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.

8877 E Charolais Drive Scottsdale, AZ 85262

$5,995,000
3 Beds
4 Baths
6,028 SqFt
Status Active
MLS # 6769366
Property Type Single Family Residence
Price Type --
Stunning contemporary elevated hillside estate home with outstanding Valley and mountain surround views from every room, on 18 acres in gated community of Carefree Ranch Homesteads. Private electronic gate opens to a long level driveway with a 62' turnaround and extra parking for easy maneuvering into a double-sized RV garage. Wet bar with full size refrigerator. two dishwashers, disposal and large wine chiller. Theater and sound system with state of thee art electronics and ten foot screen. Dining room has a built in lazy susan table for 8, with warming drawer and buffet. Kitchen includes two dishwashers and a warming drawer. Spacious complete guest house with great views, living room and full-size kitchen appliances including washer/dryer. Motor shades, inside and out, Lutron lighting. Floor to ceiling windows provide xpansive views with North, South and East exposures. There are a few steps throughout this virtually one level home. Up to 4 horses allowed on the property. Additional features: 3 Bedrooms & 3 Half Baths, Manned Gate at Community Entry, Camera at private front gate, Lightning Protection System, 2 BBQ's, 4 HVAC Zone (and multiple thermostats), Internet by Air Fiber, Currently Dish Network, Propane hot water heaters, Water purification system, 1000 gallon H2O tank, Pest tubes built in, RV dump station, Full workshop area with sink and half bath, Up to 9 cars without stacking, Stackable RV garage, Room for 2 RV's, boats or all terrain vehicles.

10902 E Winter Sun Drive Scottsdale, AZ 85262

$5,995,000
4 Beds
6 Baths
7,649 SqFt
Status Active
MLS # 6768884
Property Type Single Family Residence
Price Type --
THERE IS A FULL GOLF MEMBERSHIP AVAILABLE subject to the club bylaws and membership approval. Amazing Estate home with two room detached casita in the guard gated Mirabel Club Community built on two lots with a gated driveway entering into a large motor court with 6 plus garage bays. The back of the home faces straight southwest with impressive city light, mountain and sunset views. In addition to the 3 ensuite bedrooms in the main house plus two half baths there is an expansive two room detached guest house, a large exercise studio or second office, theatre room with a full sit-down bar, plus a library/office with gorgeous built-in cabinetry. The furnishings and golf cart are available under separate bill of sale. Truly a one-of-a-kind property with room for all the toys and family.

5941 E Lafayette Boulevard Phoenix, AZ 85018

$5,995,000
5 Beds
5.5 Baths
5,181 SqFt
Status Active
MLS # 6776182
Property Type Single Family Residence
Price Type --
Discover the epitome of luxury in ARCADIA PROPER with this stunning NEW Desert Transitional masterpiece by Thomas James Homes. This pre-construction opportunity invites you to customize select interior finishes, allowing you to infuse your personal style into this architectural gem. This residence effortlessly merges modern elegance with practical living. Designed on a grand single level, the home boasts 5 expansive bedrooms and 5.5 bathrooms, each bedroom an ensuite with walk in closet. As you enter, you'll be greeted by a thoughtfully designed interior featuring wide plank wood flooring, custom lighting, and a dramatic floor-to-ceiling fireplace that serves as the centerpiece of the living area. An attached casita will serve your guests well. The gourmet kitchen is a chef's dream, equipped with premium amenities and top of the line Wolf/Sub Zero appliances. Complete with a prep kitchen, ample pantry, pot filler, warming drawer, and double dishwashers. Beyond the main living spaces, the home includes a versatile bonus room and a cozy den or office space. The outdoor spaces are equally impressive, with meticulously landscaped front and back yards that include a luxurious pool and spa, perfect for enjoying the Arizona sunshine and taking in the views. Situated just minutes from upscale dining, shopping, and entertainment, this residence offers both convenience and an exclusive lifestyle. With the opportunity to personalize key elements, this is your chance to create the home of your dreams. Completion is anticipated for Late 2025 -don't let this opportunity pass you by!

