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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3120 S Eagle Drive Chandler, AZ 85286

$1,899,900 - 5Br/4Ba -  for Sale in Twin Acres, Chandler
Open House
$1,899,900
5 Beds
4 Baths
4,639 SqFt
Status Active
MLS # 6753951
Property Type Single Family Residence
Price Type --
Welcome to your dream oasis in the desert! Nestled on over 1.25 acres in the highly sought-after area of South Chandler, this custom-built home offers an exquisite fusion of luxury, privacy, and space. More than just a home, this fully remodeled gem is a lifestyle.Step through the custom steel front door and onto light oak engineered hardwood flooring that exudes warmth and elegance. The living room centers around a stunning 72'' fireplace, surrounded by shiplap with built-in cabinets and chic floating shelves. Whether you're hosting or unwinding, the ambiance here is unmatched.For the culinary enthusiast, the kitchen is nothing short of a dream. Featuring a gas stove with a custom steel hood, pot filler, and pristine custom cabinetry, it's designed for both beauty and functionality. The oversized quartz island offers ample workspace, perfect for gatherings or quiet mornings.The expansive primary bedroom boasts 10' ceilings and leads to a spa-like ensuite. Indulge in the freestanding soaking tub or relax in the large tiled shower with glass surround. Dual sinks, custom cabinetry, and luxurious lighting make this space a true retreat.An automated gate offers entry into a world of convenience. The 22x35 man cave, complete with a 50A outlet for large tools, compressors, or EV charging, is ideal for any hobbyist or car enthusiast. Plus, with three additional attached garage spaces, you'll never run short on storage or parking.Step outside through the 16x8 sliding patio doors and immerse yourself in resort-style outdoor living. A 35,000-gallon pool, lined with travertine decking, invites you to bask in the sun or take a dip to cool off. A full outdoor kitchen, including a BBQ grill, double burner, fridge, and sink, makes this the perfect spot for entertaining friends and family.In 2022, a 35'x52' shop was transformed into a fully finished living space, featuring 12' ceilings, a new insulated garage door, and a 25'x10' gym with expansive windows that offer breathtaking views of the pool. The man cave area includes a sink, cabinets, a 50A outlet, and multiple power outlets for all your needs. The space also features a large TV/living area with French doors that lead directly to the pool, making it the ultimate indoor-outdoor experience.To complete this perfect retreat, a brand-new furnace and AC system ensures year-round comfort in the bedroom, bathroom, living room, and gym, while a mini-split system keeps the man cave cool and inviting.This home truly has it allstyle, functionality, and endless luxury. Make it yours today!

8641 E Clubhouse Way Scottsdale, AZ 85255

$1,899,900 - 4Br/3Ba -  for Sale in Pinnacle Peak Country Club Unit 4, Scottsdale
Open House
$1,899,900
4 Beds
3 Baths
3,911 SqFt
Status Active
MLS # 6708997
Property Type Single Family Residence
Price Type --
Stunning residence that backs to the golf course in the Guard Gated Community of Pinnacle Peak Country Club! This one-story gem provides desert landscaping a 3-car garage. Inside, be delighted by a great room featuring a vaulted ceiling, beehive fireplace, wet bar, & sliding glass doors to the backyard. The skylights, water softener, plantation shutters, fire sprinklers, reverse osmosis, & propane gas owned are worth mentioning! Chef's eat-in kitchen has a center island, granite counters/backsplash, SS appliances, a walk-in pantry, oak cabinets, & a two-tier peninsula for prep & breakfast bar. The stone-accented fireplace is the heart of the cozy family room! Grand owner's retreat has a fireplace, backyard access, & lavish bathroom. with bonus room The main bathroom boasts two walk-in closets, a jetted tub, a snail shower w/glass block walls, dual vanities, & sitting room w/access to the backyard. There's a split bedroom with wood flooring, a walk-in closet, & private bathroom, ideal for a guest quarter! Paradise backyard is comprised of a covered patio, exterior fireplace, built-in BBQ w/gazebo, grassy area, lovely pavers, citrus trees, & a propane-heated swimming pool & spa combo. Plus, the property backs the golf course! Finest living at its best! Must see!

