What’s Ahead For Mortgage Rates This Week – June 27, 2016

Whats Ahead For Mortgage Rates This Week May 18 2015Last week’s economic news was dominated by Great Britain’s vote to withdraw from the European Union. New and Existing Home Sales were released along with weekly reports on mortgage rates and new jobless claims.

“Brexit” Vote Tanks Stocks, Could Cause Lower Mortgage Rates

US stocks plunged in reaction to the news of Britain’s decision to leave the EU and the resignation of its Prime Minister. While investors don’t want to see their 401(k) values crash, mortgage rates may also fall as a result of “Brexit”. Fallout caused by economic uncertainty connected with Great Britain’s move to regain independence is expected to have lingering influence on global financial and economic developments in coming months and years.

Fed Chair Janet Yellen said in testimony before the Senate Banking Committee that Great Britain’s decision to leave the EU could have significant consequences. Chair Yellen’s comments were made prior to Friday’s announcement of Great Britain’s decision.

Existing Home Sales Highest Since 2007, Home Prices Continue Rising

According to the National Association of Realtors® May sales of pre-owned homes hit their highest level since February 2007. May’s seasonally-adjusted annual reading of 5.53 million sales fell just shy of analysts ‘expectation of 5.55 million sales, but exceeded April’s reading of 5.43 million sales. May’s reading represented a 1.80 percent increase in sales and a year-over-year increase of 4.50 percent.

Short supplies of available homes continued to drive up home prices according to NAR chief economist Lawrence Yun, who expressed concerns about affordability as home prices continued to outstrip wages and inflation. The national median home price was $239,700 in May, which was 4.70 percent higher year-over-year. Although first-time buyers typically represent about 40 percent of homebuyers, they currently account for 30 percent of homebuyers.

New Home Sales Fall in May

Sales of new homes slowed in May after jumping in April. According to the Commerce Department, sales of new homes fell by 6.00 percent on a seasonally adjusted annual basis. 551,000 new homes were sold against the expected reading of 560,000 new homes sold and April’s downwardly revised reading of 586,000 new homes sold. New home sales were 8.70 percent higher year-over-year in May.

Mortgage Rates Rise, Weekly Jobless Claims Fall

Last week’s mortgage rates don’t reflect the Brexit decision and rose slightly on Thursday. The average rate for a 30-year fixed rate mortgage was two basis points higher at 3.56 percent; the average rate for a 15.year fixed rate mortgage was also two basis points higher at 2.83 percent. The average rate for a 5/1 adjustable rate mortgage was unchanged at 2.74 percent. Discount points rose to 0.60 percent for a 30-year fixed rate mortgage but were unchanged at 0.50 percent for 15-year fixed rate mortgages and 5/1 adjustable rate mortgages.

What’s Ahead

Next week’s economic events include Case-Shiller Housing Market Indices, Pending Home Sales, Consumer Spending and Construction Spending

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21053 N 110th Way Scottsdale, AZ 85255

$27,500,000
6 Beds
8.5 Baths
15,000 SqFt
Status Active
MLS # 6142312
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 4.7 acres within the guard-gated Upper Canyon of Silverleaf. This extraordinary 15,000+ sq ft. architecturally designed by visionary Dale Gardon & built by award winning Salcito Custom Homes offers French limestone & French Oak flooring throughout. Sophisticated bathrooms feature heated flooring & steam showers. Fantastic fully equipped guest house includes washer / dryer, dual custom walk-in closets & private outdoor oasis. Large gym & 6 car airconditioned garage bays. Spectacular outdoor spaces cater to every whim; deep diving pool, spa, firepit, kitchen, multiple sitting areas w/ fireplaces & ceiling heaters guarantee stunning Arizona living & entertaining!!

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

7620 N Red Ledge Drive Paradise Valley, AZ 85253

$20,000,000
9 Beds
14 Baths
18,000 SqFt
Status Active
MLS # 6097421
Property Type Single Family - Detached
Price Type --
EXTRAORDINARY CONTEMPORARY MASTERPIECE BY CP Drewett! UNPARALLELED VIEWS, PRIVACY, AND LOCATION! This spectacular, fully customizable, 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

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 19-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.

