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.

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!

4845 E Caida Del Sol Drive Paradise Valley, AZ 85253

$5,999,999
5 Beds
5.5 Baths
5,863 SqFt
Status Active
MLS # 6781753
Property Type Single Family Residence
Price Type --
Indulge in the pinnacle of luxury and relish breathtaking elevated mountain views in the heart of Paradise Valley in this remarkable Emerald Level, Certified Green Home (the most stringent certification and highest achievement in sustainable building) with owned solar panels. This soft contemporary custom home blends sustainability with elegance, offering 5 bedrooms, 5.5 baths, and a 4-car garage. A designer glass door welcomes you at the entry, leading to an open floor plan with soaring ceilings and wall-to-wall engineered oak wood floors and an elegant fireplace. The gourmet kitchen is a chef's dream, featuring quartz countertops, a Wolf stainless steel gas range, microwave, and an oversized center island with quartzite, adorned with overhead designer pendant lighting and eat-up bar. seating. The dining room with large windows adds an element of sophistication, while the powder room boasts a designer wood counter and vessel sink. Split dual primary suites and luxurious spa-like baths elevate this home to an unparalleled level of luxury and comfort. Step into the backyard oasis to discover a resort-style heated pool and spa, a ramada with a grill, a brick fire pit, a spacious covered patio, and captivating city light and mountain views. Additionally, this home includes a spectacular guest casita overlooking the backyard paradise, complete with a kitchen, living area, and a guest suite. Enjoy the gorgeous outdoor dining area with travertine surround, creating an inviting atmosphere for entertaining or relaxation. This residence is a must-see for those who appreciate designer elegance and luxurious amenities that redefine opulence and cater to the most discerning tastes.

6620 E Stallion Road Paradise Valley, AZ 85253

$5,999,945
4 Beds
5 Baths
6,687 SqFt
Status Active
MLS # 6770878
Property Type Single Family Residence
Price Type --
Welcome to Paradise! Spanish Estate, with a dramatic setting of the Mummy Mountains, truly shows pride of ownership! This beauty sits on a large corner lot, showcasing a beautiful backyard oasis with two gazebos, a circular driveway, fountains, a paver porch with an outdoor fireplace, and a gated entryway. Sheer beauty & breathtaking detail are found throughout, with 20 feet soaring ceilings, hardwood and travertine stone floors, 4 indoor Cantera fireplaces, a sizable office, a 600-bottle wine room, and multiple outdoor access points connecting the home inside & out. The spacious living room provides a serene area for receiving short visits, while the large dining room allows you to host a feast on special occasions. A true masterpiece with European old-world charm in PV! Bathed in natural light, this magazine-cover kitchen features a plethora of wood cabinets, travertine backsplash, granite counters, state-of-the-art SS appliances, a 6-burner gas cooktop, a built-in fridge cabinet, a center island, and an outer two-tier island. The owner's suite boasts a sitting room, a fireplace, and French doors to different patios. The lavish ensuite has travertine tile throughout, a jetted tub, two Cantera vanities, an oversized step-in shower with a built-in bench, and a massive walk-in closet. Each bedroom has its own bathroom. Cozy courtyard with artificial turf & a canter fountain is perfect for relaxing. The stunning resort-like backyard offers abundant seating areas, a built-in grill, a pergola, a ramada, a gazebo, a pool, and a spa. Enjoy entertaining or relaxing in solitude! Words don't make this gem justice. Over 6,000 sqft of luxury awaits, don't miss this gem in Paradise Valley!

8386 E Leaning Rock Road Scottsdale, AZ 85266

$5,999,099
4 Beds
5.5 Baths
5,673 SqFt
Status Active
MLS # 6772642
Property Type Single Family Residence
Price Type --
*Estimated completion January of 2025* Move in just in time for the winter season to this exclusive, custom-designed version of Camelot's award-winning Cheval floorplan, brought to life by Camelot's Custom division, Cameron Custom. Renowned for its seamless indoor-outdoor living spaces, this stunning residence offers 4 spacious bedrooms, 5.5 luxurious baths, a private den, a versatile bonus room, and a separate casita for guests or multi-generational living. Every detail of the home's interior has been meticulously curated by a team of elite designers, blending sophisticated neutral tones with high-end finishes that cater to even the most discerning buyers. Whether you're hosting intimate gatherings or enjoying serene moments, this home exemplifies resort-style living at its finest.

