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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13051 N 70th Street Scottsdale, AZ 85254

$1,799,000
4 Beds
4 Baths
3,586 SqFt
Status Active
MLS # 6755937
Property Type Single Family Residence
Price Type --
Nestled in the coveted Desert Estates neighborhood, this charming ranch-style home sits on a sprawling half-acre lot with striking curb appeal. The mature desert landscaping and expansive front ramada offer the perfect setting to relax and take in the stunning evening sunsets. Inside, the home boasts recent updates, incl interior paint, new kitchen featuring granite countertops, ample cabinetry, a buffet bar, extra storage, & renovated bathrooms. Addt'l upgrades include a re-coated roof, new lighting, and so much more! The spacious family room & an impressive laundry/pantry room are sure to delight any buyer. The main living area flows seamlessly into an open-concept kitchen & family space, w/ large windows throughout the home showcasing backyard views and breathtaking sunrise moments. The primary suite features an oversized walk-in closet, dual sinks, and private access to the backyard oasis, while the secondary bedrooms are generously sized, including one with an ensuite, perfect for guests. Designed for entertaining, the backyard is a true desert paradise with an expansive covered patio for outdoor dining, a built-in BBQ, a synthetic lawn, a sparkling diving pool, a fire pit, and beautiful desert landscaping. An additional storage room is conveniently located on the south side of the property. With no HOA and located within the top-rated Scottsdale school district (Sequoya, Cocopah, and Chaparral), this home offers unbeatable value. Enjoy easy access to world-class shopping, dining, and entertainment at Kierland Commons and Scottsdale Quarter, as well as proximity to premier events like the Barrett-Jackson car auction and the WM Phoenix Open. Plus, you're just minutes from the 101 and 51 freeways, providing quick routes to Sky Harbor Airport and Downtown Phoenix. Don't miss the opportunity to own this exceptional, turn-key desert estate!

18223 W San Miguel Court Litchfield Park, AZ 85340

$1,799,000
6 Beds
6 Baths
4,100 SqFt
Status Active
MLS # 6704847
Property Type Single Family Residence
Price Type --
Fall in love with this newly built custom home located in the gated community of Russell Ranch, 6 bedroom 6 bath and an office/den. Fire sprinkler system, electric fireplace, multiple ceiling heights 10, 12 and 16 ft ceilings. RV garage, Detached casita with one bedroom, full kitchen, living room and laundry closet, water softener pluming ready. *Heated pool and jacuzzi *RV garage: double oversized door (size 14x14), RV plug, mini split AC system, spray foam, insolated garage doors. *3 car garage - EV Plug, spray foam, insolated garage doors *Electric panel- 400 amp electrical panel with a 200 amp sub panel

10758 E Tamarisk Way Scottsdale, AZ 85262

$1,799,000 - 3Br/4Ba -  for Sale in Desert Mountain Phase 2 Unit 9 Pt 1, Scottsdale
Open House
$1,799,000
3 Beds
3.5 Baths
3,464 SqFt
Status Active
MLS # 6737024
Property Type Single Family Residence
Price Type --
Captivating contemporary residence in the Village of Cochise Ridge at Desert Mountain. This remarkable home boasts expansive living areas, four gas fireplaces, and two strategically positioned skylights infusing natural light for a crisp and clean aesthetic. The third bedroom showcases tall glass sliders, a closet, and a private bathroom with a shower. The Jr. suite offers privacy with its own exit, a spacious walk-in closet, & a bathroom featuring a shower. The primary bedroom provides easy access to the backyard from its private patio for seamless enjoyment of the spa and pool. Indulge in the wonders of the desert from the tranquil, sun-soaked south-facing patio, which offers breathtaking sunset views. The outdoor oasis includes a private pool, spa, and an inviting fireplace barbecue

