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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5438 E Yolantha Street Cave Creek, AZ 85331

$1,950,000

8 Beds

8 Baths

6,718 SqFt

Status Active

MLS # 6617226

Property Type Single Family Residence

Price Type --

Nestled in scenic Cave Creek, this exceptional estate offers 8 bedrooms, 8 bathrooms, and an array of equestrian amenities. With 12 horse stalls w paddocks, a dressage arena, wash stalls and a training arena, it's a haven for horse enthusiasts. This home boasts a chef's kitchen, luxury appliances, split guest quarters with separate grand entrance, and captivating mountain views. Beyond the immaculate pool and lush landscaping, you'll find privacy and tranquility. Your equestrian dream begins here.

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2211 E Camelback Road Unit 407 Phoenix, AZ 85016

$1,950,000

3 Beds

4 Baths

3,904 SqFt

Status Active Under Contract

MLS # 6654873

Property Type Apartment

Price Type --

Seller is extremely motivated! With by far the lowest price per sq.ft. compared to other luxury highrises. The ultimate in luxury hi-rise living in the heart of Biltmore. Amenities include everything from rooftop pool, entertaining space both rooftop and ground floor with walk-out patio, utilities, valet, front desk, and dog park. Two combined units make this the ideal floor plan. The benefits of high-rise living without losing open living space. Updated appliances, repainted, office/den, plush carpeting in bedrooms, junior master suite, oversized walk-in master closet, double balconies, high ceilings, 3 parking spaces, parking garage storage, secured building, minutes to everything Biltmore has to offer. The list goes on! This is a must-see! Owner downsizing to a 3000 sqft unit.

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24259 S 219th Way Queen Creek, AZ 85142

$1,949,995

3 Beds

3.5 Baths

3,317 SqFt

Status Active

MLS # 6741928

Property Type Single Family Residence

Price Type --

Our Caleda community favorite Triana Farmhouse MODEL HOME has been released to sell! This turnkey home is being sold with all the furnishings and decorations and is placed perfectly on an almost ¼ acre lot. The outdoor living space is filled with mature, lush landscaping and jaw dropping backyard finishes creating the perfect private oasis. The backyard can rival any resort with the exquisitely designed pool, firepit, outdoor kitchen, and covered patio. Upon entering the front of the property, you are greeted by an intimate courtyard with an exterior fireplace that is the perfect introduction to the luxurious warmth this home has to offer. This Model Home has been upgraded from floor to ceiling with every lavish feature you have come to expect from an award-winning luxury home builder!

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30600 N Pima Road Unit 19 Scottsdale, AZ 85266

New

$1,949,000

5 Beds

3.5 Baths

3,272 SqFt

Status Active

MLS # 6760538

Property Type Single Family Residence

Price Type --

Discover the exquisite, unparalleled beauty & craftsmanship of this elegant Santa-Fe style property on 1.4 acres! With over 3,000 sqft of construction, this breathtaking custom-built home is full of sophistication & charm! From the large paver driveway, the attached 3 car garage, and the private courtyard with beehive fireplace, you'll want to see more. The impressive interior boasts a semi-open floor plan, promoting privacy while maintaining an open feel. Tall ceilings, recessed lighting, luxury wood-look vinyl flooring, soft gray palette, and windows galore favor a modern, functional design. The spacious family room features a fireplace adorned with stone cladding. Double-height ceilings extend to the gourmet kitchen, showcasing elegant stacked white cabinetry, quartz counters, tile backsplash, and high-end Kitchen Aid SS appliances. The generously sized owner's suite has outdoor access and a sizable walk-in closet. The lavish ensuite hosts a large quartz dual vanity, LED Wall-mounted mirrors with adjustable temp, and an oversized shower. Split 5th bedroom is great for overnight guests, featuring private outdoor access & direct entry to a bathroom. Upstairs, you'll find a bright loft with amazing Mtn views that's ideal for an office or a hobby area. The exceptional backyard offers an oversized covered patio, faux-flagstone floor, outdoor kitchen, fireplace, eat-in bar, fire pit, above-ground spa, and a pool. The fantastic amenities don't stop there! The Sincuidados community hosts a clubhouse, fireplace, pergola, grill, and basketball & tennis courts. Surrounded by Mtns, you can contemplate stunning sunsets every evening. What's not to like? Come, experience the magic!

