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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4001 E Beryl Lane Phoenix, AZ 85028

$1,800,000
5 Beds
3 Baths
3,528 SqFt
Status Active Under Contract
MLS # 6761414
Property Type Single Family Residence
Price Type --
Exceptional Horse Property Near the Tatum corridor w/ Mountain Views. This stunning equestrian estate offers 5 bedrooms, 3 baths including 2 luxurious primary suites. The open floor plan features a gourmet kitchen w/ beautiful huge island, Pot filler at stove & walk-in pantry, formal dining, office, game room & electric fireplace. The expansive backyard boasts of a diving pool, pavers, kid's play area/sandbox. Perfect for horse lovers, the property includes 4 enclosed stalls, 5 covered stalls, 2 heated wash stalls, riding arena, tack barn, round pen, RV gates and a RV hookup behind garage. A versatile casita is being used as a gym & storage but can be easily converted into a guest house by adding a bathroom. Solar owned. Don't miss this rare opportunity!

13620 N 80th Place Scottsdale, AZ 85260

$1,800,000
4 Beds
3 Baths
3,027 SqFt
Status Active Under Contract
MLS # 6742169
Property Type Single Family Residence
Price Type --
Located in the highly desired Cactus Corridor, this ranch style home has been beautifully remodeled with a brand new kitchen and all new flooring. The property sits on a corner lot on over 1.2 acres, where you'll enjoy a brand new heated salt water pool with baja steps, covered outdoor BBQ ramada and a putting/chipping green. The new travertine, front drive pavers and landscaping throughout the property provide a special touch to convey Arizona indoor-outdoor living. Just minutes from Kierland Commons, Scottsdale Quarter, dozens of golf courses + hundreds of high-end restaurants/entertainment options, this is the ideal location! This gorgeous home invites you in with a bright + open floor plan with tons of natural light. Come see this special Scottsdale Oasis!

17117 W Dale Lane Surprise, AZ 85387

$1,800,000
3 Beds
2.5 Baths
2,659 SqFt
Status Active
MLS # 6648276
Property Type Single Family Residence
Price Type --
Country living in the city. Beautifully maintained home on 2.73 acres. Additional parcels included in this sale total 7.3 acres. Open floor plan, extra large 3 car garage. Entertain from beautiful bar onto back patio with an observation deck for outstanding views. 9 horse mare motel, large stuccoed conex building work shop and tack room. Complete 300x160 approx arena is negotiable in sale. RV hook ups

7800 E Dale Lane Scottsdale, AZ 85266

$1,800,000
5 Beds
4.5 Baths
6,187 SqFt
Status Active
MLS # 6721266
Property Type Single Family Residence
Price Type --
An exceptional estate with NO HOA, boasting two homes and a host of luxurious amenities! The main home, built in 2018, features a chef's kitchen with stainless steel appliances, quartz countertops, and custom white cabinetry, complemented by a full prep kitchen. Polished marble flooring and high ceilings enhance the spacious layout, which includes a cozy living room with an electric fireplace and multiple conversation areas in the great room, complete with a wet bar. Versatile 'His and Hers' offices also double as additional bedrooms, ensuring flexibility. Zoned for horses, the estate features block wall fencing with a gated entrance. Minutes from shopping, golf courses, hiking, and more, this property offers both luxury and practicality. Additional highlights include a detached guest house, a fruitful orchard with orange, tangerine, mango, apple, pomegranate, and peach trees, and automated features such as intercoms, speakers, and security cameras for convenience and peace of mind. Enjoy unique amenities like a secret room, a mini bar adjacent to an entertainment/theater room, and EV car charging capabilities in the spacious 4-car garage. Notably, this home is designed for ease of living with no interior steps. The expansive 4-car garage includes a view deck above, offering a serene space with breathtaking mountain views! Main House sqft is 4311. Guest house sqft is 1876.

