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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6240 E Ironwood Drive Scottsdale, AZ 85266

$2,149,000

5 Beds

4.5 Baths

5,005 SqFt

Status Active

MLS # 6731369

Property Type Single Family Residence

Price Type --

5000 sq. ft. luxury home in N. Scottsdale with 5 large bedrooms, office and rec room. Nature areas on 3 sides. Gated community. Sub-Zero fridge, Wolf cooktop and 2 Dacor ovens. Ramada with grill and burners, sink, fireplace, and music. Whole-house stereo system, 8-foot solid core doors. Security system with 8 4K cameras. Flooring in excellent condition (hardwood, travertine & carpet). Seller will grant buyer an allowance of $60,000 to make all flooring the same or use for other things. Must close by October 31, 2024 to get the allowance. Great value with lot that cost 200K more than others nearby, more square footage, fully-equipped ramada, brickpaver circular drive, and large pool. Highest rated school system (CCSD) in the state and K-6 school 1/2 block away. Nearby golf & hiking

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8661 E Thoroughbred Trail Scottsdale, AZ 85258

$2,145,000

4 Beds

3 Baths

3,800 SqFt

Status Active Under Contract

MLS # 6740900

Property Type Single Family Residence

Price Type --

Experience this rare, meticulously renovated, 3,800 sqft. single-level dream home. The thoughtfully designed, split floor plan features 4 spacious bedrooms (including 2 en-suites), soaring 20+ ft vaulted ceilings & a versatile bonus room, ideal for an office or movie theater. The breathtaking interior is adorned with exquisite white oak & slim shaker cabinetry, hardwood floors, premium Italian appliances & new dual-pane windows. The custom tile-work in the kitchen, and bathrooms highlight the vision that has gone into every detail. The primary bath offers a spa-like retreat with an expansive splash zone, while dramatic fireplaces add warmth and style. Enjoy the stunning backyard oasis, perfect for entertaining poolside. Located minutes from the greenbelt, Mountainview Park & top schools.

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12459 N 116th Street Scottsdale, AZ 85259

Open House

$2,145,000

5 Beds

4 Baths

4,271 SqFt

Status Active

MLS # 6745021

Property Type Single Family Residence

Price Type --

FINALLY A FAMILY FRIENDLY FLOOR PLAN to satisfy family members & guests. UPDATED with new hardwood floors, kitchen & family room transforming this home to a light, bright, welcoming home perfect for everyday living & entertaining. Spacious Primary Suite boasts a sitting room & updated bathroom with two separate sink areas & 2 walk-in closets. That wing of the house features a Large bedroom or Bonus room plus another bedroom currently used as an office. Opposite are two additional large bedroom & 2 bathrooms. Bedroom # 5 bathroom also serves as a pool bathroom. Remodeled Kitchen has top of the line stainless steel appliances, double sinks, walk-in pantry. Family room also updated has a linear fireplace & wet bar opens to outdoor living. Entertaining is a Must Do with covered patio,

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11424 E Starflower Court Chandler, AZ 85249

$2,130,000

6 Beds

5.5 Baths

5,663 SqFt

Status Active

MLS # 6729571

Property Type Single Family Residence

Price Type --

Calling all car lovers and land lovers... This estate with a detached casita checks all boxes. This gorgeous home will not disappoint. The main house has a split floor plan with 5 bedrooms, bonus room and a private office upstairs. The kitchen offers a Subzero refrigerator, a Wolf 48'' range, 6 burner with flat top griddle, 2 sinks, 2 dishwashers, an oversized island overlooking a generous sized great room. Like to entertain? Enjoy a bar area with wine and beverage fridges. For the car enthusiast come check out the 42 foot extended, temperature controlled RV garage, a driveway plumbed with cleanouts, 30/50 outlets in driveway and inside garage. Why wait, come check it out today!!

