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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3770 S Bridle Path Flagstaff, AZ 86005

$2,095,000

4 Beds

3.5 Baths

3,455 SqFt

Status Active

MLS # 6723781

Property Type Single Family Residence

Price Type --

Experience unparalleled luxury, comfort, and security in Troon managed Flagstaff Ranch GC. The home is a meticulously designed Luxury Mountain Modern home nestled on a prime Golf Course Estate Lot. The residence has an attached 800 SF Casita with full kitchen and separate entrance for guests and extended family. This single-level residence boasts 2 covered decks featuring a large gas fire pit overlooking the 5th fairway with views of San Francisco Peaks. The gourmet kitchen is equipped with Wolf, Sub-Zero and Asko appliances, Quartzite counters and a 100+ bottle wine cooler. The living room features a floor-to-ceiling oversized fireplace crafted from imported Pennsylvania Blue Stone. Exquisite custom lighting, fixtures, whole-house sound, security, lighting, and temperature control.

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1141 N Oro Vista Litchfield Park, AZ 85340

$2,075,000

3 Beds

3.5 Baths

3,346 SqFt

Status Active

MLS # 6758613

Property Type Single Family Residence

Price Type --

This beautiful home on the Wigwam Gold golf course has been fully remodeled and reconfigured with impeccable taste. It's loaded with fresh design elements and restored original beams. The split floor plan has open and sun filled spaces with tons of natural light and views. It includes a gorgeous island kitchen with GE Monogram appliances, an oversized living room, private home office nook, and a fantastic primary suite with a tasteful bath. The exceptional finishes include hardwood throughout, custom cabinetry, marble and quartz, artistic tile accents, designer lighting, mirrors and finishes, custom closet finishes and the property features a spacious grassy yard, privacy tree lines, a large covered patio, and a courtyard with a gas fire pit taking advantage of the amazing mountain views.

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5000 N Camelback Ridge Road Unit 104 Scottsdale, AZ 85253

$2,070,000

1 Bed

2 Baths

1,698 SqFt

Status Active

MLS # 6674244

Property Type Apartment

Price Type --

Forget waiting for two years! Here's your opportunity to own a first-floor home with a walk-out terrace at Ascent at the Phoenician. This community resides walking distance to the premiere luxury resort - The Phoenician and neighboring hiking trails & breathtaking golf. You could move in as early as fall 2024! Unit 104 boasts a spacious open-concept floor plan with upgrades like a Bulthaup Kitchen equipped with light and airy finishes. The home also comes with Smart Home technology, along with top-notch Wolf, SubZero, and Asko appliances and 10 foot ceilings . A premium home theatre sound system is also on the list of upgrades you do not want to miss out on. With one bedroom, a den, and two bathrooms in a secluded location, you can enjoy stunning views from a pristine home like this one!

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12870 E Rosewood Drive Scottsdale, AZ 85255

$2,057,035

3 Beds

3.5 Baths

4,116 SqFt

Status Active

MLS # 6751025

Property Type Single Family Residence

Price Type --

Fabulous well-detailed one-story luxury home nearing completion in award-winning gated ''Community of the Year'' Rosewood Highlands at Storyrock with miles of nearby walking and hiking trails in Scottsdale's scenic McDowell Sonoran Preserve. Enjoy indoor/outdoor living w/20-ft wide Disappearing Wall of Glass, custom Andersen ''view windows'' & 12-ft ceilings on North/South cul-de-sac lot w/mountain views. Gourmet Kitchen w/upgraded cabinetry & custom features, authentic Marble countertops, large Island, 6-burner Wolf gas range w/large convection oven + 2nd convection oven, microwave, 48'' Sub Zero + wine ref! Professionally-designed w/wood flooring, custom iron/glass front door, Master Suite w/Marble + oversized shower & tub, ensuite Bedrooms, Den, Oversized 3-Car Garage & more. Must see!

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30989 N 77th Way Scottsdale, AZ 85266

$2,050,000

3 Beds

3.5 Baths

4,143 SqFt

Status Active

MLS # 6713596

Property Type Single Family Residence

Price Type --

This stunning home spans over 4100 sq ft, offering ample space for luxury high desert living. With 3 bedrooms +den and 3.5 baths, it provides the perfect retreat for a family or individuals seeking a spacious living environment. Recently remodeled, this home features high end 'wood like' tile flooring throughout, giving it a modern and elegant aesthetic. The kitchen is adorned with beautiful quartz countertops and equipped with Wolf stainless steel appliances and a Sub-zero refrigerator. The primary bedroom is oversized, offering enough space for a seating area and more. The bathroom has been remodeled, offering a luxurious and serene space for relaxation. There is a large walk-in closet off of the bathroom, with custom built-ins; in addition, there are 2 other closets in the main bedroom The home includes a 3-car garage equipped with a mini split AC. Additionally, the home has a beautiful pool that was just updated with new tile and pebble tech, the pool decking was all re-coated as well. In addition to there is also a hot tub, gas firepit (with seating area), and built in BBQ, this backyard is a beautiful oasis! The home also benefits from a newer roof and AC unit, ensuring comfort and peace of mind. Situated on a corner lot, this home offers picturesque mountain views, creating a serene and tranquil atmosphere. With all of its impressive features and recent upgrades, this home is a must see!!

