What’s Ahead For Mortgage Rates This Week – August 22, 2016

Last week’s economic news included the NAHB Housing Market Index, Commerce Department releases on housing starts and building permits issued. Weekly reports on mortgage rates and new jobless claims were also released.

Shortages of available single-family homes have driven up home prices and increased competition among homebuyers; short inventories of homes for sale are affecting affordability in many areas, although buyers seem motivated by lower mortgage rates and some easing of mortgage requirements. Analysts have repeatedly said that the only solution to the shortage of homes is building more homes.

Fortunately, the National Association of Home Builders reported that builder sentiment concerning U.S. housing markets increased in August. The HMI moved up to a reading of 60 in August as compared to July’s reading of 58. Readings over 50 indicate that a majority of builders surveyed are confident about housing market conditions.

According to NAHB, home builders continued to face obstacles including shortages of buildable lots and skilled labor. Regulatory issues were also cited by some builders, but overall, builders remain optimistic about housing market conditions.

Housing Starts Up, Building Permits Issued Slip in July

Commerce Department reading s on housing starts and building permits issued were mixed; housing starts rose from July’s reading of 1.186 million permits issued to 1.211 million permits issued in August. July’s reading was the second highest since the recession but was driven by multi-family construction. Building permits were lower in August with a reading of 1.152 million permits issued against July’s reading of 1.153 million permits issued.

Analysts said that under present market conditions, there is little reason for homebuilders to increase single-family home production as current pricing has put many would-be buyers on the sidelines.

Mortgage Rates Mixed, New Jobless Claims Lower

Freddie Mac reported that average rates for 30-year and 15-year fixed rate mortgages dropped last week while the average rate for 5/1 adjustable rate mortgages rose. The average rate for a 30 year fixed rate mortgage was 3.43 percent and the average rate for a 15-year fixed rate mortgage was 2.74 percent; both readings were two basis points lower than for the prior week. The average rate for a 5/1 adjustable-rate mortgage was two basis points higher at 2.76 percent. Average discount points held steady for fixed rate mortgages at 0.50 percent; average discount points for 5/1 adjustable rate mortgages were lower at 0.40 percent.

New Jobless claims fell by 4000 claims to 262,000 new claims, which was lower than analyst expectations of 265,000 new claims and the prior week’s reading of 266,000 new claims. Job security is important to home buyers and signs of strong labor markets can help propel would-be buyers into the market,

Whats Ahead

This week’s scheduled economic news includes releases on new and existing home sales and consumer sentiment. Weekly reports on mortgage rates and new jobless claims will be released on schedule.

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5215 E Orchid Lane Paradise Valley, AZ 85253

$9,500,000
6 Beds
8 Baths
7,200 SqFt
Status Active
MLS # 6672284
Property Type Single Family Residence
Price Type --
Plans call for a 7,200 square foot 6 bedrooms 7.5 bath single level luxury estate with a four car garage on an acre lot. Plans are approved and permits are in hand which makes this home available to be moved in within six to seven months after closing. Build your dream home in Mockingbird Estates on this cul-de-sac lot with views of Mummy Mountain from almost every room. Plans call for a complete smart home, solar system with battery backup, 1200 square foot primary suite with a fireplace, and doors leading out to the back yard. Each bedroom has a walk-in closet and ensuite bathroom. In addition to the six bedrooms you will also have a private office that you can simply add a closet to if you prefer. The entire home can be adjusted and finishes picked to meet your style. Call today to view the plans.

6651 E Horseshoe Road Paradise Valley, AZ 85253

$9,495,000
6 Beds
8 Baths
7,865 SqFt
Status Active
MLS # 6507921
Property Type Single Family Residence
Price Type --
Impeccably reimagined & fully remodeled to embody the essence of a new home with a luxurious modern ambiance for 2024. This stunning property spans 7,865 square feet, offering 6 bedroom suites, including an attached casita. The Master Suite is well equipped with a romantic fireplace, lavish bathroom and 2 huge boutique styled closets. The heart of the home is the impressive Kitchen that seamlessly flows into the expansive Great Room, complete with dining island & a well-equipped Back Kitchen. The unique lower level is encompassed by a huge enertaining space with a wine cellar, wet bar & bath. Additionally, there is an Executive Office & a redesigned exterior complemented by a fabulous pool, perfect for hosting exceptional events. The included photos are renderings.

