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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6524 E Stallion Road Paradise Valley, AZ 85253

$7,499,000

4 Beds

6 Baths

5,466 SqFt

Status Active

MLS # 6691277

Property Type Single Family Residence

Price Type --

Introducing Santa Fe Hacienda, an exquisitely restored and reimagined Nance masterpiece by Modern Nest situated on a generous 1-acre lot in the heart of Paradise Valley. This stunning residence showcases a captivating blend of Santa Fe-style design with luxurious modern and rustic accents throughout its expansive 5466 square feet and its 4 bedrooms and 6 bathrooms. Boasting an impressive main living area adorned with an oversized gas fireplace, two comfortable sitting areas, and a handcrafted wet bar with a limestone sink, and walk-in wine cellar, this home offers an unparalleled setting for both relaxation and entertainment. The elevated chef's kitchen is a true culinary haven, featuring reclaimed terracotta flooring, hand-hewn wood ceiling beams, impeccably designed cabinetry, high-end lighting fixtures, and top-of-the-line Wolf and Sub Zero appliances. The butler's pantry, just off the kitchen, offers additional storage paired with charming design and function. Adjacent to the kitchen, an elegant dining space awaits, complemented by picturesque windows that flood the room with natural light. The owners suite is a sanctuary unto itself, with a cozy fireplace, a private patio retreat, and an office with its own outdoor patio. The bath is a spa-like oasis, complete with a freestanding copper bathtub nestled near another fireplace, separate vanity areas, and a luxurious shower experience. The oversized closet is a masterpiece of design, featuring custom cabinetry, abundant storage, and ample natural light. A spacious media room, equipped with a convenient kitchenette, provides the perfect spot for casual gatherings and relaxation, while three additional bedrooms offer comfort and privacy, each with its own ensuite bath and outdoor patio access. The functional yet stunningly designed mudroom/laundry room boasts dual washers and dryers, abundant cabinetry, and a convenient drop zone, ensuring effortless organization and convenience. Outside, the sprawling backyard beckons with expansive patio spaces, an outdoor kitchen with a pizza oven and fireplace, and a newly rebuilt pool surrounded by lush landscaping and high-end lighting and sound systems. This home epitomizes elevated living, seamlessly blending authenticity with modern luxury. An absolute must-see to fully appreciate its exceptional offerings.

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6825 N 39th Place Paradise Valley, AZ 85253

$7,450,000

4 Beds

4.5 Baths

6,209 SqFt

Status Active

MLS # 6542969

Property Type Single Family Residence

Price Type --

New luxury hillside construction with a Q4 2024 delivery. Positioned high up the mountain, on a private 1+ acre lot in a 24hr guard-gated enclave in Paradise Valley. Glass tile pool and spa, Cristallo Quartzite slabs, and custom cabinetry throughout. One of the only hillside homes with a level grass yard! Embrace Arizona's indoor / outdoor living, while enjoying privacy and city light views. 6,200+ SF with (4) ensuite bedrooms, a glass walled exercise room, study and 3-car garage w/ room for 3 lifts. Attached guest suite with a separate entrance from the outside, and its own private patio with mountain views This luxury construction has all the materials and upgrades that a sophisticated buyer expects. Crestron / Lutron, 9 security cameras. The DNP HOMES quality must be seen!

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9203 E Brahma Road Scottsdale, AZ 85262

$7,450,000

5 Beds

7 Baths

9,000 SqFt

Status Active

MLS # 6777297

Property Type Single Family Residence

Price Type --

Experience the epitome of luxury and seclusion in this award-winning Spanish Santa Barbara estate, nestled on 12.86 acres of pristine desert land with stunning panoramic views of the Sonoran Desert and surrounding mountains. This breathtaking home, honored with the prestigious Vision Design Award for Best Outdoor Shading in 2022, seamlessly blends indoor and outdoor living with a 36-foot movable glass wall leading to a private backyard retreat. From the dramatic stone fireplace in the great room to the vaulted wood-beamed ceilings and elegant stone walls, every detail speaks of timeless sophistication. The chef's kitchen is equipped with top-of-the-line Viking appliances, including four wine and beverage refrigerators, while the wine cellar and custom cabinetry offer an exceptional setting for entertaining.With 9,000 square feet of living space, all on one level with no interior steps, this 5-bedroom, 7-bath estate is designed for ultimate comfort and privacy. The luxurious master suite features a Cantera stone fireplace and dual his-and-her baths with separate showers, water closets, and vanities. An attached guest suite provides ample space with its own kitchen, family room, and two fireplaces. Outdoors, the estate continues to impress with a 35 thousand gallon negative edge pool, spa, fire pit, and multiple patios that capture the beauty of the surrounding landscape. Additional amenities include a media room with a wet bar, a full-size pickleball court in the garage, with space for up to 8 vehicles and a circular motor court. Enhancing the home's efficiency, it features an Avena Solar system, significantly reducing energy costs and promoting sustainable living. Enjoy the private trail leading to the wash, this home seamlessly combines elegance, tranquility, and peace of mind.

