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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3448 S First Water Trail Gold Canyon, AZ 85118

$2,749,900
5 Beds
5.5 Baths
5,838 SqFt
Status Active
MLS # 6722642
Property Type Single Family Residence
Price Type --
Imagine a Santa Barbara-inspired architectural gem situated on the 10th fairway of the Nicklaus-designed Lost Gold golf course. This immensely private estate is nestled in a serene cul-de-sac within an exclusive 24/7 guard-gated private golf club community - the exquisite residence offers unrivaled vistas of the Superstition Mountains, the meticulously designed golf course, magnificent Saguaro cacti, and nature's desert topography. As you approach, a charming courtyard adorned with lush landscaping and iron gates welcomes you, leading to a secluded private casita. The main homes expansive windows frame breathtaking backyard views, complemented by cathedral ceilings and stunning wood beams.... The open-concept kitchen boasts a generous island, double dishwashers, Viking appliances, abundant cabinetry and counter space, as well as dual refrigerators. A thoughtfully designed split floor plan ensures privacy, featuring four ensuite bedrooms with walk-in closets. The primary suite, with direct access to the backyard, includes two water closets, a cozy sitting area, dual walk-in closets, a luxurious soaking tub, and a spa shower. Elegant hand-scraped wood floors, travertine tile, six fireplaces, an oversized 3 car garage with a large storage closet, surround sound throughout, automatic sun shades, and a wine room are just a few of the opulent amenities this home offers. Experience the pinnacle of luxury living in this Superstition Mountain Country Club masterpiece, featuring an infinity pool, soaring ceilings, exceptional indoor/outdoor flow, and the natural splendor of Arizona, embraced by breathtaking views stretching from the Superstition Mountains to the pristine golf course.

210 E Georgia Avenue Phoenix, AZ 85012

$2,745,000
5 Beds
4.5 Baths
4,738 SqFt
Status Active
MLS # 6723103
Property Type Single Family Residence
Price Type --
Discover unparalleled luxury in North Central's newest custom gated enclave, The Georgia Three. This exquisite residence, crafted by Bolte Custom Homes, boasts meticulous attention to detail with every fit and finish hand-selected by Katie Bowe Design. Nestled on a gated, pavered street, The Georgia Three features three homes. This particular home exudes single-level charm while incorporating a versatile basement, enhancing the floor plan and adding valuable square footage. Abundant natural light fills the basement through an expansive walk-out, creating a bright and inviting space.The kitchen and main living areas are designed for effortless entertaining and family gatherings, complemented by two additional living spaces offering superb flexibility. The home is bathed in natural light.

12251 E Cortez Drive Scottsdale, AZ 85259

$2,738,000
5 Beds
3.5 Baths
3,985 SqFt
Status Active
MLS # 6744218
Property Type Single Family Residence
Price Type --
Welcome to this breathtaking custom home situated on a cul-de-sac in the gated community of Sonoran Arroyos. No expense or detail was spared in this home. Gourmet kitchen with double islands, gas cooktop and stainless steel appliances. This home has everything you need to enjoy indoor/outdoor living. The backyard is a true resort-style oasis, new L-shaped fire pit with grilling and dining area,. oversized side burner, refrigerator, new water features, gas fire pit and two large copper fire bowls added to the ambiance. Master suite has a newly designed walk-in closet with four electric rods for your convenience, fireplace and access to your oasis. Master bathroom has a walk-in shower, soaking tub, fireplace and two vanities. There's so much to this home. You have to see it!

28119 N 109th Way Scottsdale, AZ 85262

$2,729,000
4 Beds
4.5 Baths
3,290 SqFt
Status Active
MLS # 6655117
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 is available with 3 Car Tandem at 3,290/sf (Also available at 3,500/sf with 2 car 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.

18577 N 92nd Place Scottsdale, AZ 85255

$2,707,417
4 Beds
4.5 Baths
3,434 SqFt
Status Active
MLS # 6691854
Property Type Single Family Residence
Price Type --
Luxury low maintenance living in DC Ranch! Brand new detached Camelot contemporary floorplan offering primary bedroom, casita and oversized great room , zoom office on main floor and upstairs offers 2 additional bedrooms and bonus room. Main level great room has multi stack doors opening into courtyard and well appointed kitchen with Wolf and Sub Zero appliances. 3 car Tandem garage . Cabinets, appliances, electric , plumbing have been selected. INCLUDES POOL AND LANDSCAPING. Buyer to still select flooring and countertops If upgrades are chosen over our standards- price will increase. Front yard landscaping design and installation included. Price subject to change based on buyer selections.

