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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23188 N 79th Way Scottsdale, AZ 85255

$1,995,000
3 Beds
3.5 Baths
4,445 SqFt
Status Active
MLS # 6705462
Property Type Single Family Residence
Price Type --
An Entertainer's Delight...A True Soft Southwestern Retreat in the Heart of North Scottsdale! Welcome to this warm & inviting residence within gated Arroyo Canyon in Sonoran Hills. Expansive areas for entertaining including the recent addition of an interior outdoor kitchen with expansive telescoping doors to let the outside in. Boasting a large kitchen with island & walk in pantry, custom cabinetry, tons of storage & open to the family room for casual gatherings. Large primary retreat & bath with soaking tub & large walk in closet. Two additional guest rooms, plus separate office space, updated flooring, & neutral finishes throughout. Large private lot, pool & spa perfect for relaxing. Convenient North Scottsdale near restaurants, shopping, and entertainment.

12634 N 80th Place Scottsdale, AZ 85260

$1,994,999
5 Beds
3 Baths
2,725 SqFt
Status Active
MLS # 6717392
Property Type Single Family Residence
Price Type --
New exterior paint color on this Scottsdale private oasis with an incredibly lush back yard and amenities. A gorgeous lawn, semi-circular drive and courtyard invite you into this stunning remodeled home with updated fixtures and finishes. Wood flooring, double French exits, skylights and dual pane windows throughout. No interior steps! Richly appointed kitchen. Living, family and formal dining rooms. Spacious owners suite. Resort-style back yard complete with an expansive covered patio, Diving pool, sports court and built-in BBQ. Large lot with room to add more!

14018 N 48th Way Scottsdale, AZ 85254

$1,994,900
4 Beds
3 Baths
3,100 SqFt
Status Active
MLS # 6723704
Property Type Single Family Residence
Price Type --
Welcome Home to your 4 bedrooms, 3 bath dream home in a highly sought-after area of Scottsdale with no HOA! This stunning single level property has been fully re-imagined by the design talents of 555 Angel Designs and is now in immaculate, like-new condition. As you enter the home, you'll be greeted by a spacious and open floor plan. The living area features custom wood work and multi door sliders that flood the space with natural light, creating a warm and inviting atmosphere. The kitchen is a chef's dream with brand new top of the line appliances, honed marble countertops and custom cabinetry that provide ample space for cooking and entertaining. The adjacent dining area and butler's pantry are perfect for hosting dinner parties or casual meals with family and friends. The luxurious primary bedroom is a true retreat, boasting a spacious bedroom with plenty of natural light, a stunning grand ensuite bathroom with a walk-in shower, freestanding tub, double vanity and a large walk-in closet. Three additional well sized bedrooms and full bathrooms provide plenty of space for family, guests or a home office. A large private oasis backyard, with a pool, covered patio and new landscaping provide the perfect space for outdoor living and entertaining. Owned solar another huge benefit along with 3 car oversized garage. This home is just minutes away from shopping, dining, and entertainment, as well as top-rated golf courses, schools and parks. Don't miss this opportunity to own a completely updated and move-in ready home in one of the most desirable areas of the city!

48940 W Long Rifle Road Aguila, AZ 85320

$1,994,000
3 Beds
2 Baths
1,544 SqFt
Status Active
MLS # 6721279
Property Type Single Family Residence
Price Type --
Beautiful Ranch Property in Wickenburg, AZ 10 Acres, this meticulously maintained property boasts a wealth of features tailored for the discerning horse owner, recently updated with new landscaping featuring a drip irrigation system & yard fencing, ensuring a picturesque & low-maintenance outdoor environment, enjoy a full-size roping arena complete with a fan deck overlooking the action, perfect for training & entertainment 5 large steer pens, 5 covered pens (50 x 20), 12 covered pens (50 x 100) all equipped with lights & automatic watering systems for the utmost convenience, tack room with a dual-sided cover & wash rack, Includes 2 hay sheds/equipment parking area, conex box for secure storage, 2 RV plug-ins, recently upgraded with new gravel throughout the property, ample parking

