What’s Ahead For Mortgage Rates This Week – September 6, 2016

Last week’s economic reports included readings on pending home sales, construction spending and consumer sentiment. Case-Shiller Home Price Indices for June were released, along with several labor-related reports including national unemployment, ADP Payrolls and Non-Farm Payrolls were also released along with weekly readings on new jobless claims and Freddie Mac’s survey of average mortgage rates.

Case-Shiller: Home Price Growth Holds Steady in June

According to the Case-Shiller 20-City Home Price Index for June, average national home prices held steady with a seasonally adjusted annual growth rate of 5.10 percent in June. The top three cities for home price growth were Portland, Oregon with a reading of 12.60 percent; Seattle, Washington followed with a reading of 11.00 percent. Denver, Colorado home prices grew by 9.20 percent year-over-year.

San Francisco, California, which had posted highest year-over-year price gains in recent months slipped with a reading of 6.40 percent year-over-year in June. This could signify a cooling of rapid price gains in high demand metro areas where home prices have become unaffordable for many buyers.

Construction Spending Flat in July, Pending Home Sales Increase

While builder sentiment has been strong, construction spending was flat in July as compared to an expected reading of 0.60 percent and June’s reading of an 0.90 percent increase in construction spending. The Commerce Department reported that pending home sales increased 1.30 percent in July, which exceeded expectations of 0.90 percent growth and June’s negative reading of -0.80 percent. July’s reading appeared to even out June’s unexpected slump in pending sales, which are considered an indicator for future closings and home loan volume.

Mortgage Rates, New Jobless Claims Rise

Mortgage rates rose for all three loan types reported by Freddie Mac. The rate for a 30-year mortgage rate rose three basis points to 3.46 percent; the average rate for a 15-year mortgage also rose three basis points to 2.77 percent. The average rate for a 5/1 adjustable rate mortgage jumped by eight basis points to 2.83 percent. Discount points averaged 0.50 percent, 0.50 percent and 0.40 percent respectively. Mortgage rates rose after the yield on 10-year Treasury Notes increased in response to a speech given by Fed Chair Janet Yellen that indicated that the target federal funds rate could be raised in December.

263,000 new jobless claims were filed as compared to expectations of 265,000 new claims and the prior week’s reading of 261,000 new claims. Job growth slowed in August; the Commerce Department reported a reading of 151,000 new jobs in its Non-Farm Payrolls report. Analysts expected 170,000 new jobs, which fell significantly short of July’s reading of 275,000 jobs created. Non-Farm Payrolls includes data for public and private sector jobs.

Labor Reports: Job Growth Slows, National Unemployment Holds Steady

ADP Payrolls also reported fewer private sector jobs created in August with a reading of 177,000 new jobs as compared to 194,000 private sector jobs created in July. Analysts characterized August jobs reports as “fickle” due to high numbers of summer vacations and company-wide summer holiday closures.

August’s reading for national unemployment held steady at 4.90 percent.

While slower growth in home prices and job creation could signal an economic slowdown, there was good news as consumer confidence rose to 101.7 in August; this reading surpassed the expected reading of 97.0 and July’s reading of 96.7.

What’s Ahead

This week’s scheduled economic news is lean due to the Labor Day holiday on Monday. In addition to weekly reports on new jobless claims and mortgage rates, reports on job openings and the Federal Reserve’s Beige Book report will be released.

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5719 E Starlight Way Paradise Valley, AZ 85253

$50,000,000

6 Beds

8.5 Baths

16,906 SqFt

Status Active

MLS # 6644810

Property Type Single Family Residence

Price Type --

Welcome to an architectural masterpiece situated within Paradise Valley's prestigious Cameldale Estates. Positioned thoughtfully on a nearly 3-acre parcel in the northern face of Camelback Mountain to allow sweeping views of Mummy, Phoenix, McDowell, and Four Peaks mountain ranges. Design by world-renowned architects SAOTA, collaborating with local architect Stratton, and earning world recognition press/awards for innovative design and unparalleled beauty. Nearly 17,000 sqft of living will blend seamlessly into desert surroundings while offering every conceivable modern luxury. Chef's kitchen, cinema, gym/spa, resort-style infinity pool, with emphasis on seamless indoor/outdoor living. The modern organic design, coupled with exceptional craftsmanship, elevates it to a league of its own.

