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.

7012 E Hummingbird Lane Paradise Valley, AZ 85253

$5,900,000
5 Beds
5.5 Baths
6,641 SqFt
Status Active
MLS # 6782671
Property Type Single Family Residence
Price Type --
Welcome to Paradise Valley where luxury living reaches new heights. This exceptional estate offers a remarkable blend of elegance, comfort & modern amenities. Boasting a main house with 5,937 square feet of meticulously designed living space, including 4 bedrooms. 4.5 baths and 2 offices, along with a 704 square feet guest house, this property truly embodies the epitome of refined living. Step inside the main house and be greeted by a grand entrance that sets the tone for the entire residence. The spacious floor plan encompasses large open spaces. The master suite is a true sanctuary, featuring a huge master closet and a luxurious bathroom. Indulge in heated floors, double vanities, steam shower, towel warmer and the ultimate in convenience with 2 water closets equipped with Toto toilets. No expense was spared in the remodel and improvements of this estate, with over $1,300,000 invested to enhance its beauty and functionality. The gourmet kitchen cannot be beat, with gorgeous granite countertops, huge island, double wall ovens, a warming drawer and pot filler. The newer roofs provides peace of mind, while the Venetian plaster walls and newer wood floors exude timeless sophistication. The newer HVAC systems ensure optimal comfort throughout the year, and the ground-mounted solar panels significantly reduce electric bills, making this home as energy-efficient as it is luxurious. Plus you can feel safe with fire sprinklers throughout the home. Entertaining is a breeze with the abundance of amenities this estate has to offer. The huge covered patio, with its own misting system, invites you to relax and enjoy the breathtaking views of the surrounding landscape. Take a dip in the sparkling pool or unwind in the jacuzzi after a long day. The barbecues area is perfect for hosting outdoor gatherings, while the putting green allows you to practice your golf skills at your leisure. For a moment of tranquility, retreat to the gazebo and revel in the serenity of your private oasis. Inside and out, every detail has been carefully considered. The property features synthetic grass throughout, providing a lush and low-maintenance landscape all year round. With speakers in every room and patio, you can enjoy your favorite music wherever you go, creating the perfect ambiance for any occasion. Car enthusiasts will appreciate the temperature controlled four-car garage, complete with an electric vehicle charging outlet, ensuring your vehicles are well taken care of. The newer exterior paint adds to the striking curb appeal, leaving a lasting impression on all who visit. Don't miss this rare opportunity to own an extraordinary estate in Paradise Valley. Immerse yourself in luxury, comfort, and unmatched beauty in this remarkable home that combines impeccable craftsmanship with modern amenities.

6723 E Lincoln Drive Paradise Valley, AZ 85253

$5,900,000
5 Beds
4.5 Baths
5,679 SqFt
Status Active
MLS # 6769813
Property Type Single Family Residence
Price Type --
Seller financing is available with flexible terms, and all offers are encouraged. Welcome to an extraordinary haven of elegance and luxury—a stunning brick mansion nestled in the prestigious heart of Paradise Valley. This residence offers impeccable sound construction and a serene atmosphere, making it a rare and exceptional find. The property features a resort-style backyard that provides a private retreat. Upon entering through the custom stained glass door, adorned with a laser-cut medallion, you'll be captivated by the breathtaking interior. The home boasts 24-inch travertine stone floors with intricate custom inlays and beautiful knotty pine ceilings, combining to create an ambiance of timeless sophistication. Conveniently located within walking distance of the new Ritz Carlton.

