Last week’s economic news included readings on job openings, consumer sentiment and the Federal Reserve’s monthly survey of senior loan officers. Weekly reports on mortgage rates and new jobless claims were also released. Freddie Mac noted that last week’s primary mortgage market survey did not include post-election readings as the survey information was gathered prior to election results.
Loan Officers Survey: High Demand for Home Loans, Commercial Lenders Raise Standards
As demand for mortgage financing and homes increase, the Federal Reserve reported last week that banks are tightening the screws on commercial lending requirements. This could present challenges to home builders; they’ve been consistently pressured to build more homes at a faster pace. Less availability of commercial financing may impact home builders and their suppliers. The survey indicated that demand for home and consumer loans also increased.
Mortgage Rates Rise, New Jobless Claims Fall
Mortgage rates rose across the board on average. Freddie Mac reported the rate for a 30-year fixed rate mortgage rose three basis points to 3.57 percent. The average rate for a 15-year fixed rate mortgage increased four basis points to 2.88 percent, which equaled the average rate for a 5/1 adjustable rate mortgage. Average discount points were unchanged at 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.
New jobless claims fell to 254,000, which was lower than the expected reading of 260,000 new claims. Last week’s reading was also lower than 265,000 new claims filed the prior week. Job openings held steady at 5.50 million in September.
According to the University of Michigan’s monthly consumer sentiment index, November’s reading rose 91.60 in November as compared to an expected index reading of 88.00 and October’s reading of 87.20. This reading falls in line with strengthening labor markets. Improving economic conditions can influence consumers who want to buy homes.
What‘s Ahead
Next week’s economic reports include releases from the National Association of Home Builders, Commerce Department readings on housing starts and building permits issued and weekly releases on new jobless claims and mortgage rates.
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16522 N 109th Street
Scottsdale, AZ 85255
$1,650,000
4
Beds
3
Baths
3,597
SqFt
Status
Active Under Contract
MLS #
6724674
Property Type
Single Family Residence
Price Type
--
Beautifully Renovated 4 Bed, 3 Bath Expanded Floorplan Home in McDowell Mtn Ranch. Open floor plan with a Huge Entertainment area encompassing the Kitchen, Dining and Family Room. Renovated Kitchen with 8 Burner Meile Range with Double Oven, 3rd Oven/Microwave Combo, Upgraded Professional Rangehood, Dishwasher, New Refrigerator, Quartz Countertops, Farm Sink, RO, Full Pantry, Full Tile Backsplash, Under-cabinet Lighting, Renovated cabinets, Beverage Center w/Wine Refer, Huge Quartz Island with seating, Wide Plank European Oak, 3 Renovated Baths in the Contemporary Style, Master Bath Features Matte Marble Tile with Wainscot, Forced Air Kohler Tub (no tubes) His and Hers Walk in Closets, Separate Water Closet, Huge Master Bedroom with Seating area, Wood Shutters, Electric Shades in Family Electric Shades in Family and Front Room, Office with Wall to Wall to Wall built-ins, Large Den with Built in Guitar or Art Case with Accent Lighting, Lush Back Yard that Borders NAOS, Huge Free-Form Pool, Extended Covered Patio, Seating area with Firepit and BBQ and City Light Views. Seller will pay off Solar Lease at COE and Buyer will have payment free, warrantee'd solar service for the remaining length of the lease (aprox 8 years) at which time Buyer can cancel and have the system removed free of charge or continue as they wish!
