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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7850 E El Sendero Drive Unit 22 Scottsdale, AZ 85266

$4,250,000

5 Beds

6 Baths

5,509 SqFt

Status Active

MLS # 6752419

Property Type Single Family Residence

Price Type --

Discover one of Bill Tull's finest works of art in the beautiful Boulders community. Discerning buyers will appreciate the attention to detail that only an authentic adobe home built by Bill Tull can provide. This private retreat spans two lots and features three guest casitas, 13 fireplaces, a sauna, a 200+ bottle wine cellar, golf cart garage, massive viga beams, expansive latilla ceilings, saguaro rib window treatments, hand-carved woodwork, countless niches, flagstone flooring, and one of Bill Tull's most thoughtfully designed kitchens. The home is authentic adobe, meaning it was constructed with handmade solid bricks from the earth surrounding the property. The result is a home built with exceptional quality and care, boasting unparalleled efficiency for the desert climate. This home has been meticulously maintained by one owner, a close friend of Bill Tull, and represents one of his last completed projects. The property is golf-course adjacent, incredibly private, and offers scenic mountain views from the upper patios. A golf membership at the Boulders Golf Club, a golf cart, and most all furniture, furnishings, and artwork are available through a separate bill of sale. This is your opportunity to own a truly exceptional home.

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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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25 Cibola Drive Sedona, AZ 86336

$4,250,000

3 Beds

3 Baths

3,367 SqFt

Status Active

MLS # 6764640

Property Type Single Family Residence

Price Type --

Welcome to Sedona's Best ENTERTAINER' VIEW Dream Home, a stunning 5,411 sq ft SOLAR residence designed for those who love to host friends and make memories! With breathtaking views to the North and the majestic Mogollon Rim to the east, this home is a sanctuary of luxury and convenience, featuring an elevator for easy access to both levels. Step inside this exquisite 3-bedroom, 3-bathroom home, where the heart of the property is the expansive 1,575 sq ft Party Room. This spectacular space boasts soaring 12 ft ceilings, a Sit-Up Bar for 6, a Commercial Indoor BBQ, and wine fridges, making it perfect for entertaining. Imagine gatherings around the fireplace or hosting lavish dinners for 10 or charity events for 80, all while enjoying ample room for a grand piano and your guests' delight. Open the impressive window wall to seamlessly transition from the Party Room to your 735 sq ft Convertible Indoor/Outdoor Pool area, featuring a jacuzzi and an intricate lighted mosaic with a pebble water wall: an oasis you can enjoy year-round! The Great Room is a masterpiece, showcasing wood ceilings and exposed trusses, complete with a Chef's Kitchen w/ Pass through to the Party Room, Bar seating for 6 to watch a Chef's Demonstration on the gas cooktop island, MASSIVE Butlers' Pantry, & an additional Dining Room for 8. Cozy up near the fireplace as you take in the stunning views, or step out onto your massive deck for al fresco dining and sunset happy hours. The first level also features a versatile 3rd bedroom currently used as a home gym, complete with a separate living area and kitchenette. The Guest Bedroom Suite and bath offer the ideal retreat for your visitors, ensuring privacy and comfort. Additional amenities include multiple HVAC zones, remote shades, charming Lucy Paradise stained glass accents, and a Home Hydrant Talco Fire Safety System. Every detail has been meticulously curated for your convenience and peace of mind. This is a must-see in person!

