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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7137 E Rancho Vista Drive Unit 7008 Scottsdale, AZ 85251

$1,995,000

2 Beds

2.5 Baths

1,955 SqFt

Status Active

MLS # 6711208

Property Type Apartment

Price Type --

**OPTIMA CAMELVIEW PENTHOUSE WITH SPECTACULAR VIEWS** CONTEMPORARY AND COMPLETELY REMODELED WITH ENDLESS FLOOR-TO-CEILING WINDOWS OFFERING JAW DROPPING VIEWS OF CAMELBACK MOUNTAIN AND INTERIOR/POOL! ENJOY 2 LARGE SPLIT PRIMARY SUITES, 2.5 BATHS, LARGE OPEN FLOOR PLAN, AND SUPERIOR FINISHES. FEATURES INCLUDE A REMODELED GOURMET KITCHEN, QUARTZ COUNTER TOPS, THERMADORE APPLIANCES, AMPLE KITCHEN STORAGE, 3 BALCONIES WITH EXCEPTIONAL VIEWS AND GORGEOUS PLANT LIFE INCLUDING A 25 FOOT TREE, GORGEOUS SUNSETS, SPACIOUS LAUNDRY ROOM, 2 PREMIUM PARKING SPOTS WITH 110V CHARGING STATION, RECESSED LIGHTING THROUGHOUT AND ECO WIFI ENABLED HVAC CONTROLS. 2024 UPGRADES INCLUDE DIMMERS ON EVERY LIGHT, SPECIALIZED ART LIGHTING, LARGE RAIN SHOWER HEADS WITH MASSAGE WANDS, ELECTRICITY ON ALL BALCONIES, AND AUTOMATIC IRRIGATION SYSTEM. COMMUNITY AMENITIES INCLUDE 2 OUTDOOR POOLS AND SPAS, A REMODELED (2023) STATE-OF-THE-ART FITNESS CENTER WITH INDOOR HEATED POOL AND SPA, BASKETBALL AND RACQUETBALL COURTS, MENS AND WOMENS LOCKER ROOMS WITH STEAM ROOMS, YOGA ROOM WITH FREE MIRROR TECHNOLOGY, HUGE COMMUNITY PARTY AND EVENT SPACE AND CONFERENCE ROOM FOR BUSINESS MEETINGS, METRO RESTAURANT AND BAR, PUTTING GREEN FOR GOLF ENTHUSIASTS AND CONCIERGE SERVICE. THE SCOTTSDALE FASHION SQUARE MALL, OLD TOWN SCOTTSDALE, TOP RESTAURANTS, NEW CEASAR'S REPUBLIC HOTEL, THEATERS, AND NUMEROUS AREAS OF ENTERTAINMENT ARE WITHIN MINUTES.

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5053 W Billy Jack Way Prescott, AZ 86305

$1,995,000

3 Beds

4 Baths

3,427 SqFt

Status Active

MLS # 6708676

Property Type Single Family Residence

Price Type --

This brand new build, located in Northern Az Premier Private Golf Club, never lived in, is waiting for you. As you walk in the front door, you are welcomed with a stunning ,unobstructed view of Granite Mountain. This light and bright home features modern finishes including a gourmet kitchen with Wolf induction cooking, SubZero refrigeration, and a huge walk in pantry. The master suite includes a patio with views and a large walk in closet. the split design features a full guest suite and a additional bedroom, plus a bonus room for office or exercise area, you will enjoy the areas natural beauty with your private 2.04 acre lot. The spacious three car garage comes equip with an electric car charging port. This home is a must see.

