What’s Ahead For Mortgage Rates This Week – October 11, 2016

Other than a release on construction spending, last week’s economic readings were dominated by labor and employment data including ADP Payrolls, Non-Farm Payrolls and National Unemployment. Weekly reports on mortgage rates and new jobless claims were also released.

Construction Spending Drops in August

Commerce Department readings on construction spending indicate that overall spending fell in August to -0.70 percent; this reading was lower than the expected positive reading of 0.10 percent. July’s reading showed a drop of 0.30 percent in overall construction spending. The decrease in August spending was largely the result of pull backs on public construction spending, which declined 2.0 percent after July’s decline of 3.50 percent in July. Public construction spending is 8.80 percent year-over-year., and August’s reading was the lowest since March 2014.

Private sector construction spending fell 0.30 percent in August. Residential construction fell by 0.20 percent within the private sector reading. Reasons for falling construction spending include impending winter weather and previously cited labor shortages. Shortages of available homes and high demand for homes are creating pressure on construction companies to build more homes.

Labor Reports: Job Growth Slows in Public and Private Sector

ADP reported 154,000 private sector jobs created in September against August’s reading of 175,000 new private-sector jobs. September’s reading showed the lowest growth rate since April. Analysts said that lower readings for job growth could be expected as job openings are filled.

According to the government’s Non-Farm Payrolls report for September, 156,000 new jobs were added, which fell short of downwardly-revised expectations of 170,000 new jobs added. Analysts said that a reading of 120,000 jobs added represented a healthy rate of jobs growth. As more workers return to or join the workforce, job openings can be expected to decrease. Healthy growth in jobs may signal the Fed to increase interest rates in December.

National unemployment rose from 4.90 percent to 5.00 percent in September; variances can be expected in month-to-month readings that are considered more volatile than quarterly or annual readings.

New jobless claims correlated to fewer job openings and fell to a reading of 248,000 new claims 256,000 new claims were expected based on the prior week’s reading of 254,000 new claims.

Mortgage Rates Nearly Unchanged

Average mortgage rates were unchanged with the expectation of a decrease of one basis point for 5/1 adjustable rate mortgages to 2.80 percent. Average rates for 30 and 15 year fixed rate mortgages were unchanged at 3.42 percent and 2.72 percent Discount points were unchanged at 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

What’s Ahead

This week’s scheduled economic reports are few due to the Columbus Day holiday Monday. Along with weekly readings on mortgage rates and new jobless claims, reports on job openings and consumer sentiment will be released.

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15972 N 115th Way Scottsdale, AZ 85255

$3,499,900

3 Beds

2.5 Baths

4,596 SqFt

Status Active

MLS # 6769991

Property Type Single Family Residence

Price Type --

Hidden gem surrounded by Magnificent Views, and lush trees.. Enjoy the unobstructed view of McDowell Mtn & the sunset/city lights in the Oasis resort-like backyard designed with 65' infinity style pool, large water fall, spa and sunken gazebo. The main house features an open split floor plan with high ceilings. Spacious living room flows into family room complete with wine bar. Kitchen boasts granite countertops with plenty of storage. Plus a theater room & butler's pantry & office area. The newly renovated 1,208 SQFT. separate guest suite features 1 bedroom 1 bath, kitchenette and more! The quiet and stunning neighborhood has many amenities & easy access to the McDowell Mountain trails for hiking just minutes away. Property to be sold As-Is no repairs. Interior photos coming soon!

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9591 E Havasupai Drive Scottsdale, AZ 85255

$3,499,000

5 Beds

5 Baths

5,240 SqFt

Status Active

MLS # 6719082

Property Type Single Family Residence

Price Type --

Located in one of the finest private communities in Scottsdale, this luxurious home sits on THE BEST lot in La Strada. Surrounded by mountain views & city lights while still in the heart of the city, this stunning & spacious home features all the amenities including 5 bed, 5 bath, 4 car gar, office/den, walk in wine cellar w/Subzero fridge by Cellar, casita, courtyard, & sport court. Resort-style backyard with amazing views is private & features a negative edge heated pool, spa, & outdoor kitchen area. The indoors are just as inviting with a recently remodeled chef's kitchen equipped with Wolf & Subzero appliances, steam oven, and other high-end finishes. A dream home on a quiet & private cul-de-sac just minutes from the 101, DC Ranch Marketplace, Kierland, & all the Valley has to offer.

