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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26924 N 35th Lane Phoenix, AZ 85083

$2,750,000

5 Beds

4.5 Baths

4,776 SqFt

Status Active

MLS # 6741410

Property Type Single Family Residence

Price Type --

NEW HOME TO BE BUILT!!! Wake up in the home of your dreams! Collaborate with Arizona's most acclaimed architects and planners to create a new way of living in North Phoenix. Nestled just north of Happy Valley, this 4,776-square-foot property offers breathtaking mountain and city light views within the prestigious gated community of Deem Hill Estates. This luxurious home includes an 875-square-foot guest suite, complete with a kitchen, living area, full bath, laundry room, and separate garage. The main house features an expansive master suite with a huge walk-in closet, two bedrooms with Jack and Jill bath and walk-in closets, a separate office, and a mudroom. The second floor boasts a spacious concept room with a walk-in closet and full bath. Experience unparalleled elegance and comfort in this exclusive hillside community. Seamlessly transition from indoors to a resort-style outdoor space via multi-slide doors, where a shimmering pool, state-of-the-art BBQ, chic bar, firepit, and a cozy gas fireplace await. For peace of mind, it's pre-wired for security and cameras. Just moments away from schools, exclusive shopping, and the renowned TSMC facility.

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5741 N 38th Place Paradise Valley, AZ 85253

$2,750,000

4 Beds

3.5 Baths

2,671 SqFt

Status Active

MLS # 6753536

Property Type Single Family Residence

Price Type --

This Paradise Valley home offers stunning 360-degree views of Camelback Mountain, downtown Phoenix lights, and the Phoenix Mountain Preserve, all complemented by modern upgrades throughout. The property includes a main house and an attached guest house, perfect for hosting visitors or extended stays. The open-concept living room features a wall of windows that bathe the space in natural light, anchored by a cozy fireplace. The chef's kitchen is outfitted with stainless steel appliances, a skylight, an eat-in area, and a formal dining space. The primary suite serves as a peaceful retreat with private backyard access, dual vanities, and a full bath. Designed for seamless indoor/outdoor living, the backyard is a true desert oasis, complete with a custom pool, expanded deck, covered patio, and lush desert landscaping that ensures privacy. Multiple seating areas provide ample room for lounging and entertaining. Situated in a highly desirable, private neighborhood, this home is just minutes from world-class resorts, golf courses, fine dining, and shopping. A rare gem, this property embodies the essence of luxury living in Paradise Valley.

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2068 E Tiffany Court Gilbert, AZ 85298

$2,750,000

5 Beds

4.5 Baths

4,622 SqFt

Status Active

MLS # 6753265

Property Type Single Family Residence

Price Type --

Located on nearly an acre, this Circle G remodeled custom home is a dream where you can enjoy small town living in the big city. The perfectly designed floorplan includes 5 bedrooms, office, 4.5 baths, large family room, bonus/teen room, oversized 3 car garage, extended driveway with electric security gate and huge new RV garage. The chef's kitchen features Thermador appliances with WIFI range hood, touch to open refrigerator and freezer, microwave, gas range & griddle, steam oven, warming drawer, oven, built in sub zero under counter ice maker with RO water, 4 ft Galley prep sink with dual touch Brizo faucets, and Cambria quartz counter tops. Perfect for entertaining, the kitchen is open to the large family room, the eat in nook and a large sitting area. Beautiful hand scraped hardwood flooring throughout, Lutron lighting with WIFI control, security cameras, security gate, RO water system, and 2 tankless water heaters. Huge owner's suite is a true retreat with tray ceiling, bay window and sitting area, and outdoor access. Ensuite includes two vanities, jetted tub, separate shower, and stunning walk-in closet w/built-ins. Two secondary bedrooms, each equipped with a private bathroom. Beautiful office with large French doors. Laundry room with a sink & cabinetry. Two more bedrooms with an additional bathroom are located near the bonus room with access to the backyard/patio. Step outside to the large extended patio, pergola and built in BBQ area, all equipped with a top of the line misting system. Diving pool with heated spa and water fall. Manicured lawn with irrigation to the perimeter trees. The 1250 sf climate controlled RV garage is the hidden gem of this home. 14 foot tall by 12 foot wide garage door, plumbing, RV hookup, epoxy floor. Centrally located by the 202, Gilbert Regional Park, San Tan Mall, Mercy Medical Corridor, entertainment and dining. This home is a rare find!

