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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3921 E San Miguel Avenue Paradise Valley, AZ 85253

$4,200,000
5 Beds
4 Baths
4,359 SqFt
Status Active
MLS # 6776168
Property Type Single Family Residence
Price Type --
Updated Paradise Valley Southwestern-Modern home offering relaxed elegance with all the features you desire! Split floorplan includes stunning updated primary suite-a designer showcase! Updated cook's kitchen will satisfy ANY chef with professional design and top-tier appliances including 3 ovens, Teppanyaki side-plate, warming drawers & espresso maker. A home for entertaining, you'll find a generous dining room, separate detached guest house, courtyards, patios, plus an amazing view of Camelback Mountain. PV Acre+ lot offers recently updated pool & spa, showcasing mature landscape w/ample entertaining areas! Wine cellar, prep kitchen, oversized laundry...living is easy; 4 car garage is a rare find at this price point! Refined Arizona Elegance in the Heart of PV! NEW TO MARKET Features: Praying Monk Stunning Views Near Phoenix Country Day School & Aquatic Center Fabulous PV Location near all things Camelback Corridor, Arcadia & PV Cool AZ Block Ranch House with Large Shade Overhangs Watch every Sunset turn red on the Mountain Detached EnSuite Guest House Heated Pool & Spa with Mountain Views Large Over-Acre Lot, Privacy and More Huge Mesquite Trees for Shade and Desert Surround Single Level Home, No Stairs at all Windows and Doors literally all around home Indoor Out Wrap-Around Feel Kitchen is a Chef's Dream & Entertaining Space Breakfast Bar goes on for a Mile & Seats ALL Commercial Vent Hood w/ 6 Burner Gas Wolf Stove Teppanyaki Grill will surely delight Scotsman Ice Maker for all the parties Beverage Center for all the drinks 3 Wall Ovens & a Warming Drawer Miele Microwave & Espresso Maker w/ Cup Warmer Motion Sensor Water Faucet 2 Bosch Dishwashers Stainless Steel, Stone & Quartz Column Fridge & Full Freezer in the Pantry Cabinets all Soft Pull & Drawers where you want them Living Room/Family Room Corner Gas Fireplace Wall of Doors to Outside Integrated Picture Frame TV (7 TV's may convey) Control 4 System w/ 3 TV's & Music Incorporated Surround Sound in wall system Skylights and Exceptional Lighting throughout Dining Room Seats 12+ for all Holiday Gatherings Wine Cellar holds 700+ Bottles and Has Dual Refrigeration Units Courtyard Entrance Greets w/ Fountain & Pergola Primary Bedroom EnSuite is Massive Gas Fireplace and Sitting Area plus Exterior Doors to Pool Wake up to Daily Camelback Mountain Primary Bath is beyond gracious in Space & Storage Soaking Tub, Open Air Shower with Wood Seat Vanity for All, Separate Water Closet LED Mirror, Under-lit Cabs, & Skylights Enormous Walk In Closet with Dresser & Built-Ins Home has 4 Beds & 3 Baths Main House and 1 Bed & 1 Bath in Guest 4359 SF Total; Main House 3988 SF; Guest House 371 SF Pristine Lot is 45,274 SF lot or 1.039 Acres of Landscaped AZ Desert Guest House has a Large Bedroom EnSuite & is Detached Bed 2 is a true 2nd Master with EnSuite, Dual Vanity & Exterior Exit Bed 3 is also ample and has Exterior Exit Bed 4 currently has Bunk Beds & Room for more Built In BBQ and Lovely Grounds Pavered Driveway with 4 Car Garage 80 Gallon Gas Hot Water Heater w/ pump 3 Gas Heaters, 3 HVAC's plus 1 Mini Split for GH Laundry has Storage Galore & Front Load W/D This is AZ Living in Paradise Valley at it's Finest!

