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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6101 E Maguay Road Cave Creek, AZ 85331

$2,500,000 - 4Br/4Ba -  for Sale in Loringwood Est. Lots 23-29, Cave Creek
New
$2,500,000
4 Beds
4 Baths
4,934 SqFt
Status Active
MLS # 6760006
Property Type Single Family Residence
Price Type --
Horse lovers, come and get it! This 5-acre Equestrian's dream is only one mile north from downtown Cave Creek. Tucked away on a private dead end street, this property offers the ideal mix of privacy & access w/ gorgeous 360-degree mountain views. Timeless yet modern designer aesthetics throughout the 4900 sqft home. It is constructed w/ 4 bedrooms, 3 of which are full ensuites, 2 full beautiful kitchens each w/ walk-in pantries, a separate office, and full walkout downstairs' with storage or bonus room for your imagination. The triple hinged balcony doors are an entertainer's delight. Imported Italian & Spanish tile, Canadian wood flooring, and craftsman welded railings deliver on the word custom. The main kitchen is equipped w/ Bosch Appliances and a 129 bottle dual zone wine cooler. The horse set up offer a 4 stall barn with attached run outs, and separate tack and supplement rooms. There is a large fenced turn out to the west of the property. There is a level area just east of the house that would be ideal for an arena. Convenient vehicle access to the barn through a separate gate for your hay and shavings deliveries as well as trailer parking. You can ride to the trails right from your property. ***** No Flood Plain on this property ****

5501 E Cholla Street Scottsdale, AZ 85254

$2,500,000 - 5Br/4Ba -  for Sale in Los Castillos, Scottsdale
New
$2,500,000
5 Beds
3.5 Baths
4,192 SqFt
Status Active
MLS # 6759858
Property Type Single Family Residence
Price Type --
Introducing a stunning new luxury listing in the heart of Scottsdale, Arizona - a contemporary masterpiece remodeled in 2022 and designed for the discerning homeowner who values elegance, comfort, and entertainment. This exquisite 5 bedroom, 3.5 bathroom residence spans almost 4,200 square feet of living space, offering an ideal blend of modern luxury and desert beauty. The home is situated on an expansive lot with room to relax, play and entertain. The open-concept design has a seamless flow between the gourmet kitchen, dining area, and living room. The chef's kitchen features state-of-the-art appliances, custom cabinetry, a large island with quartz countertops, and a walk-in butler's pantry - perfect for preparing meals while still engaging with guests. Adjacent to the kitchen, the spacious living area boasts a sleek, modern fireplace and four panel sliding glass doors that lead out to the resort-style backyard. The outdoor space is where this home truly shines as an entertainer's delight. A sparkling heated pool with a waterslide anchors the backyard, while an extended length covered patio provides the ideal setting for lounging and hosting gatherings. Enjoy cooking in the fully equipped outdoor kitchen with a new BBQ grill, ample counter space, fireplace and shaded area or relax and unwind in the above ground spa. The primary suite offers a luxurious retreat, complete with a spa-like bathroom featuring a soaking tub, dual vanities, and a walk-in shower. The suite also includes two expansive walk-in closets and direct access to the backyard. Each of the additional three bedrooms is generously sized and this floor plan ensures comfort and privacy for family members and guests alike. This Scottsdale gem combines luxurious living with a prime location, offering easy access to world-class golf courses, upscale shopping, fine dining, and the vibrant cultural scene of Old Town Scottsdale and Kierland. Welcome home!

8742 E Woodley Way Scottsdale, AZ 85266

$2,500,000
4 Beds
5 Baths
4,613 SqFt
Status Active
MLS # 6747685
Property Type Single Family Residence
Price Type --
In addition to the new custom home design, the owners have invested in additional upgrades. A professionally designed desert landscape featuring rolling terrain with marquee desert plant specimens. Expanded patio spaces created for enhanced outside living. The north facing heated pool is in the sun while the covered patios provide large shaded areas to eat and relax. The large lot provides for even more eastward expansion if desired. Windows and doors with direct sunlight have been tinted to maximize energy efficiency of the three zone heating and cooling system. The pool, HVAC and indoor and outdoor lighting can be controlled remotely as well as the monitored security and camera systems. The home features custom wood cabinetry throughout with dovetail joinery and soft-close hinges and glides. All four large bedrooms feature walk-in closets and ensuite baths and large showers. The attached casita features its own external entrance off the front patio for your guests.

