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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18815 E Country Meadows Court Queen Creek, AZ 85142

$1,775,000
5 Beds
4.5 Baths
3,649 SqFt
Status Active
MLS # 6713370
Property Type Single Family Residence
Price Type --
Incredible brand new custom home that is truly a sight to behold. This stunning property boasts 3649 SF, 5 beds, 4.5 baths, and a HUGE custom 2000 square foot extended 12 car garage for those car enthusiast or an amazing shop/man cave. Home has soaring 10-14 foot ceilings throughout, perfect great room floor plan, and it is situated on an acre lot across the street from the ''A'' rated Casteel high school. The Chefs kitchen is complete with 60'' built in refrigerator, beautiful custom cabinetry, top of the line Jennair appliances, and a convenient butler's pantry for all your culinary needs. Custom dedicated dog wash station in the laundry room. This property is truly something special and is offered 36K below recent appraised value!

15359 N Fort Apache Place Prescott, AZ 86305

$1,775,000
3 Beds
4 Baths
2,983 SqFt
Status Active
MLS # 6715411
Property Type Single Family Residence
Price Type --
Exceptional modern craftsman style new home in iconic Talking Rock Ranch. Select your own colors, cabinets, appliances and more in this luxury home on nearly 1 acre. The builder has included a wide array of luxury products in this price, but if you would like to change or update the finishes, you still have time to personalize your new home! This spacious home lives large with an open floorplan and split bedroom layout. At 2983 sq feet, home offers dual master walk in closets & spacious primary bath, 3 guest bedrooms with 2 ensuite baths, plus a powder room. They kitchen has a large walk in panty and a large kitchen island. The great room is grand with high beamed ceilings and a contemporary fireplace. Build time is 8-10 months.

10797 N 100th Street Scottsdale, AZ 85260

$1,775,000
3 Beds
3.5 Baths
3,826 SqFt
Status Active
MLS # 6756378
Property Type Single Family Residence
Price Type --
This stunning Cactus Corridor home sits on a private corner lot of .84 acres offering both seclusion and spectacular location. Captivating all the way through from the portico entrance to the covered back patio, providing a perfect space for outdoor relaxation and entertaining. The main house offers 3,083 sf including 2 bedrooms plus a versatile den, and 2.5 baths, with large walk-in closets in all the bedrooms. An additional 743 sf are included in the detached guest house with 1 bedroom and 1 bath for a total square footage of 3,826 sf living space.Inside, the beautiful Red Oak Chickasaw wood floors are complemented by soaring, vaulted ceilings throughout, while the panoramic mountain views of the McDowells provide a breathtaking backdrop. The spacious open great room with inviting fireplace and wet bar - complete with a refrigerator - is perfect for large gatherings. The formal dining room is ideal for hosting elegant dinners, while the spacious kitchen is equipped with hardwood maple cabinets, a granite sink, double ovens, and a built-in desk. Two pantries with electrical outlets offer additional storage, and skylights flood the space with natural light. In the primary bedroom retreat, the see-through fireplace affords a seamless flow of relaxation to the luxurious primary bath. Additional features include durable slump block construction, and a functional laundry room featuring skylights and a fold-down table for added convenience. A spacious three-car extended garage is complete with built-in cabinets, skylights, and ample room for vehicles and storage. An additional large storage room adds even more convenience. The thoughtful layout includes a few gentle steps throughout, adding to the home's custom design. Whether you seek luxury, privacy, or breathtaking views, this property delivers on every front!

7117 E Rancho Vista Drive Unit 6008 Scottsdale, AZ 85251

$1,775,000 - 2Br/3Ba -  for Sale in Optima Camelview Village, Scottsdale
New
$1,775,000
2 Beds
2.5 Baths
1,911 SqFt
Status Active
MLS # 6765905
Property Type Apartment
Price Type --
Welcome to this completely renovated 1,911 sqft penthouse. This exceptional 2 bedroom 2.5 bathroom condo features extensive floor-to-celing glass, a spectacular and highly upgraded gourmet kitchen with quartz waterfall island, a well conceived open floor plan, superior finishes, 2 beautiful and PRIVATE balconies, gorgeous interior views, 2 master bedrooms, 2 designated parking spots, and an attractive and upgraded laundry room. 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.

