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 99^th 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.

What‘s 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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9501 N 49th Place Paradise Valley, AZ 85253

New

$6,495,000

5 Beds

5.5 Baths

8,333 SqFt

Status Active

MLS # 6752017

Property Type Single Family Residence

Price Type --

This stunning Paradise Valley estate offers luxurious living with breathtaking mountain views. Like a page out of Veranda magazine, this home features beautiful California-style architecture with ebony bamboo floors. The main house boasts a huge chef's dream kitchen with custom cabinetry, Viking appliances, a large island, and a butler's pantry. The kitchen opens onto a spacious family room with box coffered ceiling detail, a stone fireplace, and French doors that overlook the lush patio and yardperfect for entertaining. The outdoor area includes 2 fireplaces, a big screen TV, and a heated saltwater pool with LED lighting and a magic stream water feature. The home offers 4 ensuite bedrooms, a huge gym/bonus room, and a separate guesthouse. This property blends sophistication with comfort offering the ultimate Arizona lifestyle.

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6216 N 38th Place Paradise Valley, AZ 85253

$6,495,000

5 Beds

7 Baths

11,097 SqFt

Status Active Under Contract

MLS # 6647587

Property Type Single Family Residence

Price Type --

This glamorous estate is for those who appreciate artistic modern design coupled with classic elegance. Beyond the private gates sits a home loaded with sophistication and architectural excellence. The entry is accented by a copper clad pivot door that leads to exquisite living spaces. The kitchen features two twelve-foot islands, cabinetry imported from Spain, Wolf and Subzero appliances and a morning bar with built-in Miele coffee station. The entertaining areas are refined, yet comfortable and the flow of the home is flawless. The magnificent primary suite has floor to ceiling windows that frame views of Camelback Mountain spanning all the way to downtown Phoenix, and the primary bath will take your breath away. A 500-bottle wine room, 3-tiered movie theater, junior suite with an aromatherapy steam shower that would make a perfect home gym, wide plank oak floors with quartz inlays, marble and quartz accents, exceptional custom cabinetry, fully retractable walls of glass, custom ceilings, and opulent lighting are just a few of the exquisite design features inside, and the outdoor living is an absolute dream with a beautiful pool surrounded by sandblasted marble pavers, and a large yard with synthetic turf. The fully loaded Crestron home automation system includes lighting controls, security cameras and audio, both inside and out, and the driveway can accommodate up to 20 cars. This contemporary showpiece sits on 1.36 acres in a prominent Paradise Valley neighborhood!

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9701 E Happy Valley Road Unit 10 Scottsdale, AZ 85255

Open House

New

$6,495,000

5 Beds

4.5 Baths

5,745 SqFt

Status Active

MLS # 6758072

Property Type Single Family Residence

Price Type --

Experience the allure of the Peak 10, a masterfully reconstructed Salcito-original estate (completed in 2024) that epitomizes timeless luxury living in the prestigious North Scottsdale Pinnacle Peak corridor - one of the most desirable destinations in the Valley. Here, amidst 4.5 acres of enchanting saguaro-studded landscape & botanical desert oasis, is your opportunity to experience an unparalleled Arizona lifestyle, seamlessly blending refined elegance, offering exceptional privacy and majestic Pinnacle Peak views. As you wind your way up the long, tree-lined paved driveway, a profound sense of arrival envelops you. The Peak 10 stands proudly within the secure confines of The Peak gated community, commanding stunning 360-degree panoramic views. From the renowned Pinnacle Peak, Troon an McDowell Mountains, the sweeping vistas extend to glittering city lights below and vibrant sunsets. Every glance offers a monument to nature's grandeur and the height of sophistication. Step inside and be transported to a realm where modern design meets refined living. With over 7,900 square feet under roof, this residence has been meticulously re-envisioned inside and out with a desert-neutral palette and premium finishes that elevate your senses. The grand glass entryway welcomes you with a flood of natural light, highlighting a see-through marble-encased fireplace and a custom LED-lit floating wood and steel staircase. An enclosed elevator ensures effortless access to the private upstairs guest quarters area, where guests will revel in their own luxurious retreat. The heart of this home is a culinary masterpiece - a kitchen that seamlessly marries beautiful form and function. Equipped with top-of-the-line Thermador appliances, a striking ijen blue quartzite waterfall island, and pristine white crystal quartzite surfaces, this kitchen is as practical as it is breathtaking to behold. Adjacent to the kitchen, the entertainment area with illuminated crystal quartzite bar and backsplash, a glass-encased wine display provides the perfect setting for unforgettable gatherings and daily living. Indulge in a luxurious setting of over 1,650 square feet of shaded outdoor living space. The resort-style backyard features a linear aquamarine pool and spa, framing an awe-inspiring backdrop of Pinnacle Peak. Imagine mornings spent sipping coffee outdoors by the fire-table or evenings enjoying cocktails as the flames of the gas-burning fire-rock feature dance against the twilight sky. The full outdoor kitchen area stands ready to host your most festive celebrations. Privacy and tranquility define this desert sanctuary, yet you are mere moments away from Scottsdale Airpark FBO with world-class aviation services and amenities. Indulge in Scottsdale's vibrant culinary scene, luxury shopping, and world-renowned golf courses. The Peak 10 is more than a home - it's a destination where every day feels like a luxurious retreat. Don't miss this extraordinary opportunity to own a residence that is not just a place to live but a testament to the finer enjoyment of life. For a comprehensive list of features and amenities, please refer to the detailed Feature/Spec Sheet. Experience Peak 10. Elevate your life to new heights.

