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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5587 E Edward Lane Paradise Valley, AZ 85253

$2,800,000

3 Beds

3 Baths

2,502 SqFt

Status Active

MLS # 6746956

Property Type Apartment

Price Type --

Lock and leave modern Villa, southern exposure and views of iconic Camelback Mountain. First floor, end unit on quiet street, single level living, 10' ceilings, Sierra Pacific casement windows and 9' bi-fold doors, wood floors throughout, dual fuel 48'' Wolf range w 6 burners, 48'' Wolf wall hood, 48'' Sub-Zero refrigerator, new Cove DW, Quartz countertops, Rinnai Tankless water heater, Kohler fixtures, Emtek door hardware, Toto lavatories, motorized shades, Distinctive custom cabinets and custom closet design, garage storage, epoxy finish and electric car charger, Resort style living, Concierge svcs, golf, artisanal dining, Fitness studio w yoga, pilates & more. Long list of personalized guest services at Mountain Shadows Resort. NO SHORT TERM RENTALS - 6 mo minimum lease. Citizens Club members enjoy priority tee time access on the golf course, equal to hotel guests, use of 4500 sf fitness center and all group fitness classes, introductory fitness assessment, use of day locker facilities, and signing and charging privileges throughout the Resort. Mountain Shadows Resort Amenities made available to Villas Homeowners include a 15% discount to the lower of the Best Available Rate or Rack Rate before discount to Resort guests, including: Hotel Room Nights Restaurant Food & Beverage Greens and Cart Fees Poolside Cabanas Retail Outlets Hotel Valet or Self Parking Nome Meal Delivery from the Resort's Food and Beverage Outlets Alarm system, prewired for motorized shades, smart home.

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11250 W Prospector Drive Queen Creek, AZ 85144

New

$2,800,000

4 Beds

4.5 Baths

4,280 SqFt

Status Active

MLS # 6775374

Property Type Single Family Residence

Price Type --

STUNNING 4 bed 4.5 ba custom estate in GATED Santo Vallarta! Spacious open floor plan features high ceilings w/ wood beams & bright natural light. GOURMET KITCHEN w/ custom soft-close cabinetry, premium Wolf appliances incl GAS range, quartz counters & backsplash, oversized island + butler's pantry. Split master suite w/ direct access to backyard, spa-like en suite bath & walk-in closet. Resort style backyard offers outdoor kitchen, expansive covered patio, sparkling pool w/ water features & spa, gas firepit & BREATHTAKING views of the San Tan Mountains. Home features a 3cg + RV garage w/ hookups & EV charger, tankless water heaters, Control4 Smart Home system to manage the security system, AC & pool. Located on a N/S cul-de-sac lot, just minutes from local amenities, shopping & dining. Step into the expansive open-concept living space, where natural light pours through the large sliding doors that lead to the backyard, blending indoor and outdoor living effortlessly. The living area flows into the gourmet kitchen, equipped with Wolf appliances, a propane stove, and custom soft-close cabinets, all accentuated by sleek quartz countertops. For the culinary enthusiast, the butler's pantry provides extra storage and prep space, ideal for entertaining. The backyard is an entertainer's dream, complete with a custom pool featuring an acrylic glass panel, a spacious covered patio, and a fully equipped outdoor kitchen. Unwind by the pool or take advantage of the Control4 Smart Home system, which seamlessly manages the home's security, cameras, AC, and pool with the touch of a button. Automatic and manual window treatments throughout the home ensure privacy and comfort at all times. For car enthusiasts or RV owners, this property offers a rare finda 3-car garage plus a massive RV garage measuring 21x49 feet, complete with a 50-amp charger for electric vehicles, an RV dump station, and a 220V outlet. The home also features a double washer and dryer setup in the laundry room for added convenience. Luxury extends beyond the main living areas. The home is outfitted with two tankless water heaters, one located inside the garage and the other outside, ensuring an endless supply of hot water. The quartz countertops continue into the bathrooms, each designed with the same meticulous attention to detail. The primary suite offers a true retreat with direct access to the backyard, a spa-like en-suite bathroom, and ample closet space. Outside, the beautifully landscaped yard includes a outdoor shower, kitchen, garden and storage shed, offering extra utility for homeowners. Situated at the end of a cul-de-sac on a North-South-facing lot, this home ensures maximum privacy and optimal sunlight throughout the day. Key highlights of this home: Butler pantry Custom pool with acrylic glass panel All Wolf appliances Control4 Smart Home system Quartz countertops and custom soft-close cabinets RV garage (21x49) with dump station, 220V (50-amp) EV charger Smooth stucco finish and foam insulation to the deck Outdoor kitchen and shower Tankless water heaters inside and outside garage Gated community with cul-de-sac location Split floor plan for privacy Outdoor kitchen and garden This property embodies luxury, convenience, and smart living. Located just minutes from local amenities, shopping, dining, and recreational activities, you'll experience the best of Queen Creek living in this extraordinary custom home.

