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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11398 E Desert Vista Road Scottsdale, AZ 85255

$2,495,000

6 Beds

5.5 Baths

5,775 SqFt

Status Active

MLS # 6702811

Property Type Single Family Residence

Price Type --

Views views views in Troon , Scottsdale's most sought-after neighborhood in the gated community of Troon Ridge Estates, features 7 bedrooms and 5.5 bathrooms created by renowned builder Richard Sinagoga. There are 4 bedrooms downstairs including the primary master bedroom with access to the back porch. If you love closet space, you'll love this OVERSIZED master closet. It is the size of one bedroom. The 4th bedroom downstairs is used as an office. There are 3 bedrooms upstairs including the 2nd master bedroom with huge walk-in closet, private bath and balcony that offers breathtaking views of the surrounding mountains and landscape. There is also a spacious family room with balcony and a bar/kitchen. This custom home effortlessly blends timeless design with modern craftsmanship. Instantly, you'll feel the warmth and thoughtful planning that went into every aspect. The generous, sunlit living spaces - 3 skylights downstairs and a solar tube skylight upstairs invite you to add your personal touch. The kitchen is equipped with top-of-the-line appliances, stunning quartzite countertops, a walk-in pantry, dual sinks, microwave, oven and additional dual ovens in the garage, and an island with plenty of seating, is the heart of this home, ready to be the hub of culinary creativity. As you explore, you'll discover an abundance of walk-in closets, en suite bathrooms, a spacious 4 car garage with lots of extra storage space, and so much more, seamlessly blending practicality with luxury. The 360 degrees mountain views are spectacular, along with a resort like backyard, outdoor kitchen, putting green, covered pergola with built-in BBQ, cooktop, 2 wine refrigerators, 3 fire pits and a pool. Many recent updates to the home, including: newly painted interior & exterior, kitchen remodeled, new Spanish tile roof, refinished pebble tech pool, landscaping and more...In this custom home, where classic design meets modern ease, you're not just acquiring a property; you're embracing a comfortable, friendly lifestyle and a space to truly make your own - a perfect multigenerational floor plan or perfect for a larger family. This is a MUST-SEE!

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3832 E Monterosa Street Phoenix, AZ 85018

Open House

$2,495,000

4 Beds

4.5 Baths

3,195 SqFt

Status Active

MLS # 6695513

Property Type Single Family Residence

Price Type --

Step into the paragon of luxury living at Alta - Aussie Modern, a pristine new development meticulously crafted to embody the finest elements of Australian modern architecture. Designed with a relentless focus on quality construction, this one-of-a-kind residence redefines modern sophistication, catering to discerning homeowners who demand the best in design and functionality. As you enter this breathtaking property, you are greeted by an expansive use of glass that not only enhances the structure's modern appeal but also floods the space with an abundance of natural light at every turn. The thoughtful layout ensures that each living space offers seamless transitions, harmoniously connecting the indoors with the spectacular outdoor setting. Alta - Aussie Modern is engineered for the modern family, integrating cutting-edge smart home capabilities that offer unparalleled convenience and security. The custom interior design speaks volumes of its exclusivity, featuring bespoke finishes and luxurious touches that create an inviting atmosphere of elegance and comfort. This home is not just a dwelling; it is a lifestyle choice for those who value design-forward living and functionality. Experience the future of home innovation at Alta - Aussie Modern, where every detail is a testament to elite craftsmanship and contemporary luxury. Welcome to your dream home in the heart of Arcadia, Arizona.

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10040 E Happy Valley Road Unit 409 Scottsdale, AZ 85255

$2,490,000

3 Beds

3.5 Baths

4,651 SqFt

Status Active

MLS # 6698004

Property Type Single Family Residence

Price Type --

IMMEDIATE GOLF MEMBERSHIP AT CLOSE OF ESCROW. Redesigned and remodeled to perfection, this 3 bedroom, 3 full bath, two 1/2 baths + office home is situated to capture views from every room! Spacious 5-CAR GARAGE FOR THE CAR ENTHUSIAST! Great room floor plan with multiple sitting areas, wetbar with wine storage, and custom linear gas fireplace. Open to the dining and great room, the gourmet kitchen features top of the line appliances and the finest of finishes. Opulent primary suite is located on the main level, with private backyard access and large ensuite bath + spacious closet and laundry. Upstairs guest retreat/2nd master suite includes an secluded outdoor terrace, perfect for the privacy of guests. Bedroom 3 with ensuite bath and beautiful mountain views. Arizona outdoor living at its finest with multiple dining and conversation terraces, built-in barbecue, heated spa with cascading water feature, and southern views of the golf course, city lights, sunsets and surrounding mountains. 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.

