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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4122 E Mclellan Road Unit 9 Mesa, AZ 85205

$1,850,000
5 Beds
3.5 Baths
5,001 SqFt
Status Active Under Contract
MLS # 6751573
Property Type Single Family Residence
Price Type --
Experience unparalleled elegance with this stunning estate, offering over 5,000 sq ft of refined luxury. As you arrive, the captivating glass entry door sets the tone for a home that harmoniously blends modern sophistication with traditional charm. This exquisite property features a thoughtfully designed split floor plan, with the primary suite secluded on one side and three additional bedrooms, accompanied by a separate family room, on the opposite side. Ideal for entertaining, the open-concept layout includes a chef's kitchen, a spacious living room with surround sound, and a wet bar that seamlessly connects to a resort-style backyard. The outdoor oasis is a true retreat, featuring a heated pool and spa, an outdoor kitchen with a pizza oven, a fire pit, a putting green, and an RV gate with a large parking pad. The home is located in the exclusive, gated Highgrove Estates community, offering privacy, large lots, and the convenience of nearby shopping, and a brand new tennis and pickleball court. Additional highlights of this residence include a 4-car garage, a study or 5th bedroom, formal dining, his and her closets, custom draperies and shutters, and recent renovations throughout, including flooring, paint, kitchen, and bathrooms. This home provides every amenity you could desire for a sophisticated and comfortable lifestyle.

30793 N 77th Way Scottsdale, AZ 85266

$1,850,000
4 Beds
3.5 Baths
4,143 SqFt
Status Active
MLS # 6752417
Property Type Single Family Residence
Price Type --
Beautiful home on one of the best lots in popular gated Bellasera. Open and airy floorplan with 4 bedroom/3.5 baths. Enter through front door and be greeted by a wall of windows overlooking backyard and pool and the awesome mountain views! Separate ''guest wing'' with two bedrooms, bath and flex room. Other features include island kitchen with gas cooktop, double ovens, and walk-in pantry, overlooking spacious family room with fireplace, shutters, tile flooring, and pre-wired for surround sound. Extra large Primary Suite that has custom closet organizer. Private backyard features private pool & spa, mature landscaping and oh those views! Enjoy the state-of-the art community center that has pool, spa, workout room and pickleball. All of this, close to shopping, restaurants and golf!

8661 E Preserve Way Scottsdale, AZ 85266

$1,850,000
4 Beds
3.5 Baths
4,132 SqFt
Status Active
MLS # 6693606
Property Type Single Family Residence
Price Type --
Welcome to your slice of paradise in North Scottsdale, nestled in the serene embrace of a peaceful cul-de-sac w/in the gated community of Boulder Ridge. Prepare to be captivated by this newly renovated gem, designed w/ the entertainer in mind! Step into the heart of the home, where a chef's kitchen awaits, adorned w/ brand new quartz countertops, stainless steel appliances, dual ovens, a wine fridge, two pantries to accommodate all your culinary delights. Seamlessly flowing into the immaculate entertaining spaces, including the dining room, living area, family room, & cozy eat-in kitchen, this home offers the perfect setting for gatherings of all sizes. Expand your entertainment outdoors onto the oversized patio, sparkling heated pool, & enjoy the views of Arizona's cotton candy sunsets. Experience luxury at its finest in the newly revamped master retreat, boasting an all-new ensuite bath featuring a custom shower with elegant euro glass accents, adorned with marble and quartz finishes. Indulge in relaxation with a soaker tub overlooking the three-way master fireplace, creating a tranquil oasis within your own home. With four bedrooms and a spacious split floor plan, this home offers ample space and versatility to accommodate your lifestyle needs, whether it's for family, guests, or your personal sanctuary. Embrace the essence of refined living in this North Scottsdale haven, where every detail has been meticulously crafted to elevate your experience of home.

