What’s Ahead For Mortgage Rates This Week – November 14, 2016

Last week’s economic news included readings on job openings, consumer sentiment and the Federal Reserve’s monthly survey of senior loan officers. Weekly reports on mortgage rates and new jobless claims were also released. Freddie Mac noted that last week’s primary mortgage market survey did not include post-election readings as the survey information was gathered prior to election results.

Loan Officers Survey: High Demand for Home Loans, Commercial Lenders Raise Standards

As demand for mortgage financing and homes increase, the Federal Reserve reported last week that banks are tightening the screws on commercial lending requirements. This could present challenges to home builders; they’ve been consistently pressured to build more homes at a faster pace. Less availability of commercial financing may impact home builders and their suppliers. The survey indicated that demand for home and consumer loans also increased.

Mortgage Rates Rise, New Jobless Claims Fall

Mortgage rates rose across the board on average. Freddie Mac reported the rate for a 30-year fixed rate mortgage rose three basis points to 3.57 percent. The average rate for a 15-year fixed rate mortgage increased four basis points to 2.88 percent, which equaled the average rate for a 5/1 adjustable rate mortgage. Average discount points were unchanged at 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

New jobless claims fell to 254,000, which was lower than the expected reading of 260,000 new claims. Last week’s reading was also lower than 265,000 new claims filed the prior week. Job openings held steady at 5.50 million in September.

According to the University of Michigan’s monthly consumer sentiment index, November’s reading rose 91.60 in November as compared to an expected index reading of 88.00 and October’s reading of 87.20. This reading falls in line with strengthening labor markets. Improving economic conditions can influence consumers who want to buy homes.

Whats Ahead

Next week’s economic reports include releases from the National Association of Home Builders, Commerce Department readings on housing starts and building permits issued and weekly releases on new jobless claims and mortgage rates.

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5455 W Ray Road Chandler, AZ 85226

$6,499,650
7 Beds
11 Baths
13,749 SqFt
Status Active
MLS # 6667550
Property Type Single Family Residence
Price Type --
***Ignore Days On Market***Welcome to the Estate on Ray, a complete masterpiece nestled on over five acres in the heart of Chandler, Arizona's vibrant community. This stunning property offers the perfect blend of modern luxury and suburban charm, providing an exceptional living experience for discerning buyers. This one owner home, has been thoughtfully designed and well cared for offering future residents true luxury resort style living. As you enter the home under the porte-cochère, guests are greeted with massive solid 13' maple double doors, 24' soaring ceilings, a grand sweeping staircase, wall of glass and an abundance of natural light, creating an inviting atmosphere that exudes elegance. Retreat to the expansive master suite, featuring a sitting area, a fireplace, an office with wet bar and 2nd fireplace, a spa-inspired ensuite bath with a centerpiece skylight, dual vanities, twin water closets, a soaking tub, stackable washer and dryer, two walk-in closets, french doors to a private patio, private gym, spa and a dry sauna providing a sanctuary to escape the hustle and bustle of daily life. The recently updated kitchen features gas cooking with Wolf, Viking and Subzero stainless steel appliances featuring a vegetable fridge and bread warmer, two tone cabinetry including crafted wood arches over the large island, spacious walk in pantry and a beautiful view to the backyard oasis. Upstairs, each mini suite includes a fireplace, walk out patio, ensuite baths with soaking jetted tubs and shower. The list of features and benefits are long including imported Crema Marfil Marble flooring, over 2,000 s.f. of garage space, over 3,000 s.f. of covered patios, 8 fireplaces, 11 bathrooms, digital wifi heating and cooling (15 seer), two private casitas with separate entrances, walk in cooler, elevator for the 3 levels, a basement with a full bar, game room and a covered lower patio. The property features a remodeled pool, spa, swim up bar, sunken cabana, detached restroom and shower, spoiling the guests with a resort style experience. The property includes a detached storage shop for equipment and a climate controlled dog house. There is space enough to build a future pickleball court and a helipad! The property includes parking for 8 vehicles including a drive through garage. Additionally, the land is irrigated with an onsite well providing reusable water for the 2 lakes and grass areas, recycled back down to the well. The property could be split to accommodate two additional residences to be constructed on the north side of the lot. Additionally, 1.5 acres divided into two lots to the south of the lot may be available to the new owner as well. This home must be viewed in person to truly appreciate all that it offers.

