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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2654 E Warbler Road Gilbert, AZ 85297

$2,400,000
5 Beds
4.5 Baths
4,950 SqFt
Status Active Under Contract
MLS # 6722957
Property Type Single Family Residence
Price Type --
Welcome to the epitome of luxury living at Whitewing at Germann Estates in Gilbert, Arizona! Nestled on a half-acre lot within Gilbert's prestigious guard-gated community, this custom-built residence features 5 spacious bedrooms, 4 full baths, and a dedicated pool bath. One oversized bedroom offers versatile potential, perfect for a variety of alternative uses. The home also includes a separate private office, providing an ideal environment for working from home or using as an additional flex space. Ample parking is provided with a 3-car garage, plus a separate, oversized garage ideal for boat or RV storage, a car collection, or a home gym. Step inside and be greeted by soaring ceilings and an abundance of natural light, highlighting the stunning French Oak flooring... throughout the main living areas. The open-concept design seamlessly connects the gourmet kitchen, casual dining area, and expansive living room, perfect for both intimate family gatherings and grand-scale entertaining. The living room features a cozy fireplace, adding warmth and charm to any occasion. The gourmet kitchen boasts quartz countertops, high-end Sub-Zero and Wolf appliances, including a 6-burner gas range with double oven, and undercounter refrigerator drawers. The spacious kitchen island includes a separate ice maker, additional sink, and plenty of extra storage space. For more formal occasions, enjoy the sophistication of the formal dining room, framed by a massive, vaulted ceiling and towering window with unobstructed views of the pool and spa. Retreat to the owner's suite with its spacious bedroom and spa-like bathroom, where luxury and comfort meet. Adjacent to the laundry room, the craft room provides ample storage and serves as your blank canvas to create the perfect space for your unique needs. Escape to your private oasis in the resort-style backyard, featuring an extended covered patio, a stunning pool and spa, enhanced with bistro lighting, and built-in BBQ for quiet relaxation or continued outdoor entertaining. Schedule your private tour today and discover this true masterpiece of design and comfort. Welcome home!

9233 S Krista Drive Goodyear, AZ 85338

$2,400,000
4 Beds
4.5 Baths
4,759 SqFt
Status Active
MLS # 6728156
Property Type Single Family Residence
Price Type --
Imagine, Estrella's finest, Custom Retreat, stargazing in your Cascading Waterfall, Saltwater Pool ~ Spa, Resort Backyard: Outdoor Kitchen, Travertine Covered Patio encompassing Panoramic Views w 2 Rooftop Decks! Breathtaking Courtyard entry adorned with Stone Fountain. Stunning Architecture, Exquisite Lighting & Chef's Kitchen boasts Custom Cabinetry, Thermador Appliances, Pot filler, 6 Burner Gas Cooktop w/ Griddle, Gorgeous Granite & Huge Island. Flooring w/ Inlaid Tile, Crystal Chandeliers, Central Vac, 3 Gas Fireplaces, Surround Sound. Primary En-Suite adorned with Luxurious Spa Bath. Thermador Espresso Machine. Designer Secondary Baths w/ Vessel Sinks, Gold Plated Faucets! Surround Sound. Incredible Custom Home located in the Summit of Estrella Mountain Ranch Consisting of 4 bedrooms, 4.5 baths, large office with fireplace, game room with wet bar. 2 roof top decks along with huge windows throughout the house provide breathtaking mountain views from every angle. Paved private drive with ample parking. Custom ironwork & lighting - gorgeous entry w/courtyard & stone fountain. Beautiful woodwork -Chef's Kitchen w/custom cabinetry & built-in Thermador appliances, pot filler, 6 burner gas cooktop w/ griddle, Level 6 granite, huge island. Remarkable flooring w/ inlaid tile - Luxurious spa master bath with jetted tub / built-in-media controls & Thermador espresso machine. Designer secondary baths w/ vessel sinks - central vac, 3 gas fireplaces, surround sound throughout. Spectacular Saltwater pool w/ spa & waterfall. Spacious covered patios w/ Travertine flooring & pool decking, built-in BBQ All of this within the exciting community of Estrella Mountain Ranch with its 72 acres of lakes, 3,000 sq ft fitness center overlooking the 12,000 sq ft water-park with water slides and heated lap pool. Estrella Mountain residents enjoy over 40 acres of parks that include pathways, pavilions, an amphitheater, basketball, tennis, pickle-ball and volleyball courts. On the lake north lake is the Yacht Club that offers sailboats, paddle boats, canoes, and kayaks. Over 30 miles of hiking and well-designed mountain biking trails. Estrella is also home to a par-72, 18-hole championship golf course designed by award-winning Nicklaus Design.

