What’s Ahead For Mortgage Rates This Week – July 5, 2016

Last week’s economic events included S&P Case-Shiller’s Housing Market Indices for April along with reports on Construction Spending and Pending Home Sales. Consumer Confidence was higher in June in spite of low wage growth and inflation well below the Fed’s goal of 2.00 percent annually.

S&P Case-Shiller: Home Price Growth Ticks Downward

April home values grew by 5.40 percent in April on a seasonally-adjusted annual basis. Case Shiller reported a drop in momentum from the March reading of 5.50 percent according to the S&P Case-Shiller 20-City Home Price Index. While no city included in the 20-City Index reported lower home values, the rate of growth appears to be slowing. High home prices driven by high demand and slim inventories of available homes may continue to lose steam as high home prices coupled with stricter mortgage requirements sideline first-time and moderate income buyers.

Pending home sales in May saw their first decline since August 2015 According to the National Association of Realtors®, Pending sales dropped from April’s downwardly revised index reading of 115.0 to 110.8. Pending home sales were -3.70 percent lower in May as compared to April’s reading of +3.90 percent. The drop in pending sales, which represents homes under contract that are not yet closed, is largely blamed on markedly low inventories of homes for sale in many areas.

Construction spending was higher in May, but remained in negative territory with a reading of -0.80 percent as compared to expectations of +0.50 percent and April’s reading of -2.00 percent. While the overall reading appears unremarkable, residential construction spending was 5.30 percent higher in May.

Mortgage Rates Lower, Jobless Claims Rise

Freddie Mac reported lower mortgage rates in the aftermath of Great Britain’s vote to leave the EU. Rates for a 30-year fixed rate mortgage averaged 3.48 percent.15-year mortgage rates averaged 2.78 percent and the average rate for 5/1 adjustable rate mortgages was 2.70 percent. Discount points were also lower at 0.50, 0.40 and 0.50 percent respectively.

Jobless reports jumped due to the end of the school year; New York State in particular allows some workers to file jobless claims when schools are closed. 268,000 new jobless claims were filed as compared to expectations of 265,000 new claims and the prior week’s reading of 258,000 new claims.

Consumer confidence rose in June, but consumers were surveyed before the Brexit vote. Consumer confidence increased to 98.0 in June as compared to May’s index reading of 92.40.Stronger job markets and stabilized gas prices were seen as contributing factors that boosted consumer confidence.

What’s Ahead

Next week’s scheduled economic reports include several labor-related reports including Non-Farm Payrolls, ADP Payrolls, June’s national unemployment rate and minutes of the Fed’s last FOMC meeting. Freddie Mac’s survey of mortgage rates and weekly jobless claims will also be released.

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15802 N 71st Street Unit 452 Scottsdale, AZ 85254

$1,350,000

2 Beds

2.5 Baths

2,055 SqFt

Status Active

MLS # 6781495

Property Type Apartment

Price Type --

Experience Unmatched Luxury at the Landmark Community: Welcome to Landmark, an exclusive residence with only 98 units, housed in two architecturally striking 6-7 story towers, meticulously designed by an acoustical engineer for optimal sound quality and tranquility. Nestled alongside the lush Kierland Resort Golf Course, Landmark offers a breathtaking setting with panoramic sunset and city light views. Unit 452 is located in the sought-after Tower II and offers views of Camelback Mountain, city lights and slight golf course. This thoughtfully designed great room floor plan features two spacious, split ensuite bedrooms plus an office/flex space. The gourmet kitchen is a chef's dream, with richly stained cabinetry, granite counters, a gas cooktop, and stainless steel appliances, including a Sub-Zero refrigerator. The adjoining great room, perfect for entertaining, offers an impressive setting where guests can marvel at the views while the sun sets over the valley. Landmark's residents enjoy unparalleled service, including a full-time concierge, a daily porter, and a dedicated engineer to keep everything running smoothly. Safety is paramount, with 24/7 gated security for peace of mind whether you're in town or away. Stay active in one of the two gymsone conveniently located on your floor and another by the pool. For relaxation, Landmark offers multiple gathering spaces both indoors and outdoors, a heated pool and spa, a steam room with lockers, a wine cellar, and a club room with a catering kitchen. Host barbecues in the outdoor area with a pizza oven, or conduct business seamlessly with an on-site conference room. Embrace an elevated lifestyle at Landmark, where luxury, convenience, and breathtaking views come together in one extraordinary place.

