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.

What’s Your Home Worth?

Search for Your New Home

25871 N 113th Way Scottsdale, AZ 85255

$2,195,000
4 Beds
4.5 Baths
4,602 SqFt
Status Active Under Contract
MLS # 6664605
Property Type Single Family Residence
Price Type --
THREE BRAND NEW state of the art Trane HVAC units installed July 2024. Views, Views, and more Views! Perched majestically on an elevated position within the exclusive guard-gated Troon Village, this exceptional residence offers an unparalleled visual feast, showcasing breathtaking views that span from up-close boulders and Troon Mountain to the distant beauty of Four Peaks—all seamlessly unobstructed. The home features four bedrooms, all ensuite, a powder bath for guests, a three car garage, and 4,602 square feet of living space. A testament to thoughtful design, the home is strategically oriented to maximize these awe-inspiring views, creating an atmosphere of tranquility and natural beauty. The interior boasts flowing living spaces that are both light-filled and spacious, characterized by high ceilings and expansive windows that capture the essence of the surrounding landscape. The heart of the home is an entertainer's dream, with an open kitchen and family room that form a central hub for social gatherings. The kitchen features stainless steel appliances, a hooded gas range, a generous island with a breakfast bar, a dedicated dining area, and a full bar equipped with a wine cooler, fridge, and additional seating at the bar. A stacked stone fireplace and built-in entertainment sideboard add warmth and sophistication to the space. For those seeking additional entertaining or relaxation spaces, the formal living and dining rooms provide an elegant retreat. The primary suite and office (with built-in bookshelves) are thoughtfully situated, separated from the secondary bedrooms to ensure privacy and a sense of retreat. The primary suite has a stunning oversized shower with detailed tile work and a coved ceiling, large soaking tub, split vanities, and walk-in closet. The Junior Primary suite is on the opposite wing, and has a sitting room, bedroom, and bathroom perfect for an in-law quarters or long-term guest. A three car garage and full sized laundry room with an extra sink complete the spaces. The outdoor spaces are an extension of the home's charm, with a wraparound back patio that invites both seating and dining options. The pool, complete with a water feature, beckons for refreshing moments of relaxation. An elevated spa with wrap-around seating. An outdoor built-in barbecue area provides the perfect setting for al fresco dining, while a sun deck becomes a vantage point to savor the forever views that characterize this exceptional property.

4327 E Capricorn Place Chandler, AZ 85249

$2,195,000
5 Beds
3.5 Baths
5,638 SqFt
Status Active
MLS # 6702284
Property Type Single Family Residence
Price Type --
Welcome to your dream estate in the gated community of Vasaro in South Chandler. This luxurious home epitomizes elegance, with no detail overlooked. From the grand entrance to the stunning backyard, every feature exudes sophistication. Soaring ceilings, exposed wood beams, & custom finishes throughout. An open-concept Great Room connects seamlessly w/formal dining area, wine room, kitchen, & game room. A gallery hallway leads to the private owner's suite, featuring gas fireplace, dual closets & vanities, plus a bonus room perfect for exercise or a second office/craft room. The guest wing includes an office/library, half bath, media/playroom, & three bedrooms w/walk-in closets, one with an ensuite bathroom. Outside your backyard oasis is complete w/oversized play pool, custom rock features, & spa. Entertain on extended paver patios, under the gazebo w/built-in BBQ, or in the play area w/artificial turf. This estate is a must-see, offering unparalleled luxury & craftsmanship.