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7852 E Mary Sharon Drive Scottsdale, AZ 85266

$1,995,000

5 Beds

4.5 Baths

4,308 SqFt

Status Active

MLS # 6699477

Property Type Single Family Residence

Price Type --

Nestled inside the prestigious Lone Mountain Vista gated community of North Scottsdale, this extraordinary luxury residence captures the dream of upscale desert living. Set on a 1.4 acre private lot and perched majestically against the backdrop of Lone Mountain, this Santa Fe style home provides a blend of southwestern charm and modern elegance. Step inside to discover a sanctuary of comfort and style, boasting 5 bedrooms and 4.5 baths meticulously designed to exceed the highest standards of luxury living. Each of the 4 en suite bedrooms feature stylish bathrooms and spacious walk-in closets. The split master bedroom offers its own retreat, complete with double sinks, a separate walk-in shower and jet tub, perfect for unwinding after a long day. Entertain in style within the expansive interior kitchen, dining and living spaces including a spectacular mix of flat wood and wood beam ceilings and also 4 inside fireplaces, all casting an ambiance of sophistication and warmth. Continue outside to discover 2 exterior fireplaces and 6 covered patios, each offering breathtaking views of the surrounding city lights and majestic mountains. Also indulge in resort style entertainment with interior/exterior integrated sound system and updated heated play/lap pool, all providing the perfect environment for year-round enjoyment. With new roof and fresh exterior paint, this residence exudes timeless appeal and modern elegance. Conveniently located amidst popular restaurants, shopping destinations and entertainment venues including also the very popular Carefree and Cave Creek locations, this residence offers the perfect blend of luxury living and vibrant community lifestyle. Embrace the essence of desert living at its finest in this unparalleled North Scottsdale oasis.

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6120 N 31st Court Phoenix, AZ 85016

New

$1,995,000

4 Beds

3.5 Baths

2,735 SqFt

Status Active

MLS # 6760379

Property Type Single Family Residence

Price Type --

Beautiful, remodeled house with NO INSIDE STEPS, in guard gated Biltmore Greens that Boasts: decorative front gate, custom front doors, gorgeous eucalyptus wood floors throughout, tile flooring in the bathrooms & closets, quartz countertops on the kitchen perimeter cabinets while the island & bathroom countertops are a beautiful matching granite, large kitchen that has Thermador & Sub Zero appliances, built in ice maker, enlarged primary bathroom and closet, All new, cabinetry throughout, crown molding, custom closets, lighting & plumbing fixtures. Outside fire pit, pool, and a great covered back patio with automatic sunscreens, built-in BBQ and a view that looks out to the desert through the wrought Iron fence. The garage has tile flooring and extra storage behind a locking door.

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6311 E Monterosa Street Scottsdale, AZ 85251

$1,995,000

4 Beds

3 Baths

2,287 SqFt

Status Active

MLS # 6757604

Property Type Single Family Residence

Price Type --

***Quintessential Arcadia Ranch***Located in the ''sweet spot'' between Lafayette & Exeter. Large corner cul-de-sac lot with picturesque front yard curb appeal and broadside view of Camelback Mountain. Also known as Friendship Lane, you'll feel welcomed upon arrival. Inviting front patio sitting area leads to classic entry way, large island/eat-in kitchen, vaulted dining & great room, w/ wood burning fireplace, solid oak wood floors, w/ herringbone patterned brickwork, wainscoting & plantation shutters. Granite counters, custom cabinets, stainless Viking appliances, newer lights & fixtures, crown, split floor plan, w/ 2 master bedrooms, outdoor built-in BBQ, & sparkling swimming pool. Large primary master suite w/ jetted tub & big closet. Office off laundry room, side loading 2.5 garage.

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3353 S Tourmaline Drive Flagstaff, AZ 86005

