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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Paradise Valley AZ 85253

$3,100,000

8 Beds

8 Baths

4,251 SqFt

Status Active

MLS # 6783381

Property Type Single Family Residence

Price Type --

Investor Alert! Great Revenue property or future development. Triple nnn lease until Dec 31, 2028 to a licensed 10 bed assisted living facility. Very high monthly revenue with all maintenance and expenses paid by tenant. Pictures do not include recent upgrades and additions. Picturesque setting on a quiet street in desirable PV with mature, beautiful landscaping and circular driveway invite you onto this 1 acre property. Home boasts multiple large venues and soaring vaulted ceilings. This property is not to be missed! No HOA. Business may also be purchased and full financial details are available. Owner/Agent

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4849 N Camelback Ridge Road Scottsdale, AZ 85251

$3,100,000

2 Beds

3 Baths

2,609 SqFt

Status Active

MLS # 6675753

Property Type Apartment

Price Type --

Tucked at the base of revered Camelback Mountain, Ascent is a new, private residential enclave adjacent to The Phoenician Resort - one of Arizona's premier luxury resort destination. This community incorporates the Sonoran Desert landscape directly into its design, at the most enviable location in Scottsdale. Ascent offer views overlooking the Valley & Camelback Mountain. Home designs feature contemporary architecture integrating warm, natural materials, expansive windows, and large outdoor patios. Thoughtfully designed by Nelsen Architects and Vallone Interior Design. Luxury finishes include exquisite Bulthaup Kitchens, Provenza wood floors, Sub Zero Wolf appliances & 10' ceilings.

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12943 E Corrine Drive Scottsdale, AZ 85259

$3,100,000

5 Beds

5.5 Baths

6,912 SqFt

Status Active

MLS # 6765337

Property Type Single Family Residence

Price Type --

Discover the perfect blend of seclusion, luxury, and breathtaking mountain vistas in this spectacular custom-built home, nestled within the prestigious gated community of The Canyons at Scottsdale Mountain. This contemporary masterpiece radiates elegance and sophistication, securely positioned behind two gates, including a manned entry for ultimate peace of mind. Enjoy an enviable location just moments from top-ranked Basis and Desert Mountain Schools, the renowned Mayo Clinic, and only 15 minutes from the vibrant shopping and dining scene at Kierland. The city light views from this exceptional home create an enchanting backdrop, epitomizing convenience without sacrificing luxury. The expansive layout is designed for both relaxation and entertainment, featuring two sumptuous primary suites, a state-of-the-art theater room, and a versatile bonus/exercise room. Outdoor living is enhanced by a stunning negative edge diving pool, a luxurious spa and firepit, providing the perfect setting to soak in the tranquil surroundings. Recent upgrades, such as sleek epoxy flooring in the garage and elegant engineered wood flooring on the upper level, further elevate this residence. With a laundry room conveniently located both upstairs and downstairs, functionality and ease are paramount in this exceptional home. Experience the unparalleled lifestyle that awaits in this extraordinary property.

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8787 E Whispering Wind Drive Scottsdale, AZ 85255

$3,100,000

4 Beds

3.5 Baths

4,327 SqFt

Status Active

MLS # 6778059

Property Type Single Family Residence

Price Type --

As is. This custom home is a desert sanctuary with all the conveniences of the city. Extensively renovated in 2020, the home's 21-foot windows show breathtaking landscapes in all directions. The great room flaunts the unique architecture, where the steel-accented fireplace is backed by walls of glass overlooking the Sonoran-style yard. An oversized pool, cabana, outdoor kitchen, and gas fireplace all beg to be enjoyed with a glass of wine and good friends. The interior maintains a light, minimal aesthetic throughout. Escape life's realities in the game room with a custom cloud ceiling, or relax in the entertainment room with a built-in bar. This is an entertainer's dream home that blends modern design with natural elements to match the stunning beauty of North Scottsdale.