20243 N 103rd Way Scottsdale, AZ 85255

$9,450,000
6 Beds
8 Baths
8,279 SqFt
Status Active
MLS # 6688766
Property Type Single Family Residence
Price Type --
WELCOME TO THE EXCLUSIVE COMMUNITY OF SILVERLEAF! EXQUISITE & IMMACULATE CUSTOM MODERN, LIGHT & BRIGHT ESTATE SITUATED ON SILVERLEAF'S 3RD FAIRWAY OF THE TOM WIESKOPF GOLF COURSE WITH BREATHTAKING MOUNTAIN, GOLF COURSE & CITY LIGHT VIEWS. A RARE OPPORTUNITY TO FIND A CUSTOM HOME LOCATED IN THE HIGHLY COVETED SILVERLEAF PARKS. FEATURING AN OPEN FLOOR PLAN W/8,279 SQUARE FEET, 6 EN SUITE BEDROOMS INCLUDING A CASITA, OFFICE W/BUILT-IN BOOKCASES AND PRIVATE PATIO, BONUS/MEDIA ROOM, 8 BATHROOMS WHICH INCLUDES 2 POWDER BATHS AND A POOL BATHROOM, 2 LAUNDRY ROOMS (DOWNSTAIRS LAUNDRY HAS SERVICE ENTRY), MULTIPLE VERANDAS, 4 CAR-GARAGES W/BI STORAGE CABINETS. SOPHISTICATION, COMFORT, EASY LIVING, ENTERTAINING WITH INDOOR/OUTDOOR LIVING AT IT'S BEST. A GOURMET KITCHEN TO IMPRESS ANY COOK, FEATURING DOUBLE ISLANDS, LARGE WALK-IN PANTRY, SUB-ZERO & VIKING APPLIANCES, 2 DISHWASHERS, 2 MICROWAVES, WARMING DRAWER, BUTLER'S PANTRY W/WINE FRIDGE AND A 336 BOTTLE TEMPERATURE CONTROLLED GLASS WINE WALL. THE LARGE MASTER RETREAT BOASTS A COZY FIREPLACE, HIS/HER CLOSETS, A LARGE MASTER BATH W/HIS/HER WATER CLOSETS, FREE-STANDING SOAKING TUB, FIREPLACE AND FINISHES TO DIE FOR! LIVE OUTDOORS YEAR-ROUND W/THE MOST AMAZING BACKYARD; OUTDOOR KITCHEN, GAS FIREPLACE AND GAS FIRE PIT, HEATED POOL/SPA W/WATER FEATURES, MISTING SYSTEM, CEILING HEATERS, MULTIPLE GRASSY TURF AREAS AND DID I MENTION THE VIEWS! IDEALLY LOCATED TO SHOPPING, SCHOOLS, RESTAURANTS AND THE 101 FREEWAY. THIS IS A MUST SEE, CALL FOR A PRIVATE VIEWING.