9801 N Solitude Canyon Fountain Hills, AZ 85268

$2,195,000 - 3Br/4Ba -  for Sale in Eagle Mountain Parcel 5, Fountain Hills
Open House
New
$2,195,000
3 Beds
4 Baths
4,615 SqFt
Status Active
MLS # 6757650
Property Type Single Family Residence
Price Type --
Welcome to this exquisite luxury home nestled within the guard-gated Eagle Mountain Golfing Community. This stunning residence boasts an impressive 4,615 sq ft of thoughtfully designed living space, offering an ideal retreat for both relaxation and entertainment. The home features 3 spacious bedrooms, including 2 guest suites and a huge primary suite, this home is perfect for hosting family and friends. The dedicated office space, complete with built-in cabinetry, provides a serene environment for work/study/extra bedroom. At the heart of this home lies a gourmet kitchen equipped with top-of-the-line appliances, perfect for culinary enthusiasts. An adjoining built-in wine closet and host bar make entertaining effortless and enjoyable. Step outside to discover your private oasis with a heated pool and spa. There is a built-in BBQ with a large covered patio to relax and enjoy your peaceful surroundings. Step out of the home and onto the front balcony to see breathtaking mountain and golf course views. It's the perfect setting for morning coffee or late afternoon, and into the evening, gatherings for entertaining. The space flows from the inside directly to the outside allowing the doors to remain open at all times for guests and family to move about freely. This home combines elegance and functionality, making it the ultimate choice for those seeking a sophisticated lifestyle in a vibrant community. Don't miss your chance to own this extraordinary property. 2022 HVAC systems (3), 2021 roof re-coating.

8724 E Regina Circle Mesa, AZ 85207

$2,191,000
5 Beds
5.5 Baths
5,375 SqFt
Status Active
MLS # 6720038
Property Type Single Family Residence
Price Type --
WON ''BEST ON TOUR''! FALL IN LOVE and perfectly situated in one of the most prestigious estate sections in the award winning resort community of Las Sendas, your paradise awaits. Seller is offering $25,000 toward buyer's closing costs or to buy down buyer's loan rate with an acceptable offer. This stunning property offers the most amazing views of both the mountains and the sparkling city lights! Custom home with an open and bright floorplan, soaring ceilings, chef's kitchen, high end professional grade appliances, 6 burner gas range, pot filler, sleek oversized stone island, stone backsplash and custom hardwood cabinets. Formal living room is an entertainer's delight with grand fireplace plus large formal dining room with built ins. Huge state of the art custom sound proofed room with separate entrance off garage, plus $15,000 professional system. The primary retreat overlooks the resort like backyard and features tray ceilings and spacious seating area.The relaxing primary bath showcases stone dual vanities, oversized stone enclosed soaking tub and separate spa-like shower. Generously sized secondary bedrooms with walk in closets, en-suite bathrooms complete with stone vanity and floors. Seller spared no expense with the climate controlled glass enclosed home gym in garage. The separate state of the art sound proofed bonus room can be used as a man cave, hobby room or the flexibility of converting it into a casita next-generational home. The interior courtyard atrium is perfect for morning yoga, meditation or movie night. Immerse yourself in resort-style living and step outside to your backyard oasis featuring lush colorful landscaping, native Saguaro cacti, large covered brick paver patio and relaxing spa that spills into the pebble-tec sparkling pool. After a long day it will be time to unwind around the cozy outdoor gas fireplace and that's when you've realized you are home! There is room to expand the backyard of your dreams beyond the fence. Las Sendas golf club is an award winning, 18-hole championship course designed by Robert Trent Jones, Jr. sitting 2000´ above the Phoenix skyline and entire valley. The views from every hole are breathtaking and add to the ambiance of play. This true desert design offers challenges to test all levels of play, member exclusive events, social programs and all the amenities one would expect from a great club. Las Sendas offers casual restaurants with al fresco dining, cutting edge workout facility, spa services and so much more. Make this exquisite estate your home today.

13634 S Canyon Drive Phoenix, AZ 85048

$2,190,000
5 Beds
5.5 Baths
6,697 SqFt
Status Active
MLS # 6700287
Property Type Single Family Residence
Price Type --
Seller Financing Available at competitive pricing!! Enjoy breathtaking views from every room of this luxury home nestled within the gated community of Canyon Reserve where resort style living meets quiet enjoyment with tall ceilings, bright floorplan and expansive wrap-around balcony. This custom residence is ideal for multi-generational living, featuring a fully equipped lower level studio with its own entrance. 13634 S Canyon Dr has vaulted ceilings, an elevator for convenience, spacious kitchen with a wet bar, a butler's pantry and top-of-the-line appliances and an oversized great room with a cozy fireplace. The owners suite has a large luxury bathroom, separate sitting area, and private balcony with amazing views.

