What’s Ahead For Mortgage Rates This Week – December 5, 2016

Last week’s economic news was plentiful with releases on Case-Shiller Home Price Indices and pending home sales. Readings on government and private sector jobs created, the national unemployment rate and weekly readings on new jobless claims and Freddie Mac’s mortgage rates survey were also released.

CaseShiller: Western Cities Dominate Home Price Growth

Case-Shiller’s 20-City Home Price Index reported that Seattle Washington topped year-over-year home price growth with an increase of 11.00 percent. Portland, Oregon followed closely with a reading of 10.90 percent, and Denver Colorado held third place with year-over-year home price gains of 8.70 percent.

San Francisco, California, which had posted high home price gains in recent years, posted a month-to-month reading of -0.40 percent and a year-over-year gain of 5.70 percent. Analysts said that this reading was evidence that home prices in high cost areas were topping out. Affordability, strict mortgage requirements and low inventories of available homes continued to present obstacles to home buyers.

Mortgage Rates Rise, Pending Home Sales Dip

According to the U.S. Commerce Department, pending home sales dipped in October to 0.10 percent as compared to a growth rate of 1.50 percent in September. Winter weather and holidays can cause would-be home buyers to postpone their home searches until spring.

Freddie Mac reported higher mortgage rates last week, although the 10-year treasury rate, which is tied to mortgage rates, was unchanged from the prior week. The average rate for a 30-year fixed rate mortgage was five basis points higher at 4.08 percent; the average rate for a 15-year fixed rate mortgage rose by nine basis points to 3.34 percent and the average rate for a 5/1 adjustable rate mortgage rose by three basis points to 3.15 percent. Mortgage rates have risen by 51 basis points in three weeks. This trend, coupled with high home prices, doesn’t bode well for first-time and modest income home buyers.

Consumer spending for October increased by 0.30 percent as compared to predictions for a reading of 0.50 percent and September’s 0.70 percent reading. The core inflation reading for October was unchanged and in line with analyst expectations at 0.10 percent. The core reading excludes volatile food and fuel sectors.

Labor Reports: Job Creation Grows, Unemployment Rate Lower

According to the Labor Department’s Non-Farm Payrolls report for November, 178,000 government and private sector jobs were created as compared to expectations of 200,000 jobs created and October’s reading of 142,000 jobs created in October. According to the Commerce Department, the national unemployment rate for November was 4.60 percent as compared to the expected reading of 4.90 percent and October’s reading of 4.90 percent. Analysts noted that while a lower reading could indicate good news, it was also the result of fewer workers in the work force. The unemployment rate is based on unemployment claims filed by those actively seeking work; it does not include those underemployed or those who have stopped seeking work.

First-time jobless claims rose to 268,000 as compared to expectations of 250,000 new claims and the prior week’s reading of 251,000 new claims filed.

In spite of higher mortgage rates and dubious labor reports, the Consumer Confidence Index rose to 107.1 in November from October’s reading of 100.8; Analysts had expected an index reading of 102.5.

Whats Ahead

Next week’s economic reports include releases on job openings and consumer sentiment along with weekly readings on mortgage rates and new jobless claims.

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6001 N 44th Street Paradise Valley, AZ 85253