$1,995,000

3 Beds

3.5 Baths

2,720 SqFt

Status Active

MLS # 6757489

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the prestigious Pine Canyon Golf Course community of Flagstaff, Arizona! This beautifully maintained 3-bedroom, 3.5-bathroom residence offers 2,720 square feet of luxurious living space, perfect for those seeking both comfort and elegance. Step inside to discover a freshly painted interior and exterior, along with updated lighting fixtures that complement the home's warm, mountain-inspired design. The main floor features a spacious primary bedroom, providing convenience and privacy, along with a second bedroom ideal for guests or family. The heart of the home is the open-concept living area, where vaulted ceilings and a cozy fireplace create a welcoming ambiance. Welcome to your dream home in the prestigious Pine Canyon Golf Course community of Flagstaff, Arizona! This beautifully maintained 3-bedroom, 3.5-bathroom residence offers 2,720 square feet of luxurious living space, perfect for those seeking both comfort and elegance. Step inside to discover a freshly painted interior and exterior, along with updated lighting fixtures that complement the home's warm, mountain-inspired design. The main floor features a spacious primary bedroom, providing convenience and privacy, along with a second bedroom ideal for guests or family. The heart of the home is the open-concept living area, where vaulted ceilings and a cozy fireplace create a welcoming ambiance. Large windows frame stunning forest views, allowing you to fully immerse yourself in the natural beauty that surrounds you. Venture upstairs to find a versatile loft area, perfect for a home office or entertainment space, leading to a secondary primary suite. This upstairs retreat ensures everyone has their own sanctuary within the home. Situated in a peaceful cul-de-sac, this home boasts updated landscaping and a wrap-around deck, perfect for enjoying the picturesque Flagstaff outdoors. Additionally, the property features a fenced dog run, providing a safe and convenient space for your furry friends. Enjoy the close proximity to the community's top-notch amenities, including the clubhouse, dog park, and kids park, making it easy to embrace an active and social lifestyle. Don't miss your chance to own this exquisite home in Pine Canyon, where luxury living meets the beauty of nature. Schedule a tour today and experience the unparalleled lifestyle that awaits you in Flagstaff!

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6629 E Monterosa Street Scottsdale, AZ 85251

$1,995,000

4 Beds

3 Baths

2,683 SqFt

Status Active Under Contract

MLS # 6727398

Property Type Single Family Residence

Price Type --

Currently rented, property access may be limited. Nestled within the coveted Arcadia neighborhood, this enchanting ranch-style residence has been thoughtfully remodeled to harmonize timeless tradition with modern comforts. Boasting four generously appointed bedrooms, including a master suite that redefines luxury living, this home is a sanctuary of both style and function. Upon entering, you'll be greeted by a sense of warmth and elegance, with an inviting layout that seamlessly blends the old-world charm of traditional design with the fresh allure of contemporary updates. The heart of the home unveils an expansive living space, perfect for both intimate gatherings and grand occasions. Buyer to verify all facts and figures.

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8097 E Sunset Sky Circle Scottsdale, AZ 85266

$1,995,000

4 Beds

4.5 Baths

4,124 SqFt

Status Active

MLS # 6701855

Property Type Single Family Residence

Price Type --

The Sedona, a contemporary open-concept design, spec home soon to be constructed. This luxury home features an island kitchen with top-tier Wolfe and Subzero appliance package, perfect for culinary enthusiasts. The property includes a paver driveway, an oversized three-car tandem garage, and 49' RV garage, ideal for car collectors and RV enthusiasts. The layout includes four bedrooms plus an office, 4.5 bathrooms, a grand guest suite with its own living area, and an upscale owner's suite with a freestanding tub, walk-through double shower, and oversized walk-in closet. Details such as 90/10 smooth contemporary wall finish, 8' doors, elevated ceilings, 2x6 ext. walls, post tension foundation, spray foam insulation exemplify upscale living. Photos & options are from a completed model. Introducing The Sedona, a contemporary masterpiece soon to be constructed, offering an unparalleled open-concept design that blends modern luxury with functional elegance. This spec home is designed for those who value both style and substance. At the heart of the home is a stunning island kitchen, featuring top-of-the-line Wolf and SubZero appliances, making it a culinary enthusiast's dream. The kitchen's sophisticated design is complemented by white upgraded cabinetry, a Napa Iron-finished island, a Chevron tile backsplash, and quartz countertops, all crowned by a Wolf 48 gas 6-burner range top with griddle, a Wolf professional series built-in double oven, a Wolf 24 drawer microwave, Asko dishwasher, and a SubZero 48 Side-by-Side refrigerator/freezer. The Sedona offers ample space for both vehicles and recreational toys with its paver driveway, oversized three-car tandem garage, and an impressive 49' RV garageideal for car collectors and RV enthusiasts alike. Inside, the home boasts four spacious bedrooms plus an office, along with 4.5 luxurious bathrooms. The layout includes a grand guest suite with its own living area, offering privacy and comfort for visitors. The owner's suite is a private retreat, featuring a freestanding tub, a walk-through double shower, and an oversized walk-in closet equipped with washer/dryer hook-ups. Luxury finishes are evident throughout, with 8' doors, elevated ceilings, 2x6 exterior walls, a post-tension foundation, and spray foam insulation ensuring durability and energy efficiency. The home also features a Double Door Iron and Glass Entry, an expansive Great Room with 12 ft ceilings and a 7 ft linear fireplace, 16 ft and 12 ft wide sliding doors, and a game room/second living room complete with a dry bar, floating shelves, under-counter fridge, and custom cabinetry. Attention to detail is found in every corner, from the 5 baseboards, 90/10 smooth Sante Fe wall finish, and matte black fixtures and hardware, to the floor-to-ceiling tiled showers with custom niches. The laundry room is fully outfitted with wall-to-wall upper cabinets, lower cabinets, and a sink, ensuring convenience and style. The Sedona is more than just a home, it's a statement in contemporary luxury living and reflects the superior craftsmanship and high-end options that define this extraordinary property. Note that photos are from a completed model. Don't miss your chance to own this exceptional home.

