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

10006 N 57th Street Paradise Valley, AZ 85253

$2,100,000
5 Beds
4 Baths
4,922 SqFt
Status Active Under Contract
MLS # 6749656
Property Type Single Family Residence
Price Type --
Investment Opportunity in Prestigious Paradise Valley! Fixer Upper / needs repairs - incomplete renovation and sold As-Is. Perfect for those looking to flip or who want to create your custom luxurious home with a blank canvas for your backyard oasis! Rare chance to own a contemporary-style home on 1.1 acre in Country Club Acres. No HOA. 5 bedrooms, 4 bathrooms, a spacious deck with stunning Camelback Mountain views. Concrete slab on side yard for RV parking. Open-concept kitchen with walk-in pantry, Viking and Wolf appliances, complemented by a floor-to-ceiling slate gas fireplace, Lutron lighting throughout, and surround sound. Two large laundry rooms upstairs and downstairs. Huge lot ideal for a casita or guest home in case extended family needs a private residence on site! Create your luxurious oasis in Paradise Valley within minutes of the new Ritz-Carlton Residences & Resort and The Palmeraie....a $2 Billion Dollar luxury development on 30 acres with over 100 boutiques and more than 12 restaurants. Adjacent to the Ritz-Carlton Paradise Valley Resort is a destination experience that owners and guests will enjoy... a true game-changer for Scottsdale and Paradise Valley! Paradise Valley is known for luxury golf courses, shopping, real estate, and the restaurant scene. Welcome Home!

2203 E Scenic Drive Payson, AZ 85541

$2,100,000
4 Beds
5 Baths
5,618 SqFt
Status Active
MLS # 6726593
Property Type Single Family Residence
Price Type --
EXQUISITE MODERN MOUNTAIN RETREAT located within the desirable community of Chaparral Pines, with expansive mountain and golf course views! This stunning four-bedroom, five-bath home, including a dedicated office, offers luxurious living both indoors and out. Completely updated and move-in ready, this home boasts a spacious, open floor plan spread across three levels, all accessible by a 3-stop elevator or gentle stairs, perfect for hosting family and friends. The main level welcomes you with a jaw-droppingly grand great room, drenched in natural light from expansive windows that blend indoor elegance with breathtaking views of hole #7 and the Granite Dells in the background. The floor-to-ceiling stone fireplace and a wet bar add to the sophisticated atmosphere, while the radiant heated floors add an additional touch of comfort and luxury. The recently remodeled kitchen, updated in 2020, features quartz countertops, new appliances, and custom cabinetry, and the large breakfast bar and adjacent dining area are ideally situated to enjoy the magnificent views. The main-level master suite opens to an expansive deck, perfect for morning relaxation, and includes a luxurious en suite bath with a sizable walk-in closet. Also on the main level, you'll find a beautifully designed office with built-ins and a sink, a laundry room, and a powder room for guests. Split from the master suite, a short ascent of stairs leads to two private guest bedrooms, each with walk-in closets and en suite baths. The lower level offers a generous living area with a theater setup, wet bar, and outdoor access to a patio featuring a fireplace and hot tub. The fourth bedroom, a spacious guest master suite, is situated for maximum privacy. This home also provides ample storage and flexible spaces to suit your needs with a basement level workshop, multiple closets, an indoor/outdoor dog kennel, and a potential wine cellar that's currently used as a kids toy/play area. The oversized 3.5-car garage accommodates three vehicles, a golf cart, and includes additional storage space.

22954 E Ivanhoe Street Mesa, AZ 85212

$2,100,000
5 Beds
4 Baths
4,383 SqFt
Status Active
MLS # 6657744
Property Type Single Family Residence
Price Type --
Experience luxury living with this exquisite 5 bed, 4 bath custom new build in Mesa. Situated on an acre of land with no HOA, this home radiates exclusivity & elegance while boasting stunning mountain views. The low-maintenance turf lawn in the front yard sets the stage for what awaits inside. Step through the iron front door to discover, vaulted ceilings & open floor plan adorned with a chef's kitchen, quartz stone, stainless steel appliances, hardwood flooring & double islands. Through a sliding glass wall lies your private backyard oasis, awaiting customization-as the seller, a seasoned contractor, will provide you with personalized quote! Enjoy 4 car garage, featuring 14ft ceiling & pre-wired for electric charging. Experience unparalleled craftsmanship & luxury in this custom home!

