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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3630 E Coconino Court Phoenix, AZ 85044

$2,595,000

6 Beds

7 Baths

5,883 SqFt

Status Active

MLS # 6766692

Property Type Single Family Residence

Price Type --

Stunning One-Acre Lot in a Cul-de-Sac with Spectacular Views! This estate seamlessly backs to the preserve, offering amazing views and privacy, perfect for enjoying the incredible sunsets of Ahwatukee. The desirable floor plan boasts six bedrooms, seven bathrooms, and 5,883 sqft of living space. The sweeping staircase leads to a private master suite with exclusive balconies. Plus, there's a rooftop deck perfect for evening relaxation, offering breathtaking views of your private mountainside estate. Don't miss the gate behind the water slide that provides access to hiking on your own hillside! This resort-style backyard is a true oasis, featuring a sparkling 11-foot diving pool, a spa, a sports court, and a built-in Wolf BBQ. Enjoy... the extended covered patio, synthetic turf, pond, and play area. This luxurious estate in Ahwatukee Custom spans 6,000 square feet and showcases a beautifully remodeled, inviting open floor plan, even earning recognition in Phoenix Home and Garden!

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8836 N 47th Place Phoenix, AZ 85028

$2,595,000

6 Beds

4 Baths

4,210 SqFt

Status Active

MLS # 6779254

Property Type Single Family Residence

Price Type --

Enjoy tranquil resort style living in this sophisticated contemporary home. Nestled in the gated enclave of Doubletree Canyon with mountain view backdrop, this classic Ranch style abode is geared to entertaining with open air living and a guest quarter wing. The interior offerings are timeless; maple hardwood flooring, designer lighting, custom wine cabinetry, and French doors that open onto spectacular views of the tiered desert oasis created in the backyard. Designed by Berghoff, and completely remodeled with a $400K value, the front and backyard are a desert masterpiece. With beautiful pergolas, expansive covered patio with automatic sunshades, exquisite sculptures and built in Viking grill, patio and bar this backyard is reflective of a fine resort.

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6420 E Cholla Street Scottsdale, AZ 85254

$2,595,000

4 Beds

2.5 Baths

2,514 SqFt

Status Active

MLS # 6770117

Property Type Single Family Residence

Price Type --

Welcome to Cholla compound with a modern home that seamlessly blends luxury and leisure, featuring an open-concept design with large windows that flood the interior with natural light. The centerpiece is a sleek living area with vaulted ceilings that flows into a gourmet kitchen, equipped with high-end appliances and stylish finishes. Natural wide plank flooring throughout. Step outside to discover an expansive outdoor space, complete with a shimmering swimming pool and a relaxing spa, perfect for unwinding. Adjacent to the pool, a private pickleball court offers a fun way to stay active. Natural grass, turf combined with pavers make for a finished look. Multiple gates provide access for rv and other toy storage. The property also includes a separate garage equipped with HVAC, ensuring comfort year-round and ample storage for vehicles and recreational gear. This home truly embodies the ideal blend of contemporary living and recreational amenities. Could be converted to a guest casita. This modern home boasts an inviting outdoor space enhanced by a stylish pergola, perfect for outdoor dining and relaxation. The expansive area is designed for both leisure and entertainment, complementing the swimming pool spa and outside shower beautifully. Inside, a spacious laundry and mudroom adds convenience, featuring ample storage and functional design to keep the home organized. This seamless blend of indoor and outdoor living, combined with thoughtful amenities, creates an ideal environment for modern lifestyle. Please see attached documents with added amenity details.

