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.

8353 N 58th Place Paradise Valley, AZ 85253

$7,750,000
5 Beds
7 Baths
8,768 SqFt
Status Active
MLS # 6765153
Property Type Single Family Residence
Price Type --
This unique 8,768 sq ft villa is on a tranquil cul-de-sac adjacent to 5-acre estates. The lush grounds have flowering pots, multiple patios an expansive lawn, mature landscaping, a sport court + resort-style pool and spa. Step into luxury thru the grand foyer, where a black and white marble checkered floor and gilded staircase set the tone for the exquisite PARISIAN INTERIOR. Fabulous French handmade wallpaper, drapes, lace curtains + wood floors guide you through this home. The estate captivates with its unique architectural details + vaulted ceilings. The kitchen exudes the charm of an authentic Parisian bistro which opens to a mahogany paneled family rm with fleur-de-lis stained glass windows, a pub bar + a stone wine rm that seats 8. In 2014 an engineer drew a conceptual plan to add 2 more garages plus an art studio which might also be a total of 6 car garages. We've been informed they went to the town at that time for preliminary approval. Buyer to independently verify all information.

5842 E Redwing Road Paradise Valley, AZ 85253

$7,745,000
5 Beds
5.5 Baths
8,306 SqFt
Status Active
MLS # 6692132
Property Type Single Family Residence
Price Type --
Nestled between Mummy and Camelback mountains, this meticulously maintained estate showcases authentic Santa Barbara architecture and timeless design. Every detail created by skilled artisans, it features exquisite millwork and cabinetry - all crafted on site. Privately set on a tranquil Paradise Valley cul-de-sac, the home features a circular driveway, flowing fountain, gated entry courtyard with exposed terracotta roof tiles and red brick columns...reminiscent of the famed Royal Palms Resort. Ideal for entertaining, the chef's kitchen boasts dual islands of butcher's block and Carrera marble atop beautiful cabinetry, with ample seating for 12 and a spacious butler's pantry. The great room, adjacent to the theater with coffered ceiling and plush seating for 8, features hand-hewn trestle beams, a serving bar and wine room, which all flow into the central courtyard. Once outside, discover this charming outdoor space with a shimmering hand-tiled swimming pool, an outdoor kitchen, inviting seating areas with mountain views and a full guest casita. Unwind and relax in the custom spa that can seat up to 12 with cascading fountains from the pergola above. The primary suite features a coffered ceiling, sliding bookcase revealing a secret office, Cantera fireplace, a luxurious bath with dual vanity areas, custom tile, and two walk-in closets. The split floor plan includes three guest suites with en-suite baths and beautiful hand-painted tiles. The hand-painted domed ceilings in the formal dining room and nearby office complement the living room with its boxed barrel-domed ceiling and crystal chandeliers, offering stunning Camelback Mountain views. An oversized four-car garage with ample built-in cabinetry, native plants, fruit trees, and space for a pickleball court or putting green complete this pristine property.

10383 E Rising Sun Drive Scottsdale, AZ 85262

$7,700,000
6 Beds
5.5 Baths
5,814 SqFt
Status Active
MLS # 6727039
Property Type Single Family Residence
Price Type --
FULL GOLF MEMBERSHIP AVAILABLE - NO STEPS IN HOME. 5814 sq ft modern home completed in 2020 has walls of glass for seamless indoor outdoor living. 3 en-suite guest bedrooms plus a library/media room & large loft for grandkids. 3 Car Garage with addl 1 ½ bay for a rec room / man cave. A detached guest home with kitchen, living, 2 guest bedrooms, is perfect for when family or friends are in town. Entry water feature has a fire pit & ''floating'' walkway that leads to the entry door. 400 bottle climate controlled wine display at the dining room. Pocketing sliding glass doors in the great room open up to the resort style backyard with a 50 ft pool, deck fountains & spa. Ceiling heaters for winter & misters for summer, 2 firepits & 85'' TV make the backyard the ultimate entertaining space

7000 E Horseshoe Road Paradise Valley, AZ 85253

$7,699,999 - 5Br/6Ba -  for Sale in Rancho Sunny Vale, Paradise Valley
Open House
$7,699,999
5 Beds
5.5 Baths
6,500 SqFt
Status Active
MLS # 6783344
Property Type Single Family Residence
Price Type --
Welcome to MDF Development and Jewel Box Home's latest extraordinary residence in prime Paradise Valley, where luxury and timeless design converge. Situated on a sprawling and flat lot, this single-level, 5 bedroom home with a split floorplan offers high end design coupled with incredible landscape executed by Refine Gardens. The heart of the home is the gourmet kitchen, featuring top-of-the-line Sub Zero appliances and an exquisite European-inspired Ilve oven. With 5 ensuite bedrooms and 5.5 baths, each designed with meticulous attention to detail, this home provides the ultimate in privacy and convenience. The attached casita, complete with a small kitchenette, offers a private retreat for guests or could serve as a perfect in-law suite. As you explore further you'll discover a captivating family/game room with a bar and walk in wine room creating an ideal setting for entertaining. The possibilities are boundless with a vast lot that accommodates your vision for a pool house, tennis court, pickleball courts, or even a show garage. Whether you're dreaming of hosting grand events or seeking a tranquil escape, this residence invites you to turn your vision into reality. In the heart of Paradise Valley, this home seamlessly combines elegance and opportunity, creating a haven where luxury living meets your unique aspirations. Don't wait to see the endless potential and unmatched beauty of this remarkable property.

