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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6701 N Scottsdale Road Unit 30 Scottsdale, AZ 85250

$1,450,000

3 Beds

3 Baths

2,323 SqFt

Status Active

MLS # 6692670

Property Type Townhouse

Price Type --

FABULOUS GATED CUERNAVACA!!...AN UNBEATABLE 'SCOTTSDALE ADDRESS', A LUXURIOUS, 'LOCK & LEAVE' LIFESTYLE, 'RESORT STYLE' AMENITIES..JUST MINUTES FROM THE MECCA OF WHAT OLD TOWN SCOTTSDALE HAS TO OFFER IN RESTAURANTS, FASHION & NIGHTLIFE, ACROSS THE STREET FROM AJ'S & THE 'COMING SOON' RITZ CARLTON & WITH 3 BEDS (DUAL PRIMARY SUITES), 3 BATHS, SECLUDED COURTYARD ADORNED IN GREENERY, A ROOFTOP DECK WITH ENDLESS MOUNTAIN VIEWS, THE ULTIMATE LIVING EXPERIENCE AWAITS YOU!! As you enter, you're immediately transported to what feels like the English Countryside, the open concept Living Spaces will wow you! Step into the high tech kitchen with stand around kitchen island, eat-in overlooking the front picturesque courtyard of green. Dine formally in the separate Dining Room off of the Great Room with French Doors opening onto most idyllic terrace framed in verdant landscaping, perfect for indoor outdoor entertaining. ACCOMMODATION is sensational with 2 bedrooms downstairs (one en-suite) & 2 bathrooms or escape to the primary bedroom suite, hidden away from the rest of the home private & secluded with lavish en-suite bathroom & huge walk-in his/hers closet. Perhaps have a sundowner on the rooftop patio off of the primary bedroom while taking in the spectacular views. ADD IN 2 CAR ATTACHED GARAGE, INSIDE LAUNDRY & WITH INCREDIBLE COMMUNITY AMENITIES that include Tennis courts, Pool, Spa, Fitness Center and Club House, EXPERIENCE THE THREE L's....LOCATION, LIFESTYLE & LUXURIOUS LIVING ALL ENCOMPASSED AT #30!

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30314 N 52nd Place Cave Creek, AZ 85331

$1,450,000

4 Beds

4 Baths

3,801 SqFt

Status Active Under Contract

MLS # 6762932

Property Type Single Family Residence

Price Type --

As you drive through the gates of the highly coveted Montevista community in Cave Creek, Arizona, you immediately notice the tranquil, upscale feel of the neighborhood. The well-manicured common areas, lush landscaping, and pristine 5-acre community park—complete with a playground, basketball/pickleball court, and BBQ spaces—create a welcoming atmosphere. Pride of ownership is evident at every turn. You arrive at the end of a peaceful cul-de-sac and park in the spacious driveway of your new home. Nestled on a private, premium lot, this residence backs up to a serene, undevelopable wash, offering unmatched privacy. Stepping out of your car, you're drawn to the beautiful, custom wrought iron double front doors that frame a charming private courtyard. The craftsmanship is immediately apparent as you enter through the grand entrance. Inside, soaring ceilings and an abundance of natural light greet you. Through the foyer, you enter an expansive living area, adjacent to the formal dining room, perfectly designed for hosting friends and family. You continue to explore the nearly 4,000 square feet of meticulously maintained living space, noticing the elegant quartz countertops and modern lighting fixtures that complement the open layout. As you make your way into the kitchen, you're impressed by its thoughtful design and high-end finishes. Beyond the kitchen, the split floorplan creates a sense of privacy, with walk-in closets in every spare bedroom. Each guest bathroom has been updated with stylish tile shower surrounds, while the massive master retreat is nothing short of luxurious. His-and-hers closets, a spacious soaking tub, and a spa-like bathroom complete your personal oasis. Stepping outside, you're greeted by a resort-style backyard. The private heated diving pool and spa, surrounded by travertine tile, offer the perfect space to relax or entertain. A large covered patio, outdoor gas BBQ, firepit, and the serene view of the desert wash create a true Arizona outdoor living experience. As you explore the rest of the home, you notice all the thoughtful detailsplantation shutters, motorized window treatments, and the convenience of a central vacuum system. The freshly painted interior and exterior, along with brand new carpet and recently updated LVP flooring, make the home feel brand new. Owned solar panels and a soft water system provide modern efficiency and comfort, while the 3-car garage (split into a 2-car and single-car configuration) offers plenty of space for vehicles and storage. This is more than just a houseit's the perfect blend of luxury, comfort, and privacy. You can already imagine yourself living here, enjoying all that Montevista and Cave Creek have to offer.

