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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1020 E Caroline Lane Tempe, AZ 85284

$2,700,000
6 Beds
7 Baths
10,613 SqFt
Status Active
MLS # 6707527
Property Type Single Family Residence
Price Type --
Elegant, high craftsmanship estate home with over 10k s/f, 6 bed +office, 6 bath, 3 car garage, new carpet on a 1.382 acre irrigated cul-de-sac lot. Air conditioned Carriage House with 6+ car garage, workshop, gun/storage room, half bath, & large hayloft next to horse pasture. Main home features a gourmet kitchen with 2 dishwashers, double ovens, & newer appliances. Gorgeous custom wood paneling in the office & throughout. Extensive storage incl laundry room with 2 washers & dryers, mud room & very large pantry in the huge basement. Two bright secret rooms add to the charm! Diving pool with newer commercial grade filtration system & poolside half bath. Peach, lemon, grapefruit trees. Large court for sports or riding bikes. 4 of the 5 A/C units are less than 1 yr old.

13225 N 136th Place Scottsdale, AZ 85259

$2,700,000
3 Beds
4.5 Baths
4,538 SqFt
Status Active
MLS # 6744627
Property Type Single Family Residence
Price Type --
Views, Views, and more Views. This custom single level hillside residence is perched on 1.3 acres on one of the highest lots in the exclusive Scottsdale Mountain community. Enjoy both upslope mountain views from the private back yard and City lights from the two front patios. Community amenities include a 24/7 guard gate, hiking trails, and a tennis center with pickleball and hot tub. This exceptional home is on the market for the first time. The home features three en-suite bedrooms, 4 1/2 baths including a dedicated pool bath, an executive office, a three car garage with workshop, and over 4,500 sq feet of living space. The flowing floorplan offers both formal and informal spaces that are light-filled and spacious. The heart of the home is the open kitchen and family room area. The kitchen features a large island, cherry cabinets with Calacatta quartz countertops, and walk-in pantry. The adjoining family room features a stone fireplace and built-in entertainment center. The expansive primary suite includes a sitting room, fireplace, large shower and soaking tub, and large walk-in closet. The private backyard starts with a large covered patio with fireplace and built-in BBQ. The elevated pool and spa features multiple waterfalls exuding a tropical ambiance nestled in the majestic McDowell mountains. Conveniently located to Mayo Clinic and top rated schools including Basis Scottsdale charter school and Desert Mountain HS.

5560 E Stella Lane Paradise Valley, AZ 85253

$2,700,000
3 Beds
3 Baths
2,501 SqFt
Status Active
MLS # 6756352
Property Type Single Family Residence
Price Type --
Welcome to Paradise Valley! Where luxury meets breathtaking beauty at Mountain Shadows Resort. This exquisite residence offers panoramic views of the iconic Mummy Mountain from your own living room. The gourmet kitchen features top-of-the-line Wolf and Sub-Zero appliances, including a powerful gas stovetop and a Sub-Zero wine refrigerator, perfect for culinary enthusiasts and wine lovers alike. Nestled in the heart of Paradise Valley, Mountain Shadows provides exceptional amenities. Enjoy golf on meticulously maintained courses, relax in expansive swimming pools, and savor fine dining options—all within a guard-gated community that prioritizes your comfort and privacy. This is more than just a home; it's a complete lifestyle experience in one of the most desirable locations! Enjoy the gym at the Mountain Shadows hotel with your Citizens Club Membership that is included with your HOA fee. You also are given a 15% discount on food and gift shop items. And, almost 30% off the golf fees. This community is guard gated 24/7. Additional Member Benefits Sanctuary Resort Spa treatments Tennis, Pickelball 10 % Discount on Spa, Tennis and Pickelball There are NO billing arrangements, so payment is due at Sanctuary. Sanctuary Spa - Sanctuary Tennis - Joya Spa at Montelucia Citizens Club Members can utilize the Joya Spa at Montelucia (our neighbor to the west) and receive a 10% discount on spa treatments. There are NO billing arrangements, so payment is due at the spa. To book a treatment, the concierge at Mountain Shadows at and let them know you are a Citizens Club Member. Our concierge will make the booking and confirm back to you.