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25031 N Paso Trail Scottsdale, AZ 85255

$2,124,500

5 Beds

4.5 Baths

3,974 SqFt

Status Active

MLS # 6690450

Property Type Single Family Residence

Price Type --

Lease Purchase Available! Nestled within the sought-after Happy Valley Ranch community, this southwestern residence offers a serene desert oasis in Scottsdale. Boasting 5 bedrooms, 4.5 bathrooms, and 3974 square feet of luxurious living space, it features an open floor plan flooded with natural light, elegant finishes, and modern amenities. The gourmet kitchen boasts sleek cabinetry, stainless steel appliances, and a spacious island. Master suite offers a spa-like ensuite bathroom and private balcony with breathtaking mountain views. Outside, the expansive backyard oasis includes a sparkling pool, covered patio, and lush landscaping, perfect for outdoor relaxation. With owned solar panels and a 3car garage, this home combines sustainability and convenience seamlessly

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4632 N Regent Street Buckeye, AZ 85396

$2,100,000

4 Beds

4.5 Baths

4,394 SqFt

Status Active

MLS # 6682296

Property Type Single Family Residence

Price Type --

This is your opportunity to build an exquisite custom home in Verrado. Either design your own custom dream home with us, or build this home already specifically designed for this unique property, boasting a captivating great room floor plan and situated on an expansive, 2/3 acre lot, providing the perfect canvas for your vision of luxury living. With the unique opportunity for the buyer to choose all finishes, this remarkable residence promises an unparalleled level of customization and sophistication. Step into the heart of this home, and be greeted by a kitchen that is as functional as it is beautiful. The buyer has the freedom to select their desired stone for the island, countertops, and backsplash, creating a kitchen that reflects their personal style and taste. Every cabinet in this culinary haven is equipped with slow-close drawers and doors, embodying the seamless blend of convenience and refine craftsmanship. Viking appliances and a pot filler adds an elegant touch to the culinary experience, while the presence of a butler pantry with a separate food prep area allows for seamless organization and efficiency. With 42 upper cabinets and 30 lower cabinets, ample storage space is provided, ensuring a clutter-free environment. The 3cm countertop edge profile adds a luxurious finishing touch to this stunning kitchen. The elegance continues throughout the home with a choice of 12x24 or 24x36 tiles in all wet areas, creating a cohesive and visually pleasing aesthetic. The 8 baseboards and solid core doors add an extra layer of sophistication and durability. Step outside and discover an oasis of relaxation and entertainment. The outdoor space boasts a fully equipped kitchen with a grill, icemaker, and dual burner gas cooktop, offering the perfect setting for al fresco dining and culinary adventures. An outdoor wood-burning fireplace sets the stage for cozy gatherings on cool evenings. The centerpiece of the outdoor area is the stunning 25x50 swim-up beach pool with a separate spill-over hot tub, providing a luxurious retreat for relaxation and recreation. Every bathroom in this custom home features custom stone and tile showers, exuding opulence and sophistication. The master shower is equipped with dual body systems, ensuring a spa-like experience in the comfort of your own home. Satin nickel Moen fixtures add a sleek and modern touch throughout. For effortless entertaining, a wet bar area is thoughtfully incorporated, complete with a sink, refrigerator, and icemaker, ensuring that refreshments are always close at hand. Indulge in the opportunity to create your dream home with this exceptional custom residence. From the meticulously designed kitchen to the luxurious outdoor oasis, every detail has been carefully considered to provide the ultimate in comfort, style, and functionality. Embrace the chance to curate a space that reflects your unique vision and experience the epitome of elegance and refinement in this remarkable custom home. This amazing custom builder offers ICF construction and a Tesla Solar Roof System as affordable options to ensure your. home is net zero

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2402 E Esplanade Lane Unit 602 Phoenix, AZ 85016

$2,100,000

2 Beds

3 Baths

3,542 SqFt

Status Active Under Contract

MLS # 6652382

Property Type Apartment

Price Type --

Urban hi-rise living at its best! This updated spacious condo sits on the 6th floor w/ impressive views of Downtown city lights, spectacular sunsets & mountain vistas. The circular wall of glass (w/ motor shades) creates a dramatic light-filled space. Interior finishes include hardwood & stone floors, sleek cabinets, designer lighting & beautiful tilework. The split floorplan offers a spacious secondary bedroom suite, a very large & sophisticated second primary closet & a family room designed for gracious entertaining or view-soaked relaxation. The full-service building provides valet parking, concierge services, a stunning rooftop pool & spa, an impressive gym, a gorgeous club room & EV charging stations. Walking distance to Biltmore shopping and eateries and easy access to Downtown Phx

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11402 E Desert Troon Lane Scottsdale, AZ 85255

