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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10040 E Happy Valley Road Unit 363 Scottsdale, AZ 85255

$2,300,000
3 Beds
3.5 Baths
3,646 SqFt
Status Active
MLS # 6732062
Property Type Single Family Residence
Price Type --
IMMEDIATE GOLF MEMBERSHIP AT CLOSE OF ESCROW. Soft contemporary design with soaring ceilings and bordered by walls of windows offering beautiful sunlit living. Greatroom floor plan, all on one level, open to the convenient kitchen with updated appliances and breakfast room. Luxurious master suite with separate backyard access and newly remodeled bath. 2 guest bedrooms with ensuite baths and walk-in closets + office. Tranquil outdoor living with an expansive covered patio, private pool, built-in barbecue island, situated with the beauty of the Sonoran Desert as a backdrop. Perfect for the tennis enthusiast, just steps away from the exclusive Highlands Racquet Club featuring grass and clay tennis courts + pickleball courts. Designated a top 'Platinum Club of America'' golf club, Desert Highlands amenities include a Jack Nicklaus championship golf course, 18-hole putting course, award winning clubhouse featuring ''Jacks'' gastropub, state of the art fitness center, Highlands Racquet Club featuring grass, clay & pickleball courts,& more. A $150,000 membership fee is due from buyer at close of escrow.

7056 E Mighty Saguaro Way Scottsdale, AZ 85266

$2,299,000 - 3Br/3Ba -  for Sale in Parcel G At Terravita, Scottsdale
New
$2,299,000
3 Beds
2.5 Baths
2,425 SqFt
Status Active
MLS # 6760321
Property Type Single Family Residence
Price Type --
Prepare to be amazed by this one-of-a-kind, custom-rebuilt masterpiece! Completely reimagined with the finest luxurious materials and designer finishes, this home is a true gem unlike anything else Terravita has ever seen! From the moment you step onto the meticulously landscaped entry and pass through the stunning iron front door, you'll know you've found something special. This property feels like a brand-new home thanks to an extensive transformative rebuild, which included expanding rooms, removing walls, and adding entirely new spaces. The gourmet kitchen is a chef's dream, boasting a 6-burner Wolf stove, Wolf microwave, Sub-Zero column refrigerator/freezer, dual-zone wine chiller, Cove dishwasher, stunning quartzite island/dining table that comfortably seats up to 10. Custom cabinetry of the highest quality and a chic wet bar add convenience and elegance. The gorgeous primary suite boasts a rockstar worthy custom closet by Elevation Closets, easily convertible back to a bedroom if needed. Guests will be pampered in their own private two-room suite with a separate entrance. The north facing backyard provides ultimate privacy, where you can relax in your Pebble Tec pool. Please see the document section to view the extent of the rebuild and the specific top-tier finishes and features. This is an unparalleled opportunity for discerning buyers who value quality and desire the ease of moving into a show-stopping, like-new home in a world-class resort community with readily available memberships. Live the luxury lifestyle you've been waiting for without the wait!

4007 E Montecito Avenue Phoenix, AZ 85018

$2,299,000
5 Beds
4.5 Baths
3,545 SqFt
Status Active
MLS # 6712091
Property Type Single Family Residence
Price Type --
Wow! Discover the unparalleled beauty & exquisite craftsmanship of this 5-bedroom new construction in Suncrest Gardens! This 2023 Thomas James home offers over 3,000 SqFt of exceptional luxury with an impressive open floor design & high-end details. Heated pool with fountains and light settings all easily controlled through an app. Tall ceilings, recessed lighting, wood flooring, abundant natural light, and multi-sliding glass doors are features found throughout. The living room has a textured accent wall with a mounted fireplace. Elegance & modernity seamlessly mix in this magazine-cover white kitchen showcasing stacked shaker cabinetry, herringbone tile backsplash, lavish quartz counters, a massive island with w/breakfast bar, and state-of-the-art stainless steel appliances. The bright owner's suite is split & comes with a pristine ensuite comprised of two vanity sinks, a freestanding tub, an oversized walk-in shower with bench, and a walk-in closet. Secondary bedrooms on the main floor share a Jack & Jill bathroom. Upstairs, you'll find a sizable loft and a second primary bedroom with walk-in closet & an immaculate bathroom with a dual vanity & separate tub/shower. The stunning backyard boasts a covered patio, a pebble-tec pool, lush greenery, and an outdoor shower with travertine stone. This beauty has an excellent location with Camelback Mtn. Views, within minutes from restaurants & shopping, and close to major roads. Words don't make this modern farmhouse gem justice. You must see it!