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6637 E Hearn Road Scottsdale, AZ 85254

$2,800,000

4 Beds

3 Baths

3,006 SqFt

Status Active

MLS # 6765654

Property Type Single Family Residence

Price Type --

This fully remodeled home completed in 2022 is being sold with plans and renderings to expand to 6,500 sq. ft., featuring 7 beds, 6.5 baths, a 4-car garage plus a 934 sq. ft. RV garage, and a home theater. The current layout includes 4 bedrooms in a split floor plan, with a secondary master suite and two additional baths in the west wing. The owner's suite offers large windows overlooking the 2/3-acre backyard, complete with a private pool, sport court, fire pit, outdoor kitchen, and extended turf area. A seamless blend of modern design and future potential.

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10779 E Whitethorn Drive Scottsdale, AZ 85262

$2,800,000

4 Beds

3.5 Baths

4,063 SqFt

Status Active

MLS # 6693349

Property Type Single Family Residence

Price Type --

Now $150K UNDER new appraisal. Exquisite NEW CONSTRUCTION in gated Pinnacle Canyon completed March 2024 by Bent Nails, Inc. and Realm Architecture & Design. Quality through and through, this desert getaway is replete with luxurious finishes such stone and wood floors throughout, granite countertops, handcrafted custom cabinetry, Subzero/Wolf Kitchen and loads of extras such as refrigerator/freezer drawers, steam oven, vacuum seal drawer, and a passthrough window from the outdoor kitchen. The open concept family room centers on a gorgeous stone fireplace and is perfect for large gatherings or intimate evenings at home; this flexible floor plan offers privacy and comfortable living. Beautiful Primary Suite and Junior Primary Suite; both are bright and airy with wonderful walk-in closets and their own laundry. Wood plantation shutters and automated shades throughout. Disappearing doors allow indoor/outdoor living to flow out to a generous covered patio overlooking the surrounding mountains.Enjoy this acre+ desert oasis year round with built-in heaters, heated pool and spa, fire pit, misting system, and a fabulous outdoor kitchen. Whole-house water filtration and soft water, Lutron system controls shades, thermostat, lights. Auto-locking garage doors. *Please check the documents tab for an extensive list of amenities* This is truly Arizona living at it's best!

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3079 E Fruitvale Court Gilbert, AZ 85297

$2,800,000

6 Beds

7 Baths

6,051 SqFt

Status Active

MLS # 6721005

Property Type Single Family Residence

Price Type --

This 6 bedroom, 7 bath home has it all! Theater room, interior courtyard, a full-sized lap pool/spa, putting green, 4 car garage w/ storage. The list goes on. This home has also been upgraded with a 30'x60' RV garage with hook up and sewage drain, along with storage cabinets and a sink. It also has an exterior half bathroom that serves the shop and pool area. This beautiful home's exterior has been freshly painted, the pool was upgraded in the last month, resurfaced and new waterline tile added, the baja step was extended, and barstools installed for swim up effect. The pool also received new updated equipment. The turf in front yard along with a paver round-a-bout drive for extra parking were also additions recently completed. This home is great for entertaining and calls for lots of fun

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6914 E 2nd Street Scottsdale, AZ 85251

Open House

$2,800,000

4 Beds

3.5 Baths

3,014 SqFt

Status Active

MLS # 6768865

Property Type Single Family Residence

Price Type --

Introducing Old Town 5! Downtown Scottsdale's newest urban living community with 5 stylish homes available, all with state of the art finishes, fresh design elements and luxurious living spaces. Each home will include a stunning gourmet kitchen, wide plank wood flooring, sleek cabinetry, refined marble, gorgeous custom lighting and fully retractable walls of glass that open to spacious entertainment balconies. The full guest house is an added bonus. High style, architectural excellence, quality, comfort and functionality combine to create an environment like no other. And Located in the center of the ever booming Old Town Scottsdale, where the lifestyle is unparalleled, and walking distance to the finest dining, clubs and shopping in all of The Valley, this unprecendented community of upscale homes promises to be as unique as it is desirable!