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10767 E Hedgehog Place Scottsdale, AZ 85262

$3,499,000

5 Beds

7 Baths

4,967 SqFt

Status Active

MLS # 6775591

Property Type Single Family Residence

Price Type --

Must see this custom-built beauty located in the desirable, gated community of Pinnacle Canyon. With the Modern Mélange concept that blends elegant architecture along with natural beauty; this home offers the best indoor/outdoor living with multiple bi-fold doors leading to the front & back patios with fireplaces, overhead heaters, entertainment areas & more. Enjoy your private backyard oasis with a negative edge pool & spa, outdoor kitchen, extensive landscaping w/ lighting & majestic views of the mountains & boulders. Inside offers an upgraded Kitchen w/ Alder cabinets, Cambria countertops, thermidor appliances, along with an over-sized Island. The primary bedroom has a stone wall w/ fire place, his & her walk-in closets, French doors to patio & oak floors. All Guest rooms are ensuites Arizona living at its best!

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9533 E Rising Sun Drive Scottsdale, AZ 85262

New

$3,499,000

4 Beds

3.5 Baths

5,169 SqFt

Status Active

MLS # 6783994

Property Type Single Family Residence

Price Type --

Experience the ultimate in luxury and privacy in this meticulously crafted Old World masterpiece. Step into this custom estate with an expansive open floor plan showcasing a magnificent beamed Great Room with a wet bar, an elegant formal dining room, and a chef's kitchen outfitted with top-of-the-line cabinetry, premium appliances, and a private wine cellar. The luxurious primary suite is a sanctuary with an opulent bath complex, while two spacious guest suites and a den with rich hardwood flooring provide ample comfort and style. Outdoors, indulge in approximately 1,500 square feet of covered patio space, featuring an outdoor kitchen, a cozy fireplace, and a breathtaking saltwater pool and spa. This residence offers a harmonious blend of elegance and comfort.

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5501 E Rockridge Road Phoenix, AZ 85018

$3,497,000

3 Beds

3.5 Baths

4,008 SqFt

Status Active Under Contract

MLS # 6783016

Property Type Single Family Residence

Price Type --

Nestled on the prestigious slopes of Camelback Mountain, this newly remodeled architectural masterpiece by renowned Phoenix architect George Christensen offers the perfect blend of modern luxury and natural beauty. With breathtaking panoramic views of both the glittering city skyline and the iconic Camelback Mountain, this home provides an unparalleled living experience in one of Arizona's most sought-after locations. Every inch of this meticulously designed home has been carefully curated to offer the utmost in comfort, style, and functionality. Expansive floor-to-ceiling windows bathe the interiors in natural light, framing the spectacular views from nearly every room. The open-concept living spaces feature sleek, contemporary finishes, soaring ceilings, and high-end materials that seamlessly merge with the surrounding desert landscape. The gourmet kitchen is a chef's dream, equipped with top-of-the-line appliances, custom cabinetry, and an oversized island perfect for entertaining. The spacious living and dining areas open to a stunning outdoor terrace, offering a serene oasis in the heart of the city. The master suite is a private sanctuary with sweeping views, a luxurious en-suite bath, and a spacious walk-in closet. Additional bedrooms and a separate flex office with its own roll up door provide ample space for work, family and visitors, each offering its own views of the desert landscape. Designed to embrace the beauty of its surroundings, this home incorporates sustainable, energy-efficient features while maintaining a timeless aesthetic. The lush desert landscape and expertly crafted outdoor spaces provide the ideal backdrop for both intimate gatherings and large-scale entertaining. Whether you're seeking tranquility, adventure, or simply a place to enjoy the best of Phoenix living, this exceptional home on Camelback Mountain offers it all. Don't miss your chance to own a piece of architectural history in one of Arizona's most prestigious locations.

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4615 N 61st Place Scottsdale, AZ 85251

Open House

$3,495,000

3 Beds

3.5 Baths

3,609 SqFt

Status Active

MLS # 6762363

Property Type Single Family Residence

Price Type --

This is an exciting opportunity to live in a gated, resort-style community with views of Camelback Mountain and access to The Phoenician®. The new subdivision offers an impressive lifestyle ideal for empty nesters or someone interested in a second home in the spectacular Valley of the Sun. This is one of only two opportunities remaining that is sure to move quickly. It has 3 bedrooms, 3.5 bathrooms, and 3,980 square feet of luxurious, state of the art, contemporary living space. There's also a fabulous guest casita and gorgeous finished landscaping. The setting is stunning, the amenities are outstanding, and the design is exceptional. This home is move-in ready.