120 Paisano Road Sedona, AZ 86336

$9,200,000
6 Beds
9 Baths
7,359 SqFt
Status Active
MLS # 6676875
Property Type Single Family Residence
Price Type --
Introducing an exquisite 8-acre retreat with unparalleled elegance, 120 Paisano Road is the pinnacle of luxury in Sedona, Arizona. With a total of 9,113 square feet of meticulously crafted living space, this one-of-a-kind property boasts 3 separate homes, 6 bedrooms, 6 full bathrooms, and 3 half bathrooms. Tucked away at the end of a secluded, private road, you'll revel in the utmost privacy while being just moments away from the heart of Sedona. The three homes are fully integrated with a custom Savant home automation system, including 22 music zones, 8 video zones, 151 lighting zones and 30 motorized shades, all easily controlled by the click of your phone or tablet. Completed in 2018, this modern luxury home boasts the utmost quality craftsmanship and finishes. The main house spans 5,739 square feet with breathtaking panoramic views from every room. A floor to ceiling, stained glass art installation, by Bob Berg surrounding the massive pivot hinged entry door greets your guests upon arrival. A grand stone entry wall that flows from the exterior to the interior is stunning. The Kitchen is an entertainer's dream, adorned with custom finishes, materials and top of the line appliances. The spacious, open floor plan, towering ceilings, exposed beam architecture, and magnificent architectural fireplace accentuate the Living and Dining spaces. Porcelain tiles, imported from Italy are throughout the main level, equipped with radiant heating. The Powder Room on the main level is truly exceptional. Three ensuite bedrooms, currently configured as a Primary Suite, Office, and Gym, complete the main level. The Primary Suite is elegant and the perfect place to relax and soak in the red rock views of Boynton Canyon while the bathroom provides a spa-like experience. The large walk-in closet features a built-in refrigerator and washer/dryer. Both Gym and Office Bathrooms and Closets have custom casework, and top of the line finishes. The Gym Bathroom also features a large custom sauna. Downstairs, you will enjoy an incredible home cinema by Technically Integrated featuring a state of the art, Meyer Sound system, not available to consumers. This is the same reference sound that is used in Hollywood movie soundtracks including Skywalker, Pixar, 20th Century Fox and Warner Bros. Meyer Sound engineers were flown in from Berkeley to calibrate the system and certify the only EXP Cinema in Sedona! Beyond the theater, you'll fall in love with the gorgeous wine cellar, cocktail lounge, and beer alcove with custom, temperature-controlled wine storage for 1000+ bottles with state-of-the-art lighting. Full wet bar with top tier finishes and appliances including refrigerated drawers, ice maker, integrated kegerator, and dishwasher. All curated to provide the most eloquent experience. The Verde Valley (20 minutes away) was declared an American Viticultural Area (AVA) with a booming wine scene and over 20 amazing tasting rooms/wineries. The Main Guest House spans 1,305 square feet and boasts 2 luxurious ensuite Bedrooms, a full Kitchen, inviting Dining area, and a Living Room adorned with a custom steel surround gas fireplace. A private terrace off the larger guest bedroom provides the ideal setting for quiet contemplation overlooking the private horse arena. There is also a full-size stacking washer and dryer within for your guests to use. Embodying sophistication and luxury at every turn, welcome to the Playhouse. Originally an art studio belonging to renowned cowboy artist legend, Joe Beeler. This space pays homage to its past while embracing modern luxury with 2,069 square feet of entertaining space and 1,000+ square feet of covered terrace. The Playhouse features a full bathroom and a half bathroom, along with an array of playful spaces, including a pool table room, ping pong table room, Kitchen, and Lounge (Do not miss the hidden vault, safe room). Step outside the Playhouse and experience opulent outdoor living. The professional-grade tennis court and practice court, invite you and your guests to engage in spirited matches amidst breathtaking red rock surroundings. Gather around the gas fire pit, perfect for creating cherished memories under the starlit, world famous, dark sky city of Sedona. Note: this building could easily be reconfigured as a 2 or even 3-bedroom residence. In addition to the 3-home main estate, on 5-acres, there's an elevated 3-acre, buildable parcel located across the street included in this sale. This property has access from both Color Cove and Paisano Roads with epic views of nearby iconic Thunder Mountain. Whether you enjoy an evening horseback ride amidst your own private slice of nature or have the vision to turn this opportunity into another custom home that could be sold separately, the possibilities are endless. This is truly the most spectacular estate on the market in Sedona today and the opportunities are endless. With three private residences, and ample space for entertainment, you could host a beautiful wedding, private event, or retreat. The proximity to world class golf, horseback riding, mountain biking, hiking, off road trails, fly fishing, and a myriad of outdoor activities are literally right outside your door. Located just minutes from the luxurious Enchantment Resort and Seven Canyons Country Club where scenic golfing and 5-star dining await! I personally invite you to tour this amazing property and let your imagination run wild. Please visit www.paisanoestate.com for video tours and more info!

6850 N 39th Place Paradise Valley, AZ 85253

$9,000,000
4 Beds
4.5 Baths
6,965 SqFt
Status Active
MLS # 6638873
Property Type Single Family Residence
Price Type --
EPIC City Lights, Camelback Mountain VIEWS inside the Guard Gated community of Paradise Reserves. Just under 2.2 hillside acres, seamlessly crafted between newly built custom homes. Discover every luxury upgrade one can imagine; intricate tilework, cascading stone waterfall, 25-ft great room, custom glass underlit bar, effortlessly merge its outdoor spaces, and infinity-edge pool with your interiors. The chef's kitchen, with a geo-lux quartz island, complements the entertaining lifestyle. The elegant primary suite, custom closets, private balconies, theater and gym contribute to refined living. Inside this guard-gated Paradise Valley community minutes from premier shopping and dining, between Lincoln and HWY 51, this residence offers unparalleled privacy, elegance and security. See its motion video, features and benefits up close.

