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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3623 N 54th Court Phoenix, AZ 85018

$2,399,000
3 Beds
2 Baths
1,968 SqFt
Status Active
MLS # 6748768
Property Type Single Family Residence
Price Type --
This is a beautiful midcentury home that was built in 1962. It was one of the original designed home in this subdivision. The house has been remodeled with new flooring, paint. and new lighting. Bathrooms have been completely remodeled. This is a fantastic rental or short term home that is ready to be torn down and remodeled from the studs up. The architectural plans have already been submitted and approved.

8447 E Nightingale Star Drive Scottsdale, AZ 85266

$2,399,000
4 Beds
4.5 Baths
5,044 SqFt
Status Active
MLS # 6717319
Property Type Single Family Residence
Price Type --
Experience the epitome of luxury in North Scottsdale's tranquil Sierra Boulders North community, situated within the prestigious 85266 ZIP code. Step through a private courtyard to enter this exquisite custom-built residence, showcasing a wrought iron entry, 18-inch travertine flooring, and 8-foot alder doors, all designed with a seamless, step-free interior. The den features coffered wood ceilings, while the fully remodeled kitchen is outfitted with premium Wolf appliances, a Sub-Zero refrigerator, a Wolf coffee maker, and an impressive 600+ bottle wine wall. This home also includes 4 new AC units, installed in 2022, ensuring year-round comfort. All guest bedrooms are ensuite, and the primary suite provides a versatile office/gym area, an expansive closet, a fireplace and outdoor access. Outdoors, enjoy panoramic views, travertine patios, an updated outdoor kitchen, landscape lighting, mature landscaping, and a heated pool and spa. Additionally, a detached casita offers extra accommodation for guests. The 85266 area boasts a harmonious blend of desert landscapes and upscale residential communities, many with breathtaking mountain views. It is home to several world-class golf courses and exclusive resorts, catering to those seeking a premium, sophisticated lifestyle

6827 E 5th Street Scottsdale, AZ 85251

$2,399,000 - 3Br/4Ba -  for Sale in Scottsdale Village, Scottsdale
Open House
$2,399,000
3 Beds
3.5 Baths
2,761 SqFt
Status Active
MLS # 6721509
Property Type Single Family Residence
Price Type --
This CUSTOM newer built residence is fully automated w Control 4, curb appeal & a great lock/leave opportunity. Featuring 3 en-suite bedrooms (one bdrm is currently being used as a theatre), plus office; this home is a modern gem. Boasting impressive 14'' ceilings, open floor plan, spacious great room w 2 way fireplace, an abundance of natural light & elegant finishes; this home creates an inviting atmosphere for entertaining or relaxing. The gourmet kitchen is a chef's dream, featuring thermador appliances, custom cabinetry, & custom bar. The backyard offers both a heated pool & spa, is completely landscaped w/ both front & backyard patios having commercial grade misting systems. Nothing has been overlooked in this SMART home. No HOA. Walk to Old Town, Fashion Square, Waterfront, Canal, Movie Theater, Scottsdale Arts District, & trendy restaurants.

12222 N 74th Street Scottsdale, AZ 85260

$2,397,000
4 Beds
3.5 Baths
3,669 SqFt
Status Active
MLS # 6750919
Property Type Single Family Residence
Price Type --
Completely remodeled, this stunning property offers over 3,600 sq ft of luxurious living on a spacious 1/2-acre lot. Enjoy a sparkling pool with an expansive outdoor area, and the freedom of NO HOA. The home features an open floorplan, top-of-the-line appliances, quartz countertops with a waterfall edge, custom lighting, new windows, a Ramada with a BBQ station, and exquisite landscaping. Close to restaurants and nightlife, this dream home is perfectly situated for a vibrant lifestyle. Don't miss your chance to make it yours!