6146 E Dixileta Drive Cave Creek, AZ 85331

$1,850,000
4 Beds
3 Baths
3,269 SqFt
Status Active
MLS # 6716921
Property Type Single Family Residence
Price Type --
NEW OPPORTUNITY WITH $100K PRICE REDUCTION! 2.2 ACRE CAVE CREEK 4 BDRM/3 BATH WITH HORSE FACILITIES. From the circular driveway, you are welcomed through a stoned turret courtyard framed w/decorative steel doors into spacious open living with high ceilings, stone accents and warm neutral tones. Built in 2013, this newer home w/split floor plan offers a central home hub inclusive of a great room/dining room which seamlessly flows to kitchen/family living space. To the East of hub you find the primary suite, laundry, flex room, garage entrance; to the west - bedroom w/ensuite bath, two additional bedrooms and bathroom. Horse facilities include (3) mare motels, round pen, arena. Plenty of open land for pool and additions! 2-car attached garage & detached 4-car tandem garage/workshop.

10592 E Horizon Drive Scottsdale, AZ 85262

$1,850,000
3 Beds
3.5 Baths
2,544 SqFt
Status Active
MLS # 6751378
Property Type Single Family Residence
Price Type --
FULL GOLF MEMBERSHIP AVAILABLE!!! Beautiful Hacienda home at Desert Mountain. The home offers a wonderful courtyard entry with fireplace that leads to an open great room floor plan. There are two en-suites in the home and a separate loft complete with a full bath. The kitchen has dual Viking ovens, Viking Range and Viking refrigerator, microwave and generous sized island that opens up to the great room that is ideal for entertaining. The owner's suite features two closets, soaking tub and fireplace. The Hacienda Village has a community pool, spa, and exercise room.

7147 E Rancho Vista Drive Unit 4011 Scottsdale, AZ 85251

$1,850,000
3 Beds
2 Baths
1,922 SqFt
Status Active
MLS # 6722919
Property Type Apartment
Price Type --
Available Fully Furnished w/ RH and Pottery Barn furnishings. A true Optima Camelview renovation masterpiece. Taking over a year to complete, there is simply no condominium like this in all of Optima Camelview. The attention to detail is unparalleled. From the moment you walk in you'll be awed by the very specious open floor plan which looks out towards the endless floor to ceiling glass windows and huge completely private terrace. Lavishly renovated from head to toe, no expense was spared in adding every luxury and feature to this breathtaking retreat. Exquisite custom cabinetry and countertops throughout. An extensive Wolf and Sub Zero appliance package, breathtaking custom quartzite slab gas fireplace, smart accent lighting controlled via Lutron Caseta, automated blinds through out +++ All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Womens Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.

24 W Marlette Avenue Phoenix, AZ 85013

$1,850,000 - 4Br/4Ba -  for Sale in Central Square, Phoenix
Open House
$1,850,000
4 Beds
3.5 Baths
3,155 SqFt
Status Active
MLS # 6750384
Property Type Single Family Residence
Price Type --
Built in 2015, this 4-bedroom, 3.5-bathroom home is perfectly located in the highly desirable North Central Corridor. Inside, the home features a thoughtfully designed split floor plan with vaulted ceilings that create an airy, spacious feel. The hardwood floors throughout add warmth and elegance, while large windows bring in abundant natural light. All windows feature blackout shades from The Shade Store. The gourmet kitchen features stainless steel appliances, a gas range top, Carrara marble countertops, and a large walk-in pantry. The open layout connects the kitchen to the dining and living areas, making it ideal for entertaining. The beautifully designed living spaces are enhanced by modern lighting and high-end plumbing fixtures. The master suite is a true retreat, offering a generous walk-in closet and a luxurious ensuite bathroom withCarrara marble countertops, a double vanity, and a beautifully tiled shower. The additional bedrooms are spacious and include walk-in closets with Classy Closet organizers. The bathrooms are equally impressive, featuring elegant tile work and modern fixtures. For added convenience, the home includes a versatile den, a well-appointed powder room, and an oversized laundry room complete with a sink and extra storage. The mudroom is equipped with built-in lockers, perfect for keeping everyday items organized. Recent updates have transformed the backyard into a private oasis, completed in 2022 by Roots First Landscape. Including a built-in fireplace, bocce ball court and an outdoor kitchenideal for entertaining and enjoying Arizona's beautiful weather. This home combines modern amenities with a prime North Central Corridor location just across Central Ave from the Murphy Bridle Path, Uptown Farmer's Market, excelling public and private schools and much more. Don't miss the opportunity to make it yours!

