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.

What‘s 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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37887 N Boulder View Drive Scottsdale, AZ 85262

Open House

$1,895,000

4 Beds

4 Baths

4,002 SqFt

Status Active

MLS # 6753434

Property Type Single Family Residence

Price Type --

Experience luxury living in Boulder Heights, a prestigious community nestled in the picturesque landscapes of North Scottsdale. This custom-built residence offers an unparalleled blend of sophistication, comfort, and breathtaking views that epitomize the essence of Arizona living - all at an elevated vantage point of 3,000 feet. Carefully curated, this one-owner home features a desirable great room floor plan, three bedrooms & three full bathrooms in the main home, plus a detached casita complete with its own kitchenette. Enter the home through your private, gated courtyard - featuring a gas fireplace & water feature - to your grand foyer with clerestory windows. Indulge in the ultimate entertainment experience with a wet bar equipped with a 578-bottle wine humidor, perfect for hosting unforgettable gatherings with friends and family. The inviting chef's kitchen boasts a Viking Professional appliance package, double ovens, granite & quartz countertops, a large walk-in pantry, and solid-wood cabinetry. The primary retreat features a sitting area, an oversized walk-in closet, and a spa-like bathroom with a jetted tub & luxurious walk-in shower. Soaring 14-foot ceilings in the main living areas, 18-foot barrel vault ceilings in the hallway, 24-inch travertine stone flooring, and tasteful chandeliers & fixtures throughout exude grandeur and style. Step outside to discover a private oasis featuring a heated saltwater pool and spa, over 1,200 sq/ft of covered patio space with misters & space heaters, a BBQ area with a pre-plumbed gas line, and plenty of yard space - perfect for year-round relaxation and enjoyment. The oversized three-car garage with epoxy flooring & built-in cabinetry ensures plenty of room for your vehicles and storage needs. Beyond the confines of this exquisite property, residents can immerse themselves in North Scottsdale's renowned lifestyle - high-end shopping, gourmet dining experiences, world-class golf courses, and outdoor adventures - all just moments away from your doorstep. Experience the allure of North Scottsdale living in this exquisite Boulder Heights home, where luxury meets tranquility against the backdrop of Arizona's stunning natural beauty. Welcome home.

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2544 E Denton Lane Phoenix, AZ 85016

Open House

New

$1,895,000

4 Beds

2.5 Baths

2,791 SqFt

Status Active

MLS # 6759823

Property Type Single Family Residence

Price Type --

Welcome to your dream oasis nestled in the prestigious Biltmore Greens, just a short stroll from the renowned Arizona Biltmore Resort. This meticulously remodeled residence boasts a fantastic floor plan, offering both comfort and style. Step inside to discover exceptional architectural character and quality as you are lead through a beautifully appointed interior featuring gorgeous wide plank oak floors, new windows, and updated systems. The home is equipped with two Trane HVAC units, a modern electric panel, a water softening system, a durable foam roof, and a new water heater, ensuring peace of mind for years to come. The heart of the home is a chef's paradise kitchen, complete with a Sub-Zero refrigerator, Wolf cooktop and double oven, warming drawer, and Bosch dishwasher, as well as a spacious pantry. It's perfect for entertaining family and friends. The open layout flows seamlessly into a professionally landscaped, low-maintenance backyard oasis, featuring a sparkling pool and waterfall feature (1 yr old pump & filter)- ideal for relaxing or hosting gatherings. This 4-bedroom gem features a split plan with a fantastic primary suite, featuring an enormous walk-in closet. The home is situated within a guard-gated community, offering direct access to Biltmore Fashion Park, world-class golfing, and an array of amenities, including tennis and pickleball courts, playgrounds, and extensive walking trails. With the HOA maintaining the front yard, you'll have more time to enjoy the luxurious lifestyle this location affords and peace of mind whether this is a full time or seasonal home. Conveniently located for an easy commute to Sky Harbor Airport and all areas of the valley, this home combines elegance, modern living, and a prime location in one irresistible package. Don't miss your chance to call this stunning property your own!

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31307 N 57th Place Cave Creek, AZ 85331

Open House

$1,895,000

4 Beds

5.5 Baths

4,899 SqFt

Status Active

MLS # 6762917

Property Type Single Family Residence

Price Type --

Stunning Desert estate that exudes sophistication & luxury. Situated on an acre lot in a serene cul de sac, this home offers great curb appeal & exquisite details throughout. Step inside to discover soaring coffered ceilings w/accent lighting, custom travertine & reclaimed wood floors that flow seamlessly throughout the home, elevating every space. Expansive great room w/stone accent wall,gas fireplace & glass pocket sliding doors that open the interior to the exterior. Gourmet Kitchen outfitted w/knotty alder cabinets, 60in Sub-Zero fridge, Dacor range w/pot filler, granite counters, walk-in pantry, center island & breakfast bar, a chef's dream. Primary retreat features a gas fireplace, en-suite spa bath w/ dual sink vanity, soaking tub, custom filed shower & large walk in. (see more) Three additional well-appointed rooms provide ample space for family & guests. This home also offers a dedicated office, loft & cozy family room w/third fireplace. Backyard features an expansive covered patio w/misters, pool w/water features & separate horse area w/ accommodations for 4 covered stalls, tack shed, & covered shelter for the equestrian enthusiasts. This luxurious executive estate redefines upscale living with it's exquisite design, thoughtful layout & exceptional outdoor spaces. Experience the perfect blend of sophistication & comfort offering privacy & convenience to local amenities.