14705 E Redbird Road Scottsdale, AZ 85262

$6,499,000
8 Beds
5.5 Baths
7,608 SqFt
Status Active
MLS # 6758955
Property Type Single Family Residence
Price Type --
EQUESTRIAN LOVERS DREAM PROPERTY! THIS ONE CHECKS ALL THE BOXES! 10 ACRES, BACKS DIRECTLY TO THE PRESERVE, GORGEOUS CUSTOM 5000 SQUARE FOOT 3 BEDROOM 3.5 BATHROOM HOME, 275X150 ARENA, 3 BEAUTIFUL BARNS, 24 STALLS TOTAL AND FLY SYSTEM, 3 BEDROOM 2 BATH GUEST HOUSE, 2 BEDROOM 1 BATH CASITA, 40X40 AIR CONDITIONED SHOP/GARAGE, TACK ROOMS, ROUND PEN 6 TURN OUTS WITH SHADE AND SO MUCH MORE!!! COMPLETELY FENCED. THIS SALE INCLUDES PARCEL C AND D

6821 E Cactus Wren Road Paradise Valley, AZ 85253

$6,495,000
4 Beds
6 Baths
5,600 SqFt
Status Active
MLS # 6758713
Property Type Single Family Residence
Price Type --
BRAND NEW CONSTRUCTION w/IMMEDIATE MOVE-IN at AZURE. This is a RARE OPPORTUNITY to own a Residence 4 with a DETACHED CASITA & an OVERSIZED, 26' wide WALK-OUT LOWER LEVEL, the largest in the community, putting an exclamation point on the MULTIPLE OUTDOOR ENTERTAINMENT spaces. This PREMIUM LOT LOCATION is one of the largest in Azure giving you phenomenal UNOBSTRUCTED VIEWS of MUMMY AND CAMELBACK MOUNTAINS! Interiors have been EXPERTLY CURATED by Ownby Design as well as some UNIQUE DESIGN ELEMENTS by the seller not present in other Res 4's. From the MASSIVE GLASS WALL SLIDERS, GAGGENAU appliances & PROVENZA wood floors, to the HEATED pool & spa, BOCCE BALL court and CUSTOM LIGHT FIXTURES by Lightform, this home will not disappoint. And to top it all off, All builder WARRANTIES TRANSFER!

10189 E Venado Trail Scottsdale, AZ 85262

$6,495,000
4 Beds
4.5 Baths
5,582 SqFt
Status Active
MLS # 6719424
Property Type Single Family Residence
Price Type --
This home was reimagined by the talented designer, Betty Duff, The remodeled rooms with high-end finishes are simply beautiful. Entertaining is a dream with the new kitchen, remodeled bar and and great room with new oak flooring. Expansive floor-to-ceiling windows welcome in the views in from every direction.The exceptional upgrades continue outside with a brand new pool with 3 water/fire features, new tile patio, new built-in bbq grill along with a new outdoor ''pop up'' television. This home sit on over an acre, on the 3rd Fairway of the Geronimo Golf course & has the perfect SW orientation to take in the grand views of the golf course and the rolling hills of Sunset Canyon. This is AZ living at it's best. Golf membership is available as well as furnishings on a separate bill of sale.

6216 N 38th Place Paradise Valley, AZ 85253

$6,495,000
5 Beds
7 Baths
11,097 SqFt
Status Active Under Contract
MLS # 6647587
Property Type Single Family Residence
Price Type --
This glamorous estate is for those who appreciate artistic modern design coupled with classic elegance. Beyond the private gates sits a home loaded with sophistication and architectural excellence. The entry is accented by a copper clad pivot door that leads to exquisite living spaces. The kitchen features two twelve-foot islands, cabinetry imported from Spain, Wolf and Subzero appliances and a morning bar with built-in Miele coffee station. The entertaining areas are refined, yet comfortable and the flow of the home is flawless. The magnificent primary suite has floor to ceiling windows that frame views of Camelback Mountain spanning all the way to downtown Phoenix, and the primary bath will take your breath away. A 500-bottle wine room, 3-tiered movie theater, junior suite with an aromatherapy steam shower that would make a perfect home gym, wide plank oak floors with quartz inlays, marble and quartz accents, exceptional custom cabinetry, fully retractable walls of glass, custom ceilings, and opulent lighting are just a few of the exquisite design features inside, and the outdoor living is an absolute dream with a beautiful pool surrounded by sandblasted marble pavers, and a large yard with synthetic turf. The fully loaded Crestron home automation system includes lighting controls, security cameras and audio, both inside and out, and the driveway can accommodate up to 20 cars. This contemporary showpiece sits on 1.36 acres in a prominent Paradise Valley neighborhood!