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19850 E Poplar Drive Queen Creek, AZ 85142

$1,450,000

4 Beds

6 Baths

4,002 SqFt

Status Active Under Contract

MLS # 6763638

Property Type Single Family Residence

Price Type --

Welcome to this stunning single-family home in a highly desirable neighborhood. This 4-bedroom residence features 2 master suites and a den, along with 6 bathrooms, offering an ideal mix of luxury, comfort, and convenience. With over 4,000 square feet of thoughtfully designed living space, it's perfect for growing families and entertaining. As you enter, you'll be greeted by an open-concept floor plan with soaring ceilings, large windows, and an abundance of natural light. The gourmet kitchen boasts upgraded appliances, granite countertops, and an expansive island, making it perfect for casual dining or gatherings. The spacious living area flows seamlessly into the dining space and outdoor patio, creating an inviting atmosphere for entertaining. A separate casita with its own entrance is perfect for guests or multi-generational living. The luxurious master suite serves as a private retreat, complete with a spa-like ensuite featuring a soaking tub, double vanities, and a walk-in closet. Additional generously sized bedrooms provide plenty of room for family, guests, or a home office. Step outside to your private backyard oasis, designed for enjoying Arizona's beautiful weather. It features a sparkling heated and cooled pool, an outdoor bathroom, a covered patio, and low-maintenance landscaping. The air-conditioned 3-car garage, with epoxy flooring and extra storage, adds practicality to this stylish home. Located just minutes from top-rated schools, shopping, dining, and recreational options, this home strikes the perfect balance between tranquility and accessibility. Don't miss your chance to own this move-in-ready gem in Queen Creek!

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6300 S 154th Street Gilbert, AZ 85298

$1,450,000

4 Beds

3.5 Baths

4,300 SqFt

Status Active Under Contract

MLS # 6770876

Property Type Single Family Residence

Price Type --

Welcome Home 154th Street in Gilbert! This exquisite luxury custom home is now on the market as the original owners are downsizing. Set on an expansive 1.3-acre irrigated lot, this horse property offers an idyllic blend of serene country living & urban convenience. The estate boasts a spacious RV parking area, secure fencing, & a metal barn equipped w/ a 3-horse setup, perfect for equestrian enthusiasts. Nestled in a private custom home community w/ paved roads & NO HOA, this prime location is truly unparalleled. Inside, the home features an open split floor plan w/ elegant coffered ceilings & 2 master suites, each w/ a separate exit. The additional Jack & Jill bedroom, along w/ all bedrooms having adjoining bathrooms and walk-in closets, ensure ample space & privacy for all (CONTINUED) Ideal for modern living, there are two home offices, one with a private exit, providing the perfect setup for remote work. The gourmet kitchen and spacious family room seamlessly connect to a 900-square-foot covered patio over looking mature citrus, plum, pomegranate, almond and walnut trees, creating an ideal space for entertaining or relaxing. The property also includes generously sized bedrooms and an extended 3.5-car garage with a long driveway, offering plenty of parking and storage. Freshly painted both inside and out, this stunning home is ready for its next chapter of luxury living.