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4340 E Forest Pleasant Place Cave Creek, AZ 85331

$1,995,000

5 Beds

5.5 Baths

4,136 SqFt

Status Active

MLS # 6496714

Property Type Single Family Residence

Price Type --

Build your new home today! 1 acre lots availability with 4 homesites total. Plenty of room for a house in addition to RV Garage, Barndominium, Casita, ETC, the possibilities are endless! Walk to the lots with the builder today. Permits available in 90 days or less. Close proximity to Desert Ridge or Carefree along with shopping & dining. Rural living, but close to it all. Builder to put paved cul-de-sac in to all 4 homesites.

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10031 N 38th Street Phoenix, AZ 85028

$1,995,000

4 Beds

4 Baths

4,007 SqFt

Status Active

MLS # 6706566

Property Type Single Family Residence

Price Type --

Looking for a country retreat in the heart of the city?? This is the house for you! 4 Bedrooms / 4 Bathrooms: Ample space for family and guests Separate Office Single Level: Convenient and accessible layout without the need for stairs. Over 4,000 sq ft of Living Space with 2 dual/fuel fireplaces: 1.049 Acre Lot: Expansive lot providing privacy and space for outdoor activities. Swimming Pool with Splash Pad: Enjoy the summer with a refreshing pool that includes a splash pad, perfect for kids and relaxation. The pool comes with a protective and child-secure cover for safety. Outdoor Amenities: Fire pit and pergola create a cozy outdoor atmosphere, ideal for gatherings and relaxation. Fully equipped area for outdoor cooking and entertaining. Garage Spaces: 2 Car Garage: Standard parking. ~1,250 sq ft Conditioned 4 Car Garage with 10 ft Doors: This versatile space, originally an old hay barn, has been enclosed and converted into a large garage/workshop with tall garage doors. Perfect for car enthusiasts, RV owners, or as a workshop. No HOA: Freedom from homeowners association restrictions and fees. Proximity to Preserve and SR 51: Easy access to outdoor activities and major transportation routes. Hiking and Biking Trails: Ideal location for outdoor enthusiasts with access to nearby trails. This property is perfect for those who value space, luxury, and outdoor living. The combination of indoor comfort and outdoor amenities makes it an ideal home for entertaining and enjoying the Arizona climate.