10110 E Siesta Lane Scottsdale, AZ 85255

$9,000,000
4 Beds
5.5 Baths
7,100 SqFt
Status Active
MLS # 6575666
Property Type Single Family Residence
Price Type --
Welcome to a realm of unparalleled luxury and sophistication in the renowned Silverleaf community. Situated on an expansive corner lot, this magnificent residence offers a grandeur that is simply unmatched. From the moment you step inside, you are greeted by a vast open plan living, dining, and kitchen area that seamlessly integrates with the breathtaking views of the glistening pool and majestic mountains beyond. The high ceilings, adorned with lighting, add a touch of elegance, and create an ambiance of refined opulence. Prepare to be captivated by the culinary masterpiece that awaits in the kitchen. Boasting two convection ovens, two steam ovens, gas burners, and a built-in Miele coffee machine, this kitchen is a haven for any culinary enthusiast. The stunning quartz ... MORE countertops and the expansive island with seating for five provide the perfect setting for both casual family meals and lavish entertaining. Every aspect of this kitchen has been thoughtfully designed to elevate your culinary experiences. As you enter the living room, your eyes are drawn to the striking feature wall and the inviting fireplace, creating a focal point that exudes both style and warmth. The indoor-outdoor wet bar, complete with a beverage cooler and icemaker, effortlessly serves both the living room and the backyard, ensuring that refreshments are always at your fingertips. Whether you are entertaining indoors or embracing the Arizona lifestyle outdoors, this home seamlessly blends the boundaries between indoor and outdoor living. Indulge in the ultimate entertainment experience in the exclusive personal retreat, where luxury knows no bounds. This private haven boasts a fully equipped bar, plush theater seating, and wine storage, all while providing a unique view through fire-rated glass to the climate-controlled garage. The garage, featuring car lifts, can accommodate up to six cars and is a car enthusiast's dream. Additionally, a workshop and a built-in safe add to the functionality and convenience of this remarkable space. A second garage, with space for four cars, ensures that all your automotive needs are met. Escape to the lavish owner's suite, a sanctuary of tranquility and indulgence. With direct access to the pool and backyard, this retreat offers a seamless transition between indoor and outdoor living. The large bathroom features sparkling granite countertops, dual sinks, an outdoor shower, and a spacious wraparound closet with a direct connection to the large laundry room and dog run. Every detail has been considered to create a space that is both luxurious and practical. Guests will be treated to utmost comfort and privacy, with a main floor guest ensuite offering access to a serene private courtyard, and two additional guest ensuites located on the second floor. The second floor also features a generous office space, a versatile landing area that provides flexibility, and a large balcony adorned with a hot tub, bathroom, refrigerator, sink, and TV. This outdoor oasis is the perfect retreat for relaxation and entertainment, where you can unwind while enjoying the breathtaking vistas that surround you. As you step into the backyard, you are met with a resort-style paradise that redefines outdoor living. Three firepits create enchanting settings for cozy gatherings, while multiple TVs and seating areas provide endless entertainment possibilities. The synthetic turf adds a touch of luxury, and the outdoor kitchen allows for fabulous al fresco dining. Luxury is taken to new heights with additional features like electric shades and speakers both inside and out, always ensuring the perfect ambiance. Outdoor heaters provide comfort during cooler evenings, allowing you to savor the beauty of the surroundings regardless of the season. This luxurious estate in the renowned Silverleaf community is a masterpiece of design, craftsmanship, and innovation. Offering an unparalleled blend of sophisticated living spaces, state-of-the-art amenities, and breathtaking outdoor areas, this residence is an oasis of elegance, privacy, and tranquility. Come and experience the pinnacle of luxury living in this remarkable residence, where every element has been thoughtfully curated to create an extraordinary lifestyle for the most discerning homeowner.

