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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38646 N 104th Place Scottsdale, AZ 85262

$2,350,000

3 Beds

3.5 Baths

2,544 SqFt

Status Active

MLS # 6739325

Property Type Townhouse

Price Type --

Golf Membership available~Recently remodeled Hacienda in a fresh ''Cala Lily'' soft white palette with new flooring, countertops, backsplash, primary suite walk-in shower, electrical and new plumbing. This is a GEM as a lock and leave or easy primary residence with less maintenance in mind. Dual generous entertaining patios with both covered and uncovered lounge/dining areas featuring an exterior fireplace and BBQ patio showcasing a new bar with more conversation space. Primary suite has been completely redone; elegant white hexagon tile flooring, dual sided zero entry shower with new hardware and 2 walk in closets. Bright farmhouse style kitchen opens to the great room and dedicated dining with a very convenient and civilized service bar. En-Suite casita with kitchenette, sitting area and views of Pinnacle Peak, Tom's Thumb and all the ranges that surround. Please see features sheet in documents tab for a complete list of all updates/upgrades regarding this just finished remodel. Furnishings available by separate bill of sale.

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3749 E Juniper Circle Mesa, AZ 85205

$2,350,000

5 Beds

5.5 Baths

4,374 SqFt

Status Active

MLS # 6754049

Property Type Single Family Residence

Price Type --

This home is a collector's paradise, boasting unparalleled elegance and move-in readiness. With recent upgrades enhancing every corner, it offers the pinnacle of luxury living. The open floor plan features bedrooms each with their own ensuite, complemented by walk-out patios and a private backyard oasis that promises a resort-like experience. The home shines with fresh interior paint and a state-of-the-art misting system, alongside top-tier amenities like the Ferrari of Toto Toilets, a new AC unit, and water heaters. A whole-house water filtration and soft water system, therapeutic hot tub, and indoor/outdoor Minka Fans further elevate the living experience. For car enthusiasts, the property includes a true 6-car garage with Swiss Trax flooring and air conditioning for extra comfort. The chef's kitchen is a dream, equipped with Subzero/Wolf appliances and an extension of the outdoor kitchen ideal for entertaining. Every detail in this home has been meticulously attended to, making it a one-of-a-kind property on the market. Don't miss out on the opportunity to explore all the exceptional features when you view this home & receive a complete list of enhancements!

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8627 E Wood Drive Scottsdale, AZ 85260

$2,350,000

4 Beds

3 Baths

3,929 SqFt

Status Active

MLS # 6695619

Property Type Single Family Residence

Price Type --

Gorgeous, single level, ranch style home on an ACRE! This spacious floor plan features almost 4000 square feet, 4 bedrooms, 3 bathrooms, 3 car garage, great room, dining, and lots of room to entertain. Large rooms including the en suite master with huge walk in closet equipped with built in cabinetry. Great room with fire place, granite counters, newer appliances, and much more to lay your eyes on! If you're into outdoor activities, this is the house for you too! Diving pool, batting cage, chip and putting green, basketball court, and an acre to add even more if you desire. Phenomenal location, great schools, activities galore within a bike ride. Scottsdale Quarter, Kierland, TopGolf, fine dining, and night life! Welcome home.

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12484 N 76th Street Scottsdale, AZ 85260

$2,350,000

5 Beds

4.5 Baths

4,036 SqFt

Status Active

MLS # 6742719

Property Type Single Family Residence

Price Type --

Stunning completely rebuilt home in the Scottsdale neighborhood of Buenavante* This single level masterpiece boasts over 4000sf with 5 bedrooms, 4.5 bath, split floorplan + a large family bonus room/mancave or kids space * Tall vaulted ceilings in the great room that is open to the kitchen* Designer chef's kitchen with massive island, built-in Sub Zero fridge, commercial range, walk in pantry* Spectacular primary suite with large his & her closets and an impressive custom bathroom* Near 1/2 acre (19,697sf) cul-de-sac lot with diving pool and room to roam, plenty of room for a pickleball court or sport court* 3 car garage* RV gate* Scottsdale Schools* We are the lowest price/sf for a fully renovated home in the area.*This home is amazing, come and see it for yourself!!!

