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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3717 N 35th Street Phoenix, AZ 85018

$2,300,000
5 Beds
3 Baths
3,110 SqFt
Status Active
MLS # 6749943
Property Type Single Family Residence
Price Type --
***Napa Inspired Arcadia Area Ranch***2019 Sticks & Bricks masterpiece combines the quintessential look of Arcadia on a 1/3 acre lush vineyard w/ fruit trees. Gourmet kitchen overlooks great room, dining & indoor/outdoor living. Large Carrara marble island kitchen, white shaker cabs, Wolf 6 burner cooktop, fridge/wine fridge/freezer combo, vaulted ceiling w/ beams, 2 gas fireplaces, 8'' oak plank floors, butler's pantry w/ dishwasher, icemaker, coffee station. Large laundry w/ herringbone slate flooring, granite counter, farm sink & Dutch door. Split master w/ separate tub/shower, dual marble vanities. 16 ft Heritage pass through slider to gorgeous backyard. Sparkling pebble sheen play pool/green grass. 10 minutes from airport, walk to shops, restaurants, bars. Nothing like it on market.

1525 W Maddock Road Phoenix, AZ 85086

$2,300,000
3 Beds
2 Baths
1,820 SqFt
Status Active
MLS # 6752615
Property Type Single Family Residence
Price Type --
ATTN: ALL ROPER & HORSE ENTHUSIASTS! Here's a unique opportunity to own almost 10 acres in a desirable location, 20 mins to Dynamite Arena & less than 1 hour to Rancho Rio in Wickenburg. Lazy S Bar D has everything you will need to operate as a trainers facility, commercial boarding, hold equine events or enjoy for your own personal use. Amenities include a 310' x 140' Arena under LED Lights, Priefert automatic roping chute, Priefert alley, plenty of Priefert cattle pens & turnouts, 3 mare motels w/ 40 spacious stalls, plenty of tack storage, 48' x 60' storage, 15 RV Hookups & a great producing private well w/ storage tank! The home features an open floorplan - great for entertaining, granite countertops in kitchen w/ stainless steel appliances, a laundry room w/ outdoor access, large... primary bathroom w/ jetted tub & beautiful cabinetry throughout.

2440 N Maple -- Mesa, AZ 85215

$2,300,000
5 Beds
4.5 Baths
5,625 SqFt
Status Active
MLS # 6707552
Property Type Single Family Residence
Price Type --
Indulge in a masterful blend of LUXURY and FUNCTIONALITY in this METICULOUSLY-CRAFTED CUSTOM ESTATE. Nestled in the privately-gated community of Vista Estancia, one of North Mesa's most coveted neighborhoods, this is a RARE BUYING OPPORTUNITY! Perfectly situated on a .81-acre lot, the home is surrounded by lush irrigated citrus, mature trees and features a paved circular driveway and huge grassy lot. The gorgeous back yard features an oversized north-facing covered patio with built-in speakers, and an EXTRAORDINARY FENCED POOL AND SPA, with ample room for laps, 10' deep for diving, and a stunning rock waterfall and slide. Cantera stone details embellish a high-quality colored stucco finish, and the custom entry door is timelessly elegant. Gracing over 5,600 sf of living space, interior features include limestone & travertine flooring, gorgeous Lincoln casement windows, soaring ceilings, and high-quality fixtures. Boasting the 'PERFECT' FLOOR PLAN,' the layout is appealing for many living situations. A TRUE SPLIT FLOOR PLAN, the Primary Suite occupies a separate wing of the home, with a spacious sitting room, romantic fireplace, and a well-appointed ensuite bath with abundant built-in storage and a spacious walk-in closet. Three guest rooms are in another wing of the home; two with private verandas, walk-in closets and one with an ensuite bath. Beyond the great room and kitchen is a flex space, guest bedroom and full bath with endless possibilities as a MULTI-GEN LIVING SPACE, GAME ROOM, PLAY ROOM or MOVIE ROOM! Formal living and dining create a gracious entertaining space, while the GORGEOUS GOURMET KITCHEN with TIMELESS FEATURES and CLEAN LINES features a huge island, Alder wood cabinetry, built-in refrigerator with sleek wood-paneled doors, dual ovens, gas cooktop and so much more. Open to the EXPANSIVE GREAT ROOM with a view into the back yard and pool, a custom wood built-in entertainment wall and relaxing gas fireplace create an inviting atmosphere. Other notable features of this stunning home include full spray-foam insulation, updated HVAC systems (1 brand new), irrigated citrus trees, a HUGE KITCHEN PANTRY AND STORAGE, a secondary climate-controlled storage room, and gorgeous laundry/utility with cabinets, sink and built-in ironing board. Car enthusiasts will love the over 1,100 sf overheight and extended length garage with new epoxy flooring, and space available to build an additional garage if desired. This fully private lot is situated adjacent to a quiet community park with a playground and a basketball court. Vista Estancia is ideally located near the end of a quiet street with minimal traffic, but is just minutes away from the Loop 202 & Sky Harbor Airport, with easy access to downtown Phoenix, Scottsdale and the Mesa Arts Center. Northeast Mesa is a mecca for some of the best hiking, biking, paddling, fishing, golf and tennis in the Valley, as well as being just an hour's drive from the cool pines of Payson. It just can't get any better than this!

