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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10242 N 58th Street Paradise Valley, AZ 85253

$2,250,000

3 Beds

2 Baths

2,239 SqFt

Status Active Under Contract

MLS # 6733591

Property Type Single Family Residence

Price Type --

Incredible opportunity in a highly sought after location in Paradise Valley. Over-sized 1.13 acre lot w/ mountain views in Country Club Acres! Close to Camelback Golf Club & surrounded by multi-million dollar luxury estates! Desirable ''3 Cs'' schools, flat building envelope with no HOA makes this an ideally located lot for a new luxury estate. swimming pool, lighted tennis court, and RV parking. Enjoy sunsets & mountain views on your covered patio while relaxing by the sparkling pool. Current home is well-maintained and ready for move-in or rebuild to be a part of recent redevelopment in this neighborhood. Conveniently located, dining, shopping, recreation, and freeway access are just minutes away!

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26808 N 150th Street Scottsdale, AZ 85262

$2,250,000

3 Beds

3.5 Baths

2,746 SqFt

Status Active

MLS # 6740182

Property Type Single Family Residence

Price Type --

DISCOVER A SERENE DESERT OASIS surrounded by mountain views. Nestled in a horse-friendly community, this property is conveniently located near the entrance of the picturesque McDowell Mountain Regional Park. The park offers a myriad of outdoor activities, including 50 miles of trails dedicated to hiking, mountain biking and horseback riding. This exquisite custom home, constructed in 2020, boasts 3 bedrooms, 3.5 bathrooms, and a spacious 2,740 square feet of living space. A private well with a 5,000-gallon underground storage tank ensures a reliable water supply. The property features a 3-car extended length garage, including epoxy floors, insulation, and ample space for trucks and storage. The home's interior is elegantly designed with all tile floors and granite countertops, offering a clean low-maintenance living experience. The luxurious primary suite serves as a true sanctuary, complete with fireplace, jetted tub and large walk-in closet. For equestrian enthusiasts, the property includes a meticulously designed horse setup with a MD Barnmaster 4-stall barn, featuring a tack room, hay storage, raised center aisle with porch, windows, end doors, and stall doors. The barn is equipped with amenities such as electricity, automatic waterers, and stall mats for the comfort of your horses. The 5-acre property has low-maintenance desert landscaping and is securely enclosed with a 5 foot high, 4-pipe rail, no climb fencing, providing a safe and secure environment. Seize the opportunity to experience the tranquility and unique features of this exceptional property, priced below appraisal. Discover why this home is truly one-of-a-kind.

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6021 E Calle Rosa -- Scottsdale, AZ 85251

New

$2,250,000

4 Beds

3 Baths

2,972 SqFt

Status Active

MLS # 6758870

Property Type Single Family Residence

Price Type --

Charming Arcadia proper ranch! Located in the Hopi district, this 4 bedroom, 3 bathroom home has the perfect blank canvas for your family. Greeted by the front yard's green grass and mature landscaping, home features great room with fireplace, formal dining, and open concept kitchen and living room with fireplace and access to the backyard. Chef's kitchen includes stainless steel appliances, multiple ovens, wine fridge, and eat-in kitchen with additional fireplace. Primary suite includes reading nook, dual sinks, enclosed toilet, oversized shower, and walk-in closet. Additional features include 2-car garage and architect draft of potential renovation plans. Backyard is perfect for entertaining with the custom pool with expanded pool deck, putting green, covered patio, and privacy created by citrus trees and bushes. Walk or bike on the canal or drive minutes to reach Phoenix's top resorts, golf, hiking, dining, and shopping.

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6609 E 4th Street Scottsdale, AZ 85251

