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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6815 E Wildcat Drive Scottsdale, AZ 85266

$1,999,999
6 Beds
4 Baths
5,175 SqFt
Status Active
MLS # 6718104
Property Type Single Family Residence
Price Type --
Discover Your Oasis in North Scottsdale Tucked away amidst the captivating landscape of North Scottsdale, this exceptional estate is a testament to modern luxury and convenience. Surrounded by sweeping views of the Sonoran Desert, it stands as a sanctuary for those who seek the finest in life's pleasures. Upon arrival, a grand circular brick paver driveway and exquisite double doors adorned with custom iron accents welcome you, setting the stage for the splendor that lies beyond. This single-level Scottsdale retreat boasts an open floor plan that seamlessly blends formal dining and living spaces, creating an atmosphere of elegance and comfort. At the heart of the home lies the chef's kitchen, featuring custom cabinetry, a spacious island, granite countertops, and top-of-the-line stainless steel appliances. Adjacent, the family room offers a tranquil escape, illuminated by the natural radiance pouring in through six skylights. Spanning over 5000 square feet, this residence comprises six generously sized bedrooms and four meticulously appointed bathrooms, spread across three distinct areas, ensuring ample space for relaxation and rejuvenation. The primary suite is a haven of luxury, featuring a beehive gas fireplace, plantation shutters, and french doors leading to a central game room. Within the suite, a decorator barn door reveals two expansive walk-in closets with custom built-ins, while the ensuite bathroom exudes sophistication with its high ceilings, jetted tub, dual vanities, oversized tile shower, and private toilet room. Entertainment abounds within the recreation/game room, where a pool table, foosball, wet bar, and inviting conversation spaces await. Designed for seamless indoor-outdoor living, the sliding infinity doors beckon you to explore over two acres of lush outdoor space. Step outside to discover your own private paradise! This complete backyard has been revamped and has everything you need - a heated pool and spa for year around use, expansive artificial turf area, ramada with an outdoor kitchen, tennis, pickleball and basketball courts, putting green, sand volleyball court and a wood-burning fire pit. For the ultimate in relaxation, ascend to the rooftop patio and revel in the breathtaking panoramic views. Parking is effortless with a circular drive and four oversized garages, offering ample space for vehicles, boats, and RVs. With shops, restaurants, parks, and cultural attractions just moments away, every convenience is within easy reach. Don't let this opportunity pass you by. Stop by for your private tour today and experience the pinnacle of Arizona living!

1705 E Desert Mimosa Drive Payson, AZ 85541

$1,999,999
4 Beds
4 Baths
4,477 SqFt
Status Active
MLS # 6738346
Property Type Single Family Residence
Price Type --
Stately and magnificent, this mountain home features a charming guest casita adjacent to a welcoming courtyard. The main home boasts post and beam construction, vaulted wood ceilings, and Venetian plaster walls. The elegant master bedroom is complemented by an office with custom built-in cabinetry and shelving. The spacious lower level includes a guest bedroom and a wine cellar, perfect for hosting visitors. Designer touches abound in this unique home, with custom cabinets, hardwood flooring, slate flooring, and a sound system that spans the entire house. The private courtyard, enclosed by stone walls, features a fountain and an outdoor gas fireplace with its own sitting area, creating a perfect space for relaxation. Further enhancements include an additional patio area with a built-in BBQ and fire pit, ideal for entertaining guests and family while enjoying the crisp mountain air and panoramic views of the majestic Mogollon Rim. This home seamlessly blends luxury with the natural beauty of its surroundings. A NEW CONCRETE TILE ROOF WAS JUST INSTALLED IN SEPT!

4206 E Earll Drive Phoenix, AZ 85018

$1,999,999
4 Beds
4.5 Baths
3,188 SqFt
Status Active
MLS # 6694743
Property Type Single Family Residence
Price Type --
Welcome to your dream oasis in Arcadia Lite! This stunning 4-bed, 4.5-bath boasts an open living space, perfect for entertaining. Elegant hardwood flooring flows throughout, enhancing the ambiance. Each bedroom features an ensuite for privacy and a walk-in closet for ample storage. An expansive laundry room adds convenience. Outside, enjoy a beautiful pool with travertine and mature palm trees. Don't miss this gem! Experience luxury living in an amazing location Owner is a licensed real estate agent in Arizona.