7035 E Juniper Village Drive Gold Canyon, AZ 85118

$2,299,000
4 Beds
4.5 Baths
4,125 SqFt
Status Active
MLS # 6746488
Property Type Single Family Residence
Price Type --
GORGEOUS REMODEL CUSTOM HOME. OVER $400,000 IN UPDATES! Upgrade list is included in the documents. Owner is a professional interior designer. Newly designed back patio with pool, hot tub and spacious sitting area. You will feel like you are on a permanent vacation! Four bedrooms, all ensuite. Primary bedroom has two walk-in closets. Open kitchen and great room layout. Dining area with wine closet, and separate living room area with a bar that opens to the back patio. Contemporary plaster throughout the home. Beautiful stone and wood floors. Beamed ceilings. Home is on the 13th hole of the Prospector Golf Course. Gorgeous, mature landscaping surrounding the home. 1,925 SF ROOF DECK WITH TWO FIREPLACES PROVIDES PANORAMIC VIEWS OF THE GOLF COURSE, CITY LIGHTS, SUNSETS, SUPERSTITION MOUNTAIN and Silly Mountain. TWO JACK NICKLAUS GOLF COURSES. Not a golfer? Enjoy tennis, pickle ball, bocce, hiking and many other activities. Country Club living st its best. You will love it here! Buyer and/or buyer's agent to verify all pertinent information including square footage. Club amenities under a separate agreement.

8405 E Vista Del Lago -- Scottsdale, AZ 85255

$2,299,000
3 Beds
3.5 Baths
3,383 SqFt
Status Active
MLS # 6685754
Property Type Single Family Residence
Price Type --
Welcome to this stunningly remodeled home in the exclusive gated community of Pinnacle Peak Country Club Estates. Nestled on a private cul-de-sac with breathtaking views of the 8th hole of the golf course, this home boasts a serene ambiance perfect for relaxation. This single-family home boasts 3 beds, 3.5 baths and an expansive paver driveway/motor court with an oversized air conditioned & heated 2.5 car garage. As you enter through the courtyard adorned with lush landscaping and a stone fireplace, you're greeted by a spacious great room featuring hardwood flooring and a custom-built bar. The chef's kitchen is a masterpiece with top-of-the-line appliances (front SubZero refrigerator, KitchenAid dishwasher, stainless steel microwave, and a DCS 6-burner gas stove with double ovens), quartz countertops, butler's pantry, coffee station, and a pass-thru window for outdoor dining. Adjacent to the kitchen is a redesigned powder room with custom fixtures and wall coverings. Step outside to discover a backyard oasis complete with a heated pool, putting green, fire pit, and outdoor entertainment space overlooking the golf course and McDowell Mountains. Enjoy morning walks or sunset strolls through your private gate leading to the cart path of the country club. This modern retreat offers luxury living at its finest, with a split master floor plan, private guest suites, and custom details throughout. Don't miss the opportunity to experience the epitome of North Scottsdale living with access to hiking trails, world-class golf courses, upscale dining, and premium shopping destinations.

