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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3875 S Flagstaff Ranch Road Flagstaff, AZ 86005

$2,260,000

5 Beds

4.5 Baths

3,511 SqFt

Status Active

MLS # 6742639

Property Type Single Family Residence

Price Type --

You might call this ''The Crown Jewel of Flagstaff Ranch,'' where you can see golf holes 9, 10, 13, 15 and 16 from this home! Immediately upon entering this highly upgraded home, the Picturesque Views of 5 different golf holes on Flagstaff Ranch will have you sold! Breathtaking views and the high-vaulted ceilings are complimented by the spacious, functional and captivating living area and kitchen. The kitchen boasts a double island, one of which is for entertaining and equipped with ice maker a wine fridge and the other houses a prep sink —a chef's delight! Speaking of a chef's delight, there's a 6-burner Wolf gas stove and an oversized Subzero freezer and fridge that neighbors an oversized walk-in pantry. Enjoy watching layers of golfers EVERYWHERE and beautiful Flagstaff skies from your living room or covered patio that showcase the panoramic views. Soak in Sunsets like you've never seen, while you listen to music on this home's Control 4 indoor/outdoor Sound System! You can easily access the Chuckwagon or The Turn snack shop with a quick stroll down Flagstaff Ranch Rd. Private dining room has views of the 15th and 16th holes. Ideally positioned windows all throughout the home best highlight golf course, tree and sky views all over. Caldera and Peak views also within reach. Downstairs is the Primary bedroom with fireplace and great views even in the bathroom. The bathroom is spacious with beautiful Restoration Hardware double sink and large closet...and in-floor heating to keep your feet warm! A second bedroom is downstairs, a Junior Primary Suite with wet bar and also has attached bathroom with dual sinks and shower. Rounding out the downstairs is a centrally located enclosed room with views of holes 15 and 16, which can be used as an office or kids playroom. Upstairs are three additional bedrooms, one of which is en suite. Stair access is conveniently located near garage door so as to not disturb occupants in the primary or junior suite on the opposite end of the home. Important rain or shine is a a covered patio, which this property has in addition to a level driveway which is all-weather friendly and most desirable, especially in the winter. Structural Builder's Warranty is transferable to new seller. This estate is both private with close access to the entry gates and has everything you could imagine and more! Did you know? Flagstaff Ranch is a top-rated golf course and is now Troon Managed! Flagstaff Ranch is ranked in the TOP 20 in Arizona by Golfweek!

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3244 E Daley Lane Phoenix, AZ 85050

$2,250,000

4 Beds

3.5 Baths

4,163 SqFt

Status Active

MLS # 6704743

Property Type Single Family Residence

Price Type --

This exceptional home is nestled within the PRESTIGIOUS GATED enclave of Astarea in Sky Crossing. This Dignitary model boasts a custom steel security gate enclosing the courtyard, guest casita and boasts lavish upgrades throughout its open-concept design. Experience seamless indoor/outdoor entertaining with retractable doors. The gourmet kitchen features quartz countertops, a backsplash extending to the ceiling, a butler's pantry, and dual dishwashers. Step into a resort-style backyard featuring an expansive patio, a Pentair heated pool and spa with LED lighting, a swim-up bar, built-in barbecue, fire pit, and misting fan. Ample side storage accommodates recreational toys. Complementing the 3-car tandem garage. Sky Crossing amenities include multiple pools, sports courts, and play... areas. Ideally situated near the 101/51 freeways, Desert Ridge Marketplace, Mayo Hospital, and more! This property has a lease to purchase opportunity, as well as a fully furnished option.