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30 E Glendale Avenue Phoenix, AZ 85020

$3,495,000

6 Beds

4.5 Baths

6,564 SqFt

Status Active

MLS # 6720436

Property Type Single Family Residence

Price Type --

Lined Palm trees frame this Spanish Colonial Estate and embrace this luxurious villa settled on over an acre in the heart of North Central Phoenix, within walking distance to Murphy Bridle Path. Filtered through oak and orchid trees, light flickers over the elegant central courtyard with a decorative fountain, lush landscape, and a paved roundabout. The formal entry includes beautiful hardwood floors and a gorgeous chandelier, as dramatic 20-foot beamed ceilings, crown molding, embellished corbels and hardwood floors move you through 4,290 sq ft of living space, seamlessly. A jaw-dropping dining room with a coffered ceiling opens up to an incredible terrace. Beautiful newer 2000+sqft ft guest house included in overall square footage..guest house can easily be connected to main house. Continuing with gathering spaces, the impressive kitchen with vaulted ceilings, high-end stainless-steel appliances, a 20-foot skylight, built-in China cabinets, and a spacious eat-in area create a warm and impressive atmosphere. The primary bedroom, on the main level, features a large walk-in closet, complemented by solid core doors and a glorious ensuite bath. Add another bedroom on the main level and two upstairs, both opening onto private balconies. Outside, the back patio features a fireplace, and overlooks a sprawling backyard enveloped by majestic mature trees and boasts an opulent pool adorned with a captivating water feature, fountain, and spa. Adding to this estate's allure is an incredible 2274 square ft guest house, showcasing 22-foot vaulted ceilings, a spacious family room, two bedrooms, eat-in kitchen, and entertainment area. This invigorating dwelling is move-in-ready, offering a blend of elegance, comfort, and perfection.

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8579 E Nightingale Star Drive Scottsdale, AZ 85266

$3,495,000

5 Beds

5 Baths

5,349 SqFt

Status Active

MLS # 6756874

Property Type Single Family Residence

Price Type --

Welcome to this exquisitely stunning updated custom home on a private one-acre cul-de-sac lot with unobstructed mountain views in the gated bedroom community of Sierra Boulders North. The main house boasts three spacious ensuite bedrooms and an additional fourth bedroom equipped with custom built-in cabinetry and a walk-in closet that can double as an office. European white oak floors grace the main living areas and are accentuated by custom woodwork and ceiling beams in the great room. Culinary enthusiasts will delight in the large island adorned with leathered Taj Mahal quartzite countertops, Wolf, Sub Zero, and Cove appliances, and a dry bar with wine and beverage coolers. Love entertaining? Guests and/or multi-generational living is possible with the extraordinary 1,171 sq ft detached guest house, newly constructed in 2019 with elevated finishes that are sure to impress the most discerning buyer. The simple-to-use Control4 Smart Home System operates the exterior lights, home security system, indoor and outdoor cameras, audiovisual systems, and thermostats throughout both homes. Multiple outdoor living spaces can be enjoyed year-round, complete with a stunning rooftop deck, large covered verandas, outdoor gourmet kitchen with a Mugnaini wood-fired pizza oven imported from Italy, Fire Magic BBQ grill, warming drawer, beverage cooler, sink with disposal, and misters that keep you cool all summer long. Cozy up by the outdoor fireplace while roasting marshmallows and telling stories. The outdoor oasis includes a generous heated salt water Pebble Tech pool with upgraded pop-up cleaning system and spa with a mesmerizing water feature that comfortably seats nine. The lush yard is adorned with vibrant green turf, ideal for children's play, yoga sessions, or soaking up the sunshine while playing catch with your furry four-legged friends. No expense was spared in creating this masterpiece with $250,000 recently invested in updates. Outside, fresh herbs and vegetables are easily accessible from three beautifully constructed irrigated raised garden beds. For car enthusiasts or those with a passion for hobbies, the oversized 4-car garage with epoxy floor, built in cabinetry, EV charging station, and organization system offers ample space for vehicles and toys alike. This property is a true gem in today's market. Make it your dream home today!

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39395 N 105th Street Scottsdale, AZ 85262

$3,495,000

5 Beds

5.5 Baths

4,730 SqFt

Status Active Under Contract

MLS # 6522391

Property Type Single Family Residence

Price Type --

Fantastic brand new home in Grey Fox at Desert Mountain. Completion expected in the Fall of 2024. Interior finishes are being installed and should be completed by mid-August. Exterior work including the new pool, is well underway. This home from Sierra Custom Homes offers a fantastic floor plan, impeccable finishes and fixtures and a beautiful setting on this great corner lot. With 4 or 5 bedrooms, a separate office, great room and fantastic indoor/outdoor living, this home will live and entertain exceptionally well. The huge covered patio opens to the pool and spa. There will be many new and impressive features and details in this home. This home will be ready for occupancy by its new owner this Season!