718 Kohners Ridge Drive
Happy Jack, AZ 86024
$1,649,900
6
Beds
4
Baths
7,566
SqFt
Status
Active
MLS #
6735196
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home in Happy Jack, Arizona! This stunning single-family property is located in the gated community of Starlight Ranchettes, and offers a luxurious and spacious living space that is perfect for families. Featuring 6 bedrooms and 3.5 bathrooms, this home provides ample space for everyone in the family to have their own private oasis. The dining room with bay windows is perfect for hosting dinner parties and gatherings, while the vaulted ceilings and antler chandeliers add to the elegance and charm of this home. One of the highlights of this property is the breathtaking views that can be enjoyed from multiple decks. Imagine sipping your morning coffee or winding down after a long day while taking in the serene and picturesque scenery. The bunkhouse above the garage provides a versatile space that can be used as a guest room or large office. The hickory cabinets, large kitchen island/ breakfast bar, desk area, walkin pantry, in the kitchen add a touch of sophistication while providing functionality for all your cooking and entertainment needs. Relax and unwind after a long day in the master bathroom jetted tubs or soak up the sun on the sun deck. With 4 back decks, there is plenty of outdoor space to enjoy the beautiful weather and entertain guests with the most amazing million dollar views. For pet owners, the dog run fenced area provides a safe and secure space for your furry friends to roam. The gas fireplace, wet bar, exposed wood beams, antler chandeliers add warmth and character to the home, creating a cozy and inviting atmosphere. Additional features of this property include 2 car garage, as well as a 1.5 garage around the back for all your toys.. This home also offers stainless steel appliances, bay windows, dual-pane windows, wood doors, and a fully finished basement with a game room, that could be used for more sleeping space too. . With a lot size of 2.07 acres and a large floor , there is plenty of room to grow and make this house your perfect home or bring the entire family. House comes furnished and seller is offering a $12,000 to buyer at COE for flooring allowance. Take a day and go exploring with great walks, bicycling, hiking, off road vehicles and more.. Don't let this future home pass you by.
12231 N 74th Street
Scottsdale, AZ 85260
$1,649,000
4
Beds
4
Baths
3,680
SqFt
Status
Active
MLS #
6770544
Property Type
Single Family Residence
Price Type
--
This beautiful Scottsdale home is full of character and ready to inspire you. A unique floorplan and layout gives the home a custom feel, with so much functional space, including a loft perfect for work or play. A grand staircase is the center of the home leading to upstairs bedrooms. All rooms are incredibly spacious, with primary bedroom featuring sitting area and impressive walk-in closet space. Amazing value in the casita built in 2018 with walk-in closet, full bath, and private entrance. The stunning backyard doesn't stop there - on nearly half an acre it is a lush oasis with saltwater pool, mature landscaping, misting system, built in BBQ, turf and more to make this house a home.
8919 E Calle Del Palo Verde --
Scottsdale, AZ 85255
$1,649,000
3
Beds
3
Baths
2,891
SqFt
Status
Active
MLS #
6731379
Property Type
Single Family Residence
Price Type
--
Best value in Canada Vistas. Updated and well cared for home in a most desirable North Scottsdale GATED COMMUNITY. This home is ready to move in boasting it's Gourmet Kitchen with high end appliances . Manicured yard on quiet interior lot makes this home stand out! Better hurry as it is priced to sell!!
733 E Campbell Avenue
Gilbert, AZ 85234
$1,649,000
8
Beds
7
Baths
5,734
SqFt
Status
Active
MLS #
6768166
Property Type
Single Family Residence
Price Type
--
Welcome to your oasis of luxury and entertainment in Gilbert, where this nearly acre property offers unparalleled amenities without the burden of an HOA. The meticulously maintained landscape is irrigated for a mere ~$200 annually, ensuring lush surroundings year-round. Step inside to discover a renovated kitchen, featuring a stunning quartzite island and an inviting eat-in nook perfect for casual dining. Equipped with double ovens, gas stoves, a beverage fridge, and a separate ice maker, this kitchen is designed to cater to both everyday family meals and grand gatherings. Pull-out drawers in the cabinets provide effortless storage solutions, while the adjacent dining room comfortably seats over 14 guests. This home boasts not one but two primary bedrooms, each offering private walk-in showers and baths. The main level hosts a primary bedroom with dual closets, an adjoining office space, and a luxurious ensuite bathroom. Upstairs, the East wing features a spacious loft area and another expansive primary bedroom with a walk-out balcony. The basement has been tastefully remodeled with new flooring and a modern bathroom featuring a walk-in shower and vanity offering multi-generational living possibilities and ample entertainment spaces. Recent upgrades, completed approximately one year ago, include four new high-efficiency air conditioner units, a new dishwasher, new garbage disposal, new washer and dryer and piped gas lines for future tankless water heaters. The home is equipped with an ADT security system, water softener sytstem and outdoor WiFi coverage. Outside, enjoy a comfortably insulated attic room, a patio misting system and professionally maintained chimney and fireplace services. The beautiful pool has a new underwater light. Located near Freestone Park with abundant walking and biking paths. Don't miss the chance to own this rare Gilbert gem!
