What’s Ahead For Mortgage Rates This Week – August 8, 2016

Last week’s economic reports included construction spending, personal income, and multiple reports on employment. Freddie Mac’s mortgage rates survey and new jobless claims were also released.

Construction Spending Dips in June

According to the Commerce Department, construction spending fell in June to -0.60 percent as compared to expectations of an increase of 0.50 percent and May’s reading of -0.10 percent. Spending was even across public and private construction spending. The Commerce Department said that construction spending on June rose to $1.13 trillion was 0.30 percent year-over-year and was 6.20 percent higher for the first six months of 2016 as compared to the same period in 2015; construction spending appears to be trending upward in spite of recent month-to-month declines.

Consumer spending rates in June met expected growth of 0.40 percent and matched May’s reading. Core consumer spending fell to 0.10 percent in June according to expectations, which were based on May’s reading of 0.20 percent.

Labor Reports Indicate Stronger Economy

Inflation remains lower than the Federal Reserve’s annual rate of 2.00 percent, but labor news released last week supports reports of strengthening economic conditions. ADP Payrolls, which covers private-sector job growth, reported 179,000 jobs added in July as compared to June’s reading of 176,000 jobs added.

Non-farm payrolls grew by 255,000 jobs as compared to expected growth of 185,000 jobs. Neither July’s reading nor did expectations of 185,000 jobs added meet June’s reading of 292,000 jobs added, but analysts and media reports touted private and public sector job growth as a strong indicator of economic recovery.

The national unemployment rate held steady at 4.90 percent against expectations of 4.80 percent and June’s reading of 4.90 percent. Analysts said that this reading was better than it appeared due to more people joining the work force in July.

Mortgage Rates Lower:Jobless Claims Rise

Mortgage rates fell across the board last week according to Freddie Mac. 30-year fixed rates averaged 3.43 percent, which was five basis points lower than the previous week. Average rates for a 15-year fixed-rate mortgage fell by four basis points to an average of 2.74 percent. The average rate for a 5/1 adjustable rate mortgage fell five basis points to 2.73 percent.

New jobless claims rose to 269,000 against expectations of 263,000 new claims and the prior week’s reading of 266,000 new claims. There’s good news; new jobless claims remained below the key reading of 300,000 for the 74^th consecutive week.

What‘s Ahead

This week’s scheduled economic news includes releases on retail sales and consumer sentiment along with weekly reports on new jobless claims and mortgage rates.

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10207 E Diamond Rim Drive Unit 2121 Scottsdale, AZ 85255

Open House

$4,995,000

5 Beds

5 Baths

5,660 SqFt

Status Active

MLS # 6753179

Property Type Single Family Residence

Price Type --

Situated on a rare 1/2 acre corner lot, you'll enjoy privacy, and plenty of lush, mature landscaping, and the ease of hopping in a golf cart to get to Silverleaf Country Club. A private courtyard entrance will lead you to the entry as you meander through the meticulously maintained rose gardens, a bubbling fountain and large blue tiled swimming pool, and spa. The open great room has a grand feel as it's accented with a Cantera stone arch, soaring ceilings with hand-hewn beams, and telescoping doors that open up to the covered patio, and additional center courtyard with charming stone fireplace to add to the ambiance while entertaining. No additional expenses needed on this home, as the owner has recently completed a renovation to include, new lighting throughout, fully remodeled bathrooms with designer tiles, and plumbing fixtures. The kitchen is a dream to cook in as it has a large center island adorned with South American Quartzite and Cristallo translucent Quartzite, Wolf 6 burner gas range with griddle, Wolf double ovens, coffee bar, and 3 tall sub-zero wine refrigerators. Exterior was renovated with new landscaping, new landscape lighting, and Rhinosheild paint. The main house features three spacious guest bedrooms with en-suite bathrooms that any guest will enjoy. An elevator leads to the primary suite with a large sitting room, spacious his/hers custom closets, and luxurious bathroom with dual vanities, make- up vanity soaking tub, and over-sized shower. The office has lovely built-ins and french doors that lead to a secret garden with a stone fireplace. Retreat to the detached, 462 sq ft Casita, to enjoy an afternoon of sewing, gaming, or fitness. The Crestron system is the brains of the home, and has been fully updated in 2023, along with 7 new HVAC units for the home. This home also features a 3 car garage and plenty of storage space.

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6271 E Horseshoe Road Paradise Valley, AZ 85253

Open House

$4,990,000

4 Beds

5 Baths

5,134 SqFt

Status Active

MLS # 6756810

Property Type Single Family Residence

Price Type --

Fully furnished golf course modern with soaring ceilings and Mummy Mountain views! Newly remodeled kitchen, flooring, bedrooms, and bathrooms. Entertainers dream with new heated pool/spa and outdoor BBQ area. Located on Camelback Country Clubs Ambiante Golf course, beautiful flowers surround sidewalks and jogging/ biking paths. In the A+ rated CCC school district and moments from central Scottsdale's shops, restaurants and grocery stores. Split floorplan of primary suite with his and hers bathrooms and closets and generous bedroom on one side, office/den and two additional ensuites on the other. Large formal living and second entertaining space off of the kitchen. No interior steps and immaculacy furnished in Restoration Hardware.

