What’s Ahead For Mortgage Rates This Week – December 19, 2016

Housing news was boosted by the National Association of Home Builders Housing Market Index, which posted its highest readings since July of 2002. In other news, the Federal Reserve’s Federal Open Market Committee voted to raise the federal funds rate and Fed Chair Janet Yellen gave a press conference. Mortgage rates rose and weekly jobless claims fell.

Home Builder Confidence Highest in 14 Years, Home Construction Lags

According to the National Association of Home Builders, builder confidence in housing market conditions reached its highest rate since 2002 in December. The NAHB Housing Market Index reading topped out at 70 as compared to November’s reading of 63. Analysts said that December’s high reading resulted from a post-election bump in builder confidence. While high builder confidence could bode well for supplies of new homes, construction rates continued to lag strong economic indicators such as low unemployment and high demand for homes. While builders gained confidence in current and projected housing market conditions, they continued to face shortages of labor and buildable lots.

Fed Raises Rate

The Federal Open Market Committee of the Federal Reserve announced it would raise the federal funds range by 0.25 percent to 0.50 to 0.75 percent. FOMC said strengthening job markets, lower unemployment and rising household spending supported the decision to raise the federal funds rate. Inflation, while below the Fed’s target of 2.00 percent, is gradually moving toward the Fed’s medium term goal. FOMC’s statement indicated that the Fed’s monetary policy would remain accommodative.

Fed Chair Janet Yellen held a press conference and cited “considerable progress” toward the Fed’s dual mandate of maximum employment and price stability as factors supporting the decision to raise the target federal funds range. Labor markets continue to improve; Chair Yellen said that the economy has added 180,000 jobs per month over the last three months. 15 million jobs have been added in the past seven years. Inflation is growing gradually, and the Fed expects to achieve its target inflation rate of 2.00 percent over the next two years.

Month-to-month consumer spending readings held steady at 0.20 percent growth. Core consumer price index data, which excludes volatile food and energy sectors, rose from 0.10 percent to 0.20 percent in November.

Mortgage Rates, Weekly Jobless Claims

Mortgage rates were higher last week, but Freddie Mac said that its survey data was collected before FOMC raised the federal funds rate. Analysts at Freddie Mac suggested a wait-and see position on rate forecasts due to the changing political climate. The average rate for a 30-year fixed rate mortgage was three basis points higher at 4.16 percent; the average rate for a 15-year fixed rate mortgage rose one basis point to 2.37 percent and the average rate for a 5/1 adjustable rate mortgage was two basis points higher at 3.19 percent. Average discount points for fixed rate mortgages held steady at 0.50 percent and dipped to 0.40 percent for a 5/1 adjustable rate mortgage.

New jobless claims were lower last week at 254,000 claims filed. Analysts had expected a reading of 250,000 new claims based on the prior week’s reading of 258,000 new claims filed. Volatility in weekly readings for new jobless claims can be expected due to seasonal hiring and layoffs.

What‘s Ahead

Next week’s economic releases include readings on new and previously-owned home sales, inflation and consumer sentiment. Readings for mortgage rates and new jobless claims will also be released.

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15 Biltmore Estates Drive Phoenix, AZ 85016

$7,500,000

7 Beds

10 Baths

13,366 SqFt

Status Active

MLS # 6636402

Property Type Single Family Residence

Price Type --

This world-class 1-Owner residence at the Arizona Biltmore Estates was designed by Vernon Swaback, Architect/apprentice to Frank Lloyd Wright and is located on a 1.67 AC view lot on the Estates Course/formerly Adobe. The majestic and timeless home on its resort-like grounds features an extraordinary 2,100+ SF Great Room, recessed wet bar, Kitchen created for event catering, custom limestone columns and surfaces, copper details throughout, 2-powder rooms, Brazilian hand-scraped cherry floors, exceptional millwork, an outstanding Master Suite & spa room, wonderful study, workout room, tv/game. Meticulously built of metal stud walls, steel, topped with a distinctive copper roof and includes a live-in/nanny wing. Main house / 12,503 SF, Guest house / 863 SF or Total living area of 13,366 SF.

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5400 E Valle Vista Road Phoenix, AZ 85018

$7,500,000

5 Beds

6.5 Baths

10,519 SqFt

Status Active

MLS # 6650096

Property Type Single Family Residence

Price Type --

Highest Home on the south of Camelback with spectacular vistas. Very private gated estate sits on almost 3.5 acres. 10,500+ sf of living, 7 car garage, 12,000+ sf patios with magnificent views floating over Phx & Scottsdale. Main house includes huge master suite, gym, theatre room, wine cellar, billiards rooms, office & 2 very large private guest suites. Negative edge pool & hot tub, BBQ, perfect for entertaining. 2B/2BA Guest home large w/living room & full kitchen. Property also has an art studio, workshop, & storage. An opportunity to do a light remodel but value is in the land. Build a trophy estate on Camelback with the city allowing 37,000+ sf of lot disturbance and little to no pad prep to build the ultimate estate. Sewer to property is currently underway. Best lot on the Mtn.