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10189 E Venado Trail Scottsdale, AZ 85262

Open House

$6,495,000

4 Beds

4.5 Baths

5,582 SqFt

Status Active

MLS # 6719424

Property Type Single Family Residence

Price Type --

This home was reimagined by the talented designer, Betty Duff, The remodeled rooms with high-end finishes are simply beautiful. Entertaining is a dream with the new kitchen, remodeled bar and and great room with new oak flooring. Expansive floor-to-ceiling windows welcome in the views in from every direction.The exceptional upgrades continue outside with a brand new pool with 3 water/fire features, new tile patio, new built-in bbq grill along with a new outdoor ''pop up'' television. This home sit on over an acre, on the 3rd Fairway of the Geronimo Golf course & has the perfect SW orientation to take in the grand views of the golf course and the rolling hills of Sunset Canyon. This is AZ living at it's best. Golf membership is available as well as furnishings on a separate bill of sale.

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37975 N 98th Place Scottsdale, AZ 85262

Open House

New

$6,495,000

4 Beds

4.5 Baths

5,991 SqFt

Status Active

MLS # 6758806

Property Type Single Family Residence

Price Type --

Picture a meticulously reimagined residence nestled within the sought-after Village of Sunrise in Desert Mountain. Crafted to perfection by the renowned Jaque Bethke, this stunning abode comes complete with a coveted Golf Membership (subject to approval). Ideally situated near the newly unveiled Renegade Club House and within easy reach of the Sonoran Club, where fitness, pickleball, swimming, and spa indulgence await. Boasting 4 bedrooms and 5 baths, alongside a spacious office/flex space adaptable as a fifth bedroom with its own ensuite, this home is designed for both comfort and flexibility. A lavish primary suite, featuring a cozy sitting area, is thoughtfully separated from three additional ensuite bedrooms; conveniently equipped with their own mini kitchenette and laundry. The state of the art kitchen boasts 2 dishwashers, and an additional large prep/pantry area with a Miele coffee maker. Enjoy watching TV that lowers from behind the gas cook top range at the spacious and inviting island. The property is equipped with a Josh AI smart home system to fulfill all your technological and security needs. The backyard boasts an outdoor kitchen, large covered seating area, putting green and newly resurfaced pool and spa. Other outdoor patios surround the home and provide intimate al fresco areas for reading, meditating or entertaining. This single level property offers privacy and an harmonious blending with the Sonoran desert in this coveted location in Desert Mountain!

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8614 E Artisan Pass Pass Unit 125 Scottsdale, AZ 85266

$6,435,000

5 Beds

6 Baths

6,932 SqFt

Status Active

MLS # 6565428

Property Type Single Family Residence

Price Type --

Located within the guard-gated community of Whisper Rock Estates, this to-be-built home was designed by Cory Wiebers and will be constructed by Platinum Companies * Sited on a 2.5 acre north/south lot, offering views of Pinnacle Peak and surrounding mountains * Over 6900 sq ft of conditioned space highlighted by open living, separate wing owner's suite with office, 3 full guest suites in the main house and a detached guest house * Wine room, indoor/outdoor bar, game room and walls of pocketing glass doors providing ideal access to the multiple outdoor living spaces * 5-car garage *

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27050 N 103rd Street Scottsdale, AZ 85262

