What’s Ahead For Mortgage Rates This Week – June 13, 2016

What's Ahead For Mortgage Rates This Week - June 13, 2016Last week’s economic news was highlighted by Fed Chair Janet Yellen’s speech in Philadelphia. Although Chair Yellen alluded to future Fed rate hikes, she did not specify when Fed policymakers would next raise the target federal funds rate.

Increases in the fed funds rate typically signal increases in consumer credit and home mortgage rates. Last week’s speech was seen as a precursor to the Federal Open Market Committee statement that will occur at the conclusion of next week’s FOMC meeting.

Chair Yellen is also scheduled to give a press conference after the FOMC statement next Wednesday.

Mortgage rates and new jobless claims also fell last week.

Fed Chair Speech: Fed Rate Increases Likely, but Subject to Economic Developments

Fed Chair Janet Yellen said that remarks would be “largely favorable” although economic developments were “mixed.” Chair Yellen cited economic progress toward the Fed’s dual goal of achieving maximum employment and price stability. Labor benchmarks included national unemployment below five percent, rising household income and indications of rising wages were cited as positive signs for economic expansion.

Slowing job growth and inflation staying below the Fed’s goal of 2.00 percent were cited as signs that the U.S. economic recovery is underway, but Chair Yellen also said signs of slower job creation along with uncertainties in global economic conditions and oil prices prevented short-term predictions about how the economy would perform.

Fed Chair Yellen also repeated her usual caution that Fed policy is not set in stone, but instead is subject to FOMC members’ ongoing review of economic developments and related readings.

Mortgage Rates, New Jobless Claims Lower

Freddie Mac reported lower mortgage rates last week. The average rate for a 30-year fixed rate mortgage was six basis points lower at 3.60 percent; the rate for a 15-year fixed-rate mortgage averaged 2.87 percent, which was five basis points lower than the previous week. The average rate for a 5/1 adjustable rate mortgage was six points lower at 2.82 percent. Discount points averaged 0.50 percent for all three loan types tracked by Freddie Mac.

New jobless claims were also lower at 264,000 new claims filed against expectations of 270,000 new claims and 268,000 new claims filed in the prior week.

What’s Ahead This Week

This week’s scheduled economic news includes the Fed’s post-meeting FOMC statement and press conference, reports on the consumer price index and core CPI, housing starts and the NAHB Housing Market Index. Reports on mortgage rates and new jobless claims will be released according to their weekly schedule.

Economic indicators such as price inflation, rising mortgage rates and housing data impact housing markets and consumers’ ability or willingness to buy homes.

33094 N Northstar Circle Scottsdale, AZ 85266

$8,000,000
5 Beds
6.5 Baths
7,460 SqFt
Status Active
MLS # 6773912
Property Type Single Family Residence
Price Type --
Presenting a stunning new build in Whisper Rock Estates with approved plans , this high-quality contemporary residence boasts 7,460 sqft of luxurious single-story living. A thoughtfully designed floor plan includes 4 bedrooms, a dedicated exercise room, & a versatile flex room, centered around an expansive kitchen & great room. The attached casita adds an extra layer of comfort & privacy. Floor-to-ceiling windows frame breathtaking views of the resort-style backyard, complete with a pool, spa, & water features. The surrounding natural beauty of the Sonoran Desert, Winfield Mountain, & distant Chiricahua Mountain vistas create a serene backdrop. Perfect for entertaining, the home features a wet bar with retractable glass walls, a spacious covered patio with a fireplace, & an outdoor more kitchen with a built-in BBQ, blending indoor and outdoor living effortlessly.The primary suite is a private retreat, featuring a tranquil, spa-like bathroom with custom Copenhagen cabinetry, limestone countertops, a marble shower, dual water closets, and a freestanding soaking tub. Guests can enjoy their own 903 sq ft 1-bedroom guest house, complete with a kitchen and living room, offering ultimate privacy and comfort. Premium finishes are showcased throughout, including a Wolf and SubZero appliance package. The 5-car garage and ample parking provide the perfect space for a luxury car collection. This home exemplifies contemporary elegance, surrounded by the beauty of the desert landscape. This property is ready to break ground with builder.