19481 N 98th Place Scottsdale, AZ 85255

$5,995,000
4 Beds
4.5 Baths
5,587 SqFt
Status Active
MLS # 6781840
Property Type Single Family Residence
Price Type --
Welcome to this stunning luxury home located in the prestigious Silverleaf community of Scottsdale. This immaculate residence boasts high-end finishes and breathtaking desert views, creating the perfect retreat for those seeking elegance and comfort. The spacious open floor plan is ideal for entertaining, with a gourmet kitchen featuring top-of-the-line appliances and a grand living area that opens up to a beautiful outdoor oasis complete with a sparkling pool and spa connected to a large man cave! The master suite is a true sanctuary, offering a private patio overlooking the picturesque landscape. With designer touches throughout and proximity to world-class amenities, this exquisite home truly embodies sophistication in one of Scottsdale's most coveted neighborhoods.

9701 E Happy Valley Road Unit 10 Scottsdale, AZ 85255

$5,995,000 - 5Br/5Ba -  for Sale in The Peak, Scottsdale
Open House
$5,995,000
5 Beds
4.5 Baths
5,745 SqFt
Status Active
MLS # 6758072
Property Type Single Family Residence
Price Type --
Move-In Ready! Extraordinary opportunity to bypass new construction build time! A magnificent 'jewel-of-the-desert' resort-style residence awaits you on a signature 4.5 acre homesite, commanding unobstructed, majestic Pinnacle Peak & forever City Light Views. Experience the allure of a completely reimagined & designed Salcito estate (finished 2024) that epitomizes timeless style in prestigious North Scottsdale - one of the most desirable destinations in the Valley. Amidst an enchanting saguaro-studded landscape & botanical desert oasis, is your opportunity to experience an unparalleled Arizona estate, seamlessly blending refined elegance with beautiful contemporary style & finishes. See SPEC SHEET details for every modern convenience & amenities - what you would expect in a luxury setting With 4.5 acres of flat developable land, there is plenty of room to expand more livable area with a detached casita, addl garage areas (auto-storage/car display), a pickleball or a tennis court, with HOA & City of Scottsdale approvals, permitting process. As you wind your way up the tree-lined paved driveway, a profound sense of arrival envelops you. The Peak 10 stands proudly within the secure confines of The Peak gated community, with 360-degree panoramic views, from the majestic Pinnacle Peak and surrounding Troon and McDowell Mountains, the sweeping vistas extend to glittering city lights below and vibrant sunsets. Every glance offers a monument to nature's grandeur and the height of sophistication. Step inside and be transported to a realm where modern design meets refined living. With over 7,900 square feet under roof, this residence has been meticulously re-envisioned inside and out with a desert-neutral palette and premium finishes that elevate your senses. The grand glass entryway welcomes you with a flood of natural light, highlighting a see-through marble-encased fireplace and a custom LED-lit floating wood and steel staircase. An enclosed elevator ensures effortless access to the private upstairs guest quarters area, where guests will revel in their own luxurious retreat. The heart of this home is a culinary masterpiece - a kitchen that seamlessly marries beautiful form and function. Equipped with top-of-the-line Thermador appliances, a striking ijen blue quartzite waterfall island, and pristine white crystal quartzite surfaces, this kitchen is as practical as it is breathtaking to behold. Adjacent to the kitchen, the entertainment area with illuminated crystal quartzite bar and backsplash, a glass-encased wine display provides the perfect setting for unforgettable gatherings and daily living. Indulge in a luxurious setting of over 1,650 square feet of shaded outdoor living space. The resort-style backyard features a linear aquamarine pool and spa, framing an awe-inspiring backdrop of Pinnacle Peak. Imagine mornings spent sipping coffee outdoors by the fire-table or evenings enjoying cocktails as the flames of the gas-burning fire-rock feature dance against the twilight sky. The full outdoor kitchen area stands ready to host your most festive celebrations. Privacy and tranquility define this desert sanctuary, yet you are mere moments away from Scottsdale Airpark FBO with world-class aviation services and amenities. Indulge in Scottsdale's vibrant culinary scene, luxury shopping, and world-renowned golf courses. The Peak 10 is more than a home - it's a destination where every day feels like a luxurious retreat. Don't miss this extraordinary opportunity to own a residence that is not just a place to live but a testament to the finer enjoyment of life. For a comprehensive list of features and amenities, please refer to the detailed Feature/Spec Sheet. Experience Peak 10. Elevate your lifestyle to new heights.