1500 N Crismon Road Mesa, AZ 85207

$1,993,000
4 Beds
3.5 Baths
4,042 SqFt
Status Active
MLS # 6671375
Property Type Single Family Residence
Price Type --
STUNNING OPPORTUNITY to own an amazing custom home with separate casita on a beautiful mountain top lot. Views forever from your front porch or rooftop deck. 3177 sq ft of custom living space in the main house and 450 sq ft of casita, both sitting poolside and mountian side on this spectacular parcel of land. Both had roofs replaced 5/24. 1 of just 5 homesites in this quiet cul de sac. Main home features beautiful finishes and flowing floorplan with gorgeous kitchen, formal dining, owners retreat and oversized media room. Guest house has 2 car oversized garage with it's own kitchen and laundry. Horse facilities include stalls, tack room and arena. This amazing propery sits against a rugged Arizona mountianside and offers amazing views and peaceful living.

1 E Lexington Avenue Unit 1606 Phoenix, AZ 85012

$1,990,000
2 Beds
2.5 Baths
2,835 SqFt
Status Active
MLS # 6750533
Property Type Apartment
Price Type --
Welcome to 1 E Lexington - a pinnacle of luxury living in the heart of Midtown Phoenix. This stunning penthouse is a masterpiece of design and sophistication, offering an unparalleled lifestyle with unmatched views from every room. As you step inside, you are greeted by soaring high ceilings that offer a sense of grandeur and a true open concept. This home features floor to ceiling windows and sliding glass doors that run along the perimeter of the 1,200 sq ft patio, creating the ultimate indoor-outdoor living. The southwest exposure perfectly captivates Arizona's spectacular sunsets. A state-of-the-art Savant smart home system seamlessly controls shades, lighting, surround sound, and TVs, allowing for effortless living tailored to your preferences. The heart of the home features a fully custom Bulthaup kitchen, meticulously designed with the finest materials and finishes. Gaggenau appliances offer professional-grade cooking capabilities, while the expansive counter space provides both functionality and style. The European touch cabinetry adds a sleek, modern aesthetic, making this kitchen a chef's dream. Adjacent to the kitchen, the wet bar offers a wine fridge and additional beverage refrigeration, and it is equipped with an additional seating area that is perfect for entertaining guests or enjoying a quiet evening at home. A sanctuary of comfort and elegance, the primary suite features a custom closet with ample storage for all your wardrobe needs. The spa-like en-suite bathroom offers a seamless custom vanity, illuminated LED mirror, and dual showerheads, adding an additional essence of luxury to your daily routine. The oversized, loft-style office is designed for productivity, complete with additional storage to keep your space organized and clutter-free. This penthouse at 1 E Lexington is not just a home; it's a lifestyle. Experience the epitome of urban luxury living with breathtaking views, top-of-the-line amenities, and sophisticated finishes throughout. Don't miss your opportunity to own this one-of-a-kind residence in the heart of Midtown.

