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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109 E Hayward Avenue Phoenix, AZ 85020

$3,450,000

4 Beds

4.5 Baths

4,528 SqFt

Status Active

MLS # 6758133

Property Type Single Family Residence

Price Type --

NEW CONSTRUCTION - READY Q1 2025. Blue Sky Homes are 50% MORE energy efficient than a standard new build and Energy Star / Indoor AirPlus Certified for cost savings and a significantly healthier home for you and your family! With an emphasis on state of the art design, energy-efficiency, integrated technology, we offer unparalleled indoor / outdoor spaces welcoming year round quality time with friends and family .... All in the heart of Phoenix Arizona. 4 Bedrooms + 4 baths + office + Design + Efficiency + Community + Technology = very happy homeowners! Blue Sky Homes is bringing to the market this stunning Modern new build in the highly desirable North Central neighborhood. Perfectly appointed and finished to the exquisite level that Blue Sky Homes always delivers every time.

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3040 S Solitaires Canyon Drive Flagstaff, AZ 86005

$3,450,000

4 Beds

4.5 Baths

3,832 SqFt

Status Active

MLS # 6760314

Property Type Single Family Residence

Price Type --

Nestled in the prestigious Pine Canyon community of Flagstaff, AZ, this exceptional home offers a unique blend of luxury and natural beauty. Spanning 3832 square feet on a 0.33-acre lot, this SMART HOME wired residence captures the essence of mountain living with a contemporary twist. Surrounded by the tranquil pines and backing onto the National Forest, the home offers breathtaking views of the San Francisco Peaks, blending seamlessly with its environment. Designed with both elegance and comfort in mind, the architectural details of this custom home create a harmonious balance between modern mountain aesthetics and industrial chic. High ceilings, exposed beams, and expansive windows flood the interiors with natural light, while reclaimed materials, oak floors, and (Continue) Elevator, high ceilings, exposed beams, and expansive windows flood the interiors with natural light, while reclaimed materials, oak floors, antique steel add a touch of rustic charm. The open floor plan flows effortlessly from the spacious living room, featuring a custom reclaimed steel fireplace, to the dining area and chef's kitchen, which is equipped with stainless steel appliances, a functional island with seating and storage, a pantry, and a wet bar with a wine fridge. The master suite is a true retreat, complete with a cozy seating area, fireplace, and a full bathroom that exudes spa-like luxury with a resort-style shower, double sinks, and a soaking tub. Each of the remaining three ensuite bedrooms offers comfort and space, with full bathroom

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15720 N 115th Way Scottsdale, AZ 85255

$3,450,000

4 Beds

3.5 Baths

4,817 SqFt

Status Active

MLS # 6763620

Property Type Single Family Residence

Price Type --

Welcome to your dream home at 15720 N. 115th Way, where breathtaking views and modern comforts come together in perfect harmony. Nestled in the serene guard-gated community of 100 Hills this stunning residence offers panoramic mountain vistas, stunning desert sunsets and glittering city lights, providing a backdrop that will captivate you day and night. Step inside to discover a beautifully updated kitchen, the heart of the home, designed for both style and functionality. Featuring sleek granite countertops, custom cabinets, state-of-the-art appliances, and ample storage space, this kitchen is a culinary enthusiast's delight. Whether you're preparing a gourmet meal or hosting friends and family, you'll appreciate the thoughtful design and attention to detail. Beyond the

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35670 N 85th Street Scottsdale, AZ 85266