5815 N Kiva Lane Paradise Valley, AZ 85253

$5,990,000 - 4Br/5Ba -  for Sale in Mcdonald Estates, Paradise Valley
Open House
$5,990,000
4 Beds
4.5 Baths
4,305 SqFt
Status Active
MLS # 6776483
Property Type Single Family Residence
Price Type --
For the refined buyer seeking exceptional craftsmanship, exquisite finishes, and a serene home with enduring grace and effortless comfort. Experience timeless sophistication in this one-of-a-kind Desert Jewel Box, ideally located in the heart of Paradise Valley, with breathtaking views of Camelback Mountain, the McDowell Mountains, Four Peaks, Mummy Mountain, and the Phoenix Mountain Preserve. Designed by acclaimed architect Susan Biegner of Biegner-Murff and expertly constructed by Nance Construction, this home showcases impeccable artistry and attention to detail, from its hand-applied lime wash to the steel windows, doors, and custom plaster fireplaces. Enter through the front courtyard into the formal living room, where sweeping views of Camelback Mountain and the iconic Praying monk greet you. The backyard oasis, complete with a sleek linear pool and lush landscaping, serves as the perfect focal point, visible from nearly every room. Sunlight pours over French Oak floors, creating an inviting and spacious atmosphere throughout the home's open floor plan. The family room, featuring a unique hand-plastered fireplace, flows seamlessly into the chef's kitchen, which boasts marble countertops, a waterfall island, a Sub-Zero refrigerator, and a La Cornue range. The kitchen overlooks the tranquil center courtyard, complete with a water feature and an Orchid tree, adding to the home's serene ambiance. Retreat to the primary suite with its spa-like bathroom, offering stunning views of Camelback Mountain, dual vanities, a glass-enclosed shower, a soaking tub, and an expansive walk-in closet. Each secondary bedroom includes en suite bathrooms, and the office or fourth bedroom features a private entrance from the center courtyard. The exterior grounds provide both privacy and space, with lush lawns, desert landscaping, and a sparkling pool with steps leading to a submerged spa. Whether relaxing under the ample shade or enjoying the desert's endless sunsets and starlit skies, this Paradise Valley home is an extraordinary retreat.

160 N Country Club Drive Phoenix, AZ 85014

$5,975,000
5 Beds
5.5 Baths
5,777 SqFt
Status Active
MLS # 6786539
Property Type Single Family Residence
Price Type --
Blending timeless elegance with modern sophistication, Villa Sereno masterfully combines historical charm with contemporary design. With refined, simplified ornamental details, a graceful gable roof, and a Zaguan-inspired entry, this home creates a seamless connection between indoor and outdoor living. Every thoughtfully crafted corner offers a peaceful retreat, transforming the property into a serene sanctuary. Situated in a tranquil, sought-after location on the 14th green of the prestigious Phoenix Country Club, the 0.64 acre estate offers unobstructed views down the entire parkland-style course. The home comprises 5,777 livable square feet and 8,713 sf under roof and includes a 4-plus car, 1,515 sf garage and separate Casita. Discover something truly special.

1392 Moqui Drive Happy Jack, AZ 86024

$5,950,000
8 Beds
10 Baths
8,144 SqFt
Status Active
MLS # 6768570
Property Type Single Family Residence
Price Type --
Welcome to Northern Arizona's premier Log Ranch. Over 8,000 sqft on 120 acres offering privacy and breathtaking panoramic views. Arrive under an illuminated porte-cochère, and you're greeted by expansive terrace views and a profound sense of peace—an experience reserved for only a fortunate few. Featuring 150-year-old hardwoods sourced from an old whiskey factory and stunning beamwork reclaimed from a shipwreck. Relax in an observatory room with a retractable roof, perfect for stargazing. The kitchen has granite countertops, a commercial-grade range, and both casual and formal dining areas. Outdoor amenities include fire pits, a swim spa, and a flagstone patio for serene relaxation. With a private well, solar system, and generator, this retreat is self-sufficient and luxurious.