6620 E Flat Iron Loop Gold Canyon, AZ 85118

$1,999,999
3 Beds
2.5 Baths
3,200 SqFt
Status Active
MLS # 6581879
Property Type Single Family Residence
Price Type --
Indulge in the epitome of luxury this Fall with your own private sanctuary nestled against the awe-inspiring Superstition Mountains. Awaken each day to uninterrupted, breathtaking vistas, and immerse yourself in a custom-crafted homesite designed to exceed your highest expectations. This isn't merely about constructing a dream home—it's an invitation to embrace a lifestyle defined by opulence, exclusivity, and peace. Meander through the prestigious, guard-gated community and let the serene ambiance envelop you. With homes reaching up to $2.5M, you'll enjoy an ideal blend of seclusion and accessibility. Yet, the true allure lies within the community itself. As a distinguished resident, you gain membership to the elite Superstition Mountain Club, featuring two private golf courses As a distinguished resident, you gain membership to the elite Superstition Mountain Club, featuring two private golf courses masterfully designed by Nicklaus. For those seeking relaxation, an outdoor pool and jacuzzi, and a state-of-the-art gym offering exercise classes, are at your service. Engage with your neighbors during the community's year-round events or enjoy a quiet evening at the exclusive clubhouse restaurant and cocktail lounge, indulging in exquisite cuisine and raising a toast to another impeccable day in paradise. Secure your own piece of heaven at the base of the majestic Superstition Mountains today and step into a world where every day is a masterpiece.

18720 N 101st Street Unit 2002 Scottsdale, AZ 85255

$1,999,950
2 Beds
2.5 Baths
2,750 SqFt
Status Active Under Contract
MLS # 6751534
Property Type Apartment
Price Type --
Icon at Silverleaf has spacious flats featuring semi-private elevators, all steel and concrete construction, secure garage space + private storage room, complete lock and leave living. This 2746 sf. 2 bed., 2.5 bath has many upgrades including hardwood floors, custom flatfront cabinetry, Walker Zanger marble backsplash and bathroom floors, quartz waterfall counter tops in kitchen. Applicances are Wolf Subzero including a combination wine refrig/freezer. Custom automatic blinds and window coverings included. Perfect lock and leave, carefree lifestyle including the use of all community amenities in renowned Silverleaf at DC Ranch. Walk to The Village Health Club, steps to the Icon community pool and a short walk to the Silverleaf Club. Icon is a 24 hr. secure guard gated community.

10088 E Duane Lane Scottsdale, AZ 85262

$1,999,900
3 Beds
5 Baths
4,395 SqFt
Status Active
MLS # 6755431
Property Type Single Family Residence
Price Type --
Custom Built 1+ACRE Estate in North Scottsdale's Exclusive Troon North Gated Talus Golf Community situated on Cul-de-Sac corner lot adjacent to miles of desert preserve providing complete PRIVACY & Endless Desert Mountain Views! This Open Great Room Split Floorplan has 3 EnSuites, +Den/Office +Media/FlexRoom, 3/full & 2/half Baths, 3-Car Garage, Vaulted Ceilings, Gourmet Kitchen, GE Profile SS Appliances, Bay Window Dining, Gas Fireplaces, Wet Bar & Lots of Oversized Windows capturing all the Views. The primary EnSuite has Private Exit to Backyard, Walk-in Shower, Jacuzzi Tub, Walk-in Closet & MORE VIEWS, Resort Style Backyard with Pebbletec Pool, Water Feature, 2-Way Fireplace & SO MUCH MORE - The Community features Trails, Pickleball, Tennis, Shopping, Dining, Parks & Golfing, Must See!

