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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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.

8501 E Indianola Avenue Scottsdale, AZ 85251

$2,395,000
4 Beds
3.5 Baths
3,500 SqFt
Status Active
MLS # 6701545
Property Type Single Family Residence
Price Type --
NEW CONSTRUCTION!! A BRAND-NEW '2024' HOME! JUST COMPLETED....BUILT EXTRAORDINARILY BY 'SCOTTSDALE'S PREMIER LUXURY BRAND' AS THE NEWEST ADDITION TO THE 'RESIDENCES OF DISTINCTION' COLLECTION! A CONNOISSEUR OF FINE DESIGN AS WELL AS A CREATOR OF ART. SCOTTSDALES MOST PROLIFIC INVESTOR IS THE DEVELOPER PAR EXCELLENCE: DESIGNING & BUILDING THE MOST OUTSTANDING HOMES, AMBITIOUSLY INSPIRED CREATIONS THAT STAND THE TEST OF TIME! Signature corner location in coveted South Scottsdale, the contrast of the white geometric walls framed in black against the green landscaping with giant palms creates a grand & impressive entrance! The reaction from the street - 'Awe''! Upon entering experience open concept flow. Superb volume is achieved with coffered & recessed ceilings, skylights, engineered hardwood floors throughout & a 'RESTORATION HARDWARE' Chandelier in every room! Every corner of this opulent home has been designed to make an INDELIBLE STATEMENT! Focal point Limestone WINE GALLERY & 'BLACK SATIN' SUBZERO WINE COOLER separate the Dining room & Living room which has floor-to-ceiling fireplace that flows onto the winter/summer patio through custom designed double sliders to breathtaking pool with water features and private outdoor his/her showers. This continuous entertaining space is cooled with built-in misting system. Experience HEATED POOL with baja lounging shelf, jacuzzi, fire pit, BBQ, all in a perfectly manicured verdant green surrounding creating a virtual indoor/outdoor experience! Spiral up the stairway to UNIQUE PATIO DECK where sunset-gazing over Camelback Mountain or midnight star-gazing is an either/and. The top-of-the-line SUBZERO/ WOLF/ COVE Kitchen with white characteristic clean 'European' lines has a 2 tone enormous 12 foot Island which is the central hub of the home integrating easily with the reception areas & outdoor terrace making for easy, interactive Entertaining and Living. 4 BEDROOMS, 3.5 decadent BATHROOMS for exceptional accommodation with the half bathroom being the main attraction as it has walls of real preserved moss and is hidden behind a sculptured glass barn door. 2 Bedrooms are En-Suite include a signature designed built-in 'Ladies cosmetic corner' in the 2nd Primary which is an unforgettable domain of it's own. The Grand Primary suite with wood inlayed walk-in closet, 'Four Season's' style en-suite and with romantic fireplace opens onto the pool. Each bedroom is brilliantly positioned through a huge hallway hand-laid with wood & mirrored artistry. Every feature is of an impressive scale including the the walk-in wood paneled pantry, gorgeous 2 tone Laundry Room with floor to ceiling cabinetry as well as the 2 car garage with opulent black epoxy floors an electric car charger, built-in storage cabinets and designer lighting. MUCH LIKE IN GREEK MYTHOLOGY - PROMETHEUS BRINGS THE GIFT OF FIRE TO HUMANITY, 'SCOTTSDALE'S PREMIER LUXURY BRAND'. BRINGS US CREATIVE HOMES THAT LIGHT THE FIRE WITHIN US!