305 S Genius Loci -- Payson, AZ 85541

$1,775,000
4 Beds
4 Baths
4,636 SqFt
Status Active
MLS # 6593511
Property Type Single Family Residence
Price Type --
Discover mountain living in the cool pines nestled within the breathtaking surroundings of The Rim Golf Club, this exquisite custom home offers a harmonious blend of luxury and natural beauty. Overlooking the 9th fairway, the residence boasts sweeping mountain views that will take your breath away. With resort-like features including a private pool, spa, beautiful outdoor flagstone patios, a fully-equipped kitchen, fireplace, covered deck, every day here feels like a getaway. Step inside the impressive entry and be greeted by the warm embrace of hickory wood flooring, vaulted ceilings of post and beam construction, carved interior doors, and floor-to-ceiling windows that frame the picturesque landscaping.The stone fireplace adds both coziness and grandeur to the living space. Enjoy the seamless flow of the open concept floor plan, perfect for entertaining. A beverage bar complements the gourmet kitchen, dining room, while a private office provides a quiet retreat. The primary ensuite is a spa-like haven, offering privacy, tranquility and outdoor access to the spa and pool. On the lower level, the ambiance of knotty pine interiors sets the tone. Two en-suite guest rooms provide comfort and privacy, along with a convenient kitchenette. A wine cellar and game room with a separate entrance enhance the allure of this level. With a 3 1/2 vehicle garage, your storage needs are well accommodated. Situated at the end of a cul-de-sac, the property enjoys a sense of seclusion, while being conveniently close to the clubhouse, cart path, and the national forest. This is mountain living at its finest, where the beauty of nature meets luxurious living. The Rim Golf Club combines spectacular Golf with premier amenities. Furnishings are for sale by by separate agreement. The pool and spa are fully automated. The 3 flat screen TV's convey with the sale. The blue chandelier light fixture over the breakfast nook is not included in the sale.

29315 N 140th Street Scottsdale, AZ 85262

$1,775,000
5 Beds
3 Baths
3,150 SqFt
Status Active
MLS # 6756163
Property Type Single Family Residence
Price Type --
Welcome to your very own ranch in North Scottsdale in the desirable 85262 zip code. This rare, just under 5 acre property in the Rio Verde Foothills offers privacy and tranquility on a dead end road, and features a pitched metal roof and charming wrap around porch perfect for outdoor living while enjoying the scenic views of the Four Peaks, Weavers Needle and the McDowell mountains. A full size windmill adds a picturesque touch to the desert landscape as you sit outside to take in the beauty of the Arizona dessert. The main residence boasts two stone fireplaces that add to the inviting atmosphere in both the primary bedroom and main living area. The high ceiling and numerous windows in the great room enhance the sense of openness making the room feel like an extension of natur The newly remodeled kitchen is modern and stylish designed for both functionality and aesthetics. Additionally, the property includes a separate 2 bedroom, one bath 1000 ft.² Casita is ideal for guests or additional living space and is currently used as an income producing residence. The casita also has an inviting fireplace in the main living area along with a wraparound porch and pitched metal roof and stunning views that match the main home. This beautiful property also comes complete with a four stall mare Motel with runs that can be divided up to eight stalls (16x40), All with automatic waters, tack room, a 50 foot round pen and a large 80 x 200 arena along with a huge fenced turn out with no climb. Miles of scenic trails for riding, hiking, mountain biking, and running are easily accessible just steps from your front door in the McDowell Sonoran regional park. Some additional noteworthy aspects of the home include an oversized three car garage with plenty of room for storage, an on-site shared well (3 share) with new sub pump and a 6000 gallon above ground tank, main home AC unit that is only three years old. The surrounding natural landscape is dotted with mature mesquite and palo verde trees, cacti, and low maintenance rolling desert. This incredible property and traditional ranch style homes combine rustic charm with updated amenities creating a perfect blend of comfort and functionality. This property has so many unique features, you have to see it for yourself!

2283 E Aris Drive Gilbert, AZ 85298

$1,775,000
5 Beds
7 Baths
4,749 SqFt
Status Active
MLS # 6649212
Property Type Single Family Residence
Price Type --
Welcome to the prestigious Legacy at Freeman Farms and this highly upgraded residence. This home welcomes you through a private gated courtyard to a beautiful upgraded wrought iron entry door. The exterior offers a spacious insulated 4 car garage with an additional 1 car garage all with direct access to the home. The backyard oasis is a must see. The interior of the home boasts over 4700 square feet of absolute luxury. The split floor plan with 5 en suites all with walk in closets, including a guest quarters with it's own kitchen, sitting room, and attached garage bay, makes this home convenient to meet everyone's needs. The gorgeous master and master bath offer a sitting area, a built in bath tub, separate sinks, and an oversized quartz shower with a huge master closet. Relax in the enormous great room with soaring ceilings and a cozy gas fireplace. The Kiitchen is a chef's dream from custom cabinets, a huge center island with breakfast bar, stainless steel appliances, a Thermador 5 burner gas cook top, built in oven with microwave, a 48 Ge Monogram built in fridge, a walk-in pantry, granite counter tops and a beautiful tiled backsplash. The backyard features, a covered patio, built in barbecue and fire pit, a massive gazebo that has a built in mist system, can lights, a tv outlet, ceiling fan, and a sunshade. The oversized heated swimming pool with a gorgeous rock water fall and a relaxing spa are perfect for entertaining. From the Baja step, built in table with a bench, bar stools, waterfalls, and plenty of sitting area for lounging around the pool on the travertine tiled deck. The Vivint Security System, security cameras, and glass break sensors are an extra bonus!! You can own this home today! Don't miss out on this opportunity!!