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13502 E Jomax Road Scottsdale, AZ 85262

$3,100,000

4 Beds

2.5 Baths

2,729 SqFt

Status Active

MLS # 6782257

Property Type Single Family Residence

Price Type --

Experience unparalleled panoramic views and endless potential on this stunning 15.59 acre estate, which includes 4 separate parcels that convey with the sale. The future owner has endless opportunities to develop these parcels, whether for investment or for creating the ideal setup for mountain bike trails, horses and more. Immaculately landscaped grounds and expansive covered patios provide the perfect vantage point to enjoy Arizona's stunning sunsets and breathtaking mountain views. The property also features a spacious, air-conditioned 3,080 sq. ft. garage, ideal for car enthusiasts, a workshop, or additional storage. Inside the home, you'll find charming details, including Mexican tile flooring, high ceilings, neutral paint, plantation shutters, & modern light fixtures The living room's fireplace is perfect for cozy evenings, and the kitchen boasts a breakfast room, wood cabinetry, ample counter space, an island with breakfast bar, tile backsplash, and built-in appliances. Enjoy mountain and desert views from every window! Host fun gatherings in the backyard comprised of a covered patio, built-in BBQ, and two firepits. Located in the highly sought-after North Scottsdale area, this property offers the perfect blend of seclusion and convenience. You're just 15 minutes from premier shopping & dining. Outdoor enthusiasts will love the proximity to Bartlett Lake, mountain biking at WildCat Pass, and numerous golf courses, hiking and biking trails. Experience the best of Scottsdale living, with its beautiful natural surroundings, endless outdoor activities, and upscale lifestyle. Need more? The property can EASILY be converted into FIVE separate lots, come see for yourself!

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3368 S Clubhouse Circle Flagstaff, AZ 86005

$3,100,000

4 Beds

3.5 Baths

4,465 SqFt

Status Active

MLS # 6715531

Property Type Single Family Residence

Price Type --

Timeless estate built of quality finish and heart of homeownership. Stunning home with breathtaking views surrounded by serene pine trees and wildlife. This exquisite home blends craftsmanship and meticulous attention to detail throughout. Enjoy fabulous views of a nearby lake, the picturesque 11th hole, majestic mountains, and lush trees from nearly every window. The residence features an abundance of natural light, dual primary suites, two additional bedrooms, a study adjacent to the spacious loft, providing ample space and versatility. The beautiful hickory floors complement the rustic elegance of stone fireplaces and art niches, creating a warm and inviting atmosphere.The gourmet kitchen is a chef's dream, complete with top-of-the-line Wolf and Sub-Zero appliances, a stone countertop, and a large island. This home is a true mountain oasis, offering luxury living with unparalleled views and premium amenities.

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9020 N Flying Butte -- Fountain Hills, AZ 85268

Open House

$3,100,000

4 Beds

5.5 Baths

7,000 SqFt

Status Active

MLS # 6664428

Property Type Single Family Residence

Price Type --

This house is built for entertaining! Look at the floor plan.Single level living w/ 5 car garage below. Golf course community! Upon entering this custom home, you are greeted by awe-inspiring natural splendor. Host unforgettable gatherings in the grand open family room (35 X 30), where guests can mingle effortlessly amidst the backdrop of panoramic mountain vistas and city lights. Immaculately SPOTLESS home. Prepare to be blown away by MILLION DOLLAR VIEWS from every room! 4 En-suite bedrooms, +Office +Theater +Gym +5 Car garage. Huge kitchen with 2 islands, 2 dishwashers, gas cook top, natural light throughout, convenient dumb-waiter from garage to pantry. 100% move in ready! *Perfect split floor plan! First time on the market!

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8366 E Old Paint Trail Scottsdale, AZ 85266

$3,099,995

4 Beds

4.5 Baths

3,236 SqFt

Status Active

MLS # 6537091

Property Type Single Family Residence

Price Type --

Days on market include build time****MOVE IN READY HOME New Construction Home in the gated community of Reserve at Black Mountain. Gourmet kitchen includes maple cabinets and designer appliances including a Wolf 48'' Rangetop with Griddle, Pro Hood, Micro Drawer, Pro Double Ovens and Cove Dishwasher and overlooks the expansive main living area with soaring 17' ceilings and a 24' Multi-Stacking Door with pocket, opens on to a large covered patio. This home is an entertainers delight. Secluded office or 4th bedroom at the rear of the home with access to the backyard. Full landscape and pool are included in this price.