37975 N 98th Place Scottsdale, AZ 85262

$6,495,000 - 4Br/5Ba -  for Sale in Desert Mountain, Scottsdale
Open House
$6,495,000
4 Beds
4.5 Baths
5,991 SqFt
Status Active
MLS # 6758806
Property Type Single Family Residence
Price Type --
Picture a meticulously reimagined residence nestled within the sought-after Village of Sunrise in Desert Mountain. Crafted to perfection by the renowned Jaque Bethke, this stunning abode comes complete with a coveted Golf Membership (subject to approval). Ideally situated near the newly unveiled Renegade Club House and within easy reach of the Sonoran Club, where fitness, pickleball, swimming, and spa indulgence await. Boasting 4 bedrooms and 5 baths, alongside a spacious office/flex space adaptable as a fifth bedroom with its own ensuite, this home is designed for both comfort and flexibility. A lavish primary suite, featuring a cozy sitting area, is thoughtfully separated from three additional ensuite bedrooms; conveniently equipped with their own mini kitchenette and laundry. The state of the art kitchen boasts 2 dishwashers, and an additional large prep/pantry area with a Miele coffee maker. Enjoy watching TV that lowers from behind the gas cook top range at the spacious and inviting island. The property is equipped with a Josh AI smart home system to fulfill all your technological and security needs. The backyard boasts an outdoor kitchen, large covered seating area, putting green and newly resurfaced pool and spa. Other outdoor patios surround the home and provide intimate al fresco areas for reading, meditating or entertaining. This single level property offers privacy and an harmonious blending with the Sonoran Desert in this coveted location in Desert Mountain!

6850 E Joshua Tree Lane Paradise Valley, AZ 85253

$6,495,000 - 4Br/7Ba -  for Sale in Ritz-carlton Parcel B, Paradise Valley
Open House
$6,495,000
4 Beds
7 Baths
5,988 SqFt
Status Active
MLS # 6762359
Property Type Single Family Residence
Price Type --
This is a phenomenal opportunity in the highly sought after Azure community in the heart of Paradise Valley. The oversized corner homesite is absolutely spectacular with fresh contemporary design and state of the art custom finishes. The gourmet kitchen is outfitted with Gaggenau appliances, inductions and gas cooktops, wine tower, steam oven and warming drawers. The living spaces are super elegant, yet ultra comfortable featuring a custom paneled media center, full wet bar, wine room, home office, private workout area and gorgeous guest casita. The lavish design elements include old world stone, Ann Sax tile accents, exquisite wallpaper, sleek custom cabinetry, impressive lighting, a beautiful pool and water features in both the front and back. The modern design is innovative, the entertaining options are endless, and the setting and views are outstanding making this a very special residence!

8614 E Artisan Pass Pass Unit 125 Scottsdale, AZ 85266

$6,435,000
5 Beds
6 Baths
6,932 SqFt
Status Active
MLS # 6565428
Property Type Single Family Residence
Price Type --
Located within the guard-gated community of Whisper Rock Estates, this to-be-built home was designed by Cory Wiebers and will be constructed by Platinum Companies * Sited on a 2.5 acre north/south lot, offering views of Pinnacle Peak and surrounding mountains * Over 6900 sq ft of conditioned space highlighted by open living, separate wing owner's suite with office, 3 full guest suites in the main house and a detached guest house * Wine room, indoor/outdoor bar, game room and walls of pocketing glass doors providing ideal access to the multiple outdoor living spaces * 5-car garage *

7008 N 68th Place Paradise Valley, AZ 85253

$6,395,000
8 Beds
9.5 Baths
8,379 SqFt
Status Active
MLS # 6707347
Property Type Single Family Residence
Price Type --
Discover unparalleled luxury in this private gated estate in Paradise Valley, situated opposite the new Ritz-Carlton. This property features seamless indoor-outdoor living with expansive retractable glass doors opening to the lush one-acre grounds, a sparkling pool, spa, fireplace and The primary retreat offers a Cantera fireplace, sitting area, and a spa-like bath with a steam shower. The main house includes five ensuites, an office, and a flex room, while the estate also boasts two private entrance guest homes, one with two ensuites and a full kitchen, and the other is studio style. Perfect for multi-generational living. Located near fine dining and upscale shopping. Furnishings are available through a separate Bill of Sale for a memorable turnkey experience. Indulge in luxury living.