34083 N Paseo Grande Drive Queen Creek, AZ 85144

$2,300,000
6 Beds
5 Baths
3,714 SqFt
Status Active
MLS # 6736076
Property Type Single Family Residence
Price Type --
Explore this beautifully remodeled 6BR/5BA gem nestled in the GATED Encanto Paseo. On an expansive 1.4 ACRES, this FULLY FURNISHED beauty boasts stunning views of the Santan Mountains and a desert landscape. This exquisite home features a fresh palette complemented by a formal dining area perfect for gourmet meals. The spacious great room, illuminated by natural light, includes bi-fold glass doors that seamlessly integrate indoor and outdoor activities. The modern kitchen is equipped with stainless steel appliances, pristine white cabinets, a tile backsplash, sleek granite counters, and a center island with a breakfast bar. The main suite offers direct backyard access and is complemented by a chic bathroom with dual sinks, a soaking tub, and a walk-in closet... Enjoy the convenience of a media room pre-wired for surround sound. The expansive backyard is an entertainer's delight, featuring a covered patio, exterior fireplace, a refreshing pool, and breathtaking mountain views. Enjoy serene afternoons or contemplate under the starry night skies from the viewing deck! Experience luxury and tranquility in this gorgeous home, yours to call your own!

27222 N 64th Drive Phoenix, AZ 85083

$2,300,000
5 Beds
4.5 Baths
3,685 SqFt
Status Active
MLS # 6718683
Property Type Single Family Residence
Price Type --
Gold Mountain Preserve, custom home exuding modern luxury living inside & out! This stunning 5 bed/4 full bathrooms and an elegant powder room, home and is absolutely stunning; enjoy 14' ceilings in common areas with 10' ceilings throughout rest of home, office area (or game area), 3 car garage w overheight glass garage doors, RV gate! The spectacular backyard features a dazzling heated pool with Baja entry and marble surround alongside an elevated spa, half a basketball court, over 3500sf of articial grass, putting green, built in bbq with shade for comfort, elevated area in the back of the yard for additional seating, and surrounded by lovely white rose bushes, a variety of citrus and other plants, for a dream backayrd whether you love entertaining or just love enjoying famaily time in your own resort-like backyard! Inside the home, you'll enjoy a chef's kitchen with two Monogram ovens, a steam microwave/oven, a Miele automatic coffee machine, Monogram built in refrigerator, Italian cabinetry, quartz countertops throughout, a large pantry, built in drink fridge, and lots of attention to detail you will appreciate! There are ceiling soffits with colored LED accent lights in common areas, speakers throughout the house, as well as surround sound in family room! The garage has cabinets on two walls, a storage, a door directly from exterior (near the RV gate) as well as gorgeous metallic epoxy nicely highlighted through the glass garage doors. There are three bedrooms that feature their own walk in closets and bathrooms while two other bedrooms share a jack and jill bathroom! The laundry room is very spacious with plenty of storage and counter space! There is a mud room with hooks, seating and additional storage! There is lots of attention to detail at every turn at this stunning two year old home in the gated, luxury subdivision of Gold Mountain Preserve! The subdivision itself has access to hiking trail and consists of primariy large, elegant custom homes and semi-custom homes!