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40455 N 26th Street Cave Creek, AZ 85331

$1,949,000

4 Beds

3.5 Baths

3,157 SqFt

Status Active

MLS # 6727474

Property Type Single Family Residence

Price Type --

Exquisite custom home in Cave Creek on 3.6 acres, with privacy and panoramic mountain views and no HOA. Hacienda style residence with split floor plan and spacious rooms, new hardwood floors, beams and corbels, vaulted ceilings, and elegant finishes. The master suite offers scenic views, fireplace, and spacious bathroom. The backyard is an oasis with a sparkling pool and covered BBQ area with high-grade turf and spectacular mountain scenery. Situated adjacent to Cave Creek Regional Park with extensive trails for horseback riding, hiking, and biking. Features include a horse turnout area with three covered stalls, equipped with water spigot, arena, and a tack shed. Car enthusiasts will love the 3-car garage and the permitted 3,000 sq. ft. insulated metal building which can be expanded.

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351 N Sky View Street Flagstaff, AZ 86004

$1,935,000

3 Beds

3.5 Baths

4,891 SqFt

Status Active Under Contract

MLS # 6680475

Property Type Single Family Residence

Price Type --

Escape to your own secluded paradise nestled amidst 3 wooded acres, boasting breathtaking views of the majestic San Francisco Peaks. This contemporary masterpiece offers a luxurious retreat with just under 5,000 square feet of meticulously crafted living space. Step inside to discover two primary suites upstairs, an additional bedroom on the main level, and a chef's kitchen fit for culinary indulgence. Entertain in style with a separate eat-in area, formal dining room, and a spacious living room featuring a sleek wet bar, all while soaking in panoramic views through expansive windows. Experience unparalleled privacy with a gated entrance and tranquil enclosed courtyards, while the 3-car garage ensures convenience. Pamper yourself in the dedicated exercise room and unwind in the endless pool, or enjoy outdoor adventure in the dedicated dog park complete with ponds and rivers. Embrace a lifestyle of sophistication and serenity in this remarkable sanctuary, where every detail is thoughtfully designed to elevate your living experience amidst nature's splendor.

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27003 N 64th Street Scottsdale, AZ 85266

$1,925,000

6 Beds

4.5 Baths

4,032 SqFt

Status Active

MLS # 6659550

Property Type Single Family Residence

Price Type --

Another stunning new contemporary NEXTGEN Builders home to be built. The main house boasts 4 spacious bedrooms, den/office and 3.5 baths. Large kitchen island w/waterfall sides & quartz throughout. Wolf/subzero appliances. All bedrooms have walk-in closets. 12' ceilings in the great room and kitchen with large 10' tall glass doors for backyard indoor/outdoor living. 2-car oversized garage + 46' RV Gar with 12'x14' door. Plus, a 2-Bed Guest House with liv RM, Kitchen, private Laundry & full bath. Quality build with energy efficient Spray foam insulation, 2x6 framed exterior, fully sheathed, post tension foundation. Buyer to verify all facts and specs.

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4051 W Falling Leaf Road Show Low, AZ 85901

$1,925,000

3 Beds

4.5 Baths

3,910 SqFt

Status Active

MLS # 6719135

Property Type Single Family Residence

Price Type --

Retreat to the luxury of the cool White Mountains in Show Low's Torreon! One of the premier custom Cambric built homes on the Cabin golf course hole twelve. Nestled against a dreamy pond setting with fairways and water in both directions. This thoughtfully designed home has two large primary bedrooms on the main level with walk-in closets and spa retreat bathroom suites graces with gorgeous tile, stone and custom lighting. Both suites have decks with private access, see through fireplaces and ambient LED lighting. Entertain guests in this chef's kitchen with La Cornue gas range, Sub Zero refrigerator, wine steward and built-in microwave & dishwasher. Enormous kitchen pantry and additional storage under staircase. Gorgeous granite countertops with bar seating for 10 and breakfast room that boasts room enough for large dining table for dinner with family & friends! Extend your parties out to the deck overlooking the golf course. Bar-b-que on the patio or nestle up to the fireplace and roast a s'more. Upstairs is a large loft with fireplace and wet bar. Large bunkroom with four full-sized bunks. Two full bathrooms with showers for kiddos or guests and large balcony for star-gazing in the evenings. Torreon offers many country club amenities including fitness room, heated pool & spa, walking paths and two course. Invite guests to join you at one of the two restaurants or spend time at the kids club, tennis or pickle ball courts. Several memberships offered.