3330 S Horizon Place Chandler, AZ 85248

$2,700,000
5 Beds
5.5 Baths
6,184 SqFt
Status Active
MLS # 6753382
Property Type Single Family Residence
Price Type --
Custom Remodeled Dream Home on the Ocotillo Golf Course! This incredible renovated home is located in the prestigious gated community of The Vistas of Ocotillo. Stunning kitchen features huge island with waterfall quartz countertops, custom metal range hood & Café appliances. Main level features guest suite with large bedroom, full bathroom, office/den and separate garage. Master retreat is located upstairs with stunning, spacious bathroom, huge closet, cozy fireplace and balcony overlooking the golf course. Two additional ensuite bedrooms with walk-in closets upstairs. Spacious studio basement with full bathroom and tons of storage space. Interior upgrades include engineered hardwood flooring, custom trim + baseboards, designer lighting + fixtures throughout. Incredible, spacious backyard with stunning golf course views features a blue tile pool and spa with water features, white porcelain pavers, pergola with gas fireplace, built-in barbeque, bar and turf areas. Perfect for entertaining!

9290 E Thompson Peak Parkway Unit 444 Scottsdale, AZ 85255

$2,700,000
4 Beds
4.5 Baths
4,538 SqFt
Status Active
MLS # 6750976
Property Type Single Family Residence
Price Type --
Full of character and grace this desirable custom estate boasts mountain views with amazing indoor outdoor living spaces. Situated perfectly on a private corner lot in the heart of guard gated DC Ranch Country Club, the inviting front porched entry with water feature welcomes you to a spacious open living area and kitchen. Sprawling outdoor living area to the east boasts a heated diving pool and spa, covered outdoor living area with extended dining space perfect for entertaining, fireplace/sitting area, and built in BBQ. On the North side of the property enjoy a generous artificial turfed area with beautiful mature landscaping. This well-designed split bedroom plan, with a private large guest suite and bathroom offers a covered patio and is split from two ensuite bedrooms. Additional refrigerator is located in the laundry room

6032 W Victoria Place Chandler, AZ 85226

$2,700,000
6 Beds
5.5 Baths
5,919 SqFt
Status Active
MLS # 6742378
Property Type Single Family Residence
Price Type --
Extraordinary custom home within one of Chandler Arizona most coveted and idyllic gated communities. Trovita's newest built home is located on a desirable north/south exposure lot and nestled within the gated community's private, tree-lined streets, offering a unique opportunity to immediately enjoy all of today's modern styles and finishes within a well-established neighborhood. 2023 and 2024 full remodel of the home the upgrades are stunning with no details overlooked,...... The floor to celling custom retractable accordion doors seamlessly offer indoor and outdoor living to backyard including a custom oasis equipped with a beautiful wood beamed outdoor ramada and kitchen area w/ outdoor seating that offers a Wolf Grill, gas burners, stainless steel sink area, custom stone pizza oven and fireplace. Upgraded heated pool with water features, and custom tiled oversized spa. The large lush grassy yard with citrus trees and palm trees. Fine designer finishes throughout the home , including NEW wood and stone flooring, Crown molding, fully NEW paint throughout including all doors, Lutron automated shades, custom lighting, stone gas fireplaces. 3 of the fully remodeled bathrooms are fully handicapped accessible. One of bedrooms has its own private mini split A/C heater. Other bedroom has also been wired for a mini split. Entertain in the gourmet kitchen w/ an oversized island, stunning granite counters, tile backsplash, custom range hood, stainless appliances & dual convection ovens. The private owners wing provides relaxing amenities such as french doors leading to the resort backyard, a stone gas fireplace and a luxurious ensuite bath outfitted with gorgeous marble finishes, jacuzzi jetted tub, custom chandelier and an oversized marble shower. Even a state of the art Toto toilet. Retreat to the fully functional basement where you will find a large bonus room with wet bar and U-Line beverage fridge, a wine storage area, two of the six bedrooms, a bathroom and a theater room equipped with leather seating, a large screen, projector and a state of the art AV tower. Oversized 3 CG w/ epoxy floors, storage cabinets & a Tesla charging station. Rare palm trees planted in the front yard, ADT alarm is fully installed for added security. Truly a one of a kind custom home in this desirable area of Chandler Arizona.

