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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22970 N 79th Place Scottsdale, AZ 85255

$1,990,000
5 Beds
3.5 Baths
3,958 SqFt
Status Active
MLS # 6732535
Property Type Single Family Residence
Price Type --
Nestled in the heart of North Scottsdale, this exquisite single-level home epitomizes modern elegance and comfort. Bathed in natural light from numerous skylights, the open floor plan seamlessly blends spaciousness with warmth. The large primary suite offers a tranquil retreat, while three additional bedrooms in a separate wing provide ample space for family or guests. A great room, adorned with a spacious eat-in kitchen featuring stainless steel appliances, serves as the heart of the home—perfect for both casual family meals and elegant entertaining. Outside, the resort-like amenities beckon. A meticulously designed outdoor space boasts a built-in BBQ area, a shimmering pool with a soothing water feature, and a cozy firepit—ideal for enjoying cool desert evenings under the stars. Located within a gated community near Grayhawk and Pinnacle Peak, residents also enjoy access to community tennis courts and a playground, enhancing the community's appeal as a serene and family-friendly enclave. This North Scottsdale gem offers a rare combination of luxury, comfort, and outdoor living, truly a sanctuary in the Sonoran desert.

3852 E Expedition Way Phoenix, AZ 85050

$1,990,000
7 Beds
6.5 Baths
6,850 SqFt
Status Active
MLS # 6702557
Property Type Single Family Residence
Price Type --
$105,000 Price Drop and another $30,000 in remodeling since listed! Rare Basement Mirador in Aviano, w/$225K+ of remodeling in 2023/2024 Incl. Kitchen Expansion, 2nd Flr Laundry, Tile, Master Suite, Upgraded Pavers, Added 2nd Garage Entrance w/Drop Zone. Dual Gone-With-The-Wind style staircases, 9, 10 & 20ft ceilings, dbl kitchen islands w/quartzite waterfall edge, stainless steel appliances, wine cooler & butler's pantry w/ 2nd sink, 2 add'l refrigerators & all-in-one W/D, office/den, 4 car garage, 1st floor in-law suite w/separate garage entry, heated pool, spa, nat. gas fireplace & built in BBQ. Movie theater, seats, and 98 & 82 in. smart TVs. Aviano Club/Community features heated resort pool/spa, fitness center, tennis, pickleball. greenspaces, walking trails and parks. EASY TO SEE.

6211 E Redfield Road Scottsdale, AZ 85254

$1,985,000
4 Beds
3.5 Baths
4,290 SqFt
Status Active
MLS # 6727672
Property Type Single Family Residence
Price Type --
Modern elegance meets comfortable living in this CDS home! From the moment you enter through the contemporary 4 panel glass & metal pivot door into the foyer, enjoy ~12ft ceilings & backyard views. Cook & entertainer dream layout and kitchen, complete with warm colored Blum cabinets/drawers & Dacor, Asco & Subzero appliances. The quartz backsplash is stunning! Don't miss the coffee station & wine refrigerator on the way to the Butler's kitchen - equipped with beverage refrigerator, sink, dishwasher, tons of counter/storage space & auto coil ''window'' from which to entertain. Exit through the 15ft retractable pocket door to the backyard. Large pool anchors the yard next to a faux grass area, with fruit trees & privacy landscaping.

