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

Last week’s economic news included reports on retail sales, inflation, and weekly reports on mortgage rates and new jobless claims.

Retail Sales Slip as Consumer Prices Inch Up

Retail sales dipped into negative territory in August with a reading of -0.30 percent as compared to expectations of -0.10 percent and July’s reading of +0.10 percent. Retail sales excluding auto sales were better at +0.30 percent. Analysts expected a reading of +0.20 percent based on July’s reading of -0.40 percent. August’s negative reading for retail sales was the first negative report since March.

Inflation fared better than retail sales with August’s Consumer Price Index reading at 0.20 percent. Analysts expected a reading of 0.10 percent; July’s reading was flat. Core Consumer Price Index readings for August are less volatile, as the Core CPI does not include readings for food and energy costs. August’s Core CPI reading was 0.30 percent. A reading of 0.20 percent was expected; July’s reading was 0.10 percent. It appears that inflation is creeping upward, but remains well below the Fed’s target reading of 2.0 percent.

Mortgage Rates, New Jobless Claims Rise

Freddie Mac reported higher mortgage rates across the board last week. The average rate for a 30-year fixed rate mortgage rose six basis points to 3.50 percent; the average rate for a 15-year fixed rate mortgage rose one basis point to 2.76 percent and the average rate for a 5/1 adjustable rate mortgage rose one basis point to an average of 2.82 percent. Average discount points were 0.50 for 30 and 15-year fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

Low mortgage rates have helped home buyers, especially first-time and moderate income buyers, meet affordability challenges. Home prices have risen due to low numbers of available homes and high demand for homes. If mortgage rates continue to rise, fewer buyers will be able to qualify for mortgages and or afford asking prices for available homes.

Next week’s meeting of the Fed’s Federal Open Market Committee is expected to bring news of a Fed decision on raising the target federal funds rate. If the Fed raises its rate, consumer interest rates for mortgages, vehicles and other goods can be expected to increase as well.

Whats Ahead

This week’s economic news includes the NAHB Housing Market Index, Commerce Department reports on housing starts and building permits issued and a Fed Statement at the conclusion of its Federal Open Market Committee meeting on Wednesday. Fed Chair Janet Yellen is also slated to give a press conference after the FOMC statement. The National Association of Realtors will also release a report on sales of previously owned homes.

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1512 E Northern Avenue Phoenix, AZ 85020

$1,899,000
3 Beds
3.5 Baths
2,895 SqFt
Status Active
MLS # 6741450
Property Type Single Family Residence
Price Type --
Prepare to be captivated by Gallery House Phoenix—a luxurious 3-bedroom, 3.5-bathroom sanctuary nestled behind secure gates in the vibrant central corridor. Step into a world where privacy meets sophistication, featuring two exquisite primary suites, each with elegant baths. The owner's suite, designed to evoke a Four Seasons experience, is uniquely equipped with an eight-sleep system for unparalleled rest. Architecturally crafted by self-taught architect and designer Merlin Bergeron, this residence seamlessly blends sophistication with functionality. Surrounded by lush landscaping and enclosed by impressive 8-foot walls, it provides the tranquility people dream of. Enjoy seamless indoor-outdoor living with expansive glass walls and thoughtfully designed overhangs that provide shade without sacrificing views. Discover not one, but two kitchensthe second concealed behind a stunning 8-foot x 6-foot sliding barn door art piece. Equipped with top-of-the-line Thermador appliances, Bosch dishwashers, and Sonos speakers throughout, this home is both a masterpiece of design and a haven of modern convenience. Step into this Phoenix gem and redefine your concept of home.