5440 N Calico Drive Camp Verde, AZ 86322

$1,990,000
4 Beds
4 Baths
4,059 SqFt
Status Active
MLS # 6688733
Property Type Single Family Residence
Price Type --
MODERN CUSTOM FARMHOUSE with WRAP AROUND PORCH. Meticulously remodeled in 2023-2024 is situated on 4 acres, No HOA, Registered Well, Oil pipe fence, Barn w/ 4 stalls, Private access to National Forest land, luxurious 4 bedrooms-two being Masters w/ ensuite, conveniently located on main level, 2 oversize bedrooms upper level with dormers,4 Custom Bathrooms with Granite wainscoting on walls, Granite Showers full walls to ceiling, Custom Vanities, Wainscoting on walls in all bathrooms & laundry room, Wood Beams in the great rooms wood steps on stairs,Custom Glass throughout the Farm House & wood beam on stairs has a custom glass window to allows visual through going to upper level keeping that grand open feel to the space, Wrap around porch has 20ft glass slider doors & 8 ft glass sliders on the back of the house to allow beautiful views of Coconino National Forest.National Forest Land, Energy saving sunshades on all windows, Dog friendly Screens on back of home, outside patio for entertaining with fire pit fully enclosed yard for your furry friends. Wonderful breezes keep the outside living comfortable - CLEAN Air - Mountain Views - Quiet - Secure - Private Entrance. 2 New AC/heat units w/warranty, New roof w/warranty, 3 Car Garage, Water Treatment for entire house w/warranty, New lighting, New fixtures throughout, Fire & Smoke Alarms throughout the home. Main level has formal living w/wood burning fireplace & Antique Mantel, Office/Library. Primary Master offers Gas fireplace with Full Feature Wall of Granite with 80 Flat Screen TV, Elegant chandelier lighting, Sitting area, Custom Master Bathroom floor to ceiling marble & marble Wainscoting on walls throughout the master bathroom, Master Closets HERS & HIS in primary master. Makeup Vanity with Elegant chandelier lighting, Double Sink Antique Vanity with Huge Custom Mirror Grand living space provides ample seating with a great room, dining room, boasting a gourmet kitchen with Wolf Induction 5 burner cooktop, Commercial size refrigerator/ freezer, farmhouse copper sink, double ovens, hightop bar and breakfast bar, granite counters and abundant storage. Custom Knotty Alder doors throughout Kitchen & House, Laundry/mud room equipped with a front-load washer and dryer, living/dining area has 20 ft. slider & 8 ft slider glass doors creating a seamless Indoor-Outdoor Living Space. Upper level, TV Theater Room, with Walkout DECK provides you with Direct access to the balcony to watch sunsets with panoramic mountain views & STARS Wet Bar for snacks with your movies in addition you'll find two additional bedrooms, one with dazzling chandelier lighting, additional bath w/ walk-in shower, loft/media room complete with 2 built-in desk spaces inside the dormers plus a refreshment bar w/wine drink fridge, microwave and cozy Wood Burning Fireplace. New OIL PIPE FENCE $100,000 in fencing leveled and planted with wheat fertilize soil for growing pastures, crops 4 Stall Horse Barn 4 Turnouts for your horses Property - (1) registered well domestic (1) registered irrigation well 6 Miles from I 17 on paved roads until you get to the Private Entrance to the Equestrian Estate AMAZING Access to breathtaking panoramic mountain views of the majestic Red Rocks of Sedona, adjacent Coconino National Forest, views of the Prescott National Forest,Flagstaff's Snow Bowl San Francisco Peaks and Lights of Historical Jerome. Unobstructed Views you are surrounded by National Forest one will ever build in your view. Private & Direct access to the Verde River that stretches 18 miles meandering through town limits, the winding waterway creates a habitat for bald eagles, hawks, blue heron, beavers, and otters... Located in the Napa Valley of Arizona, surrounded by wineries, this property presents the possibility for your own vineyard, become connected with a thriving wine community. Some area attractions include Montezuma Castle is the third National Monument dedicated to preserving Native American culture, Out of Africa WildLife Park, Inflatable Kayak Adventure down the Verde River, Cliff Castle Casino. Western Horseback adventures & Horse Boarding at the Nashwa Farms Equestrian & Event Center Horse boarding stable only minutes from your Custom Equestrian Estate.