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77 E Ocotillo Road Phoenix, AZ 85012

$1,450,000

4 Beds

3 Baths

2,634 SqFt

Status Active Under Contract

MLS # 6777478

Property Type Single Family Residence

Price Type --

Charming North Central ranch home nestled between the sevens! This beautifully renovated property features 4 spacious bedrooms, three full baths and is highlighted by custom cabinets and slab countertops. Situated on an oversized corner lot, this home is surrounded by green grass, mature trees and landscaping. Located on one of the most desirable streets in the area, and steps from the Murphys bridal path, this home offers prime location with a warm inviting feel. A rare find in a fantastic neighborhood!

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7541 E Woodshire Cove Scottsdale, AZ 85258

$1,450,000

3 Beds

2.5 Baths

2,600 SqFt

Status Active

MLS # 6637490

Property Type Single Family Residence

Price Type --

Motivated Seller! Come, see, fall in love, make an offer! Stunning renovation with floating staircase! The owners completely transformed this home, taking it down to the studs and using top-of-the-line finishes throughout. Now you can live in the hidden gem, Carriage Square at Gainey . Don't miss the chance to see the upgrades for yourself, which include a gorgeous new kitchen with warm wood cabinets and quartz countertops, new appliances, beautiful hardwood floors throughout, an updated fireplace with a modern facing and shiplap detail, and an open loft perfect for an office. The open floor plan seamlessly connects the kitchen, family room, dining room, and living room. Plus, enjoy the newly landscaped front and backyards.

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35264 N 72nd Place Scottsdale, AZ 85266

$1,450,000

3 Beds

3 Baths

2,490 SqFt

Status Active

MLS # 6657279

Property Type Single Family Residence

Price Type --

Boasting luxury finishes and impeccable attention to detail, this home is being sold completely turn key. Potential buyers can have bragging rights as living in the ''Best of Tour'' winner for the luxury Scottsdale/Cave Creek Home Tour! Designed by an American Society of Interior Designer, located on a premium lot, and amazing surrounding views this home truly is one of a kind... Inside you will find real oak wood floors throughout, designer shutters, built in office desk and shelving, floor to ceiling built in closet system in the primary, a custom barn door leading into the office, and many thoughtful upgrades. The outside patio has been considerately improved with sun shades providing an optional additional outdoor living space as well as protection for the home from the hot summer sun. A serene and stunning desert gated community Enclave on the Eighth offers fine dining within walking distance, The Boulders Resort, beautiful trails, shopping and so much more. Enclave residents may join the Boulders club as golf members for an additional fee. Whether you are a primary resident or looking for a low maintenance second home this is not to be MISSED!

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2175 E Champagne Place Chandler, AZ 85249

$1,450,000

5 Beds

4.5 Baths

4,737 SqFt

Status Active

MLS # 6670635

Property Type Single Family Residence

Price Type --

PRICE REDUCED!!! Gorgeous CUSTOM Home in a distinguished, private, GATED South Chandler community! Tierra Linda is all Cul de Sac 1/2 acre properties & this home features so many unique touches! Split floor plan with 5 spacious bedrooms + den/office & 4.5 baths. You will be greeted in grandeur with the large courtyard & seating area, enter through the elegant Glass & Iron front door to the custom inlay mosaic entry. To the right proceed to the gourmet kitchen with top end granite, huge island, gas cook top, high end stainless steel appliances. With a seamless flow from the living area to the chef's kitchen, the open-concept layout is an entertainer's dream with ample space to gather. Private primary suite on opposite wing features an access door to back patio, cozy fireplace CLICK MORE for the cool desert nights, a large ensuite with soaking tub, custom tile shower, dual vanity. Primary closet features built-in shelving and drawers & ironing station. Neutral travertine flooring with all new carpet in great room, all bedrooms & office, ceiling fans throughout, tons of storage/ closet space and so much natural light from the frameless windows! Step out back into a private, resort-style oasis ~ covered patio w/ceiling fan, salt chlorinated pool & spa, outdoor BBQ area , gas fire-pit & putting green. Paver stone driveway to the 10 ft RV gate and 3-car Garage features built-in cabinets & epoxy floors.