36031 N 24th Avenue Phoenix, AZ 85086

$2,400,000
4 Beds
4 Baths
3,858 SqFt
Status Active
MLS # 6679810
Property Type Single Family Residence
Price Type --
TO BE BUILT - NEW HOME CONSTRUCTION in the gated community of Tramonto Estates. With almost 2 acres in a prime location this can be your very own dream home! This new construction home is going to offer the very best of modern living and refined elegance in a gorgeous desert setting. Your dream home is waiting!

21279 W Black Rock Drive Buckeye, AZ 85396

$2,400,000
4 Beds
4.5 Baths
4,942 SqFt
Status Active
MLS # 6700059
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 4,027 square feet and the attached guest quarters is 915 square feet, for a total of 4,942 square feet with a three car garage. Also includes a swimming pool and spa. This home features a captivating great room floor plan and is situated on an expansive 1.047 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. 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.

2372 Summer Loop Forest Lakes, AZ 85931

$2,400,000
4 Beds
3.5 Baths
4,639 SqFt
Status Active
MLS # 6727951
Property Type Single Family Residence
Price Type --
Introducing an exquisite turn key (furnished) residence nestled in the serene Forest Lakes Estates at 2372 Summer Loop—offered for the discerning buyer. This majestic cabin-style house presents a unique harmony of luxury & natural beauty, spanning approximately 4639 square feet of meticulously crafted interior space, complemented by its enchanting outdoor settings. The journey begins on a stately asphalt circular driveway leading to a welcoming front porch. Stepping through the custom-designed front door, one is greeted by an expansive great room framed by soaring ceilings & walls adorned w/rare Aspen wood—an element that can no longer be sourced, adding exclusivity to the home.The great room's open layout flows effortlessly into a culinary masterpiece of a kitchen. Equipped with state-of-the-art Wolf & American (range) appliances, luxurious granite countertops, and an ample walk-in pantry, this kitchen is truly a chef's dream. The kitchen and dining area are not just a place for preparing meals, but an exquisite space for creating memories, surrounded by panoramic views of the lush landscape from the sliding glass doors that reveal an elevated deck, allowing for an immersive natural experience. The deck leads down to a second patio accessible from the walk-out basement, which serves as the ultimate entertainment hub. Here, a striking mesquite bar top with a live edge invites guests to gather around, while amenities such as a refrigerator, built-in ice maker, composite sink, and a cozy gas fireplace enhance the convivial atmosphere. The basement also features a spacious guest room, full bathroom and amazing storage closet. Then off to relax in the primary suite (main level of home), featuring a private fireplace, a sauna, and direct access to the deck, creating a perfect retreat. The ensuite bathroom adds a touch of opulence with a dual-sink vanity, a large jetted garden tub, and a luxurious walk-in shower. Upstairs, a generous loft space includes a second living area, ideal for a playroom or an additional family room, and an office space, providing functionality along with luxury. Two additional bedrooms with ample space and a full bathroom complete this level, ensuring comfort for family and guests alike. Outside, the property showcases terraced entertaining spaces amid a backdrop of towering ponderosa pines and spruces. The lush landscape is punctuated with perennial flowers and seating areas, including a fire-pit, designed for enchanting evenings under the stars. This residence does not just offer a home, but a lifestyle of unparalleled comfort and prestige, ready to welcome those who appreciate luxury merged with natural beauty. For those seeking a haven that espouses both refinement and grandeur, 2372 Summer Loop promises to be nothing short of extraordinary. **Seller spent around 15k leveling area for future detached garage /additional parking but would also make a great pickleball / sports court area.**

