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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2295 Dragon Fly Lane Lakeside, AZ 85929

$1,799,000
6 Beds
7.5 Baths
7,645 SqFt
Status Active
MLS # 6733991
Property Type Single Family Residence
Price Type --
This one-of-a-kind property, inspired by grand design, offers a private indoor Pool, a separate Guest House, a fully remodeled kitchen equipped with top-of-the-line Viking ranges and a convenient butler's pantry. The expansive layout includes 6 well-appointed bedrooms and 7.5 bathrooms, ensuring ample space for family and guests alike. The residence boasts 5 fireplaces, adding warmth and ambiance to the already inviting atmosphere, in common living spaces as well as private bedroom! The attached guest house offers privacy and comfort, while the master suite provides a sanctuary of luxury with its opulent design. Artistic hardwood staircases lead to a great room with impressive second-level ceilings and a catwalk that overlooks the sophisticated formal dining room and parlor. The property also includes a vast bonus room, perfect for entertainment or leisure activities. The wrap-around covered porch and open sun deck invite residents to enjoy the picturesque sunsets over the lake, adding to the home's charm. Practical features such as the three-car garage with a new Trex-Deck mud porch provide convenience and functionality. With a total of 7,645 square feet, including a 180 square foot pool room, a 693 square foot guest house, a 741 square foot bonus room, and a 665 square foot storage room, this estate is not only spacious but also meticulously planned to accommodate a variety of needs. It stands as an absolute must-see for those who appreciate the blend of adventure and refined living, with the promise of year-round enjoyment in a setting that is both breathtaking and exclusive. What furnishings are there stay with the home. NEW Roof 2023 Screened in porch off of Master FIVE fireplaces Double / 2 sets of washer/dryers Recreational amenities are abundant, featuring an indoor swimming pool complemented by a hand-crafted stone water fountain, creating a tranquil oasis for relaxation. Additionally, The Shores presents a unique opportunity for those seeking a luxurious lifestyle in a gated community, which includes a private boating dock, tennis/pickle ball courts, and a community area. Imagine living in the White Mountains of Arizona where you have 4 beautiful seasons and where you can breathe in the fresh mountain air and enjoy the 40 lakes and over 600 miles of rivers and streams. In addition to the amazing fishing, this area has one of the most extensive trail systems in the southwest for hiking, biking, horseback riding, quadding and more. Sunrise Ski Resort is also just 40 minutes away with 3 beautiful mountains to ski, snow board or sled. If shopping is your interest, you will love the antique stores and the multitude of arts and craft shows that happen in the summer. The music festivals have something to fit everyone's enjoyment. Do you love to golf? There are 7 amazing golf courses, 3 that are public. The White Mountains, where this home/cabin is the best kept secret of Arizona! Come and explore and enhance your living! Pinetop-Lakeside was also voted 'Best Cabin Region in the U.S... Embrace the MAGIC!

38749 N 104th Way Scottsdale, AZ 85262

$1,799,000
3 Beds
3.5 Baths
2,544 SqFt
Status Active
MLS # 6703948
Property Type Single Family Residence
Price Type --
One of the very few DETACHED Haciendas in the Hacienda Village at Desert Mountain and comes with an extra exterior parking space. This charming home offers a wonderful courtyard entry with fireplace and lush vegetation, the functional great room floor plan has two suites in the main house and a separate Casita. The kitchen has dual Viking ovens, Viking Range and Viking refrigerator, microwave and nice sized island that opens up to the great room - ideal for entertaining. The owner's suite has his and her closets, soaking tub and fireplace. The Hacienda Village has its' own pool, spa, Ramada area with fireplace and exercise room. A wonderful lock and leave home with low maintenance.

9227 N 113th Way Scottsdale, AZ 85259

$1,799,000 - 5Br/5Ba -  for Sale in Parcel 1 At Stonegate, Scottsdale
New
$1,799,000
5 Beds
4.5 Baths
4,171 SqFt
Status Active
MLS # 6765175
Property Type Single Family Residence
Price Type --
This luxurious, resort-style home offers elegant living with travertine and bamboo floors, vaulted ceilings, and custom two-tone paint. A family room with a gas fireplace, along with formal living and dining areas, adds sophistication. The gourmet kitchen boasts granite countertops, dual ovens, a gas stove, an island, and a walk-in pantry. The split floor plan includes an extra spacious primary suite with backyard access, a jacuzzi tub, and a walk-in closet. Guest rooms feature walk-in closets, and an in-law suite has its own entrance and full bath. The backyard is a private oasis with a Pebble-Tek pool, waterfall, built-in grill, and fruit trees. Updates include a newer roof and HVAC system. This home perfectly blends luxury and practicality. See list of full features!

