What’s Ahead For Mortgage Rates This Week – June 6, 2016

What's Ahead For Mortgage Rates This Week - June 6, 2016Last week’s housing related news was limited to Construction Spending and Freddie Mac’s mortgage rates survey, but labor reports suggested an economic slowdown may be in the works.

Construction Spending Slips in April, Mortgage Rates Mixed

According to the Commerce Department, overall construction spending slipped in April to -1.80 percent as compared to March’s reading of +1.50 percent and May’s expected reading of +0.70 percent. Residential construction spending was 1.50 percent lower, which doesn’t help ongoing shortages of available single-family homes. Builders have repeatedly cited labor shortages and lack of developed lots as obstacles to building more homes. Year-over-year construction spending was 4.50 percent higher.

Freddie Mac reported higher rates for fixed-rate mortgages while the average rate for a 5/1 adjustable rate mortgage was one basis point lower at 1.87 percent. Rates for a 30 year fixed rate mortgage averaged two basis points higher at 3.66 percent; rates for a 15-year fixed rate mortgages were three basis points higher at 2.92 percent. Average discount points were unchanged for all loan types at 0.50 percent.

Labor Reports Indicate Slowing Jobs Market And Economy

According to the Non-farm Payrolls report for May, U.S. jobs increased at their lowest rate in five years with 38,000 new private and public sector jobs added. Temporary hiring also hit its lowest reading in seven years, which was seen as a negative as temporary jobs often transition to permanent positions.

Analysts said that May’s extremely low reading for jobs created indicates that a revision is likely. This inconsistency was supported by the national unemployment rate of 4.70 percent, but the lower jobless rate was attributed to workers leaving the labor force.

ADP’s May reading for private sector jobs rose to 173,000 jobs against expectations of 165,000 jobs and April’s reading of 268,000. This reading was further evidence that the Non-farm Payrolls report was likely inaccurate.

Last week’s new jobless claims fell to a five-week low of 267,000 as compared to expectations of 279,000 new claims and the prior week’s reading of 268,000 new claims.

What’s Ahead This Week

Economic news scheduled for this week include a speech by Federal Reserve Chair Janet Yellen on Monday; this speech could foreshadow the Fed’s decision to raise or not raise the Fed’s target federal funds rate during its FOMC meeting later this month.

Readings on job openings and consumer sentiment will be released along with weekly reports on mortgage rates and new jobless claims.

5942 E Sage Drive Paradise Valley, AZ 85253

$7,500,000
5 Beds
5.5 Baths
5,505 SqFt
Status Active
MLS # 6764248
Property Type Single Family Residence
Price Type --
The perfect lock and leave. Nestled into the shaded rocks of Camelback Mountain, elevated just above Cameldale in the most valuable land pocket in Paradise Valley lies this one of a kind European Organic. Rich featuring French limestone, marble counters, pearl finish venetian plaster walls, Waterworks burnished nickel soaking tub and natural European oak floors. Timeless elegance combines with all of the most desirable modern elements. 20 speaker sonos sound system, heated pool, dual walk in shower, Wolf appliances, 2 refrigerators, 2 dishwashers, flush inset cabinetry and custom built in wine cabinet. Take in the vast city views through your retractable steel glass windows and enjoy cozy conversation inside or out in front of indulgent chunky stone fireplaces. Curated calm & tranquility.

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.

42820 N Fleming Springs Road Cave Creek, AZ 85331

$7,500,000
6 Beds
7 Baths
10,159 SqFt
Status Active
MLS # 6771775
Property Type Single Family Residence
Price Type --
Magnificent private 54 acre retreat surrounded by thousands of dazzling saguaros. This iconic European Masterpiece sports top of the mountain breathtaking views provides peace & tranquility. Orchards, florals cascade off stone pillars with verdigris lanterns & exquisite stone detail mixed with timeless architecture nestled among beautiful grounds, resort style diving pool, water fall and slide. Once inside be charmed by the 100 year old barn wood floors, curvilinear walls encased in glass, an Italian inspired kitchen w/everything needed to entertain mightily... Multiple dining areas offer numerous options to all in residence. Generous master suite with private balcony, guest wing has 3 ensuites plus well-appointed main floor study. Take the elevator to lower lever which showcases multiple rooms plus game room, wine cellar, private theater and fitness studio. The paved nature trail is perfect for meditation and inspiration. Unique potential w/access to two 10 acre parcels. Fully fenced backyard with romantic stone walkways that meander throughout the property. This home is being sold with lot parcel 202-18-013-C and lot parcel 202-18-013-D included in the purchase price.

