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.

6130 E Naumann Drive Paradise Valley, AZ 85253

$12,998,000 - 6Br/8Ba -  for Sale in Finisterre, Paradise Valley
Open House
$12,998,000
6 Beds
8 Baths
8,707 SqFt
Status Active
MLS # 6656216
Property Type Single Family Residence
Price Type --
BRAND NEW BUILT HOME. This exquisite residence is nestled between Camelback and Mummy Mountains all within the esteemed, 24 hour guard-gated community of Finisterre. Secluded from major roads, privacy is paramount, with single-entry access for visitors. Property boasts a pool and spa, custom landscaping, 6-car garage temperature-controlled with car lift capacity, all set on 1.1 acres. Natural lighting with a split layout featuring 6 ensuite rooms, and 2 half bathrooms for guests with multiple entryways for ease and access into the home. This smart home is Future-proofed with cutting-edge Control 4 technology, security surveillance, automation and custom shades. The kitchen features custom cabinetry, WOLF appliances, multiple dishwashers, plenty of ice machines & large butlers pantry. -20 AMP outlets, no 15 amp outlets in home -Centralized GFCI into garage for ease of trouble shooting -Temperature controlled wine room and 6 car garage with separate mini splits -All steel windows and doors - Additional Washer and Dryer in Primary Closet -R/O system throughout the entire home from main line -Firepits surrounding the homes exterior and backyard -Massive pool with two Bajas for entertaining and relaxing -Hot spots throughout the home for highspeed internet, including garage -Control 4 system manages the entire home with monitor Pads in all main areas of home (alarm, audio/video/surveillance, shades)

7533 N 70th Street Paradise Valley, AZ 85253

$12,995,000
6 Beds
9 Baths
11,739 SqFt
Status Active
MLS # 6606103
Property Type Single Family Residence
Price Type --
This is the season for this estate ! All doors open , breezes blowing and lush grounds . A true resort lifestyle, Casa Spero is a masterpiece of luxury living for the generations. This timeless estate offers 6 bedrooms, 9 bathrooms ,office , game room, private gym and casita. The chefs kitchen area includes a walk in pantry, bar and butlers pantry plus double island. Seamless indoor outdoor living with deep patios , gazebo , turf and trees . Six car temp controlled garages. Built by Master builder Gary Geitz using the highest quality finishes, featuring heavy beams, groin vaulted ceilings , wood windows and doors to create a superior lifestyle. Solid, beautiful, forever, cozy, warm , these are just a few of the words the family uses to describe this happy home.

18720 N 101st Street Scottsdale, AZ 85255

$12,900,000
4 Beds
4.5 Baths
6,288 SqFt
Status Active
MLS # 6682952
Property Type Apartment
Price Type --
NEW-CONSTRUCTION ICON AT SILVERLEAF PENTHOUSE WITH SILVERLEAF GOLF CLUB MEMBERSHIP AVAILABLE Indulge in the epitome of luxury living with the last remaining ICON at Silverleaf Penthouse in the prestigious Silverleaf community, nestled amidst the awe-inspiring backdrop of Scottsdale's McDowell Mountains. Offering unparalleled vistas of the city skyline and the majestic mountains, this residence exemplifies sophistication and refinement. Designed by the esteemed architect Bing Hu, ICON at Silverleaf sets a new standard for condo living, seamlessly blending elegance with contemporary comfort. Revel in the opportunity to personalize your living space, ensuring it reflects your unique taste and style. Spanning the fourth floor, this ICON Penthouse boasts an impressive 6,200 square feet of indoor living area, complemented by an expansive 6,700 square feet of private rooftop space. Immerse yourself in luxury with four ensuite bedrooms, an office, a media room, a wine room, a wet bar, a gourmet kitchen, a walk-in pantry, a powder room and two outdoor patios. Access to your sanctuary is granted via a semi-private elevator leading to a welcoming private vestibule. Step onto the rooftop oasis and discover a resort-style haven featuring a pool, spa, covered outdoor kitchen, three ramadas, a fire pit, and lush turf expanses, perfect for entertaining or simply unwinding in tranquility. Nestled behind the 24-hour manned gates of Silverleaf's exclusive resort community, this residence offers the best of both worlds - proximity to the cosmopolitan amenities of affluent North Scottsdale and the serene seclusion of the Sonoran Desert. As a privileged resident, you'll also have the option to acquire a coveted Silverleaf Golf Membership, granting you access to one of the nation's most prestigious golf clubs, completing the ultimate luxury living experience. Silverleaf, located in North Scottsdale, Arizona, is a prestigious guard gated community known for its luxurious estates, exclusive golf courses, private Club and stunning desert landscapes. The Tom Weiskopf-designed Silverleaf Golf Course is a highlight for golf enthusiasts. With a blend of Spanish and Mediterranean-inspired architecture, the community offers a high standard of living, including upscale amenities like spas, fine dining, and exclusive shopping. Residents enjoy a harmonious balance between modern luxury and the natural beauty of the desert environment, making Silverleaf a sought-after destination for those seeking an exceptional lifestyle in North Scottsdale.

