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

Closing Paperwork: How to Read and Understand the Truth-in-Lending Disclosure StatementLast 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.

6721 E Mockingbird Lane Paradise Valley, AZ 85253

$15,000,000
5 Beds
5.5 Baths
8,552 SqFt
Status Active
MLS # 6681802
Property Type Single Family Residence
Price Type --
A countryside hacienda in the heart of Paradise Valley! Discover this exquisite, 4 plus acre Paradise Valley estate that pays homage to Southwestern design through its meticulous architectural details. The term ''one-of-a-kind'' has never meant so much. Every room immerses you in a rich cultural tapestry as modern comforts combine with an incredible assortment of artifacts, including donated wooden beams from the Hopi Nation and re-purposed remnants from a 15th century Spanish Mission. Indulge in secluded luxury within the spacious primary suite, featuring a separate seating area, charming kiva fireplace, and captivating sunset views of the McDowell Mountains out beyond the pool/grotto. The main residence offers 4 bedrooms and 4.5 baths, adorned with original wide plank, antique pine flooring and a stone wine cellar, while an unfinished basement beckons your customization. Additionally, a separate casita awaits, complete with a full kitchen, bedroom, living room, and bathroom, ensuring your guests' privacy and comfort. The estate also includes a lovingly preserved, early 20th century 8 stall barn that is perfect as a workshop, artist's studio, or stable. With 2 two-car garages and ample on-premises parking, ease for residents and guests alike is assured. Don't miss the chance to own a piece of history - schedule your private tour today and experience the timeless allure of this hidden oasis. This one of a kind property boasts separate parcel numbers for each acre, ensuring both privacy and potential.

7246 N 40th Street Unit 7 Paradise Valley, AZ 85253

$14,850,000
4 Beds
5 Baths
8,250 SqFt
Status Active
MLS # 6726877
Property Type Single Family Residence
Price Type --
Crown Canyon presents Garnet, an award-winning architectural masterpiece under development by esteemed luxury home builder BedBrock Developers. This remarkable design, inspired by the elevated site and terrain, is floating on the hillside within Arizona's most exclusive gated community. The home centers around a two-story great room that seamlessly extends to front and back terraces, providing efficient main-level living and outdoor entertainment areas shaded by cantilevered rooflines. Both levels of the residence offer intimate spaces and stunning views of the Four Peaks, enveloping the residents in the surrounding desert beauty. The material palette is rooted in native colors, drawing hues from the warm sand and exposed rocks of the mountain face. We welcome you to experience the timeless luxury and privacy that the Garnet residence has to offer. Discover the exquisite allure of Crown Canyon, a secluded and untouched 30-acre enclave in the prestigious community of Paradise Valley. Nestled within a breathtaking mountain preserve, this is home to 12 exceptional luxury residences. Meticulously designed by renowned architects, these one-of-a-kind homes embrace the natural beauty of the surroundings, maximizing the captivating views and unique topography of each homesite. Experience tranquility, seclusion, and utmost security within this gated haven, ensuring unparalleled peace of mind.

23036 N Via Ventosa Drive Scottsdale, AZ 85255

$14,500,000 - 9Br/14Ba -  for Sale in Canyon Heights, Scottsdale
New
$14,500,000
9 Beds
14 Baths
20,088 SqFt
Status Active
MLS # 6752339
Property Type Single Family Residence
Price Type --
Enter a long private drive to this 7 ACRE +/- compound in exclusive Gated Canyon Heights. Situated on a flat parcel w/spectacular Mountain + City Light views, the 20,088 sf, 9 bedrm compound features 2 HOMES w /2 swimming pools, one an OLYMPIC SIZED DIVING POOL w/high + low diving boards, a tennis court, racquetball court, wellness center, putting green, gym and large grass areas. The main house has 6 ensuite bedrms w/spacious living areas, game rm, den, bar, wine rm + movie theater. The separate guest house can function as 2 private apartments on separate floors each w/private kitchens, living areas & patios. The grounds have multiple patios, fireplaces, fountains, walking paths + childrens play areas. With 1 of 3 private bars in the 12 car garages- this is a true private retreat!

