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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5814 E Camelback Road Phoenix, AZ 85018

$8,999,999

5 Beds

5 Baths

6,243 SqFt

Status Active

MLS # 6759228

Property Type Single Family Residence

Price Type --

Introducing an exquisite 5-bedroom, 5-bath luxury estate spanning 6,243 sqft, meticulously crafted by Architect David Dick and Two Hawks Designs & Development. This architectural masterpiece boasts high-end finishes throughout, blending elegance and functionality. The expansive layout includes a state-of-the-art gym, two resort-style pools, and a dedicated pickleball and baseball court, perfect for sports enthusiasts. Take in breathtaking Camelback and Papago mountain views while entertaining guests in the full outdoor kitchen,creating memorable moments against a stunning backdrop. This home is more than just a dwelling, it's a haven for entertainment and relaxation. Situated conveniently close to premier retail, top-notch entertainment venues, and exquisite dining options, it offers the perfect blend of luxury living and accessibility. Welcome to a lifestyle of sophistication and comfort.

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38824 N Charles Blair Macdonald Road Scottsdale, AZ 85262

$8,999,000

5 Beds

6.5 Baths

8,000 SqFt

Status Active

MLS # 6506635

Property Type Single Family Residence

Price Type --

Plans underway for this spectacular home designed by Kontexture and to be built by Silvercreek Development. Situated on a ridgetop lot in North Scottsdale guard gated community of Carefree Ranch Estates, this 8,000 square foot home features the latest and greatest in modern desert living with an emphasis on biophilic design. 5 bedrooms including guest house, plus office, and private master bedroom lounge. Spa like dual master bath with free standing tub, oversized shower with views of Desert Mountain Golf course and Pinnacle Peakand dual walk-in closets. HUGE great room with chef's kitchen, butler's pantry, top of line appliances, all spilling to the outdoors via walls of glass for indoor and outdoor entertaining needs. The outdoors includes 2,000+SF elevated terrace with outdoor kitchen, dining and living spaces, along with a zero and negative edge pool, spa, fire features for your outdoor entertaining needs. Elevated 4.36 acre site towering over the valley of the sun! Absolute privacy from this lofty perch overlooking tremendous city light, blazing sunsets, Desert Mountain Golf course views and surrounding mountain views of Black Mountain, Pinnacle Peak, Four Peaks and Camelback Mountain and the entire valley floor. Rough graded driveway in place. Highly-desired southernorientation provides maximum winter sun exposure on patio and pool areas. Private and tranquil for hiking and biking, yet quick access into Scottsdale, Carefree, Cave Creek for shopping, dining and golfing! Minutes from Skyranch private airport with available hanger space. Please inquire for more information or to review the plans on this spectacular estate home! Renderings are conceptual and square footage is estimated. Some finishes/features may change based on availability or buyer's preferences. Builder is happy to meet with buyers to discuss specific finish selections to meet individual needs.

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24546 N 91st Street Scottsdale, AZ 85255

$8,995,000

7 Beds

8.5 Baths

10,204 SqFt

Status Active

MLS # 6753806

Property Type Single Family Residence

Price Type --

The best of Prado Estates. Elegantly crafted and styled this Modern Spanish estate has been completely renovated by Mike Graham of American First Builders, exemplifying all that is modern and sophisticated. Featuring large functional living spaces opening to sweeping mountain and city views on this rare, large 4.7-acre estate lot. Upon entering, a large private courtyard leads to a stunning entry with custom steel windows and doors throughout capturing views of Pinnacle Peak and distant mountain vistas. Enjoy the open floor plan featuring a gourmet kitchen with double islands, a fully equipped butler's pantry and a welcoming great room with beamed ceiling detail and custom built ins. The Primary suite and office are located in a private area of the home while the en suite guest rooms are all spacious with private bathrooms featuring customized detailed tile work throughout. The massive 6 car garage, workshop and auto court make this home perfect for a collector or large family. A large two-story guesthouse includes two bedrooms and a private living area. Expansive resort like grounds featuring a private sport court/tennis court, putting green, custom outdoor kitchen with BBQ and pizza oven, heated pool and spa with room to add countless amenities. All located at the end of a quiet and private gated street. Prado Estates is convenient to multiple golf courses, hiking, shopping and restaurants in North Scottsdale. Truly the best of Arizona living!