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4519 E Meadowview Drive Gilbert, AZ 85298

$3,099,000

6 Beds

5.5 Baths

5,137 SqFt

Status Active

MLS # 6784434

Property Type Single Family Residence

Price Type --

Experience unparalleled luxury living on one of the largest lots in Seville Country Club, nestled behind the private gates of Estados/Circle G. This spectacular 1.33-acre estate offers an array of premium amenities, creating your personal paradise. Imagine coming home to an outdoor living room with a cozy fireplace and fire table, a fully equipped outdoor kitchen, a covered ramada with an additional fireplace, and a sparkling pool with a built-in spa and sheer descent waterfalls. Enjoy your own poolside casita with roll-up garage doors, a pitch-and-putt golf course, a sport court with pickleball, and an RV garage with a private gym. The property also features a second casita in the front courtyard, and there's still plenty of room to customize with additional features like... another garage, playground, office, or workshop. Step inside to a stunningly remodeled interior, thoughtfully designed for both style and function. The heart of the home is the bright, open kitchen, featuring modern finishes, walls of glass that open to create a seamless indoor/outdoor living experience, and breathtaking views. Barn doors provide versatility, while the split floor plan ensures privacy. The primary suite occupies one wing, with three spacious secondary bedrooms on the other. This home truly excels in versatility with two casitas: Casita #1: Located in the front courtyard with a private entrance. Casita #2: Situated poolside, featuring two garage doors, a separate patio, a private kitchen, a full bathroom, and endless possibilities for use. The property is perfectly tailored for entertaining, with multiple spaces to host gatherings, celebrate holidays, or simply relax with loved ones. The private office overlooks the gated front courtyard, and the estate offers two driveways: a circular front driveway and an oversized side drive. One of only a few properties of this size in the entire 3,600-home community, this estate is located just a short golf cart ride from the Southeast Valley's most prestigious amenities at Seville Golf & Country Club. Members enjoy an 18-hole golf course, health club, two restaurants, four pools, two-story water slides, tennis and pickleball courts, basketball courts, bocce ball, a preschool, a hair salon, and so much more. Currently listed below appraised value, this is your chance to create the life you've always dreamed of in one of the most sought-after communities in the Southeast Valley. Don't miss this rare opportunity to own a one-of-a-kind estate in Seville Country Club!

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28011 N 109th Way Scottsdale, AZ 85262

$3,095,000

4 Beds

4.5 Baths

3,730 SqFt

Status Active

MLS # 6655624

Property Type Single Family Residence

Price Type --

Serene is brand new gated enclave of 21 cutting edge single level contemporary homes designed by Swayback Architects & Planners and built by Sonora West Development. Each Serene home brings a new definition to the ''Lock and Leave'' lifestyle with open Great Room floor plans perfect for both entertaining and everyday living. There are four different models to choose from with lavish interior finishes created by renown interior designers Est Est. This Model A has a 3 car garage and available only on lots, 7, 11, & 18 (Model A with 2 car garage only on lots 2, 4, 6 & 16). Base price shown does include lot premium and includes a 25K pool and a 25k landscape allowance, Subzero & Wolf Appliances & BBQ. Backing to the North side of Pinnacle Peak Mountain in N Scottsdale Serene..

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9767 E Larkspur Drive Scottsdale, AZ 85260

$3,095,000

5 Beds

4.5 Baths

4,402 SqFt

Status Active

MLS # 6766323

Property Type Single Family Residence

Price Type --

Incredible SoHome Scottsdale Designed Custom Remodeled Home, on over an acre Lot with no HOA! Very hard to find, 5 bedrooms PLUS Den PLUS bonus/playroom PLUS Entertainment/Pool table room, 4.5 baths 3 car garage move in ready! Some of the amazing upgrades include: Andersen Multi slide doors, new Milgard windows throughout, all new flooring, fresh paint inside/out, quartz countertops, new plumbing fixtures, carpet, cabinets, custom front metal door, light fixtures, hardware... everything is new. Open floor plan has lots of natural light and big entertaining spaces- laundry Room has doggy/pet spa. Huge backyard has mature landscaping, playground, putting green, basketball court and large pool. Plenty of room to build a guest house/garage. Seller will consider trades.

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4743 E Arcadia Lane Phoenix, AZ 85018

$3,095,000

4 Beds

4 Baths

3,488 SqFt

Status Active

MLS # 6779820

Property Type Single Family Residence

Price Type --

This sprawling Arcadia ranch is just lovely. The floor plan flows perfectly and includes a large island kitchen with plenty of space to prep, serve and entertain, a beautiful formal dining room, a fantastic great room and family room both overflowing with natural sunlight, private office, super cool Arizona room, and even a guest house. This home is perfect for a family of any size with four large bedrooms and four bathrooms, and the layout makes perfect use of the space making the home seem much larger than the square footage suggests. This immaculate residence sits on a huge corner lot with magnificent mountain views. Surrounded by multi-million dollars mansions, this is a phenomenal opportunity!

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