36001 S Moreton Road Wickenburg, AZ 85390

$2,700,000
3 Beds
3 Baths
2,552 SqFt
Status Active
MLS # 6744469
Property Type Single Family Residence
Price Type --
Hidden Hacienda, Wickenburg's Premier Team Roping and RV Camp Destination. Private, quiet, crisp and clean! 22+ Acres, contiguous to state land. Property available turnkey with tools equipment and furnishings. Secluded hilltop 3 bedroom, 3 bath home overlooking the property. 150 x 300 Roping Arena with Sprinkler System. 28 Covered Horse pens. 7 Stall Barn with turn outs and Tack Room. 60' Panel Round Pen. Outside pens approximately 180' x 40'. Covered Hay Storage and Connex Tool Shop. RV Camp and Club House is county approved and permitted in 2016 offering 110, 30 & 50 amp, plug-ins at each pedestal, water and septic. Club House offers an open-air lounge, two commercial washers and dryers, a commercial ice maker, two bathrooms, one with handicap accessible custom tile show Custom Cabinetry and furnishings. Home has an expansive and very private back yard, new roof and fresh interior and exterior paint as well as new tile and carpet. Property available turnkey with tools equipment and furnishings. Acreage available near the home to build additional shop or barn as well. Property Owned and offered for Sale by Arizona Licensed Real Estate Broker. 4 Parcels Available: 201-13-001-B, 201-02-002M, 201-02-002L, 201-06-005-D. Purchase 22 Acres or 12+ Acres THE ADDITIONAL 10 ACRES BORDERS STATE LAND, IS A PREMIUM LOT AND IS ZONED RCU-2A! MUST SEE Please see Turn Key list of Equipment to convey.

