What’s Ahead For Mortgage Rates This Week – July 25, 2016

Housing Starts, Building Permits Issued Rise

Commerce Department reports on housing starts and building permits issued were released Tuesday. Housing starts rose to 1.189 million in June against expectations of 1.165 million starts and May’s downwardly revised reading of 1.135 million starts, Housing starts rose by 4.80 percent on a seasonally-adjusted annual basis. This is good news for housing markets, but analysts said that demand for homes continued to exceed available supplies.

Building permits issued also rose in June to 1.53 million as compared to May’s reading of 1.136 million permits issued.

Existing Home Sales Increase: National Association of Realtors®

Sales of previously-owned homes rose three percent year-over-year and reached their highest level since February 2007 in June. Existing home sales rose by 1.10 percent in June to a seasonally-adjusted annual rate of 5.57 million sales. Analysts forecasted a reading of 5.48 million sales of pre-owned homes based on May’s reading of 5.51 million sales.

Analysts said that first-time home buyers are returning to housing markets and helped boost June sales and cited changing buyer demographics that suggest a return to owner-occupant home sales. First-time buyers accounted for 33 percent of pre-owned home sales in July, which was their highest reading since 2012. First-time buyers are important to housing markets as their purchases of existing homes enable current homeowners to sell their homes to buy larger homes or to relocate.

Mortgage Rates Rise, New Jobless Claims Fall

Mortgage rates rose across the board last week according to Freddie Mac’s weekly report. Rates for a 30-year fixed rate mortgage averaged 3.45 percent, which was three basis points higher. The average rate for a 15-year fixed rate mortgage also rose three basis points to 2.75 percent; rates for a 5/1 adjustable rate mortgage averaged 2.78 percent. Discount points averaged 0.50 percent for fixed-rate mortgage and 0.40 percent for 5/1 adjustable rate mortgages.

New jobless claims sustained their streak and fell last week to 253,000 against predictions of 260,000 new claims filed and the prior week’s reading of 254,000 new claims filed. Analysts hailed declining jobless claims as a strong indicator that the economy and labor markets continue to improve. New jobless claims have remained below the key reading of 300,000 for 73 weeks. The four-week rolling average of new jobless claims fell by 1250 claims to 257,750. This reading is considered less volatile than week-to-week readings and offers evidence of steady improvements in labor markets.

What’s Ahead

Next week’s scheduled economic news includes the S&P Case-Shiller Housing Market Index, readings on new and pending home sales and the FOMC committee’s post-meeting statement on Federal Reserve monetary policy decisions. Analysts widely expect the Fed to hold firm on its current federal funds rate of 0.25 to 0.50 percent.

Weekly reports on mortgage rates and new jobless claims will be released along with a reading on consumer confidence.

27780 W Ox Ranch Road Congress, AZ 85332

$25,000,000
5 Beds
4 Baths
2,328 SqFt
Status Active
MLS # 6016821
Property Type Single Family - Detached
Price Type --
The O.X. - Little Horse Ranch is an approximately 95,000 +/- acre ranching operation including the 65,620 +/- acre O.X. farm and ranch including 2,292+/- deeded acres located in the high Sonoran Desert 15 miles North of Wickenburg, AZ and the 29,072 +/- acre Little Horse Ranch located in the pine-covered country along the I-17 freeway beginning 3 miles south of Flagstaff, AZ. The 140-year old O.X. Ranch, which is regarded by many as the finest desert ranch in the Southwest, extends from the town of Congress, AZ, at a 3,000 ft. elevation, to the pine-covered peaks of the Weaver Mountains at almost 6,000 feet. The three perennial streams that converge at the headquarters, together with a spring that produces several hundred gallons of water per minute, a 30ft. water table, and a 13 ACRE LAKE

6015 E Cameldale Way Paradise Valley, AZ 85253

$22,500,000
7 Beds
14 Baths
15,736 SqFt
Status Active
MLS # 6214376
Property Type Single Family - Detached
Price Type --
A work of Art - first time on the market and situated on one of the most commanding homesites in Cameldale, this Grand Estate graces 4.27 acres with stunning views at the base of Camelback Mountain. Created by the vision of its' owner and the professional talent of the Superfecta: Candelaria Design, Inc. (Architect), Desert Star Construction (Builder), Vallone Design, Inc. (Interiors), and Berghoff Design Group (Landscape), every detail exudes an ambience that is grand, yet warm and comfortable for an unequaled Lifestyle. Through the gated entry to the charming arrival, the warmth of a French countryside setting draws you in to handsome stone dwellings with compliments of wood and iron that are the main house, additional garages, a two bedroom, two bath, complete Guest House, ....