4432 E Camelback Road Unit 120 Phoenix, AZ 85018

$1,850,000 - 3Br/3Ba -  for Sale in Village At Camelback Mountain, Phoenix
Open House
$1,850,000
3 Beds
3 Baths
2,840 SqFt
Status Active
MLS # 6713420
Property Type Townhouse
Price Type --
Welcome to #120 at 4432 N Camelback Road, a meticulously renovated, move-in-ready townhome located in the coveted Guard Gated community of The Village at Camelback. This fabulously curated property features a spacious floor-plan with an inviting open kitchen and living area that wonderfully lends itself to entertaining. The home offers three spacious bedrooms, including a master bedroom with a flex space that can be used as an office/sitting area, a den, two full baths, two powder rooms, and abundant storage throughout. Here you'll find exceptional ample outdoor living spaces including an expanded private side yard, covered patio, and backyard with a spa-perfect for relaxing, and two balconies. Enjoy views from this natural light-filled home. Recent renovations include new marble tile floors and shower in the master bath, new carpeting in the upstairs bedrooms, an updated skylight, and new barn-door entry into the master bedroom, updated guest bathroom, low-e windows and screens, and new washer and dryer in the laundry room. The entire interior has been repainted, custom window treatments, new designer light fixtures, and extensive landscaping enhance the home's appeal. Additional features include built-in bookcases, new pantry, updated closet doors, and storage closets in the garage. Discreetly tucked away behind The Village Tennis & Fitness Club, convenience is paramount here with the ease of walkable access to a plethora of local amenities including the new Global Ambassador, AJ's, Steak 44, hiking trails, and much more, offering the best of Phoenix living. Minutes away from Paradise Valley, Scottsdale, and the Sky Harbor International Airport. Come see this beautiful townhome and experience unparalleled comfort and convenience in an unbeatable location for yourself!

6737 E Rockaway Hills Drive Cave Creek, AZ 85331

$1,849,000 - 5Br/5Ba -  for Sale in Carroll Heights, Cave Creek
Open House
$1,849,000
5 Beds
4.5 Baths
4,372 SqFt
Status Active
MLS # 6714785
Property Type Single Family Residence
Price Type --
Thoughtfully designed custom home nestled on 2+ acres and convenient to downtown Cave Creek. Versatile & open layout. Beautiful kitchen w/ large island, butler's pantry and premium appliances including Wolf/Sub Zero. Primary BR w/ gas fireplace, large bath, dual custom closets. Upstairs guest area w/ BR, seating area, full bath and balcony. 5th BR perfect for home office. Backyard w/ covered patio, fireplace & room for a pool opens to large, natural expanse. 3 car garage plus separate single bay garage at other side of home. R50 Insulated Concrete Form (ICF) wall construction provides excellent insulation. Owned solar panels further improve home's efficiency. New roof, fresh paint, exterior security cameras, extensive window treatment package. Horse property use permitted.