6940 E Indian Bend Road Paradise Valley, AZ 85253

$5,900,000
7 Beds
7.5 Baths
6,655 SqFt
Status Active
MLS # 6585064
Property Type Single Family Residence
Price Type --
Privately gated generational resort home directly opposite the prestigious new Ritz-Carlton & Palmeraie shopping and dining district, but with all the reasons people are flocking to Paradise Valley from all over the globe: Spacious acreage with custom distinctive architecture, assuring privacy and differentiation from neighboring parcels. Adding to this true walkability to the finest shopping and dining district that will exist in the Americas. This luxurious privately gated estate, boasting a main house just under 5,000 square feet, complemented by three poolside casitas, bringing the total living space to 6,655 square feet when fully occupied. Perfect for multi-generational or long-term guests, providing both cohesion and privacy for a multi-generational living experience. This custom built 2017 privately gated estate is MODERN AND BRIGHT, with no steps, no HOA, Fully manicured resort pool with large roll in ramped Baja beach entry and covered gazebo outdoor kitchen. As you approach the property, grand motorized gates open to a captivating GRAND ENTRY. A beautifully paved circular drive, lush green turf, and a RECEPTION COURTYARD with fireplace set the stage for passed hors d'oeuvres and cocktails with clear views of Camelback Mountain. The large circular paved driveway provides access to garages on both sides of the home for 5 cars garaged and space for twenty or more guest vehicles. Grand front steel and glass door opens to views of pool water features through the retractable 10 foot high wall of glass providing a seamless transition from open great room living to extensive covered patios creating true outside Arizona living. Richly detailed, timeless architecture with transitional styling, hand carved moldings, Dramatic Coffered Ceilings and rich craftsmanship. Outdoors features Gourmet Kitchen, Entertainer's pool deck with Baja beach entry, flanked by poolside Gazebo featuring 8-person high-top granite island adjacent outdoor kitchen with grill, frig, sink, warming drawer, built in speakers and A/V electrical hookup. The Primary Owner's wing is thoughtfully designed with a split layout, accompanied by its own private side-entry garage. The guest wing offers an additional garage and an indoor ''Costco-style'' bulk supply room for added convenience. Recent upgrades include new underground plumbing and various improvements, ensuring a modern and efficient living experience. The interior features a Dining Room and a spacious Office to either side of the Foyer, each with double doors leading to the courtyard. Additional highlights include a Game Room, Formal Dining area, Butler Pantry with Wine Closet, expansive laundry room, separate outdoor pool bath, and walk-in closets with luxurious wood organizers in all bedroom walk-in closets. The property also boasts an audio equipment room (equipment conveys). Outdoor enthusiasts will appreciate the dazzling heated pool with a large Baja shelf, gazebo, and an outdoor kitchen with a granite 8-seat island, A/V hookups for TV, and stunning views of Mummy Mountain. The estate's ample grounds extend to the west, offering additional land with an RV Gate and mature citrus trees. This space can be utilized for an additional garage, sports court, or pickleball court. Moreover, the convenience of walking to the new Ritz, set to open in 2024-2025, adds an extra layer of luxury to this already impressive property. The Ritz Villas and custom homes in progress nearby promise a vibrant community atmosphere, with one corner of the 110-acre site dedicated to the Scottsdale Palmeraie ''the most anticipated experiential shopping, dining, and living destination in North America.'' Embrace the epitome of upscale living in this extraordinary estate.

9015 N Morning Glory Road Paradise Valley, AZ 85253

$5,900,000
4 Beds
5 Baths
5,295 SqFt
Status Active Under Contract
MLS # 6735528
Property Type Single Family Residence
Price Type --
Welcome to Southwest Glory, a meticulously restored and redesigned Nance masterpiece nestled on a sprawling 1-acre lot in the heart of Paradise Valley. Modern Nest proudly presents this exquisite 4 bedroom, 5 bathroom home (plus casita) boasting 5295 square feet of luxurious living space. Step inside to discover the perfect blend of Southwest charm and design elegance. The original Saltillo tile floors grace the main living areas, while handcrafted wood flooring and artisanal tiles adorn the rest of the home. Experience warmth and ambiance with 4 fireplaces, seamlessly integrating indoor and outdoor living. The gourmet kitchen is a chef's dream, showcasing custom-designed cabinetry, Wolf and Subzero appliances, and expansive windows overlooking the enchanting patio and lush landscaping. Entertain in style with a completely rebuilt/resurfaced pool, new hardscapes, and a resurfaced full-size sport court with commercial lighting. Indulge in the comfort of an oversized library/den complete with custom shelving and a state-of-the-art sound system. The attached guest casita offers a full kitchen, living space, and an additional private bedroom (5 total) with captivating backyard views. Relish in the comfort of a charming breakfast nook with a fireplace and a butler's pantry featuring a wine fridge, handcrafted tiles and custom cabinetry for optimal storage. The oversized mud/laundry room boasts custom cabinetry as well and dual washer/dryer units for added convenience. Outdoor living reaches new heights with multiple patio spaces, fountains, and cozy fireplaces, perfect for alfresco dining and relaxation. Luxurious lighting complements the meticulously restored wood beam ceilings throughout the home. Retreat to the primary suite, where a separate sitting area, fireplace, and large windows frame views of the back patio's limestone fountain. The spa-like ensuite bathroom boasts marble countertops, terracotta tiles, a freestanding bathtub, and a separate shower with steam capabilities, while the expansive closet offers custom built-ins for optimal storage. Additional features include a three-car garage, ample storage, new landscaping, outdoor lighting/sound system, stucco, and paint. Experience the epitome of luxury living at Southwest Glory - where modern sophistication meets timeless charm. Schedule your private tour today!