1314 E Las Palmaritas Drive Phoenix, AZ 85020

$1,999,500
3 Beds
3 Baths
3,615 SqFt
Status Active
MLS # 6742512
Property Type Single Family Residence
Price Type --
**** SELLER IS OFFERING $75,000.00 IN LANDSACPE/POOL CREDIT AT CLOSING**** Take pride in residing in this unique haven nestled on a hilltop cul-de-sac with panoramic 360° views! Exquisite curb appeal, a brand new roof, and a 3-car garage with glass doors are just the beginning! Come inside to discover recessed lighting throughout, ledger stone accents, custom railing, and a custom steel floating staircase. The large living room showcases new wood-look porcelain tile flooring, wide sliding glass doors to the back patio, and a stacked stone electric fireplace. The magazine-cover kitchen is a delight, offering pendant lighting, a walk-in pantry, white cabinetry with crown moulding, a waterfall island with breakfast bar, and high-end SS appliances such as a wine cooler, electric cooktop, & a wall oven.Grand owner's retreat stands out with its plush carpet, direct outdoor access, elegant ensuite with dual sinks & freestanding tub, and walk-in closet. HUGE bonus room on the lower level can be used as a recreational center! The backyard provides a covered patio, paver seating area, and new artificial turf! Highly updated with ALL NEW HVAC including ductwork & handlers, new electrical, new plumbing, new drywall, spray foam insulation, custom showers, and all new dual pane Low-E windows! This gem is sure to captivate you! Hurry and act NOW!

37945 S Blue Tank Trail Wickenburg, AZ 85390

$1,999,500
4 Beds
3 Baths
3,467 SqFt
Status Active
MLS # 6752522
Property Type Single Family Residence
Price Type --
This luxurious Spanish-style estate sprawls 10 acres of pristine desert landscape, offering unparalleled privacy and breathtaking 360-degree panoramic views!! Step into luxury as you enter this meticulously designed home featuring exquisite details at every turn. The negative edge pool and jacuzzi beckon for relaxation while you soak in the stunning desert vistas. Inside, the vaulted tongue and groove ceilings create an atmosphere of grandeur, complemented by hand-carved stone imported from Mexico and handmade cedar cabinets and doors. The gourmet kitchen is a chef's dream, boasting upgraded appliances, stunning granite countertops, and ample space for culinary creations. Indulge in the tranquility of the hand-painted tile in the bathrooms, complete with a jetted bathtub for ultimate relaxation. Throughout the home, you'll find timeless Saltillo floors and fireplaces, perfect for cozy evenings spent with loved ones. For the equestrian enthusiast, a horse barn awaits, ready to accommodate your equine companions. Miles of trails are available for riding! The immaculate courtyard and landscaping provide a serene outdoor oasis, ideal for entertaining guests or enjoying quiet moments of reflection. Casita provides private luxurious guest housing! With a 4-car garage, 50' RV Garage and owned Solar Panels ensuring low-cost living, this property offers both luxury and sustainability. Don't miss your chance to own this slice of paradise in the heart of Wickenburg!

7150 E Sierra Vista Road Cave Creek, AZ 85331

$1,999,500
4 Beds
4.5 Baths
3,490 SqFt
Status Active
MLS # 6737872
Property Type Single Family Residence
Price Type --
Spacious, gracious, intelligently upgraded classic home high in the pristine Sonoran desert above Cave Creek. Expansive views with unparalleled privacy. The elevation from this 9.9 acre mountainside parcel presents breathtaking sunsets and dark skies at night that illuminate the stars! Remodeled in 2017 and upgraded through 2024 with high-end modern finishes while preserving the integrity of the original homestead built in 1975. Wholly owned solar was added in 2021. This is one-of-a-kind! The 3490sf hacienda (main house) is 3 bdrm (en-suite), study w/closet, gourmet kitchen, & dramatic great rm/dining rm overlooking view and saltwater pool (with pool heater added in 2020) and extensive patios. The 676sf casita has 1 bdrm & bath, kitchenette & living room w/deck overlooking the desert.... In 2021 an atelier/art studio with tile flooring and air conditioning was created by remodeling a storage room. The Mediterranean architecture is enhanced w/ stone walkways, iron archways w/ flowering vines, fruit trees & steel trellised patios. The original supporting wood beams in the Great Room are from the Prescott National Forest. Custom concrete Saltillo tile designed floors provide a maintenance free surface underfoot. A locally designed bespoke gate was added in 2023.