Open House

$3,449,000

3 Beds

3.5 Baths

4,828 SqFt

Status Active

MLS # 6732527

Property Type Single Family Residence

Price Type --

Welcome to this exquisite masterpiece nestled behind the gates of Rosewood Ranch Estates. Breathtaking, unobstructed, panoramic, mountain views of Black Mountain, Elephant Mountain, and the Continental Mountains on over an acre-most private and largest lot in neighborhood- room for Guest House or Pickleball Court! This custom home is very low maintenance & meticulously crafted by the Award Winning Rosewood Homes celebrated for design and innovative style. Built in 2020, and designed for those with discerning tastes. It's like a new build without the wait! Enjoy the soaring ceilings, elegant wood accent beams, tile hardwood floors, dream kitchen with upscale Wolf, Sub Zero, and Fisher Paykel appliances, private inner courtyard, heated pool, swim up BBQ Island, Bocce Ball, Lock & Leave and MORE! The oversized kitchen island, designer backsplash, and custom cabinetry, are just a few of the features of this incredible kitchen, equipped with a Sub Zero custom refrigerator and freezer, a six-burner Wolf cooktop, and Fisher Paykel dish drawers. This stylish and inviting space is perfect for entertaining, making it the heart of the home. Unwind in the luxurious Great Room, featuring a sleek linear gas fireplace, large picture window perfectly framing Elephant Mountain and the Continental Mountains, or retreat to the versatile Den/Media Room, perfect for a Private Office, Gym, or Home theater. The Primary Suite serves as a private sanctuary, boasting a spa-like bathroom with a generous walk-in shower, beautiful freestanding tub, His and Her Vanities, complemented by oversized designer walk in His and Her closets. Guest comfort and privacy are paramount, with generously sized ensuite Guest Suites with walk in closets, thoughtfully located on the opposite side of the house with the Split Floor Plan Design. Embrace seamless Indoor-Outdoor Living with two walls of disappearing glass that open to a spectacular Private Inner Courtyard, the perfect place to entertain family and friends or curl up with a book and enjoy solitude. The resort style backyard is complete with a large custom heated pool featuring an oversized Bahia Shelf with Ledge Loungers for the ultimate in relaxation poolside, a designer poolside ramada and Gourmet Outdoor BBQ kitchen perfect to swim up to and enjoy fabulous mountain views, sunsets, cocktails and conversations! Enjoy a friendly game of Bocce Ball on your very own court for endless entertainment! Gather around the gas fire table under the star-filled desert sky, star gaze, roast marshmallows, tell stories and create wonderful memories to last a lifetime! Situated on over an acre this gorgeous home boast the largest, most private lot in the neighborhood and offers ample space if one wanted to add a separate Guest House ,a Pickleball Court, Putting Green, Yoga Shala, or simply room to run and play football or catch with your best friend. The Four-Car Garage provides plenty of storage for all your Cars, Recreation Vehicles and Toys. This impeccable home presents an unparalleled opportunity for luxurious living in North Scottsdale. Don't miss your chance to experience luxury at its finest, book your private tour today and step into the lifestyle you've always dreamed of! PS: Furniture available on a separate bill of sale at close of escrow.

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18720 N 101st Street Unit 2019 Scottsdale, AZ 85255

$3,400,000

3 Beds

4 Baths

3,239 SqFt

Status Active

MLS # 6635492

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 resort community of Silverleaf. 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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1402 E Coral Cove Drive Gilbert, AZ 85234

$3,400,000

8 Beds

7.5 Baths

11,705 SqFt

Status Active

MLS # 6719083

Property Type Single Family Residence

Price Type --

Magnificent lakefront 2-story basement estate on rare Peninsular lot w/approx 239' (2 sides) of lakefront nestled on a cul-de-sac lot in the prestigious, gated West Lake Estates Val Vista Lakes water-wonderland Community. Approximately 8,429sf above grade & 3,276sf of beautifully finished basement w/ living quarters, wet bar/kitchenette, 720 btl wine room & gym; a bright upper level attached full Guest Quarters w/sep. entrances; nearly new roof, HVAC & OWNED solar! Thoughtful design w/ superior function, energy efficiency & a flowing floor plan for easy living & entertaining. Timeless architecture, stunning water views & mountain vistas - a lifestyle second to none. Lavish community amenities w/ convenient location to shopping, dining & easy highway access; minutes to airport! SUPPLEMENT: Amenities and updates abound in this luxurious lakefront residence! 1.

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10626 E Palo Brea Drive Scottsdale, AZ 85262