4222 E Mclellan Circle Unit 7 Mesa, AZ 85205

$1,799,000 - 4Br/5Ba -  for Sale in Park Avenue Lot 1-19 A B Pvt Dr, Mesa
Open House
$1,799,000
4 Beds
5 Baths
5,542 SqFt
Status Active
MLS # 6753092
Property Type Single Family Residence
Price Type --
Welcome to an exquisite gated estate that epitomizes luxury living, nestled on a sprawling three-quarter acre lot. This stunning property is a true sanctuary, featuring an array of custom designs and high-end finishes that cater to the most discerning tastes.As you enter through the grand gates, you are greeted by meticulously landscaped grounds that set the tone for the elegance that awaits. The estate boasts spacious guest quarters, providing an ideal retreat for visitors while ensuring their privacy and comfort.Step inside to discover a breathtaking interior that seamlessly blends sophistication with warmth. The heart of the home is the gourmet kitchen, a chef's dream equipped with walnut and leathered marble countertops, complemented by a custom backsplash that adds a touch of artistry to the space. A state-of-the-art wine storage closet is perfectly situated, making it easy to store and showcase your finest vintages.The open-concept living areas are designed for both relaxation and entertaining, featuring multiple indoor fireplaces that create a cozy ambiance throughout the seasons. Large windows flood the space with natural light, offering picturesque views of the lush surroundings.Venture outdoors to experience your personal paradise. The backyard is a true highlight, featuring a stunning pool and spa that invite you to unwind and soak up the sun. The meticulously designed turf area provides a lush, green space for outdoor activities, while multiple outdoor fireplaces create inviting spots for gatherings under the stars. Every corner of this estate is adorned with custom upgrades, from elegant lighting fixtures to exquisite flooring, ensuring that no detail has been overlooked. The seamless flow between indoor and outdoor spaces makes this home perfect for entertaining guests or enjoying peaceful family moments. This sprawling gated estate is more than just a home; it is a lifestyle. With its luxurious amenities, custom designs, and serene surroundings!

17808 E Bear Wallow Way Rio Verde, AZ 85263

$1,799,000 - 3Br/4Ba -  for Sale in Trilogy At Verde River, Rio Verde
Open House
$1,799,000
3 Beds
3.5 Baths
3,004 SqFt
Status Active
MLS # 6688055
Property Type Single Family Residence
Price Type --
Spectacular mountain views set the tone for this luxurious modern 3,004 sqft home in Trilogy Verde River. Amenities include golf, tennis, pickleball, pools, fitness center, restaurant, and much more. All in a guard gated community. This Orion model home features 3 beds, 3.5 baths, great room, office, extra large laundry/hobby room, bonus room plus 3 car garage with many first class upgrades throughout the home. The back covered porch has a huge standing propane fireplace, other paver sitting area, synthetic grass and Beautiful views of Four Peaks. Don't miss your chance to enjoy living in this remarkable residence with rare, hard to find Mountain Views.

11024 E Pinon Drive Scottsdale, AZ 85262

$1,799,000 - 3Br/4Ba -  for Sale in Cavalliere Flat, Scottsdale
Open House
$1,799,000
3 Beds
3.5 Baths
3,214 SqFt
Status Active
MLS # 6753802
Property Type Single Family Residence
Price Type --
Stunning contemporary Troon Estate! Nestled in an exclusive cul-de-sac & gated community w/ luxurious amenities including 90 solar panels & 3 Tesla Power Walls which power entire home + car charging. Gourmet kitchen w/ high-end finishes including quartz counters, GE Monogram appliances & soft-close cabinets. Owner's suite boasting large walk-in closet w/ custom center island + 2 additional en-suite bedrooms ensuring privacy for all. 2 garages w/ mini-splits, electric car chargers & mudroom enhancing convenience. Private outdoor oasis w/ 25 meter pool, hot tub, outdoor shower & cooling misters. XL lot, breathtaking mountain views & just minutes from Troon Country Club, the Four Seasons, & Pinnacle Peak Hiking Trail. Don't miss it!

