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

Last 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.

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6112 E Quartz Mountain Road Paradise Valley, AZ 85253

$6,995,000

6 Beds

9 Baths

9,372 SqFt

Status Active

MLS # 6620435

Property Type Single Family Residence

Price Type --

PRICE REDUCED $1.5M! This exquisite single-level property offers a blend of luxury and sophistication. Featuring 6 bedrms + 8 bathrms spread across its expansive 9,372 sqft, it showcases breathtaking views of Mummy Mountain, McDowell Mountain, + city lights. The guest casita, complete with a living rm, kitchen, bedrm, + bathrm provides a private retreat for visitors. The main house features 5 ensuite bedrms, a gym, media rm, library, + flex rm ensuring a perfect balance of comfort + entertainment. The spacious chef's kitchen with large white quartzite island also features an additional full catering kitchen. Floor-to-ceiling windows + sliding pocket doors seamlessly merge indoor + outdoor living, while the zero-edge pool, spa, artificial turf + magnificent views create a resort-like oasi $1 MILLION PRICE REDUCTION!!!

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4645 N 56th Street Phoenix, AZ 85018

$6,995,000

5 Beds

5.5 Baths

5,710 SqFt

Status Active

MLS # 6634116

Property Type Single Family Residence

Price Type --

Another masterpiece from Santorini Homes, one of the finest Luxury home builders in Arizona. Construction to begin early 2024, so to put your touches on this beautiful mountainside home you must hurry. Santorini was also the developer of this 3 home subdivision, this home is destined to be another classic home with 5,710 sq ft, a 4 car garage, pool, pickle-ball court, and stunning views of Phoenix. Centrally located to all the best attractions in the Phoenix/Scottsdale/Paradise Valley areas, this new home will exude class and sophistication for decades to come

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9926 E Kemper Way Scottsdale, AZ 85255

$6,995,000

4 Beds

5 Baths

6,649 SqFt

Status Active

MLS # 6704911

Property Type Single Family Residence

Price Type --

Welcome to Silverleaf Arcadia's European inspired masterpiece home situated at the top of the cul de sac and surrounded by lush park like landscaping featuring 4 bedrooms and 5 bathrooms. The ideal layout for entertaining, with soaring 20 foot+ ceilings, a large great room open to the gourmet kitchen featuring both a breakfast room and formal dining plus a butlers pantry. The main level owners suite features a beautiful fireplace, and a large bathroom with his and hers vanities plus a walk in closet with custom cabinetry. Upstairs features 2 bedrooms, 2 bathrooms a game room and movie room plus fabulous oversized patio with beautiful mountain and sunset views. The guest casita has a fabulous private entry, beautiful kitchen and living room plus two large guest bedrooms. Plus a Brand new laundry/craft room with amazing storage and island. Step outside to a beautiful outdoor patio with large fireplace and outdoor kitchen. The sparkling pool with spa and water feature add beauty and the hidden wall of fire behind the pool dazzle for evening entertaining. Plus a splash pad for days the kids or pups want to Cool off and play. The park like back yard offers several patios with private water features and more incredible views.

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6800 E Caballo Drive Paradise Valley, AZ 85253

$6,975,000

5 Beds

7 Baths

8,866 SqFt

Status Active

MLS # 6746023

Property Type Single Family Residence

Price Type --

This distinguished residence, inspired by the elegance of Santa Barbara and situated in the heart of Paradise Valley, epitomizes luxury with its unparalleled finishes on a secluded and verdant corner lot. The property exudes an impressive street presence, drawing you in with its meticulous details and sophisticated design from the moment you arrive. Inside, the home boasts dramatic high ceilings adorned with custom elements, new designer lighting, and pristine white Venetian plaster, creating an immediate sense of grandeur. The interiors are further enhanced by exquisite stone and wood flooring, Cantera stone fireplaces, and custom furniture-grade cabinetry, all contributing to an ambiance of refined luxury. The formal living and dining areas seamlessly transition to a gourmet kitchen and family room, which features an updated wet bar. Additional highlights include a charming powder room and an 800-bottle wine room, both serving as elegant finishing touches. The ground floor is dedicated to a luxurious owner's retreat, complete with a spa-like bath, expansive dressing areas, and custom-built cabinetry, offering an unparalleled sanctuary. Also on the first level is a fully appointed guest suite, featuring a separate living area, bedroom, and full bath, ensuring a private and comfortable experience for visitors. The well-designed home theatre, equipped with custom paneling and a full bath, adds to the entertainment options available on this floor. A grand foyer staircase leads to the second level, where guest accommodations include a loft corridor overlooking the family room and kitchen. This level offers an ensuite bedroom with a full bath, an additional bedroom with a bath, and a versatile game room and additional laundry-room. The property also features a fully appointed guest house, which includes a spacious living room, kitchen, half bath, bedroom with a full bath, and laundry facilities ideal for live-in family members or long-term guests. The expansive backyard is designed for entertaining and relaxation, featuring ample covered patio space, a refreshing pool and spa, a BBQ area, and lush, mature landscaping. This home is a paragon of elegance and embodies the quintessential Paradise Valley lifestyle.