7638 E Shooting Star Way
Scottsdale, AZ 85266
$1,649,000
4
Beds
2.5
Baths
3,284
SqFt
Status
Active
MLS #
6771131
Property Type
Single Family Residence
Price Type
--
Experience luxurious living in this stunningly remodeled home located in the guard-gated Winfield community, nestled between Whisper Rock and The Boulders. This elegant residence features an open-concept design with designer finishes, soaring ceilings, and large windows that fill the space with natural light. The gourmet kitchen, equipped with a spacious island and prep kitchen, is ideal for entertaining. The primary suite serves as a tranquil retreat, complete with a spa-like bath and generous walk-in closet. This home exemplifies sophisticated design. Enjoy easy access to golf, dining, and shopping in one of North Scottsdale's premier communities. Welcome to your serene sanctuary!
17667 E Cindercone Road
Rio Verde, AZ 85263
$1,649,000
4
Beds
3.5
Baths
3,243
SqFt
Status
Active Under Contract
MLS #
6713753
Property Type
Single Family Residence
Price Type
--
Refined bespoke luxury, this 2022 built soft contemporary designed residence is perfectly located in one of the valley's most scenic locations in the world class Trilogy community. This highly coveted Orion floor plan with rare 4th Bedroom Option and luxurious appointments is simply exquisite. With 4 BEDROOMS, 4.5 bathrooms and DEN or office AND a FLEX/MEDIA ROOM including a luxurious primary suite, there's plenty of room for everyone in the family. You'll love the soaring ceilings, and a Chef's dream kitchen with a massive center island for entertaining, high-end THERMADOR appliances and custom cabinets. The striking open floor plan includes upgraded wood flooring, custom lighting and 15ft wall of glass opening to outdoor living perfect for quiet moments of reflection or joyful enterta ining, the resort-like south facing backyard rests along a tranquil NAOS area with stunning views of Four Peaks. An expansive covered patio includes an outdoor fireplace with oversized TV & barbeque, perfect for al fresco dining or entertaining. It is an ideal spot to relax, unwind, and soak up the natural beauty that surrounds you. Don't miss this opportunity to own a truly remarkable property in the prestigious Trilogy at Verde River.
3523 E Cashman Drive
Phoenix, AZ 85050
$1,649,000
5
Beds
3.5
Baths
3,710
SqFt
Status
Active Under Contract
MLS #
6730295
Property Type
Single Family Residence
Price Type
--
This stunning two-story home in the highly sought-after Sky Crossing Community features a great room floor plan with 5 bedrooms, 3.5 baths plus office/den, and a resort-like pool. Nestled at 3523 E Cashman Drive, Phoenix, AZ 85050, home is 3,710 sq ft and sits on a 15,308 sq ft oversized corner lot, one of the largest in Sky Crossing. Feel right at home in the Chef's kitchen with upgraded stainless appliances, a gas cooktop, an oversized island with seating, quartz countertops, and beautiful wood-look plank tile flooring that flows elegantly throughout the home. Enjoy the expansive backyard with an outdoor Ramada area and a resort-like pool featuring a swim-up bar, two baja shelves, a spa and multiple water features. Feel comfortable and relaxed while creating many memories for years!
1811 E Cliff Rose Drive
Payson, AZ 85541
$1,645,000
3
Beds
4
Baths
3,761
SqFt
Status
Active
MLS #
6774507
Property Type
Single Family Residence
Price Type
--
This custom built masterpiece literally checks ALL the boxes. True single level living, 3 beautiful en suite bedrooms, 1115 square foot 4-stall garage, 1200 square foot composite deck with outdoor kitchen that offers fantastic views, has power screens to allow the disappearing wall of windows in the great room to become a wonderful indoor/outdoor experience. Hickory hardwood flooring, 8' Alder doors. Extremely energy efficient with geo-thermal heating & cooling, buried propane tank, pre-plumbed for generator, whole home water filter. The interior appointments are just sensational and too numerous to list. Membership of choice.