7211 E Sunnyside Drive Scottsdale, AZ 85260

$1,899,000
4 Beds
2.5 Baths
2,070 SqFt
Status Active
MLS # 6745368
Property Type Single Family Residence
Price Type --
Discover an unparalleled equestrian property located at the coveted intersection of Scottsdale and Cactus Rd. Set on nearly two acres, this meticulously designed estate is an equestrian enthusiast's paradise, offering state-of-the-art facilities for both horse and rider. The property features 24 spacious stalls, expertly designed to provide comfort and care for your horses. With multiple arenas, a well-equipped tack room, and a versatile multi-use area, this estate caters to all your training and recreational needs. The RV gate and hook-up add convenience for those who travel or host equestrian events. The main residence is a blend of luxury and functionality, boasting vaulted ceilings and a sophisticated two-way fireplace that enhances the home's warm and inviting atmosphere. The private diving pool offers a refreshing retreat after a day spent on horseback, while the gazebo and circular drive create an ideal setting for entertaining or unwinding. Parking is ample, with both covered and slab spaces, including dedicated RV parking. The property's landscape is thoughtfully designed with natural desert elements and a state-of-the-art watering system, ensuring the grounds are both beautiful and low-maintenance. Positioned on a cul-de-sac lot with stunning mountain views and desirable North/South exposure, this estate offers the perfect balance of privacy and accessibility. The nearby biking and walking paths provide endless opportunities for outdoor activities, making this property not just a home, but a lifestyle. This Scottsdale equestrian estate is a rare find, offering everything a discerning horse owner could desire.

2809 E Frye Road Phoenix, AZ 85048

$1,899,000
4 Beds
3 Baths
4,066 SqFt
Status Active
MLS # 6753443
Property Type Single Family Residence
Price Type --
Experience the epitome of modern luxury with this stunning, one-of-a-kind historical mountaintop estate in the heart of Ahwatukee. This exquisite home offers ultimate privacy with its exclusive private road entrance and a setting that truly stands out. Every inch of this 4-bedroom, 3.5-bath, 4,000+ square-foot home has been thoughtfully designed and renovated to provide unparalleled comfort and sophistication. Catch the breathtaking panoramic mountain and city views The great room's retractable glass doors flood the space with natural light, creating a seamless indoor-outdoor living experience. There is room (and plans available) for your own private pool. At the heart of the home is the gourmet kitchen, a chef's dream featuring top-of-the-line stainless steel appliances, a spacious white granite island, and a layout perfect for entertaining. The large bedrooms, including the expansive master suite, are bathed in natural light, offering serene spaces for relaxation Nestled against the Mountain Preserve on a cul-de-sac, this custom ranch-style home, was originally designed by John Kane of Achitekton, offers a unique sanctuary. Situated on just under 2 acres, this property includes a 3-car garage and the potential for additional adjoining parcels. This home is ready for its next owner to enjoy. Follow the long, scenic driveway to discover your new hilltop retreat. This rare gem awaitsdon't miss the chance to call it your own!

6812 E Monterra Way Scottsdale, AZ 85266

$1,899,000
5 Beds
4.5 Baths
4,464 SqFt
Status Active
MLS # 6751597
Property Type Single Family Residence
Price Type --
Make this 1 ACRE, NO HOA, among an enclave of 8 CUSTOM homes, ideally situated at the end of a private CUL-DE-SAC yours now. Imagine yourself in this Tuscan-inspired custom built home, perfectly designed for those who appreciate elegance, flexibility, and absolute PRIVACY. Envision welcoming guests as they arrive via your paver circle driveway, leading through your private courtyard, offering a spiral staircase that guides you to a serene observation deck with sweeping VIEWS.Step through the stunning double iron doors and immediately appreciate the architectural brilliance of the dome-vaulted ceiling that draws your eyes toward the inviting backyard, where a SPARKLING POOL awaits. The gourmet kitchen, equipped with top-of-the-line Wolf gas cooktop, SubZero refrigerator, and Bosch dishwasher, is a culinary dream, perfect for hosting gatherings. The great room seamlessly connects to the kitchen and casual dining area, offering easy access to your private outdoor oasis.Retreat to the spacious owner's suite, featuring a cozy sitting room with a ledge stone gas fireplace, and indulge in the luxurious bath, complete with a jetted tub, travertine shower, and the convenience of private stackable washer/dryer in your expansive walk-in closet. The DEDICATED OFFICE offers custom built-ins and dual workstations ideal for those who work from home.THREE EN-SUITE Bedrooms, anchored by a large bonus room, provide ample space for family or guests. Step outside to your private backyard retreat, where a large covered patio, synthetic lawn, BBQ area, and refreshing POOL and SPA await your next gathering. With a 4-CAR GARAGE and RV gate & NEW ROOF 2023, this home truly has it all awaiting you!