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32614 N 227th Avenue Wittmann, AZ 85361

$3,495,000

2 Beds

2 Baths

2,150 SqFt

Status Active

MLS # 6786141

Property Type Single Family Residence

Price Type --

2024 Custom 2 bd 2 bath w/office Custom 1 bd 1 bath casita 2 Entryways 3 arena's -1 full size roping/ barrel racing arena w/covered boxes 1 breakaway arena 1 cutting arena 2 Priefert roping chute 2 covered sitting areas over looking arenas 2 private wells 1 domestic 10,000 gal storage tank 1000 gal pressure tank Non exempt irrigation well w/82 acre feet of grandfather water rights Water truck fill station Hay Barn w/air conditioned shop loft for office space & possible guest quarters Small hay barn 12 stall mare motel w/grooming bay & tack room covered wash rack 6 covered pens with automatic waters Semi Loading chute & cattle processing area 2- 5 acre pastures w/2 corrals for gathering cattle orchard on auto drip system 14 RV plug-ins w/water RV dump 700 amp APS service NO FLOOD NO FLY

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12290 E Gold Dust Avenue Scottsdale, AZ 85259

$3,495,000

5 Beds

6 Baths

5,067 SqFt

Status Active Under Contract

MLS # 6761521

Property Type Single Family Residence

Price Type --

Welcome to a luxurious estate nestled in the heart of Scottsdale, Arizona, in the highly coveted 85259 zip code. This magnificent home, sitting on 1.35 acres of pristine land, boasts 5,067 square feet of meticulously renovated living space with 5 spacious bedrooms and 6 elegant bathrooms. With breathtaking and unobstructed views of the McDowell Mountains form the great room and backyard, this residence is the epitome of luxury, style, and functionality. Perfect for the car enthusiast, the property features not one, but two separate garages, one of which is for 3 cars, temperature-controlled, and has drive-through access to the backyard—perfect for housing your prized collection. The exterior showcases newly installed garage doors, adding to the home's modern appeal. Inside, the gourmet kitchen is a chef's paradise, outfitted with double islands, brand-new cabinetry, and top-of-the-line Sub-Zero, Wolf, and Cove appliances. With a walk-in pantry and additional appliance closet, keeping everything organized is a breeze. Whether hosting an intimate gathering or a large celebration, this home is designed to entertain in style, complete with multiple ovens, a warming drawer, and an integrated wine refrigerator. The expansive floor plan offers plenty of room for both intimate gatherings and large celebrations, including a fully equipped man cave complete with a built-in bar for the ultimate entertainment experience. The five ensuite bedrooms offer luxury and privacy for family and guests alike, with large picture windows framing the stunning mountain vistas. The master retreat is a true sanctuary, complete with a mirrored fitness room, a spacious walk-in closet, and a spa-like bathroom featuring a luxury smart toilet/bidet, separate tub, and walk-in shower. Step outside and discover a private oasis in the expansive backyard. Recently renovated with synthetic grass and elegant tile, the outdoor space includes a deluxe chicken coop, a sauna/spa with both indoor and outdoor showers, and an RV slab with full hookups for ultimate convenience. With ample room to add a tennis or pickleball court, this estate is a haven for recreation and relaxation. Backing up to a serene wash, the property offers unparalleled privacy and tranquility, while being just minutes from all that Scottsdale has to offer. This is more than a homeit's a lifestyle.

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3965 E Sierra Vista Drive Paradise Valley, AZ 85253

Open House

$3,495,000

5 Beds

5 Baths

4,678 SqFt

Status Active

MLS # 6698002

Property Type Single Family Residence

Price Type --

Discover the epitome of luxury living in this exquisite estate, nestled in the prestigious, guard gated enclave of Paradise Reserve. Step inside this soft contemporary masterpiece, to embrace refined luxury with soaring ceilings, contemporary fireplace, an open light & bright floor plan, hardwood floors & designer finishes. Perfect for entertaining, this home features expansive pocket doors that open the living room to the lushly landscaped yard featuring pool & spa with fountains, a built in grill and expansive patios. Perfect for culinary creations, the chefs kitchen features a sub zero refrigerator, wolf range, double islands & custom cabinetry. Retreat to the lavish primary suite, located on the main level, complete with a spa like ensuite, spacious walk in closet & private patio. A second bedroom/ office is located on the main level and two bedrooms, two bathrooms on the second level featuring Camelback views from the private balconies. The guest casita is the perfect oasis right off the pool, featuring a bedroom, bath and direct access garage. Enjoy the ultimate convenience of being just moments away from world-class dining, shopping, golfing, hiking trails, and cultural attractions, providing endless opportunities for adventure and relaxation.

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