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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36389 N 105th Place Scottsdale, AZ 85262

$4,250,000

6 Beds

8 Baths

7,511 SqFt

Status Active

MLS # 6764817

Property Type Single Family Residence

Price Type --

This is the best value price /SQFT in the north valley! This transitional contemporary is a perfect multi-generational home with 6 bedrooms ensuite, one of which is a two level attached guest suite. Keep all of your cars and toys onsite in the cavernous 30 x 60 garage that can fit up to 8 cars. Enjoy expansive views over the McDowell Sonoran Preserve and Tonto National Forest with direct access less than a mile away. The home has the perfect set up for entertaining with 900 bottle glass wine room, game room mezzanine, Media room, outdoor kitchen with pizza oven and several spacious view patios. Located in the private golf community of The Mirabel Club which offers world class golf, fitness, gourmet restaurant, pickle ball, and tennis.

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8845 E Sierra Pinta Drive Scottsdale, AZ 85255

$4,250,000

9 Beds

8.5 Baths

10,267 SqFt

Status Active

MLS # 6685524

Property Type Single Family Residence

Price Type --

MULTI-GENERATIONAL LIVING - Main House (4 bd, 3.5 bth), East Guest House (3 bd + loft, 3 bth), West Guest House (2 bd, 2 bth). This private compound on 1.6 acres is a work of art designed by renowned Architect, Barry Moffitt, AIA. Energy efficient North/South orientation allows maximizing City Light, McDowell Mountain & Camelback Mountain views. Artistic masonry block construction, 20 pillars, indoor/outdoor living at 10,267 sq ft of opulence. Intimate breezeways connect 3 separate living quarters by dedicated courtyards, their independent access & garages. Inside, enjoy soaring cedar ceilings, chef's dream kitchen, butler's pantry & skylights throughout. Notably, the property features an impressive 8 car garage, perfectly complementing the scale and luxury of this estate. SEE VIDEO!

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11264 E Apache Vistas Drive Scottsdale, AZ 85262

$4,250,000

4 Beds

4.5 Baths

6,300 SqFt

Status Active

MLS # 6698865

Property Type Single Family Residence

Price Type --

A Golf Membership is available. Experience the epitome of luxury living in this exquisite Desert Mountain home offering views of the 13th and 14th fairways on the Apache Course and a backdrop of the Continental Mountains, Apache Peak and year-round sunsets. The Great Room is an entertainer's dream with a spectacular wet bar to complement the open space. The well appointed and thoughtfully designed kitchen offers upgraded appliances and plenty of storage. A private and inviting owner's suite includes a spa like ensuite and a massive walk-in closet. All bedrooms are ensuite with walk-in closets. An abundance of natural light fills the home by day and cool evenings draw you to the outdoor living spaces with an expansive patio to enjoy spectacular views, a stunning negative edge pool and spa.

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3197 E San Miguel Avenue Phoenix, AZ 85016

$4,250,000

4 Beds

4.5 Baths

6,495 SqFt

Status Active

MLS # 6709153

Property Type Single Family Residence

Price Type --

Impress your clients with this approximately 6,495 square foot home featuring stunning mountain views. Designed with entertainment in mind, this residence offers the luxury of modern amenities, including a fully equipped Savant home system. The grand 30-foot entryway leads to a masterfully crafted 4-bed, 4.5-bath residence spanning three levels, connected by striking staircases throughout. The modernist architectural exterior, crafted with concrete and steel, complements the tranquil, refined palette, featuring white oak herringbone floors. The home boasts a generous use of glass, seamless sliding doors, and two levels of day-lit space. Your clients will feel like they've escaped to a 5-star resort with the Entertainer's Backyard, complete with a multi-level infinity-edge pool and spa synthetic lawn, fire pit, gazebo patio, and tropical landscaping. The east wing includes an open kitchen with a breakfast area and formal dining room, featuring Miele, Thermador, and Bosch appliances, with easy access to the three-story, 1,000 sq. ft. guest home. The west corner is devoted to the primary suite, featuring metal and glass closets and a separate laundry area. The lower level includes spacious en-suite guest rooms, an expansive laundry room, and a Porcelanosa dog wash. Situated on an elevated lot between Paradise Valley, Arcadia and Biltmore, this home is minutes from PHX Sky Harbor, PVCC, Biltmore Fashion Park, Scottsdale Fashion Square, and Phoenix Country Day School. This property epitomizes luxury living in Arizona.