3060 S 3010 -- Colorado City, AZ 86021

$2,395,400
3 Beds
2 Baths
1,666 SqFt
Status Active
MLS # 6669780
Property Type Single Family Residence
Price Type --
Don't miss out on this 479 acre high-desert grassland ranch. Property features 3 BR main house (needs fix up) w/2-car garage & storage, beautiful new Tiny House, huge metal barn & equipment shed. The barn has 3 separate bays, (two 10x14 & one 14x14) roll-up doors, horse stalls, lg. loft for extra storage & electricity. Beautiful Tiny House features spacious living RM/kit. combo w/range-oven, dishwasher, B/I micro, dining area, utility room & 3/4 bathroom downstairs; upstairs features a spacious bedroom, 1/2 bath & spectacular views. 2 wells - one at pump house w/solar & wind mill; the other east of knoll w/solar (fills two 1k gallon tanks on knoll). All this on 479 acres makes this a can't-miss purchase. This sale includes 2 contiguous parcels: 405-53-012 & 405-55-004. Farm equipment... ...available in a separate bill of sale.

10051 E Horned Owl Trail Scottsdale, AZ 85262

$2,395,000
4 Beds
4.5 Baths
4,397 SqFt
Status Active
MLS # 6748563
Property Type Single Family Residence
Price Type --
Located in the exclusive gated community of Talus at Troon North, this exceptional 4,397-square-foot residence offers unparalleled privacy and luxury, strategically positioned on the 5th hole of the prestigious Pinnacle Golf Course. Set on a sprawling 1.75-acre lot, the home is surrounded by dramatic boulder outcroppings and breathtaking views of Pinnacle Peak, ensuring a serene and picturesque backdrop for every occasion. The outdoor living spaces are impressive, featuring a mix of covered and uncovered patios that are perfect for dining, lounging, and conversation. A playful putting green enhances the outdoor experience which features no surrounding houses around this unique lot. The refreshing pool and spa with boulder water feature are surrounded by lush landscaping and majestic boulders, creating a tranquil oasis where you can relax and take in the stunning desert sunsets. The open floor plan seamlessly integrates formal and informal living spaces, all centered around the kitchen. The kitchen features a working center island and bar top peninsula surround and stainless steel appliances including a gourmet gas range, a built-in Sub-Zero refrigerator, and a wine refrigerator. Adjacent to the kitchen, a spacious great room offers the perfect environment for family gatherings and social events, all designed to maximize natural light with its glass-dominant architecture. Each of the four large bedrooms is designed for comfort and privacy, with en-suite bathrooms that have been thoughtfully upgraded to the highest standards. The primary suite offers a peaceful retreat with exterior access and a spa-like bathroom featuring dual sinks, vanity desk, separate shower and tub, and walk-in closet. A dedicated office provides a quiet space for work or study. With no interior steps, this home is as functional as it is beautiful. Located just minutes from shopping and services, this move-in-ready home combines luxury, convenience, and natural beauty, making it a true treasure in North Scottsdale's Troon North community.

6842 E Joan De Arc Avenue Scottsdale, AZ 85254

$2,395,000
5 Beds
5 Baths
3,733 SqFt
Status Active Under Contract
MLS # 6753221
Property Type Single Family Residence
Price Type --
Spectacular remodeled California Ranch style home with grace and style! Immaculate open and spacious bright floor plan with vaulted ceilings, Sierra pacific LowE doors and windows, new paint in/out, lighting, hardware, new kitchen back splash accents, designer touches with a lot of character! Beautiful details throughout with most bedrooms ensuite (own bathrooms), private primary bedroom split floor plan, coffee/wet bar, white Quartz tops, wine cooler, large separate Guest house w own kitchen, oversized 3 car epoxy garage with custom cabinets, large lot, mature landscaping, side rear access gates for more cars/toys. Sparkling Diving pool/new pebble sheen, green grass, Ramada and so much more! Move in ready-this home is absolutely Beautiful! See today