10800 E Cactus Road Unit 46 Scottsdale, AZ 85259

$2,390,000
6 Beds
5 Baths
5,059 SqFt
Status Active
MLS # 6725530
Property Type Single Family Residence
Price Type --
Great Cactus Corridor value! In exclusive Cactus Gates, Lot 46 sits powerfully perched on one of the subdivision's finest lot locations. Impeccably improved and meticulously maintained, elegance and quality abound in every aspect of this fine home. Currently configured as a 4-Bedroom plus Office and detached Guest House (gym/sports lounge) with 5 full Bathrooms. Wolf/SubZero anchored chef's kitchen with Brookhaven custom cabinets throughout. New Andersen energy efficient windows, water-saving turf, garage cabinets and fresh interior paint (2024). 3+ Car Garage is nearly 1200 SqFt with Tesla EV charger and abundant storage capacity. Privacy is ensured with large natural desert area open space behind the property. Large Sport Court with flexible use inside RV gate on home's west side.

7180 E Kierland Boulevard Unit 1211 Scottsdale, AZ 85254

$2,388,888
2 Beds
2.5 Baths
1,579 SqFt
Status Active
MLS # 6726808
Property Type Apartment
Price Type --
Amazing unobstructed views of the McDowells on the Penthouse floor! 10 ft. floor-to-ceiling windows. Highly upgraded 2 bedroom, 2.5 bath. Gorgeous gas fireplace in great room. Kitchen features Azul Fantasy granite slabs with waterfall edge and full backsplash. Cabinet-style appliances. Wine refrigerator. Oversized (24x48) tile throughout unit and patio. Custom closets. Nest thermostat. State of the art fitness center, steam rooms, pickleball, basketball, racquetball, massage & yoga rooms, party & theatre rooms, indoor putting area and golf simulator & dog park. Rooftop deck has lap pool, lots of seating, running path, fire pits, BBQ's and many entertainment areas... all in the heart of Kierland. Restaurants, shopping and golf all nearby.

6723 E Peak View Road Cave Creek, AZ 85331

$2,380,000
5 Beds
6 Baths
4,250 SqFt
Status Active
MLS # 6742503
Property Type Single Family Residence
Price Type --
Morgan Taylor Homes does it again! This 5 BD plus office/den, 6 BA, high quality luxury home, oversized 4-car, plus 33'X50' drive through air conditioned RV gar with 2-14'x14' and 1- 18'X14' garage doors with powder room. Upgraded black windows, Iron entry door, 2x6 framed exterior, paver front sidewalk and 23' driveway apron, Fire place , huge kitchen island and quartz counter tops throughout, upgraded appliances. All bedrooms have walk in closets with priate bathrooms. Master bath large entry w/steam shower with standalone tub & double sinks. 8' doors throughout. High ceilings, energy efficient spray foam insulation,Huge south facing backyard. To be move in ready 60 days.

2476 S Pinyon Jay Drive Unit 23 Flagstaff, AZ 86005

$2,379,400
3 Beds
3.5 Baths
2,637 SqFt
Status Active
MLS # 6743747
Property Type Single Family Residence
Price Type --
Home is not yet under construction. The single-story Coronado plan puts a central focus on the home's living area - an open layout that flows freely from one room to the next, and thanks to center-sliding patio doors, even allows the outdoors, in. An expansive patio calls for cocktails under the stars or summers reads on warm afternoons. Incentives currently being offered. Please call the Pine Canyon Sales Office for more information. List Price includes a 3 car garage.

9525 Sierra Springs Drive Pinetop, AZ 85935

$2,375,000
4 Beds
4.5 Baths
4,330 SqFt
Status Active
MLS # 6739699
Property Type Single Family Residence
Price Type --
Stunning Rustic Meets Modern with this gorgeous Luxury Home in a wilderness setting making it the most perfect Upscale Cabin home one can imagine in the beautiful lakeside Sierra Springs Community of Pinetop. This exclusive community boasts the best of the best in Cabin living in the white mountains and this rare opportunity to own a brand-new home built by an established and experienced hometown builder.Only 12 months build time, and you too can own in this prestigious community on one of the nicest view lots still available.They are TOP NOTCH. Minutes to town but far enough to enjoy the starlit dark skies and wildlife.