$5,250,000
6 Beds
8 Baths
7,966 SqFt
Status Active
MLS # 6775549
Property Type Single Family Residence
Price Type --
VIEWS AND VALUE.$659.09/SF FOR A PALATIAL ESTATE W CATERING KITCHEN IN THE HEART OF PV WITH INCREDIBLE VIEWS! Walls of retractable glass allow the jaw dropping views of Camelback Mountain to take center stage day and night in all public spaces in this 1 acre, 7,966 SF, 6 bd 8 ba custom, grand estate with attached guesthouse and 4 car garage. Built with a catering kitchen, this home is an entertainer's paradise and has accommodated a 250 person plated dinner for distinguished guests, including Presidents of the United States. Features which elevate everyday living include: multiple wings with additional family/recreation rooms, theater room, expansive outdoor covered patio with fireplace,spa, outdoor kitchen, grass play/picnic area and view deck. The owner's wing, which is split from the other areas, includes: a double office, sitting room with two sided fireplace, exercise room/secondary office, private backyard access, a stately master bath with double sinks, jacuzzi tub, make-up area, his and her closets and his and her toilet rooms. The attached 580 SF guesthouse with an extra large bath, closet and kitchenette makes this an ideal home for multigenerational living, a nanny or live-in aide. There is room built into the price for your own touches. The one of a kind Camelback Mountain views must be seen to fully appreciate! Other key features include: - High ceilings for a bright, spacious and airy feel. - Motorized sliding doors for seamless indoor-outdoor living. -Custom lighting throughout.

13330 E Jomax Road Scottsdale, AZ 85262

$5,250,000
3 Beds
3.5 Baths
4,764 SqFt
Status Active
MLS # 6754006
Property Type Single Family Residence
Price Type --
Welcome to this prime, 20 acre desert location near Scottsdale's iconic landmarks. Located directly adjacent to the McDowell Mountain Preserve and at the end of a paved, dead end road, you will find this stunning, pristine lot covered with the boulders that make the McDowell mountain park region unique. These formations are part of the broader landscape of the Sonoran Desert, which is known for its dramatic geological features. The combination of the desert environment with these ancient, weathered granite boulders creates a unique ecosystem and visual experience. The proximity to McDowell Mountain Park means that outdoor enthusiasts have direct access to miles of non motorized trails for hiking, biking, and trail riding right from their doorstep. At the heart of this exquisite parcel is a 4,700 square-foot custom home designed to complement the surrounding environment. The home features expansive windows and doors in every room to the outdoor living spaces that takes full advantage of the breathtaking 360' views of the Four Peaks, Granite Mountian, McDowell Mountain Range and the surrounding desert landscape. The architecture includes elements like stone and wood, harmonizing with the natural terrain. The master bedroom, complete with its own fireplace, has its own exit to the pool and spa which overlooks Tom's Thumb while the guest room and attached casita open to the north patio to take in the views of granite mountain. Views are amazing from EVERY room. The great room, chefs kitchen and custom wet bar ensure plenty of space for entertaining or just enjoying the cozy fireplace. Additionally the large and fully equipped attached casita is perfect for family or out of town guests with their own access to enjoy your time with them but allows everyone their own space. Head outside to find the 12 stall mare motel with 60' runs, lights and automatic waterers located right next to the 8 horse Priefert walker. Also noteworthy is the BRAND NEW, high producing well!! The arena is huge at 150 x 300 with new footing and plenty of parking for trailers if your friends come over to rope, trail ride or just hang out. This area is surrounded by upscale communities, with nearby luxury homes and ranch estates that take full advantage of the natural beauty and privacy the desert offers. While the setting provides a peaceful retreat, the property remains conveniently located just minutes away from world-class golf courses like Troon North, Desert Mountain, and Estancia and is just a short drive from Scottsdale's fine dining, boutique shopping, and cultural attractions, ensuring that convenience meets tranquility in this desert oasis.