3400 N 37th Street Phoenix, AZ 85018

$2,500,000
3 Beds
2 Baths
2,597 SqFt
Status Active
MLS # 6544798
Property Type Single Family Residence
Price Type --
LOCATION! LOCATION! LOCATION! 1.2 ACRES ZONED R3 MULTIFAMILY. Great lot in Arcadia Light.

7462 S Mccormick Way Queen Creek, AZ 85142

$2,500,000
5 Beds
4.5 Baths
5,158 SqFt
Status Active
MLS # 6758272
Property Type Single Family Residence
Price Type --
Experience luxury living in this stylishly upgraded 5 bedroom/4.5 bath home set on a spacious ¾-acre lot within the highly coveted community of San Tan Lakeside Estates community. Prepare to be impressed by the home's sophisticated design elements, customized wallpaper, exquisite light features & ceiling beams, all complemented by SMART TECHNOLOGY throughout. The chef's kitchen combines elegance with practicality inclusive of an oversized granite island, high-end appliances, 6-burner gas stove w/ pot filler. Enjoy the convenience of both formal and casual dining areas, providing flexibility for various occasions and moods. The primary master retreat offers an inviting foyer entrance, a private exit to the backyard, an oversized walk-in shower, a stand-alone tub, dual sinks, bonus room & an expansive walk-in closet. The floorplan is thoughtfully designed to showcase the outdoor living spaces, three ensuites and is situated on a generous ¾ acre lot. The original owners have transformed the backyard into an entertainer's paradise, featuring a sparkling lap pool/spa/built-in table/bench perfect for relaxing evenings and lively weekends. Enhance your leisure time with a five-hole putting green for practicing your short game or enjoying friendly competitions. The entertaining backyard is adorned with breathtaking mountain views, lemon and lime trees, and mature landscaping. Whether you're unwinding at the outdoor BBQ/bar area, sitting by the built-in fire pit, or soaking in the hot tub, there's something magical about admiring the majestic mountains from the comfort of your own home. Be sure to check out the document section for additional details on home. This property is truly a must-see!

3816 N 53rd Way Phoenix, AZ 85018

$2,500,000 - 4Br/3Ba -  for Sale in Hidden Village 6, Phoenix
New
$2,500,000
4 Beds
3 Baths
2,752 SqFt
Status Active
MLS # 6757152
Property Type Single Family Residence
Price Type --
This is the quintessential Arcadia proper home. Located just steps to Hopi Elementary. This large lot offers plenty of space to entertain and relax at home. All new windows offer the natural light that we all love. The updated kitchen expands the possibilities of luxury life in Arcadia proper. Come tour this home today!

55 Ranch House Circle Sedona, AZ 86336

$2,500,000
4 Beds
4 Baths
3,260 SqFt
Status Active
MLS # 6757347
Property Type Single Family Residence
Price Type --
Experience the Magic of this Truly Unique Oasis the moment you step through the decorative gates of ''Casa Arboles.'' With towering Oaks and Sycamores guarding the home, a true Getaway Retreat steeped in SW luxury with charming accents of Old World Mexico and a stone's throw to Oak Creek, No HOA/ Active STR on .35 acre parcel. Main House features 3 BRs/3 BA and 1BR/1BA in the elevated Carriage House. Marvel at the Impressive and Inspiring design elements inside and out. Spectacular Atrium Entry with 20-ft ceiling greets you and immediately pulls your eyes to the magnificent vertical and horizontal wood beams. 16-inch Saltillo Tiles arranged in offset patterns create soften the senses. The L-shaped Great Room is perfect for entertaining with an open floor plan for intimate gatherings. High ceilings with unique angled indentations with an abundance of skylights and high windows capture the natural light. In the chilly winter months play a board game or curl up with a classic in front of the charming arched fireplace. Or gather in the adjacent Media Room with friends and watch a Holiday Classic Chef's kitchen boasts gorgeous tiled counters, stainless steel appliances including 5-burner gas cooktop, prep sink, double stacked ovens w/warming drawer, coffee station, and a massive pantry wall of birch cabinets with custom pullouts for spices and wares. Serve up your culinary creations at the elevated island bar or the nearby nook overlooking the golf course. Or dine on the patio and enjoy a framed view of Elephant Rock. Be delighted by the rows of Talavera bird tiles as you ascend to the grand Primary Suite featuring an office/game room area, Huge bedroom including luxurious textured carpet, canopy bed, 3-sided fireplace and sitting area. Bath has jetted tub, walk in shower with dual heads, separate dual vanities w/night light underneath the cabinets, a large balcony to enjoy morning coffee overlooking golf course, and one of the largest and beautifully appointed walk -in closets you will ever see, including washer and dryer closet! Across the Courtyard is the Magical Carriage House. Open, bright and intimate with many of the same quality design elements of the main house, you won't want to leave this Super Cute space. Great Room living with everything you need to enjoy a private and relaxing weekend getaway. This gem features a spacious ensuite bedroom with dual vanities, walk-in shower and stacked washer and dryer. Enjoy golf course views between the massive trees for inside or from the Adirondack chairs from the curved balcony. The exterior of Casa Arboles is as equally impressive as the interior. Meander around this spacious lush fully enclosed oasis and admire the towering trees, lush flora and stone art pieces and the vertical rain collector cups. Note the craftmanship and detail of the curved stucco walls and stone columns connecting the decorative wrought iron gate and perimeter fencing,. Enjoy outdoor dining fireside underneath the impressive latilla constructed of massive lodge poles connected to the main house. Retreat to the trellis covered hot tub after a long day of hiking. A unique primary residence, weekend getaway or investment opportunity at a rare location that only a few will ever experience. This is a must-see property for the discerning buyer and certainly will not last long. Do not miss this opportunity!

