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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4037 E Solano Drive Phoenix, AZ 85018

$2,650,000
5 Beds
4 Baths
4,214 SqFt
Status Active
MLS # 6748499
Property Type Single Family Residence
Price Type --
Nestled in a serene cul-de-sac, this exceptional home offers complete privacy with both front and back yards. Enjoy breathtaking views of Camelback Mountain from this elegantly rebuilt residence, which was meticulously renovated in 2002. Recent upgrades include two new AC units, two new water heaters, and a brand-new roof, ensuring modern comfort and efficiency. This luxury home is ideally situated close to the vibrant neighborhoods of Arcadia, Paradise Valley, and Biltmore, as well as the renowned Global Ambassador Hotel, AJ's Fine Foods, and Camelback East Village. Additionally, Phoenix Country Day School is just a short walk away, making this an ideal location for both convenience and exclusivity.

160 Creek Mesa Drive Sedona, AZ 86336

$2,650,000
3 Beds
5 Baths
4,525 SqFt
Status Active
MLS # 6673024
Property Type Single Family Residence
Price Type --
This stunning property in Sedona, Arizona, is a unique opportunity to own a piece of paradise in the highly desired Creek Mesa subdivision. The home was designed for a single owner who is an art enthusiast, to showcase their art and to enjoy the breathtaking views with privacy. Now, this hidden gem can be yours. The magic starts as you drive up from the private gate to your spacious paved driveway. You will see how the home blends into the natural flow of the mountain. As you lift your sight, you will be amazed by the majestic mountain views. As you walk into the bridge of greenery, you will hear the serene sound of running water in the delicately crafted courtyard. You will be greeted by a majestic architectural accent cylinder that serves as a centerpiece for art and warmth The house offers a cathedral ceiling and floor-to-ceiling panoramic windows that not only provide natural light but also offer incredible views of Mountain Wilson. The split floor plan has an organic flow to enjoy the outdoors from every space in the home. The house offers many outdoor sitting areas, including a balcony and a fabulous spa just outside of the main bedroom. There is also a below-grade entertainment game room, a steam bathroom, and a wet bar, that opens to the outdoor kitchen and to the negative edge pool with a water feature. The pool is prepared to be used every day of the year, since it has a pool water heater heated by solar panels. It also has a convenient cover to use it at your convenience and keep it free from debris. Your next home is adjacent to the community park and Oak Creek, meaning that only steps away from your home you can have a picnic with the multiple bbq pits and tables, as well as a sitting area to relax while listening to the running water. If you are a trail enthusiast, Creek Mesa Subdivision has a well-maintained trail that leads to the swimming hole along with scenic views. This subdivision is a gated community with luxury homes that offer mountain and red rock views. This house is a perfect blend of comfort, luxury, and nature.

12035 E Larkspur Drive Scottsdale, AZ 85259

$2,650,000
6 Beds
5.5 Baths
5,106 SqFt
Status Active Under Contract
MLS # 6687449
Property Type Single Family Residence
Price Type --
PANORAMIC CITYLIGHT & CAMELBACK MOUNTAIN VIEWS ARE YOURS TO ENJOY! Custom Ancala estate is the ideal family or vacation home with a rare triple split bedroom floorplan + separate entry 369 SF guest quarters. Outdoors find a custom sunken sport court, putting green, fenced pool/spa, wood beam pergola w/fireplace, The upper wrap balcony features a 2nd fireplace, automated shades for both patio and main doors, misting system and large granite serving bar. Plan to entertain in style! Posh master suite offers endless city light and mountain views, huge W/I closet by Classy Closets, deep soaking tub, dual sinks, sleek tiled shower. Island kitchen with 6 burner gas stove, dual ovens, farmers sink, veggie sink, W/I pantry & mini butlers pantry, large breakfast bar, granite & wood countertops. Open to the kitchen is the family room accented with a floor to ceiling brick fireplace and is separated by the large breakfast bar. The main living room also features a stone floor to ceiling fireplace, Jerry's Audio Media Center, dry serving bar, and endless view corner window system. The downstairs wing offers a large den, wetbar/serving area, 4 large bedrooms, 3 bathrooms and a 2nd laundry room, storage closets in a split floorplan format. The 2 wings of bedrooms are separated by the very large den/wetbar area which makes for a wonderful gathering place. This area could make an ideal location for a future theatre room if that is on your wish list. The guest quarters are accessed via a separate entrance, a haven for guests or for use as a home office, workout room, or art studio. Guest quarters features include a Murphy bed, kitchenette area with mini refrigerator/sink, walk-in closet and full bathroom. This custom home offers a wonderful family sanctuary along with endless possibilities for gatherings with family and friends. Yes, some homes have it all~! Additional upgrades/amenities include a massive 4 car garage with built-in storage cabinets, Classy Closets built-in mudroom wall upon entering the home from the garage, dumbwaiter that services deliveries to all 3 levels, custom sliding glass Pella doors, 4 newer air conditioners, Creston Home Automation System, salt water pool, removable pool child fence. Jerry's Audio sound system featured in the living room. So many amenities - come see for yourself~! Priced aggressively for quick sale, so hurry on this fine home~! This is a GOOD one~! Improvement list in documents section. Ancala Golf Course membership optional along with clubhouse/gym/pool/tennis facilities. Check with the Ancala Golf Course directly for membership details.