30600 N Pima Road Unit 19 Scottsdale, AZ 85266

$1,899,000
5 Beds
3.5 Baths
3,272 SqFt
Status Active
MLS # 6760538
Property Type Single Family Residence
Price Type --
Discover the exquisite, unparalleled beauty & craftsmanship of this elegant Santa-Fe style property on 1.4 acres! With over 3,000 sqft of construction, this breathtaking custom-built home is full of sophistication & charm! From the large paver driveway, the attached 3 car garage, and the private courtyard with beehive fireplace, you'll want to see more. The impressive interior boasts a semi-open floor plan, promoting privacy while maintaining an open feel. Tall ceilings, recessed lighting, luxury wood-look vinyl flooring, soft gray palette, and windows galore favor a modern, functional design. The spacious family room features a fireplace adorned with stone cladding. Double-height ceilings extend to the gourmet kitchen, showcasing elegant stacked white cabinetry, quartz counters, tile backsplash, and high-end Kitchen Aid SS appliances. The generously sized owner's suite has outdoor access and a sizable walk-in closet. The lavish ensuite hosts a large quartz dual vanity, LED Wall-mounted mirrors with adjustable temp, and an oversized shower. Split 5th bedroom is great for overnight guests, featuring private outdoor access & direct entry to a bathroom. Upstairs, you'll find a bright loft with amazing Mtn views that's ideal for an office or a hobby area. The exceptional backyard offers an oversized covered patio, faux-flagstone floor, outdoor kitchen, fireplace, eat-in bar, fire pit, above-ground spa, and a pool. The fantastic amenities don't stop there! The Sincuidados community hosts a clubhouse, fireplace, pergola, grill, and basketball & tennis courts. Surrounded by Mtns, you can contemplate stunning sunsets every evening. What's not to like? Come, experience the magic!

6812 E Monterra Way Scottsdale, AZ 85266

$1,899,000 - 5Br/5Ba -  for Sale in Jomax/scottsdale Road, Scottsdale
Open House
$1,899,000
5 Beds
4.5 Baths
4,464 SqFt
Status Active
MLS # 6751597
Property Type Single Family Residence
Price Type --
Make this 1 ACRE, NO HOA, among an enclave of 8 CUSTOM homes, ideally situated at the end of a private CUL-DE-SAC yours now. Imagine yourself in this Tuscan-inspired custom built home, perfectly designed for those who appreciate elegance, flexibility, and absolute PRIVACY. Envision welcoming guests as they arrive via your paver circle driveway, leading through your private courtyard, offering a spiral staircase that guides you to a serene observation deck with sweeping VIEWS.Step through the stunning double iron doors and immediately appreciate the architectural brilliance of the dome-vaulted ceiling that draws your eyes toward the inviting backyard, where a SPARKLING POOL awaits. The gourmet kitchen, equipped with top-of-the-line Wolf gas cooktop, SubZero refrigerator, and Bosch dishwasher, is a culinary dream, perfect for hosting gatherings. The great room seamlessly connects to the kitchen and casual dining area, offering easy access to your private outdoor oasis.Retreat to the spacious owner's suite, featuring a cozy sitting room with a ledge stone gas fireplace, and indulge in the luxurious bath, complete with a jetted tub, travertine shower, and the convenience of private stackable washer/dryer in your expansive walk-in closet. The DEDICATED OFFICE offers custom built-ins and dual workstations ideal for those who work from home.THREE EN-SUITE Bedrooms, anchored by a large bonus room, provide ample space for family or guests. Step outside to your private backyard retreat, where a large covered patio, synthetic lawn, BBQ area, and refreshing POOL and SPA await your next gathering. With a 4-CAR GARAGE and RV gate & NEW ROOF 2023, this home truly has it all awaiting you!

8008 E Del Plomo Drive Scottsdale, AZ 85258

$1,899,000 - 3Br/3Ba -  for Sale in Los Tesoros, Scottsdale
Open House
New
$1,899,000
3 Beds
2.5 Baths
2,480 SqFt
Status Active
MLS # 6758399
Property Type Single Family Residence
Price Type --
Spectacular fully remodeled luxury home in the heart of desirable McCormick Ranch! High ceilings spacious bright layout w open kitchen, all custom cabinets/professional designer finishes throughout. French white oak wood floors, custom fixtures/lighting, doors, hardware and large tri-folding back patio door for entertaining. Split floor plan with extra den office and private primary bedroom with gorgeous bathroom, 2 walk in closets, opens to back patio/views of beautiful large yard/mountains. Cul de sac serene rare location/opportunity-Don't miss this wonderful home in desirable McCormick Ranch! See today **