1778 E Ramsey Road Benson, AZ 85602

$1,999,000
4 Beds
3.5 Baths
3,551 SqFt
Status Active
MLS # 6737548
Property Type Single Family Residence
Price Type --
Stunning 54-Acre Ranch Property! Experience luxury and comfort in this 3551sqft home featuring an open floor plan, 4 beds, 3.5 baths, granite countertops, wood burning fireplace with stone covered surround, oversized doors, split floor plan, large laundry room with cabinets and countertops. The estate includes 2 horse pastures, riding arena, 8 steel corrals, and 72x60 haybarn. Enjoy modern outdoor amenities like a gazebo with a half bath and outdoor shower, a heated pool and spa, and a basketball/pickleball court. Additional highlights are a 100sqft meat locker, 50x75 3bay insulated shop, internet tower, 22kw generator, and 90 pecan trees. Ideal for horse enthusiasts and those seeking spacious, tranquil living. Don't miss out on this extraordinary opportunity to own a piece of paradise.

7289 E Spanish Bell Lane Gold Canyon, AZ 85118

$1,999,000
4 Beds
4.5 Baths
4,927 SqFt
Status Active
MLS # 6751504
Property Type Single Family Residence
Price Type --
Custom home where luxury meets comfort with Mountain Views. With thoughtful design and impeccable quality throughout, this home features: Custom Arched Doors; Great Room with Fireplace & Wet Bar; Gourmet Kitchen complete w/fireplace-TV Sitting area & spacious breakfast area; Formal Dining Room w/Built-in food warmer for convenient hosting; Master Suite includes Spa like bathroom - Sitting area - Exercise room & private access to Spa & Pool; 3 Ensuite Guest Bedrooms including a detached casita; Two Private Offices; Large covered Patios - Heated Pool - Built in BBQ Kitchen- New Putting Green; Extra height and length 4.5 car garage; 4 New A/C units 2022 - Stucco painted 2023 - Inside Painted 2024. Welcome to your dream home at the base of the Superstition Mountains.

19780 E Ivy Lane Queen Creek, AZ 85142

$1,999,000
5 Beds
4 Baths
4,269 SqFt
Status Active
MLS # 6658050
Property Type Single Family Residence
Price Type --
Welcome to your stunning 5-bedroom, 5.5-bathroom home in the highly sought-after gated community of Whitewing at Whisper Ranch! This spacious home boasts luxurious features and upgrades throughout and is located next to a greenbelt and walking path. As you enter the home, you'll be greeted by a foyer with high ceilings and beautiful tile flooring. The gourmet kitchen features a center island with a waterfall edge quart counter, stainless steel appliances, and ample storage space. The kitchen flows seamlessly into the open concept living area, which offers plenty of space for entertaining and relaxing. The primary bedroom is a true oasis, with a private sitting area, a large walk-in closet, and a spa-like ensuite bathroom with dual vanities, a soaking tub, and a walk-in shower. The three additional bedrooms are generously sized and offer plenty of closet space, each with their own private ensuite bathroom. The home also features a casita that is perfect for guests or as a private office. Step outside and enjoy the beautiful Arizona weather in your backyard oasis, which features a sparkling pool, a sunken-in ramada with a built-in BBQ, a swim-up bar, and an outdoor fire pit, and private sport court. The landscaping is low-maintenance and includes mature trees and shrubs. In addition to the backyard, the home also has a courtyard that provides additional space for outdoor living. Other features of this amazing home include a 3-car garage, a formal dining room, a den/home office, a laundry room, and much more. The covered patio has one ceiling fan. Whitewing at Whisper Ranch is a premier gated community that offers a luxurious lifestyle with amenities such as a clubhouse, dog park, playgrounds, basketball courts, and walking trails. This home is also located near top-rated schools, shopping, dining, and entertainment. Don't miss your chance to make this incredible home yours!

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