35140 N 52nd Place Cave Creek, AZ 85331

$2,700,000
5 Beds
4.5 Baths
4,731 SqFt
Status Active
MLS # 6740350
Property Type Single Family Residence
Price Type --
LOCATION! PRIVACY! MOUNTAIN VIEWS! HORSE PROPERTY W RESORT STYLE LIVING! Amazing custom home in one of the best kept secret CC locations. 2.13 fenced acres offers 4733 sf home w attached Casita w/kitchenette, walk through gated court yard,water feature & fireplace. Open the front door to overlook negative edge heated pool/spa & 360 mountain views, huge covered outdoor living area, built-in BBQ, total of 5 bedrooms/4.5bath, office,gourmet kitchen w granite island,ss appliances, w desk,warming drawer,office ,custom cherry cabinets, Big game-room w wet bar/ billiards rm view of pool. 3 stall-barn w turnouts,tack room/feed arena, pipe fencing & miles of trails out your back door, RV full hook up, trailer parking, large 4 car garage, close to all stores/restaurants but feels remote & secluded Features include: Butlers pantry off the kitchen with huge pantry, warming drawer and appliance center, special, under mount and art lighting through-out, Huge 1200 sq foot covered patio with heated pool and spa, family/billiards room with wet bar, wine cabinet with entry to the patio, folding glass folding into the wall patio glass doors from great room to patio to increase the livable space, cozy office off the primary bedroom, attached guest house has been used for Air B&B and is a premier listing on that sight! Guest house offers bedroom kitchenette, and full laundry facilities, full bath and cozy sitting area with access to the fenced front court yard with a fireplace and water feature. Horse facilities offers 3 stalls with runs, trailer parking with full RV hook up, tack/feed room, turn outs and trails for miles of riding right from you home. Fenced dog run, Huge 4 car garage with pull through and large doors- plenty of room for a tractor, & set up for an Air compressor, and lots of storage. surround sound speakers, View out of all windows of the mountains- quiet neighborhood, with paved streets and city water. Minutes to stores, Home Depot/Lowe's, restaurants, and the fun town of Cave Creek.

8563 E Tumbleweed Drive Scottsdale, AZ 85266

$2,700,000 - 3Br/4Ba -  for Sale in Sierra Boulders, Scottsdale
Open House
New
$2,700,000
3 Beds
3.5 Baths
4,073 SqFt
Status Active
MLS # 6760560
Property Type Single Family Residence
Price Type --
Immaculately stunning Rosewood home in gated Sierra Boulders of North Scottsdale, atop an acre of pristine land nestled within the natural desert surround. This premium homesite is located at the end of the community offering immense privacy while accentuating the homes open and bright design, soaring ceilings, hardwood floors, custom window treatments, impressive gourmet kitchen with opulent granite island coupled with a dine-in tabletop, custom wood cabinetry, craftsman range hood, stainless steel appliances and gas range. The open & elegant formal dining room lends an essential touch to family gatherings, daily living and planned events. A 20' pocketed-sliding-glass-door frames the majestic desert-by-design backyard inviting you to experience the warm sunrises, mountain views, sparkling heated pool & spa, water feature, modern-fire-flame, built-in BBQ, ramada and expansive covered patio. The spa-like primary suite offers a large oversized walk-in shower, soaker tub, his and her custom-closets, dual vanity, makeup vanity, separate water closet and an abundance of beautiful natural daylight. Adjacent you'll find a relaxing and well organized library/den with custom Stone Creek built-in cabinetry, tray ceiling with crown molding and retractable sliding glass wall allowing for a serene and pleasant retreat. Just down the hall you'll find two large ensuite bedrooms with walk-in closets. The powder room is appropriately located off the foyer near the storage and coat closet. The walk-in pantry offers a well organized space with plenty of visible shelving for storing and accessing necessities. You're sure to appreciate the spacious laundry room with custom cabinetry, wash basin and ample storage. The temperature controlled, oversized 3 car garage abuts the expansive paver driveway with additional parking and turn around area. This luxury residence is conveniently located near the Boulders Golf Resort and Spa. The Carefree Town Center is just minutes away, making it an appealing option for those seeking a special property with resort-like amenities, excellent dining and shopping nearby.

