What’s Ahead For Mortgage Rates This Week – June 27, 2016

Whats Ahead For Mortgage Rates This Week May 18 2015Last week’s economic news was dominated by Great Britain’s vote to withdraw from the European Union. New and Existing Home Sales were released along with weekly reports on mortgage rates and new jobless claims.

“Brexit” Vote Tanks Stocks, Could Cause Lower Mortgage Rates

US stocks plunged in reaction to the news of Britain’s decision to leave the EU and the resignation of its Prime Minister. While investors don’t want to see their 401(k) values crash, mortgage rates may also fall as a result of “Brexit”. Fallout caused by economic uncertainty connected with Great Britain’s move to regain independence is expected to have lingering influence on global financial and economic developments in coming months and years.

Fed Chair Janet Yellen said in testimony before the Senate Banking Committee that Great Britain’s decision to leave the EU could have significant consequences. Chair Yellen’s comments were made prior to Friday’s announcement of Great Britain’s decision.

Existing Home Sales Highest Since 2007, Home Prices Continue Rising

According to the National Association of Realtors® May sales of pre-owned homes hit their highest level since February 2007. May’s seasonally-adjusted annual reading of 5.53 million sales fell just shy of analysts ‘expectation of 5.55 million sales, but exceeded April’s reading of 5.43 million sales. May’s reading represented a 1.80 percent increase in sales and a year-over-year increase of 4.50 percent.

Short supplies of available homes continued to drive up home prices according to NAR chief economist Lawrence Yun, who expressed concerns about affordability as home prices continued to outstrip wages and inflation. The national median home price was $239,700 in May, which was 4.70 percent higher year-over-year. Although first-time buyers typically represent about 40 percent of homebuyers, they currently account for 30 percent of homebuyers.

New Home Sales Fall in May

Sales of new homes slowed in May after jumping in April. According to the Commerce Department, sales of new homes fell by 6.00 percent on a seasonally adjusted annual basis. 551,000 new homes were sold against the expected reading of 560,000 new homes sold and April’s downwardly revised reading of 586,000 new homes sold. New home sales were 8.70 percent higher year-over-year in May.

Mortgage Rates Rise, Weekly Jobless Claims Fall

Last week’s mortgage rates don’t reflect the Brexit decision and rose slightly on Thursday. The average rate for a 30-year fixed rate mortgage was two basis points higher at 3.56 percent; the average rate for a 15.year fixed rate mortgage was also two basis points higher at 2.83 percent. The average rate for a 5/1 adjustable rate mortgage was unchanged at 2.74 percent. Discount points rose to 0.60 percent for a 30-year fixed rate mortgage but were unchanged at 0.50 percent for 15-year fixed rate mortgages and 5/1 adjustable rate mortgages.

What’s Ahead

Next week’s economic events include Case-Shiller Housing Market Indices, Pending Home Sales, Consumer Spending and Construction Spending

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10814 E Heritage Court Scottsdale, AZ 85255

$26,000,000
9 Beds
9.5 Baths
14,350 SqFt
Status Active
MLS # 5835690
Property Type Single Family - Detached
A rare find in the back canyons of Scottsdale's exclusive Silverleaf community is a stunning partnership of modern Mediterranean architecture and true contemporary styling. This 14,350 square foot home is offered fully furnished, turn key, and sits on two homesites (4+ acres), for the epitome of privacy and true estate quality, while at the same time capturing dramatic and all-encompassing city light and mountain views. The brilliant team of Toronto based architect Wayne Swadron and Salcito Custom Homes recreated this now award winning masterpiece in 2018. Exquisite and sensitive planning, master craftsmanship and the highest quality materials are a consistent theme, delivering both comfort and style:

7620 N Red Ledge Drive Paradise Valley, AZ 85253

$25,000,000
9 Beds
14 Baths
18,000 SqFt
Status Active
MLS # 5866737
Property Type Single Family - Detached
EXTRAORDINARY CONTEMPORARY MASTERPIECE BY CP Drewett! UNPARALLELED VIEWS, PRIVACY, AND LOCATION! This spectacular 18,000 sqft contemporary build-to-suit home, perfectly situated on a 16.4 acre mountain top Paradise Valley estate lot, presents the most discriminating individual an opportunity to have it all. Located within a guard-gated community, and behind its own private gate, the privileged owner of this extraordinary home will possess a unique level of privacy and seclusion rarely found, especially when considering the area's best fine dining, shopping, and entertainment are within 15 minutes drive, and both the Phoenix Sky Harbor International and Scottsdale Airports are only 20 minutes away. This remarkable property offers two breathtaking building pads. Must Watch Videos!

