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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6109 E Maverick Road Paradise Valley, AZ 85253

$18,495,000
6 Beds
8 Baths
11,965 SqFt
Status Active
MLS # 6648639
Property Type Single Family Residence
Price Type --
Nova is the first of 9 showcase homes in the exclusive neighborhood of Silver Sky set to begin construction Spring 2024. This 11,965 sq/ft, 5-car garage estate emerges from the gifted hands of architect Stratton Andrews. A Nova describes a celestial phenomenon where a star bursts into brilliance, illuminating the night sky with newfound radiance. This award-winning home was named as a testament to Stratton Andrew's meteoric rise in the world of architecture. Having already won Best in American Living 2023, this estate blends classic European charm with modern design and luxury. The privately gated entrance opens to an expansive courtyard providing a full view of this captivating estate. Boasting floor-to-ceiling Euroline steel windows with thin sightlines and a natural stone façade placed this home exudes a classic European charm. The outdoor oasis wraps into the backyard showcasing a resort-like pool and spa, outdoor kitchen, and lush landscaping designed by Jeff Berghoff, this stunning estate even includes a standard-size pickleball court. The interiors maintain a timeless approach using soft, natural stone and wood tones while tying in cutting-edge technology and modern features. The 10,980 sq/ft main home and 985 sq/ft separate guest house have been completely designed by Holly Wright Designs. To be constructed with all steel framing and appointed with only the highest of finishes the builder is sparing no expense. Features include Wolf Sub-Zero appliances, waterwork fixtures, wide-width European white-oak wood flooring, along with detailed millwork and stone throughout the home. Every detail has been planned with the lighting specifications and elements designed by award-winning designer Walter Spitz. Nestled among 11 other brand new, award-winning estates, including 3 custom builds and 8 Showcase homes, Nova is part of the exclusive Silver Sky community. A community consisting of privately gated, single level homes with a minimum of 6500 sq/ft. ensuring endless views, privacy, and the unparalleled size and sophistication of a luxury new community. Experience what you have earned and join an exclusive group of discerning buyers that cherish the finer things in life.

20567 N 112th Street Scottsdale, AZ 85255

$18,250,000
6 Beds
8.5 Baths
13,272 SqFt
Status Active
MLS # 6612852
Property Type Single Family Residence
Price Type --
Motivated Seller and SILVERLEAF GOLF MEMBERSHIP opportunity available. Nestled within the prestigious Silverleaf community's Upper Canyon, this magnificent Mediterranean Estate is a testament to extraordinary craftsmanship and design. Spanning an impressive 13,272 square feet, this residence offers unrivaled vistas of the cityscape, mesmerizing sunsets, and the majestic mountains of Scottsdale, Arizona. Crafted through a seamless collaboration between the visionary Mark Candelaria of Candelaria Design, the master builder John Schultz of Schultz Development, and the renowned interior designer Isabel Dellinger Candelaria of Earth and Images, this home radiates elegance at every turn. The result is a sophisticated sanctuary, decorated with the finest luxury finishes and meticulous attention to detail. The thoughtfully designed great room floor plan provides a harmonious flow, separating the principal suite from the guest wing of the home with a private entrance hosts five generously appointed en-suite guest rooms, each boasting king-sized accommodations. This layout offers both privacy and comfort for residents and guests alike. Step outside to discover a breathtaking outdoor oasis, featuring a captivating negative edge pool, a generous spa for ultimate relaxation, and multiple inviting seating areas set amidst flawlessly manicured gardens. This al fresco retreat is an idyllic backdrop for intimate gatherings or grand-scale entertaining. Embodying the pinnacle of architectural excellence in the esteemed Silverleaf community, this Mediterranean Estate offers an unparalleled lifestyle of luxuriousness, elevated by its breathtaking natural surroundings. This is a residence that redefines luxury living in Scottsdale, Arizona. Silverleaf, located in North Scottsdale, Arizona, is a prestigious guard gated community known for its luxurious estates, exclusive golf courses, private Club and stunning desert landscapes. The Tom Weiskopf-designed Silverleaf Golf Course is a highlight for golf enthusiasts. With a blend of Spanish and Mediterranean-inspired architecture, the community offers a high standard of living, including upscale amenities like spas, fine dining, and exclusive shopping. Residents enjoy a harmonious balance between modern luxury and the natural beauty of the desert environment, making Silverleaf a sought-after destination for those seeking an exceptional lifestyle in North Scottsdale.

