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 90th consecutive week of new jobless claims less than the benchmark of 300,000 new claims, an event that hasn’t occurred since 1970.

Whats 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.

Click Here to See What Your Home is Worth

12411 E Troon Vista Drive Scottsdale, AZ 85255

$1,599,900
4 Beds
4 Baths
2,722 SqFt
Status Active
MLS # 6652528
Property Type Townhouse
Price Type --
Brand new in Sereno Canyon, North Scottsdale! This stunning residence offers breathtaking views and nature trails, featuring an open contemporary design with approximately 2722 sq. ft. of luxury. The kitchen is a culinary masterpiece with a large island, Sub-Zero fridge, Wolf range & double oven. Enjoy the living area with a 60'' linear fireplace and 12' ceilings, creating a bright and inviting space. Three bedrooms, each en-suite, provide comfort. A separate casita with a 4th bedroom and full bath ensures flexibility for guests. Guard-gated community surrounded by McDowell & Troon Mountains, offering peace of mind and exclusivity. Minutes away from North Troon Golf Club, Pinnacle Peak Park, and more. Ideal The fabulous community clubhouse and pool, now open and within walking distance, provide a perfect retreat for relaxation and socializing. Open contemporary design HOA maintains front yard landscape, roof replacement, exterior Maint. of Unit. Excellent lock and leave.

104 W Night Glow Drive Phoenix, AZ 85085

$1,599,900
5 Beds
4.5 Baths
4,454 SqFt
Status Active
MLS # 6698967
Property Type Single Family Residence
Price Type --
Super amazing over the top acre plus custom home with really spectacular views south of carefree highway. This home has it all, including attached RV garage, movie theater ,8 foot knotty alder doors through out, tumble chiseled travertine and all the finishes you would come to expect for a hillside compound with this location , Adjacent to the Phoenix Sonoran Preserve so lots of biking and hiking trails for miles right off of your property. The most impressive part about this property is the location, perched at the top of the hill south of carefree highway boasting some of the best views the north valley has to offer. Amazing brand new pool and spa just built, including salt water, fire pots and multiple water features. Buyer to verify all information. Just reduced 100kon 09/09/2024

19717 E Country Meadows Drive Queen Creek, AZ 85142

$1,599,000
6 Beds
3.5 Baths
4,000 SqFt
Status Active
MLS # 6763246
Property Type Single Family Residence
Price Type --
Wow! Imagine yourself living in this nearly an acre semi-custom, exquisite Tuscan-style HORSE PROPERTY Community with Bridle path access and Equestrian trails. True 6 bedroom home w/ample storage consisting of walk-in closets in every room including the coat closet, plus large linen closets. No corners were cut building this amazing home with so many extra features. You will find richly appointed details throughout including extensive travertine stone, plush carpet, columns, coffered ceilings, recessed lighting and ceiling details w/night lights at every end of the walkway and main rooms. Whole house water filtration system. Gourmet kitchen W/STAINLESS STEEL high-end appliances, 36'' Bertazzoni 5 burner GAS stove, plus a built-in convection microwave & electric wall oven, butler's pantry. GRANITE Counter tops, Custom 40 Alder wood, staggered cabinets/doors & trim/decorative 6 baseboards throughout. Large kitchen nook w/bay windows. Stunning formal dining room. Large family room with an open floor plan & gas-log fireplace for entertaining your guests with lots of natural light and mountain views from the huge covered porch, Jack-n-Jill bathroom, Nest thermostats, ADT security cameras to name a few. There's even a coffee/beverage bar. Home office plus a large bonus/game room. Spacious primary suite which features a 2-way gas fireplace, jetted tub in the bathroom. Oversized 4 car extended height/length garage & dual paver driveways. A huge backyard lined with mature trees and recently planted grass. Will have winter lawn overseeded in October. Two horse pens or Cabanas, just add a pool if desired. RV gate and parking galore. Bring the toys. Two-100 gal owned propane tanks. Potential for a mother-in-law suite w/the ability to add an exit door. 60 amp/240 circuit in garage for any EV charging. House roofing(2022) patio roofing(2023)with 10 year warranty and pigeon proof. East A/C Unit replaced in 2024. West A/C unit replaced in 2023. **Assumable loan with qualifying. 3% interest rate. $2,799.45 monthly payment. $607,000 left on loan. Need to be a member of Navy Federal Credit Union.**