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5738 N Casa Blanca Drive Paradise Valley, AZ 85253

$42,500,000

6 Beds

13.5 Baths

23,417 SqFt

Status Active Under Contract

MLS # 6762392

Property Type Single Family Residence

Price Type --

New modern custom highest end construction build in Casa Blanca & Wilkinson corridor by Regal American Homes. Extremely private estate with stunning mountain views of Camelback, Praying Monk, & Mummy. Central courtyard, open great room & chef's kitchen w/large back kitchen holding hidden bar, pantry, Costco room, & walk-in cooler & freezer. Split floorplan where primary suite includes separate his and hers: vanity, enclosed toilets & closets, large walk-in shower, free standing tub, laundry, gym, office, theatre and therapy rooms. Experience true indoor/outdoor living with massive diving pool & spa, golf simulator, indoor sport/pickleball court, outdoor BBQ & fireplace. Separate guest quarters with 2 bedrooms & kitchen. Private state of the art shooting range & underground bunker lounge. runs, walking path, garden, mature olive, citrus, oak & oleander trees, turf, irrigation, & exterior lighting. Additional rooms include large private gym w/enclosed massage room, office, kid's lounge/playroom, and art and study rooms. Safe room connects to basement with shooting range, lounge and bar, and recreation barn. Short drive to world class resorts, dining, shopping, Paradise Valley County Club & both Scottsdale & Phoenix Airports.

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4820 E Perkinsville Road Seligman, AZ 86337

$42,000,000

5 Beds

3.5 Baths

5,737 SqFt

Status Active

MLS # 6776308

Property Type Single Family Residence

Price Type --

HISTORIC 'FORT ROCK RANCH' for sale in Seligman, AZ. Formerly the Buckman Stage Station, Fort Rock got its name after a battle in 1866 with the Hualapai Indians which was hard fought, and won, in the midst of the majestic rock formations surrounding the skirmish. Picturesque landscape is a feast for the eyes & soul. Breathtaking, panoramic views with widely varied topography. SEE AERIAL VIDEO in PHOTOS slide 2. Water abounds. 22 wells & multiple dirt tanks dot this 104,145 acre property. (52,677 deeded / 51,468 leased) Live water includes Meadow Lake, Upper Trout Creek, Fort Rock Creek, Tom Bacon Lake, Horse Lake & more w/ native species of fish. The Air Strip has been resurrected, with the first plane landing on site in over 30 years. EPIC! * Click 'MORE' for addt'l important details! * The iconic 'Fort', the home of the Ranch Foreman, was built in 1894 and still stands today in all its glory (3,660 sq ft). The main home, affectionately known as 'Headquarters', was built in 1926 and is strategically located by Meadow Lake (5,737 sq ft). Several other structures house ranch employees. Bonus - secluded off grid cabin on the way to Trout Creek. Fort Rock is a working cattle ranch w/ apprx 600 head currently on the ranch. They are primarily black angus bulls w/ mostly black angus cross cows - but still some cross bred mix on the ranch. Cattle may convey with the right offer (954 AU's). 80+ acres of irrigated pasture possible. Ranching, hunting (elk, lion, deer) and other investment prospects abound. Fort Rock Ranch participates with the AZ Game and Fish Landowner Compact and enjoys a longstanding, mutually beneficial partnership. This is a rare opportunity to own a magnificent piece of western history.

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6418 E Joshua Tree Terrace Unit 2 Paradise Valley, AZ 85253

$33,900,000

6 Beds

10 Baths

12,500 SqFt

Status Active

MLS # 6767863

Property Type Single Family Residence

Price Type --

This extraordinary 12,500 sq.ft. home is nestled in one of the most desirable locations, offering unparalleled views of Camelback Mountain from the front and Mummy Mountain in your backyard. With its prime position overlooking the Ritz-Carlton and just a stone's throw from Old Town Scottsdale, this property brings the WOW factor to luxury living. Featuring 6 spacious bedrooms and garage parking for 6, this home is designed for both elegance and comfort. The second floor provides a breathtaking panoramic view, stretching from Talking Stick Resort to Downtown Phoenix—perfect for enjoying Arizona's stunning sunsets. The PV Hillside Committee is conducting its concept review, with renderings available in 30 days. Built and Design by The Construction Zone should be ready 12/26.

