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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9594 E Tee Box Court Gold Canyon, AZ 85118

$1,950,000

4 Beds

3.5 Baths

2,781 SqFt

Status Active

MLS # 6730390

Property Type Single Family Residence

Price Type --

Beautiful new custom home located in Gold Canyon East at Barkley Ranch backing Golf Course on the 10th Green of the Dinosaur Course. Incredible elevated unobstructed expansive views of the golf course. Can clearly see 4 Golf fairways on one of the most beautiful Golf courses in Arizona. Exceptional Superstition Mountain views. Fantastic finishes and details in the cabinetry, wood flooring, wood boxed beams on ceiling, marble tiled master bath, firepit and built in barbecue. The home surrounds a resort style pool with tiled Baja shelf and spa, stone finished columns with copper scuppers pouring waterfalls into the pool. Travertine pavered patios and pool deck with synthetic grass and firepit inside the fenced yard overlooking the 10th green of the golf course across the pool.

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11343 E Appaloosa Place Scottsdale, AZ 85259

$1,950,000

5 Beds

4.5 Baths

4,581 SqFt

Status Active

MLS # 6738110

Property Type Single Family Residence

Price Type --

Seller is offering a 1.5% credit towards buyer closing costs! Discover luxury living in Stonegate, an exclusive guard-gated community in 85259. This stunning custom-built, recently renovated, single-level home features 5 bedrooms (3 en suites), 4.5 bathrooms, a 3-car garage, and a solar-heated private pebble-tec pool. Enjoy a spacious open floor plan connecting the family room, living room, dining area, and gourmet kitchen with granite countertops, built-in professional refrigerator, and Wolf appliances. Community amenities include a large pool, spa, seven tennis/pickleball courts, walking trails, and a children's play area. Conveniently located near Hwy 101, top-rated schools, and more. Located in the prestigious Stonegate community, an exclusive guard-gated sanctuary in the highly sought-after 85259 zip code. This custom-built, single-story masterpiece offers an unparalleled lifestyle with its thoughtfully designed layout and extensive upgrades. Interior Features: Bedrooms & Bathrooms: The home boasts 5 spacious bedrooms and 4.5 elegant bathrooms, providing ample space and privacy for family and guests alike. Open Floor Plan: The expansive open floor plan seamlessly connects the family room, living room, gourmet kitchen, and dining area, creating an inviting space perfect for both everyday living and entertaining. Gourmet Kitchen: The kitchen is a chef's dream, featuring granite slab countertops, Wolf stainless steel appliances, professional built-in refrigerator and a stylish breakfast bar. Upgrades: The home features single level living with new energy efficient windows, a new iron front door, new Trane HVAC system, and a tankless water heater, ensuring efficiency and comfort. Fresh exterior paint and new exterior lighting add to the home's curb appeal. Natural Light: Newly upgraded windows and doors flood the home with natural light, enhancing the airy and welcoming atmosphere. Exterior Features: Private Oasis: Step outside to your own private paradise with a shaded lanai and pristine pebble-tec pool, perfect for relaxation and hosting gatherings. Community Amenities: Recreational Facilities: Stonegate offers a wealth of amenities, including a large community pool and spa, seven tennis courts, walking trails, and a children's play area. Private Park: Enjoy a short stroll to the nearby park area, which features two private tennis courts. Location: Convenience: The community is conveniently located near Hwy 101 and Shea, providing easy access to various destinations. Education: Stonegate is near top-rated Basis Scottsdale and other excellent public and private school options, making it an ideal location for families. Lifestyle: Modern Living: With its extensive upgrades and thoughtful design, this home offers a perfect blend of luxury, convenience, and modern living. Community: Stonegate is a vibrant community where residents enjoy a rich array of amenities and a serene environment, making it a perfect place to live.

