What’s Ahead For Mortgage Rates This Week – August 1, 2016

WhatsAhead072916Last week’s economic reports included S&P Case-Shiller Housing Market Indices, reports on new and pending home sales, Freddie Mac’s weekly mortgage rates survey. The Federal Reserve released its customary statement after the scheduled Federal Open Market Committee meeting concluded; the Committee did not raise the federal funds rate of 0.25 percent, but indicated that economic risks were fewer, which suggested that the key Fed rate may be increased in September.

According to the S&P Case-Shiller 20-City Home Price Index for May, home price growth dipped from 5.40 percent in April to 5.20 percent in June as calculated on a seasonally-adjusted annual basis. Portland, Oregon led the 20-City Index with 12.50 percent growth in home prices annually. Seattle, Washington and Denver, Colorado rounded out the top three with readings of 10.70 and 9.50 percent annual growth respectively. Eight cities posted faster growth rates in May than for April. Analysts again cited short supplies of available homes and high demand for homes as reasons for rising home prices.

New and Pending Home Sales Increase

Sales of new homes reached a seven-year high and rose to 592,000 in June as compared to expectations of 562,000 new homes sold and May’s reading of 572,000 new homes sold. Analysts have consistently said that building more homes is the only way to solve the shortage of available homes. Rising sales of new homes are a step in the right direction, but builders cited labor shortages and lack of buildable land as hindering their ability to meet demand for homes.

Pending home sales also rose in June with an increase of 0.20 percent.Analysts expected new home sales to rise by 1.30 percent based on May’s negative reading of -3.70 percent. Pending home sales data assists with estimating future closings and demand for mortgage loans.

Fixed Mortgage Rates Rise

Freddie Mac reported higher mortgage rates for fixed rate mortgages; 5/1 adjustable rates held steady. The average rate for 30-year adjustable rate mortgages was three basis points higher at 3.48 percent; the average rate for a 15-year fixed rate mortgage was also three basis points higher at 2.78 percent. The average rate for a 5/1 adjustable-rate mortgage was unchanged at 2.78 percent. Average discount points held steady at 0.50 percent for all three mortgage types.

Whats Ahead

This week’s economic releases include reports on personal income, inflation, and core inflation. Several reports on employment will be released including ADP payrolls, Non-farm payrolls, and the national unemployment rate. Weekly reports on mortgage rates and new unemployment claims are also expected.

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9930 E Miramonte Drive Scottsdale, AZ 85262

$3,985,000
4 Beds
4.5 Baths
4,638 SqFt
Status Active
MLS # 6769058
Property Type Single Family Residence
Price Type --
GOLF MEMBERSHIP AVAILABLE. Brand new Mortensen Signature Home. COMPLETION HAPPENING NOW, MOVE IN NOVEMBER. Outstanding Mountain and Sunset Views. Easy access to the main gate. Cul-de-sac location. Dual Primary Suites, 2 other en-suite bedrooms plus an office, den or 5th bedroom, take your pick. 4 Sliding door exits to your view patio with pool, spa, oversize fireplace and bbq ready for relaxation and entertainment. Whole Home Furniture packages available.