42486 N 109th Place Scottsdale, AZ 85262

$9,000,000
5 Beds
10 Baths
12,825 SqFt
Status Active
MLS # 6671996
Property Type Single Family Residence
Price Type --
FIRST TIME ON THE MARKET! Step into one of the loftiest residences in North Scottsdale! This European Style Estate, envisioned by renowned architect Bing Hu and brought to life by Shiloh Homes, nestles into a private hillside with the National Forest as its expansive backyard. Experience the epitome of privacy and serene living on over 2 acres, crafted with steel and concrete, tucked away in the secluded village of Sunset Canyon. Marvel at the extraordinary, rare views that span from sunrise to sunset, capturing city lights and everything in between! The residence boasts a primary bedroom, three ensuite bedrooms with a private sitting area and bar, two offices, a home theater, two wine cellars, ten bathrooms, and a guest house with a separate entry. FULL GOLF MEMBERSHIP AVAILABLE. Welcome to a haven of luxury, views, and unparalleled craftsmanship! Custom finishes abound, including vaulted and beamed ceilings, seven fire places, and two charming fire pits. Step into an exquisite culinary dream kitchen with dual islands, three farm sinks, three dishwashers, and a spacious butler's pantry. The home also features both a staircase and a stunning elevator, providing access to every level of the house!

38824 N Charles Blair Macdonald Road Scottsdale, AZ 85262

$8,999,000
5 Beds
6.5 Baths
8,000 SqFt
Status Active
MLS # 6506635
Property Type Single Family Residence
Price Type --
Plans underway for this spectacular home designed by Kontexture and to be built by Silvercreek Development. Situated on a ridgetop lot in North Scottsdale guard gated community of Carefree Ranch Estates, this 8,000 square foot home features the latest and greatest in modern desert living with an emphasis on biophilic design. 5 bedrooms including guest house, plus office, and private master bedroom lounge. Spa like dual master bath with free standing tub, oversized shower with views of Desert Mountain Golf course and Pinnacle Peakand dual walk-in closets. HUGE great room with chef's kitchen, butler's pantry, top of line appliances, all spilling to the outdoors via walls of glass for indoor and outdoor entertaining needs. The outdoors includes 2,000+SF elevated terrace with outdoor kitchen, dining and living spaces, along with a zero and negative edge pool, spa, fire features for your outdoor entertaining needs. Elevated 4.36 acre site towering over the valley of the sun! Absolute privacy from this lofty perch overlooking tremendous city light, blazing sunsets, Desert Mountain Golf course views and surrounding mountain views of Black Mountain, Pinnacle Peak, Four Peaks and Camelback Mountain and the entire valley floor. Rough graded driveway in place. Highly-desired southernorientation provides maximum winter sun exposure on patio and pool areas. Private and tranquil for hiking and biking, yet quick access into Scottsdale, Carefree, Cave Creek for shopping, dining and golfing! Minutes from Skyranch private airport with available hanger space. Please inquire for more information or to review the plans on this spectacular estate home! Renderings are conceptual and square footage is estimated. Some finishes/features may change based on availability or buyer's preferences. Builder is happy to meet with buyers to discuss specific finish selections to meet individual needs.

6623 N Hillside Drive Paradise Valley, AZ 85253

$8,995,000
4 Beds
4.5 Baths
5,035 SqFt
Status Active
MLS # 6655861
Property Type Single Family Residence
Price Type --
VIEWS, VIEWS, VIEWS!! BRAND NEW CONSTRUCTION - ESTIMATED COMPLETION OCTOBER 2024. Located in prestigious Paradise Valley- a Modern showpiece, offering serene privacy and stunning views of Camelback Mountain. This paradise sits on over an acre with luxurious finishes and carefully curated design elements. After being greeted outside by a beautiful terraced entry, fire feature and custom metal screening- you are welcomed into the great room with 12-foot ceilings, a cantilevered fireplace and an impressive 25-foot pocket door. Custom cabinetry throughout the home, designer lighting, custom wood ceiling details and hand-picked stone selections showcase the elevated design. A generous chef's kitchen with Wolf/SubZero appliance suite is supported by the secondary kitchen- perfect for when you are hosting large events. The main kitchen looks out over the sitting room, living room, outdoors to the pool, spa, outdoor kitchen, bar and expansive covered patio space. Constructed using cast in place concrete - this complex build technique allows for minimal rooflines and maximum viewpoints out of all windows. The attention to detail from the land up is exquisite. This masterpiece home is not one to be missed... who doesn't want to own their own little piece of paradise?