18720 N 101st Street Unit 2017 Scottsdale, AZ 85255

$7,680,000
5 Beds
5.5 Baths
5,534 SqFt
Status Active
MLS # 6782878
Property Type Apartment
Price Type --
The FINAL and much anticipated phase of the highly successful Icon project now available with construction well underway and estimated completion in 2025. This is not only an opportunity for extraordinary views and new construction , it also continues to be the best opportunity to be inside the gates of Silverleaf. ICON at Silverleaf offers an unlimited lifestyle with the lock-and-leave luxury of exceptional single-story flats amid the incomparable beauty of Arizona's McDowell Mountains. This rare and unique offering of spacious, open-concept residences affords the very best of all possible worlds, close to the cosmopolitan conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert behind the gates of the truly iconic upscale private

9147 N Kober Road Paradise Valley, AZ 85253

$7,650,000
6 Beds
9 Baths
8,522 SqFt
Status Active
MLS # 6758594
Property Type Single Family Residence
Price Type --
Welcome to this privately gated modern luxury estate, set on 1+ acres in the heart of Paradise Valley. Designed for the discerning buyer, this residence offers expansive ceilings & abundance of natural light throughout. Featuring a 30'+ pocket door for true indoor/outdoor living open to the huge covered patio. Wide open floor plan leads to a secluded primary retreat with a private office, steps from sparkling pool & spa. An entertainer's dream, the home boasts an impressive kitchen with a separate prep kitchen, plus an outdoor kitchen & bar for alfresco dining. Spacious ensuite guest bedrooms, large upstairs great room/game room area, a private theatre, a separate guesthouse with garage, pool house, workout room & multi-sport court offering tennis, pickleball & full court basketball.

6809 E Doubletree Ranch Road Paradise Valley, AZ 85253

$7,645,000
6 Beds
6.5 Baths
7,424 SqFt
Status Active
MLS # 6777658
Property Type Single Family Residence
Price Type --
Introducing a residence which combines the beauty of mediterranean design with the elegance of transitional styling. Total remodel just completed at huge expense featuring the finest finishes, fixtures and craftsmanship available. The home is accessed by a large inner courtyard and immense double front doors lead you into a home of immense quality. The dramatic juxtaposition of modern and traditional is evident with carved stone fireplaces and exposed beam ceilings sitting on new hardwood and tile floors. Featuring formal and casual spaces the heart of the home is a bright open plan living room, dining and stunning sleek gourmet kitchen. The exceptional primary bedroom boasts unique venetian plaster walls along dual bathrooms and closets. The main home includes 4 additional bedroom suites all with bathrooms and one currently used as an office. The rear yard offers outdoor cooking, dining and relaxing around the classic swimming pool and spa. The residence is complete with a spacious guest house beside the pool. Updated without compromise, this home delivers a luxurious lifestyle.

11155 E Honda Bow Road Scottsdale, AZ 85262

$7,600,000
5 Beds
6.5 Baths
7,527 SqFt
Status Active
MLS # 6779792
Property Type Single Family Residence
Price Type --
Experience unparalleled luxury with this extraordinary property—a masterpiece of worldly design and artistry. Nestled at the top of an elevated panoramic site in The Reserve at Apache Peak, this home is a true showpiece crafted by elite artisans, master craftsmen, and expert metal forgers. Sprawling over an expansive 7,500 square feet of living space every detail is a work of art, from the hand-carved wood, custom tile and stonework, and intricate mosaic art to forged metal accents, sparkling crystal chandeliers, and unique hand-painted murals. Stunning Venetian plaster walls, bespoke ceiling treatments with custom lighting, and whimsical touches create an elegant yet inviting Alcazar-inspired haven. Breathtaking vistas surround you from every corner of the property, while a thoughtful split floor plan offers privacy and comfort. The luxurious primary suite lies on one side, with two guest suites on the other, each designed with exceptional care. A separate guest house includes two additional ensuite bedrooms, a cozy den, a well-appointed kitchen, and a private patio, accessible by elevator from the garage or via a garden path. For leisure and entertainment, indulge in the billiards room with a wet bar or unwind by the tranquil fountain in the gated courtyard. A grand theater, complete with velvet curtains, surround sound, and oversized seating for eight, brings cinematic experiences to life. An elegant office nearby provides a quiet space for business needs. The formal living and dining areas invite relaxation with breathtaking views, a sunken wet bar, and a hand-carved Cantera stone fireplace. Step outside to the expansive patio, where you can enjoy alfresco dining, a heated pool, spa, and a soothing rock water feature. As evening falls, a softly illuminated desert path guides you to a secluded vantage point perfect for stargazing over the mountains and city lights as well as an in-ground fire feature with ample seating. Exclusive membership is available to the Desert Mountain Club and enhances the allure of this one-of-a-kind residence. Discover the ultimate blend of artistry, comfort, and mesmerizing scenery in a home that truly has it all.

