What’s Ahead For Mortgage Rates This Week – June 27, 2016

Whats Ahead For Mortgage Rates This Week May 18 2015Last week’s economic news was dominated by Great Britain’s vote to withdraw from the European Union. New and Existing Home Sales were released along with weekly reports on mortgage rates and new jobless claims.

“Brexit” Vote Tanks Stocks, Could Cause Lower Mortgage Rates

US stocks plunged in reaction to the news of Britain’s decision to leave the EU and the resignation of its Prime Minister. While investors don’t want to see their 401(k) values crash, mortgage rates may also fall as a result of “Brexit”. Fallout caused by economic uncertainty connected with Great Britain’s move to regain independence is expected to have lingering influence on global financial and economic developments in coming months and years.

Fed Chair Janet Yellen said in testimony before the Senate Banking Committee that Great Britain’s decision to leave the EU could have significant consequences. Chair Yellen’s comments were made prior to Friday’s announcement of Great Britain’s decision.

Existing Home Sales Highest Since 2007, Home Prices Continue Rising

According to the National Association of Realtors® May sales of pre-owned homes hit their highest level since February 2007. May’s seasonally-adjusted annual reading of 5.53 million sales fell just shy of analysts ‘expectation of 5.55 million sales, but exceeded April’s reading of 5.43 million sales. May’s reading represented a 1.80 percent increase in sales and a year-over-year increase of 4.50 percent.

Short supplies of available homes continued to drive up home prices according to NAR chief economist Lawrence Yun, who expressed concerns about affordability as home prices continued to outstrip wages and inflation. The national median home price was $239,700 in May, which was 4.70 percent higher year-over-year. Although first-time buyers typically represent about 40 percent of homebuyers, they currently account for 30 percent of homebuyers.

New Home Sales Fall in May

Sales of new homes slowed in May after jumping in April. According to the Commerce Department, sales of new homes fell by 6.00 percent on a seasonally adjusted annual basis. 551,000 new homes were sold against the expected reading of 560,000 new homes sold and April’s downwardly revised reading of 586,000 new homes sold. New home sales were 8.70 percent higher year-over-year in May.

Mortgage Rates Rise, Weekly Jobless Claims Fall

Last week’s mortgage rates don’t reflect the Brexit decision and rose slightly on Thursday. The average rate for a 30-year fixed rate mortgage was two basis points higher at 3.56 percent; the average rate for a 15.year fixed rate mortgage was also two basis points higher at 2.83 percent. The average rate for a 5/1 adjustable rate mortgage was unchanged at 2.74 percent. Discount points rose to 0.60 percent for a 30-year fixed rate mortgage but were unchanged at 0.50 percent for 15-year fixed rate mortgages and 5/1 adjustable rate mortgages.

What’s Ahead

Next week’s economic events include Case-Shiller Housing Market Indices, Pending Home Sales, Consumer Spending and Construction Spending

7175 E Camelback Road Unit 704 Scottsdale, AZ 85251

$3,199,000
2 Beds
2.5 Baths
2,284 SqFt
Status Active
MLS # 6694279
Property Type Apartment
Price Type --
Extremely unique high-rise condo in one of the most prestigious buildings in Scottsdale. This ~2,300 sq ft condo is the only one of its kind in the Scottsdale Waterfront, boasting both sunrise and sunset views from the approximately 1,400 sq ft 7th floor contiguous deck, on the quietest corner in the building, overlooking the canal and most of south Scottsdale. The views are a must-see and truly an incredible and rare find. Located in the heart of Old Town Scottsdale, across the street from Scottsdale Fashion Square Mall, walking distance to the Entertainment District, and too many fabulous restaurants to mention.