10416 W Camino De Oro -- Peoria, AZ 85383

$2,299,000
7 Beds
7 Baths
5,082 SqFt
Status Active
MLS # 6677052
Property Type Single Family Residence
Price Type --
Welcome to your oasis in North Peoria, where luxury meets comfort in this exquisite home nestled in one of the most sought-after areas, just moments away from the vibrant Lake Pleasant Towne Center. With exceptional features and meticulous attention to detail, this residence promises a lifestyle of opulence and tranquility. As you approach, a grand circular driveway welcomes you, leading to the impressive façade of this architectural masterpiece. With an RV gate and oversized 3-car side entry garage, convenience and functionality seamlessly blend with elegance. Step inside to discover a sprawling floor plan that effortlessly accommodates your lifestyle, offering seven bedrooms and seven bathrooms, ensuring ample space for family and guests alike. An attached office suite with its own bathroom and separate entrance provides the perfect setting for productivity and privacy. The oversized master bedroom suite exemplifies luxury, serving as a serene retreat with its own fireplace, jetted tub, double closets, and a walk-in shower, offering a sanctuary of comfort and relaxation. Designed for the entertainer, this home features formal dining and sitting areas, perfect for hosting gatherings and creating lasting memories. The oversized kitchen island, adorned with granite counters, sets the stage for culinary excellence, while stainless steel appliances cater to the most discerning chef. A reverse osmosis system and water softener ensure the highest quality of living. Brand new A/C units were installed in August 2024, ensuring your comfort throughout the year. Venture outdoors to discover a backyard oasis reminiscent of a five-star resort. Surrounded by lush tropical plants and banana trees, a private pool invites you for a refreshing dip, while a firepit and outdoor fireplace provide warmth and ambiance on cooler evenings. Two separate gazebo/ramadas offer cozy seating areas, overlooking breathtaking mountain views. A misting system keeps you cool during warm summer days, while a large turf children's play area ensures endless entertainment for the little ones. A built-in BBQ with bar seating enhances outdoor dining and entertainment options, completing this outdoor paradise. With north and south exposure, this home enjoys an abundance of natural light, creating a welcoming and inviting atmosphere year-round. Experience the epitome of luxury living in this unparalleled residence, where every detail has been precisely crafted to exceed your expectations. Welcome home to luxury, welcome home to Peoria, Arizona.

8631 E Mariposa Drive Scottsdale, AZ 85251

$2,295,000
4 Beds
4 Baths
3,152 SqFt
Status Active
MLS # 6751768
Property Type Single Family Residence
Price Type --
NEW CONSTRUCTION!! ANOTHER BRAND-NEW '2024' HOME! JUST COMPLETED! INTRODUCING THE LATEST RELEASE IN THE - LINE-UP- OF NEW BUILDS THAT ARE CURRENTLY UNDERWAY - THE NEWEST ADDITION TO THE 'RESIDENCES OF DISTINCTION COLLECTION' BUILT EXCLUSIVELY BY 'SCOTTSDALE'S MOST PROLIFIC INVESTOR, DEVELOPER, DESIGNER'... 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! Located on MAGICAL MARIPOSA Drive in coveted South Scottsdale, the entire front is picture-framed by 2 majestic palm trees, enveloped in 'evergreen' turf, 2-tone geometric designed jaw dropping exterior with black 'faux' brick statement corners, a paved covered courtyard leading to floor-to- ceiling black framed entry door, all this before we have even stepped inside!! These are merely examples of the ELEMENTS OF DESIGN based on experience & expression that 'SCOTTSDALE'S PREMIER LUXURY BRAND' utilizes in creating these BRAND NEW, UNIQUE & FIRST OF THEIR KIND, 'RESIDENCES OF DISTINCTION' in SOUTH SCOTTSDALE! Once you've crossed the threshold, be prepared to be overwhelmed! Engineered Hardwood Floors guide you through the open-concept Living spaces consisting of Living Room, Family Room, Formal Dining Room amplified with large panes of glass, wall to wall sliders, 2 'over the top' Restoration Hardware' Chandeliers, skylights, recessed & coffered Ceilings, statement Wine Gallery & focal point 'multi-color' illuminating Fireplace back-splashed with black inlaid quartz & a decadent black/gold guest bathroom tucked behind custom designed Barn Doors. Waiting around the corner you'll find the picture book state-of-the-art Designer '2-tone' Kitchen, fully integrated with top-of-the-line COVE/ SUBZERO/ WOLF appliances & with 10 ft statement island, gas cooktop & overhanging white vented hood...it's a entertaining showpiece! Let's venture outdoors to the covered terrace overlooking the HEATED POOL that wraps around the home creating a LAP POOL experience adjacent to the JACUZZI with gorgeous water feature overflow all backdropped by tall trees. Create unforgettable memories from 'el fresco' dining spaces & fully equipped built-in BBQ & BEVERAGE Bar. Spiral up the stairway to the UNIQUE ROOFTOP DECK where stunning views of Camelback Mountain are seen! Retreat to the ACCOMMODATION WING down a hallway hand-laid in wood & mirrored artistry where 4 BEDROOMS (DUAL PRIMARY SUITES) & 3 BATHROOMS are perfectly positioned all reminiscent of the most luxurious hotel rooms - find 2 bedrooms en-suites with massive walk in closets & 'FourSeasons' like bathrooms. Each of the 4 bedrooms have opulent 'Restoration Hardware' chandeliers. There is a romantic fireplace in the grand primary & Ladies cosmetic corner in the 2nd primary. EVERY FEATURE is of an impressive scale including the the WALK-IN PANTRY, gorgeous LAUNDRY ROOM with floor to ceiling black cabinetry as well as the 2 CAR GARAGE with signature non-stick flooring, an electric car charger, built-in storage cabinets, designer lighting and double insulated garage doors. Add in thousands of square foot of paved off street parking, magnificent landscaping & lighting, tons of artificial turf AND THIS 'NEW BUILD' FROM UNDERGROUND-UP MAKES AN INDELIBLE STATEMENT!!

