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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7265 N 40th Street Paradise Valley, AZ 85253

$30,600,000
5 Beds
7 Baths
18,000 SqFt
Status Active
MLS # 6346005
Property Type Single Family - Detached
Price Type --
Amethyst is the crown jewel of Crown Canyon situated above all other homesites. This 5 acre parcel awaits an architectural masterpiece to capture the most prolific views in the community. The experienced team at BedBrock Developers is prepared to fully design and build your custom dream home on this impressive mountain hillside. In-house architect Stratton Andrews has designed an 18,000 square foot showcase home custom to this lot demonstrating the endless possibilities within this homesite.''The breathtaking Amethyst homesite itself ignited the inspiration for this architectural masterpiece. The design flows with the topography allowing 270 degree views of the valley, Camelback Mountain and Piestewa Peak, while immersing the homeowner in the natural beauty of the desert'' says the

21264 N 113th Place Scottsdale, AZ 85255

$29,500,000
8 Beds
15 Baths
21,150 SqFt
Status Active
MLS # 6360614
Property Type Single Family - Detached
Price Type --
Exquisite modern elegance meets raw desert beauty in this one-of-a-kind Scottsdale estate, Altitude at Silverleaf, newly constructed in 2021 by Mast Luxury Homes. Located on the most prominent peak in the prestigious Summit at Silverleaf community & sitting on nearly five acres, city & desert views abound from every interior room & generous outdoor space. The privately gated, circular driveway provides a resort-style welcome that leads to a stunning mountain backdrop, complete w/an elevated, covered viewing tower to fully take in the McDowell Sonoran Preserve's majesty.Once inside, incredibly high ceilings give way to 3 levels of remarkable finishes, including extensive use of imported natural stone with a special focus on marble and natural quartzite and 5 natural stone fireplac

20958 N 112th Street Scottsdale, AZ 85255

$28,000,000
7 Beds
8 Baths
13,617 SqFt
Status Active
MLS # 6375239
Property Type Single Family - Detached
Price Type --
Welcome to ''The Aerie'', perched high in the McDowell Mountains in Scottdale's most exclusive community of Silverleaf sits this one of a kind masterpiece with unmatched views of the valley below. Thoughtfully designed by Erik Peterson of PHX Architecture and built with the ultimate in perfection by Paragon Custom Homes into a true work of art, this brand new desert contemporary home is an amazing estate. From the open great room which leads to the designer kitchen and hidden catering kitchen to the thoughtfully designed entertainment zone, and the palatial master wing this home has it all. Embodying a true indoor outdoor lifestyle, entertaining spaces flow to the beautiful outdoors all with amazing views of the valley below.

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. Ranch is a 95,000+/- acre ranching operation consisting of approximately 2,292 deeded acres, 52,567 Arizona State leased acres and 10,492 private leased acres located in the high Sonoran Desert 15 miles North of Wickenburg, AZ; and the Little Horse portion of 27,980 Forest Service acres and 171 private leased acres located in the pine-covered country along the I-17 freeway beginning 3 miles south of Flagstaff, AZ. The 160-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...

11235 E Wingspan Way Scottsdale, AZ 85255

$24,220,000
6 Beds
8.5 Baths
11,556 SqFt
Status Active
MLS # 6362093
Property Type Single Family - Detached
Price Type --
An artful masterpiece, this stunning estate was recently completed in July of 2021 by Salcito Custom Homes. Grandly positioned on 4.67 acres on one of the best homesites in Silverleaf, this home sits prominently in the iconic ''saddle'' of the Upper Canyon Summit in Silverleaf. Exuding warmth and sophistication with a unique French Modern style and architecture thoughtfully designed by Dale Gardon, this regal home captures the spectacular views of the Silverleaf Golf Course and the Valley throughout the home. The superb interiors, designed in collaboration with Rebecca Salcito feature distinctive elements such as a fireplace carved from Breche De Vendome Marble to hand-blown glass chandeliers, custom artwork and draperies with custom ombre alpaca fabrics. European Oak wood is throughout.

5953 N Yucca Road Paradise Valley, AZ 85253

$24,000,000
6 Beds
8 Baths
16,844 SqFt
Status Active
MLS # 6361568
Property Type Single Family - Detached
Price Type --
An absolute buyers windfall, sellers would love to see their masterpiece come to life and can carry with a substantial down during the build process. Easily 30 million plus upon completion. Downstairs master suite, office, bowling, movie & lounge. Upstairs 4 large en-suite bedrooms with therapy/treatment room, second living, gym and sauna. The expansive almost 4.5 acre property would be privately gated with two gates, tennis courts, above grade negative edge infinity pool and spa. Designed by CP Drewett and finishes selected by Claire Ownby, a buyers tweaks can be added and submitted for final permit approval saving a buyer years of planning and meetings. The perfect distance from Camelback mountain with a large desert buffer. Private, secure & exclusive.

6044 N 44th Place Paradise Valley, AZ 85253

$22,500,000
4 Beds
7 Baths
10,656 SqFt
Status Active
MLS # 6378747
Property Type Single Family - Detached
Price Type --
Welcome to this one of a kind single level HILLTOP estate with 360 degree views- As you enter the gated circular drive and approach the spectacular entry foyer you'll be amazed by the height of the ceilings and walls of glass overlooking city & mountain views, resort sized living room with granite wall fireplace, art gallery hallway, formal dining room, bar with Ice maker/dishwasher, marble & granite floors throughout, 10 ft burled redwood doors, West Wing features -Powder room, Luxurious primary suite with coffee bar, unreal views, 2 baths with 2 large paneled closets, granite showers, fireplace , Wood paneled study- 1000 square foot gym w bath and ample closet- (could be 4th bedroom) laundry room with dog run.EAST WING: 2 bedrooms one as complete guest suite w/ kitchen/living...

8100 N 68th Street Paradise Valley, AZ 85253

$20,000,000
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.

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.

10719 E Rimrock Drive Scottsdale, AZ 85255

$19,250,000
6 Beds
8 Baths
13,114 SqFt
Status Active
MLS # 6284795
Property Type Single Family - Detached
Price Type --
GOLF MEMBERSHIP AVAILABLE!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 including detached 1,789 square foot, two-bedroom guest home.

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.

10738 E Diamond Rim Drive Scottsdale, AZ 85255

$16,000,000
7 Beds
11.5 Baths
15,603 SqFt
Status Active
MLS # 6336751
Property Type Single Family - Detached
Price Type --
This estate is a beautiful expression of ranch hacienda-style architecture. Designed by acclaimed architect John Sather of Swaback Partners, it was built with the highest quality materials and workmanship, and every room reflects extraordinary attention to detail. Nestled on six acres on the side of the McDowell Mountains - and backing onto a nature preserve - the property is truly a mountainside sanctuary that offers both privacy and an organic connection to the Sonoran Desert. The entrance speaks volumes about what's inside. The imposing arched front door with seeded-glass panels was custom crafted of reclaimed materials by La Puerta of Santa Fe, and the two-story entryway features a commanding chandelier fabricated by the trade-only designer Paul Ferrante. Must see MOTION VIDEO &

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