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.

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39741 N 106th Place Scottsdale, AZ 85262

$2,000,000
4 Beds
4.5 Baths
4,597 SqFt
Status Active
MLS # 6751442
Property Type Single Family Residence
Price Type --
Desert Mountain Golf Membership available. Charming home located in the exclusive community of Desert Mountain. Enjoy a spacious kitchen area that opens to an open great room that has a wet bar and fireplace. From the great room there is quick access to the private resort patio that features a private pool, spa, grass area and built in bbq. The home is ideal for entertaining family and guests with four en-suites, office, powder room and a multi purpose/game room area that has a wine cellar. The home has a three car garage and a large upper patio that is ideal for seeing great Arizona sunsets and city lights. Located in the village of Greyfox which has quick access to the Sonoran Fitness Center, Apache Clubhouse and the new Renegade Clubhouse.

8335 N Vista Lane Prescott, AZ 86305

$2,000,000
5 Beds
5 Baths
4,891 SqFt
Status Active
MLS # 6730398
Property Type Single Family Residence
Price Type --
Contemporary home nestled at the base of Granite Mt. in Williamson Valley on 4.75 acres. Enter this passive solar home through extensive rose gardens surrounding an 1100 sf patio framing views of Granite Mt. Upon entering the home designed by a student of Paolo Soleri experience the of Pella Solariums to bring the views indoors. Views of the San Francisco Peaks are captured from the rear covered patio connecting the main house to the guest wing. The main house is 3,681 sq ft. featuring an open floor plan consisting of soaring 20-foot wood vaulted ceilings & clerestory windows in the kitchen, bar & great room. The Chefs kitchen features Wolf & Sub Zero appliances, custom cabinets. See document tab for more details.

4150 E Dynamite Boulevard Cave Creek, AZ 85331

$2,000,000
3 Beds
3 Baths
1,378 SqFt
Status Active
MLS # 6664797
Property Type Single Family Residence
Price Type --
Seller-Financing Available! A very rare ''RU-43'' zoned Ranch to purchase in the absolutely best possible location of the Valley (a Hop & Skip from the Dynamite Roping Arena). And the Seller will consider ''Carrying the Paper'' on the financing. By the way, the ''U'' designation of the RU-43 affords additional privileges for equestrian purposes, and there is ''NO HOA''. This property is loaded with features. A Modern Barn with: Office, Ranch Hand Living Quarters, Fourteen (14) Stalls/Pens (7 in barn), Grooming Bay, Horse Drawn Carriage Garage, and Tac Room; Bull Pen, Walker, Multiple Corrals, Multiple Arenas, Breeding Facilities and a 'Hay Barn'' that would be difficult to get a permit to build these days. This ranch just went through a major renovation. Modern steel fencing was installed on the complete perimeter to help secure the property and keep unwanted animals from entering. A New Arena and Updated Corrals, were updated as well in the same way. And the house and barn were detailed throughout. The home was inspected as if the present Seller was a buyer, and items found to be an issue were repaired. And lastly, this Seller will consider owner financing for the right Buyer.

41327 N 106th Street Scottsdale, AZ 85262

$2,000,000
3 Beds
3.5 Baths
3,000 SqFt
Status Active
MLS # 6613965
Property Type Single Family Residence
Price Type --
Beautifully reimagined in 2023, this home looks and feels like a brand new build. Tastefully remodeled under the watchful eye of Laura Weaver of Weaver Interiors, this now all en suite, three bedroom, three and a half bath home features a stunning array of premium quality features and upgrades. The lot orientation offers an ideal southwest exposure, showcasing city lights and sunsets from the generous outdoor living space. The gorgeous new kitchen has custom crafted walnut cabinetry, quartz countertops and backsplash, a quartzite eat in kitchen island and Wolf/Sub Zero appliance package. Two main living areas boast new fireplaces and each provide dining spaces with distinctly different feels and ambiance. New Carrier HVAC units and Sonos audio system.

4802 N 36th Street Phoenix, AZ 85018

$2,000,000
4 Beds
3.5 Baths
3,116 SqFt
Status Active Under Contract
MLS # 6708830
Property Type Single Family Residence
Price Type --
This exclusive property is the perfect mix of elegance and sophistication. Exterior has Mature citrus trees w/ large covered patio, and pool with water feature and new turf in front and backyard. Inside the home, you will find an open kitchen with stone countertops, exquisite fixtures, brand new engineered hardwood floors. The beautiful kitchen comes complete with stone breakfast bar and tons of natural light, opens up into a large great room with a slider pocket door to the backyard. Making it perfect for entertaining by the fenced pool or large turfed area. Additional features include gas fireplace, 4 bed + office, and a garage with plenty of storage space along with a U shaped Drive and 2 parking spots on the South side of the home. Home sits on a quarter acre in the Biltmore Corridor and border of Arcadia. The current owners purchased the alley portion so the new owner could extend the lot by another 20 + ft in the backyard. This home is gorgeous and will not last.