31002 N 56th Street Cave Creek, AZ 85331

$4,200,000 - 4Br/4Ba -  for Sale in Na, Cave Creek
New
$4,200,000
4 Beds
3.5 Baths
3,046 SqFt
Status Active
MLS # 6777013
Property Type Single Family Residence
Price Type --
Seamless Blend of Elegance and Function will Amaze when you walk into this Sophisticated Home. Completely Remodeled in 2020 with carefully chosen appointments crafted for a one of a kind living experience. Kitchen features extra large island where your guests and family will love gathering next to the great room. Downstairs Master has retractable door to patio and private Spa. It's bath has a huge steam room/shower. Custom hanging rods in the closet. Tasteful ambient lighting sets off the double sinks. This artist owned and designed home continues the sophistication up the modern stairway to three additional bedrooms, two bathrooms and a large fully functional art studio. This could be an extra guest bedroom or office area. Large balcony enhances upstairs lifestyle. SEE MORE Your horses will appreciate their new insulated barn with padded flooring, radiant heating lights & oscillating fans in every 20 x 24' stall. They also have walk outs on all 5 stalls. There is a large 1500 sq ft Casita with office, workout area, bedroom and kitchen, plus bonus storage with washer and dryer. That's not all. Huge covered parking for your big rigs & motor home. Plenty of turn around space with a large open driveway. All the facility is security locked behind a privacy gate.

4613 E Desert Park Place Paradise Valley, AZ 85253

$4,200,000
4 Beds
4.5 Baths
5,214 SqFt
Status Active
MLS # 6751720
Property Type Single Family Residence
Price Type --
Welcome to your dream home in Tatum Canyon, Paradise Valley. Where luxury living meets breathtaking natural beauty. Nestled on a sun-drenched hillside, this exquisite estate offers panoramic vistas reminiscent of a Santa Barbara retreat. Crafted by renowned luxury homebuilder Dave Hansen, this 5214 sqft masterpiece is a testament to meticulous craftsmanship and refined taste. As you step inside, you're greeted by a sense of grandeur, with marvelous views beckoning from every corner. 3 oversized car garage with a fantastic moderate driveway for hillside.

7175 E Camelback Road Unit 1201 Scottsdale, AZ 85251

$4,200,000
3 Beds
3.5 Baths
3,627 SqFt
Status Active
MLS # 6752000
Property Type Apartment
Price Type --
Welcome to your dream penthouse—an extraordinary three-bedroom residence that epitomizes luxury and sophistication, offering panoramic city lights and breathtaking mountain views. Nestled atop one of the most coveted buildings in Scottsdale, this penthouse is a true gem in the sky. The gourmet kitchen is a chef's paradise, with state-of-the-art appliances, beautiful cabinetry, and elegant granite countertops. The primary suite is a private retreat, offering a serene escape. It includes a generous walk-in closet and a private oversized patio. Residents enjoy a host of exclusive amenities, including a fitness center, a rooftop pool, clubhouse, a dedicated concierge, and valet service. The beautifully landscaped grounds provide a tranquil retreat, while the location ensures you are just... steps away from the best dining, shopping, and entertainment Scottsdale has to offer. Whether you're seeking a serene escape or a vibrant urban lifestyle, the Scottsdale Waterfront Residences offer the perfect blend of both. Experience unparalleled comfort and sophistication in one of Scottsdale's most sought-after addresses.

6715 E Montecito Avenue Scottsdale, AZ 85251

$4,200,000 - 5Br/7Ba -  for Sale in Hidden Village 16a, Scottsdale
Open House
$4,200,000
5 Beds
6.5 Baths
4,540 SqFt
Status Active
MLS # 6658706
Property Type Single Family Residence
Price Type --
This stunning Scottsdale home nestled one street over from Exeter. This custom home features an abundance of space and elegance provided by this meticulously designed home. The main house boasts four bedrooms and four and a half bathrooms, offering ample room for relaxation and privacy. The tastefully decorated interiors create an atmosphere of refinement and comfort throughout. Experience unrivaled comfort with ceiling fans and remote blackout blinds throughout the property. The main house features a stylishly appointed gourmet kitchen equipped with best-in-class stainless steal appliances, Stunning quartz countertops, an oversized island perfect for entertaining. This beautiful open concept living area offers luxury at its finest. Exquisite resort-like amenities: Step into your private oasis. Lounge by the shimmering swimming pool, sit around the state-of-the-art firepit, and enjoy alfresco dining on the expansive patio. Fire up the BBQ grill for a delightful cookout or simply savor the tranquility of the beautifully landscaped backyard. The attached casita is adjacent to the main house, the casita Living area offers a separate haven for additional privacy. It features a private entrance, a well-appointed bedroom, a fully equipped kitchenette, and a bathroom. Perfect for couples or those seeking extra space, the casita ensures a tranquil and exclusive retreat. spacious bathroom w/ 2 vanity sinks + an expansive walk-in rainfall shower and separate soaking tub