3305 E Kenwood Street Mesa, AZ 85213

$1,895,000
4 Beds
4 Baths
3,726 SqFt
Status Active
MLS # 6756790
Property Type Single Family Residence
Price Type --
A TRUE GEM AWAITS. Find out why this might be one of the most exceptional properties in all of NORTHEAST MESA. Located in the perhaps one of the most breathtaking subdivisions, ESTATES AT 32ND STREET, this remarkable home offers a perfect blend of luxury, comfort, and functionality. Upon entering the home and through the gated courtyard with beautiful pavers that flow seamlessly around to the backyard and patio areas, enjoy its privacy and the tranquility of an Arizona morning or evening. Throughout the home, take special note of the vaulted ceilings and wood-like ceramic tile flooring that creates an open, airy feel. The light gray walls enhance its modern aesthetic. The open-concept layout seamlessly connects the kitchen to the family room, which features a custom built-in entertainment center with integrated lighting, a 75 Dimplex electric fireplace, perfect for cozy movie nights or entertaining guests. A convenient powder room is located just off the family room, and a separate den/office with double doors offers a private space for work or relaxation. Adjacent to this Family Room space is a gourmet kitchen that is a chef's dream, boasting upgraded Wolf appliances, elegant granite countertops, a custom tile backsplash, and a pot filler over the 48' gas stove, a large kitchen island, and a butler's walk-in pantry add both style and functionality. Enjoy meals in the designated breakfast nook or host dinner parties in the formal dining area. Plus, don't forget the bar seating at the kitchen island for a quick meal. A true feature of any great home is the ability to escape to the main bedroom that offers a tranquil retreat, complete with a private exit to the backyard and a quick trip to the above ground hot tub. The main bathroom features a luxurious and oversized tile shower, dual sinks with granite countertops, and separate his and hers closets, along with light-colored cabinetry for a bright and elegant look. Prepare for the day in luxury and finish the day in that same elegance. Two additional guest bedrooms, each with walk-in closets, and a hall bathroom with a shower/tub combo. If company comes to visit, put them up in a private ensuite with a full bath, shower/tub combo, walk-in closet, and its own separate entry from the courtyard. For functionality and privacy, this suite features plumbing for a kitchenette creating a versatile option. Nestled within a peaceful setting, this home features an impressive 1,000-square-foot RV garage, complete with a half bath, ideal for convenience while working or entertaining. Park your RV, BOAT or TOYS in an enclosed garage without paying for it offsite. On the east side of the garage extends into a shaded patio, where you can enjoy outdoor relaxation with a mounted television for the ultimate entertainment setup. Step into the backyard and be greeted by a heated, saltwater pool with a serene fountain feature, creating a perfect oasis for relaxation. The surrounding artificial grass and extended patio ensure low maintenance while providing plenty of space for outdoor gatherings. This home's practical features are just as impressive, with a newer HVAC, water heater, and roof as of 2018, when the home was built. The 3-car garage includes epoxy flooring. Image having your own enclosed workshop inside the garage or return the garage to its intended use. This room in the garage can be easily removed if desired. Minutes from the Loop 202 freeway, which takes you to all parts of the Valley quickly, this location is phenomenal. Great schools, shopping, entertainment and more all within reach. Whether you're looking for luxury, convenience, or space to entertain, this home offers it all.

36530 N Boulder View Drive Scottsdale, AZ 85262

$1,895,000 - 5Br/5Ba -  for Sale in Boulder Heights, Scottsdale
New
$1,895,000
5 Beds
4.5 Baths
3,947 SqFt
Status Active
MLS # 6764648
Property Type Single Family Residence
Price Type --
Welcome to Boulder Heights in North Scottsdale. A wonderful community of custom homes close to Carefree and Cave Creek. The front elevation of the home highlights the gorgeous grove of trees as you enter the iron gated courtyard passing the guest casita and courtyard cactus garden. This five bedroom home features a great room floor plan, gourmet kitchen, city lights sunsets and mountain views. Backyard with covered patio over looks the pool for entertaining family and friends. Enjoy the summer sunsets while enjoying outdoor entertainment from the large screen TV. Three car garage and gated side yard parking for all your toys.

