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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10150 E Havasupai Drive Unit 1119 Scottsdale, AZ 85255

$3,800,000

4 Beds

4.5 Baths

4,756 SqFt

Status Active

MLS # 6738205

Property Type Townhouse

Price Type --

Contemporary home in The Parks at Silverleaf. This meticulously designed residence features two large Principal Suites, one on each floor, and another guest en suite on the main level - this home offers so much flexibility! The kitchen, equipped with all new Wolf Sub-Zero appliances, a walk-in pantry, and a spacious island with seating, opens to the great room with a fireplace and dining area. The large office/den offers excellent valley views. The upper level boasts a sizable entertainment area with a wet bar and with its' full bathroom it could also serve as another en suite bedroom! The backyard includes a pool, turf, and a covered patio with a dining area. The home is Crestron controlled with Sonos sound throughout. An exceptional opportunity in a prestigious neighborhood.

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7147 N 23rd Place Phoenix, AZ 85020

$3,799,000

4 Beds

4 Baths

4,539 SqFt

Status Active

MLS # 6736159

Property Type Single Family Residence

Price Type --

Discover unparalleled luxury living in this meticulously renovated, exquisite hillside retreat boasting breathtaking views of the downtown Phoenix skyline. This two-story, 4-bedroom residence with a den and 4 bathrooms with European White Oak wood floors throughout, offers a blend of modern elegance and serene comfort. The Grand entrance of the foyer seamlessly flows to the main living areas, where a spacious Great Room awaits, complete with a cozy gas fireplace and electronic shades for effortless ambiance control. Entertain in style with a wine room and a sophisticated wet bar featuring an ice maker. The sleek gourmet kitchen features wood and tile floors, a breakfast nook, and indoor outdoor dining features, perfect for enjoying Arizona's sunny days. The floating stairs... embodies an art-like essence ascending to the primary bedroom suite, offering a private sanctuary with its own gas fireplace, walk-in closets, and a luxurious bathroom retreat. Additional highlights include a formal dining area, a laundry room with a sink for added convenience, and a 3-car garage for ample storage. This meticulously designed residence combines modern amenities with panoramic views, promising an unparalleled lifestyle amidst the beauty of the Arizona landscape.

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8222 E Old Paint Trail Scottsdale, AZ 85266

Open House

$3,799,000

5 Beds

5.5 Baths

5,638 SqFt

Status Active

MLS # 6770322

Property Type Single Family Residence

Price Type --

This stunning Vacaro design was made for entertaining! This home showcases an open floor plan with elevated ceiling heights and tons of windows in the main living spaces. The Gourmet kitchen is a chef's delight with upgraded cabinets, dual islands, designer stainless steel appliances including a Wolf 48'' Rangetop w/Griddle, Pro Hood, Micro Drawer, Pro Double Ovens, and Cove Dish Washer. Spacious great room features a 60'' primo fireplace and 20' multi-stacking door opening to a covered patio and amazing backyard with views. An oversized family room with direct access to a covered patio and pool area, in addition to the private serene front courtyard. Wake unto amazing views in the spacious Primary Suite. Relax in your spa-like primary bath with separate soaking tub and step-in... shower. The additional 3 main home spacious bedrooms ALL have their own baths, perfect for family/guest privacy. Large attached casita with living area that has a sink and drink chiller, full bath and courtyard with fire pit. The sparkling pool in your private backyard oasis is AMAZING! Baja shelf, smaller pool and spa will WOW you! The grill master will love the covered built-in grill area. End your day in front of the gas fire-pit while watching stunning Arizona sunsets. SO much more to mention! You MUST SEE this home!