7150 N 40th Street Paradise Valley, AZ 85253

$17,800,000
5 Beds
6.5 Baths
9,333 SqFt
Status Active
MLS # 6641496
Property Type Single Family Residence
Price Type --
Ruby's organic design nestles harmoniously into the north facing slope of this breathtaking two-acre parcel. This private elevated basin is one of the premiere lots in the development, with both framed canyon views and distant vistas of Paradise Valley. This project embodies southwestern contemporary design with an organic stone plinth that grounds the program into the hillside. Horizontal steel blades cantilevering out above the desert floor below provide shade in the harsh climate while maximizing indoor and outdoor living. The palette draws warmth from the canyon geology, allowing the project to blend harmoniously with the pristine desert. The design amplifies and channels views from all spaces while providing an impressive 7 show car garage concealed into the stone plinth with oversized pocket doors that enrich the organic design. This set the stage for the sensational two-story glass atrium with floating stairs, double height pivot door, and a floating bridge which takes you to your private master suite, featuring exercise / spa area, office, laundry room, master closet and two water closets. The core of the living and entertainment space are situated on the western wing, capturing desert sunrise views and allowing for seamless flow to the elevated outdoor terrace and pool deck. Enjoy everyday living on top of the world. *This home won a Best in American Living Award 2021. Recognized as one of the premier home design-build awards in America.

7256 N 40th Street Paradise Valley, AZ 85253

$17,800,000
5 Beds
6 Baths
10,170 SqFt
Status Active
MLS # 6642559
Property Type Single Family Residence
Price Type --
Crown Canyon presents Amber, a Swaback Architects masterpiece to be built by BedBrock Developers. Nestled into the canyon while spanning a desert wash, this home embraces adjacent boulder formations of the canyon with significant views of Camelback Mountain from the heart of the home. Saguaro soldiers welcome you to this one-of-a-kind home that draws its inspiration from the surrounding natural mountain preserve. Dramatic rooflines frame this modern glass and steel estate with 3 masterful floating glass bridges connecting the master suite. Oversized windows and pocket doors throughout the estate showcase the pristine desert surroundings while maximizing the indoor-outdoor living experience. We welcome you to experience the timeless luxury and privacy that the Amber estate has to offer.

5815 N Palo Cristi Road Paradise Valley, AZ 85253

$17,160,000
6 Beds
6.5 Baths
8,800 SqFt
Status Active
MLS # 6525448
Property Type Single Family Residence
Price Type --
NOW UNDER CONSTRUCTION Staring at Camelback this sensational lot is the site of a 6 bedroom 12546 sq ft new home built, incredible interior design by Ownby Design. This is a WOW. May also be sold with adjoining parcel(s) at 5835 N Palo Cristi and 3627 E Bethany Home.

6123 E Ironwood Drive Paradise Valley, AZ 85253

$16,495,000
4 Beds
6 Baths
9,444 SqFt
Status Active
MLS # 6648642
Property Type Single Family Residence
Price Type --
Coming to life at the base of Mummy Mountain, Silver Sky presents ''Aquarius,'' a remarkable steel-framed 9,444 sqft estate designed by Drewett Works, set to begin construction in Spring 2024. Inspired by the tranquility of resort-style coastal towns, Aquarius is named for its captivating water features. Expansive floor-to-ceiling European glass doors that pocket into the walls, completely open the living spaces to a central zero-edge pool and spa that move under roof creating an oasis within this estate. This privately gated 1.32-acre estate boasts oak wood flooring throughout and a continuous entertaining space across the kitchen, dining, and living that connects directly to the intimate courtyard entrance. The entertainers kitchen is equipped with Wolf and Subzero appliances with a large back chef's kitchen featuring dornbracht fixtures and Wolf appliances. The great room showcases a stunning floor to ceiling, temperature-controlled wine wall holding over 300 bottles of wine, crafted with natural cobblestone and millwork. Adding to the great room opulence are 17' Panoramah structural glass automated sliders that with a touch of a button, this technological marvel opens to reveal a covered patio, seamlessly merging the indoor and outdoor spaces. The residence also includes a spacious office, a gym, a steam shower and sauna, four-car garage, and a guest suite with private entrance. Two additional large bedrooms come with ensuite baths, ensuring privacy and comfort. Designed to truly maximize an indoor-outdoor living experience, Aquarius is highlighted by a breathtaking rooftop open living space with a bathroom and bar offering panoramic views of Paradise Valley. Off the downstairs lounge sits an indoor/outdoor bar and secluded backyard with a fire pit to further enhance the outdoor ambiance. Crafted with meticulous detail with interiors by Ownby Design, lighting by Creative Designs in Lighting, landscaped by Berghoff Design Group, and built by Arcadia Custom Builders, Aquarius is more than a home - it's a masterpiece of craftsmanship waiting to be unveiled. The developers left no details behind including solar ready engineering, Lutron lighting system, and automated window coverings throughout, along with so much more. Nestled among 11 other brand new, award-winning estates, including 3 custom builds and 8 Showcase homes, Aquarius is part of the exclusive Silver Sky community. A community consisting of privately gated, single level homes ensuring endless views, privacy, and the unparalleled size and sophistication of a luxury new community. Create your sanctuary and join an exclusive group of discerning buyers that cherish the finer things in life.