9975 E Broken Spur Drive Scottsdale, AZ 85262

$2,395,000
3 Beds
3 Baths
2,960 SqFt
Status Active
MLS # 6712549
Property Type Single Family Residence
Price Type --
Welcome to Lookout Ridge Lot 1, a luxurious retreat nestled within the prestigious Desert Mountain community. This furnished 3-bedroom, 3-bathroom home spans 2,960 square feet and features an open floor plan that perfectly frames the breathtaking panoramic views of the surrounding mountains, twinkling city lights at night, and stunning sunsets. Step inside to a freshly painted interior that exudes a light and bright ambiance, making every room feel inviting and serene. The spacious living area seamlessly flows into the outdoor patio, designed for ultimate relaxation and entertainment. The patio offers a heated spa, and a fun little putting green to practice with friends and family. This home is designed for easy living, offering a convenient lock-and-go lifestyle ideal for those . who love to travel or maintain a low-maintenance home. Membership is not available with this property, but can be purchased through the Desert Mountain Club, waitlist in place. Additional information on membership applications can be found in the document tab. Embrace the unparalleled lifestyle and luxury that Desert Mountain offers with 7 golf courses, 10 restaurants, Spa and workout facility, tennis and pickleball, 20+miles of private hiking trail and many other fun activities.

3941 Griffiths Spring -- Flagstaff, AZ 86005

$2,395,000 - 4Br/5Ba -  for Sale in Forest Highlands, Flagstaff
New
$2,395,000
4 Beds
5 Baths
3,431 SqFt
Status Active
MLS # 6760121
Property Type Single Family Residence
Price Type --
Fully updated, SINGLE LEVEL home with tons of room, natural light and privacy. The open floor plan provides exceptional flow to the kitchen as well as the large back deck. A multi-sided fireplace tops off the ambience of this amazing space. The chef's kitchen is equipped with stainless steel appliances, center island an breakfast bar. The floor plan is well designed with the primary suite tucked away on one side and the other 3 bedrooms on the other. All bedrooms have en-suite bathrooms. In addition, there is a large bonus/game room (could be BR #5) with another full bath. The back deck has both covered and uncovered areas complete with a built-in BBQ and large fenced in area for the kids and separate dog run. Complete with a new roof and central A/C, this home is the complete package.

8255 E Vista De Valle -- Scottsdale, AZ 85255

$2,395,000
4 Beds
3 Baths
3,743 SqFt
Status Active
MLS # 6742702
Property Type Single Family Residence
Price Type --
Welcome to a captivating retreat in Pinnacle Peak Country Club, perfectly positioned with breathtaking views of sunset, mountains and the double fairways, overlooking the 7th and 4th holes. This beautifully crafted home offers 4 bedrooms, 3 bathrooms, and a den, all set against a stunning backdrop of saguaro cacti, granite boulders, and ironwood trees. Enter through the elegant leaded glass double doors to be greeted by soaring wood beam ceilings that exude both charm and sophistication. The updated kitchen is a chef's dream, featuring a Wolf induction cooktop, SubZero refrigerator and freezer, Asko dishwasher, wine refrigerator, and a spacious pantry. Waterworks fixtures, including polished and hammered sinks, showcase the meticulous attention to detail throughout this custom home, more Multiple fireplaces add warmth and ambiance to the inviting spaces.This exquisite Pinnacle Peak Country Club home harmonizes quality and timeless design, offering ultimate comfort and charm. The open floor plan, with disappearing patio doors in the great room, seamlessly connects indoor and outdoor living spaces. Enjoy breathtaking sunset, mountain, and city light views over the private golf course. This unique blend of indoor and outdoor living creates an unparalleled experience, making every evening unforgettable.

