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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7180 E Kierland Boulevard Unit 308 Scottsdale, AZ 85254

$1,865,000
3 Beds
3 Baths
2,018 SqFt
Status Active
MLS # 6759965
Property Type Apartment
Price Type --
Luxury Living starts here in N. Scottsdale's highly acclaimed Optima Kierland Tower! Urban walkability & State of the Art Amenities make this the ultimate find! Rare 3/bedroom, 3/bath, NE corner end unit of the 3rd Floor. Picturesque Mountain Views, Floor to Ceiling Windows & Sliding Wall of Glass open to a large Covered Terrace. The expanded 2018 sf floor plan offers a spacious design combining the kitchen, living and dining spaces seamlessly together for the ultimate in open concept high-rise living. Feature wall with linear gas fireplace and custom mantel. Sleek kitchen design with flat-panel cabinetry, custom sliding shelves, Bosch SS appliances, gas cooktop with custom vent hood, granite countertops and prep. island w/breakfast bar seating. Generous split floor plan enjoyed with two primary suites with en-suite baths; one oversized with seating area; both having spacious walk-in closets. The 3rd guest room offers a built-in Murphy Bed perfectly suited for an office/guest suite. Exceptional Extras Include: Sliding wall of glass, motorized shades throughout, primary suite blackout shades, primary bath spa shower, upgraded custom lighting, WiFi thermostats, outdoor tile patio, 2-gas stubs for outdoor bbq and firepit, and more. **Includes 2-parking spaces conveniently located just across from the elevator, as well as a separate Storage Unit.** Gorgeous views of the McDowell Mountains start from your unit and continue from the rooftop pool and patios with breathtaking views, rooftop running track, BBQ areas, TVs, spa, sauna, plunge pool, steam room, & entertaining areas large and small. On the main level, enjoy all the luxurious amenities you could ask for including state of the art fitness center, massage and spa, locker rooms, indoor sports courts including pickleball, basketball, and racket ball, plus party room, coffee bar, gaming room, ping pong and pool table, virtual golf, media area, numerous indoor and outdoor entertaining spaces, and even a shaded dog park with bathing and water stations. Urban walkability is ideally situated right across the street from Kierland Commons & Scottsdale Quarter for luxury shopping, dining and entertainment. Plus, you're minutes from the 101, Scottsdale Airpark, TPC Scottsdale, and WestWorld.

37218 N 29th Avenue Phoenix, AZ 85086

$1,860,000
4 Beds
4.5 Baths
7,700 SqFt
Status Active
MLS # 6689775
Property Type Single Family Residence
Price Type --
Spectacular one of a kind hill top home on approximately 2.8 acres. Unobstructed views in all directions. Words can not describe this property. Gated and secluded location. 4 BR, 4.5 Baths plus 4 additional rooms that can be used for an office, exercise room, theatre etc. Built in BBQ w/ firepit. Large upper deck and lower outdoor patio. Detached Ramada for more views. Granite counters, stainless steel appliances, gourmet kitchen, stone/wood floors, walk in pantry, oversized 4 car garage and much more. Secluded feeling yet close to shopping and schools. 20 minutes to Lake Pleasant and easy access to I-17 and the 303 corridor. Owner/agent