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4836 E White Gates Drive Phoenix, AZ 85018

Open House

$7,300,000

4 Beds

5.5 Baths

7,100 SqFt

Status Active

MLS # 6781919

Property Type Single Family Residence

Price Type --

• CAMELBACK MOUNTAINSIDE +Unbeaten Valley Wide SUNRISE to SUNSET•180° VIEWS •CITYLIGHTS •DOWNTOWN SKYLINE •MOUNTAIN VIEWS • All ON 1-Level & Privately GATED ESTATE w GUEST CASITA •Negative-Edge Pool•Spa •Grass Lawn Play Yard +MiniSport Golf Putting Course •THEATER-Game rm •(5) EN-SUITE BRs w Vaulted/Beamed Ceilings •Carved Walnut •Italian Travertine warm Venetian Plaster and SANTA BARBARA style.• Circle Driveway • 3 Car Garage w •Ample GUEST PARKING •Over 7,000'sf w Ideal N/S Exposure on a moderately Larger Than 1 Acre PARADISE VALLEY like lot •Walk-In WINE CELLAR •VIKING Appliances •Open Breakfast Island •Formal Living •Family Great Rooms •Executive Home Office multiple Fireplaces SUNSETS Elevated Over Arcadia Camelback Mountainside

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4636 E Moonlight Way Paradise Valley, AZ 85253

$7,295,000

7 Beds

6.5 Baths

9,066 SqFt

Status Active

MLS # 6781732

Property Type Single Family Residence

Price Type --

Gorgeous home with NO HOA comes fully furnished, down to the towels! Perfectly nestled in the Phoenix Mountain Preserve, with unobstructed mountain, valley & city light views. Stunning Turkish Versailles travertine & hardwood flooring throughout, one of the many beauties of this home are all of the indoor/outdoor living options. The chefs kitchen looks out onto a''rainforest'' waterfall, stainless steel appliances, slab granite counters & custom cabinetry.The primary suite, built in a rotunda design, boasts 360 degree views.

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18651 N 101st Place Scottsdale, AZ 85255

$7,250,000

5 Beds

5.5 Baths

5,880 SqFt

Status Active

MLS # 6759632

Property Type Single Family Residence

Price Type --

Refined elegance with a melody of eclectic Southwest aesthetic, this Silverleaf Casita was a custom creation of architect Jeff Berkus and is ideally situated on two homesites backing to a craig maximizes the Sonoran surrounding views. Using a mix of materials and influences brings a fresh twist to Southwest style. With attention to detail in design, this home offers functional living spaces with 5 bedrooms, 6 baths including a private entry guest house, and an upstairs bunkroom/den with expansive patio overlooking pool and outdoor living, plus executive office, theatre room, and hobby room. Sensible sophistication at its finest with stone surfaces and reclaimed finishes, and open layout that suits the region's indoor-outdoor lifestyle, with plenty of gathering spots to accommodate friends and family. Brought to life with authentic detailed interiors by Caroline DeCesare of acclaimed DeCesare Design Group. Hand crafted and carved built-ins by Scottie Reid include the dining room breakfront, living room bookcase, and iron-strapped kitchen island. Inspired by a visit to Italy the owner's incorporated features bursting with graceful character throughout including a Mosaic kitchen mural imported from Italy, and Murano glass chandelier in dining room hand-picked by owner while visiting Venice. Hand painted ceilings offer a subtle use of pattern fostering an air of elegance. Abounding with exclusive finishes Italian style limestone mantel, beam-lined ceiling, and antiqued cabinets. An entertaining dream with rooms flowing from one to another opening with telescoping glass doors to the outdoor living spaces backing to a distinct craig backdrop with intentional southwest exposure for 'winter summers' featuring an alfresco dining room with fireplace, pool with water feature and spa, covered ramada with fireplace, eat in outdoor kitchen, and firepit with sitting area. Eat in kitchen island boasting Wolf and SubZero appliances, with stylish limestone vent, with an appropriate butler bar with wine fridge, coffee maker, microwave and refrigerator. Owner's suite impresses with a sophisticated Southwest flare with intricate turquoise hues in threaded in the plaster, shapely tiles custom colored to marry the suite hue with rustic brown patina reflected in the carved vanity and copper soaking tub. Desirable 3 car garage pristinely maintained. Lutron home system. Located in the coveted 32 home cove, conveniently located just off the drive to the Silverleaf clubhouse, the Casitas modeled after the Silverleaf clubhouse, are eminent in style and design, for the most discerning homeowner

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11987 E Buckskin Trail Scottsdale, AZ 85255

