottsdale's newest urban living community with 5 stylish homes available, all with state of the art finishes, fresh design elements and luxurious living spaces. Each home will include a stunning gourmet kitchen, wide plank wood flooring, sleek cabinetry, refined marble, gorgeous custom lighting and fully retractable walls of glass that open to spacious entertainment balconies. The full guest house is an added bonus. High style, architectural excellence, quality, comfort and functionality combine to create an environment like no other. And Located in the center of the ever booming Old Town Scottsdale, where the lifestyle is unparalleled, and walking distance to the finest dining, clubs and shopping in all of The Valley, this unprecendented community of

6302 E Cochise Road Paradise Valley, AZ 85253

$2,800,000
6 Beds
5 Baths
3,920 SqFt
Status Active
MLS # 6724760
Property Type Single Family Residence
Price Type --
Finally.. your home within the best parts of Scottsdale and Phoenix, known as Paradise Valley. Perfectly laid out multi-gen home with no interior steps; split floor plan in both main home and guest home! New roof 2022, drip system 2023, Andersen Windows 2023, water heater 2024, pool heater 2024, pool pump 2024. Stunning kitchen with dove tail + soft close cherry cabinets, double island, Wolf Double ovens (2023), Subzero Fridge, Cove dishwasher (2023), European Oak flooring (2023), outdoor cabana, EV outlets (50 amp). Guest home has (2) full suites, new washer/dryer (2023), new appliance package (2023), large pantry, kitchen and separate gated parking! All rooms are equipped with Cat6.

6916 E 2nd Street Scottsdale, AZ 85251

$2,800,000
4 Beds
4.5 Baths
3,014 SqFt
Status Active
MLS # 6732026
Property Type Single Family Residence
Price Type --
Introducing Old Town 5! Downtown Scottsdale's newest urban living community with 5 stylish homes available, all with state of the art finishes, fresh design elements and luxurious living spaces. Each home will include a stunning gourmet kitchen, wide plank wood flooring, sleek cabinetry, refined marble, gorgeous custom lighting and fully retractable walls of glass that open to spacious entertainment balconies. The full guest house is an added bonus. High style, architectural excellence, quality, comfort and functionality combine to create an environment like no other. And Located in the center of the ever booming Old Town Scottsdale, where the lifestyle is unparalleled, and walking distance to the finest dining, clubs and shopping in all of The Valley, this unprecedented community of upscale homes promises to be as unique as it is desirable!

5587 E Edward Lane Paradise Valley, AZ 85253

$2,800,000 - 3Br/3Ba -  for Sale in Villas At Mountain Shadows 2 Condominiums 2, Paradise Valley
Open House
$2,800,000
3 Beds
3 Baths
2,502 SqFt
Status Active
MLS # 6746956
Property Type Apartment
Price Type --
Lock and leave modern Villa, southern exposure and views of iconic Camelback Mountain. First floor, end unit on quiet street, single level living, 10' ceilings, Sierra Pacific casement windows and 9' bi-fold doors, wood floors throughout, dual fuel 48'' Wolf range w 6 burners, 48'' Wolf wall hood, 48'' Sub-Zero refrigerator, new Cove DW, Quartz countertops, Rinnai Tankless water heater, Kohler fixtures, Emtek door hardware, Toto lavatories, motorized shades, Distinctive custom cabinets and custom closet design, garage storage, epoxy finish and electric car charger, Resort style living, Concierge svcs, golf, artisanal dining, Fitness studio w yoga, pilates & more. Long list of personalized guest services at Mountain Shadows Resort. NO SHORT TERM RENTALS - 6 mo minimum lease. Citizens Club members enjoy priority tee time access on the golf course, equal to hotel guests, use of 4500 sf fitness center and all group fitness classes, introductory fitness assessment, use of day locker facilities, and signing and charging privileges throughout the Resort. Mountain Shadows Resort Amenities made available to Villas Homeowners include a 15% discount to the lower of the Best Available Rate or Rack Rate before discount to Resort guests, including: Hotel Room Nights Restaurant Food & Beverage Greens and Cart Fees Poolside Cabanas Retail Outlets Hotel Valet or Self Parking Nome Meal Delivery from the Resort's Food and Beverage Outlets Alarm system, prewired for motorized shades, smart home.

10379 E White Feather Lane Scottsdale, AZ 85262

$2,800,000 - 3Br/4Ba -  for Sale in Pinnacle Canyon At Troon North, Scottsdale
Open House
$2,800,000
3 Beds
3.5 Baths
4,778 SqFt
Status Active
MLS # 6734916
Property Type Single Family Residence
Price Type --
REDUCED $200,000! Introducing easy access, lock & leave, move-in-ready custom in Troon's esteemed Pinnacle Canyon! This Tierra Builders custom home offers a split floor plan: 3 bedrooms, 3.5 bathrooms, office & 3-car garage, perfect for luxury living. Positioned alongside the 17th tee box of Troon's Monument Course, it's a dream for golf enthusiasts. Recently renovated with fresh paint, a new roof & a meticulously designed resort-style backyard, the property is a sanctuary of luxury. For entertaining, the spacious semicircle wet bar has seating for 6. Light & bright interior spaces, with high ceilings throughout. Step into the backyard oasis boasting new patio & pool decking, upgraded pool equipment & beautifully updated landscaping, creating an ambiance of tranquility & refinement. Savor breathtaking views of majestic mountains (including Pinnacle Peak) and sparkling city lights from multiple vantage points throughout the home. Whether entertaining guests or enjoying quiet evenings, this residence offers single level living plus an unparalleled blend of elegance and comfort. Don't miss the chance to own this exceptional retreat that embodies the essence of upscale Sonoran Desert living at PINNACLE CANYON AT TROON. Additional new upgrades include: washer & dryer, dishwasher, tankless Navien gas water heaters, epoxy sealed garage floors, all landscaping irrigation lines, and exterior landscape lighting.

