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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36001 N 17th Avenue Phoenix, AZ 85086

$1,753,744
5 Beds
5.5 Baths
4,549 SqFt
Status Active
MLS # 6676761
Property Type Single Family Residence
Price Type --
TO BE BUILT: Amazing modern contemporary house nestled at the base of a majestic mountain and the Sonoran Preserve. This home features 5 bedrooms, 5.5 bathrooms, with soaring 12 foot ceilings throughout the open floor-plan. Gourmet kitchen features top of the line appliances, huge center island, and walk-in butler;'s pantry. Split floor plan with. an incredible primary suite with. large soaking tub, walk in steam shower, and expansive his/her closets. This side also has an additional ensuite bedroom and home office. The other side has 1 additional ensuite bedroom with hidden door. Expansive patio leads to fully loaded pool house adjacent to detached casita. Home has 3 car, extra deep garage, mudroom entry from garage, and large laundry room. Situated on just over 1 acre.

6711 E Camelback Road Unit 61 Scottsdale, AZ 85251

$1,750,000
3 Beds
2 Baths
2,236 SqFt
Status Active
MLS # 6752393
Property Type Townhouse
Price Type --
Discover the epitome of luxury living in this beautifully appointed home located in the exclusive Pavoreal gated community in Scottsdale. Featuring modern finishes and soaring high ceilings, this residence offers a perfect blend of elegance and comfort. The backyard boasts brand-new landscaping, providing an ideal space for outdoor entertaining or simply relaxing in privacy. Situated within walking distance to Scottsdale's premier shopping and dining destinations, this home offers the convenience of urban living while maintaining a tranquil, private atmosphere. Don't miss this opportunity to experience this exceptional property in one of Scottsdale's most sought-after communities.

5658 N Scottsdale Road Paradise Valley, AZ 85253

$1,750,000
2 Beds
2 Baths
2,128 SqFt
Status Active
MLS # 6753682
Property Type Townhouse
Price Type --
This charming home is in the highly sought after Scottsdale North town home community. The development was placed on the National Register of Historic Places in 2023. It is conveniently located 5 minutes from Old Scottsdale, Scottsdale Fashion Square, and only 20 minutes from Sky Harbor Airport. The home boasts 10 ft ceilings and wraps around a private central courtyard with a European wall fountain. There is a cozy second private patio that has a custom gas fireplace. This property is one of the few remaining original floor plans offering the buyer the perfect opportunity to remodel and put their own personal design touch to the interior.

4917 E Amelia Avenue Phoenix, AZ 85018

$1,750,000
3 Beds
3.5 Baths
2,064 SqFt
Status Active Under Contract
MLS # 6751007
Property Type Single Family Residence
Price Type --
Introducing this stunning new build in the desirable and charming Arcadia Lite neighborhood, where luxury finishes and transitional design come together to create an unparalleled living experience. This stunning residence is a perfect blend of modern elegance and timeless charm, offering both style and comfort. The exterior of the home boasts a sophisticated combination of beautifully crafted exterior stone and 24-gauge metal siding, topped with a 24-gauge standing seam metal roof for a sleek, modern look. The home is surrounded by lush landscaping including ficus surrounding the property, white roses, and a southern live oak tree for a picturesque and captivating street appeal. The front patio, with its stone wrapped gas fire pit, offers an inviting spot for intimate gather Introducing this stunning new build in the desirable and charming Arcadia Lite neighborhood, where luxury finishes and transitional design come together to create an unparalleled living experience. This stunning residence is a perfect blend of modern elegance and timeless charm, offering both style and comfort. The exterior of the home boasts a sophisticated combination of beautifully crafted exterior stone and 24-gauge metal siding, topped with a 24-gauge standing seam metal roof for a sleek, modern look. The home is surrounded by lush landscaping including ficus surrounding the property, white roses, and a southern live oak tree for a picturesque and captivating street appeal. The front patio, with its stone wrapped gas fire pit, offers an inviting spot for intimate gatherings. The gourmet kitchen with its beautiful modern design, features a show-stopping waterfall island and top-of-the-line appliances, ideal for culinary enthusiasts and entertaining. The spacious great room has 16' vaulted ceilings and a grand 60-inch fireplace creating a stunning focal point. The dining space is designed for both style and functionality, with a sleek wet bar. The bathrooms feature premium Kohler plumbing fixtures, curbless showers, and elegant marble countertops and floors. The master suite is complemented by a contemporary underlit floating vanity and an eye-catching freestanding tub within a spacious spa-like shower, equipped with the newest technology. California Closets systems in all bedrooms ensure organized and elegant storage solutions. Accent walls throughout the home add unique character and a personalized touch, while Lutron Maestro dimmers allow you to create the perfect ambiance with customizable lighting options. The home is equipped with a comprehensive security system featuring cameras covering the property, a video doorbell, door and window alarms, and motion detectors. The backyard is nothing short of your own private oasis, complete with a built-in BBQ station, a heated pool for year-round enjoyment, and a slatted pergola, perfect for relaxing under the stars. Located in a vibrant and welcoming neighborhood, this home is just moments away from some of Arcadia's finest dining and shopping. This residence is not just a home; it's a testament to refined living and exceptional design. Don't miss the opportunity to make this dream home yours.