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41619 N River Bend Road Phoenix, AZ 85086

$1,350,000

4 Beds

4.5 Baths

3,770 SqFt

Status Active

MLS # 6783540

Property Type Single Family Residence

Price Type --

Experience luxurious living in the prestigious Anthem Country Club, where elegance and detail abound. The sophisticated stacked stone accents set the tone for the beauty that unfolds inside. Step into an interior with wood-look tile flooring, recessed lighting, and plantation shutters that enhance the home's timeless charm. The expansive great room is perfect for hosting, highlighted by a cozy fireplace, surround sound, and beautiful media niches that blend style and functionality. The gourmet kitchen is a chef's dream with top-of-the-line stainless steel appliances, granite countertops, and a prep island with a breakfast bar. Beautiful cabinetry with crown moulding and a tile backsplash add elegance, complemented by a butler's service area. The owner's retreat features private outdoor Serene backyard stands out, which highlights a covered patio, exterior fireplace, mountain views, built-in BBQ, a sparkling pool, & spa. If entertaining is on your mind, you will absolutely love to own this paradise. Don't miss!

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6614 W Sweetwater Avenue Glendale, AZ 85304

$1,350,000

5 Beds

3.5 Baths

4,489 SqFt

Status Active

MLS # 6756750

Property Type Single Family Residence

Price Type --

Built on nearly an acre, this ranch style home was designed with love and extreme attention to detail. The gourmet chef's kitchen is perfectly placed to allow large family gatherings and every day comfort. The star of the show is the 48'' Bertazzoni gas stove complemented by gorgeous granite countertops and custom cabinetry. Your eyes will be drawn to tasteful timeless design features throughout the home. Your family and friends will have so many rooms to choose from to work, play, entertain and relax.: (click more tab for more info) Even the hallways are extra wide, giving the flow of the floorplan a sense of ease. Create your best memories in the RESORT like back yard: Earth Air Fire Water featured in every way: Earth- luscious green grass and mature fruit trees AIR-with nearly and acre there is room to breathe, run and play FIRE- built in gas firepit and lots of string lights add warmth and ambiance AND OF COURSE- WATER!! The sparking pool is heated and has an amazing grotto water slide feature. The outdoor kitchen is surrounded by plenty of seating at the bar and covered patio. As that isn't enough there is also a hot tub with gazebo. Family reunions, weddings, birthday parties will never be the same when you truly have a resort in your own back yard. The home has 5 bedrooms and 3.5 bathrooms. Authentic southwestern details add a timeless feel to the tasteful design and finishes of this stunning home. Built-in cabinets and wood features add a sense of luxury throughout the interior and exterior. So much more: New Roof RV gate Barn style workshop/ covered parking Lots of slab parking for all the toys Lots of windows Pride of ownership Flood irrigated lot Stacked stone ledger accents on exterior Gorgeous Vigas / pillars with copper accents and unique corbels En Suite on west end of home Garden tub with jets in Primary bedroom Functional, spacious, and versatile floor plan Multi generation living Extra wide hallways Block fence Mature trees Zoned AGRICULTURAL NO HOA Horses are allowed, but buyers to check with city to see how many

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4575 S Exeter Street Chandler, AZ 85249

$1,350,000

3 Beds

3 Baths

2,863 SqFt

Status Active

MLS # 6769931

Property Type Single Family Residence

Price Type --

LAKEFRONT LUXURY! This rare unicorn lot in the coveted Pinelake Estates offers UNMATCHED PRIVACY with no front/back neighbors, & the community's most stunning & exclusive lake views. The front & backyard have undergone $100K+ in upgrades, including new synthetic grass & stone landscaping! Enjoy an infinity pool that seamlessly blends with the serene lake. Inside, a bright, freshly painted open living space flows into a chef's kitchen with quartz countertops, premium appliances, & a spacious island. The primary suite offers private lake views, a spa-like freestanding tub, & a steam shower for a truly secluded retreat. Additional features include a home-wide surround sound system, 3-car garage, RV gate, & 2 new Trane HVACs. Prime location near shopping, dining, & more-this is luxury living!

