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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42311 N Sierra Vista Road Cave Creek, AZ 85331

$2,500,000
4 Beds
4 Baths
4,656 SqFt
Status Active
MLS # 6748202
Property Type Single Family Residence
Price Type --
Incredible home located on over five acres, unsurpassed views of mountains and saguaro cactus, private guest house, private pool, spa, 3 car oversized garage and beautifully upgraded. Home features private front and back porches with peaceful and truly incredible views. You will find Viking appliances, oversized tile flooring, custom paint, open floor plan, negative edge pool, spa & rock waterfall feature. Close to National Forest and preserve for horses, hiking, etc.

10170 E Larkspur Drive Scottsdale, AZ 85260

$2,500,000
4 Beds
5 Baths
4,063 SqFt
Status Active Under Contract
MLS # 6705277
Property Type Single Family Residence
Price Type --
Welcome to luxury living in Scottsdale's prestigious Powderhorn Ranch community! This stunning 4-bedroom, 5-bathroom home has been completely remodeled to perfection, boasting over 4000 square feet of exquisite living space. Step inside to discover an open and airy floor plan featuring high-end finishes and designer touches throughout. The gourmet kitchen is a chef's dream, with custom cabinetry, marble countertops, breakfast bar, and top-of-the-line appliances. Every inch of this home has been thoughtfully updated, offering modern elegance and comfort at every turn. The spacious master suite is a true retreat, complete with a spa-like ensuite bathroom and a generous walk-in closet. Three additional bedrooms offer plenty of space for family and guests, while the four full bathrooms provide convenience and luxury. Don't forget about the separate office with glass doors. Entertain in style in the backyard oasis, featuring a sparkling pool, perfect for enjoying Arizona's sunny weather year-round. The expansive lot also includes a covered back patio, pergola and RV gate. Located on a quiet street in the heart of Scottsdale, this home offers privacy and tranquility, while still being close to shopping, dining, and entertainment.

23523 N 79th Avenue Peoria, AZ 85383

$2,500,000
6 Beds
4 Baths
8,500 SqFt
Status Active
MLS # 6560773
Property Type Single Family Residence
Price Type --
STUNNING, LEGENDARY one-of-a-kind LUXURY custom home in a highly desirable area, over 1 ACRE lot with No HOA. beautiful 4 level floor Plan with travertine throughout, *NEW ROOF 2023 Gourmet kitchen, granite countertop huge pantry & center island. multiple family and game rooms plus an additional FINISHED BASEMENT, mature trees, you can add additional rooms/office/game room, use your imagination you'll get 10 rooms home. you are welcome to come in and see what a Multi generation well cared for house.

12230 N 78th Place Scottsdale, AZ 85260

$2,500,000 - 4Br/5Ba -  for Sale in Buenavante, Scottsdale
Open House
$2,500,000
4 Beds
4.5 Baths
3,397 SqFt
Status Active
MLS # 6756507
Property Type Single Family Residence
Price Type --
Calling all CAR ENTHUSIASTS, this home is a true ''CAR COLLECTOR'S DREAM'' with a detached 2400 square-foot RV garage with 14 foot doors to accommodate a motorhome and additional cars. The garage even has a loft and its own bathroom for added convenience. This luxurious 4-bedroom, 4.5-bathroom ranch-style home in Scottsdale, offering 3,397 sq. ft. of beautifully designed living space. With a freshly painted exterior and a timeless ranch-style architecture, this property offers both elegance and functionality. Step outside to the enormous yard, where you'll find a sparkling pool, perfect for Arizona summers. The backyard offers plenty of space for gatherings and outdoor fun. Located in a desirable Scottsdale community, this home offers the perfect blend of luxury living and convenience. Don't miss your opportunity to own this one-of-a-kind property!