10999 E Whistling Wind Way Scottsdale, AZ 85255

$12,875,000
5 Beds
5.5 Baths
7,555 SqFt
Status Active
MLS # 6710152
Property Type Single Family Residence
Price Type --
Located in the prestigious Upper Canyon of the exclusive Silverleaf community, this exquisite custom Spanish Mission Estate offers unparalleled privacy, mountain and city lights. Designed with meticulous attention to detail, this home features only the finest luxury materials throughout. Every room showcases true craftsmanship, from the reclaimed hand-scraped walnut flooring and hand-painted motif tiles to the intricate ironwork and handmade light fixtures. Wood beams, brick, and terra cotta tiled ceilings further enhance the estate's unique charm. Spanning 7,555 square feet, this estate is designed with an open great room plan, featuring a true bar adjacent to the great room, making it ideal for entertaining. The main level also includes an impressive office, the primary suite and two guest ensuites. The second level features a two-bedroom apartment accessible by elevator or its own covered loggia. Pocketing doors from the great room lead to the main covered loggia with a fireplace, perfect for seamless indoor/outdoor living and dining. The outdoor space is equally impressive, with an outdoor kitchen, BBQ and bar area, fire pit seating, pool, and spa. Enjoy city lights and sunsets from various vantage points, including a separate covered area near the pool with a cozy fireplace. This estate truly offers a luxurious and serene living experience.

7009 E Avenida El Alba Drive Paradise Valley, AZ 85253

$12,599,900
6 Beds
6.5 Baths
8,434 SqFt
Status Active
MLS # 6757736
Property Type Single Family Residence
Price Type --
Contemporary estate nestled on 1.47 acres with 6 bedrooms plus a den, 6.5 bathrooms, and a 5-car garage, this home offers ample space and flexibility for comfortable living and hosting. The large primary suite boasts a flexible bonus room, perfect for an exercise area, nursery, or office. High-end finishes adorn the interior, complemented by Wolf and Sub-Zero appliances in the gourmet kitchen. Step outside to your private entertainment oasis featuring a pool, spa, barbecue area, fire pit, basketball court, batting cage, and a children's playhouse. This estate includes an oversized one-bedroom guest casita with a full living room and an indoor/outdoor bar. Whether hosting guests or seeking a family retreat, this haven promises luxurious comfort and style. 8,434 square footage = 7,065 sq ft main house; 1,370 sq ft guest/pool house 6 ensuite bedrooms + kids playroom + primary bedroom retreat that can be used as a nursery, office, gym or 2nd closet. Main house is 5 bedrooms plus the bonus rooms. 1,613 sq ft 5 car garage gated motor court 3,572 sq ft of covered patios 48 tall tempered glass pool fence w/heavy duty 2205 stainless steel brackets Temperature controlled wine wall Roller shades window coverings - motorized window coverings Custom drapery Control 4 Home Automation, Security and lighting Temperature controlled kids playhouse Sport court w/basketball hoop Artificial turf Custom light fixtures

