What’s Ahead For Mortgage Rates This Week – October 11, 2016

WhatsAhead101016Other than a release on construction spending, last week’s economic readings were dominated by labor and employment data including ADP Payrolls, Non-Farm Payrolls and National Unemployment. Weekly reports on mortgage rates and new jobless claims were also released.

Construction Spending Drops in August

Commerce Department readings on construction spending indicate that overall spending fell in August to -0.70 percent; this reading was lower than the expected positive reading of 0.10 percent. July’s reading showed a drop of 0.30 percent in overall construction spending. The decrease in August spending was largely the result of pull backs on public construction spending, which declined 2.0 percent after July’s decline of 3.50 percent in July. Public construction spending is 8.80 percent year-over-year., and August’s reading was the lowest since March 2014.

Private sector construction spending fell 0.30 percent in August. Residential construction fell by 0.20 percent within the private sector reading. Reasons for falling construction spending include impending winter weather and previously cited labor shortages. Shortages of available homes and high demand for homes are creating pressure on construction companies to build more homes.

Labor Reports: Job Growth Slows in Public and Private Sector

ADP reported 154,000 private sector jobs created in September against August’s reading of 175,000 new private-sector jobs. September’s reading showed the lowest growth rate since April. Analysts said that lower readings for job growth could be expected as job openings are filled.

According to the government’s Non-Farm Payrolls report for September, 156,000 new jobs were added, which fell short of downwardly-revised expectations of 170,000 new jobs added. Analysts said that a reading of 120,000 jobs added represented a healthy rate of jobs growth. As more workers return to or join the workforce, job openings can be expected to decrease. Healthy growth in jobs may signal the Fed to increase interest rates in December.

National unemployment rose from 4.90 percent to 5.00 percent in September; variances can be expected in month-to-month readings that are considered more volatile than quarterly or annual readings.

New jobless claims correlated to fewer job openings and fell to a reading of 248,000 new claims 256,000 new claims were expected based on the prior week’s reading of 254,000 new claims.

Mortgage Rates Nearly Unchanged

Average mortgage rates were unchanged with the expectation of a decrease of one basis point for 5/1 adjustable rate mortgages to 2.80 percent. Average rates for 30 and 15 year fixed rate mortgages were unchanged at 3.42 percent and 2.72 percent Discount points were unchanged at 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

What’s Ahead

This week’s scheduled economic reports are few due to the Columbus Day holiday Monday. Along with weekly readings on mortgage rates and new jobless claims, reports on job openings and consumer sentiment will be released.

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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 & 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 dazzling city lights!!

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

5212 E Exeter Boulevard Phoenix, AZ 85018

$9,999,999
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

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