4601 N 49th Place Phoenix, AZ 85018

$5,950,000
5 Beds
5.5 Baths
5,764 SqFt
Status Active Under Contract
MLS # 6766330
Property Type Single Family Residence
Price Type --
In the heart of Arcadia proper, the most exclusive and desirable neighborhood in Phoenix, this modern farmhouse built in 2017 is the perfect family home. Featuring 5764 sqft on .61 acres (all one level, no interior steps), the masterfully designed floorpan offers 5 bedrooms, 5.5 bathrooms, formal & informal entertaining areas, an office, & a playroom/flex room (playroom can easily be converted to a 6th bedroom). The enchantment begins at the curb where a lovely brick walkway leads to front courtyards including a picture-perfect outdoor living room with a very special exterior fireplace. Upon entering, take in the warmth of the textures from hardwoods to brick accents, hand-cut beams and tasteful wall paneling. The great room is the heart of the home with abundant space for entertaining, dining & lounging. The chef's kitchen features designer finishes, requisite appliances (Sub Zero, Wolf), and a bar with gravitas. The lush backyard offers views of Camelback Mountain, a saltwater pool, spa, outdoor kitchen, plus plenty of grassy areas for play. The primary suite with a private den is a romantic escape at the end of the day. Other pertinent details include: Control 4 home automation and speakers inside & out. Owned 18.72 kW solar added in 2022 (near net zero) with integrated battery system. 3-car garage with huge workshop area and Tesla charger. Perfectly located equidistant (3 miles) to Old Town Scottsdale and also the Biltmore, Arcadia offers suburban charm with urban convenience. There is a unique sense of community here where neighbors strolling and biking is the norm. Walk to Hopi Elementary School and only 1.7 miles to Phoenix Country Day School. 6.2 miles to Sky Harbor Airport and 11.6 miles to Scottsdale Airport.

5201 N Saddle Rock Drive Phoenix, AZ 85018

$5,950,000
5 Beds
5 Baths
6,179 SqFt
Status Active
MLS # 6761732
Property Type Single Family Residence
Price Type --
Welcome to White Gates, an elevated Arcadia Hillside acre estate, located in the glow of Camelback Mtn with city skyline & sunset views. Built ground up with the highest attention to detail, quality construction & the intention of capturing gorgeous views in every room, this home has it all. This nearly 6200 SF home was recently renovated in 2022 with a fresh design & luxury interior that seamlessly blends a calm CA feel while embracing the beauty of the AZ desert. You'll feel worlds away from the hustle in this private Santa Barbara style 5 bedroom 5 bath home, located in Hopi school district on the south slope of Camelback. Arrive to find the most welcoming arched front entry & private landscaped courtyard featuring detailed brick ceilings, herringbone pavers & one of 5 fireplaces. Enter through a grand arched wooden door to find a Foyer featuring a floor to ceiling arched window revealing views of Camelback Mtn, a gorgeous fountain & green manicured backyard. The Living room with gorgeous wood beams, wood floors, floor to ceiling French doors & a stately Canterra fireplace opens up to the bright & beautiful Family Room. The main house offers 4 bedrooms, 4 baths, a formal Living Room, formal Dining Room, Family Room, Bar, 800 bottle temperature controlled Wine Cellar, elevated designer Kitchen & round Breakfast Room w north courtyard access, Pantry, spacious Theater, two covered terraces for outdoor entertainment & two custom Laundry Rooms. Each oversized bedroom has its own private view plus rich wooden French doors, custom curtains, high ceilings, wood floors & walk-in closets. City skyline & Camelback Mtn views are absolutely unmatched from the hotel style Primary Suite, a serene room with cathedral ceilings, custom lighting, custom curtains, gas fireplace, TV, coffee bar, walk-in custom closet, flex office space & laundry room. Experience unparalleled city views from the newly renovated Primary Bath, offering two vanities, large vanity mirrors, custom lighting, tiled floors, tiled walk-in shower & a spacious Kohler bathtub w brass hardware. You can wow your friends in the covered outdoor view Terrace which captures 360 degree views and offers the best entertainment around the outdoor gas fireplace, TV & outdoor bar. Enjoy more Camelback views from the Dining Room, the Kitchen, the Breakfast Room & even the Laundry Room. The Kitchen comes fully loaded with an oversized granite island, travertine floors, high-end stainless appliances, 2 dishwashers, a 6 burner gas range, double ovens, custom Canterra hood, 2 beverage drawers, a built-in warming drawer & microwave, 2 sinks, custom cabinetry, 3 pull out trash cans & a built-in breakfront perfect for your china. Off the Kitchen, you'll find a fabulous beamed outdoor dining space with gas fireplace & a fabulous outdoor Kitchen featuring a Green Egg smoker, large 4 section infrared grill, built-in beverage cooler, sink, lighting & counter seating. Walk through the covered breezeway to the attached one bedroom one bathroom Casita which is well equipped with it's own spacious bathroom, kitchenette, walk-in closet, storage closet & separate 1 car garage. Putt & chip on the new turf putting green, sit under the trees by the fire pit or enjoy ping pong in the outdoor covered game area. Two separate paver driveways allow for a grand front entrance & a side motor court entry to the 4 car garage w storage cabinets & temperature controlled storage room. Turf, grass & indigenous desert landscaping offer a low maintenance backyard with less water usage. Security cameras throughout. This incredibly special estate is one of a kind & truly offers an unparalleled tranquil experience of sunrises & sunsets that will make you fall in love.