9889 E Happy Valley Road Unit 5 Scottsdale, AZ 85255

$13,995,000
7 Beds
7.5 Baths
10,829 SqFt
Status Active
MLS # 6701739
Property Type Single Family Residence
Price Type --
This sensational Transitional Estate rests on 4.6 acres on the foothills of Pinnacle Peak with magnificent mountain and city light views. It sports 11,000/sf of living space including two guest homes with full kitchens and 7 garage spaces. The 8,400/sf main home is loaded with luxurious features and finishes including the Great room opening to the kitchen and walk up wet bar, formal dining room with wine wall and butlers pantry, Game room, Theater, two offices, elegant primary suite with spa like bath and multiple closets, walnut cabinetry, walnut and limestone flooring, unique ceiling treatments, Window walls, 5 fireplaces, resort style outdoor spaces with walk up bar, outdoor kitchen, negative edge pool and spa, fire pits, trampoline, synthetic grass play areas and putting green....... The two guest homes are finely appointed with one being approximately 1,350/sf with 2 bedrooms and the other, a single bedroom guest house, being approximately 1,110/sf. Both are equipped with their own laundries and full kitchens and garage access. More Features and Finishes: Transitional Style Limestone and Walnut Flooring Walnut Cabinetry Backlit Stone Back Splashes in Kitchen and Wet Bar Custom two-level stoned waterfall kitchen island 2 Dishwashers in Kitchen Double Sub Zero Fridge and Freezer Wolf 62 gas range + extra wall oven Butlers Pantry with Sink Groin Ceilings in Main hall Dining Room with Wine Wall, Coffered Ceiling and custom Chandelier 2 Laundries - Large Main Laundry/Craft Room + Guest Laundry Walk Up Wet Bar Mirrored Entry with Custom Chandelier 5 fireplace - 3 inside and 2 outside Theater room with 3 rows of seating Game/media room for pool table shuffle Board and 3 TV's His and Her Offices Primary Bedroom with Walnut Floors, Coffered Ceiling, Wall of Windows, Fireplace and Chandelier Spa Like Primary Bath with Free Standing Tub 7 Car Garage - Cooled Fitness room in one Garage. 2 Guest Houses, each with a laundry and full kitchens and Great Room. One being 1,350/sf with 2 bedrooms and the other 1,100/sf with one bedroom. Great Room with Beamed ceilings and fireplace open to the Kitchen with sliding pocket doors to patio and views. Breakfast area with fireplace Custom Lighting Fixtures Putting Green and plenty of artificial grass play areas Fire pit Outdoor Walk-Up Wet Bar with seating for 8 Huge Outdoor Living Spaces with heaters and misters Spectacular City Light, Pinnacle Peak, McDowell Mountain, Camelback and Phoenix Mountain Views Steel Roof Guest suites with Window Walls, T&G, Beamed or Coffered Ceilings and Swank Baths Covered Barbecue area with outdoor kitchen, fireplace and dining space His and Her custom closets Large negative edge pool with baha step and tiled Spa. Whole Home automation and Security. Walnut paneled Powder room with back-lit stoned wall and custom stoned and walnut floating vanity

6130 E Naumann Drive Paradise Valley, AZ 85253

$13,579,000
6 Beds
8 Baths
8,250 SqFt
Status Active
MLS # 6656216
Property Type Single Family Residence
Price Type --
This stunning property is now complete and ready for your exclusive viewing! Please note access is by appointment only, with private viewings available while the home undergoes professional staging. Broker open dates will be announced soon, RSVPs will be necessary to attend. New Build never been lived in and situated within the prestigious guard-gated Finisterre subdivision. Tucked away in a serene cul-de-sac, home offers a peaceful retreat, free from the noise of major roads and traffic. Boasting modern steel windows, temperature-controlled garages, and a comprehensive Control4 home automation system with future-proofed technology, this residence exemplifies luxury living at its finest. With hotspots throughout the residence and a state-of-the-art surveillance system, it truly stand -Wolf Appliances -Temperature controlled wine room and 6 car garage -Multiple entry points for ease of traffic and convenience - Firepits surrounding the homes exterior -Massive pool

7533 N 70th Street Paradise Valley, AZ 85253

$12,995,000
6 Beds
9 Baths
11,739 SqFt
Status Active
MLS # 6606103
Property Type Single Family Residence
Price Type --
Casa Spero, a masterpiece of luxury living for the generations. This timeless estate offers 6 bedrooms, 9 bathrooms ,office , game room, private gym and casita. The chefs kitchen area includes a walk in pantry, bar and butlers pantry plus double island. Seamless indoor outdoor living with deep patios , gazebo , turf and trees . Six car temp controlled garages. Built by Master builder Gary Geitz using the highest quality finishes, featuring heavy beams, groin vaulted ceilings , wood windows and doors to create a superior lifestyle. Solid, beautiful, forever, cozy, warm , these are just a few of the words the family uses to describe this happy home. Casa Spero has been lovingly updated for the next generation.