3502 N 35th Place Phoenix, AZ 85018

$2,100,000
5 Beds
4.5 Baths
3,698 SqFt
Status Active Under Contract
MLS # 6654984
Property Type Single Family Residence
Price Type --
BACK ON MARKET! Ignore days on market - Buyer's contingency expired. Great opportunity to own our BEST selling floorplan in a GREAT location! New comp by Thomas James Homes, build to suit/purchase at 3309 E Clarendon, home is still under construction, further increasing the property values in the neighborhood! Look no further than 3502 N 35th Place! This stunning luxury residence boasts 3,698 square feet of single-story living space, meticulously crafted with the utmost attention to detail. Situated in a prestigious neighborhood, this NEW CONSTRUCTION home offers the epitome of modern elegance and sophistication. As you step through the grand entrance, you'll be greeted by an expansive floor plan adorned with luxurious finishes and designer touches throughout. The spacious living area is bathed in natural light, creating an inviting atmosphere for relaxation and entertainment. The gourmet kitchen is a chef's dream, boasting top-of-the-line appliances, custom cabinetry, and a large island with seating. From casual breakfasts to formal dinner parties, every meal is a culinary delight in this stunning culinary haven. Entertain in style in the spacious bonus room, where endless opportunities for fun and relaxation await. Whether hosting game nights with friends, enjoying family movie marathons, or needing an extra space for the kiddos, this versatile space is sure to be the heart of the home. Retreat to the luxurious primary suite, where serenity and comfort await. Featuring a spa-like ensuite bathroom and a walk-in closet, this private sanctuary offers the perfect retreat at the end of the day. Guests will feel pampered in the attached casita, complete with its own entrance and bathroom. Whether it's hosting overnight visitors or providing a private space for extended family members, this versatile accommodation ensures comfort and privacy for all. Outside, the oversized lot provides ample space for outdoor living and entertaining. Relax on the covered patio, dine al fresco under the stars, or soak up the sun in the beautifully private landscaped garden oasis. Complete with an outdoor kitchen and swimming pool - the possibilities are endless. Additional highlights of this remarkable home include a convenient three-car garage, providing ample space for parking and storage and ready to accommodate an electric vehicle. This home is sure to carry you through all stages in life! Experience luxury living at its finest in this exquisite new construction home. With its unparalleled craftsmanship, premium amenities, and prime location, this is truly a once-in-a-lifetime opportunity to own the home of your dreams. Don't miss out on your chance to make this spectacular residence yours! Set up your private tour today.

42020 N Old Stage Road Cave Creek, AZ 85331

$2,100,000
5 Beds
4.5 Baths
4,535 SqFt
Status Active
MLS # 6699618
Property Type Single Family Residence
Price Type --
Looking for privacy and seclusion? This is it! Paved roads, peaceful, quiet, Cave Creek wash frontage, gated entry estate on 5 acres with no HOA, horse privileges, 250x150 horse arena. Horse and hiking trails of the property. Enjoy stunning sunsets and views of Elephant Butte Mountain, high Sonoran Desert with Saguaros, only 30 miles from Sky Harbor airport. Great multigenerational home, single story, main house feature 3 bedrooms, game room, 3.5 baths, attached guest house with separate entrance feature kitchenette, great room, 2 bedrooms with private patios and full bath. Completely renovated and move in ready, Seller invested $700K in property renovation, including new metal roof, Anderson windows, new Trane HVAC master side, new gas water heater... Gourmet kitchen with White Shake cabinets, quartzite countertops, GE Monogram appliances, all baths renovated with beautiful tile work. Extended detached 4 car garage with plenty storage. Resort style backyard, Pebble Tec Pool, hot tub, desert landscaping, multiple covered patios. Private well, low property tax, rattle snake proof yard, garden, chicken coop and more...Fruit trees: Pomegranate, Apricot, Apple, Peach, Plum, Fig and all kinds of citrus trees (lemon, orange, lime, grapefruit)... Great vacation rental property. Hurry, this property rare to find and will not last long!