6040 E Lafayette Boulevard Scottsdale, AZ 85251

$7,500,000
5 Beds
5.5 Baths
5,949 SqFt
Status Active
MLS # 6778082
Property Type Single Family Residence
Price Type --
Custom Arcadia Proper new build sitting on a north facing corner lot with stunning Camelback mountain views. No expense was spared on this high end, fully furnished estate designed by Evon Fig Interiors. A Fig House Project Built to perfection with rich colors, earthy marbles, Roman clay walls, Waterstone plumbing, Kelly Wearstler wallpaper, and elusive finishes not even found in 20 million-dollar homes. Greeted with high ceilings, French oak flooring, and large windows and sliding doors to provide natural lighting in the formal dining, great room with gas fireplace, and kitchen. Wolf and Sub-Zero appliances included in the chef's kitchen with Calacatta marble, rift sewn oak cabinets, Shaw sinks and catering kitchen/pantry with beverage drawers, built-in coffee maker, microwave, and dishwasher. Primary suite includes custom marble fireplace mantle, dual closets, sinks, and enclosed toilets, concrete tub, and oversized walk-in shower. Entertain family and friends in the backyard's pool and spa with attached pool bungalow, built-in BBQ station, and private mountain views and artificial turf. Additional home features include Control4 Smart Home to control lighting, pool, and landscaping, dog run and doggy door, 3-car garage with EV charger, office/den, and 4 additional ensuite bedrooms with walk-in closets. Walk or bike on the canal or drive minutes to reach Phoenix's top resorts, golf, hiking, dining, and shopping.

6524 E Stallion Road Paradise Valley, AZ 85253

$7,499,000
4 Beds
6 Baths
5,466 SqFt
Status Active
MLS # 6691277
Property Type Single Family Residence
Price Type --
Introducing Santa Fe Hacienda, an exquisitely restored and reimagined Nance masterpiece by Modern Nest situated on a generous 1-acre lot in the heart of Paradise Valley. This stunning residence showcases a captivating blend of Santa Fe-style design with luxurious modern and rustic accents throughout its expansive 5466 square feet and its 4 bedrooms and 6 bathrooms. Boasting an impressive main living area adorned with an oversized gas fireplace, two comfortable sitting areas, and a handcrafted wet bar with a limestone sink, and walk-in wine cellar, this home offers an unparalleled setting for both relaxation and entertainment. The elevated chef's kitchen is a true culinary haven, featuring reclaimed terracotta flooring, hand-hewn wood ceiling beams, impeccably designed cabinetry, high-end lighting fixtures, and top-of-the-line Wolf and Sub Zero appliances. The butler's pantry, just off the kitchen, offers additional storage paired with charming design and function. Adjacent to the kitchen, an elegant dining space awaits, complemented by picturesque windows that flood the room with natural light. The owners suite is a sanctuary unto itself, with a cozy fireplace, a private patio retreat, and an office with its own outdoor patio. The bath is a spa-like oasis, complete with a freestanding copper bathtub nestled near another fireplace, separate vanity areas, and a luxurious shower experience. The oversized closet is a masterpiece of design, featuring custom cabinetry, abundant storage, and ample natural light. A spacious media room, equipped with a convenient kitchenette, provides the perfect spot for casual gatherings and relaxation, while three additional bedrooms offer comfort and privacy, each with its own ensuite bath and outdoor patio access. The functional yet stunningly designed mudroom/laundry room boasts dual washers and dryers, abundant cabinetry, and a convenient drop zone, ensuring effortless organization and convenience. Outside, the sprawling backyard beckons with expansive patio spaces, an outdoor kitchen with a pizza oven and fireplace, and a newly rebuilt pool surrounded by lush landscaping and high-end lighting and sound systems. This home epitomizes elevated living, seamlessly blending authenticity with modern luxury. An absolute must-see to fully appreciate its exceptional offerings.

6825 N 39th Place Paradise Valley, AZ 85253

$7,450,000
4 Beds
4.5 Baths
6,209 SqFt
Status Active
MLS # 6542969
Property Type Single Family Residence
Price Type --
New luxury hillside construction with a Q4 2024 delivery. Positioned high up the mountain, on a private 1+ acre lot in a 24hr guard-gated enclave in Paradise Valley. Glass tile pool and spa, Cristallo Quartzite slabs, and custom cabinetry throughout. One of the only hillside homes with a level grass yard! Embrace Arizona's indoor / outdoor living, while enjoying privacy and city light views. 6,200+ SF with (4) ensuite bedrooms, a glass walled exercise room, study and 3-car garage w/ room for 3 lifts. Attached guest suite with a separate entrance from the outside, and its own private patio with mountain views This luxury construction has all the materials and upgrades that a sophisticated buyer expects. Crestron / Lutron, 9 security cameras. The DNP HOMES quality must be seen!