14438 E Shadow Canyon Drive Fountain Hills, AZ 85268

$2,700,000
4 Beds
4 Baths
4,486 SqFt
Status Active
MLS # 6710679
Property Type Single Family Residence
Price Type --
Contemporary SW with panoramic views of the Superstition Mtns, Red Rock & the McDowells from your own mountaintop sanctuary. Sunrises over 4Peaks Mtn and its colorful end to your day will spoil you for anything else. Enter a gated courtyard with multi-level water feature and Koi Pond, to a massive entry with iron doors. The interior structure was artfully engineered so that views are unimpeded, with a 20' center-point ceiling and beams. The focal point of the living area is an ASID award winning media wall built on a radius that seamlessly incorporates the stone fireplace, custom lighting and media storage. An electronic, 20' x 10', 4-panel door fully pockets to feature the views, the massive patio, outdoor fireplace, grilling area, pool and spa for seamless indoor-outdoor enjoyment. SOPHISTICATED INTERIORS: The Carcacol design of the iron doors is repeated in a pattern on the floor and is known as Circles of Love. ASID award-winning media center is of Zebra Wood in a radius design that ties seamlessly into a stacked stone gas fireplace with special art lighting High-end Entertainment System is easily accessed to rear equipment room and includes Pioneer, Integra, JVC, Harmon/ Karden, Contour, NHT Contemporary art chandeliers and fans 20' ceilings in great room with massive beams Soaring 12' - 20' ceilings throughout 8' Interior solid wood doors Custom Maple cabinetry in specialty finishes throughout the entire home Plenty of wall space for art with tons of directional lighting to highlight every piece Travertine style tile flooring with Granite accents 10' x 20' mechanical, fully pocketing slider doors at the great room patio with clerestory windows Elegant guest bath features Palladio Granite counters, a Rajah Slate wall, art glass bowl, natural stone, and glass W/I shower as well Toto commode DINING AND ENTERTAINING: Stunning Dining Room offers two sets of French doors to outdoor dining/kitchen space Butler pantry with a dishwasher - tuck the dishes away and shut the door Perfect size table for large groups or a better party Sunny breakfast nook KITCHEN FOR THE MOST CREATIVE CHEF: Dacor 6-burner cooktop with oversized Thermador double ovens, warming drawer, and built-in microwave Sub-Zero side-by-side refrigerator/freezer Bosch dishwasher Presentation-style kitchen features a massive center island of Uba Tuba Granite Murano Glass pendants light the islands and peninsulas There is a convenient relationship between the open kitchen and the adjacent bar and breakfast nook, all featuring granite peninsulas perfect for hosting a large crowd Wet bar area has plenty of glass and bar storage, Uline wine cooler, Uline beverage cooler, GE Monogram ice maker plus tons of counter space Double kitchen sink and two bar sinks, each with Grohe faucets Butler's pantry has tons more cabinetry with Granite counters sink and a Bosch dishwasher Walk-in pantry room with floor-to-ceiling shelving MASTER BEDROOM AND GUEST SUITES: Primary Suite features 10' x 15' double sliding doors to a private patio sculptured into the native rock. * Double vanity features custom cabinetry with Verde Fuoco Granite counters * Towel warmer * Jetta tub with slate surround and picture window to enjoy the beauty of the rock surroundings * Slate walk-in shower offers multiple shower heads and sprays * Huge closet features custom rod space with plenty of shelving and drawers * Two private toilet rooms, each with Toto commodes Two Additional Guest Suites * Guest suite one - offers a large walk-in closet, full bath, clerestory windows, and patio access * Guest suite 2 - offers a bath with natural stone and glass W/I shower with seating Two Additional Flex Rooms for Office/Den/ Guest Rooms * Front Den/Exercise Room overlooks the front courtyard * The rear office is convenient to the primary suite and makes a perfect den with access to a private patio. The built-in cabinets have replaceable doors for a full closet if desired OUTDOOR SPACES: Serene, gated courtyard offers a multi-layer rock water feature and beautiful Koi Pond Uniquely designed Carcacol style iron doors feature a 10' radius top iron and provide a stunning entry statement The home is artfully tucked into the natural rock walls of the hill-top site There are multiple outdoor dining and seating areas Outdoor Kitchen features a Viking Grill with side burner Heated pool and spa feature an automated cover Seamless indoor/outdoor living space w/fire pit ADDITIONAL QUALITY TOUCHES: Three-bay garage with cabinets, epoxy flooring, additional storage closets, and a GE Monogram refrigerator/freezer. Laundry/utility room has access from the hallway into the primary closet and features an Electrolux washer/dryer, Granite counters, tons of cabinetry, hanging space, and a media screen Central vacuum Motorized external sunshades

28877 N 78th Street Scottsdale, AZ 85266

$2,700,000
4 Beds
4.5 Baths
4,046 SqFt
Status Active
MLS # 6733231
Property Type Single Family Residence
Price Type --
Spectacular Newer, Custom Home on 2.24 acres in the heart of North Scottsdale. Huge Opportunity! Large circular driveway, paved courtyard w/gas fire pit. Enter through the custom, wrought-iron front door. Large & open great room w/telescoping glass doors opening to beautifully landscaped back yard with pool, spa, synthetic turf lawn, built in BBQ. Entertainers' chef's kitchen w/custom cabinets, extra large island, granite counters, Sub Zero refrigerator & 8 burner Wolf gas range w/ double ovens. And a third, built-in oven and large breakfast area. Tile plank floors throughout & upgraded carpet & padding in the bedrooms. Large master bath with floor to ceiling glass shower & separate soaking tub. Huge closet w/ custom cabinets. Extra-large 4-car garage with epoxy floor. Priced to Sell!

9045 N Shadow Ridge Trail Fountain Hills, AZ 85268

$2,700,000
5 Beds
4.5 Baths
4,816 SqFt
Status Active
MLS # 6751736
Property Type Single Family Residence
Price Type --
Walk into luxury and comfort in this rare single-story home located in Firerock Country Club. Enjoy unobstructed views of the valley immediately entering the front door. This amazing home features an incredibly functional yet unique floor plan perfect for the entertainer in you. Kitchen features Wolf, 6 burner stove with double ovens, integrated subzero refrigerator freezer, butler's pantry and a wine closet. Never worry about getting to a hot car as the 4-car garage is fully air conditioned. Two Private outdoor sitting areas and a covered patio with misting systems designed to make outdoor entertaining comfortable. Pool features integrated splash pool, main pool and a hot tub that are connected. Home conveys with all furnishings and technology.

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