7153 E Ironwood Drive Paradise Valley, AZ 85253

$5,842,880
4 Beds
4.5 Baths
4,712 SqFt
Status Active
MLS # 6676583
Property Type Single Family Residence
Price Type --
SINGLE LEVEL 4,712 SQ FT CUSTOM CULLUM HOMES BUILT HOME! READY FOR MOVE IN OCTOBER OF THIS YEAR! ENTRY THROUGH THE PRIVATE COURTYARD LEADS YOU TO THE FRONT DOOR/WALL OF GLASS. THE CHEFS KITCHEN WITH SUB ZERO/WOLF APPLIANCES, CUSTOM CABINETRY, QUARTZ COUNTERS AND PANTRY WRAPPED IN STONE ALL OVERLOOK THE ENTERTAINING GREAT ROOM WITH AN ENORMOUS CONTEMPORARY FIREPLACE WALL WITH FLOOR TO CEILING STONE, DINING ROOM AND FULL WET BAR AND WINE STORAGE. THE VIEW OUT THROUGH THE FLOOR TO CEILING WINDOWS TO THE POOL AND MOUNTAINS IN THE DISTANCE IS PEACEFUL. THE SPLIT FLOOR PLAN WITH THE PRIMARY BEDROOM AND OVER SIZED PRIMARY BATH IS IMPRESSIVE. THE FAMILY ROOM WITH THE WET BAR AND POKER TABLE AREA IS JUST OFF THE 2 EN SUITE GUEST ROOMS. PERFECT FOR COMPANY TO HAVE THEIR OWN SPACE. THE OFFICE OPENING TO THE COURTYARD IS PERFECT FOR GETTING WORK DONE. THE POWDER BATH, LAUNDRY AND EPOXY FLOORED 4 CAR GARAGE, LARGE ENOUGH FOR YOUR CARS AND TOYS, COMPLETE THE MAIN HOUSE. THE AMAZING COVERED OUTDOOR CHEF KITCHEN WITH BUILT IN BBQ, POOL, SPA AND TOWERING WATER FEATURE CREATES A WONDERFUL FALLING WATER AMBIANCE. ACROSS THE OUTDOOR ENTERTAINING SPACE YOU WILL FIND THE ONE ROOM EN SUITE CASITA WITH A DRY KITCHENETTE WITH BEVERAGE REFRIGERATOR. THIS HOME ALL ON ONE LEVEL IS PERFECT FOR SOMEONE LOOKING FOR THAT RIGHT SIZED HOME. THE PARADISE VALLEY COMMUNITY OF 8 HOMES IS GATED AND CLOSE TO ALL THE SHOPPING AND RESTAURANTS OF YOUR CHOICE. COME SEE THIS HOME TODAY!