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10040 E Happy Valley Road Unit 340 Scottsdale, AZ 85255

$2,595,000

3 Beds

3 Baths

4,031 SqFt

Status Active Under Contract

MLS # 6652340

Property Type Single Family Residence

Price Type --

IMMEDIATE GOLF MEMBERSHIP AT CLOSE OF ESCROW! Charming southwest contemporary home situated on a private lot in the world renowned Desert Highlands. Light and bright throughout with large expanses of glass bringing the outside in. Formal living room with fireplace, wet bar and wall of sliding glass doors. Formal dining surrounded by a wall of windows and open space, adjacent built-in buffet. Gourmet kitchen with top of the line stainless steel appliances and Snaidero cabinets and granite counters. Spacious primary suite with office and sitting area. 2 guest bedrooms include bedroom + adjacent sitting rooms. Grand backyard with outdoor living room, el fresco dining space, gas firepit, heated Pebble-Tec pool and spa and outdoor cooking station with built-In BBQ, viewing deck. Designated a top 'Platinum Club of America'' golf club, Desert Highlands amenities include a Jack Nicklaus championship golf course, 18-hole putting course, award winning clubhouse featuring ''Jacks'' gastropub, state of the art fitness center, Highlands Racquet Club featuring grass, clay & pickleball courts,& more. A $150,000 membership fee is due from buyer at close of escrow

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5434 E Lincoln Drive Unit 35 Paradise Valley, AZ 85253

$2,595,000

2 Beds

2.5 Baths

2,881 SqFt

Status Active Under Contract

MLS # 6707840

Property Type Single Family Residence

Price Type --

Welcome home to the prestigious guard-gated community of Colonia Miramonte. This charming residence features 2 bedrooms, 2.5 baths, and a spacious office, all meticulously maintained and upgraded by the current owner. Nestled next to the JW Marriott Camelback Inn, this move-in-ready home offers exclusive resort-style living in the heart of Paradise Valley. As a resident, you'll enjoy a host of luxurious benefits, including discounts at the resort's acclaimed restaurants and the convenience of room service delivered directly to your door. Experience the perfect blend of comfort, elegance, and convenience in this beautiful home. Don't miss the opportunity to explore this listing in Colonia Miramonte. Come and see for yourself what makes this community so exceptional.

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5101 N Casa Blanca Drive Unit 235 Paradise Valley, AZ 85253

$2,595,000

3 Beds

2.5 Baths

2,130 SqFt

Status Active

MLS # 6754435

Property Type Townhouse

Price Type --

In the exclusive enclave of Casa Blanca stands a truly exceptional residence unlike any other! This single-level home underwent a comprehensive transformation, where it was taken down to its shell and meticulously redesigned. Now boasting an exquisite great room that seamlessly flows onto a patio with views of Camelback Mountain, this home is a testament to luxury living. The attention to detail is unparalleled, featuring gorgeous finishes such as limestone flooring, elegant steel doors and windows and an incredible primary closet. Salvaged antique doors from a historic Masonic temple, sleek black-lacquered doors and trim, and sterling silver door hardware further enhance the allure of this special home.

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12832 E Sorrel Lane Scottsdale, AZ 85259

Open House

$2,595,000

4 Beds

5.5 Baths

5,655 SqFt

Status Active

MLS # 6695884

Property Type Single Family Residence

Price Type --

The Diamond House. Expansive McDowell Mountain views. Remodeled in 2020 this well cared for resort home sits on a large lot, in the exclusive gated community of Los Diamantes. Chef's kitchen with 6-burner Thermador cooktop, center island and walk-in pantry. Great room, formal dining and dedicated office. Bonus game room with wet bar and stunning glass wine display. Primary suite with sitting area, spa bath and walk-in closet. Sport court, covered patio and built-in outdoor BBQ. This home was designed for entertaining. Pebble-Tec pool and spa, firepit, putting green and multiple sitting areas. Mature trees, citrus, and lush vegetation. Community tennis and playground. Close to hiking/biking trails, golfing, MAYO, Honor Health, BASIS, and top-rated Scottsdale schools. Contemporary AZ Living

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6500 E Camelback Road Unit 1010 Scottsdale, AZ 85251