3011 E Los Gatos Drive Phoenix, AZ 85050

$1,853,700
5 Beds
2.5 Baths
3,450 SqFt
Status Active
MLS # 6725467
Property Type Single Family Residence
Price Type --
Discover unparalleled luxury in this 3,400+ sq ft custom stucco ranch home located near the prestigious Desert Ridge, AZ. This exquisitely designed residence features 5 bedrooms and 2.5 bathrooms, blending elegance, comfort, and cutting-edge technology to create a true masterpiece of modern living. As you approach the home, the custom front door and entryway, along with custom side gates, welcome you into an atrium-like front courtyard, setting the stage for the grandeur within. Inside, the home boasts high-end custom cabinetry and crown molding throughout, complemented by custom lighting fixtures and Philips Hue smart bulbs offering infinite color options. The gourmet kitchen is the heart of the home, featuring a custom kitchen island with leathered granite., high-end stainless steel appliances, and custom pantry with built-ins. A KitchenAid mini fridge in the pantry and a full-size KitchenAid fridge in the laundry room add to the convenience. The expansive living spaces include a great room with a 7.1 Dolby Digital surround sound system, perfect for entertaining. The luxurious media room, designed to double as an additional family room, features a state-of-the-art 13.2 Dolby Atmos surround sound system, custom noise-canceling blackout curtains, and smart lighting. Each bedroom is a sanctuary, with custom designs and high-end finishes. The master suite offers a spa-like bathroom with dual vanities, a soaking tub, a walk-in shower, and a custom closet with built-ins. Step outside to your private oasis. The backyard showcases a brand-new Pebble Tec pool with a propelled swim lane, heated and cooled with a heat pump, and a gas-heated spa. The sunken outdoor kitchen, climate-controlled and featuring a high-end Heston grill and refrigerator, is perfect for alfresco dining. The backyard walls are stuccoed and painted for a polished look, while the custom automated room-darkening screens on the back lanai provide the perfect environment for relaxation. This home is equipped with the latest smart home technology, fully integrated with Amazon Alexa for seamless voice command control. The entire home is fitted with Nest smoke/CO detectors, custom automated dog doors with backup batteries, and a comprehensive security system. Energy efficiency is paramount, with a 46-panel, 15 kW solar system and two Tesla battery walls ensuring sustainability and lower utility costs. The residence also features climate-controlled garages with a 220 outlet for electric vehicles, an ultra-quiet garbage disposal, reverse osmosis filtration in the kitchen, and soft-close cabinetry throughout. Every detail has been meticulously curated, from the custom coat and mudroom space by the garage to the high-end carpet and pet-resistant padding. This meticulously designed estate offers an unparalleled living experience, combining luxury, sustainability, and modern amenities to create the ultimate sanctuary for discerning homeowners just one mile from Pinnacle High School, 3 blocks from the brand new Sky Crossing Elementary School, and just minutes from Desert Ridge shopping center.

33490 N Bell Road Queen Creek, AZ 85144

$1,850,000
5 Beds
4 Baths
3,800 SqFt
Status Active
MLS # 6760571
Property Type Single Family Residence
Price Type --
This brand-new, custom-built 5-bedroom, 4-bathroom luxury home sits on over 2 acres in a gated community, offering breathtaking 360-degree mountain and city views. The gourmet kitchen is the heart of the home, boasting high-end appliances, a grand island, and custom cabinetry, perfect for entertaining and culinary adventures. The main bedroom is a luxurious retreat, featuring an expansive en suite with a freestanding tub, oversized walk-in shower, and dual vanities. Step outside to the resort-style backyard with a sparkling pool and water features, ideal for relaxation or hosting guests. The home's courtyard provides a serene outdoor living space, while the private office is perfect for work-from-home days. A 4-car garage and RV gate offer ample space for parking and storage. With a dedicated media room and top-tier finishes throughout, this custom home offers the perfect blend of elegance, comfort, and privacy, all within minutes of city conveniences.

N Marchant Trace -- Queen Creek, AZ 85144

$1,850,000
4 Beds
5 Baths
4,325 SqFt
Status Active
MLS # 6698857
Property Type Single Family Residence
Price Type --
Welcome to Ravenwood! Your future home in SanTan Foothills. This modern farmhouse, to be complete in 2025, offers 4 beds, 5 bath, and is situated on a spacious 3.3-acres! Designed with both horse lovers and outdoor enthusiasts in mind, its proximity to San Tan Regional Park ensures endless adventure possibilities. Spanning 4,325 square feet, the home has a large RV barn and features designer touches including GE Café Series appliances, Custom Cabinetry, and wide plank LVP flooring. Guests are greeted by soaring 15 ft ceilings leading seamlessly into the open-concept living area, perfect for both relaxation and entertaining. Located just a short 20-minute drive from Queen Creek shopping and surrounded by scenic mountains and trails is the perfect blend of rural charm and city convenience.