11179 E Honda Bow Road Scottsdale, AZ 85262

$12,500,000
4 Beds
5.5 Baths
8,685 SqFt
Status Active
MLS # 6765120
Property Type Single Family Residence
Price Type --
Spectacular Desert Mountain Estate with Golf Membership immediately available. Located in Apache Peak Preserve on 2+ private acres. Nestled among ancient rock formations. Amazing year-round Valley, sunset and city lights views! Ultimate curb appeal with gated porte-cochere and circular auto court. Magnificent gardens encompass colonnaded patios, ramada and spa deck. This single level home is a collaborative effort of 4 ''Masters of the Southwest'' for interior and exterior design, construction and landscape. Expertly curated fixtures, finishes, appliances, and smart home technology. 30-day membership application and approval process. The bridge and gated entry are just the beginning of the dramatic approach, enhanced by.gas lanterns, a bubbling fountain and circular auto court flanked by two garages housing 4 cars total. All leading to the entry courtyard with cozy hearthside seating and seasonal gardens The stunning great room features high ceilings, a deep crown moulding accented with clerestory windows, a grand marble hearth and a bank of European French doors all opening to the colonaded veranda and Valley views. The formal dining room is appointed with built-in, lighted display cabinets and a show-stopping double wine cellar symmetrically flanking the room. A Chef's Kitchen boasts beautiful white cabinetry with lighted displays, a double island, quartzite counters, ideal cooking layout, large pantry and commercial walk-in cooler. Elegant executive library features coffered ceilings and custom built-ins. Finely appointed Primary Bedroom and Spa Bath with marble counters and custom Italian tiles. Family and friends readily gravitate to the roomy yet cozy billiards/media room immediately accessible from the kitchen and patio/pool, complete with mixologist's outfitted serving bar. Guest suites and Casita are spacious and appointed in Chateau-Relais style. The stunning veranda, pool, gazebo and gardens are reminiscent of a Cap Ferret holiday setting, all overlooking unencumbered views of the Valley of the Sun. A generous artist's studio with French windows for natural light is tucked away below the Casita...perfect also as a music studio. It is accessed by an elevator. Separate patio for furry friends is complete with grass and a potted kumquat orchard! European-inspired stone fire places are found throughout the exterior courtyards, Great Room, Primary Bedroom and Casita. White oak and marble flooring, European tiles, banks of French doors, impressive mouldings, and elegant fixtures are distinctive features that set this home apart. Smart home features include Savant System and an extensive solar panel array. Plan soon for a private visit of this masterpiece: imagined by the owners in collaboration with Candelaria Design, Manship Builders, Ashley P Design Interiors and Enchanted Gardens.

19920 W Verde Hills Drive Wickenburg, AZ 85390

$12,000,000
3 Beds
3.5 Baths
5,339 SqFt
Status Active
MLS # 6527371
Property Type Single Family Residence
Price Type --
Wickenburg's Premier Equestrian Estate on over 400 Acres of lush high Sonoran Desert with views in all directions. A magnificent custom designed (by Bill Otwell) and built (by Joe Culhane) Main Residence w/Five Patio's and Extensive Landscaping including a custom built Rock Driveway. Custom designed & built detached Garage w/RV Bay. Guest Home, Horse Facilities. 108.3 Acres and Residence in Yavapai County, 295.47 Acres in Maricopa County.

10835 E Mountain Spring Road Scottsdale, AZ 85255

$12,000,000
5 Beds
8 Baths
12,289 SqFt
Status Active Under Contract
MLS # 6759614
Property Type Single Family Residence
Price Type --
Extraordinary estate nestled in Silverleaf's Upper Canyon McDowell Mountain preserve with a majestic mountain backdrop, dramatic down valley city views, and golf course proximity, this home is exquisitely picturesque. Built by Catalina Custom Homes with design inspired by traditional Spanish architecture, this storybook is a living legacy of grace and character. An architectural masterpiece, featuring 5 bedrooms, 8 baths, two offices, and game room with ten patios/outdoor living areas, meticulously planned for functional living with large spaces for optimal elite entertaining and vignette boutique spaces that add interest and charm. Finished with the finest custom details for the most discerning resident. Timeless sophistication with grand ceilings boast extensive custom millwork, intricate detailed coffered ceilings, mouldings/trim, and hand picked reclaimed beams. Details are abound including architectural mason designed custom stonework, complimenting hand painted accent tiled walls, European hickory wide plank and stone flooring, alder wood doors and roll-out windows, and convenient dumbwaiter. At the heart of the home is an oversized great room with double island kitchen, separate prep pantry, informal dining and limitless living space with two fireplaces. Owner's retreat offers spacious bedroom, living area and additional adjoining flex room. Attached guest residence has private entry and access to main home, features oversized living area with fireplace, kitchenette and abundant bedroom and bath. Spacious outdoor living areas, downstairs off great room and an upstairs off game room, enhance seamless living and maximize the panoramic views from every angle. Manicured English style garden is the heart of the back yard, surrounded by covered living spaces and rectilinear vignettes that create charming spaces for outdoor living. Privately entertain with large pool and spa with generous grass area, outdoor kitchen and oversized fire pit that overlooks spectacular down valley views. Refined luxury living at its best.

