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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10606 N Indian Wells Drive Fountain Hills, AZ 85268

$1,899,000 - 4Br/5Ba -  for Sale in Fountain Hills Arizona No. 401-a, Fountain Hills
Open House
$1,899,000
4 Beds
5 Baths
4,358 SqFt
Status Active
MLS # 6729495
Property Type Single Family Residence
Price Type --
This stunning 4 bedroom, 5 bathroom home offers 4,358 square feet of living space with golf course & mountain VIEWS! Remodeled in 2023, walls were removed to create a light and open feel throughout the main level. Located just two houses down from the Desert Canyon Golf Club & Restaurant - walk to the golf club to tee off! Both bedrooms on the lower level are additional primary suites with large rooms, ensuite baths & walk-in closets. For your convenience, laundry rooms up & down! Step outside and relax on the expansive covered patios, which run the full length of both the upper and lower levels. Enjoy the dark evening sky from the heated pool & spa. In the kitchen you will find Zline appliances including 48'' gas range, quartzite countertops and beverage refrigerators. The oversized 3-car garage provides ample space for large vehicles, EV CHARGER and built-in workbench/storage cabinets to keep you organized. NO HOA - THIS HOME CAN BE USED AS A SHORT TERM RENTAL (Airbnb/VRBO). NOT A FLIP - remodeled by 2.5 year homeowners. This meticulously remodeled residence is your own private desert WINTER oasis, offering the perfect blend of functionality, luxury, and stunning views for years to come! OWNER/AGENT

3468 Lee Doyle -- Flagstaff, AZ 86005

$1,895,000
4 Beds
2.5 Baths
2,978 SqFt
Status Active Under Contract
MLS # 6677023
Property Type Single Family Residence
Price Type --
Welcome to your peaceful mountain paradise in Forest Highlands! Set to the rear of an expansive .75 acre lot, this home has a sense of privacy, notably because it backs to National Forest land. Meticulously maintained, you will find great functionality in this well-designed floor plan. The great room boasts an inviting wood-burning fireplace and an expansive wall of windows, showcasing the ponderosa pines beyond the Trex Deck . A formal dining area and open-concept kitchen, complete with ample cabinetry and built-in appliances, makes for easy entertaining. There is also a large utility/laundry room and a powder room, just off the kitchen. Another great attribute is the dedicated office on this floor, complete with desks and additional storage. There are three large bedrooms on the main level too, with a full bath shared between them. Upstairs is the primary suite, nestled just off a cozy loft overlooking the great room. With a split ensuite, walk-in closet and gas fireplace, this restful retreat is a perfect spot to relax and unwind. The back deck has covered and uncovered spaces, with easy access through the oaks to the canyon just beyond--a perfect spot to enjoy the fresh mountain air. Finally, an extra special attribute is a stand-alone studio just off the back porch! The studio is not included in the overall square footage of the home. Equipped with electricity, this space will make an excellent workshop, craft room, game room, exercise space or kids' play house. Come enjoy all that makes Forest Highlands such a desirable community--two world-class golf courses, pickle ball, dining, hiking, social and family programs, tennis, and so much more! Tucked away amidst 1,100 acres of pristine alpine beauty, Forest Highlands exudes an unparalleled sense of exclusivity and serenity. With two championship golf courses designed by Tom Weiskopf and Jay Morrish, Forest Highlands sets the stage for unforgettable golf experiences. The community offers an array of exceptional amenities, including two clubhouses, multiple dining options, tennis courts, swimming pools, and miles of hiking and biking trails. Forest Highlands is a retreat where luxury meets nature, ensuring a harmonious lifestyle for its residents.