22 Pinnacle Road Prescott, AZ 86305

$2,400,000
4 Beds
4 Baths
5,824 SqFt
Status Active
MLS # 6721557
Property Type Single Family Residence
Price Type --
Contemporary Luxury in Yakashba Estates! Welcome to your dream retreat nestled on over 2 acres of pristine Ponderosa Pine covered land. This Mid-Century Modern masterpiece offers unparalleled tranquility. The Frank Lloyd Wright inspired architecture blends seamlessly with its natural surroundings to create an oasis of peace and elegance. The main residence features 3 spacious bedrooms and 2.5 bathrooms, thoughtfully designed to provide maximum comfort and privacy. Expansive floor-to-ceiling windows throughout the home bring the outdoors in, filling every room with natural light and offering breathtaking views of the lush landscape. The large primary suite is a true sanctuary, featuring a bathroom with spa-like amenities and an expansive walk-in closet. The property also includes a separate guest casita with a full bathroom for your visitors. Stunning landscaping professionally designed to complement the natural beauty of the surroundings includes multiple outdoor living areas for dining, relaxation, and entertainment. Enjoy the serenity and privacy of this peaceful setting, complete with walking trails and space to explore. This exceptional property offers a rare opportunity to own a piece of paradise, combining luxurious living with the beauty and tranquility of nature. Don't miss your chance to experience this one-of-a-kind estate and see all that this stunning home has to offer.

4450 N 54th Street Phoenix, AZ 85018

$2,400,000
4 Beds
4.5 Baths
2,512 SqFt
Status Active
MLS # 6699085
Property Type Single Family Residence
Price Type --
Stunning fully remodeled 4 bedroom, 4.5 bathroom house with soaring Camelback views. Situated between the Royal Palms and the Phonecian in the best stretch of Arcadia proper. Located in the Hopi school district, this open concept living, dining, and kitchen includes stainless steel appliances, gas range, kitchen island, and custom white cabinets. Primary suite holds private entrance to backyard as well as dual sink vanity, oversized shower, and walk-in closet. Additional 3 guest bedrooms, including full pool bathroom with outside access and laundry units, and 2 car garage. Home includes mature landscaping, pool, and backyard perfect for entertaining and enjoying mountain views. Move-in ready or ideal investment opportunity as a rental. Located minutes away from Arcadia and Scottsdale's top resorts, golf, shopping, and dining.

35530 N Canyon Crossings Drive Cave Creek, AZ 85331

$2,399,999
4 Beds
3.5 Baths
5,081 SqFt
Status Active
MLS # 6735517
Property Type Single Family Residence
Price Type --
Luxurious Mountain View Retreat with Resort-Style backyard. Welcome to your dream home in the gated community of Canyon Ridge Estates. This move-in ready, newly remodeled gem features panoramic windows framing sweeping views of Black Mountain and majestic saguaros, offering a serene and picturesque backdrop. Designed for entertaining, the grand living spaces boast high ceilings and flow seamlessly into a gourmet chef's kitchen, remodeled in 2021. Enjoy top-of-the-line JennAir appliances, a gas pro-style range cooktop, a smart oven, custom-built cabinets, a huge Taj Mahal quartzite island, handmade Zellige tile backsplash, and elegant Brizo fixtures. Step into your resort-style backyard with low-maintenance landscaping, an outdoor fireplace, and a renovated heated pool and spa with water and fire features. Host unforgettable parties with the outdoor kitchen and dining area, perfect for al fresco dining. The expansive patio invites you to unwind and enjoy enchanting Arizona sunsets. The home's flexible floor plan suits any lifestyle. The luxurious primary suite serves as a private retreat, featuring a spa-like bathroom with a freestanding soaking tub and a spacious floor-to-ceiling glass shower wall. Additional en-suite bedrooms offer privacy, comfort, walk-in closets, and mountain views. An oversized garage provides ample space for vehicles and storage. Pre-wired for smart home technology and equipped with a smart security system, this home ensures modern convenience and safety. Situated on over an acre, there's ample room for expansion. Envision a large casita or your own pickleball court. This property is not just a home but a lifestyle. Embrace luxury, comfort, and breathtaking beauty. Schedule a tour today. Seller willing to carry. Agent is related to seller.

24283 S 219th Way Queen Creek, AZ 85142

$2,399,995
5 Beds
4.5 Baths
4,186 SqFt
Status Active
MLS # 6739657
Property Type Single Family Residence
Price Type --
The highly anticipated release of the Caleda by Toll Brothers, Fiora turnkey Designer MODEL HOME WITH BASEMENT is here! This sits on an almost ¼ acre lot, with matured, lush landscaping and backyard finishes creating a breathtaking, private retreat. The outdoor living space is complete with a resort style pool, kitchen, firepit, expansive seating, and a covered patio. Making this home special, the finished basement is complete with a media/game room and 2 additional bedrooms and full bath! The Fiora Model home has every splendor you would expect from an award-winning luxury builder with opulent features such a chef's kitchen with flush Wolfe Appliances, top to bottom upgraded cabinets throughout, and designer features with jaw-dropping effects. Don't miss out on the opportunity!