10040 E Happy Valley Road Unit 275 Scottsdale, AZ 85255

$3,980,000
4 Beds
4.5 Baths
5,023 SqFt
Status Active
MLS # 6784983
Property Type Single Family Residence
Price Type --
Designed by renowned architect Bob McIntyre this phenomenal property encompasses all that Desert Living should be. Located on the Sixth Fairway of the celebrated Desert Highlands Golf Course with a perfect southern facing exposure to soak in the desert sun you will start your day with sunrises over the McDowell Mountains and end your day with watercolor sunsets, you couldn't ask for a better view or location. Completely remodeled from top to bottom with only the highest quality and craftsmanship, this open single-story floorplan flows perfectly with countless private yards and courtyards off of every suite to take in the majestic views. This home truly has it all! The light and bright living room is complemented by the soaring ceilings, cozy hand plastered fireplace, floor to ceiling French doors and clear story windows, as well as a dramatic chandelier. Whether you are a top-notch chef or just like to admire a beautiful kitchen, this home has the perfect combination of function and form with top of the line appliances (6 burner gas range, 2 burner induction cooktop, 3 ovens, 2 dishwashers, built-in Subzero refrigerator, wine refrigerator, beverage refrigerator and ice maker), timeless custom cabinetry, passthrough entertainment area to the outdoors and more. Open to the kitchen, the family room features expansive French doors to the pool area as well as a second tranquil courtyard with a water feature, beautiful natural light, warm fireplace, in addition to an entertainment bar with a beverage and wine refrigerator. The owner's suite is a treat with an expansive bedroom filled with natural light from the floor to ceiling picture window and French doors that invite the outdoors in, an inviting fireplace, the perfect sitting room, 3 spacious walk-in closets, and a luxurious bathroom with a dramatic multi-head steam shower, artistic free-standing bathtub, dual sinks with plenty of storage, a make-up vanity, and two separate commode rooms. It's not just the owners who are treated like royalty in this amazing home, guests are too. Not only are each of the 3 guest suites completely separate from each other, but all of them also have their own private courtyard to take in the beautiful golf course and mountain views, as well as their own distinct designer bathroom. The private casita also features its own kitchenette to make your guests truly feel at home on top of it's own private courtyard with water feature and access to the backyard pool area. The fourth guest suite could also make the perfect at home office / den with its own private entrance, inviting fireplace, as well as a private courtyard complete with a relaxing water feature, fireplace, and mountain views. The stress-free backyard not only takes in the breathtaking lush golf course and magnificent mountain views, outdoor entertainment is also taken to the extreme with a built-in misting system, heaters, and BBQ, as well as an outdoor dining area with a stylish chandelier and plenty of covered and uncovered spaces surrounding the refreshing pool and spa. Owning in Desert Highlands has its privileges; this amazing home comes with an immediate Full Golf Membership to Desert Highlands where you will enjoy an 18 hole Jack Nicklaus Signature Golf Course, an 18 hole par 42 putting course designed by Gary Panks, 13 perfectly groomed tennis courts (grass, clay, & hard courts), state of the art fitness center, multiple dining options, and 24 hr guard gated security! To make things even better, this home may be purchased fully furnished and turnkey by separate bill of sale so that you may start enjoying the perfect desert lifestyle immediately with ease, all you will need are your clothes and a toothbrush!

36138 N Summit Drive Cave Creek, AZ 85331

$3,975,000
4 Beds
4.5 Baths
5,017 SqFt
Status Active
MLS # 6711246
Property Type Single Family Residence
Price Type --
Million Dollar Views as far and wide as the eye can see! Views from every window in the house. Your own AZ get a way on about 1.5 acres. This 4bed + office, 4.5 bath includes an elevator. Retractable wall of windows bring the outdoors in, vaulted ceilings with beams, large wrap around balcony, Open floor plan, Gourmet Kitchen, SS Appliances, Dual ovens, Granite & Wood block Countertop, Alder cabinets and doors, Fireplaces in Family Room & Kitchen, Master boasts more amazing views. Master Bath with large walk-in closet. Take the ELEVATOR to Game/Theatre room, Wine Cellar and 2 guest bedrooms. Resort Style Backyard is perfect for entertaining. Extensive exterior misting system.

10040 E Happy Valley Road Unit 676 Scottsdale, AZ 85255

$3,975,000
5 Beds
5.5 Baths
4,445 SqFt
Status Active
MLS # 6654478
Property Type Single Family Residence
Price Type --
Embrace elegance on the 17th fairway of the renowned Desert Highlands Golf Course. Enjoy immediate access to FULL CLUB Privileges in this 5 bed/5.5 jewel box home designed by Allen Tafoya, in built by Rick Merritt-built 5 bed/5.5 with interiors by Billi Springer. This old-world inspired home features an open floor plan, blending exquisite finishes with functional luxury. The expansive layout includes a grand master suite, a dedicated exercise room, and a versatile upstairs office. Every space is crafted with precision, harmonizing indoor comfort with serene golf course views. Experience sophistication in this stunning home, where lifestyle, luxury, and exquisite craftsmanship meet. The upstairs Study has outstanding city light views. The main level frames Pinnacle Peak.