40150 N Tubac Trail Carefree, AZ 85377

$1,850,000
4 Beds
4.5 Baths
3,571 SqFt
Status Active Under Contract
MLS # 6757961
Property Type Single Family Residence
Price Type --
Welcome to your serene desert oasis in Carefree! This enchanting Santa Barbara/ Mediterranean-style home, nestled on 4+ expansive acres, offers unparalleled tranquility, privacy & expansive mountain/sunset views. New picture windows & sliding glass doors frame the mesmerizing vistas, leading you to a lush backyard w/infinity edge pool. The heart of the home showcases a newly renovated kitchen that seamlessly opens to a spacious remodeled living area. The property has many updated features such as a new, fully-owned solar system & new E-efficient AC units which will keep your electric bills down. Located at 2600 ft elevation, away from town means cooler temps in the summers! Equestrian enthusiasts will appreciate the thoughtfully designed horse barn w/ turn-outs, misters, fans, tack&feed rooms & arena. This property caters perfectly to the leisure rider and their equine companions. Enjoy the convenience of riding right from your property while immersing yourself in the peaceful desert scenery. This desert retreat offers a unique blend of elegance & practicality, making it a haven for both humans and horses alike.

5705 S Topaz Place Chandler, AZ 85249

$1,850,000
4 Beds
3.5 Baths
4,402 SqFt
Status Active
MLS # 6751353
Property Type Single Family Residence
Price Type --
Welcome to your new home—an exceptional property nestled on an expansive, private lot with no neighbors behind. This meticulously maintained, move-in-ready residence offers over 4,300 square feet of luxurious single-level living, featuring four generously sized bedrooms and three and a half baths with an office/guestroom. Exuding elegance with soaring ceilings and an open floor plan, enhanced by a gas fireplace and large windows that boasts the family room's natural light. The gourmet kitchen is a chef's dream, complete with stainless steel appliances, a double wall oven, a spacious quartz island with a breakfast bar, and a walk-in pantry. The oversized primary suite includes a large walk-in closet, a full master bath with a separate shower and tub, a private toilet room, and dual sinks. The beautiful landscape surrounds the tranquil private pool. All of this and it backs to a 100 acres slated for city park. Come check out this gem before it's gone.

21743 S 140th Street Chandler, AZ 85286

$1,850,000
5 Beds
3.5 Baths
4,081 SqFt
Status Active
MLS # 6759514
Property Type Single Family Residence
Price Type --
Gorgeous custom home, w/ BASEMENT on nearly 2 acres! Discover the epitome of luxury living in this breathtaking 5-bedroom, 3.5-bathroom home nestled on a rare 2-acre lot in Chandler. Custom features throughout include coffered ceilings, custom tile, snail shower, jetted tub, upgraded carpet, tile, stamped & stained concrete floors. Gourmet kitchen with hickory cabinets and large island. Modern kitchen with high-end appliances and plenty of counter space. Open-concept living areas filled with natural light and designed for comfort.This property boasts a perfect blend of sophistication, comfort, and outdoor entertainment, making it an ideal sanctuary for families and entertainers alike. Key Features: 5 spacious bedrooms designed for relaxation and privacy. 3.5 elegantly appointed bathrooms featuring modern finishes. A finished basement offering additional living space, perfect for a home theater, gym, or play area. Bonus Rooms: Two versatile bonus rooms that can be tailored to suit your needsideal for an office, craft room, or guest accommodations. Outdoor Oasis: Dive into your own private paradise with a stunning swimming pool complete with a grotto and waterslideperfect for family fun and entertaining guests. The expansive 2-acre lot provides ample space for outdoor activities, gardening, or future expansion. Detached Garage: An extra detached garage offers additional storage or workspace, ideal for car enthusiasts or hobbyists. Additional Highlights: . Beautiful landscaping that enhances the property's curb appeal. Oversized 3 car garage with custom cabinetry and epoxy floor. Detached 24'x30' shop with 8' rolltop door and 220 amp panel. Custom saltwater pool with rock grotto and waterfall, slide, and in-floor cleaning system. 2 separate pastures for the horses and plenty of room for all the toys. Custom built 40'x50' Barn, with 20' ceilings, and built in loft. Perfect for additional living, storage, or entertaining space. NO HOA! Don't miss out on this rare opportunity to own a piece of paradise in Chandler! Contact us today to schedule a private tour.

6243 E Sunnyside Drive Scottsdale, AZ 85254

$1,850,000 - 4Br/3Ba -  for Sale in Equestrian Manor Unit 2 Amd, Scottsdale
New
$1,850,000
4 Beds
3 Baths
3,124 SqFt
Status Active
MLS # 6763734
Property Type Single Family Residence
Price Type --
Here is a rare opportunity to own in the highly desired and gated Equestrian Manor. With slump block construction, this is a very solid build. The Roof was replaced in 2022. This functional floorpan offers 2 fireplaces, a wet bar and high ceilings in the family room, spacious eat in kitchen, wood shutters and more. Given this property is nestled at the end of a cul de sac on 0,81 acres, with a circular driveway, and sparking pool/ jacuzzi, it provides a great space for entertaining family and friends. This home is being sold AS-IS.