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12339 N 93rd Way Scottsdale, AZ 85260

$2,349,990

3 Beds

3.5 Baths

3,208 SqFt

Status Active

MLS # 6675604

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. Single Level Virtue Model, comprising three bedrooms and a den, along with a three-car garage. The chef's luxury cabinet layout, inclusive of appliances and a captivating waterfall-edge island, adds a touch of elegance. The gathering room, enhanced by corner sliding glass doors and a fireplace, opens to a beautiful pool and meticulously landscaped surroundings, including an outdoor fireplace. All situated in the sought-after Cactus corridor.

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6990 E Buckhorn Trail Scottsdale, AZ 85266

$2,349,000

6 Beds

5.5 Baths

5,944 SqFt

Status Active

MLS # 6645697

Property Type Single Family Residence

Price Type --

Welcome to paradise in north Scottsdale! This sanctuary estate sits at the end of a short private cul-de-sac in the prestigious community of Lomas Verdes. Completely refurbished inside and out, featuring a large open kitchen and great room with high ceilings. The perfectly balanced floor plan will please even the most discerning buyers, providing comfortable two-person living as well as expansive living for larger families! This beautiful home also offers to keep everyone entertained with activities, including a pickle ball court, a beautiful pool and spa, and two outdoor fireplaces. The additional 1,000 square foot finished basement features a wet bar, and living and entertaining spaces. The 3 HVAC systems are newly installed with manufacturer warranties. New quartz counters throughout.

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4440 E Camelback Road Unit 32 Phoenix, AZ 85018

$2,345,000

4 Beds

3.5 Baths

3,266 SqFt

Status Active Under Contract

MLS # 6746450

Property Type Single Family Residence

Price Type --

Rarely do homes this Unique become available since it's located walking distance to some of the Hottest spots in Arcadia, E.g. The Global Ambassador Hotel & 5 dining options, Steak 44, Phoenix Suns training facility, The Henry, Buck & Rider, The Village & the list goes on. Guard Gated, views of Camelback Mtn & 15 min to Sky Harbor. Now step inside this Luxurious, Highly appointed remodel which boasts Double entry doors, High ceilings, 16ft Accordion door, low maintenance back yard, Hardwood floors, Massive Kitchen fit for a chef, Wine Bar, Wood Burning Fireplace, Office with separate Patio, Separate work out/Flex room, ensuite Bedroom and a Primary Bedroom & Bath that will rival any spa, soaker Tub and Generous Walk in closet. Your Opulent lifestyle Awaits, see it Today before it's gone!

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37200 N Cave Creek Road Road Unit 1125 Scottsdale, AZ 85262

$2,325,000

3 Beds

3.5 Baths

2,414 SqFt

Status Active

MLS # 6659637

Property Type Townhouse

Price Type --

Upon entering the secluded courtyard of this unique property, you immediately recognize you've discovered a remarkable place. This ground-level home, resembling a personal oasis, was built in 2020 and features an open floor plan with modern, high-end finishes throughout. Comprising 3 bedrooms and 3.5 baths, it's designed to impress at every turn. Conveniently located near the Desert Mountain Club, the residence includes private terraces that enchant both residents and guests. Perfectly situated on the third hole of the Seven Par 54 Golf Course, this home offers both luxury and accessibility.

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4528 E Montecito Avenue Phoenix, AZ 85018

$2,324,000

4 Beds

4.5 Baths

4,044 SqFt

Status Active

MLS # 6748733

Property Type Single Family Residence

Price Type --

Experience unparalleled luxury in the heart of Arcadia, within the highly coveted Hopi School district. This meticulously crafted new construction, designed by award-winning Rafterhouse, showcases elevated finishes throughout. The stunning residence features four bedrooms, each with its own private ensuite, along with four and a half bathrooms, two offices (one which could be easily converted to an additional bedroom), and a versatile flex spaces. The primary suite, backyard, and balcony offer breathtaking views of Camelback Mountain. A spacious junior primary suite on the first level provides comfortable and stylish accommodations for guests. Enjoy the convenience of walking to local favorites like LGO, OHSO, and The Global Ambassador.