25635 N 47th Drive Phoenix, AZ 85083

$2,099,999
6 Beds
4.5 Baths
4,806 SqFt
Status Active
MLS # 6715717
Property Type Single Family Residence
Price Type --
BEST VIEWS IN THE WHOLE WEST VALLEY!!! This is my all time Favorite! This is the most Private ESTATE sitting on top with views of the whole Mountain Range! It takes my breath away!It has everything a property has to offer tucked away in Saddle View Estates with no HOA. It is a Fortress of an Estate. Everything is newer and meticulously kept. Including Owned $80k solar! 2000sf 5 car oversized enormous garage with storage rooms, Newer Roof, Upgraded AC's electronic air filters, Activic Air Scrubbers. New Anderson Windows, new clothes W/D, new kitchen appliances, new whole house filtration, new hot water heaters x2, new toilets, new Pentair water softner, New whole house copper plumbing. New pool pebble Tech surface, filter, pump, propane htr, multi-colored pool light, wireless Pool control The upgraded AC's have electric air filters, and Activek Air Scrubbers, 5yr service plans, new garage Epoxy floors,

6107 N 175th Avenue Waddell, AZ 85355

$2,099,990
4 Beds
3.5 Baths
3,729 SqFt
Status Active
MLS # 6753671
Property Type Single Family Residence
Price Type --
Welcome to a masterpiece of contemporary design This exceptional luxury modern farmhouse on 1 acre offers a harmonious blend of sophistication, comfort, and natural beauty, promising a lifestyle of unparalleled elegance and tranquility. The main house of 3729 livable square feet holds 4 bedrooms, 3.5 bathrooms , a Casita with 2 bedroom 1 full bath and a Loft with 1 bedroom, 1 bathroom. Totaling 5,934 sqft aproximately livable area Construction made with ICFs (Insulated Concrete Forms), 10'' flat ceiling throughout. The open-concept floor plan flows seamlessly from elegant entryway to the spacious Kitchen and family room with natural light. The gourmet kitchen is a chef's dream, sleek quartz countertops, and custom cabinetry that effortlessly blend modern convenience with farmhouse charm. Entertain guests in style in the elegant dining area or gather around the cozy fireplace in the adjacent living room for intimate gatherings and lively conversations. Retreat to the lavish master suite, where luxury abounds with a spa-like en-suite bathroom, shower, walk-in closets. Additional bedrooms, guest house, and versatile living spaces provide ample room for guests, while a dedicated home office offers a serene environment for remote work or creative pursuits. Outside, the grounds invite you with endless opportunities for relaxation and recreation day and night. Lounge by the sparkling pool, take in the peaceful sounds of the pool waterfalls, dine al fresco under the extended covered patio, From the patio go upstairs to the balcony to the soaking in the beauty of the starlit sky. Don't be afraid to walk barefoot all summer long because these travertine title never get hot. Plenty of room in the 4 tandem car garage and RV Garage Conveniently located just minutes from Glendale Westgate world-class dining, shopping, and entertainment options, this modern farmhouse oasis offers the perfect balance of privacy and proximity to city amenities. Explore nearby hiking trails, golf courses, and cultural attractions, or simply unwind in the serenity of your own private desert retreat. Experience the epitome of luxury desert living in this exceptional modern farmhouse, where every detail has been carefully curated to elevate your lifestyle and exceed your expectations. Welcome home to your ultimate Waddell sanctuary. Across from the pool, the guest house of 1,005 livable square feet contains a full kitchen, living room, 2 bedrooms, 1 bathroom, and laundry room. The loft is under 1200 sqft and also has 1 bedroom, 1 bathroom, a kitchen, a laundry area with washer and dryer hook-up.

10040 E Happy Valley Road Unit 630 Scottsdale, AZ 85255

$2,099,000
4 Beds
5.5 Baths
5,069 SqFt
Status Active
MLS # 6752758
Property Type Single Family Residence
Price Type --
FULL GOLF Club membership comes at close of escrow. This updated home has breathtaking views with Pinnacle Peak as the backdrop with surrounding mountains and city lights. The property backs to one of DH 13 tennis courts, like having your own. The Spanish style home features a swank updated Primary suite, front courtyard with fountain, beamed ceilings, niches, arches, glass sliding doors, outdoor veranda heated pool, spa, outdoor kitchen, fireplace, and putting green. Club amenities include 18-hole Jack Nicklaus Signature golf course, 18 hole putting course, 7,700/sf Fitness center, 13 tennis courts (grass, clay & hard surfaced), Pickleball, bocce ball courts, fine and casual dining, walking paths. garden amenities, guard gated and security patrolled.

