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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9424 E Hidden Spur Trail Scottsdale, AZ 85255

$2,795,900 - 6Br/5Ba -  for Sale in Dc Ranch Parcel 1.11, Scottsdale
Open House
$2,795,900
6 Beds
4.5 Baths
4,562 SqFt
Status Active
MLS # 6747522
Property Type Single Family Residence
Price Type --
Located in Desert Haciendas of DC Ranch, this 6 bedroom, 4.5 bath residence offers a harmonious blend of elegance and comfort. You enter the foyer from he inviting courtyard which leads to the expansive living areas adorned with high-end finishes and meticulous craftsmanship. The gourmet kitchen boasts custom cabinetry,granite countertops, stainless steel appliances and a butlers pantry. The primary suite with a spa-like bath is on the main level as well as two other bedrooms as well as a wine room under the stair well. The 2nd level includes a spacious game/bonus room opening to deck overlooking the courtyard and three spacious bedrooms. One bedroom makes an ideal guest suite equipped with a morning station with fridge and coffee bar. The resort style back yard is an entertainment....... paradise with beautiful pool with water features, BBQ, dining area and cozy sitting area around the outdoor fireplace. The DC Ranch amenities include clubhouse, public pool, walking trails, tennis, fitness Plenty of restaurants and shopping minutes away. DC Ranch Country Club social and golf memberships are not included but available at additional cost.

29121 N 105th Street Scottsdale, AZ 85262

$2,795,000
4 Beds
4.5 Baths
4,486 SqFt
Status Active
MLS # 6686109
Property Type Single Family Residence
Price Type --
Step into your future sanctuary! Nestled within Candlewood Estates Troon North in Scottsdale, this modern retreat, slated for construction commencing in May 2024, which promises comfort and elegance. Boasting 4 bedrooms, 4.5 bathrooms, and a den/office space, it's designed to cater to your every need. Embrace the feeling of spaciousness with soaring 14-foot ceilings that grace all primary areas, enhancing the sense of openness throughout. Each bedroom offers a private haven, complete with its own luxurious ensuite adorned with bespoke tile finishes for a touch of refinement. Each bedroom also has a private patio. Indulge in the seamless blend of indoor and outdoor living as floor-to-ceiling pocket sliders seamlessly connect the living area to a generously sized covered patio with a two-way fireplace, perfect for cozy evenings under the stars. Enjoy another additional outdoor patios provide even more spaces to unwind and entertain. Outside, discover meticulously crafted desert landscaping in the front yard, while the backyard presents a canvas for you to design your dream oasis. Luxury knows no bounds with upscale amenities including custom cabinets, waterfall kitchen countertops, Dacor appliances, wine fridge, a Vector fireplace in the master bedroom, and exquisite wood flooring. There are 11 skylights throughout home and on patios. With the opportunity to personalize finishes, this home invites you to create a bespoke masterpiece, seamlessly blending indoor and outdoor living.

202 W Montebello Avenue Phoenix, AZ 85013

$2,795,000
5 Beds
4 Baths
5,770 SqFt
Status Active Under Contract
MLS # 6743992
Property Type Single Family Residence
Price Type --
This beautiful 4BR + 2 Offices/4BA, 5,770 SQFT home sits on a flood-irrigated ACRE lot and is surrounded by mature trees on all sides of the home giving you a great sense of privacy. This unique and modern estate has been completely renovated over the last 10 years, including updates such as new bathrooms, new wool carpet flooring in the bedrooms, newer kitchen with double ovens and a built-in Fridge by Sub Zero, and a huge island great for gathering and entertaining. The Primary Suite Wing features a gorgeous private office, sitting area, additional en-suite bedroom, workout area, contemporary bathroom separate soaking tub and shower, and separate exit to backyard. Laundry Room has been completely redone by California Closets, complete with a gift wrapping station, making it a perfect space for arts and crafts and staying organized. An impressive OWNED 12kw Solar System was installed in 2019, making for much lower electric bills! The large backyard has a newly built pool & spa, with the pool being one of the largest residential pools done by Rondo Pools. The heated pool also comes with an electric pool cover that covers both the pool and spa, making it easy to keep them at a comfortable temperature year-round. Rounding off the backyard is a large playhouse by Rainbow Systems. Rancho Solano is one of the premier neighborhoods in North Central Phoenix and it is rare for homes to come on the market here - It is truly a generational neighborhood. In just a 5 minute walk, you'll arrive at the local Farmer's Market, or in a short bike ride, you're right next to some of the best restaurants Phoenix has to offer, including OHSO, Windsor and the new Henry, which is coming soon!