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5500 N Dromedary Road Phoenix, AZ 85018

$30,000,000

1 Bed

2.5 Baths

4,641 SqFt

Status Active

MLS # 6781148

Property Type Single Family Residence

Price Type --

Iconic Camelback Mountain Estate: A Once-in-a-Lifetime Opportunity. Perched on the side of the iconic Camelback Mountain, this extraordinary estate is a rare gem, offering a more than 180-degree view of the valley below, Camelback Mountain to the rear and is known for its storied history as the infamous ''Merry Christmas House,'' this property has been lovingly owned by the same family for decades and is now ready for its next chapter. Home was built in the 1970s, the original 4,661-square-foot residence exudes the timeless design influence of Frank Lloyd Wright, with its bold integration into the natural surroundings, expansive use of glass, and subtle stone accents that capture the essence of desert living. The home's organic architecture and stunning panoramic views create a tranquil, private sanctuary, while the layout offers a seamless blend of indoor and outdoor living. Set on a generous 23.66 acres, this remarkable property also boasts incredible potential for future development, with subdividable land offering the opportunity for up to 4 parcels. The possibilities are endless, from creating a family compound to building multiple luxury estates. Additionally, a potential floorplan and site plan designed by the renowned architect Mark Candelaria are available, allowing you to bring your vision to life. With its prime location, iconic status, and incredible potential, this estate is truly one of a kindan opportunity that will not come again. The property is privately gated, ensuring seclusion and security while being just moments away from the heart of the city. Whether you choose to preserve the legacy of the existing home or create something new, this is a once-in-a-lifetime chance to own a piece of history on one of Arizona's most sought-after mountain peaks. Don't miss out on this unparalleled opportunity.

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2671 Highway 82 -- Patagonia, AZ 85624

$29,950,000

16 Beds

15 Baths

8,934 SqFt

Status Active

MLS # 6595615

Property Type Single Family Residence

Price Type --

This is your opportunity to own the historic Rail X Ranch, set against a landscape that is truly breathtaking! To the West are hypnotic sunsets and to the East is the Coronado National Forest with vistas that seem to go on forever. This is a rare chance to own a piece of Arizona's history. Located at 4,500 feet above sea level temperatures are generally 10 to 15 degrees cooler year-round than in nearby Tucson. This stunning 1739 Acre Ranch Estate features a main residence with casita totaling 11,398 square feet and containing 8 bedrooms, 9 full bath rooms and 3 half baths. The main house was Constructed in 1937 and is nestled in the foothills overlooking a tree lined pond and containing numerous patios and porches to enjoy both sunsets and sunrises. The property also has 2 additional homes for employees or managers as well as 3 apartments for employees or guests. The Ranch features a 1930s barn which serves as a workshop and storage area as well as a steel building which could easily converted to a horse barn. The main compound also includes a large office suite and conference room, the property has everything you need to work from home or to handle ranch operations on site. After decades without hunting, wildlife abounds at the Rail X Ranch, including deer, dove, quail, and even javelina. The birding is exceptional, with more than 260 species documented in the nearby Patagonia Sonoita Creek Preserve. Just South of town, there are myriad opportunities for fishing and boating at Patagonia Lake State Park; and the area is filled with wonderful opportunities for horseback riding and hiking. The Ranch has the added benefit of having an artesian well on the property with Water bubbling up and feeding a transportation ditch to deliver this precious resource throughout the ranch. Combined with 8 wells situated throughout the property the Ranch has a unique and valuable asset in its water resources. To complete the picture, The Rail X is also one of the few ranches in the area which has maintained ownership of the mineral rights for the property. This asset provides land security now and into the future. The Rail X Ranch is truly an iconic and unique part of Arizona's History and Heritage and provides a rustic setting yet with all of the upscale amenities to enjoy and cherish your living environment!

