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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57 Peak Point Court Sedona, AZ 86336

$2,599,000
4 Beds
5 Baths
3,516 SqFt
Status Active
MLS # 6727820
Property Type Single Family Residence
Price Type --
Discover unparalleled modern luxury and breathtaking Cathedral Rock views at this dreamy new construction masterpiece. Perched hilltop across from Oak Creek, this precious jewel offers a seamless blend of modern elegance and natural beauty, nestled in the heart of Sedona's iconic red rock landscape. Floor to ceiling windows look out onto panoramic vistas of the red rocks and desert landscape from every room. Situated on 1 acre backing up to National Forest with hiking trails right out your door, this exquisite home provides access to nature and breathtaking scenery in all directions. This meticulously designed home features 4 bedrooms 5 bathrooms, and a spacious 4 car garage - a rare find in Sedona - ensuring ample space for comfort and privacy. The gourmet chef's kitchen is a ... culinary haven, featuring premium Thermidor appliances, a striking island with a custom walnut bar. Open living areas ideal for entertaining and easy flow. Designed to integrate natural materials and feng-shui, it is both contemporary and comfortable, beautifully designed wood, stone, metal and water elements throughout. Located in Mystic Heights - one of the last private, elevated, gated communities in Sedona - it is utterly unique - surrounded by tranquil nature, with magical swimming holes at the creek within walking distance, yet only 10 minutes from Sedona's best restaurants, shopping, art galleries, and theater. Enjoy the best of everything - the tranquility of living in nature with the benefits of modern amenities, including high-speed, quantum fiber internet providing speeds of 534 Mb up and 525 Mb down (rare in Sedona). Peak Point is solar-ready, and was designed top to bottom to be low-maintenance and energy efficient, with gorgeous low-water landscaping.

9607 N Copper Ridge Trail Fountain Hills, AZ 85268

$2,599,000
4 Beds
3.5 Baths
4,357 SqFt
Status Active
MLS # 6742866
Property Type Single Family Residence
Price Type --
Welcome to this exceptional home in FireRock Country Club, where every room is framed by breathtaking views of Four Peaks and Red Rock mountains. Thoughtfully designed with careful attention to detail, this residence offers a unique blend of comfort and charm. Recent updates include white oak wood floors throughout, giving the home a warm and sophisticated feel. Fresh interior paint and new lighting fixtures brighten every space, while freshly painted shutters and doors enhance the overall appeal.The home features a private upstairs owner's suite with an updated bathroom and a bonus room that could serve as a home gym or extra living space. The primary bathroom has been completely remodeled into a relaxing retreat, featuring modern finishes and a steam shower. Additionally, the hallway powder room has been updated, providing convenience and style for guests. The kitchen has been beautifully updated with Monte Black quartzite countertops and new cabinets, creating a stylish and functional space for cooking and entertaining. The bar area features a granite countertop, perfect for hosting guests. The living area is highlighted by a fireplace upgraded with ledger stone, adding a touch of rustic elegance. With a new roof, pool equipment, and two new HVAC units, this home ensures comfort year-round. Combining modern updates with breathtaking views, this property offers an ideal balance of style and functionality.

8428 E Preserve Way Scottsdale, AZ 85266

$2,599,000
5 Beds
4 Baths
4,363 SqFt
Status Active
MLS # 6744641
Property Type Single Family Residence
Price Type --
Experience unparalleled luxury at 8428 E Preserve Way in Scottsdale, Arizona. This exceptional residence has been meticulously remodeled with high-end finishes, seamlessly blending modern sophistication with the natural beauty of the Sonoran Desert.The gourmet kitchen features a Wolf range, dual Cove dishwashers, and a Sub-Zero paneled refrigerator. The main living area includes a new chilled wine cellar and a sleek wet bar with a wine fridge. A spacious formal dining and living room open to the outdoor space through a multi-sliding glass door, perfect for indoor-outdoor living.The master suite boasts a show-stopping two-entry shower and soaker tub. Outdoors, enjoy an outdoor shower, a remodeled pool with an extended Baja step, a spa, a fire pit, a built-in BBQ, and a putting green.