7646 E Hidden Canyon Street Mesa, AZ 85207

$7,999,950
5 Beds
7 Baths
9,000 SqFt
Status Active
MLS # 6760394
Property Type Single Family Residence
Price Type --
Exceptional Modernterranean Estate at framing stage by Micela Builders. Like no other, the pad offers unparalleled privacy within the exclusive gated community of Hidden Canyon at Las Sendas. Backing onto the Tonto Forest, this single-level home features walls of glass for seamless indoor-outdoor living experience and boasts exquisite marble accents, a two-way fireplace, and en suite bedrooms. The resort-style backyard offers a negative-edge pool, spa, and rooftop deck with stunning mountain views. Its 1,600 sf air-conditioned garage accommodates 6-8 car parking. The home embodies meticulous craftsmanship and architectural brilliance.

6619 E Stallion Road Paradise Valley, AZ 85253

$7,995,000
4 Beds
8.5 Baths
8,000 SqFt
Status Active
MLS # 6656548
Property Type Single Family Residence
Price Type --
Amazing luxury estate blended in at the base of Mummy Mountain and a rare find in the heart of Paradise Valley. Imported materials include reclaimed cobblestone from Rome, Italian marble, handcrafted furniture style cabinetry and masterful craftsmanship throughout home. Expansive covered patio, barbecue kitchen area, synthetic grass, pool, spa and fireplace. Mature landscaping accents the Santa Barbara-Tuscan Architecture. Split floor plan with 4 en-suites, office including a fireplace. Master suite has separate water closets; one with a bidet. A soaking/jetted tub in the center of the bathroom and large pass-through shower with dual rainforest shower heads. Stunning home is a must see.Bring us an offer. Thank you.

4743 N 54th Street Phoenix, AZ 85018

$7,995,000
5 Beds
6 Baths
7,828 SqFt
Status Active
MLS # 6762489
Property Type Single Family Residence
Price Type --
Discover your own paradise on the south side of Camelback Mountain. This Spanish-style gem boasts captivating design, cityscape vistas, and architectural elegance. Be enchanted by the warmth and spaciousness of this home. High ceilings and abundant natural light welcome you into an open layout. With its gourmet kitchen, wine cellar, and wet bar, this home is a perfect setting for entertainers. Each bedroom provides an en-suite bathroom. The owner's suite, a wing of its own, features a spacious closet, a marble-filled bathroom, a private office, and a balcony with stunning views. Step outside to your private oasis, complete with a pristine pool, an outdoor kitchen, and ample relaxation space. A guest house accommodates visitors or extended family.

6737 E Exeter Boulevard Scottsdale, AZ 85251

$7,995,000
5 Beds
7 Baths
6,876 SqFt
Status Active Under Contract
MLS # 6650382
Property Type Single Family Residence
Price Type --
This brand new custom home is a true showstopper. The amazing team at Caniglia Development has created an absolute masterpiece combining classic elegance with a modern vibe. The exceptional design, architectural excellence and superior construction will impress anyone with an eye for quality and style. The kitchen will be gorgeous with top-of-the-line appliances, oversized prep spaces and custom cabinetry, the great room will be exquisite with soaring ceilings and a chic fireplace, the office will make working from home the preference, the game room will be a perfect spot for kids and adults alike, and all the bedrooms and baths have their own unique elements including a breathtaking owner's suite with a spectacular bathroom. The grounds will be every bit as impressive as the home with

7044 E Cheney Drive Paradise Valley, AZ 85253

$7,994,900
5 Beds
5.5 Baths
6,564 SqFt
Status Active
MLS # 6422918
Property Type Single Family Residence
Price Type --
Spectacular Contemporary new home by Sonora West Development near its August 2024 completion. Total 6,564/s with a 5,595/sf main house and 969/sf guest house. The home includes 5.5 en-suite bedrooms including a large 2 room guest house which doubles as a pool house large enough for a pool table and seating. High-end appliances include Sub-Zero and Wolf. The circular paved driveway leads to spectacular water featured courtyard entry. Large covered patio and spectacular backyard with a Ramada, BBQ, fire pit, pool and spa. 4 car garage with gated entrance. No HOA.