11440 E Autumn Sage Drive Scottsdale, AZ 85255

$2,099,000
4 Beds
3.5 Baths
3,375 SqFt
Status Active
MLS # 6721934
Property Type Single Family Residence
Price Type --
LOCATION, LOCATION, LOCATION! This beautifully appointed and well-maintained home is located at the top of the hill in guard-gated Cimarron Hills, in the highly desirable master-planned community of McDowell Mountain Ranch. The Enclave at Cimarron Ridge is 1.1 miles up the mountain. The newest homes in community were built in 2003 and the Enclave floor plan is one of the largest floorplans in the community. This thoughtfully designed open, split floor plan features a well-equipped kitchen with built-in refrigerator, double ovens, walk in pantry and counter seating. The owner's suite offers his and her vanities, separate jacuzzi tub and steam shower and a large walk-in Classy Closet. Bedroom 2 has an ensuite bathroom perfect for guests. The private, resort style backyard with pool, deck jets water feature, grass area, and new travertine decking has been beautifully updated with high-end features. The backyard is great oasis for entertaining or just relaxing, offering partial mountain views as well as complete privacy!!!

5426 E Palo Brea Lane Cave Creek, AZ 85331

$2,099,000
5 Beds
3.5 Baths
4,761 SqFt
Status Active
MLS # 6753335
Property Type Single Family Residence
Price Type --
Wow! Located on a large 13,000+ sq. ft. lot in Cave Creek's Montevista subdivision, this fully renovated Toll Brothers home has it all. From the BEAUTIFULLY landscaped grounds to the stairwell's STUNNING cascading chandelier, this modern 4,761 sq. ft. property is perfect for those who like to entertain! In addition to 5 bedrooms, 3.5 baths, & a well-appointed kitchen (featuring upgraded Jenn-Air appliances), the floorplan has an indoor/outdoor vibe. The living room enjoys a modern fireplace and expansive windows. Outside? There is a RESORT BACKYARD complete with multiple shaded structures, an outdoor kitchen, firepit, & a pool/spa! And best of all? This home is located in the gated community of Montevista (which spoils residents with a 5-acre park, basketball court, playground, & more).

7175 E Camelback Road Unit 902 Scottsdale, AZ 85251

$2,099,000
2 Beds
2.5 Baths
2,041 SqFt
Status Active
MLS # 6695128
Property Type Apartment
Price Type --
Step into luxury living at the exquisite Scottsdale Waterfront Residences, nestled in the vibrant heart of Scottsdale! Perched on the 9th floor, this residence boasts breathtaking views of Camelback complemented by an expansive balcony perfect for hosting gatherings and enjoying the Arizona sunshine. The kitchen is a culinary paradise, featuring top-of-the-line amenities such as a 100+ bottle wine refrigerator, Viking gas cooktop, Viking refrigerator, and a timeless tile backsplash, all seamlessly integrated into the open great room floor plan, ideal for both cooking and entertaining. Experience the epitome of convenience with the Waterfront's full-service building amenities, including 24-hour security, rooftop pool, fitness center and spa services. views, a sophisticated resident club room, a state-of-the-art fitness center, a versatile board room, a fully-equipped business center, and the added luxury of valet parking. Indulge in the ultimate urban lifestyle with the convenience of walking distance access to over 100 restaurants, world-class shopping destinations, and vibrant art galleries, ensuring every day is filled with excitement and possibility. Embrace the essence of the good life at Scottsdale Waterfront Residences, where luxury, convenience, and sophistication converge to offer a lifestyle beyond compare.

37268 N 110th Street Scottsdale, AZ 85262

$2,095,000 - 5Br/5Ba -  for Sale in Mirabel Village 8 East, Scottsdale
New
$2,095,000
5 Beds
5 Baths
5,217 SqFt
Status Active
MLS # 6758268
Property Type Single Family Residence
Price Type --
This North Scottsdale desert gem is a stunning retreat with a resort-style backyard. Situated on nearly an acre in a tranquil gated community, this 5 bed, 5 bath home boasts over 5,200 square fee of sophisticated living space designed to capture breathtaking views. The open floor plan features expansive windows, a chef's kitchen and main-level primary suite complete with a spa-like bath and sitting area with stone fireplace. Step outside into your impressive backyard, featuring a sparkling heated pool and spa, sport court, putting green, and built-in kitchen area with grill. The home includes countless upgrades such as custom iron doors, LED lighting, Lutron shades, Control 4 smart home technology, and 4-car garage with cabinets and epoxy floors. Just minutes from top golf courses

Leave a Reply

Your email address will not be published.