$2,250,000

6 Beds

6 Baths

4,082 SqFt

Status Active

MLS # 6755889

Property Type Single Family Residence

Price Type --

Do not miss this stunning architectural marvel, nestled in the heart of Old Town Scottsdale, boasting a 24-foot ceiling and 4,082 square feet of luxurious living space. The NEW home seamlessly blends into its natural surroundings, offering a harmonious union of form and function. As you approach the home, you are greeted with views of Camelback Mountain, right at your front door. As you enter, you are greeted by an impressive foyer that sets the tone for the rest of the home, and the spacious living areas boast an abundance of natural light and elegant finishes, creating an inviting atmosphere for entertaining guests or relaxing with the family. The gourmet kitchen is a chef's dream, featuring high-end appliances, custom cabinetry, thick slab Quartz and French Oak wood floors throughout. The home is more than just a sanctuary in the desert, it provides a vantage point to witness the beauty of Arizona's sunsets and the twinkling city lights below from the strategically placed view deck. Walking distance to Old Town Scottsdale. Providing an unparalleled setting amidst picturesque landscapes and breathtaking mountain vistas, the home offers a lifestyle of convenience and sophistication, with proximity to upscale shopping destinations, fine dining establishments, and world-class entertainment venues, ensuring every desire is effortlessly met. Yet, despite its proximity to urban amenities, the home remains a sanctuary of serenity and seclusion, offering a peaceful retreat from the hustle and bustle of city life. Situated with prominence, the home embodies luxury living with its timeless design and modern amenities.

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3244 E Daley Lane Phoenix, AZ 85050

$2,250,000

4 Beds

3.5 Baths

4,163 SqFt

Status Active

MLS # 6704743

Property Type Single Family Residence

Price Type --

This exceptional home is nestled within the PRESTIGIOUS GATED enclave of Astarea in Sky Crossing. This Dignitary model boasts a custom steel security gate enclosing the courtyard, guest casita and boasts lavish upgrades throughout its open-concept design. Experience seamless indoor/outdoor entertaining with retractable doors. The gourmet kitchen features quartz countertops, a backsplash extending to the ceiling, a butler's pantry, and dual dishwashers. Step into a resort-style backyard featuring an expansive patio, a Pentair heated pool and spa with LED lighting, a swim-up bar, built-in barbecue, fire pit, and misting fan. Ample side storage accommodates recreational toys. Complementing the 3-car tandem garage. Sky Crossing amenities include multiple pools, sports courts, and play... areas. Ideally situated near the 101/51 freeways, Desert Ridge Marketplace, Mayo Hospital, and more! This property has a lease to purchase opportunity, as well as a fully furnished option.

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14216 S Canyon Drive Phoenix, AZ 85048

$2,250,000

5 Beds

5 Baths

5,561 SqFt

Status Active

MLS # 6751901

Property Type Single Family Residence

Price Type --

Custom estate sitting on nearly 2.5 acres in the prestigious of gated Canyon Reserve community. Stunning mountain views surround the main and guest house on this quiet cul-de-sac. Greeted with high ceilings, arched entryways, travertine floors, and large windows to provide natural lighting in the formal dining, great room with gas fireplace, and office/den with built-in floor to ceiling bookshelves. Chef's kitchen includes stainless steel appliances, kitchen island with additional sink, pantry, and eat-in kitchen. Primary suite includes built-in shelves, fireplace, private seating area, dual sink vanities, oversized shower, separate bathtub, and walk-in custom closet. Entertain family and friends in the backyard's custom pool/spa with expanded pool deck, covered patio, outdoor TV setup, built in BBQ, and exterior fireplace while enjoying your private mountain views and desert landscaping. Additional home features include a 3-car garage and guest house with mini kitchen and full bath. Located near your favorite Ahwatukee hiking, golf, and dining!

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5430 E Palo Brea Lane Cave Creek, AZ 85331

$2,250,000

5 Beds

4.5 Baths

4,620 SqFt

Status Active

MLS # 6695067

Property Type Single Family Residence

Price Type --

NEW Stylish Modern Estate completely REBUILT in 2021, home was originally built in 2012. Entrance into this modern home is through a captivating courtyard with a separate entrance for the casita. The beautiful foyer welcomes you inside. Astonishing waterfalls grace each of the two quartz islands in the Chef grade gourmet kitchen equipped with all Wolf Stainless Steel Appliances, impressive hood and water spigot. The inspired master suite includes a sitting area, amazing waterfall edged onyx counters with undermount lighting. Symmetry and balance of design grace the master bathroom presenting all the amenities including glass enclosed shower, vanity with double sinks, bathtub, and separate toilet room. Patio, balcony and outdoor kitchen are perfect for entertaining, relaxing,... and enjoying the mountain views. Impeccably manicured grounds feature a fire pit, pool, and putting green. Bonus features are the accent lighting throughout, remarkable gym and massive glass paneled sliding door. This estate showcases the attention to detail and convenience of design exclusively reserved for luxurious and affluent high end estates.