7140 N 40th Street Paradise Valley, AZ 85253

$16,200,000
4 Beds
6 Baths
8,132 SqFt
Status Active
MLS # 6672341
Property Type Single Family Residence
Price Type --
NOW SCHEDULING HARD HAT TOURS! Discover unparalleled privacy and serenity with the Jade residence in Crown Canyon, Arizona's most exclusive gated community under development by renowned builder BedBrock Developers. This award-winning ultra luxury home with architect CP Drewett and interior designer Mara Green is a true masterpiece. Its distinctive Frank Lloyd Wright inspired triangular form features primary living on the main level with soaring 19-foot ceilings that ascend to an impressive 24 feet encapsulated in glass. A grand staircase, or elevator for ease, takes you to the lower level with two secondary en-suite bedrooms, an oversized game/family room complete with a bar, and a separate fitness room. A detached casita perched above the four-car garage rests seamlessly on the hillside, offering a private retreat for guest. Sprawling outdoor decks, fireplaces and an outdoor kitchen surround the infinity pool and spa capturing 250 degree views of the raw desert landscape. This one-of-a-kind home is customized with premium materials and appliances, showcasing a steel construction and meticulous attention to detail throughout.

10673 E Wingspan Way Scottsdale, AZ 85255

$15,500,000 - 6Br/8Ba -  for Sale in Silverleaf, Scottsdale
New
$15,500,000
6 Beds
8 Baths
11,026 SqFt
Status Active
MLS # 6702795
Property Type Single Family Residence
Price Type --
SILVERLEAF GOLF CLUB MEMBERSHIP OPPORTUNITY! Nestled within the exclusive Upper Canyon of Silverleaf, this privately gated 3.5-acre estate models luxury living. Meticulously renovated, no detail has been overlooked in crafting this exquisite residence. The chef's kitchen seamlessly connects to the family room, offering an exceptional space for entertaining. With 3 en suites and an office in the main house as well as an attached guest casita, complemented by a 4-car garage, this estate provides ample accommodation. Every room boasts stunning city or mountain views, with private courtyards and patios enhancing the indoor-outdoor flow. Other highlights include Crestron home automation, leathered marble countertops, hardwood floors, and timeless Venetian plaster finishes. The gorgeous principal suite features a steam shower, separate tub, dual vanities, dual closets, including it's own washer & dryer, a fitness room and a private secondary office with amenities. A separate 2,677-square-foot stunning guest home boasts a game room with custom pillowed walls, a full kitchen, 2 bedrooms, a bar with zinc countertops, an exterior pool bath, and a 2-car garage. Outdoors, discover a resort-style (and size!) oasis with an infinity pool, spa, multiple fire pits, outdoor fireplaces, ceiling heaters, fountains, and loggias. Don't miss your opportunity to experience unmatched luxury and breathtaking views - truly Arizona living at its finest. SILVERLEAF GOLF MEMBERSHIP OPPORTUNITY!