5030 E Mockingbird Lane Paradise Valley, AZ 85253

$8,995,000
6 Beds
7 Baths
12,014 SqFt
Status Active
MLS # 6675327
Property Type Single Family Residence
Price Type --
TIMELESS 2-ACRE GATED ESTATE WITH GUESTHOUSE!! Private and SINGLE LEVEL, the main house is 10,340 sq. ft. with 4 bedrooms and a 6 car, air conditioned garage. The interior of the main home is adorned with stone décor and archways and a sunken bar with wine cellar that has 2 separate, individually cooled areas. The grand study has 2 tvs, a stone fireplace, floor to ceiling wood shelving and cabinetry, a wood décor ceiling as well as natural light. The glass, pocket doors in the main living area open the entire space for indoor/outdoor entertaining. The 1688 sq.ft. Guesthouse has 2 oversized bedrooms, a full kitchen, laundry room as well as it's own 2 car garage. At the Guesthouse, the seamless glass doors meet in the corner and completely open on two sides connecting the guesthouse to the backyard oasis. The luxury, resort style backyard is complete with 2 connected pools, where the play pool has a gazebo and swim up bar and is connected to the diving pool by a flowing lazy river complete with fire pits and Hurricane Palms as well as an island spa. An absolute oasis! This estate is extremely private yet conveniently located. Cullum Homes is extremely detailed and known for building high quality, luxury homes.

4975 E Mcdonald Drive Paradise Valley, AZ 85253

$8,995,000
4 Beds
6 Baths
6,730 SqFt
Status Active
MLS # 6310072
Property Type Single Family Residence
Price Type --
Nestled at the base of Camelback Mountain, the Echo Canyon Residence is situated on an acre of pristine hillside property with views across Paradise Valley, Mummy Mountain, and the Phoenix Mountain Preserve. It is a Design/Build by award-winning architects The Construction Zone, ltd. Gated access to a private drive lead to the home and up to a 3-car garage and guest parking. This home is currently in the permitting process and will start construction early 2023. The 5970sf residence is organized around a secluded courtyard featuring a pool, built-in spa, and outdoor living spaces, perfect for entertaining. The main house great room connects the courtyard to a balcony overlooking the city, with custom steel and glass floor-to-ceiling windows and oversized sliding doors on both sides. The main wing of the house also includes the primary suite, a second full bedroom suite, private office, butler's pantry and an elevator. The south wing contains a large fitness room and bath, a game room with bar and seating, and a full guest house with a private entry. This house is to be exquisitely crafted throughout and with custom steel detailing, finely crafted millwork, exposed board formed concrete walls, and stone floors throughout. Don't miss the opportunity to make this house your home.

6216 N 38th Place Paradise Valley, AZ 85253

$8,995,000
5 Beds
7 Baths
11,097 SqFt
Status Active
MLS # 6647587
Property Type Single Family Residence
Price Type --
This glamorous estate is for those who appreciate artistic modern design coupled with classic elegance. Beyond the private gates sits a home loaded with sophistication and architectural excellence. The entry is accented by a copper clad pivot door that leads to exquisite living spaces. The kitchen features two twelve-foot islands, cabinetry imported from Spain, Wolf and Subzero appliances and a morning bar with built-in Miele coffee station. The entertaining areas are refined, yet comfortable and the flow of the home is flawless. The magnificent primary suite has floor to ceiling windows that frame views of Camelback Mountain spanning all the way to downtown Phoenix, and the primary bath will take your breath away. A 500-bottle wine room, 3-tiered movie theater, junior suite with an aromatherapy steam shower that would make a perfect home gym, wide plank oak floors with quartz inlays, marble and quartz accents, exceptional custom cabinetry, fully retractable walls of glass, custom ceilings, and opulent lighting are just a few of the exquisite design features inside, and the outdoor living is an absolute dream with a beautiful pool surrounded by sandblasted marble pavers, and a large yard with synthetic turf. The fully loaded Crestron home automation system includes lighting controls, security cameras and audio, both inside and out, and the driveway can accommodate up to 20 cars. This contemporary showpiece sits on 1.36 acres in a prominent Paradise Valley neighborhood!