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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4845 E Caida Del Sol Drive Paradise Valley, AZ 85253

Open House

$5,999,999

5 Beds

5.5 Baths

5,863 SqFt

Status Active

MLS # 6781753

Property Type Single Family Residence

Price Type --

Indulge in the pinnacle of luxury and relish breathtaking elevated mountain views in the heart of Paradise Valley in this remarkable Emerald Level, Certified Green Home (the most stringent certification and highest achievement in sustainable building) with owned solar panels. This soft contemporary custom home blends sustainability with elegance, offering 5 bedrooms, 5.5 baths, and a 4-car garage. A designer glass door welcomes you at the entry, leading to an open floor plan with soaring ceilings and wall-to-wall engineered oak wood floors and an elegant fireplace. The gourmet kitchen is a chef's dream, featuring quartz countertops, a Wolf stainless steel gas range, microwave, and an oversized center island with quartzite, adorned with overhead designer pendant lighting and eat-up bar. seating. The dining room with large windows adds an element of sophistication, while the powder room boasts a designer wood counter and vessel sink. Split dual primary suites and luxurious spa-like baths elevate this home to an unparalleled level of luxury and comfort. Step into the backyard oasis to discover a resort-style heated pool and spa, a ramada with a grill, a brick fire pit, a spacious covered patio, and captivating city light and mountain views. Additionally, this home includes a spectacular guest casita overlooking the backyard paradise, complete with a kitchen, living area, and a guest suite. Enjoy the gorgeous outdoor dining area with travertine surround, creating an inviting atmosphere for entertaining or relaxation. This residence is a must-see for those who appreciate designer elegance and luxurious amenities that redefine opulence and cater to the most discerning tastes.

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6620 E Stallion Road Paradise Valley, AZ 85253

Open House

$5,999,945

4 Beds

5 Baths

6,687 SqFt

Status Active

MLS # 6770878

Property Type Single Family Residence

Price Type --

Welcome to Paradise! Spanish Estate, with a dramatic setting of the Mummy Mountains, truly shows pride of ownership! This beauty sits on a large corner lot, showcasing a beautiful backyard oasis with two gazebos, a circular driveway, fountains, a paver porch with an outdoor fireplace, and a gated entryway. Sheer beauty & breathtaking detail are found throughout, with 20 feet soaring ceilings, hardwood and travertine stone floors, 4 indoor Cantera fireplaces, a sizable office, a 600-bottle wine room, and multiple outdoor access points connecting the home inside & out. The spacious living room provides a serene area for receiving short visits, while the large dining room allows you to host a feast on special occasions. A true masterpiece with European old-world charm in PV! Bathed in natural light, this magazine-cover kitchen features a plethora of wood cabinets, travertine backsplash, granite counters, state-of-the-art SS appliances, a 6-burner gas cooktop, a built-in fridge cabinet, a center island, and an outer two-tier island. The owner's suite boasts a sitting room, a fireplace, and French doors to different patios. The lavish ensuite has travertine tile throughout, a jetted tub, two Cantera vanities, an oversized step-in shower with a built-in bench, and a massive walk-in closet. Each bedroom has its own bathroom. Cozy courtyard with artificial turf & a canter fountain is perfect for relaxing. The stunning resort-like backyard offers abundant seating areas, a built-in grill, a pergola, a ramada, a gazebo, a pool, and a spa. Enjoy entertaining or relaxing in solitude! Words don't make this gem justice. Over 6,000 sqft of luxury awaits, don't miss this gem in Paradise Valley!

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8386 E Leaning Rock Road Scottsdale, AZ 85266

$5,999,099

4 Beds

5.5 Baths

5,673 SqFt

Status Active

MLS # 6772642

Property Type Single Family Residence

Price Type --

*Estimated completion January of 2025* Move in just in time for the winter season to this exclusive, custom-designed version of Camelot's award-winning Cheval floorplan, brought to life by Camelot's Custom division, Cameron Custom. Renowned for its seamless indoor-outdoor living spaces, this stunning residence offers 4 spacious bedrooms, 5.5 luxurious baths, a private den, a versatile bonus room, and a separate casita for guests or multi-generational living. Every detail of the home's interior has been meticulously curated by a team of elite designers, blending sophisticated neutral tones with high-end finishes that cater to even the most discerning buyers. Whether you're hosting intimate gatherings or enjoying serene moments, this home exemplifies resort-style living at its finest.