9203 E Brahma Road Scottsdale, AZ 85262

$7,450,000
5 Beds
7 Baths
9,000 SqFt
Status Active
MLS # 6777297
Property Type Single Family Residence
Price Type --
Experience the epitome of luxury and seclusion in this award-winning Spanish Santa Barbara estate, nestled on 12.86 acres of pristine desert land with stunning panoramic views of the Sonoran Desert and surrounding mountains. This breathtaking home, honored with the prestigious Vision Design Award for Best Outdoor Shading in 2022, seamlessly blends indoor and outdoor living with a 36-foot movable glass wall leading to a private backyard retreat. From the dramatic stone fireplace in the great room to the vaulted wood-beamed ceilings and elegant stone walls, every detail speaks of timeless sophistication. The chef's kitchen is equipped with top-of-the-line Viking appliances, including four wine and beverage refrigerators, while the wine cellar and custom cabinetry offer an exceptional setting for entertaining.With 9,000 square feet of living space, all on one level with no interior steps, this 5-bedroom, 7-bath estate is designed for ultimate comfort and privacy. The luxurious master suite features a Cantera stone fireplace and dual his-and-her baths with separate showers, water closets, and vanities. An attached guest suite provides ample space with its own kitchen, family room, and two fireplaces. Outdoors, the estate continues to impress with a 35 thousand gallon negative edge pool, spa, fire pit, and multiple patios that capture the beauty of the surrounding landscape. Additional amenities include a media room with a wet bar, a full-size pickleball court in the garage, with space for up to 8 vehicles and a circular motor court. Enhancing the home's efficiency, it features an Avena Solar system, significantly reducing energy costs and promoting sustainable living. Enjoy the private trail leading to the wash, this home seamlessly combines elegance, tranquility, and peace of mind.

4836 E White Gates Drive Phoenix, AZ 85018

$7,300,000 - 4Br/6Ba -  for Sale in Red Rock, Phoenix
Open House
$7,300,000
4 Beds
5.5 Baths
7,100 SqFt
Status Active
MLS # 6781919
Property Type Single Family Residence
Price Type --
• CAMELBACK MOUNTAINSIDE +Unbeaten Valley Wide SUNRISE to SUNSET•180° VIEWS •CITYLIGHTS •DOWNTOWN SKYLINE •MOUNTAIN VIEWS • All ON 1-Level & Privately GATED ESTATE w GUEST CASITA •Negative-Edge Pool•Spa •Grass Lawn Play Yard +MiniSport Golf Putting Course •THEATER-Game rm •(5) EN-SUITE BRs w Vaulted/Beamed Ceilings •Carved Walnut •Italian Travertine warm Venetian Plaster and SANTA BARBARA style.• Circle Driveway • 3 Car Garage w •Ample GUEST PARKING •Over 7,000'sf w Ideal N/S Exposure on a moderately Larger Than 1 Acre PARADISE VALLEY like lot •Walk-In WINE CELLAR •VIKING Appliances •Open Breakfast Island •Formal Living •Family Great Rooms •Executive Home Office multiple Fireplaces SUNSETS Elevated Over Arcadia Camelback Mountainside

4636 E Moonlight Way Paradise Valley, AZ 85253

$7,295,000 - 7Br/7Ba -  for Sale in Paradise Valley Country Estates, Paradise Valley
Open House
$7,295,000
7 Beds
6.5 Baths
9,066 SqFt
Status Active
MLS # 6781732
Property Type Single Family Residence
Price Type --
Gorgeous home with NO HOA comes fully furnished, down to the towels! Perfectly nestled in the Phoenix Mountain Preserve, with unobstructed mountain, valley & city light views. Stunning Turkish Versailles travertine & hardwood flooring throughout, one of the many beauties of this home are all of the indoor/outdoor living options. The chefs kitchen looks out onto a''rainforest'' waterfall, stainless steel appliances, slab granite counters & custom cabinetry.The primary suite, built in a rotunda design, boasts 360 degree views.