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16122 E Tombstone Avenue Fountain Hills, AZ 85268

$2,750,000

4 Beds

4 Baths

3,435 SqFt

Status Active

MLS # 6659474

Property Type Single Family Residence

Price Type --

Backing to FireRock Country Club #14 tees and fairway, this new contemporary SW home is the ultimate setting for entertaining. Featuring a 460 ft casita, pool, spa and full-size RV garage, the home is perched on over a half-acre. Completion expected October, 2024. The very open and large Great Room features 16' X 10' stacking slider doors to views and a 60' electric fireplace. The kitchen features a 10' island, offers Shaker style cabinetry to 10' height, SS Frigidaire Pro Series appliances w/full size refrigerator and freezer plus a 139-bottle wine captain. All bedrooms are large and fully suited to custom closeting, plus a den/office. The Casita features a private bedroom plus a hospitality area. The large 5+ car garage features an RV bay with 14' door and 16' ceilings.

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18720 N 101st Street Unit 2006 Scottsdale, AZ 85255

$2,750,000

2 Beds

3 Baths

2,752 SqFt

Status Active

MLS # 6718632

Property Type Apartment

Price Type --

**NEW-CONSTRUCTION** The best opportunity to be inside the gates of Silverleaf at a competitive price. ICON at Silverleaf offers an unlimited lifestyle with the lock-and-leave luxury of exceptional single-story flats amid the incomparable beauty of Arizona's McDowell Mountains. This rare and unique offering of spacious, open-concept residences affords the very best of all possible worlds, close to the cosmopolitan conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert behind the gates of the truly iconic upscale private resort community of Silverleaf.

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28080 N 101st Street Unit 116 Scottsdale, AZ 85262

$2,750,000

3 Beds

3 Baths

2,846 SqFt

Status Active

MLS # 6696862

Property Type Single Family Residence

Price Type --

Enjoy the luxury of the LaScala Terracina home, located in the prestigious Estancia community with prime southeast exposure. This residence features a sophisticated office space and a custom-built entertainment cabinet. The patio is equipped with a spa and a gas grill for optimal relaxation and entertaining. The home showcases a classic European design, highlighted by meticulous attention to detail and the use of high-quality materials and finishes. Estancia offers residents exclusive amenities, including a championship golf course, state-of-the-art fitness center, and private access to hiking trails. The gated community ensures privacy and security, making it a perfect sanctuary for those seeking a luxurious and peaceful living environment.

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7157 E Rancho Vista Drive Unit 7006 Scottsdale, AZ 85251

$2,750,000

4 Beds

4.5 Baths

5,119 SqFt

Status Active

MLS # 6732320

Property Type Apartment

Price Type --

Penthouse with Amazing views in one of the most uniquely designed properties in Arizona! This Penthouse property is priced well below comps, for quick sale. Stone Floors, Granite Island Kitchen 3 separate private balconies. Beautiful Luxury living with Gated Parking Garage, private storage in the Garage, heated pools and spas, private workout facility w/steam room, lockers, basketball & racquetball courts, Concierge services in the heart of Scottsdale with Old Town, Fashion Square, theater and amazing restaurants and the Waterfront nearby. HOA includes all utilities and exterior maintenance and insurance. Luxury Resort living in the heart of fabulous Scottsdale with upscale dining and shopping. A short distance to Scottsdale Airpark for private jets, 5 star golfing, exclusive spa its all here and ready to enjoy. Great second home, easy lock and go, or full time residence near the financial district of Scottsdale and Phoenix.

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Scottsdale AZ 85254

$2,750,000

5 Beds

5 Baths

5,354 SqFt

Status Active Under Contract

MLS # 6719252

Property Type Single Family Residence

Price Type --

Premier 35,000+ ft cul-de-sac lot located in the prestigious 24/7 guard gated community of Equestrian Manor. Priced at appraised value and ready to sell! This impressive residence boasts an open layout with soaring beamed ceilings and unique mid-century modern elements. The versatile floor plan features 5 bedrooms, 5 bathrooms, and a den. At the heart of the home is an impressive kitchen featuring a gas range, 13' island and endless storage. Eurowind doors of glass transport you seamlessly from the interior to the outdoors, where you can soak in the sun beaming across the expansive backyard & a heated pool. 3 car garage and workshop! Turn-key or bring your own ideas to life with this one!