1231 Redwall Way Williams, AZ 86046

$1,980,000
5 Beds
4.5 Baths
4,600 SqFt
Status Active
MLS # 6728019
Property Type Single Family Residence
Price Type --
Welcome to an extraordinary mountain lodge in the prestigious gated community of Escalante at Williams Mountain, offering all city utilities and easy access to I-40. This 4,500 sq. ft. home was designed by Sedona architect Gary Hassen from Kiva Associates. He designed the home to be Firewise with 2 outdoor gas fireplaces on the patio and to be nestled into the land. The home is surrounded by .79 private acres of oak trees, ponderosa pines, boulders, a seasonal creek and waterfall. This property is a nature-lover's paradise with access to dedicated Williams Mountain hiking trails. The home is visited by deer and elk, plus nesting eagles and redtail hawks. The lots on either side of the property are available for purchase and if combined, will have a total of 2.52 private acres. The interior of the home continues with the lodge design with two massive 12 foot high native stone wood burning fireplaces, a hearth room featuring a 1901 refurbished player piano, a large open kitchen with high end appliances, a dining banquette flanked by a wall of windows overlooking the beautiful forest and ravine. The main level also includes a formal dining room, an office, 2.5 baths, utility room, dog run and the primary bedroom. Both the primary bedroom and the main living area open onto a large deck with agrill, a large bar, gas fireplace and stairs to the lower level patio and forest floor.The lower level is designed for entertainment, featuring a pool room, slot machines, a theater room with21 surround sound speakers, a wine room with a 334-bottle capacity, a bunk room, a bedroom, two full baths, a second primary bedroom, and an elevator for easy access to the main level. This level opens onto a large, covered patio with recessed lights for nighttime games, a gas fireplace, and lots of space for aping pong table and other amenities. It also includes a small kitchenette with a sink, refrigerator and microwave . The views from every window are breathtaking and completely private.The home is part of the gated Escalante development, which includes paved streets and city sewer, water, and gas. The HOA fees are just $700 a year, which includes snow removal from the roads and strict enforcement of the CC&R's that protect property values. The home features three HVAC systems, a three-car garage, and a huge stand-up storage area over the garage. The 12 ft. ceilings enhance the beauty of the views through the 287 windows. There are outside speakers on both upper and lower levels, central vac, security system, whole house fire sprinkler system, recirculation hot water system and a leak detection main line shutoff.Why Williams, Arizona? Known for its small-town charm and cool mountain temperatures, Williams is filled with things to do. Elephant Rocks Golf Course is one of the most beautiful courses in Arizona. Two small lakes feature walking trails, kayaking and great fishing. The town hosts events year-round, from car shows and motorcycle rallies to rodeos and golf tournaments. Bearizona and the Canyon Coaster are great places to visit year round. The magnificent Grand Canyon and Snowbowl ski resort are only 60 miles away.Williams central location and great roads allow for easy drives to Las Vegas, Los Angeles, Phoenix, Lake Havasu, Lake Mead and Lake Powell. Christmas in Williams is magical, with thousands of lights and a special Christmas parade. Visitors from around the world come to experience the Polar Express and thetrain ride to the Grand Canyon. You are wanted in Williams is a theme that proves true to all who come here.

4849 N Camelback Ridge Road Scottsdale, AZ 85251

$1,975,000
1 Bed
2 Baths
1,521 SqFt
Status Active
MLS # 6552938
Property Type Apartment
Price Type --
This unique loft style home features 20' ceilings in the living area with spacious indoor/outdoor living and a lower garden/yard. This home is exceptional with its soaring ceilings and phenomenal views of Camelback Mountain. Featuring 1 bedroom, 2 full baths, a den and 2 reserved parking spaces. Tucked at the base of Camelback Mountain, Ascent is a new, private gated residential enclave adjacent to The Phoenician Resort - one of Arizona's premier luxury resorts. Home designs feature contemporary architecture integrating warm, natural materials, expansive windows, stacking door systems opening to a large outdoor patio with fire feature and BBQ Thoughtfully designed by Nelsen Architects and Vallone Interior Design. Luxury finishes include exquisite Bulthaup Kitchens, hardwood floors, ..... Sub Zero-Wolf appliance package, window coverings, washer and dryer are also included. A private rooftop terrace and the Mountain Club pool and fitness facility are amenities Ascent homeowners will enjoy.

8347 E Arroyo Hondo Road Scottsdale, AZ 85266

$1,975,000
4 Beds
3.5 Baths
3,567 SqFt
Status Active
MLS # 6749616
Property Type Single Family Residence
Price Type --
BEAUTIFULLY updated home on a large PRIVATE lot w/ Black Mountain Views! This 4 bedroom/3.5 bath/ 3 car garage home with a den is the PERFECT retreat ! Endless tasteful upgrades include: light fixtures, ceiling fans, hardwood floors, beamed ceilings, remodeled kitchen & bathrooms, master bathroom w/ a Miele Coffee Bar & fridge. Enjoy the outdoor living with plenty of space for entertaining. Enter the spacious backyard area through a expansive retractable glass wall to a large outdoor dining area w/ patio heaters, bar/TV, fireplace, fire pit, built in BBQ w/fridge, newly surfaced Pebble-Tec pool, hot tub & grass areas. This home is a turnkey opportunity fully decorated by a professional interior designer. Furniture/decor can be purchased on a separate bill of sale. Just move in & relax!