15215 N Kierland Boulevard Unit 317 Scottsdale, AZ 85254

$1,800,000
2 Beds
2.5 Baths
2,046 SqFt
Status Active
MLS # 6597293
Property Type Apartment
Price Type --
Chic Kierland Plaza Loft located directly above Main Street at Kierland Commons. Sleek and modern design with high ceilings, large windows and retractable wall of glass leading to a balcony overlooking Kierland Commons. 2 bedrooms plus a flex room/office and 2.5 bathrooms with an open kitchen and great room living area. Interior details include industrial-style exposed steel I-beams and ducting, wood plank flooring, granite slab counters, stainless steel appliances, and custom light and plumbing fixtures. Live the luxury lifestyle without the maintenance hassle while enjoying community amenities that include a heated pool, BBQ stations, sundecks, outdoor firepit areas, a dog park and a state of the art fitness center. There is also an on-site concierge and secure owner and and guest parking. Shopping and dining are at your doorstep with countless restaurants and retailers at Kierland Commons and The Quarter.

7629 E Via De Ventura -- Scottsdale, AZ 85258

$1,800,000
4 Beds
3 Baths
2,418 SqFt
Status Active
MLS # 6706404
Property Type Single Family Residence
Price Type --
WELCOME TO THE REALM OF REFINED LIVING & UNMATCHED SOPHISTICATION IN THE HEART OF MCCORMICK RANCH. THIS EXQUISITE 4 BEDROOM, 3 BATHROOM 'MEDITERRANEAN VILLA' CREATED BY 'SCOTTSDALE'S PREMIER LUXURY BRAND' ENCAPSULATES THE EPITOME OF WATERFRONT LUXURY.....OFFERING A LIFESTYLE THAT SEAMLESSLY COMBINES CONTEMPORARY DESIGN WITH BREATHTAKING 'LAKE & MOUNTAIN' VIEWS. SITUATED IN THE PRESTIGIOUS ENCLAVE OF PALO VIENTO WITH WATERFRONT PRIVACY AND THE MOST IDYLLIC OUTDOOR LIVING ENVIRONMENT! A unique opportunity to own 'one' of just 8 homes on a private-sub street perched on lake's edge. With superior corner location, the design is modern & open encapsulating all the space, flow & light with wood beamed soaring vaulted ceilings, engineered hard wood floors throughout. Floor to ceiling illuminating fireplace & 'RESTORATION HARDWARE' chandeliers centers the large open concept living-room with views all around & sliding doors leading to the wrap around terrace, complete with splash sized spool/JACUZZI, BBQ, DINING AREA, FIREPLACE, PUTTING GREEN perfect for family gatherings & 'al-fresco' dining. Wine enthusiasts will appreciate the dedicated floor to ceiling wet bar. State of the art, SUBZERO/ WOLF integrated kitchen sits adjacent to formal dining room that has sliders onto private after dinner cigar patio! The primary bedroom is a true SANCTUARY has large sliders outlining the sensational lake views and opens onto private 'Owner's Suite' patio with easy spa access. featuring walk-in closet with lavish en-suite bathroom. Enjoy 3 more bedrooms & 2 bathrooms. The upstairs has 2 bedrooms share a gorgeous bathroom and open onto huge exquisite view balcony. Enjoy the sun-set over the mountains, twinkling moonlight glistening on the lake... THIS IS SERENITY FOUND AND AN ESCAPE TO PARADISE! FEATURES INCLUDE: TESLA SOLAR PANELS, Inside Laundry with Washer/ Dryer, 2 Car Oversized Epoxy Floored Garage with Electric Car Charging Station, Dual Pane Sliders & Windows, Floor to Ceiling Custom Designed Cast Iron & Glass Front Door, Custom Made to Order Barn Doors, Window Hardware & Drapery, Wood Inlayed Signature Mirrored Staircase, Sundeck, Spa Coating 2022, Roof 2022 HVAC 2022, Water Heater 2022, Smooth Cashmere Walls, Exterior Smooth Stucco, Handpicked Lighting & fans Throughout, Signature Bronze & Pewter Hardware, Custom Designed Wrought Iron Side Gates, New Landscaping, Artificial Turf, Pavers, Lights & Auto H2O System, Scottsdale Schools.

