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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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 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:

Paradise Valley AZ 85253

$20,000,000
8 Beds
11 Baths
30,859 SqFt
Status Active
MLS # 5842130
Property Type Single Family - Detached
Privately gated estate in the heart of Paradise Valley with breathtaking views of Camelback Mountain,the McDowell Mountains, and Four Peaks Range surround this amazing property. Experience exquisitefinishes and rare amenities from exclusive interior designer David Scott and Frank Lloyd Wright trainedexterior architect Vernon Swaback; such as the tranquil Water Room's rounded glass walls andsurrounding exterior water features. Other unique highlights of the main home include an executivehome office, trainer's gym, basketball court with electronic score board, twelve seat grand theater andwine cellar.

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!

5335 N Invergordon Road Paradise Valley, AZ 85253

$16,950,000
6 Beds
13 Baths
25,851 SqFt
Status Active
MLS # 5676395
Property Type Single Family - Detached
Simple words cannot describe an estate of this stature. The polished elegance and imposing beauty are what movies are made of, and it's easy to imagine many a movie being filmed in this magnificent showpiece. The rooms are so luxurious and so unique, it's impossible to convey the grandeur without seemingly exaggerating, and to say that this mansion is constructed with quality materials is a massive understatement, as it has been built with commercial standards and engineering that are rarely, if ever, seen in residential construction. If that doesn't get your attention, the 25-person elevator sure will, serving as a focal point so spectacular that it will take your breath away. Impeccable custom design adorns every inch of this palatial residence, including a full home theatre, lavish two

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 Wilkinson Road Paradise Valley, AZ 85253

$14,800,000
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...

8055 N Mummy Mountain Road Paradise Valley, AZ 85253

$14,500,000
7 Beds
12 Baths
25,416 SqFt
Status Active
MLS # 5165200
Property Type Single Family - Detached
Lush, mature landscaping, hand-laid stone walls, and artistic wrought iron accents line the guest drive of this impressive 5-acre Mediterranean estate. Architecturally designed by Erik Peterson and custom built by Desert Star Construction, this magnificent estate boasts 7 bedrooms, 12 bathrooms, a detached 2-bedroom guesthouse, a free-standing 1,800 square foot fitness facility, a tennis court and more than 25,000 square feet of incomparable Arizona living. Showcasing the very best in home entertainment, this grand estate's lower level is comprised of a private theater with tiered seating, ultra modern music room with pro lighting package, a recording studio and a custom-designed instrument showroom.

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

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.

5212 E Exeter Boulevard Phoenix, AZ 85018

$12,950,000
3 Beds
4 Baths
2,553 SqFt
Status Active
MLS # 5814639
Property Type Single Family - Detached
Completed in 1952, the David and Gladys Wright House is one of three spiral designs realized by Frank Lloyd Wright and is considered to be a precursor to the Guggenheim Museum in New York City. The concrete block home sits on ~5.9 acres in the Arcadia neighborhood of Phx and enjoys sweeping views of Camelback Mountain. The ~2200 SF 3 bdrm main house has been partially updated, but requires additional rehabilitations, including necessary structural and electrical repairs. The offer includes reproductions of the signature ''March Balloons'' carpet designed by Wright for the living room and a dining table and chairs. The ~360 SF 1 bd guest house has been recently restored. An application for Historic Preservation-Landmark status is pending with the City of Phoenix.Offered in AS-Is condition

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,

9625 E Aw Tillinghast Road Scottsdale, AZ 85262

$12,500,000
6 Beds
8 Baths
11,250 SqFt
Status Active
MLS # 5689418
Property Type Single Family - Detached
Timeless contemporary estate that was inspired with an unlimited budget, a blank canvas for architectural creativity and a one-of-a-kind site with views of the entire southern horizon. A visionary and profound architectural statement with intersecting radial and linear forms built to commercial construction standards. The pioneering roof design features 'folded plates' of copper that perfectly blend the home into the natural desert surroundings. Interior details include Hope Steel doors, limestone flooring, dry-stacked sandstone fireplace surrounds and custom copper details and trim around every window, doorway and wall. The site provides 270 degree, top-of-the-world sunset, city light and mountain views from 16 hilltop acres at the apex of Lone Mountain in Scottsdale's Desert Mountain.

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