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9370 E Wethersfield Road Scottsdale, AZ 85260

$2,489,000

3 Beds

3.5 Baths

3,343 SqFt

Status Active

MLS # 6757519

Property Type Single Family Residence

Price Type --

Newly built estate home situated in an exclusive gated community in the Cactus Corridor is available now! Located in the middle of North Scottsdale, minutes from the 101 Hwy with endless entertainment, dining, and shopping - this modern home is in the perfect location and has all the trimmings. Wolf appliances throughout a spacious kitchen, an oversized island with waterfall edge, stacked cabinets with soft-closing drawers, two dishwashers, multiple ovens, a 48'' Miele refrigerator with a full wet bar and a beautiful fireplace that's perfect for entertaining. Home also comes equipped with reverse accent ceilings, LED lighting throughout, upgraded baseboards, and elegant French-doors leading to office area. The open master bedroom with accent wall and luxury bathroom with stand-alone tub and a walk-in shower and closet is a must see. Grand open corner sliding glass doors leading to your soon-to-be backyard oasis. Great insulation with top-of-the-line air purifiers that's built-in throughout entire house. Both garages are fully insulated with dedicated split AC units and stunning epoxy floors that you'll love. Other features include motorized blinds, water softener system, tankless water heater and security cameras safely covering all angles of home. Too many other features to list - act now so you don't miss this one!

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4305 E Virgo Place Chandler, AZ 85249

$2,485,000

5 Beds

4.5 Baths

5,639 SqFt

Status Active

MLS # 6707135

Property Type Single Family Residence

Price Type --

NEW CUSTOM HOME IN THE GATED COMMUNITY OF VASARO. EXPANSIVE GREAT ROOM PLAN OPEN TO A LARGE KITCHEN. 5 LARGE BEDROOMS, ALL WITH IN SUITE BATHROOM ACCESS. A SEPARATE OFFICE/DEN, FORMAL DINING AND LARGE BONUS ROOM WITH DIRECT REAR YARD ACCESS. KITCHEN FEATURES INCLUDE A LARGE WALK IN PANTRY, CUSTOM CABINETS GALORE, 2 SINK AREAS, BUILT-IN STAINLESS-STEEL APPLIANCES (48''REFRIGERATOR, COMMERCIAL STYLE RANGE/HOOD, CONVECTION OVEN, CONVECTION MICROWAVE, AND WARMING DRAWER). THE MASTER SUITE INCLUDES 2 WALK-IN CLOSETS, LARGE WALK IN SHOWER AND FREESTANDING SOAK-ER TUB. TILE & WOOD FLOORING THRU-OUT. THIS HOME ALSO BOASTS 12' & 14' CEILINGS, A 10' x 16' DISAPPEARING (POCKETING) WALL OF GLASS AND A LARGE 4 CAR GARAGE. MEET WITH OUR POOL AND LANDSCAPING CONTRACTOR AND DESIGN YOUR OWN CUSTOM OASIS.

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10905 E Oberlin Way Scottsdale, AZ 85262

$2,479,000

3 Beds

3.5 Baths

2,835 SqFt

Status Active

MLS # 6655766

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 2 car garage and alternate dining available only on lots 12 & 13. 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..

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6415 E Lomas Verdes Drive Scottsdale, AZ 85266

$2,475,000

4 Beds

4.5 Baths

4,100 SqFt

Status Active

MLS # 6637702

Property Type Single Family Residence

Price Type --

Lomas Verdes Estates is a gated enclave of 6 new modern luxury homes designed by the award winning architecture firm The Ranch Mine & constructed by the talented JP Kush Construction. Nestled within 8 acres of breathtaking North Scottsdale Sonoran Desert, Lomas Verdes Estates was meticulously crafted to showcase contemporary four-sided architecture harmoniously tailored to its surroundings. Employing natural stone, environmentally-suited teak wood, & embellished with copper & metal details, the homes seamlessly integrate with the elements of nature. Model 1 is a 4,112 square foot floor plan that includes 4 bedrooms, a den, 4 full baths, a powder room, & a 3 car garage. Entered through a canyon-like space, the double height ceilings will greet you with the perfect amount of light & volume from the moment that you walk in. Throughout the home you will find luxurious contemporary finishes such as SubZero/Wolf appliances, wood-plank flooring, designer finishes, and more! Each home's design revolves around multiple courtyards, purposefully blurring the boundaries between indoor and outdoor spaces, capitalizing on the extraordinary natural environment and delightful weather to evoke a luxurious 5-star resort ambiance. Featuring fully disappearing paneled wall doors, residents effortlessly blend their indoor and outdoor realms, transforming their abode into a private sanctuary. Spanning lots from 1 to 1.7 acres, with 30% NAOS, clients have the freedom to personalize their outdoor haven, whether it be a 1,000 sqft casita, pool, pickleball court, or other amenities.