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10379 E White Feather Lane Scottsdale, AZ 85262

Open House

$2,800,000

3 Beds

3.5 Baths

4,778 SqFt

Status Active

MLS # 6734916

Property Type Single Family Residence

Price Type --

REDUCED $200,000! BACK ON MARKET AFTER ROADS RESURFACED.Offered turnkey with a full price offer; including furnishings, accessories, kitchen items & Christmas Decorations (ask for the itemized list). Introducing easy access, lock & leave, move-in-ready custom in Troon's esteemed Pinnacle Canyon! This Tierra Builders custom home offers a split floor plan: 3 bed, 3.5 bath, office & 3-car garage, perfect for luxury living. Positioned alongside the 17th tee box of Troon's Monument Course, it's a dream for golf enthusiasts. Recently renovated with fresh paint, a new roof & a meticulously designed resort-style backyard, the property is a sanctuary of luxury. For entertaining, the spacious semicircle wet bar has seating for 6. Light bright interior spaces, with high ceilings throughout. MORE. Step into the backyard oasis boasting new patio & pool decking, upgraded pool equipment & beautifully updated landscaping, creating an ambiance of tranquility & refinement. The breathtaking views of majestic mountains (including Pinnacle Peak) and sparkling city lights from multiple vantage points throughout the home. Whether entertaining guests or enjoying quiet evenings, this residence offers single level living plus an unparalleled blend of elegance and comfort. Don't miss the chance to own this exceptional retreat that embodies the essence of upscale Sonoran Desert living at PINNACLE CANYON AT TROON. Additional new upgrades include: washer & dryer, dishwasher, tankless Navien gas water heaters, epoxy sealed garage floors, all landscaping irrigation lines, and exterior landscape lighting.

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25564 N 119th Street Scottsdale, AZ 85255

$2,799,995

3 Beds

3.5 Baths

4,330 SqFt

Status Active

MLS # 6728699

Property Type Single Family Residence

Price Type --

This STUNNING plan with award winning exterior design in a gated community can be yours at Toll Brothers at Ranch Gate Estates! Generous 65,600 sqft (estimated) home site size. This Mariola home design boasts dramatic ceilings up to 12' tall with 3 bedrooms, 3.5 bathrooms, a primary retreat, a flex room and an added bonus room. The dramatic interior courtyard welcomes great opportunity for indoor/outdoor living and the perfect ambiance to entertain family and friends. Two sets of large stacking doors off the dining room along with a 90-degree corner sliding door at the great room welcome a light-filled home along with bringing views to the outdoor living from all angles inside the home. Close proximity to the McDowell Mountains for hiking and biking. November 2024 move in date!

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12313 N 93rd Way Scottsdale, AZ 85260

$2,799,990

4 Beds

4.5 Baths

5,117 SqFt

Status Active

MLS # 6675558

Property Type Single Family Residence

Price Type --

Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender. The stunning Sterling model comes complete with landscaping in both the front and back yards, as well as a spacious four-car tandem garage. The kitchen is adorned with KitchenAid Pro Premier Appliances and features a thoughtfully planned cabinet layout. In the foyer, a trey ceiling adds elegance, while the great room is highlighted by a multi-panel center sliding glass door. Additional luxuries include an AV built-in with a fireplace, a guest suite with a living area, and a lavish owner's bath. All conveniently situated in the sought-after Cactus corridor.