E Red Bird Road Scottsdale, AZ 85262

$5,999,000
4 Beds
4 Baths
4,322 SqFt
Status Active
MLS # 6774532
Property Type Single Family Residence
Price Type --
Car enthusiasts delight - revel in this estate's custom garages for 10+ vehicles. This to-be-built masterpiece from J.Cor Architecture and Platinum Companies Inc provides 5 acres at your helm, with unobstructed views of Pinnacle Peak and McDowell Mountains. City Light views to the South and Southwest. Your inquiry to this iconic estate is welcomed.

7014 E Palo Verde Lane Paradise Valley, AZ 85253

$5,999,000
5 Beds
4 Baths
6,046 SqFt
Status Active
MLS # 6762390
Property Type Single Family Residence
Price Type --
Welcome to 7014 E Palo Verde Ln! This exceptional property is located in the heart of Paradise Valley - a picturesque town known for its beauty, tranquility, and relaxed lifestyle. The single-story property has been renovated and offers over 6,046 sqft of inspired living space on .855 acres of land. The charming modern ranch-style home is adorned with exterior brick, black board and batten accents, black aluminum double-pane windows, Italian hand-chipped marble tile pavers, outdoor fireplace, and fire pit surrounding a polished pebble tech black bottom pool, as well as a cedar shake-covered porch. Inside, you'll find European white oak flooring, quartz counters, a double kitchen island with double sinks, Miele appliances including two dishwashers, a wine fridge, and a 48in gas stove with a custom shiplap hood, a dry and wet bar, primary bedroom with its own private spa, flex room,and gorgeous accent walls throughout the home that bring the sleek, moody feel together. Enjoy your private oasis with views of the mountains and a backyard big enough to entertain a large crowd. *Court Approval for Sale Req'd*

6587 N Palmeraie Boulevard Unit 1043 Paradise Valley, AZ 85253

$5,999,000
3 Beds
3.5 Baths
3,191 SqFt
Status Active
MLS # 6722692
Property Type Apartment
Price Type --
Welcome to the Ritz-Carlton lifestyle, where luxury and comfort merge seamlessly. This exquisite garden-level unit, with an extended patio, offers the perfect blend of indoor and outdoor living. Centrally located yet incredibly private, you'll have easy access to the pool, fitness center, and clubhouse, making every day feel like a retreat. Inside, you'll find custom millwork and high-end finishes throughout, from bespoke tile and countertops to exquisite flooring and wall coverings. The den is a wine lover's dream, featuring tailored millwork, Sub-Zero wine storage columns, and ample barware space. State-of-the-art technology enhances your living experience with Crestron lighting control, motorized privacy and blackout shades, house music system and in ceiling speakers throughout. The interior flooring and patio are adorned with elegant Galician Blue Limestone, while the bedrooms feature warm European white oak. Luxurious touches continue in the bathrooms with beautiful marble, wood and porcelain finishes. This villa is more than just a home; it's a lifestyle defined by elegance and convenience. Welcome to your new sanctuary.