20605 E Pummelos Road Queen Creek, AZ 85142

$2,699,995
4 Beds
3.5 Baths
4,341 SqFt
Status Active
MLS # 6673191
Property Type Single Family Residence
Price Type --
***Toll Brothers' Award Winning Model Home!! Photos of actual Model Home*** Model is sold as is with all furniture included! Exclusive Gated Community located near Queen Creek Marketplace and award winning schools. All single level homes on very large homesites. This home sits on a half acre with mountain views, plenty of privacy and is right across from our beautiful park. Our award winning model has every luxury you would expect from an award winning luxury builder. Detached super garage for RV or toys which is also heated and cooled for all your entertainment needs. Front and backyards rival any resort with kitchen, firepits, expansive seating, covered patios, Olympic lap pool and more. Split floor plan with very spacious rooms and very large walk in closets at primary bedroom.

3905 Doc Raymond -- Flagstaff, AZ 86005

$2,699,000
4 Beds
3.5 Baths
4,063 SqFt
Status Active
MLS # 6626676
Property Type Single Family Residence
Price Type --
Spectacular True Log Home in one of the most serene areas of Forest Highlands. Masterfully designed with impressive log beams and tons of windows and natural light. Be welcomed to this amazing log cabin by the large covered front patio and Porte Cochere. As you walk in the front door, you will be mesmerized at every angle by the quality construction and impressive log beams, stone fireplace and open great room. With 2 master suites and a total of 4 bedrooms, plus a loft, there is plenty of room for both large or intimate gatherings. Enjoy the cool nights on the expansive covered back deck. The garage is oversized and has a large storage area and workshop space. This home is impressive and you owe it to yourself to see it. Tucked away amidst 1,100 acres of pristine alpine beauty, Forest Highlands exudes an unparalleled sense of exclusivity and serenity. With two championship golf courses designed by Tom Weiskopf and Jay Morrish, Forest Highlands sets the stage for unforgettable golf experiences. The community offers an array of exceptional amenities, including two clubhouses, multiple dining options, tennis courts, swimming pools, and miles of hiking and biking trails. Forest Highlands is a retreat where luxury meets nature, ensuring a harmonious lifestyle for its residents.

10865 W Golddust Drive Queen Creek, AZ 85144

$2,699,000
5 Beds
4.5 Baths
4,615 SqFt
Status Active
MLS # 6725555
Property Type Single Family Residence
Price Type --
SPORTS COURT*CASITA*DETACHED GARAGE*POOL - Nestled in the exclusive, gated community of Santo Vallarta in the foothills of the San Tan Mountains, this custom home is a true gem. Boasting five bedrooms, 4 1/2 baths, and a dedicated office, the main residence offers spacious and elegant living. Additionally, there is a guest house complete with its own 2 car garage, separate bedroom, spacious kitchen and living area with private entrance - perfect for visitors or extended family. The interior offers a chefs kitchen with large island, stainless appliances, lots of cabinetry and opens to the family room. The split floorplan allows for privacy and plenty of room for any size family. Enjoy the AZ sunsets on the patio while in the pool or playing on the sports court.... The newly installed turf, built in grill area and the fire pit are added bonuses as you entertain your family and friends. Owned solar, additional parking pad, almost an acre of land and an additional 30ft behind the home make this a rare find!