$7,250,000

5 Beds

5.5 Baths

6,505 SqFt

Status Active

MLS # 6759737

Property Type Single Family Residence

Price Type --

Plans are approved and ready for permits to break ground on this stunning desert modern prairie estate designed in collaboration with renowned architect Cosan Studio and brought to life by luxury builder Desert Sky Development. Situated on a 2.26 acre cul-de-sac lot in the exclusive gated Troon Canyon Estates, featuring just 11 homesites and unobstructed views. This To Be Built project gives you an opportunity to work directly with the design team to make your custom selections throughout the process. Arrive through your auto-court to your 4 car garage, including an additional full size RV Garage/showroom at the front of property. Featuring 6,505 sq.ft of single-story living, the main residence offers an expansive kitchen and great room with floor to ceiling windows overlooking your resort style backyard and the natural desert beauty and distant mountain views. A wet bar with a retractable glass wall, ample covered patio space with fireplace and outdoor kitchen and BBQ make indoor/outdoor entertainment seamless and the ultimate in luxury living. A private trail leads to a totally secluded 2 bedroom guest casita with full kitchen and living room for any visitors to enjoy their own space away from the main house. Wolf & SubZero appliance package will be included throughout.

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8601 N 64th Place Paradise Valley, AZ 85253

Open House

$7,250,000

4 Beds

4.5 Baths

7,445 SqFt

Status Active

MLS # 6709079

Property Type Single Family Residence

Price Type --

Experience timeless sophistication and charm in this COMPLETELY REBUILT Paradise Valley Estate. Nestled amidst breathtaking mountain views and verdant landscaping, this home offers an oasis of tranquility. Situated on a lush green cul de sac acre+, Paradise Valley is the heart of Arizona and is now being boasted by the Wall Street Journal as one of the most desirable neighborhood's in the United States. Step inside to discover a seamless fusion of traditional allure and contemporary refinement. The spacious layout effortlessly connects living areas, showcasing a gourmet kitchen adorned with high-end appliances and unparalleled designer finishes. Retreat to the primary suite boasting a luxurious spa style bathroom and sensational his + her closets that will have your head spinning. Alongside the primary suite, discover three additional ensuite bedrooms, an office, and a den. Outside, indulge in year round al fresco dining pool side or relax your muscles in the heated spa. This sprawling property offers plenty of room to add a guest retreat or sport pickle ball court. Too many stellar features to mention .... you will not be disappointed!

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10285 E Chama Road Scottsdale, AZ 85255

$7,200,000

4 Beds

4.5 Baths

5,932 SqFt

Status Active

MLS # 6764129

Property Type Single Family Residence

Price Type --

THE best lot in Skye View! Exceptional 5,932 square foot modern dream home featuring beautifully landscaped desert gardens and a luxe resort-style backyard. Breathtaking mountain and city light views in every direction! Built in 2024, this prestigious N. Scottsdale modern contemporary home is just minutes away from McDowell Mountain Regional Park and Tonto National Forest, access to the 101 Fwy, Scottsdale Quarter, Kierland, and Promenade restaurants and shopping, and close to some of the top AZ golf courses including The Estancia Club, Troon North, Mirabel, and more. With its distinctive architecture and award-winning contemporary design, the home was designed and built by Camelot Homes, boasting an unrivaled attention to detail. The open floor plan is perfect for entertaining, inviting the outdoors in. All the living spaces have direct access to the outdoor spaces which include a front entry portico, fully shaded outdoor living/ loggia with fire feature, dining on back patio, bonus room plus indoor bar with stacked telescoping doors, outdoor grill, and a dedicated loggia for the guest casita. The backyard is highlighted by breathtaking sunset views, custom heated pool with two Baja decks, water features, built-in planters, poolside seating area, separate spa, and lush artificial turf. The home includes a dramatic front entry, well-appointed gourmet kitchen overlooking main living areas, 4 bedrooms, 4.5 bathrooms, office/ den, guest casita, and 4 car garage specialty space that can be used as a home gym or flex space. Additionally, the home boasts Rift Oak cabinetry throughout, honed Quartz countertops, large format Porcelain tile flooring, custom metal iron clad fireplace, Wolf Sub-Zero appliances, temperature-controlled wine cellar, Zip Tap (instant chilled, instant hot, and sparkling water), Butler's Pantry, designer lighting and plumbing fixtures, elevated ceiling heights, glass detailing, Savant Audio Visual system, motorized designer window coverings in all rooms, security cameras, double stack laundry and LG styler garment refresher drycleaner, Sonance landscape speakers, and specialty details throughout. The primary bedroom suite features a luxurious primary bath, custom cabinetry, designer lighting/ plumbing fixtures, porcelain tile flooring, dual vanities, expansive walk-in shower and soaking tub with telescoping door that opens to the backyard with mountain and city light views, and spacious his /hers walk-in closet. Soak in world-class views of Pinnacle Peak, Troon Mountain, and Desert Highlands from this custom-built home. This is one of the finest properties available on the luxury market!