4849 N Camelback Ridge Road Scottsdale, AZ 85251

$3,195,000
2 Beds
3 Baths
2,294 SqFt
Status Active
MLS # 6563509
Property Type Apartment
Price Type --
Tucked at the base of revered Camelback Mountain, Ascent is a new, private residential enclave adjacent to The Phoenician Resort - one of Arizona's premier luxury resort destination. This community incorporates the Sonoran Desert landscape directly into its design, at the most enviable location in Scottsdale. Ascent offer views overlooking the Valley & Camelback Mountain. Home designs feature contemporary architecture integrating warm, natural materials, expansive windows, and large outdoor patios. Thoughtfully designed by Nelsen Architects and Vallone Interior Design. Luxury finishes include exquisite Bulthaup Kitchens, Provenza wood floors, Sub Zero Wolf appliances & 10' ceilings.

7117 E Rancho Vista Drive Unit 5003 Scottsdale, AZ 85251

$3,195,000
3 Beds
2 Baths
2,228 SqFt
Status Active
MLS # 6741140
Property Type Apartment
Price Type --
This incredible luxury renovation is expected to be completed by 12/20/2024. ***THE RAREST OF FEATURES IN ALL OF ARIZONA - ELEVATED & UNOBSTRUCTED CAMELBACK MOUNTAIN VIEWS*** Welcome to this legendary property at Optima Camelview Village, the award-winning luxury oasis. Featuring 3 Bedrooms + Study, 2 Baths and 2,228sqft. As an optimal residence, all beds, den and living areas showcase spectacular Camelback Mountain picture perfect views. Totaling 1,146 SF, both terraces are outlined in mature privacy hedges & boast panoramic westerly mountain and city views with the most incredible sunsets you can imagine. The 3 bedrooms all feature rare builder-installed sliding glass doors onto the 2nd terrace. Property comes with the two best parking spaces in the building & a storage unit All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Womens Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.

6097 N Paradise View Drive Paradise Valley, AZ 85253

$3,195,000
4 Beds
3.5 Baths
4,605 SqFt
Status Active Under Contract
MLS # 6742365
Property Type Single Family Residence
Price Type --
Welcome to Paradise! Nestled in the heart of Paradise Valley, this hillside home seamlessly blends serene luxury living and sweeping Camelback Mountain views with functionality. Built by the award-winning Cullum Homes, this residence sets the standard for quality construction, offering the latest in design and prime location. Features of note include stunning views of Camelback Mountain from every room, walls of glass, a spacious, open floor plan, an open and bright kitchen, and en-suite bedrooms. The large primary suite features an expansive closet and a versatile flex space, ideal for a workout room, study, or nursery. The outdoor entertainment spaces are perfect for hosting gatherings or simply to enjoy the tranquility of nature. With multiple covered patio areas, a stunning pool with a custom waterfall, spa, and a tranquil grassy space, this home truly has something for everyone. Offering the perfect size in the ideal location at an exceptional price. It is sure to impress even the most discerning buyers.

9197 E Bajada Road Scottsdale, AZ 85262

$3,175,000
4 Beds
5 Baths
4,244 SqFt
Status Active
MLS # 6749901
Property Type Single Family Residence
Price Type --
Membership available- Updated by Dick Lloyd Custom Homes, this single level jewel box desert retreat is located on a private cul de sac in Desert Mountains Village of Gambel Quail- featuring incredible sunset and surrounding mountain views, and some golf and night light views. Traditional Sante Fe-style exterior architecture melds with a contemporary interior including pristine travertine flooring, marble bathrooms, art spotlights, custom cabinets in kitchen and much more. The heart of the home is the large and open great room floor plan blending together lounging, dining, and gourmet kitchen with Miele appliances for all your entertaining spaces. The indoors spills out through large sliding glass doors to the outdoor living and dining room with 85 outdoor TV with heaters and kiva fireplace for cooler desert nights. Backyard also features large plunge pool, spa, pool bath, turf area, three-hole putting green and lush mature desert vegetation for a tranquil outdoor experience for all. The bedrooms offer privacy and space for all with master suite on one end of the home and three additional guest suites and office located on other wing. Entire home is wired for AV capabilities in all bedrooms and full home automation AV, lighting, cameras, garage doors. Home is equipped with solar and Tesla battery storage as well as large three car climate-controlled garage with plenty of storage. Home has been meticulously cared for with updates and warranties in place for roof, fridge, and HVAC. Truly a lock and leave home that can be accessed from any smartphone or iPad to open up or shut down. Please inquire for full list of updates. The location within Desert Mountain is ideal with close proximity to the front gate for easy access into town, as well as access to all other world-class amenities, including 7 golf courses, 7 clubhouses, and 20 miles of private hiking trails, promising an unparalleled lifestyle of luxury, leisure, and serenity. Embrace the Desert Mountain experience and make this extraordinary property your own.

