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

Last 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.

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35801 N Meander Way Carefree, AZ 85377

$5,750,000

3 Beds

5 Baths

6,501 SqFt

Status Active

MLS # 6749384

Property Type Single Family Residence

Price Type --

Chic single level contemporary new build completed in 2023 in Carefree on Black Mountain! Nestled on a sprawling mountainside estate spanning 1.6 acres, offering breathtaking vistas of Black Mountain, Boulders Resorts golf courses, and beyond. This architectural gem is a testament to modern luxury living, meticulously crafted with unparalleled attention to detail. Upon entry, you are met with great room, featuring soaring 16-foot ceilings, expansive 30-foot wide glass pocket doors, and a sleek modern fireplace adorned with porcelain slabs. Floor-to-ceiling 10-foot glass walls frame the awe-inspiring views, seamlessly blending the indoors with the natural splendor outside. The European-inspired kitchen is a culinary enthusiast's dream, showcasing a over 15-foot long island finished with luxurious Taj Mahal quartzite, Miele appliances, and a spacious breakfast nook enveloped by sliding glass doors. For added convenience, a full prep/catering kitchen awaits. Step outside to the sprawling 14-foot high ceiling covered patio, featuring limestone floors and a misting system, creating an outdoor oasis to unwind, entertain, and revel in the panoramic views of the valley and city lights. The focal point of the backyard is the exquisite custom negative edge pool and spa, perfect for relaxation and rejuvenation. Retreat to the sumptuous primary suite, complete with dual custom closets and a spa-like bathroom featuring dual water closets, freestanding tub, marble floor and wall surrounds, and a steam shower. Additional rooms include an expansive office with custom bookshelves and a private patio, along with a versatile flex space ideal for a gym, game room, or additional bedroom, offer flexibility to suit your lifestyle. Two spacious ensuite guest rooms complete the guest wing! Designed for modern living, this home boasts a Creston smart home system, allowing for effortless control of lighting, music, HVAC, pool, shades, and security with a simple touch. A 4-car garage with oversized doors, a spacious laundry room with double washer and dryer, and lush turf grass area add to the convenience and allure of this remarkable property. Welcome home!

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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.

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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.

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36070 N Prickley Pear Road Unit 89 Cave Creek, AZ 85331

New

$5,750,000

5 Beds

5.5 Baths

5,828 SqFt

Status Active

MLS # 6788814

Property Type Single Family Residence

Price Type --

Steve Jensen Homes unveils a masterpiece of luxury in Canyon Ridge Estates, Cave Creek. This remarkable home offers 3 spacious bedrooms and 6 elegantly designed bathrooms in the main residence, blending sophistication with comfort. Thoughtful amenities include a game room, private office, an expansive man cave complete with a media area, built-in bar, and a striking glass overhead door leading to the garage. The separate casita adds versatility, featuring 2 additional bedrooms and a bathroom, ideal for hosting guests. The heart of this home is the state-of-the-art kitchen, equipped with premium appliances and a dedicated prep kitchen, perfect for effortless entertaining. Walls of glass create a seamless transition between indoor and outdoor living spaces, inviting you to enjoy the serene Arizona landscape in unparalleled style. The luxurious primary suite is a private retreat, complete with a warm fireplace and a spa-inspired bath designed for ultimate relaxation. Step outside to an outdoor oasis, where a cozy fireplace, fully equipped outdoor kitchen, firepit, sparkling pool, and soothing spa create the perfect space for entertaining or unwinding. For car enthusiasts, the property boasts a 4-car garage and a separate RV garage, offering generous storage for all your vehicles. Discover the perfect balance of luxury, functionality, and timeless sophistication in Canyon Ridge Estates.

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10184 E Peak Circle Scottsdale, AZ 85262

$5,700,000

4 Beds

4.5 Baths

4,519 SqFt

Status Active

MLS # 6754344

Property Type Single Family Residence

Price Type --

Estancia Golf Membership available * Completely remodeled in 2023 * Elegant residence in the guard-gated community of Estancia with timeless architectural details * The exterior details include an organic composition of dry-stacked stone, stucco and glass with a new concrete tile roof * Sited on an elevated lot with panoramic views of Pinnacle Peak * Split floor plan with a living room, family room that connects to an open kitchen, two guest suites and a dedicated office with full bath providing the flexibility for a fourth bedroom * Interior details include wood plank flooring, granite and quartz countertops, custom-crafted cabinetry, all new custom lighting and dry-stacked stone fireplace surrounds * The resort-style outdoor living space offers a large covered patio, heated pool and spa built-in BBQ station and a gas fireplace *

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24863 N 103rd Way Scottsdale, AZ 85255

$5,695,000

4 Beds

4.5 Baths

5,932 SqFt

Status Active

MLS # 6723326

Property Type Single Family Residence

Price Type --

Amazing opportunity for brand new build contemporary styled construction in North Scottsdale! Camelot Homes award winning Cavallo floor plan offers all Single level and the best indoor/outdoor living. Price includes all structural components, wine wall, highly upgraded contemporary cabinets , oversized tile flooring, countertops and tile, electrical and low voltage upgrades as well as 3 en suite bedrooms, casita, office and bonus room along with standard 4 car garage. Amazing views from courtyard and rear yard. Price also includes upgraded pool and landscaping. Pool/landscaping currently being installed. Estimated closing End of the year 2024. Video is from our Bronco model and not representative of home for sale.

