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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9633 E Quarter Circle Loop Gold Canyon, AZ 85118

$2,150,000

4 Beds

3.5 Baths

3,894 SqFt

Status Active

MLS # 6730396

Property Type Single Family Residence

Price Type --

Beautiful new custom home located in Gold Canyon East at Barkley Ranch backing Golf Course on the 10th Green of the Dinosaur Course. Incredible views of the golf course. Fantastic finishes and details in the cabinetry, wood flooring, wood boxed beams on ceiling, marble tiled master bath, firepit and built in barbecue. The home surrounds a resort style pool with tiled Baja shelf and spa, stone finished columns with copper scuppers pouring waterfalls into the pool. Travertine pavered patios and pool deck with synthetic grass and firepit inside the fenced yard overlooking the 10th green of the golf course with beautiful views.

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6711 E Camelback Road Unit 41 Scottsdale, AZ 85251

$2,150,000

3 Beds

2.5 Baths

2,626 SqFt

Status Active Under Contract

MLS # 6754353

Property Type Townhouse

Price Type --

Beautifully remodeled & ready for a discerning buyer! This gorgeous townhouse is located on the best lot in coveted Pavoreal...a guard-gated luxury community just two blocks from Old Town Scottsdale. This bright & airy townhome boasts vaulted ceilings, an open floorplan with European Oak hardwood floors, a gourmet kitchen with high-end appliances, a stone-clad fireplace, built-in bookshelves, a sueded leather paneled wall & a glass & steel balcony enclosure. The designer-furnishings are top-of-the-line, stylish and comfortable. The 2 outdoor spaces are perfect for any time of day & each includes a charming water feature....the rear patio offers a cozy fireplace. Walk to some of the Valley's best shops, restaurants and night life!

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10465 E Rising Sun Drive Scottsdale, AZ 85262

$2,150,000

4 Beds

4.5 Baths

3,248 SqFt

Status Active

MLS # 6716947

Property Type Townhouse

Price Type --

Mountain Golf Membership available with NO wait! Fully furnished! Best Location in the Haciendas on the lush, grassy greenbelt leading to private Village pool and workout complex. This fully furnished Paloma plan is the largest - 4 bedrooms, 4.5 baths with designer touches, custom window coverings - Repainted throughout to lighten interiors - new neutral window treatments and auto shades in great room. Gorgeous landscape pots added to outdoor patio areas - private spa off Master. Kitchen with knotty alder cabinets and Viking appliances, granite countertops, center island with seating. Guest Suites have walk-in closets. Upper level guest casita with kitchenette. This gorgeous home is in pristine condition. 30 day application process for memb approval.

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902 E San Angelo Avenue Gilbert, AZ 85234

$2,150,000

5 Beds

4.5 Baths

4,693 SqFt

Status Active

MLS # 6743031

Property Type Single Family Residence

Price Type --

Gorgeous Remodel! Every detail provided in this Stunningly Beautiful 5 Bedroom, 4.5 Bath Victorian Farmhouse! Including lighted Regulation PICKLEBALL COURT, Workout Room complete with Infer-red Sauna. Large Half-Acre Lot with N/S exposure, circular drive entry, mature trees and gorgeous porch in the sought after Circle G Ranches. $600K in upgrades/ improvements. The step-down Office with its own fireplace sits right off the entry. The Kitchen is a masterpiece of design- 2 islands (1 marble and 1 butcher block) 4 Wolfe ovens, 6 burner gas stove/ grill & custom hood, Sub-zero refrigerator/ freezer w/ custom doors, 31'' under counter microwave, Bosch dishwasher, 2 pantries, wine refrigerator w/ 2 cold drawers. Separate Dining Room and Breakfast area. Living Room has wood burning fireplace. Spacious Game/media room w/cauffered ceiling, surround sound and custom barn doors. Downstairs Master Suite features double sink butcher block vanity, large tile shower, claw foot vessel tub, towel warmer and custom designed closet. All 4 additional bedrooms have walk in closets and ensuite- 2 share a Jack & Jill. Large Laundry room has Sub-zero refrigerator, cabinets and work space, sink and walk-in pantry. Backyard is an entertainers dream including beautiful ramada, built in BBQ, newly rebuilt private pool and spa, recently added pickleball court, fire pit, new turf play area with a wonderful shaded area compliments of two mature Ficus trees and multiple fruit trees. Oversized 3 Car Garage with epoxy coated flooring, Pro-Slat walls to hang equipment, steel cabinets and pull down stairs to attic storage. A phenomenal find in this lush BEAUTIFUL Circle G Ranch neighborhood! *Regulation size Lighted Pickleball Court *Fruit Trees include: Tangelo, Orange, Grapefruit, Lemon, Lime *Pentair Pool Equipment *MPulse Infer-red Sauna *Insta- Hot Water in Kitchen *ARO Water Filtration system *Turf in Backyard *Windows all replaced and have a Lifetime Warranty !! Remodel - Upgrades and Improvements over $600,000!!

