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 99th 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.

Whats 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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6216 N 38th Place Paradise Valley, AZ 85253

$9,750,000
5 Beds
7 Baths
11,097 SqFt
Status Active
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!

6554 N 40th Place Paradise Valley, AZ 85253

$9,690,000
6 Beds
6.5 Baths
7,700 SqFt
Status Active
MLS # 6613811
Property Type Single Family Residence
Price Type --
Discover contemporary elegance in this exceptional 6-bedroom, 6.5-bathroom residence situated in Paradise Valley. Designed with an open floor plan and abundant glass, this home seamlessly integrates indoor and outdoor living, creating a sense of boundless space and tranquility. This modern contemporary masterpiece combines luxury, elegance, and the natural beauty of Paradise Valley, creating an unparalleled living experience.

5221 E Cheney Drive Paradise Valley, AZ 85253

$9,500,000
4 Beds
4.5 Baths
5,502 SqFt
Status Active
MLS # 6628089
Property Type Single Family Residence
Price Type --
Location! Location! Just a few minutes WALK TO PARADISE VALLEY COUNTRY CLUB and nestled on a quiet cul-de-sac on Mummy Mtn sits a beautiful hillside CONTEMPORARY GLASS HOME designed by renowned architect CP Drewett, scheduled for completion JUNE 2024. Fabulous city light views to the north, 28 acres of undeveloped pristine desert owned by Paradise Valley Mountain Preserve Trust to the east + south, and Phx Mtn Preserve + sunsets in the distance to the west. This 5502 sf home is being built by notable Brimley Development and features a stunning great rom with a bar +glass wine wall, office, 4 bedrms including attached casita, 4 car garage, pool + multiple patios to admire the views. A luxurious desert oasis that combines great modern design with the beauty of its natural surrounding

6219 N Paradise View Drive Paradise Valley, AZ 85253

$9,500,000
5 Beds
6 Baths
7,951 SqFt
Status Active
MLS # 6593318
Property Type Single Family Residence
Price Type --
Welcome to a private and luxurious oasis nestled in Paradise Valley amidst the breathtaking views of the surrounding mountains including Camelback mountain and the Phoenix Mountains. This exquisite desert contemporary estate spans an impressive 7,951 square feet, offering 5 bedrooms and 5.5 bathrooms with a harmonious blend of sophistication and serenity. Upon entering, you'll be greeted by an ambiance of refined elegance. The open-concept design seamlessly integrates the indoors with the outdoors, allowing natural light to flood every corner of the home. The grand living area boasts soaring ceilings and floor-to-ceiling windows. The gourmet kitchen is a haven for culinary enthusiasts, featuring top-of-the-line stainless steel appliances, marble countertops, and custom cabinetry. The oversized primary suite is a true retreat, complete with a spa-like sanctuary, featuring dual vanities, a soaking tub, and a luxurious walk-in indoor/outdoor shower, two water closets, and two large walk-in closets. For those seeking an environment that combines work and leisure, the den offers a quiet space that can be tailored to your preferencesan inspiring home office, a cozy reading nook, or a social room for entertainment. Automobile enthusiasts will delight in the glass-encased 5-car garage, a showcase for your prized collection. The outdoor spaces are an extension of the living experience, with a large modern pool and spa, multiple patios, a sundeck, and a pool house with a rooftop deck that allow you to fully embrace the stunning City & Mountain View's. Permit and final plans in place to build asap!

6651 E Horseshoe Road Paradise Valley, AZ 85253

$9,495,000
6 Beds
8 Baths
7,865 SqFt
Status Active
MLS # 6507921
Property Type Single Family Residence
Price Type --
Impeccably reimagined & fully remodeled to embody the essence of a new home with a luxurious modern ambiance for 2024. This stunning property spans 7,865 square feet, offering 6 bedroom suites, including an attached casita. The Master Suite is well equipped with a romantic fireplace, lavish bathroom and 2 huge boutique styled closets. The heart of the home is the impressive Kitchen that seamlessly flows into the expansive Great Room, complete with dining island & a well-equipped Back Kitchen. The unique lower level is encompassed by a huge enertaining space with a wine cellar, wet bar & bath. Additionally, there is an Executive Office & a redesigned exterior complemented by a fabulous pool, perfect for hosting exceptional events. The included photos are renderings of the current des