6500 E Camelback Road Unit 1014 Scottsdale, AZ 85251

$2,000,000
2 Beds
2.5 Baths
2,491 SqFt
Status Active Under Contract
MLS # 6700804
Property Type Townhouse
Price Type --
Welcome to The Luxian. Be the first to live in this custom new home. Located at the base of Camelback Mountain, you find this exclusive gated community existing of only 14 homes. The openness of the main level is great for gathering. With a kitchen that has top of the line appliances, an oversize island & arcadia doors leading to the largest lot in the community. Upstairs you will find 2 suites. The primary suite is quite large, with a spa bathroom, walk in closet, private patio & flex space. This home backs up to hole 3 & 4 of The Phoenician Golf Course. Hang out in the gazebo & enjoy sunrise/sunsets or stroll into Old Town Scottsdale for fine dining, entertainment & shopping. Luxian Villas offer community amenities such as a pool, hot tub & BBQ area all sitting under Camelback Mountain.

3478 N Mountain Cove Place Unit 59 Buckeye, AZ 85396

$2,000,000
4 Beds
3.5 Baths
3,790 SqFt
Status Active
MLS # 6636713
Property Type Single Family Residence
Price Type --
This is your opportunity to build an exquisite custom home in Verrado boasting a captivating great room floor plan and situated on an expansive, almost an 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 convenien convenience and refine craftsmanship. 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. Renders are for visualization purposes only and do not represent finishes. Buyer has the opportunity to pick the style & finishes of their liking.

6803 E Main Street Unit 3317 Scottsdale, AZ 85251

$2,000,000
2 Beds
2.5 Baths
1,497 SqFt
Status Active
MLS # 6697911
Property Type Apartment
Price Type --
Exclusive Living: Fully-Upgraded Condo Steps from Old Town Scottsdale's Charms. Welcome to sophistication at The Mark, where luxury meets convenience in the heart of vibrant Old Town Scottsdale. This stunning, fully remodeled 1,497-square-foot condominium offers an unrivaled blend of opulence and comfort, showcasing breathtaking views of Camelback Mountain, ensuring every sunset is a masterpiece to behold. Every detail of this two-bedroom, two-and-a-half-bathroom condo was meticulously designed for your peace of mind. The most upgraded unit at The Mark, it features a chef-grade kitchen and an open-floor plan that provides the perfect space for entertaining and leaving your guests in awe. Custom lighting and cabinetry embellish the condo throughout, enhancing the modern architectural style. With Old Town just a stroll away, you're promised a life where the vibrant energy of galleries, shopping, and world-class dining is an everyday indulgence. The primary bathroom is a sanctuary, boasting leathered Brazilian quartzite that extends to the closets. The living room is a marvel with its marble tile feature wall, complete with custom hidden LEDs that cascade light down the wall. The convenience of a Savant smart home system adds a layer of modern functionality and ease. Outdoors, the 550 square-foot balcony offers private serenity and communal amenities, including a heated rooftop pool and spa, not to mention a rooftop kitchen perfect for al fresco dining against the city lights. Two secure underground parking spots add to the suite of conveniences. This property is not just a home; it's a lifestyle promise. Fully furnished with pieces from renowned designers like Restoration Hardware and Arhaus, you can immerse yourself immediately into luxury. The Mark provides unparalleled services, including a seven-day concierge and an on-site superintendent, complemented by a rich array of communal amenities including a heated rooftop pool and outdoor kitchen, athletic center and business conference room. Embrace this chance to own the pinnacle of Scottsdale luxury  a residence where every day feels like a five-star experience.

13017 N 61st Place Scottsdale, AZ 85254

$1,999,999
6 Beds
5 Baths
4,682 SqFt
Status Active
MLS # 6743125
Property Type Single Family Residence
Price Type --
Priced below its 2024 appraised value of $2.3M, this Scottsdale gem is a must-see for those seeking a blend of functionality, style, and opportunity. Ideal for multigenerational living or savvy investors, this property offers a unique array of separate spaces perfect for family, friends, or even rental potential. Tucked away in a serene cul-de-sac, this home seamlessly merges indoor and outdoor living. The main house, with its 3 bedrooms and 2 bathrooms spread across 2,328 square feet, features a stunning kitchen with a gas stove and distinctive cabinetry, offering ample storage and a touch of elegance. Attached to the main house is a versatile 604-square-foot studio. Plus, you'll find a charming 1-bedroom, 1-bathroom, 849-square-foot casita separate from the main house. This property also features a generous 1,750-square-foot loft-style guest quarters, complete with a full kitchen, bathroom, and laundry facilities, providing versatile living options. Additionally, a 368-square-foot workshop with a car lift and a 288-square-foot utility room offer ample storage and workspace for all your needs. Outdoor living is exceptional here, with a pebble-tech pool, a 416-square-foot gazebo, and a built-in outdoor fireplace, making it ideal for entertaining and relaxing with family and friends. The expansive 35,000-square-foot lotone of the largest in the neighborhoodboasts lush desert landscaping and abundant shade trees. Situated in a prime location, you're just a short walk from local parks and schools, and a quick drive from the vibrant shopping and dining experiences at Kierland, Scottsdale Quarter, Topgolf, and Spring Training venues.