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33655 N 78th Place Scottsdale, AZ 85266

$1,350,000

3 Beds

3.5 Baths

2,810 SqFt

Status Active

MLS # 6780877

Property Type Single Family Residence

Price Type --

Gorgeous renovated and immaculate desert retreat is nestled on a 1/3 acre lot at the end of a cul-de-sac in guard gated Winfield. The popular Morganite + detached casita floorplan features 3 en suite bedrooms and 3.5 baths. The casita and the home both open to the oversized, gated front courtyard- a lovely space to savor a cup of coffee or glass of wine and take in the mountain views. As you step inside, you'll notice the soaring ceilings and clerestory windows which fill the space with natural light. The open floor plan features wood look tile floors and a stacked stone accent wall with cozy gas fireplace to enjoy on chilly nights. Home chefs will delight in the gourmet kitchen with 6 burner Viking gas range and hood, wall oven, built-in refrigerator, prep sink and large granite island. Luxurious owner's suite features a spacious bedroom, freestanding bathtub, granite counters with separate makeup area, large tiled shower and generous walk-in closet. A large secondary bedroom is split from the primary bedroom and includes a walk-in closet. A small room off the hallway was originally built as a temperature controlled 2000 bottle wine room and is currently used as a storage/hobby room. Wine enthusiasts can easily convert back to its former use. The detached en suite casita is a private haven for guests or would be ideal for a parent, adult child, office, studio or gym. Relax in the backyard oasis with resort style pool and spa complete with bar stools, baja shelf, water feature, custom lighting and misters and travertine decking. The backyard was designed for entertaining with large covered and uncovered patios, a built-in grill and synthetic turf area. Winfield is located close to shopping, dining and golf courses set amid unique boulder outcroppings with Winfield Mountain as its centerpiece. The community features a 13,000 sq ft clubhouse with workout facility, aerobics/dance room, therapy spa and steam rooms, meeting rooms and a plethora of social clubs. Winfield also offers a robust tennis program with 8 courts ( 2 clay), dedicated pickleball courts, heated pool, and private hiking trails. Plenty of opportunities to meet and socialize with neighbors! Kitchen, baths and floors have been renovated in this impeccable home along with recent HVAC (3 Trane units), roof (house and casita), water heater and pool equipment replacements. Nothing left to do but move in and enjoy the Winfield active lifestyle! See Features and Upgrades list in Documents Tab for a complete list.

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8028 E La Junta Road Scottsdale, AZ 85255

$1,350,000

3 Beds

3.5 Baths

2,853 SqFt

Status Active

MLS # 6767438

Property Type Single Family Residence

Price Type --

Enjoy the ultimate Scottsdale experience in this beautiful 2853 Sq Ft house. This home has 3 bed 3.5 bath on 1 acre lot with a heated pool and is in the heart of Pinnacle Peak! The home includes desert landscapes, spectacular sunsets, and close to golf, hiking, casual & fine dining and shopping!!! The back yard has a patio, lots of room, and slider doors through-out the home to exit to your private retreat. 1 Home feels even larger due to high ceilings and open floor plan. Featuring 3BR & 3.5 baths make this an easy to live in home. New Travertine floors laid in 11/2020. In 2021 Kitchen Cabinets refinished. Home has a big, bright, open feeling. Quiet streets, great for walking the dog, biking, yet so close to all amenities. A VALUE; WON'T LAST LONG!

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522 Buenagua Road Payson, AZ 85541

$1,350,000

3 Beds

3 Baths

2,234 SqFt

Status Active

MLS # 6770126

Property Type Single Family Residence

Price Type --

Nestled in the quaint community of Kohl's Ranch, this remarkable property encompasses the perfect blend of natural beauty, tranquility, and year round living. This property has been in the same family for 70 years and has been meticulously maintained showing pride of ownership in every detail.Situated on a level .34 acre lot, with 134 feet of frontage on Tonto Creek, this home is a sanctuary of comfort and elegance. The fully fenced backyard has large ponderosa, black walnut, juniper and apple trees. Several types of flowers, vines and a lush green lawn are watered by an underground sprinkler system. A tree house is in the shaded area of the backyard. Through the back gate there is a small shaded patio right next to Tonto Creek which is perfect for fishing or enjoying a good book.