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1024 E Buena Vista Drive Tempe, AZ 85284

$1,450,000

4 Beds

3 Baths

3,409 SqFt

Status Active

MLS # 6674888

Property Type Single Family Residence

Price Type --

Privately located at the end of a cul-de-sac, this spectacular contemporary home was rebuilt from the foundation up in 2016. Enjoy a cozy, warm living area with a double fireplace, an entertainer's dream great room, massive island, gorgeous cabinetry and giant sliding glass doors opening to a sparkling lap pool. Exquisitely landscaped with native Palo Blanco, purple blooming Jacaranda, Chinese Talo and Coral, Pine and Tangerine Trees and pink Mexican Primrose. Located in prestigious Buena Vista Ranchos, the subdivision has beautiful horse facilities and deeded to this particular home is a stall for your horse. There are miles of horse trails, a beautiful sparkling pool, children's playground, basketball court and ramada. The home is near shopping, restaurants and 4 major freeways. The home is near Chandler Fashion Center, shopping, restaurants and to the South 4 major freeways.

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37030 N Tree Lined Trail Carefree, AZ 85377

$1,450,000

4 Beds

3 Baths

3,924 SqFt

Status Active

MLS # 6692821

Property Type Single Family Residence

Price Type --

Stunning views from nearly every window in this 3924 square foot desert estate located on 1.49 acres! Experience luxury and privacy with miles of mountain views, city lights, and sunsets. Split floor plan and quality construction. A generous chef's kitchen features double ovens, wine fridge, island, and breakfast bar. The backyard oasis includes heated pool and spa with a waterfall feature, kiva fireplace, built-in bbq, and unobstructed views. Exquisite setting for relaxing or entertaining. 3 car garage, two way fireplace family room fireplace, and so much more. Experience the beauty of quintessential Arizona living

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6900 E 1st Avenue Unit 1 Scottsdale, AZ 85251

$1,450,000

3 Beds

3.5 Baths

2,010 SqFt

Status Active

MLS # 6685905

Property Type Townhouse

Price Type --

Seller financing available! 20% down payment (preferred) at 5.99% interest rate / 6.05% APR; 10% down payment at 6.99% interest rate / 7.06% APR. Nearly new 4-story townhome in the heart of old town Scottsdale! Level 1: Full studio suite & private bathroom; attached garage. Level 2: Living room, high-end kitchen, half bath & walk-out covered patio. Level 3: Master suite & 2nd bedroom, 2 full baths. Level 4: Wet bar, small game area, large rooftop deck. Use the entire property or live in the main home & rent out the lower-level studio to generate income (short-term vacation rental could cover as much as half your monthly payment). Located across the street (towards old town) from the iconic Hotel Valley Ho

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37760 N Concho Drive Carefree, AZ 85377

$1,450,000

3 Beds

2.5 Baths

2,807 SqFt

Status Active

MLS # 6690630

Property Type Single Family Residence

Price Type --

Timeless Contemporary design by Fred Linn Osmon features his superlative architecture with original details intact & some lovingly restored. Welcoming courtyard & artistic front door are your first glimpse of this jewel. Situated on a corner lot capturing mountain & desert views, the architect has perfectly positioned the residence to enhance your visual pleasure inside & out. Featuring 3 bedrooms + den with 2 ½ baths the home exudes a character that is impeccably ''Osmon''. Numerous patios scattered around the home complement memorable entertaining & enhance the joy of AZ sunshine, a sparkling pool or simply stargazing in Carefree's dark skies. Own a piece of architectural history in a community that enjoys tranquility, natural beauty, and a lifestyle that is truly Carefree!

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