27050 N 103rd Street Scottsdale, AZ 85262

$6,350,000
4 Beds
4.5 Baths
7,617 SqFt
Status Active
MLS # 6740433
Property Type Single Family Residence
Price Type --
Estancia golf membership opportunity is available upon board approval. Renowned for world-class golf courses and private golf communities equally esteemed, North Scottsdale offers a lifestyle of luxury and elegance that many dream of. Nestled among stunning golf course and mountain views of the exclusive Estancia community rests a timeless European inspired estate epitomizing that lifestyle, available for the discerning buyer. Overlooking the 14th green of the Tom Fazio designed private golf course with unobstructed views of iconic Pinnacle Peak and Troon Mountain, and seamlessly blending with the natural surroundings, this custom 7617 square foot residence designed by architect Allen Tafoya and built by R-Net Custom Homes, has been precisely crafted to the highest standards of design and mastery. Under the careful guidance of the late designer Billi Springer, interior spaces embrace sumptuous splendor reminiscent of European destinations with cathedral wood beam ceilings, antique reclaimed wide plank oak wood flooring and seven gas fireplaces composing a soothing ambiance. The gourmet kitchen is the heart of the home, featuring de Giulio Collection butternut wood cabinets and fixtures, Verde Bamboo granite island meticulously pieced to create striking artistry, and premium appliances including La Cornue gas range with custom hood and SubZero refrigerator and freezer drawers. A gas fireplace with stone surround, and breakfast nook with custom windows and seating complete the old-world charm. A formal dining room with herringbone antique reclaimed oak wood flooring, cathedral wood beam ceiling, full bar and private wine cellar accommodates elegant gatherings. Custom steel and wood doors and windows capture endless private views throughout the home, opening to tranquil outdoor living with stone patio, pool, water features, wrought iron fencing and lush vegetation surrounding, embracing the feel of a secret English garden. A breathtaking panorama of stunning mountain views, peaceful pond lined with ornamental grass, and pristine fairway creates a serene backdrop that is both picturesque and calming. The harmonious blend of nature and design is a perfect setting for private reflection or sophisticated gatherings. The Estancia community offers unparalleled privacy and security with guard gated entrance and 24/7 security service. A plethora of world-class amenities, available exclusively to members and their accompanied guests, include a Tom Fazio designed 18-hole championship golf course, tennis and pickleball courts, 25-meter heated pool and spa, clubhouse with gourmet dining, fitness center with the latest exercise technology and spa services for the ultimate in relaxation. One of the premier communities in Arizona, Estancia maintains the highest standards of excellence and is a highly sought-after private club. A testament to a life well lived, this estate embodies a lifestyle of exclusivity and leisure. The distant sound of a perfectly struck golf ball, the gentle hum of nature and spectacular sunset views rising above manicured greens are an experience like no other, to be savored and relished. Membership to the Estancia Club is separate and subject to application and approval. Approved applicants will likely be subject to a waitlist.

6301 N 51st Place Paradise Valley, AZ 85253

$6,295,000
4 Beds
4.5 Baths
5,930 SqFt
Status Active
MLS # 6775161
Property Type Single Family Residence
Price Type --
This sophisticated 1 acre estate is located in a prestigious area of Paradise Valley offering sweeping views of Camelback, Mummy and Phoenix Mountain ranges. Thoughtfully designed by renowned award-winning architect, Catherine Hayes, this modern architectural structure floats over a natural wash and opens to the vast views of Camelback Mountain while creating a particularly private and welcoming desert home to move-in and enjoy. The living, dining and kitchen spaces flow off the gallery foyer while the bedrooms showcase tranquil views of the lush lawn area that is an oasis foreground to the mountain views. The architecture of the home was created to embrace the landscape and surrounding outdoor space and was strategically built so all rooms overlook the iconic Camelback Mountain. The impressive entrance showcases an art glass door, skylights, rich imported Brazilian cherry wood floors and natural limestone walls from the outside through the inside of the home. The peaceful living area with Mondrian windows is truly a sanctuary and showcases wonderful mountain views and a tranquil desert garden. The private dining room with walls of glass suspended over lush garden views is perfect for entertaining and family gatherings. The considerable Chef's kitchen features a built-in banquet and beautiful granite counters that blend in perfectly with the custom cabinets. High end appliances throughout including a Viking 6-burner gas cooktop, warming drawer, 2 dishwashers, Wolf convection oven, icemaker and Subzero refrigerator. The impressive great room with stone fireplace boasts a prominent domed ceiling and large glass doors leading to a private covered patio, linear negative edge pool and spa. The spacious owner's suite w/adjacent large bath and yoga studio, has 2 glass walls overlooking the mountain and sparkling spa. There is also direct access to a lush green backyard with large trees creating a private sanctuary. There are three additional ensuite bedrooms PLUS a private office w/built in desk, cabinets, shelving and glass doors leading to the patio and pool. One of the bedrooms also has its own private patio overlooking the lush green backyard. The building itself is uniquely constructed with adobe and stone walls under a domed metal roof. Come and experience for yourself the architectural uniqueness and timeless design this property has to offer.