5411 E Dew Drop Trail Cave Creek, AZ 85331

$2,188,888
5 Beds
5.5 Baths
4,791 SqFt
Status Active
MLS # 6675396
Property Type Single Family Residence
Price Type --
Welcome to the epitome of luxury living at Bellissima Gated Community! Prepare to be swept off your feet by the sheer opulence and elegance exuding from these homes. If you've ever dreamed of residing in a place where excellence is a standard, then you're in luck - your opportunity has arrived! Step into a world of unparalleled upgrades that redefine sophistication. This magnificent 5-bedroom, 5.5-bathroom residence, complete with a charming Casita, is a testament to lavish living. Behold the Wolf Monterey kitchen package, boasting a 48'' Gas Range, Microwave, Dishwasher, and built-in double ovens, all meticulously selected for their top-tier quality. Every corner of this home radiates with luxury, from the upgraded cabinets to the stunning Bianco Romano Supreme countertops. Feel the warmth beneath your feet as you walk across the exquisite hardwood flooring that graces the entirety of the interior. But that's not all - indulge in the convenience and privacy offered by custom retractable screens adorning each of the three courtyard doors, ensuring a seamless blend of indoor-outdoor living. On the expansive back patio, you'll discover a newly installed outdoor kitchen, perfect for entertaining guests or enjoying al fresco dining in style. Motorized custom shades and screens provide an oasis of tranquility, perfect for unwinding in seclusion. Step outside and immerse yourself in the beauty of the travertine and turf backyard, enveloped by the lush foliage of mature trees that offer the ultimate privacy. Even the garage has been transformed into a haven of organization and style, boasting epoxy flooring and custom cabinets fit for a connoisseur. Don't let this opportunity slip through your fingers - seize the chance to elevate your lifestyle and make your home in the prestigious Bellissima Gated Community today!

4231 E Ashler Hills Drive Cave Creek, AZ 85331

$2,185,000
5 Beds
5 Baths
4,250 SqFt
Status Active
MLS # 6756428
Property Type Single Family Residence
Price Type --
BRAND NEW, modern home offers a perfect blend of style and functionality. As you approach, you'll be greeted by a spacious circular driveway and a 4-car garage. Sitting on an over an acre with no restrictions there is plenty of room for toys. Inside, the open layout features contemporary light fixtures and a striking wainscoting wall. The formal dining area boasts access to the courtyard, while the family room is prepped with a gas fireplace and includes sliding glass doors that seamlessly connect the indoor and outdoor living spaces. The gourmet kitchen is a chef's dream, with high-end stainless steel appliances, quartz countertops, a walk-in pantry, abundant cabinetry, an island with a breakfast bar, and a chic backsplash. A MUST SEE! Delightful main retreat has a private backyard access and a spa-like ensuite. Dual vanities, a freestanding tub, and a glass enclosure raindrop shower complete the main bathroom. Don't forget about the mudroom and ample laundry room with cabinets, refrigerator, and utility sink. The huge backyard offers an extended covered patio and so much space for a pool, sports courts, etc. You don't want to miss this excellent opportunity!