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4034 E San Miguel Avenue Phoenix, AZ 85018

$1,950,000

4 Beds

3 Baths

3,050 SqFt

Status Active Under Contract

MLS # 6751426

Property Type Single Family Residence

Price Type --

Nestled on a spacious corner lot in the desirable Marion Estates, this charming home is in the heart of one of the best upper Arcadia neighborhoods. Enjoy the breathtaking views of Camelback Mountain & the immediate walkability to some of the best restaurants in all of Phoenix. With numerous recent improvements including a new roof, full kitchen, flooring & baseboards, bathrooms, lighting, fixtures, fireplaces & so much more. This wide open floor plan is ideal all buyers & the indoor / outdoor vibe will have you entertaining here for years to come. Large bedrooms, ample sized closets, numerous private patios and tons of storage too! The private backyard is a retreat, with a large covered patio with a fireplace, sparkling pool, grassy play area, putting green & garden.This won't last long!

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4426 E Capricorn Place Chandler, AZ 85249

$1,950,000

5 Beds

4.5 Baths

4,587 SqFt

Status Active

MLS # 6753253

Property Type Single Family Residence

Price Type --

Welcome to unparalleled luxury at Vasaro, one of the East Valley's most coveted gated communities. This exceptional custom estate stands out for its meticulous care, extensive upgrades, and move-in readiness. From the moment you step inside, you'll be captivated in an ambiance of elegance, comfort, and sophistication. The gourmet chef's kitchen is a culinary masterpiece designed to inspire, whether you're an experienced cook or simply enjoy the art of dining. The separate yet attached casita offers flexible living options, perfectly accommodating both current needs and future plans. Step outside into your backyard oasis, where Arizona's beauty is on full display. This serene retreat will remind you daily of why you chose this stunning state. The spa-like owner's suite ensures you'll never need a staycation again, offering a daily escape into tranquility and luxury. The location of this property is prime with easy access to Riggs Road that will take you right next-door to Gilbert and Queen Creek. Great news, this home is zoned for the Chandler School District. We think you will love living in this area not far from Downtown Chandler and Downtown Gilbert, only minutes away is the new Gilbert Regional Park and SanTan Village Mall. You will have endless options for shopping, dining, and entertainment. This is your ultimate dream home, and we're excited to offer private tours to showcase all that this place has to offer.

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7471 E Sunnyvale Drive Scottsdale, AZ 85258

$1,950,000

4 Beds

4 Baths

3,472 SqFt

Status Active

MLS # 6745482

Property Type Single Family Residence

Price Type --

The best of everything! Full 2023 renovation with on-trend design & finishes, guard-gated security, 3CG, & a premium lot steps from the Shops at Gainey Village. The 2-story great room is filled with natural light. European white oak floors & LED lighting throughout the home. Open concept kitchen features Azzurra Bay quartzite stone counters. Fisher & Paykel appliance package includes induction range & Alder cabinet front fridge/freezer. Main level offers ensuite bedroom & den/optional 5th BR. Large primary suite features luxurious bath w/ steam shower, soaking tub, dual vanities + makeup counter, custom WIC cabinetry. Rare, deep yard is private w/ turf, pool, BBQ & fruit trees. Amazing house that will appeal to lock-n-leave buyers & those looking for turn-key within 3C's school district.

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8300 E Dixileta Drive Unit 235 Scottsdale, AZ 85266

New

$1,950,000

3 Beds

3.5 Baths

4,317 SqFt

Status Active

MLS # 6758294

Property Type Single Family Residence

Price Type --

Discover the epitome of luxury living in this exquisite Scottsdale home, located in the prestigious guard-gated community of Sincuidados. This stunning single-level residence boasts soaring ceilings, 8-foot solid wood doors and polished travertine flooring throughout, with no stairs for seamless accessibility. Featuring 3 bedrooms plus a den, the home offers an expansive primary suite with a cozy fireplace and a spacious walk-in closet. Enjoy a newly renovated kitchen (2024) with all-new appliances. The 1+ acre lot includes a private backyard oasis with a sparkling pool, separate spa, and an extended covered patio perfect for entertaining. Complete with an oversized 3-car garage, this home offers both elegance and convenience in an easily accessible yet secluded Scottsdale location.