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6480 E El Maro Circle Paradise Valley, AZ 85253

$8,975,000

6 Beds

10 Baths

11,499 SqFt

Status Active Under Contract

MLS # 6749693

Property Type Single Family Residence

Price Type --

THE BEST BUY of 2024...Just reduced $2,000,000 to the new incredible listing price. DO NOT MISS OUT! Nestled within the secure confines of El Maro's gated community stands a stunningly refurbished estate. As you step inside, you're greeted by panoramic mountain vistas & expansive interiors filled with natural light. An inviting billiards room adjoins the family area and kitchen, ideal for gatherings of all sizes. The formal dining and living spaces offer captivating views of the glistening pool, lush landscaping, sprawling golf course & mountains beyond. This exquisite home boasts a wine cellar, an exercise enclave, a theater for cinematic indulgence & a den/retreat with built-in bookshelves and desks. The main house comprises four en-suite bedrooms alongside a sumptuous master suite.. replete with balconies, a cozy fireplace, a spa-inspired bathroom, and a lavish closet just steps away, a wood-paneled office with awe-inspiring vistas awaits. Additionally, an attached guest casita provides a private haven complete with its own entrance, kitchen, laundry facilities, fireplace, and a separate bedroom with a full bath. The property features a lighted tennis court (or two pickleball courts), a four-car garage, and an elevator, among other refined upgrades, further enhancing the timeless allure of this breathtaking estate.

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6836 N 36th Street Phoenix, AZ 85018

$8,950,000

3 Beds

3 Baths

3,095 SqFt

Status Active

MLS # 6507389

Property Type Single Family Residence

Price Type --

The ''Circular Sun House'' was designed by Frank Lloyd Wright and was his final architectural design, and known as the Norman Lykes House. 3 beds + office + den + Library. Designed to blend in with the curves of the surrounding desert mountain, this iconic masterpiece was the last home designed by Wright and one of only 14 circular homes by the master architect. Overlapping concentric circles create a floorplan that flows seamlessly from one room to another while every room takes in unobstructed majestic views of Palm Canyon and the city below. Curved walls, clad in golden-hued Philippine mahogany cover the three bedrooms and hallway, reflecting the natural light of Palm Canyon. Sprawling entertaining spaces flow outside to ample patios and a crescent-shaped pool. In Architectural Digest! Three bedrooms PLUS library, plus den could be 4th bedroom and office that sits atop the home.

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5800 N Monte Vista Drive Paradise Valley, AZ 85253

$8,950,000

5 Beds

7 Baths

7,782 SqFt

Status Active

MLS # 6781796

Property Type Single Family Residence

Price Type --

With modern architecture, stunning curb appeal and picturesque views, this is the home you've been waiting for. The private estate boasting 5 bedrooms, 7 bathrooms, 6 + car garage, office and home gym is a breath of fresh air with its chic design and tranquil living space. The primary retreat is the perfect place to unwind with telescoping doors, fireplace and a coffee station. In the primary bathroom you will find an impressive oak walk-in clothing closet with stackable washer and dryer, dual vanity inc. makeup vanity, soaking tub, a walk-in shower, and even a privately enclosed outdoor shower. Over in the guest wing, you will find a secondary family room, theatre with projection screen and three en-suite guest bedrooms. Fully detached guest house with bedroom, bathroom, full kitchen... living space and stackable washer and dryer. Hosting made easy in this spectacular kitchen with two oversized islands, Wolf/SubZero appliances, custom cabinetry, coffee bar. Dine in the spacious formal dining room with floor to ceiling wine display or choose to dine outside under to expansive covered patio and enjoy our breathtaking AZ sunsets. Take a dip on the heated pool; relax near the sunken fire pit or hangout by the outdoor kitchen; whatever your weekend plans are, this home checks all the boxes.