6412 E Doubletree Ranch Road Paradise Valley, AZ 85253

$5,950,000
9 Beds
11 Baths
12,319 SqFt
Status Active
MLS # 6668086
Property Type Single Family Residence
Price Type --
Welcome to Casa Linda, a 1.74 acre oasis in Paradise Valley! This gated estate exudes a resort lifestyle with 3 pools, spa, sauna, sport court, and green landscape (on a drip system). Ideal for a car enthusiast, the property has a 4-car attached garage and a detached 6-car garage with RV drive-thru. An entertainer's dream, enjoy a chef's kitchen with Lacanche range, wine room, theater, game room, putting green and more. The main home features a split master wing, 3 add'l ensuite bedrms and separate office. The custom home boasts hand-carved doors, mosaics, ceiling murals and stone. A detached 5 bd/5ba guest house is great for long term guests or extra purpose rooms (exercise rm, second home office). Enjoy this retreat while being located minutes from Scottsdale's best dining and shopping!

28145 N 91st Street Scottsdale, AZ 85262

$5,950,000 - 6Br/8Ba -  for Sale in Merit Crossing, Scottsdale
Open House
$5,950,000
6 Beds
7.5 Baths
9,607 SqFt
Status Active
MLS # 6653911
Property Type Single Family Residence
Price Type --
This privately gated 9,607sf home presents an exceptional living experience. Its timeless interior features modern finishes, lux textures & expansive spaces, harmonized by the 7,000sf of French oak wide plank wood floors. The kitchen is equipped with state-of-the-art appliances, a spacious island for your culinary endeavors, and a stylish enclosed glass-walled 200+ bottle wine cellar. The main house has a 4-car garage, four ensuite bedrooms, two dens, a game room and a media room that seamlessly embraces your Arizona outdoor living. The guesthouse offers a private retreat and the stand-alone building with a studio apartment includes an air conditioned 2-car garage and a 4-car garage, perfect for the collector. Located in Merit Crossing on 3.8 acres with views of Pinnacle Peak Mountain. Architectural renderings for a future toy barn for the detached garage and studio are available on-site. Those yearning for a seamless transition into luxury living will appreciate the thoughtfully curated list of furnishings available on a separate Bill of Sale, ensuring a memorable turnkey experience. Upgrades: Concrete Tile Roof (2020) Painted- Exterior & Interior (2020) Two tankless water heaters (2020) HVAC (total-9) o