10719 E Rimrock Drive Scottsdale, AZ 85255

$18,750,000
6 Beds
8 Baths
13,111 SqFt
Status Active
MLS # 6144446
Property Type Single Family - Detached
Price Type --
Backdropped by the magnificent McDowell Mountains, this incredible Silverleaf estate boasts dramatic views of the vibrant golf course and the twinkling city lights of the Valley below. Designed and built for the most discerning, the home features qualities authentic to a timeless California-style estate with a private gated entrance leading to an extended driveway and grand motor court. Impeccable attention to detail, the finest materials and unparalleled craftsmanship were executed perfectly throughout. Strategically placed on a 9-acre signature homesite is the 13,111 square foot, 6-ensuite bedrooms, 8 bath, timeless home with a detached 1,789 square foot, two-bedroom guest home. This was the first home built in Silverleaf to achieve LEED certification for energy efficiency.

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.

New River AZ 85087

$16,000,000
4 Beds
2 Baths
19,161 SqFt
Status Active
MLS # 5584412
Property Type Single Family - Detached
Price Type --
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. Seller firm at 16 million dollars. 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
Price Type --
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.

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
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,

5950 E Valley Vista Lane Paradise Valley, AZ 85253

$12,750,000
7 Beds
10 Baths
12,295 SqFt
Status Active
MLS # 6151640
Property Type Single Family - Detached
Price Type --
With state-of-the-art 2019 renovations and upgrades by John Schultz, a beautifully re-envisioned and chic interior by Donna Vallone, and pristine landscaping by Berghoff Design, this 2 1/4 ACRE Very Private Estate exudes cool sophistication and boasts stunning FULL CAMELBACK MTN VIEWS! Multiple French doors frame Camelback Mtn and open to the HUGE Backyard with expansive green lawns, a fully tiled pool, cabana, sport court, putting green, private jogging path + flower gardens. Highlights include 16-Ft ceilings, a FULL 2BDRM GUEST HOME, SEPARATE EXERCISE BLDG (or 2nd guest house), 2 family rms, White Designer Chef's Kitchen, an elegant 2 story library, white Carrara marble bathrms, 2 huge outdoor entertainment patios, + groin vaulted ceiling in hallways. Upgrades include New Cabinetry,

250 Enchanted Way Sedona, AZ 86336

$12,500,000
7 Beds
14 Baths
15,000 SqFt
Status Active
MLS # 6091601
Property Type Single Family - Detached
Price Type --
Vista Rossa is a sprawling 10-acre estate that is cradled in the Red Rock mountains of Sedona, Arizona featuring sweeping views and a private, resort-like setting. The scale of this 15,000 square-foot, seven-bedroom and 14-bath home was designed to match the grandeur of the red rocks it borders. Nestled against the Coconino National Forest. Designed by one of Arizona's top builders, Morris Fine Homebuilding, this extraordinary estate was planned specifically for its elevated location and borders the national forest offering residents the ultimate in privacy and recreation.The estate begins with a scenic drive down the 1/4 mile gated and tree-lined entry to the valet-style courtyard with five garages.Perfect for entertaining, the open floor plan includes a two-story great room with

11007 E Saguaro Canyon Trail Scottsdale, AZ 85255

$11,995,000
6 Beds
8 Baths
10,700 SqFt
Status Active
MLS # 6150750
Property Type Single Family - Detached
Price Type --
Timeless European Elegance with Spectacular city light & mountain views on a private quiet street. Candelaria Design & Sommer Custom Homes have combined their talents to create a Fine Work of Art with intricate details woven into a functional livable light filled floorpan capturing spectacular views from all angles of the home and creating one of Silverleaf's Finest Estates. Each ceiling is a work of art in itself incorporating hand carved beams & stone and light colored brick & Venetian plaster. 11 fireplaces, several lush garden courtyards & fountains, Guest House, 5-car garage, theater room, game room w/bar, outdoor kitchen, Lutron & Crestron automation systems, Gas Lanterns, Furniture grade cabinetry throughout including all closets, Home impeccably maintained.