3737 E Amelia Avenue Phoenix, AZ 85018

$1,800,000
6 Beds
4.5 Baths
3,545 SqFt
Status Active
MLS # 6707146
Property Type Single Family Residence
Price Type --
Welcome to this beautiful NEW CONSTRUCTION 6 bedroom, 4.5 bathroom, two-story home in Arcadia Lite by Thomas James Homes! When you enter this home, you'll notice the elegant open concept floorplan perfect for modern living with a spacious great room, state of the art kitchen and breakfast nook joined by a perfectly oversized quartz island. High ceilings at the entry allow wonderful natural light to fill this space and into the great room through a multi-sliding door that leads to your covered patio that is perfect for indoor-outdoor living. Escape to the secluded grand suite which boasts a spa like bathroom with a walk-in shower, soaking tub, dual vanity sinks and a walk-in closet. Two additional bedrooms with a shared bathroom are on the first floor. Upstairs you'll find additional living space with a large bonus room connecting 3 bedrooms, and 2 more bathrooms. This sleek home comes complete with a fully landscaped front and backyard and a pool! Come see what this beautiful home with a great address and great Camelback Mountain Views has to offer! Located minutes from dining, shopping and more.

10105 E Bayview Drive Scottsdale, AZ 85258

$1,800,000
3 Beds
2.5 Baths
2,864 SqFt
Status Active
MLS # 6746481
Property Type Single Family Residence
Price Type --
Discover luxury living with this furnished waterfront home in the exclusive gated community of Island at Scottsdale Ranch! Upon entering, you're welcomed by stunning waterfront views that set the tone for this remarkable home. The spacious living room flows seamlessly into the kitchen and dining areas, creating an inviting open floor plan. The gourmet kitchen features a stainless steel appliance package, high-end soft-close shaker cabinetry, quartz countertops, a wine fridge, and a large island. The family room offers additional living space, highlighted by a tile-surround fireplace. Situated on the second floor, the master bedroom features a sitting area with lake views, walk-in closet, beautifully tiled shower, and a freestanding tub with additional lake views. Two additional bedrooms and a full bath provide ample space for family or guests. The laundry room is equipped with a utility sink and both upper and lower cabinetry for convenience. The garage features epoxy floors and extra storage space. Outdoors, you'll find an entertainer's paradise with a PebbleTec pool, spa, multiple seating areas, expansive lake views, and a boat dock. Additional highlights include newer dual-pane windows and glass sliding doors, an air scrubber system that sanitizes the air by eliminating airborne contaminants, germs, viruses, and odors, and much more.

6338 E Amber Sun Drive Scottsdale, AZ 85266

$1,800,000 - 4Br/4Ba -  for Sale in Terravita, Scottsdale
Open House
New
$1,800,000
4 Beds
3.5 Baths
3,033 SqFt
Status Active
MLS # 6760678
Property Type Single Family Residence
Price Type --
This rare expanded Nimbus model in Terravita on a 15k sf lot, is upgraded and wrought with contemporary SW style! Soaring ceilings and backyard views greet you upon entering from a private courtyard with casita access. In the kitchen: convection oven/microwave, warming drawer, built-in refrigerator & island gas cooktop. Wet bar, formal dining/living and screened/covered patio atop travertine pavers, surrounded by desert plantings worthy of botanical gardens, all make for great entertaining. Black Mtn views from the hot tub, outdoor fireplace, and heated lap pool with deck jets. Backyard access from the primary suite, with dual closets, copper soaking tub and designer touches. Expanded casita makes 2nd office, fourth bedroom, or gym space possible. Welcome to N Scottsdale gated perfection!

