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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8337 E La Senda Drive Scottsdale, AZ 85255

$2,695,000

3 Beds

3 Baths

3,666 SqFt

Status Active

MLS # 6771184

Property Type Single Family Residence

Price Type --

Situated on a premier golf course lot with much desired southern exposure, this superb, remodeled with an addition immaculate 3 bedroom, 3 bath plus office home is located in coveted Pinnacle Peak Country Club Estates. From the moment you drive up to the beautifully landscaped entrance with circular drive, 3 car side entrance garage and private gated courtyard you will want to call this home. In addition to the perfect location this exceptional property is the perfect blend of cozy charm and space for large gatherings offering a comfortable Living room with fireplace vaulted ceiling and dining area and the spacious Family Room which is open to the kitchen is surrounded by windows and boasts a fireplace, dining area and access to the backyard covered patio. Fully equipped kitchen features granite counters, double ovens, SS appliances and pantry. Primary bedroom has access to the backyard and primary bathroom has double sinks and walk-in shower. Guest bedroom has access to it's own bathroom and third bedroom currently being used as a den has access to the hall bath. The large backyard with covered patio and built-in-BBQ is great for entertaining or quietly enjoying the golf course and mountain views. And all is conveniently located close to shopping, dining, golf and the loop 101.

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17805 N 92nd Street Scottsdale, AZ 85255

$2,695,000

4 Beds

4 Baths

3,547 SqFt

Status Active

MLS # 6783008

Property Type Single Family Residence

Price Type --

This stunning DC Ranch Estates home boasts a rare and highly sought-after floorplan that has been ''bumped out'' with additional square footage throughout, creating an expansive, open atmosphere at every turn. This recently remodeled four bedroom, four bath home combines modern sophistication with warmth and comfort. It features a spacious open-concept kitchen, dining room, and great room, with a large opening seamlessly connecting the indoor and outdoor living spaces. Throughout the home, you'll find wide plank European Oak engineered hardwood floors, warm dim recessed lighting with 3'' square trims, Legrand Adorne switches, and sleek, custom flush-mount HVAC registers. Solid wood interior doors with Emtek hardware add another layer of refinement to the home. The chef's kitchen is a true masterpiece, showcasing elegant marble and granite countertops, a striking marble slab backsplash, and an oversized island. It is equipped with top-tier appliances, under-shelf LED warm dim lighting, and a discreet, yet large and highly functional walk-in pantry. The kitchen opens to an expansive great room, featuring a new 14' sliding door with four panels, offering an uninterrupted connection to the back yard. Two custom-built desk spaces along with luxurious window treatments and lighting elevate the ambiance of this impressive entertaining space. This home boasts a luxurious primary en-suite, a guest en-suite, and two additional bedrooms sharing a beautifully finished dual-vanity bathroom. The primary bath is a spa-like retreat with a spacious double-sink vanity, a freestanding tub, and a shower with dual rain heads. A custom drop zone near the laundry room combines style and practicality, keeping clutter neatly tucked away. The home's gym opens through french doors to a private backyard oasis, providing the perfect indoor-outdoor workout experience. The backyard has been completely transformed with limestone patio and pool decking, a modernized pool finish, new LED pool lighting, a new pool heater, lush new landscaping, and a 4-hole putting green with chipping area. Please refer to the Documents Tab for a comprehensive list of all upgrades throughout the home. A personal tour of this residence will offer a true experience of the exceptional level of craftsmanship and attention to detail that defines this renovation.

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6050 W Saskan Ranch Circle Flagstaff, AZ 86001

$2,695,000

6 Beds

6 Baths

6,250 SqFt

Status Active

MLS # 6764733

Property Type Single Family Residence

Price Type --

Pickleball Anyone? This home boasts it's own pickle ball court on nearly 5 acres in Saskan Ranch, perfect for indoor and outdoor living and entertaining. Main house has 3 levels with 2 bedrooms on each, all but one are en suites. Downstairs features a bonus room, theatre room and kitchenette. Outdoors there is a sports court (pickleball, volleyball,basketball). Over the garage there is a bunk room and bath that could also be used as an office. Huge RV garage for outdoor toys, large enough for a boat or multiple vehicles. AC, kitchen appliances, 1 water heater and carpet in above garage bunk room all replaced in last 2 years. Waste system is a Wisconsin Mound. ( main house approximately 5400 square feet, bunk room 850 square feet, approximately.