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26808 N 150th Street Scottsdale, AZ 85262

$2,250,000

3 Beds

3.5 Baths

2,746 SqFt

Status Active

MLS # 6740182

Property Type Single Family Residence

Price Type --

DISCOVER A SERENE DESERT OASIS surrounded by mountain views. Nestled in a horse-friendly community, this property is conveniently located near the entrance of the picturesque McDowell Mountain Regional Park. The park offers a myriad of outdoor activities, including 50 miles of trails dedicated to hiking, mountain biking and horseback riding. This exquisite custom home, constructed in 2020, boasts 3 bedrooms, 3.5 bathrooms, and a spacious 2,740 square feet of living space. A private well with a 5,000-gallon underground storage tank ensures a reliable water supply. The property features a 3-car extended length garage, including epoxy floors, insulation, and ample space for trucks and storage. The home's interior is elegantly designed with all tile floors and granite countertops, offering a clean low-maintenance living experience. The luxurious primary suite serves as a true sanctuary, complete with fireplace, jetted tub and large walk-in closet. For equestrian enthusiasts, the property includes a meticulously designed horse setup with a MD Barnmaster 4-stall barn, featuring a tack room, hay storage, raised center aisle with porch, windows, end doors, and stall doors. The barn is equipped with amenities such as electricity, automatic waterers, and stall mats for the comfort of your horses. The 5-acre property has low-maintenance desert landscaping and is securely enclosed with a 5 foot high, 4-pipe rail, no climb fencing, providing a safe and secure environment. Seize the opportunity to experience the tranquility and unique features of this exceptional property, priced below appraisal. Discover why this home is truly one-of-a-kind.

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4489 N Ocotillo Road Benson, AZ 85602

$2,250,000

5 Beds

4 Baths

3,600 SqFt

Status Active

MLS # 6746660

Property Type Single Family Residence

Price Type --

With irrigated pastures, barns, multiple homes, and the San Pedro River this property is one of a kind. This ranch has 55 acres of irrigated pasture and a 900 gpm irrigation well. Along with two horse barns, shop, clinic, hay storage, working corrals, tack rooms, feed rooms, and more. The ranch is the perfect place to raise cattle or horses in privacy. The 2400 sf home, 1200 sf ranch mangers home, and barn with office/apartment it provides space for all your crew or guests. Just 22 miles from Benson this location is great for expanding your livestock operation. Three domestic wells, a large irrigation well, and a pond supply water to the acreage. This location has an amazing water table and would make a perfect place to grow any crop or raise feed. A 350 acre private lease also available.

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14216 S Canyon Drive Phoenix, AZ 85048

$2,250,000

5 Beds

5 Baths

5,561 SqFt

Status Active

MLS # 6751901

Property Type Single Family Residence

Price Type --

Custom estate sitting on nearly 2.5 acres in the prestigious of gated Canyon Reserve community. Stunning mountain views surround the main and guest house on this quiet cul-de-sac. Greeted with high ceilings, arched entryways, travertine floors, and large windows to provide natural lighting in the formal dining, great room with gas fireplace, and office/den with built-in floor to ceiling bookshelves. Chef's kitchen includes stainless steel appliances, kitchen island with additional sink, pantry, and eat-in kitchen. Primary suite includes built-in shelves, fireplace, private seating area, dual sink vanities, oversized shower, separate bathtub, and walk-in custom closet. Entertain family and friends in the backyard's custom pool/spa with expanded pool deck, covered patio, outdoor TV setup, built in BBQ, and exterior fireplace while enjoying your private mountain views and desert landscaping. Additional home features include a 3-car garage and guest house with mini kitchen and full bath. Located near your favorite Ahwatukee hiking, golf, and dining!

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29537 N 155th Avenue Surprise, AZ 85387