New

$2,100,000

3 Beds

3.5 Baths

4,004 SqFt

Status Active

MLS # 6753600

Property Type Single Family Residence

Price Type --

Enjoy breathtaking and unobstructed views of the majestic Troon Mountain, complemented by beautiful vistas of boulder formations and stately saguaros, all from the privacy of this stunning home situated on a premium, elevated corner lot. This tastefully modernized Southwest retreat is a single-level gem with no interior steps, nestled within the prestigious, guard-gated enclave of Boulder Pass at Troon Village. As you step inside, notice the thoughtful artistry and craftsmanship that permeate every corner of this exceptional residence.The heart of this home is the meticulously remodeled kitchen, a true culinary masterpiece where form meets function. Custom-built alder wood cabinetry adorned with glass fronts and unique stainless steel designs offer ample storage options, complemented by a reverse osmosis system, dual Wolf wall ovens, a separate Wolf steam oven, a Wolf gas cooktop, and a Subzero refrigerator. The mosaic glass tile backsplash adds a layer of elegance, enhancing the kitchen's visual appeal. Gaze upon views of Troon Mountain as the kitchen flows seamlessly into the breakfast nook and family room areas, all of which share an authentic, meticulous crafted latilla and beamed ceiling that exudes Southwestern charm. Adjacent to this inviting space, a well-appointed wet bar features Paperstone counters, bar seating, a beverage fridge, and a wine storage area with a custom iron decorative door. Travertine and walnut wood flooring sweep through the home, adding warmth and sophistication. As you enter the home, the formal living room offers a captivating view of the serene back patio, boulders and fountain, while the front entryway and dining room boast exquisite latilla ceilings that glow from the light and views of beautiful sunsets that can be captured through their surrounding windows. This residence offers three luxurious bedrooms, including a primary suite that boasts a spacious sitting area with direct patio access. The primary bath is a spa-like retreat with travertine and granite finishes, dual vanities, a separate shower, and a sumptuous soaking tub. Two additional bedrooms, one ensuite with a walk-in closet and exterior access to the charming entry courtyard, provide comfort and privacy for family and guests. The dedicated office is adorned with double entry doors and offers a refined workspace with peaceful views of the front courtyard, while the laundry room, which is adjacent to the garage, includes a sink and additional refrigeration space. The entry courtyard is a welcoming oasis featuring a gas fire pit, twinkling north city light views, and an elegant paver hardscape. A half-circle drive ensures convenient parking for visitors. The backyard is a tranquil, private paradise designed for relaxation and entertainment, with multiple secluded areas, a boulder waterfall fountain and pond, a built-in barbecue with pull-up bar, a gas kiva fireplace, a commercial-grade misting system, and a sparkling pool area with unobstructed views of Troon Mountain, Tom's Thumb and the McDowell Mountains. Multiple covered spaces provide year-round comfort. Additional features include a three-car side-entry garage with epoxy floors, a freshly recoated flat roof in 2023, a water softener, and newly painted interiors.

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12839 S 34th Court Phoenix, AZ 85044

$2,100,000

3 Beds

3.5 Baths

4,952 SqFt

Status Active

MLS # 6747486

Property Type Single Family Residence

Price Type --

Immaculate Custom Pueblo Santa Fe Retreat in Ahwatukee Foothills Nestled into your private 1.5 acres in the stunning Ahwatukee Foothills, this custom Pueblo Santa Fe style home offers unparalleled mountain views from every window in every direction. Spanning nearly 5,000 square feet, the home is a masterpiece of design, featuring natural wood beams, flawless Mexican Saltillo tile, and pristine hardwood flooring. The Interior Santa Fe style's characteristic elements include round walls and edges, corner fireplaces, vigas, and a series of rooms fronted by covered porches, called portales, echoing the Pueblo rooms designed around a central plaza. Large custom iron & solid wood doors, adobe-inspired built-in lighting fixtures, every detail speaks to its exceptional craftsmanship. The multi-level resort-style backyard is an entertainer's dream, boasting balconies, patios, heated pool, in-ground jacuzzi, and pergola, all framed by a natural desert landscape. All outdoor planters will convey, enhancing the home's serene outdoor ambiance. You'll find 5 fireplaces strategically placed throughout, providing warmth and elegance. The primary retreat upstairs offers a private sitting area, a large walk-in closet, and a luxurious bathroom with a separate shower and jetted tub. Every bedroom provides direct outdoor access and its own private balcony, ensuring a seamless indoor-outdoor living experience. This home has been meticulously cared for by the original owner. Recent upgrades include a new Mexican tile roof (2024) and replacement of all 4 AC units within the last 7 years. The windows are in excellent condition, further underscoring the home's attention to detail and quality maintenance. No corners have been cut in this well-loved property, making it a truly unique opportunity in the heart of Ahwatukee. This home offers luxury, privacy, and timeless beauty.

