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.

6821 E Cactus Wren Road Paradise Valley, AZ 85253

$6,395,000
4 Beds
6 Baths
5,600 SqFt
Status Active
MLS # 6758713
Property Type Single Family Residence
Price Type --
BRAND NEW CONSTRUCTION w/IMMEDIATE MOVE-IN at AZURE. This is a RARE OPPORTUNITY to own a Residence 4 with a DETACHED CASITA & an OVERSIZED, 26' wide WALK-OUT LOWER LEVEL, the largest in the community, putting an exclamation point on the MULTIPLE OUTDOOR ENTERTAINMENT spaces. This PREMIUM LOT LOCATION is one of the largest in Azure giving you phenomenal UNOBSTRUCTED VIEWS of MUMMY AND CAMELBACK MOUNTAINS! Interiors have been EXPERTLY CURATED by Ownby Design as well as some UNIQUE DESIGN ELEMENTS by the seller not present in other Res 4's. From the MASSIVE GLASS WALL SLIDERS, GAGGENAU appliances & PROVENZA wood floors, to the HEATED pool & spa, BOCCE BALL court and CUSTOM LIGHT FIXTURES by Lightform, this home will not disappoint. And to top it all off, All builder WARRANTIES TRANSFER!

27050 N 103rd Street Scottsdale, AZ 85262

$6,350,000
4 Beds
4.5 Baths
7,617 SqFt
Status Active
MLS # 6740433
Property Type Single Family Residence
Price Type --
Estancia golf membership opportunity is available upon board approval. Renowned for world-class golf courses and private golf communities equally esteemed, North Scottsdale offers a lifestyle of luxury and elegance that many dream of. Nestled among stunning golf course and mountain views of the exclusive Estancia community rests a timeless European inspired estate epitomizing that lifestyle, available for the discerning buyer. Overlooking the 14th green of the Tom Fazio designed private golf course with unobstructed views of iconic Pinnacle Peak and Troon Mountain, and seamlessly blending with the natural surroundings, this custom 7617 square foot residence designed by architect Allen Tafoya and built by R-Net Custom Homes, has been precisely crafted to the highest standards of design and mastery. Under the careful guidance of the late designer Billi Springer, interior spaces embrace sumptuous splendor reminiscent of European destinations with cathedral wood beam ceilings, antique reclaimed wide plank oak wood flooring and seven gas fireplaces composing a soothing ambiance. The gourmet kitchen is the heart of the home, featuring de Giulio Collection butternut wood cabinets and fixtures, Verde Bamboo granite island meticulously pieced to create striking artistry, and premium appliances including La Cornue gas range with custom hood and SubZero refrigerator and freezer drawers. A gas fireplace with stone surround, and breakfast nook with custom windows and seating complete the old-world charm. A formal dining room with herringbone antique reclaimed oak wood flooring, cathedral wood beam ceiling, full bar and private wine cellar accommodates elegant gatherings. Custom steel and wood doors and windows capture endless private views throughout the home, opening to tranquil outdoor living with stone patio, pool, water features, wrought iron fencing and lush vegetation surrounding, embracing the feel of a secret English garden. A breathtaking panorama of stunning mountain views, peaceful pond lined with ornamental grass, and pristine fairway creates a serene backdrop that is both picturesque and calming. The harmonious blend of nature and design is a perfect setting for private reflection or sophisticated gatherings. The Estancia community offers unparalleled privacy and security with guard gated entrance and 24/7 security service. A plethora of world-class amenities, available exclusively to members and their accompanied guests, include a Tom Fazio designed 18-hole championship golf course, tennis and pickleball courts, 25-meter heated pool and spa, clubhouse with gourmet dining, fitness center with the latest exercise technology and spa services for the ultimate in relaxation. One of the premier communities in Arizona, Estancia maintains the highest standards of excellence and is a highly sought-after private club. A testament to a life well lived, this estate embodies a lifestyle of exclusivity and leisure. The distant sound of a perfectly struck golf ball, the gentle hum of nature and spectacular sunset views rising above manicured greens are an experience like no other, to be savored and relished. Membership to the Estancia Club is separate and subject to application and approval. Approved applicants will likely be subject to a waitlist.

