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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24235 W Pinnacle Vista Lane Wittmann, AZ 85361

$1,875,000

6 Beds

5.5 Baths

6,299 SqFt

Status Active

MLS # 6750049

Property Type Single Family Residence

Price Type --

Arizona RANCH ESTATE... Spectacular five- plus acre property with main house, guest house and four-plus car garage. Fully fenced and landscaped, this home offers so much to you. The main house is four bedrooms and three- and one-half baths, with two office/dens, large living room, dining room and spacious kitchen. Totaling 4,760 square feet. The adjacent guest house, 1,539 square feet, offers two bedrooms, two baths and a spacious great room. Large, storage ready garage, accommodates four cars, plus extra space. Add to all this, the covered patio area, basketball court, gardens, paved circular drive and fencing and you have an estate. Bring your horses! Or Airbnb? Or family estate?

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37203 N Never Mind Trail Carefree, AZ 85377

$1,875,000

3 Beds

4 Baths

3,302 SqFt

Status Active

MLS # 6752835

Property Type Single Family Residence

Price Type --

Stunning remodeled Carefree home on nearly 2 acres. Panoramic views! Gated courtyard entry. Step inside and you see the great room layout and more views. The living area is spacious, has a gas fireplace, formal eating area and collapsing panel doors to bring the outside in. This perfect kitchen is gorgeous and has Quartz counters, double wall ovens, a gas stove, walk in pantry and a built in wine refrigerator. The main house has a primary suite, 2nd bedroom and bonus/den. The primary suite is split from the other rooms for privacy. The attached guesthouse has a full kitchen, fireplace, separate bedroom and a laundry area. The back patio has a large dining area, Mexican tiled swimming pool, lots of deck area and views. 3 car garage. Large circular driveway. This home is a must see.

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17340 E Hidden Green Court Rio Verde, AZ 85263

New

$1,875,000

3 Beds

3.5 Baths

2,956 SqFt

Status Active

MLS # 6765377

Property Type Single Family Residence

Price Type --

Through the gates of prestigious Trilogy at Verde River, lies this stunning residence of perfection! Sitting on an impressive 21,533.00 sq. ft homesite this beautiful semi-custom home built by Monterey Homes is something to behold. This elegant Milan plan features an open layout with 3 ensuite bedrooms, plus a powder room, office, living room, beautiful wet bar that serves the spacious great room with fireplace, a gourmet kitchen, a side courtyard, and an expansive wraparound patio which creates the perfect outdoor space to entertain family and friends. Beautifully upgraded Chef inspired kitchen opens to Great room. The backyard features stunning Swimming Pool and Spa, and lots of seating for outdoor entertainment. All this and more set in one of the valley's most scenic locations in the world class Trilogy community. Trilogy at Verde River offers upscale Resort living at its finest and the very best of all possible worlds, close to the conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert. The amenities are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickle ball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails. Whether you're seeking a second, winter home, or will live here year-round, Trilogy at Verde River is an ideal distance from the hustle and bustle of North Scottsdale. Attitudes here are different; there's a sense of community. You'll love the Resort living! What memories will you make?

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29910 N Baker Court Scottsdale, AZ 85262

$1,875,000

5 Beds

5 Baths

4,250 SqFt

Status Active

MLS # 6753123

Property Type Single Family Residence

Price Type --

Introducing our Updated Custom Monaco plan, a luxurious and spacious home spanning 4250 sqft. This plan will feature all 5 bedrooms as ensuites. The centerpiece of this home is the huge gourmet kitchen, perfect for culinary enthusiasts and those who love to entertain. The great room boasts 12 ft high ceilings, creating a grand and open atmosphere. Features to include upgraded bronze wwindows, Custom Iron entry door, recessed showers and comes with a 4-car garage, you'll have ample space for your vehicles and storage needs. The home to be built with energy-efficient foam insulation and synthetic stucco, providing both comfort and durability.

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7628 E Mary Sharon Drive Scottsdale, AZ 85266

New

$1,875,000

3 Beds

2.5 Baths

4,077 SqFt

Status Active

MLS # 6765749

Property Type Single Family Residence

Price Type --

Nestled in the tranquil landscape of North Scottsdale, this recently remodeled Lone Mountain Vista residence is a true desert oasis. The 2023 renovation features finishes that perfectly complement your dream home. Enjoy single-level living with a loft/office/den situated at the front entry, while the stepped-down garage offers a spacious three-car capacity plus an attached RV garage, ideal for your RV or two additional vehicles. Everything is brand new, including cabinetry, countertops, flooring, fixtures, lighting, carpet, texture, paint, and landscaping. If you've been searching for your next property, this could be the perfect fit.