24546 N 91st Street Scottsdale, AZ 85255

$9,495,000
7 Beds
8.5 Baths
10,204 SqFt
Status Active
MLS # 6575011
Property Type Single Family Residence
Price Type --
The best of Prado Estates. Elegantly crafted and styled this Modern Spanish estate has been completely renovated by Mike Graham of American First Builders, exemplifying all that is modern and sophisticated. Featuring large functional living spaces opening to sweeping mountain and city views on this rare, large 4.7-acre estate lot. Upon entering, a large private courtyard leads to a stunning entry with custom steel windows and doors throughout capturing views of Pinnacle Peak and distant mountain vistas. Enjoy the open floor plan featuring a gourmet kitchen with double islands, a fully equipped butler's pantry and a welcoming great room with beamed ceiling detail and custom built ins. The Primary suite and office are located in a private area of the home while the en suite guest rooms are all spacious with private bathrooms featuring customized detailed tile work throughout. The massive 6 car garage, workshop and auto court make this home perfect for a collector or large family. A large two-story guesthouse includes two bedrooms and a private living area. Expansive resort like grounds featuring a private sport court/tennis court, putting green, custom outdoor kitchen with BBQ and pizza oven, heated pool and spa with room to add countless amenities. All located at the end of a quiet and private gated street. Prado Estates is convenient to multiple golf courses, hiking, shopping and restaurants in North Scottsdale. Truly the best of Arizona living!