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333 Schnebly Hill Road Sedona, AZ 86336

$29,900,000

8 Beds

9 Baths

13,591 SqFt

Status Active

MLS # 6784655

Property Type Single Family Residence

Price Type --

4 ACRES in Uptown Sedona! Don't miss out on the chance to own this iconic Sedona landmark in the heart of Sedona, just a few minutes walk from Tlaquepaque. Endless possibilities await with this versatile multi-use MASSIVE property with breathtaking views of the Red Rock...in the past, it was a spiritual Life Center, and at one time, there were plans to turn it into a resort. Comprising eight distinct parcels, this property features three adjacent lots along Oak Creek, two huge hillside lots and two individual residences, each accompanied by its own guest house. The larger residence is set on 3.1 acres, built in 2019 and features an unique UPDATED 900 sq ft casita where Elvis Presley worked out at in1967 while filming a Western in Sedona. The smaller residence is a gorgeous two-story cabin built in 1997 with 2230 sq. ft. and 805 sq. ft. guest house. Current zoning is RS-18 and OC (Oak Creek Heritage)

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20958 N 112th Street Scottsdale, AZ 85255

$29,500,000

6 Beds

8 Baths

14,369 SqFt

Status Active

MLS # 6774989

Property Type Single Family Residence

Price Type --

This newly built Modern Mediterranean Estate has been uniquely crafted and perfectly designed to offer the ultimate luxury lifestyle. Nestled on nearly two acres in the prestigious Silverleaf Community and surrounded by uninterrupted panoramic city view- this home perfectly encapsulates everything to be a top- notch entertainment destination. The expert design of this Modern Mediterranean residence was a collaborative effort between Erik Peterson of PHX Architecture, interior designer Laura Kehoe, and custom builder Ted Reisdorf of Paragon Custom Homes. Built with the finest materials by top artisans in the valley, every detail exudes luxury. The grand great room seamlessly opens to the stunning outdoor space for the finest indoor/ outdoor living- made for the ultimate enjoyment of the perfect Arizona evenings. Accompanied by a gourmet kitchen with a separate catering kitchen, casual and formal dining areas, and an additional butler's pantry this home does not miss a single detail. The entertainment hub is thoughtfully designed, featuring a nightclub-inspired bar, billiards area, lounges, multi-game simulator, wine room, and a theater that seats 19. The private office leads to the opulent 2,000 sq ft owner's suite, complete with a sitting area, wet bar, and breathtaking city and mountain views. The suite boasts three custom-designed, boutique-style closets with private laundry, and a spa-like bathroom with dual vanities, a makeup station, a steam shower with multiple heads, and a soaking tub. The bathroom also has access to a private garden with a hot tub overlooking the valley. Guests will enjoy luxurious accommodations in the three full guest suites with their own family room or one of the two guest casitas. Offering a true luxury indoor-outdoor lifestyle, the entertaining spaces extend seamlessly to the multi-level outdoor areas, providing incredible views of mountains, sunsets, and city lights from every angle. The main level boasts a resort-style infinite pool, multiple sun-soaked and shaded patios, an outdoor kitchen, a lush grassy lawn, and two separate hot tubs- perfect for a lifestyle of relaxation and entertainment. Silverleaf is an exclusive, guard-gated community distinguished by its tree-lined streets, private parks, and some of the most exclusive homes in Arizona. At its heart lies the renowned Silverleaf Club, featuring a par-72 golf course designed by Tom Weiskopf, a stunning clubhouse, a luxurious spa, and an array of amenities that offer the ultimate desert resort lifestyle

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5815 N Saguaro Road Paradise Valley, AZ 85253

$28,900,000

15 Beds

16 Baths

22,000 SqFt

Status Active

MLS # 6792458

Property Type Single Family Residence

Price Type --

In the most prestigious neighborhood, in the most prestigious town in Arizona, sits an exquisite 9.14 acre multi-residence compound like no other. This is the largest available non-hillside, fully landscaped, flat estate in Paradise Valley. More information available!