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36542 N Livorno Way Scottsdale, AZ 85262

$2,250,000

4 Beds

4.5 Baths

4,690 SqFt

Status Active

MLS # 6709704

Property Type Single Family Residence

Price Type --

ATTRACTIVE SELLER FININACING AVAILABLE! Luxury awaits you at this stunning home in a cul-de-sac in the gated subdivision of Treviso. This contemporary home is situated on a spacious lot and offers the perfect blend of style and comfort. Boasting 4 bedrooms, 4.5 bathrooms, and a bonus room, this home showcases a fine remodel with attention to detail. Enter the grand entryway and new door, and you'll be greeted by an elegant family room featuring a gas fireplace and a wet bar, perfect for entertaining guests. The newly remodeled kitchen is a chef's dream, with waterfall quartz countertops, sleek cabinetry, a top-of-the-line Wolf gas cooktop, and a Sub Zero refrigerator. The adjacent dining area provides a stylish space for enjoying meals with family and friends. The primary suite is a luxurious retreat featuring..two spacious walk-in closets and a newly installed freestanding soaking tub in the primary bath. Each bedroom in this home is ensuite, ensuring privacy and convenience for everyone in the family. Additional highlights include a complete guest casita with a kitchenette and laundry, split floor plan. It is ideal for families of all ages (including multi-generational). Home office, and a garage with a weather tech floor and a 220v outlet for RV or car charging. The wide side yards have potential for customization (bocce ball, dog kennels, private patios, spa decks etc). Step outside and experience true relaxation in the backyard oasis. Take a dip in the heated pool or unwind in the spa while enjoying breathtaking city lights and mountain-top views. The backyard also features a built-in BBQ, a large fire pit, a gazebo with a kegger and refrigerator, and a swim-up bar, perfect for hosting family gatherings or parties with friends. This home is not only a haven for luxury living but is also surrounded by an array of desirable amenities. You'll find dozens of golf courses, restaurants, and Carefree and Cave Creek towns just a short distance away. Enjoy the outdoors at nearby Pinnacle Peak Park & Spur Cross Conservation Area, offering scenic hiking trails with panoramic views of the desert landscape. While near all the amenities, it is away from the hustle and bustle of the cit. The air is crisp, the temperatures are lower at 2,800 feet and the community is ideal for walking, jogging or bike riding. Indulge in fine dining nearby, offering delectable cuisine and elegant ambiance. For shopping enthusiasts, Scottsdale Quarter and Kierland Commons are just a quick drive away, offering a plethora of high-end retail stores and boutiques. This extraordinary property offers the ultimate luxury lifestyle. Now is your chance to call this exceptional Scottsdale residence your new home. Can be purchased turn key*. Don't miss out on this incredible opportunity. Contact us today for your tour and make this dream home yours.

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10835 N Cherry Hills Court Fountain Hills, AZ 85268

New

$2,250,000

4 Beds

4 Baths

3,437 SqFt

Status Active

MLS # 6760440

Property Type Single Family Residence

Price Type --

Best mountain views in this NEW home by Harr Family Homes on 1+ acre homesite overlooking Four Peaks, Mazatzal & Goldfield Mtns. This 4 Bedroom + Den home features full suites and includes a 397sq ft Casita plus a Pool & Spa..fun times ahead! Open, view-oriented plan featuring 16' wide by 10' high pocketing door wall from a stunning Great Room with a 60'' fireplace. Impressive kitchen offers Shaker style cabinetry to 10' height, SS Frigidaire Pro Series appliances w/full size Refrigerator and Freezer plus a 99-bottle wine captain and 10' Island with room for a party! The Primary suite features a W/I shower, a stand-alone tub, and a 9x13' closet with custom shelving. Large 3-car garage has 10-12' ceilings! Ask about builder options or future sites. To be completed in June 2025

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29537 N 155th Avenue Surprise, AZ 85387

