What’s Ahead For Mortgage Rates This Week – August 8, 2016

Last week’s economic reports included construction spending, personal income, and multiple reports on employment. Freddie Mac’s mortgage rates survey and new jobless claims were also released.

Construction Spending Dips in June

According to the Commerce Department, construction spending fell in June to -0.60 percent as compared to expectations of an increase of 0.50 percent and May’s reading of -0.10 percent. Spending was even across public and private construction spending. The Commerce Department said that construction spending on June rose to $1.13 trillion was 0.30 percent year-over-year and was 6.20 percent higher for the first six months of 2016 as compared to the same period in 2015; construction spending appears to be trending upward in spite of recent month-to-month declines.

Consumer spending rates in June met expected growth of 0.40 percent and matched May’s reading. Core consumer spending fell to 0.10 percent in June according to expectations, which were based on May’s reading of 0.20 percent.

Labor Reports Indicate Stronger Economy

Inflation remains lower than the Federal Reserve’s annual rate of 2.00 percent, but labor news released last week supports reports of strengthening economic conditions. ADP Payrolls, which covers private-sector job growth, reported 179,000 jobs added in July as compared to June’s reading of 176,000 jobs added.

Non-farm payrolls grew by 255,000 jobs as compared to expected growth of 185,000 jobs. Neither July’s reading nor did expectations of 185,000 jobs added meet June’s reading of 292,000 jobs added, but analysts and media reports touted private and public sector job growth as a strong indicator of economic recovery.

The national unemployment rate held steady at 4.90 percent against expectations of 4.80 percent and June’s reading of 4.90 percent. Analysts said that this reading was better than it appeared due to more people joining the work force in July.

Mortgage Rates Lower:Jobless Claims Rise

Mortgage rates fell across the board last week according to Freddie Mac. 30-year fixed rates averaged 3.43 percent, which was five basis points lower than the previous week. Average rates for a 15-year fixed-rate mortgage fell by four basis points to an average of 2.74 percent. The average rate for a 5/1 adjustable rate mortgage fell five basis points to 2.73 percent.

New jobless claims rose to 269,000 against expectations of 263,000 new claims and the prior week’s reading of 266,000 new claims. There’s good news; new jobless claims remained below the key reading of 300,000 for the 74th consecutive week.

Whats Ahead

This week’s scheduled economic news includes releases on retail sales and consumer sentiment along with weekly reports on new jobless claims and mortgage rates.

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10696 E Wingspan Way Scottsdale, AZ 85255

$32,000,000
8 Beds
10 Baths
15,534 SqFt
Status Active
MLS # 5922983
Property Type Single Family - Detached
Rarely does an opportunity come available such as this: A true estate property on approximately 17 acres centrally located in the highly esteemed Silverleaf, which is the exclusive guard gated estate community in Scottsdale, AZ. Built in 2005 with a backdrop featuring the McDowell Mountains and Windgate Pass. This property begins with a stately point of arrival featuring it's own private gate opening onto a pavered and hand laid stone bordered drive. Flowerbed gardens and tasteful water features mixed with palatial green spaces blended with the professionally designed desert landscape dotted with mature Saguaro cacti to enhance the properties already breathtaking architecture. Entering the home it becomes clear the property was designed to capture dramatic views with the dazzling city li

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!

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.

5335 N Invergordon Road Paradise Valley, AZ 85253

$14,990,000
6 Beds
13 Baths
25,851 SqFt
Status Active
MLS # 5892742
Property Type Single Family - Detached
This fabulous gated 25,000 sq ft. estate built in 2013 has views of Camelback Mountain overlooking a beautiful terraced cascading pool + grounds. The residence has exquisite mahogany ceilings and cabinetry, 6 automated pocket doors to the outside, a 2 story high living rm, 2 bedrm master suite w sitting rm 2 master baths + 2 closets. There is a gourmet kitchen w 2 large center islands and marble floors opening to a 1,750 sq ft family rm, an extraordinary two-story library, a 12 seat theatre, wine rm, a lounge bar, 2 offices, an exercise rm with glass steam rm + sauna + an attached guest home.The main rooms: kitchen, master suites, office and library are on the main floor. This home was built to commercial standards. There is also a 25 person elevator, add'l elevator + shooting range.

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 W/contingency
MLS # 5829139
Property Type Single Family - Detached
Bramasole: Enjoy your own resort! Privacy, luxury & relaxation in the heart of the Valley. Situated on 4+ 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.

7560 N Silvercrest Way Paradise Valley, AZ 85253

$10,200,000
6 Beds
8 Baths
9,094 SqFt
Status Active
MLS # 5837702
Property Type Single Family - Detached
The Cutting-edge of modern luxury, this architectural statement features panoramic views of the entire southern horizon in guard-gated Clearwater Hills. Situated on 5 acres, this private hillside masterpiece is forged with walls of glass and steel focused on Camelback Mountain providing expansive 270 degrees views of sunrise, sunset, city lights and endless mountaintops. A spacious and practical floor plan that provides flexibility for all types of living and endless opportunities for entertaining. The outdoor space takes center stage with 2 pools including a suspended lap pool that floats over the valley below, a negative edge pool centered on Camelback Mountain and 2 spas. There are multiple sundecks and outdoor dining areas, a built-in BBQ station with wetbar and professional

10835 E Mountain Spring Road Scottsdale, AZ 85255

$10,000,000
5 Beds
8 Baths
12,289 SqFt
Status Active
MLS # 5856113
Property Type Single Family - Detached
Extraordinary estate nestled in Silverleaf's Upper Canyon backing to the McDowell Mountain preserve, this home is exquisitely picturesque with its majestic mountain backdrop, dramatic down valley city views, and upper level golf course scenery. Built by Catalina Custom Homes with design inspired by traditional Spanish architecture, this storybook home is a living legacy of grace and character. A true architectural masterpiece, this home features five generously sized bedroom suites, eight baths, two well-appointed offices, a charming generously-sized game room with a warm pub feel. Complimenting the home's charm are ten patios/outdoor living spaces that allow for privacy and a variety of magnificent mountain, desert, garden, and city light views.

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