38306 N 108th Street Scottsdale, AZ 85262

$1,800,000 - 5Br/5Ba -  for Sale in Mirabel Village 3, Scottsdale
Open House
$1,800,000
5 Beds
5 Baths
5,217 SqFt
Status Active
MLS # 6752636
Property Type Single Family Residence
Price Type --
PRICED AT JUST $345 / sq. ft....THE LOWEST IN GATED MIRABEL VILLAGE!!!! Discover contemporary comfort in N. Scottsdale's gated Mirabel Village. This Monterey home has 5,217 sq. ft. open-concept & split floor plan on main level seamlessly connect the chef's kitchen, featuring stainless appliances, a walk-in pantry and a butler's area, to inviting living spaces. The main level includes a spacious owner's suite with a fireplace, two ensuite bedroom, & a charming gated entry courtyard. For outdoor enthusiasts, you are close to hiking, biking & boating at Bartlett Lake. Just a mile from Desert Mountain & Mirabel golf communities, minutes from downtown Carefree & Cave Creek, this home also offers a versatile loft, balconies with stunning views, fresh paint, new light fixtures & 2 two car garage

31010 N 117th Drive Peoria, AZ 85383

$1,800,000 - 4Br/4Ba -  for Sale in Blackstone At Vistancia Parcel B9, Peoria
Open House
$1,800,000
4 Beds
3.5 Baths
3,836 SqFt
Status Active
MLS # 6759894
Property Type Single Family Residence
Price Type --
Enjoy resort living on the golf course in the prestigious gated community of Blackstone Country Club. This spotless 4 BDRM 3.5 BATH exceptional contemporary style home is ready to be your new home. W/ 3836 sq ft, a soaring 17' ceiling in main living space & packed w/ top of the line extras ranging from air conditioned 4 car split garages to a 500 bottle wine celler, to a $50,000 Control 4 system. W/ endless designer features this is a one of a kind luxury home. The gourmet kitchen includes Wolf/Subzero appliances, quartz countertops, huge island & an abundance of cabinets. Light & bright w/ tile t/o. Low maintenace yards, gas fireplace in courtyard, extended patio & tons of travertine plus a relaxing golf course view to enjoy the beautiful AZ sunsets. SEE DOC TAB FOR LIST OF UPGRADES.

12001 N Miller Road Scottsdale, AZ 85260

$1,799,999
4 Beds
2 Baths
2,566 SqFt
Status Active
MLS # 6747530
Property Type Single Family Residence
Price Type --
Fantastic Opportunity in Sundown Gardens! This is truly the Swiss Army Knife of properties. Ready out of the box for a family, Add on to your liking or Build your dream compound! This acre sized lot has a 4 bed 2 bath updated block home with durable saltillo tile throughout. The interior was updated in 2017 with new interior doors, new Milgard aluminum windows and an eat in kitchen. There's a wood burning fireplace in the familyroom and the 5th bonus room can double as a bedroom, office or play room. Large covered front & back patios, roof was done in 2023 plus a new 200 AMP, solar ready electric panel! The back half of the property has a super cool playhouse w/AC and TV and a cozy studio/casita with AC, TV and a Kitchen as (Featured in Scottsdale Lifestyle Mag) Plus (2) Full RV hook-ups! What the sellers love about the property, in their own words; What I love about this sturdy block home... I love the beautiful palm trees around the beautiful blue pool. I love all the birds and bunnies that are always around. I love the cozy she shed. I love the brown Saltillo tile that is all throughout the house. I love the beautiful tiled shower walls in the bathrooms. I love the bonus room, it can be used for so many things. I love the size of the property, it feels much bigger then an acre. I love that the property is located near so many great restaurants, shopping and attractions like Trader Joe's, Natural Grocers, WM Phoenix Open, Barrett Jackson and the Polo Championships at West World!

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