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4350 N Jokake Drive Scottsdale, AZ 85251

$6,975,000

5 Beds

5.5 Baths

6,750 SqFt

Status Active

MLS # 6716654

Property Type Single Family Residence

Price Type --

This is a very special home created by long time Arcadia builders Mike and Kim Krogh. The lush acre plus lot is one of the best in the neighborhood with exceptional curb appeal and a backyard that is the depth of an actual football field with a new pickle ball court and adjacent shaded ramada to relax under between games. Every surface in the home is brand new, and the modern architecture perfectly combines elegance and comfort with clean lines and fresh finishes at every turn. The neutral palette and perfectly placed splash of color create organic beauty and a truly serene vibe. The double island kitchen is exquisite, the living spaces are exceptional, all the bedrooms and baths are beautiful and the unique designer finishes include wood flooring, artistic tile, marble, quartz, wood

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26761 N 98th Way Scottsdale, AZ 85262

$6,950,000

4 Beds

5 Baths

7,106 SqFt

Status Active

MLS # 6665458

Property Type Single Family Residence

Price Type --

An extraordinary property nestled just under Pinnacle Peak on the highest lot in Estancia * A exceptional example of tradition, charm & elegance designed by Jeff Biever and built by Bob Byrd * Split floor plan with a large master suite that includes a sitting area and office * Beautifully landscaped hillside setting with a negative edge pool that spills toward spectacular city light, mountain and golf course views * Interior details and materials include travertine and flagstone flooring, granite and marble surfaces and hand-carved doors and cabinetry * A separate entrance guest house with kitchenette completes the residence *

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5400 E Valle Vista Road Unit 6 Phoenix, AZ 85018

$6,950,000

5 Beds

6.5 Baths

10,519 SqFt

Status Active

MLS # 6765140

Property Type Single Family Residence

Price Type --

Highest Home on the south of Camelback with spectacular vistas. Very private gated estate sits on almost 3.5 acres. 10,500+ sf of living, 7 car garage, 12,000+ sf patios with magnificent views floating over Phx & Scottsdale. Main house includes huge master suite, gym, theatre room, wine cellar, billiards rooms, office & 2 very large private guest suites. Negative edge pool & hot tub, BBQ, perfect for entertaining. 2B/2BA Guest home large w/living room & full kitchen. Property also has an art studio, workshop, & storage. An opportunity to do a light remodel but value is in the land. Build a trophy estate on Camelback with the city allowing 37,000+ sf of lot disturbance and little to no pad prep to build the ultimate estate.

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6717 E Solano Drive Paradise Valley, AZ 85253

$6,950,000

4 Beds

5.5 Baths

6,425 SqFt

Status Active

MLS # 6784399

Property Type Single Family Residence

Price Type --

This beautiful home of almost 7000 sq ft located in the heart of Paradise Valley, is an entertainers delight. In 2022 with the addition of over 3000 sq feet to the original homes footprint, the design team at Legacy Remodeling have created an exceptional home that boast both luxury and comfort. As you enter the home you are greeted by a beautiful outdoor courtyard with a fireplace and water feature both imported from France. No detail has been overlooked in this stunning kitchen with butler pantry. From the Wolfe, Cove and Subzero appliances to the bookmatched quartzite countertops, this dream kitchen has it all. The formal dining room located off the kitchen has wall to wall sliders on 2 sides of the room that open all the way to give you the feeling of dining al fresco. Take the elevator or stairs to the primary suite, with a balcony and gorgeous views of Camelback Mountain and the infamous Praying Monk. The primary bathroom has a washer and dryer conveniently located so no need to bring laundry up and down. The oversized steam shower is the highlight of the bathroom. The original homes footprint has 2 bedrooms along with a very large family room with a wood burning fireplace and game room. A new wine room was built with glass doors and a high top table to entertain your friends and family. The home also has a greenhouse room for indoor gardening. The backyard has a large outdoor cooking area and bar with plenty of seating. There is a putting green, pool and a ramada with an outdoor fireplace along with another gas firepit with bench seating around it. Enjoy the stunning views of Camelback Mountain and the beautiful Arizona sunsets while outdoors in this relaxing and serene backyard.