7705 E Doubletree Ranch Road Unit 38 Scottsdale, AZ 85258

$1,599,000
3 Beds
2.5 Baths
2,645 SqFt
Status Active Under Contract
MLS # 6752909
Property Type Single Family Residence
Price Type --
Welcome to the Gainey Ranch Experience! Stunning home in the gated golf course community of Arroyo Vista at Gainey Ranch! Highly desirable split floor plan with two master suites + an office/3rd bedroom. Lovely private updated courtyard. Chef's kitchen is light & bright with newer cabinets and soft close drawers, upgraded quartz countertops and stainless steel subway tile backsplash. Cozy fireplace in the living/dining room. Both full baths feature brushed nickel fixtures, quartz countertops, white shaker cabinets, large soaking tubs, and tiled walk-in showers with frameless glass doors. The new backyard landscaping makes this oasis complete with a private pool & a detached in-ground spa right off the primary bedroom patio. Gainey Ranch Estates Club offers a resort lifestyle with private pool and spa, 6 tennis courts, 4 pickleball courts, fitness workout gym, exercise room. Plus Hyatt Regency Scottsdale Resort & Spa At Gainey Ranch. Close to first class Gainey Ranch shopping and fine restaurants, Sprouts market, golf amenities, easy lock and leave. Optional membership to Gainey Ranch Golf Club.

6348 E Wildcat Drive Cave Creek, AZ 85331

$1,599,000
3 Beds
2 Baths
2,054 SqFt
Status Active
MLS # 6760821
Property Type Single Family Residence
Price Type --
**ASSUMABLE LOAN $700,000 - 2.875% FIXED RATE** Experience the epitome of equestrian luxury at this show stopping horse property in the highly sought after zip code 85331. -Four stall broodmare and/or stallion barn w/cameras. -Three 12x30 matted stalls w/runs. -Four 10x30 stalls w/runs. All with automatic waters. -Custom tack room w/ AC & refrigerator. -80x120 Outdoor arena w/lights & sprinklers. -60' Round pen. -Five paddocks, two w/full irrigation. A detached, air-conditioned garage/workshop provides ample project space, while slab parking accommodates RVs, horse trailers, and/ or multiple cars. Step inside to discover a beautifully renovated kitchen and bathrooms featuring high-end finishes & modern fixtures. For comfort and efficiency, the home is equipped with solar. The cozy living area, complete with a wood-burning stove, creates a perfect retreat on cooler evenings. Outdoor living is effortless here, with inviting spa swimming pool, perimeter fencing for a small dog, citrus trees, automatic irrigation, security cameras and alfresco dining areas. Proximity to Cave Creek's top-rated schools, Dynamite Arena, Scottsdale, and the quaint Western town of Cave Creek ensures convenience and a rich local culture. Enjoy nearby golf, hiking, outdoor activities, and quick access to TSMC and the Loop 101. Living here is about becoming part of a vibrant, friendly community surrounded by the serene beauty of the Arizona landscape. Don't miss out on this unique property & experience the best of Cave Creek living!