6612 E Hummingbird Lane Paradise Valley, AZ 85253

$11,999,999
5 Beds
5.5 Baths
7,104 SqFt
Status Active
MLS # 6775785
Property Type Single Family Residence
Price Type --
Designed by renown architect Brent Kendle this home is being constructed to harmonize with its natural surroundings, while making its own bold statement. Hummingbird Residence exploits the natural grandeur of the desert wash traversing the site, while walls of glass and soaring roof forms reach out to capture mountain views. Social, family and entertainment zones are separated from peaceful private bedroom zones via a dramatic curved indoor bridge spanning the desert wash. A curved wall of glass welcomes views of nature and the infinity-edge pool along one side of the bridge while a gallery wall boasting artfully placed slots of natural light adorns the opposite side. Outdoor living spaces enhance the experience, creating intimate encounters with nature as well as grand festive spaces for outdoor gathering with family and friends. Building materials extend the connection to its surrounding, utilizing earth tone metal, architectural textured masonry, and copious expanses of glass to take in views while bathing the interior in soft diffused illumination. The homes warm modern interior is adorned with rich materials such as natural stone, custom millwork, and wood ceilings that visually soften while making a sophisticated statement.

6200 E Quartz Mountain Road Paradise Valley, AZ 85253

$11,999,888
4 Beds
5.5 Baths
6,805 SqFt
Status Active
MLS # 6674881
Property Type Single Family Residence
Price Type --
Award winning - Builder, TeMac, & Architect, Candelaria Design - team for an epic Mountainside Retreat. This stately, single-level estate, offers all of the modern day amenities, & the peaceful getaway you need & deserve, with miles of view corridors over the Sonoran desert; all the while only minutes from world-class: shopping, entertainment & fine dining. The estate, perched on Mummy Mountain, on over an acre of flat land, boasts its own wellness center for relaxation, zen garden atrium, a spacious primary wing with two huge closets, spa like bathroom, sitting area, and massive doors and windows for scenic enjoyment. The indoor outdoor living is abundant with a true resort infinity edge pool, massive kitchen, game room, gym, 3 additional en-suites, an office, and 4 garages.