4602 E Calle Del Medio -- Phoenix, AZ 85018

$2,795,000
5 Beds
3 Baths
3,864 SqFt
Status Active
MLS # 6751029
Property Type Single Family Residence
Price Type --
ARCADIA PROPER. Situated on a rare, highly desirable lot, this is a perfect opportunity to create your dream home. The Main House is 5br/3ba complete with a home gym, and 2 living spaces. The property has great views of Camelback and a peak-a-boo of Piestewa Peak. With walkability to The Henry, The Village, OHSO, and the newly famous Dirtbags. The irrigated lot has many mature trees to provide privacy. The backyard is a fantastic place to entertain guests under the covered patios or enjoy the sparkling pool and jacuzzi. The guest house (built in 2011) has 2br/2ba, full kitchen, stainless steel appliances, and full size washer and dryer. With its separate entrance, it would be a perfect place to live while you transform the Main house into your Arcadia Dream Home, or use as an ADU.

5652 N Scottsdale Road Paradise Valley, AZ 85253

$2,795,000
2 Beds
3.5 Baths
2,625 SqFt
Status Active
MLS # 6748560
Property Type Townhouse
Price Type --
This property is situated in the highly acclaimed townhome development of Scottsdale North. It is located a short distance to Fashion Square Mall and Old Scottsdale. The development was placed on the National Register of Historic Places by the US Department of the Interior in 2023. The interior boasts 10 ft ceilings with a great room and fireplace. There are two master bedrooms one with a sitting area and the other with fireplace. The Office has a full ensuite bathroom, closet and could function as a third bedroom. (see the floor plan under the Document tab). The covered central courtyard with fountain leads to a built-in BBQ area and quaint lemon arbor. Ideal for outdoor entertaining. Wheelchair accessible from garage. Furniture can be purchased by separate agreement.

5641 N Echo Canyon Circle Phoenix, AZ 85018

$2,795,000
3 Beds
4 Baths
3,818 SqFt
Status Active
MLS # 6641691
Property Type Single Family Residence
Price Type --
A true gem situated under the iconic Praying Monk! Resort style living in the privately guard gated community of Echo Canyon. This is a very rare and special find! A charming home with a warm open floor plan/ high ceilings and picture windows to take advantage of stunning Camelback Mountain views. There are two bedrooms and a den/bedroom on the main floor. An additional guest suite upstairs which includes its own kitchenette, 3/4 bath and veranda with spectacular views of city lights to the northwest. Centrally located with walking distance to echo canyon trailhead, urban activities like the Village, the new Global Ambassador hotel and a stone's throw to Old Town Scottsdale, PV and Arcadia! Enjoy the amenities of Echo Canyon living with a community clubhouse, pool and tennis!

150 Crystal Sky Drive Sedona, AZ 86351

$2,795,000
4 Beds
6 Baths
4,992 SqFt
Status Active
MLS # 6687412
Property Type Single Family Residence
Price Type --
Majestic, panoramic Red Rock Views that will take your breath away the minute you step inside this luxury custom home on prestigious Crystal Sky in the Sedona Golf Resort. With soaring 12-foot ceilings, exquisite travertine flooring, and a stunning stacked stone fireplace, this residence epitomizes the epitome of sophistication. Its open and spacious floor plan, adorned with plenty of windows, floods the interiors with natural light. All main living on one level including primary suite with romantic fireplace for ambience as well two ensuites bedrooms and office/bedroom. Situated on the lot to capture the most spectacular panoramic red rock views and backing to National Forest for privacy, this home was perfectly built to capture all that Sedona has to offer. Indulge in evenings spent sipping wine on the front deck, basking in the splendor of magnificent sunsets. The backyard oasis captivates with a stunning koi pond/swimming pool, complemented by a brand new built-in BBQ center and a kiva fireplace. Surrounding this oasis is a supreme gardener's paradise, featuring two raised vegetable beds, an array of fruit trees, and multitude of planted flowers. Discover numerous special retreats within, including a library, a controlled wine cooler, and an entertainment area downstairs, accompanied by ample storage space. A separate private yoga/art studio with a walkout rooftop deck. The property includes a spacious 3-car garage, enhanced with upgraded lighting featuring full-spectrum LED lighting strips. This home has been meticulously maintained with an extensive list of upgrades listed separately. Don't miss the opportunity to make it yours.

25973 N 88th Way Scottsdale, AZ 85255

$2,795,000
4 Beds
3.5 Baths
3,915 SqFt
Status Active
MLS # 6739001
Property Type Single Family Residence
Price Type --
Welcome to your dream home nestled in the private and prestigious community of Pinnacle Peak Place. This luxury modern residence boasts 3,915 square feet of thoughtfully designed living space, 4 spacious bedrooms, a den, and 3.5 elegant bathrooms. The stunning kitchen is a chef's paradise, featuring a large island, exquisite marble countertops and backsplash, high-end stainless steel Bosch appliances, and sleek white high-gloss cabinets. Tucked next to the kitchen is the butler's pantry and wet bar, making this perfect for entertaining. The kitchen and living room offer breathtaking views of the resort-like backyard and majestic mountains through two large sliding glass doors. The expansive primary bedroom is a true retreat, complete with a large ensuite bathroom that features dual vanities with quartz countertops and a luxurious Victoria & Albert Napoli tub. Step outside through the two massive trim-fold doors into your personal oasis where the private backyard surrounded by lush greenery and beautiful landscaping that feels like a five-star resort. Enjoy the warmth of the gas fire pits, relax in the built-in hot tub, or take a dip in the heated pool. The formal dining room is perfect for hosting dinner parties or having a private dinner while looking into the formal living room with a cozy fireplace. Gorgeous tile and wood-look flooring are found throughout and the abundant natural light enhances the home's luxury modern aesthetic. This home is a testament to the art of luxury living. Nestled on an oversized lot in a cul-de-sac, this is an opportunity to own a piece of paradise in in the comfort of your own home. It has been meticulously maintained and offers unparalleled style.