34599 N 99th Way Scottsdale, AZ 85262

$1,599,000
3 Beds
3.5 Baths
2,840 SqFt
Status Active
MLS # 6776663
Property Type Single Family Residence
Price Type --
This stunningly remodeled Avron Star Chaser model with a casita is located in the gated section of the golf course community of Legend Trail, set on a remarkable lot that backs the preserve. Featuring 2 bedrooms plus a den/office and 2.5 baths in the main home, plus an additional bedroom and bath in the casita, this property offers ample space for family and guests. The primary bedroom boasts a huge shower and a stand-alone tub, along with a large walk-in closet. The great room floor plan showcases a beautiful fireplace and a gourmet kitchen equipped with Wolf/Subzero appliances. Enjoy the privacy of a gated courtyard and relax in the backyard oasis, which includes a pool, spa, BBQ area, and firepit—all with the assurance that nothing can be built behind, thanks to the rare preserve lot. Breathtaking views of the surrounding desert and mountains! Living in this community offers access to some of the best mountain biking, hiking, and running trails in the area, thanks to the adjacent preserve land. Legend Trail also boasts one of the finest public golf courses nearby. The HOA fee includes access to numerous amenities, such as two heated pools, a hot tub, pickleball and tennis courts, various workout rooms, and a host of community activities. This home combines luxury living with a vibrant and active community, all set against the stunning backdrop of Arizona's desert landscape.

3498 N Morningside Road Apache Junction, AZ 85119

$1,599,000 - 4Br/5Ba -  for Sale in S12 T1n R8e, Apache Junction
New
$1,599,000
4 Beds
4.5 Baths
2,828 SqFt
Status Active
MLS # 6786444
Property Type Single Family Residence
Price Type --
Check out this 4 bed, 4.5 bath residence now on the market! Nestled on an oversized 1 acre lot w/mountain views & featuring a natural desert landscape, 3 car garage, and paver driveway. Discover a spacious dining & living area w/elegant wood-look flooring, high ceilings w/exposed wood beams, a beehive fireplace, and an entertainment niche. The fabulous kitchen is comprised of wood cabinetry w/granite counters, a pantry, SS appliances, and an island w/a breakfast bar. You'll love the primary bedroom, showcasing plantation shutters, outdoor access, a walk-in closet, and a lavish ensuite w/dual sinks. Guest quarters also boast their own kitchen! Lastly, the wonderful backyard includes a large covered patio w/a built-in BBQ, rooftop deck, and a pool/spa combo w/a rock waterfall! Act NOW!

1300 E Coyote Pass -- Carefree, AZ 85377

$1,599,000
4 Beds
3 Baths
3,167 SqFt
Status Active
MLS # 6757062
Property Type Single Family Residence
Price Type --
Open with Gourmet Kitchen, extensive upgrades and no steps! Enter to gorgeous wood planked ceiling, wooden beams, granite counters, large island, Bosch stainless appliances, gas cooktop. Great Room features stacked stone gas fireplace, wet bar, wine chiller & VIEWS. 2 New 18 SEER Trane A/Cs, Silicone Roof foam coated 5 yrs ago w/recent re-seal,all new skylights; New Water Softener, 2 water heaters, Re-circ pump. New plumbing fixtures, screens, satin nickel door hardware, outlets, switches, dimmers. 2.5 car garage w/cabs, new panel w/240V outlet for Golf Cart outlet/EV. New Pavers at entry & 3 large courtyards. Bfast patio & primary bedroom have direct Mountain view. 2 primary suites. White Shutters. 2 community pools & heated spas nearby. $43,000 high end recent Furnishings included

160 Pinon Valley Drive Sedona, AZ 86351

$1,599,000
3 Beds
3.5 Baths
2,352 SqFt
Status Active
MLS # 6680660
Property Type Single Family Residence
Price Type --
Pull into your private retreat situated in a cul de sac at the end of a private road and NO HOA!! Sea of pavers allow for plenty of parking for guests as well as RV parking on side of home with 220 plugin. Plenty of room for entertaining in great room with 18+foot ceilings and views of Courthouse Butte. Chefs kitchen with oversized Monogram gas range and large built-in fridge. The 3 bedrooms all have their own full bathrooms. Outdoor entertaining with a front courtyard and rooftop walk deck with views of Courthouse Butte. On the rear patio enjoy evenings in front of a wood-burning fireplace underneath a large separate covered patio.