4501 E Turney Avenue Phoenix, AZ 85018

$2,650,000 - 4Br/5Ba -  for Sale in Cavalier Palms 42-202, Phoenix
Open House
$2,650,000
4 Beds
5 Baths
3,516 SqFt
Status Active
MLS # 6695499
Property Type Single Family Residence
Price Type --
Immerse yourself in luxury with this architecturally astounding, one-of-one Modern Coastal Inspired home. This custom-built residence showcases an exceptional use of glass and natural light, creating a stunning visual connection to the outdoors. Property Highlights: Elegant Design: Spanning over 3,500 sq ft, DUO features a spacious open-concept layout ideal for modern living and grand entertaining. Natural light and Views: Floor-to-ceiling glass walls throughout the home offer uninterrupted views of the iconic Camelback Mtn & The Phoenix Mtn Preserve. Modern Coastal Architecture: Project DUO stands out as a one-of-one with its unique Modern Coastal Architecture, imagined with the amazing team at DesignTank and Urban Revival. Integrating high-end materials and finishes, like aggregate concrete driveways and walkways, exposed brick, heat and steam treated exterior rated oak and metal, combined with innovative design to create a visually striking appearance Luxurious Interiors: Every detail has been carefully selected, from the state-of-the-art kitchen with premium appliances and custom cabinetry, to the tranquil bedrooms each with en-suite facilities and walk-in closets. The master suite is particularly impressive, offering a spa-like bathroom and breathtaking CB Mtn views from the moment you open your eyes in the morning. Prime Location: Situated within close proximity to top schools, fine dining, and exclusive shopping, this home offers both privacy and convenience in Phoenix's most coveted neighborhood. This property is more than just a home; it's a masterpiece of modern design and a rare jewel in the Arcadia real estate market. Outdoor Living: Exterior patios and expansive walk-out decks enhance your connection to nature, providing a perfect setting for relaxing and hosting with scenic mountain backdrops. Experience the paragon of modern luxury living with unrivaled views and exquisite design in this exclusive Arcadia residence. Your chance to own this spectacular home is just an inquiry away.

37200 N Cave Creek Road Unit 2110 Scottsdale, AZ 85262

$2,647,900
2 Beds
3.5 Baths
2,716 SqFt
Status Active
MLS # 6729130
Property Type Townhouse
Price Type --
All new construction! Spectacular upper-level corner residence 2,716 sq. ft., 2 beds, den/office, 3.5 baths, 2 car garage with golf cart/storage area. Designed to integrate the stunning outdoors with the comforts of the inside. Incredible views of the Seven Golf Course and mountain ranges. This unit has an expansive covered patio with retractable, pocketed doors creating a spectacular space for entertaining. Private elevator is included for your convenience. Just steps away from the Seven clubhouse and Pro Shop. Ready Now! DM approval and Membership required. Avoid the wait list!