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3285 N Mountain View Road Apache Junction, AZ 85119

$8,915,000

6 Beds

9 Baths

9,150 SqFt

Status Active

MLS # 6687284

Property Type Single Family Residence

Price Type --

An opportunity like no other! 7 parcels spanning 24.18 acres with unlimited potential for luxury residential development or commercial transformation. Nestled against the breathtaking Superstition Mountain, this unparalleled sale features two captivating properties, each with awe-inspiring views. The residence on parcel 10001001H (3700 N Mountain View Road) showcases over 11,000 SqF of meticulously crafted architecture, boasting a custom design and premium amenities. Highlights include a state-of-the-art kitchen worthy of a magazine cover, rooftop patios, pool, and space for recreational vehicles. Meanwhile, parcel 10001001J contains a total of 12,000 SqFt feet of construction, comprising the main dwelling, a charming casita & 7488 sqft in garage space. The sale of this property includes addresses: 3307 N MOUNTAIN VIEW RD, AJ, AZ 85119 3285 N Mountain View RD, AJ, AZ 85119 AND multiple parcels of land.

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9719 E Madera Drive Scottsdale, AZ 85262

$8,800,000

4 Beds

4.5 Baths

6,241 SqFt

Status Active

MLS # 6774498

Property Type Single Family Residence

Price Type --

Step into this stunning modern contemporary home, meticulously remodeled both inside and out, with a touch of Southwest charm, nestled within the exclusive, guard-gated community of Desert Mountain. Situated in the prestigious village of Lone Mountain II, the home enjoys a prime location above the 8th green of the Geronimo golf course, offering breathtaking southern and southwestern exposures for winter sun and natural light all on a single level with NO STEPS. Relax on the expansive covered patio, where you can savor Arizona's captivating sunsets and sunrises, framed by sweeping panoramic views of majestic mountains and open skies. From the moment you enter, the thoughtful design of this home is evident, with features like a coffered ceiling in the living room and elegant porcelain tile floors. The abundant natural light and warm wood interior doors create a welcoming ambiance throughout. The chef's kitchen is a dream, boasting a spacious marble island and ample storage, perfect for entertaining. The backyard is an entertainer's paradise with its pool, spa, and covered patio, offering plenty of space for alfresco dining and complete privacy. Inside, the home features four luxurious bedroom suites plus an office with custom built-in bookcases. The open-concept layout is flooded with natural light through large windows, and every room feels generously sized, including two primary his and her custom closets. The interior design includes distinctive adobe block walls and all fireplaces have been completely redesigned, with one featuring elegant tile and the other two showcasing custom-designed limestone. Completing the home is an oversized three-car garage able to house four full size vehicles with a large storage room and a south-facing patio that ensures privacy while enjoying the pool and spa. Optional Desert Mountain Golf Membership is available.

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6841 E Belmont Circle Paradise Valley, AZ 85253

$8,795,000

5 Beds

7 Baths

8,173 SqFt

Status Active

MLS # 6723469

Property Type Single Family Residence

Price Type --

Priced nearly $2,000,000 under appraised value! Appraisal in hand at $10,750,000. Splendid new construction by Patterson Homes on a N/S facing cul-de-sac lot. Designed for entertaining, this modern home features a great room overlooking a backyard oasis with a resort-style pool, outdoor kitchen, pickleball court, & pool bath. Relax in the large covered patio space, including a cantilevered area beyond the pool. Inside, you'll find 5 ensuite bedrooms, an expansive media room, flex space, & an extraordinary master suite. Car lovers will be thrilled with garage that can accommodate 12+ cars. The gourmet kitchen boasts Miele appliances, 4 ovens, 2 dishwashers, a wine refrigerator, & built-in coffee maker.