120 Paisano Road Sedona, AZ 86336

$9,200,000
6 Beds
9 Baths
7,359 SqFt
Status Active
MLS # 6676875
Property Type Single Family Residence
Price Type --
Introducing an exquisite 8-acre retreat with unparalleled elegance, 120 Paisano Road is the pinnacle of luxury in Sedona, Arizona. With a total of 9,113 square feet of meticulously crafted living space, this one-of-a-kind property boasts 3 separate homes, 6 bedrooms, 6 full bathrooms, and 3 half bathrooms. Tucked away at the end of a secluded, private road, you'll revel in the utmost privacy while being just moments away from the heart of Sedona. The three homes are fully integrated with a custom Savant home automation system, including 22 music zones, 8 video zones, 151 lighting zones and 30 motorized shades, all easily controlled by the click of your phone or tablet. Completed in 2018, this modern luxury home boasts the utmost quality craftsmanship and finishes. The main house spans 5,739 square feet with breathtaking panoramic views from every room. A floor to ceiling, stained glass art installation, by Bob Berg surrounding the massive pivot hinged entry door greets your guests upon arrival. A grand stone entry wall that flows from the exterior to the interior is stunning. The Kitchen is an entertainer's dream, adorned with custom finishes, materials and top of the line appliances. The spacious, open floor plan, towering ceilings, exposed beam architecture, and magnificent architectural fireplace accentuate the Living and Dining spaces. Porcelain tiles, imported from Italy are throughout the main level, equipped with radiant heating. The Powder Room on the main level is truly exceptional. Three ensuite bedrooms, currently configured as a Primary Suite, Office, and Gym, complete the main level. The Primary Suite is elegant and the perfect place to relax and soak in the red rock views of Boynton Canyon while the bathroom provides a spa-like experience. The large walk-in closet features a built-in refrigerator and washer/dryer. Both Gym and Office Bathrooms and Closets have custom casework, and top of the line finishes. The Gym Bathroom also features a large custom sauna. Downstairs, you will enjoy an incredible home cinema by Technically Integrated featuring a state of the art, Meyer Sound system, not available to consumers. This is the same reference sound that is used in Hollywood movie soundtracks including Skywalker, Pixar, 20th Century Fox and Warner Bros. Meyer Sound engineers were flown in from Berkeley to calibrate the system and certify the only EXP Cinema in Sedona! Beyond the theater, you'll fall in love with the gorgeous wine cellar, cocktail lounge, and beer alcove with custom, temperature-controlled wine storage for 1000+ bottles with state-of-the-art lighting. Full wet bar with top tier finishes and appliances including refrigerated drawers, ice maker, integrated kegerator, and dishwasher. All curated to provide the most eloquent experience. The Verde Valley (20 minutes away) was declared an American Viticultural Area (AVA) with a booming wine scene and over 20 amazing tasting rooms/wineries. The Main Guest House spans 1,305 square feet and boasts 2 luxurious ensuite Bedrooms, a full Kitchen, inviting Dining area, and a Living Room adorned with a custom steel surround gas fireplace. A private terrace off the larger guest bedroom provides the ideal setting for quiet contemplation overlooking the private horse arena. There is also a full-size stacking washer and dryer within for your guests to use. Embodying sophistication and luxury at every turn, welcome to the Playhouse. Originally an art studio belonging to renowned cowboy artist legend, Joe Beeler. This space pays homage to its past while embracing modern luxury with 2,069 square feet of entertaining space and 1,000+ square feet of covered terrace. The Playhouse features a full bathroom and a half bathroom, along with an array of playful spaces, including a pool table room, ping pong table room, Kitchen, and Lounge (Do not miss the hidden vault, safe room). Step outside the Playhouse and experience opulent outdoor living. The professional-grade tennis court and practice court, invite you and your guests to engage in spirited matches amidst breathtaking red rock surroundings. Gather around the gas fire pit, perfect for creating cherished memories under the starlit, world famous, dark sky city of Sedona. Note: this building could easily be reconfigured as a 2 or even 3-bedroom residence. In addition to the 3-home main estate, on 5-acres, there's an elevated 3-acre, buildable parcel located across the street included in this sale. This property has access from both Color Cove and Paisano Roads with epic views of nearby iconic Thunder Mountain. Whether you enjoy an evening horseback ride amidst your own private slice of nature or have the vision to turn this opportunity into another custom home that could be sold separately, the possibilities are endless. This is truly the most spectacular estate on the market in Sedona today and the opportunities are endless. With three private residences, and ample space for entertainment, you could host a beautiful wedding, private event, or retreat. The proximity to world class golf, horseback riding, mountain biking, hiking, off road trails, fly fishing, and a myriad of outdoor activities are literally right outside your door. Located just minutes from the luxurious Enchantment Resort and Seven Canyons Country Club where scenic golfing and 5-star dining await! I personally invite you to tour this amazing property and let your imagination run wild. Please visit www.paisanoestate.com for video tours and more info!