8300 E Dixileta Drive Unit 263 Scottsdale, AZ 85266

$5,250,000
4 Beds
4.5 Baths
6,700 SqFt
Status Active
MLS # 6772092
Property Type Single Family Residence
Price Type --
VIEWS, VIEWS, VIEWS! This remarkable property features the largest lots in Sincudados, with an adjacent acre available for building another home, RV garage, or pickleball court. Perched 600 feet up Lone Mountain on 3.4 acres, this organic Pueblo-style home was designed by architect and Master of the Southwest, Lee Hutchison. The custom home radiates warmth and Southwest charm with its polished concrete floors, viga accent beams, and adobe brick walls. The expansive great room flows seamlessly into a gourmet kitchen, featuring top-of-the-line appliances, including a Viking Professional 6-burner range, a stunning 24K gold farm sink, and hand-painted tile accents. The luxurious primary suite is a true retreat, complete with separate his and hers areas, a gas fireplace, and electric blinds for added privacy. The spa-like bath boasts a jacuzzi soaking tub with mountain views and a custom tile steam shower...With eight gas fireplaces throughout, the home ensures warmth and comfort in every space. A detached casita offers ultimate privacy for guests while providing expansive city light views. Step outside to discover an outdoor oasis featuring a heated infinity edge pool with a dark pebble finish, a heated jetted spa, and multiple covered flagstone patios. An outdoor kitchen equipped with a Viking BBQ completes this entertaining paradise. The oversized four-car garage includes new epoxy flooring and built-in cabinets, providing ample storage and functionality. Nestled in the vibrant community of Sincuidados, residents enjoy a variety of amenities, including pickleball, tennis, and wine tastings. This exceptional property combines luxury, space, and stunning views, don't miss your chance to make it your own!

10801 E Happy Valley Road Unit 132 Scottsdale, AZ 85255

$5,250,000
5 Beds
6.5 Baths
7,060 SqFt
Status Active
MLS # 6772486
Property Type Single Family Residence
Price Type --
This home is an architectural gem with a truly timeless feel, on the market for the first time since winning the Arizona Home of the Year / Honor Award in 2001. Designed by the renowned architect Gordon Rogers, this estate embodies the best of organic contemporary architecture. This is a rare opportunity to own a masterpiece in the exclusive, guard-gated community of Glenn Moor at Troon Village. Known for creating homes that merge seamlessly with their natural surroundings, Rogers' vision is evident throughout this property, which has been thoughtfully updated by its current owners while preserving its original design integrity. The estate's layout is divided by a natural arroyo, which created the perfect design opportunity to connect the guest house on one side with the main... residence on the other, for an organic flow. The dramatic approach takes guests up broad concrete steps and across a bridge, culminating in a striking 9-foot-wide pivoting entry doora bold first impression. The main house offers 6,030 square feet of meticulously crafted living space, with an additional 1,030 square feet in the detached guest house, bringing the total to 7,060 square feet. Inside, the great room stuns with a soaring ceiling with beautiful tongue and groove wood, supported by four concrete columns and two sculptural steel fins, and is framed by high clerestory glass walls that capture panoramic views of the surrounding mountains. The floating roof, with its cantilevered ends, mirrors the curves of the land and the infinity-edge pool, both of which reflect the natural topography. Hand selected from the quarry, the Utah sandstone found throughout the home blends harmoniously with the desert landscape. The same stone is used for both walls and floors, creating a seamless flow from the interior to the outdoor spaces. A real once-in-a-lifetime estate that truly encompasses architectural feats known only to select residences. Offering a perfect blend of cutting-edge architecture, natural beauty, and modern upgrades, this home is designed for the discerning buyer seeking a uniqueness rarely made available. Most furnishings and accessories available by separate bill of sale.

10284 E Running Deer Trail Scottsdale, AZ 85262

$5,250,000
4 Beds
6 Baths
6,219 SqFt
Status Active
MLS # 6774364
Property Type Single Family Residence
Price Type --
Stunning newly built home situated on Troon North Golf course in Estancia. With views of Pinnacle Peak out the front and golf course and mountain views in the back this contemporary home is truly Arizona resort living. Completed in 2020, this single level has an inviting open floor plan. The great room opens up to the perfect indoor/outdoor space with disappearing wall of glass overlooking the pool/spa, outdoor kitchen , dual fire-pits and multiple patio seating areas. all overlooking the golf course ! Inside the chef's kitchen has top of line appliances including walk in butler's pantry with refrigerator , and huge oversized island with double-sided cabinetry. The primary suite has it's own patio and separate exercise room and a redesigned closet of your dreams.