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7342 S Brighton Lane Queen Creek, AZ 85142

$2,050,000

5 Beds

4.5 Baths

5,394 SqFt

Status Active

MLS # 6753518

Property Type Single Family Residence

Price Type --

Nestled in the sought-after gated enclave of Cordova, just minutes from the prestigious Seville Golf and Country Club, this luxury residence offers an unmatched blend of elegance & lifestyle. Across from a serene park, the home welcomes you with a private gated courtyard, setting the stage for gracious entertaining. Inside, expansive living spaces include generously sized bedrooms, newly remodeled bathrooms, a dedicated office, and a versatile theater/game room with elevated seating for eight. The heart of the home is a gourmet kitchen, featuring custom cabinetry, dual sinks, a wine refrigerator, an 8-burner gas cooktop, double ovens, a warming drawer, and a spacious pantry perfect for the culinary enthusiast. The primary retreat is a haven of tranquility, boasting aspa-inspired bathroom designed for ultimate relaxation. Designed with seamless indoor-outdoor living in mind, large doors open to a sprawling patio, leading to the resort-style backyard. Here, you'll find a Pebble Tec diving pool, cascading waterfall, spa, swim-up bar, built-in BBQ, and cozy gas fire pit, all surrounded by a peaceful garden area ideal for relaxation or entertaining. With energy-efficient upgrades, including enhanced AC units, this home is not only luxurious but sustainable. A rare 6-car garage with an extended RV or boat bay and a second garage door opening to the backyard adds a final touch of convenience. This home truly offers the perfect blend of sophistication, comfort, and modern convenience.

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20530 N 83rd Place Scottsdale, AZ 85255

$2,050,000

3 Beds

2.5 Baths

3,103 SqFt

Status Active

MLS # 6738181

Property Type Single Family Residence

Price Type --

Located within the gates of the prestigious community of Grayhawk, this stunning and spacious 3 bedroom home has it all! Glowing with natural light, the reimagined Chef's kitchen boasts an enormous island to gather around and includes the highest quality appliances-Subzero, Bosch, LG and double Miele ovens, quartz countertops, herringbone backsplash, stylish pendant lights, pot filler and R/O system. A seamless transition from the kitchen, the dining area features a custom bar area including wine refrigerator, floating shelves, stately wood beams and contemporary light fixtures. Entertain family and friends in your resort style backyard complete with oversized pool and hot tub, fireplace, putting green and plenty of patio space to relax and enjoy the beautiful Arizona sunsets. The impressive primary suite offers 2 large, walk-in closets, European cabinets, granite counter tops with waterfall edge, elegant soaking tub with tile surround, custom doors and motorized shade for added privacy and comfort. Immerse yourself in the luxury lifestyle of Scottsdale. Delight in championship golf courses, fine dining, shopping, hiking, biking, tennis and pickleball. Experience events such as Barrett Jackson and the Phoenix Open - all just minutes away!

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9130 N Hummingbird Trail Fountain Hills, AZ 85268

$2,050,000

4 Beds

3.5 Baths

3,100 SqFt

Status Active

MLS # 6752059

Property Type Single Family Residence

Price Type --

New construction with amazing views of Four Peaks & Redrock Mountain nestled in a quiet cul-de-sac near to Firerock Country Club! 3100 sf contemporary southwest home on 1+ acres. Open concept plan with soaring 12' ceilings in the great room, Bosch SS appliances with full size refrigerator, shaker style cabinetry, large kitchen island. Step outside to your sparkling pool and enjoy the beauty around you. In addition to the master suite there's 2 additional fully suited bedrooms and a den that is perfect for an office or additional bedroom. 4 car garage with 10' ceilings. Don't miss out on this opportunity to own a truly unique and beautiful property!