New

$2,590,000

3 Beds

3.5 Baths

2,971 SqFt

Status Active

MLS # 6787157

Property Type Townhouse

Price Type --

Welcome to The Luxian Villas on Camelback, an exclusive gated community of 14 luxury townhomes in the heart of Scottsdale, AZ. Built in 2020 by Todd Simmons, these residences blend modern design with the natural beauty of its surroundings. Positioned on the 3rd hole of The Phoenician Resort Golf Course, residents enjoy breathtaking views of Camelback Mountain and lush golf course fairways. Steps from Scottsdale Fashion Square, trendy restaurants, Old Town entertainment, and the Scottsdale Baseball Stadium, this home offers unmatched convenience and style. Step inside this exceptional property, where an open floor plan with corner sliding glass doors seamlessly connects indoor and outdoor living. The backyard oasis, overlooking the golf course and iconic Camelback Mountain, sets the stage for unforgettable moments. Entertain in style with a custom bar, while creating fine cuisine in your gourmet kitchen featuring top-of-the-line Wolf and Sub-Zero appliances. This thoughtfully designed 3-bedroom home includes a versatile flex space perfect for an office or exercise room, 3 luxurious ensuite bathrooms, and a convenient half bath. Additional highlights include wide-plank oak hardwood flooring, motorized window shades, upgraded air and water filtration systems, and a state-of-the-art mesh WiFi network. The EV-ready 2-car garage, equipped with 240V power, ensures your home is as functional as it is beautiful. Residents in this prestigious community enjoy on-site amenties with a pool, heated spa, BBQ and cozy fireplace while basking in the sun and taking in the Camelback Mountain view.

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2980 E Boot Track Trail Gilbert, AZ 85296

$2,590,000

6 Beds

5 Baths

5,728 SqFt

Status Active

MLS # 6761387

Property Type Single Family Residence

Price Type --

Morrison Ranch Gem in the heart of Gilbert AZ!!! This home showcases unrivaled options, with custom upgrades and meticulous trim finishes throughout. The light and bright interior flows seamlessly into a wide open floorplan, perfect for modern living and entertaining. The gourmet kitchen is a chef's dream, featuring an abundance of cabinetry, a massive waterfall-edge island, and high-end stainless steel and cabinet-faced appliances. Entertainment options abound with a dedicated theatre and gaming room, while the fully enclosed metal and glass workout room provides a sleek, private space for fitness. The oversized master bedroom is an elegant retreat, opening to a large overlook patio with stunning views of the resort-style backyard. The master bathroom offers expansive elbow room and luxury finishes, and the master closet boasts a plethora of storage, designed for maximum convenience and style. This home is a true masterpiece with over $1.2 million in upgrades and additions, making it a must-see for those seeking the pinnacle of luxury living in Gilbert. There are far too many features to list, lock in your private look today!

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1 Sky Ridge Court Sedona, AZ 86336