11200 E Canyon Cross Way Scottsdale, AZ 85255

$21,999,999
7 Beds
8.5 Baths
12,617 SqFt
Status Active
MLS # 6237243
Property Type Single Family - Detached
Price Type --
Introducing ''The Castle On The Hill'', a newly completed hillside masterpiece that is located in a private corner section of Upper Canyon Silverleaf. This 12,617 sqft estate captures both city views of the valley & has breathtaking views of the mountain terrain surrounding it. ''The Castle On The Hill'' was created using only the highest level of luxury materials, craftsmanship & the expertise of the world renown master developers ''Fratantoni''. Main home consists of 5 Bedrooms & 6.5 Bathrooms and has a Separate Detached Guest Home with 2 Bedrooms & 2 Full Bathrooms with Kitchen. This home is an entertainers paradise with a large dining room that overlooks a wine connoisseur's dream wine room and much much more! This property can be offered turn-key for an easy transition!

15860 E Rio Verde Drive Scottsdale, AZ 85262

$19,500,000
4 Beds
8 Baths
8,744 SqFt
Status Active
MLS # 6106214
Property Type Single Family - Detached
Price Type --
A coveted Modern West lifestyle awaits in the glorious Sonoran Desert at MorDo Ranch. Located just minutes from all the amenities Scottsdale has to offer, this 101+ acre horse ranch offers both luxury home living along with superb horse facilities. The main residence, designed after an Argentinian Estancia, displays Kitchell commercial building expertise tailored to a magnificent and welcoming estate home, with open floor plan, private his and her offices, two separate guest suites and intimate entertaining areas. Among the estate grounds are a 10-stall barn, two corrals, and four 5-acre pastures. Closer to the main residence are two managers homes, greenhouse and both pool and tennis court.

5021 E Arabian Way Paradise Valley, AZ 85253

$18,500,000
6 Beds
9 Baths
16,083 SqFt
Status Active
MLS # 5826956
Property Type Single Family - Detached
Price Type --
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,

8100 N 68th Street Paradise Valley, AZ 85253

$18,000,000
5 Beds
7.5 Baths
17,912 SqFt
Status Active
MLS # 6194320
Property Type Single Family - Detached
Price Type --
This authentic Italian Villa in the heart of Paradise Valley was 10 years in the making. Influcenced by the Getty Villa outside of Rome, the materials and artisans who hand crafted them were imported from Italy to work onsite with meticulous detail, under the supervision of noted designer Juan Sandoval. The living spaces open to a grand loggia surrounding two courtyards of lush beauty, (over 300 rosebushes on the property) transporting one's soul to a different place in time. The architectural precision, quality of workmanship, construction quality, attention to detail is unsurpassed. The 60'x60' hand-tiled mosaic heated salt water pool (150,000 gal.) is a work of art, as is each bedroom suite w/ fireproof walls, all Venetian plastered walls throughout, every bookmatched marble floor.

5800 N Yucca Road Paradise Valley, AZ 85253

$18,000,000
8 Beds
11 Baths
21,379 SqFt
Status Active
MLS # 6222976
Property Type Single Family - Detached
Price Type --
On 4.62 acres in exclusive Cameldale, with full Camelback Mtn views, sits this incredible French-inspired country chateau currently UNDER AN EXTENSIVE RENOVATION. A lantern-lined long driveway with hand-built stone wall, expansive lush lawns, and a Monet lily pond introduces the estate. The compound totals 21,000 sqft and includes a guest home, a 6,500 sqft game house with indoor 1/2 basketball court, gym+ 300 person club rm, bar, kitchen, home theatre + antique fireplace. The beautiful main home has 7 bedrooms including full attached guest quarters, wine rm+ large tasting rm, library, slate roof, 7 car garage and more. The grounds also feature a tennis court, an English-built Hartley greenhouse, vegetable garden, citrus grove, rose garden , courtyards+ playhouse with playground

