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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40523 N 102nd Place Scottsdale, AZ 85262

$5,185,000

4 Beds

5 Baths

6,100 SqFt

Status Active

MLS # 6776164

Property Type Single Family Residence

Price Type --

Golf Membership Available - Nestled in one of Desert Mountain's most coveted villages, this exceptional residence rests at the end of a quiet cul-de-sac on a premier lot overlooking fairway 1 of Cochise Golf Course, walk on a private path to the club house. The home provides sweeping mountain vistas, huge sunsets and unmatched privacy. Thoughtfully designed, the interior offers a gourmet kitchen with dining, a grand living room with large picture window and breathtaking views, a formal dining room, and a luxurious primary suite featuring dual master baths—each with its own private sitting area and walk-in closet. 2 additional ensuite bedrooms and a separate guest casita offers its own living room, kitchenette, large bedroom, and bathroom, perfect for visitors. Outdoor living is unparalleled, with a shaded patio and gas fireplace, stunning views, a pool, spa, and built-in BBQ. A generous three-car garage completes the home, all just moments from the Desert Mountain gate and Sonoran Club. Some furnishing may be available through a separate bill of sale. A transferrable GOLF MEMBERSHIP is available to transfer via a separate purchase through the Desert Mountain Club. 30 day minimum application review and acceptance is required. Embrace the Desert Mountain lifestyle with world-class amenities, stunning natural beauty, and the privacy of a prestigious community. Make this your full-time residence or the ultimate vacation getaway.

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13074 E Saddlehorn Trail Scottsdale, AZ 85259

$5,150,000

5 Beds

6.5 Baths

6,679 SqFt

Status Active

MLS # 6780791

Property Type Single Family Residence

Price Type --

This home defines luxury, style and convenience w/ an amazing location and views!! Everyday feels like resort living, ideal for entertaining, too!! Impressive architectural details, ceilings, beams and unparalleled workmanship with all the finest finishes! Updated inside and out!!! Beautiful, custom kitchen boasts double islands, glazed cabinets, marble, mother of pearl backsplash, Wolf , Viking, Subzero appliances. Escape to the primary retreat w/ his/her closets, unbelievable spa like bath w/ fireplace, sitting area, his/her water closets, sauna, beverage bar and work out room. Settle into the theater room for the big game or your fav movie w/ highly upgraded equipment( new 8k projector included w/ sale)entire home has most up to date Savant smart home system including surround sound system, 10 new ultra thin profile 4k Sony TV's w/ Sonos soundbars(included), commercial grade hard-wired WIFI system inside and out w/ Cox gigabit internet and security. Temperature controlled wine storage and great wet bar area w/ seating. 4+ car garage is oversized and equipped w/ electric vehicle charger, epoxy floors and storage. The front courtyard includes fireplace, travertine and is accessible to both the casita and home. Casita has kitchenette, walk in closet, private bath, currently used as an amazing game room providing fun for everyone! 3 Guest rooms all ensuite w/ walk in closets. Private backyard offers breathtaking views and all the comfort and luxury of a 5 star resort! Pool, spa, outdoor kitchen, fireplace in a must see setting!! All 5 HVAC units replaced 2023, $240k in smart home Savant system/AV systems added, and over $500k in exterior/interior paint, courtyard, patio, outdoor kitchen and pool upgrades since 2022.

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39601 N Ocotillo Ridge Drive Carefree, AZ 85377

$5,150,000

5 Beds

7 Baths

7,783 SqFt

Status Active

MLS # 6620894

Property Type Single Family Residence

Price Type --

Introducing the epitome of quiet luxury at this formidable estate on 5 acres of private land. Behind the gates at the pristine Ocotillo Ridge Estates in Carefree. Every inch of this 7,783 sq. ft. estate has been meticulously maintained and crafted with an array of upgrades and emphasis on the modern hacienda style. Exceptional finishes include hickory hardwood & slate floors, wood beams, custom cabinetry, Cantera stone fireplaces, tongue and groove wood ceilings, and hand-crafted tiles throughout the home. Upon entry, the pure elegance of the great room with the accordion doors opening to the infinity edge pool and the breathtaking mountain vistas and sunsets will amaze you every time. Well-appointed top-of-the-line gourmet kitchen. An impressive wet bar for entertaining & picturesque... views. A generous primary suite retreat with a sitting area, luxurious bath, oversized custom closet, and an exercise room. Three additional en-suites with their own patio access and separate office. Paver drive and motor court. Oversized four-car garage. Back to the enchanting courtyard, you can head to the quaint guest house that oozes the local town's flair. Your guests will have the best time at this inviting casita. Romantic outdoor spaces include 2000+/- sf of deep-covered paver patios and 1000+/- sf of elevated open dining/relaxing deck with Cantera fireplace and BBQ. There are endless, unobstructed views in every direction and every room. The setting is every bit as spectacular as the home itself. There are miles of quiet hiking and biking trails. Unequaled privacy and tranquility await you at this resort-like sanctuary. Yet, you are minutes (three miles) from the quaint, charming old towns of Cave Creek and Carefree. This property also presents a unique opportunity for seller financing and is available turnkey through a separate bill of saleeffortlessly inviting you to start your new chapter without delay.