9701 E Happy Valley Road Unit 10 Scottsdale, AZ 85255

$6,295,000 - 5Br/5Ba -  for Sale in The Peak, Scottsdale
Open House
$6,295,000
5 Beds
4.5 Baths
5,745 SqFt
Status Active
MLS # 6758072
Property Type Single Family Residence
Price Type --
Extraordinary opportunity to bypass the expense & wait to build. This exceptional modern desert paradise awaits you on a premium 4.5 acres of space & privacy, commanding panoramic Pinnacle Peak & City Light Views. Experience the allure of the Peak 10, a like-new masterfully reimagined Salcito estate (2024) that epitomizes enduring contemporary luxury style in prestigious North Scottsdale - one of the most desirable destinations in the Valley. Amidst an enchanting saguaro-studded landscape & botanical desert oasis, is your opportunity to experience an unparalleled Arizona lifestyle, seamlessly blending refined elegance with beautiful new contemporary style and finishes - plenty of room to expand the livable area with a casita, addl garage (auto-storage) space, pickleball or a tennis court. As you wind your way up the tree-lined paved driveway, a profound sense of arrival envelops you. The Peak 10 stands proudly within the secure confines of The Peak gated community, with 360-degree panoramic views, from the majestic Pinnacle Peak and surrounding Troon and McDowell Mountains, the sweeping vistas extend to glittering city lights below and vibrant sunsets. Every glance offers a monument to nature's grandeur and the height of sophistication. Step inside and be transported to a realm where modern design meets refined living. With over 7,900 square feet under roof, this residence has been meticulously re-envisioned inside and out with a desert-neutral palette and premium finishes that elevate your senses. The grand glass entryway welcomes you with a flood of natural light, highlighting a see-through marble-encased fireplace and a custom LED-lit floating wood and steel staircase. An enclosed elevator ensures effortless access to the private upstairs guest quarters area, where guests will revel in their own luxurious retreat. The heart of this home is a culinary masterpiece - a kitchen that seamlessly marries beautiful form and function. Equipped with top-of-the-line Thermador appliances, a striking ijen blue quartzite waterfall island, and pristine white crystal quartzite surfaces, this kitchen is as practical as it is breathtaking to behold. Adjacent to the kitchen, the entertainment area with illuminated crystal quartzite bar and backsplash, a glass-encased wine display provides the perfect setting for unforgettable gatherings and daily living. Indulge in a luxurious setting of over 1,650 square feet of shaded outdoor living space. The resort-style backyard features a linear aquamarine pool and spa, framing an awe-inspiring backdrop of Pinnacle Peak. Imagine mornings spent sipping coffee outdoors by the fire-table or evenings enjoying cocktails as the flames of the gas-burning fire-rock feature dance against the twilight sky. The full outdoor kitchen area stands ready to host your most festive celebrations. Privacy and tranquility define this desert sanctuary, yet you are mere moments away from Scottsdale Airpark FBO with world-class aviation services and amenities. Indulge in Scottsdale's vibrant culinary scene, luxury shopping, and world-renowned golf courses. The Peak 10 is more than a home - it's a destination where every day feels like a luxurious retreat. Don't miss this extraordinary opportunity to own a residence that is not just a place to live but a testament to the finer enjoyment of life. For a comprehensive list of features and amenities, please refer to the detailed Feature/Spec Sheet. Experience Peak 10. Elevate your lifestyle to new heights.

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