2118 E Tiffany Court Gilbert, AZ 85298

$1,895,000
5 Beds
3.5 Baths
4,153 SqFt
Status Active
MLS # 6756735
Property Type Single Family Residence
Price Type --
Located in one of the MOST SOUGHT AFTER NEIGHBORHOODS IN GILBERT, this Circle G home has been renovated, top to bottom. As of 2021, there's a new pool and patio areas, all new windows, new roofing and foam insulation, 3 new HVAC units, new PEX plumbing, new Subzero and Cafe appliances, new tile and cabinetry throughout. NEW. NEW. NEW. All the work has already been done for you. Just come and enjoy your TURN KEY home. The estate is positioned on an expansive tree covered lot delivering a bright and spacious floor plan, with an enormous great room, formal dining or library option, and tile flooring throughout with a neutral palette. Cook like a chef in the well-appointed luxury kitchen featuring a continent sized island, stainless steel appliances, quartz counters and custom European style cabinetry. The sizable master includes large his/her closets, and a lavish bathroom with double vanities, a soaking tub, and a huge glass enclosure shower. The private, serene backyard offers a full-length covered patio, as well as an extended patio that provides ample outdoor seating, ideal for enjoying the enormous backyard while the family plays in the new swimming pool. Real and artificial turf surround the home and allow for comfort and cleanliness while entertaining outside. If you have cars, trucks or outside utility vehicles rest assured there is space for all of them in the five car garages, including an air conditioned 2-bay garage/workshop. There is space for RV parking and an 50 amp RV plug. LOCATION LOCATION LOCATION!! Walk to Gilbert Regional Park, minutes to Seville Golf & Country Club and SanTan Village. EVERY box is checked. Don't miss out on this!!! Be sure to review the full list of upgrades and extensive home improvements completed on this home located in the documents tab.

10914 E Quarry Trail Scottsdale, AZ 85262

$1,895,000
3 Beds
3.5 Baths
4,109 SqFt
Status Active
MLS # 6749531
Property Type Single Family Residence
Price Type --
Beautiful Custom Home in Candlewood Estates at Troon North. Single Story Open Floor Plan with a Chef's Kitchen Featuring Viking Appliances & 146 Bottle SubZero Wine Cooler. Large Kitchen Island with Breakfast Bar & Granite Counter Tops Opens to a Great Room with Stone Gas Fireplace. Surround Sound Speakers Indoors & Out. Tumbled Travertine Floors Throughout Living Areas. Oversized Primary Suite with Sitting Area & Gas Fireplace. Dual vanities, Snail Shower, Jetted Tub, & Walk-in Closet with Custom Built-ins. All Bedrooms Have Private Ensuite Bathroom. Formal Dining Room & Bonus Room. Private Resort Style Backyard with a Salt Water Heated Pool & Spa, Outdoor Fireplace in Backyard & Front Courtyard. Rooftop View Deck with Spectacular Mtn Views. Walking Distance to Brown Ranch Trail with Guarded Gate no no Interior Steps.

37887 N Boulder View Drive Scottsdale, AZ 85262

$1,895,000
4 Beds
4 Baths
4,002 SqFt
Status Active
MLS # 6753434
Property Type Single Family Residence
Price Type --
Experience luxury living in Boulder Heights, a prestigious community nestled in the picturesque landscapes of North Scottsdale. This custom-built residence offers an unparalleled blend of sophistication, comfort, and breathtaking views that epitomize the essence of Arizona living - all at an elevated vantage point of 3,000 feet. Carefully curated, this one-owner home features a desirable great room floor plan, three bedrooms & three full bathrooms in the main home, plus a detached casita complete with its own kitchenette. Enter the home through your private, gated courtyard - featuring a gas fireplace & water feature - to your grand foyer with clerestory windows. Indulge in the ultimate entertainment experience with a wet bar equipped with a 578-bottle wine humidor, perfect for hosting unforgettable gatherings with friends and family. The inviting chef's kitchen boasts a Viking Professional appliance package, double ovens, granite & quartz countertops, a large walk-in pantry, and solid-wood cabinetry. The primary retreat features a sitting area, an oversized walk-in closet, and a spa-like bathroom with a jetted tub & luxurious walk-in shower. Soaring 14-foot ceilings in the main living areas, 18-foot barrel vault ceilings in the hallway, 24-inch travertine stone flooring, and tasteful chandeliers & fixtures throughout exude grandeur and style. Step outside to discover a private oasis featuring a heated saltwater pool and spa, over 1,200 sq/ft of covered patio space with misters & space heaters, a BBQ area with a pre-plumbed gas line, and plenty of yard space - perfect for year-round relaxation and enjoyment. The oversized three-car garage with epoxy flooring & built-in cabinetry ensures plenty of room for your vehicles and storage needs. Beyond the confines of this exquisite property, residents can immerse themselves in North Scottsdale's renowned lifestyle - high-end shopping, gourmet dining experiences, world-class golf courses, and outdoor adventures - all just moments away from your doorstep. Experience the allure of North Scottsdale living in this exquisite Boulder Heights home, where luxury meets tranquility against the backdrop of Arizona's stunning natural beauty. Welcome home.