$2,589,000

4 Beds

5 Baths

2,995 SqFt

Status Active

MLS # 6595623

Property Type Single Family Residence

Price Type --

Spectacular to be built custom home in Sky Ridge Estates, Sedona's newest subdivision in the heart of Sedona. Beautiful panoramic view hilltop lot on the ridge with North/East/South facing panoramic views. Four en-suite masters. Short walk to the new town square, city park and museums, Tlaquepaque, high-end shopping and dining, Los Abrigados Spa resort, restaurants, gym, lit tennis courts, and Oak Creek front park available for membership. Presently in design(rendering and floor plans only) stage to break ground after completion of roads and utilities currently underway ). Guest houses may be able to be added. Very quiet and secluded, yet in the heart of Sedona, with a 10 walkability score. Below Market Pricing: Secure your slice of paradise with lots starting at just $329,000(half-off 8/23 appraisal of 495,000- 695,000 as improved (when road and utilities are completed) Build Your Dream: Opt for our innovative rustic contemporary, metal, and ceiling-to-floor glass eco-friendly landscape homes, designed for efficiency and elegance. Cantilevered on pillars vs old style expensive cut and fill pad or retaining wall, See renderings under the photo tab. Unparalleled Views, Privacy, very quiet & secluded: 19 Exclusive Lots: Each lot, ranging from half to three-quarters of an acre, offers breathtaking panoramic views along a serene ridge down and through a hidden canyon. Investment & Lifestyle Flexibility: Luxury Living Redefined: Sky Ridge Estates isn't just a place to live; it's a lifestyle. This 5-star resort community offers: *Private Club & Fine Dining (room service): Experience culinary delights without leaving the comfort of your community. *Wellness & Leisure: State-of-the-art anti-aging spa, fully-equipped gym, yoga studio, indoor climate-controlled pickleball court, and a golf simulator. *Concierge & Transport: Enjoy the convenience of concierge services, a Mercedes limo van for all your travel needs, and 24-hour security guard and cameras. *Resort-Style Property Management: Travel a lot? 2nd Home? On-site property management is available. *Infrastructure is underway, and roads and utilities are being installed. The clubhouse and gate are pending approval. Collaborate with our top architect and builder to bring your vision to life. Contact us for more details on this unique opportunity. Look under photos and website for home renderings and drone footage of each lot. Don't miss out on this chance to invest in a lifestyle of luxury and tranquility at Sky Ridge Estates. Recent Sold Comps; 920 N Palisades,.73 ac,COE 10/23 for 525,000 3 Sky Ridge Ct.,.63 ac,COE 1/24 for 500,000

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2080 W Condor Road Wickenburg, AZ 85390

$2,575,000

4 Beds

4 Baths

3,370 SqFt

Status Active

MLS # 6764674

Property Type Single Family Residence

Price Type --

Take advantage of this rare opportunity to buy a furnished custom home within the renowned guest ranch, Rancho de los Caballeros in Wickenburg. This 3,300 square foot home was completely reimagined and rebuilt in 2010 under the guidance of Joe Conk, architect, Hasbrook Interiors and AH Construction. Classic southwestern slump block construction and original brick floors were preserved while adding the modern amenities and comforts today's homeowners expect. A 4-car garage is a car lover's dream and a 40-panel solar system offers energy efficiency. The home sits on 1.8 acres with impressive landscaping and expansive patios (both covered and uncovered), the perfect place to take in the beautiful Arizona sunsets and surrounding mountain views. The ''Ranch,'' which has been in [more] continuous operation since 1948 and was just named the #15 resort in the world and #2 in the southwest by readers of Condé Nast Traveler, is under going an incredible renaissance with the support of new ownership who are investing millions without losing sight of legacy and tradition. Ranch community memberships are available and amenities include: golf, horseback riding, spa and pool, tennis, fine dining, trap/skeet, archery and much more. The notable horse program offers 13,300 rideable acres of wide-open space in the Sonoran desert, team penning and roping instruction. Wickenburg is located northwest of metro Phoenix and is 70 miles from Phoenix Sky Harbor Airport. Known as the team roping capital of the world, Wickenburg offers a relaxed western lifestyle. The Webb Center for the Performing Arts and the Desert Caballeros Western Museum offer cultural events year round.

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6357 E Maguay Drive Cave Creek, AZ 85331

$2,575,000

6 Beds

4.5 Baths

4,063 SqFt

Status Active

MLS # 6769253

Property Type Single Family Residence

Price Type --

Welcome to this contemporary desert retreat, with breathtaking views of the surrounding mountains from every window. Completed in early 2023, this newly constructed home is designed to captivate you with its sweeping views, providing a perfect backdrop of endless tranquility. Imagine waking up to awe-inspiring sunrises and ending your day with vivid sunset vistas, all framed by the dramatic mountains in the distance. Located in the highly desirable North Cave Creek area, this home offers a serene escape while still being just minutes from the vibrant local scene, with top-rated restaurants and boutique shops at your doorstep. Spanning an expansive 4,063 SF, with 3,043 SF in the main residence and a generous 1,020SF casita This property blends modern elegance with unparalleled functionality. This is more than a homeit's a lifestyle, offering the perfect fusion of luxury, convenience, and breathtaking desert beauty.

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