1401 E Coral Cove Drive Gilbert, AZ 85234

$3,150,000
4 Beds
5 Baths
5,500 SqFt
Status Active
MLS # 6777180
Property Type Single Family Residence
Price Type --
Stunning Waterfront Executive beauty on 2 lots built originally by Gary Geitz w/$800k recent remodel! 380' of waterfront views, negative edge pool & spa + extensive travertine decking. Iincredible entertainer's kitchen, open shelving & huge quartz island that is flanked by 2 spacious living areas & onyx wet bar surrounded by windows overlooking the lake! Pet Room & 3 car garage + 2 car garage/shop w/2 double doors, 1 is open to lake. Elevator to 2nd floor bedroom, main floor primary suite w/fipl, Main floor guest suite! W/D in every bedroom! 2nd lot has 2 pickleball courts + cabana w/bath & storeroom- could build another home on 2nd lot! New roof 2024, New a/c's 2019. Incredible Val Vista Lakes clubhouse & amenities plus award-winning Gilbert schools & upscale dining & shopping close by

35425 N 37th Street Cave Creek, AZ 85331

$3,150,000
4 Beds
5 Baths
5,724 SqFt
Status Active
MLS # 6761079
Property Type Single Family Residence
Price Type --
This exquisite custom-built luxury home in Cave Creek, nestled on a 4.55-acre lot backing onto serene BLM land. This 4-bedroom, 5-bathroom masterpiece, built in 2014, boasts meticulous attention to detail and upgrades throughout. Custom iron doors, rich wood and travertine flooring, and Cantera stone accents. The gourmet kitchen features a Wolf appliance package, granite countertops, a built-in sub-zero fridge/freezer, & an expansive island. The bar/theatre room is a true entertainer's dream with a keg, ice machine, beverage fridge, & double bifold doors opening to the patio. Rooftop deck w/hot tub, outdoor grill, fireplace, and RV pad with dump station. Oversized 4-car air-conditioned garage, 4 Trane AC units, water softener, and foam under roof insulation. The lot is thoughtfully landscaped with an irrigated garden, a chicken coop, and fully established citrus trees. Ready for a pool with plumbing and electrical in place. Despite its secluded setting on 4.55 acres, offering unparalleled privacy and natural beauty, this luxury home is less than a mile from Carefree Highway and just minutes from Cave Creek's vibrant shopping and dining options.

10639 E Mark Lane Scottsdale, AZ 85262

$3,150,000 - 3Br/5Ba -  for Sale in Pinnacle Canyon At Troon North, Scottsdale
Open House
$3,150,000
3 Beds
4.5 Baths
4,299 SqFt
Status Active
MLS # 6778978
Property Type Single Family Residence
Price Type --
Exceptionally maintained and gracious Modern Pueblo home located on the 12th Green of the Monument Course. Pinnacle Canyon is a gated enclave of custom homes adjacent to the well-known Troon North Golf Club. Warm and inviting, this south-facing home has golf course views from almost every window. The backyard is designed for entertaining surrounded by mountain views during the day, brilliant sunrises in the morning and spectacular night skies. Offering 4,299 SF, this residence has 3 bedrooms - a spacious primary bedroom with two private baths and walk-in closets, a guest bedroom with 1 bath, and a guest casita with 1 bedroom and 1 bath. Additional living areas include formal living and dining rooms, a separate office, and a cozy family room with a gas fireplace. (continued) The custom kitchen has burl wood cabinets, 2 Sub Zero wine refrigerators, full-size Sub Zero refrigerator, Wolf gas cooktop and 2 Dacor ovens with a charming breakfast nook and a shared private patio with the guest bedroom. The centerpiece of this home is the large, fully-covered 32x22 foot travertine patio perfect for family gatherings or neighborhood parties. Professional landscaping surrounds the entire property, but the native desert garden is the showcase of the backyard and wraps around a heated pool and spa. Follow travertine paths through this desert botanical paradise to unique seating areas including a private dining patio and wood-burning fireplace. An over-height and extended 3-car garage with custom storage cabinets completes this exceptional property. Experience this special home filled with quiet elegance, high-quality finishes and architectural details. If you crave the color green on a manicured golf course, colorful sunrises and lush blooming desert flowers....all set against the rocky outline of Troon Mountain then....welcome home!