9821 E Sundance Trail Scottsdale, AZ 85262

$5,995,000
5 Beds
5.5 Baths
7,559 SqFt
Status Active
MLS # 6752031
Property Type Single Family Residence
Price Type --
Immerse yourself in the epitome of luxury living with this exquisite contemporary residence, offering timeless modern design and unparalleled quality in the heart of Arizona's Desert Mountain community. Designed by Peter Magee and influenced by renowned architects Ricardo Legorreta and Luis Barragan, this organic masterpiece seamlessly blends indoor and outdoor living, boasting sweeping views over the 7th hole of the Renegade Golf Course. From the moment you enter, experience a harmonious fusion of luxury, innovation, and nature, with an inviting outdoor oasis surrounded by lush desert landscapes. FURNITURE AVAILABLE VIA SEPARATE BILL OF SALE. Outdoor amenities include various seating areas, an outdoor kitchen, spa, and a stunning infinity-edge lap pool framed by linear fire feature to the dining room with breathtaking views, while the primary suite offers a tranquil sanctuary connected to an open-air reflecting pool. The primary bathroom exudes spa-like luxury with floating vanities, solid limestone counters, and a deep soaking tub. The chef's kitchen is appointed with the finest appliances, including double Sub-Zero refrigerators/freezers, Wine Refrigerators, Wolf range, and Miele coffee makers, making it a dream for entertainers and culinary enthusiasts alike. Additional features include a casita with three ensuite bedrooms, an expanded 3-car garage, and updated systems throughout, ensuring modern comfort and security. Desert Mountain offers a relaxed, natural setting with exclusive amenities, including guard gated security, private hiking trails, and separate private membership club with golf courses, restaurants, tennis, and more. Welcome to the pinnacle of luxury desert living.

9010 E Northview Lane Carefree, AZ 85377

$5,995,000
4 Beds
4.5 Baths
6,900 SqFt
Status Active
MLS # 6574997
Property Type Single Family Residence
Price Type --
Step into the grandeur of Casa CarBella, where automotive elegance meets luxury living. This architecturally significant residence, to be built by State 48 Contracting, offers a harmonious blend of world-class luxury complete with a 6 car garage and spectacular RV/Toy Barn with side and front entry. 3,840 SF of garages, with the height to accommodate two lifts per bay, providing the best aspects of storage and display for your prized collection. Situated on a sprawling 2.2-acre lot, with breathtaking views of the Seven golf course and Continental Mountains, this magnificent home provides the ultimate backdrop for living and entertaining. The indoor-outdoor living experience is effortless with vast glass doors that lead to the beautifully designed outdoor space. The outdoor living areas are impressive, with multiple gathering spaces, a stunning swimming pool, spa, Kitchen/BBQ. The great room design features a chef's kitchen with informal and formal dining room, a glass wine cellar, office, and a spa-like primary suite. All located on the main level with no steps. On the upper floor, three ensuite guest bedrooms and a family room/game room offer the perfect escape for your guests, with stunning views. This home is the epitome of luxury and style, offering a showpiece living space. Experience the ultimate in living and entertaining at Casa CarBella. Please note that all renderings are subject to change. Home is to be built and does not include furnishings. Pricing is pre-construction and is subject to change. 6500 Square Feet Home 3,840 Square Feet Garage 10,125 SF Total Under Roof Looking for more auto/toy space, get details for expanded floor plan and 20 car garage. Reach out to walk the lot or to see floor plans.