$2,250,000

4 Beds

3.5 Baths

5,114 SqFt

Status Active

MLS # 6756050

Property Type Single Family Residence

Price Type --

Welcome to an unparalleled estate that seamlessly blends luxury living for horse and car enthusiasts on 8 gated acres. This property is designed with the discerning equestrian in mind, featuring ample space and tranquil surroundings perfect for riding and training. The main residence, showcasing 4 bedrooms and 3.5 baths, exudes timeless elegance with refined finishes throughout. Culinary enthusiasts will love the gourmet kitchen, equipped with Viking appliances and a central island, perfect for post-ride meals. The home also offers a private movie theater, a sprawling primary suite, and two grand fireplaces, creating a warm and inviting ambiance. Car lovers will be thrilled by the massive detached 3,000 sqft garage, ideal for housing RVs, classic cars, or any prized vehicles. This versatile space provides ample room for car restoration projects or simply securing your collection. Step into your backyard oasis, where a sparkling pebble tec pool awaits, perfect for Arizona's sunny days. Designed for both relaxation and entertaining, the outdoor area includes a BBQ station and a professional-grade misting system that keeps you cool on the hottest days. Low-maintenance turf adds lush greenery without the hassle, creating a perfect setting for gatherings or peaceful solitude. The estate is equipped with owned solar panels, delivering energy efficiency and significant savings. Additionally, the property features its own private well, providing a reliable water source for both household and equestrian needs. This estate offers the ultimate lifestyle for those passionate about horses, cars, or simply enjoying the finer things in life. Whether you're cooling off by the pool, working on your car collection, or riding through the serene grounds, this property is the perfect blend of luxury, functionality, and comfort. Make it your private sanctuary and experience the best of both worlds.

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6609 E 4th Street Scottsdale, AZ 85251

$2,250,000

6 Beds

6 Baths

4,082 SqFt

Status Active

MLS # 6755889

Property Type Single Family Residence

Price Type --

Do not miss this stunning architectural marvel, nestled in the heart of Old Town Scottsdale, boasting a 24-foot ceiling and 4,082 square feet of luxurious living space. The NEW home seamlessly blends into its natural surroundings, offering a harmonious union of form and function. As you approach the home, you are greeted with views of Camelback Mountain, right at your front door. As you enter, you are greeted by an impressive foyer that sets the tone for the rest of the home, and the spacious living areas boast an abundance of natural light and elegant finishes, creating an inviting atmosphere for entertaining guests or relaxing with the family. The gourmet kitchen is a chef's dream, featuring high-end appliances, custom cabinetry, thick slab Quartz and French Oak wood floors throughout. The home is more than just a sanctuary in the desert, it provides a vantage point to witness the beauty of Arizona's sunsets and the twinkling city lights below from the strategically placed view deck. Walking distance to Old Town Scottsdale. Providing an unparalleled setting amidst picturesque landscapes and breathtaking mountain vistas, the home offers a lifestyle of convenience and sophistication, with proximity to upscale shopping destinations, fine dining establishments, and world-class entertainment venues, ensuring every desire is effortlessly met. Yet, despite its proximity to urban amenities, the home remains a sanctuary of serenity and seclusion, offering a peaceful retreat from the hustle and bustle of city life. Situated with prominence, the home embodies luxury living with its timeless design and modern amenities.

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10141 N Mcdowell View Trail Fountain Hills, AZ 85268

$2,250,000

3 Beds

4 Baths

4,479 SqFt

Status Active

MLS # 6771738

Property Type Single Family Residence

Price Type --

A beautiful Fire Rock CC home priced to sell with furniture and finishes included.This well appointed home sets on over an acre and is move in ready.Majestic mountain views and city lights are undeniable through large picture framed windows.Vibrant views of the golf course are also present throughout the home and while enjoying numerous outdoor patios.A designer kitchen with timeless granite countertops with bar and a floor to ceiling Cantera fireplace showcase the great room.The split master suite has it all with mountain and sunset views, privacy, access to the pool/spa and separate study.Pride of ownership shows with many updated systems including the theatre room and backyard pool area with fountains and a rocking Sonos/Pioneer sound system. Live and enjoy the FireRock CC lifestyle!!!