$3,400,000

3 Beds

3.5 Baths

4,160 SqFt

Status Active

MLS # 6761265

Property Type Single Family Residence

Price Type --

This stunning, timeless residence in Turquoise Ridge is nestled on a private cul-de-sac along a serene greenbelt, offering sweeping views of Cochise golf course, city lights, and both sunrise and sunset. Santa Fe accents add warmth and charm to this beautifully designed home, where style meets comfort at every turn. With GOLF MEMBERSHIP available to the exclusive Desert Mountain Club, you'll enjoy world-class courses and luxury amenities just moments away.Inside, the open-concept layout flows seamlessly from the gourmet kitchen to the spacious Great Room, featuring rustic beams, soaring ceilings, and expansive windows that flood the home with natural light, framing breathtaking desert vistas. The kitchen is a chef's dream, complete with high-end appliances, custom Alder cabinetry, and a convenient serving window to the outside pool patioperfect for entertaining. The office is beautifully designed, ideal for working from home, while the oversized three-car garage provides ample space for vehicles and storage, including a wine cellar. The home boasts three luxurious suites, each with its own private patio for quiet relaxation. The large primary suite has direct access to the pool and spa, offering the ultimate retreat. Multiple patios provide additional areas for guest entertaining, while the sun-soaked backyard, with a sparkling pool and shaded al fresco dining space, invites you to bask in the Arizona sunshine. For those seeking the best views, the upper patio delivers panoramic vistas, showcasing vibrant sunsets and the twinkling cityscape. This is a home where every detail has been thoughtfully crafted for both elegance and functionality, making it the perfect desert escape.

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4106 E San Miguel Avenue Phoenix, AZ 85018

$3,400,000

4 Beds

3.5 Baths

3,844 SqFt

Status Active

MLS # 6748744

Property Type Single Family Residence

Price Type --

Blue Sky's newest build in the coveted Marion Estates is ready for its big reveal! Buyers will be wowed by each detail of the property, which features a Lutron smart home control center that services lights, TVs, music, a security system and shades, all from the touch of a button. The thoughtful floorplan contains four bedrooms, including two spacious suites and a flex room. The entertainer's kitchen showcases Energy Star top-rated appliances, custom cabinetry and a generous kitchen island. The outdoor ambiance, which includes a rooftop patio, will captivate owners and guests alike with landscape design by Creative Environments that boasts a sparkling pool, spa, built-in BBQ and an expansive fire pit. Plus, it's impossible to miss the stunning views of Camelback Mountain & Piestewa Peak

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6645 W Leonard Lane Flagstaff, AZ 86001

New

$3,400,000

2 Beds

2.5 Baths

2,984 SqFt

Status Active

MLS # 6778387

Property Type Single Family Residence

Price Type --

Discover your dream mountain retreat with breathtaking views of the San Fransisco peaks! This luxury log cabin, designed by Rocky Mountain Log Homes, features stunning 12'' Western timber logs--no dry wall in sight! The owner/builder spared no expense with quality details throughout. With two bedrooms, 2.5 baths, and a spacious 540 sq ft loft as an extra sleeping area, this home is perfect for family getaways. Enjoy a chef's kitchen with Bertazzoni stainless appliances, granite countertops, a gas stove, and a cozy breakfast bar. Relax by the wood- burning fireplace or unwind in the soaking tub. Located off Snowbowl Road, just minutes from Flagstaff and Snowbowl Ski Resort!

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39877 N 107th Way Scottsdale, AZ 85262

Open House

$3,400,000

3 Beds

3.5 Baths

3,050 SqFt

Status Active

MLS # 6769254

Property Type Single Family Residence

Price Type --

GOLF MEMBERSHIP AVAILABLE. For those who seek unparalleled luxury and craftsmanship, this home offers a complete visual and sensory experience, where every corner reveals beauty and artistry. Designed by Bing Hu and masterfully reimagined by Aesthetic Interiors & Design, this residence is a testament to refined design and meticulous attention to detail. Nestled in the prestigious Desert Mountain community, this home seamlessly blends timeless architectural integrity with modern luxury. Upon stepping through the grand glass pivot door, you're immediately captivated—not just by the striking chandelier, but by the sense that everywhere your eye lands, beauty unfolds. From the rich tones of custom walnut cabinetry to the sleek finishes of satin granite countertops, every detail in the home has been curated with an artistic vision. The open, airy layout flows effortlessly from one space to the next, showcasing a thoughtful balance of rich blacks and warm browns. These materials complement the serene surroundings while adding a modern edge that speaks to the home's luxury. In every room, there's a sense of cohesion and careful design,nothing is out of place, and yet, each space feels distinct. Outdoors, the visual splendor continues. The fully remodeled pool and spa with pebble sheen & LED light show, completed with a serene waterfall feature, create a private oasis, while updated landscaping enhances the natural beauty of the desert environment. The outdoor living area complete with a built-in BBQ, & gathering spot around the 5-foot linear gas fire pit, while listening to your favorite tunes through the indoor/outdoor Sonos system, extends the elegance and functionality of the home. Additionally, this home is ready for you to move right in fully furnished with exquisite RH pieces and styled with a designer's touch. A transferable Desert Mountain golf membership adds to the allure, providing access to one of Scottsdale's most prestigious golf communities. This home is not just a remodel; it is a complete transformation of Bing Hu's original architectural vision, offering a harmonious blend of modern luxury and artistic craftsmanship. Overlooking the 9th fairway of the Apache Golf Course, it stands as a rare and stunning piece of art within one of Scottsdale's most coveted communities. Welcome to The Modern Hu. - A home, a lifestyle, a masterpiece. Entire Home, Landscape, Pool has been updated. See documents tab for a detailed list. See video and 3D Matterport Video in photos.