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7180 E Kierland Boulevard Unit 1015 Scottsdale, AZ 85254

$1,875,000

2 Beds

2 Baths

1,698 SqFt

Status Active

MLS # 6697955

Property Type Apartment

Price Type --

Luxurious upgraded 2-bed, 2-bath condo. This immaculately maintained residence boasts high ceilings (10 feet) and floor-to-ceiling windows offering stunning views of the McDowell Mountains. The spacious 'L' shaped kitchen showcases natural stone countertops, Bosch appliances, wine fridge, ample prep space, generous storage, and lengthy counter-height breakfast bar. Conveniently located within walking distance to Kierland Commons and the Scottsdale Quarter. Property offers the ultimate in lock-n-leave luxury living. Incredible amenities include 2 hot tubs, cold plunge, heated lap pool, outdoor kitchen, BBQ areas, business center, professional-style fitness center, running track, pet washing room, sports courts, coffee bar, event space, conference room, and large-screen TVs throughout.

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8942 E Calle De Las Brisas -- Scottsdale, AZ 85255

$1,875,000

4 Beds

2.5 Baths

2,955 SqFt

Status Active Under Contract

MLS # 6672579

Property Type Single Family Residence

Price Type --

This meticulous home is the unicorn you've been searching for! Nestled on a cul-de-sac in the gated community of Canada Vistas in North Scottsdale, this single-story gem features a vibrant split floor plan with three living rooms, a dedicated formal dining space, and abundant natural light, complemented by automated blinds and black-out shades, creating seamless indoor/outdoor flow. Lounge on the front or backyard patios, enjoying water fountains and features that create a calming ambiance throughout the home.The kitchen is equipped with top-of-the-line appliances, including a Wolf oven and cooktop, a Miele dishwasher, a Monogram-Advantium microwave convection oven, ample custom cabinetry, and a spacious center island. The SubZero refrigerator and additional tall wine and beverage drawer storage unit add both style and convenience. The backyard transforms into a private sanctuary, perfect for entertaining and relaxation. It features two top-of-the-line Summerset Alturi BBQ grills, an outdoor Summerset cooktop, a Marvel beverage fridge, commercial-grade misters, and a custom 650 sq ft ramada with built-in entertainment and surround sound throughout the house. Unwind by the cozy outdoor fireplace, two fire pots, and low-maintenance artificial turf, with plenty of space to lounge by the impressive pool. Every window shade opens and closes at the touch of a button, making this truly a smart home that feels like living in a resort! Located just minutes from shopping, trendy restaurants, hiking & biking trails, and the 101 freeway, this home exudes true pride of ownership with a newer roof, HVAC system, custom garage cabinets, a 75-gallon water heater, and a large three-car garage with plenty of storage.

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5148 N 35th Street Phoenix, AZ 85018

$1,875,000

5 Beds

4.5 Baths

4,943 SqFt

Status Active Under Contract

MLS # 6641013

Property Type Single Family Residence

Price Type --

Back on Market! RARE FIND, home features a fully finished Basement with its own Entry; perfect for an office or separate guest space. Nestled in the sought-after Biltmore Heights neighborhood, this home is priced under $400 a square foot! Featuring 4,943sq ft of living area, including formal living and dining rooms, multiple fireplaces, mountain views. 5 bedrooms, 4.5 baths, and inviting outdoor patios and pergolas, this home provides ample room for the entire family to unwind and enjoy. Step into the backyard oasis, where your private pool awaits on one side, and a green space area with a charming gazebo, and shed on the other. Recent updates include new carpet, new first level AC unit, freshly painted exterior, updated light fixtures, and a newly treated cool deck

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5438 E Yolantha Street Cave Creek, AZ 85331

$1,875,000

8 Beds

8 Baths

6,718 SqFt

Status Active

MLS # 6617226

Property Type Single Family Residence

Price Type --

Nestled in scenic Cave Creek, this exceptional estate offers 8 bedrooms, 8 bathrooms, and an array of equestrian amenities. With 12 horse stalls w paddocks, a dressage arena, wash stalls and a training arena, it's a haven for horse enthusiasts. This home boasts a chef's kitchen, luxury appliances, split guest quarters with separate grand entrance, and captivating mountain views. Beyond the immaculate pool and lush landscaping, you'll find privacy and tranquility. Your equestrian dream begins here.