6598 E Crested Saguaro Lane Scottsdale, AZ 85266

$1,895,000
3 Beds
3.5 Baths
3,437 SqFt
Status Active
MLS # 6759031
Property Type Single Family Residence
Price Type --
Nestled in the foothills of the Sonoran Desert, Terravita provides stunning views of Black Mountain and desert landscape. The clubhouse is the heart of Terravita's vibrant social scene. Residents can enjoy exquisite dining experiences with breathtaking views of the golf course and nearby mountains. The community hosts numerous social events, fostering a strong sense of camaraderie among residents. This meticulously remodeled Aura plan in Terravita boasts an expansive lot with captivating mountain views. The generous backyard features a large covered patio overlooking a stunning pool, spa, and waterfall. Just a few steps away, a charming ramada awaits, complete with a stone gas fireplace, barbecue, and outdoor television—perfect for entertaining or unwinding in style. The side yard, with its own private patio and tranquil fountain, offers an additional retreat. Marvel at the breathtaking sunsets that are a daily delight. Upon entering the home, you are greeted by a grand 15-foot beamed ceiling that crowns the elegant living and dining rooms. Three expansive sliding glass doors seamlessly blend indoor and outdoor living, leading to the backyard oasis. The gourmet eat-in kitchen, thoughtfully remodeled, showcases brand-new cabinetry, sleek quartz countertops, premium GE Monogram appliances, and a spacious island, creating an inviting space for both cooking and gathering. Adjacent to the kitchen, the family room features a striking 12-foot beamed ceiling and a cozy gas fireplace. The luxurious primary suite offers a serene sanctuary, highlighted by a recently remodeled bathroom with an oversized shower and a spacious walk-in closet. The en-suite bathroom for the secondary bedroom has also been tastefully updated, and a glass sliding door provides access to a charming outdoor patio. Additional living spaces include a third bedroom, a versatile den/office, a well-appointed laundry room, and a three-car garage. The property is equipped with new Trane HVAC systems, a hot water tank, and a pool pump, with a new roof installed in 2018. Residents of Terravita Country Club enjoy a lifestyle rich in amenities, including dining, a pool, tennis, pickleball, and a fitness center, all set against beautiful mountain-side views.

3468 Lee Doyle -- Flagstaff, AZ 86005

$1,895,000
4 Beds
2.5 Baths
2,978 SqFt
Status Active Under Contract
MLS # 6677023
Property Type Single Family Residence
Price Type --
Welcome to your peaceful mountain paradise in Forest Highlands! Set to the rear of an expansive .75 acre lot, this home has a sense of privacy, notably because it backs to National Forest land. Meticulously maintained, you will find great functionality in this well-designed floor plan. The great room boasts an inviting wood-burning fireplace and an expansive wall of windows, showcasing the ponderosa pines beyond the Trex Deck . A formal dining area and open-concept kitchen, complete with ample cabinetry and built-in appliances, makes for easy entertaining. There is also a large utility/laundry room and a powder room, just off the kitchen. Another great attribute is the dedicated office on this floor, complete with desks and additional storage. There are three large bedrooms on the main level too, with a full bath shared between them. Upstairs is the primary suite, nestled just off a cozy loft overlooking the great room. With a split ensuite, walk-in closet and gas fireplace, this restful retreat is a perfect spot to relax and unwind. The back deck has covered and uncovered spaces, with easy access through the oaks to the canyon just beyond--a perfect spot to enjoy the fresh mountain air. Finally, an extra special attribute is a stand-alone studio just off the back porch! The studio is not included in the overall square footage of the home. Equipped with electricity, this space will make an excellent workshop, craft room, game room, exercise space or kids' play house. Come enjoy all that makes Forest Highlands such a desirable community--two world-class golf courses, pickle ball, dining, hiking, social and family programs, tennis, and so much more! Tucked away amidst 1,100 acres of pristine alpine beauty, Forest Highlands exudes an unparalleled sense of exclusivity and serenity. With two championship golf courses designed by Tom Weiskopf and Jay Morrish, Forest Highlands sets the stage for unforgettable golf experiences. The community offers an array of exceptional amenities, including two clubhouses, multiple dining options, tennis courts, swimming pools, and miles of hiking and biking trails. Forest Highlands is a retreat where luxury meets nature, ensuring a harmonious lifestyle for its residents.