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39220 N 30th Drive Phoenix, AZ 85086

$1,900,000

4 Beds

5.5 Baths

3,800 SqFt

Status Active

MLS # 6731365

Property Type Single Family Residence

Price Type --

Welcome to your dream retreat, where luxury meets adventure! Nestled in a secluded, gated community, this custom estate home is a haven for RV and off-road enthusiasts. With a 4-car extended-length garage and an attached RV garage, you'll have ample space to store your vehicles and gear, ready for your next journey. Step through the elegant steel and glass doors into a world of opulence. The grand entrance features soaring 12-foot ceilings and an open great room with panoramic doors that invite the outdoors in. Cozy up by the electric fireplace or enjoy the seamless flow to the expansive pavered patio, perfect for relaxing or entertaining. The chef's kitchen is a culinary masterpiece with a separate induction cook-top, wall oven, microwave, and a generous butler's pantry with sink The enormous island and matching cabinetry extend into the dining area, providing a stylish and functional space for meals and gatherings. Enjoy the seamless flow of 8-foot interior doors and wood-look plank tile throughout, enhancing the open and airy feel of the split floor plan. The primary bedroom is a retreat of its own, featuring a private exit to your personal patio and a luxurious bathroom with a large walk-in shower, large soaking tub, separate vanities, leading to a spacious closet with a dressing table that connects to the laundry room. For those who work or need extra space, there's an office/den and a convenient half bath for guests. The three guest bedrooms each come with a private en suite, ensuring comfort and privacy for all your visitors. Don't miss the additional amenities like the large, open and pavered patio with another full bathroom. As well as 400 AMP panel in the garage and the central vac system, adding convenience and efficiency to your home. This estate is more than just a home, it's a gateway to endless adventures and ultimate comfort. Make it yours and start living the life you've always dreamed of!

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4502 E Calle Tuberia -- Phoenix, AZ 85018

$1,900,000

4 Beds

3 Baths

1,953 SqFt

Status Active

MLS # 6716154

Property Type Single Family Residence

Price Type --

Welcome to this gorgeous oasis in the heart of Arcadia! Nestled on a generous .24-acre lot, this 4-bedroom, 3-bathroom home offers amazing views of Camelback Mountain. Step into the backyard and discover the lush landscaping creating a serene backdrop for outdoor gatherings and al fresco dining. The sparkling pool begs you to take a refreshing dip on hot summer days, while the meticulously manicured gardens offer a peaceful sanctuary for quiet reflection. With new A/C units and fresh exterior paint, this home is not only a feast for the senses but also a practical investment in your future. Don't miss this rare opportunity to own a piece of paradise in Arcadia.

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1804 E Senna Point Payson, AZ 85541

$1,900,000

3 Beds

4 Baths

3,606 SqFt

Status Active

MLS # 6748495

Property Type Single Family Residence

Price Type --

Stunning new WTM Construction home located in the prestigious gated golf community of Chaparral Pines awaits you. This beauty is to be completed by mid-October and will display an elegant masterpiece that this builder creates including 2X6 exterior walls, spray foam insulation, concrete fiber siding, Windsor Pinnacle Series Wood Clad windows, and a 50-year GAF Roof. This single level, open split floor plan home sits on a large lot backing to 2 water ponds with a waterfall and is not to be missed. Starting with a grand front entry to the great room is a wall of windows to capture the views where you will notice a stone ceiling to floor gas fireplace highlighted by a beamed ceiling bringing it all together. Kitchen boasts SS Wolfe Subzero appliances such as a 48'' refrigerator, 48'' gas cooktop, built in oven and microwave, Sollid Brand soft close doors/drawers done in Shaker White style with black hardware, upgraded granite throughout, farm sink, an oversized kitchen island and breakfast nook which make it truly a chef's delight. Separate study/office with barn doors also has a beamed ceiling and can be a multi purpose room. Primary bedroom is a dream with a beamed ceiling and exterior doors to the back patio. Bath has dual vanities with large mirrors, walk through shower, 2 closets, and a free standing tub highlighted by a Chandelier. Guest bedrooms are both ensuites with large walk in showers and closets. Garage is oversized and can hold an RV/Boat and has epoxy floor finish and leads into a mud room/breezeway for added convenience. Flooring is all engineered wood with tile in all the wet areas. Large driveway and all patios are done in pavers. Too much to mention! Come experience this amazing build.

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4001 E Rancho Drive Phoenix, AZ 85018

$1,900,000

3 Beds

2.5 Baths

3,150 SqFt

Status Active

MLS # 6752445

Property Type Single Family Residence

Price Type --

VIEW LOT - Very special .81-acre elevated view lot with a full Unobstructed backyard view of Camelback Mtn & the Praying Monk plus Piestewa Peak & South Mtn. No utility lines or poles and elevated high above the surrounding rooftops. The Camelback Mountain view photos here were taken from existing finished grade in the backyard. The buildable pad may be expanded. The lot is on the Phoenix/Paradise Valley border (Phx side/Phx taxes). 40th St is residential only in this location. Very quiet & private. This is the Hopi/Arcadia school district and only .34 miles from Phoenix Country Day School. Homes must be single story and under 20-feet in height. The existing home has interior demo, adds no value, and is sold in as-is condition.

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