5498 E Butte Canyon Drive Cave Creek, AZ 85331

$2,599,000
5 Beds
5.5 Baths
5,068 SqFt
Status Active
MLS # 6620444
Property Type Single Family Residence
Price Type --
Custom old world Hacienda in Canyon Ridge Est on 1.12 acre. Enter the gorgeous iron gates to a one of a kind style residence with privacy and panoramic mountain views. The charming resort style courtyard offers an upgraded heated pool and spa, fireplaces, outdoor kitchen and large patio. Telescopic pocket doors bring the outside into the beautiful open great room and wine bar. Be impressed by the well appointed Gourmet kitchen w/ hand carved dark alder cabinets, viking appliances. Double dishwashers and fridges, massive island. Upgraded finishes and details throughout. A floor to ceiling canterra stone fireplace. Exquisite master suite, spacious with fireplace, luxurious bath. Private casita. Premium location at the foothills, tucked away yet close to amenities. 4+Car. Available turnkey.

37344 N 110th Street Scottsdale, AZ 85262

$2,599,000 - 5Br/5Ba -  for Sale in Mirabel Village 8 East, Lot 33, Scottsdale
Open House
$2,599,000
5 Beds
4.5 Baths
4,399 SqFt
Status Active
MLS # 6739283
Property Type Single Family Residence
Price Type --
REDUCED! NEW Finishes throughout this North Scottsdale home. Located in the gated and prestigious Mirabel Village community and offering all the privacy and elegant appointments buyers are looking for these days. With 4,400 sq. feet of airconditioned living area on one level with a split bedroom floor plan and soaring ceilings, a gated entry courtyard, a three-car garage and 5 full bedrooms and 4.5 baths makes for an ideal primary or secondary residence. The home has been completely transformed and remodeled over the past 6 months with new floors, countertops, appliances, bath fixtures, door hardware, lighting and cabinets throughout. Brand new pool, spa, water feature and BBQ with paver hardscape and landscape capturing magnificent views of Apache Peak. Solar panels/low electric bill

188 N Shore Lane Gilbert, AZ 85233

$2,595,000
3 Beds
6 Baths
5,744 SqFt
Status Active
MLS # 6752102
Property Type Single Family Residence
Price Type --
Welcome to your oasis in the prestigious Crystal Point Estates gated community, renowned for its private water ski lake and exclusive amenities. This Tuscan-style masterpiece invites you to unwind and relax in its charming waterfront views, with your own private boat dock and secluded beach just steps away. From its meticulously crafted Tuscan-style architecture to the spectacular details that decorate every inch of the home, prepare to be surprised by the seamless blend of elegance and comfort. This turnkey home ensures that every moment spent here is nothing short of blissful. And the best part? It comes fully furnished, so you can start enjoying the ''Resort- Lifestyle'' from day one. The kitchen, a chef's dream, features picturesque lake views, a cozy eat-in breakfast nook, lux Welcome to your oasis in the prestigious Crystal Point Estates gated community, renowned for its private water ski lake and exclusive amenities. This Tuscan-style masterpiece invites you to unwind and relax in its charming waterfront views, with your own private boat dock and secluded beach just steps away. From its meticulously crafted Tuscan-style architecture to the spectacular details that decorate every inch of the home, prepare to be surprised by the seamless blend of elegance and comfort. This turnkey home ensures that every moment spent here is nothing short of blissful. And the best part? It comes fully furnished, so you can start enjoying the ''Resort- Lifestyle'' from day one. The kitchen, a chef's dream, features picturesque lake views, a cozy eat-in breakfast nook, luxurious granite countertops, a convenient breakfast bar, a premium Dacor gas range, a spacious oversized pantry, side-by-side refrigerator and freezer, and elegant alder wood cabinets. Four bedrooms, each with its own ensuite bathroom for added privacy and convenience. The master suite is a true retreat, with its double doors leading to the backyard oasis and a luxurious bathroom complete with a jetted tub and large his and her closets with an extra washer and dryer inside one of the closets for added convenience! Upstairs, a sprawling sports and media entertainment room awaits, offering panoramic views of the waterfront from its balcony. With a wet bar, big screen TV, and nook for games and drinks, it's the perfect spot to relax after a long day and enjoy the view or close your black-out curtains. Also, the home comes with a central vacuum system, soft water and filtered drinking water systems. Outside, the beautiful backyard includes an array of amenities, including a private pool with brand new equipment, a spa , misting system, tiki torches and firepits that set the mood. Whether you're lounging by the firepit or cooking in the outdoor kitchen, every moment here is one to remember! Adding to its allure, there's a spacious outdoor kitchen featuring a half-circle bar with surrounding bar stools, making it an entertainer's dream. The backyard is further enhanced by a boat dock equipped with a boat house structure, boat lift, and a new basta motor. Additionally, it offers convenient amenities such as 50 amp RV Hook up and underground propane tank, surround sound, and lighting. The fence can be opened up to 40 feet, providing easy access to both the beach and the boat dock.