$2,250,000

4 Beds

3.5 Baths

5,114 SqFt

Status Active

MLS # 6756050

Property Type Single Family Residence

Price Type --

Welcome to an unparalleled estate that seamlessly blends luxury living for horse and car enthusiasts on 8 gated acres. This property is designed with the discerning equestrian in mind, featuring ample space and tranquil surroundings perfect for riding and training. The main residence, showcasing 4 bedrooms and 3.5 baths, exudes timeless elegance with refined finishes throughout. Culinary enthusiasts will love the gourmet kitchen, equipped with Viking appliances and a central island, perfect for post-ride meals. The home also offers a private movie theater, a sprawling primary suite, and two grand fireplaces, creating a warm and inviting ambiance. Car lovers will be thrilled by the massive detached 3,000 sqft garage, ideal for housing RVs, classic cars, or any prized vehicles. This versatile space provides ample room for car restoration projects or simply securing your collection. Step into your backyard oasis, where a sparkling pebble tec pool awaits, perfect for Arizona's sunny days. Designed for both relaxation and entertaining, the outdoor area includes a BBQ station and a professional-grade misting system that keeps you cool on the hottest days. Low-maintenance turf adds lush greenery without the hassle, creating a perfect setting for gatherings or peaceful solitude. The estate is equipped with owned solar panels, delivering energy efficiency and significant savings. Additionally, the property features its own private well, providing a reliable water source for both household and equestrian needs. This estate offers the ultimate lifestyle for those passionate about horses, cars, or simply enjoying the finer things in life. Whether you're cooling off by the pool, working on your car collection, or riding through the serene grounds, this property is the perfect blend of luxury, functionality, and comfort. Make it your private sanctuary and experience the best of both worlds.

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4639 E Mountain View Court Phoenix, AZ 85028

$2,250,000

4 Beds

3.5 Baths

3,563 SqFt

Status Active

MLS # 6750469

Property Type Single Family Residence

Price Type --

Experience the height of luxury in this stunning Arizona estate, perfectly positioned across from prestigious Paradise Valley. Step into a beautifully crafted home with rich wood floors and an open layout ideal for both grand events and cozy gatherings. The gourmet kitchen features premium Wolf appliances, including double ovens and a griddle, alongside a Subzero Refrigerator and Freezer. The elegant quartz island, white cabinetry, and spacious walk-in pantry create a chef's paradise. The dining room is elegant and open, and the home includes three generous bedrooms in one wing, including a guest suite with a private bath. primary suite, located in its own wing, features a sophisticated office and a convenient half bath. Additional versatile spaces include a second office and playroom. The well-appointed laundry room provides ample storage and a practical drop zone.Embrace the ultimate in Arizona luxury, where elegance, comfort, and prime location create your dream home. The sunlit great room offers panoramic views of Camelback Mountain through 10-foot sliding doors, leading to an exquisite outdoor space. Misting System on patio to cool you off in the summer heat! There's even room for a sports court or additional seating. Enjoy a patio with a bar, built-in barbecue, and refrigerator, overlooking a sparkling poolperfect for embracing Arizona's indoor-outdoor lifestyle. Close to golf courses and can walk to shopping and restaurants.

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8325 W Cantera Avenue Peoria, AZ 85383

$2,250,000

6 Beds

4 Baths

7,272 SqFt

Status Active

MLS # 6745117

Property Type Single Family Residence

Price Type --

Welcome home to this absolutely stunning North Peoria estate! Nestled in the private Cantera Gates community, sitting on an almost 22,000 SF cul-de-sac lot, with a 7000+ SF block home plus additional office/casita, double RV garage, pool and spa. This home is the picture of luxury with a huge chefe's kitchen featuring a wrap around breakfast bar, and large island giving you ample cooking space, professional Wolf gas stove and double ovens, two dish washers, a full size Sub Zero refrigerator, walk-in pantry, beverage cooler, and tons of storage. Enter the primary suite through double doors, to an oversized bedroom, and bathroom offering a huge walk-in shower, soaking tub, double sinks with, dream walk-in closet, and full size stackable washer/dryer. The primary and one other guest room are located on the main floor with three additional bedrooms in the basement. All guest rooms offer walk-in closets and on-suite bathrooms. Basement also includes a large movie/game room with professional home theater system, and full size bar, a golf simulator room, large laundry room, and an extra room that would make a perfect home gym. Smart Home Control 4 system runs throughout, controlling TVs, music, cameras, and much more. RV garage is temperature controlled and includes an office/workshop that could easily be converted to a guest house. Home offers 2 EV charges. Also, two good size storage rooms. Just a few upgrades include new LVT flooring throughout the main level in 2023, permanent Christmas and accent lighting on both the house and RV garage 2021, new roof 2021, new ACs between 2019-2023, two tankless water heaters installed in 2019, remote control window treatments 2020, and so much more.

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