2850 E Boot Track Trail
Gilbert, AZ 85296
$1,645,000
4
Beds
3.5
Baths
3,806
SqFt
Status
Active
MLS #
6740749
Property Type
Single Family Residence
Price Type
--
Welcome to this unrivaled gem in Warner Groves at Morrison Ranch, now available! 4 beds, 3.5 baths, game room, den, & dining (enclosed with french doors & can be used as bedroom). This beauty flaunts a well-manicured landscape, brick detailing, a cozy front porch, and a 3-car garage with a paver driveway. Prepare to be impressed by an exquisite interior featuring an inviting hallway adorned with pendant lighting! The spacious living room highlights expansive windows, recessed & decorative light fixtures, calming color schemes, gorgeous hardwood floors, and a built-in entertainment hutch with an electric fireplace. The heart of this home is the stunning eat-in kitchen, designed with high-end SS appliances, including a gas cooktop and a wall oven. Elegant quartz counters, recessed lighting, a subway tile backsplash, a plethora of white shaker double stak cabinetry, a walk-in pantry, and a large island with a breakfast bar elevate the space. Discover a sizable den with stylish tile flooring and a charming chandelier ideal for a home office. The two bonus rooms are excellent for an additional bedroom or a game room! Find your sanctuary in the romantic main suite, showcasing a luxurious ensuite with a sliding barn door, dual vanities, a stand-alone tub, a seat-in tiled shower, a walk-in closet, and direct backyard access. Secondary bedrooms enjoy a Jack & Jill bathroom. Modern conveniences include a water softener and a tankless water heater. The home's elegance extends outdoors to the enchanting backyard. A covered patio, a Travertine tile flooring, artificial turf, a built-in BBQ, and a crystal blue pool complete the picture. Excellent location! It has easy access to the 202 and 60 freeways, restaurants, shopping, and more. Plus, it's within the highly rated Gilbert Schools district. Hurry! Your paradise awaits!
5960 E Pershing Avenue
Scottsdale, AZ 85254
$1,645,000
4
Beds
2
Baths
2,750
SqFt
Status
Active
MLS #
6736871
Property Type
Single Family Residence
Price Type
--
Complete remodel with the finest finishes. 4/2 plus den, & event room 6 burner stove/oven with pot filler, griddle and wok, full extension soft close cabinets, quartz counters, 6 person island seating, custom red brick back slash, farm sink, Plank Tile Floors, high end luxury custom lighting throughout, double opening slider for indoor/outdoor living, pebble flooring in master rain shower, deep soaking tub, double sink, custom built in walk in closet, private master patio, gold luxury lighting, complete interior and exterior paint, travertine tiled patio, extended patio covering, outdoor kitchen and sink, on demand hot water tank, all new windows, two large custom pergola gazebos with curtains and lighting, high end turf, waterfall and rock designed pool with shallow ''kid'' area, CLICK M huge covered parking and triple wide gate for toys and cars, 4 storage sheds, extended event space, media room, bar with quartz, custom cabinets, wine fridge, new HVAC, insulation, electrical, new hardware through out, new doors, custom window insets and front door installed, a true paradise for living, entertaining and running a business from your very own home
5600 S Ashley Drive
Chandler, AZ 85249
$1,645,000
4
Beds
4
Baths
4,031
SqFt
Status
Active Under Contract
MLS #
6697520
Property Type
Single Family Residence
Price Type
--
Beautiful 4br+den/4ba custom home on one of the largest lots (1.25+ acres) in prestigious Circle G neighborhood that includes some of the finest homes in S. Chandler. Numerous improvements and tasteful upgrades throughout this traditional Adobe home. Parklike backyard includes basketball/pickleball court, lighted batting cage, playset, citrus grove, pond with waterfall, and mature desert landscaping throughout. Inside is a fabulous split floorplan with large primary suite with fireplace, jetted tub, and separate exit to backyard. Large office/5th bedroom with full bath off main entrance and three, large secondary bedrooms. Two bedrooms are easily converted to an in-law suite with adjoining jack-and-jill bathroom. Come see everything this wonderful home has to offer!