$6,350,000

4 Beds

4.5 Baths

7,617 SqFt

Status Active

MLS # 6740433

Property Type Single Family Residence

Price Type --

Estancia golf membership opportunity is available upon board approval. Renowned for world-class golf courses and private golf communities equally esteemed, North Scottsdale offers a lifestyle of luxury and elegance that many dream of. Nestled among stunning golf course and mountain views of the exclusive Estancia community rests a timeless European inspired estate epitomizing that lifestyle, available for the discerning buyer. Overlooking the 14th green of the Tom Fazio designed private golf course with unobstructed views of iconic Pinnacle Peak and Troon Mountain, and seamlessly blending with the natural surroundings, this custom 7617 square foot residence designed by architect Allen Tafoya and built by R-Net Custom Homes, has been precisely crafted to the highest standards of design and mastery. Under the careful guidance of the late designer Billi Springer, interior spaces embrace sumptuous splendor reminiscent of European destinations with cathedral wood beam ceilings, antique reclaimed wide plank oak wood flooring and seven gas fireplaces composing a soothing ambiance. The gourmet kitchen is the heart of the home, featuring de Giulio Collection butternut wood cabinets and fixtures, Verde Bamboo granite island meticulously pieced to create striking artistry, and premium appliances including La Cornue gas range with custom hood and SubZero refrigerator and freezer drawers. A gas fireplace with stone surround, and breakfast nook with custom windows and seating complete the old-world charm. A formal dining room with herringbone antique reclaimed oak wood flooring, cathedral wood beam ceiling, full bar and private wine cellar accommodates elegant gatherings. Custom steel and wood doors and windows capture endless private views throughout the home, opening to tranquil outdoor living with stone patio, pool, water features, wrought iron fencing and lush vegetation surrounding, embracing the feel of a secret English garden. A breathtaking panorama of stunning mountain views, peaceful pond lined with ornamental grass, and pristine fairway creates a serene backdrop that is both picturesque and calming. The harmonious blend of nature and design is a perfect setting for private reflection or sophisticated gatherings. The Estancia community offers unparalleled privacy and security with guard gated entrance and 24/7 security service. A plethora of world-class amenities, available exclusively to members and their accompanied guests, include a Tom Fazio designed 18-hole championship golf course, tennis and pickleball courts, 25-meter heated pool and spa, clubhouse with gourmet dining, fitness center with the latest exercise technology and spa services for the ultimate in relaxation. One of the premier communities in Arizona, Estancia maintains the highest standards of excellence and is a highly sought-after private club. A testament to a life well lived, this estate embodies a lifestyle of exclusivity and leisure. The distant sound of a perfectly struck golf ball, the gentle hum of nature and spectacular sunset views rising above manicured greens are an experience like no other, to be savored and relished. Membership to the Estancia Club is separate and subject to application and approval. Approved applicants will likely be subject to a waitlist.

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36323 N 100th Way Scottsdale, AZ 85262

$6,250,000

5 Beds

6.5 Baths

5,444 SqFt

Status Active

MLS # 6752665

Property Type Single Family Residence

Price Type --

Brand New Custom Contemporary Home under construction on one of the nicest south-facing-fairway lots in the prestigious Mirabel Club community. GOLF MEMBERSHIP available with the purchase of this home subject to fees and application approval. All of the current state of the art finishes are spec'd for this spectacular home. See finish book under the documents tab. Located on the 15th fairway boasting views of Pinnacle Peak, the McDowell's, sunsets & amazing city lights. The home has 4 bedrooms, plus media room/5th bedroom & 6.5 baths & an oversized 3 car garage large enough for 3 cars & a golf cart. No steps anywhere in house or backyard. Construction is well underway & completion is scheduled for the end of 2024, in time to enjoy next season. Listing agents are partners in the project

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11438 N 70th Street Scottsdale, AZ 85254

$6,250,000

6 Beds

7.5 Baths

6,253 SqFt

Status Active

MLS # 6731524

Property Type Single Family Residence

Price Type --

Welcome home to your newest custom farmhouse in the heart of Scottsdale completed November 2022! This home features a DOUBLE RV Garage plus 2 car and additional side entry 3 car oversized garage. As you enter into this home you will find a casita in the front of the home with it's own private bedroom and living quarters. The kitchen features high end appliances wolf, subzero, large open concept with wood exposed beams, quartz counters, a butlers pantry and more.The master suite features it's own wing of the house including a large workout room right off the master bedroom. On the opposite side of the home is a separate wing including 3 bedrooms with walk in closets, private full bathrooms and a teen room opening to the back patio. Don't forget the 400 bottle wine closet and SOCCER FIELD!