38405 N 95th Street Scottsdale, AZ 85262

$2,595,000
4 Beds
4.5 Baths
4,111 SqFt
Status Active
MLS # 6712532
Property Type Single Family Residence
Price Type --
Desert Mountain Golf Membership Available. Custom Southwest Soft Contemporary home that perfectly embodies the essence of luxury living in Scottsdale. Combining traditional and modern elements to create a unique and inviting atmosphere. Open-concept design with high ceilings, large windows and glass doors that allow natural light to flood the interior, highlighting the warm, earthy color palette. Updated and designer touches are prevalent throughout, creating a harmonious blend with the surroundings. Luxe outdoor living is a central theme with private, gated grand patio delivering serenity and an absolute sense of privacy. Expansive patios provide multiple areas for relaxation and entertainment. Sprawling covered sunset patio and lush mature desert flora makes alfresco dining a delight. Comfortable seating areas surround an outdoor fireplace or circular fire pit, perfect for cool desert evenings. Sparkling swimming pool and spa accented with waterfall features and wraparound sundeck, surrounded by lush desert landscaping, offers a refreshing escape from the heat. Pathways lined with native plants like agave, yucca, and cactus lead to secluded seating areas and separate casita. A chef's dream kitchen designed for both functionality and style. Extensive countertops made of granite provide ample workspace, while a large central island offers additional prep space. High-end stainless-steel appliances are seamlessly integrated, ensuring modern convenience without detracting from the overall aesthetic. Adorned with custom cabinetry, ample storage options keep the kitchen organized and clutter-free. The four bedrooms are sanctuaries of comfort, featuring plush bedding, rich textiles, and handcrafted furniture. Large windows and glass doors open to private patios or courtyards, allowing for easy access to the outdoors. The casita, added in 2015, provides a comfortable and private retreat for visitors. It includes a spacious bedroom with sitting area, fully equipped kitchenette, ample storage, and a well-appointed bathroom. The same attention to detail and design elements are present, ensuring guests feel right at home. Whether you're seeking a peaceful retreat or a place to entertain and celebrate with friends, this extraordinary residence is sure to exceed your every expectation. Located within the highly sought-after luxury golf lifestyle community, Desert Mountain Club members enjoy exclusive access to amenities that include 7 golf courses, spa services, fitness, tennis, pickleball, hiking, swimming, and nine dining venues. Desert Mountain Golf Membership Available Updated Single Level 4,111 SQFT 1.20 Acre Cul-De-Sac Lot Mountain & Sunset Views 4 Ensuite Bedrooms 4.5 Baths Smart Home - Savant Wall Wine Cellar Wet Bar with Ice-Maker Separate Casita with Kitchenette Sprawling Grand Patio 526 SqFt Casita built 2015 Pool, Spa & Waterfall built 2015 4 Car Garage - Ability to add two car lifts to expand capacity Custom Furnishings throughout available via separate Bill of Sale Desert Mountain, an 8,300-acre guard-gated community, consisting of 33 different villages, located in the foothills of the Continental Mountains of north Scottsdale. The higher elevation delivers miles of sweeping views and cooler temperatures than the valley below. Adjacent to the Tonto National Forest (the second largest in the United States) are 19-miles of private trails. In 2023, the area was designated as the first Quiet Conservation Area by Quiet Parks International. The Trail System entrance is located at the back of the community, in and on top of the Continental Mountains, providing exceptional hiking and mountain biking opportunities for all Desert Mountain property owners. Desert Mountain Club defines unparalleled championship desert golf. Offering members, the world's largest collection of private, Jack Nicklaus Signature Golf Courses along with the newest course addition, Seven. Seven is a USGA-rated, championship par-54 golf course, designed to challenge and entertain both experts and beginners alike. Dining venue options abound, within the guard-gated community. The Sonoran Clubhouse is the Club's Spa, Fitness and Swim center. The Desert Mountain Tennis Complex features five state-of-the-art Har-Tru green clay tennis courts, three fast-playing hard courts, and a spectacular stadium grass court. In addition to the Café, you'll find six pickleball and multiple bocce ball courts, golf croquet and both lap and resort-style swimming pools to enjoy. This remarkable amenity adds tremendous value and enjoyment to the community's Club Members along with an array of other fun activities. Desert Mountain Club Golf Membership is available for transfer from the Seller. Desert Mountain Club Membership Application Review is a 30-day and Board approval process that is required for the Buyer. See the Documents Tab for Desert Mountain Club information. *HOA Capital Reserve Fund Fee of 0.45% fee on the purchase price paid at Closing by Buyer.