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E Red Bird Road Scottsdale, AZ 85262

$5,999,000

4 Beds

4 Baths

4,322 SqFt

Status Active

MLS # 6774532

Property Type Single Family Residence

Price Type --

Car enthusiasts delight - revel in this estate's custom garages for 10+ vehicles. This to-be-built masterpiece from J.Cor Architecture and Platinum Companies Inc provides 5 acres at your helm, with unobstructed views of Pinnacle Peak and McDowell Mountains. City Light views to the South and Southwest. Your inquiry to this iconic estate is welcomed.

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7014 E Palo Verde Lane Paradise Valley, AZ 85253

$5,999,000

5 Beds

4 Baths

6,046 SqFt

Status Active

MLS # 6762390

Property Type Single Family Residence

Price Type --

Welcome to 7014 E Palo Verde Ln! This exceptional property is located in the heart of Paradise Valley - a picturesque town known for its beauty, tranquility, and relaxed lifestyle. The single-story property has been renovated and offers over 6,046 sqft of inspired living space on .855 acres of land. The charming modern ranch-style home is adorned with exterior brick, black board and batten accents, black aluminum double-pane windows, Italian hand-chipped marble tile pavers, outdoor fireplace, and fire pit surrounding a polished pebble tech black bottom pool, as well as a cedar shake-covered porch. Inside, you'll find European white oak flooring, quartz counters, a double kitchen island with double sinks, Miele appliances including two dishwashers, a wine fridge, and a 48in gas stove with a custom shiplap hood, a dry and wet bar, primary bedroom with its own private spa, flex room,and gorgeous accent walls throughout the home that bring the sleek, moody feel together. Enjoy your private oasis with views of the mountains and a backyard big enough to entertain a large crowd. *Court Approval for Sale Req'd*

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6587 N Palmeraie Boulevard Unit 1043 Paradise Valley, AZ 85253

$5,999,000

3 Beds

3.5 Baths

3,191 SqFt

Status Active

MLS # 6722692

Property Type Apartment

Price Type --

Welcome to the Ritz-Carlton lifestyle, where luxury and comfort merge seamlessly. This exquisite garden-level unit, with an extended patio, offers the perfect blend of indoor and outdoor living. Centrally located yet incredibly private, you'll have easy access to the pool, fitness center, and clubhouse, making every day feel like a retreat. Inside, you'll find custom millwork and high-end finishes throughout, from bespoke tile and countertops to exquisite flooring and wall coverings. The den is a wine lover's dream, featuring tailored millwork, Sub-Zero wine storage columns, and ample barware space. State-of-the-art technology enhances your living experience with Crestron lighting control, motorized privacy and blackout shades, house music system and in ceiling speakers throughout. The interior flooring and patio are adorned with elegant Galician Blue Limestone, while the bedrooms feature warm European white oak. Luxurious touches continue in the bathrooms with beautiful marble, wood and porcelain finishes. This villa is more than just a home; it's a lifestyle defined by elegance and convenience. Welcome to your new sanctuary.

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9010 E Northview Lane Carefree, AZ 85377