25564 N 119th Street Scottsdale, AZ 85255

$2,799,995
3 Beds
3.5 Baths
4,330 SqFt
Status Active
MLS # 6728699
Property Type Single Family Residence
Price Type --
This STUNNING plan with award winning exterior design in a gated community can be yours at Toll Brothers at Ranch Gate Estates! Generous 65,600 sqft (estimated) home site size. This Mariola home design boasts dramatic ceilings up to 12' tall with 3 bedrooms, 3.5 bathrooms, a primary retreat, a flex room and an added bonus room. The dramatic interior courtyard welcomes great opportunity for indoor/outdoor living and the perfect ambiance to entertain family and friends. Two sets of large stacking doors off the dining room along with a 90-degree corner sliding door at the great room welcome a light-filled home along with bringing views to the outdoor living from all angles inside the home. Close proximity to the McDowell Mountains for hiking and biking. November 2024 move in date!

4281 S Iowa Street Chandler, AZ 85248

$2,799,000
5 Beds
5.5 Baths
6,135 SqFt
Status Active
MLS # 6752127
Property Type Single Family Residence
Price Type --
Discover unparalleled luxury in this distinguished completely remodeled estate nestled in the heart of Aegean Cove in Fulton Ranch. This stunning basement home offers a rare blend of luxury, convenience, and comfort. Boasting 5 bedrooms, two office spaces, 5.5 bathrooms and a large bonus room in the basement. This meticulously renovated residence spans 6135 square feet of living space, ensuring ample room for both relaxation and entertainment. As you enter through the custom designed iron front door discover a seamless fusion of modern elegance and timeless charm. The open-concept layout enhances the flow between the spacious living areas, which are adorned with wood flooring and custom cabinetry throughout. Expand your living and entertaining space with a large glass pocket door that gives access to the spacious covered patio, as well as flood the interior with additional natural light . No expense spared in this remodel this gem. The gourmet kitchen was updated with top-of-the-line GE appliances, enormous island with 2 dishwashers, ice maker and 6 burner range with griddle. Showcase your wine collection with an impressive wine wall visible from the kitchen and the great room. Entertain in the large living room with a full service bar which boasts a kegerator, beverage cooler, ice machine and custom cabinetry with LED lighted shelves. Enjoy the completely revamped resort style back yard. The Stunning pool and spa with swim up bar, rock water slide and grotto will ensure your guests and family are well taken care of from the large ramada next to the pool which is outfitted with a sink, beverage coolers and TV for viewing from the sunken seating area. Cool off under the misting system or get warm curled up next to the firepits.

24127 N Church Road Scottsdale, AZ 85255

$2,799,000 - 4Br/4Ba -  for Sale in Sonoran Highlands Phase 1, Scottsdale
Open House
$2,799,000
4 Beds
4 Baths
5,609 SqFt
Status Active
MLS # 6704749
Property Type Single Family Residence
Price Type --
Welcome to luxury living in this 5,609 sf custom home + casita, designed by award winning architect Daniel Eastburn! Newly painted exterior and Interior - Situated on approx. 1.5 Acres of pristine Sonoran desert, this 4 Bed, 4.5 bath home features soaring ceilings, stone flooring & the highest quality finishes, throughout! Enter through the inviting courtyard & into the formal living w/ the 1st of many cozy fireplaces & into the elegant formal dining w/ French doors opening to the courtyard. The newly updated eat-in-gourmet Kitchen features Newer SS appliances, new countertops, Sub-zero fridge & SS sink + Island, pantry, Breakfast bar & casual dining. Enjoy casual evenings in the...CONTINUE READING... family room with electric fireplace and wine cellar. There is plenty of room for family or entertaining in the great room w/ fireplace - The custom Library overlooks the great room. The fabulous owner's retreat includes a fireplace, sitting room, full bathroom w/ dual sinks, New counters, free standing tub & resort-style shower. - The luxuries continue into the 3 supporting bedrooms all with their own bathrooms, one of which is the attached casita w/ private living room and kitchenette. The upstairs office with built-ins leads to bedroom 4 with access to the rooftop deck and amazing views. The 5 car garage is a car-lover's dream! The resort style backyard has a custom pool, putting area, built-in grotto-style bar with in pool stools and many seating areas, including the Adobe style fireplace - This is outdoor living at it's finest! Perfectly nestled near shopping, restaurants, golf, easy hwy/fwy access & so much more! More to love about this home..... Built-in Vacuum system Updated irrigation system Buried propane tank for Fireplaces & Range New Pool Pump

Leave a Reply

Your email address will not be published.