35348 N 87th Street Scottsdale, AZ 85266

$1,990,000
5 Beds
3.5 Baths
3,982 SqFt
Status Active
MLS # 6620672
Property Type Single Family Residence
Price Type --
Price Reduced by 200k of market value, motivated sellers! Welcome to this luxurious listing in North Scottsdale! This small niche, gated community of 34 homes offers a feel of privacy & custom living.The neighbors are warm and friendly. This stunning 2019 ''smart'' contemporary 5 bedroom, 3.5 bathroom luxury features mountain views from multiple rooms.This luxury home is the last one built in this subdivision and features a split floor plan with the master and den on the north side of the home and secondary bedrooms on the south side of the home. Luxury is the name of the primary suite with first class oversized private room, shower and tub. The primary bathroom features dual flush options, floating cabinets with his and hers sinks. You will not be disappointed by the walk in closet. The primary suite has a private entry to the backyard. The second room in an ensuite with dual flush options. It has a brand new dedicated Mitsubishi AC unit and upgraded walk in shower with grab bars. The 3rd and 4th rooms feature a Jack and Jill bath with a spacious walk-in shower and dual flush options. There are walk in showers for all rooms with gorgeous finishes and tiled to the ceiling! Relish the meticulously maintained beautiful 8' real hardwood, a chef's dream kitchen with top of the line Thermador appliances (6 burner range, built in fridge and 70 bottle wine fridge), pot filler, water filtration with RO, soft close drawers/doors with under cabinet lightning, quartz counters with dramatic marble look island with waterfall edge. The kitchen has a walk in pantry with a breakfast area. Enjoy soaring ceilings in every room, with eclectic lighting and fans throughout the home. The home features a formal dining and a large open great room with fireplace. Impressive laundry room with a laundry sink and lots of cabinets for storage. The backyard is perfect for entertaining with lots of travertine pavers, a heated sparkling pool, heated/jetted hot tub, and built-in BBQ. The backyard sunset never gets old. You can control your front door, light switches, nest AC/heat, outdoor cameras, landscape irrigation, pool features and garage from your phone! 3 car garage features water filtration system, tankless water heater and EV charger. There is an additional 30 amp outlet for your RV or other electric toys. This luxury residence is waiting for you to call it home.

7039 E Mcdonald Drive Paradise Valley, AZ 85253

$1,990,000
3 Beds
2.5 Baths
3,326 SqFt
Status Active
MLS # 6664934
Property Type Single Family Residence
Price Type --
Located in the prestigious Paradise Valley just a short bike ride away from Kiva Elementary school with dominant VIEWS of Camelback Mountain! The 3 bed, 3 bath, 3,345 sqft home sits tucked away with a long driveway adding to the property's privacy and tranquility. The backyard features a large grass area lined with citrus trees, children's play area + an oversized pool. Additionally the home sits in close proximity to all the fabulous restaurants and shops Scottsdale has to offer!

1645 Bent Tree Trail Prescott, AZ 86303

$1,990,000
3 Beds
3.5 Baths
3,230 SqFt
Status Active
MLS # 6710371
Property Type Single Family Residence
Price Type --
Nestled on the 8th fairway on .62 acres of the prestigious Capital Canyon Golf Course within the gated community of Conifer Ridge at Hassayampa, this 2023 masterpiece by Innovative Home Builders seamlessly blends Ancient Modern design with the efficiency of EF foam block boasting an R40 value. The custom 5' pivot glass entry door, welcomes you into a light-filled foyer, where a stunning Roman Clay accent wall sets the tone for the exquisite interior. Soaring ceilings, black casement windows, and balanced interiors of smooth walls and earthy natural stone, create a dramatic backdrop for the open concept living space. The spacious area is anchored by a fireplace wall of gloss black vertically stacked sculpted subway tile providing a touch of modern elegance. MORE.... White oak 8 plank floors flow throughout, leading you to the heart of the home - a gourmet kitchen adorned with white oak vertical grain cabinetry, dual islands, a 48 dual fuel Monogram double oven range, Wolf ceiling-mounted hood, and a butler's pantry with beverage center. The Great Room 16' glass panel doors seamlessly connect the living area to the covered back patio, extending the living space to the beautiful outdoors, and offering stunning views of the forest and golf course. The master suite plus 2 guest ensuite bedrooms, provide tranquility and privacy. Indulge in the spa-like master bath with its natural standing stone composite soaking tub and soothing staggered custom set tile shower. A dedicated office features a custom library wall crafted from repurposed cross-cut solid walnut shelves, with in-set soft lighting, perfect for showcasing treasured books and artifacts. Black lever hardware throughout adds a touch of modern sophistication. Outside, the expansive .6 acre lot on the golf course ensures privacy and tranquility. The covered patio is ideal for entertaining or relaxing while taking in the breathtaking views. Walk further beyond the covered patio to the cozy firepit area to enjoy gazing into the fire, or staring up at the stars. The spacious 3-car garage includes a 3rd bay with a 10-foot door(22' deep) and a durable epoxy floor. This extraordinary home is a true testament to design, innovation and craftsmanship, with truly too many custom features and details to mention here. Don't miss the opportunity to feel the allure of the Ancient Modern design in this prestigious golf course residence. With a suitable offer accepted, seller is willing to sell the home furnished with the almost new 6 month old designer high end furnishings.

