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 99^th 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.

What‘s 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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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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7262 E Baker Drive Scottsdale, AZ 85266

Open House

$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.

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4208 N Via Cobre Circle Mesa, AZ 85207

Open House

$2,499,000

5 Beds

4 Baths

5,415 SqFt

Status Active

MLS # 6720034

Property Type Single Family Residence

Price Type --

Spectacular sunsets, glittering city lights & majestic views of Red Mountain will take your breath away in this 5,415 sq ft Las Sendas custom home nestled on a cul-de-sac lot in the gated enclave of Copper Canyon. A grand foyer leads to a spectacular great room with beamed ceilings, a Cantera fireplace & expansive windows that frame the panoramic views. The resort backyard will draw you outside for sunset evenings with a negative edge heated pool & spa, fire pit, putting green, two patios & a built-in BBQ. After a day at the pool, indulge your inner chef in the stunning custom kitchen with Viking appliances & a spacious island. Escape from the hecticness of life in the private movie theater with it's own powder room or enjoy a game of pool in the large game room with its own wet bar. The extended length and over height four bay garage is a car lover's dream with brick details, custom flooring, air conditioning, a private gated motorcourt, and plenty of room for your toys. The primary suite offers spectacular views, a sitting area, gas fireplace, and a beautifully appointed ensuite with a remodeled walk-in shower, soaking tub, and huge custom closet. The additional four bedrooms are flexibly designed and share Jack and Jill baths. So many upgrades including a Control 4 System, plantation shutters, polished travertine, stone and brick details, and beautiful views out of every window. The community of Las Sendas offers great amenities including pools, pickleball, tennis, bocce, parks, and miles of hiking and biking trails. Located just minutes to the 202 freeway, 20 minutes to both the Sky Harbor and Mesa Gateway Airports, and a short drive to the Salt River and Saguaro Lake.

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41504 N 107th Way Scottsdale, AZ 85262

$2,497,000

3 Beds

3.5 Baths

2,941 SqFt

Status Active

MLS # 6745885

Property Type Single Family Residence

Price Type --

SEVEN GOLF MEMBERSHIP AVAILABLE. Welcome to your updated and remodeled dream home located in the exclusive 8,300-acre guard-gated community of Desert Mountain. Situated on a large cul-de-sac lot (room for a casita) this beautiful and secluded Cochise Ridge open concept residence overlooks natural open space with stunning city lights views. Step into the living room that exudes elegance and comfort, ideal for both relaxed family gatherings and entertaining with a huge flat screen TV and Sonos surround sound audio. The open floor plan seamlessly flows into a fully stocked gourmet kitchen, equipped with high-end appliances, large pantry, built in 100+ bottle dual zone wine cooler, sleek countertops, and ample cabinetry- perfect for the culinary enthusiast. The home offers three generously sized ensuite bedrooms, each with its own private bathroom, ensuring a serene retreat for family and guests. The primary bedroom is secluded on a separate wing with a large walk-in closet, gas fireplace and private patio. Step outside to discover your personal oasis: a negative edge pool integrated with a desert rock waterfall spa offering ample patio/deck space with breathtaking views and the perfect setting for a refreshing swim or sunset cocktails. Entertain with ease in the separate outdoor BBQ and al fresco dining area, where you can host unforgettable gatherings with friends and family. Spa and Pool Equipment all New. An oversized two-car garage with epoxy floor coating, whole house water conditioning system, industrial shelving and double garage doors provides ample space for your vehicles and additional storage needs. Home can be purchased TURNKEY (with a few exceptions) through a separate bill of sale. A transferrable SEVEN GOLF MEMBERSHIP is available to transfer via a separate purchase through the Desert Mountain Club. Embrace the Desert Mountain lifestyle with world-class amenities, stunning natural beauty, and the privacy of a prestigious community. Make this your full-time residence or the ultimate vacation getaway.

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10284 E Filaree Lane Scottsdale, AZ 85262