2928 N 83rd Street Scottsdale, AZ 85251

$2,595,000 - 4Br/5Ba -  for Sale in Village Grove, Scottsdale
New
$2,595,000
4 Beds
5 Baths
3,572 SqFt
Status Active
MLS # 6760146
Property Type Single Family Residence
Price Type --
Stunning ''New Construction'' in a fabulous location just 5 minutes to all of the shops, restaurants and night life that Old Town Scottsdale has to offer!! This contemporary masterpiece features 16 foot high soaring ceilings, 19 seer, 5 ton, variable speed HVAC, huge sliding glass patio doors, skylights, 3 gas fireplaces, 3 car garage, RV Gate & RV Parking, NO HOA, tankless gas hot water heater, private pool, built in BBQ, synthetic grass and so much more! Situated on over a 1/4 acre lot this home is all on 1 level with over 3,500 sq ft of interior living space, 4 total bedrooms (2 master suites), 5 baths, separate den/office, wet bar, built in wine refrigerator, gas cooktop, and kitchen island. Setup your private tour and come see this Scottsdale Gem!!

10040 E Happy Valley Road Unit 340 Scottsdale, AZ 85255

$2,595,000
3 Beds
3 Baths
4,031 SqFt
Status Active
MLS # 6652340
Property Type Single Family Residence
Price Type --
IMMEDIATE GOLF MEMBERSHIP AT CLOSE OF ESCROW! Charming southwest contemporary home. Light and bright with large expanses of glass bringing the outside in and providing sunlit living. Split bedroom plan. Grand backyard with heated Pebble-Tec pool and spa. Built-In BBQ. Designated a top 'Platinum Club of America'' golf club, Desert Highlands amenities include a Jack Nicklaus championship golf course, 18-hole putting course, award winning clubhouse featuring ''Jacks'' gastropub, state of the art fitness center, Highlands Racquet Club featuring grass, clay & pickleball courts,& more. A $150,000 membership fee is due from buyer at close of escrow.