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24892 N 107th Street Scottsdale, AZ 85255

Open House

$4,987,000

4 Beds

4.5 Baths

4,502 SqFt

Status Active

MLS # 6745561

Property Type Single Family Residence

Price Type --

Luxury Custom New Construction, Move-in-Ready! Welcome to the Artesano Custom Estate, an exquisite masterpiece of architectural design and luxurious living. This home sets the standard for elegance and sophistication. Nestled in the prestigious neighborhood of Artesano at Troon Canyon, this property offers unparalleled craftsmanship and attention to detail, creating an extraordinary living experience for the most discerning homeowner. Featured in Architectural Digest, Landmark Luxury Group, a distinguished Chicago & Scottsdale-based build, architectural, and design firm, bring experience, design range, and excellence for the things both seen and unseen in new construction. This luxury home also boasts state-of-the-art smart home technology, Sub-Zero and Wolf appliances

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9626 E Aw Tillinghast Road Scottsdale, AZ 85262

$4,980,000

6 Beds

8 Baths

6,130 SqFt

Status Active

MLS # 6780388

Property Type Single Family Residence

Price Type --

This one-of-a-kind custom estate, perched high in the Desert Mountain, boasts breathtaking 360-degree panoramic views. Designed Ron Brissette and spanning 4.5 acres, this luxurious 6,130 sq. ft. home offers six bedrooms, six full bathrooms, and two half-baths, providing an abundance of space for ultimate comfort. Step through the glass front door into a grand great room with floor-to-ceiling windows and doors, showcasing a stunning copper-accented fireplace, a wet bar, and an elegant dining area. Every detail has been carefully upgraded, including a gourmet kitchen equipped with top-tier stainless steel appliances, custom cabinetry, a large island, and multiple fireplaces throughout. The expansive living spaces are designed for both entertainment and relaxation, while the retreat-style primary suite features a spacious walk-in closet with built-ins and a private office. The oversized three-car garage includes ample storage and epoxy floors, rounding out the home's luxury features. The split bedroom floor plan provides privacy for guests, with five additional en-suite guest rooms, each offering walk-in closets. Outdoors, the resort-style backyard is a true oasis, complete with a negative-edge pool, a large spa, a fire pit, multiple seating areas, a built-in BBQ, a pizza oven, and endless mountain views. Other notable upgrades include two recently replaced HVAC units, a new tankless water heater, a redone roof, electric shades in the great room, primary suite, and guest rooms, Duravit commodes, central vacuum system, custom concrete floors, and more. This estate redefines luxury mountain living.

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10162 E Sundance Trl 227 --, Scottsdale

$4,975,000

5 Beds

5.5 Baths

5,830 SqFt

Status Active

MLS # 6653002

Property Type Single Family Residence

Price Type --

This Brand New Home Exudes Elevated Elegance & Craftmanship in the Village of Sunrise on the 3rd hole of the Renegade course, offering panoramic mountain views, sunset views, city lights and golf course views. Quiet interior location on 1 acre. Cart path for this hole is located on the other side of the fairway offering additional privacy. A perfect mixture of traditional architecture with contemporary finishes. 4 car garages, large covered view deck, large entry courtyard, custom ceiling treatments t\o, spacious primary bedroom, w/luxurious bath & expansive primary closet. High end gourmet kitchen made for entertaining, wine room. Golf Membership is not included with purchase of home.

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6841 N 58th Place Paradise Valley, AZ 85253

$4,975,000

4 Beds

3 Baths

4,786 SqFt

Status Active

MLS # 6758290

Property Type Single Family Residence

Price Type --

This breathtaking 1.26-acre, NON-HILLSIDE LOT in Paradise Valley is located on the south slope of Mummy Mountain, offering panoramic views of Camelback Mountain, Mummy Mountain, downtown Phoenix, and the East Valley including Four Peaks. The existing 4,759 sq. ft. contemporary home features 4 bedrooms and 3 bathrooms, with potential for expansion to include a car collector's garage or guest quarters.

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5000 N Camelback Ridge Road Unit 109 Scottsdale, AZ 85251

$4,950,000

3 Beds

3.5 Baths

3,867 SqFt

Status Active

MLS # 6659586

Property Type Apartment

Price Type --

You do not need to wait two years! This is a rare opportunity to own a first floor (walk out patio) home in Ascent at the Phoenician and BE IN BY FALL OF 2024! Unit 109 offers a generous 3867 square foot open concept floor plan with numerous upgrades, including Bulthaup Kitchen and Smart Home technology. Three bedrooms, four bathrooms and corner, very private location.