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9958 E Graythorn Drive Scottsdale, AZ 85262

$2,300,000

3 Beds

3 Baths

2,290 SqFt

Status Active

MLS # 6718523

Property Type Townhouse

Price Type --

Full golf membership available. We are delighted to present an exceptional opportunity for you to become a part of the esteemed Desert Mountain community. Complete transformation by Black Stone Development, the Sonoran Cottage nestled within Desert Mountain has been meticulously renovated to epitomize luxury living in the heart of the Sonoran Desert. This remarkable residence is essentially brand new, boasting a myriad of updates and enhancements. From the kitchen to the roof, no detail has been overlooked in this renovation endeavor. Step into a home adorned with new kitchen appliances, elegantly crafted fireplaces, state-of-the-art HVAC systems, new roofing, immaculate drywall, custom cabinets, upgraded plumbing fixtures, and exquisite lighting fixtures illuminating the rich wood and tile floors throughout. Every aspect has been carefully considered to ensure the utmost comfort, functionality, and aesthetic appeal. Perched on an elevated lot, the Sonoran Cottage offers breathtaking panoramic vistas of the surrounding mountains, picturesque sunsets, and the twinkling city lights below. Its thoughtfully designed three-bedroom layout, each equipped with its own full bath, provides an ideal sanctuary for both relaxation and rejuvenation. Moreover, its prime location places you at the epicenter of Desert Mountain's unparalleled amenities. From the rejuvenating retreat of the Sonoran Club spa to the exhilarating recreational offerings of pickleball, tennis, swimming, and fitness facilities, you'll find endless opportunities for leisure and wellness right at your doorstep. Additionally, easy access to all other clubhouses, championship golf courses, scenic hiking trails, and exclusive Ranch amenities ensures that every day is filled with adventure and indulgence. As a testament to our commitment to providing you with the ultimate Desert Mountain experience, we are pleased to offer a golf membership with the purchase of this exquisite property (seller would sell without membership at a lower price). Take advantage of this rare opportunity to join an esteemed community renowned for its unparalleled luxury, natural beauty, and vibrant lifestyle. We invite you to seize this extraordinary opportunity to make the Sonoran Cottage your own and embark on a life of luxury and leisure in the prestigious Desert Mountain community.

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1112 N Center Street Mesa, AZ 85201

$2,300,000

1 Bed

1 Bath

1,694 SqFt

Status Active

MLS # 6742181

Property Type Single Family Residence

Price Type --

140,525 SQFT 3.226 acres These three residential parcels represent a unique redevelopment opportunity for a multi-family and/or mixed use project, just north of downtown Mesa. The central part of Mesa has been undergoing a considerable transformation and this property is well-located to continue this trend. This site offers the potential for residential rentals, condominiums for sale, and possibly commercial uses mixed with residential. 3 parcels 137-20-004-A, 137-20-010, 137-20-002

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9441 N 129th Place Scottsdale, AZ 85259

$2,300,000

5 Beds

5.5 Baths

4,462 SqFt

Status Active

MLS # 6715590

Property Type Single Family Residence

Price Type --

Discover luxury in Scottsdale with this stunning home featuring 5 en suite bedrooms and an open floor plan perfect for modern living. The spacious layout seamlessly integrates the living, dining, and kitchen areas, making it ideal for both entertaining and relaxation. Enjoy serene hikes just minutes from your door, while the renowned Mayo Clinic and BASIS school are conveniently nearby. With upscale finishes, abundant natural light, and a prime location, this residence offers both comfort and convenience in one of Scottsdale's most sought-after neighborhoods.

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