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37200 N Cave Creek Road Unit 2124 Scottsdale, AZ 85262

$2,690,000

3 Beds

3.5 Baths

2,721 SqFt

Status Active

MLS # 6676629

Property Type Townhouse

Price Type --

This exquisite upper-level corner residence is meticulously designed to integrate the beauty of the outdoors with the comfort of the indoors. Awe-inspiring views of the surroundings are a highlight, made even more spectacular by the stackable sliding doors that seamlessly connect the large outdoor patio to the cozy interior. Overlooking the 3rd fairway and surrounded by mountains, this space is perfect for both entertaining guests and enjoying moments of solitude. Conveniently located on the right side of the building, the residence is equipped with an elevator, ensuring easy access from the garage to your living space.

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12251 E Cortez Drive Scottsdale, AZ 85259

$2,685,000

5 Beds

3.5 Baths

3,985 SqFt

Status Active

MLS # 6744218

Property Type Single Family Residence

Price Type --

Welcome to this breathtaking custom home situated on a cul-de-sac in the gated community of Sonoran Arroyos. No expense or detail was spared in this home. Gourmet kitchen with double islands, gas cooktop and stainless steel appliances. This home has everything you need to enjoy indoor/outdoor living. The backyard is a true resort-style oasis, new L-shaped fire pit with grilling and dining area,. oversized side burner, refrigerator, new water features, gas fire pit and two large copper fire bowls added to the ambiance. Master suite has a newly designed walk-in closet with four electric rods for your convenience, fireplace and access to your oasis. Master bathroom has a walk-in shower, soaking tub, fireplace and two vanities. There's so much to this home. You have to see it!

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3448 S First Water Trail Gold Canyon, AZ 85118

$2,675,000

5 Beds

5.5 Baths

5,838 SqFt

Status Active

MLS # 6784858

Property Type Single Family Residence

Price Type --

Welcome to an unparalleled luxury estate situated directly on the 10th fairway of the Nicklaus-designed Lost Gold golf course within the prestigious 24/7 guard gated community of Superstition Mountain Golf & Country Club in Gold Canyon, Arizona. Set against the breathtaking backdrop of Arizona's iconic Superstition Mountains, this exclusive residence offers a timeless blend of sophisticated design, natural beauty, and refined amenities. The expansive windows, cathedral ceilings and stunning wood beams truly showcase the home and Superstition Mountain views. Every detail of this 5 bedroom, 5.5 bathroom masterpiece exudes elegance. The courtyard 'piazza' with an inviting fireplace welcomes you to the main residence and a private entry to the guest casita directly off the front courtyard. Each bedroom boasts their own ensuite bathrooms complete with walk in closets. The gourmet open concept kitchen is complete with a 6-burner gas Viking cooktop, 36 Viking refrigerator/freezer, an extended kitchen island along with double sinks, dishwashers , lower convection ovens and a built in microwave. The oversized walk-in pantry. and large butler's pantry offers plenty of storage and your own coffee and beverage bar. For the wine enthusiast there is also a private climate controlled wine cellar which can hold approximately 600 bottles of your favorite vintage. The Primary bedroom suite has direct access to the backyard, along with a private sitting area, two private water closets, double sinks, a luxurious jetted tub, spa shower and dual large walk in closets. The warm and elegant hand-scraped wood floors and travertine tile elude true beauty throughout.The 8' solid core alder doors, Emtec hardware and custom cabinetry complete with wood casement windows and doors adds character and charm. The spacious covered back patio, inviting gas fireplace and heated infinity pool and spa make this home a true desert oasis. The oversized 3 car garage also offers a large storage closet and an abundance of cabinets.There is surround sound throughout the home as well as automatic sun shades. Superstition Mountain Golf & Country Club offers world-class amenities that redefine exclusivity. Both golf and social memberships are available. The amenities include two championship Jack Nicklaus golf courses, an elegant clubhouse with gourmet and casual dining, a state-of-the-art fitness center, tennis and pickleball courts as well as social gatherings and events. Gold Canyon is located less than 35 minutes to Phoenix Sky Harbor airport & 20 minutes to Mesa Gateway airport. Some furnishings are available on a separate bill of sale.