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5919 N 45th Street Phoenix, AZ 85018

Open House

$3,400,000

4 Beds

2.5 Baths

3,188 SqFt

Status Active

MLS # 6771532

Property Type Single Family Residence

Price Type --

Welcome Home! Stunning Arcadia Gem with Breathtaking Camelback Mountain Views. Beautifully remodeled, raised ceilings, 24' Door, raised patio 3ft, travertine pool decking, two islands, and even a Spa in the master shower.This charming and luxurious Arcadia gem nestled in the Camelback Canyon Estates neighborhood offers the perfect blend of modern upgrades and classic design. Featuring a split floor plan with 4 bedrooms and 2.5 bathrooms. Set in the heart of Arcadia proper on a peaceful cul-de-sac, the home boasts breathtaking views of Camelback Mountain and the iconic Praying Monk. Step inside and enjoy the warmth of brand new flooring, open floor plan. The family room features a dual-functioning fireplace, capable of gas or wood, providing a cozy ambiance. The entire property features a newly installed Lutron lighting system that enhances the home's modern sophistication, allowing for seamless control of lighting both indoors and outdoors. This system not only provides convenience but also creates the perfect ambiance throughout the home, adding to its luxurious appeal. The entire system can control lights, tv, fans, and shades, all from the touch of a button. The separate living room offers formal dining and a seating area with awe-inspiring views of the lush backyard and glimpses of Camelback, ideal for morning coffee. The airy kitchen is a dream, with accordion windowed doors to the outside,allowing natural light to fill the space. It boasts granite countertops, custom tile backsplash, soft-closing drawers, and new Thermador appliances. Large dual islands provide enough space for the whole family. The expansive primary en-suite awaits, easily accommodating bedroom furniture plus a sitting area or office. The en-suite bathroom is adorned with dual vanity sinks, free standing tub, and separate toilet closet, and adorned with a large shower and faucet system. The impressive walk-in closet features custom shelving, drawers, and a large island, offering ample storage for clothing and accessories. A standout feature of this home is the backyard oasis, situated on over a quarter-acre lot. The large covered patio is equipped with recessed lighting and ceiling fans, while the saltwater pool boasts a Pebble Tec finish. The spacious yard also offers RV parking and room to build a guest casita if desired. This home is in the perfect spot, close to some of the best places in the area. You've got Global Ambassador right nearby for a luxurious stay or dining experience, and Steak 44 if you're craving an upscale steak dinner. For something a little more casual but just as delicious, The Henry is a great option. If you need groceries, AJ's Fine Foods is just around the corner, offering gourmet selections. For fitness and wellness, you can head to The Village Health Club. And if you love hiking or outdoor activities, the Echo Canyon Trailhead on Camelback Mountain is practically at your doorstep!

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19947 N 94th Way Scottsdale, AZ 85255

Open House

$3,400,000

5 Beds

4.5 Baths

5,702 SqFt

Status Active

MLS # 6758877

Property Type Single Family Residence

Price Type --

LOCATION & VIEWS. Enjoy luxury living in the highly desired gated community of La Strada : one of Scottsdale's best-kept secrets adjacent to DC Ranch. Next to Market Street and minutes from all of North Scottsdale's best dining and hot spots, golf, hiking or biking trails. EXQUISITELY REMODELED. Most recently, a full-remodel of the primary bathroom & closets. All new Wolf appliances and a large, workable kitchen is great for the chef or novice cook. Remarkable home design with impressive resort style outdoor living spaces. Expansive glass pocket doors and wall of elegant French doors paired with soaring cathedral ceilings with a grand living area allows for seamless indoor/outdoor luxury living & effortless entertaining. All while enjoying the fabulous view of the McDowell Mountains.

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