7236 N 40th Street Paradise Valley, AZ 85253

$15,000,000
5 Beds
5.5 Baths
8,320 SqFt
Status Active
MLS # 6642564
Property Type Single Family Residence
Price Type --
Perched on the hillside, the beauty and overall experience of the Turquoise estate is paramount. Swaback Architects meticulously crafted the architectural design to harmonize with the pristine desert surroundings of the gated Crown Canyon community. Approaching this refined estate, a captivating waterfall entry feature, flowing from a 70-foot long infinity pool, extends a warm welcome. Its dramatic exterior prepares you for the impressive interiors where the canyon view captures your eye through an open kitchen and living area which perfectly divides the owner's wing to the North from three spacious guest bedrooms to the South. The lower level is an entertainer's paradise with a game room, gym, theater, golf simulator and indoor-outdoor bar, coupled with a private guest suite. Drawn to the outdoor beauty and what feels like an infinite deck, the mesmerizing views are to be admired under horizontal cantilevered rooflines designed to protect from the harsh Arizona sunlight. The main level elevator leads to an entertainer's utopia on the lower level with a game room, gym, theater, golf simulator and indoor/outdoor bar, coupled with a private guest suite. Exclusively designed for luxurious everyday living in captivating Crown Canyon.

4510 E Maderos Del Cuenta Drive Paradise Valley, AZ 85253

$15,000,000
4 Beds
4.5 Baths
5,470 SqFt
Status Active
MLS # 6651977
Property Type Single Family Residence
Price Type --
Nestled in a secluded cul-de-sac on a naturally elevated acre, this brand-new construction, built by Arcadia Custom Builders with all-steel framing, has four en-suite bedrooms with a separate den and a gym. Carefully sited by Urban Design Associates, the home showcases views of the Camelback Mountain, Phoenix Mountain Preserve, and Mummy Mountain. On the exterior, the combination of stone, low-maintenance stucco, and large picture windows merge with the surrounding natural beauty and landscape by Berghoff Design Associates. Carefully curated by Wolfe Studios drawing on European minimalism, the combinations of limestone, plaster walls, Calacatta Viola marble, and stunning light fixtures transform this home into a space of refinement, a testament to the pursuit of perfection.