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7175 E Camelback Road Unit 702 Scottsdale, AZ 85251

$2,150,000

2 Beds

2.5 Baths

2,041 SqFt

Status Active

MLS # 6696924

Property Type Apartment

Price Type --

Luxurious 7th floor living awaits in this remarkable 2-bedroom plus den, 2.5-bathroom condominium, nestled within the prestigious high-rise towers gracing the Scottsdale Waterfront. Natural light floods the open-concept living room and kitchen, accentuating the seamless flow of the space. The kitchen is a chef's dream with Viking appliances, ample storage space and magnificent views. The large private balcony allows you to enjoy the beauty of Arizona with unobstructed views of Camelback Mountain and Papago Park. The primary suite is a serene retreat, boasting a ensuite bathroom with dual vanities, a deep soaking tub, separate glass-enclosed shower and large walk in closet. The generously-sized second bedroom ensures comfort and privacy, with a full bathroom and two large closet The den provides a comfortable place to relax or can be set up as an additional sleeping area. All windows have one touch motorized window shades. Scottsdale Waterfront is a full service building. Amenities include a 24hr concierge, valet, rooftop pool, fitness center, massage rooms, community meeting space, dining room, kitchen and private wine locker. The unit includes two assigned parking spaces and storage unit. Walking distance to Scottsdale Fashion Square, Old Town Scottsdale, restaurants and shopping.

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3898 N Camino Ojo De Agua -- Tucson, AZ 85749

$2,150,000

4 Beds

4 Baths

4,179 SqFt

Status Active

MLS # 6752129

Property Type Single Family Residence

Price Type --

A breathtaking architectural marvel nestled into the Catalina foothills of Tanque Verde. Behold the sweeping city lights, mountain views and glorious sunsets from every window & terraced patios. Built on a ridge atop 3.2 private hillside acres, you'll leave the urban crowds behind. No HOA opens up vacation rental opportunities. The home has been meticulously renovated over the past 4 years inside & out with high-end finishes, appliances & hardware giving the home a fresh, luxurious and welcoming vibe. The negative edge pool will make you feel like you're living in a resort! Don't miss the elevator, floating vanities & toilets/bidet, central vac, new windows and doors, freshly paved driveway, designer ceiling fans, Quartz counters, double oven, 48'' fridge/freezer, pot filler & much more!

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11350 E Desert Troon Lane Scottsdale, AZ 85255

$2,150,000

5 Beds

5 Baths

4,254 SqFt

Status Active

MLS # 6698574

Property Type Single Family Residence

Price Type --

Located within the prestigious guard-gated community of Boulder Pass in Troon Village, this magnificent 5-bedroom, 5-bathroom home spans over 4,200 square feet of luxury living space, boasting views of Troon Mountain. Step into your backyard oasis, where every detail has been crafted to create the ultimate retreat. Lounge by the sparkling heated pool or unwind in the elevated spa with a soothing waterfall feature. Entertain guests on the covered patio spaces that step down to poolside lounging areas, complete with a fire pit and artificial turf putting green. Enjoy cozy evenings by the outdoor fireplace surrounded by mature vegetation. Inside, the kitchen features custom cabinetry, double wall ovens, gas cooktop, large center island, ice maker, granite counters, & walk-in corner pantry. The kitchen opens to the family room and breakfast nook, ideal for casual gatherings. The family room boasts wood look tile floors, art niches, mechanical light-filtering shades, and a stacked stone fireplace. Formal living and dining room spaces provide elegant settings for special occasions, while the primary suite offers a serene escape with a separate sitting room, a luxurious bathroom with a soaking tub, a walk-in shower, dual vanities, and a spacious walk-in closet. Three guest rooms are preceded by a bonus room, perfect for a den or office space, while the fourth guest bedroom provides privacy on the opposite wing of the house, ideal for visiting guests or in-law accommodations. Convenience abounds with a 3-car garage offering direct entry into the large laundry room with a sink and ample storage space. A gated courtyard with a paver walkway welcomes you home, while a large paver drive leads to the side entry garage. Additional features include two newer Trane HVAC units and a new water heater. Don't miss the opportunity to experience luxury living in this North Scottsdale residence.