12540 E Mercer Lane Scottsdale, AZ 85259

$1,599,000
5 Beds
3 Baths
3,356 SqFt
Status Active
MLS # 6754259
Property Type Single Family Residence
Price Type --
Nestled within the secluded, GATED COMMUNITY of Sierra Foothills, this ''no interior steps'', luxury REMODEL is exquisite. The home has two brand new HVAC units, water heater, water softener and R/O filter system. The BRAND-NEW sparkling private salt-water pool, features a Baja beach, turf area and mature trees. The backyard is true resort living with multiple different areas to enjoy and relax! You have 3 separate patio areas in the backyard perfect for enjoying the desert nights. As you step inside this timeless remodel, the elegant dining room will greet you on the right and large family movie room with custom barn door on your left. Step inside the warm, open concept layout with cozy fireplace, featuring 10'+ high ceilings, imported wood-look plank tile NO CARPET The chef's kitchen is a showpiece boasting Calacatta Adonia quartz counters, custom oak range hood, black stainless appliances, custom white shaker cabinets in addition to full-size navy blue shaker island cabinets. The island is an impressive 124X74, plenty big enough to entertain a large family. All bathrooms have been fully updated with high end finishes. The split floor plan offers an updated primary suite with cozy built in fireplace and a serene private seating area, attached ensuite with quartz counters and oversized, custom walk in closet. Three private bedrooms share a updated bath on the opposite side of the home. The 5th bedroom can be used as a bedroom, office or workout room and has a private full updated bath with a shower. Walking distance to award-winning BASIS Schools, Scottsdale schools, Mayo Clinic, hiking trails, golfing, Saguaro Lake, and shopping. A quick 20 minute drive to Phoenix Sky Harbor Airport.

12418 E Troon Vista Drive Scottsdale, AZ 85255

$1,599,000
3 Beds
3 Baths
2,224 SqFt
Status Active
MLS # 6750353
Property Type Townhouse
Price Type --
HUGE PRICE REDUCTION!!Welcome to your dream home in the heart of Sereno Canyon a premier Luxury Guard Gated Community in North Scottsdale! This breathtaking single-level Luxury home has it all! The spacious split floor plan with 3 upscale bedrooms boasts a gourmet kitchen with SS appliances, and a large island that's perfect for entertaining. You'll appreciate the attention to detail and luxurious touches throughout that make this home truly special. Custom finishes throughout including wood look tile floors, built in wall unit, extra cabinets, stunning lighting fixtures, and custom window treatments. The primary is a true oasis of comfort and sophistication, featuring dual vanities, and a large walk-in closet. True privacy and convenience abound - this home is fit for comfort and luxury, and include spectacular spaces, including the retractable glass door to covered patio, a built-in BBQ, Gas Fireplace and Firepit for an effortless outdoor dining experience and relaxation. Enjoy just a few minutes' walk to the Club House, where exceptional Living, Social Life and health and wellness intersect.

8301 E San Salvador Drive Scottsdale, AZ 85258

$1,599,000
4 Beds
2.5 Baths
2,556 SqFt
Status Active
MLS # 6760645
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the desirable McCormick Ranch neighborhood! This stunning remodel boasts hardwood floors and a vaulted ceiling with striking wood beams, creating an inviting atmosphere. Enjoy the warmth of the fireplace in the spacious living area, which seamlessly connects to the upgraded kitchen featuring Thor appliances and an oversized range—perfect for culinary enthusiasts. The accordion slider and new windows, both with a lifetime warranty, flood the home with natural light. Step outside to a beautifully refinished Pebble Tec pool surrounded by cool decking, and entertain with ease at the built-in BBQ. The newly landscaped front and backyards enhance curb appeal, complemented by a modern smooth stucco finish and a striking black iron front door. Luxurious marble countertops throughout add a touch of elegance. Don't miss your chance to own this exquisite property!

Leave a Reply

Your email address will not be published.