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9772 E Sands Drive Scottsdale, AZ 85255

$2,675,000

5 Beds

5.5 Baths

5,377 SqFt

Status Active

MLS # 6778156

Property Type Single Family Residence

Price Type --

Impressive Pinnacle Peak Vistas Estate situated on over an acre home site boasts panoramic mountain and city views with stunning sunsets. Desirable home design with master plus 3 ensuite bedrooms downstairs, with an additional large ensuite bedroom/gameroom upstairs. Charming eat-in kitchen features stylish white cabinets, Sub Zero/Thermador/Miele appliances, and granite countertops opens to spacious family room with stone fireplace and built-in bookshelves. Elegant finishes throughout including hardwood floors, classic window shutters, stylish tile accents backsplashes and chic newly remodeled bathrooms. Private resort style backyard with covered patio, pool with water feature, fire pit with bench seating and generous grassy area. Convenient access to nearby golf, hiking, restaurants shopping, minutes from the 101. Luxurious Arizona living!

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2121 E Palo Verde Drive Phoenix, AZ 85016

$2,675,000

4 Beds

4.5 Baths

4,026 SqFt

Status Active Under Contract

MLS # 6781814

Property Type Single Family Residence

Price Type --

This modern masterpiece is ideally located in the private Biltmore East subdivision. Situated on a cul-de-sac and featuring a 16,000 square foot lot, this home is an entertainer's dream. Inviting indoor-outdoor living, the home features a full outdoor kitchen with multiple ovens, a pizza oven, and plenty of seating with fire features and spacious entertaining area. The private pool area includes a half bath and full bar setup, including dishwasher. The interior of the home balances modernity and comfort with defined spaces that transition from formal living to the comfortable and relaxed family room. The split floor plan, office with incredible views of the outdoor space, private/hidden wine cellar and pass-through 4 car garage are the icing on the cake of this incredibly unique estate.

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12424 E Poinsettia Drive Scottsdale, AZ 85259

Open House

$2,675,000

5 Beds

4.5 Baths

4,137 SqFt

Status Active

MLS # 6744270

Property Type Single Family Residence

Price Type --

Nestled near the McDowell Mountains in North Scottsdale lies the opulent Southwestern home of your dreams. Beyond the private gates, a community of seven custom homes awaits, untouched by the market for the past eight years. Adorned with charming blue shutters, driveway pavers, natural stone accents, and a meticulously landscaped desert-themed front yard, this residence is a sight to behold. Step through the solid wood front doors to be greeted by the grand bay windows in the formal living room, revealing a serene sanctuary with remarkable architecture and exposed beams throughout. The outdoor oasis boasts a sparkling pool, spa, and a covered patio equipped with a mister system. The interior features five generously sized bedrooms with 4.5 elegant travertine bathrooms. The primary bedroom includes a lavish custom closet, while flagstone and engineered hardwood floors, welcoming fireplaces, and top-of-the-line appliances grace the entire home. Relax with a glass of wine on the rooftop terrace offering breathtaking panoramic sunset views. This exclusive opportunity provides unmatched seclusion while being conveniently located within walking distance to the local schools and a short drive to esteemed medical centers, upscale dining, shopping destinations, golf courses, and stunning mountain vistas.