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4116 E Mountain View Road Phoenix, AZ 85028

$6,950,000

7 Beds

7.5 Baths

7,427 SqFt

Status Active Under Contract

MLS # 6691499

Property Type Single Family Residence

Price Type --

Experience the pinnacle of luxury living with this extraordinary new construction estate, where every detail exudes unparalleled craftsmanship and sophistication. A harmonious blend of timeless elegance and contemporary grandeur. Designed to captivate the senses, the architectural brilliance of this estate is shown in every detail, from the majestic facade to the spectacular interior spaces. Just wait to experience the game of lights and the impressive LED designs. Expansive and bright living space open to a state of the art kitchen. Absolute culinary masterpiece with top of the line appliances, quartzite counters, custom cabinets, designer lights and fixtures. A second island for dining purpose available to be installed if Buyer wishes. Generous fully equipped butlers pantry adjacent to the kitchen. The heart of the home is a glorious contemporary fireplace dividing the space to offer versatility. Store your wine collection in the oversized climate controlled wine vault. The primary suite offers a wealth of luxurious amenities. 2 water closets, 2 custom walk-in closets, colossal multi-head shower room, soak-in tub. From your bed you get to enjoy the breathtaking views of your resort style backyard. All bedrooms are huge with their own lavish en-suite bathrooms located near a second living room. Wait to see the casita - elegant and private with full kitchen, laundry room, private entry and access to the garage and backyard.The outdoors space is every entertainer's dream - fireplaces to bring all the drama, Caribbean water color heated pool&spa, shower, turf and real grass, pickleball & basketball court, outdoor kitchen. Oh and those mountain views & stunning Arizona skies. Speaking of views, go up to the overlook deck and marvel at the serene beauty and awe-inspiring city lights and dreamy mountains. Landscaping is a perfection- a flawless symphony embracing the charm of the enchanting Sonoran desert. Highest tier energy efficient home.Prime location near A+ rated schools, fine dining, hiking, shopping, resorts. Easy access to 51 freeway that can take you to sought after venues within minutes.

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5525 E Lincoln Drive Unit 124 Paradise Valley, AZ 85253

$6,935,000

4 Beds

4.5 Baths

4,068 SqFt

Status Active

MLS # 6783044

Property Type Single Family Residence

Price Type --

Nestled in the prestigious Mountain Shadows Estates West of Paradise Valley, this luxurious 4-bedroom, 4.5-bathroom residence offers unparalleled elegance with breathtaking views of Camelback Mountain and direct access to the Mountain Shadows golf course, located on the scenic 10th hole tee box. Designed with meticulous attention to detail, this home seamlessly blends modern amenities with timeless sophistication. The expansive floor plan is anchored by a gourmet kitchen, featuring premium appliances, a large island, and custom cabinetry—perfect for entertaining. Throughout the home, large windows capture the stunning natural beauty of the surrounding landscape, filling the interiors with abundant natural light and showcasing the iconic Camelback Mountain views. Outside, the beautifully landscaped backyard offers a serene oasis with a covered patio, perfect for enjoying Arizona's breathtaking sunsets. The home also includes a three-car garage and ample storage space. Residents can gain access to the Mountain Shadows Resort, located just moments away. Indulge in world-class amenities, including fine dining, a luxurious spa, a state-of-the-art fitness center, and a resort-style poolall within the resort's sophisticated, serene setting. Don't miss the opportunity to own this exquisite property in Mountain Shadows Estates West. Listing Agent and Co-Listing Agent have a financial interest in the property (see documents tab for disclosure).

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18720 N 101st Street Unit 3017 Scottsdale, AZ 85255

$6,900,000

5 Beds

5.5 Baths

5,534 SqFt

Status Active

MLS # 6635509

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 community of Silverleaf. An exquisite 5 BEDROOM CONDOMINIUM WITH BREATHTAKING VIEWS. With a total of 5,534 square feet, this contemporary yet timeless residence offers a spacious open floor plan and luxurious living. The expansive exterior patio offers plenty of room for entertainment while the interiors are meticulously crafted with high-end finishes and upscale details. Four parking spaces are included with this home along with two ample storage units. 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.

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7714 N Calle Caballeros -- Paradise Valley, AZ 85253

$6,900,000

6 Beds

7 Baths

8,369 SqFt

Status Active

MLS # 6773494

Property Type Single Family Residence

Price Type --

This stunning estate in Paradise Valley greets you with dramatic landscaping and lush lawns, effortlessly merging timeless charm with modern sophistication. Spanning 8,369 sq ft, the main house and separate casita are designed with meticulous attention to detail, featuring a barrel-vaulted herringbone brick ceiling in the kitchen, hand-carved wood beams in the living room, beautiful arched hallways, and exquisite stone and wood flooring throughout. Transform movie nights with the lavish custom theater and game room, ideal for gatherings with family and friends on warm summer days. Retractable glass walls in both the family and living rooms open to a resort-style backyard, complete with two custom cabanas overlooking a glass-tiled pool and expansive lawn. The primary suite, nestled in its own private wing, offers a cozy sitting area, an ultra-luxurious bath, custom his-and-hers closets, an exercise room with a wet bar, and a secluded patio. Down the grand arched hallway, you'll find the formal dining room adjacent to a wine cellar, as well as an impressive office featuring coffered wood ceilings and its own private patio.

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