21640 S Hawes Road Queen Creek, AZ 85142

$1,990,000
3 Beds
2 Baths
1,575 SqFt
Status Active
MLS # 6357693
Property Type Manufactured Home
Price Type --
The possibilities are endless with this property!! Bring your toys, boats, horses and build your dream home (OR 5 HOMES) to this irrigated property in a fabulous location !! Over 5 acres, owners have lived here for over 30 years in this 1985 mobile home...and they are ready to give someone new an opportunity to make this property into something FABULOUS! Sides up to Queen Creek wash/walking path... Neighbors to the North are One Acre, Custom Homes....and this could be split into 5 - 1 Acre Parcels.

7420 E Reins Court Prescott Valley, AZ 86314

$1,990,000
3 Beds
5 Baths
4,804 SqFt
Status Active
MLS # 6685848
Property Type Single Family Residence
Price Type --
Your new memories begin here! Enter through the giant pivot front door to this fully custom home, enter the warm and welcoming living room with space for everyone. You'll find you're eager to entertain all of your friends more than you ever have. The large great room flows to the formal dining area and then into the chef's kitchen with the very large gas, 6 burner range with its 2 ovens in addition to the built -in wall convection oven. A built -in ice maker helps when entertaining outside on the very large patio that overlooks FIVE holes of the Stoneridge Golf Course! Ready to BBQ with friends? No worries, use the easy to slide corner window from the kitchen and pass all the provisions right out to your guests! Enjoy a relaxing swim in the 25 YD indoor pool. The master suite is truly.... spa-like with the walk- in stone surround shower. The dual vanities with Brazilian Quartzite and Illuminating mirrors and the large, jetted tub tucked into the custom corner view windows, lower one blind for complete privacy while enjoying the stunning views of the mountains and the golf course below. The jetted tub heats the water and recirculates it so you can enjoy a very long, relaxing soak. The master walk in closet is very large and has great storage too. The 2 guest bedrooms are also very large and both have great big closets...so much storage in this home! These rooms are also complete with the custom corner windows for the wonderful views as well as blackout blinds for a good nights' rest. The loft has it's own patio with views of Glassford Hill and also the beautiful neighborhood below. The second floor has an art studio which could be used as a rec room or a great movie room. This room has 2 separate patios, corner windows for the views and beautiful wood floors....not to mention...the room is plumbed to add a bathroom, so this could make a 2nd master en-suite! On the main floor there is an office area that has a great view of the pool and lots of productivity space for you....all rooms have Cat 6 hard wired high speed data connections. There are so many special features....please read the Special Features page to get even MORE information about this very special home nestled in the Mingus Mtns. Golf cart and some furnishings may convey with full price offer.

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