10888 N 136th Place Scottsdale, AZ 85259

$1,895,000
4 Beds
3.5 Baths
3,425 SqFt
Status Active
MLS # 6737677
Property Type Single Family Residence
Price Type --
This stunning single-story home, meticulously crafted by its owner and nestled in the breathtaking foothills of Scottsdale's prestigious Whisper Ridge neighborhood. This exquisite residence offers unparalleled luxury and comfort, featuring panoramic mountain views of Camelback and city lights that will leave you in awe.This beautifully maintained home boasts 4 bedrooms, 3.5 bathrooms, and a den, offering ample space for both relaxation and entertainment.The open floor plan seamlessly connects the living, dining, and kitchen areas, creating a warm and inviting atmosphere.The gourmet kitchen is equipped with top-of-the-line appliances, custom cabinetry, a large island with seating, and elegant countertops, perfect for the culinary enthusiast. The luxurious master suite features a spacious bedroom, a walk-in closet, and a spa-like ensuite bathroom with dual vanities, a soaking tub, and a separate shower. The versatile den can be used as a home office, library, or additional living space, tailored to your needs.The expansive backyard is a true oasis, featuring a built-in kitchen, a cozy fire pit, and a beautiful water feature. The patio area is perfect for outdoor dining and entertaining, offering breathtaking views of Camelback Mountain and the city lights. The spacious garage provides ample room for up to four vehicles, along with additional storage space. Situated in the coveted Whisper Ridge neighborhood, this home offers easy access to top-rated schools, shopping, dining, and recreational amenities.Enjoy proximity to scenic hiking trails and parks, perfect for outdoor enthusiasts.

21470 E Orchard Lane Queen Creek, AZ 85142

$1,895,000
5 Beds
6 Baths
5,061 SqFt
Status Active
MLS # 6709367
Property Type Single Family Residence
Price Type --
Step into your dream oasis nestled within the prestigious Orchard Estates of Queen Creek. This magnificent home is a haven for those who relish outdoor adventures and luxury living. With 5 bedrooms and 6 bathrooms, including a basement, this estate offers an unparalleled level of comfort and space. As you arrive, you're greeted by a 3-car attached garage, perfect for storing your vehicles and outdoor gear. But that's just the beginning - the property boasts a 1,750 sqft insulated and cooled shop, complete with upgraded electrical service, ensuring ample space for all your outdoor toys and projects. Enter the grand great room, where a stunning fireplace serves as the centerpiece, accentuating the bright Mediterranean-inspired decor. The chef's kitchen is a culinary marvel, equipped with a double drawer beverage refrigerator, built-in double tap kegerator, warming drawer, gas stove, and a generously sized walk-in pantry, ideal for hosting unforgettable gatherings. Retreat to the master suite, where luxury knows no bounds. Indulge in the spa-like shower, his & her walk-in closets, and a romantic fireplace, creating a serene sanctuary to unwind after a long day. Descend into the basement, where possibilities abound. Whether it's a large craft room for your hobbies or a wet bar in the rec room for entertaining guests, this space offers endless opportunities for relaxation and recreation. Step outside into the expansive backyard, where paradise awaits. Take a dip in the sparkling pool, gather around the firepit for cozy evenings under the stars, or cultivate your own garden oasis. This home offers modern conveniences abound, with features like central vacuum, Control4 automation, and a tankless water heater, ensuring that every aspect of your home is both efficient and luxurious. Don't miss your chance to own this exceptional piece of paradise!

11337 E Elmhurst Drive Chandler, AZ 85249

$1,895,000
5 Beds
5.5 Baths
5,751 SqFt
Status Active
MLS # 6723822
Property Type Single Family Residence
Price Type --
Welcome to this GORGEOUS dream home in the gated community of Santan Vista! This magnificent home boasts 4 bedrooms plus an additional office on the main floor plus a sprawling basement retreat with a bedroom, den, huge bonus room and theater room. This incredible property features 5,751sf on a private, highly desirable 1/2 acre lot! As you enter, you will notice the gorgeous upgrades including soaring ceilings with wood beams, custom millwork and cabinetry, high-end appliances, and designer lighting and fixtures throughout. Walk out through the expansive sliding door to the stunning backyard with sparkling play pool/spa with water features, swim-up bar and gazebo with built-in barbeque. This home offers plenty of space for parking with a 3 car garage with lift for an additional vehicle, plus a spacious driveway and front circular drive.