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10308 E Filaree Lane Scottsdale, AZ 85262

$4,950,000

4 Beds

4.5 Baths

5,235 SqFt

Status Active

MLS # 6723851

Property Type Single Family Residence

Price Type --

FULL Golf Membership available. Nestled on a serene private cul-de-sac, this brand new Black Stone / Graffin Design home epitomizes modern luxury and timeless elegance. Spanning 4,735 square feet, this residence features 4 bedrooms + office and 4 ½ bathrooms, meticulously crafted with attention to detail. The design offers a seamless blend of architectural sophistication and contemporary comfort. The open floor plan showcases a gourmet kitchen equipped with top-of-the-line appliances, quartz countertops, a scullery room and custom cabinetry, making it a dream for culinary enthusiasts and perfect for entertaining. Expansive living spaces boast high ceilings, abundant natural light, and a cozy fireplace, creating an inviting and warm atmosphere. The primary suite serves as a tranquil retreat, complete with a spa-like ensuite bathroom, while additional bedrooms provide comfort and privacy for family and guests. Outside, the landscaped grounds offer a private oasis featuring a covered patio, ideal for outdoor dining and enjoying incredible sunset views. Available with this property also includes a FULL golf membership upon membership approval with DMMA. An exclusive opportunity awaits the new buyer to enjoy the comfort of a newly remodeled 3-bedroom home situated just one mile away. During the construction of their new home, they will have the privilege of residing in this home rent-free. Additionally, the property is available without the golf membership, offering flexibility to suit your lifestyle preferences.

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6045 E Cholla Lane Paradise Valley, AZ 85253

$4,950,000

5 Beds

3 Baths

3,402 SqFt

Status Active

MLS # 6759835

Property Type Single Family Residence

Price Type --

This Mid-Century Modern is truly a one of kind work of art situated on Camelback Mountain. Escape into the peace and tranquility of a home built to be a part of the Mountain with your own personal botanical garden and views from Camelback to Four Peaks. Awake each morning to spectacular sunrises and watch the desert come alive every day. In the evening retreat into your private backyard looking up at Camelback Mountain. This jewel box was built to optimize the views from every room and create a true retreat in the heart of Paradise Valley. Walk to world class resorts, restaurants, hike on the Cholla Trail, or relax into your spa and take in the views. This understated luxury home embodies what it is to live on the Iconic Camelback in the Arizona desert

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11432 E Apache Vistas Drive Scottsdale, AZ 85262

$4,950,000

4 Beds

4.5 Baths

4,559 SqFt

Status Active Under Contract

MLS # 6781180

Property Type Single Family Residence

Price Type --

This Platinum built masterpiece on perhaps the best golf course lot in Desert Mountain offers mountain, sunset, city light & golf course water views with a full golf membership. The modern transitional design combines luxury & craftsmanship showcasing every detail which has been thoughtfully customized to evoke a sense of warmth and style. The well-appointed kitchen features Wolf & Subzero appliances including 4 ovens and a convection steam oven. The butler's pantry leads to the generous walk-in pantry and formal dining room. The great room boasts soaring ceilings & spectacular vistas that beckon you to the expansive patios & outdoor living spaces with a heated negative edge pool, spa, multiple fire features and an outdoor kitchen complementing the 15th green and pond on the Apache Course

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6215 E Turquoise Avenue Paradise Valley, AZ 85253

$4,950,000

7 Beds

10 Baths

9,092 SqFt

Status Active

MLS # 6709896

Property Type Single Family Residence

Price Type --

Nestled within the prestigious enclave of Paradise Valley, this multigeneration home is luxury living at its finest. Grand courtyard entrance w/outdoor gas fireplace. Gourmet kitchen outfitted with Wolff gas stove, Miele Espresso machine, Sub-Zero Refrigerator, granite countertops with built in beverage ice tubs, pantry. Office w/private entrance, & ensuite. Private primary retreat featuring jet tub, double entrance steam shower, his and hers walk-in closets. Basement (1,745 sqft) equipped w/media room, climate-controlled 900 bottle wine cellar, billiard room with bar, bathroom and bedroom. Outdoor living w/putting green, sports court, grotto slide pool, spa, gazebo w/kitchen. Detached casita w/fitness room, infrared sauna, hair salon, 2 baths,1 bdrm, kitchen. Also, for lease $21,750. Main House - 5,872 sq.ft., Attached Guest Suite - 669 sq.ft., Detached Casita - 805 sq.ft., Basement 1,746 sq.ft. See Floor plan with measurements in Documents Tab.

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9940 E Aleka Way Scottsdale, AZ 85262

Open House

New

$4,950,000

4 Beds

4.5 Baths

4,802 SqFt

Status Active

MLS # 6786804

Property Type Single Family Residence

Price Type --

Discover refined luxury in this newly completed, never-occupied 4,802 sq. ft., modern estate in the exclusive Mirabel golf community. Built by MDF Development and architect Matt Thomas, this distinct single-level home offers 4 bedrooms, 4.5 bathrooms, and a den or office. Expansive glass doors blend indoor and outdoor living, with stunning desert and expansive mountain views. The gourmet kitchen features top-tier appliances and a spacious island. Enjoy a private heated pool, spa, and covered patio with outdoor kitchen. Located on a quiet cul-de-sac with other similar, newly constructed homes and the convenience of an immediate coveted golf club membership available. Experience the vibrant North Scottsdale lifestyle, with fine dining, shopping, and outdoor recreation just moments away.

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