2910 E Chuparosa Circle Payson, AZ 85541

$1,798,888
4 Beds
3.5 Baths
5,934 SqFt
Status Active
MLS # 6582207
Property Type Single Family Residence
Price Type --
BEST VALUE/PER SF PRICING in CHAPARRAL PINES!! Fabulous Modern Spanish Colonial custom built home perched on the top of the ridge with commanding forest & mountain views in every direction! This stunner boasts unparalleled quality construction, gorgeous finishes throughout & an attention to detail in every inch of this beautiful one-of-a-kind custom home in the highly desired guard-gated private secure enclave of Chaparral Pines! The over-sized great room features soaring high ceilings with hand sawn wood beams & walls of glass/ & matching huge gas stone fireplaces flanking the room -truly an entertainer's delight! Enjoy this dream chef's kitchen in the heart of this extraordinary custom home that features a high end Sub-Zero, Wolf, Bosch appliance pkg & panoramic mountain & forest view from every window & a huge custom island w/ counter level seating for the best kitchen entertaining experience! Decadent primary suite featuring soaring high vaulted ceilings, a wall of glass overlooking the incredible mountain & forest views, & a stone surround gas fireplace! This primary suite also features a coffee/drink bar complete w/ R/O tap at it's own sink & Sub-Zero refrigerator/& freezer/ice maker drawers! The primary bathroom boasts a gas stone fireplace across from the jetted/heated over-sized tub with huge panoramic picture windows for your viewing/soaking relaxing experience! Additionally, the primary bathroom features double vanity w/ 2 sinks, a walk-in shower, & lg. walk-in closet! The main level of the home features 1 more ensuite secondary bedroom w/ stunning views! Additionally, there is a spacious beautifully appointed home den/office with a gorgeous custom desk, built-in file drawers & plenty of cabinet space & an ensuite bathroom w/ large shower & antique sink vanity (this home office could easily be converted to an additional bedroom/or mother-in-law suite). Don't forget to see the dream laundry center--& enjoy the panoramic views here! The finished lower-level entry starts with a beautiful custom stone & wrought iron staircase leading you to the huge game room for all of your gaming preferences that features a stunning stone gas fireplace/hand-sawn wood beams in the ceiling & a spacious kitchen/bar area featuring a sink with it's own R/O system, Sub-Zero refrigerator/freezer/ice maker drawers, dishwasher & microwave! Additionally, there is a decadent 7 seat movie theatre room that features beautiful electric reclining theatre chairs/tiered in 2 separate rows for the whole family's preferred viewing experience! Additionally, you will find a spacious wine nook in the lower level with custom hand-crafted wine drawers to fill with your favorite wines! There are 2 more secondary bedrooms in the lower-level that enjoy a full bathroom for their use! Dream garage w/ an electric car charging station, a spacious workroom w/ beautiful cabinetry & hand-wrought zinc countertops, & plenty of custom built-in cabinetry for all of your garage storage needs! Incredible custom home with custom alder wood interior doors throughout -- in an incredible natural setting with incredible finishes!!! One of a kind!!! (Dedicated engineered & pre-wired space for an elevator in the kitchen if the buyer wants 1 installed)

6964 E Redbird Road Scottsdale, AZ 85266

$1,798,500
4 Beds
3.5 Baths
4,142 SqFt
Status Active
MLS # 6708889
Property Type Single Family Residence
Price Type --
Welcome to 6964 E Red Bird Rd, Scottsdale, AZ 85266 - an exquisite desert oasis that perfectly blends luxury and tranquility. Nestled in the heart of Scottsdale, this stunning property offers a serene escape with breathtaking views of the Sonoran Desert and majestic mountains. As you approach this elegant home, you are greeted by a beautifully landscaped front yard featuring native desert plants and a charming pathway leading to the grand entrance. Step inside to discover a spacious and open floor plan that boasts high ceilings, expansive windows, and an abundance of natural light, creating a warm and inviting atmosphere. The gourmet kitchen is a chef's dream, equipped with top-of-the-line stainless steel appliances, custom cabinetry, granite countertops, and a large island with a breakfast bar. The adjacent dining area and living room, with a cozy fireplace, provide the perfect space for entertaining guests or enjoying a quiet evening with family. Retreat to the luxurious master suite, complete with a spa-like ensuite bathroom featuring a soaking tub, dual vanities, and a walk-in shower. Additional bedrooms are generously sized and offer ample closet space, ensuring comfort for family and visitors alike. Step outside to the expansive backyard, where you'll find a covered patio ideal for alfresco dining, a sparkling pool perfect for cooling off on hot Arizona days, and plenty of space for outdoor activities. The property also includes a three-car garage and a dedicated laundry room for added convenience. Located in a peaceful and prestigious neighborhood, this home provides easy access to top-rated schools, fine dining, shopping, and outdoor recreational activities. Experience the best of Scottsdale living at 6964 E Red Bird Rd - where luxury meets the beauty of the desert.