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2616 E Telluride Drive Unit 5 Flagstaff, AZ 86005

$2,050,000

3 Beds

3.5 Baths

2,779 SqFt

Status Active

MLS # 6675993

Property Type Single Family Residence

Price Type --

Located in Pine Canyon's Deer Creek neighborhood, this cabin offers easy access to the Clubhouse and its amenities. Views of the golf course's 1st fairway and the nearby lake can be taken in from the partially covered deck, which features Trex all-weather decking and a built in BBQ, or from the covered lower level patio. On the home's main level a great room is highlighted by large windows and floor to ceiling Flagstaff-native stone fireplace. Other main level features include large windows and two skylights that allow for an abundance of natural light and extended wood flooring from the great room to the kitchen. Each of the home's three bedroom's is complete with an en suite baths and walk-in closets, and the master bedroom and one lower level guest room provides private outdoor access. Finally, a three car garage ensures ample storage space. Home has recently been repainted, inside and out, and new carpet has been installed. Updated photos coming soon!

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28415 N 59th Way Cave Creek, AZ 85331

$2,049,995

5 Beds

4.5 Baths

4,030 SqFt

Status Active Under Contract

MLS # 6642004

Property Type Single Family Residence

Price Type --

To Be Complete fall 2024. Featuring a desirable open-concept floor plan, the McDowell is the ideal setting to complement every lifestyle. The spacious foyer opens immediately onto the expansive great room with alluring views of the rear covered patio. The pristine kitchen overlooks a bright casual dining area and is highlighted by a large center island with breakfast bar, wraparound counter and cabinet space, and an ample walk-in pantry. The splendid primary bedroom suite showcases a generous walk-in closet and serene primary bath that features dual vanities, a luxurious shower with seat, large soaking tub, and private water closet. Conveniently located off a sizable flex room, secondary bedrooms offer walk-in closets and private baths. A roomy office can be found off the great room.

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9216 W Via Del Sol -- Peoria, AZ 85383

$2,049,000

4 Beds

4.5 Baths

4,391 SqFt

Status Active

MLS # 6700538

Property Type Single Family Residence

Price Type --

Awarded BEST HOME ON TOUR! This extraordinary home located in one of the most desirable communities in North Peoria is truly a one of a kind! The home offers 4391 square feet and is situated on nearly half acre lot with a detached RV garage. As you step through the custom iron door you'll be greeted by a sense of elegance! Inside, the home boasts sophistication with model-like finishes and meticulous attention to detail throughout. Soaring ceilings and an abundance of natural light create an inviting ambiance, while a striking 90-degree corner sliding door seamlessly connect the indoor and outdoor living spaces. The heart of the residence, where the spacious open-concept kitchen awaits! Designed for both functionality and style, this kitchen is a chef's dream come true. You'll be captivated by the double-stacked cabinetry, providing ample storage space for all your kitchen essentials while adding a touch of elegance to the room, a 48-inch built-in fridge, expansive island and enormous pantry. Indulge in luxury living with this magnificent master retreat! The master suite offers spa like bath with an over sized dual shower, 6 ft soaking tub, dual vanities, morning bar, separate make-up vanity and massive closet thoughtfully outfitted with built in organizers. Step into your own private oasis as you discover the resort like backyard retreat. Complete with a refreshing pool and spa, custom outdoor kitchen, and lush landscaping, this space is designed for ultimate relaxation and entertaining. Beyond the backyard, a 30 x 51 detached RV garage provides ample storage for your vehicles, toys, and hobbies, catering to the needs of any outdoor enthusiast. No expense was spared on this meticulously crafted residence that is truly a masterpiece, offering the perfect canvas for luxurious living and entertaining. Don't miss your chance to call this exquisite property home!

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12 E Quartz Rock Road Phoenix, AZ 85085

$2,000,000

6 Beds

3.5 Baths

4,234 SqFt

Status Active

MLS # 6741441

Property Type Single Family Residence

Price Type --

Incredible home on over an acre corner lot w/stunning mountain views! You'll love the RV gate, RV parking space, & RV garage! The double ironwork door opens to discover two office spaces, pre-wired surround sound, plantation shutters, recessed lighting, modern ceiling fans, & an ample living room w/multi-sliders to merge the indoor/outdoor areas. Chef's kitchen delight features a breakfast bar, SS appliances, quartz counters, white cabinets, tile backsplash, handy pantry, & a center island w/pendant lighting. Grand main bedroom is ample enough for all your furniture, private backyard access, two walk-in closets, & a spa-like ensuite w/jetted tub, two vanities, & tiled shower. The oversized backyard has covered patio, built-in BBQ, outdoor bar, artificial turf, & lots of space. Must see This custom home is located on a corner lot! One of, if not the best, lots in the neighborhood! The home is surrounded by custom built RV gates that were made locally in Phoenix! Two of the bedrooms are currently being used as office space, but both have closets and can be used as bedrooms as well!

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