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4131 E San Miguel Avenue Phoenix, AZ 85018

$2,150,000

4 Beds

2.5 Baths

3,288 SqFt

Status Active Under Contract

MLS # 6652702

Property Type Single Family Residence

Price Type --

Location is everything! Nestled in Marion Estates, this updated ranch is located on a premium half-acre lot offering breathtaking views of Praying Monk and Camelback Mountain. The 3,288 sq ft home features 4 bedrooms and 2.5 baths. Once inside, you are greeted by a stunning view through the 15ft glass sliders, enhancing the connection between indoor and outdoor living. The spacious backyard includes a sparkling pool, a built in outdoor BBQ area, and a low-maintenance turfed space with potential for expansion. The charming kitchen is equipped with high-end Viking appliances, custom cabinetry, and marble countertops. The layout includes an open-concept great room, dining area, and a cozy den with a gas fireplace, perfect for intimate gatherings. The spacious primary suite is a true sanctuary, featuring an oversized shower, a luxurious soaking tub, and extensive walk-in closets. Additionally, there are three generously sized bedrooms, each with ample closet space. Location-wise, this home is in the coveted Hopi school district and just minutes away from Phoenix's hottest corner, 44th and Camelback - home to the new Global Ambassador Hotel. Suns training facility and renowned shops and restaurants. Please see documents for more information about recent upgrades.

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11796 W Creosote Drive Peoria, AZ 85383

$2,150,000

4 Beds

3.5 Baths

4,074 SqFt

Status Active

MLS # 6716808

Property Type Single Family Residence

Price Type --

Welcome to your Toll Brothers Costellana with a Casita, a luxurious sanctuary of modern living. With its striking stone veneer facade and 12'' ceilings, this home exudes elegance from the moment you step through the door. Plank tiled flooring guides you through the spacious interior, leading to the heart of the home: the gourmet kitchen. Quartz countertops, a 48'' Wolf Dual Range Stove, and a built-in Sub-Zero refrigerator-freezer elevate the culinary experience. A 15' pocket door slider seamlessly merges indoor and outdoor living, revealing a backyard oasis complete with a saltwater heated & cooled pool, spa, and outdoor kitchen. With four bedrooms, including a private casita, and a master suite boasting French doors, a freestanding tub, and dual shower heads, every inch of this home exu Extended Kitchen: Wolf Gas 48 Dual Fuel Range 4 Burners, Infrared Charbroiler and Infrared Griddle. Double Oven. Built in 48 Sub Zero Side by Side Refrigerator/ Freezer with Internal Dispenser. Under and above Mounted LED Lights. Kitchen Aid Dishwasher, Trash Compactor. Garden Porcelain Sink. With Brass Faucet. Kitchen Island with Quartz Counter Tops. Smooth Close Drawers. Subway Tiled Backsplash. 1 Bedroom Casita: Wet Bar with Built in Refrigerator Shower. Separate Entrance. 2 Den / Offices, One with 8ft Class French Doors. The other with Barnyard style Doors. Spare Bedrooms have walk in closets. Great Room Has Wood Style Beams 12 Ft Ceilings. Master Bedroom Has 8ft Rench Doors to the Patio. Plank tyle. Walk in Closet with built in Drawers. Master Bathroom has Bidet. Dual Head Shower with a Rain Head. Free standing Tub. Dual Sinks with Vanity. There are French Doors off the Breakfast Nook. Back yard Patio has Electric Heaters. Built in BBQ with an Evo Grill. Motorized Awning Salt water heated and Cooled pool and Spa. Travertine tiled Back yard with Synthetic Grass. 4 car Garage Has EV out let for a Charging station, Racks Built in Cabinets Water Softener.

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3804 E Camelback Road Phoenix, AZ 85018

$2,150,000

4 Beds

4 Baths

4,764 SqFt

Status Active

MLS # 6687146

Property Type Single Family Residence

Price Type --

The ideal lock-and-leave home, combining city convenience with a luxurious lifestyle. Tucked away on a private Street, this beautiful home offers tranquility in the heart of the city. Open and bright with soaring ceilings and spacious rooms, the home exudes elegance. The chef's kitchen is outfitted with Bosch and KitchenAid appliances, dual islands, and custom cabinetry (easily adaptable to white). A massive laundry room includes a farm sink, abundant cabinetry, and counter space. Enjoy outdoor living with a large patio and two balconies—one with morning views of Camelback, the other with stunning Piestewa Peak sunsets. The primary suite offers dual closets, separate his-and-her toilets, and a spa-like bath with a walk-in shower. Wired for surround sound, this home shows modern comfort. Home is wired for surround sound inside and outside Home is wired for fans in all rooms VERY MOTIVATED!! All bedrooms are extra-large with walk-in closets Office can turn into third bedroom with full bath and walk-in closet Large bedroom & office downstairs/primary+2 bedrooms upstairs Endless pool and spa in great condition, we just drained the water 3-car garage-extra-long and high ceilings