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3611 E Kachina Drive Phoenix, AZ 85044

$2,650,000

7 Beds

6 Baths

5,924 SqFt

Status Active

MLS # 6779704

Property Type Single Family Residence

Price Type --

Captivating Furnished Home with Modern Luxuries in the Heart of Arizona Welcome to your new home, perfectly poised for those who cherish both luxury and lifestyle, located just moments away from the scenic trails of South Mountain Park/Preserve. This residence isn't just a property; it's a gateway to a life infused with comfort, modern amenities, and the expansive beauty of Arizona's landscape. Property Features and Amenities This home is a blend of style and function, featuring an exquisitely updated kitchen that promises to delight culinary enthusiasts. With a double walled oven, a professional 6 burner gas range top, and premium Monogrammed stainless steel appliances including a double dishwasher and microwave, this kitchen is as efficient as it is elegant. For those who love entertaining, the dual Calacatta Quartz waterfall islands and a sophisticated Silhouette wine/beverage fridge create the ideal setup for hosting. This expansive abode offers 7 bedrooms and 6 baths, fully furnished with sleek porcelain tile flooring throughout. The primary suite is a true retreat, equipped with smart living technology that includes advanced shower systems and toilets, LED mirrors, providing a spa-like experience right at home. Modern Conveniences and Technological Advancements A 98 inch Samsung mounted television paired with acoustic wood panel veneers sets the stage for entertainment, while the home gym caters to fitness needs. Energy efficiency and comfort are elevated with newly installed vinyl windows and sliding doors, spray foam attic insulation, and all-new AC units designed to save on utility bills. Outdoor and Recreational Appeal The exterior of the home is equally impressive, featuring a versatile heated/chilled pool, ideal for entertaining guests or enjoying a relaxing day under the sun. Prime Location What makes this property truly stand out is its prime location, situated just down the street from the trailhead at the renowned South Mountain Park/Preserve, offering endless opportunities for outdoor adventures and connection with nature. Are you ready to make this exceptional property home and enjoy all that the Arizona sun has to offer?

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3617 N Granite Ridge Road Buckeye, AZ 85396

$2,650,000

5 Beds

5.5 Baths

5,317 SqFt

Status Active

MLS # 6753527

Property Type Single Family Residence

Price Type --

Location, location, location! Stunning residence on the Signature 12th Hole of The Verrado Golf Club! The lot next to the home is available for purchase for added value or privacy. The 3-car garage with an extra long driveway lets you bring all your toys, trucks, and cars. Impressive interior showcases the finest quality materials and impeccable craftsmanship throughout. Roman pillars, wood and stone floors, Canterra Stone fireplaces in the right areas, multiple French doors, a high beamed ceiling in the family room, and surround sound speakers. Chef's kitchen has granite counters, wood cabinets with crown moulding, a walk-in pantry, a big island with a breakfast bar, a stylish backsplash, and high-end stainless steel appliances such as wall ovens. Lot next to property available. Wet bar, wine cellar, and butler's pantry for convenience. Large bedrooms, walk-in closets, office/library, and upscale bathrooms. Each room is a work of art! Grand main retreat has a fireplace, backyard access, and a spa-like ensuite boasting a jetted tub, double vanities, and a big tiled shower with dual shower heads. The entertainer's backyard allows you to enjoy the impressive mountain and golf course views from every angle! Covered patio, blue pool, relaxing spa, built-in BBQ, fireplace, dog run, exterior shower, above-ground hot tub, and putting green complete the backyard. Words don't make it justice!

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9879 E Broken Spur Drive Scottsdale, AZ 85262

$2,650,000

3 Beds

3 Baths

2,960 SqFt

Status Active

MLS # 6765693

Property Type Single Family Residence

Price Type --

Coveted front row Lookout Ridge home. Golf Membership available from seller. Offering breathtaking views of the first hole of the Renegade golf course, Pinnacle Peak, McDowell Mountains and glittering city lights views. Impeccably maintained, this south facing gem offers a large expanded patio to capture all of the terrific views. Extraordinary indoor living with large windows, 3 suites, 3 baths and an open floor plan. Spectacular remodeled kitchen, newer appliances, no carpet except for guest room. Easy walk to the new Renegade Clubhouse, golf practice park and the world-class Sonoran Fitness Center. The home is offered turn key minus some exclusions from the seller. Truly a must see.

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