8685 E Aster Drive Scottsdale, AZ 85260

$1,799,000
4 Beds
3 Baths
3,908 SqFt
Status Active
MLS # 6759496
Property Type Single Family Residence
Price Type --
Spacious, open, floor-plan home in the heart of Scottsdale's Cactus Corridor! 4-Bdrm+Den+Casita. The gourmet Kitchen & Family Rm flows together for ease of casual entertaining. But, hosting dinner parties is a breeze in the formal dining area. Kitchen includes Dacor dbl ovens & gas range/cooktop, Subzero built in refrig, large center island with seating, 2 sinks and custom cabinetry. Wet bar with additional sink. 2 gas fireplaces. Custom shutters throughout. Large primary bedroom and bath with a substantial walk in closet with custom shelving.Exterior paint in 2022. Absolutely gorgeous home with fantastic layout. Light, bright, & spacious. N/S exposure. Minutes away from an abundance of shopping, dining, and golfing with close access to the 101 fwy to get you to anywhere in the valley.

11658 N 129th Way Scottsdale, AZ 85259

$1,799,000
5 Beds
4 Baths
4,220 SqFt
Status Active
MLS # 6745520
Property Type Single Family Residence
Price Type --
Nestled in the foothills of the McDowell Sonoran Preserve, this exclusive property boasts over 4200 sq ft of luxurious living & panoramic views. Designed for privacy and entertaining, this SINGLE LEVEL 5 bed 4 bath home has soaring ceilings and a desirable floorplan. The gourmet kitchen, & huge walk-in pantry flows seamlessly to the family room & built in wet bar. Each bdrm is generous in size & the primary has a cozy fireplace & large walk-in closet. The backyard features a large grassy area along with the stunning pool & spa that backs to the desert, offering privacy & breathtaking views. Don't miss out on this rare opportunity to own a property in Sabino Estates, an exclusive, gated community that offers serenity & calm in the heart of Scottsdale!

11696 E Sand Hills Road Scottsdale, AZ 85255

$1,799,000
4 Beds
2.5 Baths
3,094 SqFt
Status Active Under Contract
MLS # 6742276
Property Type Single Family Residence
Price Type --
This stunning home has undergone a complete remodel and is situated on an exceptional lot surrounded by open space on three sides, offering mountain views and a private, open feel. Located in the Desert Crest community of Troon Village on a cul-de-sac lot. As you step inside this elegantly upgraded home, take note of the brand new custom front door, which leads to the brand new Pella retractable door in the living room, opening up the inside to the outdoors. The interior also boasts wide plank LVP floors and lots of windows for filtered natural light throughout. The family room features a new fireplace and new exquisite stonework. The kitchen, open to the family room, has an extended island, luxurious Calacatta GOA quartz countertops, premium Dacor, Whirlpool and GE appliances, custom cabinets, new hardware and pendant lights, and a breakfast nook with views. The primary bedroom is spacious with a luxurious ensuite bath, featuring a soaking tub, separate shower, walk-in closet with built-in's, private toilet room, and dual sinks with vanity seating. The hall bath is all-new with a beautiful tile shower, vanity and hardware upgrades. Three additional guest bedrooms (one currently staged as an office) offer room flexibility. The doors throughout have been changed to 8-ft height throughout with fresh hardware, adding to the overall luxury of the home. The attention to detail extends to the backyard, where silver travertine enhances the outdoor living area, making it perfect for relaxation or entertaining. The refreshing pool is surrounded by tropical palms and reaching views! With all-new electrical fixtures, chandeliers, and fresh paint throughout, this home offers a blend of style, comfort, and luxury living. The property features AC units less than 18 months old and a top-tier water filtration system, ensuring comfort and convenience throughout.

3149 S Prospector Circle Gold Canyon, AZ 85118

$1,799,000
4 Beds
3.5 Baths
3,072 SqFt
Status Active
MLS # 6159305
Property Type Single Family Residence
Price Type --
Build your Dream Home in Prospector Village at Superstition Mountain Golf and Country Club. Top of the line Luxury Finishes. Lot 1 (Golf Course Lot). Two single level 3,000+sqft, 3Bdrm + Den 3.5 Bath floor-plans available. Three car garage option. Superstition Mountain Golf & Country Club is a private guard gated community with two Jack Nicklaus courses, magnificent clubhouse, sports club with swim/tennis/fitness and so much more! Built by Landmark Custom Home Builders. Photos are of previous models. Prices are subject to change