3478 N Mountain Cove Place Unit 59 Buckeye, AZ 85396

$1,895,000
4 Beds
3.5 Baths
3,790 SqFt
Status Active
MLS # 6636713
Property Type Single Family Residence
Price Type --
This is your opportunity to build an exquisite custom home in Verrado boasting a captivating great room floor plan and situated on an expansive, almost an acre lot, providing the perfect canvas for your vision of luxury living. With the unique opportunity for the buyer to choose all finishes, this remarkable residence promises an unparalleled level of customization and sophistication. Step into the heart of this home, and be greeted by a kitchen that is as functional as it is beautiful. The buyer has the freedom to select their desired stone for the island, countertops, and backsplash, creating a kitchen that reflects their personal style and taste. Every cabinet in this culinary haven is equipped with slow-close drawers and doors, embodying the seamless blend of convenien convenience and refine craftsmanship. A pot filler adds an elegant touch to the culinary experience, while the presence of a butler pantry with a separate food prep area allows for seamless organization and efficiency. With 42 upper cabinets and 30 lower cabinets, ample storage space is provided, ensuring a clutter-free environment. The 3cm countertop edge profile adds a luxurious finishing touch to this stunning kitchen. The elegance continues throughout the home with a choice of 12x24 or 24x36 tiles in all wet areas, creating a cohesive and visually pleasing aesthetic. The 8 baseboards and solid core doors add an extra layer of sophistication and durability. Step outside and discover an oasis of relaxation and entertainment. The outdoor space boasts a fully equipped kitchen with a grill, icemaker, and dual burner gas cooktop, offering the perfect setting for al fresco dining and culinary adventures. An outdoor wood-burning fireplace sets the stage for cozy gatherings on cool evenings. The centerpiece of the outdoor area is the stunning 25x50 swim-up beach pool with a separate spill-over hot tub, providing a luxurious retreat for relaxation and recreation. Every bathroom in this custom home features custom stone and tile showers, exuding opulence and sophistication. The master shower is equipped with dual body systems, ensuring a spa-like experience in the comfort of your own home. Satin nickel Moen fixtures add a sleek and modern touch throughout. For effortless entertaining, a wet bar area is thoughtfully incorporated, complete with a sink, refrigerator, and icemaker, ensuring that refreshments are always close at hand. Indulge in the opportunity to create your dream home with this exceptional custom residence. From the meticulously designed kitchen to the luxurious outdoor oasis, every detail has been carefully considered to provide the ultimate in comfort, style, and functionality. Embrace the chance to curate a space that reflects your unique vision, and experience the epitome of elegance and refinement in this remarkable custom home. Renders are for visualization purposes only and do not represent finishes. Buyer has the opportunity to pick the style & finishes of their liking.

7571 E Visao Drive Scottsdale, AZ 85266

$1,895,000
4 Beds
3.5 Baths
3,306 SqFt
Status Active
MLS # 6752362
Property Type Single Family Residence
Price Type --
Premium oversized lot!This home is set to be featured on an upcoming episode of HGTV. Look no further for a contemporary residence with a resort-style backyard - your dream home awaits! Jewel box designer home. TURN KEY! Situated in the exclusive guard-gated community of Bellasera, this impeccably renovated estate, crafted by the esteemed Designs by Alexandra based in California, presents a sophisticated living experience. Boasting 4 bedrooms, including a GUEST HOUSE with a private exterior entrance, 3.5 bathrooms, a 2-car epoxy garage, and more, this residence is a true gem. Upon entering, you'll be captivated by the sun-drenched living room featuring a wall of glass that seamlessly opens to the beautifully landscaped resort-style backyard with a desert oasis vibe and a brand new pool!