Paradise Valley AZ 85253

$19,949,000
6 Beds
12.5 Baths
20,000 SqFt
Status Active
MLS # 5860073
Property Type Single Family - Detached
Bella Paradiso is Paradise Valley's most sought after estate. Located on the south side of Mummy Mountain, this 20,000 square foot residence features 6 bedrooms, 12.5 bathrooms and the ability to garage up to 20 vehicles. The most breathtaking attribute, however, is the view! Showcasing Arizona's most exquisite landscape, the home captures 180 degree views of Camelback Mountain, Downtown Phoenix and the East Valley.This spectacular estate embodies a resort style environment, as well as a magnificent home. Bella Paradiso has the unique ability to function as a intimate home for a family, and simultaneously, entertain up to 200 guests in a stunning ballroom, which can be accessed through its own dedicated entrance.

8100 N 68th Street Paradise Valley, AZ 85253

$18,000,000
5 Beds
7.5 Baths
17,912 SqFt
Status Active
MLS # 5701342
Property Type Single Family - Detached
Romantic Urban Villa in the heart of Paradise Valley. This palatial Mediterranean estate is a master class in what can be achieved with the worlds finest materials, a renowned team of artisans, and an unlimited budget.Designed by Juan Sandoval following the format of 17th Century Colonial architecture, but with every modern convenience. This magnificent home is unparalleled in its construction quality and architectural precision. Every 2 acre part of this estate was designed and built in over a ten year period. Two spectacular central courtyards. One for gardens and fountains, the other for a stunning 60X60 foot pool. The design of the home guarantees beauty from every room, and a level of security unmatched by even the most advanced technology. DO NOT MISS MOTION VIDEO!

New River AZ 85087

$16,000,000
4 Beds
2 Baths
19,161 SqFt
Status Active
MLS # 5584412
Property Type Single Family - Detached
AMAZING OPPORTUNITY TO OWN 32 ACRES TOTAL NORTH OF ANTHEM OUTLETS. BORDERS I17 FRONTAGE ROAD. C3 Zoning. Fantastic location. Please DO NOT bother anyone on property. Recent appraisal meets value. Willing to sell 8 Acres South of Nursery separately. Seller will finance! Thank you.

7004 N Invergordon Road Paradise Valley, AZ 85253

$13,950,000
6 Beds
10 Baths
15,000 SqFt
Status Active
MLS # 5716629
Property Type Single Family - Detached
This sprawling, private appx 5 acre mountainside estate boasts 15,000+ square feet & offers 6 bdrm suites, 10 baths & includes almost every imaginable detail to class & quality one could dream of. Exquisitely appointed with custom light fixtures; beautiful flooring throughout; stone carved Italian marble columns; incredible chef's kitchen; butler pantry; game room; wine tasting room & storage room for 1400+ bottles; custom office; sound proof 12 seat home theater; private gym; oversized pool w/see through viewing area from lower level family/game room; fire pots; a beautiful mountainside waterfall & a separate guest/housekeeper/chef quarters.This estate features incredible indoor/outdoor entertaining with absolutely amazing southern views & some of the best sunrise and sunsets in all of AZ

5335 N Wilkinson Road Paradise Valley, AZ 85253

$13,800,000
7 Beds
12 Baths
15,381 SqFt
Status Active
MLS # 5829139
Property Type Single Family - Detached
Bramasole: Enjoy your own resort! Privacy, luxury & relaxation in the heart of the Valley. Situated on 4.5 acres of lush landscaping boasting over 15,000 SF of elegance featuring a 3,000-bottle wine cellar, chef's kitchen, library, high-tech media room, exercise room, and an oversized 9 car garage! The outdoor oasis rivals any resort. Dip into your beautiful saltwater pool & spa, entertain with seating for 120 of your closest friends while floating in your 150,000 gallon lazy river with a 30 FT water slide, rope swing, splash pad, volleyball court, firepits and putting green. Enjoy your outdoor commercial kitchen, his & her locker rooms and a separate guest house, in addition to a caretakers cottage with an additional garage! Your dream estate awaits YOU...