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28805 N 114th Street Scottsdale, AZ 85262

$7,150,000

5 Beds

5.5 Baths

6,389 SqFt

Status Active

MLS # 6753068

Property Type Single Family Residence

Price Type --

ESTIMATED COMPLETION NOVEMBER OF 2024. Stunning North Scottsdale Estate located in Goldie Brown Ranch. One of three exclusive custom offerings each with their own private gated drive. This sophisticated and contemporary styled single level home is designed in collaboration with Swaback Architects and builder Sonora West Development. The floor plan features an open great room concept with 5 bedrooms + office, 5.5 bathrooms a large 4 car garage and guest casita. Situated on over 4 acres with unobstructed 360 degree views of Tom's Thumb, the McDowell Mountain Preserve, Pinnacle Peak and Four Peaks. Enjoy stunning sunsets and city lights from this wide open site.

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5502 E Mariposa Street Phoenix, AZ 85018

$7,075,000

5 Beds

4.5 Baths

5,858 SqFt

Status Active

MLS # 6723868

Property Type Single Family Residence

Price Type --

Discover this stunning 5,858 sq ft, 5 bed, 4.5 bath home, nestled in a tranquil cul-de-sac in the heart of Arcadia Proper. Enjoy breathtaking Camelback Mountain views from this luxurious residence, featuring three versatile flex spaces perfect for a home office, gym, or media room. The lush, mature landscaping surrounds a private sport court, offering endless outdoor fun. With a spacious 3-car garage, this home provides ample storage and convenience. Perfect for entertaining and everyday living, this exquisite property combines elegance and comfort in one of the most sought-after locations. Don't miss this rare opportunity to own a piece of Arcadia's charm!

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Tbd San Rafael Valley Road Patagonia, AZ 85624

$7,000,000

2 Beds

3 Baths

1,500 SqFt

Status Active

MLS # 6781316

Property Type Single Family Residence

Price Type --

This is arguably the most beautiful ranch in Arizona in one of the most scenic, coveted ranching locations in the American West. Covering 6,066 +/- acres in the heart of the spectacular San Rafael Valley in southeast Arizona. The Lazy J2 Ranch is a working cattle ranch with a carrying capacity of 200 head year round. The ranch consist of 954 +/- deeded acres with six large pastures, several smaller pastures & a charming ranch home. It also includes the 5,112 +/- acre A-Bar Draw USFS allotment with five large pastures. The deeded & leased land are very well watered with multiple wells, tanks, water lines & fences are in very good condition. Entering this very private, heavenly valley is a truly a breath taking event every time. VERY ATTRACTIVE SELLER FINANCING AVAILABLE!! The flowing grasslands surrounded by the blue & lavender mountains create a site that is easy to fall in love with. It lies between the Patagonia Mountains west, Huachuca Mountains east and the Canelo Hills north. The San Rafael is an uncommon, sequestered hidden valley unknown to many native Arizonans, yet is the location for over 50 feature films including OKLAHOMA. It is an extraordinarily unique piece of the American West, steeped in history as the western entry point for the Europeans into what is now the United States in 1539, to the Apaches and Buffalo Soldiers in the 1800s. The San Rafael Valley has been a successful ranching landscape for generations of many families for hundreds of years. Perfectly situated between 4,800 and 6,000 feet elevation, the climate is mild and pleasant year round. Temperatures range from the 80s to 90s in the summers and 50s to 60s in the winter. Annual rainfall is typically 17 to 20 inches. It is the one of the last intact short grass prairies left in the western United States. The headwaters of the Santa Cruz River originate in this valley and is adjacent to the ranch. The San Rafael and these estate parcels are blessed with a collection of gorgeous, sweeping rolling hills with a myriad of native grasses, scattered Oak trees and towering Cottonwoods in the meandering creek beds that run seasonally. Eighty percent of the San Rafael Valley, including the Lazy J2 Ranch Estates, have been placed under Conservation Easements by private property owners to protect the unparalleled beauty and pristine environment. The building envelopes have been discretely placed out-of-site to preserve the sweeping landscape vistas and magnificent view shed. J2 South has a building site of 17.8 acres and J2 North has a building envelope of 20 acres. Underground power and telephone run through the valley and are available to both sites. The Conservation Easements are held by the Arizona Land and Water Trust. This is an amazingly rare opportunity and maybe a once in a lifetime chance to own a part of this very special valley. Normally the ranches here are passed along by families from one generation to the next. Come and visit and see for yourself the remarkable property that is the Lazy J2 Ranch Estates. Parcels start at $3,225,000 with excellent seller financing possible for both remaining parcels. Seller's successful San Rafael Valley Grass-Fed Beef business available.

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