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29615 N 55th Place Cave Creek, AZ 85331

New

$1,950,000

3 Beds

3.5 Baths

2,943 SqFt

Status Active

MLS # 6757984

Property Type Single Family Residence

Price Type --

This exquisite 3-bedroom, 3.5-bath single-story residence with a separate office, offers a seamless blend of modern luxury and thoughtful design, enhanced by over $28,000 in custom upgrades. Recently updated with new exterior paint and stucco, the home features an elegant coffee-stained French oak flooring in a wide plank throughout, with plush carpet in the bedrooms. Six-inch baseboards and custom wood shutters elevate the interior aesthetic, while the rectangular fireplace becomes a beautiful focal point for the living room. The open concept dining area is complemented by a stylish bar complete with bar seating. In the gourmet kitchen, a 6-burner gas cooktop, under-cabinet lighting, waterfall-edge island and double-sided storage offer both functionality and style. Enjoy outdoor living at its finest with over $10,000 in designer outdoor upgrades including landscaping, new plantings, turf, and grey limestone surrounding a contemporary pool with 3 cascading waterfalls. This property wont last long!

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31550 N 70th Street Scottsdale, AZ 85266

$1,950,000

4 Beds

3.5 Baths

3,876 SqFt

Status Active

MLS # 6757631

Property Type Single Family Residence

Price Type --

This property is the one you've been waiting for! It is located in magnificent North Scottsdale on 2.5 acres & has no HOA. It comes with a detached casita, an additional garage plus a RV garage. The property offers easy access to Scottsdale Road, the 101, and the towns of Cave Creek and Carefree. 70th St is paved & the extra large half-circle driveway has been redesigned and landscaped. One acre of land is still available for building, and the property is zoned for horses. The main home at 2968 sf features a family room w/ a built-in office, wet bar & wine room. The primary bedroom is very spacious with 12+ foot ceilings, another office, a sunny sitting room, jetted tub & an oversized walk-in closet. There are four newer HVAC systems. The detached casita is an additional 908 sf & can... serve as a perfect space for extended family, a home business, an art studio etc. An attached garage and an RV garage are large enough to fit a Class A coach. Plus, there is additional slab parking. The courtyard exudes a resort-like ambiance, making it a perfect retreat for relaxation and entertainment. The rooftop observation deck offers breathtaking sunset views, while the propane fire pits create a warm and inviting atmosphere. With a covered patio equipped with misters and a BBQ area, it's an ideal setting for gatherings and enjoying the outdoor Arizona lifestyle. Nearby, you'll find some of the finest dining and shopping options in Scottsdale, with Kierland Commons and Scottsdale Quarter just a short drive away. Outdoor enthusiasts will appreciate the proximity to Pinnacle Peak Park, offering hiking trails with stunning views. Additionally, top-rated schools and world-class golf courses are conveniently located in the area, making this property an ideal choice for a variety of lifestyles. This private and enchanting property is ready for you, your family, your toys, your home business, your art studio, your RV/coach, and your horses. Make it yours today! Professional photography is coming soon.

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40072 N 110th Place Scottsdale, AZ 85262

$1,950,000

3 Beds

3 Baths

2,393 SqFt

Status Active

MLS # 6737304

Property Type Townhouse

Price Type --

Apache Cottage in a fantastic location!!! Overlooking the 9th fairway of the Apache golf course offering wonderful mountain, sunset, and city light views! This comes fully furnished with everything you can think of all on one level. It is the perfect desert retreat just steps away from the community pool and a short walk to the fabulous Apache Clubhouse!'' MEMBERSHIP AVAILABLE to be purchased with this property. A 30-day Membership application review and approval is required. Contact the Desert Mountain Club for details.