4350 E Vermont Avenue Phoenix, AZ 85018

$1,750,000
4 Beds
5 Baths
4,042 SqFt
Status Active
MLS # 6757442
Property Type Single Family Residence
Price Type --
GREAT FLIP INVESTMENT- SFR OR CARE HOME opportunity! This property is situated in a prime location in Arcadia, at the intersection of 44th and Camelback. It presents an excellent opportunity to create your dream home or generate income through investment options such as an in-home care facility or Airbnb. The interior of the house has been completely demolished, providing a blank canvas for you to bring your vision to life. The property is currently 4,042 sq. ft and sits on just under half an acre, with a private side road that offers ample parking, a pool, and mature landscaping. Permits and plans are included in the sale. The developer can also assist with completion and financing if needed.

10906 E Southwind Lane Scottsdale, AZ 85262

$1,750,000
5 Beds
4 Baths
4,243 SqFt
Status Active Under Contract
MLS # 6746966
Property Type Single Family Residence
Price Type --
Introducing ''Southwind Serenity'' - your sanctuary set within the prestigious, guard-gated enclave of Candlewood Estates in Troon North. Recently refreshed, the organic modern desert finishes throughout enhance the architectural details of this luxury custom home. The thoughtfully designed dual owners' suite floorplan ensures privacy for you and your guests, while the airy great room with lounge is perfect for entertaining. Upstairs, the loft showcases picture-window views of Pinnacle Peak and Troon Mountain with an attached balcony made for scenic sunset gazing. The terraced backyard is a private haven offering multiple inviting spaces to unwind fireside, dine al fresco on the generous covered patio, enjoy a refreshing drink at the swim-up table, or relax in the rejuvenating spa. Located in vibrant North Scottsdale, this home offers easy access to world-class golf courses, fine dining, and scenic hiking trails, placing you at the heart of luxury living and outdoor adventure.

10855 E Elba Way Scottsdale, AZ 85262

$1,750,000
6 Beds
5.5 Baths
5,358 SqFt
Status Active
MLS # 6740974
Property Type Single Family Residence
Price Type --
Welcome to your dream home in Scottsdale's prestigious Treviso community, nestled near the renowned Mirabel Golf Course. This exquisite Toll Brothers residence embodies luxury, privacy, and exceptional craftsmanship. As you approach this magnificent property, you'll immediately notice its impressive presence. The added benefit of an attached Casita featuring a private entrance—perfect for guests or a home office. Step inside to discover an expansive interior with high ceilings and elegant finishes. The backyard is a true retreat, offering unparalleled tranquility with its stunning views of the desert landscape and majestic mountains. Facing the Preserve, you can rest assured that your views will remain unobstructed, offering a serene and private outdoor living space.

15802 N 71st Street Unit 409 Scottsdale, AZ 85254

$1,750,000
3 Beds
3 Baths
2,591 SqFt
Status Active Under Contract
MLS # 6745575
Property Type Apartment
Price Type --
Amazing opportunity to own this Luxurious condo! Be dazzled by the Incredible Views, high ceilings, open floor plan, recessed lighting & tile flooring. The great room is the ideal place for entertaining. Cooking is bliss in this gourmet kitchen, featuring plenty of espresso cabinets, built-in appliances, tile backsplash & marble counters. The bonus room is excellent for a media room. The main bedroom boasts a private balcony & an ensuite w/dual sinks, a sit-down shower, a soaking tub, & a walk-in closet. The other two bedrooms also provide private bathrooms & walk-in closets. Enjoy the pinnacle of luxurious living in the Landmark Community; Discover the great amenities it provides, like the heated pool, conference rooms, wine cellar, spa & recreational centers. This won't last for long!

9908 E Cavalry Drive Scottsdale, AZ 85262

$1,750,000
4 Beds
3.5 Baths
3,655 SqFt
Status Active
MLS # 6746544
Property Type Single Family Residence
Price Type --
Located in the highly desirable gated community of Legend Vista Estates at Legend Trail. Imagine stepping into this bright and airy home, where every corner invites the beauty of the outdoors inside. The multiple oversized picture windows frame stunning garden, sunset and mountain views, transforming each glance into a captivating piece of live art on the private oversized lot. This property is perfect for entertaining with high ceilings, an open floor plan, and chef's kitchen with Wolf & Subzero appliances. The home is move-in ready with desirable finishes & updated systems maintained by meticulous owners. The resort backyard boasts expansive undercover with a pool, water feature, built-in BBQ, updated landscaping, & professionally designed landscape lighting. 3 car garage has storage Legend Trail features a public golf course and community center with pool, spa, fitness, tennis, and pickleball located close to hiking, biking, restaurants and shopping. This is Arizona living at its best!!!