10225 E Journey Lane Scottsdale, AZ 85255

$7,950,000
6 Beds
7.5 Baths
8,387 SqFt
Status Active Under Contract
MLS # 6770389
Property Type Single Family Residence
Price Type --
Beautiful Silverleaf corner lot on Weiskopf championship course with stunning mountain views. Immaculate custom build with no expense spared. Home lives on one level with bonus entertaining den and patio, gym /office or guest upstairs while three ensuite bedrooms off a kids living room on opposing wing from master, office and full casita all live ground floor. Private U shape around the pool, perfect hole location to capture soaring green course but not get hit by any balls. Close to the Upper Canyon manned entry guard gate and five minutes from prestigious Silverleaf and DC Ranch Country Clubs. Rich limestone floors, marble counters, his and her closets and vanities, rich oak floors and light bright high ceilings. Formal dining and living, numerous entertaining patios and bars.

7155 E Oakmont Drive Paradise Valley, AZ 85253

$7,900,000 - 5Br/5Ba -  for Sale in Camelback Country Club, Paradise Valley
New
$7,900,000
5 Beds
4.5 Baths
6,283 SqFt
Status Active
MLS # 6789194
Property Type Single Family Residence
Price Type --
This one-of-one Mediterranean estate on the best lot in Paradise Valley has the golden trifecta of a corner lot, golf green lot, and mountain views that only less than 0.1% of golf course properties have. This ethereal, light-bathed estate is surrounded by verdant lawns and three mature citrus gardens in a Jurassic Park setting, including 33 mature eucalyptus, orange, grapefruit, lemon, and palm trees. Reminiscent of a Roman palace or a Medieval castle fortress, this symmetrical Santa Barbara estate offers the pinnacle of privacy with climate-controlled square footage of 5,088 sq ft and total square footage of 10,103 sq ft, including the center interior private courtyard, covered indoor-outdoor patios, porches, and balconies. Addition home Info under Doc tab - Click More to continue Completely renovated in 2017, this turnkey estate is a favorite of A-list celebrities who have rented it for $51K per month. Located on an elevated, corner, golf-green, mountain-view lot, this rare gem towers over its neighbors in the heart of the most elite Paradise Valley neighborhood, Camelback Country Club Estates. Perched less than 60 feet away from the golf green of Hole Three of the Ritz Carlton Camelback championship golf course, this stunning retreat has 360-degree panoramic mountain views. At dusk, this estate controls the floodlights illuminating the championship golf green, perfect for night golf against a stunning canopy of stars. This architectural masterpiece is located just 10 minutes north of downtown Scottsdale and 10 minutes south of the Scottsdale SDL Private Airport. Smart automation over Wi-Fi controls the estate's pool lighting and heating, security systems, climate control, lawn sprinklers, and more. The defining features include the one-of-a-kind, fully-walled, center interior courtyard enclave with a supremely private, heated Roman swimming pool shaded by Grecian columns by day and lighted by 42 regal light fixtures at night, as well as an outdoor shower and an authentic Finnish sauna, making this retreat perfect for skinny-dipping and spa pampering. The courtyard also provides an exceptional space for entertaining, with oversized covered patios featuring a 12-foot ornate snooker table imported from England that is three times the size of a regular pool table and creating the perfect space for hosting guests or relaxing in the serenity of the landscape around the sparkling walk-in Roman pool. The estate's symmetrical and reflective design ensures you can enjoy the utmost privacy and tranquility, making it a perfect escape from the hustle and bustle of everyday life. This haven has a modern majestic motor court with a central carport and twin garages. Five ensuite bedrooms, a library/office, a gym, and twin garages with a carport surround the breathtaking enclosed courtyard of this beautiful fortress of walled privacy. Every bedroom is an ensuite retreat offering unique features like Zen citrus gardens, private courtyards, or expansive decks. The primary wing boasts a private sitting room, a gym/massage room, a walk-in closet, a water closet, a jacuzzi tub beneath a skylight, a four-headed multi-directional shower, and an authentic Finnish sauna. The primary suite opens directly into a separate private courtyard and Zen citrus garden. Massive decks and courtyards provide the perfect vantage point for stargazing by night, while the large expanses of lawn and lush greenery offer an oasis of peace and privacy and 360-degree mountain and golf course views. You will be captivated by this opulent structure's grand scale, unparalleled craftsmanship, and massive grounds. Terracotta tile floors and four alluring Kiva concrete fireplaces add to the grandeur, with designer finishes accentuating modern conveniences, including Marge Carson and Ralph Lauren furnishings and remote-controlled Levolor custom shades on 32 massive UV-coated picture windows and 20 glass French doors. The chef's kitchen boasts endless countertops, a warming drawer, a dining table-sized island, and Thermador appliances. Welcome to your ethereal Mediterranean golfing paradise, where every day feels like a hole-in-one and every night feels like you've just won the Augusta Masters!