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18 Biltmore Estate Phoenix, AZ 85016

$7,500,000

5 Beds

4.5 Baths

6,581 SqFt

Status Active

MLS # 6657753

Property Type Single Family Residence

Price Type --

Welcome to 18 Biltmore Estates! Located along the famed Arizona Biltmore Circle and sitting on a premier 1.23 acre golf course lot with unobstructed views of the Estates Course and Piestawa Peak, this is one of the most desired Biltmore homes to ever hit the market! Through the lush hedges and private gate you will be greeted by a motor court that will lead you to the front door of this European inspired estate. As you approach the door, sweeping golf course views will catch your eye through the home as you enter to soaring ceilings with meticulous coffered wood working details on the ceiling and herringbone pattern oak flooring beneath your feet. The main home features a large open floor plan consisting of 5,629 sq.ft., 3 bedrooms, two bonus rooms, and 3.5 baths all on a single level. As you make your way out back, multiple patios will give you a beautiful vantage point of the panoramic scenery around the property. Quietly set off to the side you will find a 952 sq.ft. guest casita complete with living room, bedroom, and flex space. Designed by the renowned DeCesare Group!

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33094 N Northstar Circle Scottsdale, AZ 85266

$7,500,000

5 Beds

6.5 Baths

7,460 SqFt

Status Active

MLS # 6677713

Property Type Single Family Residence

Price Type --

Contemporary Desert Modern design, nestled within the Whisper Rock Estates community for a secluded experience, is an estate to-be-built with plans & permit ready for review & approval with the city. Designed in collaboration with renowned architect Platinum Design Studio, Misty Cowan Dwelling Design & to be brought to life by luxury builder Banner Built Custom Homes, this stunning project gives you an opportunity to work directly with the design team to make your custom selections throughout the process or proceed with selections already chosen by Dwelling Design. Situated on a 1.12-acre homesite in an exclusive guard gated North Scottsdale community, the southwest facing property offers incredible views of rock croppings outlined by Arizona sunsets. Featuring 7460 sqft of single-story living, the 6557 sqft main residence offers 4 bedrooms, exercise room & flex room with an expansive kitchen & great room. Floor-to-ceiling windows overlook your resort style backyard offering a pool, spa & water features with the natural beauty of the Sonoran Desert, Winfield Mountain & distant Chiricahua Mountain views beckoning. A wet bar with retractable glass, ample covered patio space with fireplace, & an outdoor kitchen with barbeque make indoor / outdoor entertainment seamless & the ultimate experience in luxury living. The spacious primary suite offers rest & rejuvenation with a Zen-like bathroom complete with Copenhagen cabinets, limestone counters, marble shower, dual water closets & freestanding soaking tub. Visitors have their own separate 903 sqft sanctuary for unwinding with a 1-bedroom guest home, including kitchen & living room, tucked away for privacy. Premium finishes, such as a Wolf & SubZero appliance package, flow throughout the estate. Not to be overlooked, your luxurious collection of cars have their own haven with a 5-car garage & ample parking space to call home.

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6107 E Paradise Drive Scottsdale, AZ 85254

$7,500,000

7 Beds

10 Baths

13,700 SqFt

Status Active

MLS # 6695054

Property Type Single Family Residence

Price Type --

Welcome to the deal of the century. This estate boasts 1.6+ acres, 13,700square feet, 7 bedrooms, 10 bathrooms, 11 fireplaces, tennis court, outdoor paradise, and panache that will exceed your expectations. Truly too much to capture, so plan a visit to see this one. 8 car garage with motorcade entry. Castle esque doors in the main entrance with an impressive entryway and massive chandelier. Your eye will take you right to the resort in the backyard with a 1,300sf pool, water features galore, and hot tub to boot. Amazing entertaining areas out back with a gazebo, outdoor kitchen, tennis, spa, pool, large grass area, and a covered patio with fitness equipment just outside the yoga/fitness studio. Too much to list! Come see this gorgeous estate for yourself. Welcome home!