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12328 E Black Rock Road Scottsdale, AZ 85255

$1,892,995

3 Beds

3.5 Baths

2,860 SqFt

Status Active

MLS # 6708931

Property Type Single Family Residence

Price Type --

*NEW CONSTRUCTION: SPRING 2025 COMPLETION. Stunning Callum floor plan with Modern exterior under construction on an elevated home site! Gorgeous 13' ceilings, a casita with private entrance and 3 outdoor spaces are some of the reasons this plan is a top seller. Professionally designed, tasteful neutral color scheme. Additional upgrades include SS Wolf appliances, a double oven, 48'' Sub Zero Fridge & extended Kitchen island. The great room has a 72'' linear fireplace & a 16' multi-slide pocket door, perfect for cozy nights at home. This is the low-maintenance, LUXURY, lock & leave home you have been waiting for! Located in the stunning guard-gated community, Sereno Canyon. The ultimate resort lifestyle community in North Scottsdale by Toll Brothers. Come take a tour today!

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6044 E Hodges Street Cave Creek, AZ 85331

$1,890,000

5 Beds

4.5 Baths

4,025 SqFt

Status Active

MLS # 6726429

Property Type Single Family Residence

Price Type --

Beautiful (like new-seasonal owners)! Fantastic Black Mountain views and large NAOS area. Four bedrooms, 3.5 bath, full guest suite/casita with separate entrance, 3-car garage, putting green, pool, spa! Grassed and rock entrance. Courtyard and gate to covered porch. Separate entrance to Guest Suite/Casita from porch. Guest suite/casita has living area, bedroom, full bath and walk-in closet. The foyer at entry into main home has over-sized office/den with double glassed doors on one side and formal dining room on the other side. Dining room has butler's pantry with beverage cooler, glass top cabinetry fronts and wet bar. Powder room off this area. Large beautiful chef's open kitchen design. Lots of rich cabinetry and granite counters. Click the More tab for more information. Large island has bookend design with step-up counter for private prep/clean-up. Designer pendants over island. Built-in SS refrigerator, wall microwave and oven, gas range top with stainless range hood. Walk-in pantry. Breakfast/dining nook area. Great split primary bedroom plan. Primary bedroom large with dual walk-in closets and convenient oversized laundry room off largest closet. Primary bathroom is spa paradise. Walk up soaking tub and walk-in shower with partial glass enclosure. Dual vanities. Opposite side of house has remaining bedrooms. Second bedroom has mountain views and bathroom with walk-in closet. Third and Fourth bedroom have connecting full bathroom. Garage entrance to home has valet area for electronic/technology drop and coat hang/shoe change area. Garage has cabinetry for additional storage. Back and side yards beautifully landscaped with grass (both real and artificial), a putting area, pool, spa, multiple seating areas including firepit area, patio with seating and dining, travertine paving, RV gate and NAOS plus gorgeous mountain views! Fabulous home!

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6405 N 75th Avenue Glendale, AZ 85303

$1,890,000

3 Beds

1 Bath

1,904 SqFt

Status Active

MLS # 6633881

Property Type Single Family Residence

Price Type --

Property is currently zoned for R-1 Max 3.525 units/dwellings per acre Can be subdivided for high density allowing for smaller lot sizes. Rezoning is not a requirement for high density Rezoning would be required for multi-family and a pre-application meeting is required. Great investment opportunity for multi-family or multi housing, rezoning would be required. The main entrance is from 75th Avenue. This property is the perfect opportunity for multifamily development, a rehabilitation center, the possibilities for capital gains are endless! Main home will need to be demolished per seller's instructions.

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5178 W Encanto Paseo Drive San Tan Valley, AZ 85144

$1,890,000

5 Beds

3.5 Baths

5,158 SqFt

Status Active

MLS # 6725778

Property Type Single Family Residence

Price Type --

This stunning 5,158sqft custom home exemplifies luxurious living and beautiful design. Perched on an acre corner lot inside a private, gated community. A huge 4+ car garage with AC complements the modern design. The main living areas unfold with an open-concept living room, dining area, and gourmet kitchen. High-end appliances, custom cabinetry, and a generous island define your culinary experience. A sunken gazebo with an outdoor kitchen offers secluded relaxation, a well appointed outdoor kitchen, and sheltered design ensuring year-round enjoyment, The detached RV car garage with AC for multiple vehicles and ample space for grown up toys. Thoughtful design and high-end finishes throughout ensure comfort and elegance, perfect for both quiet retreats and lavish entertaining.