10606 N Indian Wells Drive Fountain Hills, AZ 85268

$1,849,000 - 4Br/5Ba -  for Sale in Fountain Hills Arizona No. 401-a, Fountain Hills
Open House
$1,849,000
4 Beds
5 Baths
4,358 SqFt
Status Active
MLS # 6729495
Property Type Single Family Residence
Price Type --
This stunning 4 bedroom, 5 bathroom home offers 4,358 square feet of living space with golf course & mountain VIEWS! Remodeled in 2023, walls were removed to create a light and open feel throughout the main level. Located just two houses down from the Desert Canyon Golf Club & Restaurant - walk to the golf club to tee off! Both bedrooms on the lower level are additional primary suites with large rooms, ensuite baths & walk-in closets. For your convenience, laundry rooms up & down! Step outside and relax on the expansive covered patios, which run the full length of both the upper and lower levels. Enjoy the dark evening sky from the heated pool & spa. In the kitchen you will find Zline appliances including 48'' gas range, quartzite countertops and beverage refrigerators. The oversized 3-car garage provides ample space for large vehicles, EV CHARGER and built-in workbench/storage cabinets to keep you organized. NO HOA - THIS HOME CAN BE USED AS A SHORT TERM RENTAL (Airbnb/VRBO). NOT A FLIP - remodeled by 2.5 year homeowners. This meticulously remodeled residence is your own private desert WINTER oasis, offering the perfect blend of functionality, luxury, and stunning views for years to come! OWNER/AGENT

2338 E Minton Street Mesa, AZ 85213

$1,840,000
6 Beds
4.5 Baths
5,194 SqFt
Status Active Under Contract
MLS # 6738479
Property Type Single Family Residence
Price Type --
Discover the epitome of elegance and luxury with the added benefit of no HOA. As you arrive, the beautifully landscaped front yard and towering palm trees create a dramatic entrance to this stunning property. The grand facade and welcoming entryway set the tone for the sophisticated interior that awaits. Inside, you'll find a spacious and open floor plan designed for both entertaining and everyday living. The living area features floor-to-ceiling windows that flood the space with natural light and offer breathtaking views of the backyard. The gourmet kitchen is a culinary masterpiece, boasting high-end appliances, custom cabinetry, and a large center island perfect for meal preparation and casual dining. The adjacent family room is a cozy haven, ideal for relaxing with family and friends. The primary suite is a private sanctuary, complete with a luxurious ensuite bathroom featuring a soaking tub, dual vanities, and a walk-in shower. Additional bedrooms provide ample space and privacy for family and guests. The fully finished basement adds significant value, offering versatile space for a home theater, gym, or additional living quarters. The backyard is a true paradise, with a sparkling diving pool with attached spa, built-in barbecue with an Ramada overhead, and plenty of space for outdoor dining and entertaining. Experience the best of luxury living, where every detail has been thoughtfully designed to create a truly one of a kind home.

36495 N Livorno Way Scottsdale, AZ 85262

$1,836,000
3 Beds
3.5 Baths
4,114 SqFt
Status Active Under Contract
MLS # 6752289
Property Type Single Family Residence
Price Type --
Welcome home to luxury living in the Sonoran Desert, located within the gated Community of Treviso! Set on nearly an acre of land, this tranquil cul-de-sac property offers utmost privacy. Step into the charming gated courtyard adorned with a custom metal gate by a local artist and stone pavers. Inside, notice the soaring 12-foot ceilings in the spacious Living Room flooded with natural light. The chef's kitchen is a dream, boasting an expansive Typhoon Bordeaux granite Island, Quartz Countertops, and top-of-the-line stainless appliances. Retreat to the Primary Bedroom with its own private patio for sunrise vistas. The Primary Bathroom indulges with his and hers vanities, a glass shower enclosure with dual shower heads, and a luxurious soaking tub. The spacious secondary bedrooms both have en-suite full bathrooms. The office showcases has sliding doors that open to the center courtyard, two custom built-in desks, shelving and Barn Doors. The incredible backyard is perfect for entertaining with a heated pool & spa w/ automated LED lighting, low-maintenance artificial grass, and gorgeous landscaping. **Owned Solar System for lower electric bills and Auto Fertilizer for plants. Wood Shutters and automated blinds throughout the home. This home has been meticulously cared for and is move-in ready! Three-car garage. Perfect for a primary residence or a lock-and-leave winter home. This North Scottsdale location is great for mountain bike riding and hiking in the mountains. Close to Carefree and Cave Creek for dining, shopping, and nightlife.

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