5247 Az-260 Highway Pinedale, AZ 85934

$1,795,000
5 Beds
3 Baths
3,410 SqFt
Status Active
MLS # 6722710
Property Type Single Family Residence
Price Type --
This custom built luxury home sits on just over 10 acres fully fenced with a private gated entrance, and touches national forest for access to horse back riding, hiking, hunting, and more. Located on the property there is an oversized detached 4 car garage, a separate workshop / tool or toy shed, chicken coop, a barn that has power and water for your animals, 4 stalls, 3 separate pastures, fruits trees, a garden area, and a fully fenced backyard. The home itself has a 12x70' front porch and a 10x70' rear porch. The heart of the home boast 16+ foot ceilings of open space including the kitchen, dining, and family room. The kitchen features a farm house sink, quartz countertops, soft shutting drawers and cupboards, gas stove, and an oversized pantry. Owner is a licensed AZ Real Estate Agent. It includes a split floor plan with 5 large bedrooms, 3 full baths. The master bathroom includes a barn door, dual sinks, and an huge shower with dual shower heads. There is also a bonus room above the master suite that has endless possibilities. This property was designed to fit whether you are looking for a full time residence or the perfect place to gather with friends and family on the weekends.

7075 W Whitman Trail Flagstaff, AZ 86001

$1,795,000
4 Beds
3.5 Baths
3,010 SqFt
Status Active Under Contract
MLS # 6741687
Property Type Single Family Residence
Price Type --
Experience the tranquility of this newly built custom home at the base of the majestic San Francisco Peaks just minutes from Snowbowl Ski Resort. Imagine hosting holiday gatherings in the beautiful gourmet kitchen that flows seamlessly into the open great room, leading to a spacious covered patio with breathtaking mountain views. Enjoy the comfort of a summer afternoon as clouds roll in, bringing the refreshing scent of rain-kissed pine trees. The luxurious primary en-suite features a soaking tub and radiant floor heating. A second en-suite plus two other guestrooms, and a three car garage, offer the versatility to accommodate your specific needs. This is the lifestyle you have been dreaming of! The furnishings and décor are included, so bring just a suitcase and make yourself at HOME. Owner is a licensed real estate agent in NV.

8356 E San Ramon Drive Scottsdale, AZ 85258

$1,795,000
4 Beds
2.5 Baths
2,618 SqFt
Status Active
MLS # 6762888
Property Type Single Family Residence
Price Type --
A PROPERTY BEYOND COMPARE!! UNDOUBTEDLY ONE OF THE FINEST SINGLE LEVEL PROPERTIES ON THE MARKET IN HIGHLY SOUGHT AFTER MCCORMICK RANCH! 'SCOTTSDALE'S PREMIER LUXURY BRAND' COMBINES THE FEEL OF THE WORLDS FINEST LUXURY RESORTS WITH THE MOST PEACEFUL LIVING SCOTTSDALE HAS TO OFFER. SENSATIONALLY DIFFERENT IS AN UNDERSTATEMENT.... WITH 4 BEDROOMS & BONUS ROOM FOR LARGE FAMILIES, INCLUDING A PRIMARY SUITE CURATED FOR ONLY THE PRIVILEGED FEW, THIS IS TRULY AN OWNER'S PERSONAL PARADISE! Corner located on a larger lot, disappear into your own private enclave with all the amenities you may desire! It's magnificent from the street enveloped in greenery. Tucked behind privacy walls you'll find a private front courtyard for after dinner conversation! Pivot through the imposing entry doors and prepare to INDULGE! Engineered hardwood floors guide you through the majestic double vaulted free-flowing entertaining areas centered with feature exposed wooden beam! Flanking the signature '2-tone' Designer WOLF/SUBZERO/COVE integrated Kitchen find Baronial sized Dining Room and Living Room with focal point porcelain fireplace and black slate backdropped WINE GALLERY! Congregate around the 10 Ft Brazilian Quartz Kitchen Island. Massive wall to wall sliders guide you out to the black columned terrace overlooking the pool which is perfectly positioned in the dreamlike backyard with a vast array of luscious landscaping & rare palm trees with tons of rolling lawns and with Built-in BBQ, grand scale entertaining is essential. ACCOMMODATION is sensational with an EXCEPTIONAL SPLIT-FLOOR-PLAN! Lets retreat to the OWNER'S SUITE......encompassing huge living space with reading/lounging area, floor-to-ceiling beverage bar with built-in WOLF COFFEE MAKER. Words to describe the en-suite bathroom...ostentatious, lavish, refinement...it's the lap of luxury! Dual vanities with cosmetic counter, a 'spa-like' tub, marble floored & walk in shower, impressive dressing room/closet. Saunter down a mirrored hallway to the other wing of the home, find 3 more bedrooms all 'luxurious-in-size' sharing the second bathroom which is simply stunning with dual vanities all adjoining separate media/ family/ flex room perfect for the Fam to Hang! Add in a powder room, inside Laundry with brand new washer/dryer & floor to ceiling cabinetry, an oversized 2 car garage with E-V Charging station & designer lighting and WHAT WE HAVE HERE IS OPULENT LIVING AT IT'S FINEST!! FEATURING: Corner Lot Location, Floor to Ceiling Custom Designed Cast Iron/Glass Pivot Front Door, Paved Street-side Front Courtyard, All New Landscaping & Ambient Solar Lighting, Double Insulated Garage Door, New Roof, Engineered Hardwood Floors Throughout, Vaulted Ceilings, Dual Pane Windows & Sliders Throughout, Mirrored Hallway, Custom Designed Drapery & Hardware, Handpicked Chandeliers, Lighting & Fans, Signature Pewter & Brass Hardware Throughout, Built-in BBQ & Beverage Center, Top-of-the-line COVE/SUBZERO/ WOLF Appliance Package, Ample Off-Street Parking & 3C Scottsdale Schools.