6107 E Paradise Drive Scottsdale, AZ 85254

$5,800,000
7 Beds
10 Baths
13,689 SqFt
Status Active
MLS # 6765817
Property Type Single Family Residence
Price Type --
Exceptional Estate for Sale in Guard-Gated Equestrian Manor, Scottsdale Step into a realm of timeless elegance with this breathtaking French provincial estate, nestled on a sprawling 1.6-acre lot in the exclusive guard-gated community of Equestrian Manor. This remarkable residence exudes sophistication and charm, making it a true forever home. Spanning an impressive 13,700 square feet, the estate features 7 luxurious bedrooms and 10 meticulously designed bathrooms. Step into a culinary paradise designed for both functionality and flair. This expansive chef's kitchen is a true entertainer's dream, featuring an abundance of workspace and top-of-the-line appliances that will inspire your inner gourmet. Host unforgettable gatherings in the resort-style outdoor kitchen, complete with a stunning diving pool surrounded by manicured grounds and lush landscaping. The tennis court adds to the recreational amenities, ensuring endless fun for all ages. Inside, experience the allure of wood-beamed and domed ceilings, along with 11 grand fireplaces that serve as stunning focal points. The hand-carved wood accents and stone walls add a touch of artisanal craftsmanship throughout the home. Enjoy cinematic experiences in the dedicated movie theater, featuring an impressive 167-inch screen. The game room promises endless entertainment options for family and friends. The exquisite wine room is perfect for connoisseurs, while the office/library provides a serene space for work or relaxation. Marvel at the custom iron work that adorns the estate, from the elegant fence to the striking stairwell and chandeliers, to the Juliette balconies, elevating the home's aesthetic to new heights. A spacious 8-car motor court offers ample room for your collection of vehicles. This estate is not just a home; it's a sanctuary of style, comfort, and grandeur, inviting you to create lasting memories in an unparalleled setting. Don't miss the opportunity to own this exceptional property in one of Scottsdale's most sought-after communities.

3440 S Pimlico Court Flagstaff, AZ 86005

$5,800,000
5 Beds
4.5 Baths
6,169 SqFt
Status Active
MLS # 6762902
Property Type Single Family Residence
Price Type --
Discover unparalleled refinement and charm in this breathtaking new construction nestled in the heart of Pine Canyon. Tucked at the end of a quiet cul de sac with stunning peak views, this gorgeous mountain retreat features two split-floorplan primary suites on the main level, a sprawling living space with huge compound slider leading to the massive back deck, high end Pella Impervia windows and doors, and so much more! This is a one-of-a-kind expansive estate, boasting almost 10,000 sq ft under roof and 6,169 livable sq ft. Enjoy luxuriously modern, high end finishes throughout. Estimated completion date: May 15, 2025.

7178 E Ironwood Drive Paradise Valley, AZ 85253

$5,794,245
4 Beds
4.5 Baths
4,568 SqFt
Status Active
MLS # 6716093
Property Type Single Family Residence
Price Type --
BRAND NEW CONSTRUCTION IS THIS SINGLE-LEVEL HOME, DESIGNED AND BUILT BY CULLUM HOMES. IRONWOOD GOLF VILLAS IS AN EXCLUSIVE COMMUNITY OF ONLY EIGHT CUSTOM HOME SITES. EACH SITE OFFERS ONE A HIGHLY DESIRABLE IN-TOWN LOCATION WITH ABUNDANT ROOM FOR A CUSTOMIZED ESTATE HOME. THIS PARTICULAR HOME OFFERS 4,568 SQUARE FEET OF LUXURIOUS LIVING SPACE WITH 4 BEDROOMS, AN OFFICE, 4.5 BATHROOMS, AND A 3-CAR GARAGE WITH A PRIVATE COURTYARD. CONTEMPORARY UPGRADED FEATURES AND DESIGNS ALL THROUGHOUT. VERY SPACIOUS OPEN FLOOR PLAN. ALL STAINLESS-STEEL, TOP-OF-THE-LINE APPLIANCES IN THE KITCHEN. ALL BEDROOMS HAVE OWN EN-SUITE BATH AND WALK-IN CLOSETS. COMMUNITY IS GATED FOR EXTRA PRIVACY AND SECURITY. LOCATED JUST MINUTES AWAY FROM OLD TOWN SCOTTSDALE, PARADISE VALLEY, AND FASHION SQUARE MALL, OFFERING PLENTY OF OPTIONS FOR SHOPPING, RESTAURANTS AND ENTERTAINMENT.