2536 E Wood Place Chandler, AZ 85249

$2,499,900
5 Beds
4.5 Baths
5,045 SqFt
Status Active
MLS # 6746925
Property Type Single Family Residence
Price Type --
This newly updated home is a rare find within the prestigious neighborhood of Circle G. Offering 5 bedrooms and 4.5 baths, there is room for everyone to enjoy their privacy and still spend time together in the large game room or office/den. The kitchen has new stainless appliances, quartz countertops and beautiful, modern fixtures. It opens to the family room w/ fireplace and overlooks the backyard. The spacious master suite has his/her closets, walk in shower and double vanities. If you enjoy outdoor living, you will love the covered patio, built in BBQ, large grass area, sparkling pebble tec pool, pergola seating area, above ground spa and a RV gate with concrete slab. Add a large circular driveway, 3 car garage w/ epoxy flooring and built in storage cabinets to make this home a 10+

10015 N 55th Street Paradise Valley, AZ 85253

$2,499,900 - 5Br/3Ba -  for Sale in Singletree Ranch, Paradise Valley
New
$2,499,900
5 Beds
3 Baths
3,766 SqFt
Status Active
MLS # 6759455
Property Type Single Family Residence
Price Type --
Amazing residence on a private cul-de-sac lot with views of Camelback Country Club Golf Course & amazing mountains! Double custom iron-work doors open to the dramatic entrance of the staircase overlooking the Great Room, which highlights a fireplace & soaring high ceilings. Panoramic windows, designer tile & natural stone, 3 fireplaces, surround sound speakers, plantation shutters, & elegant light fixtures. Fabulous dining room ideal for dinner parties. Immaculate kitchen showcases a large center island great for entertaining, granite counters, built-in SS appliances & a wine cooler, & tons of cabinets. Oasis backyard offers a pebble-tech pool with gorgeous waterfalls, putting green, & large covered patio. For your vehicles, you'll find a 3-car oversized garage and an RV gate. Huge main retreat features a spa-like bathroom with a shower boasting a glass block wall, a jetted tub, dual square vessel sinks, & walk-in closet. Great home with solar from Tesla. Great opportunity! Bring your buyers, they will love it! Hurry!

8214 E Kael Street Mesa, AZ 85207

$2,499,900 - 5Br/5Ba -  for Sale in Savona, Mesa
Open House
$2,499,900
5 Beds
5 Baths
6,565 SqFt
Status Active
MLS # 6724736
Property Type Single Family Residence
Price Type --
This richly detailed and professional decorated Mediterranean style home sits on over an acre of land and is an entertainer's dream! One of the largest lots in the subdivision, it has massive outdoor space including an outdoor kitchen and bar, 3,200 sq. feet of paver patio space, waterfalls galore. Enjoy a huge roof top deck over 1,000 sq. feet perfect for parties! Inside you will enjoy the giant primary suite with 2 sitting areas and big screen. Huge office/den area plus 5 bedrooms + home theatre. Spacious kitchen with massive storage, two gas stove tops, huge island open to the family room. Formal dining room has a cozy gas fireplace, bar with amenities plus wine room. Community area has a pickleball court, half basketball court, playground & covered picnic tables.Show as early as 6AM See documents tab for List of Features! Surround sound throughout the home. Horseshoe driveway can accommodate lots of parking (apx 10). Buyer to verify all including HOA rules re parking. Bring all offers!