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6623 N Hillside Drive Paradise Valley, AZ 85253

$8,750,000

4 Beds

4.5 Baths

5,035 SqFt

Status Active

MLS # 6773469

Property Type Single Family Residence

Price Type --

Introducing an impeccable brand new modern masterpiece in Paradise Valley. Designed by Tyler Kuenzi and designtank, this stunning home offers outstanding views of the surrounding mountains, creating a tranquil backdrop for every room. The sleek architectural design is complemented by custom millwork throughout, highlighting exceptional craftsmanship in every detail. Seamlessly blending indoor and outdoor living, the home features expansive retracting glass walls and roof cutouts that wash every living space with natural light. This very private home offers a perfect setting for entertaining or relaxing. Experience contemporary elegance and incredible design in this one-of-a-kind home which redefines luxury living! The construction of this brand new home will be completed in Spring 2025!

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11935 E Buckskin Trail Scottsdale, AZ 85255

$8,750,000

7 Beds

7.5 Baths

7,314 SqFt

Status Active

MLS # 6777128

Property Type Single Family Residence

Price Type --

25 CAR GARAGE!!! Welcome to this extraordinary 6,114 SQFT luxury estate, perfectly set on 3.261 acres within an exclusive 11-parcel gated community. This custom home showcases stunning design elements throughout, including elegant wood flooring, a chef's kitchen featuring a double island with Alpine/Matterhorn polished granite countertops and matching Wolf and GE appliances. The main house boasts 5 en-suite bedrooms and an office, while the 1,200 sqft casita adds an additional 2 en-suite bedrooms, kitchen and living area for family and guests. The split floor plan ensures privacy, and a temperature-controlled wine cabinet and bar area adds sophistication for entertaining, while a dedicated home theater completes the luxury experience. The property features an attached, temperature-controlled 6,100 sqft RV garage/shop with four 16-foot tall industrial-grade garage doors and a loft, providing abundant space for vehicles, storage, and more. The shop is 85 feet long at it's furthest point, 85 feet wide, and 18 feet in height, large enough to accommodate an indoor pickleball or basketball court. Outdoor living is equally impressive, with a 70 foot bridge from the back patio leading to an 800 sqft pool with a spa. The ramada includes a storage room and bathroom/washroom, creating the perfect space for outdoor entertaining. Additionally, there's plenty of room to add a sport court, offering further recreational options. With breathtaking mountain views to the south and west, this property is the epitome of luxury, comfort, and versatility in a serene desert setting.

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28110 N 96th Place Scottsdale, AZ 85262

$8,750,000

4 Beds

5.5 Baths

7,147 SqFt

Status Active

MLS # 6710822

Property Type Single Family Residence

Price Type --

Award-winning architect C.P. Drewett designed this elegantly crafted modern home in north Scottsdale's Estancia Golf Community. With a nod toward Mid-Century Modernism—characterized by its boxy architecture, straight lines and minimalist nature—the home's design takes full advantage of its unique setting. Pocketing doors slide open to allow full immersion with the outdoors, creating a pavilion-like ambience where the indoor/outdoor spaces meld into one another. A stunning palette of materials includes hemlock, bronze, and textured limestone inside and out. Organic in nature and stunning in its simplicity, this light-filled work of modern architecture is a perfect example of how a well-executed design can so effortlessly respond to the true essence of its site. The modern kitchen is designed to inspire any chef with its Wolf convection steam oven, speed oven, induction cooktop, gas cooktop, coffee system and a hidden pantry with appliance garage, wall oven and ice machine. Other features include a split primary suite, two guest suites, an office in the main house, and a detached guest casita with a bedroom suite and sitting area. A 1,322-square-foot luxury car lounge provides the perfect setting to showcase your auto collection while entertaining. Estancia is a luxury residential community centered around golf and located at the base of Pinnacle Peak in north Scottsdale, Arizona. The community offers a private, members-only golf club with an 18-hole championship course designed by Tom Fazio. The clubhouse amenities include dining, a fitness center, tennis, pickleball and basketball courts, and a swimming pool. Residents enjoy views of Scottsdale's landmark Pinnacle Peak and a serene desert setting just minutes from world-class dining, shopping and entertainment.

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