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9440 N 57th Street Paradise Valley, AZ 85253

$3,795,000

5 Beds

5 Baths

3,800 SqFt

Status Active

MLS # 6738222

Property Type Single Family Residence

Price Type --

Completely renovated to the highest standards! Finished home is similar to new construction. This is one of the best golf lots in the town of Paradise Valley Great Views but quiet and private. Single level home, with a split floor plan. Huge ceiling height throughout. Open floor plan through the Large kitchen, eating area and living room. 16 Foot pocketing door opens to pool,& patio. Wolf/Subzero appliances. 72'' horizontal gas fireplace. Lutron electric roller blinds and lighting. Four full bedrooms and family room with ensuite bathrooms. Oversized air conditioned / heated 3 car garage, 2 of which can be set up as an entertainment center. Electric car chargers in both garages, Smart controls, Security cameras. Golf and mountain views are absolutely stunning. Very easy to show.

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8808 E Sulky Circle Scottsdale, AZ 85255

$3,795,000

6 Beds

4.5 Baths

4,742 SqFt

Status Active

MLS # 6724345

Property Type Single Family Residence

Price Type --

Built in 2021 on 1.73 acres, this contemporary retreat is tucked in the tranquil, gated enclave of Pinnacle Peak Place. Spanning 4,742 SF, including a 550 SF guest house, the home was meticulously designed with contemporary finishes throughout. The gourmet kitchen is both stunning and functional, boasting high-end appliances, two dishwashers, and a hidden walk-in pantry. The open-concept great room features soaring ceilings, wood beams, and a spectacular wall-to-wall slider that seamlessly blends indoor/outdoor living. Enjoy breathtaking views of Pinnacle Peak from the resort-style backyard, which is beautifully landscaped w/ newly-added mature trees, a lighted, heated pool, integrated spa, deck jets, extensive covered patio w/ tongue-and-groove ceilings, built-in BBQ, fire pit, & turf. Located within 10 minutes of premier golf courses, hiking/biking trails, and upscale shopping and dining, this modern desert sanctuary offers luxury, comfort, and convenience.

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15864 N 115th Way Scottsdale, AZ 85255

$3,795,000

3 Beds

3.5 Baths

4,285 SqFt

Status Active

MLS # 6746160

Property Type Single Family Residence

Price Type --

Elevated Extravagance! Ricci Renovations unveils another jewel within The Retreat at One Hundred Hills, a guard-gated community in McDowell Mountain Ranch. Views from every room, the transformation was just completed, ready for enjoyment & memories to be made. A freshly painted exterior w/ travertine entry leading up to the 12' arched wood front door provides a terrific initial impression. Upon entering, you immediately notice the new 10' sliders framing the new pool & majestic mountain views. The brand-new European oak wood floors are gorgeous & run throughout the main areas while hand-selected tile differs in each bath. The spectacular kitchen offers an all-new Thermador appliance package, Perlato Taj Satin quartzite counters waterfalling on 3 sides that sit atop rift oak & macaron green counters. The locally custom-made Supra Mat & textured laminate cabinetry bring warmth & luxury to this fabulous estate. The primary suite showcases a 14-light centerpiece pendant & a gas fireplace wrapped in matte charcoal tile with aspen logs. The primary bath is an oasis with floating cabinetry, Calacatta Maywood quartz counters, soaking tub, redesigned/oversized shower with his and her heads, all adorned with brilliance black onyx Brizo finishes. The closet is spacious, also with custom cabinets, plus there's a dedicated exercise room. The built on-site gas fireplace, 72'' linear open face with herringbone brick & glass bed, in the family room is a showstopper. It overlooks the city below providing the perfect gathering spot. Other features include a shiplap ceiling in the dining, a Chevron wall in the office, deco tile accent wall in powder & carbon reflective glass tile with light-embedded floating shelves on the bar. Both guest rooms have walk-in closets, ensuite baths with floating cabinetry, Ripieno satin quartz counters & faucets/showers with Brizo selections. The backyard is ideal, covered in silver storm travertine that surrounds an all-new sparking pool, spa, deco-tiled water feature wall, firepit, BBQ station & large turf area. The backdrop of city lights & the McDowell Mountains are incredible, day or night. The 4-car garage has all-new epoxy flooring & lighting. A new roof underlayment in 2023 has a transferrable lifetime warranty. HVAC units were replaced in 2012, serviced in 2024 & are in great working condition. 2 new water heaters & a water softener. The community has a heated pool & spa alongside 2 tennis courts. There are also 2 more community centers within MMR that offer pickleball, tennis, basketball, playgrounds, pools, hiking & biking trails as well as an aquatic center. North Scottsdale living at its finest.