16414 E Pinnacle Vista Drive Scottsdale, AZ 85262

$2,500,000
4 Beds
4 Baths
3,070 SqFt
Status Active
MLS # 6728098
Property Type Single Family Residence
Price Type --
Nestled on approximately 9.2 acres, this magnificent 3,070 square-foot, four-bedroom, four-bath home offers a blend of luxury and practicality, all with no HOA restrictions. The open floor plan ensures a seamless flow between the spacious living areas and the large bedrooms, making it perfect for family living and entertaining. features include: - **Three-car garage:** Plenty of space for vehicles and storage. - **Owned solar:** Energy-efficient and environmentally friendly. - **Sparkling saltwater pool:** with outdoor grill is Ideal for relaxation and recreation. - **Equestrian amenities:** - Gorgeous horse setup with a four-stall mare motel - Round pen and tie racks for training and grooming - Automatic waters for convenience - Dedicated feed and tack room Additionally, the property boasts a large metal garage for extra storage and 5,000-gallon holding tanks, ensuring ample water supply. Fully fenced for privacy and security, this property is a true gem for those seeking a blend of comfort, space, and top-notch amenities.

21434 W Mountain Cove Place Buckeye, AZ 85396

$2,500,000
5 Beds
4.5 Baths
4,954 SqFt
Status Active
MLS # 6683231
Property Type Single Family Residence
Price Type --
Incredible single level custom home opportunity in Verrado. Buyer still has the opportunity to choose all interior finishes and exterior elevation design. Main house is 4,300 square feet and the attached guest quarters is 654 square feet, for a total of 4,954 square feet with a four car garage. Also includes a swimming pool, spa and outdoor kitchen. This home features a captivating great room floor plan and is situated on an expansive 1.145 acre lot. Providing the perfect canvas for your vision of luxury living. this remarkable residence promises an unparalleled level of customization and sophistication. Click on More for more information: Step into the heart of this home, and be greeted by a kitchen that is as functional as it is beautiful. The buyer has the freedom to select their desired stone for the island, countertops, and backsplash, creating a kitchen that reflects their personal style and taste. Every cabinet in this culinary haven is equipped with slow-close drawers and doors, embodying the seamless blend of convenience and refine craftsmanship. Viking appliances and a pot filler adds an elegant touch to the culinary experience, while the presence of a butler pantry with a separate food prep area allows for seamless organization and efficiency. With 42 upper cabinets and 30 lower cabinets, ample storage space is provided, ensuring a clutter-free environment. The 3cm countertop edge profile adds a luxurious finishing touch to this stunning kitchen. The elegance continues throughout the home with a choice of 12x24 or 24x36 tiles in all wet areas, creating a cohesive and visually pleasing aesthetic. The 8 baseboards and solid core doors add an extra layer of sophistication and durability. Every bathroom in this custom home features custom stone and tile showers, exuding opulence and sophistication. The master shower is equipped with dual body systems, ensuring a spa-like experience in the comfort of your own home. Satin nickel Moen fixtures add a sleek and modern touch throughout. For effortless entertaining, a wet bar area is thoughtfully incorporated, complete with a sink, refrigerator, and icemaker, ensuring that refreshments are always close at hand. Indulge in the opportunity to create your dream home with this exceptional custom residence. From the meticulously designed kitchen to the luxurious outdoor oasis, every detail has been carefully considered to provide the ultimate in comfort, style, and functionality. Embrace the chance to curate a space that reflects your unique vision and experience the epitome of elegance and refinement in this remarkable custom home. Step outside and discover an oasis of relaxation and entertainment. The outdoor space boasts a fully equipped kitchen with a grill, icemaker, and dual burner gas cooktop, offering the perfect setting for al fresco dining and culinary adventures. An outdoor wood-burning fireplace sets the stage for cozy gatherings on cool evenings. The centerpiece of the outdoor area is the stunning 25x50 swim-up beach pool with a separate spill-over hot tub, providing a luxurious retreat for relaxation and recreation.