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3866 S Clubhouse Circle Unit 259 Flagstaff, AZ 86005

$5,695,000

5 Beds

4.5 Baths

6,522 SqFt

Status Active

MLS # 6691628

Property Type Single Family Residence

Price Type --

Situated on one of Pine Canyon's best fairway lots this stunning mountain lodge has dramatic views of the 17th green and the San Fransisco Peaks. The grand ledge stone and wood exterior design continues inside as textured stone columns frame the great room and a stunning floor-to-ceiling ledge stone fireplace takes center stage along with expansive windows and glass double doors to frame the outdoor views. The Great room towers to over 25 feet with a beamed ceiling and partially surrounded by the wood and metal railings of the upper loft area. This very special home features two primary suites, each with its own fireplace and luxurious bath. The Great room floor plan blends the the living, dining and kitchen areas altogether. Between the the Great room and dining area is a ... wet bar with wine and beverage coolers as well as a sumptuous powder room. The dining area has room for family and guests. The country kitchen is a chefs delight with a large butcher board and granite center island, Viking appliances and a walk-in pantry. You enter the outdoor patio deck from either the Great room or kitchen. Its a great place to enjoy the fabulous views, relax in the hot tub, or to enjoy a barbecue. The main level laundry/craft room is the access into the large 3 car garage. The lower walk-out level includes a large media/game room with a large sitting area with fireplace and a separate area for the pool table. This all opens to two covered patios with similar golf course and mountain views as the main deck above. The lower level also includes 2 bedrooms, a large bunk room, 2 baths and two large mechanical closets with an abundance of storage. The loft includes a comfy office, a large seating area and half bath (This seating area can easily be converted to a spacious guest en-suite by adding a shower to the half bath). High end finishes abound in including ledge stone and steal fireplace surrounds, hardwood flooring, floating vanities, custom wood and metal railings and beamed and tongue & groove ceiling treatments. This is Pine Canyon living at its best.

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12913 N 119th Street Scottsdale, AZ 85259

$5,600,000

7 Beds

11 Baths

11,548 SqFt

Status Active

MLS # 6743300

Property Type Single Family Residence

Price Type --

BREATHTAKING VIEWS, ULTIMATE PRIVACY AND ENTERTAINER'S DREAM in this guard gated golf club community. Perched on a hill in the back of the neighborhood, this home gives you the feeling of being on top of the world as you step out onto one of the many balconies where you can enjoy unobstructed views of Camelback Mountain and the shimmering city lights below. Imagine hosting ultimate gatherings in a home that's designed for entertaining! This paradise offers your very own movie theater, billiard room with bar, fitness center with sauna, wine cellar, sprawling open-concept living and kitchen area that flows effortlessly into a fully equipped bar and outdoor patio. A spa and 2 beautiful pools with waterfalls share a private courtyard space. Main house includes a separate guest quarters -- along with an additional detached guest house adjacent to the courtyard pool. Even a 7 CAR GARAGE including space for an RV or boat! This home is more than just a place to live - it's a venue for experiences....a perfect escape from the hustle and bustle of everyday life while still being close to all amenities and events Scottsdale has to offer!

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9821 E Sundance Trail Scottsdale, AZ 85262

$5,595,000

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.

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10701 E Jomax Road Unit 1 Scottsdale, AZ 85255

$5,575,000

5 Beds

5 Baths

5,000 SqFt

Status Active

MLS # 6707666

Property Type Single Family Residence

Price Type --

A striking 'Moditerranean' from Temac Development and Candelaria Design Associates - Situated on 2.5 Acres, this classic estate boasts some of the best views in the area with privacy and seclusion. Unobstructed views of Pinnacle Peak, Troon Mountain, and Troon Country Club, all with the freedom of no HOA. Nearby world-class Four Seasons Resort Scottsdale. Your inquiry to this iconic estate is welcomed.

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24779 N 91st Street Scottsdale, AZ 85255

$5,500,000

4 Beds

4.5 Baths

5,010 SqFt

Status Active

MLS # 6779265

Property Type Single Family Residence

Price Type --

NEW 2024 CONSTRUCTION contemporary masterpiece awaits in prestigious North Scottsdale Solitude community, situated on a premier lot with breathtaking south-facing views of the McDowell Mountains, Camelback Mountain, open desert, and sparkling city lights. A true architectural gem designed by Swaback Architects and built by Sonora West Development, this 5000+ square feet 4-bedroom, 4.5-bathroom with a den or office space blends seamlessly into the desert landscape with clean lines and an eye-catching façade. Inside, the modern minimalist open concept design is equipped with advanced Smart Home technology, ensuring every modern convenience is within reach and welcoming you with soaring ceilings, oak wood floors, custom chandeliers, and high-end finishes throughout. Expansive retractable doors lead to a stunning South-facing outdoor living area, where the outdoor views are just as remarkable as the interior finishes. This resort inspired space features a heated pool and spa, stone paver decking, custom fire pit, and barbecue area with stone finishes. The custom designed landscape includes stone paver patios, turf, desert plantings, and stylish block and metal fencing, all visible from covered patios with wood tongue-and-groove ceilings. This Arizona desert retreat is truly a ready-to-enjoy oasis.

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Amado AZ 85645

$5,500,000

18 Beds

14 Baths

2,197 SqFt

Status Active

MLS # 6682628

Property Type Single Family Residence

Price Type --

Tucked away at the base of the Santa Rita Mountains, yet close to Tucson, GreenValley and Tubac, lies this 160-acre horse and cattle ranch. Immediately adjacent to it is an accompanying 6,000-acre state cattle grazing lease, where one can ride, hike, nature watch, or hunt. This exceptional Ranch features many amenities including 2 residences (1972, 2017) suitable for owners or family situated on the Headquarters parcel and 4 homes suitable for guests or crew. Verdant irrigated pastures, beautiful old mesquite trees and breathtaking views of Elephant Head Butte and the Santa Cruz River make this retreat unique. Cherished as a private family homestead for many years, this land dates back to the historic Canoa Land Grant and was later owned by the Amado family for which the town is named.

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