18720 N 101st Street Scottsdale, AZ 85255

$12,900,000
4 Beds
4.5 Baths
6,288 SqFt
Status Active
MLS # 6682952
Property Type Apartment
Price Type --
NEW-CONSTRUCTION ICON AT SILVERLEAF PENTHOUSE WITH SILVERLEAF GOLF CLUB MEMBERSHIP AVAILABLE Indulge in the epitome of luxury living with the last remaining ICON at Silverleaf Penthouse in the prestigious Silverleaf community, nestled amidst the awe-inspiring backdrop of Scottsdale's McDowell Mountains. Offering unparalleled vistas of the city skyline and the majestic mountains, this residence exemplifies sophistication and refinement. Designed by the esteemed architect Bing Hu, ICON at Silverleaf sets a new standard for condo living, seamlessly blending elegance with contemporary comfort. Revel in the opportunity to personalize your living space, ensuring it reflects your unique taste and style. Spanning the fourth floor, this ICON Penthouse boasts an impressive 6,200 square feet of indoor living area, complemented by an expansive 6,700 square feet of private rooftop space. Immerse yourself in luxury with four ensuite bedrooms, an office, a media room, a wine room, a wet bar, a gourmet kitchen, a walk-in pantry, a powder room and two outdoor patios. Access to your sanctuary is granted via a semi-private elevator leading to a welcoming private vestibule. Step onto the rooftop oasis and discover a resort-style haven featuring a pool, spa, covered outdoor kitchen, three ramadas, a fire pit, and lush turf expanses, perfect for entertaining or simply unwinding in tranquility. Nestled behind the 24-hour manned gates of Silverleaf's exclusive resort community, this residence offers the best of both worlds - proximity to the cosmopolitan amenities of affluent North Scottsdale and the serene seclusion of the Sonoran Desert. As a privileged resident, you'll also have the option to acquire a coveted Silverleaf Golf Membership, granting you access to one of the nation's most prestigious golf clubs, completing the ultimate luxury living experience. Silverleaf, located in North Scottsdale, Arizona, is a prestigious guard gated community known for its luxurious estates, exclusive golf courses, private Club and stunning desert landscapes. The Tom Weiskopf-designed Silverleaf Golf Course is a highlight for golf enthusiasts. With a blend of Spanish and Mediterranean-inspired architecture, the community offers a high standard of living, including upscale amenities like spas, fine dining, and exclusive shopping. Residents enjoy a harmonious balance between modern luxury and the natural beauty of the desert environment, making Silverleaf a sought-after destination for those seeking an exceptional lifestyle in North Scottsdale.

10999 E Whistling Wind Way Scottsdale, AZ 85255

$12,875,000
5 Beds
5.5 Baths
7,555 SqFt
Status Active
MLS # 6710152
Property Type Single Family Residence
Price Type --
Located in the prestigious Upper Canyon of the exclusive Silverleaf community, this exquisite custom Spanish Mission Estate offers unparalleled privacy, mountain and city lights. Designed with meticulous attention to detail, this home features only the finest luxury materials throughout. Every room showcases true craftsmanship, from the reclaimed hand-scraped walnut flooring and hand-painted motif tiles to the intricate ironwork and handmade light fixtures. Wood beams, brick, and terra cotta tiled ceilings further enhance the estate's unique charm. Spanning 7,555 square feet, this estate is designed with an open great room plan, featuring a true bar adjacent to the great room, making it ideal for entertaining. The main level also includes an impressive office, the primary suite and two guest ensuites. The second level features a two-bedroom apartment accessible by elevator or its own covered loggia. Pocketing doors from the great room lead to the main covered loggia with a fireplace, perfect for seamless indoor/outdoor living and dining. The outdoor space is equally impressive, with an outdoor kitchen, BBQ and bar area, fire pit seating, pool, and spa. Enjoy city lights and sunsets from various vantage points, including a separate covered area near the pool with a cozy fireplace. This estate truly offers a luxurious and serene living experience.

