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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10764 N 138th Way Scottsdale, AZ 85259

$3,950,000

5 Beds

6 Baths

4,897 SqFt

Status Active

MLS # 6770772

Property Type Single Family Residence

Price Type --

CalAtlantic's largest home with an amazing layout and private guest suite with its own entrance. The pool, hot tub, and pergola overlook the spectacular mountain views. The foyer opens to the formal dining which overlooks the expansive rear courtyard with giant chess pieces and a fireplace. The stunning kitchen features a large center island that overlooks the rear courtyard, a large walk-in pantry, home management area and butler's pantry. The four secondary bedrooms provide for plenty of privacy each with its own bath and walk-in closet. The master suite features two large walk-in closets, a spa-like bath and has the option to open up to the rear covered patio. There is two toned paint, barrel ceilings, charging station, and RV gate. Make this dream home yours today!

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15332 E Hidden Springs Trail Fountain Hills, AZ 85268

Open House

$3,950,000

4 Beds

5.5 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.

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5921 E Silver Sage Lane Cave Creek, AZ 85331

$3,913,995

4 Beds

3.5 Baths

4,315 SqFt

Status Active

MLS # 6746829

Property Type Single Family Residence

Price Type --

Toll Brothers Model Home! This home makes an immediate impression with a lovely foyer flowing into the expansive great room and casual dining area that presents alluring views of the covered patio. A large center island enhances the expertly crafted kitchen that offers plenty of counter and cabinet space, a generous pantry. Featuring a relaxing sitting area and expansive walk-in closet, the palatial primary bedroom suite is highlighted by a spa-like primary bath. Central to a versatile flex room with covered patio access, secondary bedrooms feature sizable closets and a shared bath with separate vanity area. A secluded multi-generational suite with closet, private bath, and living area can be found off the foyer. Additional features include a private office, convenient powder room

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2911 E Morrison Ranch Parkway Gilbert, AZ 85296

$3,900,000

6 Beds

6.5 Baths

6,241 SqFt

Status Active

MLS # 6776870

Property Type Single Family Residence

Price Type --

Beautiful custom home in Morrison Ranch All furnishings included. This 6,241 square foot home sits on an acre lot, featuring a full a size tennis/pickleball court, heated pool and spa. A detached garage has access through a separate side gate with room for up to 12 cars, RV and boat parking. The fully remodeled home has six bedrooms and eight bathrooms, including two master bedrooms. A stunning laundry/utility room, gym and game room make this house a rare find. This is a one of a kind opportunity. Don't miss this one.

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18720 N 101st Street Unit 3019 Scottsdale, AZ 85255

$3,900,000

3 Beds

4 Baths

3,239 SqFt

Status Active Under Contract

MLS # 6724800

Property Type Apartment

Price Type --

The FINAL and much anticipated phase of the highly successful Icon project now available with construction well underway and estimated completion in 2024. This is not only an opportunity for extraordinary views and new construction , it also continues to be the best opportunity to be inside the gates of Silverleaf. ICON at Silverleaf offers an unlimited lifestyle with the lock-and-leave luxury of exceptional single-story flats amid the incomparable beauty of Arizona's McDowell Mountains. This rare and unique offering of spacious, open-concept residences affords the very best of all possible worlds, close to the cosmopolitan conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert behind the gates of the truly iconic upscale private

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36631 N Peaceful Place Carefree, AZ 85377

$3,900,000

4 Beds

4 Baths

5,700 SqFt

Status Active

MLS # 6740677

Property Type Single Family Residence

Price Type --

PRICED TO SELL! Forget for a moment the exterior amenities and that the house is loaded with features. Instead, consider the prime location of this captivating contemporary on Black Mountain in Carefree. Unique in every way! From its circular design to the grandiose living space. Only a stone's throw from outdoor recreational opportunities, local shopping/dining spots, and the town center. As if that's not enough, you'll enjoy sweeping views of the Black & Continental Mountains. After your local excursions, you'll return to the irresistible charisma of contemporary design on a corner lot in a popular neighborhood of low-traffic streets. Whether walking or driving, a circular driveway makes a grand first impression. A second large driveway is at the back of the house.

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3350 Bar Circle A Road Prescott, AZ 86301

$3,900,000

4 Beds

6 Baths

11,073 SqFt

Status Active

MLS # 6523694

Property Type Single Family Residence

Price Type --

*Motivated Seller - Seller Financing Avail, $10.4MM Build Cost* Benvenuto a 'Casa di Buona Fortuna'- This Tuscan inspired masterpiece perched in the The Ranch provides breathtaking views, opulent luxury, and convenience unmatched in Prescott. The primary level is centered around an open-air central courtyard and features a sprawling master wing including 1 of 2 private elevators to the lower level, his and hers offices, a sitting area complete with wet bar, and dual walk-in closets large enough for the most extensive wardrobes. Starry-night home theater furnished with plush seating for eight. The opposite wing of suites includes a wet bar, formal dining area, family room, fireplaces and formal living room, spacious kitchen with tastefully appointed with Miele appliance

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20908 W Durango Street Buckeye, AZ 85326

$3,900,000

8 Beds

8 Baths

5,512 SqFt

Status Active

MLS # 6688225

Property Type Single Family Residence

Price Type --

One of a kind commercial vet clinic/breeding facility including two residential homes. Vet clinic/breeding barn is complete with three 12' roller doors, front office, 2 stalks w/ foal cage, cabinetry, electric and hot/cold water. Bathroom w/washer, dryer, tub and sinks. 4 inside foaling stalls with turnouts. Apartment inside barn complete with bedrooms, kitchen and lab area. 60 covered stalls, several acres of irrigated safe pasture with automatic waters. Covered hay barn, two 40' storage containers. Stud teasing stall 25'x13' with 50'x50' turn out. Three car detached extended garage. Two beautiful identical homes 4 bedroom 2 bath slump block, tile roof, wood shutters, automatic security shades, carpet and tile throughout both homes. Shared well. 10 acres just 2 miles from I-10/ Verrado.