6035 E Los Reales Drive Carefree, AZ 85377

$2,625,000
4 Beds
4.5 Baths
4,552 SqFt
Status Active
MLS # 6727297
Property Type Single Family Residence
Price Type --
Very elegant and totally private hacienda style courtyard greets you with 12 foot wood French doors opening to a botanical paradise surrounding a babbling brook style pool and spa. Just remodeled sleek primary suite and luxurious bath overlook the abundant gardens and romantic pool patios. Light filled kitchen anchors the home and opens to informal dining, formal dining and the glass dominant sweeping great room with warm wood accents and chic black stovepipe fireplace designed for entertaining. Poolside detached casita framed with slump block wall and extended trellis draped in floral vines just steps away from the generous covered and uncovered patios. Swim, lounge, converse and dine as you wish while enjoying the warmth of an outdoor two way fireplace that beckons all in residence. Primary suite also offers charming reading nook or studio/flex space for in home office or supplemental fitness options. Finishes include wood ceilings, wood beams, maple cabinetry, stone flooring, Bosch appliances, new sinks, new gas stovetop and custom bath fixtures. Los Reales is a bespoke gated community with only 14 homesites sitting at the base of Black Mountain.

10977 E Oberlin Way Scottsdale, AZ 85262

$2,620,000
4 Beds
4 Baths
2,925 SqFt
Status Active
MLS # 6655739
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 C has a 3 car garage available only on lots 19 & 10. Base price shown includes lot premiums and 25K pool and a 25k landscape allowance, Sub-Zero & Wolf Appliances & BBQ. Backing to the North side of Pinnacle Peak Mountain in N Scottsdale, Serene..

24051 N 112th Place Scottsdale, AZ 85255

$2,600,000
4 Beds
3.5 Baths
4,600 SqFt
Status Active
MLS # 6722030
Property Type Single Family Residence
Price Type --

2455 N Maple -- Mesa, AZ 85215

$2,600,000
5 Beds
5.5 Baths
7,105 SqFt
Status Active
MLS # 6737617
Property Type Single Family Residence
Price Type --
Nestled in a private gated enclave with 20 custom estate lots. This basement home offers so much. The main floor includes a primary suite with dual W/I closets, guest bedroom w/ en-suite, library, office, greeting room & ½ bath. An open concept that includes dining and a large family room. The chef's kitchen is equipped w/ gas cooktop, pot filler, dual ovens & dishwashers. Multi shelved walk-in pantry room.The third level has a large bedroom, ensuite and a full length balcony overlooking the backyard oasis. The basement has two additional bedrooms, full bathroom, storage room, game room and a Theater!!! There is more...Oversized 4 car garage, plus a HUGH RV garage with built in storage and an air-conditioned workshop.

2901 N Kenwood Pass Road Dewey, AZ 86327

$2,600,000
3 Beds
3 Baths
8,240 SqFt
Status Active
MLS # 6708519
Property Type Single Family Residence
Price Type --
REDUCED $ 1.0 MILLION for Quick sale. Seller motivated! Present all offers...! Fabulous opportunity to go ''off Grid'' and enjoy peace and quiet and mother nature at it's best. Mountain Top setting retreat. Finish this magnificent structure to your liking. Perfect for the prepper mindset. Adjacent to Prescott National Forest. Hunting Lodge potential or wellnes retreat. Adjacent 20.66 acre parcel available at $ 950,000.00 and can be included in package purchase.