5109 E Rovey Avenue Paradise Valley, AZ 85253

$12,250,000
5 Beds
5.5 Baths
7,558 SqFt
Status Active
MLS # 6584415
Property Type Single Family Residence
Price Type --
September 2024 completion on schedule! This exceptional residence, the pride of Paradise Valley, provides breathtaking, unimpeded views of the mountains. It's a creation of Bedbrock Developers, recognized as the foremost luxury home builder in Paradise Valley. This magnificent home, architecturally designed by award winning Cosan Homes, principal Scott Carson, offers an expansive 7,113 square feet of living space, which includes a luxurious 1,191 square- foot, three room guesthouse, and is the epitome of elegance and luxury. Interiors designed by Kristin Hazen of Kristin Hazen Design, feature an open floor plan that includes a grand great room, a gourmet kitchen, back kitchen, gorgeous bar and recreation room. The masterful design and attention to detail are evident throughout the house bedrooms and five and a half bathrooms. The primary suite serves as a private retreat complete with a spa-like bathroom, his and hers walk-in closets, and a private patio overlooking Camelback Mountain and the serene backyard. Each additional bedroom is equally as impressive, featuring its own ensuite bathroom and walk in closet. The outdoor living spaces, expertly designed by David Creech of CF Design, are as remarkable as the interior. Offering spectacular and unparalleled 360° panoramic views of Camelback Mountain, Mummy Mountain, Piestewa Peak, the property boasts a gorgeous pool, spa and ample space for entertaining. Architect Carson masterfully integrated glass walls and ceilings in order to maximize the breathtaking mountain vistas resulting in an abundance of natural light and seamless integration with the surrounding landscape. Located in the highly coveted Paradise Valley, this home is conveniently situated just moments away from world-class shopping, dining, and entertainment. It truly represents a rare and special property in an exceptional location.

19920 W Verde Hills Drive Wickenburg, AZ 85390

$12,000,000
3 Beds
3.5 Baths
5,339 SqFt
Status Active
MLS # 6527371
Property Type Single Family Residence
Price Type --
Wickenburg's Premier Equestrian Estate on over 400 Acres of lush high Sonoran Desert with views in all directions. A magnificent custom designed (by Bill Otwell) and built (by Joe Culhane) Main Residence w/Five Patio's and Extensive Landscaping including a custom built Rock Driveway. Custom designed & built detached Garage w/RV Bay. Guest Home, Horse Facilities. 108.3 Acres and Residence in Yavapai County, 295.47 Acres in Maricopa County.

20524 E Pecan Lane Queen Creek, AZ 85142

$12,000,000
11 Beds
12 Baths
13,777 SqFt
Status Active
MLS # 6710259
Property Type Single Family Residence
Price Type --
Welcome To The Pecans, Queen Creek Arizona's exclusive Gated Community Situated in the Heart of Queen Creek. This luxurious custom built home offers 11-bedrooms, 12-bathrooms, including a Guest House, Basement with Au Pair Living Quarters and a 5 Car Garage. Marvel at its grandeur with soaring ceilings up to 32 feet high and unique architectural details including dome, coffered, and vaulted ceilings. Discover custom stair railings, exposed hardwood beams, and dual pane windows and doors throughout. Enjoy upgraded trim moldings, hardwood and travertine floors, and marble accents. The gourmet kitchen boasts commercial-grade appliances, custom hardwood cabinetry, and granite countertops and a prep kitchen. Upstairs is split into two wings for private living. Relax in the lavish primary suite with an oversized walk-in shower, his and her commodes, dry sauna and soaking bathtub. This home is packed with premium features! Enjoy sleek countertops, stylish undermount sinks, and a cozy stone fireplace. Designer light fixtures and ceiling fans add charm, while high-quality plumbing fixtures and hardware provide functionality. Stay comfortable with motorized sunshades and a surround sound system. Feel secure with a comprehensive security system and surveillance. The home is equipped with soft water and spray foam insulation for efficiency. Multiple laundry and kitchen areas offer convenience. Plus, there's a luxurious oversized shower and bathtub, upgraded glass surrounds, and mosaic floors. Stay cool with multiple air-conditioning zones and energy-efficient units. Don't miss out on this ONE of a KIND exceptional home!

6200 E Quartz Mountain Road Paradise Valley, AZ 85253

$11,999,888
4 Beds
5.5 Baths
6,805 SqFt
Status Active
MLS # 6674881
Property Type Single Family Residence
Price Type --
Award winning - Builder, TeMac, & Architect, Candelaria Design - team for an epic Mountainside Retreat. This stately, single-level estate, offers all of the modern day amenities, & the peaceful getaway you need & deserve, with miles of view corridors over the Sonoran desert; all the while only minutes from world-class: shopping, entertainment & fine dining. The estate, perched on Mummy Mountain, on over an acre of flat land, boasts its own wellness center for relaxation, zen garden atrium, a spacious primary wing with two huge closets, spa like bathroom, sitting area, and massive doors and windows for scenic enjoyment. The indoor outdoor living is abundant with a true resort infinity edge pool, massive kitchen, game room, gym, 3 additional en-suites, an office, and 4 garages.