6301 N 51st Place Paradise Valley, AZ 85253

$6,295,000
4 Beds
4.5 Baths
5,930 SqFt
Status Active
MLS # 6775161
Property Type Single Family Residence
Price Type --
This sophisticated 1 acre estate is located in a prestigious area of Paradise Valley offering sweeping views of Camelback, Mummy and Phoenix Mountain ranges. Thoughtfully designed by renowned award-winning architect, Catherine Hayes, this modern architectural structure floats over a natural wash and opens to the vast views of Camelback Mountain while creating a particularly private and welcoming desert home to move-in and enjoy. The living, dining and kitchen spaces flow off the gallery foyer while the bedrooms showcase tranquil views of the lush lawn area that is an oasis foreground to the mountain views. The architecture of the home was created to embrace the landscape and surrounding outdoor space and was strategically built so all rooms overlook the iconic Camelback Mountain. The impressive entrance showcases an art glass door, skylights, rich imported Brazilian cherry wood floors and natural limestone walls from the outside through the inside of the home. The peaceful living area with Mondrian windows is truly a sanctuary and showcases wonderful mountain views and a tranquil desert garden. The private dining room with walls of glass suspended over lush garden views is perfect for entertaining and family gatherings. The considerable Chef's kitchen features a built-in banquet and beautiful granite counters that blend in perfectly with the custom cabinets. High end appliances throughout including a Viking 6-burner gas cooktop, warming drawer, 2 dishwashers, Wolf convection oven, icemaker and Subzero refrigerator. The impressive great room with stone fireplace boasts a prominent domed ceiling and large glass doors leading to a private covered patio, linear negative edge pool and spa. The spacious owner's suite w/adjacent large bath and yoga studio, has 2 glass walls overlooking the mountain and sparkling spa. There is also direct access to a lush green backyard with large trees creating a private sanctuary. There are three additional ensuite bedrooms PLUS a private office w/built in desk, cabinets, shelving and glass doors leading to the patio and pool. One of the bedrooms also has its own private patio overlooking the lush green backyard. The building itself is uniquely constructed with adobe and stone walls under a domed metal roof. Come and experience for yourself the architectural uniqueness and timeless design this property has to offer.

4129 E Sandy Mountain Road Paradise Valley, AZ 85253

$6,259,000
4 Beds
4.5 Baths
5,832 SqFt
Status Active
MLS # 6743001
Property Type Single Family Residence
Price Type --
Timeless Design inside the guard-gated community of Clearwater Hills. This European-style residence was designed by Ivan Shongov, AIA, Principle Architect, Architekshon. Built with the highest quality materials and workmanship. Single-level; indoor-outdoor living to include floor-to-ceiling windows, hardwood floors, a chef's dream kitchen featuring European cabinetry and range plus a large island with plenty of entertaining space. The glass-walled wine room is a standout feature; there are two separate primary bedrooms on each side of the home, spanning over 5,832 sqft. The resort-like outdoor space boasts an infinity pool with mountain views to enjoy Arizona's weather. Completely reimagined in 2021, this home boasts the latest amenities for modern living; its a masterpiece.

36323 N 100th Way Scottsdale, AZ 85262

$6,250,000
5 Beds
6.5 Baths
5,444 SqFt
Status Active
MLS # 6752665
Property Type Single Family Residence
Price Type --
Brand New Custom Contemporary Home under construction on one of the nicest south-facing-fairway lots in the prestigious Mirabel Club community. GOLF MEMBERSHIP available with the purchase of this home subject to fees and application approval. All of the current state of the art finishes are spec'd for this spectacular home. See finish book under the documents tab. Located on the 15th fairway boasting views of Pinnacle Peak, the McDowell's, sunsets & amazing city lights. The home has 4 bedrooms, plus media room/5th bedroom & 6.5 baths & an oversized 3 car garage large enough for 3 cars & a golf cart. No steps anywhere in house or backyard. Construction is well underway & completion is scheduled for the end of 2024, in time to enjoy next season. Listing agents are partners in the project

6862 E Joshua Tree Lane Paradise Valley, AZ 85253

$6,250,000 - 5Br/7Ba -  for Sale in Ritz-carlton Parcel B, Paradise Valley
New
$6,250,000
5 Beds
7 Baths
6,020 SqFt
Status Active
MLS # 6788715
Property Type Single Family Residence
Price Type --
ry living set in the quiet Azure Paradise Valley gated community. Blending modern and transitional architecture, this 2-story home features wood flooring and multiple windows and sliders providing natural lighting throughout each space. Chef's kitchen includes high end appliances, oversized island, multiple ovens, wine storage, and pantry. Primary suite with private access to the backyard and bathroom with freestanding bathtub, oversized shower, enclosed toilet, and dual vanities. Enjoy the best of Arizona's indoor/outdoor living in your backyard that features custom pool, above ground spa, built-in fireplace, covered patio, and expansive yard. Move-in ready, complete with interior elevator, detached guest quarters, and 3 car garage. Minutes away from Paradise Valley's top resorts, golf, dining, and shopping!