10110 E Siesta Lane Scottsdale, AZ 85255

$9,000,000
4 Beds
5.5 Baths
7,100 SqFt
Status Active
MLS # 6575666
Property Type Single Family Residence
Price Type --
Welcome to a realm of unparalleled luxury and sophistication in the renowned Silverleaf community. Situated on an expansive corner lot, this magnificent residence offers a grandeur that is simply unmatched. From the moment you step inside, you are greeted by a vast open plan living, dining, and kitchen area that seamlessly integrates with the breathtaking views of the glistening pool and majestic mountains beyond. The high ceilings, adorned with lighting, add a touch of elegance, and create an ambiance of refined opulence. Prepare to be captivated by the culinary masterpiece that awaits in the kitchen. Boasting two convection ovens, two steam ovens, gas burners, and a built-in Miele coffee machine, this kitchen is a haven for any culinary enthusiast. The stunning quartz ... MORE countertops and the expansive island with seating for five provide the perfect setting for both casual family meals and lavish entertaining. Every aspect of this kitchen has been thoughtfully designed to elevate your culinary experiences. As you enter the living room, your eyes are drawn to the striking feature wall and the inviting fireplace, creating a focal point that exudes both style and warmth. The indoor-outdoor wet bar, complete with a beverage cooler and icemaker, effortlessly serves both the living room and the backyard, ensuring that refreshments are always at your fingertips. Whether you are entertaining indoors or embracing the Arizona lifestyle outdoors, this home seamlessly blends the boundaries between indoor and outdoor living. Indulge in the ultimate entertainment experience in the exclusive personal retreat, where luxury knows no bounds. This private haven boasts a fully equipped bar, plush theater seating, and wine storage, all while providing a unique view through fire-rated glass to the climate-controlled garage. The garage, featuring car lifts, can accommodate up to six cars and is a car enthusiast's dream. Additionally, a workshop and a built-in safe add to the functionality and convenience of this remarkable space. A second garage, with space for four cars, ensures that all your automotive needs are met. Escape to the lavish owner's suite, a sanctuary of tranquility and indulgence. With direct access to the pool and backyard, this retreat offers a seamless transition between indoor and outdoor living. The large bathroom features sparkling granite countertops, dual sinks, an outdoor shower, and a spacious wraparound closet with a direct connection to the large laundry room and dog run. Every detail has been considered to create a space that is both luxurious and practical. Guests will be treated to utmost comfort and privacy, with a main floor guest ensuite offering access to a serene private courtyard, and two additional guest ensuites located on the second floor. The second floor also features a generous office space, a versatile landing area that provides flexibility, and a large balcony adorned with a hot tub, bathroom, refrigerator, sink, and TV. This outdoor oasis is the perfect retreat for relaxation and entertainment, where you can unwind while enjoying the breathtaking vistas that surround you. As you step into the backyard, you are met with a resort-style paradise that redefines outdoor living. Three firepits create enchanting settings for cozy gatherings, while multiple TVs and seating areas provide endless entertainment possibilities. The synthetic turf adds a touch of luxury, and the outdoor kitchen allows for fabulous al fresco dining. Luxury is taken to new heights with additional features like electric shades and speakers both inside and out, always ensuring the perfect ambiance. Outdoor heaters provide comfort during cooler evenings, allowing you to savor the beauty of the surroundings regardless of the season. This luxurious estate in the renowned Silverleaf community is a masterpiece of design, craftsmanship, and innovation. Offering an unparalleled blend of sophisticated living spaces, state-of-the-art amenities, and breathtaking outdoor areas, this residence is an oasis of elegance, privacy, and tranquility. Come and experience the pinnacle of luxury living in this remarkable residence, where every element has been thoughtfully curated to create an extraordinary lifestyle for the most discerning homeowner.

6850 N 39th Place Paradise Valley, AZ 85253

$9,000,000
4 Beds
4.5 Baths
6,965 SqFt
Status Active
MLS # 6638873
Property Type Single Family Residence
Price Type --
EPIC City Lights, Camelback Mountain VIEWS inside the Guard Gated community of Paradise Reserves. Just under 2.2 hillside acres, seamlessly crafted between newly built custom homes. Discover every luxury upgrade one can imagine; intricate tilework, cascading stone waterfall, 25-ft great room, custom glass underlit bar, effortlessly merge its outdoor spaces, and infinity-edge pool with your interiors. The chef's kitchen, with a geo-lux quartz island, complements the entertaining lifestyle. The elegant primary suite, custom closets, private balconies, theater and gym contribute to refined living. Inside this guard-gated Paradise Valley community minutes from premier shopping and dining, between Lincoln and HWY 51, this residence offers unparalleled privacy, elegance and security. See its motion video, features and benefits up close.