3089 S Prospector Circle Gold Canyon, AZ 85118

$1,799,000
4 Beds
3.5 Baths
3,072 SqFt
Status Active
MLS # 6142764
Property Type Single Family Residence
Price Type --
Build your Dream Home in Prospector Village at Superstition Mountain Golf and Country Club. Top of the line Luxury Finishes. Lot 5 (Golf Course Lot). Two single level 3,000+sqft, 3Bdrm + Den 3.5 Bath floor-plans available. Three car garage option. Superstition Mountain Golf & Country Club is a private guard gated community with two Jack Nicklaus courses, magnificent clubhouse, sports club with swim/tennis/fitness and so much more! Built by Landmark Custom Home Builders. Photos are of previous models. Prices are subject to change

3119 S Prospector Circle Gold Canyon, AZ 85118

$1,799,000
4 Beds
3.5 Baths
3,072 SqFt
Status Active
MLS # 6142777
Property Type Single Family Residence
Price Type --
Build your Dream Home in Prospector Village at Superstition Mountain Golf and Country Club. Top of the line Luxury Finishes. Lot 3 (Golf Course Lot). Two single level 3,000+sqft, 3Bdrm + Den 3.5 Bath floor-plans available. Three car garage option. Superstition Mountain Golf & Country Club is a private guard gated community with two Jack Nicklaus courses, magnificent clubhouse, sports club with swim/tennis/fitness and so much more! Built by Landmark Custom Home Builders. Photos are of previous models. Prices are subject to change

4330 W Box Elder Lane Show Low, AZ 85901

$1,799,000
6 Beds
6 Baths
4,500 SqFt
Status Active
MLS # 6724011
Property Type Single Family Residence
Price Type --
Wow!! This is the pride of Torreon and can now be yours. This fantastic house has so many extras it will be hard to mention even a few of them. This 6 bedroom 6 bath home was built with the highest quality amenities throughout the home. Quartz countertops throughout, high end gas range, 2 tankless water heaters. soft water system, 2 hvac systems 5/8 inch fire rated drywall , tons of storage, 2 laundry rooms, it has a hardwired alarm system and intercom for all bedrooms and back deck, 2000 sq ft of t&g wood ceilings also features a 5 car garage with its own bathroom! This home has 6000 sq ft of pavers in the front and back with its own gas firepit, looking at the prettiest golf holes in Torreon #15 on the Tower course, looking at the green and pond.

33495 N 83rd Street Scottsdale, AZ 85266

$1,799,000
4 Beds
3.5 Baths
3,604 SqFt
Status Active
MLS # 6698671
Property Type Single Family Residence
Price Type --
BACK ON MARKET! $151K PRICE REDUCTION! SELLER WANTS IT SOLD! Situated on an expansive, approx. 1 acre parcel. This 3609 SF home has been extremely well maintained. Features 4 BD and 3.5 BA, extended 3 car garage and an AMAZING outdoor living space in the back. (Room to add a Casita) Inside you will find a gorgeous oversized Primary suite and large bath. Granite walk-in shower, jetted tub, dual sinks and beautiful closet space. 2 separate large living spaces and a wonderful islanded kitchen area that feeds into the breakfast nook and formal dining room. 2 more bedrooms featuring ensuite baths and a den office. (4th BD) In back you'll find a nice covered patio, built in BBQ, large fire pit, heated pool/spa and shuffle board. All this and still room to add a casita. This home has it all!

40167 N 110th Place Scottsdale, AZ 85262

$1,799,000
3 Beds
3 Baths
2,454 SqFt
Status Active
MLS # 6735429
Property Type Single Family Residence
Price Type --
A Desert Mountain Lifestyle Membership is available to be transferred with this property. Situated on the 1st fairway of the Apache Golf Course at the world-renowned Desert Mountain Club, this property will impress with its stunning golf course views, expansive wall-to-wall windows, soaring 12' viga ceilings, alder woodwork, multiple fireplaces and hardwood floors. Your eye will be drawn to the stunning views of the golf course to the East and the mountain, sunset and city light views to the West. This North Scottsdale upgraded Cielo model patio home features an open great room floor plan with 3 bedrooms, 3 baths and 2,454 sq. ft. all on one level. The modern southwest architectural feel and the natural light interior throughout offers a high-end custom feel. The updated kitchen showcases stainless steel appliances with a gas cooktop, double ovens, copper backsplash, granite countertops, breakfast bar, and casual dining nook with custom built-in kitchen seating. Exterior features include large covered patios with lounging areas and banco seating, private spa, updated built-in BBQ grill, view fence, lush landscaping and a two car attached garage with epoxy flooring. A portion of the additional upgrades include roof coating, skylights, HVAC, tankless water heater, water softener and garage cabinets. The Village of Apache Cottages provides a private village pool and lounging area for residents.

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