21470 E Orchard Lane Queen Creek, AZ 85142

$1,895,000
5 Beds
6 Baths
5,061 SqFt
Status Active
MLS # 6709367
Property Type Single Family Residence
Price Type --
Step into your dream oasis nestled within the prestigious Orchard Estates of Queen Creek. This magnificent home is a haven for those who relish outdoor adventures and luxury living. With 5 bedrooms and 6 bathrooms, including a basement, this estate offers an unparalleled level of comfort and space. As you arrive, you're greeted by a 3-car attached garage, perfect for storing your vehicles and outdoor gear. But that's just the beginning - the property boasts a 1,750 sqft insulated and cooled shop, complete with upgraded electrical service, ensuring ample space for all your outdoor toys and projects. Enter the grand great room, where a stunning fireplace serves as the centerpiece, accentuating the bright Mediterranean-inspired decor. The chef's kitchen is a culinary marvel, equipped with a double drawer beverage refrigerator, built-in double tap kegerator, warming drawer, gas stove, and a generously sized walk-in pantry, ideal for hosting unforgettable gatherings. Retreat to the master suite, where luxury knows no bounds. Indulge in the spa-like shower, his & her walk-in closets, and a romantic fireplace, creating a serene sanctuary to unwind after a long day. Descend into the basement, where possibilities abound. Whether it's a large craft room for your hobbies or a wet bar in the rec room for entertaining guests, this space offers endless opportunities for relaxation and recreation. Step outside into the expansive backyard, where paradise awaits. Take a dip in the sparkling pool, gather around the firepit for cozy evenings under the stars, or cultivate your own garden oasis. This home offers modern conveniences abound, with features like central vacuum, Control4 automation, and a tankless water heater, ensuring that every aspect of your home is both efficient and luxurious. Don't miss your chance to own this exceptional piece of paradise!

2118 E Tiffany Court Gilbert, AZ 85298

$1,895,000 - 5Br/4Ba -  for Sale in Circle G At Ocotillo, Gilbert
Open House
$1,895,000
5 Beds
3.5 Baths
4,153 SqFt
Status Active
MLS # 6756735
Property Type Single Family Residence
Price Type --
Located in one of the MOST SOUGHT AFTER NEIGHBORHOODS IN GILBERT, this Circle G home has been renovated, top to bottom. As of 2021, there's a new pool and patio areas, all new windows, new roofing and foam insulation, 3 new HVAC units, new PEX plumbing, new Subzero and Cafe appliances, new tile and cabinetry throughout. NEW. NEW. NEW. All the work has already been done for you. Just come and enjoy your TURN KEY home. The estate is positioned on an expansive tree covered lot delivering a bright and spacious floor plan, with an enormous great room, formal dining or library option, and tile flooring throughout with a neutral palette. Cook like a chef in the well-appointed luxury kitchen featuring a continent sized island, stainless steel appliances, quartz counters and custom European style cabinetry. The sizable master includes large his/her closets, and a lavish bathroom with double vanities, a soaking tub, and a huge glass enclosure shower. The private, serene backyard offers a full-length covered patio, as well as an extended patio that provides ample outdoor seating, ideal for enjoying the enormous backyard while the family plays in the new swimming pool. Real and artificial turf surround the home and allow for comfort and cleanliness while entertaining outside. If you have cars, trucks or outside utility vehicles rest assured there is space for all of them in the five car garages, including an air conditioned 2-bay garage/workshop. There is space for RV parking and an 50 amp RV plug. LOCATION LOCATION LOCATION!! Walk to Gilbert Regional Park, minutes to Seville Golf & Country Club and SanTan Village. EVERY box is checked. Don't miss out on this!!! Be sure to review the full list of upgrades and extensive home improvements completed on this home located in the documents tab.

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