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6112 E Quartz Mountain Road Paradise Valley, AZ 85253

$7,500,000

6 Beds

9 Baths

9,372 SqFt

Status Active

MLS # 6620435

Property Type Single Family Residence

Price Type --

PRICE REDUCED $1.5M! This exquisite single-level property offers a blend of luxury and sophistication. Featuring 6 bedrms + 8 bathrms spread across its expansive 9,372 sqft, it showcases breathtaking views of Mummy Mountain, McDowell Mountain, + city lights. The guest casita, complete with a living rm, kitchen, bedrm, + bathrm provides a private retreat for visitors. The main house features 5 ensuite bedrms, a gym, media rm, library, + flex rm ensuring a perfect balance of comfort + entertainment. The spacious chef's kitchen with large white quartzite island also features an additional full catering kitchen. Floor-to-ceiling windows + sliding pocket doors seamlessly merge indoor + outdoor living, while the zero-edge pool, spa, artificial turf + magnificent views create a resort-like oasi $1 MILLION PRICE REDUCTION!!!

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9762 E Covey Trail Scottsdale, AZ 85262

Open House

$7,500,000

5 Beds

5.5 Baths

7,805 SqFt

Status Active

MLS # 6675745

Property Type Single Family Residence

Price Type --

Scenic elevated ~10 acre Santa Barbara estate with breathtaking views of the Valley of the Sun, fabulous Sunsets and City Light Views can be yours forever. This home features 2 separate Guest Houses, 4 car garage, Great Room, Media Room, 2 offices, wet bar, wine room, and 5 En-suite Bedrooms all on 1 level + Exercise Room on Lower level. Lushly landscaped patios and grand-view pool deck are graced by 3 sparkling water features and Juliet balcony. Main home 3 En-suite Bedrooms open to interior courtyard w/water feature. Every possibility for seamless, indoor/outdoor living has been thoughtfully designed into this High Sonoran Retreat. Golf Membership available to transfer from Seller and furnishings excluding art are available under separate Bill of Sale.

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9735 E Kemper Way Scottsdale, AZ 85255

$7,499,000

5 Beds

6.5 Baths

7,741 SqFt

Status Active

MLS # 6707268

Property Type Single Family Residence

Price Type --

Step into luxury living at Arcadia at Silverleaf, where this exceptional home stands as the pinnacle of value per square foot in the entire community. Don't miss out on the unparalleled opportunity to own the only NEW build priced under $1,000 per square foot in all of Silverleaf. Nestled within the esteemed boutique gated and guarded community of Arcadia at Silverleaf, this residence offers breathtaking views of the McDowell Mountains and overlooks one of Arcadia's iconic parks. Boasting 7,741 square feet of enchanting living space, sophistication seamlessly merges with tradition as you enter this distinguished home. The gourmet kitchen, a culinary masterpiece, sets the stage for gastronomic delights, while the refined dining area is ideal for intimate gatherings. The expansive living space, featuring 24-foot ceilings, creates a magnificent ambiance for festive celebrations. The luxurious downstairs owner's suite offers a peaceful retreat with a gas fireplace, expansive walk-in closet, and spa-like bathroom. A spacious office with a full bathroom and private patio complete the main level living. With five en suite bedrooms and six and a half luxurious bathrooms, every detail of this residence is meticulously crafted to perfection. Wood flooring, Wolf Appliances, custom cabinetry, and two flex rooms offering versatile spaces seamlessly integrate into the landscape, enhancing the overall appeal of this Silverleaf Estate. More than just a home, this residence promises an unparalleled experiencea testament to extraordinary living in 2024. Beyond a mere house, it's a statementa proclamation of the extraordinary life within the walls of this Silverleaf Estate. Entertain with ease in the alfresco amenities, including a kitchen and bar pass-thru windows, covered patio, enchanting fountains, fireplaces, pool, and spa. Immaculate and timeless, this distinctive property is designed for the most discerning buyers. Embrace a lifestyle of opulence and refinement in this captivating residencea true masterpiece in the heart of Arcadia at Silverleaf.

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6825 N 39th Place Paradise Valley, AZ 85253

