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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7180 E Kierland Boulevard Unit 916 Scottsdale, AZ 85254

$2,295,000

2 Beds

2.5 Baths

1,954 SqFt

Status Active

MLS # 6752857

Property Type Apartment

Price Type --

Discover open-air opulence at Optima Kierland, the most elevated luxury condominium tower in North Scottsdale. This spacious unit boasts dual master suites, a generously-sized kitchen, dining area, and high-end finishes throughout. The primary suite offers a large walk-in closet and an ensuite bathroom with a separate tub and luxurious walk-in shower. Additionally, this unit comes with the added convenience of two private side-by-side parking spaces and a spacious storage area. Residents have exclusive access to a wide range of upscale amenities designed to promote health and well-being, as well as breathtaking mountain views. The Sky Deck is the crown jewel of these amenities, offering heated pools, lounge areas, and a glass-enclosed sauna for a spa like experience.

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17918 N 95th Street Scottsdale, AZ 85255

$2,295,000

3 Beds

3.5 Baths

3,580 SqFt

Status Active

MLS # 6645256

Property Type Single Family Residence

Price Type --

Beautiful single level, split bedroom home on an oversized lot in the Desert Haciendas of DC Ranch. Exquisite finishes, open floor plan and perfect to entertain in. Great private spaces for dens or offices on either side of the house. This home is situated at the end of a dead end cul du sac for privacy. The back yard is stunning. The pool is pulled back from the house and separated by yards and yards of grass. Resort like setting from patio to pool and tranquil sitting area. The home is moments away from shopping, dining and all that DC Ranch has to offer.

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7175 E Camelback Road Unit 805 Scottsdale, AZ 85251

$2,295,000

2 Beds

2.5 Baths

2,469 SqFt

Status Active

MLS # 6699072

Property Type Apartment

Price Type --

Beautifully remodeled 2,469 sqft eighth-floor 2 bedroom 2.5 bathroom Scottsdale Waterfront condo offering exceptional mountain, water and city-light views, and tasteful, elegant design. Located within the prestigious towers of the Scottsdale Waterfront Residences, this full service community offers 24-hour front desk reception and security, concierge and valet service, a roof-top pool and spa, air-conditioned wine cellar, fitness center, massage rooms, club room and business center. The towers are located in a prime area of Old-Town Scottsdale, just a comfortable stroll from over 100 restaurants, the areas finest shopping, art galleries, and areas of entertainment. All this within 20 minutes drive of the Phoenix International and Scottsdale Airports. Two designated parking spots convey.

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8822 W Deer Valley Road Peoria, AZ 85382

$2,295,000

5 Beds

3 Baths

2,945 SqFt

Status Active

MLS # 6688320

Property Type Single Family Residence

Price Type --

ATTENTION ENTREPRENEURS/INVESTORS!!! One-of-a-kind property with many streams of income!!! This property provides a flexible investment opportunity by combining different property types into a single lot. This unique property offers multiple turn-key ways of renting various spaces: Entire estate, event venue, two livable properties, or office space that can help offset your mortgage or create passive income stream. You can rent separately or together the main house (1945+ SF) and the guesthouse (ADU) one BD and one BA AND a full kitchen (1,000 SF built in 2023) with pool & Spa. This can be a vacation getaway, Airbnb, a place to host private parties and events, or an alternative to staying in a hotel. The opportunities are endless. In addition, the property offers separate free-standing suites and storage spaces: an insulated 12X10 room that can be rented as a salon, nail shop, or office space for small startup companies or people working remotely. The room has a separate two-ton Hessaire cooler for residential and commercial use. The storage space is a built-in 12x20 metal storage shed that can generate income as a storage unit for vehicles, etc. The improved graveled parking lot can be rented for space to park RVs, Campers, Trailers, Mobile homes, boats, extra cars, etc. The industrial metal-covered backyard has risen from dust to become a stunning oasis for entertainment. It can be used as a venue for special events (Buyer to verify all county requirements for permitting and licensing). Landscape improvements include lush trees and plants with automatic water systems, pavers for the main areas, and gravel for the parking area that can easily fit over 30 cars. The previous owner ran a concrete business and rented RV/Trailer/Boat space. This SPECTACULAR quality, rare, custom-built property was built in 2017 on just under an acre, in a prime Maricopa County location, NO HOA, in North Peoria, has been completely transformed from its original layout, with over $750K spent on renovation to expand and multiply revenue-generating business opportunities. The custom-built main house home, designed with a modern aesthetic, is quality-built with 2x6 construction. It went from a 2 BD to a 4 BD plus Den, with a 20-seer a/c and spray foam insulation. The renovated beautiful kitchen has a built-in microwave, farm sink, breakfast bar, and large island. The two bathrooms underwent a high-end renovation in 2022. The open patio was also enclosed as an added playroom, office space, or den with a separate two-ton Hessaire cooler for residential and commercial use. In 2023, a one-bedroom, one-bathroom, 1,000-square-foot stunning guesthouse with a fully functional kitchen was built. It also has an extended wraparound patio, fenced POOL and SPA. If that is not enough, outdoor two-door mobile (four-stall) restrooms was added in 2024 for the convenience of multiple tenants. Don't miss this rare opportunity.