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4822 E Flower Street Phoenix, AZ 85018

$2,250,000

4 Beds

3.5 Baths

3,033 SqFt

Status Active Under Contract

MLS # 6759791

Property Type Single Family Residence

Price Type --

Stunning ranch style renovation/ new build in one of Arcadia's most coveted neighborhoods! Great room w/ vaulted ceilings, custom beams and 2 sets of sliding doors for indoor/ outdoor living. New Andersen windows, European Oak wood floors & custom millwork t/o. Gourmet kitchen w/ quartz island, custom cabinetry, 48'' dual fuel range, leathered granite counters. Beautiful large butler's pantry w/ powder room. Separate media room/ den. Split floor plan w/ formal office and 3 bedrooms/ 2 baths in separate wing. Primary suite w/ vaulted ceilings and sliding doors to covered patio, marble oversized shower and custom walk-in closet. Backyard w/ covered patio & Belgard pavers, plenty of room for pool, Camelback mtn views. New plumbing, electrical, sewer lines, gas lines & 3 new HVAC units.

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9452 E Heritage Trail Drive Scottsdale, AZ 85255

$2,250,000

3 Beds

2.5 Baths

3,252 SqFt

Status Active Under Contract

MLS # 6766268

Property Type Single Family Residence

Price Type --

Exquisitely Remodeled Single Level DC RANCH Home in (Gated) Desert Haciendas. Rare find that does not come on the market often! Luxuriously Upgraded with Custom Designer Finishes. 3bed, 2.5bath, Den/Media, 3-Car, Soaring 20''ft ceiling w/ Wood Beams, White Oak Hardwood floors, Amazing Gourmet Kitchen, Expansive quartz island, w/Custom Cabinetry, WOLF Range, Newer 48'' SUBZERO, New BOSCH DW, Wine bar, Butler's Pantry! Spa Primary Suite , Marble Shower, Rift wood custom cabinets, w/Custom Double M-Closet w/Built-ins and French door to Backyard Paradise. Enjoy the double French Doors that open to the Courtyard w/ Fireplace. Outdoor areas w/ incredible Stone Finishes, Pool & Raised Spa, Fireplace & Pergola...a ton of Architectural details throughout! Check out this Very Special Home!

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2272 N Fremont Boulevard Flagstaff, AZ 86001

$2,250,000

6 Beds

4.5 Baths

4,335 SqFt

Status Active Under Contract

MLS # 6768598

Property Type Single Family Residence

Price Type --

Welcome to one of Flagstaff's most exquisite custom homes, newly constructed in 2018, in the highly coveted subdivision, Linwood Heights! Built by the legendary Tom Ramsey, no detail was overlooked. The home rests on 1.44 acres backing 180 acres of designated HOA space with unobstructed forest views. As you enter, you notice beautiful beam-work, an open floor plan with 20' cedar paneled ceilings, and tons of windows looking out to the forest. Chefs kitchen with ample granite counter-space, 2 dishwashers, oversized fridge & freezer, center island, wall oven, warming drawer, oversized 6 burner gas range, and custom soft close cabinetry. In-floor heating! Primary & guest suite on the main level. Come enjoy the best patio ever with fireplace! Just minutes to AZ Snowbowl, and Downtown!

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7262 E Baker Drive Scottsdale, AZ 85266

$2,250,000

5 Beds

4.5 Baths

5,741 SqFt

Status Active

MLS # 6725493

Property Type Single Family Residence

Price Type --

Major price improvement! Don't miss this stunning Monterey Home situated on the best private 1.6 acre lot in the coveted gated community of Trovia! The incredible open concept floor plan with gorgeous site lines is the perfect mix of form & function. This well-designed, single level home features the primary bedroom and office on one side, and four large bedrooms and a plush game room on the other. Spacious open kitchen features top notch appliances, granite countertops, kitchen island, upgraded cabinetry, Viking six-burner gas stove and a built-in refrigerator. That is just the beginning as this home features a top of the line cinema-like home theater, a full sauna and exercise room and a 4 car oversized garage! The backyard oasis is incredible for entertaining and family gatherings. A large over-sized pool, separate heated spa, built-in Viking BBQ, and huge extended covered patio tops off the outdoor experience. Furnishings and accessories available on separate bill of sale.

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