8701 E Remuda Drive Scottsdale, AZ 85255

$2,795,000 - 5Br/6Ba -  for Sale in Happy Valley Ranch Unit 2, Scottsdale
Open House
New
$2,795,000
5 Beds
5.5 Baths
4,278 SqFt
Status Active
MLS # 6758247
Property Type Single Family Residence
Price Type --
Stunning remodeled Scottsdale home with breathtaking mountain views! This exquisite single-level home located on an acre corner lot offers a split floor plan with 5 ensuite bedrooms, designer upgrades, & incredible outdoor spaces that capture the essence of Arizona living. The kitchen has been beautifully remodeled with quartz countertops & custom cabinetry. The spacious primary suite offers direct access to a private patio with heated spa & outdoor shower. Enjoy stunning desert mountain views from your expansive backyard featuring a heated pool, covered sitting area, a fire pit, & a large turf area with putting green. Close proximity to top-rated schools, fine dining, shopping, & world-class golf courses.

11415 E Dreyfus Avenue Scottsdale, AZ 85259

$2,775,000
4 Beds
4.5 Baths
5,612 SqFt
Status Active
MLS # 6555062
Property Type Single Family Residence
Price Type --
Modern luxury audiophile home perched high on a rare hillside Ancala lot nestled into the luxurious hills of North Scottsdale's most sought-after golf community. From your negative edge pool, enjoy the cool sunset breeze, and watch the twinkle of the city lights blend with the desert starscape. Impress friends & family with a functional & fun floorplan, room for 3 cars, fine finishes, top-of-the-line appliances, stonework, wood paneling, 4 fireplaces, 2 wet bars, & private bathrooms for every bedroom. From your smartphone transform the lower-level into an immersive audio-visual adventure in opulent sound, operate interior & exterior audio systems, mood lighting, window shades, cameras, televisions, door locks, & more. It's all user-friendly & supported by your own personal system advisor.

7520 S Estrella Parkway Goodyear, AZ 85338

$2,775,000
4 Beds
4 Baths
4,600 SqFt
Status Active
MLS # 6719816
Property Type Single Family Residence
Price Type --
Beautiful Mid-Century Estate offering a blend of luxury, privacy & investment potential! SELLER FINANCING AVAILABLE! An Entertainers Dream perfectly situated atop 5 mountainside acres with panoramic views of the Phoenix Skyline. Enter an inviting foyer with soaring ceilings setting the tone for the elegance found throughout. Natural light floods the bright kitchen & dining area. The family room boasts vaulted ceilings & a cozy fireplace. The living space comprises 4 bedrooms, 2 flex rooms & 4 bathrooms. Outside enjoy Palm Trees, BBQ Island, Fire Pits & a Cooled Patio Room +Entertainment Barn w/AC! Zoned commercial/residential PAD, Underground power/city water/gated driveway. No HOA. 220V EV Charger in Garage. Perfect for Business or Private Estate. 10 additional acres MLS: 6719816

10356 E Chia Way Scottsdale, AZ 85262

$2,775,000
4 Beds
4.5 Baths
3,758 SqFt
Status Active
MLS # 6710878
Property Type Single Family Residence
Price Type --
Contemporary Gem in Desert Mountain offering stunning sunset & mountain views. Optional LIFESTYLE Membership available to transfer at COE at Buyer's expense. Charming gated entry welcomes you to a courtyard colonnade leading to a beautiful resort patio with pool & spa. The main home is a SINGLE LEVEL (no steps) open plan with fresh clean lines & contemporary finishes. It is flanked by the pool patio plus an additional covered patio with a generous overhang & artificial grass accents that's perfect for entertaining. Detached casita features a sitting area, kitchenette, dry sauna plus roof-top deck sporting panoramic views & its own garage. New stylish pendants & chandeliers throughout ~ not in photos. Additional bonus room in main home offers flexibility. Desert Mountain is a prestigious gated community in Arizona's wealthiest zip code offering 7 golf courses, 7 clubhouses with swimming, tennis, pickle ball and work out facilities. There are also 20+ miles of private hiking trails in a 3,000 preserve backing to the Tonto National Forest. Home is ready to be shown by appointment only. More photos to follow.

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