9015 E Los Gatos Drive Scottsdale, AZ 85255

$3,975,000
3 Beds
3.5 Baths
3,849 SqFt
Status Active
MLS # 6751566
Property Type Single Family Residence
Price Type --
Just Completed! Exquisite Luxury Modern-Spanish Masterpiece located in the best pocket of N. Scottsdale and ready for executive entertaining. Entry through the vintage gated courtyard and calmed by the serene water fountain that leads you through the custom arched glass doors. The high ceilings will draw your eyes to the stunning resort-like yard with new custom pool and spa off the massive patio. The chefs kitchen offers two oversized Islands, dual wine refrig, plus a butlers pantry that is so divine, you must see for yourself! Private master retreat with city lights, mtn views and unforgettable sunsets from your private balcony. Add'l bedrooms all en-suites w/ private entry and views everywhere. This estate home would be perfect for year around or a lock and leave.

3955 E Sierra Vista Drive Paradise Valley, AZ 85253

$3,962,456
4 Beds
4.5 Baths
3,820 SqFt
Status Active
MLS # 6728696
Property Type Single Family Residence
Price Type --
This is the last remaining New Home under construction by Cullum Homes in the community of Paradise Reserve. This contemporary Santa Barbara design home sits next to the community park with no neighbors. The Iron front door leads you into a 2 story foyer with a checkered pattern black and white flooring and staircase in a warm wood by Du Chateau. The Chefs Kitchen adorned with Sub Zero, Wolf and Cove appliances over look the Great Room with high ceilings, large Fireplace, Wet Bar and wall of glass opening to the covered patio of the back yard. The outdoor space carries the same checkered pattern tile bringing the outdoors in. The outdoor fireplace, water feature and outdoor BBQ are great for those entertaining evenings. 2 of the 3 oversized en suite guest rooms all accommodate King Size Beds and have there own outdoor sitting space. 1 of the guest bedroom en suite is designed like a guest Casita with a Kitchenette and attached garage. Use it as part of the home at all times or close it off to give guests their own space and privacy. The 3 car total garage, laundry, powder bath and elevator complete the first level of this home. You may take the elevator or staircase to the Primary suite level. The loft area and outdoor loggia is perfect for retiring to for the evening. Take in the incredible views of the Phoenix Nature Preserve from the covered entertaining space. The Primary suite and bath are just steps away. The calming spa like bath with Shower, soaking tub, vanity and custom walk in closet with built in storage give privacy to the Primary. The loggia off the Primary bedroom has views of Downtown and Uptown Phoenix on the Horizon. This community is situated in close proximity to all Paradise Valley, Biltmore and Scottsdale have to offer! 24/7 Guard Gated Clubhouse and Pet Park The mixture of contemporary design and pops of old world blend timelessly in this new home. Come see this home today!

2782 Andrew Douglass -- Flagstaff, AZ 86005

$3,950,000
4 Beds
4.5 Baths
6,100 SqFt
Status Active
MLS # 6755147
Property Type Single Family Residence
Price Type --
Perched upon 1.28 acres of picturesque land, this stunning log home is a masterpiece of craftsmanship and history, built from ''King'' logs salvaged from the historic Yellowstone fire. The property boasts panoramic views of the 16th hole of the Meadow Golf Course and amazing views of the San Francisco Peaks, enhancing its serene and picturesque setting. Inside, the home offers multiple living areas, including a spacious, reimagined game room complete with newly constructed full bar—ideal for entertaining guests. The large chef's kitchen features a center island, modern appliances and is open to the formal dining area and an additional family room, providing a seamless flow for gatherings. The primary suite is conveniently located on the main level, providing easy access and a tranquil retreat, with the other bedrooms tucked away downstairs. The residence is designed for comfort and elegance, with four rustic fireplaces and central air conditioning ensuring a pleasant atmosphere year-round. Enjoy the outdoors from multiple covered decks that offer sweeping views and wonderful privacy. A brand-new Lutron lighting system has just been installed! With its blend of historical charm, modern amenities, and stunning natural views, this log home is a unique sanctuary. Tucked away amidst 1,100 acres of pristine alpine beauty, Forest Highlands exudes an unparalleled sense of exclusivity and serenity. With two championship golf courses designed by Tom Weiskopf and Jay Morrish, Forest Highlands sets the stage for unforgettable golf experiences. The community offers an array of exceptional amenities, including two clubhouses, multiple dining options, tennis courts, swimming pools, and miles of hiking and biking trails. Forest Highlands is a retreat where luxury meets nature, ensuring a harmonious lifestyle for its residents.