6440 E Stallion Road Paradise Valley, AZ 85253

$7,890,000
7 Beds
8.5 Baths
9,472 SqFt
Status Active
MLS # 6766106
Property Type Single Family Residence
Price Type --
Welcome to your dream oasis in the heart of Paradise Valley. This exquisite custom home on an ultra private cul-de-sac combines sophisticated design with unparalleled comfort, boasting almost 10,000 square feet of opulent living space. Featuring a total of 7 spacious bedrooms, 8.5 bathrooms, and 5 car epoxy garage, each room is meticulously designed with high-end finishes and attention to detail. The grand entryway greets you with a stunning flowing floor plan, perfect for entertaining. Enjoy gourmet cooking in the state-of-the-art kitchen, complete with top-of-the-line appliances, a large illuminated island, and custom cabinetry. The expansive living and dining areas are accentuated by soaring ceilings and panoramic windows that invite natural light and breathtaking views of the surrounding mountains. Step outside to over an acre of your private resort-style backyard complete with a 2 bedroom guest house with dual kitchens, a shimmering pool, spa, and stunning mountain views. The outdoor kitchen and fire pit provide the perfect setting for gatherings under the desert stars. Located in one of Arizona's most prestigious private neighborhoods, this home offers proximity to world-class dining, shopping, and golf courses, all while providing a serene retreat from the outside world. Don't miss this rare opportunity to own a piece of authentic Paradise Valley luxury.

6110 E Caballo Lane Paradise Valley, AZ 85253

$7,850,000
5 Beds
7 Baths
7,124 SqFt
Status Active
MLS # 6763087
Property Type Single Family Residence
Price Type --
This impressive very private gated 2.13 ACRE Cal Christiansen estate has 1.6 usable ACRES plus a ½ acre of golf course easement. The grounds feature a sunken tennis court (pickleball lines), pool w/ waterfall, spa, pizza oven, large grass area + garages for 10 cars. Including the separate guest house, there are 5 bedrms, 7 baths and 7,124 sf of luxurious living. Open + light w/ high ceilings, 5 fireplaces and attention to detail! The family rm w/ pub bar seamlessly connects indoor-outdoor living spaces via French accordion doors. A Car Collectors dream this temperature controlled garage w/shop has 16 ft vaulted wood ceilings + beams, 2 outdoor entrances and it also doubles as a party space!