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28135 N 96th Place Scottsdale, AZ 85262

$2,750,000

4 Beds

4.5 Baths

4,761 SqFt

Status Active

MLS # 6699788

Property Type Single Family Residence

Price Type --

Ready to take your home life up a notch? Impeccable highly rated Salcito built home located on the #1 green. Stained glass doors open into the great room w/ fireplace, sunken wet bar & massive windows that capture unobstructed Pinnacle Peak views. Expansive owners suite w/fireplace,walk out doors, separate private office, full custom bath & generous sized walk in closet.Custom kitchen w/granite counters & S.S. appliances. Marvel at the 2 bed,2 bath guest wing w/ its own living area & stunning views.Relax around your private heated pool & spa, with 3 water features that make even the most luxurious resorts jealous! This custom 1.49 acre-4761 s.f. estate is fully stocked with all of life's little luxuries for you & yours to enjoy!An exclusive guard gated community with privacy.Seller Carry?

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3702 E Camelback Road Phoenix, AZ 85018

Open House

$2,750,000

5 Beds

5.5 Baths

5,249 SqFt

Status Active

MLS # 6752769

Property Type Single Family Residence

Price Type --

A stunning mid-century home located in one of Phoenix's most coveted neighborhoods, this beautifully maintained residence merges classic architectural elements with contemporary comforts, offering a sophisticated blend of style and functionality. Located in the prestigious Camelback Corridor, this property boasts stunning mountain views and is conveniently located near upscale shopping, dining, and top-rated schools. Just over an acre, the meticulously landscaped grounds feature a vibrant array of ficus, fruit trees, jacaranda, Chinese elms, and rose shrubs. The home's private, resort style oasis is complete with a crystal clear saltwater pool, relaxing hot tub and oversized pergola that provides plenty of shade, creating an outdoor space perfect for unwinding or hosting gatherings. The thoughtfully curated interior reflects a seamless blend of diverse design elements, creating an environment that is unique and personal. The spacious living areas and parlor are designed for both grand entertaining and intimate gatherings, while the five ensuite bedrooms ensure privacy and comfort for family and guests. The primary suite is a perfectly designed space for relaxation and serenity, featuring a spa-like bathroom with a generously sized shower, beautiful Carrera marble and an oversized soaking tub situated near the bathrooms private french doors. Schedule a private tour to experience this extraordinary property today.

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6005 N 64th Place Paradise Valley, AZ 85253

Open House

New

$2,750,000

3 Beds

3 Baths

2,963 SqFt

Status Active

MLS # 6755796

Property Type Single Family Residence

Price Type --

Nestled at the base of Camelback Mountain, this charming 3-bedroom, 3-bathroom home with NO HOA offers a perfect blend of natural beauty and modern comfort. With nearly 3,000 square feet of living space, the thoughtfully designed layout includes separate living and family rooms, stone flooring throughout, and cozy carpeting in the bedrooms. A charming fireplace in the living room adds to the home's warm ambiance, while ceiling fans throughout ensure year-round comfort. The lush backyard is a true desert oasis, featuring mature landscaping, an above-ground spa, and unobstructed views of Camelback Mountain. The low-maintenance yard allows for easy care, while the recently resurfaced pool (2022) invites you to cool off and relax. This home has been meticulously maintained with a new AC installed in 2021 and a fully updated roof in 2014, offering peace of mind. Recently painted and move-in ready, this Paradise Valley gem is the perfect retreat with easy access to hiking trails, breathtaking views, and modern convenience.

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12832 E Sorrel Lane Scottsdale, AZ 85259

Open House

$2,750,000

4 Beds

5.5 Baths

5,655 SqFt

Status Active

MLS # 6695884

Property Type Single Family Residence

Price Type --

The Diamond House. Expansive McDowell Mountain views. Remodeled in 2020 this well cared for home sits on over a half-acre, in the exclusive gated community of Los Diamantes. Chef's kitchen with 6-burner Thermador cooktop, center island and walk-in pantry. Great room, formal dining and dedicated office. Bonus game room with wet bar and stunning glass wine display. Primary suite with sitting area, spa bath and walk-in closet. Sport court, covered patio and built-in outdoor BBQ. This home was designed for entertaining. Pebble-Tec pool and spa, firepit, putting green and multiple sitting areas. Mature trees, citrus, and lush vegetation. Community tennis and playground. Close to hiking/biking trails, golfing, MAYO, Honor Health, BASIS, and top-rated Scottsdale schools. Contemporary AZ Living.

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