7571 E Visao Drive Scottsdale, AZ 85266

$1,895,000
4 Beds
3.5 Baths
3,306 SqFt
Status Active
MLS # 6752362
Property Type Single Family Residence
Price Type --
Premium oversized lot!This home is set to be featured on an upcoming episode of HGTV. Look no further for a contemporary residence with a resort-style backyard - your dream home awaits! Jewel box designer home. TURN KEY! Situated in the exclusive guard-gated community of Bellasera, this impeccably renovated estate, crafted by the esteemed Designs by Alexandra based in California, presents a sophisticated living experience. Boasting 4 bedrooms, including a GUEST HOUSE with a private exterior entrance, 3.5 bathrooms, a 2-car epoxy garage, and more, this residence is a true gem. Upon entering, you'll be captivated by the sun-drenched living room featuring a wall of glass that seamlessly opens to the beautifully landscaped resort-style backyard with a desert oasis vibe and a brand new pool!

12328 E Black Rock Road Scottsdale, AZ 85255

$1,892,995
3 Beds
3.5 Baths
2,860 SqFt
Status Active
MLS # 6708931
Property Type Single Family Residence
Price Type --
*NEW CONSTRUCTION: SPRING 2025 COMPLETION. Stunning Callum floor plan with Modern exterior under construction on an elevated home site! Gorgeous 13' ceilings, a casita with private entrance and 3 outdoor spaces are some of the reasons this plan is a top seller. Professionally designed, tasteful neutral color scheme. Additional upgrades include SS Wolf appliances, a double oven, 48'' Sub Zero Fridge & extended Kitchen island. The great room has a 72'' linear fireplace & a 16' multi-slide pocket door, perfect for cozy nights at home. This is the low-maintenance, LUXURY, lock & leave home you have been waiting for! Located in the stunning guard-gated community, Sereno Canyon. The ultimate resort lifestyle community in North Scottsdale by Toll Brothers. Come take a tour today!

30793 N 77th Way Scottsdale, AZ 85266

$1,890,000
4 Beds
3.5 Baths
4,143 SqFt
Status Active
MLS # 6752417
Property Type Single Family Residence
Price Type --
Beautiful home on one of the best lots in popular gated Bellasera. Open and airy floorplan with 4 bedroom/3.5 baths. Enter through front door and be greeted by a wall of windows overlooking backyard and pool and the awesome mountain views! Separate ''guest wing'' with two bedrooms, bath and flex room. Other features include island kitchen with gas cooktop, double ovens, and walk-in pantry, overlooking spacious family room with fireplace, shutters, tile flooring, and pre-wired for surround sound. Extra large Primary Suite that has custom closet organizer. Private backyard features private pool & spa, mature landscaping and oh those views! Enjoy the state-of-the art community center that has pool, spa, workout room and pickleball. All of this, close to shopping, restaurants and golf!

6044 E Hodges Street Cave Creek, AZ 85331

$1,890,000
5 Beds
4.5 Baths
4,025 SqFt
Status Active
MLS # 6726429
Property Type Single Family Residence
Price Type --
Beautiful (like new-seasonal owners)! Fantastic Black Mountain views and large NAOS area. Four bedrooms, 3.5 bath, full guest suite/casita with separate entrance, 3-car garage, putting green, pool, spa! Grassed and rock entrance. Courtyard and gate to covered porch. Separate entrance to Guest Suite/Casita from porch. Guest suite/casita has living area, bedroom, full bath and walk-in closet. The foyer at entry into main home has over-sized office/den with double glassed doors on one side and formal dining room on the other side. Dining room has butler's pantry with beverage cooler, glass top cabinetry fronts and wet bar. Powder room off this area. Large beautiful chef's open kitchen design. Lots of rich cabinetry and granite counters. Click the More tab for more information. Large island has bookend design with step-up counter for private prep/clean-up. Designer pendants over island. Built-in SS refrigerator, wall microwave and oven, gas range top with stainless range hood. Walk-in pantry. Breakfast/dining nook area. Great split primary bedroom plan. Primary bedroom large with dual walk-in closets and convenient oversized laundry room off largest closet. Primary bathroom is spa paradise. Walk up soaking tub and walk-in shower with partial glass enclosure. Dual vanities. Opposite side of house has remaining bedrooms. Second bedroom has mountain views and bathroom with walk-in closet. Third and Fourth bedroom have connecting full bathroom. Garage entrance to home has valet area for electronic/technology drop and coat hang/shoe change area. Garage has cabinetry for additional storage. Back and side yards beautifully landscaped with grass (both real and artificial), a putting area, pool, spa, multiple seating areas including firepit area, patio with seating and dining, travertine paving, RV gate and NAOS plus gorgeous mountain views! Fabulous home!

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