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9015 N Morning Glory Road Paradise Valley, AZ 85253

$6,199,000

4 Beds

5 Baths

5,295 SqFt

Status Active

MLS # 6735528

Property Type Single Family Residence

Price Type --

Welcome to Southwest Glory, a meticulously restored and redesigned Nance masterpiece nestled on a sprawling 1-acre lot in the heart of Paradise Valley. Modern Nest proudly presents this exquisite 4 bedroom, 5 bathroom home (plus casita) boasting 5295 square feet of luxurious living space. Step inside to discover the perfect blend of Southwest charm and design elegance. The original Saltillo tile floors grace the main living areas, while handcrafted wood flooring and artisanal tiles adorn the rest of the home. Experience warmth and ambiance with 4 fireplaces, seamlessly integrating indoor and outdoor living. The gourmet kitchen is a chef's dream, showcasing custom-designed cabinetry, Wolf and Subzero appliances, and expansive windows overlooking the enchanting patio and lush landscaping. Entertain in style with a completely rebuilt/resurfaced pool, new hardscapes, and a resurfaced full-size sport court with commercial lighting. Indulge in the comfort of an oversized library/den complete with custom shelving and a state-of-the-art sound system. The attached guest casita offers a full kitchen, living space, and an additional private bedroom (5 total) with captivating backyard views. Relish in the comfort of a charming breakfast nook with a fireplace and a butler's pantry featuring a wine fridge, handcrafted tiles and custom cabinetry for optimal storage. The oversized mud/laundry room boasts custom cabinetry as well and dual washer/dryer units for added convenience. Outdoor living reaches new heights with multiple patio spaces, fountains, and cozy fireplaces, perfect for alfresco dining and relaxation. Luxurious lighting complements the meticulously restored wood beam ceilings throughout the home. Retreat to the primary suite, where a separate sitting area, fireplace, and large windows frame views of the back patio's limestone fountain. The spa-like ensuite bathroom boasts marble countertops, terracotta tiles, a freestanding bathtub, and a separate shower with steam capabilities, while the expansive closet offers custom built-ins for optimal storage. Additional features include a three-car garage, ample storage, new landscaping, outdoor lighting/sound system, stucco, and paint. Experience the epitome of luxury living at Southwest Glory - where modern sophistication meets timeless charm. Schedule your private tour today!

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6412 E Doubletree Ranch Road Paradise Valley, AZ 85253

$6,100,000

9 Beds

11 Baths

12,319 SqFt

Status Active

MLS # 6668086

Property Type Single Family Residence

Price Type --

Welcome to Casa Linda, a 1.74 acre oasis in Paradise Valley! This gated estate exudes a resort lifestyle with 3 pools, spa, sauna, sport court, and green landscape (on a drip system). Ideal for a car enthusiast, the property has a 4-car attached garage and a detached 6-car garage with RV drive-thru. An entertainer's dream, enjoy a chef's kitchen with Lacanche range, wine room, theater, game room, putting green and more. The main home features a split master wing, 3 add'l ensuite bedrms and separate office. The custom home boasts hand-carved doors, mosaics, ceiling murals and stone. A detached 5 bd/5ba guest house is great for long term guests or extra purpose rooms (exercise rm, second home office). Enjoy this retreat while being located minutes from Scottsdale's best dining and shopping!

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4002 E Lamar Road Paradise Valley, AZ 85253

$6,000,000

4 Beds

5.5 Baths

5,486 SqFt

Status Active

MLS # 6697810

Property Type Single Family Residence

Price Type --

Perched majestically on a high mountainside in the prestigious Paradise Valley, this architectural masterpiece offers an unparalleled blend of luxury, modernity, and panoramic vistas. As you step inside, be prepared to be awe-struck by the soaring 20-foot ceilings adorned with sleek lines and meticulous craftsmanship. Floor-to-ceiling windows seamlessly merge the interior with the breathtaking outdoor landscape, inviting natural light to flood every corner of the home and showcasing the sweeping views of the valley below. The bespoke bar, a focal point of the living space, is a testament to bespoke design, offering a compelling setting for entertaining guests or enjoying quiet evenings in. Step outside onto the covered terrace, an entertainer's dream space, where you can savor the cool desert breeze while lounging by the heated pool or hosting al fresco gatherings under the vast Arizona sky. The property is privately gated, ensuring utmost exclusivity and security, while the expansive 2.26-acre lot provides ample space for privacy and relaxation. Inside, discover four en-suite bedrooms, each boasting private patios that offer intimate retreats amidst the stunning surroundings. A thoughtfully designed powder room adds convenience and sophistication to the main living area. Spanning 5,486 square feet, this modern sanctuary is a testament to contemporary elegance, seamlessly integrating a SMART home system to enhance comfort and convenience. From every room, captivating views unfold, creating an immersive living experience that celebrates the beauty of its natural surroundings. With the added bonus of a splittable lot, this property offers endless possibilities for expansion or investment. Whether you seek a serene retreat or a luxurious oasis for entertaining, this Paradise Valley gem promises a lifestyle of unparalleled luxury and refinement.

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