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9390 E Monument Drive Scottsdale, AZ 85262

$2,289,900

5 Beds

5.5 Baths

4,814 SqFt

Status Active

MLS # 6756500

Property Type Single Family Residence

Price Type --

Experience unparalleled luxury in this beautifully updated single-story residence in the coveted Troon North neighborhood. Newly refreshed with contemporary elegance, this home features an attached guest casita, all-new flooring, LED recessed lighting, and refinished wood alder doors. The chef's kitchen is a highlight, showcasing Sub-Zero and Wolfe appliances, quartz countertops, and a stylish wet bar with an under-counter refrigerator. The expanded laundry room, complete with a dog shower and ample storage, adds to the practicality. Retreat to the master suite, where an electric fireplace complements the spa-inspired bathroom with a stand-alone tub, multi-spray rain shower, and dual sinks. Each bathroom has been meticulously remodeled, including those in the main house and pool house. Outdoors, indulge in a luxurious pool and spa, a 4-hole putting green, and a new custom sports court. The property also features a refreshed epoxy-coated garage, a new roof with warranty, and a complete water purifying system. Modern conveniences include programmable thermostats, a sound system, and a new water heater. Troon North delivers a lifestyle of unparalleled comfort and adventure with its scenic trails, world-class sports facilities, and breathtaking vistas. Embrace the pinnacle of modern living in a community that offers not just a home, but a vibrant and enriching lifestyle.

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7932 E Dynamite Boulevard Scottsdale, AZ 85266

$2,289,000

5 Beds

5 Baths

4,901 SqFt

Status Active

MLS # 6758673

Property Type Single Family Residence

Price Type --

Santa Barbara Spanish style architecture on almost 2 acres, zoned for horses w/ no HOA just minutes from Troon Golf Course. Incredible amenities including 30 ft. golf chip & putt, pool & spa, pickleball court w/ basketball hoop, outdoor chess, ping pong and more! Flowing river/pond at entrance of property. Separate casita with full living + kitchen + bedroom + full bath. Huge travertine patio w/ pergola (wired for misters) & built in grill. Remodeled throughout with custom cabinets/vanities, quartz counters, saltillo tile floors. Gated entrances on 2 sides. Garage has 2nd laundry & is potential future living space. Vault/safe room. Furnishings & decor included w/ full price offer. Shipping container for extra storage. Home can also be turnkey ABnB! Listing agent related to selle

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2189 William Palmer -- Flagstaff, AZ 86005

$2,275,000

4 Beds

4.5 Baths

3,525 SqFt

Status Active Under Contract

MLS # 6739906

Property Type Single Family Residence

Price Type --

Welcome to your dream home! Nestled on the #1 green of the prestigious Canyon Golf Course, this residence offers plenty of space for family and friends. With 4 roomy bedrooms each featuring private ensuite bathroom plus a convenient guest bath, this home is a rare find. A recently renovated kitchen and sleek contemporary bathrooms have been meticulously updated with tasteful care. The open-concept great room and kitchen showcase brand new wood flooring, vaulted ceiling, and a stone-faced wood-burning fireplace providing a touch of rustic mountain warmth. A climate-controlled wine room is designed to make gatherings a breeze. Air conditioning ensures year-round comfort. Step outside to the expansive deck, where you can dine alfresco while enjoying views of the golf course.

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23807 N 64th Avenue Glendale, AZ 85310

$2,270,000

4 Beds

4.5 Baths

4,414 SqFt

Status Active

MLS # 6747197

Property Type Single Family Residence

Price Type --

Welcome to your dream custom home on an acre-plus lot in the prestigious Softwind Estates. Beautifully remodeled, designed w/tasteful neutral décor and an open floor plan that brings in natural light. All bedrooms have luxurious en-suite baths. Spacious kitchen w/ large island and high-end appliances, seamlessly overlooks the great room - perfect for entertaining. Separate guest suite, w/ its own private entrance. Custom metal entry doors, marble flooring & solar. Outdoor oasis, complete w/ fruit trees, pool, hot tub, pickleball/BB court, sails, & misting system. Separate ''portable tiny home'' in side yard offers flexible space for guests or other uses. At the end of a cul-de-sac, w/private entrance gate. More than a home; it's a retreat. Make it yours today (see attached upgrade list)

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18558 N 92nd Place Scottsdale, AZ 85255

$2,261,635

3 Beds

3.5 Baths

2,749 SqFt

Status Active

MLS # 6691872

Property Type Single Family Residence

Price Type --

Amazing and last opportunity for new build construction in DC Ranch. Timeless contemporary architecture-2749 sq ft-all single level, 3 bedrooms, 3.5 bathrooms home with 2 car attached garage. Oversized great room concept with stunning drop down ceiling and multi stack doors all opening towards courtyard. Brand new Camelot floor plan offering the design and livability of a larger home but right sized. Front yard landscaping design and installation is included. Buyer still can customize and select all interior finishes.