3222 Bear Howard -- Flagstaff, AZ 86005

$2,295,000
4 Beds
3 Baths
3,334 SqFt
Status Active
MLS # 6750128
Property Type Single Family Residence
Price Type --
Escape to your mountain oasis, this beautifully updated home is on the fifth hole of the Canyon Golf Course in Forest Highlands. Situated on a generous lot, this thoughtfully designed floor plan allows for main-level living with plenty of space for guests. Vaulted ceilings and soaring windows showcase the ponderosa pines off the back deck, making the open concept living area an inviting space to relax or entertain. Appointed with smoked European oak floors, custom designed knotty alder wood cabinets, and new wood ceilings throughout the home. The chef's kitchen is ready for all your best creations, with a Sub Zero refrigerator, Wolf appliances and leathered quartzite counters. Two bedrooms, including the primary, are on the main floor, and two bedrooms upstairs share a bathroom. There is an additional loft, making a great space for a TV room, game room, or home gym. To stay comfortable no matter the season, the home has two new air conditioning units (2023), a new hot water tank (2023), a fifty year roof (2024) and heated floors in three of the bathrooms. Exterior painting was completed in 2023, garage painting in 2024, and new pavers placed in the front courtyard. All the work has been done and it is ready for you to make your own! Buyer to verify the homes square footage.

10040 E Happy Valley Road Unit 2040 Scottsdale, AZ 85255

$2,295,000
2 Beds
2 Baths
2,635 SqFt
Status Active
MLS # 6725907
Property Type Single Family Residence
Price Type --
IMMEDIATE DESERT HIGHLANDS GOLF CLUB MEMBERSHIP upon close of escrow. LOCATION, LOCATION... LOCATION!!! This updated southwestern home boasts breathtaking views of both Pinnacle Peak & the McDowell Mountains via its 2530 ft. elevation & southern exposure. Situated on a private cul-de-sac in the highly desirable ''Heights Neighborhood'', this single level, open floor plan offers numerous make-it-your-own design possibilities. The spacious front and rear yards afford expansive indoor/outdoor living areas. Patio deck complete with private pool provides quiet solitude. It's all here... Jack Nicklaus Signature Golf Course, 18 hole putting course, Restaurants (Ventana & Jack's), Fitness center, heated lap pool, tennis, pickleball, bocce, walking trails, social clubs, and gated security.

7127 E Rancho Vista Drive Unit 4001 Scottsdale, AZ 85251

$2,295,000
3 Beds
2 Baths
2,171 SqFt
Status Active
MLS # 6708940
Property Type Apartment
Price Type --
This incredible luxury renovation is expected to be completed by November 1st 2024. Welcome to this truly special one-of-a-kind Optima Camelview luxury renovation masterpiece. This property features 3 bedrooms + dining, 2 baths, 2171sqft, walk-in laundry and two private patios. Boasting a breathtaking organic modern design throughout, you'll find custom raw stone & wood works, premium lighting designs, light up onyx living room fireplace accent wall, sub zero & wolf appliances, sonos surround sound, automated blinds and so much more. The two private terraces (one off the living & the other off the master) offer lovely lush city & landscaping views. All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Women's Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.