9590 E Altadena Avenue Scottsdale, AZ 85260

$2,375,000
4 Beds
3.5 Baths
4,632 SqFt
Status Active
MLS # 6686677
Property Type Single Family Residence
Price Type --
Nestled behind the gates of an exclusive Scottsdale neighborhood, this stunning contemporary home epitomizes luxury living. Boasting clean lines and sophisticated design, this residence is conveniently located near premier shopping, dining, and esteemed schools. Upon entering, you're greeted by soaring ceilings and newly installed wood flooring, creating an inviting atmosphere flooded with natural light. The expansive walls of glass seamlessly blend indoor and outdoor living, offering a tranquil retreat from the bustling city life. The meticulously crafted layout includes a master suite boasting a comforting fireplace and a lavish bathroom equipped with heated floors, a multi-person Jacuzzi jetted tub, and a stunning glass wall opening onto a secluded courtyard. Four extra guest rooms, one with a steam shower, offer generous areas for unwinding and work alike. The updated white kitchen is a chef's delight, boasting a large island with custom lighting and top-of-the-line appliances. It effortlessly flows into the spacious family room, featuring a fireplace, surround sound, and wet bar, making it the perfect spot for entertaining guests. This home is a equipped with a smart home system and has network wiring with multiple access points. Outside, the resort-style backyard beckons with its expansive covered patio, outdoor kitchen, and built-in BBQ island. Framed by lush grassy grounds and majestic mountain views, the heated pool with rock waterfall and super sports court provide endless opportunities for recreation and relaxation.

29509 N 55th Place Cave Creek, AZ 85331

$2,371,675
6 Beds
5.5 Baths
4,993 SqFt
Status Active
MLS # 6678427
Property Type Single Family Residence
Price Type --
Welcome to the epitome of luxury living in the prestigious Bellissima Community nestled in Cave Creek, Arizona. This exquisite 6 bedroom, 5 and a half bath residence is a testament to modern elegance and comfort. As you approach this stunning estate, you're greeted by a meticulously landscaped front yard and an impressive facade. Stepping inside, you're immediately struck by the grandeur of high ceilings and expansive windows that flood the interiors with natural light, creating an inviting ambiance throughout. The heart of the home is the chef's dream double island kitchen, equipped with top-of-the-line appliances, custom cabinetry, and sleek countertops, making it perfect for both intimate family meals and grand entertaining. The kitchen seamlessly flows into the spacious living areas, including a formal dining room and a cozy family room with a fireplace, ideal for gathering and creating lasting memories. The primary suite is a sanctuary of comfort, boasting a generous layout, a luxurious en-suite bathroom with dual vanities, a soaking tub, and a walk-in shower. The remaining five bedrooms are equally well-appointed, offering ample space and privacy for family members and guests alike. One of the highlights of this remarkable property is the outdoor oasis, featuring a sparkling pool surrounded by a travertine patio, a covered outdoor kitchen, and a dining area, perfect for al fresco dining and entertaining year-round. The lush landscaping and serene desert views provide a tranquil backdrop for relaxation and enjoyment. Additional amenities include a three-car garage, a dedicated home office, a media room, and custom finishes and details throughout, showcasing the impeccable craftsmanship and attention to detail that define this home. Located in the highly sought-after Bellissima Community, residents enjoy access to top-rated schools, fine dining, shopping, hiking trails, and all the amenities that Cave Creek has to offer, making this property a true gem in the Arizona real estate landscape.