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8150 N 47th Street Paradise Valley, AZ 85253

$3,795,000

3 Beds

2.5 Baths

4,952 SqFt

Status Active

MLS # 6721098

Property Type Single Family Residence

Price Type --

Nestled amidst the hillside within highly desired Tatum Canyon in Paradise Valley, this exquisite retreat boasts expansive views of Camelback Mountain, Mummy Mountain, the McDowells, Phoenix Mountain Preserve and city lights. Enjoy breathtaking sunsets and spectacular views from every single room! Upon entering, you are greeted by a grand foyer that leads into spacious and beautifully appointed living areas, media room, den, dining room, and contemporary gourmet kitchen featuring custom cabinetry with quartz countertops and massive waterfall island; each room capturing their own unique views. The upstairs primary suite is a sanctuary of tranquility, featuring a fireplace, private balcony, ensuite bath with a soaking tub, and exercise/yoga studio with expansive views that invite relaxation Two additional bedrooms feature an ensuite bath and offer versatility for guests or a home office. On the lower level you will find an extended garage with built In cabinetry and an attached hobby room with additional storage space. Outside offers the perfect setting for relaxing poolside, dining, entertaining guests, or simply soaking in the serenity of the surrounding landscape. A true entertainer's dream, with the perfect combination of indoor-outdoor living. Located in one of Paradise Valley's most coveted neighborhoods, this home combines the privacy and tranquility of hillside living with convenient access to upscale shopping, dining, hiking, and golf. Whether you seek a peaceful refuge or a place to entertain in style, this exceptional residence offers a rare opportunity to experience the ultimate in AZ living.

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12347 E Gold Dust Avenue Scottsdale, AZ 85259

Open House

$3,795,000

5 Beds

5.5 Baths

5,196 SqFt

Status Active

MLS # 6689294

Property Type Single Family Residence

Price Type --

**DAYS ON MARKET INCLUDE CONTRUCTION TIME* Welcome to Emerald Hills - your new seven home subdivision in north Scottsdale. Once again, Cachet Homes has hit a homerun with this luxury contemporary home and has all the amenities you could possibly want. With an attached guest house and detached pool house, oversized 4-car garage, north-south lot, with a south facing backyard boasting an amazing pool & spa - this one has it all! Cachet Homes finishes their homes with beautiful style and modern elegance and carry their commitment to handing you a truly turn-key home by having the landscaping and backyard finished and ready to use. Home next door is also for sale go to MLS#6646447 to see what is available now.

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12220 E Alameda Road Scottsdale, AZ 85255

$3,794,995

3 Beds

3.5 Baths

4,365 SqFt

Status Active

MLS # 6749244

Property Type Single Family Residence

Price Type --

THIS OPPORTUNITY WON'T LAST, BUT THE VIEWS WILL! Move in Ready home on over 4 Acres. This beautiful pre-designed home with luxurious upgrades throughout. The award-winning Mayne home design was made for entertaining. This single level home showcases an open floor plan with elevated ceiling heights in the main living spaces. The gourmet kitchen is a chef's delight with upgraded cabinets and designer stainless steel appliances including a Wolf 48'' G Pro Range, 48'' Custom Decorative Kitchen Hood, JennAir Ice Maker, Sub-Zero 24'' Beverage Center, Sub-Zero 24' Wine Column, and a 30'' Column refrigerator and 30'' Column Freezer. Spacious great room features a 60'' Mezo fireplace and a 20' multi-stacking pocket door. Oversized bonus room with access to covered patio. Casita with living and bat

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19627 N 101st Street Scottsdale, AZ 85255