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34651 N 49th Street Cave Creek, AZ 85331

$1,995,000

4 Beds

5 Baths

4,608 SqFt

Status Active

MLS # 6627038

Property Type Single Family Residence

Price Type --

TWO SEPARATE HOMES: PRIVATE stunning 2.5 Acre Estate with TWO fully Remodeled Homes and a Luxurious Pool & Outdoor Kitchen Oasis. PERFECT for extended family or short/ longer term investment opportunity. Welcome to your private paradise! This exceptional 2.5-acre estate boasts not one but two beautifully remodeled homes and a sparkling pool, making it the perfect retreat for multi-generational living, an income-generating property, or a serene haven for those who desire space and luxury. Main Features: - 2.5 acres of ample space for recreation, horses, or business ventures. - Two exquisitely remodeled homes offer a combined living space that's perfect for a large family or multiple households. - Outdoor pool oasis with kitchen and court yard, offering endless entertainment. First Home: 2 Bedrooms/ 2 Baths & an Office (2263 sq feet) Step inside the main residence, where elegance meets modern comfort: -Expansive living spaces with high ceilings and an abundance of natural light create a welcoming atmosphere. - Brand new electrical wiring. -Gourmet kitchen with top-of-the-line appliances and a center island for culinary adventures. -The master suite is a true retreat, featuring a spa-like ensuite shower and a walk-in closet. -The guest bedrooms and bathroom provides ample space for family and guests. -The office/ multi-purpose room upstairs is the perfect place to soak up expansive mountain views. Second Home: 2 Bedrooms/ 2 Baths (2345 sq feet) The second home is equally impressive, making it perfect for extended family, guests, or rental income: - Spacious living and dining areas, along with a fully equipped kitchen, make this a self-sufficient living space. -Two bedrooms and two bathrooms provide comfort and privacy for residents. -Access to a private patio and outdoor spaces allows for outdoor relaxation and enjoyment. Outdoor Space: -The beautifully landscaped grounds feature a variety of mature trees, and areas for outdoor dining and recreation. Winter grass has currently been seeded and expecting an appearance any day! -A covered outdoor kitchen with a built-in BBQ area is perfect for dining and entertaining. -The potential for gardening, horse facilities, or additional development awaits in the vast acreage. Location: This estate is situated in a peaceful and upscale neighborhood, offering the perfect blend of tranquility and convenience. It's just minutes from local schools, shopping, dining, and recreational amenities. Don't miss the opportunity to own this magnificent 2.5-acre estate with two remodeled homes. Whether you're looking for a multi-generational haven, a rental property, or a personal sanctuary, this property offers the best of Western living. Your dream home is waiting!

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23093 N 91st Drive Peoria, AZ 85383

$1,995,000

4 Beds

5.5 Baths

4,391 SqFt

Status Active

MLS # 6716851

Property Type Single Family Residence

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Welcome to your dream home in the sought after Meadows community in North Peoria. This luxurious 4,391 square feet estate is designed for those who appreciate the finer things in life. Nestled in a tranquil and sought after neighborhood, this property boasts a wealth of amenities that cater to every aspect of modern living. A well designed floor plan includes a stunning formal dining room with trey ceiling and visually striking wall, great room with gorgeous built in cabinets and retractable glass doors allowing a seamless transition to your outdoor living space. Exceptional kitchen with quartz counter tops, tile backsplash, rich cabinetry, large seating island, breakfast nook, stainless appliances, wine refrigerator and a large walk in pantry. Serene and well appointed owners suite has a private entrance leading to a spacious room complete with en suite bath featuring a generous soaking tub, exceptional shower space and large walk in closet. Additional bedrooms have walk in closets and you have the ability to create a guest quarters complete with a living space if you choose to. Your outdoor oasis includes meticulous landscaping around the gorgeous 20x40 pool, spa and water falls, natural gas firepit, Kokomo BBQ island, 2 Pergolas for relaxing, Radio control car banked oval track, Cornhole area, 5 hole putting green and dog run complete with bone shaped doggie pool!! Large RV garage - 14 foot door and 52 feet deep, 220 outlet and RV dump, Sliding 16 foot RV gate, additional bedroom/bath in RV garage as well as loft storage. This equisite home combines luxury and functionality, making it perfect for both relaxatio and entertaining. Don't miss this opportunity to make this exceptional property your own.

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