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37 W Sierra Vista Drive Phoenix, AZ 85013

$2,100,000

4 Beds

3.5 Baths

4,173 SqFt

Status Active

MLS # 6747449

Property Type Single Family Residence

Price Type --

Discover the epitome of luxury living in this 4 BR+office custom home, perfectly situated in a tranquil cul-de-sac in the heart of North Central. Spanning 4,173 SF, this residence boasts a gracious and airy layout that flows effortlessly from room to room. The split primary suite features an oversized closet and a spacious bath, creating a serene retreat. The outdoor space is designed for relaxation and entertainment, complete with a pool, in-ground spa, BBQ, and fireplace, making it perfect for year-round enjoyment. A wine cellar adds a touch of sophistication, while high-end finishes and superior craftsmanship are evident in every detail, creating a home of unparalleled quality. Located off the famed Murphy Bridle Path, you'll enjoy easy access to the best that Phoenix has to offer.

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34709 N 48th Street Cave Creek, AZ 85331

$2,100,000

4 Beds

4 Baths

3,304 SqFt

Status Active

MLS # 6663880

Property Type Single Family Residence

Price Type --

ABSOLUTELY STUNNING! This luxury custom built dream estate is a true masterpiece, designed as the ultimate entertainer's paradise or your own private oasis. Perfectly positioned on 2.51 acres to enjoy the breathtaking panoramic views that showcase Black Mountain and Elephant Butte Mountains. The heart of the home is the great room boasting 12' ceilings, fireplace, and 16' glass sliding doors leading to a beautiful screened-in patio. This inviting space is open to the dining room with coffered ceilings and custom beams and the gourmet kitchen with walk-in pantry, a generous granite counter island and large built-in table perfect for hosting gatherings. You'll find 4 spacious bedrooms each w/ walk in closets & 4 full baths. The 4th bedroom is a unique attached Casita w/ a living room, kitchenette and separate entrance w/ screened-in patio. The Master Suite is a luxurious retreat with an ensuite bathroom with spa-like features including a walk-in shower, soaking tub, his-and-her sinks, and a huge custom closet. Step into the backyard and discover your own private paradise complete with a heated 48' pool with 3 waterfalls, a baja shelf, and an electric pool cover, as well as an outdoor shower, half basketball court, firepit, artificial turf, walking paths that meander throughout the park like grounds and an observation deck perfect for enjoying your morning coffee or the spectacular Arizona sunsets. This one-of-a-kind home offers an air conditioned 3 car tandem garage with built-in cabinets and epoxy flooring as well as a fully equipped 48' RV garage. Additional features include a 14' RV gate, security system with night vision, a 5' x 8 1/2' flex room with barn door, extra storage space and too many other extras to list. Prime location with the best of both worlds with this beautiful horse property in a sought after neighborhood yet walkable and close to amenities. NO HOA. Immerse yourself in the Cave Creek lifestyle and make this extraordinary property your sanctuary. AN ABSOLUTE MUST SEE!

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11140 E Cannon Drive Scottsdale, AZ 85259

New

$2,100,000

4 Beds

4 Baths

3,780 SqFt

Status Active

MLS # 6758097

Property Type Single Family Residence

Price Type --

Welcome to your dream home in one of the greatest Scottsdale neighborhoods. Completely remodeled from top to bottom this turn key home is a sophisticated and modern retreat that reflects that magical merging of inspiration and design. This home is a masterpiece of craftsmanship featuring a great entertaining dream, large open floor plan, high ceilings, contemporary statement wood fireplace, stainless steel appliances, double ovens, oversized quartz island. Kitchen is a dream come true! Master bedroom is the ultimate retreat complete with a generous size room a sleek ensuite bath with a modern tub, premium finishes and fixtures. Plenty of natural light flows throughout the home's open, airy layout. .Enjoy gatherings in the entertainer's resort style backyard!

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