11547 E Cavedale Drive Scottsdale, AZ 85262

$2,180,000
5 Beds
4.5 Baths
3,869 SqFt
Status Active
MLS # 6754980
Property Type Single Family Residence
Price Type --
Find privacy and tranquility at the elite gated enclave of Desert Summit. Perfectly nestled on a generous .713-acre lot presenting unparalleled mountain vistas. A sanctuary of comfort and elegance, this home is luxuriously designed with impeccable attention to detail. A flawless remodel in 2023. Enter through the large private courtyard, the grand welcoming foyer is flanked by a substantially sized living room and a splendidly designed formal dining room. This bespoke home features 3869 sq. ft., 4 generously sized bedrooms, office/den, 4.5 bathrooms and a private Casita. The graceful primary suite is designated as your posh sanctuary, indulge and pamper yourself in this lavish spa like setting. Perfectly appointed Chefs kitchen, equipped to satisfy the needs of a professional Chef, an outstanding oversized dramatic black Quartz island, extensive black Quartz countertops, full height tile backsplash, magnificent cabinetry. Ultra deluxe JennAir appliances, custom crafted range hood, Italian porcelain flooring and more. An entertainer's dream is the idyllically positioned chic wine tasting area with controlled storage for 300 bottles of wine. The exquisite great room perfectly accommodates large gatherings or intimate family events, boasting a custom fireplace, abundant windows exhibiting sensational panoramic views. Revel in your private Arizona Style backyard Oasis highlighting a large covered patio, extensive travertine pavers. Al-fresco dining and seating, an impressive pool and waterfall, alluring spa, putting green, ultimate outdoor grill-island and an amazing tiered view deck to enjoy magnificent sunrise to sunset views of coveted Troon Mountain and Pinnacle Peak.

9007 N 83rd Street Scottsdale, AZ 85258

$2,180,000
5 Beds
3 Baths
3,456 SqFt
Status Active
MLS # 6730910
Property Type Single Family Residence
Price Type --
WOW! Rarely available large BASEMENT home with 5 bedrooms & 3 full baths in McCormick Ranch! Home has just been meticulously remodeled with elegant, modern stunning finishes! Custom cabinets with high-end GE CAFE appliances, beautiful quartz countertop and statement kitchen island, luxury vinyl plank flooring, amazing accent walls, elegant modern bathrooms with large format tiles and beautiful vanities, luxury LED lights, primary lavish walk-in shower with freestanding tub, and 2 laundry rooms! New tile roof and new roof coating! 2 AC units (2021&2022). 3-car garage w/ New Epoxy garage floor! Large backyard features mature trees, NEW BUILT pebble pool with travertine deck, new turf /rock landscaping, RV gate, and a large cover patio! Excellent 3-C schools nearby. Close to shops/Golf! There are 2 bedrooms including primary bedroom on main level as well as 2 full bathrooms and a stackable laundry room. There are 3 bedrooms and a full bath in the basement plus a huge family room divided by the 2 way steam fireplace. Basement homes are excellent in cooling during the hot summer. Downstairs has lots of large windows to let in the sunlight while maintaining at 78 degree without AC kicking on most the time during summer. Below is the improvement list: - New built pebble pool with travertine deck and self-cleaning system, plus baja steps and umbrella stand by Thunderbird Pool - New luxury turf by AZ Luxury Turf - new tile roof and new roof coating by Irish roofing - 2 Trane AC units 2021 and 2022 - new sump pump motor and lid in the basement - new water heater - new windows in the basement - new kitchen with high-end quartz - new luxury GE CAFE appliances and pull-out drawer style microwave - new Pot filler in the kitchen - luxury vinyl plank flooring and high end carpet - large format tile finish bathrooms with nice vanities - LED recessed deco lights for stairs and shower niches - luxury steam fireplace in the basement - luxury 3-side fireplace on main level - Unique and luxury lightings and ceiling fans throughout - 3 car garage with new epoxy flooring - New paint inside and outside - Interior new smooth texture finish