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8293 E Tailspin Lane Scottsdale, AZ 85255

$1,350,000

3 Beds

2.5 Baths

2,704 SqFt

Status Active

MLS # 6771509

Property Type Single Family Residence

Price Type --

Welcome to your serene retreat in the exclusive, guard-gated Talon Retreat community of Grayhawk! This stunning single-story TW Lewis home features 3 spacious bedrooms and 2.5 luxurious baths, designed for comfortable living and entertaining. As you enter, you'll be captivated by the soaring 12-foot ceilings that create an open, airy atmosphere. The thoughtfully designed layout includes a bright and inviting living area, perfect for gatherings with family and friends. Step outside to your private backyard oasis, complete with a sparkling pool and a secluded patio. This tranquil space is ideal for relaxation or enjoying quiet moments amidst beautiful landscaping. Don't miss the opportunity to experience the best of Scottsdale living in this exquisite home.

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8332 E Cortez Drive Scottsdale, AZ 85260

New

$1,350,000

3 Beds

2.5 Baths

2,444 SqFt

Status Active

MLS # 6789204

Property Type Single Family Residence

Price Type --

This high-end designer home located in Scottsdale Country Club East has it all. This fully remodeled home blends timeless and modern elements with 15ft ceilings and an open floorplan. The kitchen has Maxim Della Terra quartz countertops, solid wood custom cabinetry, and a10 ft island with stunning white and matte gold GE Cafe appliances. Wine/Coffee bar. The primary bath is complete with solid rift white oak Restoration Hardware inspired custom built-ins, shower system, soaking tub, and wall of tile. Library/office with custom built-ins. Outside is complete with turf, lush landscaping, and travertine paver tile patios. Community amenities include: pool steps from your home, golf courses, tennis courts, and guard-gated entry.

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3759 S Dew Drop Lane Gilbert, AZ 85297

$1,350,000

6 Beds

4 Baths

4,068 SqFt

Status Active

MLS # 6773996

Property Type Single Family Residence

Price Type --

Welcome to this SPLENDID dream home. A rare, fully updated home with beautiful BASEMENT in the well-established Power Ranch Community. Corner lot, greenbelt. Brimming with opulent details, this home has all the contemporary and esthetically pleasing features, such as all NEW kitchen with lavish natural marble countertops, new cabinets, farm sink, appliances, custom designed range hood, double oven and microwave drawer. All bathrooms are NEW. Quiet luxury primary ensuite and main floor powder/guest bath. NEW floorings throughout. NEW AC system. This home has a complete BASEMENT that welcomes you to your very own speak-easy bar. Tons of room for entertaining. Second laundry and a scullery in the basement for your ultimate comfort living. One of a kind, carefully designed, carefully curated.

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10222 N 103rd Street Scottsdale, AZ 85258

$1,350,000

3 Beds

2 Baths

2,112 SqFt

Status Active

MLS # 6774703

Property Type Single Family Residence

Price Type --

Enjoy privacy without compromising Lake views in this Waterfront lot! The spacious kitchen features a breakfast bar, wine refrigerator, stainless steel appliances, and elegant granite countertops. The luxurious Master Suite includes a custom walk-in closet and a refreshing multi-head shower. Step outside to the lakefront patio, complete with a custom bar and a hot tub \ spa, great for entertaining. Enjoy sunsets from your own private boat dock

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29888 N 78th Street Scottsdale, AZ 85266

$1,350,000

4 Beds

3 Baths

2,884 SqFt

Status Active

MLS # 6777383

Property Type Single Family Residence

Price Type --

Completely Renovated Single Level Home! RARE FIND OVERSIZED Half Acre LOT backing to Natural Desert Open Space **Permitted Addition Enlarged the Primary Bath w/ Oversized Shower & Huge Custom Primary Closet**Stunning New Kitchen w/ White Shaker Cabinets, Quartz Counters & Stainless Appliances**Kitchen opens to Family Room w/ Fireplace**Beautiful & Durable LVT Wide Plank Flooring**Solid Core Single Panel Interior Doors w/ Solid Wood Casings & Baseboards**12 New Milgard Windows**New Bath Cabinets, Quartz Counters & Fixtures**4 Bedroom, 3 Full Baths**HIGH Ceilings**3 Car Garage**Newer Roof**2018 New AC's w/ Fresh Air intakes & Air Filtration**New Patio, Pavers & Landscaping**Fabulous Relaxing Private, Quiet Yard w/ Built in BBQ** Fabulous Renovated Home & Move In Ready!

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