9808 E Honey Mesquite Drive Scottsdale, AZ 85262

$5,995,000
3 Beds
4 Baths
7,951 SqFt
Status Active
MLS # 6776314
Property Type Single Family Residence
Price Type --
Splendid Mediterranean estate home in Desert Mountain's prestigeous Saguaro Forest Village. On a ridge overlooking Chirircahua golf course, mountains and Valley. First time ever available, embrace a unique opportunity to own this treasure AND a golf membership now! Offered stunningly furnished, with accessories and art curated from world travels. The first level includes the great room with Gatsby bar, oval dining room, chef's kitchen, cozy media room, handsome two-story library, two executive offices, a private two-room guest suite/casita and a most elegant primary retreat with its own entry vestibule, curved view balcony and finely appointed spa bath with double closets. The lower level is accessed by a custom elevator and two stunning staircases offering the following amenities... A meditation area, wine cellar, tasting area, and full spa with steam shower, plunge pool and exercise room. All leading to a hidden Zen garden and access to the pool deck. An award-winning team, all Masters of the Southwest, worked collaboratively to create this masterpiece: UDA Design (Lee Hutchison), Jim Manship Builders, Ashley P Design (Paula DenBoer) and Enchanted Gardens (Donna Winters.) No expense was spared in selecting the finest amenities of stone, cabinetry, Venetian plaster, moldings and finish carpentry, fixtures and hardware, lighting, electronics and landscaping. Enter the private gated courtyard revealing an enchanted Japanese garden, and traverse the arched Japanese bridge that spans a meandering Koi pond and leads to the stunning beveled glass entry. Gas lanterns along the way create a magical setting. The great room offers immediate panoramic views, framed by an artfully coffered ceiling and an expansive wall of windows that span the entire view. A limestone hearth and elegant Gatsby- style bar anchor this dramatic space. There is direct access to the expansive curved veranda styled patio with multiple seating and dining areas, hearth, sunning deck and outdoor kitchen, all beautifully landscaped and overlooking the resort pool, spa, ancient saguaros, a golf fairway and huge Valley vistas. The elegant oval dining room boasts high, coved ceilings, enhanced by Venetian blown glass chandeliers & sconces and floor to ceiling Italian silk window treatments. Dine in a serene setting overlooking the Japanese gardens and Koi ponds. The kitchen is a culinary delight with luxurious stone and cabinet selections, Wolf appliance package, a large sit-up island, breakfast dining room with hearth area, large walk-in pantry and morning patio dining overlooking the Koi pond. An additional powder room is convenient to this area. The South Wing houses the primary bedroom, media room, two offices, powder room and the world-class library. It is announced by a rotunda with intricate flooring, vaulted ceilings and Eastern inspired light fixtures. The dramatic gallery-style vestibule leading to the primary retreat is lighted with a series of elegant lantern-style pendants creating a mystical mood. The plush and cozy media room offers comfortable living room-style seating. The two executive offices, each with views, are outfitted with handsome built-in cabinetry and bookshelves. A dramatic two-story winding staircase joins the upper level of the library with the heart of the library on the lower level boasting a soaring hearth and the most inviting and relaxing reading environment. Both levels are enveloped by floor-to-ceiling custom bookshelves. A two-room guest suite completes this first level wing and offers a generous living room, kitchen bar and king bedroom. The lower level is accessed by a curved staircase from the great room, the circular library staircase and a custom elevator just off the great room. In addition to the library, a handsome wine cellar and tasting area are just beyond. At the north end of the lower level are a steam room & shower, cold plunge pool, third powder room and a large exercise room with kitchen bar. All leading to a private Zen garden with its own water feature, and convenient access to the pool patio and spectacular veranda. The oversized three-car garage has a large workbench area and multiple storage areas, including additional climatized wine storage and two separate storage rooms with shelving. A dog run that is designed for a protected roof is just off the kitchen. The smart home has both Lutron lighting and automatic sun shades throughout. The Crestron system controls music, TV, shades, pool, lighting and climate with control pads throughout the home. Golf Membership to the Desert Mountain Club is available from the Seller. Buyer canl make application to the Club and allow 30 days for application process. The Golf Membership may be changed to a Lifestyle Membership at closing at Buyer's discretion. The Club can provide details.

9983 E Mirabel Club Drive Scottsdale, AZ 85262

$5,995,000
5 Beds
5.5 Baths
5,616 SqFt
Status Active
MLS # 6754350
Property Type Single Family Residence
Price Type --
An extraordinary contemporary home, newly completed, with a 5-car garage and 2 room detached guest casita, situated on a large elevated 1.8-acre lot. Located inside the prestigious Mirabel Club community, this home has a South facing orientation, w/ views of Pinnacle Peak, sunsets and city lights. This home has an outstanding mixture of textures & finishes throughout, including exposed textured block, beautiful natural stone surfaces, and wood flooring. The entry is highlighted with a large steel trellis connecting the main house to the guest casita, making a stunning entrance to the home. The open floor plan, combined w/ retractable sliding doors/bar window to a backyard oasis, creates a seamless indoor/outdoor AZ lifestyle, at its finest. Floor plan available under the documents tab. Floor plan is available under the documents tab.