3157 S Sycamore Village Drive Gold Canyon, AZ 85118

$2,300,000
4 Beds
4.5 Baths
4,940 SqFt
Status Active
MLS # 6748520
Property Type Single Family Residence
Price Type --
ONE OF THE BEST LOTS IN THE COMMUNITY! GORGEOUS VIEWS OF SUPERSTITION MOUNTAIN! 4 bedrooms, all ensuite. 4 1/2 baths. Separate office/media room. Well designed kitchen, dining, great room and wet bar area! GREAT LAYOUT FOR ENTERTAINING!. Many upgrades to include Wolf gas cooktop, Wolf double wall ovens, Sub-Zero refrigerator, AC's, pool equipment, pool tile replacement, garage doors, outside painting and custom designed desert landscaping. LOCATED ON THE 8TH HOLE OF THE PROSPECTOR GOLF COURSE. Two Jack Nicklaus golf courses! Not a golfer? Enjoy bocce, pickle ball, tennis, hiking and many other activities. Country Club living at its best! Club amenities under a separate agreement. Buyer and buyer's agent to verify all pertinent information including square footage.

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.

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.

3277 N Highlands Drive Buckeye, AZ 85396

$2,300,000
5 Beds
4.5 Baths
4,741 SqFt
Status Active
MLS # 6683256
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 4,048 square feet and the detached guest quarters is 693 square feet, for a total of 4,741 square feet with a four car garage. Also includes a swimming pool, spa and outdoor kitchen. This home features a captivating great room floor plan and is situated on an large .917 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. The outdoor space boasts a fully equipped kitchen with a grill, icemaker, and dual burner gas cooktop, offering the perfect setting for al fresco dining and culinary adventures. 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.

10911 E Taos Drive Scottsdale, AZ 85262

$2,300,000
5 Beds
4 Baths
5,472 SqFt
Status Active
MLS # 6749370
Property Type Single Family Residence
Price Type --
Must see!! This exquisite home is an entertainer's dream oasis! Private yet minutes to restaurants and shopping. From the moment you step into the beautiful entry you will enjoy the high-end finishes throughout. The four bedrooms are thoughtfully separated giving extra privacy when you have guests. Two of the bedrooms are primary suites with fireplaces. A resort-style backyard includes a built-in bar & BBQ, outdoor living room with a fireplace TV, misters, a fire pit, pool with spa. A second fireplace in the covered patio with misters and outdoor shower rounds out the outdoor entertaining areas. Inside you'll entertain in large living and family area both having fireplaces and stacking sliding glass doors. The chef kitchen boasts Wolf appliances with a unique island built for gathering. A beautiful 2nd primary suite with fireplace and private entrance.

6500 E Camelback Road Unit 1013 Scottsdale, AZ 85251

$2,300,000
3 Beds
3.5 Baths
2,975 SqFt
Status Active Under Contract
MLS # 6738651
Property Type Townhouse
Price Type --
Welcome to The Luxian. An exclusive, gated, community situated at the base of Camelback Mountain and along hole three of The Phoenician Golf Course. This unique property was built to perfection. From the details in every fixture to the custom Viking 'Tuscany' appliance package, you haven't seen anything like this. Privacy in the way the home is situated, luxury in every detail, and comfort in the spaces. You won't want to miss seeing this in person. Special features include an oversized primary bedroom with flex space and views, custom library/study with views and a Centron smart home system. Perfect mix of being in Old Town Scottsdale but having a peaceful home to unwind. Community amenities include pool, hot tub & BBQ area all sitting under Camelback Mountain. The Luxian

11095 E Honey Mesquite Drive Scottsdale, AZ 85262

$2,300,000
2 Beds
2.5 Baths
3,397 SqFt
Status Active Under Contract
MLS # 6749248
Property Type Single Family Residence
Price Type --
Full Golf Membership available. A private haven of luxury nestled in the heart of Desert Mountain, offering a harmonious blend of design, upscale amenities, and the breathtaking beauty of the surrounding desert landscape with views from every window of the home. The great rooms expansive windows immediately capture your attention, flooding the space with natural light and providing stunning views of the McDowell Mountains, natural desert and valley below. The open-concept living area with fireplace is an entertainer's delight, both formal and casual dining and gourmet kitchen with spacious island that invites guest to gather. Owners suite is split from guest with cozy corner fireplace, large walk in closet and well appointed bath. Your guest will enjoy their private en-suite with access to pool and patio. The cozy den/office with closet features a large private patio to relax and enjoy nature. (room to add full bath) The private outdoor spaces are sure to please with multiple entertaining areas, large pool and spa, built in bbq and stunning views of the mountains, desert, sunset and city lights. Building envelope allows for a two room casita and 3rd bay garage to be added to property. Plans would need to be submitted for approval from the Desert Mtn HOA.

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