7147 E Wilderness Trail Gold Canyon, AZ 85118

$1,975,000
4 Beds
3.5 Baths
4,340 SqFt
Status Active
MLS # 6740844
Property Type Single Family Residence
Price Type --
Welcome to your dream home nestled in the majestic Superstition Mountains of Gold Canyon, Arizona. This brand-new build, completed in August 2024, offers unparalleled luxury & breathtaking 360-degree views of the mountains, the pristine golf course, and the exclusive Superstition Mountain community. Living Space: 4,340 sqft of modern elegance, designed with meticulous attention to detail. Casita: Separate from the main house, this charming casita includes a kitchenette, living room, bedroom, & a spacious walk-in closet—perfect for guests or as a private retreat. The main home boasts 4 spacious bedrooms (3 in main, 1 in casita) & 3.5 beautifully designed bathrooms. Off the master suite, enjoy your own private observatory, ideal for stargazing & taking in panoramic views of Gold Canyon. Lot Size: Generous 17,837 sqft lot providing ample space & privacy. 3-car garage equipped with smart garage door openers for added convenience. Every corner of this home features modern, high-end finishes. Luxury Vinyl Plank Flooring: Durable & stylish flooring throughout the home. Laundry Convenience: Additional washer & dryer located in the master closet. Gourmet Kitchen: Equipped with an induction cooktop & top-of-the-line GE Monogram appliances. Home also has Hard-wired Wi-Fi boosters, smart thermostats, a comprehensive audio system, and a Ring doorbell with door keypads for enhanced security and convenience. Additional Amenities: Upgraded Washer/Dryer: Included for your convenience. Audio System: Enjoy a high-quality audio experience throughout the home. Set in the serene and picturesque community of Superstition Mountain, this home provides a peaceful & luxurious lifestyle. Enjoy the natural beauty of the surrounding landscape, the proximity to world-class golf courses, & the welcoming community atmosphere. This exceptional property is a rare find, combining luxury living with the natural beauty of the Superstition Mountains.

6762 W Hombre Road San Tan Valley, AZ 85144

$1,975,000
4 Beds
3.5 Baths
4,100 SqFt
Status Active
MLS # 6721049
Property Type Single Family Residence
Price Type --
Welcome to ''The Resort''. This CUSTOM HOME will capture your heart from the moment you walk into the custom iron gated PRIVATE courtyard. Property boasts 4 over-sized bedrooms (office could be the 5th) with walk in closets and each with their own private bathroom. Amazing views of the San Tan Mountains from front of home and views of Superstitions and Four Peaks mountains and city lights from the back of home. If you have horses and they deserve THE VERY BEST-this home is a must see! 4 car+ epoxy floored attached garages, plus a 28' X 50' RV garage, fully insulated with epoxy flooring, and a 12 x 16 storage loft area with ladder and safety railings 2 large covered Horse stalls, paddock and large tack/feed room for the equestrian enthusiasts.

30416 N 64th Street Cave Creek, AZ 85331

$1,974,995
4 Beds
3.5 Baths
4,176 SqFt
Status Active
MLS # 6661110
Property Type Single Family Residence
Price Type --
BACK ON MARKET-Buyer could not fulfill contingency. Welcome to your oasis in Cave Creek! This stunning custom home at N 64th Street boasts a resort-style backyard, perfect for luxurious living and entertaining. With meticulous attention to detail, this property offers the epitome of Arizona living. Don't miss the opportunity to call this gorgeous retreat your home! Discover the freedom of living without HOA restrictions on this spacious 1.4-acre property! Located in Cave Creek, this home offers a split floor plan for added privacy and versatility. With ample room for your imagination to flourish, seize the opportunity to create your own haven without limitations. Embrace the serenity and endless possibilities that come with owning your piece of Arizona paradise. Just minutes from Desert Ridge, hiking and biking trails, boating and so much more. Enjoy the serenity of High Desert Living but literally just minutes from ALL that Scottsdale and Phoenix have to offer.

35435 N Windmill Road Scottsdale, AZ 85266

$1,970,000
4 Beds
3 Baths
3,910 SqFt
Status Active
MLS # 6715184
Property Type Single Family Residence
Price Type --
If you're looking for Privacy and Views then this is it!! For the first time ever on the market, this spectacular 3910sqft, 4 bed, 3 bath residence sits on 2 acres and offers WOW mountain views and jaw dropping vistas! You'll feel like you're in your own Scottsdale Resort! This great room floor plan is perfect for entertaining and comfortable living. The amazing backyard and pool make for a perfect retreat. Don't miss the opportunity to come see beautiful home before it's gone! Horses are allowed here. NO HOA!

