What’s Ahead For Mortgage Rates This Week – November 29, 2016

Last week’s economic reports included new and pre-owned home sales, new jobless claims and Freddie Mac’s weekly mortgage rates survey.

Home Sales Mixed in October

According to the National Association of Realtors®, sales of previously owned homes reached a seasonally adjusted annual level of 5.60 million sales, which exceeded expectations and October’s reading of 5.49 million sales. Analysts had expected a rate of 5.44 million sales.

October sales of preowned homes rose 2 percent over September’s reading and were 5.90 percent higher year-over-year. This was the highest reading for sales of pre-owned homes since February 2007. High demand for homes is driving housing markets in spite of obstacles including rising mortgage rates and tight mortgage approval requirements.

Sales of new homes were lower in October, which indicated continued ups and downs in the economic recovery. October’s reading of 563,000 sales on a seasonally adjusted annual basis was lower than expectations of 595,000 sales and September’s downwardly revised reading of 574,000 new homes sold.

New home sales were 17.80 percent higher year-over year and 12.60 percent higher year to date, but analysts said that housing markets continue to be constrained by a short supply of available homes. Inventories of available homes are slowly increasing, which is expected to help curtail rapidly rising home prices caused by pent-up demand.

The median price of a new home was $304,500 in October as compared to September’s median price of $314,100 and October 2015’s median price of $298,700. There were 246,000 new homes for sale in October, which was the highest quantity of new homes on the market since September of 2009.

Mortgage Rates, New Jobless Claims Rise

Mortgage rates jumped last week in response to an increase in the 10-year Treasury note rate. The average rate for a 30-year fixed rate mortgage rose nine basis points to 4.03 percent; the average rate for a 15-year fixed rate mortgage was 11 basis points higher at 3.25 percent. The average rate for a 5/1 adjustable rate mortgage was five basis points higher at 3.12 percent. Last week’s readings were the first time in 2016 that mortgage rates exceeded four percent.

New jobless claims were also higher last week with 251,000 claims filed as compared to expectations 248,000 new claims and the prior week’s reading of 233,000 new claims filed. Last week’s reading marked the 90^th consecutive week of new jobless claims less than the benchmark of 300,000 new claims, an event that hasn’t occurred since 1970.

What‘s Ahead

Economic reports scheduled this week include Case-Shiller Housing Market Indexes, pending home sales and construction spending. Readings on inflation and labor will also be released along with weekly reports on mortgage rates and new jobless claims.

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5250 E Deer Valley Drive Unit 158 Phoenix, AZ 85054

$1,679,000

3 Beds

3 Baths

2,319 SqFt

Status Active

MLS # 6759771

Property Type Apartment

Price Type --

Seller financing available. Luxurious fully furnished condo with over $250,000 in upgrades that is move in ready. Great room and gourmet kitchen are ready for entertaining with high-end appliances. Upgraded amenities include a Sub-Zero fridge & dishwasher w/ panel fronts, bar area & 2 beverage refrigerators. Primary bedroom has slider out to deck & chandelier is a white house replica. Each bedroom has a bathroom, private patio off 2nd bdrm. Remote controlled silhouette blinds throughout. Enjoy the wrap around patio with built in BBQ. Two parking spots & storage unit in secure garage. Upscale amenities including a beautiful clubhouse with chef's kitchen, theatre room, an Olympic length pool, large fitness, infrared sauna and fire pits. Across the street from restaurants & shopping.

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6429 Country Road Woodruff, AZ 85942