$5,995,000

4 Beds

4.5 Baths

6,900 SqFt

Status Active

MLS # 6574997

Property Type Single Family Residence

Price Type --

Step into the grandeur of Casa CarBella, where automotive elegance meets luxury living. This architecturally significant residence, to be built by State 48 Contracting, offers a harmonious blend of world-class luxury complete with a 6 car garage and spectacular RV/Toy Barn with side and front entry. 3,840 SF of garages, with the height to accommodate two lifts per bay, providing the best aspects of storage and display for your prized collection. Situated on a sprawling 2.2-acre lot, with breathtaking views of the Seven golf course and Continental Mountains, this magnificent home provides the ultimate backdrop for living and entertaining. The indoor-outdoor living experience is effortless with vast glass doors that lead to the beautifully designed outdoor space. The outdoor living areas are impressive, with multiple gathering spaces, a stunning swimming pool, spa, Kitchen/BBQ. The great room design features a chef's kitchen with informal and formal dining room, a glass wine cellar, office, and a spa-like primary suite. All located on the main level with no steps. On the upper floor, three ensuite guest bedrooms and a family room/game room offer the perfect escape for your guests, with stunning views. This home is the epitome of luxury and style, offering a showpiece living space. Experience the ultimate in living and entertaining at Casa CarBella. Please note that all renderings are subject to change. Home is to be built and does not include furnishings. Pricing is pre-construction and is subject to change. 6500 Square Feet Home 3,840 Square Feet Garage 10,125 SF Total Under Roof Looking for more auto/toy space, get details for expanded floor plan and 20 car garage. Reach out to walk the lot or to see floor plans.

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9821 E Sundance Trail Scottsdale, AZ 85262

$5,995,000

5 Beds

5.5 Baths

7,559 SqFt

Status Active

MLS # 6752031

Property Type Single Family Residence

Price Type --

Immerse yourself in the epitome of luxury living with this exquisite contemporary residence, offering timeless modern design and unparalleled quality in the heart of Arizona's Desert Mountain community. Designed by Peter Magee and influenced by renowned architects Ricardo Legorreta and Luis Barragan, this organic masterpiece seamlessly blends indoor and outdoor living, boasting sweeping views over the 7th hole of the Renegade Golf Course. From the moment you enter, experience a harmonious fusion of luxury, innovation, and nature, with an inviting outdoor oasis surrounded by lush desert landscapes. FURNITURE AVAILABLE VIA SEPARATE BILL OF SALE. Outdoor amenities include various seating areas, an outdoor kitchen, spa, and a stunning infinity-edge lap pool framed by linear fire feature to the dining room with breathtaking views, while the primary suite offers a tranquil sanctuary connected to an open-air reflecting pool. The primary bathroom exudes spa-like luxury with floating vanities, solid limestone counters, and a deep soaking tub. The chef's kitchen is appointed with the finest appliances, including double Sub-Zero refrigerators/freezers, Wine Refrigerators, Wolf range, and Miele coffee makers, making it a dream for entertainers and culinary enthusiasts alike. Additional features include a casita with three ensuite bedrooms, an expanded 3-car garage, and updated systems throughout, ensuring modern comfort and security. Desert Mountain offers a relaxed, natural setting with exclusive amenities, including guard gated security, private hiking trails, and separate private membership club with golf courses, restaurants, tennis, and more. Welcome to the pinnacle of luxury desert living.

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9983 E Mirabel Club Drive Scottsdale, AZ 85262

$5,995,000

5 Beds

5.5 Baths

5,616 SqFt

Status Active

MLS # 6754350

Property Type Single Family Residence

Price Type --

An extraordinary contemporary home, newly completed, with a 5-car garage and 2 room detached guest casita, situated on a large elevated 1.8-acre lot. Located inside the prestigious Mirabel Club community, this home has a South facing orientation, w/ views of Pinnacle Peak, sunsets and city lights. This home has an outstanding mixture of textures & finishes throughout, including exposed textured block, beautiful natural stone surfaces, and wood flooring. The entry is highlighted with a large steel trellis connecting the main house to the guest casita, making a stunning entrance to the home. The open floor plan, combined w/ retractable sliding doors/bar window to a backyard oasis, creates a seamless indoor/outdoor AZ lifestyle, at its finest. Floor plan available under the documents tab. Floor plan is available under the documents tab.