1117 W Coronado Road Phoenix, AZ 85007

$1,850,000
4 Beds
3.5 Baths
3,699 SqFt
Status Active
MLS # 6749718
Property Type Single Family Residence
Price Type --
WOW!A historic home on a double lot (nearly 1/2 acre) in the exquisite Encanto Palmcroft Historic District with a terrific ''livability'' factor!The large living and dining rooms have soaring beamed ceilings, glowing wood floors & elegant large windows while the family room has a vaulted ceiling and a bank of french doors opening to a spacious patio overlooking the lush yard,sparkling pool & ramada.Each of the four bedrooms has direct access to a bath plus a 1/2bath for guests.The eat-in kitchen has loads of cabinet and counter space w/ two sinks,breakfast bar & pantry.The breakfast room can double as an office! The finished basement features custom built-in cabinetry and can accommodate a pool table plus a separate workshop/craft/exercise/costco storage room. Truly a must see property!

2211 E Camelback Road Unit 804 Phoenix, AZ 85016

$1,850,000
3 Beds
3 Baths
3,100 SqFt
Status Active
MLS # 6757836
Property Type Apartment
Price Type --
Experience unparalleled luxury in this sophisticated Camelback corridor high-rise residence, meticulously designed for the modern urbanite. Situated on the 8th floor, this exquisite home boasts southern and eastern views, showcasing stunning city lights and the majestic Camelback and South Mountains. Nestled in the coveted Camelback/Biltmore corridor, enjoy unparalleled convenience and elegance in a walkable neighborhood. The original owner has spared no expense in enhancing this home with premium upgrades. Features include Brazilian teak floors, travertine stone accents, customized lighting, quartz countertops, and sleek glass tile. The state-of-the-art Gaggenau appliances elevate the culinary experience. This residence offers two luxurious primary suites and a versatile media/bonus room, which includes a closet, should third bedroom needs arise. The second primary suite is thoughtfully designed with bespoke dual office spaces, entertainment area, and illuminated shelving. Three private patios extend your living space outdoors, perfect for alfresco dining, relaxing, or enjoying serene sunsets and stargazing. The building itself epitomizes urban sophistication with a full suite of amenities: 24-hour lobby staff, valet service, comprehensive security systems, a personal club/coffee room, executive board rooms, a pet park, a state-of-the-art gym, and rooftop pool/spa with firelit entertainment areas. An adjacent urban park enhances the lifestyle with opportunities for leisurely strolls, recreation, and sophisticated dining. Embrace a refined lifestyle in this exceptional residence, offering the highest quality construction and elegance at a fraction the cost of today's new products.

15418 E Stardust Drive Fountain Hills, AZ 85268

$1,850,000
5 Beds
4 Baths
5,144 SqFt
Status Active
MLS # 6653088
Property Type Single Family Residence
Price Type --
Got Toys? This resort style home is for You!! This spacious and well-maintained home offers the perfect blend of comfort and elegance. The open floorplan with high ceilings and large windows flood the interior with natural light. The gourmet kitchen with subzero refrigerators, dual wall ovens, dual drawer dishwasher, granite countertops and ample storage is a culinary enthusiasts delight! A 36 bottle wine refrigerator, mini frig plus separate ice maker at the bar is a perfect place to unwind and reflect. Step outside to the huge and private backyard with pool, spa, grotto, waterfall and water slide! The primary bedroom is a true retreat, boasting a luxurious en suite bath with his and her walk in closets. The additional bedrooms are generously sized. On the main floor, one is currently being used as a home theater. The other bedroom en suite has a built in daybed and built in desk making it a perfect home office. Jack and Jill bedrooms upstairs, both with walk in closets, are a perfect private area for guests and/or family members. Did I mention the 43' x 26.6' 4 car garage? Ample height for car lifts and rv's. It also has an rv gate and paver slab. This is an incredible home at an incredible price. Don't miss the opportunity to call this exquisite house your home!! Please see documents tab for a complete list of amenities, upgrades and updates on this incredible home.

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