$1,675,000

2 Beds

1.5 Baths

1,500 SqFt

Status Active

MLS # 6765620

Property Type Single Family Residence

Price Type --

This is a once in a lifetime opportunity to own a working alfalfa farm in rural Arizona! Six neighboring parcels convey with this sale. All parcels combined total 58.06-acres. Every acre comes with Arizona's oldest irrigation rights! Woodruff Irrigation District provides irrigation water. Approximately 54 acres are planted in alfalfa grass. Owners also currently lease and farm a neighboring 60-acre parcel. It is planted in a 4-way grass blend. Buyer to confirm if lease will convey. There is a newly constructed barn with attached home and 2 unfinished apartments, built in 2022 with mason block construction. Home is very comfortable with all the amenities and very quiet, well insulated walls throughout. Above the home, are 2 unfinished 750 sq ft studio apartments. These apartments would be perfect for farm worker's quarters or short and long term rentals. Each apartment is framed and has plumbing roughed in. The barn is 4500 sq ft and provides indoor storage for all the bales of hay that will be harvested! With the right offer, large farm equipment (including tractors and attachments) will convey. Private well is on the property but not currently in working order. Metered water to home is provided by Woodruff Domestic Water Improvement District. Additional parcel numbers to convey with this listing are as follows: 110-11-065P (6.09 acres) 110-11-065R (2.69 acres) 110-11-082 (32.52 acres) 110-11-079C (6.67 acres) 110-11-079D (1.70 acres) 110-11-076A (1 acre. Owners are currently in escrow to purchase this parcel.) Don't miss out on this beautiful turn-key farm in the beautiful green valley of Woodruff, Az. Woodruff is located only 13 miles from Holbrook, Az and Interstate 40 to the north and only 25 miles to Snowflake, Az and surrounding White Mountains to the south. Paved roads all the way there! Make your farming dreams come true, bring your family, and enjoy a new, slower way of life. Enjoy the 4 mild seasons and breathtaking sunsets rural Arizona has to offer!

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6839 W Pershing Avenue Peoria, AZ 85381

$1,675,000

5 Beds

4.5 Baths

5,859 SqFt

Status Active

MLS # 6782298

Property Type Single Family Residence

Price Type --

Welcome to this stunning sprawling tree lined ranch-style custom estate in Thunderbird Acres! This 5859 sf estate includes 4 bed/3.5 bath in the main home (4934sf), plus an additional bedroom/living area w/ bath & laundry in the detached guest house (925sf), which is currently serving as a theater room/game room/bar. You'll enjoy ample area for your hobbies or extra office in the additional detached air conditioned 10'x18' bungalow, right next to the raised garden beds. The front & backyards feature beautiful mature Ash trees and gorgeous manicured grass, made possible by both SRP flood irrigation & sprinklers. Travertine pavers surround the 12' diving pool & lead to the stately pool cabana, complete with television that rises out of the cabinetry at the push of a button. MORE... When you eventually desire to rest from all the outdoor activities, enjoy the spacious interior of the recently updated home. The central focus of the chef's kitchen is a 8'x6' island with its striking 4 quartzite slab. Guests and family members can enjoy the island seating area, or help cook on the high performance appliances, all with a view of the delightful pool and backyard. Two master suites, one on each wing of the home, allow easy multigenerational living, or make hosting out-of-town guests especially convenient. Two large living areas, plus a sitting room, allow everyone to comfortably enjoy their own activities. The 3 full interior baths feature walk-in showers and lovely tile work. Homes hardly ever become available on this tree-lined street, and ones with this many unique amenities are exceptionally rare. Make your country living dreams come true!

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5528 E Windstone Trail Cave Creek, AZ 85331

$1,675,000

4 Beds

3.5 Baths

4,761 SqFt

Status Active

MLS # 6732339

Property Type Single Family Residence

Price Type --

Gorgeous home built by Toll Brothers on a great oversized interior lot in a gated community! Enjoy entertaining family & friends in the amazing kitchen featuring custom cabinets w/hardware, stainless appliances, gas cooktop, built-in refrigerator, island for meal prep or entertaining, butlers pantry, window at kitchen sink, pendant lighting. Formal living has a beautiful stone fireplace! Spacious dining & family rooms have Cantera stone accents! Wood plank tile, custom shutters, window treatments & lighting! Master has large soaking tub w/tile surround, large tiled walk-in shower, beautiful granite counters & built in vanity area for makeup, walk-in closet, & view deck to enjoy! Spacious secondary bedrooms & baths! All bedrooms are upstairs. Large loft great for watching movies! Outback 2 patios w/travertine pavers, grass for kids or pets to play, a large pool to enjoy with travertine pavers around, built in covered pergola with firepit and custom BBQ island. Brick Paver front driveway with split 3 car garage and beautiful curb appeal. This home has quality features and shows pride of ownership! This location borders North Scottsdale and you will love this community and the lifestyle it offers!