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36931 N 102nd Place Scottsdale, AZ 85262

$5,995,000

5 Beds

5.5 Baths

6,482 SqFt

Status Active

MLS # 6772845

Property Type Single Family Residence

Price Type --

For the finest Lineage custom built home on a spectacular Mirabel golf course lot look no further. The open transitional floorplan showcases walls of retractable doors and expansive patios for Arizona indoor/outdoor living at its finest. The resort style backyard offers stunning views of the 10th fairway/green w/ the gorgeous McDowell Mountains as a backdrop and includes a pool, spa, firepit, outdoor kitchen/dining, cantina bar access, & covered seating area w/fireplace. The driveway leads to a generous motor court & two oversized 2 car garages, both offering ample storage. Step from the elegant entryway into the spacious great room featuring a modern stone fireplace, vaulted ceiling, & a 20 ft. retractable window wall that opens to the patio. The luxurious kitchen features Subzero/Wolf appliances, 2 dishwashers, oversized island, stone countertops, and extra-large walk-in pantry w/ additional refrigerator & custom shelving. The butler's pantry has private pass-through door to the formal dining room that boasts a sophisticated glass wall wine room, custom built-ins & French doors that open to the front courtyard. The informal dining area opens to the outdoor kitchen/dining area and is adjacent to the cantina wet bar with fold away windows on 2 sides, perfect for indoor/outdoor entertaining. The master suite has a wall of glass that opens to a private patio & features a stone fireplace, coffee bar w/ mini fridge, & a huge walk-in closet w/ custom built-in cabinets & island plus a full-size washer & dryer. Adjacent to the master is an office/bedroom with private balcony. There are 2 additional guest suites split from master, one is currently being used as a theater. Guests will enjoy their own private oasis in a separate Casita with living room, kitchenette w/breakfast bar, bedroom and bathroom.

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10902 E Winter Sun Drive Scottsdale, AZ 85262

$5,995,000

4 Beds

6 Baths

7,649 SqFt

Status Active

MLS # 6768884

Property Type Single Family Residence

Price Type --

THERE IS A FULL GOLF MEMBERSHIP AVAILABLE subject to the club bylaws and membership approval. Amazing Estate home with two room detached casita in the guard gated Mirabel Club Community built on two lots with a gated driveway entering into a large motor court with 6 plus garage bays. The back of the home faces straight southwest with impressive city light, mountain and sunset views. In addition to the 3 ensuite bedrooms in the main house plus two half baths there is an expansive two room detached guest house, a large exercise studio or second office, theatre room with a full sit-down bar, plus a library/office with gorgeous built-in cabinetry. The furnishings and golf cart are available under separate bill of sale. Truly a one-of-a-kind property with room for all the toys and family.

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8877 E Charolais Drive Scottsdale, AZ 85262

$5,995,000

3 Beds

4 Baths

6,028 SqFt

Status Active

MLS # 6769366

Property Type Single Family Residence

Price Type --

Stunning contemporary elevated hillside estate home with outstanding Valley and mountain surround views from every room, on 18 acres in gated community of Carefree Ranch Homesteads. Private electronic gate opens to a long level driveway with a 62' turnaround and extra parking for easy maneuvering into a double-sized RV garage. Wet bar with full size refrigerator. two dishwashers, disposal and large wine chiller. Theater and sound system with state of thee art electronics and ten foot screen. Dining room has a built in lazy susan table for 8, with warming drawer and buffet. Kitchen includes two dishwashers and a warming drawer. Spacious complete guest house with great views, living room and full-size kitchen appliances including washer/dryer. Motor shades, inside and out, Lutron lighting. Floor to ceiling windows provide xpansive views with North, South and East exposures. There are a few steps throughout this virtually one level home. Up to 4 horses allowed on the property Additional features: 3 Bedrooms, 3 Half Baths Manned Gate at Community Entry Camera at front gate Lightning Protection System 2 BBQ's 4 HVAC Zone (and multiple thermostats) Internet by Air Fiber Currently Dish Network Propane hot water heaters Water purification system 1000 gallon H2O tank Pest tubes built in RV dump station Full workshop area with sink Up to 9 cars without stacking Stackable RV garage Room for 2 RV's, boats or all terrain vehicles

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