6950 E Cactus Wren Road Paradise Valley, AZ 85253

$4,200,000 - 3Br/3Ba -  for Sale in Ritz-carlton Parcel B, Paradise Valley
Open House
$4,200,000
3 Beds
2.5 Baths
3,224 SqFt
Status Active
MLS # 6753478
Property Type Single Family Residence
Price Type --
*Stunning Modern Luxury Home in Azure, Paradise Valley's Exclusive Gated Community** Discover this luxurious modern home located in Azure, one of Paradise Valley's premier gated communities. This exquisite property blends contemporary design with high-end finishes, offering an unmatched living experience. Upon entry, you are welcomed by soaring ceilings and an open-concept layout that seamlessly connects the living, dining, and entertainment spaces. The gourmet kitchen features top-of-the-line stainless steel appliances, custom cabinetry, and a large island with waterfall edges—ideal for both casual meals and entertaining. The home is filled with luxury details throughout, including expansive windows that flood the space with natural light and offer stunning views of the desert landscape.

9127 N Fireridge Trail Fountain Hills, AZ 85268

$4,199,000
4 Beds
5 Baths
4,685 SqFt
Status Active
MLS # 6727253
Property Type Single Family Residence
Price Type --
Situated above the 4th hole at Firerock Country Club, this Desert Contemporary home has all the architectural details and finishes. Floorplan that allows for sweeping views of the entire golf hole and desert hillsides, the home invites you to enjoy the elegance of the interior to exterior layout. An abundance of Natural Stone, Limestone, Granite and Marble blended with Metal Accents and crisp modern touches, are showcased in every room. All bedrooms are on-suite and allow for privacy for families and or guests. Large sliding glass walls allow for an easy path to the outside and pool area. Control4 smart electrical system integrates TV, music, HVAC, Security seamlessly with a control pad or your phone.

4719 E Palo Verde Drive Phoenix, AZ 85018

$4,199,000
4 Beds
4.5 Baths
3,562 SqFt
Status Active Under Contract
MLS # 6708782
Property Type Single Family Residence
Price Type --
A modern, monochromatic oasis with jaw dropping views of Camelback Mountain. Built in 2019 with Ovadia Design. Expansive windows and full retractable sliding doors merge the indoor and outdoor, providing a backdrop for stunning west coast sunsets. Located just minutes from The Global Ambassador (Paradise Valleys' newest and hottest Hotel) Steak 44, The Village, Sanctuary, AJ's, etc... Views of Camelback(from praying monk to red rocks!) Mummy Mountain, Phoenix Preserves & Peistewa Peak. Captivating comfort, bold layers, and unique textures masterfully display rich materials, while the open-plan kitchen and intriguing bar provide ample space to entertain. To maintain the sleek approach, decorative niches and hidden storage are thoughtfully integrated for functionality. Every piece of this home was intentionally selected to create an immersive environment in one of the best pockets of Phoenix/Paradise Valley.

9143 E La Junta Road Scottsdale, AZ 85255

$4,195,000 - 5Br/6Ba -  for Sale in Solitude, Scottsdale
Open House
$4,195,000
5 Beds
6 Baths
5,569 SqFt
Status Active
MLS # 6747003
Property Type Single Family Residence
Price Type --
A contemporary masterpiece nestled within prestigious Solitude awaits the discerning buyer. Built in 2024 and spanning over 5500 square feet with a separate casita, this architectural beauty designed by Swaback Architects and built by Sonora West Development, blends seamlessly with the desert landscape offering clean lines and a sophisticated façade that captures your attention, promising a home that is as stunning inside as it is out. The modern minimalist, open concept interior welcomes you with soaring ceilings, oak wood floors, custom chandeliers and high-end finishes throughout with over $895k in upgrades. Smart Home technology ensures every detail of modern living is at your fingertips, with an integrated audio visual system. A custom 490-bottle wine wall adds a touch of elegance, showcase your collection while maintaining optimal storage. Centered around a floor-to-ceiling stone surround fireplace, the great room captures Pinnacle Peak and McDowell Mountain views with a disappearing glass wall seamlessly opening to the professionally designed south facing outdoor living space. With over $100k investment in landscaping, the outdoor oasis offers a low-maintenance serene lifestyle with large wrap around covered patio with wood ceiling, built-in heating and lighting, perfect for al fresco dining. Custom paver patios and walkways lead through meticulously positioned desert vegetation, to the detached full casita with separate entrance. No expense has been spared in the creation of this home, a contemporary sanctuary of privacy, comfort and elegant living. Living in this exclusive North Scottsdale gated community means enjoying a lifestyle of unparalleled luxury and convenience. The prime location offers easy access to world-class golf courses, upscale shopping, fine dining and top-rated schools. More than just a home, this residence is a statement of sophistication and modern elegance.