18651 N 101st Place Scottsdale, AZ 85255

$7,250,000
5 Beds
5.5 Baths
5,880 SqFt
Status Active
MLS # 6759632
Property Type Single Family Residence
Price Type --
Refined elegance with a melody of eclectic Southwest aesthetic, this Silverleaf Casita was a custom creation of architect Jeff Berkus and is ideally situated on two homesites backing to a craig maximizes the Sonoran surrounding views. Using a mix of materials and influences brings a fresh twist to Southwest style. With attention to detail in design, this home offers functional living spaces with 5 bedrooms, 6 baths including a private entry guest house, and an upstairs bunkroom/den with expansive patio overlooking pool and outdoor living, plus executive office, theatre room, and hobby room. Sensible sophistication at its finest with stone surfaces and reclaimed finishes, and open layout that suits the region's indoor-outdoor lifestyle, with plenty of gathering spots to accommodate friends and family. Brought to life with authentic detailed interiors by Caroline DeCesare of acclaimed DeCesare Design Group. Hand crafted and carved built-ins by Scottie Reid include the dining room breakfront, living room bookcase, and iron-strapped kitchen island. Inspired by a visit to Italy the owner's incorporated features bursting with graceful character throughout including a Mosaic kitchen mural imported from Italy, and Murano glass chandelier in dining room hand-picked by owner while visiting Venice. Hand painted ceilings offer a subtle use of pattern fostering an air of elegance. Abounding with exclusive finishes Italian style limestone mantel, beam-lined ceiling, and antiqued cabinets. An entertaining dream with rooms flowing from one to another opening with telescoping glass doors to the outdoor living spaces backing to a distinct craig backdrop with intentional southwest exposure for 'winter summers' featuring an alfresco dining room with fireplace, pool with water feature and spa, covered ramada with fireplace, eat in outdoor kitchen, and firepit with sitting area. Eat in kitchen island boasting Wolf and SubZero appliances, with stylish limestone vent, with an appropriate butler bar with wine fridge, coffee maker, microwave and refrigerator. Owner's suite impresses with a sophisticated Southwest flare with intricate turquoise hues in threaded in the plaster, shapely tiles custom colored to marry the suite hue with rustic brown patina reflected in the carved vanity and copper soaking tub. Desirable 3 car garage pristinely maintained. Lutron home system. Located in the coveted 32 home cove, conveniently located just off the drive to the Silverleaf clubhouse, the Casitas modeled after the Silverleaf clubhouse, are eminent in style and design, for the most discerning homeowner

11987 E Buckskin Trail Scottsdale, AZ 85255

$7,250,000
5 Beds
5.5 Baths
6,505 SqFt
Status Active
MLS # 6759737
Property Type Single Family Residence
Price Type --
Plans are approved and ready for permits to break ground on this stunning desert modern prairie estate designed in collaboration with renowned architect Cosan Studio and brought to life by luxury builder Desert Sky Development. Situated on a 2.26 acre cul-de-sac lot in the exclusive gated Troon Canyon Estates, featuring just 11 homesites and unobstructed views. This To Be Built project gives you an opportunity to work directly with the design team to make your custom selections throughout the process. Arrive through your auto-court to your 4 car garage, including an additional full size RV Garage/showroom at the front of property. Featuring 6,505 sq.ft of single-story living, the main residence offers an expansive kitchen and great room with floor to ceiling windows overlooking your resort style backyard and the natural desert beauty and distant mountain views. A wet bar with a retractable glass wall, ample covered patio space with fireplace and outdoor kitchen and BBQ make indoor/outdoor entertainment seamless and the ultimate in luxury living. A private trail leads to a totally secluded 2 bedroom guest casita with full kitchen and living room for any visitors to enjoy their own space away from the main house. Wolf & SubZero appliance package will be included throughout.

6302 E Turquoise Avenue Paradise Valley, AZ 85253

$7,250,000 - 4Br/6Ba -  for Sale in Sunburst Farms East 6, Paradise Valley
New
$7,250,000
4 Beds
5.5 Baths
6,280 SqFt
Status Active
MLS # 6786149
Property Type Single Family Residence
Price Type --
Pre-Construction Pricing! Now is the time to customize your finishes. Nestled in the heart of Paradise Valley, this luxurious 6,280-square-foot sanctuary blends elegant living with the serene ambiance of a tropical retreat. The home features four spacious bedroom suites—with the option of a fifth by converting the gym—a separate casita complete with a full kitchen and living amenities, and sophisticated interiors highlighted by a great room with a two-sided fireplace, natural stone countertops, and custom cabinetry. Designed for both relaxation and entertainment, it offers smart home technology, a media room, formal dining with a wine room, and an outdoor oasis boasting a pool, built-in BBQ, and a ramada with its own fireplace and tv. This residence embodies the epitome of indoor/outdoor living where every corner invites tranquility and every space fosters a connection with the beauty of nature. Main House: 5,480SF, Guest House: 800SF.