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4530 E Yucca Street Phoenix, AZ 85028

$1,675,000

4 Beds

3 Baths

3,297 SqFt

Status Active

MLS # 6775189

Property Type Single Family Residence

Price Type --

Pristine and private describes this beautifully remodeled home in the perfect central location. 3,297 sf! Over 1/3 acre lot! The gated front courtyard invites you in with lush landscaping, lighting and pavers great for entertaining. Custom double entry doors open to dramatic vaulted ceilings, and two large living spaces. Living/dining with Tray ceiling and family room/wet bar with gas fireplace. Chef's kitchen boasts stainless steel appliances, custom cabinetry, dual ovens, gas range, granite countertops and more! Oversized primary bed/spa bath with amazing walk-in closet, gas fireplace and jetted tub. 4th bedroom detached. Private resort backyard is marvelous with its expansive covered patio, spa, gazebo, gas fireplace, play pool, outdoor shower, built-in kitchen and fountain. NO HOA! Two attached oversized thermostat-controlled 2 car garages (dream workshop?) Cedar closet/air conditioned pantry in garage. Low-E windows throughout. Covered/gated RV/Boat/Camper pad. Literally walk to shopping (Trader Joes), dining, Cholla Park and all the Tatum/Shea amenities. 15 min to Sky Harbor/Scottsdale Executive airports. Excellent Scottsdale School District and Private Schools nearby. Close to new PV mall and 51 frwy. This home is an entertainer's delight! Perfect for 2nd home or permanent residence! Truly resort living! A must see!

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6737 E Rockaway Hills Drive Cave Creek, AZ 85331

$1,675,000

5 Beds

4.5 Baths

4,372 SqFt

Status Active

MLS # 6714785

Property Type Single Family Residence

Price Type --

Thoughtfully designed custom home nestled on 2+ acres and convenient to downtown Cave Creek. Versatile & open layout. Beautiful kitchen w/ large island, butler's pantry and premium appliances including Wolf/Sub Zero. Primary BR w/ gas fireplace, large bath, dual custom closets. Upstairs guest area w/ BR, seating area, full bath and balcony. 5th BR perfect for home office. Backyard w/ covered patio, fireplace & room for a pool opens to large, natural expanse. 3 car garage plus separate single bay garage at other side of home. R50 Insulated Concrete Form (ICF) wall construction provides excellent insulation. Owned solar panels further improve home's efficiency. New roof, fresh paint, exterior security cameras, extensive window treatment package. Horse property use permitted.

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1703 E Singletree Court Flagstaff, AZ 86005

$1,675,000

3 Beds

3.5 Baths

2,712 SqFt

Status Active

MLS # 6739262

Property Type Single Family Residence

Price Type --

Meticulously maintained and shows like a model home. Beautiful single family home located in Mountain Estates at Pine Canyon Creekside Village. Cul-de-sac home site conveniently located near the park. Great room floor plan with 3 spacious en-suite bedrooms each with a private bath and additional separate powder room. Some items recently updated include the new paint, fans, kitchen refrigerator, new HVAC, and Electronic blinds in primary bedrooms. Pine Canyon offers a championship golf course designed by Jay Morrish, an award winning full-service clubhouse, spa and fitness facilities, access to extensive trail systems and proximity to AZ excursions.

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8633 E Via Montoya -- Scottsdale, AZ 85255

$1,675,000

4 Beds

3 Baths

3,510 SqFt

Status Active

MLS # 6741102

Property Type Single Family Residence

Price Type --

Gorgeous Custom home in gated community of Los Gatos in North Scottsdale. Situated on almost an acre of serene private desert. This home was built for entertaining with a massive formal living and dining room, stunning fireplace and art display wall with custom lighting. The beautifully remodeled kitchen is light and bright and, features quartz counter tops, loads of storage, and counter space for all the chefs in the house. The backyard is the absolute show stopper of this home. Step out onto the huge covered patio and take in the sparkling pool, gazebo, hot tub, putting greens, Basketball sport court, roof top deck, and lush mature landscaping. Breathtaking views and north/south exposure. New AC's in 2022/2024. This incredible home has it all AND has horse privileges!