332 W Malibu Drive Chandler, AZ 85248

$1,795,000
5 Beds
4.5 Baths
5,335 SqFt
Status Active
MLS # 6749752
Property Type Single Family Residence
Price Type --
A FULTON RANCH DREAM COME TRUE..... THIS STUNNING AGEAN COVE HOME HAS EVERYTHING YOU COULD EVER WANT & MORE! FROM THE GATED ENTRYWAY, FABULOUS CASITA, 4 CAR SPLIT GARAGE, AS WELL AS THE PRIVATE COURTYARD W/FIREPLACE & LOTS OF SEATING AREA, YOU ARE GOING TO BE HOOKED! CUSTOM IRON DOOR OPENS INTO A GRAND FOYER FEATURING A WINDING STAIRCASE ONLY SEEN IN THE MOVIES, CUSTOM STONE FLOORING, HUGE LIVING & DINING ROOMS (CURRENTLY SET AS A PERFECT GAME ROOM), LARGE OFFICE, AS WELL AS A HUGE OWNERS SUITE ON MAIN FLOOR W/SPACIOUS ENSUITE THAT INCLUDES 2 OWNERS CLOSETS, JETTED TUB, & SEPARATE SINK AREAS. TAKE A WALK INTO THE CHEF'S KITCHEN THAT OFFERS A GAS STOVE, 3 OVENS, WARMING DRAWER, MICROWAVE, OVERSIZED ISLAND W/WINE REFRIGERATOR. CHECK OUT THE BUTLERS SERVICE STATION EQUIPPED W/REFRIGERATOR AS WELL AS THE WALK-IN PANTRY. THIS HOME OFFERS YOU 2 LAUNDRY ROOMS (1 UP AND 1 DOWN). UPSTAIRS YOU WILL FIND A TRUE CINEMA EXPERIENCE W/STADIUM STYLE RECLINERS, & FULL MOVIE SCREEN, ALL UNDER A MESMERIZING CEILING OF SHOOTING STARS. 1 SET OF THE BEDROOMS UPSTAIRS OFFERS A JACK & JILL BATH; 1 OFFERS A PRIVATE ENSUITE, AND THE OTHER ONE OFFERS A SIZE FULL BATH! ALL BEDROOMS HAVE SPACIOUS CLOSETS! AFTER YOU HAVE BEEN WOWED BY THE INSIDE OF THIS HOME --- STEP OUT INTO THIS RESORT STYLE BACKYARD! THIS ONE OF A KIND CUSTOM HEATED POOL INCLUDES NUMEROUS WATERFALLS & FIRE FEATURES ENCOMPASSING JETTED GROTTOS WITH CHANGEABLE LIGHTING, SLIDES, AND A RAISED SPA. ADDITIONAL FOUNTAINS ALONG THE DECK MAKE THIS EXPERIENCE UNMATCHED! PUTT ON THE GREENS, SIT AT THE BUILT-IN BBQ & ENJOY A DRINK WHILE WATCHING ALL OF THE FUN IN THE POOL! -- NEEDING SOME SHADE --- THE REMOTE SHADES HAVE YOU COVERED! THIS GEM OF A HOME AND YARD WILL AMAZE YOU! CALL FOR YOUR PRIVATE SHOWING TODAY!

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