305 S Starview Drive Payson, AZ 85541

$2,595,000
5 Beds
4 Baths
4,733 SqFt
Status Active
MLS # 6709852
Property Type Single Family Residence
Price Type --
Welcome to luxury living at its finest! This stunning Rim Golf Club home, built in 2018, offers an exceptional lifestyle with 4733 sq ft of livable space. The property features 5 spacious bedrooms, a dedicated office, and an art studio ''ideal for families and creative professionals alike''. Indulge in top-tier amenities designed for both relaxation and entertainment. Perfect your game from the comfort of your home with a golf simulator, or unwind with a game of pool. The outdoor jacuzzi provides a serene escape with unparalleled views of the Rim Golf Club's breathtaking landscape. The home is as functional as it is beautiful, boasting a 3-car garage, solar panels with battery storage, and an EV charging station, ensuring energy efficiency and convenience. Rim Golf Club, this property offers the best views in Payson, AZ. Don't miss the chance to own this exceptional home in an exclusive community. Live in elegance and style with nature's beauty at your doorstep. Contact us today for a private tour! Full golf membership, all TV's, hot tub, pool table, golf simulator all convey.

20734 E Sunset Drive Queen Creek, AZ 85142

$2,595,000
4 Beds
5 Baths
5,226 SqFt
Status Active Under Contract
MLS # 6696555
Property Type Single Family Residence
Price Type --
If Norman Rockwell could paint the American dream of home ownership today, this would be the flagship. Risu Coeli (Heaven Smiles) in the gated Pecans offers you a chance at the dream. Nearly 10,000 sq.ft. of usable space with the interior, courtyard, covered patios, pool areas and celestial. 4/5 bedrooms, 5 bath, 3 interior and 3 exterior dining / entertaining spaces. A gated motor court, private wine cellar and luxury pool/spa amenities are just touching the surface of life's finer things thought out in the design process of this personal estate. The gated neighborhood is covered in established Pecan trees with lush green belt streets, grass parks and playgrounds, putting greens, walking and biking trails. An atypical desert community best described as an oasis hidden in plain sight.

17337 E Morning Vista Court Rio Verde, AZ 85263

$2,575,000 - 3Br/3Ba -  for Sale in Trilogy At Verde River, Rio Verde
Open House
New
$2,575,000
3 Beds
3 Baths
3,799 SqFt
Status Active
MLS # 6758824
Property Type Single Family Residence
Price Type --
Prepare to be captivated by this beautiful Toll Brothers home, perfectly situated within the coveted gated golf community of Trilogy at Verde River. Embraced by over a half-acre of tranquility in a serene cul-de-sac, this residence offers unobstructed views of the golf course and provides a breathtaking 270-degree panoramic views of the Mazatzal Mountains, the iconic Four Peaks, Weavers Needle, Superstition Mountains and Tom's Thumb. Step inside this 3800 square feet, 3-bedroom 3-bath gem, featuring a spacious and flexible bonus room, an office with a private courtyard entrance, and a 3-car garage with additional storage space. Elegantly lofty ceilings throughout the home create a bright and spacious ambiance, while the gourmet kitchen, featuring top-of-the-line Wolf and Gaggenau appliances, oversized granite island and walk-in pantry beckons culinary enthusiasts. A grand pocket slider, featuring an externally mounted power sunshade, seamlessly blurs the lines between indoor and outdoor living and leads you to your own private oasis. Surrounded by green fairways and Desert Willow Trees you'll find a heated swimming pool with built-in spa, a raised travertine lounge area with fire pit, a built-in BBQ, and an extended covered patio that provides a perfect backdrop to unwind and enjoy the stunning Arizona sunsets. As a resident of, you will enjoy the benefits of exclusive access to an array of community amenities, including the renowned Tom Lehman-redesigned 18-hole golf course, a resort style pool area, two on-site 4-star restaurants, Pickleball and Tennis Courts, a fitness center, Bocce Ball, a dog park, and a vibrant assortment of member-led clubs spanning sports, music, arts, and travel. MAJOR PERK: A few Exclusive Private Golf Club Memberships remain!

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