4222 E Mclellan Circle Unit 7 Mesa, AZ 85205

$1,899,000
4 Beds
5 Baths
5,542 SqFt
Status Active
MLS # 6753092
Property Type Single Family Residence
Price Type --
Welcome to an exquisite gated estate that epitomizes luxury living, nestled on a sprawling three-quarter acre lot. This stunning property is a true sanctuary, featuring an array of custom designs and high-end finishes that cater to the most discerning tastes.As you enter through the grand gates, you are greeted by meticulously landscaped grounds that set the tone for the elegance that awaits. The estate boasts spacious guest quarters, providing an ideal retreat for visitors while ensuring their privacy and comfort.Step inside to discover a breathtaking interior that seamlessly blends sophistication with warmth. The heart of the home is the gourmet kitchen, a chef's dream equipped with walnut and leathered marble countertops, complemented by a custom backsplash that adds a touch of artistry to the space. A state-of-the-art wine storage closet is perfectly situated, making it easy to store and showcase your finest vintages.The open-concept living areas are designed for both relaxation and entertaining, featuring multiple indoor fireplaces that create a cozy ambiance throughout the seasons. Large windows flood the space with natural light, offering picturesque views of the lush surroundings.Venture outdoors to experience your personal paradise. The backyard is a true highlight, featuring a stunning pool and spa that invite you to unwind and soak up the sun. The meticulously designed turf area provides a lush, green space for outdoor activities, while multiple outdoor fireplaces create inviting spots for gatherings under the stars. Every corner of this estate is adorned with custom upgrades, from elegant lighting fixtures to exquisite flooring, ensuring that no detail has been overlooked. The seamless flow between indoor and outdoor spaces makes this home perfect for entertaining guests or enjoying peaceful family moments. This sprawling gated estate is more than just a home; it is a lifestyle. With its luxurious amenities, custom designs, and serene surroundings!

16045 E Ridgestone Drive Fountain Hills, AZ 85268

$1,899,000
3 Beds
3.5 Baths
3,616 SqFt
Status Active
MLS # 6736627
Property Type Townhouse
Price Type --
ABSOLUTELY stunning 3616 s/f lock and leave home in highly desired Firerock. AND the lowest price in FR. Owner just put in another 100K in improvements in last 14 months! Nothing left to do. Chef kitchen w/upgraded Wolf appliances, wine cooler & beautiful granite. New interior paint throughout, tech savvy owner has the home set up where much can be operated from your phone. Open main level with stackable panoramic sliders turns your inside entertainment to outside space. Zen master suite & gorgeous bath. and two-way fireplace. Spectacular view with wrap around deck on upstairs main level. Custom bar on lower level, step outside to your heated spool. New carpet, many new window dressings/shades most power assisted, new planation shutters, lots of new lighting, also office & work out room

8300 E Dixileta Drive Unit 253 Scottsdale, AZ 85266

$1,899,000
3 Beds
2.5 Baths
3,586 SqFt
Status Active
MLS # 6726059
Property Type Single Family Residence
Price Type --
Sunlit sanctuary nestled in the prestigious fire-wise, guarded community of Sincuidados, close to golfing & hiking trails. This custom luxury home, on an acre+ interior lot, features a Split open floor plan w/several room options to suit your needs; a private home office attached to the primary bedroom; 2 new A/C's; 4 gas fireplaces; huge covered patio; built-in BBQ; formal dining room; multi-room surround sound system; spacious kitchen w/lots of counter space & large center island great for entertaining; wine fridge; wood shutters; gorgeous stone decorator features; billiard parlor w/ 9 ft table; and a rooftop deck w/panoramic views of mountains & city lights. Daily visits of birds, bunnies, and other wildlife are an added bonus to this relaxing southwest home!

15418 E Stardust Drive Fountain Hills, AZ 85268

$1,899,000
5 Beds
4 Baths
5,144 SqFt
Status Active
MLS # 6653088
Property Type Single Family Residence
Price Type --
Got Toys? This resort style home is for You!! This spacious and well-maintained home offers the perfect blend of comfort and elegance. The open floorplan with high ceilings and large windows flood the interior with natural light. The gourmet kitchen with subzero refrigerators, dual wall ovens, dual drawer dishwasher, granite countertops and ample storage is a culinary enthusiasts delight! A 36 bottle wine refrigerator, mini frig plus separate ice maker at the bar is a perfect place to unwind and reflect. Step outside to the huge and private backyard with pool, spa, grotto, waterfall and water slide! The primary bedroom is a true retreat, boasting a luxurious en suite bath with his and her walk in closets. The additional bedrooms are generously sized. On the main floor, one is currently being used as a home theater. The other bedroom en suite has a built in daybed and built in desk making it a perfect home office. Jack and Jill bedrooms upstairs, both with walk in closets, are a perfect private area for guests and/or family members. Did I mention the 43' x 26.6' 4 car garage? Ample height for car lifts and rv's. It also has an rv gate and paver slab. This is an incredible home at an incredible price. Don't miss the opportunity to call this exquisite house your home!! Please see documents tab for a complete list of amenities, upgrades and updates on this incredible home.