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14048 E Harmony Lane Fountain Hills, AZ 85268

$1,885,742

3 Beds

3.5 Baths

2,927 SqFt

Status Active

MLS # 6735409

Property Type Single Family Residence

Price Type --

Under Construction - Step in to luxury at it's finest! Enjoy stunning views from the moment you walk in, the open concept kitchen, dining and great room with soaring 13' high ceilings and 20' wide by 10' high sliding doors overlook the Adero Canyon landscape. The primary bedroom offers a tranquil setting as you watch the sun rise and set with 12' sliding doors to enhance your view. Two additional ensuite bedrooms offer private space for family or friends. Make this home your on as there is still the opportunity to select interior finishes at our Scottsdale Design Studio.

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6711 E Camelback Road Unit 3 Scottsdale, AZ 85251

Open House

$1,885,000

3 Beds

3.5 Baths

3,240 SqFt

Status Active

MLS # 6759570

Property Type Townhouse

Price Type --

This stunning Santa Fe style townhome in the highly sought-after Pavoreal community showcases timeless upgrades that match the character and charm of this special architecture. The newer modern custom kitchen is the heart of the home. The great room includes a living/dining area with a wet bar and wine cooler, perfect for entertaining guests. Featuring 2 fireplaces, 2 primary suites, and a large third bedroom, this offers flexible living spaces to suit your needs. Each bedroom has an en-suite bathroom and lots of closet space.Outside, enjoy a relaxing water feature in the rear patio, providing a peaceful retreat within the heart of downtown Scottsdale just minutes from the Phoenician Resort and Spa. Pavoreal is guard-gated for added security and is just a short walk to Fashion Square.

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12746 E Casitas Del Rio Drive Scottsdale, AZ 85255

$1,880,995

3 Beds

3.5 Baths

2,599 SqFt

Status Active

MLS # 6707716

Property Type Townhouse

Price Type --

NEW CONSTRUCTION - ESTIMATED COMPLETION DECEMBER 2024, Modern, Desert Contemporary style architecture! This open 3bdr/3.5bth/Study floor plan offers ample space for entertaining. The Caullins' welcoming covered entry and inviting foyer lead to the spacious great room and dining room, with views of the large covered patio beyond that opens to natural area open space. The well-designed kitchen is equipped with a large center island with breakfast bar, plenty of counter and cabinet space, and ample dual pantries. The beautiful primary bedroom suite is highlighted by a huge walk-in closet and deluxe primary bath with dual-sink vanity, large soaking tub, luxe glass-enclosed shower and private water closet. Landscape includes spool, outdoor kitchen and fire feature.

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2748 E Hummingbird Way Gilbert, AZ 85297

$1,880,000

3 Beds

3.5 Baths

4,092 SqFt

Status Active

MLS # 6728237

Property Type Single Family Residence

Price Type --

Welcome to Elegance Redefined - Nestled in the heart of a serene neighborhood of Whitewing at Germann Estates, this exquisite residence boasts an architectural masterpiece that seamlessly blends modern luxury with timeless charm. As you enter through the grand entrance, you're greeted by a breathtaking courtyard that sets the tone for the opulent experience that awaits. The heart of the home is the gourmet kitchen, a culinary haven equipped with state-of-the-art appliances, sleek quartz countertops, and a spacious island that invites social gatherings. The open-plan living area, bathed in natural light, features soaring ceilings and a chic fireplace, creating an ambiance of warmth and sophistication. Retreat to the primary suite, a sanctuary of tranquility with its private bathroom that offers a spa-like experience where a soaking tub and rain shower await to wash away the stresses of the day. The finishes and thoughtful design create a space that's both functional and aesthetically pleasing. Each bedroom is complete with en suites, providing the ultimate in comfort and convenience. The den and/or craft room is complete with built in cabinets and shelves. The flex room is a perfect place to turn into any space that you seem fit with its endless possibilities, along with all the natural light that pours in, and access to another outside patio. Outside to the backyard oasis - an entertainer's dream with a sparkling pool, spa, an outdoor shower that adds a touch of indulgence, perfect for cooling down on warm summer days or rinsing off after a dip in the pool. An entertaining space, along with plenty of open space to truly make it your own. This home is not just a dwelling but a statement of luxury and comfort. It's where every detail is meticulously crafted to offer an unparalleled living experience. Make it yours and live the life you've always dreamed of.

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4452 E Lincoln Drive Paradise Valley, AZ 85253

$1,880,000

4 Beds

3 Baths

3,817 SqFt

Status Active

MLS # 6734421

Property Type Single Family Residence

Price Type --

Enjoy breathtaking Camelback Mountain views from the kitchen and dining room. Situated over an acre of land with an RV Garage, this home offers plenty of space to roam. The gourmet kitchen features a massive center island, perfect for entertaining. Cozy up to the impressive two-sided stone fireplace. Don't miss this rare opportunity for a New Construction home or renovation in Paradise Valley.

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