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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10040 E Happy Valley Road Unit 489 Scottsdale, AZ 85255

$2,200,000

3 Beds

4.5 Baths

3,806 SqFt

Status Active Under Contract

MLS # 6732668

Property Type Single Family Residence

Price Type --

Modern luxuries and finishes have been combined with charm and character in this organic, contemporary southwest remodel. From warm beam accents, charming fireplaces, timeless marble bathrooms that have been completely remolded, to the light and bright gourmet kitchen with views from every angle, this home has it all. The long list of amenities continues into the ample outdoors spaces; enjoy the optimal southern exposure with a sparkling and refreshing pool and tranquil water feature, take in beautiful sunsets, city lights and starry desert nights, or you may enjoy the desert flora and boulder mountain views at the patio complete with fireplace and a Desert Highlands favorite evening pastime, Boche Ball! Start enjoying the good life in this one-of-a-kind property that includes an instant full golf membership and all the furnishings and accessories you need to start your luxury desert lifestyle.

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8923 N 45th Street Phoenix, AZ 85028

$2,200,000

5 Beds

4.5 Baths

4,267 SqFt

Status Active Under Contract

MLS # 6732767

Property Type Single Family Residence

Price Type --

Home, sweet home! Be the proud owner of this spectacular property nestled in Doubletree Canyon. Gorgeous curb appeal & a spacious 3-car garage is just the beginning. Fall in love with an exquisite interior adorned with neutral tile floor, a soothing color palette, high-vaulted ceilings, & a delightful wood-burning fireplace with a gas starter. Enjoy hosting fun get-togethers & mixing your favorite drinks in the family room, equipped with a fabulous custom wet bar with a wine fridge! Aesthetically pleasing throughout! The stunning eat-in chef's kitchen boasts wood cabinetry accentuated by crown moulding, double wall oven, a stylish tile backsplash, granite-tile counters, built-in appliances, & recessed lighting. The serene primary bedroom showcases soft carpet in all the right places, a lavish ensuite with granite dual sinks, & a walk-in closet for easy organization. Discover the entertainer's dream backyard featuring a sparkling swimming pool, built-in BBQ, manicured landscape, & a pergola-style covered patio. PLUS!! Raised planting beds & breathtaking mountain views ALL AROUND! This gem won't disappoint!

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23660 N 84th Place Scottsdale, AZ 85255

$2,200,000

4 Beds

2.5 Baths

4,161 SqFt

Status Active Under Contract

MLS # 6744108

Property Type Single Family Residence

Price Type --

Discover your own desert oasis in the heart of Pinnacle Peak w/this exceptional property that embodies the charming Arizona vibe. Nestled on nearly 3 acres, this sprawling Spanish-style estate offers a unique blend of space, comfort, & breathtaking natural beauty. As you approach, a welcoming courtyard entry sets the tone for what awaits inside. Step into a thoughtfully designed floor plan that includes 3 guest bedrooms, large primary suite w/fireplace & cozy seating area, living & dining area and an expansive family/game room that promises endless entertainment options. The large backyard is a standout feature, designed to be your personal retreat with pool, expansive patio & views of landmark Pinnacle Peak. The property's generous lot size offers ample room for expansion... whether you envision adding a casita, sport court, or any other amenities to enhance your lifestyle. Pinnacle Paradise is undergoing a renaissance, with a wave of remodels and new builds on acre-plus lots. This trend emphasizes open space and privacy, making it the ideal environment for your dream home. This quintessential Pinnacle Peak home, with plenty of room to grow and customize, has unlimited possibilities.

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11802 N 74th Place Scottsdale, AZ 85260

$2,200,000

5 Beds

4.5 Baths

4,635 SqFt

Status Active Under Contract

MLS # 6714762

Property Type Single Family Residence

Price Type --

This is an incredible property, priced right and move-in ready. The home is rich with natural light that fills the large, open floor plan. ILocated in one of the best locations in Scottsdale near shopping, dining and businesses. This is an extra-large lot with the main house featuring 4 beds, 3 baths and a 3 car garage, an office den, and a master wing. The Guest House has a kitchen, living room and full-size bedroom with 2 additional rooms being used as study and gym. A large entertainer's dream backyard, with a covered patio, pool and a bar/outdoor grill ramada. RV gate and a sport court are some of the additional features that make this home a MUST see on your list in this price range! Bring you most particular buyers!