9848 E Parkside Lane Scottsdale, AZ 85255

$7,775,000
5 Beds
8 Baths
7,801 SqFt
Status Active
MLS # 6763307
Property Type Single Family Residence
Price Type --
Almost a $1MM Price Improvement! Discover the allure of the boutique gated and guarded community of Arcadia at Silverleaf with this exquisite modern Spanish Colonial custom estate, nestled on a prime elevated corner lot overlooking one of Arcadia's iconic parks and showcasing panoramic McDowell Mountain views. Throughout the residence, modern Spanish influences are displayed in the form of bespoke tiles, stone and wood floors, exposed beam ceilings, limestone fireplace surrounds, modern LED lighting, designer wall coverings and meticulously crafted custom cabinetry. Spanning over 7,800 square feet, a true split floor plan with Primary Retreat and Guest Wing flanking the heart of the home. Voluminous central gathering areas flow openly to gracious living room, gourmet kitchen, theater, full-service bar, wine room, formal dining, and an airy curvilinear breakfast room with soaring ceilings and window-wrapped walls. Generous Primary Retreat Wing on main level with sitting area and romantic fireplace offers the ultimate luxury experience. Indulge in the spa-like amenities including free-standing lounge tub, oversized shower, dual water closets, two dressing rooms and a 2nd washer/dryer. Inviting Guest Wing comprises an upper level lounge and covered view patio, with 3 ensuite guest rooms and a main level attached multi-room casita. Beyond its aesthetic appeal, this residence transforms into an entertainer's haven. Revel in the best of Arizona luxury living with alfresco amenities including kitchen and bar pass-thru windows for outdoor entertaining, multiple covered patios for gatherings, enchanting fountains, fire features, a vast lawn expanse, and a sparkling saltwater spa and lap pool. An immaculate, timeless masterpiece with architecture and interior finishes by Candelaria Design. This is a distinctive property for the most discerning buyers. Home Highlights: 7,801 Square Feet - Split Floor Plan 0.53 Acre Elevated Lot - Park Side 5 Bedrooms 6 Full Baths; 2 Powder Rooms 9-Seat Theater Executive Office Private Fitness Room Curvilinear Breakfast Room with Soaring Ceilings Guest Wing Guest Lounge w/Covered View Patio Casita w/Private Den on Main Floor Gourmet Kitchen Butler Pantry & Café Bar Full-Service Bar with Passthrough Windows Control4 Saltwater Pool & Spa Expansive Grass Lawn Space Tranquil Entry Fountain 4-Car Garage Note: Upper level offers; executive office, fitness room, guest lounge with patio and 3 guest suites. All other rooms including the attached Casita are on the main floor. *Information provided by 3rd party is deemed to be reliable but it is not guaranteed. Recipient to verify all facts independently.

41477 N 95th Street Scottsdale, AZ 85262

$7,750,000
4 Beds
4.5 Baths
4,740 SqFt
Status Active
MLS # 6696330
Property Type Single Family Residence
Price Type --
Full Golf membership Available. Welcome to your slice of paradise in the prestigious Saguaro Forest at Desert Mountain! We are thrilled to present to you an exclusive opportunity to own a stunning home nestled along the 15th hole of The Chiricahua Golf Course. Imagine waking up to breathtaking views of the surrounding mountains and the lush greenery of the 15th fairway, all from the comfort of your own home. This large, acre-plus homesite offers elevated vistas and close-in views of the 15th green, ensuring both privacy and an abundance of open space. With a wide desert arroyo separating your homesite from the golf green, you can enjoy peace and tranquility while still being immersed in the beauty of the natural landscape. Construction has already commenced on this magnificent new build home, designed and built by the esteemed team at Graffin Design and Black Stone Development. This contemporary masterpiece boasts everything today's discerning buyers seek in a luxury residence. With a thoughtful layout that eliminates interior steps, the home features 4 spacious bedrooms, 4 ½ baths, an office, and a massive pantry that can pull double duty as a scullery. The heart of the home is the expansive great room, seamlessly connected to the outdoors through walls of glass and multi-slide door systems. Indulge your inner chef in the gourmet kitchen, equipped with the latest high-end appliances and cutting-edge finishes. From there, step outside to the patio, pool/spa, and outdoor kitchen, where you can entertain guests or simply unwind in the desert breeze. With construction well underway, there's still time to customize finishes to your liking and make this home truly your own. Whether you prefer sleek minimalist designs or cozy rustic touches, our team is here to bring your vision to life. And when you're ready to explore beyond your doorstep, Desert Mountain offers a wealth of recreational opportunities. Bike or hike along over 20 miles of multi-use trails, immersing yourself in the stunning Sonoran Desert landscape. Tee off at one of seven world-class golf courses, each offering its own unique challenges and breathtaking views. For dining and socializing, the Chiricahua and Cochise Geronimo Clubhouses are just a stone's throw away, offering gourmet cuisine and an array of social events. Stay active at the Sonoran community fitness facility, or pamper yourself with a relaxing spa treatment at the Desert Mountain Spa. With seven clubhouses and seven golf courses to choose from, you'll never run out of options for leisure and entertainment. Whether you're seeking outdoor adventure, culinary delights, or simply a place to unwind and relax, Desert Mountain has something for everyone. Don't miss out on this unparalleled opportunity to create your Desert Mountain dream lifestyle. Enjoy a private tour today and experience the beauty and luxury that await you in the heart of the Sonoran Desert.