3711 N Hawes Road Mesa, AZ 85207

$3,145,000
5 Beds
5.5 Baths
7,371 SqFt
Status Active Under Contract
MLS # 6745053
Property Type Single Family Residence
Price Type --
Nestled in the prestigious Las Sendas Mountain Estates community, this stunning estate epitomizes luxury and tranquility. Offering seamless access to the Las Sendas Clubhouse & Golf Club and set against the dramatic backdrop of Tonto National Forest, this property is a showcase of exceptional design and refinement. Upon arrival, the grand entry gate and desert-accented motor court lead to a Cantera Stone courtyard, where a custom tile fireplace and elegant fountain set a sophisticated tone. The expansive covered patio and backyard invite you to revel in breathtaking west-facing views of the Arizona skyline and majestic mountain ranges beyond. Step inside to discover a blend of opulence and functionality: soaring 20-foot ceilings, honed stone flooring with herringbone accents, and a gourmet kitchen outfitted with a Wolf & Subzero appliances, multiple ovens, and two Miele dishwashers. The primary suite is a serene retreat with a hydro system jetted tub, complemented by an exercise room with a steam sauna. Unlock true entertaining for few or many with this estate's cinema screening room, dedicated wine room, and guest casita suite. This residence masterfully integrates indoor and outdoor living with retractable glass walls and a negative-edge pool and spa that enhance the outdoor experience. Car enthusiasts will appreciate the 4-bay garage, while the meticulously landscaped grounds provide a serene setting. Architectural details include domed and barrel ceilings, brick accents, and Venetian plaster interiors, all highlighted by Cantera stone pillars and metal bonnets. Spanning over 7,300 square feet, the estate is equipped with an advanced Control 4 home system, automatic Hunter Douglas blinds, and an intercom system for effortless living. The guest wing features en-suite bedrooms, walk-in closets, and a versatile common flex space. An optional Golf Club or Social Membership at Las Sendas adds to the allure. Experience unparalleled East Valley living with panoramic sunrises over Tonto Preserve and dazzling city sunsets.

6802 E Paradise Parkway Scottsdale, AZ 85251

$3,145,000
3 Beds
2.5 Baths
3,420 SqFt
Status Active
MLS # 6772740
Property Type Single Family Residence
Price Type --
Walking distance to Fashion Square Old Town. This 3 bed, 2.5 bath luxury estate offers breathtaking views of Camelback Mountain. With elegant, high-end finishes throughout, the home boasts premium features like a GE Monogram 6-burner cooktop with griddle, a Miele refrigerator, and luxurious leather-finished countertops. Beautiful porcelain tile is featured throughout the interior for a sophisticated touch. Energy-efficient upgrades have been thoughtfully selected to keep utility costs low. The backyard is truly an entertainer's dream, perfect for hosting gatherings or simply relaxing in style.