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29615 N 55th Place Cave Creek, AZ 85331

$1,875,000

3 Beds

3.5 Baths

2,943 SqFt

Status Active

MLS # 6757984

Property Type Single Family Residence

Price Type --

This exquisite 3-bedroom, 3.5-bath single-story residence with a separate office, offers a seamless blend of modern luxury and thoughtful design, enhanced by over $28,000 in custom upgrades. Recently updated with new exterior paint and stucco, the home features an elegant coffee-stained French oak flooring in a wide plank throughout, with plush carpet in the bedrooms. Six-inch baseboards and custom wood shutters elevate the interior aesthetic, while the rectangular fireplace becomes a beautiful focal point for the living room. The open concept dining area is complemented by a stylish bar complete with bar seating. In the gourmet kitchen, a 6-burner gas cooktop, under-cabinet lighting, waterfall-edge island and double-sided storage offer both functionality and style. Enjoy outdoor living at its finest with over $10,000 in designer outdoor upgrades including landscaping, new plantings, turf, and grey limestone surrounding a contemporary pool with 3 cascading waterfalls. This property wont last long!

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11457 E Blanche Drive Scottsdale, AZ 85255

Open House

$1,875,000

4 Beds

3.5 Baths

2,806 SqFt

Status Active

MLS # 6747568

Property Type Single Family Residence

Price Type --

Magnificently remodeled home is located 1.1 miles up the mountain on a peaceful cul-de-sac, in prestigious 24 hour/day guard-gated Cimarron Hills - within the highly desirable master planned community of McDowell Mountain Ranch. Upon entering the gated courtyard is a tranquil waterfall and entrance to the beautiful and private attached guest casita with en-suite bath. The luxurious custom Water-Jet Marble floor in the foyer, welcomes you as enter this spacious, open floor plan. Upgrades include White Oak Hardwood Flooring throughout the home, Thermador kitchen appliances, gas cook-top, custom oversized island, new Hunter Douglas automated blinds, 54'' linear fireplace, custom floor to ceiling blackout drapes in the spacious primary bedroom with high-end plumbing and fixtures, freestanding tub, marble vanities & shower in the spa-like primary retreat. The breakfast nook overlooks the waterfall of the lagoon style aqua, pool/spa. The outdoor resort-like retreat also includes mountain views from the patio, new BBQ, firepit, synthetic grass, and new power retractable awning off the primary bedroom for a cabana like feel. NEW A/C unit 8/24. Amazing MMR amenities, Community Center with workout room, pool, tennis courts, pickleball courts, Aquatic Center. Conveniently located to walking trails, MMR golf, shopping, restaurants, freeway and 27 minutes to Sky Harbor Airport. MUST-SEE!

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7456 S Brighton Court Queen Creek, AZ 85142

Open House

$1,875,000

4 Beds

4 Baths

4,356 SqFt

Status Active

MLS # 6715436

Property Type Single Family Residence

Price Type --

Add your POOL with this recent PRICE DROP! Amazing SKI LAKE community of San Tan Lakeside Estates! Premium corner lot location of a peaceful cul-de-sac with impressive lake and mountain views from every angle! Stone accented facade, 4-car garage + paver driveway, manicured landscaping, and welcoming courtyard. Thoughtfully laid-out floor plan comprised of warm wood floors, recessed lighting throughout, pre-wired surround sound, high customized ceilings, and abundant natural light. The formal dining, living room, and family room w/fireplace provide endless entertainment possibilities! Wide-open kitchen has SS appliances, quartz counters, an island for prep and breakfast bar, a walk-in pantry, gorgeous cabinets, and a subway backsplash. Create gourmet dishes in this delightful kitchen Generous size bedrooms with their own upscale bathrooms, 4th bedroom (set up as an office) has its own entrance/exit w/ full bath directly across the hall way. Master split and the secondary bedrooms on east side of the home are amazing. Bedroom 2 complete with huge walk-in closet and tile accented shower. #rd bedroom is the Bunk Room! Check out the amazing built in bunk beds and huge space for gatherings, teen room, game room etc. Ample laundry room with cabinetry space for extra storage can't be left unsaid. Every room is a work of art! The grand owner's retreat offers private backyard access and a spa-like ensuite boasting a jetted tub, glass enclosure raindrop shower, dual vanities, and a large walk-in closet. Enjoy relaxing in your oversized backyard, featuring green grass, a covered patio, a built-in BBQ, a fire pit, plenty of shade trees, and a romantic deck for admiring the stunning mountains or the beautiful lake. This home is a treasure. The natural lighting from the huge windows, and sliders allows the north/south face exposure to shine! Act now!

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