$7,450,000

4 Beds

4.5 Baths

6,041 SqFt

Status Active

MLS # 6542969

Property Type Single Family Residence

Price Type --

Summer 2024 delivery! New hillside construction, perfectly positioned on a private 1+ acre lot within PV Reserve; an exclusive 24hr guard-gated enclave in Paradise Valley. This Modern Mediterranean hillside residence has majestic sweeping vistas from Camelback Mountain to the twinkling city lights of downtown Phoenix. One of the only hillside homes with a level grass yard. This home has been designed and constructed to maximize the views while also embracing Arizona's indoor / outdoor living style. Spanning 6,041 SF with four ensuite bedrooms exercise studio, and 3-car garage with room for 3-lifts. Separate entrance and covered patio for the guest suite, which is also accessible from the main house. This is the perfect home for a lock and leave or someone who values their privacy. Paradise Valley, Arizona, is a charming town renowned for its exclusive estates, luxury resorts, and stunning desert vistas, framed by Camelback Mountain and Mummy Mountain. Just minutes from Phoenix, the town offers a refined lifestyle with opulent homes, upscale retreats, golf courses, and spa resorts. Strict zoning regulations underscore Paradise Valley's commitment to preserving its natural beauty, creating a harmonious blend of sophistication and the Sonoran Desert environment. This idyllic oasis stands as a testament to the town's unique fusion of luxury living and breathtaking landscapes.

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9015 N Morning Glory Road Paradise Valley, AZ 85253

$7,400,000

4 Beds

5 Baths

5,295 SqFt

Status Active

MLS # 6691280

Property Type Single Family Residence

Price Type --

Welcome to Southwest Glory, a meticulously restored and redesigned Nance masterpiece nestled on a sprawling 1-acre lot in the heart of Paradise Valley. Modern Nest proudly presents this exquisite 4 bedroom, 5 bathroom home (plus casita) boasting 5295 square feet of luxurious living space. Step inside to discover the perfect blend of Southwest charm and design elegance. The original Saltillo tile floors grace the main living areas, while handcrafted wood flooring and artisanal tiles adorn the rest of the home. Experience warmth and ambiance with 4 fireplaces, seamlessly integrating indoor and outdoor living. The gourmet kitchen is a chef's dream, showcasing custom-designed cabinetry, Wolf and Subzero appliances, and expansive windows overlooking the enchanting patio and lush landscaping. Entertain in style with a completely rebuilt/resurfaced pool, new hardscapes, and a resurfaced full-size sport court with commercial lighting. Indulge in the comfort of an oversized library/den complete with custom shelving and a state-of-the-art sound system. The attached guest casita offers a full kitchen, living space, and an additional private bedroom (5 total) with captivating backyard views. Relish in the comfort of a charming breakfast nook with a fireplace and a butler's pantry featuring a wine fridge, handcrafted tiles and custom cabinetry for optimal storage. The oversized mud/laundry room boasts custom cabinetry as well and dual washer/dryer units for added convenience. Outdoor living reaches new heights with multiple patio spaces, fountains, and cozy fireplaces, perfect for alfresco dining and relaxation. Luxurious lighting complements the meticulously restored wood beam ceilings throughout the home. Retreat to the primary suite, where a separate sitting area, fireplace, and large windows frame views of the back patio's limestone fountain. The spa-like ensuite bathroom boasts marble countertops, terracotta tiles, a freestanding bathtub, and a separate shower with steam capabilities, while the expansive closet offers custom built-ins for optimal storage. Additional features include a three-car garage, ample storage, new landscaping, outdoor lighting/sound system, stucco, and paint. Experience the epitome of luxury living at Southwest Glory - where modern sophistication meets timeless charm. Schedule your private tour today!

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10383 E Rising Sun Drive Scottsdale, AZ 85262

$7,400,000

6 Beds

5.5 Baths

5,814 SqFt

Status Active

MLS # 6671573

Property Type Single Family Residence

Price Type --

5814 sq ft modern home completed in 2020 has walls of glass for seamless indoor outdoor living. Home is fully furnished with 3 en-suite guest bedrooms plus a library/media room & large loft for grandkids. 3 Car Garage with addl 1 ½ bay for a rec room / man cave. A detached guest home with kitchen, living, 2 guest bedrooms, is perfect for when family or friends are in town. Entry water feature has a fire pit & ''floating'' walkway that leads to the entry door. 400 bottle climate controlled wine display at the dining room. Pocketing sliding glass doors in the great room open up to the resort style backyard with a 50 ft pool, deck fountains & spa. Ceiling heaters for winter & misters for summer, 2 firepits & 85'' TV make the backyard the ultimate entertaining space

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9264 E Superstition Mountain Drive Gold Canyon, AZ 85118

$7,376,400

5 Beds

5 Baths

12,294 SqFt

Status Active

MLS # 6581604

Property Type Single Family Residence

Price Type --

Beautiful builder lot and a well thought out Luxury home design 360 degree mountain views located in Petroglyph Estates. Luxury planned community at it's finest, fully equipped with Community Pool, Golf & Country Club, Sports Club, Club House, Fitness Classes, Tennis & Pickle Ball Courts, Bocce and Croquet. LOT ONLY OPTION CAN BE PURCHASED FOR $285,000.

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