11173 E Feathersong Lane Scottsdale, AZ 85255

$14,995,000
6 Beds
6.5 Baths
7,698 SqFt
Status Active
MLS # 6622171
Property Type Single Family Residence
Price Type --
Absolutely Gorgeous Modern Luxury Estate in Silverleaf Upper Canyon!! This Rare Jewel purchased Aug of 2020 was barely lived in as a part time residence and is being offered as a Turnkey Home that includes $1.1 Million of professionally designed furnishings, artwork, rugs, accessories, technology, & housewares making it easy to move right in. Breathtaking panoramic city light & mountain views are unobstructed from this elevated homesite and offer both privacy and views. This well designed functional open floorplan was created by renowned architect CP Drewett and is sure to impress with exquisite finishes and furnishings only surpassed in grandeur by the incredible infinitely impressive views. The Main level includes Primary bedroom & two other full bedroom suites, Great Room, Dining Room Kitchen, Walk-in Pantry, Lounge/Bar Room, Pool Table Room (could be an office), Laundry/Mud Room, Powder Bath, AV Room, Elevator, and Garage. The Lower Level includes a Media Room, three Bedroom Suites, Storage Room, and Elevator. There is a beautiful light filled wood & iron staircase or choose the Elevator to take you effortlessly between the Main & Lower levels. Some of the amazing features of this home are: wood flooring throughout except baths & laundry, designer rugs in most rooms, built in automated shades or draperies, designer touches at tile in bathrooms & other tile areas, impressive light fixtures, wallpaper in several rooms, Control 4 Home Automation system plus Lutron Lighting & Shade Control systems, outdoor security cameras as well as inside the garage, music throughout all main interior & exterior areas, limestone trim at exterior elevation & patio floors, wood plank patio ceilings, 3 laundry rooms, and stone clad fireplaces. The large Great Room has a floor to ceiling stone slab fireplace, Dining w/ a wine display wall with lockable glass doors. Kitchen w/ 2 islands, 60 Wolf range, Subzero R&F, 2 dishwashers, veggie sink, & tons of storage, and a large walk-in Pantry with adjustable shelves including cabinets for storage & countertop space for staging. Lounge/Bar Room w/ access to front courtyard seating area, floating display shelves, sink, refer & ice maker, and lots of storage. Pool Table Room off of the Great Room area could be used as an office instead. Spacious Primary bedroom w/ beautiful fireplace & tv above, bi-fold door system that opens onto a covered patio w/ a hanging couch, and floor to ceiling automated draperies. Primary bath w/ lots of natural light, free standing tub next to doors that open out to a balcony w/ views to the city, large shower w/ floating bench, coffee bar w/ built in coffee maker & refer, spacious vanities w/ linen storage & plenty of drawers, and his & her toilets. Large Primary closet w/ natural light, built in dresser, adjustable shelving, and laundry room. Guest Suite w/ separate living room & coffee bar, two bathroom sinks, and direct exterior access to front courtyard areas. Powder bath w/ textured stone wall, floating vanity and a window for natural light. Spacious covered patio off Great Room w/ tv & limestone clad fireplace, other covered patios and decks for dining and lounging, built in Wolf barbecue, and a negative edge heated pool to soak up the amazing views. Large Media Room w/ candy bar, refer, and microwave downstairs to take in your favorite movie or show. One of the lower level bedroom suite bathrooms doubles as a guest bath for the Media Room and Swimming Pool. Lower level covered patios w/ outdoor Ping Pong table & multiple seating areas, adjacent turf area, & exterior stairs up to the pool level. 8-car Garage features air-conditioning, security cameras, epoxy coated floors, wall mount door openers and two car lifts with a spacious garage courtyard turnaround area that feeds all 5 garage doors. Silverleaf, located in North Scottsdale, Arizona, is a prestigious guard gated community known for its luxurious estates, exclusive golf courses, private Club and stunning desert landscapes. The Tom Weiskopf-designed Silverleaf Golf Course is a highlight for golf enthusiasts. With a blend of Spanish and Mediterranean-inspired architecture, the community offers a high standard of living, including upscale amenities like spas, fine dining, and exclusive shopping. Residents enjoy a harmonious balance between modern luxury and the natural beauty of the desert environment, making Silverleaf a sought-after destination for those seeking an exceptional lifestyle in North Scottsdale.

21312 N 113th Place Scottsdale, AZ 85255

$14,990,000
5 Beds
8 Baths
8,649 SqFt
Status Active
MLS # 6653057
Property Type Single Family Residence
Price Type --
Surround yourself with the highest level of luxury in this new build in the Summit at Silverleaf. Completed in March 2024. A Modern Formal Mediterranean estate with the highest quality features and finishes including; 7 foot tall book matched quartzite kitchen backsplash, soaring 21 foot ceilings in the kitchen, great room, dining room and office. The 4 car garage has 12 ft ceilings, ready to install lifts to double the capacity. The back yard beckons with an infinity pool, raised hot tub, see through fireplace, putting green and amazing gas fire features. Enjoy all of this with unparalleled views of the McDowell Mountains and city lights. This sanctuary includes sustainable features such as solar panels, spray foam insulation and high efficiency windows/doors as well as the latest Control4 smart home automation. Silverleaf, located in North Scottsdale, Arizona, is a prestigious guard gated community known for its luxurious estates, exclusive golf courses, private Club and stunning desert landscapes. The Tom Weiskopf-designed Silverleaf Golf Course is a highlight for golf enthusiasts. With a blend of Spanish and Mediterranean-inspired architecture, the community offers a high standard of living, including upscale amenities like spas, fine dining, and exclusive shopping. Residents enjoy a harmonious balance between modern luxury and the natural beauty of the desert environment, making Silverleaf a sought-after destination for those seeking an exceptional lifestyle in North Scottsdale. Silverleaf, located in North Scottsdale, Arizona, is a prestigious guard gated community known for its luxurious estates, exclusive golf courses, private Club and stunning desert landscapes. The Tom Weiskopf-designed Silverleaf Golf Course is a highlight for golf enthusiasts. With a blend of Spanish and Mediterranean-inspired architecture, the community offers a high standard of living, including upscale amenities like spas, fine dining, and exclusive shopping. Residents enjoy a harmonious balance between modern luxury and the natural beauty of the desert environment, making Silverleaf a sought-after destination for those seeking an exceptional lifestyle in North Scottsdale.

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