41851 N 112th Place Scottsdale, AZ 85262

$11,995,000
6 Beds
5.5 Baths
6,963 SqFt
Status Active
MLS # 6675780
Property Type Single Family Residence
Price Type --
Welcome to your new serene abode in Desert Mountain's prestigious Village of Apache Peak, perched high over the valley taking in twinkling city lights, picturesque sunsets, and sweeping mountain vistas. This home is the complete package - being sold with a FULL GOLF MEMBERSHIP (buyer to pay initiation fee), and furnishings included in the price. This home was completely remodeled in 2022 by Gemini Builders and award-winning designers, JFS Design. Upon entry to the property, you'll downshift from your day into a home thoughtfully designed to support a peaceful lifestyle. From the gentle hum of the hand chiseled stone driveway, to soft earth tones and natural stone finishes, and to the delicate blend of curved and modern walls-all thoughtfully chosen finishes to lower your heart rate. All on one level, this home features six bedrooms, five and a half bathrooms, and was designed for entertaining with almost 7,000sf of indoor, 7,250sf of outdoor oasis, a large chef's kitchen, breakfast nook, oversized 2nd catering kitchen, theater room, detached guest house, spacious 4-car garage, and an expansive patio space rare to find on a 1.3-acre mountainside lot. The main kitchen captures your attention with a White Oak statement ceiling with underlit lighting, two-tone cabinetry, and features top of the line finishes and appliances including Wolf and Sub Zero, Paonazzo marble countertops, Silestone granite composite sinks, a breakfast nook with beverage bar with Wolf espresso machine, Sub Zero beverage and wine fridge, and ice maker. Luxurious cabinetry throughout the home is all hand wired brushed Rift Oak, imported from Canada. The flooring is equally as beautiful with a custom stain on imported European French Oak with Quartzite accents blending seamlessly throughout the home. A focal point seen from the kitchen is the elegant 1,000+ bottle temperature controlled wine room/humidor, walled by three sides of glass which separates the breakfast nook with the living room. Featured lighting throughout the home is inspired by the home's starry sky views, suspended and hung from aircraft cables for an elegant and soft industrial feel. The oversized prep kitchen also features Wolf, Sub Zero, and Cove appliances, as well as an additional laundry area for easy cleanup. The formal dining room off the kitchen features 90-degree retractable walls of glass for a true indoor outdoor dining experience with picturesque views back to Apache Peak. Flooring in the dining room is Marble with petrified tree roots and amber sap pockets in a bookmatched theme providing depth and interest to the discerning eye. Rich and automated Belgian drapery is found throughout the home blending the rooms seamlessly with each a retractable wall of glass. Enter the primary wing where it's a haven for rest and relaxation, inspired by some of the world's most luxurious hotels. European White Oak ceilings with Belgian drapery and a Totora Italian marble fireplace with a morning coffee bar completes this sanctuary. Enjoy sunset views from the primary suite with outdoor pool access. The primary bath is spa inspired with a soaking tub, his and hers vanities, and a commercial grade dual steam shower with bench, underlit lighting and walls of Turkish Stone. His and hers primary closets are both show stoppers of their own. Her closet features a Barney's NYC iconic spiral staircase leading to the second story champagne viewing deck. A Ted Baker shopping experience describes his closet with dark finishes, sleek lines, and walled by glass on both sides. True designer closets for your designer belongings with no details spared. All guest bedrooms in the home have convenient access to the outdoors. Enjoy mesmerizing views from the detached guest casita with kitchenette, full bath, bedroom and living space. This could alternate as a stunning office or yoga / meditation room. Built with a timeless design, this home's new owner is one with an eye for detail and appreciates an environment that reflects a discerning eye. Options to make personalized adjustments on the home are available with the builder. Whole home automation with Control 4. This home is centrally located within Desert Mountain, offering the ideal lifestyle with proximity to the Sonoran Fitness Club, 7 clubhouses each with their own dining options, 7 golf courses, and 20 miles of hiking trails. Quick gate access facilitates trips into town for shopping, additional dining, other outdoor adventures or airport access. Live the flawless desert dream in this magnificently property. Golf membership available to be purchased with this property.

4829 E Orchid Lane Paradise Valley, AZ 85253

$11,995,000 - 4Br/7Ba -  for Sale in Vista Linda, Paradise Valley
Open House
$11,995,000
4 Beds
7 Baths
8,348 SqFt
Status Active
MLS # 6758293
Property Type Single Family Residence
Price Type --
Views! Views! Views! This home is located on an elevated lot at the end of the cul-de-sac on one of the most beautiful streets in Paradise Valley! 360-degree views with different mountains out of almost every room in the house. No details were spared to create this amazing oasis in the desert. Souring 18-foot coffered ceilings in both the great room and adjacent game room both with huge exterior pocket doors making your indoor and outdoor areas become one! Chef's kitchen, butler's pantry, gorgeous views of the McDowell Mountains from the office and formal dining room. Huge gym with exterior pocket doors opening the entire wall providing stunning views of Mummy Mountain! The Master Bedroom has unmatched views of the Phoenix Mountain Reserves. Huge his and hers closets and a spa like Master Bath including dual water closets, steam shower, 11-piece shower set, the list goes on and on! Step into your resort like back yard and you will be surrounded by mountain views in every direction. A huge pool and spa with attached sunken firepit. At the end of the pool is an outdoor dining/lounging area with stunning stone water feature and 360-degree mountain views! This is a one-of-a-kind property. Homes with this level of quality, detail, privacy and views rarely come on the market.