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11200 E Canyon Cross Way Scottsdale, AZ 85255

$22,500,000

7 Beds

8.5 Baths

13,606 SqFt

Status Active

MLS # 6760021

Property Type Single Family Residence

Price Type --

Significant price reduction. Perched high above Scottsdale's most coveted landscapes, the Internationally known Castle on the Hill at 11200 E Canyon Cross Way is the pinnacle of Arizona luxury living. This immaculate 2020-built estate spans over 13,600 square feet of unrivaled craftsmanship and sophistication, set on 3.3 acres within the exclusive Upper Canyon of Silverleaf. From the moment you arrive, you are greeted with sweeping panoramic views of the McDowell Mountains, Camelback Mountain, and the vibrant city lights of Scottsdale. This turnkey estate includes a separate 2-bedroom guest house, fully furnished with exquisite interior and exterior décor. A seamless blend of grandeur and comfort, this estate features a state-of-the-art gourmet kitchen, a climate-controlled wine room, and spa for serene relaxation. Indulge in the opulent primary suite, where Swarovski crystal adorns the bed, leading to a sophisticated en suite bathroom. A floating staircase with gold-inlaid floors and an Italian chandelier ushers you to the secondary bedroom suites, each designed to perfection. Whether hosting in the games room with a full bar or retreating to the ultimate home office with a fireplace, this estate redefines luxury. Live the epitome of elegance, where sunrises and sunsets paint the sky, offering a truly unparalleled experience.

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6025 E Cholla Lane Paradise Valley, AZ 85253

$22,000,888

5 Beds

7 Baths

11,008 SqFt

Status Active

MLS # 6789296

Property Type Single Family Residence

Price Type --

Award-Winning Developer ARCO Custom Homes brings yet another Modern/Transitional Architectural Masterpiece to Camelback Mountain. This privately gated estate features soaring 24-foot ceilings, retractable floor to ceiling custom glass walls and massive view decks with breathtaking Mountain and City Light Views! The expansive great room opens to the chef's kitchen featuring Gaggenau, Miele, Sub-Zero and Wolf appliances, European custom cabinetry and a gourmet Catering Kitchen with an extensive pantry. Offering abundant entertaining spaces including 1,000+ bottle glass climate-controlled Wine Room, Media Room, generous 2-person office and luxurious primary suite wing. The hidden underground garage built in to Camelback Mountain is a Car Lover's Fantasy. Buy now and save years & customize!

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10927 E Windgate Pass Drive Unit 1519 Scottsdale, AZ 85255

$21,750,000

6 Beds

6.5 Baths

10,248 SqFt

Status Active

MLS # 6688744

Property Type Single Family Residence

Price Type --

SILVERLEAF GOLF MEMBERSHIP OPPORTUNITY AVAILABLE! Discover an exceptional estate nestled in Silverleaf's Upper Canyon, boasting breathtaking mountain and city vistas. Situated on a rare near-level 2.15-acre lot, this property features expansive grounds with meticulously manicured gardens, offering an array of outdoor entertaining possibilities. Revel in the full outdoor kitchen with a pizza oven, elevated seating area, fire pit, and resort-style pool and spa. This single-level home spans 10,248 square feet and encompasses 5 bedrooms, 6.5 bathrooms, along with a dedicated office with bathroom or potential 6th bedroom. A separate detached guest casita adds to the allure. Unparalleled renovation by Salcito Custom Homes and Salcito Design Group... The residence showcases a gourmet kitchen, a great room complemented by a stunning built-in bar, and boasts the ...finest finishes throughout. From stone and wood flooring to hand-applied Venetian plaster walls and ceilings, no detail has been overlooked. The property boasts a wealth of upgrades, including a Crestron audio/video system, Lutron lighting and shade system, custom pre-finished engineered wood plank flooring, and exquisite slabs of Cristallo Bianco Classic and Taj Mahal Classic marble. Notable features also include Albertini Italian steel entry doors, Loewen wood clad windows, Wolf, Sub-Zero, and Miele appliances, and custom wood cabinetry by Arizona Custom Cabinets. Enjoy the luxury of Carrier Greenspeed HVAC, and Chesney's European marble fireplace surrounds in the living room and master suite. Experience unparalleled luxury living amidst the natural beauty of Silverleaf's Upper Canyon.

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