6852 E Fanfol Drive Paradise Valley, AZ 85253

$6,250,000
5 Beds
9 Baths
9,911 SqFt
Status Active
MLS # 6764253
Property Type Single Family Residence
Price Type --
You've found the one you've been looking for. This private luxurious estate, renovated in 2022, is the perfect blend of timeless elegance combined with modern sophistication. From the moment you enter the foyer and see the sweeping staircase, you will be captivated by the grand scale and unparalleled craftsmanship. The estate boasts 5 en-suite bedrooms, library/office, gym, 4 car garage and so much more. European White Oak hardwood floors, tall ceilings, honed granite fireplace in family room, floor to ceiling limestone fireplace in living room, control 4 system and designer finishes. Chef's kitchen with double island, porcelain countertops, walnut cabinets, Wolf and SubZero appliances, plus a full wet bar. The main level primary suite features a private sitting room, gym/massage room, two generously sized walk-in closets, stackable washer/dryer closet, two private water closets and sauna that opens to the courtyard. But wait, there's more! This estate also boasts a junior guest suite complete with a kitchenette (inc microwave, wine fridge and sink) and stunning French Doors that open to the front courtyard. The basement is the perfect hosting space with a full game room, movie theatre and temperature controlled wine room. Mature greenery makes the backyard feel like your own private oasis with dazzling pool, multiple water features, fire features, outdoor kitchen and oversized covered patio. This beauty will not last long!

11438 N 70th Street Scottsdale, AZ 85254

$6,250,000
6 Beds
7.5 Baths
6,253 SqFt
Status Active
MLS # 6731524
Property Type Single Family Residence
Price Type --
Welcome home to your newest custom farmhouse in the heart of Scottsdale completed November 2022! This home features a DOUBLE RV Garage plus 2 car and additional side entry 3 car oversized garage. As you enter into this home you will find a casita in the front of the home with it's own private bedroom and living quarters. The kitchen features high end appliances wolf, subzero, large open concept with wood exposed beams, quartz counters, a butlers pantry and more. The master suite features it's own wing of the house including a large workout room right off the master bedroom. On the opposite side of the home is a separate wing including 3 bedrooms with walk in closets, private full bathrooms and a teen room opening to the back patio. Don't forget the 400 bottle wine closet and SOCCER FIELD!

7000 N 39th Place Paradise Valley, AZ 85253

$6,150,000
3 Beds
4 Baths
6,021 SqFt
Status Active
MLS # 6773455
Property Type Single Family Residence
Price Type --
Presenting a stunning architectural masterpiece situated on over 2.5 acres within the exclusive 24/7 guard-gated community of Paradise Reserve. Crafted by Cullum Homes, this two-story contemporary estate offers a luxurious retreat with unmatched views of the majestic Camelback Mountain from every vantage point, creating a tranquil and picturesque setting. Elevated on a hill, the property features a grand driveway leading to a custom 3-car garage with sleek glass doors. Upon entering through the custom glass door, you're welcomed by a beautifully designed great room that seamlessly connects indoor and outdoor living spaces. At the heart of the great room is a designer fireplace that radiates warmth and elegance, while a retractable sliding glass door opens up to breathtaking mountain views. A nearby wet bar with exquisite pendant lighting, a wine fridge, and a custom glass-enclosed wine rack adds sophistication, showcasing your collection in style. The gourmet kitchen is a dream for any culinary enthusiast, equipped with premium Wolf and Sub-Zero appliances, sleek off-white cabinetry, quartz countertops, dual sinks, dual ovens, and a 6-burner gas range. A built-in espresso machine is ready to enhance your mornings, and the adjacent butler's pantry offers ample storage with extra cabinetry and a second refrigerator. Ascend the elegantly designed glass and wood staircase to a captivating loft, featuring an additional wet bar and a built-in entertainment centerperfect for unwinding and relaxation. The master suite combines luxury and serenity, complete with a dual-sided fireplace, sliding doors to a private patio, and endless views. The spa-like master bath features floating vanities, a spacious glass-enclosed shower with rain and handheld showerheads, and a soaking tub set by the fireplace. Multiple windows and a door to the outside provide additional mountain views, creating a tranquil ambiance. A den and office, enclosed by elegant glass doors, offer a peaceful work-from-home space. The additional bedrooms each feature ensuite baths for comfort and privacy. Throughout the home, recessed lighting and surround sound enhance the living experience. Outside, you'll find an enchanting space designed for relaxation and entertainment. The covered patio is perfect for outdoor dining, complete with an outdoor kitchen that includes a built-in BBQ, refrigerators, dishwasher, wall oven, sink, and an island with bar seating. Beyond the patio, a travertine-tiled deck leads to a captivating infinity-edge pool, where the water seems to blend into the sky. The raised spa, featuring one of two outdoor gas firepits, adds warmth and ambiance, all set against the stunning backdrop of Camelback Mountain and city lights.This home is a true masterpiece where luxury and nature unite to offer an unmatched living experience.