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3875 S Flagstaff Ranch Road Flagstaff, AZ 86005

$2,260,000

5 Beds

4.5 Baths

3,511 SqFt

Status Active

MLS # 6742639

Property Type Single Family Residence

Price Type --

You might call this ''The Crown Jewel of Flagstaff Ranch,'' where you can see golf holes 9, 10, 13, 15 and 16 from this home! Immediately upon entering this highly upgraded home, the Picturesque Views of 5 different golf holes on Flagstaff Ranch will have you sold! Breathtaking views and the high-vaulted ceilings are complimented by the spacious, functional and captivating living area and kitchen. The kitchen boasts a double island, one of which is for entertaining and equipped with ice maker a wine fridge and the other houses a prep sink —a chef's delight! Speaking of a chef's delight, there's a 6-burner Wolf gas stove and an oversized Subzero freezer and fridge that neighbors an oversized walk-in pantry. Enjoy watching layers of golfers EVERYWHERE and beautiful Flagstaff skies from your living room or covered patio that showcase the panoramic views. Soak in Sunsets like you've never seen, while you listen to music on this home's Control 4 indoor/outdoor Sound System! Ideally positioned windows all throughout the home best highlight golf course, tree and sky views all over. Caldera and Peak views also within reach. Downstairs is the Primary bedroom with fireplace and great views even in the bathroom. The bathroom is spacious with beautiful Restoration Hardware double sink and large closet...and in-floor heating to keep your feet warm! A second bedroom is downstairs, a Junior Primary Suite with wet bar and also has attached bathroom with dual sinks and shower. Rounding out the downstairs is a centrally located enclosed room with views of holes 15 and 16, which can be used as an office or kids playroom. Upstairs are three additional bedrooms, one of which is en suite. Stair access is conveniently located near garage door so as to not disturb occupants in the primary or junior suite on the opposite end of the home. Important rain or shine is a a covered patio, which this property has in addition to a level driveway which is all-weather friendly and most desirable, especially in the winter. Structural Builder's Warranty is transferable to new seller. This estate is both private with close access to the entry gates and has everything you could imagine and more! Did you know? Flagstaff Ranch is a top-rated golf course and is now Troon Managed! Flagstaff Ranch is ranked in the TOP 20 in Arizona by Golfweek!

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13251 E Ranch Gate Road Scottsdale, AZ 85255

$2,259,000

3 Beds

3.5 Baths

4,081 SqFt

Status Active

MLS # 6591061

Property Type Single Family Residence

Price Type --

BRAND NEW single level 3 ensuites, 3.5 bath, study, indoor/outdoor living w/4 car garage in gated community near Tom's Thumb; 5 sets of stacking multi-slide glass doors allows for a TON of natural light w/12'+ ceiling heights; gourmet kitchen with waterfall quartz island, pendent lighting, stacked cabinets with LED glass upper cabinets, upgradedWolf & Sub-Zero appliances, designer selected tiled backsplashes, prep kitchen and butler's pantry, woodflooring, attention to detail throughout; extended outdoor covered living area; owner's retreat features sitting area, incredible bath w/double showerheads ; SO MUCH MORE; call for details.

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4489 N Ocotillo Road Benson, AZ 85602

$2,250,000

5 Beds

4 Baths

3,600 SqFt

Status Active

MLS # 6746660

Property Type Single Family Residence

Price Type --

With irrigated pastures, barns, multiple homes, and the San Pedro River this property is one of a kind. This ranch has 55 acres of irrigated pasture and a 900 gpm irrigation well. Along with two horse barns, shop, clinic, hay storage, working corrals, tack rooms, feed rooms, and more. The ranch is the perfect place to raise cattle or horses in privacy. The 2400 sf home, 1200 sf ranch mangers home, and barn with office/apartment it provides space for all your crew or guests. Just 22 miles from Benson this location is great for expanding your livestock operation. Three domestic wells, a large irrigation well, and a pond supply water to the acreage. This location has an amazing water table and would make a perfect place to grow any crop or raise feed. A 350 acre private lease also available.

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