6921 N Joshua Tree Court Paradise Valley, AZ 85253

$5,250,000
4 Beds
5 Baths
4,927 SqFt
Status Active
MLS # 6785024
Property Type Single Family Residence
Price Type --
Experience luxury living in this brand-new contemporary home in Azure. Designed with expansive open spaces, stacking door systems, and rich hardwood flooring, this home seamlessly blends indoor and outdoor living. The gourmet kitchen features premium Gaggenau appliances, a large island, loads of storage and gas cooking, perfect for culinary enthusiasts. Primary suite is large, with stacking doors to the backyard, a large bath with quartz counters, separate tub and shower and a huge closet. Entertain in style with a media room and chic bar. The separate guest house is fantastic. Outside is a private oasis with a heated pool, spa, and fire feature. Complete with a 3-car garage, this home offers a lifestyle of sophistication and modern flair perfectly situated in Paradise Valley.

5014 E Desert Park Lane Paradise Valley, AZ 85253

$5,250,000
4 Beds
3.5 Baths
4,780 SqFt
Status Active
MLS # 6777608
Property Type Single Family Residence
Price Type --
Situated behind a canopy of mature trees, a serene private mountain view home in the heart of Paradise Valley was artfully reimagined in 2022. This 4780sf Jewel Box Smart Home speaks to those who appreciate quiet luxury. Exquisite finishes include Italian finished cabinetry, Italian porcelain and French White Oak flooring, quartzite stone counters, Miele Appliances, and marble spa baths. The open floor plan offers high ceilings ushering light through glass walls and floor to ceiling Pella windows bringing the outdoors in. Entertain seamlessly from the private front courtyard, to a lounge with a stunning bar/wine cellar, onto the great room and opening onto a beautiful backyard entertaining space with grill, pizza oven, pool. No detail was left unattended in this like new property.

9877 E Miramonte Drive Unit 280 Scottsdale, AZ 85262

$5,250,000
5 Beds
6.5 Baths
5,750 SqFt
Status Active
MLS # 6753464
Property Type Single Family Residence
Price Type --
Stunning Desert Mountain contemporary home on a terrific lot. Built by leading luxury home builder - Black Stone Custom Homes, this gem is located in the 2nd closest village to the front gate of the Desert Mountain community and an easy walk to the brand new Renegade Clubhouse and practice park. Less than one-year new, this home offers a great room floor plan, 5 suites, one of which is a detached casita, outstanding outdoor living space with two fireplaces, fire feature, 7 outdoor Infrateck ceiling heaters and 3.5 car air conditioned garage. Built with outdoor living in mind and to capture the Continental Mountains and sunset views, the retractable walls of glass allow the outdoors in. Some of the updated features include: 1) Crestron automation system throughout the entire home controlling music and lighting, 2) upgraded Awake windows featuring larger glass size, thinner profiles, heavy duty rollers for easy retractable open and close, enhanced R values, 3) entire home water purifying system, 4) additional full size refrigerator in pantry, 4) DCS 48 Evolution Built in Grill, and 5) automated shades throughout the home. This home was designed by one of the leading home designers in Desert Mountain - Graffin Design. See Document tab for Update list

10261 E De La O Road Scottsdale, AZ 85255

$5,200,000 - 5Br/6Ba -  for Sale in Skye View By Camelot, Scottsdale
Open House
$5,200,000
5 Beds
6 Baths
5,570 SqFt
Status Active
MLS # 6761171
Property Type Single Family Residence
Price Type --
Extraordinary opportunity to skip the wait to build. Just completed Farmhouse Contemporary in the extraordinary private-gated community of Camelot's Skye View w only 21 award winning homes. World class views of Pinnacle Peak & the McDowells in the heart of North Scottsdale's most iconic golf communities. The stunning interior offers wall to wall French Oak floors, Great room with fireplace, Gated courtyard, Separate casita + seamless indoor-outdoor living. The award winning design has a south facing backyard nestled under the majestic McDowell Mountains and tucked into the back of the community offering peace and tranquility. Perfect outdoor living w 2 large sliding doors that open seamlessly onto the courtyard and backyard with generous patios and living spaces. Entertaining perfection is complete with pool, spa and fresh landscaping. Just minutes from Scottsdale's best dining, shopping, hiking, recreation.