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7254 E Sonoran Trail Scottsdale, AZ 85266

$3,900,000

5 Beds

6 Baths

6,438 SqFt

Status Active

MLS # 6731933

Property Type Single Family Residence

Price Type --

Located in the guard-gated community of Whisper Rock, this stunning residence is thoughtful. An open concept plan, this home features the latest finishes, all on one level. Fabulous entertainer's kitchen with furniture grade cabinetry, pantry with wine refrigerator. 4 guest bedrooms in the main house, each with ensuite and walk-in closets. Master suite has his & her walk-in closets and luxurious bath. Custom office with floor to ceiling woodwork. Prewired for 4 fully automated lighting and AV control. Smart pool with unique lighting features. Retracting glass doors bring the outdoors in, showcasing the grand pool area & surrounding scenic desert views

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6950 E Cactus Wren Road Paradise Valley, AZ 85253

$3,900,000

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.

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10119 E Horizon Drive Scottsdale, AZ 85262

$3,895,000

4 Beds

4.5 Baths

4,128 SqFt

Status Active

MLS # 6785085

Property Type Single Family Residence

Price Type --

Welcome to 411 Eagle Feather, a beautifully updated custom home on the 3rd hole of Desert Mountains Renegade Golf Course. This home offers contemporary design and stunning views, all with ZERO interior steps. The south-facing outdoor space is perfect for desert living, capturing year-round sunshine and offering panoramic views of the golf course, mountains, sunsets, and city lights. Entertain with ease, whether by the pool and spa, around the firepit, or in the outdoor kitchen featuring multiple grills, a cooktop, fridge, and an island with built-in seating. Inside, the heart of the home is the spacious kitchen and great room, which seamlessly flows to the outdoor living areas through pocketing glass doors. The chefs kitchen is equipped with updated cabinetry, a large island, Wolf/Subzero appliances, an oversized pantry, and a pass-through window to the courtyard firepit. The split floor plan includes a private master suite, two guest ensuites in the main home, and a detached casita with its own living space and full ensuite ideal for longer-term guests. An oversized three-car garage provides ample space for your outdoor adventures. Located in the exclusive Desert Mountain community, this home is just minutes from the new Renegade Clubhouse for golf and dining, as well as the Sonoran Club for pickleball, tennis, and fitness. With seven golf courses, seven clubhouses, ranch amenities, and scenic trails bordering the Tonto National Forest, Desert Mountain offers a lifestyle unlike any other. Close proximity to main gate allows for easy access to all of Scottsdale, Carefree and Cave Creek. This home is more than just a place to liveits a sanctuary where elegance, comfort, and the desert landscape come together.

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6616 E El Sendero Road Carefree, AZ 85377

Open House

$3,895,000

4 Beds

4.5 Baths

7,085 SqFt

Status Active

MLS # 6768686

Property Type Single Family Residence

Price Type --

STUNNING HILLSIDE HOME w/Mountain & City light views. Relax in peaceful surroundings to experience the pure magic of this very special home. This chic & stylish Southwest home is truly one of a kind offering a harmonious blend of elegance with a relaxed feel. Grand entryway leads into welcoming foyer w/ rustic wood vaulted ceilings w/heavy beams which continue t/o the home. Abundance of natural light creates an inviting ambiance in the Formal Living Rm w/cozy wetbar. Recent main level flooring update; Living Rm, Family Rm and Master/Guest EnSuite...all have been leveled for seamless transitioning throughout. Lovely European Kitchen is culinary delight w/huge island, quartz counters, Wolf Appls & walkin pantry. Dining area w/easy access to patio for exceptional outdoor entertaining...Cont All Four bedrooms are en-suite, offering unparalleled comfort and privacy. Two of the bedrooms are master suites, each with their own unique character & luxurious features. The Upper level Primary Master Retreat is a sanctuary unto itself, complete with spacious living area, custom built-in king platform bed, large spa-like bath with double sinks, large shower, free standing tub, custom walk-in closet, mini-bar w/sink, multiple balconies to relax and enjoy an amazing sunrise & sunset. The second master bedroom is located on the main level of the home w/cozy living area & gas fireplace, full bath w/soaking tub, separate walk-in shower, walk-in closet & access to back patio. The remaining two bedrooms each offer their own distinct charm, each being en-suite. The outdoor spaces of this home have been meticulously re-hardscaped and landscaped, creating a resort-like oasis and truly a paradise, offering multiple seating areas with Pergolas that can be opened and closed to control sunlight, gas fireplace, wood-burning fire pit and built-in BBQ area with refrigerator. The heated pool and spa complete this outdoor haven, providing a perfect place to relax and soak in the stunning surroundings. This extraordinary home is a rare find that seamlessly combines the essence of the Southwest. From the elegant finishes and spacious living areas to the enchanting outdoor spaces with absolutely the most breathtaking majestic views, this residence offers a lifestyle of unparalleled luxury and tranquility. Don't miss the opportunity to make this masterpiece your own. Come experience the magic of this exceptional home.

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