6023 E Turquoise Avenue Paradise Valley, AZ 85253

$2,698,000 - 4Br/3Ba -  for Sale in Tierra Feliz North Unit 2, Paradise Valley
Open House
$2,698,000
4 Beds
3 Baths
4,308 SqFt
Status Active
MLS # 6747782
Property Type Single Family Residence
Price Type --
Spacious Contemporary Santa Fe Home. Seize the opportunity to live in the sought-after Three C Scottsdale Unified School District with this stunning 4-bedroom 3 bath, 4,309 sq ft home located on cul-de-sac, which also features a dedicated office space. The open layout is bathed in natural light, highlighting the elegant natural stone and wood flooring throughout. One of the bedrooms, along with an adjacent room, is perfect for a teen retreat or an additional living area. The expansive 36,204 sq ft south-facing lot offers breathtaking views of Mummy Mountain and endless possibilities for outdoor living. Whether you're dreaming of creating an adult oasis or a children's playground, there's ample space for a pickleball court, batting cage or any other outdoor activity you can imagine. This is a rare chance to craft your perfect lifestyle in a home that combines modern comfort with classic Santa Fe charm.

37200 N Cave Creek Road Unit 2120 Scottsdale, AZ 85262

$2,695,900
2 Beds
3.5 Baths
2,702 SqFt
Status Active
MLS # 6554592
Property Type Townhouse
Price Type --
New Construction! The Pinnacle floor plan, upper middle unit has 2 beds plus study, 3.5 baths, 2 car garage w/storage area. This home has the largest covered patio of all three plans offered at the Retreat. The expansive, sliding pocket doors off the great room let the outdoors in. There is a cozy outdoor fireplace on patio. South facing unit with jaw dropping views of Pinnacle Peak and Black Mountains. All this while overlooking the Seven golf course . Steps away from the Seven Clubhouse and Pro Shop. Membership to Desert Mountain Club is required. All properties in the Seven Desert Mountain community are deed restricted to include the requirements of Membership to Desert Mountain Club. Membership application required along with approval.

6545 N 29th Street Phoenix, AZ 85016

$2,695,000
4 Beds
3.5 Baths
3,820 SqFt
Status Active
MLS # 6728828
Property Type Single Family Residence
Price Type --
Welcome to luxury living in the prestigious 24-Hr Guard-Gated Biltmore Hillside Villas Community! This exquisite 4-bedroom, 3.5-bathroom home spans 3,820 sq ft and offers an unparalleled blend of elegance and comfort. Step inside to a stunning entrance with high ceiling that leads to an expansive family room perfect for entertaining. The ground level boasts a generously-sized primary suite, offering ultimate convenience and privacy. Upstairs, you'll find three additional spacious bedrooms with plenty of space for a home gym, office, or both. A striking glass staircase adds a modern touch to the sophisticated design. Outside, a beautifully landscaped backyard provides breathtaking mountain views, perfect for outdoor gatherings. At night, enjoy captivating cityscape views. Excellent Biltmore location - Minutes from shopping, dining, Sky Harbor Int'l Airport

7120 E Kierland Boulevard Unit 1203 Scottsdale, AZ 85254

$2,695,000
2 Beds
2.5 Baths
2,000 SqFt
Status Active
MLS # 6725497
Property Type Apartment
Price Type --
Enjoy stunning MOUNTAIN VIEWS in this 2 bed, 2.5 bath penthouse unit at Optima Kierland. With 2000 sqft of luxurious space, unit offers 2 master suites, den, spacious kitchen, family & dining rooms. Top notch finishes include wide plank oak flooring, 10 ft ceilings, quartz counters, Bosch appliances, & Wolf induction cooktop. Tons of nature light inside with floor to ceiling windows & 400 sqft of outdoor space. Optima Kierland offers the ultimate in urban luxury lifestyle living within walking distance to shops & dining at Kierland Commons & Scottsdale Quarter. Amenities include basketball, electronic driving range, exercise facility, rooftop pool, concierge, & more. Unit comes complete with 2 parking spaces & storage unit. Come join the Optima Kierland club & lifestyle!

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