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3446 N 47th Street Phoenix, AZ 85018

$2,149,000

4 Beds

3 Baths

2,563 SqFt

Status Active

MLS # 6742128

Property Type Single Family Residence

Price Type --

Architect Designed Home in the Heart of Arcadia. This property is a 2024 modern new build meticulously constructed and designed by an architect from the ground up. Blending organic neutral colors that complement the desert throughout the home. As you step inside, you'll be captivated by your gourmet kitchen, where vertical subway tiles elegantly line the walls and backsplash. The kitchen flows effortlessly into the inviting living and dining room, where a large fireplace mantel with beautiful designs stretches from floor to ceiling. The mantel has a smart picture frame TV that comes with the home. Engineered flooring runs throughout the home, complementing the designer appliances and gas burner stove and oven. A large centerpiece island with room for seating and a deep farmhouse sink finish the kitchen with excellence. The primary suite occupies the left side of the home, showcasing modern touches and a large walk-in closet. Practical features include a pantry perfect for Costco runs and a laundry room with counter space, a sink, and a side entrance. To end each day in style, you'll pull into your recently finished epoxy flooring garage, equipped with a large tankless water heater ensuring endless hot water. On the right side of the home, you'll find three rooms: One en-suite, a large second room and a versatile middle room, perfect for a nursery, office, or game room. Moving towards the backyard, large glass sliders connect you outside. Here, you'll discover over 600 sq ft of covered patio space, ideal for relaxing and entertaining. The backyard features a built-in BBQ with utility sink, a completely re-plastered pool with new pipes and built in seating is perfect for warm days. On the other side of the grass, you'll find an open side yard spacious enough for an RV, boat, or car. The front yard captures the essence of Arcadia living, offering a perfect spot to sit outside, watch the kids play, or take in the beautiful red rock views of Camelback Mountain. This opportunity won't last long. With the added value of the neighborhood, including two new builds priced at $2.5M+ just houses away, this home is a rare find. Welcome to your new home in Arcadia, where modern luxury meets timeless charm.

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11827 S Tuzigoot Court Phoenix, AZ 85044

$2,149,000

5 Beds

5.5 Baths

5,586 SqFt

Status Active

MLS # 6712624

Property Type Single Family Residence

Price Type --

Discover the epitome of Luxury Living in the prestigious Ahwatukee Custom Estates! Located in a Cul-de-Sac, this stunning Custom-Built Home was meticulously designed to blend elegance and functionality. Surrounded by the breathtaking mountains of South Mountain, this 5,586 sq. ft. residence offers an unparalleled living experience with hiking and mountain biking right out your front door to the Trails of South Mountain Park. Enjoy amazing Mountain Views from the Front Yard, Living Room, Game and Family Room, and Upstairs Bedrooms. With 2 Stories, this home boasts mature ash trees, an expansive lawn, and a prestigious front door leading to a sweeping landing and stairs. Perfect for formal entertaining, it features an elegant dining area, fireplace, and wet bar, all with views and access to the beautifully landscaped grounds. The kitchen, the heart of the home, is finely appointed with a massive island, pantry, spacious dining area, coffee port, baking center, ample counter space, and only the best appliances - Sub-Zero, Wolf & Dacor - making it ideal for entertaining and convenience. The Primary Suite, with City Light Views from the Bedroom & Balcony, includes a luxurious bathroom, a huge walk-in closet, a Toto Washlet Toilet and even a secret door for safe and easy access to the secondary bedrooms. The Family Room off the Kitchen is complete with an adjoining game room, cozy fireplace, TV setup, and easy access to the backyard, perfect for gatherings. The lush front and backyard are adorned with mature ash and beautiful palm trees, creating a Resort Style atmosphere. Located in a serene cul-de-sac, this home ensures peace and tranquility on a very quiet street. The backyard is a haven for fun and relaxation, featuring a built-in BBQ, lap & play pool, spa, outdoor shower, treehouse, trampoline, and ample seating and dining areas. An upstairs back patio with a circular staircase leads down to the main patio, enhancing the outdoor experience. This home is a paradise for sports and fitness enthusiasts. Enjoy a lap pool for swimming or water aerobics, a sport court for basketball, and a workout room with a full bath that opens to the lush yard. The expansive 4-car garage and RV gate provide ample storage and convenience. This home includes en-suite bedrooms for privacy, built-in office spaces for work-from-home or study needs, and thoughtful details like a laundry chute from the upstairs, wrapping area, and dog door, ensuring ease and comfort for all lifestyles. Experience the best of Ahwatukee living with these exceptional features!

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