3120 S Eagle Drive Chandler, AZ 85286

$1,999,999
5 Beds
4 Baths
4,639 SqFt
Status Active
MLS # 6753951
Property Type Single Family Residence
Price Type --
Welcome to your dream oasis in the desert! Nestled on over 1.25 acres in the highly sought-after area of South Chandler, this custom-built home offers an exquisite fusion of luxury, privacy, and space. More than just a home, this fully remodeled gem is a lifestyle.Step through the custom steel front door and onto light oak engineered hardwood flooring that exudes warmth and elegance. The living room centers around a stunning 72'' fireplace, surrounded by shiplap with built-in cabinets and chic floating shelves. Whether you're hosting or unwinding, the ambiance here is unmatched.For the culinary enthusiast, the kitchen is nothing short of a dream. Featuring a gas stove with a custom steel hood, pot filler, and pristine custom cabinetry, it's designed for both beauty and functionality. The oversized quartz island offers ample workspace, perfect for gatherings or quiet mornings.The expansive primary bedroom boasts 10' ceilings and leads to a spa-like ensuite. Indulge in the freestanding soaking tub or relax in the large tiled shower with glass surround. Dual sinks, custom cabinetry, and luxurious lighting make this space a true retreat.An automated gate offers entry into a world of convenience. The 22x35 man cave, complete with a 50A outlet for large tools, compressors, or EV charging, is ideal for any hobbyist or car enthusiast. Plus, with three additional attached garage spaces, you'll never run short on storage or parking.Step outside through the 16x8 sliding patio doors and immerse yourself in resort-style outdoor living. A 35,000-gallon pool, lined with travertine decking, invites you to bask in the sun or take a dip to cool off. A full outdoor kitchen, including a BBQ grill, double burner, fridge, and sink, makes this the perfect spot for entertaining friends and family.In 2022, a 35'x52' shop was transformed into a fully finished living space, featuring 12' ceilings, a new insulated garage door, and a 25'x10' gym with expansive windows that offer breathtaking views of the pool. The man cave area includes a sink, cabinets, a 50A outlet, and multiple power outlets for all your needs. The space also features a large TV/living area with French doors that lead directly to the pool, making it the ultimate indoor-outdoor experience.To complete this perfect retreat, a brand-new furnace and AC system ensures year-round comfort in the bedroom, bathroom, living room, and gym, while a mini-split system keeps the man cave cool and inviting.This home truly has it allstyle, functionality, and endless luxury. Make it yours today!

5541 E Crocus Drive Scottsdale, AZ 85254

$1,999,999
5 Beds
3 Baths
4,073 SqFt
Status Active
MLS # 6697564
Property Type Single Family Residence
Price Type --
Gorgeous 5 bedroom 2 office remodel. Dramatic vaulted ceilings. Open floor plan. Solid hardwood flooring. Custom cabinets. Magnificent Gourmet kitchen perfect for entertaining. High end thermador appliances, 2 refrigerators, wine bar with wine refrigerator, and built in coffee machine. Formal dining room, separate large eat in kitchen with solid wood top that seats 8.Split floor plan.Theater room.Large master bedroom suite with separate seating/office/exercise area.Private grotto off master bedroom w/ private access door. Just remodeled master bath with oversized walk in shower.Lush landscaping front and back. Expansive entertaining backyard with huge pool, waterfall/slide, big built in bar, bbq for pool days/nights. Gazebo with fire place. Full mister system, fire pit, new putting greens

19623 S Higley Road Gilbert, AZ 85297

$1,999,999
6 Beds
4 Baths
4,080 SqFt
Status Active
MLS # 6682489
Property Type Single Family Residence
Price Type --
Immerse yourself in the tranquility of country living while remaining conveniently close to the heart of Gilbert. This captivating property on 2.78 sprawling acres offers the best of both worlds. The spacious 4,080 square foot residence boasts 6 bedrooms and 4 bathrooms, providing ample room for a growing family or those who love to entertain. The home is ready for your personal touches and updates! Beyond the home, an equestrian haven awaits. A detached 3,750 square foot shop caters to the hobbyist or entrepreneur, while a separate utility shed with an attached canopy keeps essentials organized. Covered horse stalls with pipe fencing ensure the comfort and safety of your four-legged companions, and flood-irrigated pastures provide ample space for them to roam. Two electric-operated gates offer a sense of security and privacy, further accentuated by the property's unique positioning with neighbors only on the north border. Enjoy the amenities of country living while remaining a short drive from all the conveniences Gilbert has to offer, including shopping, restaurants, and the sprawling Gilbert Regional Park. This exceptional property presents a rare opportunity to own a piece of suburban paradise with the potential to personalize it into your dream home.

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