$2,495,000

4 Beds

4.5 Baths

4,244 SqFt

Status Active

MLS # 6686113

Property Type Single Family Residence

Price Type --

Golf Membership to the Desert Mountain Club Available.This classic Spanish-inspired Santa Fe residence seamlessly blends traditional charm with modern comforts, boasting soft curves alongside contemporary lines and angles. Its hacienda shape offers a distinctive layout, with gathering spaces on one side, outdoor living in the center and private ensuites and a casita on the other. Located centrally within Desert Mountain, it enjoys convenient proximity to the Sonoran Fitness Clubhouse and quick access to town via the nearby back gate. The homes large picture windows capture sweeping vistas from south to northwest, showcasing vibrant sunsets, majestic mountain ranges and twinkling city lights, as well as up-close views of mature cacti. Step outside, and youll discover a haven of outdoor bliss. A meandering water feature flows gracefully through the Sonoran landscape, leading to a geometric-shaped pool where you can bask in the Arizona sun. The covered breezeway connects living spaces, offering seamless indoor-outdoor living. Whether youre dining Al Fresco, star gazing by the firepit, or taking a dip in the pool, every moment is accompanied by captivating views at every turn. Stepping inside, guests are greeted with a prominent rustic front door, leading the eye through glass French doors to the stunning outdoor space beyond. The open floor plan centers around the kitchen, a hub of activity with a spacious island, Wolf, Sub Zero appliances, and ample Alder wood cabinets. Adjacent, a cozy circular casual dining area with a kiva fireplace offers a picturesque spot to savor meals while soaking in the views. The great room invites relaxation with its panoramic vistas, fireplace warmth, and easy access to outdoor pleasures. For additional entertainment, a media room/den awaits with blackout shades, a mounted TV, and French door access to the outdoors. The primary ensuite is a luxurious retreat, showing off stunning views, a kiva fireplace, and a spa-like bath with double vanities, a soaking tub, walk-in shower and designer closet. Two generously appointed guest ensuites offer comfortable accommodations, each with carpeted floors, designer baths, and walk-in showers. A standalone guest casita provides additional privacy and convenience, complete with a breakfast bar, media entertainment and a luxury bath. Throughout the interior, hand-hewn vigas, latilla poles and wire brushed interior doors complement modern design elements like angular cut corbels, substantial picture and viga framed windows and high ceilings, creating a harmonious blend of authenticity and sophistication. Saltillo tile floors flow seamlessly indoor and out, while carpeted bedrooms offer cozy retreats. Beyond the home, Desert Mountain offers an unparalleled lifestyle, with access to 7 clubhouses, 7 golf courses, multiple dining options, and a 20-mile trail system bordering the Tonto National Forest. It promises years of diverse living experiences amidst the breathtaking beauty of the Sonoran Desert. Welcome home to Desert Mountain.

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333 Calle Linda -- Sedona, AZ 86336

$2,495,000

4 Beds

3.5 Baths

3,901 SqFt

Status Active

MLS # 6750799

Property Type Single Family Residence

Price Type --

Located in one of Sedona's exclusive gated communities, this 4,000 SqFt home offers stunning unobstructed red rock views, boasts DESIGNER UPGRADES throughout. NEW hardwood flooring, stylish light fixtures, and Hunter Douglas electric shades. The spacious floor plan includes a luxurious primary bedroom suite with a double-sided fireplace, a gourmet kitchen with a gas range and wine refrigerator, and a modern great room fireplace with Sedona's most scenic red rocks. The lower level features two private guest suites with en-suite bathrooms. Rare 3-car garage for this neighborhood. Enjoy the community's resort-style amenities, including a pool, pickleball, and tennis courts, in a safe and serene setting. HOA pays for landscaping, paved roads, gates, trash, and more! Rentals: 6-mo minimum. HOA pays for landscaping, paved roads, gates, trash, and more!

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13978 E Coyote Road Scottsdale, AZ 85259

$2,495,000

5 Beds

4.5 Baths

3,808 SqFt

Status Active

MLS # 6700409

Property Type Single Family Residence

Price Type --

Multi million dollar absolutely breathtaking city views! Authentic one-of-a-kind Hacienda Style Home unlike anything in Scottsdale Mountain. High on the mountain and feels like your own private range. West exposure is tucked into mountain with wonderful boulder formations. Lush, private courtyard entry. Great room floor plan with casita off pool and an upper level second master suite with office. Master suite, 2 bedrooms and casita on first floor. Professional kitchen with 48' range & all the trimmings. Granite, stone floors, vessel sinks, phantom screen doors, outside kitchen, natural wood doors, vega poles and latilla ceilings. This SW ranch paradise exudes quality, detail and pride! Arrange a sunset & evening - Mind blowing!! All room sizes and figures approximate.

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12690 E Appaloosa Place Scottsdale, AZ 85259

$2,495,000

5 Beds

4.5 Baths

4,677 SqFt

Status Active

MLS # 6740857

Property Type Single Family Residence

Price Type --

Stunning 5-bedroom, 4-bath home located in the prestigious Los Diamantes gated community. Just minutes from Scottsdale shopping, Mayo Clinic, and within walking distance to BASIS Scottsdale, a nationally top-ranked middle and high school. Enjoy breathtaking views of the McDowell Mountains from this cul-de-sac home, which offers great privacy and NOAS space on both sides. Situated on a large lot, the property boasts a newly landscaped front and backyard with low-maintenance turf, new pavers, a pool, spa, and a travertine deck. The spacious, walled, north-facing backyard features shaded sitting areas and a cooling misting system, making it perfect for year-round enjoyment. The exterior of the home has been newly painted with Rhino Shield, ensuring long-lasting durability. Inside, the home features a large primary bedroom with a fireplace and a private sitting area, travertine floors, central vacuum, water softener, reverse osmosis, and a chlorine filter. Additionally, it has newer tankless hot water heaters for instant and endless hot water, newer HVAC systems, and ductless AC in the garage. The property also includes brand new OWNED solar panels, significantly reducing energy costs. The gated community offers a children's playground and a tennis court. Go to our website for more information.