6311 E Phoenician Boulevard Unit 21 Scottsdale, AZ 85251

$3,135,000 - 2Br/3Ba -  for Sale in Ascent At The Phoenician Golf Villas, Scottsdale
Open House
$3,135,000
2 Beds
2.5 Baths
2,245 SqFt
Status Active
MLS # 6766726
Property Type Townhouse
Price Type --
This BRAND NEW, never occupied, single level townhome sits at the base of the iconic Camelback Mountain. Professionally decorated with a TURN- KEY furniture package, this home is move in ready! Ascent at the Phoenician Golf Villas is a private 24/7 guard gated community situated next to the Phoenician Resort. This meticulously custom designed and upgraded 2-bed, 2.5 bath villa is truly a one of a kind. The living room boosts a Basalt stone wrapped fireplace with beautiful lighted shelves and a 288-bottle temperature-controlled wine wall. The kitchen features a Bulthaup kitchen with quartz counters and Sub Zero Wolf appliances. Provenza wood floors and Rift oak doors throughout. Upgraded polished nickel kitchen and bath fixtures. Enjoy seamless indoor-outdoor living with custom sliding glass doors leading to a large, tiled patio with BBQ and grass yard with desert landscape. Take in the magnificent golf course views in every direction! The spacious upper-level covered terrace provides panoramic views of Camelback and Papago Mountains, along with the 1st and 9th holes on the Phoenician golf course. This Villa features 10-foot ceilings and with its modern elegance and breathtaking surroundings make it one most sought after luxury destinations in Arizona!

290 Thompson Road Sedona, AZ 86336

$3,125,000
8 Beds
7 Baths
3,645 SqFt
Status Active
MLS # 6742008
Property Type Single Family Residence
Price Type --
The Sedona Beach House.. Nestled where Oak Creek and Munds Creek gracefully converge, The Sedona Beach House offers a unique escape into nature's serene embrace. Imagine waking up to the soothing sounds of cascading mini waterfalls right outside your window. Below these gentle falls, the creeks merge into a clear, refreshing swimming hole, creating your own natural ''beach.'' - Approximately 105 feet of PRIVATE creek-front property right in your own backyard, mere steps from your back patio. The uniqueness of this arrangement, with 3 separate parcels and 3 separate homes, opens up a plethora of opportunities and uses for the new owner. These homes are all behind a power gate for even more privacy and seclusion. This is a stunning chance to own an escape in coveted Oak Creek Canyon! Surrounded by a lush canopy of trees, this haven is perfect for those seeking tranquility and a touch of adventure. Whether you're swimming in the crystal-clear waters, lounging by the creekside, or simply soaking in the serene ambiance, The Sedona Beach House promises a retreat like no other. Experience the beauty and peace of this hidden gem, where nature's soundtrack sets the tone for unforgettable memories. This sale includes 3 total parcels of land, each with it's own dwelling, for a combined total of 3645 sqft, 8 beds and 6 baths. The two main homes are connected via a breezeway, both with stunning matching decks that overlook the water. Each of these 2-story homes are equipped with full kitchens, living rooms, primary suites, additional downstairs living quarters with private entrances, separate laundry rooms, and utilities. No HOA. These homes were all designed with nature in mind, featuring open floorplans, pitched ceilings in the living rooms, and walls of glass to fill your home with light and color. Open the doors or windows and listen to the creeks meander down Oak Creek Canyon. Enjoy an evening sitting by the creekside fireplace, gathering with friends and family, or relax in privacy while having a soak in your hot tub. These homes are just walking distance from the Indian Gardens Cafe and Market, serving fresh sandwiches, salads, coffee, groceries and more! Anglers! Grab your fishing poles and drop a line in the creek in your backyard and fish for trout, stocked regularly in the summer months, just north of the property upstream. The possibilities are endless with a property of this caliber and certainly poised to create lasting memories. A small private family wedding was also held on property at one point.. Imagine the awe on your guest's faces! There is also a cozy guest cottage on property complete with it's own living space, amenities, and parking. It's not uncommon to wait YEARS for a property like this to pop up for sale, don't miss your chance at this one-of-a-kind oasis. The current owners and their family have loved this retreat for many years, and they are excited to share this opportunity with a new buyer. Call for more detailed information or to request a private visit.