1301 S Manzanita Hill Road Prescott, AZ 86303

$3,950,000
4 Beds
5 Baths
3,622 SqFt
Status Active
MLS # 6764604
Property Type Single Family Residence
Price Type --
Extraordinary opportunity to purchase a stunning 7.89 acre hilltop estate just 3 miles from downtown Prescott, AZ. Private yet easily accessible, this one-of-a-kind property offers just the right amount of seclusion for a weekend getaway, a seasonal vacation retreat, or a primary dream estate. Built in 1989, the home features numerous architecturally significant elements including soaring tongue-in-groove ceilings, a breathtaking wall of glass designed to maximize the awe-inspiring panoramic mountain views, and a romantic curved staircase ascending to the upper level. The main home features 2 ensuite guestrooms - one on the main level, one on the upper level. The primary ensuite on the upper level is ideally situated to take full advantage of the magnificent views and outdoor deck space.

10493 E Skinner Drive Scottsdale, AZ 85262

$3,950,000
5 Beds
5.5 Baths
5,944 SqFt
Status Active
MLS # 6763000
Property Type Single Family Residence
Price Type --
FULLY PERMITTED elegant 6,000 sq ft Gramling Architecture designed residence in guard gated Candlewood Estates. The home design features a sophisticated floorplan with 5 spacious bedrooms, a dedicated study, bonus room, and a luxurious attached casita. The elevated lot lends itself to fantastic views of Pinnacle Peak and the surrounding mountains. With soaring ceilings and expansive windows, this home and its location will not disappoint. Troon North is home to the public Troon North Golf Club, grassy parks, endless hiking and mountain biking trails, pickleball and tennis courts, and some of the most beautiful desert scenery in the Valley. Skip the wait and start building now!

2717 E Byrds View Drive Flagstaff, AZ 86005

$3,950,000
4 Beds
4.5 Baths
3,698 SqFt
Status Active Under Contract
MLS # 6750858
Property Type Single Family Residence
Price Type --
Discover your dream home in this luxurious 2021 custom-built, 4-bedroom, 4.5-bathroom, 3,686 sqft residence, perfectly situated on a premium golf course lot at the end of a private cul-de-sac with breathtaking views of the picturesque par-5 4th hole. The thoughtfully designed floor plan balances privacy with open living, featuring a spacious master wing with a private patio, ideal for morning coffee or evening relaxation. Every detail exudes contemporary elegance, from high-end finishes to seamless indoor-outdoor flow. Nestled in the serene beauty of the Pine Canyon community, this exceptional property offers an unmatched lifestyle of comfort and sophistication. Stay tuned—this stunning home won't be on the market for long!

1234 W Orchid Lane Phoenix, AZ 85021

$3,950,000
5 Beds
5 Baths
4,700 SqFt
Status Active
MLS # 6737909
Property Type Single Family Residence
Price Type --
NEW BUILD!! 5-bedroom, 5-bathroom residence that exudes elegance and functionality. Each bedroom is a private oasis, complete with its own on-suite bathroom, offering comfort and convenience for family and guests alike. The heart of the home is the gourmet kitchen, a chef's dream with state-of-the-art appliances, expansive countertops, butler's pantry and custom cabinetry. The dedicated wine room promises to be a connoisseur's delight, perfect for storing and showcasing a prized collection. Dual laundry rooms ensure household chores are handled with ease, providing ample space for organization and storage. The extra-large 3-car garage offers generous space for vehicles and storage, while also serving as a versatile area for hobbies or a workshop. This home is a perfect blend of luxury and practicality, designed to cater to a refined lifestyle. The outdoor spaces of this luxurious home are designed to offer an unparalleled experience of elegance and leisure. Imagine stepping into a meticulously landscaped garden, where the tranquility of nature meets the sophistication of design. A stunning pool and spa serve as the centerpiece, creating a serene oasis for relaxation and social gatherings. Adjacent to the pool, a state-of-the-art outdoor kitchen awaits, fully equipped for al fresco dining and entertainment. Comfortable seating areas are interspersed throughout, featuring plush sofas and lounge chairs, perfect for enjoying the warm Arizona sun or gathering around a sleek fire pit during cooler evenings. These outdoor living spaces are not just visually appealing but are functional extensions of the home, crafted to enhance the joy of outdoor living.