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5841 S Marin Court Gilbert, AZ 85298

$2,799,900

4 Beds

4.5 Baths

5,286 SqFt

Status Active Under Contract

MLS # 6721236

Property Type Single Family Residence

Price Type --

Beautiful custom 4BR/4BA + den, dining, game room & nicely upgraded detached guest quarters. Combined sq ft of 5286. Private, theatre, travertine floors, 12 ft ceilings with striking wood beams, stone accents & crown molding throughout. The killer kitchen features Wolf Appliances, massive granite counter top space, 2-dishwashers, walk-in pantry & a cool beverage service area. Primary BR features coffered ceilings, custom closets, dual walk-in shower & Jacuzzi tub. Bring the toys, trucks, etc. & store them in your HUGE detached 2000 + SF, garage. With over ht. 14 ft RV door + 3-car attached gar. This home has been designed for a lifestyle of unparalleled comfort & luxury! The back yard Oasis is set with pool, spa, massive fireplace , built-in BBQ & ext. patio for all your entertainment! Situated near one of Gilbert's premier location only 5-10 min. to the So. 202 FWY, SanTan Village Mall, 20 min. to both downtown Gilbert & downtown Chandler & 35 minutes to Phoenix Sky Harbor International Airport. Far too much to list, a must see!

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4281 S Iowa Street Chandler, AZ 85248

$2,799,000

5 Beds

5.5 Baths

6,135 SqFt

Status Active

MLS # 6752127

Property Type Single Family Residence

Price Type --

Discover unparalleled luxury in this distinguished completely remodeled estate nestled in the heart of Aegean Cove in Fulton Ranch. This stunning basement home offers a rare blend of luxury, convenience, and comfort. Boasting 5 bedrooms, two office spaces, 5.5 bathrooms and a large bonus room in the basement. This meticulously renovated residence spans 6135 square feet of living space, ensuring ample room for both relaxation and entertainment. As you enter through the custom designed iron front door discover a seamless fusion of modern elegance and timeless charm. The open-concept layout enhances the flow between the spacious living areas, which are adorned with wood flooring and custom cabinetry throughout. Expand your living and entertaining space with a large glass pocket door that gives access to the spacious covered patio, as well as flood the interior with additional natural light . No expense spared in this remodel this gem. The gourmet kitchen was updated with top-of-the-line GE appliances, enormous island with 2 dishwashers, ice maker and 6 burner range with griddle. Showcase your wine collection with an impressive wine wall visible from the kitchen and the great room. Entertain in the large living room with a full service bar which boasts a kegerator, beverage cooler, ice machine and custom cabinetry with LED lighted shelves. Enjoy the completely revamped resort style back yard. The Stunning pool and spa with swim up bar, rock water slide and grotto will ensure your guests and family are well taken care of from the large ramada next to the pool which is outfitted with a sink, beverage coolers and TV for viewing from the sunken seating area. Cool off under the misting system or get warm curled up next to the firepits.

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6539 S Oakwood Way Gilbert, AZ 85298

$2,799,000

6 Beds

4 Baths

6,500 SqFt

Status Active

MLS # 6769600

Property Type Single Family Residence

Price Type --

Welcome to 6,500 square feet of pure custom luxury w/in the highly coveted gated community of Estados at Seville Golf & Country Club in Gilbert, Arizona. This custom-built estate offers the ultimate in country club living, complete with a fully finished basement, oversized rooms, his-and-her office spaces, an enormous walk-in closet, pantry, and a home theater. The backyard is a true resort oasis, set on a three-quarter-acre lush green lot. It boasts a diving pool, sport court, children's playground, sunken trampoline, built-in BBQ, outdoor living room, and an expansive covered patio with multiple walls of glass that effortlessly blend indoor and outdoor living spaces. Once you settle into this stunning estate, with its custom finishes throughout, you may never want to leave... But the amenities of Seville Country Club will beckon! Just a short golf cart or bike ride away, you'll find an 18-hole golf course, a health & fitness center, two restaurants, four pools, two-story waterslides, tennis and pickleball courts, reception halls, a hair salon, a preschool, a K-8 school, on-site childcare, bocce ball courts, concerts, and so much more. The Seville lifestyle offers far more than a typical neighborhood. Once you experience it, you'll understand why it's one of the most sought-after communities in the greater Phoenix area. Located in Gilbert, Arizonarenowned for being one of the safest communities in the U.S.this massive, elegant estate awaits to welcome you home to a new level of luxury living.

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