4901 E Tomahawk Trail Paradise Valley, AZ 85253

$5,790,000
6 Beds
8 Baths
8,463 SqFt
Status Active
MLS # 6752947
Property Type Single Family Residence
Price Type --
This home has a beautiful presentation! It is an absolutely gorgeous walled gated estate. Enter thru a dramatic stone archway into an elegant courtyard with a large circular paver drive to the main residence which is not visible from the street. The 6 bedrm estate includes a full guest house w/ kitchen, bedrm + bathrm. The main home has beautiful architectural detail and hickory wood floors, as well as a master with separate sitting rm and expensive mahogany + glass woman's closet, a paneled library, theater + walk in wine rm. The extraordinary backyard has extensive lawns + features an award winning swimming pool with 4 firepits, spillways + waterfalls cascading from real boulders.The gourmet kitchen with 2 pantries opens to the inviting family room which opens to the large theatre.

6601 N Mountain View Drive Paradise Valley, AZ 85253

$5,785,000
6 Beds
6.5 Baths
6,809 SqFt
Status Active Under Contract
MLS # 6748190
Property Type Single Family Residence
Price Type --
This exquisite custom estate is loaded with impeccable quality and unique design elements, and the soft contemporary vibe beautifully combines elegance and comfort. The island kitchen is absolutely gorgeous with every imaginable amenity, the great room is stunning with fully retractable walls of glass that open to the impressive backyard, and the dining room is another alluring space with a temperature-controlled wine room that holds more than 320bottles and french doors that open to a lovely outdoor patio. The magnificent primary suite has a fireplace, morning bar and spa like bath creating an ultra-serene environment, and the additional bedrooms are all ensuite. There's a newly built guest wing that includes another ensuite bedroom, bonus room, large family room and full bath and close

4021 E Claremont Avenue Paradise Valley, AZ 85253

$5,750,000
4 Beds
4.5 Baths
6,155 SqFt
Status Active
MLS # 6775893
Property Type Single Family Residence
Price Type --
One of the most unique homes in Paradise Valley. You pause as the private gate opens revealing the stunning entrance framed by two custom fountains. As you open the incredible hand crafted front door you are overwhelmed by the view from the large. Courtyard. This meticulously well maintained home with lush landscaping offers alfresco dining alongside the sparkling 20' lap pool and spa. focusing directly on Camelback Mountain. Fourteen foot ceilings reign over the large sliding glass windows which disappear into the walls with the push of a button. This house was created for indoor outdoor entertaining. The kitchen, a chef's dream features Gaggenau appliances, a 6x11 soapstone island with Paul Henningsen's Artichoke Lighting above also includes a well appointed butlers pantry. The open kitchen concept embraces a spacious family room and inviting breakfast nook with corner fireplace. Massive exotic Tiger Wood barn doors are featured in the two en-suite guest bedrooms. Virtually every room captures our magical Arizona lighting and views from nearly every room of the three iconic mountains, The Preserve, Mummy and Camelback. Two separate offices, one with distinctive large fireplace allow more than one person to work while home. At the end of the courtyard visit the entertainment room or stay in shape with the private gym adjacent to the large self contained Casita. The air conditioned 3 car garage has additional storage for bikes and holiday decorations. Privately positioned with easy access to AJ's, Global Ambassador, Steak 44, Paradise Valley Country Club and PCDS. Minutes to Phoenix Airport, HWY 51 & 101.

10612 E Winter Sun Drive Scottsdale, AZ 85262

$5,750,000
5 Beds
9 Baths
9,471 SqFt
Status Active
MLS # 6784147
Property Type Single Family Residence
Price Type --
FULL GOLF MEMBERSHIP IS AVAILABLE subject to the club bylaws and membership approval. This gated mediterranean style masterpiece has multiple high-end finishes, including numerous architectural details, recessed lighting, & brick details. Great entertaining home w/ large walk-behind full bar area & temperature-controlled wine room strategically placed between the kitchen, great room, and dining areas. The home has 5 bedrooms, 6 full baths, & 3 half baths. Included in that count is a detached 2-room casita w/ kitchenette and stacked W/D. The 2 oversized 2-car garages make this home perfect for the car enthusiasts. Other features include an elevator, home theater, office, & game room w/ an additional wet bar. The luxurious primary suite bath has plenty of storage & a steam shower. The outdoor living space includes 2 covered BBQ areas and room for both dining & lounging areas. Furniture is available under separate Bill of Sale.