38824 N Charles Blair Macdonald Road Scottsdale, AZ 85262

$8,999,000
5 Beds
6.5 Baths
8,000 SqFt
Status Active
MLS # 6506635
Property Type Single Family Residence
Price Type --
Plans underway for this spectacular home designed by Kontexture and to be built by Silvercreek Development. Situated on a ridgetop lot in North Scottsdale guard gated community of Carefree Ranch Estates, this 8,000 square foot home features the latest and greatest in modern desert living with an emphasis on biophilic design. 5 bedrooms including guest house, plus office, and private master bedroom lounge. Spa like dual master bath with free standing tub, oversized shower with views of Desert Mountain Golf course and Pinnacle Peakand dual walk-in closets. HUGE great room with chef's kitchen, butler's pantry, top of line appliances, all spilling to the outdoors via walls of glass for indoor and outdoor entertaining needs. The outdoors includes 2,000+SF elevated terrace with outdoor kitchen, dining and living spaces, along with a zero and negative edge pool, spa, fire features for your outdoor entertaining needs. Elevated 4.36 acre site towering over the valley of the sun! Absolute privacy from this lofty perch overlooking tremendous city light, blazing sunsets, Desert Mountain Golf course views and surrounding mountain views of Black Mountain, Pinnacle Peak, Four Peaks and Camelback Mountain and the entire valley floor. Rough graded driveway in place. Highly-desired southernorientation provides maximum winter sun exposure on patio and pool areas. Private and tranquil for hiking and biking, yet quick access into Scottsdale, Carefree, Cave Creek for shopping, dining and golfing! Minutes from Skyranch private airport with available hanger space. Please inquire for more information or to review the plans on this spectacular estate home! Renderings are conceptual and square footage is estimated. Some finishes/features may change based on availability or buyer's preferences. Builder is happy to meet with buyers to discuss specific finish selections to meet individual needs.

4975 E Mcdonald Drive Paradise Valley, AZ 85253

$8,995,000
4 Beds
6 Baths
6,730 SqFt
Status Active
MLS # 6310072
Property Type Single Family Residence
Price Type --
Nestled at the base of Camelback Mountain, the Echo Canyon Residence is situated on an acre of pristine hillside property with views across Paradise Valley, Mummy Mountain, and the Phoenix Mountain Preserve. It is a Design/Build by award-winning architects The Construction Zone, ltd. Gated access to a private drive lead to the home and up to a 3-car garage and guest parking. This home is currently in the permitting process and will start construction early 2023. The 5970sf residence is organized around a secluded courtyard featuring a pool, built-in spa, and outdoor living spaces, perfect for entertaining. The main house great room connects the courtyard to a balcony overlooking the city, with custom steel and glass floor-to-ceiling windows and oversized sliding doors on both sides. The main wing of the house also includes the primary suite, a second full bedroom suite, private office, butler's pantry and an elevator. The south wing contains a large fitness room and bath, a game room with bar and seating, and a full guest house with a private entry. This house is to be exquisitely crafted throughout and with custom steel detailing, finely crafted millwork, exposed board formed concrete walls, and stone floors throughout. Don't miss the opportunity to make this house your home.

4723 E Desert Park Place Paradise Valley, AZ 85253

$8,995,000
5 Beds
5.5 Baths
7,351 SqFt
Status Active
MLS # 6471627
Property Type Single Family Residence
Price Type --
Brand new construction! Just completed in collaboration between Tiara Sun Development, Chavez AIA and Ashley Luxury Design. This spectacular home sits on over an acre and offers sweeping views of Camelback, Mummy Mountain and Phoenix Mountains Preserve. The single-level floor plan features five ensuites with a split primary wing, wide open great room made for entertaining, premier finishes and flooring throughout, multiple private courtyards, separate office and bonus/flex room. The primary bathroom boasts a steam shower, soaking tub, separate his/her closets and additional laundry. The gourmet kitchen showcases luxury appliances, custom finishes, walk-in pantry and adjacent wine wall in close proximity to the formal dining. The oversized back patio opens to a dream backyard with stunning views, negative-edge pool and spa, courtyard with fireplace, putting green, built-in barbecue, pet-engineered turf section, lower patio with firepit, and a spacious grass area that can fit a sport/Pickleball court. Four garage spaces with room for a lift and temperature-controlled workshop complete this home. Located in close proximity to premier resorts, golf courses and all that Paradise Valley and Scottsdale have to offer. Paradise Valley, Arizona, is a charming town renowned for its exclusive estates, luxury resorts, and stunning desert vistas, framed by Camelback Mountain and Mummy Mountain. Just minutes from Phoenix, the town offers a refined lifestyle with opulent homes, upscale retreats, golf courses, and spa resorts. Strict zoning regulations underscore Paradise Valley's commitment to preserving its natural beauty, creating a harmonious blend of sophistication and the Sonoran Desert environment. This idyllic oasis stands as a testament to the town's unique fusion of luxury living and breathtaking landscapes.

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