34617 N Desert Ridge Drive Scottsdale, AZ 85262

$1,775,000 - 3Br/3Ba -  for Sale in Legend Trail Parcel E, Scottsdale
Open House
New
$1,775,000
3 Beds
2.5 Baths
3,929 SqFt
Status Active
MLS # 6757544
Property Type Single Family Residence
Price Type --
Stunning Pinnacle Builder's former Model home nestled on a large ¾ acre south facing lot on the Legend Trail golf course. This immaculately maintained home boasts many elegant design elements including custom art glass entry door & windows throughout home, remote control blinds, & split floorplan w/large open spaces. The 3 car garage is insulated & air-conditioned w/ tiled flooring & 220v plug for EV charging. The back covered patio has a cozy fireplace & built-in BBQ w/mini fridge and leads to a gorgeous backyard w/negative edge pool & Pergola, perfect for enjoying the Sonoran Desert views! The entry foyer opens to an expansive Great Room/Entertaining area which flows to a luxurious kitchen featuring newer appliances, ample updated cabinetry, island, & walk-in pantry. A separate office showcases custom built-in bookcase/cabinetry w/ window seating. The Master has amazing reclaimed wood flooring, large sitting area, & oversized walk-in closet. There are two additional guest bedrooms w/ Jack n Jill bathroom. The Legend Trail amenities include Community Center, Pickleball & Tennis Courts, Gym, Heated Pool & Spa and numerous nearby hiking and biking trails.

8526 E Country Club Trail Scottsdale, AZ 85255

$1,763,000 - 3Br/3Ba -  for Sale in Pinnacle Peak Country Club Unit 1 Lots 1 Thru 30, Scottsdale
Open House
$1,763,000
3 Beds
2.5 Baths
3,662 SqFt
Status Active
MLS # 6723044
Property Type Single Family Residence
Price Type --
Welcome to the exclusive Pinnacle Peak Country Club Estates, single level golf course living at it's finest. Situated on over a half acre Golf Course lot with extended 3 car garage, RV gate workshop and artist's Studio, this 3 bedroom 2.5 bath home includes a dream kitchen with a 7 foot island and high end appliances. Kitchen storage is available in the walk in pantry as well as the storage in the oversized laundry room. Two fireplaces warm the winter chills in each of the living areas. One guest room has a private patio while the other has access to the front patio with fountain. The pool was recently re-surfaced and has new equipment. The primary bedroom is oversized with an en-suite bathroom with dual head shower. Amazing views and manned guard gate make this the perfect home.