7175 E Camelback Road Unit 501 Scottsdale, AZ 85251

$1,970,000
3 Beds
3.5 Baths
2,503 SqFt
Status Active
MLS # 6731579
Property Type Apartment
Price Type --
Rarely available 3 bedroom, 3.5 bathroom Condominium at Scottsdale's premier high-rise, Scottsdale Waterfront. At 2503 square feet, this expansive residence has an elegant feel while offering all of the modern features you'd hope for. The chefs kitchen with Heritage cabinetry, Viking appliances and granite counters. All 3 spacious bedrooms are ensuite. Additional highlights include an expansive patio with Camelback Mountain views, luxurious Travertine and wood flooring, Lutron lighting system, custom built-in wall units, wine fridge, 2 parking spaces and a large storage unit on the garage level. The level of service and amenities at the Scottsdale Waterfront are unmatched. Including full-time concierge, valet, 24 front desk

36811 N Wildflower Road Carefree, AZ 85377

$1,957,000
4 Beds
5.5 Baths
4,019 SqFt
Status Active
MLS # 6753154
Property Type Single Family Residence
Price Type --
Quality & Luxury abound throughout this wonderful estate consisting of a gorgeous detached guest house with kitchenette, an incredible oversized garage with RV parking and the amazingly well-built custom 3,500 sq/ft main home ideally located on .97 acres close to the heart of Carefree offering an array of world class amenities. Enjoy the peace and tranquility of this quiet, scenic desert setting with mountain views, superior construction and low maintenance. A beautiful gated courtyard welcomes you to the heart of the estate. Step into the main home and be enchanted by the exquisite attention to detail and high-end finishes starting with the great room which boasts soaring ceilings adorned with lighted vigas, flagstone flooring, solid alder woodwork, curved walls, arched ceilings and a disappearing patio door to the back patio. The kitchen with multiple ovens, a 6 burner gas range with pot filler, Brazilian granite counters, convenient double islands, breakfast bar, wet bar, wine fridge, walk-in pantry and whole house vacuum sweep is impressive. The adjacent dining room offers lovely mountain views and has a convenient pass thru to the kitchen coffee bar. A three-way fireplace adds charm and warmth to the great room and family room/den. One wing accesses two guest bedrooms each with full private bathrooms and large walk-in closets, a luxurious powder room and the large laundry room both well lit with natural lighting from skylights. The other wing is the primary suite which has multiple glass doors to the courtyard and a private covered patio. No reason to argue here with 2 walk-in closets, 2 private toilets, 2 vanities, 2 no-step entrances to the shower with 2 shower heads and separate controls. The suite has a sitting area and wood vigas. The flagstone flooring is used throughout with NO steps in the home making easy access for all. The separate casita is accessed from the front courtyard and is built with the same quality finishes and ICF (Insulating Concrete Forms) as the main home. Guests will want to stay longer enjoying the kitchen facilities, deluxe bathroom with walk-in shower, a spacious walk-in closet and the cute covered patio with wonderful views of the surrounding mountains. The casita is electric based and can be readily turned off when not in use. (The main house is also perfect for a lock and leave situation though it has been enjoyed year round by the original owners and the pride of ownership is apparent. ) Car and toy enthusiasts will appreciate the spacious 1,224 sq ft garage with a 10 ft high RV door to a double tandem bay accommodating an RV, extra long trucks or 4 cars as well as another double bay with 30 amps for a charging station and a temperature controlled workshop/storage room with a half bath. The wide pavered driveway offers easy access, guest parking and ample turnaround space. The front courtyard and back patio offer different areas to enjoy the outdoors. The private back patio has a built in gas BBQ, wet bar and a wood burning fireplace with a beautiful mountain backdrop. Engineers will appreciate the Insulating Concrete Forms construction giving the home superior insulation, durability, energy efficiency, sound protection within the home and all around unified comfort. Skylights, plantation shutters, no steps, uniform quality of construction thru-out adds to the appeal of this quintessential southwestern home with exudes warmth and character. The last few photos show a lighter palette creating a more contemporary and the effects of different paint selection. Paint is easy to change but the quality of this home is not. Low HOA fees ($60 a year), low taxes ($3,757 in 2024), low maintenance adds to the Carefree lifestyle. World class golfing, restaurants, biking and hiking trails as well as Bartlett Lake and its marina are some of the reasons why TripAdvisor named Carefree one of the top ten places to visit in 2023. Top rated schools, convenient stores and a great neighborhood are reasons to make it home!

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