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4828 E Clearwater Parkway Paradise Valley, AZ 85253

$2,200,000

4 Beds

3.5 Baths

3,915 SqFt

Status Active

MLS # 6711236

Property Type Single Family Residence

Price Type --

Opportunity awaits in the Guard-Gated Clearwater Hills community of Paradise Valley. This single-level gated home sits majestically on just under one acre of prime, buildable land, offering privacy and breathtaking panoramic views of Camelback, Phoenix Mountain Preserve, and Mummy Mountains. The spacious floor plan offers an effortless flow between living, dining, and entertaining areas. Spacious Primary Suite with his and her bathrooms, and expansive closet. Three other bedrooms plus a bonus/game room. Easy access to world-class golf courses, fine dining, upscale shopping, hiking trails, and cultural attractions. and minutes away from the vibrant amenities of Scottsdale and downtown Phoenix.

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1775 S 131st Street Gilbert, AZ 85233

$2,200,000

5 Beds

7 Baths

5,343 SqFt

Status Active

MLS # 6714697

Property Type Single Family Residence

Price Type --

Experience unparalleled luxury in this meticulously designed Tuscan-inspired home. As you approach the grand front entry, custom old-world wood and metal doors welcome you into the enchanting front courtyard. Step inside to discover a huge foyer and open interior that epitomize grandeur.Key Features*5400 Sqft Layout, Spacious and open, perfect for both relaxation & entertaining*Lush 1.38 Acre Lot:*A sprawling estate offering ample outdoor space for recreation*Gourmet Kitchen w granite counter tops/ designer cabinetry, a culinary haven ideal for entertaining *High-End Finishes, Meticulous attention to detail with luxurious finishes throughout*Resort-Style Outdoor Oasis: Heated pool and spa, gas fire pit, outdoor grill, putting green, and multiple covered entertaining areas. 8-Car Garage

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7181 E Camelback Road Unit 306 Scottsdale, AZ 85251

$2,200,000

2 Beds

2.5 Baths

2,117 SqFt

Status Active

MLS # 6735680

Property Type Apartment

Price Type --

Gorgeous 2 bedroom 2.5 bath unit with a den. Very open great room and split floor plan with fabulous upgrades. Incredible corner view, with balcony that overlooks the water way and pedestrain bridge. Live in luxury with your own valet, 24 hour security, fitness center, roof top pool, private wine storage room. 2 parking spaces in the garage. Also a large storage unit. Club room to entertain, and all the amenities of the Waterfront shops, restaurants,nearby. Do not miss out on this rare opportunity to live at the most exclusive luxury high rise in Downtown Scottsdale.

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26827 N 68th Street Scottsdale, AZ 85266

$2,200,000

5 Beds

5 Baths

4,383 SqFt

Status Active

MLS # 6640376

Property Type Single Family Residence

Price Type --

CONTEMPORARY TENNIS COURT ESTATE~! Acre+ with guest house. A private paradise awaits you via a long curved driveway. Enjoy your lighted tennis court, sheltered amidst shade trees, mature cacti, flowering shrubs. This masterpiece is built to last with Integra Block, I-Beam & Post Tension Concrete. Dual living floorplan is connected by an upper level view skywalk & overlooks the heart shaped pool. Wood/tile/concrete flooring. All bedrooms have walk-in closets & upper deck access. Cute guest house with mini-kitchen & 3/4 bath. Office, Library wall, Media room, home gym w/shower. Soaring wood ceilings in great room Double Island kitchen w/sleek gray quartz counters, stainless appliances, tall wine cooler, W/I pantry. 2 story exterior metal fireplace. Ramada w/BBQ, pvt Garden. NO HOA FEES~!