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8856 E Via De Luna Drive Scottsdale, AZ 85255

$1,675,000

3 Beds

3 Baths

3,030 SqFt

Status Active

MLS # 6747334

Property Type Single Family Residence

Price Type --

Stylish 3-bed, 3-bath residence in North Scottsdale's most charming gated community, Canada Vistas. This 3,030 sq ft home sits in a quiet cul-de-sac, offering a light and bright kitchen with quartz countertops, built-in breakfast bar, Dacor gas cooktop, Wolf double oven, and ample storage space. The family room, with a beverage center including beverage refrigerators, seamlessly connects to the kitchen. With a split floor plan, the owner's suite offers a massive walk-in shower, dual sinks, and a spacious closet, and two additional bedrooms and an office. The interior of this gorgeous home is bathed in natural light, and provides views of the yard featuring a covered patio, heated pebble Tec pool, spa, waterfall, custom BBQ island, fireplace, flagstone, and synthetic grass area. Additional

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7400 E Gainey Club Drive Unit 109 Scottsdale, AZ 85258

$1,675,000

3 Beds

3 Baths

1,990 SqFt

Status Active

MLS # 6774100

Property Type Townhouse

Price Type --

The new definition of luxury in Gainey Ranch! Incredible remodel, extraordinary finishes, beautiful mountain and golf course views and steps to the Club House. Some of the finishes include 150 yr. old Handcrafted European Oak Floors, 1850's Kentucky Barnwood, Quartz Counters, Alder Cabinets and Teak Vanity. Enjoy all that Gainey Ranch has to offer (New $8M Club House, golf, tennis, pickleball, gym, Olympic pool and spa) while residing in the newest, most opulent condo available! Do you want special features not found in the other units? How about an enlarged master closet and A/C Garage. End unit with two outdoor spaces. 3rd Bedroom is currently set up as an office. Extensive lists of upgrades can be found in Documents.

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3315 N Tova Trail Prescott, AZ 86305

$1,675,000

3 Beds

3 Baths

2,824 SqFt

Status Active

MLS # 6752764

Property Type Single Family Residence

Price Type --

Experience the charm of custom craftsmanship with this exquisite Western-style estate, nestled just minutes from downtown Prescott on a 3.2-acre lot. The primary residence, is 2,689 sq ft of elegantly appointed living space, features 10-foot coffered ceilings, 8-foot doors, clear alder wood cabinetry, granite countertops, generous closet space, extensive storage, and a sizable laundry room. The open-plan living area is ideal for unwinding and hosting friends and family. The charming 1 Bed/1BR 614-square-foot guest house has its own garage included. This extra space is perfect for long-term family visits, a home office, or as a rental. Horse enthusiasts will appreciate the expansive outdoor area, which includes a two-horse stable with a tack room and heated water, a corral, and arena.

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27029 N Javelina Trail Rio Verde, AZ 85263

$1,675,000

3 Beds

3 Baths

2,860 SqFt

Status Active

MLS # 6762449

Property Type Single Family Residence

Price Type --

Be prepared to be wowed. This is a gorgeous Mike Foster Custom Home with all the extras. An amenities sheet is in the listing for more details. The exterior design with stone accents and the custom front door with a 3 panel steel bronze and etched glass establishes the feel of quality. Step into the spacious greatroom with 12 ft high ceiling with handcrafted beams and elegant wood flooring. The kitchen has shaker cabinets, Monogram appliances with the quartzite countertops. Designer lighting and tiles in all bathrooms continue to delight visitors. Enjoy the beauty of your own pool and spa surrounded by travertine pavers and entertain with a built-in BBQ. This home has an ideal floor plan with 2 ensuite baths with each guest bedroom.The 3-car garage has extra storage and epoxy floor.

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