19912 E Natalie Way Queen Creek, AZ 85142

$2,599,999
6 Beds
5.5 Baths
5,313 SqFt
Status Active
MLS # 6658871
Property Type Single Family Residence
Price Type --
Welcome to resort style living in the highly desirable Whitewing at Whisper Ranch community. This desert contemporary multi-generational home is located on a premium lot and features 6 bedrooms, 5.5 bathrooms, and 4 car garages which includes a casita. An inviting entry leads to a modern and timeless design with lofty ceilings in the extended great room. Exuding warmth, this contemporary home features wood tile flooring and custom Roman shades throughout. The Chef's kitchen is the heart of the home and features dual islands for entertaining large groups and has an abundance of storage. Kitchen has 42'' upper cabinets equipped with stainless steel appliances including 6-burner gas stove with griddle, 3 ovens, built-in microwave, separate 2 drawer fridge in island along with a 15 automatic ice maker. The large built-in fridge/freezer is equipped with RO filtered water and ice maker. The great room features an electric 74 fireplace and a 20' sliding wall of glass that seamlessly flows into outdoor living. Store and pour your beverages at the bar which includes a dual zone wine fridge, sink and plenty of cabinetry. Custom iron and glass doors adorn the office entry to provide a quiet workspace off the great room. The large primary suite offers plenty of space for a sitting area. The luxurious spa-like bathroom has a soaking tub, walk-in shower with dual heads, built-in bench, and an oversized mirror. Separate vanity area includes a lighted mirror with Bluetooth speaker. Large closet with wall unit for extra storage and a separate exercise room which could also be used as a second closet. This split floor plan offers four additional bedrooms on the east wing of the home along with a spacious bonus room featuring a wall unit for extra storage as well as direct backyard access. Each generously sized bedroom has walk-in closets and direct access to a bathroom. The sizable laundry room has entry to all 4 garages, an abundance of storage, utility sink and refrigerator. Garage upgrades include custom garage cabinetry from floor to ceiling, professional epoxied floors, and a built in workbench. Also included is a Kinetico Whole House Water Treatment System and two tankless gas water heaters. This energy efficient home is easy to keep cool as it has 4 individual air conditioning units along with sunshades on the windows. Escape to the resort style backyard and relax under the sun on the Baja steps on one of four Ledge Loungers. The 11' square raised spa with therapy jets is one of a kind and can comfortably seat 12 people. The pool and spa have an in-floor cleaning system. They are easily heated and controlled with a touch of a button from your phone or tablet along with the deck jets, bubblers and LED lighting. The private backyard is an entertainer's dream. The outdoor kitchen is complete with a built-in Hestan 42'' professional BBQ grill, gas burner, sink and commercial fridge, fully equipped for outdoor cooking and entertaining, complete with a media wall large enough for an 86 television. A commercial misting system has been installed on the 15' x 26' ramada and the covered back patio. The ramada also features an outdoor shower. Enjoy your morning coffee under multiple structures taking in the beautiful Arizona outdoor living with tranquility and privacy. Professionally designed and landscaped with front and backyard lighting and pavered walkways on each side of the house. In addition to the 10' RV gate, a third 4' gate was added to the west side of the home. Expansive pavered driveway offers additional parking. The casita is located off the courtyard and has its own separate entry featuring a family room, bedroom, walk-in closet with washer/dryer hookups, bathroom with a walk-in shower and kitchenette with 2 drawer fridge/freezer. Upgraded stone countertops and plenty of cabinets. Ceiling fans and a separate A/C unit provide a comfortable environment. Fully wired with the Unifi WIFI 6 system it incorporates 30 ethernet drops, 13 - 4K cameras throughout the property, NVR security camera recordings, 5 access points, 8 TB hard drive, CAT 6 as well as a networking closet that is rack mounted. Controlling the pool, spa, garage, thermostats, security system, tankless water heaters, kitchen ovens and smart locks have never been easier thanks to the many smart home features and dedicated apps easily accessible from your phone, computer, or tablet. The Whitewing at Whisper Ranch community offers impressive amenities which include front and back entrance gated access, a fully equipped and furnished clubhouse perfect for entertaining and hosting events, outdoor gas fireplaces and BBQ areas to gather, a bocce ball court, a fenced in dog run, luscious green belts, and a children's play area/park. Just a couple minutes away from the Queen Creek Marketplace, excellent schools, restaurants, shopping, and serene trails to walk, hike and bike around the Sonoqui Wash. In close proximity to all the community has to offer! Owner Agent

5314 N 41st Place Phoenix, AZ 85018

$2,599,898
5 Beds
3 Baths
4,013 SqFt
Status Active
MLS # 6752736
Property Type Single Family Residence
Price Type --
Your Kitchen Sink Window is oriented in the direction of Camelback Mountain,Praying Monk Side Nice View! Georgeous updated open, entertaining, floor plan with inviting entry, 2 stage metal door (digital locking and screened)over 4,000 feet 5 bedroom 3 bath plus a Library, Breakfast Room, Living Room, Dining Room Family (adjacent to kitchen) and A Beakfast Bar backing the Family Room facing Kitchen. Split Master Bedroom OnSuite is Large entire south wing with 2 exits (Patio and Pool) 4 patios (Master, Kitchen and Family Room Dining Room all central) Resort style Backyard with Heated Pool & Spa. Freestanding 3CG with mini-Split, RV gate. Very private 4 patio's. Pool patio has an automated screen. A significant feature list frm the remodel is in the documents section.

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