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7425 E Gainey Ranch Road Unit 50 Scottsdale, AZ 85258

Open House

$2,200,000

3 Beds

3 Baths

3,783 SqFt

Status Active

MLS # 6742580

Property Type Single Family Residence

Price Type --

Introducing a true masterpiece! A home that captivates with its perfect blend of luxury and tranquility. This fully updated and upgraded sanctuary, nestled behind guard gates on an expansive double lot in one of Scottsdale's most exclusive neighborhoods, has been reimagined with a sophisticated modern design. The seamless indoor-outdoor flow creates a rare harmony, inviting guests to move effortlessly through the open, light-filled spaces toward the inviting pool area. With exceptional attention to detail, this distinctive home in Gainey Ranch Legends features 3 bedrooms, 3 baths, and a grand master suite that epitomizes both elegance and comfort, complete with a lavish master bath. Ensconced within a secure, double gated community and surrounded by meticulously landscaped grounds

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12164 N 120th Way Scottsdale, AZ 85259

$2,199,999

5 Beds

3.5 Baths

3,750 SqFt

Status Active

MLS # 6753467

Property Type Single Family Residence

Price Type --

The best views in the community can be yours! This gated 5 bedroom, 3.5 bathroom custom home is elevated on the most spectacular lot in the cul-de-sac. The stunning vaulted great room features floor to ceiling windows which flood the home with natural daylight. The tongue and groove ceiling feature extends from the great room, outside to your covered patio. Creatively re-designed by artist Bari of Bari J. Designs, these rooms have been featured in local publications including The Spruce and One Room Challenge. Every corner of this house has been thoughtfully designed in its own unique way, from the modern kitchen to the recently updated bathrooms and one of a kind garage. The sprawling backyard captures stunning pink Arizona sunsets, city lights and desert mountains. The cozy, outdoor fire pit and multiple covered patio spaces, make this home perfect for entertaining. With the desert wash behind you, enjoy privacy and uninterrupted panoramic views which may also be appreciated from your rooftop view deck. This home is within one of the most sought after school districts, Mayo Clinic, Lost Dog Wash Trail, restaurants and more. Please see documents tab for Seller Improvements.

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3850 E Huber Street Unit 2 Mesa, AZ 85205

$2,199,900

5 Beds

5.5 Baths

4,722 SqFt

Status Active

MLS # 6688996

Property Type Single Family Residence

Price Type --

Brand new custom home by Victoria Homes. Located in a gated community, the home is adjacent to the community amenity area with a tennis/sport court & ramada. The home is farmhouse contemporary design with stone, siding and stucco for exterior accent details. Andersen windows throughout. The home is a great room & open kitchen design with a formal dining room opening to a front patio outdoor space. The large kitchen has gas appliances, huge paneled refrigerator, and bulter's pantry. The primary suite has his/hers closets and decorative tile in the bathroom. Each bedroom has its on in-suite bathroom and walk-in closets. a teen room offers a dedicated space for the kids to play and study. Engineered hardwood floors & decorative tile throughout. FULL landscape with a pool and spa!

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10282 N 103rd Place Scottsdale, AZ 85258

$2,199,500

4 Beds

3.5 Baths

4,277 SqFt

Status Active

MLS # 6708188

Property Type Single Family Residence

Price Type --

This exquisite truly one of a kind residence situated on a premium corner lot in the privately gated Lake Serena Estates community. With great views of Camelback Mountain, easy access to the Loop 101, dining, hiking/biking trails, Scottsdale Ranch Park & more. While Scottsdale has its share of waterfront homes with docks and pontoon boats, this home has a pneumatic elevator to the second floor, steel shutters for sun and safety, and a large dog pen. Primary bedroom on the main floor with a jetted tub. Built-in barbecue, 20 foot high ceilings and 8 foot doors. There is no home on the market like it! MUST SEE!!!

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