5636 E Via Buena Vista Paradise Valley, AZ 85253

$6,000,000
5 Beds
6.5 Baths
6,872 SqFt
Status Active
MLS # 6749255
Property Type Single Family Residence
Price Type --
Santa Barbara transitional home with exquisite mountain views. Sitting on over a 2 acre lot, this estate is the ultimate indoor/outdoor Arizona living with sliders that open to a covered patio, ramada with outdoor kitchen, fireplace, and rooftop deck, mature landscaping, tennis court, and custom pool/spa. Open great room with new white Italian travertine stone floors, formal dining, living room, and remodeled kitchen with Carrara marble counters, high end appliances, and new lighting, backsplash, tile, and surround sound speakers. Primary suite with gas fireplace, private backyard access, and oversized bathroom with freestanding tub, large dual vanities, walk-in shower, and custom closet. Additional rooms include office, gym with surround sound, mirror wall, and mini fridge and casita with new quartz kitchenette and custom cabinets, shower, tile, plumbing, and lighting. Smart home security to control cameras, music, shades, TV, HVAC, pool, and landscaping. Located only minutes away Paradise Valley's world class resorts, dining, and shopping.

9330 E Brahma Road Scottsdale, AZ 85262

$6,000,000
5 Beds
5.5 Baths
6,018 SqFt
Status Active
MLS # 6768931
Property Type Single Family Residence
Price Type --
LUXURY MEETS TRANQUILITY ~ Absolutely stunning and meticulously designed, this magnificent home is situated on a hill top 11 acre homesite in the EXCLUSIVE guard gated community of CAREFREE RANCH. Elevated above the valley floor, this home offers top-of-the-world panoramic views that arc from the Mazatzal / Four Peaks Mountains in the east all the way to the Sierra Estrella's and The White Tank Mountains in the far west valley. This home boasts captivating vistas of several Desert Mountain Golf courses, lush Sonoran Desert, blazing sunsets, sparkling city lights and starry dark skies. Timeless contemporary Southwest architecture with extensive use of copper cladding and angled roof lines create visual drama upon arrival. As you enter the home you are met with an updated soft contemp- contemporary flair and ideal floor plan for todays buyers with Master bedroom with spa like master bath, dual closets and fitness area, along with an office or additional guest suite on one wing. The other side of the home features two additional ensuite bedrooms, plus a standalone two room casita with kitchenette for longer guest visits. The heart of the home is the chef kitchen with Wolf/Subzero appliances, wine fridge, wet bar, breakfast nook and family room for every day use and casual entertaining. Separate full dining room & formal living for larger or more formal entertaining needs. Your outdoor desert oasis awaits with oversized patio with alfresco dining and living space, outdoor kitchen, and spectacular negative edge pool for hours of outdoor entertainment. This residence is not just a home; it's a lifestyle, a property to be appreciated and enjoyed all day, every day. Welcome to a lifestyle of luxury and tranquility!

7130 N 69th Place Paradise Valley, AZ 85253

$6,000,000
5 Beds
7.5 Baths
8,140 SqFt
Status Active
MLS # 6751399
Property Type Single Family Residence
Price Type --
Gorgeous Craftsman style house located in the HEART of Paradise Valley on over acre lot w/ mountain views!. Main House features: 7,198 sq ft with 4 bedrooms+Office+Theater+Craft Rm+Flex Rm+Bonus Rm & 6.5 baths. Guest House features: 942 sq. ft with 1 bdrm,1 bath & full kitchen & laundry. Throughout property: Block Construction, Gorgeous Wainscoting, all Ensuite Baths, Custom Tile, Soaring Ceilings, 4 Gas Fireplaces, Tons of Glass Overlooking Huge Backyard that was made for entertaining. Situated on 1.2 acres w/ Lap Pool, Full Sports Court, Ramada w/ Fireplace, Tons of Grass Area, View Deck w/ Incredible Views of Mummy Mtn & 5 Car Garage! Never been on the market before this property is preppy with coastal sophistication. Located within minutes from all the best shopping & dining!