7678 E Whisper Rock Trail Scottsdale, AZ 85266

$7,595,000
4 Beds
4.5 Baths
6,094 SqFt
Status Active
MLS # 6781913
Property Type Single Family Residence
Price Type --
Newly completed custom home sited on over 1.5 acres in Whisper Rock Estates * Exquisite execution by the dream team of Salcito Custom Homes and PHX Architecture * Mediterranean modern design with 4 bedrooms, 4.5 bathrooms, office, exercise room and a 4-car garage * This single-level home offers an open, great room floor plan with seamless indoor/outdoor living connected by a vanishing wall of glass * Enjoy panoramic views of Black Mountain from the heated outdoor living room * Finish details include wood plank flooring, marble and quartzite counter surfaces, custom cabinetry, custom wine wall, 5 fireplaces and custom lighting and plumbing fixtures * The outdoor living area includes a heated pool and spa, fire pit, covered living room with fireplace and built-in heaters, and an outdoor kitchen with a built-in barbecue and pizza oven * A gated, paver driveway and motor court completes the residence *

19920 W Verde Hills Drive Wickenburg, AZ 85390

$7,500,000
3 Beds
3.5 Baths
5,339 SqFt
Status Active
MLS # 6527404
Property Type Single Family Residence
Price Type --
Wickenburg's Premier Equestrian Estate on over 100 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 s custom built Rock Driveway. Custom designed & built detached Garage w/RV Bay. Guest Home, Horse Facilities.

15 Biltmore Estates Drive Phoenix, AZ 85016

$7,500,000
7 Beds
10 Baths
13,366 SqFt
Status Active
MLS # 6636402
Property Type Single Family Residence
Price Type --
This world-class 1-Owner residence at the Arizona Biltmore Estates was designed by Vernon Swaback, Architect/apprentice to Frank Lloyd Wright and is located on a 1.67 AC view lot on the Estates Course/formerly Adobe. The majestic and timeless home on its resort-like grounds features an extraordinary 2,100+ SF Great Room, recessed wet bar, Kitchen created for event catering, custom limestone columns and surfaces, copper details throughout, 2-powder rooms, Brazilian hand-scraped cherry floors, exceptional millwork, an outstanding Master Suite & spa room, wonderful study, workout room, tv/game. Meticulously built of metal stud walls, steel, topped with a distinctive copper roof and includes a live-in/nanny wing. Main house / 12,503 SF, Guest house / 863 SF or Total living area of 13,366 SF.

341 E Monte Vista Road Phoenix, AZ 85004

$7,500,000
6 Beds
10 Baths
8,225 SqFt
Status Active
MLS # 6766942
Property Type Single Family Residence
Price Type --
This unique Estate is one of a kind— showcasing a 100% retrofit and new build with the efficiency, technology and security of a modern 2022 Estate along with the elegance and prestige of a classically charming historic registered 1920's home. With more than 7000 sq feet of finished decks it's a perfect venue for upscale gatherings, grand events and raising your family. Upon entering through a stunning oversized glass pivot door, you're greeted by a chic glass floor walkway above with state-of-the-art custom accent lighting that leads you through expansive living areas. The heart of the home is a chef's kitchen designed for the most discerning culinary enthusiasts, featuring custom Heston refrigerators, a 17-element stove, and a custom wine refrigerator. The adjacent living room equipped with floor to ceiling folding glass doors provides an indoor/outdoor experience that captivates the modern yet timeless elegance of this magnificent estate. The wine bar, cigar/china room and sleek elevator add a touch of new age convenience to the home's historic character. Hand selected imported Burmese wood floors lead you to the dining area adorned with crystal chandeliers, all equipped with lift systems for easy cleaning. Guests may enter through the historic entrance greeting them an impressive backlit opal floor and custom spiral glass staircase. For relaxation, retreat to the master suite, complete with a hot tub on the private patio, a mini kitchen, and a wine room. Each bedroom features its own ensuite bathroom and independent AC zone. The property is also equipped with smart home technology throughout, making it easy to set the perfect ambiance for any event. Outside, the Malibu-style backyard features a vast pool with a swim-up bar, custom waterfall and tanning bubbler platform, white sand lounge areas, and an outdoor kitchen equipped for any occasion. Pool also features a spa and a cold plunge. A spa building with a steam shower, sauna, and locker room complements the lifestyle, while a gym with sliding glass doors offers an indoor-outdoor fitness experience. The guest house provides privacy for visitors, with a fully equipped kitchen, custom tile flooring, and sliding glass doors. Every inch of this home has been redesigned with both luxury and functionality in mind, from the hidden TV in the living room to the automatic wine bar and custom-built closets. With its 800-panel APS installation, all-new commercial-grade utilities, and smart home systems, this estate blends historic appeal with cutting-edge functionality. Advanced soundproofing insulation ensures serenity throughout. Reimagined for modern living, this distinguished estate is a work of art honoring the history of Phoenix, while offering the perfect balance of elegance, technology and comfort.