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5347 E Mockingbird Lane Paradise Valley, AZ 85253

Open House

$5,100,000

5 Beds

4.5 Baths

7,425 SqFt

Status Active

MLS # 6754720

Property Type Single Family Residence

Price Type --

PRICED AT $687 PER SQ FT! ABSOLUTE MUST SEE IN PERSON! From the second you walk into this beautiful Paradise Valley estate you will LOVE the open floor plan, soaring ceilings, walk out of the 16 foot pocket doors to the spectacular Mummy Mountain views, gorgeous resort style pool/backyard. THIS HOME IS AN ENTERTAINERS DREAM. Recently refreshed Primary wing. Custom brick ceilings, exposed wood beams, beautiful stone accents throughout the home, and custom wood cabinetry. 3 large stone fireplaces. Oversized kitchen with large 14 ft island and high end appliances. New hardwood flooring throughout the home. Recently updated theatre room. Oversized bedrooms and showers throughout. 4 ENSUITES. Stadium style theater room complete with 4k projector. Welcome to your new home.

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10535 E Paradise Drive Scottsdale, AZ 85259

$5,000,000

6 Beds

6.5 Baths

6,181 SqFt

Status Active

MLS # 6596265

Property Type Single Family Residence

Price Type --

NEW CONSTRUCTION - Permits ready and we are set to break ground on the exceptionally designed Modern Luxury Estate brought to you by Blue Sky Homes. Boasting roughly 5312 SF this home is an entertainer's dream, with open kitchen, large sliding door system to the backyard and a split bedroom floor plan and with 10'+ ceilings. Guest will fee welcomed in the spacious 800+ SF casita overlooking resort style backyard. This amazing home is located in the popular Cactus/Shea corridor close to shopping, dining, as well as hiking trails. Don't miss out on the opportunity to semi customize this desert gem before it's too late. *This property is located on lot A of the site.

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9279 E Andora Hills Drive Scottsdale, AZ 85262

$5,000,000

4 Beds

4.5 Baths

5,305 SqFt

Status Active

MLS # 6667422

Property Type Single Family Residence

Price Type --

Completion January 2025. Golf Membership available from seller. New build by leading luxury home builder - Blackstone Development and designed by Graffin Design. Terrific mountain views from Apache Peak all the way across the Continental Mountain Range to the western mountains and wonderful spring sunsets. Offering the floor plan today's buyer is looking for: open great room plan with retractable glass doors to enjoy the gorgeous views and one level living with 4 suites plus a study. Outdoors enjoy a large patio area complete with two way fireplace, pool, spa, and BBQ. Buyer still has time to put their own stamp on this home and colorize it as they would like to. Save a year and half of design headaches and just do the fun part-picking out the colors. Home can be purchased and new owners can start enjoying the Desert Mountain Club upon closing-of course subject to membership approval. Floor plan is located under the Document tab. This home is now thru drywall stage and cabinets are being installed.

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23433 N 84th Place Scottsdale, AZ 85255

$5,000,000

5 Beds

5.5 Baths

5,340 SqFt

Status Active

MLS # 6701102

Property Type Single Family Residence

Price Type --

This to-be-completed home will be the epitome of modern sophistication and luxury living, offering two primary suites, with spa like bathrooms, and large walk-in closets. There are two additional bedrooms with attached bathrooms and walk-in closets, and an additional office/den. The attached casita offers a separate entrance with private bath, making it the perfect space for guest quarters or home gym. Kitchen is a chefs dream with large island, top of the line appliances, and a butlers pantry. Sitting on almost two acres, corner lot, gorgeous mountain views, and located in the quiet, gated community of Pinnacle Paradise. Plans and permits available. Home to be finished by end of 2024. This is your opportunity to work with the contractor in picking your own finishes.

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41735 N 101st Way Scottsdale, AZ 85262

$5,000,000

4 Beds

4.5 Baths

5,699 SqFt

Status Active

MLS # 6765688

Property Type Single Family Residence

Price Type --

Golf Membership Available- Today's modern interpretation of the original Pueblo style - keeping in harmony with the desert. This privately gated home within Saguaro Forest at Desert Mountain is situated on an elevated lot with magical sunset, golf course, surrounding mountains, city lights and mountain silhouettes at night. Ideal south facing backyard captures winter sun on the pool/patio areas all day. Built by Phil Smith, this home emanates master crafted details; rooms in the round, forged metal rails, wood detailed ceilings, tubular skylights, stone, wood and concrete floors and Venetian plaster walls. The great room split floor plan with Master and library wing on one side and 3 guest ensuites on the other allows privacy for all. Patios around the home provide gathering spaces for many or sanctuaries for a few. The pool, spa, outdoor kiva fireplace and barbecue create outdoor living and dining at its finest. Electric shades, central vac, high end appliances and an elevator keep current with today's luxuries and conveniences. Lush Sonoran desert vegetation surrounding the home creates a true desert botanical experience. Private and tranquil, yet located close to the Cochise/Geronimo and Chiricahua Clubhouses for dining and golf. Bike or hike from your home to the nearby Desert Mountain Trails with over 20 miles of multi-use trails. Sonoran Fitness center located within a short drive from home. Golf Membership to the Desert Mountain Club available.