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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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6020 E Doubletree Ranch Road Paradise Valley, AZ 85253

$4,250,000

5 Beds

5.5 Baths

5,943 SqFt

Status Active

MLS # 6772169

Property Type Single Family Residence

Price Type --

Welcome home to a STUNNING ESTATE in the HEART OF PARADISE VALLEY. This luxurious home boasts 5 ENSUITE BEDROOMS, spanning almost 6,000 sq. ft. of ELEGANT LIVING SPACE, including the DETACHED GUEST CASITA with a MURPHY BED and kitchenette. SPLIT-FLOORPLAN with guest bedroom wing possessing their own SEPARATE LIVING SPACE. Enjoy Arizona's beautiful weather in the RESORT-STYLE BACKYARD, surrounded by the lush, private, and EXPERTLY MANICURED LANDSCAPING. This entire property has been METICULOUSLY MAINTAINED and is perfect for entertaining and relaxing. And to top it all off, the NEW ROOF is less than a year old and has the balance of a 10 YEAR WARRANTY remaining. Come and Experience the EPITOME OF LUXURY LIVING in Paradise Valley.

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22218 N Church Road Scottsdale, AZ 85255

Open House

$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 1.9 Acre elevated lot with southern exposure, the residence is an exquisite fusion of design and nature delivering a trifecta of breathtaking views of majestic peaks, glittering cityscapes, and unforgettable sunsets. Designed by world-renowned contemporary architect John Lumsden of L2ds Design, 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. 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 include a new concrete tile roof, pavers, upgraded garage doors, car charger, whole-home reverse osmosis filtration system, updated flooring and new HVAC systems.

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31002 N 56th Street Cave Creek, AZ 85331

$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.

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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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14202 N Territory Trail Fountain Hills, AZ 85268

$4,200,000

4 Beds

3.5 Baths

4,787 SqFt

Status Active

MLS # 6773542

Property Type Single Family Residence

Price Type --

Enveloped by sweeping mountain and canyon views in Adero Canyon, this highly-customized single level and not one stair, in this luxury design by Toll Brothers is situated on three-quarters of an acre, embodying sophistication and serene desert living with contemporary stacked stone finishes accentuated by custom metal entrances. A private gated front courtyard with travertine hardscaping welcomes, inviting relaxation by a stone water feature morning or evening. Soaring lines draw your attention to the custom metal and glass front door, opening to modern finishes and neutral backdrops whispering of dramatic, elegant overtones with a 20-foot tongue and groove wood ceiling outlined by clerestory windows and disappearing patio doors welcoming in abundant natural light and views. The outdoor oasis speaks to you with an expansive covered patio, complete with built-in cooking area including barbeque, seamlessly connecting to a stunning living space offering a private pool with stacked stone water feature, separate spa with custom surround, putting green, fire pit and spacious turf scaping enveloped by lush vegetation. Custom iron view fencing welcomes private desert views, making this an ideal spot for al fresco dining, evening cocktails or simply unwinding under the stars. The open-concept interior centers around the great room, with floor-to-ceiling custom stacked wall and marble surround dual-sided gas fireplace, and chef's kitchen, each perfectly positioned for intimate gatherings and relaxed ambiance for entertaining. The modern kitchen with 8-foot-wide quartz island offers additional seating and storage, ideal for watching chefs create delectable meals with premium Wolf and SubZero stainless appliances including dual ovens and 6-burner gas range. A bar with dual beverage drawers and wine refrigerator is tucked away nearby. Offering a split floorplan design, bedrooms are positioned for privacy. The primary suite captures private views of mountains and the backyard, finished with his and hers walk-in closets to accommodate the most discerning wardrobe. The primary bath is a tranquil retreat with custom wall paper finishes, dual vanities with quartz counters and freestanding soaking tub for rejuvenation. Two ensuite guest bedrooms offer a separate entrance from the second garage, perfect for multi-generational living, with an office/den nestled nearby. The storage opportunities are endless offering custom cabinetry at the key drop entry from garage, abundant storage in the expansive laundry room, walk in pantry and an interior temperature controlled large storage room. Adero Canyon residents are walking distance to Adero Canyon hiking trails as well as a short drive to nearby Adero Club, with the conveniences of both Fountain Hills and Scottsdale in close proximity including the Mayo Clinic and top-rated Basis School. This tranquil sanctuary celebrates the natural beauty of Arizona while offering the ultimate in modern luxury living, an opportunity to embrace.

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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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