11334 E Troon Vista Drive Scottsdale, AZ 85255

$2,175,000
3 Beds
3.5 Baths
4,097 SqFt
Status Active
MLS # 6682066
Property Type Single Family Residence
Price Type --
Quintessential Arizona Living on an elevated mountainside lot nestled within the Sonoran Desert and surrounded by captivating panoramic Mountain Vistas. Located within the prestigious gated community of Troon Ridge Estates, this estate is situated on a 2-acre double lot to maintain privacy and jaw dropping VIEWS! The Santa Fe Style Estate features natural elements of boulder outcroppings, majestic Saguaros and a tranquil water feature in the front courtyard setting the tone for the serene ambiance of the home. The open floor plan expands 4100 sf of living space with large picture windows creating a canvas of outdoor desert landscape being an extension of the indoor atmosphere and design. A living piece of art, this home features exquisite one-of-a-kind hand-carved woodwork that........ embodies unparalleled craftsmanship and artistic flair. This home is a sanctuary of sophistication and authentic Southwestern design. The terra cotta Saltillo floors expand throughout the living space creating an authentic rustic appeal. The kitchen highlights the hand-carved wooden cabinets, a mosaic tile backsplash, double ovens, and an inviting eat-in area overlooking the great room living space. The living area is designed to maximize breathtaking views, with large windows framing Troon Mountain, Pinnacle Peak, and the McDowell Mountains. A grand beehive fireplace anchors the room adding warmth and charm, while a wet bar adorned with copper detailing provides an ideal spot for entertainment. This meticulously designed home features three-bedrooms all with ensuites, offering comfort and privacy, plus a generously sized office. The primary suite is a haven for relaxation with inviting fireplace, wrap-around private balcony, and spa-like bath. A backyard oasis providing awe-inspiring views, infinity-edge pool, expansive covered patios, an additional fireplace, and plenty of seating areas for relaxing or hosting guests. Enjoy proximity to Troon Country Club, renowned hiking trails such as Tom's Thumb, and the unmatched beauty of the desert! Plus, an array of nearby world-class golf courses, West World, shopping and dining destinations. *Included in the sale is Parcel #217-02-851 to protect your serene views and privacy*

11011 E Bajada Drive Scottsdale, AZ 85262

$2,150,000
1 Bed
1 Bath
900 SqFt
Status Active Under Contract
MLS # 6723886
Property Type Single Family Residence
Price Type --
This remarkable parcel offers stunning views, high desert vistas and a boulder landscape, complete with a small footprint home and studio of steel and glass, designed and built by noted Arizona Sculptor, Michael Anderson. A lesson in scale, this home offers everything you need with high-design features such as stainless steel appliances, full kitchen, open bonus loft and wrap-around patio and commanding view desk. This home lives large despite it's modest size. Outside you enjoy nearly 5-acres of natural landscape. Soaring Vaults, butterfly roof, Clearstory windows, function wall-of-glass doors and beautiful steel fittings. Detail abounds in this dramatic space with custom finishes and hand-made features. An amazing opportunity not only for this beautiful site, but a modern home in a stunning North Scottsdale desert location. Mountain Views can be seen all around including Pinnacle Peak and Troon Mountain. Hiking and horse trails are easily accessible. City water and electric service are on the property. Nearby Four Seasons Resort, shopping and dining, make for a perfect spot, WOW!

3626 E Sagebrush Street Gilbert, AZ 85296

$2,150,000
5 Beds
3.5 Baths
4,804 SqFt
Status Active
MLS # 6757632
Property Type Single Family Residence
Price Type --
This picture-perfect five-bedroom, three-and-a-half-bathroom home in the sought-after Morrison Ranch neighborhood offers luxury and comfort for the entire family. Located on an oversized, corner lot next to a park, this home has been fully gutted and remodeled from top to bottom truly creating a custom designed home. It features new hardwood flooring, premium carpet, and over 60 recessed lights. The spacious kitchen has been reconfigured to include a huge island, custom cabinetry, walk-in pantry, Wolf gas range, dual dishwashers, and new granite countertops throughout. The oversized primary suite includes a custom walk-in closet, a luxurious tiled shower with multiple shower-heads, his-and-hers vanities, and bench seating. Each bedroom offers custom walk-in closets, and the laundry room can accommodate two washers and two dryers. The backyard is a private oasis with a large pool, spa, and over 80 ficus trees. Additional features include spray foam insulation in attic, a full-house water purification system, permanent Christmas lights, garage cabinets and epoxy flooring, two sheds in yard, custom stair rails, Moen fixtures, and a tankless water heater. This stunning home is move-in ready and perfect for modern family living! Enjoy the covered patio, crystal blue pool and spa, custom outdoor fireplace and seating area, trampoline, fire pit and low maintenance landscaping that the backyard has to offer. Minutes from multiple parks, shopping, restaurants, entertainment, the neighborhood pickle ball and tennis courts, and the Morrison Ranch Lake, this house won't stay on the market long!

Leave a Reply

Your email address will not be published.