$3,775,000

5 Beds

5.5 Baths

4,533 SqFt

Status Active

MLS # 6683085

Property Type Single Family Residence

Price Type --

This Canyon Villa, nestled within the prestigious guard-gated enclave of Silverleaf and masterfully crafted by the renowned Bing Hu, characterizes luxury living. Boasting 5 bedrooms and 5.5 bathrooms, 4,533 square feet, this residence offers a blend of sophistication and comfort. The expansive great room is accentuated by charming wood beam ceilings, creating an inviting ambiance that seamlessly flows onto the covered patio. Whether hosting indoor gatherings with friends or enjoying serene evenings outdoors while the sunset casts a golden glow over the McDowell mountains, this space offers spectacular views, making it the perfect setting for every occasion. Thoughtfully updated, this home features a Chef's kitchen, Bifold doors, new wood flooring throughout adds warmth and elegance to every corner of this abode. Convenience and privacy define the main level, which hosts a luxurious primary bedroom suite, office with views, open great room with vaulted ceilings providing a sanctuary of comfort and relaxation. Stepping into the front lushly landscaped courtyard, guests are greeted by a detached guest casita, complete with a heated pool and spa. Whether lounging poolside or enjoying a rejuvenating soak, visitors are treated to an unforgettable retreat experience. Silverleaf, located in North Scottsdale, Arizona, is a prestigious guard gated community known for its luxurious estates, exclusive golf courses, private Club and stunning desert landscapes. The Tom Weiskopf-designed Silverleaf Golf Course is a highlight for golf enthusiasts. With a blend of Spanish and Mediterranean-inspired architecture, the community offers a high standard of living, including upscale amenities like spas, fine dining, and exclusive shopping. Residents enjoy a harmonious balance between modern luxury and the natural beauty of the desert environment, making Silverleaf a sought-after destination for those seeking an exceptional lifestyle in North Scottsdale.

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5625 E Indian Bend Road Paradise Valley, AZ 85253

New

$3,765,000

4 Beds

3 Baths

3,887 SqFt

Status Active

MLS # 6777361

Property Type Single Family Residence

Price Type --

Welcome to Arizona's oceanfront property, featuring breathtaking, head-to-tail unobstructed views of Camelback Mountain. Nestled on Mummy Mountain and adjacent to a private reserve, this exquisite single-level residence offers the perfect blend of luxury and tranquility. With four spacious bedrooms and three beautifully appointed baths, this home provides ample space for family and guests. The primary suite includes a cozy sitting room with a gas fireplace, while the inviting family room features a second gas fireplace, perfect for gatherings. Elegant formal living and dining areas create an ideal setting for entertaining, complemented by a gourmet eat-in kitchen equipped with a Gaggenau induction cooktop and Sub-Zero refrigerator. Elegant tile and wood flooring enhance the home's... sophisticated ambiance. Accessing this mountain retreat is easy, thanks to the convenient driveway that ensures effortless entry. Step outside to your private pool surrounded by lush landscaping, with a spacious terrace perfect for enjoying the stunning mountain and city views. This extraordinary property embodies the essence of Arizona living, offering comfort, elegance, and natural beauty. Dont miss your chance to own this exceptional Paradise Valley gem.

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12265 E Troon Vista Drive Scottsdale, AZ 85255

$3,751,995

5 Beds

5.5 Baths

4,682 SqFt

Status Active

MLS # 6668733

Property Type Single Family Residence

Price Type --

Don't miss this opportunity to live in Scottsdale's most desirable location, the picturesque, and award winning community of Sereno Canyon. Nestled against the McDowell Mountain preserve, with Sonoran desert views and close proximity to hiking trails. This open floorplan includes a casita with an exterior and interior entry, wet bar, and has enough room for bedroom and living space. The kitchen great room opens to a large covered patio with a 20' 90 degree corner door that pockets into the wall and brings the outside in. Chefs kitchen including two quartz islands for entertaining, SS Wolf Pro Line including a 48'' smart range, wall oven, and Sub-Zero 48'' side by side built refrigerator. 14' ceilings in the main living area. All bedrooms are en-suite with WIC. 10 year warranty included.

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