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22218 N Church Road Scottsdale, AZ 85255

Open House

New

$4,250,000

3 Beds

3.5 Baths

5,337 SqFt

Status Active

MLS # 6777431

Property Type Single Family Residence

Price Type --

Set on nearly two acres of pristine desert landscape in the coveted heart of North Scottsdale, this architectural masterpiece offers a rare combination of privacy, luxury, and panoramic beauty. Situated on a private elevated lot with southern exposure, the residence is an exquisite fusion of design and nature, delivering a trifecta of breathtaking views, including majestic peaks, glittering cityscapes, and unforgettable sunsets. Designed by world-renowned modern luxury architect John Lumsden of L2ds Design in Hong Kong, every detail of this home exudes sophistication and timeless elegance.Inspired by Frank Lloyd Wright's iconic use of open floor plans, horizontal lines, and integration with nature, the architecture harmonizes effortlessly with the surrounding desert, balancing form and .. function. The abundance of expansive windows blurs the boundary between indoors and out, creating a seamless flow that invites the surrounding landscape into every corner of the home. While the generously proportioned eaves artfully shield the home from direct sunlight, enhancing both energy efficiency and year-round comfort. Soaring ceilings and sleek, minimalist lines offer a gallery-like ambiance, ideal for showcasing art collections. Meandering pathways weave through thoughtfully curated, mature desert flora, evoking the tranquil atmosphere of the Desert Botanical Garden and transforming the home into a serene retreat. Recent upgrades, including a new concrete tile roof, pavers, upgraded garage doors, a car charger, a whole-home reverse osmosis filtration system, updated flooring, and new air conditioning systems, honor Mr. Lumsden's vision while elevating the property to a new level of modern luxury.

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10801 E Happy Valley Road Unit 108 Scottsdale, AZ 85255

Open House

$4,250,000

4 Beds

4.5 Baths

5,350 SqFt

Status Active

MLS # 6679843

Property Type Single Family Residence

Price Type --

This stunning Terry Kilbane-designed home sits on an interior, acre+ corner lot w/city light & mountain views in guard gated Glenn Moor at Troon. Excellent curb appeal w/stucco, copper, & natural stone accents along w/gorgeous landscaping. Step into an ideal layout w/large great room w/butt glass windows that highlight the city light views along w/3 ensuite bedrooms plus an office, a casita, & 4.5 baths. Formal dining w/b-in buffet, wine room, & gourmet kitchen w/subzero fridge, Miele steamer, warming drawer, double ovens, gas cooktop, dual sinks, & additional wine fridge. Custom touches throughout such as tongue & groove ceilings, Vega poles, concrete floors w/custom stone inlays, knotty alder cabinets w/brushed nickel hardware, pocket door in kitchen, 3 fireplaces, & tons of built-ins. Back yard was designed for outdoor living w/negative edge pool & spa, b-in heaters, bbq, fireplace, tons of covered patio & decking, & tremendous city light views. This home has been very lightly lived in as a second home and feels both warm and modern. Rare to find this combination of quality, views, & functionality. All this within 10 minutes os tons of golf courses, hiking/biking trails, shopping, dining, & all of the other amenities Scottsdale has to offer

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6900 E Ironwood Drive Paradise Valley, AZ 85253

$4,245,000

5 Beds

4.5 Baths

5,356 SqFt

Status Active

MLS # 6743581

Property Type Single Family Residence

Price Type --

This exquisite property in Paradise Valley is situated in a highly desirable location, just a short walk from the new Ritz Carlton development featuring luxury shops and dining options. Minutes away from Fashion Square, Kierland, and Scottsdale Quarter, it offers unparalleled access to high-end shopping in Arizona. Psst ... This luxurious home is nestled within the small, gated community where Emma Stone grew up. Yes, the Emma Stone. This home neighbors the J.W. Marriott's Camelback Country Club, boasting expansive golf course views and breathtaking 360-degree vistas of Mummy Mountain, Phoenix Mountain Preserve, McDowell Mountain, Thom's Thumb, and Pinnacle Peak. You will enjoy stunning sunrises and sunsets from the comfort of your bedroom or patio. This modern Santa Barbara-style home has been fully renovated, showcasing sophisticated architectural features such as clay roof tiles, solid wood beams, and enfilade with elegant arches. The chef's kitchen is equipped with a 48 Thermador range, double ovens, and ample storage, embodying classic elegance and functionality. With 5 spacious bedrooms and 4.5 luxurious bathrooms, this home is perfect for entertaining. It includes three generous entertaining areas and chic, remodeled bathrooms featuring ocean white marble floors and waterfall quartz countertops. The outdoor space features a large swimming pool with a diving board, water fountains, and a slide, while a serene water fountain pond invites relaxation. A citrus orchard adds seasonal fragrance, and a majestic Sissoo tree enhances the landscape's tranquility, complemented by seven striking date and Mexican palm trees that create a serene atmosphere.