5837 N Palo Cristi Road Paradise Valley, AZ 85253

$13,400,000
8 Beds
9 Baths
14,458 SqFt
Status Active
MLS # 5780430
Property Type Single Family - Detached
This masterfully designed and privately gated palatial estate is situated on roughly 5 acres of manicured grounds in PV and offers breathtaking views of the world famous Camelback Mountain's Praying Monk and Piestewa Peak. This majestic one-owner estate underwent a multiple year construction process because of its unrivaled attention to architectural details and handpicked finishes that were inspired from the Versailles in France. From its romanesque water fountains, imported grand staircase, marble fireplace surrounds, polished marble floors, hand carved limestone columns, hand-woven silk wallpapers, coffered ceiling, to gold fixtures and custom cabinetry throughout. click for more supplemental info.

5021 E Arabian Way Paradise Valley, AZ 85253

$12,950,000
6 Beds
9 Baths
16,083 SqFt
Status Active
MLS # 5826956
Property Type Single Family - Detached
Timeless Classic Elegant Masterpiece! Surround yourself in complete tranquility and luxury on almost 5 spectacular acres enveloped by mountains, lush grounds and magnificent gardens. This prestigious residence has been masterfully remodeled to be one of the finest estates in Paradise Valley. With over 16,000 square feet comprising 6 bedrooms and 9 bathrooms, this exquisite home boasts a stunning grand entrance, soaring uniquely decorated ceilings, large scale rooms with finest architectural features including sophisticated finishes throughout with details sourced the world over and a floorplan that is formal, yet creates a comfortable and inviting ambience. Other luxury amenities include; formal living and dining rooms, family style great room and open chef's kitchen,

6659 E Indian Bend Road Paradise Valley, AZ 85253

$11,995,000
8 Beds
16 Baths
26,393 SqFt
Status Active
MLS # 5725463
Property Type Single Family - Detached
Experience this brand new, meticulously designed custom estate, located in the safety & privacy of an exclusive guard-gated community. Enjoy a large acreage estate feel, with energy-efficient, low maintenance upkeep. This 8 bed, 16 bath home offers large living on a smaller footprint with refined elegance & unparalleled construction quality by utilizing concrete and steel. This is a unique opportunity to select your own finishes. A magnificent piece of design & classical architecture with an abundance of amenities: 20-car collector's garage, 2 separate guest houses, dining room surrounded by water, indoor & outdoor pools, swim up bar, multipurpose shooting range, bank vault, salon, wine tasting room & cellar, theater, indoor/outdoor living areas & more! Priced as-is, pre-completion.

10673 E Wingspan Way Scottsdale, AZ 85255

$11,500,000
6 Beds
7 Baths
11,026 SqFt
Status Active
MLS # 5823296
Property Type Single Family - Detached
Entering through the gates, you arrive at an extraordinarily private compound on 3.5 acres in the Upper Canyon of Silverleaf. Both the main residence (8,349 square feet) and guest quarters/party house (2,677 square feet) exude a harmony of materials enriched by lush landscaping and majestic views-the ultimate in Arizona resort style living. The homes function independently with 4 bedrooms in the main house and 2 bedrooms in guest quarters; 7 total bathrooms and 6 car garage. Spreading over the exquisite grounds are two pool/spas, and firepits, along with multiple outdoor fireplaces, fountains and loggias. Most every room in both homes flow seamlessly into charming covered courtyards or patios, and there is no question that the possibilities for entertaining family and friends are endless.

5950 E Valley Vista Lane Paradise Valley, AZ 85253

$10,750,000
7 Beds
10 Baths
12,295 SqFt
Status Active W/contingency
MLS # 5843876
Property Type Single Family - Detached
From the moment you pass thru the private gated entry of this 2.23 acre estate with hand-painted directional tiles, you will be captured by it's charm and the stunning Camelback Mountain views. It boasts 12,295 sq.ft.,16 ft ceilings, a phenomenal backyard and an attention to detail that will excite the most discerning buyer!! Multiple French doors frame Camelback Mtn and open to the expansive lawns, a fully tiled pool, cabana, sport court, putting green + play area. Stroll along a private jogging path + flower gardens and feel a sense of serenity. Highlights include a 2 bdrm guest house, separate exercise bldg. (or 2nd guest house) 2 family rms an elegant 2 story high walnut library, white designer Chef's kitchen, white carrara marble bathrooms + 2 huge outdoor entertainment patios.