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5123 E Mcdonald Drive Paradise Valley, AZ 85253

$5,000,000

4 Beds

3.5 Baths

4,379 SqFt

Status Active

MLS # 6778627

Property Type Single Family Residence

Price Type --

Nestled on the iconic Camelback Mountain, this charming single-story home offers the best of Arizona living with 4 bedrooms, 3.5 bathrooms, and 4,379 sq/ft of beautifully designed space on an expansive acre of land. The interiors feature a reception foyer leading into the formal living room and family room. The home boasts 2 primary suites, both beautifully presented with one enjoying a fireplace. One guest bedroom is currently being used as an office. Boasting panoramic mountain views while still high enough to enjoy dazzling city lights, this property offers an unparalleled combination of natural beauty and urban convenience. The resort-style backyard is perfect for entertaining, featuring lush landscaping, classic swimming pool, and serene views that provide the perfect backdrop for any occasion. This is Arizona luxury living at its finest.

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4959 E Red Rock Drive Phoenix, AZ 85018

$5,000,000

4 Beds

3 Baths

3,460 SqFt

Status Active

MLS # 6775731

Property Type Single Family Residence

Price Type --

Perched on the red rocks of Camelback, this hillside house boasts incredible views of the city to the south and stunning rock features as a surround. The main house has 3 bedrooms adorned with city views, with a guest house nestled underneath. The offset pool and spa are tucked against the mountain for an incredible combination of privacy and top of the rock atmosphere. The master suite has room to spare with a master bath that blends contemporary design with luxury features. The kitchen and dining room open to a living room and deck with indoor outdoor living in mind. An inviting gas fireplace serves as a feature to the living room inside while outdoor fire features lead you outside for sunny days and twinkling lights at night.

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6432 E El Sendero Road Carefree, AZ 85377

$5,000,000

4 Beds

5 Baths

6,087 SqFt

Status Active

MLS # 6780745

Property Type Single Family Residence

Price Type --

*View documents for full list of features* *3D Walk through and video tour provided in photos* Welcome to this exquisite, fully renovated masterpiece on the coveted south side of Black Mountain. Thoughtfully designed to capture breathtaking views from every room, including the guest house, this home harmoniously combines modern elegance with timeless character. Original features, such as wood plank ceilings, rich wood window frames, exposed beams, solid wood interior doors, and custom-stained glass, have been meticulously refurbished to enhance their beauty and preserve the home's unique charm. Every space offers a distinct experience, blending sophistication with warmth. Entering through the gated courtyard, you're greeted by a stunning water feature adorned with a lush living wall, setting a serene tone as you approach the custom glass and iron pivot front door. Inside, the journey begins in the sophisticated lounge, featuring a nearly 1,000-bottle wine room, a true haven for the wine enthusiast. The main house showcases expansive large-format tile flooring, custom cabinetry, three generous bedrooms, an office, and a media room, supported by four luxurious bathrooms. The guest house spans 1,920 square feet across two independent levels. The main level serves as a fully equipped living space, complete with a full kitchen, laundry, a cozy one-bedroom suite, and a spacious great room. The lower level opens up endless potential, perfect for a gym, music studio, art room, office, or any other vision you can imagine. Both the main and guest houses feature custom lighting, high-end finishes, and smooth, no-texture walls, complemented by views that will take your breath away. With 87 fully-owned solar panels and two EV chargers in the garage, this home is as sustainable as it is beautiful. This is a must-see property that perfectly combines luxury, innovation, and stunning surroundings. Please view the documents tab for a full list of features.

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32 N Biltmore Estates Drive Phoenix, AZ 85016

$5,000,000

7 Beds

10 Baths

10,030 SqFt

Status Active

MLS # 6736576

Property Type Single Family Residence

Price Type --

''As a philanthropist who loved golf and played it daily in retirement, he chose 32 BILTMORE ESTATES''. For the past 24 years, the Estate has been owned by the same ''second'' owner. The property's pedigree speaks volumes about its affluence and distinction. Embodying a seamless blend of classic elegance and modern luxury ambiance, the home is both welcoming and grand. Almost fireproof; commercial grade mechanicals, steel framed, masonry and metal roof. Its panoramic views of Camelback Mountain coupled with the lush golf course greens offers a serene and evolving picturesque setting. You'll appreciate the home's location, rich history, and architectural beauty from the moment you step up, family gatherings with friends in its spacious living and dining areas will become most memorable... Both primary bedroom-windows are undoubtedly and accurately facing towards breathtaking views of Camelback Mountain. Views of the green, the outdoor kitchen, and the expansive terrace all provide a perfect setting to enjoy the picturesque landscape, making every day feel like a retreat. The staff quarter is generous in size, the lot coverage allows for additional livable guest home or garage storage to be added within its setbacks. This is a rare chance to own a piece of history, an opportunity to experience the unparalleled lifestyle that 32 Biltmore Estates has to offer. Schedule a viewing today to see for yourself what makes this estate truly exceptional.

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