4450 E Green Reservoir Road Eloy, AZ 85131

$5,200,000
4 Beds
2 Baths
2,200 SqFt
Status Active
MLS # 6729530
Property Type Manufactured Home
Price Type --
BEAUTIFUL TREE LINED ±360 ACRE FARM with AMAZING MOUNTAIN VIEWS, EQUESTRIAN FACILITIES & MULTIPLE HOMES! Currently growing alfalfa & offering farm hand housing, cotton gin building, hay barns, over 50 RV hook ups, over 30 pens, ±30 covered horse stalls, corals, an arena, fenced pastures & riding trails. All the infrastructure was thoughtfully designed to host rodeos & board horses. The main residence has a split great room floor plan with vaulted ceilings, large kitchen, 4 bedrooms, 2 bathrooms, family room with fireplace, office with separate entrance & full length covered porches. The second residence has been recently renovated with rustic charm & boasts 3 bedrooms with wrap around covered patios.. CAIDD provides water for ±316 farmable irrigated acreage. Owned well sustains 40 acres.

22439 N 89th Street Scottsdale, AZ 85255

$5,195,000
4 Beds
4.5 Baths
5,147 SqFt
Status Active
MLS # 6756386
Property Type Single Family Residence
Price Type --
Modern Farmhouse in desirable White Horse community! This 5147 sf single level home is located one of Scottsdale's hottest neighborhoods due to its amazing architecture and convenient location. Set on nearly .7 acres, this site is regarded as the best lot in Whitehorse due to its orientation, deep backyard, open space behind and stunning McDowell Mountain views from the back. Desirable single level floorplan features 4 bedrooms and a media room/bonus room, along with a 4 car garage. The great room and kitchen have an open-concept design, featuring glass pocket doors that seamlessly connect to the front and back covered patios—perfect for enjoying Arizona's mild weather and entertaining guests. Private backyard oasis is anchored by a stunning pool surrounded by lush turf and captures sweeping mountain views. State of the art features include Wolf/Subzero kitchen appliances, double dishwashers, brick accent wall in kitchen, wide plank white oak flooring, beamed truss ceilings, built in media wall in bonus room, quartz and limestone counter tops, 3 tankless water heaters and a separate dog wash in laundry room. Whitehorse is conveniently located just north of DC Ranch in North Scottsdale, 1 mile from the shopping /dining of Market Street, and minutes away from the Loop 101. Please preview to see why this address is in such high demand!

37200 N Cave Creek Road Unit 1082 Scottsdale, AZ 85262

$5,195,000
4 Beds
4.5 Baths
4,376 SqFt
Status Active
MLS # 6777672
Property Type Single Family Residence
Price Type --
Welcome to the pinnacle of luxury living at the Villas at Seven Desert Mountain, where bespoke design and modern lifestyle converge. This stunning contemporary masterpiece, boasting energy efficiency and elegant, open-concept design, offers the perfect turn-key experience for discerning buyers. Sold fully furnished, this home is ready for you to move in and start enjoying immediately. Spanning approximately 4,400 sq ft over two levels and complete with a private elevator, this residence is as functional as it is beautiful. It features an expansive great room with breathtaking golf course views, 4 spacious bedrooms, a versatile bonus room, and 4.5 opulent baths. The 4-car garage offers ample space and convenience, while the meticulously chosen furnishings and finishes add an extra layer of sophistication. Overlooking the exclusive Seven golf course, this property epitomizes resort-style living, combining luxury with ease. If you're seeking a fully furnished, turn-key home that effortlessly blends comfort and class, this is it.

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