7180 E Kierland Boulevard Unit 1115 Scottsdale, AZ 85254

$1,899,000
2 Beds
2 Baths
1,686 SqFt
Status Active
MLS # 6606149
Property Type Apartment
Price Type --
Discover the pinnacle of contemporary living with spectacular and breathtaking views of the McDowell Mountains from this 11th floor penthouse. Floor to ceiling windows help showcase the incredible views. The penthouse features hardwood floors, an outdoor patio with gas stub out, motorized blinds, Bosch kitchen appliances and wine fridge. Primary bathroom features 48x24 inch slab tile and private water closet. Extra high ceilings accentuate the open floor plan with split bedrooms. The laundry room is large offering additional storage space. This penthouse comes with 2 parking spaces and an EV charger. Optima Kierland offers residents a luxurious lifestyle with unparalleled resort amenities, highlighted by the exquisite rooftop pool, along with a hot tub, cold plunge, steam and sauna, and outdoor kitchen and bar. The 1st floor gym is huge and state of the art. Indoor basketball and pickle ball courts complete the outstanding amenities at Optima Kierland Enjoy easy access to Kierland Commons, Scottsdale Quarter, and some of the city's finest restaurants and boutiques .This is more than just a home; it's a year-round vacation destination.

1512 E Northern Avenue Phoenix, AZ 85020

$1,899,000
3 Beds
3.5 Baths
2,895 SqFt
Status Active
MLS # 6741450
Property Type Single Family Residence
Price Type --
Prepare to be captivated by Gallery House Phoenix—a luxurious 3-bedroom, 3.5-bathroom sanctuary nestled behind secure gates in the vibrant central corridor. Step into a world where privacy meets sophistication, featuring two exquisite primary suites, each with elegant baths. The owner's suite, designed to evoke a Four Seasons experience, is uniquely equipped with an eight-sleep system for unparalleled rest. Architecturally crafted by self-taught architect and designer Merlin Bergeron, this residence seamlessly blends sophistication with functionality. Surrounded by lush landscaping and enclosed by impressive 8-foot walls, it provides the tranquility people dream of. Enjoy seamless indoor-outdoor living with expansive glass walls and thoughtfully designed overhangs that provide shade without sacrificing views. Discover not one, but two kitchensthe second concealed behind a stunning 8-foot x 6-foot sliding barn door art piece. Equipped with top-of-the-line Thermador appliances, Bosch dishwashers, and Sonos speakers throughout, this home is both a masterpiece of design and a haven of modern convenience. Step into this Phoenix gem and redefine your concept of home.

3544 N Jasper Mountain Circle Mesa, AZ 85207

$1,899,000
5 Beds
5.5 Baths
4,730 SqFt
Status Active
MLS # 6757691
Property Type Single Family Residence
Price Type --
Introducing an exquisite luxury home nestled within the prestigious gated community of Canyon Preserve Enclave at Las Sendas in Mesa. Perched on nearly an acre of a prime corner cul-de-sac lot, this property boasts over $240,000 in recent upgrades, ensuring you can move in without lifting a finger. The all-new kitchen appliances are complemented by new faucets and sinks, both in the kitchen and bathrooms, along with sleek granite countertops throughout. New carpeting and lighting add a fresh, modern touch, while two new air conditioner units, a hot water tank, and a new water softener offer comfort and efficiency. Outdoors, you'll find misters to keep you cool on hot days and a brand-new pizza oven for al fresco dining. The backyard has been thoughtfully designed and includes rattlesnake-proofing for added peace of mind.For resort-style living, the backyard features a lavish pool and hot tub, perfect for unwinding while taking in the stunning views. And for those who love to entertain, the rooftop deck offers panoramic vistas and the perfect spot for hosting gatherings or simply enjoying the serenity of a desert sunset. This home truly embodies luxury, convenience, and tranquility in one of Mesa's most sought-after communities.

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