2017 N 1st Avenue Phoenix, AZ 85003

$2,500,000
2 Beds
6 Baths
5,224 SqFt
Status Active
MLS # 6757718
Property Type Townhouse
Price Type --
Chateaux on Central, a collection of unique 5 Story brownstones in the heart of the Phoenix Arts district. Residence 18, designed by renowned interior designer Beth McGehee/SB Design Studio, has impeccable flair. 5 Levels of opulence w/ refined features: Stately gated front entry courtyard, commercial grade elevator, wood floors, award winning kitchen w/ Wolf & Sub-Z appliances. 5th Floor for large scale entertainment w/ an end unit terrace, unbeatable city skyline views & kitchen service. Lower level guest suite w/ separate entry & laundry, multiple private terraces throughout & 2 car garage. Walking distance to restaurants, bars, coffee shops, theatre, light rail - minutes from Sky Harbor Airport & all points downtown (sports venues) by rail or by car. Treat yourself to this experience!

11999 N 119th Street Scottsdale, AZ 85259

$2,500,000
4 Beds
4.5 Baths
5,059 SqFt
Status Active
MLS # 6733889
Property Type Single Family Residence
Price Type --
Welcome to the wonderful lifestyle of Ancala Country Club! This gorgeous property is an entertainer's dream! The inviting front courtyard with stone fireplace welcomes you into the expansive open concept great room with wet bar! A multi-slide door opens to the stunning infinity-edge swimming pool - perfect for indoor-outdoor entertaining. The kitchen is handsomely appointed with knotty alder cabinets, granite counter tops, 6 burner gas cooktop, double ovens, breakfast bar + breakfast nook. The grand formal dining room is where you'll have special celebrations! Private primary suite with tray ceilings, huge custom closet, bath with soaking tub and stone shower. Guests will enjoy the attached casita, or two additional ensuite guest rooms. The office/bonus room has French doors opening charming front courtyard. Step outside to the private low maintenance backyard oasis with pool, spa, expansive covered patios, built-in kitchen and faux grass. All this, and country club amenities, including manned guard gate, golf course, tennis courts, fitness room, kids park, club house and community pool (use of clubhouse, pools, tennis courts, fitness room, and golf course require club membership). WELCOME HOME!

5908 E Orange Blossom Lane Phoenix, AZ 85018

$2,500,000
4 Beds
4.5 Baths
4,395 SqFt
Status Active
MLS # 6713234
Property Type Single Family Residence
Price Type --
Nestled in the heart of the Arizona Country Club golf course is this lovely Spanish Colonial home. This is a one-of-a-kind property that offers great privacy and seclusion, while still being conveniently located on Orange Blossom Lane. As you enter through the wooden gate a serene courtyard welcomes you with a large covered patio complete with an outdoor kitchen, sparkling pool, oversized garage, and charming guest house creating an inviting oasis for entertaining family and friends. One of the oldest homes remaining on the course, this special property boasts architectural elegance throughout featuring barreled ceilings, solid wood flooring, a gas and wood-burning fireplace, and arched wooden doors that open onto views of tranquil Camelback Mountain. The open kitchen features a large butcher block island, granite countertops, stainless steel appliances and an abundance of windows and doors that overlook the lush fairways, allowing natural light to flood the space. The main house offers three spacious bedrooms, each with its own en-suite bathroom. Additionally, a basement offers lots of storage space, wine storage and a great workspaces with outside exit. This property is a rare gem and is truly a must see.

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