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11885 N Sunset Vista Drive Fountain Hills, AZ 85268

$2,495,000

4 Beds

3.5 Baths

4,044 SqFt

Status Active

MLS # 6731452

Property Type Single Family Residence

Price Type --

Talk about a place to entertain! This 4,000+ sq. ft, 4 bed, 3.5 bath Fountain Hills masterpiece has it all. Large lot (.82 of an acre) and mountain views? Check. Open floor plan? Yes, and it includes wood floors, high ceilings, and a large pocket door (creating an indoor/outdoor environment). The kitchen is huge! It features a large island, stainless steel appliances, and a butler's pantry! The primary bedroom is a sanctuary complete with a walk-in closet and closet organizer. The family room leads you to the large backyard complete with a covered patio, Cantera fireplace, and a built-in BBQ. The PebbleTec pool offers a place to cool off! Even better? The property backs to a reserve. Garage has a gray epoxy chip floor. Located in Fountain's beautiful community of Eagle Ridge.

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33504 N 87th Street Scottsdale, AZ 85266

$2,495,000

3 Beds

3.5 Baths

4,345 SqFt

Status Active

MLS # 6737808

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home located in the gated community of Copper Sky. This new Taylor Morrison home is both elegance and comfort wrapped up in one. Situated on a private 1.2 acres this 3 bedroom with den/office boasts a large kitchen with granite countertops, double islands, a prep kitchen with extra fridge, double ovens, R/O system, stainless steel appliances and walk in pantry. The kitchen is open to the family and dining rooms. The family room has a 15 foot slider that opens to the extended back patio with motorized screens, bistro lights, built in bbq, a gas firepit, heated pool and spa, artificial grass, mature citrus, and the most stunning Arizona sunsets! There is a wine room with a wine fridge. The primary bedroom has a separate sitting or workout area 2 primary closets and a large bathroom with an oversized shower and standalone tub. The 2 extra bedrooms are ensuite and separate from the primary bedroom. There is a separate office/den located conveniently near the front door. The amenities go on and on. This home is a must see!

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764 Vista Del Sol -- Prescott, AZ 86303

$2,495,000

4 Beds

5 Baths

6,819 SqFt

Status Active

MLS # 6704086

Property Type Single Family Residence

Price Type --

Welcome to 764 Vista Del Sol, a stunning residence locat ed atop the scenic beauty of Prescott, AZ! ** SELLER MAY CARRY!! **Offering a perfect blend of modern comfort and rustic charm, showcasing breathtaking 360 degree views and a serene lifestyle... As you enter, you are greeted by an inviting living space adorned with large windows that bathe the interior in natural light while framing picturesque Mountains & Vistas of the surrounding landscape & expansive views of the City. The open-concept layout seamlessly connects the living area, dining space and gourmet kitchen, creating an ideal environment for both relaxing and entertaining. The kitchen is a chef's delight, featuring granite countertops, ample cabinet storage, and a center island with seating. Whether preparing a casual meal or hosting a party, this kitchen is sure to inspire culinary creativity. The primary suite is a private retreat, offering comfort and tranquility with its spacious layout, walk-in closet, and a luxurious ensuite bathroom complete with dual vanities, a soaking tub, and a separate shower as well as dual closets. Additional bedrooms provide versatility for guests, a home office, or hobbies... Step outside to the expansive deck, where panoramic views of the mountains, city, and surrounding natural beauty await! This outdoor oasis is perfect for al fresco dining, morning coffee, entertaining or simply basking in the peaceful ambiance of Prescott. Just a few of the additional highlights of this exceptional home include cozy fireplaces, saltillo tile and hardwood flooring, high ceilings, wine cellar w/humidifier, multiple storage areas, a private guest casita as well as a 3-car garage w/additional storage room. Located in a very desirable neighborhood, 764 Vista Del Sol offers the absolute best of Prescott living, with easy access to historic downtown Prescott, outdoor recreational opportunities, shopping, dining, and cultural amenities. Don't miss the opportunity to make this captivating property your own and experience the lifestyle you've been dreaming of in Prescott, AZ.

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1550 N 40th Street Unit 11 Mesa, AZ 85205

$2,495,000

5 Beds

6 Baths

4,483 SqFt

Status Active

MLS # 6722237

Property Type Single Family Residence

Price Type --

CAR COLLECTOR'S DREAM - This 4482 sqft property has exceptional features including 3000+ square foot RV garage/workshop also could be easily converted to detached guest home, additional RV gate/slab parking, a 40' lap pool & spa, AC/heat, smart home, security system & Cameras, private gated driveway. The interior was carefully designed w/ high-end appliances, exceptional wood, tile, and stone to compliment the 5 bed 6 bath layout, all with walk-in closets, including separate his & her master closets. The layout easily accommodates multiple use options for guest suites/wing, separate entry exits, 2 separate 2-car garages. 26+ indoor parking spots . Hand-picked granite slabs in rare color tones create the perfect wow factor in a blended combination of modern & timeless traditional style.

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