15332 E Hidden Springs Trail Fountain Hills, AZ 85268

$4,195,000
4 Beds
4.5 Baths
4,265 SqFt
Status Active
MLS # 6748881
Property Type Single Family Residence
Price Type --
Stunning Golf Course Lot residence along the Scottsdale-Fountain Hills corridor with sweeping Views of the Fairway, Water & Mountains and NO INTERIOR STEPS, in guard gated Firerock Country Club. Nestled on 2 + Acres, the home was beautifully Remodeled and Expanded in 2019. Ample natural light flows into every living space. The serene and spacious Primary Suite is comfortably arranged with 2 private Bathrooms and a cozy sitting area to relax by the fireplace. Views of the Firerock Golf Course, Four Peaks and the neighborhood lake surround the owners retreat. Similarly, the views from the Living Room and Kitchen-Great Room are breathtaking and balanced by comfortable and gracious interiors. The Attached Casita offers a gracious suite for guests with a private entrance off the Terrace. All Bedrooms have en suite Bathrooms, Walk In Closets and are appointed in soft tones. Running the length of the home, the outdoor Terrace creates a seamless experience from the interior to the gorgeous Mountain and Golf Course Views. Truly an ideal Outdoor Living Space, it is complete with a built-in BBQ, Infinity Pool and Putting Green. Owners use the residents-only west gate which grants immediate access to the Mayo Clinic Scottsdale, BASIS - Scottsdale and Shea/101. This location is a hidden gem, lives like Scottsdale and must be viewed in person to appreciate all this property has to offer.

7798 E Whisper Rock Trail Scottsdale, AZ 85266

$4,195,000
4 Beds
5.5 Baths
7,502 SqFt
Status Active
MLS # 6726500
Property Type Single Family Residence
Price Type --
Indulge in the epitome of luxury living with this remarkable estate in Whisper Rock, rated one of the top golf courses in Scottsdale. Step into the grand foyer to experience elegance and impeccable craftsmanship. Meticulously curated custom finishes flow seamlessly from room to room. The expansive living spaces feature formal and informal great rooms, a stunning dining room, and a custom study/office for productivity and comfort.

12312 E Shangri La Road Scottsdale, AZ 85259

$4,150,000
6 Beds
8 Baths
6,657 SqFt
Status Active
MLS # 6719813
Property Type Single Family Residence
Price Type --
Immaculately remodeled and upgraded in 2022 to embody the finest elements in today's trends, this 6,650+ square foot cul-de-sac home is spread over 1.3 acres, with an open NAOS space and mountain views - making this your very own expansive and private compound . Breathtaking Desert Contemporary AZ Estate, (AVAILABLE TURN KEY FURNISHED) combines modern elegance with the highest standards of sophisticated living. Designer Details flourish both inside/out, peaking in architectural accomplishment, blending modernity with the natural aspects that surround it. A heated pool/spa, expansive covered lanai built with entertainment in mind - w/space for over 100 people, full outdoor kitchen that redefines luxury lifestyle in every way. The 6 bed/8 bath interior exudes a luxury resort ambiance. With volume ceilings, hardwood floors, and dramatic wall and ceiling details that flow harmoniously throughout the main living areas. The exquisite quartz stone countertops complement the expansive executive chef's kitchen custom island, cabinetry, and Wolf appliances - which include a double fridge and freezer, and 60-inch range, with multi addition overs. 2 primary en-suites in addition to all bedroom en-suites, primary includes a private paradise featuring separate his/her baths, 10-foot walk-in shower and huge h/h closets and dramatic bathroom finishes, a freestanding tub, and morning bar. Additional features include Media/theatre with full quartz countertops, Wet bar and wine refrigerator, additional space for 25x25 casita, 3 fireplaces, oversized 6-car garage. Come see for yourself and enjoy this indoor/outdoor luxury experience in the heart of Scottsdale. NO HOA!

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