80 Sheath Drive Sedona, AZ 86336

$2,499,888
4 Beds
3.5 Baths
3,572 SqFt
Status Active
MLS # 6697894
Property Type Single Family Residence
Price Type --
n the heart of Sedona's majestic beauty lies a hidden gem- a CREEKFRONT estate w/Your Own Watering Hole to Swim or FlyFish & Catch Trout. Welcome to RED ROCK VIEW Home currently an ACTIVE STR, where every corner whispers of relaxation, adventure, and the allure of the great outdoors. Nestled above the tranquil creek, this stunning retreat boasts not just a view, but an experience. Picture-perfect vistas of crimson cliffs greet you from every angle, inviting you to unwind and reconnect with nature. The wrap-around open-air deck offers the perfect stage for grand entertaining or quiet contemplation, where the whispers of the creek harmonize with the rustle of the wind through the trees. Step inside, you're greeted by an ambiance of effortless elegance. The great room beckons with its spaciousness, adorned with carefully curated furnishings that blend seamlessly with the surrounding landscape. Sink into plush seating as you watch the flames dance in the fireplace, or gather with loved ones for lively conversations under the starlit sky. The heart of this home is undoubtedly the gourmet kitchen, a culinary haven designed to inspire the chef in you. Quartz counters gleam under the soft glow of pendant lights, while double ovens and an electric cooktop promise culinary perfection with every dish. An expansive island, seating eight, becomes the focal point for shared meals and unforgettable memories. And for those intimate moments, a formal dining room awaits, where six can dine in style while the creek murmurs its approval outside. But the true magic of Red Rock View Home lies beyond its walls. Follow the 300-foot traverse trail, where ropes guide your descent to an oasisa natural watering hole that promises respite on hot summer days and adventure for the spirited soul. Feel the warmth of the sun on your skin as you bask in nature's embrace, or explore the nearby trails that wind through Sedona's breathtaking landscape. And when the day draws to a close, retreat to one of four spacious bedrooms, each a sanctuary of comfort and tranquility. Let the sound of the creek lull you to sleep, as dreams of tomorrow's adventures dance through your mind. FULLY REMODELED & Offered FULLY TURN-KEY with all furnishings, dishes, linens, art, and electronics included, This is more than just a home; it's a private sanctuary, a haven for the soul. Located in the heart of Sedona, close to trails, restaurants, and endless possibilities, Red Rock View Home offers the ultimate retreat for those who seek a life of serenity, adventure, and boundless beauty. NOI Rental Projections at $158K. Are you ready to write the next chapter of your Sedona story? Exterior of House and fence will be painted by June 3rd. 5 person hot tub and 5-hole miniature golf (19' x 24') which plays like 18 holes, will be installed by July 21.

6147 E Alta Hacienda Drive Scottsdale, AZ 85251

$2,499,000
3 Beds
3.5 Baths
2,491 SqFt
Status Active
MLS # 6703124
Property Type Single Family Residence
Price Type --
THIS CONTEMPORARY HOME BUILT IN 2022 HAS IT ALL, STARTING WITH GREAT CURB APPEAL AND LOCATED IN THE LUXURY GATED SIGNATURE AT THE PHOENICIAN COMMUNITY WHICH IS CENTRALLY LOCATED IN THE CAMELBACK CORRIDOR AT THE SOUTHERN BASE OF CAMELBACK MOUNTAIN. ENTER THROUGH THE FOYER AND INTO THE SPACIOUS GREAT ROOM FLOOR PLAN THAT FEATURES AN OVERSIZED RETRACTABLE SLIDING GLASS DOOR LEADING TO THE COVERED PATIO AND BRINGING THE OUTSIDE IN, PROVIDING TONS OF NATURAL LIGHT INTO THE SPACE. THE CONTEMPORARY CHEF'S KITCHEN WITH A SLEEK AND MODERN DESIGN OPENS TO THE GREAT ROOM AND BOASTS DUAL TONE CABINETRY, QUARTZ COUNTERTOPS, DESIGNER TILE BACKSPLASH, STAINLESS STEEL APPLIANCES, DUAL OVENS, A GAS RANGE, AND A CABINET FACE REFRIGERATOR THAT PROVIDES A SEAMLESS, CLEAN LOOK. THE OVERSIZED WATERFALL CENTER ISLAND OFFERS PLENTY OF EAT-UP BAR SEATING, PERFECT FOR ENTERTAINING FRIENDS AND FAMILY. INDULGE IN THE OPULENCE OF LUXURIOUS WOOD AND TILE FLOORING GRACING EVERY CORNER, ENSURING EFFORTLESS MAINTENANCE. REVEL IN THE GRANDEUR OF HIGH CEILINGS AND THE SUBTLE ALLURE OF RECESSED LIGHTING THAT GRACEFULLY ILLUMINATES THE SPACE. THE MASTER SUITE FEATURES A SLIDING GLASS DOOR TO THE BACKYARD. THE SPA-LIKE MASTER BATH BOASTS DUAL FLOATING VANITIES, A SPACIOUS GLASS ENCLOSED WALK-IN SHOWER WITH A BENCH AND A LUXURIOUS DESIGNER SOAKING TUB, PERFECT FOR RELAXING AND UNWINDING. ADDITIONAL BEDROOMS ALL FEATURE WOOD FLOORING. THE SPACIOUS LAUNDRY ROOM OFFERS A FRONT-LOADING WASHER AND DRYER, AS WELL AS PLENTY OF BUILT-IN CABINETRY FOR AMPLE STORAGE ALONG WITH A CONVENIENT UTILITY SINK. OUTSIDE YOU'LL FIND A COVERED PATIO ADORNED WITH EXTENDED PAVERS, CREATING A FLAWLESS SPACE FOR AL FRESCO DINING AND RELAXATION. EASY CARE SYNTHETIC GRASS TIES INTO THE SPACE, CRAFTING A SERENE SETTING FOR YOUR ENJOYMENT. LOCATED JUST MINUTES AWAY FROM WORLD-CLASS SHOPPING, DINING AND RECREATION. COMMUNITY AMENITIES INCLUDE A PRIVATE POOL, WELL-APPOINTED FITNESS CENTER AND STYLISH OUTDOOR GATHERING SPACES.