9998 E Taos Drive Scottsdale, AZ 85262

$2,295,000
3 Beds
3.5 Baths
3,460 SqFt
Status Active
MLS # 6694885
Property Type Single Family Residence
Price Type --
Golf Membership Available- Nestled within the serene embrace of Desert Mountain, this exquisite property in Renegade Trail embodies the essence of easy living and timeless elegance all year, as well as a perfect lock and leave for shortened stays. Proudly offered by its original owners, this meticulously crafted residence boasts a prime location, mere moments from the front gate, New Renegade Clubhouse and the Sonoran Fitness Clubhouse, ensuring effortless access to all the community has to offer. Stating a timeless Arizona contemporary style, this home welcomes you with its one level living, adorned with stacked stone accents and sleek metal facia showcasing clean lines and captivating angles. Step through the private gated courtyard, where tranquil cactus gardens and inviting sitting areas set the tone for the serenity found within. Geometric ceiling designs grace the central living spaces, where open wood plank ceilings soar from 9 to 17 feet, complemented by dropped perimeter ceilings with expansive clerestory windows, infusing the interiors with radiant natural light. The heart of the home unfolds seamlessly, inviting gatherings and fostering cherished moments. The great room, with a prominent fireplace, reclaimed barn wood floors, and expansive windows framing picturesque views, invites relaxation and conversation. Adjacent, a sophisticated office space awaits, offering a serene retreat with a slider to the patio, mitered corner windows, and a niche with built-in furniture piece. The expansive kitchen with stone tiled floors, spacious island with seating for 4 and plenty of storage will delight any chef. Enjoy casual meals and outdoor vistas within the kitchen space with table space for 4 and the slider to patio. For larger gatherings the adjacent dining space with continued geometric ceiling detail provides a pleasing as well as intimate backdrop for sharing meals with family and friends. The L-shaped wet bar ensures libations flow, adding to the ambiance of any gathering. Retreat to the private Primary Ensuite, a sanctuary of luxury and tranquility, presenting a two-sided fireplace, scraped hickory floors, and a slider to the serene patio oasis with raised cactus gardens and a soothing fountain. The ensuite bath pampers with dual vanities, a spa-like tub with stone surround, and a spacious walk-in shower, while the expansive walk-in closet ensures ample storage. Two additional ensuites offer comfort and privacy, each appointed with its own unique charm and character. Outside, the L-shaped patio beckons with its covered living areas, grilling station, and linear salt pool, offering the perfect setting for outdoor entertaining or serene relaxation. Enjoy vistas of blazing sunsets, the surrounding mountains and Sonoran Desert landscape, creating an idyllic backdrop for year-round privacy and outdoor enjoyment. Renegade Trail presents an unparalleled opportunity to partake in the world-class amenities of Desert Mountain, including 7 clubhouses, 7 golf courses, 20 miles of hiking trails, and a variety of dining options, all set against the breathtaking backdrop of the Sonoran Desert landscape. Discover the epitome of desert luxury living in this remarkable Desert Mountain residence.

11812 N 142nd Street Scottsdale, AZ 85259

$2,295,000
5 Beds
4.5 Baths
5,863 SqFt
Status Active
MLS # 6732175
Property Type Single Family Residence
Price Type --
Enchanting Hidden Hills home nestled amongst the McDowell Mountains with views of Camelback Mountain! Custom finishes throughout with new interior paint and carpet. Open floor plan..Great Room with Dining & Living Room ,wet Bar area that has a 300 bottle wine room. and your own Kegerator! Split floor plan ... MBR has its own wing with FP, sitting and patio areas. Bonus rooms include an Excercise area and furnished Media room. Ample parking and storage with a 4 car garage. Low maintenance back yard that is perfect for entertaining. Heated Pool with /waterfall, Spa,FP, Built in BBQ,Electric sun shades and artificial turf. Large laundry room with its own craft area! LOADS of Room to roam in this beauty......

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