10059 W Villa Lindo Drive Peoria, AZ 85383

$2,350,000
5 Beds
4 Baths
4,723 SqFt
Status Active
MLS # 6735584
Property Type Single Family Residence
Price Type --
Exceptional custom home in the prestigious gated community of Melton Ranch 1. Spanning 5,679 square feet, this exquisite residence features 5 beds, 4 bathrooms, a 4-car garage with custom cabinetry, a designer pool, an RV garage, and a guest house. Enter through a private courtyard into the charming formal dining and living rooms. Unwind in your spacious master suite, complete with a sitting room, private backyard exit, and a cozy two-way fireplace. The master bath offers a whirlpool tub and a walk-in shower for ultimate relaxation. Perfect for entertaining, the gourmet kitchen opens through sliding glass pocket doors to a backyard oasis. Enjoy swimming or sliding into the designer pool, making this home an entertainer's dream.

6111 E Hearn Road Scottsdale, AZ 85254

$2,350,000 - 4Br/3Ba -  for Sale in Thunderbird Desert Estates Unit 4, Scottsdale
New
$2,350,000
4 Beds
3 Baths
3,260 SqFt
Status Active
MLS # 6759479
Property Type Single Family Residence
Price Type --
The Magic Zipcode just got more Magical! Welcome to 6111 E Hearn Rd, a very special extensive rebuild that is like none other! This beautifully re-imagined property has spared no expense to deliver all the essentials and luxury touches you desire, with the feel of new construction on a large lot in a fantastic established neighborhood. The split floor plan offers additional privacy for the main primary suite, which features a jumbo sized master shower and separate soaking tub, dual sinks, water closet, and walk in closet with custom cabinetry and shelving. The secondary primary suite on the east wing was specifically designed with additional accessibility in mind, the zero grade shower also has a full bench and an enlarged door less entry with separate shower heads and controls for comfort and ease. The gorgeous, jaw dropping kitchen includes quartzite countertops and a huge custom island with drawer microwave, imported Italian Bertazzoni appliance package with induction stove, under cabinet lighting and a bedroom sized walk in pantry with shelving and cabinets. The custom built wine cooler has double sided dry bars with ice maker and mini fridge, plus shelving and storage. Enter the large grassy backyard through the multi-directional arcadia doors and enjoy mountain views, plus a full sized play pool ready for soaking, sunning or volleyball. Large, three car garage and no HOA makes this the perfect home for anyone.

2543 E Linda Lane Gilbert, AZ 85234

$2,350,000
5 Beds
5.5 Baths
5,164 SqFt
Status Active
MLS # 6735153
Property Type Single Family Residence
Price Type --
Experience the home of your dreams! This exquisite luxury property, located in Whitewing at Wiehl Estates, is a true masterpiece of modern living. Every detail has been meticulously crafted to offer ultimate sophistication. This stunning kitchen is truly a chef's paradise, designed to encourage culinary imagination. Recent updates include a stunning gold-plated range hood, gold pot filler, gold handles on new Monogram gas cooktop that perfectly compliments new black and gold light fixtures and fans. The kitchen features a dedicated espresso area, a built-in Wolf fridge and a Wolf built-in microwave. The large primary bedroom looks out to the best view of the backyard and pool. The custom-built cabinetry is thoughtfully designed with elegant backlighting to highlight its intricate details, while also offering abundant storage space. The primary closet is a dream come true with personalized cabinets that extend to the ceiling, providing ample storage space. Indulge in the beautifully designed primary bath, complete with gold faucets designed for drinking, oval dual sink vanity, surround sound, tile to the ceiling, new commode, make the bathroom experience magical. Relax in the matching oval-shaped soaker tub or enjoy the two-sided, extra-large shower room. Perfect for guests or extended family, the detached casita includes a custom-made Murphy bed and its own bathroom. A spacious three-car garage ensures ample parking, while the property also features a new roof and freshly painted exterior, enhancing its curb appeal. Each of the upstairs bedrooms comes with its own ensuite bathroom, ensuring comfort and privacy for everyone. The expansive, extremely private backyard is perfect for entertaining or relaxing, also including a sports court. This home is a true gem, offering the perfect blend of luxury, comfort, and modern amenities. Don't miss the opportunity to own the finest property in the neighborhood. Contact us today and experience the epitome of lavish living.

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