3021 W Feather Sound Drive Anthem, AZ 85086

$2,395,000
3 Beds
4 Baths
3,476 SqFt
Status Active
MLS # 6734505
Property Type Single Family Residence
Price Type --
Exquisite Golf Course Estate in Exclusive Guard-Gated Community Discover unparalleled luxury and elegance in this newly renovated 3-bedroom en-suite, 4-bathroom estate, nestled in multi-million dollar custom homes on an elevated premium golf course lot with breathtaking mountain views. Located in a prestigious guard-gated community boasting two championship golf courses and serene surroundings, this home offers an exceptional blend of sophistication and modern amenities with no expense spared. Key Features: Tesla Solar Panels: Embrace sustainability with state-of-the-art Tesla solar panels (owner owned), ensuring energy efficiency and cost savings, minimizing your environmental footprint. Private Pool: Relax and entertain in style with a heated resort-style pool and spa, complemented by expansive outdoor living spaces and stunning views. Perfect for relaxation and entertaining. Chef's Kitchen: Create culinary masterpieces in the gourmet chef's kitchen, equipped with top-of-the-line appliances, sleek countertops, and custom soft close cabinetry with ample storage. Guard-Gated Community: Experience peace of mind in a secure environment with 24/7 guard-gated access, ensuring privacy and safety for you and your family. Award-Winning Golf Courses: Tee off on world-class golf courses just steps from your door, perfect for enthusiasts of all skill levels and offering picturesque views. Mountain Views: Admire panoramic mountain views from multiple vantage points throughout the home including a 20' window wall, providing a tranquil backdrop to everyday life. Luxurious Amenities: Revel in the convenience of a built-in wine cellar, soft water system, newer installed A/C units, open concept floor plan, coffee bar ensuring comfort and luxury year-round. Master Suite Retreat: Retreat to the expansive luxurious master suite featuring a spa-like bathroom, oversized walk-in closet, and serene views. Three-Car Garage: Ample space for vehicles and storage in the attached three-car garage, equipped with custom cabinetry and workplace. Location: Situated in a prime location within the community, this home offers easy access to upscale shopping, dining, and entertainment options, while also providing a peaceful retreat from city life. Your neighborhood: Anthem Golf and Country Club boasts private resort style amenities including 36 holes of championship golf, pro shop, 2 clubhouses, premier dining, tennis, swimming, bocce ball, tennis, pickleball, fully equipped fitness centers, spa, yoga, and access to several hiking trails. Whether you have children or grandchildren this is the community you want to live in. From A rated schools to gorgeous parks that include fishing, playgrounds, soccer fields, baseball fields, skate park, walking/jogging paths with waterfalls and ducks. Large community center with every indoor amenity you can think of from rock climbing, ping pong, basketball and private waterpark. There's never a shortage of events, whether it's a concert in the park, football games, farmers market, or Easter Egg Hunt!! Perfect for: Ideal for discerning buyers seeking a blend of luxury, privacy, and exclusive amenities, this meticulously crafted home embodies the epitome of upscale living. Don't Miss Out: This is a rare opportunity to own a prestigious property in one of the area's most coveted neighborhoods. Situated along the 6th hole of Anthem Golf & Country Club this home is sure to impress your family and friends! don't miss out on your chance to experience the luxury and tranquility that define this exceptional residence.

4147 E Clarendon Avenue Phoenix, AZ 85018

$2,395,000
4 Beds
4.5 Baths
2,977 SqFt
Status Active
MLS # 6744626
Property Type Single Family Residence
Price Type --
This bright and airy custom built one owner, single story home completed in 2022 is dreamy. From the 12 ft ceilings, hardwood oak floors, Wolf range, Subzero refrigerator and limestone patio, you are greeted by quality and comfort around every corner. This 4 bedrooms, 4.5 bathroom residence also boasts a flex room, large primary suite with his and her closets, kitchen with gorgeous custom cabinetry and a dining room with an adjoining patio allowing you to entertain your family and friends in luxury and love. The backyard consists of a pool with automatic pool cover, large grassy area and an outdoor kitchen with built in grill and a separate pizza oven for the grill master in your family. The 2 car garage has 12 foot ceilings and can accomodate a car lift for all of your 4 wheel toys. Please see detailed list on upgraded in the documents section.

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