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14830 E Rhoads Court Fountain Hills, AZ 85268

$1,950,000

4 Beds

4.5 Baths

4,185 SqFt

Status Active

MLS # 6641512

Property Type Single Family Residence

Price Type --

'''Artistic Seclusion'' a Frank Lloyd Wright inspired contemporary estate, tucked in the west end of Sunridge Canyon and backed on two sides by public land, Offers first-class privacy and luxury living. This property is double gated and has a private long driveway from the cul-de-sac to the main building. The modern fusion of steel and glass creates a striking contemporary impression. The main entrance features an artistic 18-foot iron/glass door and the garage entrance is equipped with an electric lift to the open space grand room which, with extra high ceilings, features a hidden TV behind artistic metal panels over the fireplace and high walls of glass all covered with motorized blinds. The chef's kitchen boasts imported Italian cabinets, luxury Gaggenau and Thermador appliances and stainless countertops, dual raised bars, and more. All rooms are built in a circle around a central courtyard with artistically designed two-tier waterfalls, rocks and plants. The glass walled corridors around the courtyard are equipped with gallery grade picture hanging tracks and spotlights to present the owner's art collections. All guest rooms are as spacious as the master bedroom and each has its own in-suite bath and patio. The estate is surrounded by lush foliage. The backyard oasis includes a sparkling pool with motorized pool cover, heated spa, firepit and an outdoor kitchen. The estate is adjacent to Sunridge Canyon golf course and The Club at Adero, and is 10 minutes to Mayo Clinic.

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6310 E Dove Valley Road Cave Creek, AZ 85331

$1,950,000

5 Beds

4 Baths

4,445 SqFt

Status Active

MLS # 6681590

Property Type Single Family Residence

Price Type --

True Arizona ambience offers a price Improvement so you can make this unique property your own! This exceptional custom-built 3,757 sq ft estate boasts a gorgeous main home accompanied by a full 688 sq ft guest home with full kitchen and garage! You will enjoy a wonderful pool and spa for play, relaxation or enjoying our spectacular sunsets! Summer comfort awaits with the Newer HVAC's on the main home with solar! Situated on over an acre of maintained desert landscape in the prime location of the highly sought-after N. Scottsdale/Cave Creek corridor. The captivating main residence features 4 bedrooms, 3 full bathrooms, a private executive office, and breathtaking views of Black Mountain and the Boulders. As you step into your dream home, you're greeted by a picturesque ... front courtyard adorned with custom iron gates, two outdoor fireplaces and a striking fountain. Inside, the home boasts an inviting open floor plan with rich wood flooring, beamed ceilings, and NEW custom oversized windows that frame the stunning mountain vistas. The kitchen, a chef's haven, showcases Quartz countertops, a Subzero fridge, stainless steel appliances, stylish cabinetry, and a GE Profile oven with a center island induction cooktop. The spa-inspired master ensuite offers dual sinks, a separate soaking tub, and shower, ensuring a luxurious retreat. The spacious one-bedroom guest home is strategically positioned on the property, providing separate living quarters complete with its own private driveway, single car garage, full bath, eat-in kitchen, and covered patios, catering ideally to multi-generational families, guests or even renters. It has been used as an $AirBnB$ earning an average of $3,000 per month. Outside, the sprawling resort-style backyard is an entertainer's paradise, featuring a covered patio, built-in BBQ, bar seating, and a second Kiva fireplace. Overlooking a beautifully gated, pool, spa, Baja shelf and rock waterfall, the outdoor space offers mesmerizing mountain views, complemented by custom hardscapes, lush landscaping, and extensive stone walkways, inviting you to explore your desert sanctuary. This is a must see!

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2926 N Valencia Lane Phoenix, AZ 85018

$1,950,000

5 Beds

4.5 Baths

3,257 SqFt

Status Active

MLS # 6754345

Property Type Single Family Residence

Price Type --

This newly constructed privately gated single story family home sits on a 13,300 square foot lot that is walking distance to the Arizona Country Club, one of the most desirable locations in Phoenix. It offers over 3,200 sq ft of living space, 14-foot ceilings, an open floor plan, 5 bedrooms, 4.5 bathrooms, 3 fireplaces and a 3-car garage. The property offers attached guest quarters with its own private entrance. Designer finishes throughout with the finest touches including 12 ft waterfall kitchen island, 72-inch fridge/freezer, architectural wood accents, custom tile work and fixtures, natural lighting combined with a soothing neutral paint palette, and much more! This open floor plan home is perfect for entertaining and private living. Come see this exquisite peaceful sanctuary!

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