28623 N Sweep Court Rio Verde, AZ 85263

$1,760,000
3 Beds
3.5 Baths
2,681 SqFt
Status Active
MLS # 6756010
Property Type Single Family Residence
Price Type --
BRETHTAKING MOUNTAIN VIEWS FROM ELEVATED LOT OVERLOOKING THE 16TH GREEN! Plus, walking distance to the club amenities. Perfect for entertaining or enjoying a quiet relaxing evening. Popular Latigo floorplan has 2 bedroom suites plus a separate casita, spacious courtyard w/fireplace, private backyard, covered patio w/built-in fireplace & BBQ. Luxurious primary suite w/sliding doors to enjoy views, lavish bathroom, quartz counters, 2 walk-in closets; Kitchen with high-end appliances, large island, quartz counters; Great room with views, multi-sliding doors to the patio; Formal dining; Separate office w/built-in cabinets. Engineered floors, plantation shutters, recessed lighting throughout; Beautiful guest suite; Spacious casita, built-in cabinets, walk-in closet and bathroom. More... Den/Office w/built-in bookcases; Smart space/laundry, built-in desk, lots of storage; Powder room. Large backyard with spectacular views; 3 car garage, epoxy floors, built-in cabinets and electric charger. Experience Trilogy at Verde River, a stunning resort style community nestled against the beautiful Tonto National Forest. The amenities at Verde River are spectacular. The Community boasts an 18-hole Championship Golf Course with a picturesque driving range, putting green, and separate chipping/pitching practice areas. One visit and you will understand why the PGA Southwest Section selected Verde River Golf & Social Club to host the AZ Senior Open and AZ Match Play Championships in 2020, 2021 and 2022. The active lifestyle amenities continue with pickle ball and tennis courts, with Clubs designed for social or competitive play. Adjacent to the sport courts for your convenience are bocce ball courts and an open grass area for social gatherings. The Community Clubhouse is all encompassing including a critically acclaimed restaurant, Needle Rock Kitchen and Tap, with a hugely popular wine and beverage program, Helen's Kitchen, a chef's inspired kitchen designed for cooking classes, and The Market Place, a favorite of member's for grabbing a morning coffee or picking up a forgotten grocery item. Love the Arts? Spend time at the Art Loft, where classes are offered in a variety of disciplines. The Clubhouse has an Events Center, designed to manage the needs on any member event. Attached to the Community Clubhouse is Alvea Spa, complete with Spa and Salon services, and Afterburn Fitness, a state-of-the-art workout facility that offers a variety of group fitness classes. Following your workout, enjoy convenient locker room facilities, and steam rooms. Just steps away from the Clubhouse in the Resort Pool, Lap Pool, and Sauna, all of which are heated. Enjoy the view, with food and beverages at Eddy's Poolside. Have a dog? Experience a dog-friendly community with a 7.5-acre dog park, with canopy shading coming soon for those warm AZ days. Trilogy at Verde River's location provides residents with the tranquility of the Tonto National Forest and the convenience of a short drive to the heart of North Scottsdale. Get the best of both worlds and see why you could be calling the Community, Home!

9826 N 85th Street Scottsdale, AZ 85258

$1,760,000
4 Beds
2.5 Baths
2,569 SqFt
Status Active
MLS # 6697364
Property Type Single Family Residence
Price Type --
Welcome to Paradise Park Manor, nestled in the prestigious McCormick Ranch community of Scottsdale. This fully renovated gem offers unparalleled luxury and comfort, boasting 4 bedrooms, 3 baths, and a host of amenities perfect for modern living. The open-concept floor plan creates an inviting space for both entertaining and everyday living. The heart of the home is the gourmet kitchen, featuring top-of-the-line appliances, custom cabinetry, and a sprawling island, making it a chef's delight. Relax and unwind in the spacious living area, complete with a cozy fireplace and views of the lush green belt beyond. A must see property.

19132 W Townley Court Waddell, AZ 85355

$1,759,000
4 Beds
3 Baths
3,354 SqFt
Status Active
MLS # 6711991
Property Type Single Family Residence
Price Type --
This estate is the epitome of serene living complete with a generous sized 2600 plus sq. ft. detached garage for your car collection & motorhome. This custom built one owner home showcases an incredible detached RV garage for cars/toys/storage that includes a large office and a casita. Located in the gated community of Sonoran Ridge Estates where the breath-taking mountain views of the White Tank Mountains and wildlife are endless. Once you enter the gated community you look to the left you see the massive detached garage and are intrigued to explore the .96-acre property and dream of owning such a gem. As you find your way into the secluded cul-de-sac you will see the beautiful territorial home with mature landscaping. Once you pass through the large beautiful front door and make your way through the home, you see the custom touches such as the 10-to-12-foot ceilings, tile through-out, oversized Jacuzzi tub in primary bath and interior stone in living and family room. The home also possesses granite countertops, 2 newer a/c units, surround sound inside home and back patio, stainless steel appliances, solid beechwood cabinets, walk-in pantry, kitchen island, solid knotty Alder wood doors/jams, and 2 x 6 framing. Off the patio is a staircase leading to an observation deck that has a cable outlet great for watching television while observing the mountains in the background. The garage attached to the home has a mini split for added cooling. This property has endless opportunities for grand scale entertaining with a generous shaded back patio equipped with a large bar complete with a sink/water, refrigerator and under counter storage and lighting. You will be mesmerized as you follow the walkway lined in pavers to this 2600 plus sq. ft. detached garage (front and back entry). The garage boasts a foam roof, 2 x 8, 2 x 6 RV construction, spray foam insulation, insulated garage doors, cooled by 2 new a/c units (4 & 5 tons), industrial LED lighting, wired with 220 that includes compressed air outlets in several areas throughout RV/garage /workshop area, wired with security video. The office/casita has wood-look plank tiles, quartz countertops, new slate maple cabinets, wired for dual zone surround sound speakers/cable/WIFI, new 75 smart T.V., dual pane windows-energy efficient. Home and detached garage has outlets installed on roof parapets for Christmas lights. Do not miss this one!

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