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28118 N 109th Way Scottsdale, AZ 85262

$2,475,000

3 Beds

3.5 Baths

2,875 SqFt

Status Active

MLS # 6655632

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 2 car garage and available only on lots 14, 15, 20 & 21. 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..

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9188 E Bajada Road Scottsdale, AZ 85262

$2,475,000

4 Beds

4.5 Baths

4,561 SqFt

Status Active

MLS # 6745680

Property Type Single Family Residence

Price Type --

Welcome home to your private desert retreat with majestic views. This stunning split floor plan allows for comfort and privacy for family and guests. Each bedroom is en suite, and the 670 sq. ft. remodeled attached casita with fireplace and separate entrance is very spacious and private. Enjoy absolutely beautiful valley/mountain views and sunsets while listening to the multiple flowing rock formation pool waterfalls. The kitchen is every cook's dream with a large island with breakfast bar, high end appliances and gorgeous cabinetry. Upgrades include a new heated pool area with a huge water feature; exterior stone accents; new custom front entry; new vigas; new roof; surround sound throughout the home, air conditioned garage, and more. This is a must see!!!!

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9749 N Fireridge Trail Fountain Hills, AZ 85268

Open House

$2,475,000

5 Beds

5.5 Baths

6,228 SqFt

Status Active

MLS # 6693358

Property Type Single Family Residence

Price Type --

Enjoy majestic mountain views from this stellar residence nestled in the hills of Firerock Country Club. An artistic iron & glass front door ushers you into this gorgeous great room with rich stone floors, an elegant floor to ceiling fireplace, with open doors to pristine patio views. A gourmet kitchen and dining area is a culinary delight with a sub-zero/wolf appliances. Cozy up fireside in a main floor primary suite with custom closets and a spa-like bath. While a spacious office & an en suite bedroom round out the main floor, head downstairs or by elevator to a huge pool/game room, workout room, media room & 2 more en suite bedrooms. Powder rooms on each floor & 2-story views capture a gorgeous pool & spa with captivating sunsets. Club membership is separate. PRICED UNDER APPRAISAL!

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4511 N 38th Place Phoenix, AZ 85018

Open House

$2,465,000

6 Beds

4.5 Baths

3,545 SqFt

Status Active

MLS # 6707667

Property Type Single Family Residence

Price Type --

Incredible home with 6 bedrooms and 4.5 bathrooms is looking forward to its new owner(s)......Primary Bedroom is downstairs along with 2 other bedrooms that are connected with a Jack and Jill Bathroom. (the front bedroom was being used as an office). Upstairs there is a fabulous loft and the 3 bedrooms are split. The front upstairs bedroom could be used a work-out room the other 2 bedrooms are also connected with a Jack and Jill bathroom. Perfect floorplan that gives lots of privacy to your quests. The main floor has an open floor plan with an amazing kitchen that showcases a large island, gas stove, large side by side refrigerator/freezer, cabinets that go to the ceiling, walk-in pantry for extra storage ..... Sliding doors in the great room open to the patio to bring the outside in......This home does not lack for storage Sparkling pool to cool off in and enjoy the Arizona summer. You will love the area, close to LGO, Postino's, Kachina Park, Biltmore Fashion Park and Scottsdale Fashion Square!

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8509 E Malcomb Drive Scottsdale, AZ 85250

$2,464,500

5 Beds

4.5 Baths

4,474 SqFt

Status Active

MLS # 6716191

Property Type Single Family Residence

Price Type --

Thomas James Homes presents this beautiful NEW BUILD pre-construction residence! Take advantage of the opportunity to select some interior finishes during early stages of construction! Sitting on a cul-de-sac surrounded by new construction in a highly desirable Scottsdale neighborhood, this beautiful 5 bedroom, 4.5 bathroom modern home is the definition of exceptional design. On the first story an inviting courtyard brings the outdoors inside while working in the office. The game room, and 2 covered patios lend themselves to entertaining and making family memories, & a full ensuite bedroom will make guests feel pampered. On the second story, a covered terrace, a loft and flex space along with 4 other bedrooms are sure to check all the boxes.

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