41927 N Saguaro Forest Drive Scottsdale, AZ 85262

$16,500,000
5 Beds
5.5 Baths
9,860 SqFt
Status Active
MLS # 6012791
Property Type Single Family - Detached
Price Type --
The Bacon House at Desert Mountain is a stunning classically modern 9,860 square foot home, designed by Master of the Southwest Architectural Designer Bob Bacon. This south-facing, five-bedroom, open plan home and gallery will be built in Desert Mountain, a secure, gated, private club and recreation-oriented master planned community in Scottsdale, Arizona. The capstone of a storied career, Bacon has created a true masterpiece of livable architectural art destined to be one of the finest homes anywhere; replete with the most advanced technology (including being solar powered) and 5,550 SF of climate-controlled collector's galleries for the safe display of prized possessions such as automobiles, art, or sculpture. A Bacon curated collection of furnishings is also available separately.

6121 N Nauni Valley Drive Paradise Valley, AZ 85253

$15,000,000
4 Beds
4.5 Baths
6,200 SqFt
Status Active
MLS # 6233019
Property Type Single Family - Detached
Price Type --
From what began as an appeal and vision to create the most alluring home in Arizona's highly sought-after Paradise Valley, Dancing Light came into being, a triumph in contemporary residential architecture that truly reflects the spirit of its natural surroundings. A sprawling 2.8 acres contains two stunning residences, with the main house and guest house consisting of 3 bedrooms and 3 1/2 baths, and 1 bedroom and 1 bath, respectively. Prepare for moments of awe in this Kendle Design, Architect/Desert Star Construction/David Michael Miller, Interiors-designed 6,198 square-foot masterpiece replete with artfully functional details that extends naturally to the outdoors. Camelback Mountain is silently poised nearby, as if offering its blessing to a desert compound made up of the area's natural

20936 N 109th Place Scottsdale, AZ 85255

$14,500,000
6 Beds
11 Baths
16,976 SqFt
Status Active
MLS # 6202608
Property Type Single Family - Detached
Price Type --
Never before listed! This magnificent private estate awaits a most discerning owner! Situated behind its own private gates on nearly 3 acres within the guard-gated Upper Canyon of Silverleaf. Sophisticated 16,000+ sq ft. custom luxury retreat offers 3 full en-suite master bedrooms each with washer/dryer and safe rooms attached. Two separate guest suites above the garage. An additional 3 offices, 2 of which can be converted to en-suite bedrooms for a possible total of 8 bedrooms and 11 bathrooms. Multiple living and entertaining areas including a fully equipped state-of-the-art theater room. Spacious chef's kitchen with double islands and exceptional custom crafted cabinets. Beautiful, gated motor court with six garages....

6659 E Indian Bend Road Paradise Valley, AZ 85253

$14,000,000
7 Beds
15 Baths
26,393 SqFt
Status Active
MLS # 6174692
Property Type Single Family - Detached
Price Type --
Infrequent discovery: Save several years in construction phase and NEW construction built cost (offered under $500 per sqft, this level construction, New is trading $1,500+ SQFT). This Ultimate Guard Gated Estate assures security and privacy. Homes commercial (concrete and steel) grade construction is under way and can be personalized to your taste if you act now! The home can accommodate parking for 20 of your most special car collection or use this space as your ball room/event center. Its generous size, bank grade vault can store your Art, Jewelry or garments. In your spare time, you may find your self lounging by its front courtyard's reflecting pool, its back yard's pool or your indoor pool/spa area. Your wine tasting room can be within the wine cellar or intimately outdoors.

8185 E Alameda Road Scottsdale, AZ 85255

$12,950,000
5 Beds
11 Baths
17,400 SqFt
Status Active
MLS # 6190244
Property Type Single Family - Detached
Price Type --
This incredible, irreplaceable appx 10 acre residential/equestrian estate is located in the heart of Pinnacle Peak which makes it one of the most unique equestrian facilities in all of North Scottsdale. Main house features 3br suites incredible living, family, dining rooms & beautiful Kitchen. 8 seat theater , 5,000 SF pavilion that is done like no other 2 new separate guest quarters, 2 RV garages several out buildings to house all your cars and other toys. All this in addition to one of the most beautiful and quality equestrian facilities. It's everything you could ever need and there's still room for more if one wanted to expand. The photos and vitural tours will help tell the rest of the story of all the equestrian facilities. Equestrian amenities include