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5059 N Ascent Drive Scottsdale, AZ 85251

Open House

$4,235,409

2 Beds

2.5 Baths

2,952 SqFt

Status Active

MLS # 6656843

Property Type Single Family Residence

Price Type --

A NEW PRIVATE RESIDENTIAL COMMUNITY WITH A COVETED LOCATION AT THE BASE OF CAMELBACK MOUNTAIN ADJACENT TO THE ICONIC PHOENICIAN® IN SCOTTSDALE. ONLY A SHORT DISTANCE TO FASHION SQUARE AND OLD TOWN SCOTTSDALE. THIS COLLECTION OF CUSTOM HOMES TO BE BUILT EXCLUSIVELY BY CULLUM HOMES OFFERS ONE, TWO AND THREE-LEVEL RESIDENCES THAT REFLECT A TIMELESS, MODERN DESIGN AND LOOK OUT OVER THE BEAUTIFUL PHOENICIAN® GOLF COURSE. ALL PLANS ARE FULLY CUSTOMIZABLE. INTRODUCING THE STRATUS A FLOOR PLAN, A SINGLE-LEVEL HOME FEATURING 2 BEDROOMS, 2.5 BATHROOMS AND A 2-CAR GARAGE. THIS FLOOR PLAN BOASTS TWO EN SUITE BEDROOMS, PRIVATE OFFICE, FORMAL DINING AREA, OPEN CONCEPT KITCHEN, ADDITIONAL POWDER ROOM AND THE GREAT ROOM AREA. SPACIOUS KITCHEN WITH ISLAND, EAT-AT BAR AND WALK-IN PANTRY. A GLASS WALL

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24334 N 128th Street Scottsdale, AZ 85255

$4,200,000

4 Beds

4.5 Baths

5,000 SqFt

Status Active

MLS # 6645947

Property Type Single Family Residence

Price Type --

One of three extraordinary & sophisticated contemporary styled Farmhouse homes designed by Encore Design Group on a massive three acre lot with NO HOA! This incredible home combines bright, contemporary design with timeless indoor-outdoor appeal, all in a highly-desirable location a stones throw from Tom's Thumb trailhead. This 5,000 SQFT custom home has a massive open great room floor plan with 4 bedrooms, 4.5 bathrooms, a separate game room or movie room, & an incredible three car garage adjacent to a massive RV Garage. All selections & finishes can still be chosen.

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7201 N 23rd Place Phoenix, AZ 85020

$4,200,000

4 Beds

4.5 Baths

5,645 SqFt

Status Active

MLS # 6754404

Property Type Single Family Residence

Price Type --

Tour Your Desert Jewel at ''House in the Rock'', a breathtaking architectural masterpiece nestled within a secluded canyon at Piestewa Peak. Set on a 13,522-square-foot lot with nearly 6,000 square feet of living space, this estate seamlessly blends modern luxury with the rugged beauty of the desert. Designed to appear as if it grew from the surrounding terrain, the home stands as a true fortress—the most expensive build on the mountain, requiring the mountainside to be blasted and reinforced with steel and concrete. Every detail, from the hand-fabricated steelwork to the raw materials, showcases exceptional craftsmanship and durability. A hand-laid curved driveway leads to a secure motor court for five luxury vehicles, setting the tone for the grandeur inside. Ascend to the main living spaces via an Otis Commercial Elevator or steel stairs, arriving at a dramatic pivot door crafted from steel and glass. Inside, you'll be greeted by 180-degree city and sunset views, though the showstopper is the linear wall of fire set against the backlit mountainside. The kitchen is equipped with top-of-the-line appliances, walnut cabinetry, and quartz countertops, while the great room offers a seamless indoor-outdoor living experience with automated glass doors. The second floor houses the owner's suite and two ensuite bedrooms, each with private balconies, as well as a stunning pool terrace carved into the rock, featuring a heated pool and spa. The top level is a true entertainer's dream, with a wet bar, full bathroom, and access to the expansive rooftop Sky Yard, a desert garden perfect for gatherings. Combining impeccable craftsmanship, unparalleled views, and cutting-edge construction, House in the Rock is a one-of-a-kind desert sanctuary built to stand the test of time. This house is not for just anyone, its for those with a keen eye and a taste for the extraordinary.

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3933 E Rancho Drive Paradise Valley, AZ 85253

$4,200,000

6 Beds

5.5 Baths

7,655 SqFt

Status Active

MLS # 6757463

Property Type Single Family Residence

Price Type --

The property boasts stunning, uninterrupted views of Camelback and Praying Monk Mtns. The previous home was demolished, leaving an oversized 3-car garage and a 884 +/- sq.ft. guest home sitting on over 1.2 acres. You can live in the guest home while building your dream house. The modern guest home has one bedroom but can be converted into a two-bedroom home, with one bathroom, a full kitchen, laundry, and separate parking (built in 1994). This beautiful corner lot, featuring desert landscaping, has a heated pebble tech lap pool & spa, a labyrinth, & a lovely lounging area to enjoy the breathtaking Arizona sunsets. The property is located in the heart of P.V, close to major shopping, dining, hiking and biking trails &commute routes.

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2652 E Pelican Court Gilbert, AZ 85297

$4,200,000

5 Beds

6.5 Baths

7,018 SqFt

Status Active

MLS # 6768273

Property Type Single Family Residence

Price Type --

Exceptional Entertainer's Dream Home with Multi-Generational Living in Gilbert, AZ Welcome to this stunning resort-style residence that offers the ultimate in luxury living and entertainment, while also being perfectly suited for multi-generational living. Nestled in the heart of Gilbert, this one-of-a-kind property, located in a gated and guarded community, is designed for those who love to entertain, relax, and create lasting memories with family and friends. Key Features: ●

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