7262 E Baker Drive Scottsdale, AZ 85266

$2,499,000
5 Beds
4.5 Baths
5,741 SqFt
Status Active
MLS # 6725493
Property Type Single Family Residence
Price Type --
Don't miss this stunning Monterey Home situated on the best private 1.6 acre lot in the coveted gated community of Trovia! The incredible open concept floor plan with gorgeous site lines is the perfect mix of form & function. This well-designed, single level home features the primary bedroom and office on one side, and four large bedrooms and a plush game room on the other. Spacious open kitchen features top notch appliances, granite countertops, kitchen island, upgraded cabinetry, Viking six-burner gas stove and a built-in refrigerator. That is just the beginning as this home features a top of the line cinema-like home theater, a full sauna and exercise room and a 4 car oversized garage! The backyard oasis is incredible for entertaining and family gatherings. A large over-sized pool, separate heated spa, built-in Viking BBQ, and huge extended covered patio tops off the outdoor experience. Furnishings and accessories available on separate bill of sale.

8396 E Sunnyside Drive Scottsdale, AZ 85260

$2,499,000 - 4Br/5Ba -  for Sale in Scottsdale Country Club East 9, Scottsdale
New
$2,499,000
4 Beds
4.5 Baths
3,900 SqFt
Status Active
MLS # 6759532
Property Type Single Family Residence
Price Type --
LUXURY CUSTOM SINGLE LEVEL REMODEL ON GOLF COURSE!! 4 Bedrooms ALL ENSUITE plus a private office. This 4/4.5/5 has an optimal split floorplan. From the moment you enter , the Golf Course and Mountain Views will captivate you. A custom designed open floorplan with GOURMET KITCHEN including SUB ZERO, WOLF, BOSCH and HARDWOOD FLOORS THROUGHOUT! Open plan with an Enormous Family Room / Eat in Kitchen, Separate Dining Room as well as an Expansive Living room with Custom Wine Bar. Family Room has 16 foot collapsing doors that combine the indoor and outdoor living spaces brilliantly! Huge oversized side entry garage with an extra storage room. All Newer Trane AC Units with NEST thermostats. Home is located between 6th green and 7th Tee. NO GOLF BALLS IN YARD EVER!!!

14432 S 18th Street Phoenix, AZ 85048

$2,499,000
5 Beds
5.5 Baths
6,600 SqFt
Status Active
MLS # 6745823
Property Type Single Family Residence
Price Type --
This beautiful estate is located on a 1.14-acre mountaintop lot with incredible city lights views in the highly sought-after Tapestry Canyon. Home designed Bob Long of Design Profiles. This custom private residence includes over 6,100 square feet in the main house with an additional 500 square feet for the guest house. The property offers breathtaking panoramic views of the mountains and city lights. The residence includes four bedrooms, one of which is currently being used as an executive office, and 4.5 bathrooms and a guest house with bedroom, full bath, great room, and kitchenette. The property boasts numerous patios and balconies and a five-car garage! As you enter the residence, you'll see a custom glass/iron front door and a fountain that leads to an elegant foyer with a

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