6504 E Oberlin Way Scottsdale, AZ 85266

$2,399,000
4 Beds
4 Baths
5,171 SqFt
Status Active
MLS # 6754283
Property Type Single Family Residence
Price Type --
Looking for a large 5000 SQFT + home but don't want to pay $3.5 Million for a Toll-Brothers new build? Want privacy, gated community and large lot, but don't want to purchase a tired home that has not been remodeled in 20 years? Want the latest design trends and styling but are hesitant to pay more than 500 per SQFT? This stunning home just might meet all your needs. Located on a quiet dead-end street with a cul-de-sac, it features 4 Bedrooms and 4 Full baths along with a Gym and Den. With an expansive desert open space ( NAOS) both behind and across the property you will enjoy privacy in your new home. At the end of a level driveway you will find garage parking for 4 cars including a brand new oversized and insulated garage (10.5 ft ceiling and 8ft doors) large enough to accommodate a big lifted truck or car lift. New stone work including a travertine walkway enhances the curb appeal of the home. Backyard redesigned to feature travertine pavers, low maintenance artificial grass, citrus trees and a new Ramada with outdoor kitchen. Inside you will find all new porcelain and hardwood flooring thru-out. Brand new gourmet kitchen, featuring Euro look cabinets, new Viking and Monogram appliances, and expansive island. Main living area highlighted by soaring 12 ft ceiling and new liner gas fireplace. At the other end of your new home, a Prime Suite truly worthy of the word Prime. Oak wide-plank hardwood floors, standalone tub, imported porcelain, Starphire Glass and dual showers with massage jets turn this space into a Spa like retreat inside your new home. Two walk-in closets complete this 1100 SQFT enclave. High ceilings accommodate all new LED lighting and circulation fans. All four Bedroom have generous closets, in-suite bathrooms and new wide plank oak flooring. Laundry room features new Samsung W/D and built-in refrigeration with extra storage. 4 New Trane ACs will keep you cool in the Summer. New Spa heater will keep you warm in the winter. Owned and paid-off solar panels for low electricity costs. Electric car charger in garage. Saguaro Highlands is a gated community with amenities including a children's park and Tennis Court. Agent is related to Seller.

8157 E Sierra Morena Street Mesa, AZ 85207

$2,399,000
3 Beds
4 Baths
4,685 SqFt
Status Active
MLS # 6742442
Property Type Single Family Residence
Price Type --
This 2 ACRE Estate Home is a rare find in beautiful Las Sendas. This stunning property offers the most incredible unobstructed south facing views of the surrounding mountains & city lights. Discover the luxury living at its finest with this captivating residence that boasts a circular foyer with water feature, 20+ ft soaring ceilings & a sliding glass wall that blends the interior with the exterior. The professional Viking kitchen, theater room, home office & 2 well located powder rooms complete the interior. Embrace the pinnacle of luxury living with a spacious rooftop deck showcasing the panoramic views of the valley. The extra large 4 car garage will house your vehicles & all your toys. Located near loads of shopping, dining & freeway access.

8334 E Nightingale Star Drive Scottsdale, AZ 85266

$2,399,000
4 Beds
4 Baths
4,798 SqFt
Status Active Under Contract
MLS # 6716473
Property Type Single Family Residence
Price Type --
Enjoy resort living in this immaculately maintained home within the gates of Cortona in N. Scottsdale. A private courtyard leads through custom iron doors into a spacious living area with walls of glass that carry the eye upward to a lush backyard and mountain views beyond. The split plan includes four bedrooms and a dedicated office with mostly wood flooring throughout. The popular fourth garage is air conditioned for use as a man cave or gym, if desired. A chef's kitchen with stainless appliances and two granite islands opens to the family room with a stone fireplace and formal dining area. The owner's suite offers a private sitting room, fireplace, jetted tub and walk through shower. The outdoor space includes a Pebble Tec pool with a rock slide set amidst oasis landscaping, a putting green, separate BBQ area, pergola and covered patio, all comfortably set on nearly one acre. Newly installed in 2023, a complete solar system and 3 new AC units. Suitable as a vacation rental or full time residence, this is one of the area's most beautifully appointed lots. Check into your own Hotel Ritz. Happy hour sunsets boast to be among Arizona's finest!

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