3940 E Mulberry Drive Phoenix, AZ 85018

$1,750,000
6 Beds
4 Baths
3,216 SqFt
Status Active
MLS # 6760009
Property Type Single Family Residence
Price Type --
WOW!!! This is a SHOWSTOPPER in the highly sought after zip code 85018! Professionally imagined and designed, this sophisticated home is ready for its new owner! Mulberry will check ALL the right boxes, 6 bedroom, 3.75 baths, soaring ceilings, GORGEOUS wood flooring and high end finishes/fixtures throughout! Entertaining will be a breeze with the huge OPEN floor plan boasting a beautiful modern accordion door - One that leads to the backyard oasis/pool/firepit. The Chefs kitchen has everything you want and need including a gas range/oven and cook top, double islands with granite countertops. The grand primary suite has a huge custom closet and spa-like bathroom. The list is endless! Create memories in this dream home! No HOA! YOU will LOVE this HOME!!!

4302 E Mountain View Road Phoenix, AZ 85028

$1,750,000
4 Beds
2.5 Baths
3,296 SqFt
Status Active
MLS # 6750177
Property Type Single Family Residence
Price Type --
This luxury home is nestled in the quiet neighborhood of Rancho Alta Vida with breathtaking views of Phoenix Mountain Preserve from every angle! Your new home sits on a private cul de sac corner lot, and steps away from the community pickleball and tennis courts. The custom wood gate leading to the secluded courtyard offers a peaceful area to enjoy the beautiful sunsets. Upon entering the home through double wooden doors, you are presented with a spacious foyer that gives you views and an exit to your outdoor oasis, along with site lines to both the living room and family room. Stepping into the chef's kitchen you will find an abundant offering of cabinets, pantry storage, granite counters, built in microwave and wall oven, a cook top with hood, breakfast bar, wine fridge and more amazing views of your outdoor oasis, including a built in BBQ for that indoor/outdoor entertaining that Arizona weather offers us. Plenty of room for formal dining and a cozy family room with a wood-burning fireplace. The primary suite has a private sitting room with private exit to your oasis, large walk in closet, with built-ins, spacious ensuite bathroom with walk in shower, double vanities, and a bidet. The 3 other bedrooms are spacious and down the hall, along with the second full bath and additional half bath. Your backyard has plenty of entertaining space, with 3 separate patio and lounging areas, built in BBQ, and all to enjoy the astounding custom 60 foot, pebble tec lap pool. The property is adorned with grapefruit and lemon trees, lush private landscaping and picturesque mountain views.The oversized 3-car garage has built in cabinets, and a cedar-lined storage room. Close proximity to excellent private and public schools, shopping, entertaining, yet secluded from the hustle and bustle of downtown living. Enjoy the Paradise Valley area with an 85028 affordability.

5250 E Deer Valley Drive Unit 206 Phoenix, AZ 85054

$1,750,000
2 Beds
2.5 Baths
1,781 SqFt
Status Active
MLS # 6762671
Property Type Apartment
Price Type --
The embodiment of sophisticated design, modern comfort and luxury living, this luxury condominium at The Luxe emphasizes spaciousness and an effortless connection to resort style living. The 2-bedroom former-model residence has been designed with careful attention to detail and craftsmanship evident in every corner including wide plank baseboards, wide plank wood flooring, quartz counters, custom chandeliers and lighting, floor-to-ceiling marble tile surround gas fireplace, custom wall finishes and electronic horizontal window blinds. Whether you're an avid cook or simply enjoy entertaining, the gourmet kitchen will inspire. As functional as it is beautiful, the high-end kitchen centers around a large quartz waterfall island with undermount lighting, wine cooler and seating. Abundant cabinets are framed by custom glass tile backsplash, quartz counters and premium stainless steel appliances including Wolf double ovens, drawer microwave, gas range with hood, and SubZero refrigerator. A formal dining area adjacent to the kitchen creates the perfect ambiance for hosting dinner parties or intimate family gatherings. Soaring ceilings and large 4-panel patio door floods the open concept interior with abundant natural light, opening to an expansive 1200 square foot outdoor living space including covered patio, multiple lounging areas, built-in Coyote barbeque with vent hood, custom lighting and quartz counter. The only patio of this size in the community, the versatile space is a seamless expansion of the interior, allowing for a truly dynamic lifestyle. Located in the main building of the community, world-class amenities designed to enhance your lifestyle are just steps away. Whether you prefer relaxing by the Olympic-sized pool surrounded by lush landscaping, exercising in a state-of-the-art 4000 square foot fitness center with infrared sauna, enjoying movie night in the multi-seat movie room, or partaking in community events, everything you need to rejuvenate body and mind is at your fingertips. Upscale shopping, dining and Mayo are just minutes from the community, with easy access to freeways and championship golf courses. Not to be overlooked, this guard gated residence is made complete with 2 personal underground parking bays and private storage room. For buyers looking for an exceptional property in one of North Phoenix's most desirable locations, this beautiful residence offers the ultimate in sophistication and convenience for full-time or seasonal escapes. Come enjoy some of the very best Arizona has to offer.

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