2285 E Chandler Heights Road Chandler, AZ 85249

$3,950,000
6 Beds
6.5 Baths
8,415 SqFt
Status Active
MLS # 6766055
Property Type Single Family Residence
Price Type --
Welcome to this timeless and elegant estate in Chandler, Arizona. Completed in 2020, this rare find sits on over 36,000 square feet of land, with more than 8,400 square feet of beautifully designed living space. The home blends sleek modern lines with classic Tuscan elements, adding to its refined elegance. Outside, the spacious, landscaped lot features a grand circular paved driveway and a picturesque water fountain, offering a stunning first impression. The setback, surrounding wall, and lush greenery provide added privacy. With only one owner and no HOA, this home continues to reflect the essence of a newly built home. This exquisite home provides peace of mind with major components such as the roof, AC units, and water heaters still virtually new. If that wasn't enough the solar panels will be PAID OFF at closing adding to its energy efficiency and long-term savings for the new owner. The entrance, framed by a double iron gate, leads to a home filled with luxury details. Upon entering, you're greeted by natural light that flows through the large dual pane low-e windows drawing your eyes to the wood beams and soaring 24-foot ceiling great room featuring a gas fireplace. Two sets of French doors open to reveal a resort-style backyard, perfect for seamless indoor-outdoor living. Arched hallways add a touch of timeless elegance, gracefully connecting expansive living spaces throughout the home. The heart of the home, the gourmet kitchen, is designed to impress. A 20-foot island with breakfast bar seating invites family and guests to gather, while luxury appliances, including a 36 gas oven, a 42 built-in fridge, two dishwashers, and top-of-the-line granite and quartz countertops, make cooking a true pleasure. Custom solid wood cabinetry with soft-close features adds a touch of elegance and practicality. The formal dining room, with its grand chandelier, is ideal for hosting memorable dinner parties. Escape to your private sanctuary in the primary suite, located in its own wing of the home for ultimate privacy. This retreat features an extra-large sitting room, perfect as a personal living area or reading nook, with French doors that open directly to the backyard. The spa-like primary bath offers dual vanities, a heated jacuzzi tub, and a separate shower, creating the perfect place to unwind + there are two separate closets! A private office just off the bedroom adds functionality and privacy for working from home. Entertainment is never far away, with a media/theater-style loft featuring a bar area, perfect for movie nights. The resort-style backyard, completed in 2021, is your private oasis. Take a dip in the heated pool or jacuzzi, relax under the covered patio, or gather under the pergola with ceiling fans for added comfort. A large artificial turf area provides the perfect space for play, while multiple seating areas, a built-in BBQ, and an outdoor fireplace ensure endless possibilities for outdoor enjoyment and relaxation. Located within a top-rated school district and just minutes from the highly sought-after Arizona College Prep High School! Nearby amenities include Chandler Fashion Square, Downtown Chandler, Ocotillo Golf Club, and Downtown Gilbert (just 15 min. away!), all offering excellent dining, shopping, and entertainment options. With easy access to Loop 202, 101, and I-10, commuting is convenient, and the Price Corridor is home to companies like Intel, Northrup Grumman, and Wells Fargo is only 20 minutes away. This extraordinary property offers the perks of city living with the privacy and luxury of a secluded estate! Google Maps will take you to the community behind the home. Please use 13017 E Chandler Heights Rd for accurate directions.